Home Renting
August 5, 2011
Featured Story
What We’re Hearing: Has the FDIC Gone Too Far on Loan Brokers?
By Paul Muolo
Readers of the National Mortgage News website and our weekly have probably noticed our stories about the Federal Deposit Insurance Corp. going after loan brokers on buyback claims. When looking at the issue as an objective third party we try not to take sides. But when it comes to column/blog writing, those rules are thrown out the window.
Developing Tools to Monitor Stolen Identity Accounts
By Evan Nemeroff
As mortgage fraud activity continues to be a persistent problem throughout the country, information and data companies have developed new tools in order to monitor fraudsters and prevent them from stealing not only money from borrowers, but their identity, too.
| Judge Tosses AARP HECM Surviving Spouse Lawsuit By Brad Finkelstein A federal court judge in Washington has dismissed a case filed by AARP Foundation against the Department of Housing and Urban Development where the plaintiffs had been the surviving spouses of a Home Equity Conversion Mortgage borrower, but not listed on the loan. |
| Panelists Say Must Adopt Ways to do Short Sales Better By Austin Kilgore DALLAS – As servicers continue to manage the deluge of distressed homeowners and nonperforming mortgages, short sales are becoming an effective loss mitigation strategy.
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Category : Agents & Brokers &Blog &Home Buying &Home Renting
August 3, 2011
| Featured StorySurvey: Realtors Dislike Working with Lenders During Short Sale Process By Evan Nemeroff Realtors are having trouble working with lenders during the short sale process, according to a California Association of Realtors survey. |
| ‘Clogged Pipeline’ Leads to Significantly Lower Foreclosure Rates By Evan Nemeroff The nation’s robosigning debacle and the overhang of foreclosed properties on the market caused foreclosure activity to drop significantly during the first-half of the year, according to new figures compiled by RealtyTrac. |
| Database Provides Financial Assistance for Distressed Borrowers By Evan Nemeroff MortgageKeeper Referral Services has developed a database that helps struggling borrowers improve their financial situations by connecting them to qualified nonprofit organizations and governmental agencies. |
| Georgia Banks and Executives Implicated in Ponzi Scheme By Evan Nemeroff Atlanta real estate developer Shi Shailendra is facing several lawsuits in which he allegedly influenced five Georgia banks, four collapsed state banks, and 12 current and former senior banking executives to collude with him in a $100 million Ponzi scheme. |
| Webster Bank Finances $15.5 Million for Redevelopment Project By Evan Nemeroff Webster Bank has provided a $15.5 million loan to PK Rumford LLC in order to help finance the redevelopment of a historic Rhode Island mill complex. |
| Lightstone Group Acquires Another Hotel Mortgage Note By Evan Nemeroff To strengthen its position in the hospitality sector, the Lightstone Group has closed on a senior mortgage acquisition secured by the Holiday Inn Express Hotel & Suites Tower Center. |
Category : Agents & Brokers &Blog &Home Buying &Home Renting
August 1, 2011
| Featured StoryWhat We’re Hearing: The Mortgage Interest Deduction is About to Get Whacked By Paul Muolo We have a debt deal, but let’s not kid ourselves: the mortgage and housing finance industries have been forever changed the past three years and one likely victim will be the mortgage interest deduction. President Obama, a Democrat, has no qualms about killing or whittling down the MID. (He’s not too keen on Fannie Mae and Freddie Mac either.) |
| Panelists Say Must Adopt Ways to do Short Sales Better By Austin Kilgore DALLAS – As servicers continue to manage the deluge of distressed homeowners and nonperforming mortgages, short sales are becoming an effective loss mitigation strategy. |
| MAC Faces Fine, Settles Charge By Regulators By Brian Collins State regulators fined Mortgage Access Corp., an affiliate of realty giant Weichert, $3 million for using unlicensed mortgage originators. The settlement covers 10 states. |
| The Dentist Diaries – Part 5 By Louise Thaxton Here we are five months into this series, the Dentist Diaries. Time flies when you are having fun, but not when you are having dental work done, nor when you are working on a tough loan file. This month I will share with you about some “unintended consequences” in both cases. |
| What We’re Hearing: The Debt Deal’s Big Winner: Rates By Paul Muolo In the wake of a purported debt deal, rates are falling, which is usually good news for both consumers and mortgage bankers. But how much new business will result from a 2.74% yield on the benchmark 10-year Treasury? (Does a debt downgrade even matter?) |
| Fannie Pulls the Plug on RMIC’s MI Unit By Brad Finkelstein Fannie Mae on Friday suspended Republic Mortgage Insurance Co. as an approved MI to the GSE and took the added step of suspending a subsidiary that RMIC planned to write all new business through come September 1. |
Category : Agents & Brokers &Blog &Foreclosure &Home Buying &Home Renting &Home Selling &Mortgage &Real Estate Market
If you are in Boston and you would like to find open houses, you will have to do some good
research through the web and also through your local newspapers. Actually it can get tough to
find open houses if you have no knowledge on that. Open house is more like an event where
the home owner holds the house on display for a day or two or may be more for the various
prospective buyers. If a person is unable to go on making payments and is unable to even
refinance the home, he/she can think of selling off the home. In that case, the person can hold
open house to develop strong sales opportunities.
