Keeping Current Matters

OCTOBER 21, 2020

A decade ago, there wasn’t a forbearance option, and most banks did not put in other programs, like modifications and short sales, until very late in the crisis. There Are Other Options That Were Not Available the Last Time. They will most likely decide to sell their home and take that equity rather than wait for the bank to foreclose.

Equity

Keeping Current Matters

MARCH 10, 2021

Last March, many involved in the residential housing industry feared the market would be crushed under the pressure of a once-in-a-lifetime pandemic. Home sales and prices were both up substantially over the year before. Instead, real estate had one of its best years ever. This is nothing like the last time.

Equity

The Residential Specialist

DECEMBER 21, 2022

Experts who worked through The Great Recession of 2008 share how to handle tricky short-sale transactions. With its perfect storm of record-low property values and record-high unemployment, The Great Recession of 2008 triggered a rash of residential short sales. Short sales are not suited to all REALTORS ®.

Short sale

Realty Biz

JULY 19, 2022

Many of these will be new investors that don’t have experience with the pre-foreclosures, short sales, and foreclosures, that occurred during the Great Recession. The seller has options as long as the house is worth more than the outstanding loan. The primary option when a house is worth less than the loan is a short sale.

Purchase and sale agreement

Realty Biz

AUGUST 6, 2021

As the market again plows bullishly upward into unaffordable home prices, the most likely cushion from a full market meltdown this time will be stricter bank loan regulations and homeowner equity. The housing bubble bust of 2008 resulted in almost 10 million Americans losing their homes to foreclosures and short sales.

Short sale

Realty Biz

NOVEMBER 18, 2021

One of the few times that a lender will use a BPO instead of requiring an appraisal is for a short sale. BPOs are also ordered by banks, mortgage loan companies, and asset management companies for several other reasons: Home purchases. Home loan refinances. Bank-owned property sale of a foreclosed property.

Short sale

Realty Biz

MAY 22, 2022

Now, the share of ARMs is 11% of overall mortgage loans. Every year thereafter, your rate can adjust a maximum of 2 percentage points (the second number, “2”), but your interest rate can never increase more than 5 percentage points (the last number, “5”) over the life of the loan. A Short History of ARMs.

Short sale

HomeLight

JULY 31, 2022

Essentially, equity is the market value of your property minus the amount of money you still owe on your mortgage loan. This minimum equity ensures that you’ll have the funds for necessary home sale expenses (such as staging , repairs , and closing costs ), plus some leftover profit to put towards your next down payment or security deposit.

VA loan

Realty Biz

JANUARY 19, 2023

If you are spending more on a property than it is worth, your loan balance can exceed the home's overall value. One such option on the table is a short sale. A lender may not take the bait and agree, and a short sale could damage your credit, though not as much as a foreclosure. Is Selling a Smart Move?

Short sale

HomeLight

SEPTEMBER 2, 2021

You can deduct the amount paid for private mortgage insurance (PMI), FHA mortgage insurance premiums, VA funding fees, and USDA loan guarantee fees, as long as the insurance contract was issued in 2007 or later and you’re still paying premiums. There are some lifetime limits built into the residential energy property credit: A total of $500.

Residential

Marco Santarelli

JUNE 12, 2021

The closed sales surged by 84.9% YoY in April while the median sales price was up 16.8% T he residential real estate market in the Tampa Bay area continues to churn unimpeded even in times of the pandemic. In April 2021, the median sale price of a Foreclosure/REO property in the Tampa metro was $229,250, up 14.5%

Marketing

Realty Biz

MARCH 29, 2021

Mortgage loans do not qualify as a budget strategy; hence you’ll be required to seek alternative channels for purchasing a property. The most advisable flipping modes are distressed properties, short-sales, and bank-owned homes, among other sub-optimal state assets. Set Up a Budget. The Profit Potential.

House Flipping

Realty Biz

FEBRUARY 21, 2021

Lack of access to mortgage loans continues to inhibit further growth of the existing condominium market. Of the 9,307 condominium buildings in Miami-Dade and Broward counties, only 13 are approved for Federal Housing Administration loans, down from 29 last year, according to Florida Department of Business and Professional Regulation and FHA.

Sales

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.

Loans

Calculated Risk Real Estate

JUNE 7, 2024

In the first quarter of 2024, the total number of mortgaged residential properties with negative equity decreased by 2.1% However, in mid-2022, homeowners switched to using home equity loans (2nd loans) to extract equity from their homes. trillion since the first quarter of 2023, a gain of 9.6% year over year.

Closing

HomeLight

MAY 23, 2022

Median sales price in Indiana. Indiana law requires sellers to disclose material facts about the property through the Seller’s Residential Real Estate Sales Disclosure. This disclosure form is required for almost all residential home sales for properties hosting up to four units. Average days on market for Indiana.

As-is

Realty Biz

SEPTEMBER 23, 2023

Whether it's residential, commercial, or investment properties, working with an agent with expertise in your desired area can be highly beneficial. With pre-approval, you'll receive a conditional commitment from the lender, stating the maximum loan amount for which you are approved.

Purchase and sale agreement

Realty Biz

MARCH 29, 2021

Mortgage loans do not qualify as a budget strategy; hence you’ll be required to seek alternative channels for purchasing a property. The most advisable flipping modes are distressed properties, short-sales, and bank-owned homes, among other sub-optimal state assets. Set Up a Budget. The Profit Potential.

House Flipping

HomeLight

MAY 23, 2022

North Carolina state law requires sellers to disclose material facts about the property through the Residential Property and Owners’ Association Disclosure Statement. Schaus does business in the area of Fort Bragg, which means that Department of Veterans Affairs home loans ( VA loans ) are used very often by buyers. Disclosures.

