What an amazing deal for a first time home buyer in Ashland Oregon who thinks they can never afford to do anything but rent in Ashland! The monthly payment probably works out to be less than most Ashland rents, and this area is eligible for no money down USDA home loans!
Chris and Kim Knox | Landline Real Estate, LLC | 541-899-8222
127 Cypress Circle, Ashland, OR
AFFORDABLE in ASHLAND!
3BR/2BA Single Family House
offered at $209,900
Year Built
1978
Sq Footage
1,389
Bedrooms
3
Bathrooms
2 full, 0 partial
Floors
1
Parking
2 Car garage
Lot Size
0.18 acres
HOA/Maint
$0 per month
DESCRIPTION
Affordable in Ashland! Bring your best offer, quick! Move-in ready, near Helman Elementary School. Nice, single level, 3 bed/2 bath home located in a cul-de-sac. Shows well with lots of natural light, a fireplace, a large covered patio, and a lovely fenced yard with a garden area. Great curb appeal, attractive floor plan, and well maintained yard. Centrally located (less than 2 miles to downtown Ashland or to the Ashland Hospital). Seller has no knowledge of property, sold as-is. Easy to view. Check out the attached virtual tour. Solid value.
Karen Cooper - OR|CA Mortgage Consultant - www.Quality4Loans.com Providing high Quality, Professional, Ethical service to Oregon and California home buyers and owners since 1983. Whether you are taking out your first home loan or your fiftieth, for your home, your second home or for investment, put my knowledge and expertise to work for you.
Thanks to Xerox sending out a Thank You card to our soldiers is simple, fast and free.
At this time of the year we can take some time out to teach our children about giving thanks and living in gratitude. The best way of course to teach gratitude is by being a good example of being in a thankful state of mind.
You can gather your children around your computer right now and go to this site:
All you do is click on the card you want to send and then click on what you want the words on the text side of the card to say. You don't even have to think to do this because it is all done for you. You just have to choose the card and the text out of the ones on the site. Then you just click send.
Xerox prints out the postcards and then these cards go into the care packages that Givetothetroops® sends to our soldiers. What a gift Xerox is giving to the troops. I really appreciate a company setting a great example like this. The cards have all been designed by children and are patriotic. There are many patriotic symbols and messages to choose from.
Here are some of the comments sent back by different servicemen and women:
To all who have supported us,
I would like to take this opportunity to say thank you from myself and my fellow Marines. Your packages and well wishes have lifted our spirits at a time when we are so far away from our friends and family. I wish you could have seen the bright eyed looks and utter excitement from the Marines when opening the boxes. It was a true blessing that you made happen. It makes us proud to know that our fellow Americans care as much as we do. It makes the sacrifices we and our families make worth every minute we spend here. We Americans can stand shoulder to shoulder in unison on one thing - we're all proud of our country and we're all proud of each other. The effort you make on behalf of the troops is just as important as the work we are doing here and around the world.
- A Gunnery Sergeant
As I was leaving an un-eventful Valentine's Day today, one of the mail clerks yelled "Adams!! You have a package!!" A package, I thought to myself. I'm not expecting anything. What could this be? I took the box into my office and closed the door. As I opened the box, a flood of joy came over me as I looked over the cards from you and the young ones, one of my co-workers walked in to see tears rolling down my eyes. I had never received a gift with this much love, packed into one little place from someone that I've never known.
As I thought about what the cards talked about with soldiers giving their lives and privileges up to ensure the freedom of Americans, it was nice to know that someone out there does not take it for granted. I don't know who you are, but you are truly a gift from God. The gift that gives me the drive to serve my country proudly. As you pray that the Lord keeps the soldiers here safe and brings us home, I pray to the Lord that people like you do not die off from this world. Your contributions are nowhere near inadequate. Please never forget what this means to a soldier. Thank you for your love and thoughts.
Please be kind- take a moment out of your day to send a card for free to a soldier today. Please Reblog!
Karen Cooper - OR|CA Mortgage Consultant - www.Quality4Loans.com Providing high Quality, Professional, Ethical service to Oregon and California home buyers and owners since 1983. Whether you are taking out your first home loan or your fiftieth, for your home, your second home or for investment, put my knowledge and expertise to work for you.
