The purchase of a dream home is probably the greatest investment in many people’s lives, but beware — even with such a major purchase, fraud could be lurking just around the corner, say experts in the real estate industry.
This joy killer comes in many forms — lawyer negligence, title defects, title liens such as unpaid utility bills, property encroachments, title fraud such as forged documents and land survey errors.
"Nobody is protected from fraud," says Ray Leclair, vice-president of TitlePLUS, a division of LawPRO, the liability insurer for lawyers.
"Unfortunately, fraud is on the increase," not just in urban areas but even in small communities, he said in a recent interview.
"It’s like a lottery. There’s very little chance of it happening to you. But if it does happen, it has a huge impact." read more
Source:http://thechronicleherald.ca/Business/1085551.html
October 29, 2008
October 28, 2008
Lennar's October Madness sale ends today
During these uncertain economic times, Lennar continually is striving to help people acquire their own homes, a key piece of the American dream, according to Mark Metheny, division president.
The builder's October Madness Sales Event represents the latest effort by Lennar to provide home buyers with an opportunity to purchase the home of their dreams with an affordable monthly payment.
"During our October Madness sale, buyers can take advantage of special financing options," Metheny says. "Buyers can choose the special financing package of 2.99 percent the first year, 3.99 percent the second year and then a 4.99 percent fixed rate for the life of the mortgage, or they can choose zero closing costs. This program is available on select Lennar homes with financing provided by Universal American Mortgage Co. through a commitment exclusively for Lennar. There are limited funds available for this program so home buyers will want to act fast." read more
Source:http://www2.tbo.com/content/2008/oct/19/lennars-october-madness-sale-ends-today/
The builder's October Madness Sales Event represents the latest effort by Lennar to provide home buyers with an opportunity to purchase the home of their dreams with an affordable monthly payment.
"During our October Madness sale, buyers can take advantage of special financing options," Metheny says. "Buyers can choose the special financing package of 2.99 percent the first year, 3.99 percent the second year and then a 4.99 percent fixed rate for the life of the mortgage, or they can choose zero closing costs. This program is available on select Lennar homes with financing provided by Universal American Mortgage Co. through a commitment exclusively for Lennar. There are limited funds available for this program so home buyers will want to act fast." read more
Source:http://www2.tbo.com/content/2008/oct/19/lennars-october-madness-sale-ends-today/
October 27, 2008
Prop. 100 may put home-sale-fee plan in jeopardy
Tucson leaders next month may consider levying a fee on some new and existing home sales to generate funds for affordable housing. But the proposal and others like it could be derailed if voters pass Proposition 100 next month, say supporters of the ballot measure.
The Protect Our Homes initiative would create a constitutional amendment barring the state and local governments from assessing a tax or fee whenever a property trades hands. Known as a real-estate transfer tax, it would be imposed on a sale, purchase or ownership transfer of a home, commercial property or land.
No such tax currently exists in the state. But the Arizona Association of Realtors, which is financing the campaign, says tax proposals recently floated by city councils and state lawmakers raise serious concerns. read more
Source:http://www.azcentral.com/arizonarepublic/local/articles/2008/10/19/20081019transfertax1019.html
The Protect Our Homes initiative would create a constitutional amendment barring the state and local governments from assessing a tax or fee whenever a property trades hands. Known as a real-estate transfer tax, it would be imposed on a sale, purchase or ownership transfer of a home, commercial property or land.
No such tax currently exists in the state. But the Arizona Association of Realtors, which is financing the campaign, says tax proposals recently floated by city councils and state lawmakers raise serious concerns. read more
Source:http://www.azcentral.com/arizonarepublic/local/articles/2008/10/19/20081019transfertax1019.html
October 26, 2008
Home sellers look to non-traditional options
Well this one was built in 1955 it's your classic rancher," describes real estate agent and home builder Rob Mynatt. The classic rancher was once his home.
