Sunday, May 23, 2010
Saturday, May 22, 2010
Friday, May 21, 2010
Senate Passes Financial Reform Bill
The Senate on Thursday approved the most extensive overhaul to the banking system since the 1930s. The legislation needs to be reconciled with the House version that passed in December. Read more
Thursday, May 20, 2010
Blumberg Capital: Now is the Time to Buy
When you compare the real estate downturn to the real estate market in the 1980s, Blumberg Capital Partners, which provides real estate investment management, finds similarities that lead the company to think now is an optimal time to buy.
Its analysts point out that the recession of the 1980s lasted 16 months, running from July 1981 to November 1982. Unemployment peaked in November of 1982 at 10.8 percent. From that point it took 38 months for the economy to recover fully and for unemployment to fall below 7 percent. It was another 10 months before unemployment was consistently below 7 percent.
Philip Blumberg, CEO of Blumberg Capital Partners, said in a note to investors that the real estate cycle is still three or four years from an optimal selling period, so now is the time for investors to buy.
Source: Blumberg Capital Partners (05/19/2010)
Its analysts point out that the recession of the 1980s lasted 16 months, running from July 1981 to November 1982. Unemployment peaked in November of 1982 at 10.8 percent. From that point it took 38 months for the economy to recover fully and for unemployment to fall below 7 percent. It was another 10 months before unemployment was consistently below 7 percent.
Philip Blumberg, CEO of Blumberg Capital Partners, said in a note to investors that the real estate cycle is still three or four years from an optimal selling period, so now is the time for investors to buy.
Source: Blumberg Capital Partners (05/19/2010)
Wednesday, May 19, 2010
Friday, May 14, 2010
Great price improvement in mortgage rates this morning
Loan amounts of $417,000 or less, priced with a 30 day rate lock:
10/15 year fixed:
4.000% with 1.1 points - WOW
4.125% with 1 point
4.250% with 0 points
20/30 year fixed:
4.500% with 1.5 points RECORD LOW
4.625% with 1 point
4.750% with 0 points
5/1 ARM
3.250% with 1 point
3.500% with 0 points
7/1 ARM
3.500% with 1 point
3.875% with 0 points
FHA 30 Year Fixed
4.750% with 1 point
4.875% with 0 points
* subject to acceptable appraisal, credit ,income and owner occupied. Rate may vary based on loan size and LTV. Rates not locked. Rates based on NO cash out, rates slightly higher with cash out. Mid credit score of 730 required. FHA requires min 660 score. Rate may be higher for condos and Interest Only Option.
Jumbo loan amounts over $417,001, priced with a 30 day rate lock
30 Year Fixed
5.250% up to $500,000.00
5.375% up to $600,000.00
5.750% up to $700,000.00
6.000% up to $850,000.00
6.125% up to $1,500,000.00
5/1 ARM
4.625% with 1 point
5.000% with 0 points
Courtesy Mike Wald
Serve U Best Mortgages
480-241-2632
10/15 year fixed:
4.000% with 1.1 points - WOW
4.125% with 1 point
4.250% with 0 points
20/30 year fixed:
4.500% with 1.5 points RECORD LOW
4.625% with 1 point
4.750% with 0 points
5/1 ARM
3.250% with 1 point
3.500% with 0 points
7/1 ARM
3.500% with 1 point
3.875% with 0 points
FHA 30 Year Fixed
4.750% with 1 point
4.875% with 0 points
* subject to acceptable appraisal, credit ,income and owner occupied. Rate may vary based on loan size and LTV. Rates not locked. Rates based on NO cash out, rates slightly higher with cash out. Mid credit score of 730 required. FHA requires min 660 score. Rate may be higher for condos and Interest Only Option.
Jumbo loan amounts over $417,001, priced with a 30 day rate lock
30 Year Fixed
5.250% up to $500,000.00
5.375% up to $600,000.00
5.750% up to $700,000.00
6.000% up to $850,000.00
6.125% up to $1,500,000.00
5/1 ARM
4.625% with 1 point
5.000% with 0 points
Courtesy Mike Wald
Serve U Best Mortgages
480-241-2632
Tuesday, May 11, 2010
Saturday, May 8, 2010
Simple rules that make real estate transactions smoother!
Portland Short Sales offers these tips for short sales:
1. On the earnest money agreement I often see unclear fax copies. The bottom line is: If you can’t read it, neither can we…or the appraiser…or the underwriter…or the closing department…or the title company. At least the first copy of the real estate sales contract should be easily legible. PDF e-scanners are a great way to keep things clear.
2. As usual, communication is vital. As Realtors representing home buyers & sellers; we need to have full contact info for all parties involved; this should include name, address, phone & fax numbers for the Title Company.
3. If doing an FHA loan, find out if the property has been purchased within 90 days. If so, is your offer within 20% of that original sales price? If not, call your Realtor and your loan officer right away. We may be able to make it work but need to know this from the outset.
