Housing Wire

OCTOBER 31, 2022

Both these laws paved the way for more responsible lending and a more responsible consumer. However, unlike the credit stress of 2005 to 2008, we are back to traditional late-cycle lending risk with primary homeowners. This is why I am very mindful of recent 100% loans that some banks are offering. have rates of 5% and below.

Bankruptcy 510

Bankruptcy Lending Equity Mortgages 510

Calculated Risk Real Estate

SEPTEMBER 8, 2023

However, in mid-2022, homeowners switched to using home equity loans (2nd loans) to extract equity from their homes. Note the almost 7 years of declining mortgage debt as distressed sales (foreclosures and short sales) wiped out a significant amount of debt.

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Closing Equity Principal Short sale 124

Housing Wire

SEPTEMBER 28, 2023

The mortgage lending industry exists to make home loans, not to repossess them. The next major change in the default landscape is the way those who hold the loans, the lenders, are reacting to default. Understandably, foreclosure has never been a popular topic. Nor should it be. It’s the antithesis of the American Dream.

Industrial 408

Industrial Mortgages Technology Loans 408

Calculated Risk Real Estate

DECEMBER 7, 2023

However, in mid-2022, homeowners switched to using home equity loans (2nd loans) to extract equity from their homes. Note the almost 7 years of declining mortgage debt as distressed sales (foreclosures and short sales) wiped out a significant amount of debt.

Closing 69

Closing Equity Principal Short sale 69

Calculated Risk Real Estate

MARCH 7, 2024

However, in mid-2022, homeowners switched to using home equity loans (2nd loans) to extract equity from their homes. Note the almost 7 years of declining mortgage debt as distressed sales (foreclosures and short sales) wiped out a significant amount of debt.

Closing 67

Closing Equity Principal Short sale 67

Marco Santarelli

MAY 22, 2024

Rising mortgage rates are slowing home sales but prices stay high. Experts say no, unlike 2008, lending standards are stricter and inventory is low. According to the National Association of REALTORS® , all major regions in the United States witnessed declines in sales compared to the previous month. from the previous year.

Mortgages 96

Mortgages Marketing Lending Fixed-rate mortgage 96

Realty Biz

JANUARY 1, 2021

A property goes into pre-foreclosure when a mortgage company notifies the borrower that they are in default on their loan. Short Sales . A short sale occurs when a homeowner puts the house up for sale at a smaller price than is owed on the mortgage. Jordan Matin, Portland Homes for Sale.

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Short sale Pre-approval Banks Loans 116

Calculated Risk Real Estate

JUNE 8, 2023

However, in mid-2022, homeowners switched to using home equity loans (2nd loans) to extract equity from their homes. Note the almost 7 years of declining mortgage debt as distressed sales (foreclosures and short sales) wiped out a significant amount of debt.

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Closing Equity Principal Short sale 94

Keeping Current Matters

MARCH 10, 2021

Recently, the Urban Institute released their latest Housing Credit Availability Index (HCAI) which “ measures the percentage of owner-occupied home purchase loans that are likely to default—that is, go unpaid for more than 90 days past their due date. The report explains: “Significant space remains to safely expand the credit box.

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Equity New Construction Construction Short sale 261

Lighter Side of Real Estate

APRIL 6, 2022

A difference is, back in 2007 and the years leading up to it, banks had been lax in their lending standards, and much of the market was affected by what is known as “subprime” mortgages. To put it simply, they were risky mortgages given to people who probably weren’t going to be able to afford the loans they were taking on.

Mortgages 140

Mortgages Fixed-rate mortgage Banks Lending 140

Housing Wire

AUGUST 30, 2022

However, we haven’t had a credit sales boom like the one we saw from 2002-2005. Nor can we ever have a credit sales boom again with lending standards back to normal. The next job loss recession, when it happens, will have more foreclosures, short sales, and bankruptcies. million listings.

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Bankruptcy Days on market Sales Short sale 381

HomeLight

MAY 27, 2021

But when it comes to one of the key aspects of buying that home — how to get a mortgage loan — you may draw a blank. We include advice from an agent who has worked with hundreds of new buyers, descriptions of different loans, and information about the many kinds of paperwork you’ll deal with. Source: (Matthew Henry / Burst).

