Housing Market News

Major Banks Halt Foreclosures http://homebuying.about.com/b/2010/10/11/major-banks-halt-foreclosures.htm Riding on the foreclosure practice coattails of Wells Fargo, Chase and PNC Financial, the nation's largest bank, Bank of America, went one step further last week and announced it would halt foreclosures in 50 states. The first 3 banks halted foreclosures in 23 states. According to the LA Times, on Saturday, Bank of America put all of its foreclosure activity on hold in every state.

The freeze came about due to reports of mishandling of foreclosure documents. The reason that Wells Fargo, Chase and PNC instituted a moratorium on foreclosures in only 23 states is because those 23 states handle foreclosures through a judicial process and not through a trustee's power of sale. A judicial process is more costly and sometimes takes longer.

You've got to hand it to Bank of America, though. It's careful enough or smart enough to examine all of its processes to make sure the bank complies with law. You would think that if Bank of America could institute a moratorium like this, other banks could easily follow suit. In fact, the freeze might even induce banks to accept more short sales.

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_{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.}

Major Banks Halt Foreclosures originally appeared on About.com Home Buying / Selling on Monday, October 11th, 2010 at 05:00:39.

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http://homebuying.about.com/b/2010/10/11/major-banks-halt-foreclosures.htm Mon, 11 Oct 2010 05:00:39 +0000 2010-10-11T05:00:39Z The Benefits of a Wire Transfer vs. a Cashier's Check at Closing http://homebuying.about.com/b/2010/10/08/the-benefits-of-a-wire-transfer-vs-a-cashiers-check-at-closing.htm

Some home buyers are confused about how wire transfers and cashier's checks work.

At almost every closing I attend -- and by closing, I mean when the buyers sign loan documents -- clients ask me whether they should do a wire transfer or bring in a cashier's check. Some are astonished to find out that they can't write a personal check at closing.

Honestly, there are pros and cons to each, but one thing I know for certain is you don't want to wait until the last minute. Buyers who wait until the 11th hour to deposit funds to escrow almost invariably end up encountering some little problem. And often it's that little problem that can cause a delay in recording . . . read more about Wire Transfers and Cashier's Checks.

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As of this writing, Elizabeth Weintraub is a Broker-Associate, DRE #00697006, at Lyon Real Estate in Sacramento, California.

The Benefits of a Wire Transfer vs. a Cashier's Check at Closing originally appeared on About.com Home Buying / Selling on Friday, October 8th, 2010 at 05:00:41.

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http://homebuying.about.com/b/2010/10/08/the-benefits-of-a-wire-transfer-vs-a-cashiers-check-at-closing.htm Fri, 08 Oct 2010 05:00:41 +0000 2010-10-08T05:00:41Z About Approved Short Sales and Wells Fargo Guidelines http://homebuying.about.com/b/2010/10/06/about-approved-short-sales-and-wells-fargo-guidelines.htm

A few weeks back, Wells Fargo announced it will no longer offer extensions on its approved short sales nor will it postpone a scheduled auction for its portfolio loans. So, if a short sale transaction blows up, that approved short sale might not get approved again.

Getting a short sale approved is tricky business. You can be dealing with 2 lenders and one of the lenders might not agree to let the seller totally off the hook. The bank might not want to accept an offer because it's not high enough or the seller might not qualify for the short sale. There are a dozen reasons, plus some, why a short sale may be denied.

However, after a short sale is approved, it doesn't mean that another buyer can always automatically step right into place and pick up where the last buyer left off. So, an approved short sale notation in a listing might be misleading . . . read more about an Approved Short Sale.

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As of this writing, Elizabeth Weintraub is a Broker-Associate, DRE #00697006, at Lyon Real Estate in Sacramento, California.

About Approved Short Sales and Wells Fargo Guidelines originally appeared on About.com Home Buying / Selling on Wednesday, October 6th, 2010 at 05:00:42.

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http://homebuying.about.com/b/2010/10/06/about-approved-short-sales-and-wells-fargo-guidelines.htm Wed, 06 Oct 2010 05:00:42 +0000 2010-10-06T05:00:42Z Why You Want a Home Inspection Contingency http://homebuying.about.com/b/2010/10/04/why-you-want-a-home-inspection-contingency.htm

Years ago, very few buyers asked for a home inspection contingency, but nowadays it is imperative.

