Mortgage fraud thrives in good and bad times
The house on the 53rd block of South Wood Street in Chicago's Back of the Yards doesn't look like a $ 355,000 home. There is no front door and most of the windows are boarded up. Chicago – Business – United States – Financial Services – Mortgages
Read more on MSNBC
Real estate and the sex offender next door
Dear Real Estate Adviser, I need to sell my house and a sex offender lives across the street. Apparently, he's no longer required to register because his 10-year reporting requirement has expired. Do I need to disclose this information when trying to sell?
Read more on Bankrate.com
'Bottom feeders' need not apply: Luxe cribs go on the block in splashy auction on Hutchinson Island
'Bottom feeders' need not apply: Luxe cribs go on the block in splashy auction on Hutchinson Island
Read more on The Palm Beach Post
Filed under News by on Aug 21st, 2010. Comment. 
Is Buying a Condo to Live in a Good Move?
The answer to that question is yes and no. There are a number of reasons why this is so. Your lifestyle is one of the main determining factors whether it will be a good choice for you or not. It could be a good choice if you like to socialize because there are usually plenty of activities where you can meet and socialize with the other residents along with amenities (swimming pool, tennis courts, etc.) you probably would not have in your single family residence.
Another plus is that all of the upkeep on the exterior of your home is taken care of so you don't have to worry about cleaning gutters or painting. The grounds maintenance and landscaping is also taken care of, including clearing snow. This is a real plus if you travel a lot because you don't have to worry about any thing happening to your exterior or landscaping.
Many condo locations are in areas that are very desirable such as close to the ocean or a lake. Many times a single family residence in the same area would be out of the condo buyer's financial reach. You'll also find that most condo projects are safer due to be fenced and gated with either a gate guard or requiring a key card to open the gate.
Although condo living is very similar to apartment living a condo is an investment and will appreciate just like a single family residence. Condo will usually give you more living area for your money as the price per square foot is lower than a SFR. Many times the interior amenities are also superior.
Due to the fact that condo values usually lag behind single family residences so even when single family residential prices are increasing rapidly you can still find bargains in both new and resale condos.
There are also a number of negative features to living in a condo including no outside area that you can call your own. It's all owned by everyone in the project. This means you can't go out and dig around in the flower beds.
One of the biggest negatives to a lot of residents is that you have to get permission to do any modifications on the exterior, no matter how small. Things you take for granted are many time not allowed such as a TV dish or possibly even hanging plants from the roof of your patio.
There are HOA (homeowners association) fees every month whether you use the amenities or care about the landscaping. Many times these dues are not enough to do the proper maintenance to the property and then the residents get hit with a special assessment which can totally destroy a household budget.
A gripe that many owners have is the HOA committee becomes a clique where the proper attention is not paid to the good of the rest of the residents. I was a real estate appraiser for a number of years and often ran across a instances of that when doing appraisals in a condo development.
Another big negative was that was quite often litigation against the builder or maintenance people due to shoddy workmanship or not completing the project. Sometimes the builder went bankrupt and left the project holding the bag.
Another minus is the fact that condo values usually start decreasing in price before single family residence values and at a faster rate. They also usually start increasing in value after single family residences and at a slower rate. Historically condos are usually harder to sell than single family residences.
If you are thinking of buying a condo you need to do your homework, even more so than if you were buying a single family residence. Before you even consider the development talk to as many residents as you can and ask them every question you can think of. The more people you talk to the more you'll learn about the project. Don't believe everything you here though whether good or bad. Try to validate each persons opinion by asking why they think the way they do.
Talk to the manager, president of the HOA or anyone else is a position of authority to find out if there are any special assessments coming up, such as a roof replacement. It's not very pleasant to move in and a short while later find out you'll have to pay a couple of thousand dollars for your share of replacing the roof. Find out the amount of the HOA fees, when they last raised and by how much, giving you an indication of the project's financial condition.
Find how many vacancies there are and what they were caused by. If a lot of the vacancies are caused by foreclosures it's probably a place you don't want to purchase in. One of the problems with foreclosure vacancies is that less HOA fees are coming in and there may have to be a special assessment to make up the money. With regular vacancies the owners of the unit will be paying the dues.
Other statistics you need to know are how many rentals there are and determine what the ratio to owner occupied is. If there are more than 40% non-owner occupied units you may have a hard time getting a loan. Another piece of information that will help you make up your mind if this place is for you is how many units are for sale and why they're being sold. If other people don't like the project you may not either.