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Loans Mortgages Title FHA loan 81

HomeLight

JUNE 16, 2023

Get a hard money loan Hard money lenders are financial institutions that lend money to people with less than stellar credit or complicated finances in order to buy assets such as real estate. These lenders do look carefully at the asset — in this case, the house — securing the loan. Also, these loans are for much shorter terms.

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Hard money loan Equity Finance Loans 77

RIS Media

MARCH 25, 2021

Fueled by low interest rates, loose mortgage-lending standards and the nation’s unshakeable faith in homeownership, home values rose at record rates year-after-year. When the housing bubble burst, roughly nine million families lost their homes to foreclosure or short sale between 2006 and 2014. Factor No. in December 2019.

Marketing 126

Marketing Equity Lending Short sale 126

The Close

DECEMBER 29, 2022

Make sure clients who see an acceleration clause in their mortgage contracts understand that this allows their lender to demand repayment of the loan in full if they default on the loan. 4 Loan Questions Worth Asking. Basically, amortization is the preset schedule of mortgage loan payments, including interest, over time.

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Purchase and sale agreement Title Proof of funds Pre-approval 98

First Team Real Estate

JANUARY 29, 2021

The bubble created by the Great Recession was fueled by subprime lending practices, which meant homeowners were qualifying for home loans they couldn’t afford. Tight lending qualifications continue to keep the housing market strong, and we’ve already seen a V-shaped recovery. What will house prices do in 2021?

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Equity Lending Short sale Sales 98

Realtor.com

DECEMBER 20, 2022

This time around, there isn’t a glut of available housing, the subprime loans that got so many homebuyers in trouble in the mid-2000s have largely been eliminated, and millions of Americans aren’t likely to lose their homes to short sales and foreclosures. Mortgage lending is not nearly as risky.

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Marketing Construction Investor New Construction 113

HomeLight

SEPTEMBER 1, 2022

These are called comparable sales , or comps, because they should be similar to your home in terms of size, age, location, and condition. To get the mortgage loan amount you will need to purchase the home with the size of down payment you want to make, the home must appraise for at least the price you agreed to pay for it.

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Purchase and sale agreement Earnest money deposit Short sale Loans 76

HomeLight

DECEMBER 29, 2020

Sellers have equity, and short sales are unlikely. Also, homeowners with equity in their home are unlikely to need to negotiate a short sale because they won’t be underwater on their mortgage loan. It’s easier to qualify for a home loan. Homes for sale might be in questionable condition.

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Short sale Loans Equity Sales 88

HomeLight

JUNE 30, 2021

Housing-specific recession sign #5: Loose lending standards. Relaxed lending standards were a contributing factor to the Great Recession of 2008. In short, there are fewer hoops a borrower has to jump through to prove their financial worthiness before being approved for a loan.

Equity 63

Equity Loans Lending Industrial 63

Marco Santarelli

AUGUST 5, 2022

In addition, the mortgage sector took action against loans that ballooned in size or were intended for borrowers to fail. The housing market was very different during the Great Recession In 2005 and 2006, 20% of mortgages went to persons who didn't meet regular lending conditions. They were called Subprime borrowers.

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Marketing Mortgages Lending Construction 106

HomeLight

DECEMBER 30, 2021

According to the National Association of Realtors® Research Group’s 2021 data , 64% of buyers have conventional loans, 16% have FHA loans and 14% received VA loans. described and compares to the values in the area,” explains top Los Angeles agent Keri White , who is also a home loan, title and escrow specialist.

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Loans Agents Inspection Closing 114

HomeLight

SEPTEMBER 30, 2020

While these are all questions that your real estate agent and lending professionals can help you answer, sometimes seeing what different home purchases look like can be helpful, too — so you can hear how other people made their dream of homeownership finally happen. And what about those closing costs or repair expenses?

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Closing costs Loans Short sale Finance 82

Marco Santarelli

JULY 23, 2022

Due to the crash, there may also be short sales and foreclosures, offering you the opportunity to acquire a deal. New laws and lessons learned from the 2008 financial crisis have resulted in tougher lending criteria in today's housing market compared to the previous one. Here's Why This Housing Slowdown Is Unlike Any Other.

Mortgages 52

Mortgages Marketing Lending Equity 52

Realty Biz

APRIL 18, 2021

Market positives say higher lending standards, pandemic mortgage forbearance , and equity growth will dampen the effects of any bubble burst. We have to look back to the time nine million families lost their homes to foreclosure or short sale. He also sees much higher interest rates coming soon.