You want a home inspection contingency in your contract whether the home you are buying is older or newer because even brand new homes can have defects. Probably one of the biggest scandals lately involving new home construction is the problem with Chinese drywall.The sulfur content in Chinese drywall causes respiratory problems, smells awful like rotten eggs and contaminates a home. It can turn appliances, mirrors and wires black.

If you're buying a home built between 2001 and 2008 or remodeled during those years, it could have Chinese drywall. Without a home inspection contingency, you could be on the hook because there seems to be little relief available for owners of those contaminated homes . . . read more about a Home Inspection Contingency.

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As of this writing, Elizabeth Weintraub is a Broker-Associate, DRE #00697006, at Lyon Real Estate in Sacramento, California.

Why You Want a Home Inspection Contingency originally appeared on About.com Home Buying / Selling on Monday, October 4th, 2010 at 05:00:47.

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http://homebuying.about.com/b/2010/10/04/why-you-want-a-home-inspection-contingency.htm Mon, 04 Oct 2010 05:00:47 +0000 2010-10-04T05:00:47Z How Much Home Can You Afford to Buy? http://homebuying.about.com/b/2010/10/01/how-much-home-can-you-afford-to-buy.htm Picking sales prices is tricky, but figuring out the answer to how much home you can afford to buy is even more difficult.

Most buyers tend to lean toward elaborate homes while shunning those with less expensive options. Especially first-time home buyers. Everybody wants lots of space, a great view or yard and a fabulous location. The problem is few stop to consider their comfort level, the types of mortgages that are suitable for their needs and whether buying such an expensive home makes financial sense.

Part of an agent's fiduciary responsibility to first-time home buyers is to help them pull in the reins a little and consider all available options. Even the cheaper options.

Apart from figuring front-end ratios, back-end ratios, and examining various loan programs, buyers might want to consider their first-time home purchase to be a stepping stone into home ownership and not necessarily their dream home. It's not like buying a new computer and needing the most recent bells and whistles to ensure a useful life . . . read more about How Much Home You Can Afford.

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As of this writing, Elizabeth Weintraub is a Broker-Associate, DRE #00697006, at Lyon Real Estate in Sacramento, California.

How Much Home Can You Afford to Buy? originally appeared on About.com Home Buying / Selling on Friday, October 1st, 2010 at 05:00:04.

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http://homebuying.about.com/b/2010/10/01/how-much-home-can-you-afford-to-buy.htm Fri, 01 Oct 2010 05:00:04 +0000 2010-10-01T05:00:04Z The Redneck Counter Offer http://homebuying.about.com/b/2010/09/29/the-redneck-counter-offer.htm Today my blog has a slightly different focus, so I hope you are ready for this. It just popped into my head, so those are always the most dangerous types of blogs.

A blogger I ran across several years ago on the popular real estate site, ActiveRain, writes today primarily about short sales. Almost every online real estate agent today is a member of Active Rain, including Yours Truly.

Broker Bryant is a real estate broker based in Poinciana, Florida, and this guy has a terrific sense of humor. For your enjoyment, I am including a link to his blog about the redneck counter offer, but it's the video that I urge you to watch.

You don't have to be in real estate to appreciate this sentiment.

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As of this writing, Elizabeth Weintraub is a Broker-Associate, DRE #00697006, at Lyon Real Estate in Sacramento, California.

The Redneck Counter Offer originally appeared on About.com Home Buying / Selling on Wednesday, September 29th, 2010 at 05:00:37.

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http://homebuying.about.com/b/2010/09/29/the-redneck-counter-offer.htm Wed, 29 Sep 2010 05:00:37 +0000 2010-09-29T05:00:37Z The Trick to Picking the Right Sales Price for Your Home http://homebuying.about.com/b/2010/09/27/the-trick-to-picking-the-right-sales-price-for-your-home.htm

If you're going to list your home for sale, it is very difficult to pick a sales price without knowing how much your neighbors' homes sold for.

But even then, your list price might be different than your original sales price. For example, I just sold a home in a suburb of Sacramento for more than 25% above its list price. If we had picked that final sales price as its initial listed price, we probably would not have received offers anywhere near that price.

