As the Greater Seattle and Eastside real estate market continues to improve, buyers of short sale listing are being confronted with a new problem, and for some it is sticker shock. As little as six months ago short sale buyers could be fairly confdent that the list price was what a lender would accept, and maybe even a little less. Things …
Trapped?
Ever get the feeling that the deck is stacked against you. This Jan 31, 2012 article in the Seattle Times, Page 3, “Freddie Mac bets against struggling homeowners” justifies that feeling. If you’re self-employed, have less than 20% equity in your home, and currently have a mortgage interest rate in excess of 6%, don’t expect relief anytime soon. If you’re a …
OUR FUTURE BANKERS
Here they are, our State Representatives. “The Cop”, “The Mom in Tennis Shoes”, and “Whatever, I Need to Work Somewhere”. I’ve tried to locate the email addresses for these folks on-line to no avail. What they offer is a form on their respective pages to be filled out, along with a message, and sent into the ether with the hope that …
Watch For Miscellaneous Fees i.e., Check Your HUD Statement
I mentioned in a previous post that home buyers/borrowers will need to be on their toes as lenders will be trying to maximize profits from each transaction, at least in the foreseeable short term. The only way to know what you are being charged is by carefully reviewing your HUD [“Housing and Urban Development”] statement that you receive from your escrow …
The City, The Burbs, or The Sticks: What Are the Real Costs?
Location, Location, Location. The oldest cliche in real estate. How does one determine the real costs associated with the location of a home purchase? It is one of the most common, and challenging, aspects of satisfying home buying needs. She wants new. He wants close in. To get new means living farther from work. To get close to work means buying a …
Bank of America Acquisition of Countrywide
Bank of America agreed to purchase the remaining 84% it didn’t own for $4.1 Billion Dollars last week. Aside from a few regulatory hurdles it appears to be a done deal. The acquisition follows B of A’s August, 2007 investment of $2 Billion for stock in the company in an effort to stabilize Countrywide amidst looming foreclosures and credit woes. Hindsight points to B …
Thank You Mortgage Professor!
If it hasn’t happened to you, perhaps it has happened to someone you know. While interviewing potential lenders, whether to refinance or buy a new home, it is puzzling at best to discern what the various quotes mean. For example: (1) why is an interest lock free at one lender, but costs 1/4 pt (.25%) at another?; (2) why is the interest rate …
Sub-Prime Mortgage Mess Blame Game
I spotted a great article at CNN.com today which, in simple terms, defines the roles of those to blame for the current mortgage/credit problems. Borrowers, mortgage brokers, mortgage companies and banks, Wall Street, and the Federal Reserve are all named as co-conspirators. Use this link to read the article.
Mortgage Madness Follow-up
I just spent about an hour on the phone with Ron Delfs at Equity Northwest, our preferred lender [ron@equitynorthwest.com]. Ron had reviewed my previous post, so I asked him candidly what he thought about The Mortgage Professor’s article in The Times. He thought it was good, but that “down here on the ground it’s about 10,000 times worse”. Here’s the …
How Do You Know If You’re Getting a Fair Deal On Your Loan?
In the face of serious nationwide concern regarding lender practices I have yet to see one of the best resources available to borrowers: your real estate agent. Why? Agents don’t loans. No, but they know good people that do. All quality lenders rely on real estate agents for referral business. Good agents are very careful about whom they refer their …
- Page 1 of 2
- 1
- 2