"3 bedroom 1 bath 1400 square feet and i'm ready to get rid of it," says Mynatt.
Due to slumping sales he's doing whatever he can to help buyers move into his homes.
"Basically,we're just offering lease purchases and it seems to be working," says Mynatt.
The lease purchase option gives potential buyers time to bring their credit score up, or time to save money while the seller gets income from lease in the meantime.
"You have to evolve, especially somebody in our shoes," says Mynatt.
He isn't the only developer turning to lease to own, to bring new owners into the market. read more
Source:http://www.wbir.com/news/local/story.aspx?storyid=66981&catid=2
October 25, 2008
Vendors fill annual Fall Expo home and garden show
In the midst of much-publicized economy woes, Enid's third annual Fall Expo, a home and garden show, seems to be evidence western Oklahoma is continuing to thrive.
Janelle Martin represents C&M Production Group, a company which promotes the Fall Expo for the Enid Home Builders Association and she says this year's Expo is just as successful as it has ever been.
"I've been going around to the vendors," said Martin. "And I haven't heard one complaint in relation to the economy's effects on Enid. I believe Enid isn't struggling as much."
As Martin watches the vendors and the traffic of people she notices many good signs and there is one product which seems to be the standard gauge of the Expo's success.
read more
Source:http://www.tradingmarkets.com/.site/news/Stock%20News/1953206/
Janelle Martin represents C&M Production Group, a company which promotes the Fall Expo for the Enid Home Builders Association and she says this year's Expo is just as successful as it has ever been.
"I've been going around to the vendors," said Martin. "And I haven't heard one complaint in relation to the economy's effects on Enid. I believe Enid isn't struggling as much."
As Martin watches the vendors and the traffic of people she notices many good signs and there is one product which seems to be the standard gauge of the Expo's success.
read more
Source:http://www.tradingmarkets.com/.site/news/Stock%20News/1953206/
October 24, 2008
Bidders snap up homes in foreclosure
Going once, going twice, sold! — a four-bedroom, red brick home in Smyrna. “It was just so fast. I guess that wasn’t for me. There were seven or eight of us bidding for that,” said Cher Algarin of Douglasville.
She and her husband, Frank, attended an auction of hundreds of foreclosed homes Sunday at the Cobb Galleria Centre hoping to score a deal. So did everyone else.
Foreclosures have soared as the economy softened, people lost their jobs, and adjustable-rate mortgages reset at interest levels borrowers couldn’t afford. Making matters worse, a collapse in housing prices left many owing more on their mortgages than their homes were worth — an open invitation to default.
At least 37,273 foreclosure sales occurred in Georgia in 2007 and the first half of this year; during that period, more than 350,000 Georgia homeowners fell at least 60 days behind on their mortgage payments, according to HOPE NOW, an alliance of lenders and consumer groups. read more
Source:http://www.ajc.com/metro/content/metro/cobb/stories/2008/10/19/bidder_foreclosed_homes.html
She and her husband, Frank, attended an auction of hundreds of foreclosed homes Sunday at the Cobb Galleria Centre hoping to score a deal. So did everyone else.
Foreclosures have soared as the economy softened, people lost their jobs, and adjustable-rate mortgages reset at interest levels borrowers couldn’t afford. Making matters worse, a collapse in housing prices left many owing more on their mortgages than their homes were worth — an open invitation to default.
At least 37,273 foreclosure sales occurred in Georgia in 2007 and the first half of this year; during that period, more than 350,000 Georgia homeowners fell at least 60 days behind on their mortgage payments, according to HOPE NOW, an alliance of lenders and consumer groups. read more
Source:http://www.ajc.com/metro/content/metro/cobb/stories/2008/10/19/bidder_foreclosed_homes.html
October 23, 2008
WHAT WENT WRONG ON WALL STREET?
