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Common short-sale hang-ups

By Bernice Ross, Thursday, May 21, 2009.

DEAR BERNICE: I have submitted five short-sale offers in the last month and haven't gotten an answer on any of them. What do I need to do to get these agents to do their jobs? --Jim D.

DEAR JIM: Without knowing the particulars for each of your offers, it's hard to tell if the agents are doing their jobs or if the problem is elsewhere. When a bank takes less than the loan balance on a property, there are a number of complex steps they must take before they can approve a short-sale offer. This approval process can take as long as six to 12 months.  more...

Bill revamps 'Hope for Homeowners'

By Inman News, Thursday, May 21, 2009.

President Obama has signed into law legislation intended to resurrect the Hope for Homeowners refinance program by relaxing eligibility requirements and providing incentive payments to loan servicers and originators.  more...

Survey: Foreclosures seen as bargains

By Inman News, Thursday, May 21, 2009.

A growing number of would-be homebuyers see foreclosed homes as bargains and are willing to consider purchasing one, according to an online survey conducted by Harris Interactive for Trulia Inc. and RealtyTrac Inc.

Among the 2,397 adults surveyed between May 1-5, 40 percent said they would expect to pay at least 50 percent less for a foreclosed home, compared to 31 percent of those surveyed in a previous survey in November.  more...

Nipping problem tenant in the bud

By Robert Griswold, Thursday, May 21, 2009.

Q: I manage a very large rental property and while the majority of our residents are great, we do have an occasional "problem tenant" who is making life miserable for neighbors. Is there anything you can suggest?  more...

The truth about 'liar's loans'

By Tara-Nicholle Nelson, Thursday, May 21, 2009.

Q: I am a freelancer, and I want to fulfill my dream of buying my first home. Will they -- that is, everyone involved in the home-buying process -- take a chance on me? I don't have much on paper.

A: Once upon a time, in a mortgage market far, far away, there was a loan called "stated income." Nowadays, people call it a "liar's loan" because lots of folks abused it by just fabricating an income that they knew would qualify them for the lovely manse they really wanted when their real income would get them only a plain tract home. There was, however, a legitimate use for stated-income loans at the time, and one of those uses was to allow freelance and commissioned workers to qualify for a loan without having to fully document their income with paycheck stubs, the way a salaried employee would.  more...

Much ado over IDX indexing Premium Content

By Teresa Boardman, Thursday, May 21, 2009.

My entire business seems to be centered around Google these days. I think it is a stretch to label Google a "scraper" of content (see story), as the Metropolitan Indianapolis Board of Realtors has done. I see it as a search engine that indexes Web content so that people who are searching the Internet for information can find the information.

I remember when Google started. There were other search engines at the time, but in general we relied heavily on bookmarks, marketing and newsletters to learn about Web sites. In my very early days on the Internet, AOL issued a report every week of new Web sites.  more...

Home-loss horror stories Premium Content

By Inman News, Thursday, May 21, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/ciscel/3506593802/">Andrew Ciscel</a>.

By ALICIA HOWE

Maria Ester lost her home in Romeoville, Ill., in June 2007. After her husband left her and she lost her job, Ester moved into a house she could afford and put her belongings into storage.

"Since then, I've lived in three different places, and I'm moving again because no one will sign me a lease longer than six months," Ester said.  more...

Landlord wants day care ban

By Janet Portman, Thursday, May 21, 2009.

Q: I own and manage a small apartment complex. I'd prefer not to have tenants running day care operations. I've allowed it before, but the noise and comings and goings of the children and the parents were disruptive; and I'm worried about my liability if someone is injured. Can I specify that this type of home business will not be allowed? --Janice C.

A: In a few states, including California and New York, a landlord's attempt to prevent home day care operations on rental property would be illegal. In those states, the legislatures and courts have concluded that society as a whole has too much to lose, in the way of affordable, quality care for its children, if landlords are allowed to prevent home day care. But the majority of states have not reached that conclusion.  more...