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 262

Equity New Construction Construction Short sale 262

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 209

Equity Banks Closing costs Loans 209

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 90

Short sale Loans Mortgages Equity 90

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 82

Short sale Equity Loans Mortgages 82

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 111

Short sale Inspection Loans Banks 111

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.

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Purchase and sale agreement Pre-approval Agents Pre-qualification 73

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 69

VA loan Purchase and sale agreement Short sale Pre-approval 69

HomeLight

SEPTEMBER 20, 2022

Short sales can provide an excellent opportunity for potential homebuyers to score a good deal. If you’re in the market to buy a short sale home, you’ll need to prepare for a lengthy closing process and steel yourself to jump through some hoops not generally associated with traditional sales. What is a short sale?

Short sale 84

Short sale Sales Pre-approval Equity 84

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.

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Due diligence Marketing Investor Finance 91

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?

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Agents Short sale Staging Sales 77

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.

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Equity Short sale Investor Title 59

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 121

House Flipping Renovation Investor Construction 121

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.

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House Flipping Renovation Investor Construction 94

HomeLight

JUNE 23, 2023

When you’re selling property in probate, it’s especially critical to hire a listing agent with experience handling probate sales and who’s familiar with the probate processes of your state. home inspectors , contractors , residential appraisers ) who also understand the nuances of probate. Why does that matter?

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Probate sale Agents Sales Closing 90

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 54

Due diligence Earnest money deposit Banks Inspection 54

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 117

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 85

As-is Purchase and sale agreement VA loan Inspection 85

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.

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As-is Inspection Investor Closing costs 100

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.

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As-is Purchase and sale agreement Inspection Closing costs 97

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.

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Short sale Development Loans Equity 546

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.

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Backup offer Inspection contingency Purchase and sale agreement Home sale contingency 77

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 87

Residential Mortgages Loans Short sale 87

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 145

Marketing Investor Residential Sales 145

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 98

Investor Finance Inspection Sales 98

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.

Purchase and sale agreement 79

Purchase and sale agreement Pre-approval Earnest money deposit Inspection 79

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 120

Equity Agents Construction As-is 120

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.

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Sales Short sale FHA loan Fixed-rate mortgage 91

Realty Biz

SEPTEMBER 23, 2021

With interest rates still at record lows, many South Florida homeowners have refinanced their home loans. Home equity can be tapped for renovations, college loans and more. Miami Distressed Sales Keep Dropping, Reflecting Healthy Market. In 2009, distressed sales comprised 70% of Miami sales. million in August.

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Sales Fixed-rate mortgage Short sale Equity 105

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 96

Marketing MLS Agents Renovation 96

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 98

Sales Marketing Fixed-rate mortgage Mortgages 98

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 80

Sales MLS Renovation Investor 80

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.

Purchase and sale agreement 97

Purchase and sale agreement Title Proof of funds Pre-approval 97

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 111

Marketing Investor Residential Sales 111

McKissock

JULY 21, 2021

He warns that while some prospects will show up with a preapproval letter from a lender, plus tax returns and proof of income in hand, others will just say, “We shouldn’t have any trouble getting a loan; we both have good jobs.” Even if one person is not as vocal, he or she may be key to closing the sale.”. Article by Joseph Dobrian.

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Purchase and sale agreement Finance Mortgages Agents 52

HomeLight

JULY 31, 2021

And if you ever need to access that money down the road, you can leverage it through a home equity loan or line of credit. If you can qualify for the mortgage loan, a multi-family property can be a great way to invest in real estate. with an FHA loan. This builds your wealth over time. Earn passive income. 1,000 to $5,000.

Investor 90

Investor Equity Renovation Mortgages 90

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 98

Earnest money deposit Inspection Proof of funds Inspection contingency 98

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%

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Marketing Purchase and sale agreement Investor Sales 128