Sometimes, though, sellers are spot on about their sales price . . . read more about how to Pick a Sales Price.

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_{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.}

The Trick to Picking the Right Sales Price for Your Home originally appeared on About.com Home Buying / Selling on Monday, September 27th, 2010 at 05:00:08.

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http://homebuying.about.com/b/2010/09/27/the-trick-to-picking-the-right-sales-price-for-your-home.htm Mon, 27 Sep 2010 05:00:08 +0000 2010-09-27T05:00:08Z Why Your First Home Should Be Your Starter Home http://homebuying.about.com/b/2010/09/24/why-your-first-home-should-be-your-starter-home.htm When I was growing up in the 1950s, people didn't buy their dream home as a first home. In fact, many people, my parents included, put sweat equity into their homes. My parents bought our first home in 1955 for $9,000. They got a break on the price in return for painting the interior and installing trimwork.

A recent story in the San Francisco Chronicle refers to a survey completed by Coldwell Banker Real Estate Brokerage. Its brokers said home affordability was the chief concern among today's home buyers, yet 81% of first-time home buyers expected to buy a home in move-in condition. Only 7% were willing to buy a fixer upper.

Over the years, we've evolved into an instant gratification society. Few people seem to want to pay the price by starting out small and working their way up. But wanting it all right now is, in part, to blame for the current housing crisis. I would like to hope that we learn by our mistakes and are not bound to repeat the past. Living within your means is a good place to start.

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_{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.}

Why Your First Home Should Be Your Starter Home originally appeared on About.com Home Buying / Selling on Friday, September 24th, 2010 at 05:00:23.

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http://homebuying.about.com/b/2010/09/24/why-your-first-home-should-be-your-starter-home.htm Fri, 24 Sep 2010 05:00:23 +0000 2010-09-24T05:00:23Z Why Not Let Homeowners Do a Short Sale to Themselves? http://homebuying.about.com/b/2010/09/22/why-not-let-homeowners-do-a-short-sale-to-themselves.htm In an Opinion piece in last Sunday's New York Times, Glenn Hubbard and Chris Mayer, dean and senior vice dean respectively of the Columbia Business School, proposed a new government program that they say will boost the economy. The idea is to get the government to direct public entities (and quasi-public) such as Fannie Mae, Freddie Mac, Ginnie Mae, the VA and FHA to refinance underwater homes at today's prevailing rates. The servicers for these loans would receive a fixed fee for each refinanced mortgage, which could be rolled into the loan at no cost to taxpayers.

They say there are 37 million mortgages guaranteed by the federal government.

How is this idea any different than letting homeowners do a short sale to themselves? Which is what I've been advocating for years. Well, in part it would streamline the process, make it easier for sellers to qualify. And it wouldn't require an expensive stimulus package nor cost the taxpayers one red cent. I think we can all agree it's a brilliant plan. Therefore, it's unlikely to happen.

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_{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.}

Why Not Let Homeowners Do a Short Sale to Themselves? originally appeared on About.com Home Buying / Selling on Wednesday, September 22nd, 2010 at 05:00:07.

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http://homebuying.about.com/b/2010/09/22/why-not-let-homeowners-do-a-short-sale-to-themselves.htm Wed, 22 Sep 2010 05:00:07 +0000 2010-09-22T05:00:07Z Top 10 Tips to Sell a Home in the Autumn Market http://homebuying.about.com/b/2010/09/20/top-10-tips-to-sell-a-home-in-the-autumn-market.htm

Home selling in autumn is a wonderful time of the year to put your home on the market.

That's because in many parts of the country, autumn is the second biggest quarter for sales, with spring holding first position. Usually real estate activity dies down the closer we get to Thanksgiving and the Christmas season. In Sacramento, activity picks up again in February but that's only because we don't have any snow on the ground.

Selling a home in autumn presents its own set of challenges, but you can use the season to your advantage . . . read more about Home Selling in Autumn.

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_{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.}

Top 10 Tips to Sell a Home in the Autumn Market originally appeared on About.com Home Buying / Selling on Monday, September 20th, 2010 at 05:00:04.

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http://homebuying.about.com/b/2010/09/20/top-10-tips-to-sell-a-home-in-the-autumn-market.htm Mon, 20 Sep 2010 05:00:04 +0000 2010-09-20T05:00:04Z