What went wrong on Wall Street? It is the most critical question of our time, and we have got to get the answers right. When the “experts” start telling us how they’ll fix things, we need an independent understanding of the problem or we risk making even bigger mistakes. Unfortunately, the back story here isn’t so simple. It can’t be reduced to bullet points without the narrative. Nor can it be told without arousing some people’s ideological filters.
I unwittingly began learning about the problems before the question arose. The financial journalist in my family started sending me reading material so I wouldn’t be so clueless when we talked about her job. What seemed to me like interesting, but useless information suddenly became relevant when the sky started falling. I’m not an economist, but I want to share what I’ve learned so far. read more
I unwittingly began learning about the problems before the question arose. The financial journalist in my family started sending me reading material so I wouldn’t be so clueless when we talked about her job. What seemed to me like interesting, but useless information suddenly became relevant when the sky started falling. I’m not an economist, but I want to share what I’ve learned so far. read more
October 22, 2008
McCain helped businessman buy Fort Ord land for a fraction of its market value
MONTEREY -- An Arizona businessman, with help from Sen. John McCain's office, paid the federal government a mere fraction of the market value when he bought a Fort Ord land parcel in 1999, an Army appraisal obtained by The Monterey Herald shows.
Donald R. Diamond, an 80-year-old real estate developer, lobbyist and top fundraiser for McCain's presidential campaign, bought the land for $250,000, though it was valued at $7.2 million, according to Pentagon appraisals made three years before the sale.
He held on to the parcel for a little more than two years before selling it and the buildings on it for an estimated profit of more than $18 million. read more
Donald R. Diamond, an 80-year-old real estate developer, lobbyist and top fundraiser for McCain's presidential campaign, bought the land for $250,000, though it was valued at $7.2 million, according to Pentagon appraisals made three years before the sale.
He held on to the parcel for a little more than two years before selling it and the buildings on it for an estimated profit of more than $18 million. read more
October 21, 2008
Jim Cramer Time to Get Out of Stock Market a Buy Signal?
Casey's Charts: Market mayhem has the Fed off balance
“The Fed has resorted to new extremes in this financial crisis by selling off and lending its good assets, US Treasuries, in exchange for toxic waste. The result: the Federal Reserve's balance sheet has been completely restructured – including innovative off-balance-sheet hocus-pocus – and looks like it's headed for exhaustion.
“As the government's primary tool for stabilizing the US banking system, the Fed is now in dire need of a new source of lending to bail out other troubled banks.”
Bespoke: $700 billion and what it can buy
“Since the financial rescue package was signed into law last week, financial markets across the world have taken the pace of their declines to a higher gear. This has prompted people to ask what the Treasury is waiting for. Yesterday afternoon in a press conference, Secretary Paulson said that it ‘will be several weeks before our first purchase'. read more
“The Fed has resorted to new extremes in this financial crisis by selling off and lending its good assets, US Treasuries, in exchange for toxic waste. The result: the Federal Reserve's balance sheet has been completely restructured – including innovative off-balance-sheet hocus-pocus – and looks like it's headed for exhaustion.
“As the government's primary tool for stabilizing the US banking system, the Fed is now in dire need of a new source of lending to bail out other troubled banks.”
Bespoke: $700 billion and what it can buy
“Since the financial rescue package was signed into law last week, financial markets across the world have taken the pace of their declines to a higher gear. This has prompted people to ask what the Treasury is waiting for. Yesterday afternoon in a press conference, Secretary Paulson said that it ‘will be several weeks before our first purchase'. read more
October 20, 2008
Home deals go bust
As the financial crisis intensifies, the few potential buyers out there are reconsidering a purchase.
NEW YORK (CNNMoney.com) -- The Dow has shed thousands of points and the global economy is in crisis.
So who wants to buys a house right now? Not many people, it turns out.
The National Association of Home Builders, for instance, has seen its contract cancellations spike recently to as high as 30%, compared with an average rate of about 20%. During the housing boom, as few as 5% of sales were cancelled.
