Foreclosures Sell For 27 Per Cent Discount Despite Low Interest Rates

Foreclosed Homes in U.S. Sell at 27% Discount as Distressed Supply ...

Homes in the foreclosure process sold at an average 27 percent discount in the first quarter as almost a third of all U.S. transactions involved properties in some stage of mortgage distress, according to RealtyTrac Inc. ...

Publish Date: 06/30/2010 20:44

http://www.propertytalk.com/forum/showthread.php?t=26252

Low Mortgage Rates For Those Investing In Property In US

Individuals considering making an investment in property may want to take into account the US, where low mortgage rates could prove a viable incentive to buy. Freddie Mac recently announced that the average rate for 30-year fixed loans ...

Publish Date: 06/30/2010 10:00

http://www.propertyshowrooms.com/usa/property/news/low-mortgage-rates-for-those-investing-property-us_278528.html

US Housing Market Developments

The USA housing market has witnessed a lot of turbulence in recent times, but is it on the mend?

Fannie, Freddie Still Central to US Housing Market – The Epoch ...

Fannie, Freddie Still Central to US Housing Market The Epoch Times But the subprime mortgage crisis eroded the company's financial position and by October 2008, the company's stock was less than $1 per share. ...

Publish Date: 06/22/2010 13:34

http://www.screenmylender.com/2010/06/fannie-freddie-still-central-to-us-housing-market-the-epoch-times/

The U.S. Housing Market Double Dip Is Coming | Daily Markets

Remember when safe as houses was a legitimate expression? Now it's a bit of an ironic joke. What counts as no joke at all, however, is the chaos investors.

Publish Date: 06/19/2010 15:01

http://www.dailymarkets.com/stocks/2010/06/19/the-us-housing-market-double-dip-is-coming/

Mortgage Fraud A Worrying Trend?

Unfortunately in tough times and in good, there are always some individuals who cannot be trusted. These recent postings relate to mortgage fraud news items:

The Real Estate Wonk: Multitudinous mortgage fraud - Reporter ...

"The perpetrators collude with appraisers or real estate agents to undervalue the property using an appraisal or a broker price opinion to further manipulate the price down (the flop) to increase their profit margin when they later flip ...

Publish Date: 06/18/2010 21:00

http://weblogs.baltimoresun.com/business/realestate/blog/2010/06/multitudinous_mortgage_fraud.html

Beach Real Estate - Hundreds arrested in U.S. mortgage fraud sweep

Martin County cities discuss plans for economic growth during economic downturn Site development and work force training are foremost on communities' minds.

Publish Date: 06/20/2010 15:23

http://beachpropertyrealestate.net/23988/hundreds-arrested-in-u-s-mortgage-fraud-sweep/

13 mortgage fraud convictions in Arizona since June 1 — Arizona ...

Home · About · John Wake · Sitemap · Buyers · Sellers · Arizona Real Estate Notebook. “Wake Up and Call John!” - John Wake, Associate Broker, HomeSmart Real Estate. 13 mortgage fraud convictions in Arizona since June 1 ...

Publish Date: 06/20/2010 13:41

http://www.arizonarealestatenotebook.com/2010/06/19/13-mortgage-fraud-convictions-in-arizona-since-june-1/

Let's hope the long arm of the law can catch up with people who participate knowingly in mortgage fraud activities.

Real Estate Refinancing

Recent posts about real estate refinancing.

Is it Possible to Refinance Out of a 203K Loan to Conventional ...

Here's a question from Washington, DC by Zillow user udflyer65 who asks in Zillow Advice: Is it possible to refinance from a 203k loan to a conventional. ... Local Market Statistics. Seattle Real Estate Statistics ...

Publish Date: 06/18/2010 3:01

http://www.zillow.com/blog/is-it-possible-to-refinance-out-of-a-203k-loan-to-conventional-loan/2010/06/17/

Best Lowest Refinance Mortgage Loan Rates Online « Real Estate Blog

The internet has also made getting lowest refinance mortgage rate quotes easier and earlier than ever before. With one easy online purpose you can have multiple providers give you their best refinance loan quotes. ...

