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Mortgage rates edge down

By Inman News, Thursday, July 16, 2009.

Rates on 30-year fixed-rate mortgages edged down to 5.14 percent with an average of 0.7 point this week, compared to 5.20 percent a week ago and 6.26 percent a year ago, Freddie Mac said in releasing results of its Primary Mortgage Market Survey.

The 15-year fixed-rate mortgage averaged 4.63 percent for the week ending July 16, with an average 0.7 point, down from 4.69 percent last week and 5.78 percent a year ago.  more...

Dos and don'ts of seller disclosures

By Bernice Ross, Thursday, July 16, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/canoafurada/86499719/" target=blank>marcusrg</a>.

Almost every state in the U.S. requires both sellers and their agents to make disclosures about the condition of the for-sale home. How you make these disclosures can move your transaction forward or land you in a lawsuit.

The company I worked for in California once did a study to determine the factors that were most likely to result in litigation. There were three primary predictors: attorney clients, new construction, and hillside properties. They also found that the closer the property was to Century City (where there was a high concentration of attorneys), the more likely we were to be sued.  more...

Photographers' rights: an image problem Premium Content

By Teresa Boardman, Thursday, July 16, 2009.
"<a href ="http://www.flickr.com/photos/tboard/3641251623/" target=blank>Bean Worship</a>," Copyright © 2009 Teresa Boardman.

The idea of content being king on the Internet is not a new one. If some of that content consists of photos, there are some rules that need to be followed.

One of my blog readers took me to task over a photo I took of "The Bean" in Chicago. The bean-shaped metal sculpture -- its real title is "Cloud Gate" -- is a public work of art, located in a public park and it is photographed so many times a day that I am surprised it has not faded. People come from all over the world to worship the bean.  more...

Avoiding mortgage rip-offs

By Tara-Nicholle Nelson, Thursday, July 16, 2009.

Q: I read in the newspaper that a particular bank had been targeting bad loans at members of my ethnic community. How do I know if my bank is swindling me, before I sign on the dotted line?

A: In the aftermath of the foreclosure, housing market, mortgage or whatever you want to call the real estate corner of the economic crisis, there have been lots of investigations and findings about various banks targeting ethnic minorities with subprime mortgages. While your right as an American is to vote with your dollars, I would encourage you to avoid jumping to conclusions about an entire institution or industry being good or evil on the basis of blame-era spin and hindsight applied to marketing strategies and campaigns that were, undoubtedly, thought of at the time as promoting and enabling homeownership amongst people who hadn't always been given a fair shot at the American Dream.  more...

After the honeymoon: Rent increase?

By Robert Griswold, Thursday, July 16, 2009.

Q: I have lived by myself in an apartment for the last 12 years. I am planning to get married in the fall and I am in the middle of a 12-month lease where I am the only authorized tenant. The lease is actually quite favorable, as I renewed it last December when the landlord was offering a great incentive for lease renewals.

My concern is that if my wife moves in with me, the landlord might consider me to be in violation of my lease and could renegotiate to the much higher rental rate that new incoming tenants are now paying for a comparable apartment. What can I do to maintain my current favorable lease terms if my wife moves in with me?  more...

Foreclosure filings up again in June

By Inman News, Thursday, July 16, 2009.

Foreclosure-related filings rose 4.6 percent from May to June, data aggregator RealtyTrac said today, and the 889,829 filings for the second quarter represented a 20 percent increase over the same quarter a year ago.

Unemployment-related foreclosures accounted for much of the increased activity, and the high number of borrowers who find themselves underwater -- owing more on their mortgages than their homes are worth -- represent a potentially significant future risk, said Realty Trac Chief Executive Officer James Saccacio in a press release.  more...

Product Review: Real Estate Shows Premium Content

By Inman News, Thursday, July 16, 2009.
RealEstateShows.com screenshot

Product: Real Estate Shows (RealEstateShows.com) free trial.

About: Real Estate Shows is an online tool for creating online video presentations that feature panning and zooming displays of still photos, along with text descriptions and a music track. Video options include 30-second, 60-second and 90-second videos. The site advertises that the videos "will look and feel like TV commercials." Real Estate Shows is managed by Bill Leider, Jeff Turner and Steve Zehngut.

Cost: The site offers a 14-day free trial and a subscription-based service for $125 per year for unlimited real estate shows.

Review team: Linda Davis (leader), Jim Fitzgerald, Mark S. Bergman.  more...

Product review: Real Estate Shows

By Inman News, Thursday, July 16, 2009.

Reviewer: Mark S. Bergman
Product: Real Estate Shows free trial

1. Ease. Is it easy to use for real estate professionals? For real estate consumers? How steep is the learning curve?
RealEstateShows is relatively easy to use. Those familiar with other virtual tour products will be able to start creating tours and virtual fliers without reading the instructions, but read the FAQs or view the on-line video tutorials to get the most out of the service.  more...

Product review: Real Estate Shows

By Inman News, Thursday, July 16, 2009.

Reviewer: Jim Fitzgerald
Product: Real Estate Shows free trial

1. Ease. Is it easy to use for real estate professionals? For real estate consumers? How steep is the learning curve?
The product is very easy to use and even the novice user can easily move through this product.

Strengths (250 words or less):
The strengths are the ease of the product  more...

Product review: Real Estate Shows Premium Content

By Inman News, Thursday, July 16, 2009.

Reviewer: Linda Davis
Product: Real Estate Shows free trial

Note from the reviewer: "I have used Real Estate Shows in the past. It won't bias my judgment. Actually, there are tons more features since I last used it."

1. Ease. Is it easy to use for real estate professionals? For real estate consumers? How steep is the learning curve?
Real Estate Shows couldn't be much easier to use or more intuitive whether you are creating a show or just watching one.  more...

'Oddball' move-in fees questioned

By Janet Portman, Thursday, July 16, 2009.

Q: I'm looking to rent at an apartment complex that imposes some oddball fees when tenants move in. In addition to the security deposit, they impose a one-time "initiation fee" (for showing a new tenant around, I guess), a "key fee," and a "lock change" fee. The lease says that I'll have to pay $250 if the landlord consults his attorney about a problem with my tenancy, and another $500 if they have to serve eviction papers. Is all of this legal? --Orville V.

A: This landlord has figured out a way to move some routine business expenses, which most landlords consider to be overhead, to their tenants' accounts. These fees can add up to quite a hefty move-in cost, and in states that don't limit their use, only the market will curb the landlord's greed. If the move-in costs are so high that tenants look elsewhere, the landlord will be forced to lower them in order to attract applicants.  more...

Gathering oodles of online ads

By Inman News, Thursday, July 16, 2009.
Craig Donato

Craig Donato had a brainstorm while building a cabin in the Sierra Nevada foothills.

"As I was searching for things, I realized how hard it was to use classifieds. I couldn't see all the listings in one place -- or ask for something," he recalls.

So he co-founded online classifieds site Oodle.com and serves as the company's CEO.  more...

Priorities for relocating seniors

By Tom Kelly, Thursday, July 16, 2009.

Not all seniors want or are able to remain in the same house, especially after the loss of a spouse. While some do choose to stay and "age in place" alone, others opt to head to a community near an adult child.

Many older folks want to remain independent and choose a small, single-family home, while others choose to try out an apartment. They often have specific issues and needs -- the same issues and needs baby boomers will face in a short few years.

After living so many years in the same place, these decisions are huge. Some don't know where to start, and neither do their adult children.  more...

 
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