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Inflation worries, mortgage rates ease

By Inman News, Thursday, June 18, 2009.

Mortgage rates fell this week after price reports suggested inflation remains at bay, Freddie Mac said in releasing results of its Primary Mortgage Market Survey.

The 30-year fixed-rate mortgage (FRM) averaged 5.38 percent with an average 0.7 point for the week ending June 18, down from 5.59 percent last week and 6.42 percent a year ago.

The 15-year FRM averaged 4.89 percent with an average 0.7 point, down from 5.06 percent last week and 6.02 percent a year ago.  more...

New-home tax credit near capacity

By Inman News, Thursday, June 18, 2009.

More than 9,000 homebuyers have applied for a tax credit of up to $10,000 on new-home purchases in California, meaning the $100 million program is likely to reach capacity by the end of the month.

Through June 10, the state had received 9,145 applications for the credit totaling $88.2 million, and issued 3,219 certificates totaling $30.5 million. The program operates on a first-come, first-served basis.  more...

MLS usurping brokers' tech role

By Teresa Boardman, Thursday, June 18, 2009.
Flickr image by <a href="http://flickr.com/photos/willc2/1347924770/" target=blank>willc2</a>.

The MLS can't replace the broker, but our MLS is now providing some of the software and services that agents could get only through large brokerages or on their own.

For example, our MLS now has real estate contracts built in and the fields are populated with data from the MLS. Instead of relying on a brokerage for contract forms or using the electronic forms that we used to have to buy yearly subscriptions to, forms are now a part of our MLS fee. Electronic forms are not all that expensive, but they do cost money.  more...

Making your purchase offer stick

By Tara-Nicholle Nelson, Thursday, June 18, 2009.

Q: The house we want to buy was listed for $110,000. We offered $108,000, but asked that the sellers pay our closing costs. Our Realtor said that the sellers might respond by saying they have other offers, and she needs to know whether that's our final offer. Should we say that's our final offer or offer more?

A: Probably the toughest conundrum in the real estate universe is the question of how much to offer for any given home. Probably the reason it's so tough is that there are a dozen different ways to approach the question. In a multiple-offer situation, the uncertainty about what you're up against, the desire not to overpay and the auction-style atmosphere of competitiveness only up the ante -- and the puzzlement. So you've really got two questions going there: (1) Should you stick at your current offer or offer more, and (2) What should you tell your Realtor?  more...

Is $450 cleaning charge legal?

By Robert Griswold, Thursday, June 18, 2009.

Q: I recently vacated my apartment and am in a dispute with the resident manager about the proper charges for cleaning and repairs. We had a three-bedroom unit, and I lived there for two years with my spouse and our four young children. I don't think we damaged the property significantly or that the cleaning needed is unusual after the length of time we lived there, especially for a family our size.

The resident manager walked through the apartment a few days before we moved out to assess the condition and said that there would be some charges, but we thought they would be minor. We just received our accounting paperwork for our security deposit and were expecting the majority of our $1,000 deposit to be returned. But the manager has charges totaling nearly $1,500 and says we owe them money.  more...

Face time weeds out 'White Knights'

By Bernice Ross, Thursday, June 18, 2009.

You're thinking about selling your house. What steps can you take to locate the right agent to represent you on the sale of your property?

Part 1 of this series outlined eight steps to take to find the best Realtor to market your property. The next step is to meet with at least three agents to see who is best qualified to represent you.

1. Presentation or interview?
The best agents will approach your appointment as an opportunity to learn about the property and to get to know you better.  more...

Law protects disabled lease-breaker

By Janet Portman, Thursday, June 18, 2009.

Q: My husband and I are four months into a yearlong lease. My husband has multiple sclerosis, and now uses a wheelchair. The bathroom door is too narrow to let him through, and once in, the chair wouldn't even be able to turn because the room is so small. We need to find an accessible apartment, but the landlord says we have to find someone to take over the lease in order to avoid being responsible for rent for the rest of the lease term. What can we do? --Abbie G.

A: The first thing to do is educate your landlord on his responsibilities under the federal Fair Housing Amendments Act, which protects the rights of disabled tenants. The Act has two broad rules for landlords: First, when a disabled tenant proposes a change in the landlord's rules or policies, the landlord must comply unless the change would be unduly burdensome (generally, the landlord pays whatever expense is associated with the request).  more...

Zillow updates iPhone app

By Inman News, Thursday, June 18, 2009.

Less than two months after its debut, Zillow has rolled out a new version of its iPhone application to take full advantage of the Apple smart phone's updated operating system.

Zillow says that since its April 29 introduction (see story), the iPhone app has been downloaded more than 402,000 times. Responding to feedback from consumers, Zillow has added features such as the ability to search by price, bedrooms and bathrooms, and listing type to the new version of the app.  more...

IDX debate: Is it fair to block listings? Premium Content

By Matt Carter, Thursday, June 18, 2009.

When Shorewest Realtors, one of Wisconsin's largest real estate brokerages, stopped information for listings under contract with limited-service brokers from appearing on the company's public-facing Web site, the local multiple listing service stood behind the company's right to do so.

The MLS, Multiple Listing Service Inc., last year signed a consent order with federal regulators in which it agreed not to block the publication of "exclusive agency" listings represented by limited-service brokers.  more...

 
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