Publish Date: 06/17/2010 23:54

http://www.stockmarketsreview.com/realestate/2010/06/17/best-lowest-refinance-mortgage-loan-rates-online/

how can i refinance with low income - Zillow Real Estate Advice

Featured Rates are based on state rates for 5/1 ARM loans and are valid for the date shown, but they may change without notice. They are for consumers with a credit rating of 720 or higher and a 20% or higher down payment. ...

Publish Date: 06/17/2010 10:40

http://www.zillow.com/advice-thread/how-can-i-refinance-with-low-income/354190/

Building Wealth: Considering Refinancing? – Here Are Some ...

The secret in real estate business is to use other people's money. This is how most real estate tycoons are made. Unlike traditional residential real estate mortgages, real estate financing offers much broader financial options, ...

Publish Date: 06/15/2010 1:15

http://diy-wealth.com/i/Considering-Refinancing--Here-Are-Some-Important-Points-to-Consider/

House Mortgage Market Update

Recent Housing Mortgage Blog Posts

Housing Rebound? Mortgage Applications Up After Long Slump ...

A key index that gauges mortgage applications for purchases and refinancing shot out of a long slump last week, as historically low interest rates spurred initial borrowing activity.

Publish Date: 06/16/2010 23:18

http://ecreditdaily.com/2010/06/housing-rebound-mortgage-applications-long-slump/

Mortgages and Housing: 10 RE Charts, Mortgage Math, Sacred Cows ...

must look at – 10 important real estate charts showing no housing recovery in 2010. Collapsing housing starts, Texas Ratio problems, construction.

Publish Date: 06/14/2010 0:06

http://get-easily-mortgage.com/mortgage-articles/mortgages-and-housing-10-re-charts-mortgage-math-sacred-cows-bank-of-internet-flopping-scam-short-sale-tips-goldman-on-housing-congress-extend-tax-credit-reverse-securitization-financial-bi

Market Update – Housing Starts Drop 10% in May | Quicken Loans ...

Treasuries ended the day lower yesterday with the big rally in the stock markets putting pressure on bonds. The market is up this morning following the economic releases. Both the Housing Starts and Building Permits data came in lower ...

Publish Date: 06/17/2010 0:07

http://www.quickenloans.com/mortgage-news/market-update-housing-starts-drop-10

Recent Housing Mortgage Tweets

RT @FedUpUSA: Gear up for another lost decade in real estate. Housing will remain stagnate from 2010 to 2020. Demograp... http://bit.ly/95w1Ot #iamthemob

By cody_dodd at 06/17/2010 10:41

Business news in brief: AP Radian Group Inc., the Philadelphia mortgage insurer, said improvement in the housing m... http://bit.ly/d9pirO

By jerushacurtis at 06/17/2010 9:19

One Percent Of Home Owners Behind In Payments?

Recent blog postings on foreclosure trends.

Online Auctionz » What's The Cause Of The Massive Increase In ...

A quick scan of the legal part of your newspaper will reveal the large list of properties scheduled for the foreclosure auction. Statistics indicate that over 1% of the today's homeowners will be behind on their payments or this year ...

Publish Date: 06/15/2010 17:57

http://onlineauctionz.org/furniture-auctions/whats-the-cause-of-the-massive-increase-in-foreclosure-buying-and-will-it-persist-part-i/

Pre-foreclosure Notices Helping New York State Target Outreach to ...

New York, N.Y. - January 25, 2009 - (RealEstateRama) – The New York State Banking Department and RealtyTrac® released New York county-level foreclosure statistics for the fourth quarter and full year ended December 31, 2008. ...

Publish Date: 06/11/2010 6:35

http://newyork.realestaterama.com/2010/06/10/pre-foreclosure-notices-helping-new-york-state-target-outreach-to-most-at-risk-homeowners-ID01117.html

America's foreclosure statistics are muddled still – Foreclosure ...

While California, Florida, Michigan, Illinois and Nevada continue to lead the American foreclosure stakes, the situation is improving elsewhere.

Publish Date: 05/15/2010 0:07

http://www.foreclosuredatabank.com/foreclosures-blog/article/1944/americas-foreclosure-statistics-are-muddled-still

Tauranga Gets New Real Estate Guide

Tauranga City on the North East coast of New Zealand's North Island has a new real estate website offering a free guide to buying and selling homes. The guide is available by download to any resident in the Tauranga, Mount Maunganui or Bay of Plenty region. The Tauranga real estate guide has helpful information for vendors wanting to sell.