Determine if there is any ongoing litigation? Condo projects often seem to be a magnet for law suits. Many times lenders won't lend in a development if there is pending litigation.
Check out the CC & R's (Covenants, Conditions and Restrictions). These are the rules you'll be living by so it would be a good idea to read them thoroughly although they are usually 2 or 3 inches thick. You'll probably find some sneaky little things in there that you hadn't given a thought to.
As you can see there are a lot of pluses and minuses to buying a condo and it definitely isn't for everyone, although many people swear by them. For instance if you're gone a lot this is perfect because you don't have to worry about exterior building or yard maintenance. Your place is relatively safe due to the proximity of your neighbors. When you come back home all you have to do is relax. On the other side of the coin if you like puttering in your yard and keeping to yourself, you probably won't be too enthused about condo living.
If you really want to be sure of what you're getting into with a condo you might think about doing a lease with option to purchase instead of an outright purchase. Try not to put much down for an option fee, try to get rent concessions and make the lease term short. If it turns out that condo living doesn't really turn out like you wanted, you can just walk away at the end of the lease with no further expense.
Condo is short for condominium and is described as a development where the owner of a units owns the interior of his unit and everything else is owned by all of the residents as a percentage of however many units there are. A townhouse is similar except the owner also owns the land that the unit sits on.
Don Levy is the owner of Real Estate where you can learn more about all aspects of real estate. If you would like to have your own home or start investing in real estate at the lowest price take a look at Real Estate Fortune or Creative Real Estate Help for information on buying foreclosures and other real estate. Now's the time to do it!
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Filed under News by on Aug 20th, 2010. Comment.
Spanish Property to Rent : Choose a Good Property Dealing Agent
Uproar is that property market in Spain is in crisis, as the share price of property companies are falling. Even the media reported that crisis in property market is here to stay longer in Spain, and it might cause a global property market crash. Contrary to it, if you hear experts on economic issues, they will wonder about where the crisis is. Against all notions, the bare truth is that Spanish property market is very far from any crisis. The gradual economic progress and overall fine economic balance in Spain makes no any worry to occur when matter comes to property.
Whether one is planning Spanish property to rent or to buy a new house, villa, etc. the property market in Spain is passing through no hassle. Located in the lap of very large sea shore, each of the islands of Spain are known for its natural beauty. The pristine and peaceful milieu of its islands provide wonderful location for dwellers to live at. Buying properties like villas, house, etc. Its islands offer a very pleasant place for property buyers. For European people, these islands are the best place to hanker at, and enjoy their vacation.
Most popular among UK people, these islands for them are the hottest place to give them an opportunity to buy property. The presence of number of property dealing companies fetch them an option to buy villa or house at location they wish. Be it Costa Blanca, Costa del sol, Costa calida, Costa Brava, Costa Almeria or any other location, property dealers have abundant of options to offer you to let you buy property at any island of Spain. Even there are several property companies which have Spanish property to rent, which ease the problems of newcomers who are looking for a place to live in Spain. Even availing services offered by these property companies help buyers in buying or taking the property on rent at competitive rates.
Brittney Jackline is a well known professional writer. She has won appreciation especially for good writing about Your Key To Spain – Spain Real estate services like … Spanish Property.
Related Property Crisis Articles
Filed under News by on Aug 16th, 2010. Comment.
Problem Solved: How Do I Find a Good Real Estate Agent?
When purchasing or selling property, the first thing you will want to ask is "How do I find a good real estate agent?" There are many things to consider when looking for a real estate agent.
You do not want someone who has a license from XYZ, or worse yet, someone with no license at all. There are many things to look out for when selecting your future team mate on your quest to finding the perfect home. Listed below are ways to ease into one of the most important deals of your life, buying and selling a home.
A real estate agent is your right hand so to speak when acquiring a home. You should be able to trust this person, reply on them as well as have them understand your needs. Moreover, it is imperative they have the time and energy to dedicate to your search. Asking friends, how do I find a good real estate agent? is a great place to start.
Shortening the List
It comes as no surprise that real estate agents come a dime a dozen. During the time when real estate was booming, everyone thought they could strike it rich in the real estate world. Actually, many did; even the ones who did not know what they were doing. The problem lies in the fact that the market has changed drastically and now those people are lurking in low real estate agent rankings or non-existent.
