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Government shutdown putting many mortgages on hold - KATU

Government shutdown putting many mortgages on hold - KATU | Real Estate | Scoop.it
ABC News
Government shutdown putting many mortgages on hold
KATU
Government shutdown putting many mortgages on hold. By Emily Sinovic KATU News and KATU.com Staff Published: Oct 2, 2013 at 6:49 PM PDT Last Updated: Oct 2, 2013 at 6:49 PM PDT.
Deborah Diak's insight:

Don't let this news scare you.  Over 60% of home sales are cash and therefore don't require any goverment agency approvals or interaction.  

 

FHA and other government backed loans like USDA will just take a little longer.

 

The best advice here is to stay in touch with your lender and keep track of your loan application.  Your lender will be able to navigate a successful close.  

 

 

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US Real Estate: Mortgage Rates Fall - HEFFX Live Trading News

US Real Estate: Mortgage Rates Fall - HEFFX Live Trading News | Real Estate | Scoop.it
Mortgage rates declined for a fourth consecutive week, with the benchmark 30-year fixed mortgage rate dropping to 4.41 percent, according to Bankrate.com’s weekly national survey.
Deborah Diak's insight:

Mortgage rates have declined modestly which is yet another positive signal for potential borrowers.  That's not to say that mortgage interest rates will remain terrifically low...it does say that it will take lots of time for mortgage rates to get back to the higher rates seen in 2004.  

 

Go buy a house...borrowing is still cheap and one golden opportunity.

 

Better yet...sell your house while the window is still open to get top dollar and find qualified buyers...the mix between cash and financed is about 60 (cash) and 40 (financed).  Either way, you have a tremendous opportunity to take advantage of a Seller's Market.

 

Reach out and get your free (not pressure) personalized home valuation lickety split.  http://rem.ax/19Eeptr

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Fannie Mae Woos Investors For Mortgage Risk-Sharing

Fannie Mae Woos Investors For Mortgage Risk-Sharing | Real Estate | Scoop.it
A securities sale with lower yields than Freddie Mac got is part of a risk-sharing approach that could play a central role in the mortgage market's future.
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Housing Market Slowly Recovering, but is Another Bubble Pending?

Overall, the housing market is improving, but rising mortgage rates and home prices have some experts concerned. (This week in real estate: Existing home sales 99% back to pre-crash levels!
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No more cheap loans for seniors?

No more cheap loans for seniors? | Real Estate | Scoop.it
American seniors tight on savings on will soon face new hurdles in financing retirement through the federal government's reverse mortgage program.
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Don’t fall for these 10 crazy landlord claims - MSN Real Estate

Don’t fall for these 10 crazy landlord claims - MSN Real Estate | Real Estate | Scoop.it
Your landlord has a legal obligation to you and to the rental agreement you both signed. Learn about some of the false claims a landlord may make – and the truth behind them.
Deborah Diak's insight:

Renter Beware!  Just because you're on a month-to-month agreement doesn't mean you should rely on a handshake rather than a signed rental agreement outlining who is responsible for what.

 

You may think you're saving a few dollars buy renting directly from a landlord, but you need to do a little homework before handing over your security deposit and 1st month's rent.

 

1.  Does the rent seem too good to be true?

2.  Why did the former renter's move out?

3.  What are the renter's rights for your state?

 

Here's a handy link listing Tenant Rights for the State of Nevada

http://realestate.msn.com/article.aspx?cp-documentid=22462661#scpshrjwtw

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NAR: HUD shooting itself in the foot with short-sale policy | Real ...

NAR: HUD shooting itself in the foot with short-sale policy | Real ... | Real Estate | Scoop.it

As a RE/MAX Unlimited Real Estate Professional, Deborah Diak is proud to be with the RE/MAX brand. RE/MAX Real Estate Professionals have a stellar reputation and are known to be the best educated in the business. Great things happen when you mix over 30 years of corporate experience with a solid Real Estate education. Diak's corporate and business experience proves invaluable when negotiating with banks during a short sale or writing the best offer on a home. Home sellers will find Deborah's marketing experience a big plus and her knowledge of the Las Vegas/Henderson real estate market is extensive.Deborah is a fun-loving individual who rarely turns down a chance to meet new people and experience new things.A big believer in the arts, Deborah Diak supports The Grammy Foundation, an organization devoted to cultivating the understanding, appreciation and advancement of the contribution of recorded music to American culture.

Deborah Diak's insight:

The short sale process has been getting more onerous over the past year.  FNMA is pushing up home listing prices way above market value making the short sale property less attractive to potential home buyers.  

 

Though I understand the rationale behind "Dual Agency" I think that HUD has overstepped its bounds by prohibiting agents that belong to the same broker from showing or selling homes from a fellow agent in the brokerage.  It's tough to explain to potential buyers that you have to exclude short sales from their search if they belong to the same broker -- escpecially with such limited inventory.

 

I get the idea behind preventing fraud, but why punish an entire industry when you just need to go after the handful of agents/brokers/attorneys that are gaming the system??

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How to Survive Real Estate Investing: 12 Life-Changing Tips

How to Survive Real Estate Investing: 12 Life-Changing Tips | Real Estate | Scoop.it
This quick post offers 12 life changing tips for new investors to help you get moving in the right direction.
Deborah Diak's insight:

Not everyone has the stomach for investing.  It takes a certain mind-set to grind out the ups and downs of offers and rejections.  I'm an advocate of niche investing.  Learn one thing and learn it well.  It may be you rent or flip senior housing, student housing, starter homes, luxury homes or whatever turns you on.