Kapiti Agents In New Zealand Selling Lots Of Properties In Paraparaumu, Waikanae and Raumati Beach

The Kapiti Coast north of Wellington (the Capital City of New Zealand) is starting to show a pick up in activity following the global recession. Kapiti real estate agents report strong sales and a shortage of listings in certain areas. Popular town are Raumati Beach, Waikanae and Paraparaumu Beach. Paraparaumu agents are particularly busy with strong demand for seaside properties. The Kapiti Coast is located about one hour drive north of Wellington.

Aussie Real Estate Market Looks Up - 203,000 Homes On Market

A real estate agent from Queensland, Australia included these interesting stats in his Sept 2009 newsletter (photo shows houses in the idyllic Kawana Island area on Queensland's Sunshine Coast):

WEEKLY KEY STATISTIC – VENDOR DISCOUNTING

The level of vendor discounting and time it takes to sell a property has improved significantly compared with last year. The average market discount for houses across the country is now 5.4% compared with 6.9% last year. That means for a house listed at $500,000 it will, on average, eventually sell for $27,000 less than the asking price compared with $34,500 less at the same time last year. Homes are taking a shorter period of time to sell, with the average Australian house taking about 40 days to sell (compared with 53 days at the same time last year).

LATEST NATIONAL AUCTION CLEARANCE RATES

Auction numbers were up 22% compared to last week – auction volumes haven’t been this high since May of this year. The weighted average clearance rate across the nation is now 80% with all capitals recording a clearance above 60% last week.

ADVERTISED STOCK ON THE MARKET

New listings to the market remain controlled with 45,475 new residential properties added to the market over the last four weeks – much lower than the same time last year. There are now just over 203,000 homes available for sale across Australia with an estimated value of $120 billion.

Time Pressures Used To Advantage When Buying Or Selling Real Estate

Time pressures can be used by buyer's vendors and agents to their advantage (or disadvantage) in the real estate sales process. This can add up to money gained or money lost.

Time pressure can be used to get a quick sale, and more often than not, it can influence the final sale price.

In a case where you have two keen buyers, you may be able to rush one into making an offer, through fear of missing out. Or if you are in a hurry to sell, you can use words in your advertising like: must sell quickly, owner on transfer etc.

The key is to manipulate time to your advantage and where possible bring time pressure on the other side. Sometimes it’s amazingly easy – you just ask the buyer when it is they need to move.
A good negotiator would probably say that you shouldn’t reveal your deadlines, unless you are prepared to sacrifice something in return for a quick sale.

Remember To Get A Cashiers (Bank) Check

Fail to get a cashiers check is something that has tripped up many unsuspecting buyers and sellers.

Make sure the buyer knows that he/she needs to supply a Cashiers (Bank) check or certified funds at the time of closing. If you need to bring money to closing (the seller sometimes does), then bring a Cashiers check.

Negotiating A Sale FSBO With The Right Attitude

Negotiating the deal is an area where many FSBO home sellers come unstuck. Regardless of whether you are negotiating through an agent, or directly with the buyer, it can prove to be the most costly part of the whole house selling exercise. The wrong attitude or a simple “slip of the tongue” could cost you “big time!”

To negotiate successfully will take patience, skill and most of all, perseverance.

It pays therefore, to start with the right attitude. Some people come unstuck, by what the buyer sees as a “pig-headed”, or “dogmatic” attitude to selling. Sometimes the seller has an inflated opinion of his or her own importance, or of the value of the property, and takes a “take it or leave it” approach. If the buyer is highly motivated, or desperate, they may “take it.” However, there is always the likelihood that the buyer will “leave it” and go on to buy another property instead.

At the other end of the scale is the seller who adopts a rather “laid-back” attitude to the proceedings. Whilst this kind of low-key approach can relax a buyer into believing the seller to be “not a pushy salesperson”, it can work against the seller. Again, the buyer might get the impression that the seller has a “take it or leave it” attitude. Not because the seller is pushy or arrogant (far from it), but because the seller might unwittingly be giving the impression of being disinterested in the sale. No one likes to negotiate with someone who doesn’t seem to care.