Watch out for those real estate agents looking to make a quick buck. Do not pay a cent until you have closed the deal. It will be included in closing costs. If you are selling your home and a realtor wants a fee up front, that is your red flag to steer clear of that agent. A realtor's commission should be based on if they can sell the house; not if they give it their "best" try.
If the real estate agents you are looking to conduct transactions with are always on the phone, never return your calls or even if they do but not timely, ten to one they have too much of a work load as it is. This is a huge sign to show you will not be getting the individualized attention you need. When buying and selling a home, it is all about how your real estate agent works for you; not how hard you have to work to get their attention.
Do they have a track record? The internet is a wonderful tool. If the real estate agent is in touch with the market, they will have a website. They will also have an email that they check regularly. You can research reviews and comments about realtors online through many sources. Type the name of the realtor in the search box and look at results. Typically, you will see about five to ten reviews for a smaller real estate agent and more for larger groups or popular agent.
It is all about how a person markets themselves. Look at the angle they are trying to approach. Are they trying to attract investors or the homeowners? This will tell you a lot about where their head is. Take the time to research other sites and look for more specific information before you decide to select a real estate agent. Read on to answer the most important question, "How do I find a good real estate agent?"
Florin Copaceanu – Broker Florin Copaceanu has been a certified Realtor in the New Market, VA area for 8 years and Broker for 3 years. A multi-million dollar producer for every year since he's been in the real estate business, Florin knows how to help sellers as well as buyers. He is not afraid to work physically when needed, and he's been known to help sellers and buyers alike not only to move in, but also find the right painter, plumber, landscaper, etc. If you are looking to buy a home in the Shenandoah Valley or Rockingham areas, then you are in the right place. Visit Florin at http://www.accentrealtyltd.com! and he'll make sure your real estate needs are met.
Michael Sato and Chris Feurer, the new owners of Jameson Real Estate, talk about some of the pitfalls in the traditional ways of selecting a real estate agent. They go on to suggest that they've taken some of the guesswork out of the process by allowing only the best agents in the market to affiliate with their company.
Video Rating: 4 / 5
Filed under News by on Aug 16th, 2010. Comment.
Businesses find good deals on vacant property
FAIRFIELD — Low industrial property prices, not so old vacant property and locations between Dayton and Cincinnati metros has created an attractive real estate market for buyers.Industrial business activity has picked up slightly in the past three months, said Ben McNab and Tom McCormick of Cassidy Turley Commercial Real Estate Services.
Read more on Dayton Daily News
UK property value growth slows
Growth in UK commercial property values slowed last month as economic uncertainty proved a drag on the market.
Read more on Daily Telegraph
Filed under News by on Aug 15th, 2010. Comment.
Question by john k: New England house prices? Is there ever really a good time to buy?
I live in New Hampshire and I have been looking into buying a house. It seems to me that when house prices are low, interest rates are high, and when interest rates are low, house prices are high. Is there really a better time to buy a house compared to other times? Someone I know said we should wait because houses are not appreciating very well in the area right now, but, is this true? And is it better to continue renting? The prices in the area are outrageous at best, and I can't believe that there is ever going to be a time when they are going to be lower. It seems to me that if appreciation continues at any rate, that ordinary people wont be able to afford a house at all. $ 200,000 plus for a small place seems crazy. Any input on this?
Best answer:
Answer by hardcorehatebreedchick
i live in MA and have seen the same thing in this area too 180,000 for a two bed room house its crazy i hear the way to do it is build yourself i wish you the best of luck
Know better? Leave your own answer in the comments!
Filed under News by on Aug 8th, 2010. Comment.
Question by ______: Good sites for home rentals in the New Jersey area?
Possibly moving and have been searching since 12am this morning for home rentals, but no luck. On the border of Pennslyvania and New Jersey is good, but no super pricy homes to close to new york.
Any sites you know of that show home rentals should be of help.
I'd be extremely grateful.
Thanks!
Best answer:
Answer by Tahir's Mommy
Try craigslist.com !
What do you think? Answer below!
Filed under News by on Aug 8th, 2010. Comment.
For Florida homebuyers the FHA home loan just makes good sense
FHA Mortgage Loan for Florida Homeowners
Take the proper Steps to Get Your FHA Mortgage today
Other FHA loan Advantages Include:
Minimal Down Payment and Closing Costs.