4. Seller contributions are also a complicating factor. So do your homework and make sure you have not exceeded allowable percentages:
a. FHA home loans- 6% still allowed (will change to 3% sometime early summer)
b. VA home loans- 4% + non-allowables (typically run around $2000)
c. USDA home loans- All reasonable and customary cost
d. Conventional financing- Typically, the seller is allowed to pay closing costs and prepaids as follows :
i. *If the home buyer puts 0-9% down, seller can contribute up to 3% toward closing costs and prepaids.
ii. *If the buyer puts 10% down or more, the seller can contribute up to 6% toward closing and prepaids.
5. Please make certain that the Realtors and the buyer’s loan officer have a copy of the property sales contract as quickly as possible (even if not fully executed yet) This will help ensure that we meet the closing date and be sure to forward all sales contract addenda to the loan officer and Title Company promptly.
6. Be realistic about the closing date. In general, 30 days is reasonable but you may want to give yourself a bit of extra time. And, while loan officers can “rush” a file, that really depends on the transaction details.
7. If you are buying a house to be owner-occupied; tell your loan officer if any existing tenants will stay in the property beyond 30 days after the sale.
8. Make sure the sales contract includes all of the Listing and Selling Agent’s complete information as well as the addresses of the buyer. It’s a waste of time to go play detective to get this info later on. A simple cover sheet with all of the pertinent info is a simple way to accomplish this.
9. Most repairs on homes for sale can no longer be escrowed at closing (unless a HUD home or your buyer is using the FHA 203K program). Most repairs will have to be fixed prior to closing.
1. On the earnest money agreement I often see unclear fax copies. The bottom line is: If you can’t read it, neither can we…or the appraiser…or the underwriter…or the closing department…or the title company. At least the first copy of the real estate sales contract should be easily legible. PDF e-scanners are a great way to keep things clear.
2. As usual, communication is vital. As Realtors representing home buyers & sellers; we need to have full contact info for all parties involved; this should include name, address, phone & fax numbers for the Title Company.
3. If doing an FHA loan, find out if the property has been purchased within 90 days. If so, is your offer within 20% of that original sales price? If not, call your Realtor and your loan officer right away. We may be able to make it work but need to know this from the outset.
4. Seller contributions are also a complicating factor. So do your homework and make sure you have not exceeded allowable percentages:
a. FHA home loans- 6% still allowed (will change to 3% sometime early summer)
b. VA home loans- 4% + non-allowables (typically run around $2000)
c. USDA home loans- All reasonable and customary cost
d. Conventional financing- Typically, the seller is allowed to pay closing costs and prepaids as follows :
i. *If the home buyer puts 0-9% down, seller can contribute up to 3% toward closing costs and prepaids.
ii. *If the buyer puts 10% down or more, the seller can contribute up to 6% toward closing and prepaids.
5. Please make certain that the Realtors and the buyer’s loan officer have a copy of the property sales contract as quickly as possible (even if not fully executed yet) This will help ensure that we meet the closing date and be sure to forward all sales contract addenda to the loan officer and Title Company promptly.
6. Be realistic about the closing date. In general, 30 days is reasonable but you may want to give yourself a bit of extra time. And, while loan officers can “rush” a file, that really depends on the transaction details.
7. If you are buying a house to be owner-occupied; tell your loan officer if any existing tenants will stay in the property beyond 30 days after the sale.
8. Make sure the sales contract includes all of the Listing and Selling Agent’s complete information as well as the addresses of the buyer. It’s a waste of time to go play detective to get this info later on. A simple cover sheet with all of the pertinent info is a simple way to accomplish this.
9. Most repairs on homes for sale can no longer be escrowed at closing (unless a HUD home or your buyer is using the FHA 203K program). Most repairs will have to be fixed prior to closing.
Friday, May 7, 2010
One Sotheby's sells the "Cher" house in Miami
ONE Sotheby’s Realty in Miami closed this week on the resale of a mansion sold by singer Cher in 2006 to Sean Wolfington. The recent sale brought $10.45 million, about $2 million more than Wolfington paid.
"There's a shortage of trophy properties on the market and we are seeing an increasing number of wealthy foreign buyers from Latin America and Europe looking to capitalize on the weak U.S. dollar," says Daniel De La Vega, broker of ONE Sotheby's Realty.
Associate Jorge Uribe, who listed the property, says, "A lot of people told me to lower the price by 20 percent to 30 percent because everything was down, but I advised my client to be patient. In the end, the new owners paid a great price for one of the most unique properties in Miami.”
Source: ONE Sotheby’s Realty (05/06/2010)
"There's a shortage of trophy properties on the market and we are seeing an increasing number of wealthy foreign buyers from Latin America and Europe looking to capitalize on the weak U.S. dollar," says Daniel De La Vega, broker of ONE Sotheby's Realty.
Associate Jorge Uribe, who listed the property, says, "A lot of people told me to lower the price by 20 percent to 30 percent because everything was down, but I advised my client to be patient. In the end, the new owners paid a great price for one of the most unique properties in Miami.”
Source: ONE Sotheby’s Realty (05/06/2010)
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