Friday, March 28, 2008
No more 100% Financing
No more 100% financing available, effective immediately all mortgages going forward will require a minimum of 3% down. PMI companies will no longer insure 100% financing for any lender. If the loan is locked and registered prior to 4/7, and closed by 5/9 they can still use 100% financing products. After that there will be no exceptions and a minimum of 3% down.
Tuesday, March 11, 2008
Why Now is a Smart Time to Buy
Daily Real Estate News March 11, 2008
Why Now is a Smart Time to Buy
Now is a great time to buy a home, say the financial gurus at the Wall Street Journal.The Journal calls it a buyers market and offers these suggestions for first-timers getting their feet wet. While their advice is solid, it’s not revolutionary, but some potential customers might find it reassuring.Remember this is a place to live not a stock market investment, they say. Lenders want buyers to spend no more than 28 percent of their gross monthly income on mortgage payments, real estate taxes, and home insurance. Buyers shouldn’t count on stretching further because lenders won’t approve their loans.
Cash is king. Having enough money in the bank to pay closing costs that are typically an additional 2 percent to 3 percent of the price of the home is necessary.
Location. Location, location. As any good real estate professional knows, homes in good school districts where the crime is low are much more likely to hold or increase their value.
Compare. Besides just looking at the comps, buyers should examine what it would cost to rent a similar house in the same area and they might consider what it would cost to buy land and build a comparable home.
Think long haul. It will probably take at least six or seven years of living in the house to be able to sell and come out ahead.
Source: The Wall Street Journal, Shelly Banjo (03/11/08)
Why Now is a Smart Time to Buy
Now is a great time to buy a home, say the financial gurus at the Wall Street Journal.The Journal calls it a buyers market and offers these suggestions for first-timers getting their feet wet. While their advice is solid, it’s not revolutionary, but some potential customers might find it reassuring.Remember this is a place to live not a stock market investment, they say. Lenders want buyers to spend no more than 28 percent of their gross monthly income on mortgage payments, real estate taxes, and home insurance. Buyers shouldn’t count on stretching further because lenders won’t approve their loans.
Cash is king. Having enough money in the bank to pay closing costs that are typically an additional 2 percent to 3 percent of the price of the home is necessary.
Location. Location, location. As any good real estate professional knows, homes in good school districts where the crime is low are much more likely to hold or increase their value.
Compare. Besides just looking at the comps, buyers should examine what it would cost to rent a similar house in the same area and they might consider what it would cost to buy land and build a comparable home.
Think long haul. It will probably take at least six or seven years of living in the house to be able to sell and come out ahead.
Source: The Wall Street Journal, Shelly Banjo (03/11/08)
Buying Bank Owned Properties
You've heard the term REO, but do you know what it is? An REO (Real Estate Owned) is one that goes back to the bank after an unsuccessful foreclosure auction. What many don't know is that most foreclosure auctions do not result in sales. That is why the property ends up on the foreclosure list.
Foreclosure sales begin with a minimum bid that includes the loan balance, any accrued interest, plus attorney's fees and any costs association with the foreclosure process. In order to bid at a foreclosure auction, you must have a cashier's check in your hand for the full amount of your bid. If you are the successful bidder, you receive the property in "as is" condition, which may include someone still living in the property and other liens against the property.
Since what is owed to the bank is almost always more than what the property is worth, very few foreclosure auctions result in a successful sale. Then the property "reverts" to the bank. It becomes an REO, or "real estate owned" property.
For more information on REO properties or if you would like a list of those in the Toledo area, contact me!
Foreclosure sales begin with a minimum bid that includes the loan balance, any accrued interest, plus attorney's fees and any costs association with the foreclosure process. In order to bid at a foreclosure auction, you must have a cashier's check in your hand for the full amount of your bid. If you are the successful bidder, you receive the property in "as is" condition, which may include someone still living in the property and other liens against the property.
Since what is owed to the bank is almost always more than what the property is worth, very few foreclosure auctions result in a successful sale. Then the property "reverts" to the bank. It becomes an REO, or "real estate owned" property.
For more information on REO properties or if you would like a list of those in the Toledo area, contact me!
Sunday, March 9, 2008
Sell It At 7!
My listing on Aldringham got some action from NBC24 Toledo!
Check it out!!
VIDEO: Watch This Video!
If the link doesn't work, cut and paste this address:
http://www.wnwo.com/news/news_story.aspx?id=104532
Check it out!!
VIDEO: Watch This Video!
If the link doesn't work, cut and paste this address:
http://www.wnwo.com/news/news_story.aspx?id=104532
Marine Graduation Cake
My friends' boyfriend's son graduated from Marine Bootcamp recently and she asked me to bake the cake for the occasion. I started out by using the Marine Globe and Anchor for the centerpiece.
I wanted a fun flag in the background and I saw a picture that inspired me
I LOVE the finished project!!!
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