"The events of the past couple of weeks have people's heads spinning," said Steve Melman, NAHB's director of economic surveys.
The National Association of Realtors estimates that about 25% of the clients its members are working with are staying on the sidelines. They're looking at homes and intend to buy at some point, but right now they're worried about their jobs, their declining investments and falling housing prices. read more
NEW YORK (CNNMoney.com) -- The Dow has shed thousands of points and the global economy is in crisis.
So who wants to buys a house right now? Not many people, it turns out.
The National Association of Home Builders, for instance, has seen its contract cancellations spike recently to as high as 30%, compared with an average rate of about 20%. During the housing boom, as few as 5% of sales were cancelled.
"The events of the past couple of weeks have people's heads spinning," said Steve Melman, NAHB's director of economic surveys.
The National Association of Realtors estimates that about 25% of the clients its members are working with are staying on the sidelines. They're looking at homes and intend to buy at some point, but right now they're worried about their jobs, their declining investments and falling housing prices. read more
October 19, 2008
Area home sales begin to stabilize, but price drop accelerates; average is below 2005 level
he decline in home prices in the Baltimore metro area accelerated last month - the average fell below the 2005 figure - but the hemorrhaging in sales came to a near-halt.
The average sale price in Baltimore and its five surrounding counties dropped to about $296,000, according to numbers released yesterday by Rockville-based Metropolitan Regional Information Systems.
That's down nearly 6 percent from a year ago. And it's $7,500 less than sellers got in September 2005, at the height of the buying frenzy.
While that price drop was the largest since the housing slump began, the decline in home sales slowed markedly. Sales were off about 2 percent from a year earlier, compared with months of year-over-year declines around 30 percent. In two counties - Howard and Carroll - sales rose last month. read more
The average sale price in Baltimore and its five surrounding counties dropped to about $296,000, according to numbers released yesterday by Rockville-based Metropolitan Regional Information Systems.
That's down nearly 6 percent from a year ago. And it's $7,500 less than sellers got in September 2005, at the height of the buying frenzy.
While that price drop was the largest since the housing slump began, the decline in home sales slowed markedly. Sales were off about 2 percent from a year earlier, compared with months of year-over-year declines around 30 percent. In two counties - Howard and Carroll - sales rose last month. read more
October 18, 2008
Buy my book
Over the course of three weeks, Weekend Post has been examining the evolution of a Canadian novel. The Origin of Species, by Nino Ricci, is considered within the industry to be among the fall season's most important titles. In this final instalment, reporter Mark Medley looks at the launch of the book, the promotional tour and the reviews.
"I was a house painter for a while in university," Nino Ricci says. "And the worst part for me was always the home inspection at the end, where the homeowner had to go through and inspect the work. Because I knew the things I'd done wrong. I knew the putty lines that weren't perfect, and the corners and the upper dormers I hadn't quite reached. And that's all I could see: all these little flaws that were there. But the homeowner would come out and look, and of course the house looked a hundred times better than it had a week before, because they just got the full effect of this bright new thing. read more
"I was a house painter for a while in university," Nino Ricci says. "And the worst part for me was always the home inspection at the end, where the homeowner had to go through and inspect the work. Because I knew the things I'd done wrong. I knew the putty lines that weren't perfect, and the corners and the upper dormers I hadn't quite reached. And that's all I could see: all these little flaws that were there. But the homeowner would come out and look, and of course the house looked a hundred times better than it had a week before, because they just got the full effect of this bright new thing. read more
October 17, 2008
Credit crunch hits Bay Area housing market hard
San Francisco may be 3,000 miles from Wall Street, but the crisis that has engulfed the country's biggest financial institutions is putting even more pressure on the Bay Area's real estate market, making it increasingly difficult for home buyers to get credit.
