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Mortgage mission impossible

By Tara-Nicholle Nelson, Monday, November 9, 2009.

I'm a big believer in possibility. In fact, I often sign off my correspondence with the Emily Dickinson quote, "Dwell in possibility." In life in general, I think too many people limit themselves and what they can accomplish by virtue of what's possible.

So, it's counterintuitive for me to have to say, as I so often do these days, "That's not possible. It can't be done."

The world of real estate, generally, is a world of possibility. The normal home sale or purchase is truly the tip of the iceberg in terms of the property types, uses and transaction structures that live in the realm of what is possible.  more...

NAR acquires tech for national database

By Inman News, Monday, November 9, 2009.

The National Association of Realtors has acquired technology from Lender Processing Services Inc. to assist its development of the Realtors Property Resource, a planned property information database that will include information on all U.S. properties, NAR has announced.

In a statement today, NAR CEO Dale Stinton said, "Realtors need to respond quickly to today's tech-savvy consumers, and the RPR provides a means for multiple listing services, commercial information exchanges and real estate brokerage business models to support the Realtor community, rather than requiring Realtors to purchase data aggregated by third parties."  more...

Winning a multiple-offer competition

By Dian Hymer, Monday, November 9, 2009.

Lately, the home-sale market has picked up in some areas and price ranges. Multiple-offer competitions are more prevalent, particularly in popular neighborhoods where there's little for sale.

It's always difficult to decide what to offer when you're in competition. It helps if you've done your homework and you know local market values well. Working with a good real estate agent who can keep you informed on current market trends is helpful. The Internet has a wealth of information about listings in most areas of the country.  more...

Refinance home to pay off credit card?

By Benny Kass, Monday, November 9, 2009.

DEAR BENNY: We will soon have our mortgage paid off. Our home is valued at $120,000. Unfortunately, we owe about $50,000 in credit-card debt. I took early Social Security and work part time. My husband will take full Social Security next March and continue to work full time. So we had planned to pay extra on the debt with his Social Security check and the fact that we will no longer have a house payment. This will likely take at least two years. However, we wonder if it would be more beneficial to re-mortgage the house for the $50,000 to pay off all the credit-card debt. Obviously it would be a lower interest rate and would be an income tax deduction. What do you think? --Jean

DEAR JEAN: No one wants to have mortgage debt, but sometimes you have no alternative. On the other hand, no one wants to be "house rich and cash poor."  more...

Dos and don'ts of mortgage shopping

By Jack Guttentag, Monday, November 9, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/jkarpala/3430391074/" target=blank>Jeff Karpala</a>.

"I don't want an education in mortgages; I just want to know enough to save as much money as possible on my new mortgage. Also, as an African-American, I want to avoid being taken advantage of. Any chance you can distill what I need to know into one article?"

Here are some quick and dirty suggestions for vulnerable borrowers who want to save money but don't want to make the process into a life's work.

Determine Your Status as a Borrower Before You Search For a Loan: You may not qualify, which is a common occurrence in a market that has become very demanding in the wake of the financial crisis.  more...

Zillow: Fewer homeowners underwater

By Inman News, Monday, November 9, 2009.

The percentage of U.S. homeowners with mortgage debt that exceeds the value of their home declined slightly from the second to third quarters, in part because home prices are stabilizing but also because many homeowners who had been underwater lost their homes to foreclosure, Zillow.com reported today.

An analysis of public records collected for the Zillow Real Estate Market Reports suggests that 21 percent of homes with mortgages were underwater at the end of September, down from 23 percent at the end of June, Zillow said.  more...

Real estate tycoon at 24

By Mary Umberger, Monday, November 9, 2009.
Adam Blake

When Adam Blake says his business "has grown a bit in scope" since he went into real estate, he's not kidding.

Starting out as a residential property manager, he turned to buying and renting out such places himself. Then he expanded into high-volume flipping of single-family homes.

Recently, he's been buying land and selling the rights to drill for oil and gas.  more...

Give up home, Fannie will lease it back

By Inman News, Friday, November 6, 2009.

Fannie Mae is offering to let troubled borrowers who don't qualify for a loan modification stay in their homes as renters if they volunteer to relinquish ownership through a deed in lieu of foreclosure.

Fannie Mae's Deed for Lease program is also available to qualified borrowers who had previously been granted a loan modification but were unable to keep up their payments.  more...

All roads lead to low rates

By Lou Barnes, Friday, November 6, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/sidewalk_flying/3929076354/" target=blank>sidewalk flying</a>.

Today is a strange day in a strange time.

The Fed has begun gradually to withdraw support for the mortgage market, but mortgage rates are improving (back toward 5 percent) versus the 10-year Treasury.

The unemployment rate spiked to 10.2 percent, but "nonfarm payrolls" in October, net of prior-months' revisions, contracted far less than expected: only by 97,000 jobs.  more...

No way around FHA's 'flipper' rule

By Tara-Nicholle Nelson, Friday, November 6, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/lindyy/2572166160/">lindyireland</a>.

Q: Please explain why the Federal Housing Administration (FHA) will not allow a buyer to purchase a home that was sold within the previous 90 days? We have asked this question numerous times and everyone just goes around it and says FHA will not allow this type of loan.

We have seen several properties that we really want, but we keep being rejected because we have to go FHA (we have only a 3.5 percent downpayment). Why is this a rule? Are there any ways to work around it?  more...

Move Inc. revenue declining

By , Friday, November 6, 2009.

Realtor.com operator Move Inc. said in a regulatory filing Thursday that third-quarter revenue fell 15.7 percent from a year ago, and warned of further declines in the final three months of the year.

Revenue totaled $52.9 million for the third quarter, down from $61.2 million a year ago, and is projected to total between $47 million and $48 million in the final three months of the year -- a level Move executives expect to stay, on average, next year.  more...

The real estate video road show

By Inman News, Friday, November 6, 2009.

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Building regs: help or hindrance?

By Arrol Gellner, Friday, November 6, 2009.

"When I built my addition, the building inspector made me tear out the bedroom window and put in a bigger one! Personally, I don't think it's any of his (deleted) business how big my bedroom window is!"

I hear these kinds of gripes from disgruntled do-it-yourselfers all the time. Not to rub salt in the wound, but in most such cases, a passing acquaintance with the building code -- and even more important, an understanding of its intent -- would have saved these folks an awful lot of frustration.  more...

Devil's in the home warranty details

By Paul Bianchina, Friday, November 6, 2009.

Q: I'm currently in contract to buy a townhouse. The broker and my attorney are encouraging us to have the seller purchase a home warranty (through Coldwell Banker). What is your opinion of these programs? There seems to be many complaints about them online.

A: First, I need to give you a couple of disclaimers: I have only limited experience with home warranties, and I don't know anything about Coldwell Banker's specific program. So this is only my general and limited opinion.

From what I have seen and heard, home warranties suffer from a "fine print" problem. Homes and their systems are very complex, and there are so many variables that affect them, from the weather to do-it-yourself repairs.  more...

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