 

Fine a REALTOR® that loves what you love and be prepared for rejections and missed opportnities.  In the long run, it's well worth the effort to get your Real Estate Mojo going.

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More Buyers Becoming Wary of Short Sales | Realtor Magazine

More Buyers Becoming Wary of Short Sales | Realtor Magazine | Real Estate | Scoop.it
Home buyers once saw short sales as big bargains, but their appeal has fizzled in some parts of the country — so much so that some real estate professionals are advertising listings as "not a short sale" to attract more buyers.
Deborah Diak's insight:

Short Sales can be great bargains and it takes lots of patience and realistic expectations.  If you're offering at list or below, expect to see a counter-offer.  FNMA backed loans are assessing distressed properties at near or just above market value.  The days of bankers taking huge losses just to get rid of a property are long gone.

 

However, as you work with your Real Estate Agent, find out what current market value is and know you'll probably be paying closer to that price.  In addition, if the paperwork is slow getting to the bank and the short sale drags on, you should expect more home valluations from the investor...probably every 60-days or so.

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The Mortgage Firm - Suzanne Morton: Interviewing a Real Estate Property Appraiser

The Mortgage Firm - Suzanne Morton: Interviewing a Real Estate Property Appraiser | Real Estate | Scoop.it
INterviewing a #realestate #property appraiser! Read more here... http://t.co/kbY5GAPTu7
Deborah Diak's insight:

It's a crazy market.  Because home values have increased, valuations are all over the map. FNMA Short sale home valuations tend to be quite a bit above what the market will bear.  However, appraisals ordered by lenders, tend to be below current market trends.

 

Knowing what your home is worth is a tricky business.  A Real Estate Agent is able to pull up comps for your home and give you a good ball park estimate.  

 

Find out what your home is worth.  http://bit.ly/MyHomeValueReport

 

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8 tips for pricing your home in a buyer's market - MSN Real Estate

8 tips for pricing your home in a buyer's market  - MSN Real Estate | Real Estate | Scoop.it
Getting ready to sell? The more you know about conditions in your local market, the better your chances of getting the best possible price for your home.
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» Turning Point for Housing Market? Key Drivers Shift from Supply to Demand

» Turning Point for Housing Market? Key Drivers Shift from Supply to Demand | Real Estate | Scoop.it
» Turning Point for Housing Market? Key Drivers Shift from Supply to Demand (Turning Point for Housing Market?
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Top 10 Mistakes to Avoid in Real Estate Investing (Part 2)

Top 10 Mistakes to Avoid in Real Estate Investing (Part 2) | Real Estate | Scoop.it
Real Estate Investment Tips
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Real estate deductions on the chopping block? | Inman News

Real estate deductions on the chopping block? | Inman News | Real Estate | Scoop.it
Real estate deductions on the chopping block?
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Top 5 Rules For Success In Real Estate Buying

Top 5 Rules For Success In Real Estate Buying | Real Estate | Scoop.it
Whether you’re purchasing your first home or looking to invest in real estate, buying property is no small task. And when the market is struggling to recover, the task is all the more difficult.
Deborah Diak's insight:

Some good suggestions in this blog. Most people spend more time selecting a brand of peanut butter than they do putting a real estate team together.  Real estate is a big investment.  Take time to find your advocates and then share your thoughts and dreams.

 

Looking for property online without a professional creates blind spots in your vision.  Don't be worried about reaching out to a Real Estate Professional early in your search. The more informed you are, the better your search will go.  It's ok to look online AND talk to a REALTOR.  A good REALTOR will help you assemble a team and prepare you for the ups and downs in the market.

 

If you're just trying to avoid sales pressure, then select someone who is not looking for a transaction, but a long-term relationship.

 

 

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Mortgage rates rise, Freddie Mac says, but jumbo loans are cheap - Los Angeles Times

Mortgage rates rise, Freddie Mac says, but jumbo loans are cheap - Los Angeles Times | Real Estate | Scoop.it
Mortgage rates rise, Freddie Mac says, but jumbo loans are cheap
Los Angeles Times
Rates for 15-year fixed mortgages and adjustable loans also edged higher, a trend Freddie Mac chief economist Frank Nothaft attributed to a healthier-looking economy.
Deborah Diak's insight:

Although mortgage rates are on the rise, it's good to remember that rates are still very affordable.  So don't despair if mortgage interest rates keep moving higher.  Rates have a significant way to go to reach the 9%-10% rates we were all fighting for in the 80's.

 

GREAT NEWS for luxury home buyers!  Jumbo loans (typically loans over $300,000 that are not backed by Fannie/Freddie) are stable and in some cases better than Fannie/Freddie backed loans.  If you've been on the fence about buying that bigger home for your family...this is a bandwagon you want to jump on.

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FHA eases rules for some borrowers after bankruptcy, foreclosure - Los Angeles Times

FHA eases rules for some borrowers after bankruptcy, foreclosure - Los Angeles Times | Real Estate | Scoop.it
FHA eases rules for some borrowers after bankruptcy, foreclosure
Los Angeles Times
Borrowers generally are not eligible for a new FHA loan until three years after a foreclosure or two years after a bankruptcy.
Deborah Diak's insight:

The new rules for FHA are important if you've been through a foreclosure or bankruptcy.  Under the prior rules, borrowers needed to wait 3-years before they could qualify for an FHA loan.  Now, if you qualify, you can borrow again just after a year.  

 

Borrowers need to prove external ecominic factors caused the foreclosure or bankruptcy.  If, for example, income was reduced by 20% for more than 6-months, a borrower would meet the first hurdle of getting back into the home owner market.  There are more conditions to be met, but this is one major step forward toward getting back into home ownership.

 

 

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