Cheap credit played a dramatic role in fueling the housing boom of the late 1990s and early 2000s, particularly in places like the Bay Area, where buyers relied heavily on unconventional loans to purchase homes that would have otherwise been unaffordable, economists said. That cheap credit also played a dramatic role in toppling financial institutions like Lehman Bros., Washington Mutual and Wachovia Corp., which were saddled with growing piles of toxic loans as borrowers who took advantage of lax lending criteria have proved unable to pay back those loans. read more
Cheap credit played a dramatic role in fueling the housing boom of the late 1990s and early 2000s, particularly in places like the Bay Area, where buyers relied heavily on unconventional loans to purchase homes that would have otherwise been unaffordable, economists said. That cheap credit also played a dramatic role in toppling financial institutions like Lehman Bros., Washington Mutual and Wachovia Corp., which were saddled with growing piles of toxic loans as borrowers who took advantage of lax lending criteria have proved unable to pay back those loans. read more
October 16, 2008
Real estate: Call Sun Castles your home
Sun Castles is offering a new model in a new community for home shoppers to peruse or purchase.
"One of the best things about Bella Luna is the location," said Leslie Matteson, new home consultant for Sun Castles at the West Melbourne community. "I forget because it is so quiet out here, then I make plans to go to lunch and I am reminded that everything -- the restaurants, the mall, the schools, the major businesses and roads -- it's all right here."
The location offers convenience, as well as savings. Residents will be able to save on gas by not having to drive long distances for work, shopping or other errands, she said.
Sun Castles has added energy-saving features that will keep utilities costs down, as well. The model uses foam insulation injected into cells of the concrete blocks in the exterior walls. read more
"One of the best things about Bella Luna is the location," said Leslie Matteson, new home consultant for Sun Castles at the West Melbourne community. "I forget because it is so quiet out here, then I make plans to go to lunch and I am reminded that everything -- the restaurants, the mall, the schools, the major businesses and roads -- it's all right here."
The location offers convenience, as well as savings. Residents will be able to save on gas by not having to drive long distances for work, shopping or other errands, she said.
Sun Castles has added energy-saving features that will keep utilities costs down, as well. The model uses foam insulation injected into cells of the concrete blocks in the exterior walls. read more
October 15, 2008
Treasury's Paulson Says U.S. Government to Buy Equity in Financial Institutions
(CEP News) - The U.S. government plans to buy passive shares in financial firms, according to Treasury Secretary Henry Paulson, who said the Bush administration is developing a "standardized program" allowing the U.S. to purchase equities in "a broad array of financial institutions."
Taking an equity stake is authorized under the recently-approved $700 billion rescue package to purchase toxic mortgage assets from troubled institutions. The Treasury will likely inject funds into financial institutions in exchange for preferred shares in the hopes it will free up lending capital.
The action will mark the most direct government action into financial markets since the Great Depression. The program aims to complement private funding by restoring confidence. Paulson announced the plan as the Group of Seven finance ministers released a five-point, joint-action statement to restore market confidence on Friday. read more
Taking an equity stake is authorized under the recently-approved $700 billion rescue package to purchase toxic mortgage assets from troubled institutions. The Treasury will likely inject funds into financial institutions in exchange for preferred shares in the hopes it will free up lending capital.
The action will mark the most direct government action into financial markets since the Great Depression. The program aims to complement private funding by restoring confidence. Paulson announced the plan as the Group of Seven finance ministers released a five-point, joint-action statement to restore market confidence on Friday. read more
October 14, 2008
Housing Fairs generate P4.7B revenue
Shelter agencies and government financing institutions increased their sales of acquired properties through the Housing Fairs conducted since 2006, with combined revenues reaching P4.7 billion to date.
The Pag-IBIG Fund, the biggest home financing institution in the country, made up the bulk with 14,830 units sold worth around P4 billion.
The first Housing Fair was held in October 2006 at the Glorietta Activity Center in Makati City. It was organized by the Housing and Urban Development Coordinating Council (HUDCC) as directed by its Chairman, Vice President Noli De Castro, with government employees as the primary target market.
