Way back a few months ago, you will often read news about the plummeting prices of homes for sale due to the thousands of foreclosures entered the market. But that situation is now totally different, the shortage in inventories of active homes for sale in the market has resulted to the increased of home values and fueling bidding wars. The housing industry is now being considered as one of the major contributors to the fast economic recovery of the country. Read more...
Monday, July 23, 2012
Wednesday, July 11, 2012
New Interactive Website RESO Launch
The leading provider of web-based real estate licensing and continuing education courses -- Real Estate Online School, announced the debut of its new interactive website today,
www.realestateschoolonline.com . This will become a new place for brokers and real estate agents to interact with each other through information sharing such as blogs, newsletters and online communication tools.
Friday, June 22, 2012
3 Fatal Mistakes Home Buyers Make
How can you make sure your clients won't fall into the common pitfalls when buying a home? In the latest article credit.com published featured some of the biggest home buying mistakes buyers usually commit. Here are the top three mistakes in their list.
1. Fixing credit score before buying a home
Home buyers can make the situation even worst than good if they don't consult their mortgage loan officer first before fixing their credit. Gerri Detweiler, credit.com's personal finance expert says ",Even paying down credit card balances, which is a good thing as far as your credit scores and debt ratios are concerned, could be a problem if it leaves you short the cash you need to qualify to get the loan."
2. Not considering the future when buying a home
Some home buyers are just thinking of today and not looking ahead of the future when purchasing a home. When buying a home you must think what you want out of a house not just today but five or 10 years down the road. If you are planning to have big family and want to take your kids into top schools, then you should consider buying a bigger home near the city. Also, you should think of how long you will probably staying on the home, which can help you determine the right type of mortgage for you.
3. Not enough research on financing
Shopping for a home before the mortgage? Not in the current market. This is the common fatal mistake buyers make. Before you start your home shopping make it sure that you should get prequalified for a mortgage so that you can know your limits and what you can only afford. "The time to make decisions about your mortgage needs is not during this 10-day window; at most, this is time to shop for rates and fees and such. Evaluating your credit, deciding on a product you prefer, how much down payment you feel comfortable making, whether you want to pay fees/points (and/or how much) and even shopping for a lender (getting pre-approved) should happen well in advance of even wandering through the market looking at houses," Gumbinger says.
More Housing News
Famous Model's Home in the Market for Sale
1. Fixing credit score before buying a home
Home buyers can make the situation even worst than good if they don't consult their mortgage loan officer first before fixing their credit. Gerri Detweiler, credit.com's personal finance expert says ",Even paying down credit card balances, which is a good thing as far as your credit scores and debt ratios are concerned, could be a problem if it leaves you short the cash you need to qualify to get the loan."
2. Not considering the future when buying a home
Some home buyers are just thinking of today and not looking ahead of the future when purchasing a home. When buying a home you must think what you want out of a house not just today but five or 10 years down the road. If you are planning to have big family and want to take your kids into top schools, then you should consider buying a bigger home near the city. Also, you should think of how long you will probably staying on the home, which can help you determine the right type of mortgage for you.
3. Not enough research on financing
Shopping for a home before the mortgage? Not in the current market. This is the common fatal mistake buyers make. Before you start your home shopping make it sure that you should get prequalified for a mortgage so that you can know your limits and what you can only afford. "The time to make decisions about your mortgage needs is not during this 10-day window; at most, this is time to shop for rates and fees and such. Evaluating your credit, deciding on a product you prefer, how much down payment you feel comfortable making, whether you want to pay fees/points (and/or how much) and even shopping for a lender (getting pre-approved) should happen well in advance of even wandering through the market looking at houses," Gumbinger says.
More Housing News
Famous Model's Home in the Market for Sale
Sunday, May 20, 2012
Banks offer Relocation Assistance to Homeowners for Short Sales
In an effort to avoid the costly and stressful foreclosure, Bank of America in particular and other banks are offering a relocation assistance of up to $30,000 to those defaulting home owners if they agree to complete a short sale.
Unlike in the past were banks are not willing to complete short sales, right now, they are more willing because they see that this is much less expensive than if they let properties fall into foreclosure. Short sales is a much faster way for the bank to take over of the property, which gives them enough time to get the home in good condition for resale. In addition, a study reveal that more people are prefer to buy short sale properties than those in foreclosures.
Late last year, the Bank of America began piloting this program in Florida, offering defaulting home owners who agree to complete a short sale with up to $20,000. It was followed by JP Morgan Chase offering up to $35,000 to complete a short sale.
Read More Related Blogs
http://ivanstemsma.wordpress.com/
Unlike in the past were banks are not willing to complete short sales, right now, they are more willing because they see that this is much less expensive than if they let properties fall into foreclosure. Short sales is a much faster way for the bank to take over of the property, which gives them enough time to get the home in good condition for resale. In addition, a study reveal that more people are prefer to buy short sale properties than those in foreclosures.
Late last year, the Bank of America began piloting this program in Florida, offering defaulting home owners who agree to complete a short sale with up to $20,000. It was followed by JP Morgan Chase offering up to $35,000 to complete a short sale.
Read More Related Blogs
http://ivanstemsma.wordpress.com/
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