Boston real estate status
All of the real estate markets in USA, in addition to the other financial markets have been down
all these years after the recession. However, markets have been gaining in steam from last year.
But it was predicted that in Boston, the year 2011 for the real estate market won’t decline and
won’t even go sky high; it would rather remain almost flat throughout the year. However, the
brokers have been optimistic about the real estate market in Boston.
So, if you want to find an open house in Boston you will have to:
1. Do good research – In order to find open houses in Boston, it is important for you to do
some good research. You will have to spend some time on this research so that you are
always able to keep a track on the listed open houses in Boston.
2. Find from the web – You can do on-line research in order to find open houses. There are
various real estate related websites that will help you in finding the right kind of open
house in the place you live.
3. Visit your neighborhood – You may also be able to find open houses in your own
neighborhood. But, for that you will be required to visit your neighborhood and spend
time on roaming around the place and checking out if there are any sign boards against a
home for sale. If the residents are still there, you can talk to them in order to know if they
are going to hold an open house anyhow.
4. Search through newspapers – You may also be able to find open house events from
the newspapers. There are portions in newspapers on real estate market and such other
financial markets.
5. Talk with friends and relatives – You can talk with your friends and relatives living in
other parts of Boston. They may be able to provide you some knowledge if there are any
open houses in their locality.
6. Find from Google map – You can also direct your search through the Google maps or
the maps that are provided by the different real estate websites. These maps can make
your search easier.
7. Subscribe with real estate companies – You can subscribe on-line with the real estate
websites so that you can get alerts and mails on open houses in your area from time to
time.
So, you can find out the open house in Boston if you follow the above tips. These can make it
easier for you to find open houses (if any) in your area.
Written By Jessica Bennet
Category : Agents & Brokers &Home Buying &Home Renting &Home Selling &Real Estate Market
By: Dimitri Larno
In the vast world of real estate, as a property owner, you want as much knowledge and as many options to sell real estate as possible. Many times our know-how about different techniques and strategies can make the difference in concluding a profitable sale. We need to offer buyers additional or alternative opportunities and/or incentives and create win-win scenarios. Let’s briefly explore something known as a Lease Option, Lease Purchase or a Rent-to-Own program.
What is a Lease Option?
Simply put, it’s a lease with an option to buy. This means that you are going to sign a lease agreement to lease the property and you are going to sign an option agreement to purchase the home (at your option) at a particular time under the specific terms and conditions spelled out in the agreement.
A Lease Purchase is basically the same thing but you have to purchase the property instead of it being an option. Both are considered Rent-to-Own programs.
What are the Benefits to the Owner/Seller?
As a seller, you might find yourself without ready, willing, and able buyers for a particular price that you are not willing to compromise on, but you would be okay with getting that price later on. This is an appropriate situation to consider renting, with an option to sell for a specific price in the near future.
Or, you might have to move because of a job transfer but you don’t have enough equity to cover the costs associated with the sale of your house. With a Lease Option you can rent your property right now and sell at a future, hopefully higher, price in order to cover your costs.
As an investor, you could Lease Option a property with the right to sub-lease, and in turn sub-lease it out with a Lease Option to an end-user for profit.
What are the Benefits to the Renter/Buyer?
The big advantage to the renter/buyer is that he or she will be able to live in the house before he or she has paid for it in full. This would be helpful for example if you like the house and want to buy it, but don’t qualify for a loan at this time. If you figure it will take you two years for your credit to improve, you can negotiate a two year Lease Option.
Another benefit is when the renter/buyer is unsure about the direction of the market and does not want to pay today’s price because of fear the market will drop and they will end up with a house that is worth less than what they paid for it. In this case the renter/buyer can secure a future price. If the market is above that price at the time of purchase you can buy the house and have immediate equity, or, if the market is below that price you can renegotiate or not purchase the property at all.
Example of a short term Lease Option
A short term Lease Option with credit repair is a great tool for maximizing profits. This option provides credit-challenged buyers with the opportunity to be able to purchase a house. Here is how it works: you just finished a Fix n’ Flip and the house has been on the market for a while. You are not getting the price you want and you don’t want to rent long term. You offer what I call a 6 month lease option with credit repair. This is where you look for buyers who are a hair away from qualifying for a loan. They have a derogatory item on their credit report and need three additional months of pay stubs. You offer to pay for their credit repair, and rent them the house for six months during which time you get their credit repaired and voila…. Sold!
Conclusion
Rent to own programs are a valuable tool in the real estate toolbox. They especially become popular when credit is hard to come by and buyers as well as sellers are looking for alternative ways to purchase and sell real estate.
Author Resource:-> Dimitri Larno
Designated Broker – Realtor®
To learn more visit www.DiLarno.com
Also visit www.ArizonaFixAndFlipBrokers.com
Also visit www.arizonafixandflipbrokers.com/category/investor
As a real estate professional, licensed Realtor®, and investor, Dimitri has over a decade of real estate experience. Dimitri’s experience covers primary residences, second homes, investment properties, commercial properties and land. He has been recognized for being a Multi-million Dollar Producer, and is an accomplished Realtor® committed to superior results for his clients.
“Strive not to be a success but rather to be of value” Albert Einstein
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Category : Blog &Home Renting