Working with a lot of first time home buyers over the years prepares one to expect challenges in the mortgage process. One recent transaction that should THANKFULLY close before Thanksgiving was probably at the top of the challenging range. I found out some things on the journey with these buyers. Some of these things make sense to me, others were like being blindfolded and poked with a sharp stick repeatedly:
Patience is not only a virtue, it is the key to these buyers successfully closing on their first home purchase
Neighborhood Stabilization Program guidelines and provisions were not carefully thought out
Real estate brokers handling the listing for bank owned foreclosure homes are not supportive of the Neighborhood Stabilization Program, and if they have an offer from a buyer not using NSP, they will choose it first
The lender support the State of Oregon thought they had does not exist
Diligent efforts of SOME of the parties to a transaction cannot trump other parties dropping the ball – the whole team has to work together, or we lose the game
Expect the unexpected – over and over and over again! Trained NSP coordinator transferred to another position; new NSP coordinator doesn’t have lending background, so has a sharper learning curve to get up and running; three consecutive local NSP contacts – one fired but is appealing that decision, one goes out on vacation, the third gets to start from scratch trying to carry the ball forward until the 2nd one returns; NSP application accepted, but documentation not reviewed for 6+ weeks with no mention of this during repeated fund requests; three inspectors do not require repairs, FHA underwriter does; FHA lender closes office due to the commercial building they are located in being foreclosed upon; chaos reigns with the merger of lender’s operations centers; notified lender’s corporate center has reviewed and approved NSP program as an acceptable down payment assistance program, but approval is retracted; lender’s rep goes out on maternity leave early; FHA lender’s underwriting approval is three pages long, but only two pages are provided; the missing 3rd page contains additional FHA underwriter required repairs
This family WILL be recipients of Neighborhood Stabilization Program funding, as will roughly 7 others in the City of Medford. I cannot afford the time investment this program requires, and will only help this one family, having referred the other I had to another lender. God Bless this first family and the families that follow them…
Thank you, Damien Mann of the Medford Oregon Mail Tribune, for responding when this family reached out to you to share their story. It needed to be told.
See you at the closing table!
Karen Cooper - OR|CA Mortgage Consultant - www.Quality4Loans.com Providing high Quality, Professional, Ethical service to Oregon and California home buyers and owners since 1983. Whether you are taking out your first home loan or your fiftieth, for your home, your second home or for investment, put my knowledge and expertise to work for you.
With all the rapid changes we’re seeing in the mortgage industry, those that have been instituted and many coming down the pipe, I haven’t heard anything about the tax deduction for Mortgage Insurance Premium that expires 12/31/2010.Right now, eligible taxpayers may deduct their eligible mortgage insurance premiums, including FHA upfront mortgage insurance and monthly mortgage insurance premium, USDA guarantee fee, and VA funding fee as well as the private mortgage insurance premiums required on conventional Fannie Mae|Freddie Mac vs. government loans.
Although these mortgage insurance premiums are not nearly as much as the mortgage interest taxpayers deduct, they can add up! Up until the demise of the “piggyback mortgage” – concurrent first and second mortgages broken up to 80% of the purchase price or less, with the remaining amount financed put in a second mortgage – homeowners took the cost, and tax deductibility (or lack thereof), of mortgage insurance premiums in to consideration on how to structure their financing.
For example, a buyer choosing to use an FHA loan as the finance tool to purchase their home because they are putting 3.5% down on a home that costs $175,000 will pay (and/or finance) an upfront mortgage insurance premium ofalmost $3,000 plus another $900+ per year with the monthly mortgage insurance premium for at least 5 years, or until their original loan balance is paid down to 78% of the original purchase price. A USDA Guaranteed Rural Housing or VA loan would have roughly the same in upfront guarantee/funding fees.
Most home buyers chose a “piggy back” to avoid the mortgage insurance costs they could not deduct on their income tax return, finding this structure was more affordable.Then, these costs were temporarily made tax deductible for buyers meeting the income criteria and the acquisition criteria. Now that home buyers don’t have that choice, we once again see them paying the cost of mortgage insurance premiums whenever they will have less than 20% equity/down payment.
Barney Frank and the “boys” must be busy with all the other stuff they’re putting forward. Maybe they should look at the expiring tax deductions, too – or maybe they shouldn’t…
What do YOU think?
See you out there!
Karen Cooper - OR|CA Mortgage Consultant - www.Quality4Loans.com Providing high Quality, Professional, Ethical service to Oregon and California home buyers and owners since 1983. Whether you are taking out your first home loan or your fiftieth, for your home, your second home or for investment, put my knowledge and expertise to work for you.
Like "location, location, location", "timing can be everything" is part of the equation when a buyer is determining the "right time to buy". Is it the right time to buy - FOR YOU?
Thanks for posting some great points in the decision making process, Pacita!
