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Google eyes mortgage lending service

By Matt Carter, Thursday, August 27, 2009.

Google is planning to launch a service in late August or early September that would provide Web surfers with loan offers from mortgage lenders, according to a lawsuit by LendingTree that seeks to stop the project in its tracks.

LendingTree filed suit Tuesday against Mortech Inc. -- the company that provides the "pricing engine" lenders use to generate loan offers through LendingTree -- saying the company is barred from providing the same services for other companies.  more...

Banking industry back in the red

By Inman News, Thursday, August 27, 2009.

More than one in four banks insured by the Federal Deposit Insurance Corp. lost money during the second quarter, and the number of institutions on the government insurer's "problem list" grew to 416 -- the largest number in 15 years.

A total of 81 insured banks and institutions have already failed this year, and the FDIC's Deposit Insurance Fund has dropped below the level mandated by congress. That could force the FDIC to raise fees banks pay for insurance coverage, or borrow money from the Treasury.  more...

Sellers face conversion of illegal unit

By Bernice Ross, Thursday, August 27, 2009.

DEAR BERNICE: We purchased our home a number of years ago. The previous owner converted the garage to mother-in-law quarters without a permit. It has a stove, refrigerator and a separate bath. Our agent is telling us that we have to convert it back to a garage. Is this really necessary? --Wanda B.

DEAR WANDA: This is a very difficult situation. The answer to your question is "maybe." Please investigate the following issues.  more...

Riding the real estate roller-coaster

By Teresa Boardman, Thursday, August 27, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/tboard/2262011895/in/set-72157603889437850/" target=blank>tboard</a>.

Just when I thought the worst was over ... things got worse. Our local market started to tank in late 2006. I have worked through waves of foreclosures and short sales and survived.

Business has picked up; I have more listings; and those listings are getting offers. Sadly, I don't have as many closings as I would like.

It looks like the worst isn't really over, it just changed a little.  more...

Landlord gets 'F' in mailbox security

By Robert Griswold, Thursday, August 27, 2009.

Q: I live in a 500-unit apartment community comprised of nearly 20 buildings. My problem is that the mailboxes to the individual units are not secure. The mailboxes are centrally located in each building with four rows of six mailboxes in a single "bank" per building.

Shortly after moving in I inadvertently started to open the wrong mailbox and discovered that my mailbox key worked on someone else's mailbox. A little more research led me to realize that my mailbox key works on each and every one of these 24 mailboxes! After talking to my neighbor across the way, I have learned that any mailbox key will work on all of the mailboxes. I found that my key even works on the mailboxes at other buildings!  more...

Trust agent advice on inspections

By Tara-Nicholle Nelson, Thursday, August 27, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/hansvanrijnberk/2598234846/" target=blank>LiveFromAmsterdam</a>.

As I mentioned last week, there is a pervasive myth afloat that real estate agents are in cahoots with a stable of service providers like mortgage brokers and inspectors. The aim? To bilk unwary buyers out of their hard-earned dollars and dupe them into buying lemon homes and taking lemon loans.

Has such a thing ever happened in real life? I'm sure it has. But I'm also highly certain that these sorts of unholy alliances are the extreme exception rather than the rule.

What's true is that we agents do have a set of professionals we prefer our clients to work with.  more...

Negotiating a lease buyout

By Janet Portman, Thursday, August 27, 2009.

Q: One of my tenants would like to get out of his yearlong lease, which has eight months left. I understand that he remains liable for the whole rent until I re-rent the unit, but he's approached me with a different proposition. He wants to negotiate a buyout, right now, so that he won't be left wondering how many months' worth of rent he'll be responsible for. Is there anything illegal about this? –Harry H.

A: Let's back up for a moment to your assumption that you have to re-rent and subtract the rent you receive from the new tenant from what your tenant owes on the lease. While many states do impose this requirement (called mitigation of damages), it's not true universally.  more...

Customer satisfaction: Ask 'Why?'  Premium Content

By Joseph Ferrara, Thursday, August 27, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/ella_marie/3270648502/" target=blank>♥ellie♥</a>.

Real estate clients would rather refer agents than brokers.

If a real estate client were to promote or refer someone, I suspect it would most likely be their agent, not the brokerage, with a few notable exceptions. It is the agent who regularly interacts with the client to build rapport and any positive emotional experience and bond. Consequently, the agent ought be the natural recipient of a referral.  more...

Co-signing mortgage a big risk

By Tom Kelly, Thursday, August 27, 2009.

If your credit history is atrocious and you spend money long before you get it, having someone co-sign your home loan is not going to solve your problems -- unless that person plans to move in with you.

Co-signers, or co-borrowers, can help bring you up to the income needed to qualify for a loan, but guidelines can be very specific depending on the type of loan. Usually the key word is "occupancy."

According to mortgage professionals, a co-borrower will not make bad credit good. People are often mistaken that the co-borrower's credit will solve the credit problems for the person planning on living in the home.  more...