First Impressions Impact Drive By Buyers

Does your house make a good first impression?

In good times and in bad, first impressions count when buying or selling a home.

Potential homebuyers will often just want to drive-by and look at the outside of a property. Why? Because, they simply want to make a quick, personal “no-obligations” assessment. They want to save themselves the time, hassles and possible embarrassment of looking through a house that they don’t intend to buy.

So, first impressions do count! A house with poor “street appeal” can get struck-off a homebuyer’s shopping list, without them even stepping a foot in the door. That potential sale could be lost in a matter of seconds!

Needless to say, a home that is visually appealing and in good condition will attract potential buyers driving down the street. Any real estate agent will tell you that strong “street appeal” will lure those potential buyers inside.

Making your house appealing to the eye, when seen from the street, is essential for a quick sale.

Be Aware Of The Problems When Selling Your Home

An overpriced house is a big buyer turn-off particularly in a tight real estate market. The thing to always remember is - your home is worth what someone is prepared to pay for it in the CURRENT MARKET.

The problem is; most of us become attached to our home and believe our home is worth more than it really is.

Pricing your home to sell does not mean giving it away for next to nothing. It just means being realistic and listening to the market. A buyer does not care about how much you might want or need, they only care about what the property is worth to them.

Don’t fall into the trap of overpricing your property. The longer your home is on the market, the weaker your bargaining power.

Major problems (such as structural problems, leaking roofs etc.) could mean either, you invest big dollars resolving them, or you adjust your listing price accordingly.

Major problems can affect the price you get, or how quickly you sell your home. Some of the problems can be fixed (for a price) while others problems you may not be able to do anything to fix.

Remember, no property is perfect but you need to at least be aware of the existence of any of the following problems and decide what, if anything, you are going to do about them prior to putting your home on the market: bad location, bad wiring, subsidence, foundation problems, structural problems, major cracks, poor plumbing, environmental hazards, bad floor plans, a bad roof, or poor parking.

Buyers will be scared off by major problems, so you need to think clearly about your options and seek professional guidance. I wish you every success selling your home.

First impressions Count When Selling Your House

Poor street appeal can stop a house sale in its tracks. That all-important first impression is often the deciding point as to whether a prospective buyer walks through the gate, or drives off never to return.

Many home owners find it difficult to find faults in their own property and the problem is, real estate agents are often reluctant to point out the faults through fear of upsetting the vendor. Unfortunately this approach does no-one any favors.

My recommendation to home sellers is to critically eye your property and be upfront with your agent. Ask them to give you their honest opinion. Ask for a list of positives and negatives about the property and reassure the agent that you want honest and critical feedback. If the agent fails to criticize anything, then challenge the agent to be blatantly honest. However, in saying this you need to be prepared to accept any criticism and not punish or hold grudges against the agent for his/her honesty.

Also, take a stroll and take notes on how your property compares to others and what it would take to make your property stand out. You could take a friend with you to help point out a range of minor changes you could make to add up to a great first impression.

This approach to selling your home serves several purposes:

1. Encourages an honest upfront working relationship with your real estate agent.
2. It helps you identify the strengths and weakness of your property.
3. It helps your compare your property with others in a similar range.
4. It identifies problems that could possibly be remedied.5. It could reveal some positive ideas for improving the street appeal.
5. It prepares you for the likely feedback from buyers.

Remember, any criticism is not necessarily a criticism of you, it is simply an honest appraisal of the current situation. You can either ignore it, or do something about it to help sell your house.

Get The Family Involved When Relocating

Relocation from one home to another can be a stressful time for everyone affected by the move. To help the process go smoothly it is a good idea to get all the family members involved to work together as a team. It often pays to discuss the issues of making new friends and leaving old one's, the changes involved with changing jobs and schools and other common issues. This way everyone in the family realizes they are not the only one affected and that everyone is coping with similar issues.

Even before the house is sold a family team approach can kick in. The family can set a goal of always presenting the house at its best. This is especially important as potential buyers may want to view the property at almost time in the sales process.

Each family member could take responsibility for his or her part of the house as well as sharing responsibility for keeping the rest of the house in good viewing condition.