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Land Marketing Banks Equity 107

HomeLight

DECEMBER 15, 2022

A letter lends a personal touch to your offer. Pre-foreclosure or short sale transactions. Someone facing a foreclosure or who has negotiated a short sale with their lender could have a very negative reaction. This signals to the seller that there’s a much higher likelihood the loan will close.

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Inspection Closing Rent back Agents 87

HomeLight

JULY 6, 2023

Financing contingency Sometimes called a mortgage contingency , this specifies that the deal hinges on the buyer securing their loan. Appraisal contingency To ensure they aren’t lending more than a property’s fair market value, lenders typically require a home appraisal. How does a listing status get changed?

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MLS Backup offer Inspection contingency Purchase and sale agreement 90

RIS Media

OCTOBER 5, 2021

“An analysis of our McDash loan-level mortgage performance dataset back to 2007 shows that holding equity in one’s home might not be a blanket backstop to foreclosure activity,” said Graboske in a statement. ” said Graboske.

Equity 87

Equity Fixed-rate mortgage Short sale Mortgages 87

HomeLight

OCTOBER 29, 2020

That’s why financed offers come with appraisal contingencies — the loan can’t clear until the home has been appraised and the lender knows they’re not lending you too much for the home. Plus, you’ll want to include a financing contingency in your purchase contract which states that the home loan has to clear before the deal can close.

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Purchase and sale agreement Pre-approval Earnest money deposit Inspection 78

HomeLight

JULY 29, 2022

When you’re buying a house, the list of what can go wrong at closing includes everything from issues with the mortgage loan and buyer’s credit, insurance snags, appraisal problems, title claims, and events beyond everyone’s control (such as natural disasters, or buyer or seller illness or death). Get it ASAP and look it over thoroughly.

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Closing Purchase and sale agreement Title Home sale contingency 102

HomeLight

MAY 19, 2022

“As is” sales often attract investors searching for their next flip or buyers seeking a bargain, perhaps on a home in a great location with lots of potential. You are limiting the number of buyers that could purchase the property because of the type of loan they have,” Umanzor says. What problems do you have to disclose in Maryland?

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As-is Inspection Investor Closing costs 96

HomeLight

NOVEMBER 1, 2021

The appraisal helps ensure that the mortgage company doesn’t lend more than the property is worth. A third-party appraiser determines the value based on the size and condition of your home, any upgrades or improvements you’ve made, and the final sales price of comparable homes ( comps ) in your area. Why do appraisal gaps happen?

Purchase and sale agreement 89

Purchase and sale agreement Proof of funds Backup offer Finance 89

HomeLight

FEBRUARY 24, 2023

Typically, they buy distressed properties — either short sales, foreclosures, or homes that need significant work — fix them up, and sell them for a profit. If you’re out looking for it, there are always plenty of people out there willing to lend money on real estate,” he adds. Find a Buyer's Agent What is house flipping?

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House Flipping Renovation Investor Finance 91

HomeLight

MARCH 21, 2022

Opendoor buys homes of varying condition, but criteria like a short sale, unpermitted work, or dated materials may impact whether the company is willing and able to purchase a home. It works by pre-underwriting sellers for a new home, then providing them with a short-term loan to make a competitive offer.

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Closing costs Home sale contingency Investor Closing 93

McKissock

JULY 21, 2021

Getting preapproved for a home mortgage is another matter: That means that a lender has told the borrower, “We will lend you $X with the following terms.” A client’s income will be an important factor in qualifying them for a loan, Antoni says, but the credit rating is usually more important.

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Purchase and sale agreement Finance Mortgages Agents 52

HomeLight

MARCH 10, 2023

Typically, they buy distressed properties — either short sales, foreclosures, or homes that need significant work — fix them up, and sell them for a profit. According to the real estate investment lending site New Silver, the average Fix and Flip investors in New York are generating $56,400 per flip. Wise agrees.

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House Flipping Renovation Investor Finance 85

The Close

MARCH 15, 2022

As agents, we knew that 100%, no-document lending was wrong, but we didn’t know the consequences. Short sales and foreclosures quickly became the norm. An REO agent represents banks and loan servicing companies to sell the homes that they foreclosed upon. I was fortunate.

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Agents Investor Banks Land 97