As-is

HomeLight

MAY 19, 2022

Median sales price in Maryland. Maryland law requires sellers to disclose material facts about the property through the Maryland Residential Property Disclosure and Disclaimer Statement. You are limiting the number of buyers that could purchase the property because of the type of loan they have,” Umanzor says. Disclosures.

As-is

Realty Biz

NOVEMBER 14, 2023

Focus on Income-Producing Properties In times of market correction, income-generating properties such as multifamily units and commercial real estate tend to fare better than speculative residential investments. Low leverage and favorable loan terms can cushion during tough economic times. Be cautious with your financing decisions.

Marketing

HomeLight

JANUARY 13, 2022

An appraisal contingency allows a buyer to walk away from a sale if after an appraisal is completed if the value of the home is found to be less than the purchase price. You’ll likely need this type of contingency even if you’ve been preapproved for a mortgage as that process does not guarantee that you’ll get a loan.

Backup offer

Realty Biz

AUGUST 4, 2020

Today, with millions of Americans missing their mortgage payments because of COVID-19, something similar to this program or some type of partial loan forgiveness might come back in the next several months. Short sales can be complicated. Short sales are complicated. Home improvements.

Equity

The Close

APRIL 30, 2024

The seller can get creative with a balloon loan that is amortized across 30 years but is due in full in five to seven years. Luxury listings have a smaller buyer pool, so they inherently have a longer sales timeline. Commercial real estate and raw land also can take longer to sell than residential real estate. Would that help?

Agents

Marco Santarelli

SEPTEMBER 21, 2021

The statewide data on residential homes from the 42 regional listing boards that comprise the Michigan Association of Realtors show that the average sales price increased 11.79 The total residential sales in the state recorded a decine of -18.12% year-over-year, from 15,696 to 12,852 sales. August 2019 was $43.

Marketing

HomeLight

APRIL 30, 2021

While similar to a CMA, a BPO can crop up during a foreclosure or short sale, when a lender might ask for such calculations, says Herring, who has conducted these for lenders. Another real estate valuation tool is the broker price opinion, or BPO.

Marketing

Marco Santarelli

JULY 11, 2022

The improving economy and the approaching peak homebuying years of millennials are driving a residential housing boom. It happened faster than many predicted, with rates on 30-year fixed loans breaking through 5 percent in April to the highest level in more than a decade. million in May, down 3.6% million in April and down 7.7%

Sales

HomeLight

JANUARY 4, 2022

Fifty-seven percent of agents have seen buyers leverage their own retirement or securities funds, 49% have seen buyers take out a home equity loan or home equity line of credit, and 38% have seen buyers receive short-term loans from family members in order to buy a house with cash. You’ll likely see higher offers.

Investor

HomeLight

OCTOBER 5, 2020

When a home goes up for auction, there’s usually at least one financial claim on the house, usually by the lender who’s been trying to collect on the home loan. A home equity loan or line of credit. An auction price will depend partly on what the owner still owed on the previous owner’s mortgage. A lien due to unpaid taxes.

Due diligence

Marco Santarelli

DECEMBER 20, 2020

What can you do if you’re interested in multi-family residential properties? This is why you need to find websites like LoopNet, Realtor.com, and Costar that offer only commercial and multi-family residential properties. Better yet, they’re the ones who can give you lists of homes available for short-sale.

Sales

Marco Santarelli

AUGUST 27, 2020

With 2020 being, theoretically, in the middle of a boom, there are still 4 years for residential construction to surge. Las Vegas Realtors reported that short sales and foreclosures combined accounted for 2.7% of all existing local property sales in January 2020. of all sales one year ago, 4.3%

Marketing

HomeLight

JULY 31, 2021

Although it’s not as sure of a bet, you could also attract a regular residential buyer who has enough liquid assets to buy a house outright. According to the latest data from Ellie Mae, the purchase loans are taking an average of 50 days to close as of May 2021. Be careful of signing with a wholesaler.

Earnest money deposit

Marco Santarelli

SEPTEMBER 5, 2020

Particularly, previously-owned single-family houses compromise the majority of residential sales in the Arizona real estate market- approximately 80% of all sales. Annually, the number of previously-owned single-family homes are three to four times greater than new single-family home sales. Short sales dropped -38.1%

Marketing

Marco Santarelli

JULY 27, 2020

With 2020 being, theoretically, in the middle of a boom, there are still 4 years for residential construction to surge. As we write this, there are 571 homes for sale in Sacramento, CA on Zillow. Data by Sacrealtor.org shows that the number of REO sales (single-family homes) in June dropped by 21.4% from the previous year.

Marketing

The Close

SEPTEMBER 11, 2024

A residential real estate agent would not make a good commercial real estate agent mentor. For example, if you’re afraid of real estate cold-calling , your mentor may push you to make a certain number of daily calls and provide tips and strategies to do so effectively. Be wary of “I do it all” mentors.

Agents

Housing Wire

APRIL 15, 2021

That qualification doesn’t apply if the borrowers’ parents lost their home in a foreclosure or short sale, or if the borrower has ever been in foster care, however. I got the daddy down-payment loan. To qualify, neither of the borrower’s parents may have owned a home. My dad was proud to give it to me,” Dworkin said.

Short sale

HomeLight

APRIL 29, 2022

If you’re selling your home to a buyer prequalified for a home loan, it’s important to prepare for the appraisal. This may encourage homeowners to put a portion of their equity gains toward a remodeling project in the near future, but they’ll need an appraisal to obtain a home equity loan or take out a home equity line of credit (HELOC).

Equity