The perception is that REALTORs are always trying to convince their clients to buy or sell real estate each and any time. But the reality is that when the buyers or sellers are on the verge of making a decision, they are the people who make that decision based on the information they have, and how they process that information.
As such, it is always a good idea to stay abreast of the real estate market movement and factors that are affecting --- or effecting --- that movement.
Affect means: to have an influence on; to act on the emotions of; to attack or infect
Effect means: to bring about to produce an outcome to achieve a result
How to we apply this to real estate and to answer the question of whether or not it's a good time to buy or sell? The answer lies in how people process, interpret and take action on the information they know about the current situation.
Tax credits
The National Association of REALTORS helped to effect(cause to happen) the extension and expansion of the tax credits by encouraging its membership to contact their legislators to pass the bill and encourage President Obama to sign it.
Who are affected by the bill when it was signed? The first time home buyers and repeat buyers who have until April 30 2010 to get into contract, and have 60 days to close escrow to qualify for the tax credit.
Short sales and Foreclosures
The four largest lenders are staffing up their short sale department to effect a simplification of the short sale process
Homeowners who are suffering reduced incomes and drop in home market values are facing foreclosure, and are directly affected by the economic downturn. Market observers like Steve Harneysay that "if anything, future foreclosure inventor is underestimated, not overestimated."
More short sales and foreclosures may adversely affect the market values of neighboring homes. So if property owners are contemplating selling their home, they should factor the projected increase in distressed properties. How can they compete? Price their homes aggressively so that they move fast and ahead of the market. Assume
Assume $500,000 home in November 2009, and owner has an outstanding loan of $400,000 at 6% interest.
Selling now for $500,000 with projected close of escrow by April 30, 2010: $64,600 net at closing
Waiting until June 2010 when more foreclosures and short sales are expected to come on the market, the value of his home may be affected by as much as 10% or down to $475,000. Projected close of escrow 90 days: $61,873 net at closing
Interest rates and FHA down payment
Historically speaking, the current rates are still some of the lowest they've ever been in 40 years. See FreddieMacfor a peek at 30-year rates since 1971.
Interest rates may rise by 1 - 2% by next year. A concern for increasing rates may effect renewed interest in buying property, coupled by a desire to meet the tax credit deadlines.
When interest rates rise, this may affect the buyers' ability to qualify for a loan if the monthly mortgage payments based on the higher interest rates are higher than what their current income level can support. It is important to relate the cost of buying a home --- if prices decrease by 10%, but the interest rate increases by 1% --- how will that affect your monthly payment? Assume 30-year mortgage with 20% down payment , in Oakland CA
$500,000 purchase price at 5% interest rate: $2,814/month
Reduced purchase price by 10% or $475K, with increased interest rate to 6%: $2,912/month, or $98 higher
Now, about that FHA down payment....
Keep your eye on this bill H.R. 3706that proposes increasing down payment for FHA insured mortgages from 3.5% to 5%. Reactions are mixed regarding the pros and cons of this bill and what its effect will be (more bailout?) and how it will affect buyers (more difficult to qualify to buy).
According to Wall Street Journal, the agency opposes this bill. David Stevens, the commissioner of the FHA, warned that "the biggest mistake" the agency could make is to "overcorrect."
Can one say information overload? Political intervention and interference? Who do we believe? What can we expect?
Karen Cooper - OR|CA Mortgage Consultant - www.Quality4Loans.com Providing high Quality, Professional, Ethical service to Oregon and California home buyers and owners since 1983. Whether you are taking out your first home loan or your fiftieth, for your home, your second home or for investment, put my knowledge and expertise to work for you.
Really what this boils down to is one question. Banks selling Foreclosure Home Inventory… why do you accept the offer of a buyer using FHA or USDA home loan financing programs if you are unwilling to negotiate their lender’s required repairs?
Yes, we all read in the MLS sheet the “As Is” provisions. Saw all the “As Is” provisions and warnings in your addendum to the purchase contract. We read about all the other provisions that were negotiated before the buyers went under contract with you, too. Why, may I ask, are we experiencing this clash between your “As Is” sale expectations and the known requirements of the buyer’s financing termsAFTER the buyer has paid their whole house inspection and appraisal fees? And maybe after they’ve paid to de-winterize/re-winterize your REO home, too? This is $1,000 or more the buyer paid!When you accepted an FHA| USDA| VA buyer, did you not just make those provisions null and void? Shame on you Bank REO Seller – YOU should KNOW better!
