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Selling home 'as is'? Take heed

By Barry Stone, Tuesday, April 14, 2009.

DEAR BARRY: Our house is on the market. We're waiting for offers and wondering if we should hire our own home inspector or let the buyer hire the inspector once we are in escrow. Our agent advises against hiring our own inspector. What do you think? --Kay

DEAR KAY: Some real estate agents are in favor of pre-sale home inspections and some are not. Here are the reasons why I favor them:

1) When your disclosure statement includes a home inspection report, you are demonstrating to buyers that you have nothing to hide and that you are going the extra mile to provide full disclosure of the property's condition.  more...

California sees record foreclosure starts

By Inman News, Tuesday, April 14, 2009.

Lenders started foreclosure proceedings on a record number of California homes in March, even as sales at auction fell dramatically, data aggregator ForeclosureRadar reported.

The number of California homes subjected to notices of default -- the first step in the foreclosure process -- surged 29.3 percent from February to March, to 54,268, the company said. That's a 26.3 percent increase from a year ago, and 25.8 percent above the April 2008 peak.  more...

Venture capital still at a trickle

By Inman News, Tuesday, April 14, 2009.

Only 40 venture capital funds raised money in the first quarter of 2009 -- the smallest number since the third quarter of 2003.

But the $4.3 billion raised by those firms represented a 23 percent increase from the last quarter of 2008, according to Thomon Reuters and the National Venture Capital Association.  more...

Don't tap that HELOC

By Benny Kass, Tuesday, April 14, 2009.

DEAR BENNY: We have a HELOC (home equity line of credit) at a current interest rate of 4.75 percent. We have not drawn on the account. We are 20 years into a 30-year home mortgage with a fixed rate of 8.75 percent and owe about $32,000. Our home is listed on the appraisal rolls at $306,000. We would like to draw on our HELOC to pay off our first mortgage. We understand that the 4.75 percent is not a fixed rate and will be adjusted monthly depending on the prime rate. We also understand that we must pay interest on it monthly and in nine years will have to begin repaying principal. There are no prepayment penalties.

It sounds too good to be true that we could pay off our 8.75 percent mortgage loan with a HELOC at a current rate of 4.75 percent. Are we missing something? --Barbara  more...

Ocwen doing 'Home Affordable' mods

By Inman News, Tuesday, April 14, 2009.

Subprime loan servicer Ocwen Financial Corp. said Monday it believes the company is the first to begin modifying mortgages under the terms called for under the Obama administration's Making Home Affordable initiative.

The Making Home Affordable initiative will provide $75 billion in subsidies, insurance and incentives for borrowers and loan servicers with the goal of helping them modify 3 million to 4 million loans to prevent foreclosures.  more...

Suburbia looks inward for answers Premium Content

By Gilbert Mohtes-Chan, Tuesday, April 14, 2009.

Don't be surprised to see America's Tomorrowland going retro.

The glut of foreclosed homes, abandoned houses and half-built subdivisions will reshape tomorrow's real estate landscape into cities and towns reminiscent of the pre-World War II era, urban and community planning experts predict.

Picture bustling downtowns with twentysomethings and empty-nesters living in high-rise condos, suburban villages with light-rail lines, quaint shopping districts and scaled-down McMansions ...  more...

Resenting 'Home Affordable'

By Marcie Geffner, Tuesday, April 14, 2009.

Do you and the other homeowners in your neighborhood help one another?

Sure, you do. After all, you're neighbors, right? And that's what neighbors and homeowners do: We help one another.

Perhaps you let your neighbor borrow your lawn mower or snowblower when his was in the shop or maybe you came to the door when your neighbor realized she was one egg short in the middle of a favorite cookie recipe.  more...

RealEstateJobs.com, IREM partner

By Inman News, Tuesday, April 14, 2009.

Job notices submitted to RealEstateJobs.com or IREMJobs.org will be published on both sites at no additional cost under a partnership between the two sites.

IREMJobs.org was created in 2004 by the Institute of Real Estate Management. IREM Members pay $100 for a 30-day job posting, while non-members pay $200.  more...