By Don Dunning | July 31, 2009
Although some of the cities most devastated by foreclosures are experiencing decreased numbers, others that have been mainly spared appear to be the next to be hit. An article from cnnmoney.com, “Foreclosures: How Bad Is Your City?” indicates that the “third wave” of foreclosures will come from “option-ARM resets.” Seattle, Minneapolis and Phoenix were three […]
Read MoreBy Don Dunning | July 23, 2009
New Federal Reserve regulations to protect consumers are due to go into effect on July 30th. Soon, lenders will be required to provide borrowers with an estimate of their mortgage costs within three working days of the loan application. In addition, the only upfront cost that may be collected prior to this disclosure is an […]
Read MoreBy Don Dunning | July 17, 2009
As everyone knows, the real estate market is in the doldrums; however, several factors indicate a current opportunity for both buyers and sellers. Interest rates fell for the third week in a row to an average of 5.14%, great news for buyers and those who wish to refinance. This is not the lowest ever (4.78%), […]
Read MoreBy Don Dunning | July 10, 2009
In trying to get a leg up, some buyers, at conceivably great risk to themselves and the sellers, are submitting offers on a number of properties all at the same time. People are throwing out these simultaneous bids, predominantly on short sales and bank-owned homes, in the hopes one will stick. If they intended to purchase all of them, and had the ability to do so, this would not be an issue. Conversely, if they disclosed their gambit to each seller in writing, the sellers would then have received full disclosure; however, the offer might not be viewed as a serious one.
As a member of the California Association of Realtors (C.A.R.) Professional Standards Committee, I heard about this problem last month at the most recent gathering of C.A.R. It was highlighted as being widespread throughout the state.
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