Down payment less than 3.5% of Sales Price Gift for down payment and closing costs allowed. No reserves or required. FHA regulated closing costs. Seller can credit up to 6% of sales price towards buyers costs.
Easier Credit Qualifying Guidelines such as:
Minimum FICO credit score of 540. FHA will allow a home purchase 2 years after a Bankruptcy. FHA will allow a home purchase 3 years after a Foreclosure.
Easier Debt Ratio & Job Requirement Guidelines such as:
Higher Debt Ratio's than other home loan programs. Less than two years on the job is allowed. Self-Employed individuals o.k.
Apply for an FHA mortgage at
For Florida first time home buyers and other borrowers, the FHA home loans can have key advantages:
Easy Qualification – The FHA loan insures lenders against loss for loans made to properly qualified FHA home loan borrowers. So you're likely to find FHA mortgage loans with terms that make it easier for you to qualify.
Minimal Downpayment Requirements – FHA mortgages can work with as little as 3% down and those funds can come from a family member, charity, or your employer. Although the FHA loan does not have a zero down mortgage option yet, you will find that your 1st Continental Mortgage loan officer can point you to many Downpayment assistance programs that work well with Florida FHA home loans.
Less than A-1 Credit is Okay – The Florida FHA home loan program exists to expand the pool of home buyers. Even borrowers with prior bankruptcies or mortgage lates get approved every day for FHA mortgages to buy or Refinance homes in Hillsborough County or any of the other Florida counties we serve. The FHA loan program uses credit quality, not credit score!
Lower Cost Over the Life of the Loan – The Florida FHA home loan rates are extraordinarily competitive. FHA's lower risk to the lender means a better rate for the borrower.
Safeguards for Borrowers Who Get Behind – The Florida FHA loan mortgages also allow the lender more options in helping borrowers who fall behind keep their homes are get current again: special forbearance, workouts, even free mortgage counseling. Further, HUD can allow the lender to take past due payments and move them to the end of the loan and in some instance will actually pay your past due payments for you. Options to save your home you'll never get from a conventional loan! In an uncertain world, this is another excellent reason for you to get an FHA mortgage.
Options for Manufactured Housing – Under certain conditions, you can even finance a Mobile Home or manufactured home using a Florida FHA mortgage loan. Call 1-800-570-0448 to get pre-approved for a Florida FHA loan for manufactured housing or just use our quick application to learn more!
FHA Loans Are Fully Assumable – When you are ready to sell your home, you can offer buyers FHA financing! All FHA loans can be assumed by qualified buyers.
These are just seven of the many good reasons to apply for an FHA mortgage. Call 1-800-570-0448 to speak with a friendly Florida FHA loan specialist now!
The FHA program has evolved since it started in 1934 and now has options for HUD insured loans that fit a variety of different borrowers and situations.
Purchasing a Florida home is one of life's major landmarks and for some, it is even a dream come true. At FHAmortgageFHAloan.com we understand the importance of this decision and it is our goal to make your acquisition into home ownership memorable. Regardless of whether this is your first Florida home or your third Florida home purchase we will do our best to ensure that getting you into your new Florida home is a pleasant and memorable experience.
When you begin to seriously consider purchasing a new Florida home it is important that you follow some simple steps to make sure that the Florida home process goes smoothly.
The first thing you should do is an analysis of your debt to income ratio. This important step will let you know what type of Florida home you can afford and how much your current obligations will allow you the apply for based on your monthly income and expenses.
The next important step in purchasing a new Florida FHA home loan is to get pre-approved for an FHA home loan. The peace of mind that comes with knowing that your FHA mortgage loan and credit report have been approved will allow you to shop for your new FHA home with confidence. And when you find a Florida home and are ready to make an offer the fact that you have already been pre qualified for your FHA loan amount will give the seller confidence in you as a serious buyer.
About FHA Mortgage Loans
FHA guarantees eligible Florida home loan applicants the ability to obtain FHA home loans with 3.5% down payment. FHA mortgage loans can be fully assumable. FHA mortgage loan limits apply depending upon where the Florida home is located
FHA mortgage loans provide for low down payments and the easiest qualifying guidelines to make it easier for Florida homebuyers qualify! FHA home loans are popular with Florida first time home buyers but are equally liked by moving up buyers and Florida homeowners looking for a Florida Rehabilitation loan. With an FHA Mortgage loans you can borrow up to 96.5% of the purchase price of the Florida home.
