Home

The making of real estate hybrids Premium Content

By Glenn Roberts Jr., Tuesday, July 7, 2009.
Credit: <a href="http://media.gm.com" target=blank>GM photo</a>.

Journalists and real estate professionals have long shared an image problem.

The stereotypes are a fixture in fictional TV shows and in the movies: the reporter who lies, cheats and/or steals to get the Big Story; the agent who will do anything -- trampling ethics and laws and in-laws -- to close that Big Sale.

The perceptions about the below-limbo levels to which professionals in these industries will stoop is pervasive, and especially ironic because trust and reputation are cornerstones for the success of these professionals and their industries as a whole.  more...

Beware of builder who forbids inspection

By Barry Stone, Tuesday, July 7, 2009.

DEAR BARRY: We opened escrow on a brand-new home, and the builder refuses to allow a home inspector on the property. He insists that a home inspection is not necessary because the house has a one-year warranty and because an occupancy permit was issued by the building department. Since the home is new and it is warranted, should we be concerned about having a home inspection? --Jake & Falynn

DEAR JAKE & FALYNN: Builders who are honest and reasonable know better than to prohibit a home inspection. A professional inspection is a routine process in most residential purchases, regardless of whether the home is old or new. When sellers prevent buyers from having a home inspection, their motives and integrity are suspect.  more...

Nightmare on Main Street

By Marcie Geffner, Tuesday, July 7, 2009.

Should a loan officer who forecloses on a homeowner's mortgage be dragged into the fires of hell?

That intriguing question is at the heart of director Sam Raimi's new horror film, "Drag Me To Hell," which opened May 29 in theaters nationwide.

I have to confess I don't like horror films. I'm too impressionable, too gullible and too easily fooled by the oldest plot contrivances and cheapest special effects. And, I'm very easily frightened by scary movies. Just ask my mother.  more...

John L. Scott, BofA in joint venture

By Inman News, Tuesday, July 7, 2009.

John L. Scott Real Estate and Bank of America have formed a joint venture to provide mortgage loans to homebuyers in Washington and Oregon.

Response Mortgage LLC, an operating series of Bank of America's CWB Mortgage Ventures LLC, is a successor to Response Mortgage Services, the lender through which John L. Scott Real Estate offered in-house home financing products and services.  more...

Bad news: Appraisal $15K too low

By Bernice Ross, Tuesday, July 7, 2009.

DEAR BERNICE: We are selling our home to a nice young couple for $192,000. Our loan amount is $179,800. We have just enough money to close the transaction and pay off our existing loans. The buyers have 10 percent down and were applying for a 90 percent first. Our agent just called us and said the appraisal came in $15,000 low. She was quite angry. She said that the appraiser normally worked in an area 60 miles from here and had no experience with our area. The comparable sales he used were from a different school district and in a much less desirable area. We don't have any more cash to put into the deal and the buyers don't either. What can we do? Everyone still wants to close. --Chris M.

DEAR CHRIS: Although it may not seem like it, you're lucky that your buyers still want to buy your home. What normally happens when the appraisal comes in low is that the buyers walk away from the deal.  more...

Alternatives to a jumbo short sale

By Bernice Ross, Tuesday, July 7, 2009.

DEAR BERNICE: Our house has been on the market for almost six months and we've had only one showing. It shows like a model and is in perfect condition. We listed with the top agent in the area who has a stellar record. Our list price is actually under what the comparable sales suggest, even though we updated the entire house just two years ago. We just lowered the price again from $899,000 to $799,000 and still no showings. Even if we were to close the deal at $799,000, we will still have to come up with another $75,000 of our own money to pay off the existing loans. What can we do? --Tom D.

DEAR TOM: Sadly, this is a story that millions of homeowners are facing throughout the country. It's particularly difficult for anyone who lives in an area where property values skyrocketed. These properties, due to their increased valuation, no longer qualify for what is known as a "conforming loan."  more...

NAR won't fight creation of consumer agency Premium Content

By Inman News, Tuesday, July 7, 2009.

The National Association of Realtors will reportedly not join a coalition of industry groups that's lobbying against the creation of a Consumer Financial Protection Agency.

The American Financial Services Association is coordinating opposition to the Obama administration's call for a consumer agency that would regulate financial products like mortgages and credit cards, Reuters reports.  more...

Relying on listing agent is mistake #1

By Tara-Nicholle Nelson, Tuesday, July 7, 2009.

Q: I've lived on the West Coast my whole life, but in 2006 decided to buy a place on the East Coast to move into. I found a place on the Web, called the listing agent and bought it (I did get an inspection from a contractor she knew, but he didn't find any big problems.)

I moved there for one month before I had to move right back out because I was constantly sick. After extensive testing, I learned that the house was riddled with mold from a leaky, unsafe addition that the previous sellers had put on the house without permits. When we went to get the permits for all the mold repairs, the city actually ordered me to tear the addition off -- the problem was, the addition was about a third of the house's square footage!  more...

Is trading homes hard to do?

By Benny Kass, Tuesday, July 7, 2009.

DEAR BENNY: A few years ago, my son bought a small, but cute, home. My husband and I were empty-nesters with a large home. Recently, my husband passed away, my son got married and his wife is expecting. I would like to trade homes with my son, because he needs more space and I can't take care of a huge home by myself. Is there any way of doing this without too much money involved?

I do not have any mortgage on my home, but my son does. If he could just continue to pay his current mortgage and his new taxes, etc., I would pay the bills on the smaller home. Is this possible to do without the nightmare of taxes, closing fees, etc? --Andrea  more...