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Little change in mortgage rates

By Inman News, Thursday, June 25, 2009.

Mortgage rates were mostly flat this week on mixed economic news, Freddie Mac said in releasing the results of its weekly mortgage market survey.  more...

Keep social media social

By Teresa Boardman, Thursday, June 25, 2009.

Last week I received an e-mail from a colleague in another state asking me if I know a certain social media speaker and if I would hire him. The person who sent the e-mail indicated that there are many "social media experts" and that she had no way of knowing if they knew their stuff.

She is right. It seems like everyone is an expert. A real estate agent or consultant sets up a Twitter account and after a couple of weeks begins dispensing advice on how to use Twitter. It is the same with Facebook and blogging.  more...

Dozens indicted in Chicago mortgage schemes

By Inman News, Thursday, June 25, 2009.

Federal prosecutors have filed charges against 37 people and four businesses in the Chicago area in five seperate mortgage fraud cases involving "scores of homes" and more than $48 million in allegedly fraudulent loans.

Defendants include a vice president of the title company, mortgage brokers, loan officers, real estate investors, appraisers and an attorney, the U.S. Attorney for the Northern District of Illinois said in a press release.  more...

Contingent sales a tricky business

By Bernice Ross, Thursday, June 25, 2009.

DEAR BERNICE: We have had our home on the market for almost nine months. We finally received an offer from a nice couple, but their offer is contingent upon them selling their house in another state. They would like us to take the house off the market, but our agent says we should leave our house on the market for backup offers. What do you think we should do? --Laura J.

DEAR LAURA: Contingent sales are always difficult. If you elect to take your property off the market and prices in your area are declining, you run the risk of your house being worth even less than it is currently.

If you agree to a contingent sale, the first step is to set up the contract where you can cancel within a specified amount of time.  more...

First-time buyer clueless about costs

By Tara-Nicholle Nelson, Thursday, June 25, 2009.

Q: I'm a first-time homebuyer and I don't have money for a down payment of $8,000. I have only $2,000. (I pay $1,570 for rent right now.) Prices are so low right now that I really would love to buy a house. How can I get into a house without putting so much down for the closing costs?

A: There are certainly strategies for finding money to bolster your down payment and accelerate your ability to buy a home, and we'll get there in a minute. First, though, I want to caution you about rushing into homeownership while your finances might be immature for the responsibility.  more...

Not all violations warrant eviction

By Janet Portman, Thursday, June 25, 2009.

Q: I have attempted, and failed, to evict a problem tenant. This person constantly demanded repairs, complained about our policies, and bad-mouthed management to other tenants. Finally, he did something that was prohibited in the lease -- he parked in another person's parking place one evening. Because my lease says that failure to abide by its terms and conditions is grounds for termination and eviction, I served him with a termination notice and took him to court when he refused to move.

Even though the tenant admitted parking there, the judge said the violation was minor and wouldn't justify eviction. How can a judge rewrite a lease that the tenant signed, well aware of the consequences of a violation? --Walter H.  more...

Product Review: T-reX Global tools Premium Content

By Inman News, Thursday, June 25, 2009.
Screenshot of trexglobal.com

Product: T-reX Global partner program and real estate investment software programs Simplify'em and Depreciate'em.

About: T-reX Global was created by Pankaj Shukla (chief executive officer) and Narinder Sandhu (president). They both worked in product strategy and development for Intuit, which created QuickBooks and Quicken financial tools. The company offers free software for real estate investors and a free partner program that allows real estate professionals to brand and promote the company's applications to prospective investor clients.  more...

Review 3: T-reX Global tools Premium Content

By Inman News, Thursday, June 25, 2009.

Your name:   Janet Gorman Krauss 

Name of product: T-reX Global partner program, including evaluations of Simplify’em and Depreciate'em 

Due date: Monday, June 15, 2009 
 more...

Review 2: T-reX Global tools Premium Content

By Inman News, Thursday, June 25, 2009.

Your name:  Anita S. Crum 

Name of product: T-reX Global partner program, including evaluations of SimplifyEm and Depreciate'em 

Due date: Monday, June 15, 2009 

1. Ease. Is it easy to use for real estate professionals? For real estate consumers? How steep is the learning curve?  more...

Review 1: T-reX Global tools Premium Content

By Inman News, Thursday, June 25, 2009.

Your name: Deb Agliano (team leader, aka DebOnTheWeb)

Name of product: T-reX Global partner program, including evaluations of SimplifyEm and Depreciate'em 

1. Ease. Is it easy to use for real estate professionals? For real estate consumers? How steep is the learning curve?

Both SimplifyEm and Depreciate'em are very easy to use.  I was able to immediately use both programs.

--Strengths (250 words or less):  more...

When humans do inhuman things Premium Content

By Inman News, Thursday, June 25, 2009.

Columnist Marcie Geffner touched off some very heated criticism this week when she expressed "true sympathies" for homeowners facing foreclosure who take their anger out on the homes they are about to lose.

While she admitted sympathy for homeowners facing such turmoil in her column, "Defaulting homeowners strike back," she also acknowledged that the destruction was inherently wrong. "Perhaps my feeling is just as wicked or as equally wrong as the destruction itself, but there it is all the same."  more...

Fed offers assurances on rates

By Inman News, Thursday, June 25, 2009.

Countering fears that it will be forced to take action to counter the threat of inflation, the Federal Reserve said today it expects to keep short-term interest rates "exceptionally low" for an extended period.

With the target rate for the federal funds overnight rate at zero to 0.25 percent, the Fed has run out of room for further reductions in short-term rates.But it reiterated a committement to make $1.25 trillion in total purchases of mortgage-backed securities by the end of the year, continuing a program that many observors credit with keeping mortgage rates low.  more...

What is the state of foreclosures in your area?

By Inman News, Thursday, June 25, 2009.

Editor's note: In this segment, Inman News asked real estate professionals to weigh in about the state of the distressed-properties market in their local area.

Question: What is the state of foreclosures in your area?

Ken Tracy
Realtor
Keller Williams
Naperville, Ill.

Both (short sales and foreclosures) have been doing well. The quality of foreclosures is improving; the homes are much nicer and better taken care of.  more...

 
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