Beds need to be made, toys put away, the garage being keep tidy, the lawn mowed, leaves raked, dishes washed and put away etc. It will possibly mean some personal sacrifices like getting up a few minutes earlier in the morning, or tidying up before going to bed.

Including rewards can be a great way to motive children into taking part. The reward process could include daily checks on room tidiness with a treat promised for when the the house is sold.
This is often better than reprimanding children and getting them stressed when the house is on the market. A quiet, peaceful, happy household is what a buyer wants to see - not a stressed, angry and noisy environment. You want the buyer to want to live in your house and approach the sale in a positive and relaxed manner.

How Does Your Property Rate?

Before putting your home on the market for sale it pays to take a critical look at how others might view your home.

You be the judge.

Imagine your house is entered into a 'home of the year' contest. Get out a clipboard and take an inspection tour of the entire property – inside and out. Judge each room out of 10. Note any minor repairs that are needed. Note down any areas that need cleaning or painting. Prepare a 'TO DO' list.

Why Seek Legal Advice When Buying Or Selling Property

When buying or selling property don’t rely on friends or family members to give you accurate legal advice. Always get independent legal advice when buying or selling a property. Your real estate attorney should be able to guide you safely through a minefield of legal bits and pieces. He or she will help with the intricacies of writing a contract. A real estate attorney can explain the implications of certain clauses and why each clause is necessary.

Your legal attorney will show you the correct way to write a contract so as to protect your rights as the buyer or seller. He or she will hopefully ensure that any such contract is as “water-tight” as it possibly without scaring off the other party in the transaction. After all, you don’t want the buyer or seller reneging on the contract – you want the property deal to proceed!

Your legal advisor will also be able to inform you of specific laws or requirements relating to the state or country where you live. For example, in most states in the USA, Title Companies close most real estate transactions. A Title Company can be an excellent resource for handling the mechanical aspects of closing real estate transactions. However, as I understand it, Title Companies cannot give legal advice to either a buyer or a seller.

Most Title Companies will employ the services of a real estate attorney who you should speak with. The title company can generally handle the rest of the transaction, but a real estate attorney is the only one who you should be getting legal advice from.

As I said earlier, the legal aspects and ramifications of a real estate transaction can be a minefield for the unwary. Don’t skimp on getting competent legal advice. ALWAYS, ALWAYS, ALWAYS use a real estate attorney.

Read how a Real Estate Attorney can guide you through a mine field of legal traps when buying or selling property.

Consult With Your Mortgage Specialist When Selling Your Home

If you have a mortgage then it pays to consult with the person (or company) that loaned you the money for the house. This could be a mortgage broker, a banker, a lender or for the purposes of this we’ll call them a mortgage specialist. If they can’t help you, or if you don’t want them to help you, then you might need to look for someone else who can.

It is important to find out how selling your home will affect your mortgage commitments. Will you be repaying the mortgage early? Will there be penalty charges for early mortgage repayment? Can the mortgage be transferred to the new property you are buying? What are the terms and conditions of the mortgage?

No doubt you will need someone who is knowledgeable and truly professional to help you with these and other mortgage questions. Friends or associates may be able to recommend someone who fits the bill. A mortgage specialist will have the knowledge to help you complete the transaction smoothly.

Why Pre-qualify Your Buyers When Selling Property

Don’t waste valuable marketing time on a buyer who can’t get a loan. Pre-qualifying interested buyer’s is essential and it is something your banker or mortgage specialist should be able to help you with.

For example, each time I have sold a business, I’ve always asked for a letter from the potential buyers banker before releasing commercially sensitive information. I would always ask for an assurance that the buyer has access to sufficient funds to purchase the business. I would always say to the buyer, “I want proof you have the ability to buy my business.”

Selling a property is somewhat similar. It is imperative you pre-qualify an interested buyer. It would be stupid to let someone who is not able to get a loan, tie up your house sale up with a contract that is never going to be finalized. That would be a waste of everyone’s time and could potentially lose you a genuine sale by a genuine buyer.

A mortgage specialist could give you guidance as to whether a buyer can afford to buy your house. They will be able to tell you if the buyer would qualify for a mortgage and if it is worth proceeding further with the transaction.