The next Housing Fair is scheduled on October 29 to 31 at the Megatrade Halls 1 and 2 of SM Megamall. Participating agencies and GFIs include Pag-IBIG Fund, Home Guaranty Corporation, National Home Mortgage Finance Corporation, Bangko Sentral ng Pilipinas, GSIS and SSS. see more details
Source:http://www.pagibigfund.gov.ph/nr_oct2008a.htm#top
The Pag-IBIG Fund, the biggest home financing institution in the country, made up the bulk with 14,830 units sold worth around P4 billion.
The first Housing Fair was held in October 2006 at the Glorietta Activity Center in Makati City. It was organized by the Housing and Urban Development Coordinating Council (HUDCC) as directed by its Chairman, Vice President Noli De Castro, with government employees as the primary target market.
The next Housing Fair is scheduled on October 29 to 31 at the Megatrade Halls 1 and 2 of SM Megamall. Participating agencies and GFIs include Pag-IBIG Fund, Home Guaranty Corporation, National Home Mortgage Finance Corporation, Bangko Sentral ng Pilipinas, GSIS and SSS. see more details
Source:http://www.pagibigfund.gov.ph/nr_oct2008a.htm#top
Money Panel: Lease option all about timing
QUESTION: Could you explain a lease option real estate transaction?
Answer by KATHY YAMAMOTO: A lease option real estate transaction is also known as a lease with an option to buy.
Typically, a tenant/buyer and a landlord/seller will agree on a purchase price and a monthly rental fee for the lease on the property. The tenant/buyer will pay a non-refundable option fee to the landlord/seller in order to reserve the right to purchase the property at a future date at an agreed-upon purchase price.
Typically, when you sell a home, the sale is completed within 60 days of signing the contract. When you lease-option a home, your lease-option contract could be set up to run a year or longer. If a tenant/buyer elects to purchase the property within the option period, the landlord/seller must sell the property at the agreed upon purchase price.
The lease-option agreement could contain provisions crediting a portion of the rent and non-refundable option fee to be used toward the buyer's down payment on the property in the event of a sale. If a tenant/buyer read more
Answer by KATHY YAMAMOTO: A lease option real estate transaction is also known as a lease with an option to buy.
Typically, a tenant/buyer and a landlord/seller will agree on a purchase price and a monthly rental fee for the lease on the property. The tenant/buyer will pay a non-refundable option fee to the landlord/seller in order to reserve the right to purchase the property at a future date at an agreed-upon purchase price.
Typically, when you sell a home, the sale is completed within 60 days of signing the contract. When you lease-option a home, your lease-option contract could be set up to run a year or longer. If a tenant/buyer elects to purchase the property within the option period, the landlord/seller must sell the property at the agreed upon purchase price.
The lease-option agreement could contain provisions crediting a portion of the rent and non-refundable option fee to be used toward the buyer's down payment on the property in the event of a sale. If a tenant/buyer read more
October 13, 2008
Match your home to your pocketbook
When you are buying your first home, one important factor to keep in mind is: don't let your dream home outweigh the size of your pocket book.
Think of it, what if all the money you had went into the purchase and mortgage payments for that wonderful home? There wouldn't be much left over for minor repairs, a night out, vacations, new furniture or any of the little things that go wrong from time to time. And when that happens, your dream can suddenly become a nightmare.
Being over-extended financially is the quickest way to destroy the excitement of home ownership and to add unneeded stress to your life.
Smart home-buying means knowing what you can afford and being practical about it.
more details Click here
Think of it, what if all the money you had went into the purchase and mortgage payments for that wonderful home? There wouldn't be much left over for minor repairs, a night out, vacations, new furniture or any of the little things that go wrong from time to time. And when that happens, your dream can suddenly become a nightmare.
Being over-extended financially is the quickest way to destroy the excitement of home ownership and to add unneeded stress to your life.
Smart home-buying means knowing what you can afford and being practical about it.
more details Click here
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