The advantages of a FHA insured mortgage product to a Florida first time home buyer are many. A Florida homebuyer may apply for an FHA mortgage loan to purchase a Florida home with little money out of pocket. FHA home loan insurance permits FHA mortgage lenders to make mortgages for Florida first time homebuyers without risk.
With an FHA home loan here are no income limitations or minimum credit score requirements when FHA insured mortgage. This is why FHA loans are among the easiest mortgage loan to qualify for and almost anyone can qualify as long as they have a reasonable credit history and can afford the monthly FHA mortgage payments. You can also combine FHA home loan programs with many Florida first time homebuyer down payment programs.
FHA Streamline mortgage Refinancing
The FHA mortgage has permitted FHA streamline refinances on FHA insured home loans since the early 1980's. The FHA streamline refinance refers only to the amount of documentation and underwriting that needs to be performed by the FHA mortgage lender, and does not mean that there are no costs involved in the transaction.
The basic requirements of a "streamline FHA mortgage refinance" include:
The FHA mortgage loan to be refinanced must already be insured by FHA. The refinance is to result in a "lowering" of the borrower's monthly principal and interest payments. No cash may be taken out on mortgages refinanced using the "streamline" refinance process. The FHA mortgage to be refinanced should be current (not delinquent).
FHA mortgage Lenders may offer FHA streamline refinances and include the closing costs into the new FHA mortgage loan amount. This can only be done if there is sufficient equity in the Florida. FHA Streamline refinances can also be done without appraisals, but the new FHA home loan amount cannot exceed what is currently owed, that is FHA closing costs may not be added to the new FHA mortgage with those costs either be paid in cash or through the premium rate as described above.
http://www.fhamortgageprograms.com/florida/The-Villages-County/
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http://www.fhamortgageprograms.com/florida/Key-West/
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http://www.fhamortgageprograms.com/florida/Winter-Park/
http://www.fhamortgageprograms.com/florida/Broward-County/
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http://www.fhamortgageprograms.com/mortgage/fha-loan-program.shtml
http://www.fhamortgageprograms.com/mortgage/home-buyer-loan.shtml
http://www.fhamortgageprograms.com/mortgage/homeowner-refinance.shtml
http://www.fhamortgageprograms.com/faq/fha.shtml
http://www.fhamortgageprograms.com/mortgage/manufactured-homes.shtml
http://www.fhamortgageprograms.com/mortgage/bad-credit.shtml
http://www.fhamortgageprograms.com/florida-mortgage-lender.shtml
Filed under News by on Aug 8th, 2010. Comment.
Question by bbchase81: Do you real estate agents really help you get a good price when purchasing a brand new home?
I can get a $ 1,000 referral by saying a friend referred me (he is suppose to get the money but he is giving it to me cause he's a friend…). But, would the real estate agent be able to give me a better price on the overall home? Should the real estate agents price override that $ 1,000 cash? How do I get the best deal?
Thanks.
FYI, the $ 1,000 is for community members to refer their friends (my friend is not a real estate agent).
EXCELLENT point on the real estate agent…they get 6% around here and the house I'm thinking of costs $ 118,000. I could "save" them almost $ 8,000 by going at it alone.
Best answer:
Answer by JoshuaCaleb
Actually,
that information is not to be revealed. If you are not a licensed agent you shouldn't be receiving any compensation of referral fee. Your friend needs to be cautious, someone could interpret that the wrong way and his license will be revoked. Talk to your friend
Add your own answer in the comments!
Filed under News by on Aug 8th, 2010. 4 Comments.
Question by alinasan: What toy kitchen is good for toddler playing with water?
My dd is about to turn 2. I would like to get her a kitchen set that she can play with. I want something sturdy (she is VERY energetic), and she loves playing water, opening and closing doors. Any suggestions of what would be good ? I would like to spend less than 150 or so.
Many of the plastic kitchens do not seem to have "real" sinks, where you could put water in. I'm not sure which wood ones might allow her to play with a basin of water.
Best answer:
Answer by pelican
At Christmastime both Walmart and Target carried a wooden one that you could put water in, so check there.
Know better? Leave your own answer in the comments!
Filed under News by on Aug 7th, 2010. Comment.
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