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Mortgage rates stay below 5%

By Inman News, Thursday, October 15, 2009.

Rates on 30-year fixed-rate mortgages stayed below 5 percent for the third week in a row, averaging 4.92 percent with an average of 0.7 point for the week ending Oct. 15, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.

That's up from 4.87 percent last week, but well below the 6.46 percent average surveyed at the same time a year ago.  more...

Facebook 'friends' vs. the real thing

By Teresa Boardman, Thursday, October 15, 2009.
Flickr image by <a href="http://www.flickr.com/photos/4everyoung/2093186582/">4_EveR_YounG</a>.

Online social networks are not just for Realtors and they are not just for business. It is hard to imagine that I would make such a claim considering they were not invented for marketing or for real estate in the first place, and that everyone seems to use them.

There is a personal side to social networks, and as time goes on it seems to be getting lost in the shuffle. Things have changed and I find myself doing some digital fall cleaning to get myself back on track.  more...

The atypical purchase offer

By Bernice Ross, Thursday, October 15, 2009.

DEAR BERNICE: We found a house we really like -- and saw it at an open house. The agent was busy talking to another couple, so she didn't get our name and number. Can we just write an offer without an agent and have the sellers give us a 3 percent credit? --Jill S.

DEAR JILL: There are several answers to your question, depending upon the type of listing agreement the sellers have with their agent. You can certainly write an offer with or without an agent. Whether you can get a 3 percent credit, however, is an entirely different matter.  more...

Buyers applying $8K tax credit upfront

By Tara-Nicholle Nelson, Thursday, October 15, 2009.

Q: Is it true that if you are a first-time homebuyer and you purchase your home in 2009 that you can use the $8,000 tax credit towards the downpayment?

A: You'll find, in the real estate and mortgage world, that there are a number of big gaps between what is allowed, technically, and what is feasible, realistically. You have hit on one of those gaps, my friend.

Mindset Management

Mortgage rules and guidelines change very rapidly these days. It can be very tough to keep up with them, and sometimes difficult to know what you can and cannot do at any given moment in time.  more...

Tenant to take fall for bath damage?

By Janet Portman, Thursday, October 15, 2009.

Q: While on a visit, my tenant's father slipped when getting out of the bathtub. He fell back against the faucet, injuring his back, though fortunately not badly. The tub, however, which is a one-piece fiberglass shower/tub unit, is ruined. Who is responsible for the repair? --Dian S.

A: The key to answering your question is why the tenant's father fell. If he simply lost his balance or failed to be careful when stepping out of the tub, then he caused of the fall and would be responsible for the damage. In addition, your tenant would also be responsible, because tenants are legally liable for damage to the rental when it's caused by themselves and their guests.  more...

Q3 bank repos up sharply

By Inman News, Thursday, October 15, 2009.

The number of properties subjected to foreclosure-related filings increased 5 percent from the second quarter to the third, driven by a 21 percent increase in bank repossessions, data aggregator RealtyTrac said today.

RealtyTrac said the number of properties hit with foreclosure-related filings dropped 4 percent from August to September, to 343,638, but that number still represented a 29 percent increase from a year ago, and the third-highest monthly total since the downturn began.  more...

California adopts rules for AMCs

By Inman News, Thursday, October 15, 2009.

California has become the sixth state to regulate appraisal management companies after Gov. Arnold Schwarzenegger signed into law legislation establishing compliance standards for the firms and requiring them to register with the Office of Real Estate Appraisers.

The Appraisal Institute, an industry group representing appraisers, issued a press release lauding California's law, saying it will protect consumers and appraisers while providing "positive effects" to the state's real estate market.  more...

Your VOW sucks Premium Content

By Robert Hahn, Thursday, October 15, 2009.

It's an odd thing to be involved in the real estate industry, working with some of the top agents, companies and technology providers in the industry, and then going through the consumer experience firsthand.

My wife and I are looking to buy an investment property in the Charlotte, N.C., area, and we're working with a couple of Realtors in that area. They're both delightful people and so far I have no complaints.

But today, looking through the VOW (Virtual Office Web site) that one of them has directed us to, I was really struck by how horrible it is.  more...

First-time buyer tips for smooth closing

By Tom Kelly, Thursday, October 15, 2009.

Just when the party is beginning to show signs of life, do you take away the only punch bowl?

Even though first-time homebuyers are driving the housing market, there has been little energy in the nation's capital to extend the $8,000 tax credit beyond the Nov. 30 deadline.

That doesn't mean that some of the more influential trade organizations in this country have stopped trying to convince legislators that the first-time incentive is key to sustaining any semblance of housing momentum.  more...