Did you read the part in that same purchase contract about the buyers using FHA home loan financing? Using USDA home loan financing? Do YOU know, as a bank| lending institution that there are HUD required Minimum Property Standards for an FHA or USDA or VA home loan? Just in case, here is a link to those HUD minimum Property Standards in case the time has come for you to refresh your memory. Don’t have time to read all that? Here’s a General Summary that can be found as of today on HUD’s website:
CHAPTER 2
GENERAL ACCEPTABILITY CRITERIA
200 GENERAL
These general acceptability criteria apply to existing as well as new construction.
201 REAL ESTATE ENTITY
The project site shall comprise a single plot, except that two or more parcels separated by other parcels or a street or streets may be acceptable provided the resulting parcels comprise a readily marketable real estate entity. In either case, the property shall be sufficiently grouped to assure that convenient and efficient management during operation can be expected.
202 SERVICES AND FACILITIES
202-1 TRESPASS
The property shall be so designed that it can be used and maintained without trespass upon adjoining properties.
202-2 UTILITIES Utilities and other facilities shall be independent for the property, without dependence upon other properties.
203 SITE CONDITIONS
HAZARDS
The property shall be free of those hazards which may adversely affect the health and safety of the occupants or the structural soundness of the improvements or which may impair the customary use and enjoyment of the property. These hazards include toxic chemicals, radioactive materials, other pollution, hazardous activities, subsidence, flood, erosion, expansive or compressible soils, inadequate drainage outfall,
landslides or mudflows, and deposition of suspended solids or others located on or off site. Projects with potentially significant hazards may be acceptable if any such hazards are effectively mitigated.
203-2 UNFORESEEN CONDITIONS
When special conditions exist or arise during construction which were unforeseen and which necessitate precautionary measures, the HUD Field Office may require such corrective work as may be necessary to meet the
special conditions. Special conditions include rock formations, unstable soil, high groundwater level and springs.
204 ACCESS
204-1 STREETS
Each property shall be provided with vehicular access by an abutting public or private street. Private streets shall be protected by a permanent easement.
204-2 ACCESS TO THE BUILDING AND THE NONDWELLING FACILITIES
204-2.1 Each building shall have safe and convenient pedestrian access from project parking areas.
204-2.2 Each building shall have convenient access for service and, when necessary, for delivery of fuel.
Still too much, Bank REO Seller? Did you know you could hire a forward thinking appraiser, such as one we have here in Southern Oregon, who will do a preview of a property for $75 to let you know what repairs likely would be called out on an appraisal for a buyer using financing subject to HUD’s minimum property standards? Yes, I know how fee conscious you are Bank REO Seller, but I’d say that would be $75 well spent – before I log that FHA home loan appraisal and the information on your foreclosure home becomes of record.
Wouldn’t it be nice if a buyer using FHA| VA| USDA home loan financing could know before they spent $1,000 in initial fees that the repairs on your Bank Owned Foreclosure Home would exceed their budget? Think the buyers that did that only to find out they can’t afford your home are ever going to want to bank with you? Is it not part of your business practices to build goodwill with the community members your banks| branches are located in?
Since your bank owned foreclosure homes represent such a large percentage of the inventory of available homes for sale in our area, I think the time is overdue for you to ease some of our pain in this community. Be PROACTIVE about fulfilling market needs! If you KNOW a large percentage of your buyers will be using home loan programs that will require your property meet HUD’s minimum property standards, why not spend the $75 and get repair estimates in advance so these issues may be hit head on?
Karen Cooper - OR|CA Mortgage Consultant - www.Quality4Loans.com Providing high Quality, Professional, Ethical service to Oregon and California home buyers and owners since 1983. Whether you are taking out your first home loan or your fiftieth, for your home, your second home or for investment, put my knowledge and expertise to work for you.
In this battleground home buyers and sellers find themselves on in today’s real estate market, it is often necessary to work our way through conflicting goals to reach the ultimate goal, a successful closing on the sale of a bank owned foreclosure home to a ready, willing and able buyer. That bank’s goal is to get the home sold as quickly as possible at the lowest possible cost to them, which doesn’t necessarily mean the highest possible price they can obtain, as is the case in a traditional private party transaction where individuals are selling the home vs. institutions. Banks are factoring in the more traditional costs of a sale, such as selling commissions and closing costs, negotiating the lowest price they can get these fees to while passing as many as possible on to the buyer. But, unlike a traditional private party seller, the institution seller (bank) is factoring in their employee costs, legal costs, asset management costs and maintenance costs of an abandoned home. Let’s not even get in to the bank’s focus on their balance sheet and reserve requirements! Bottom line is, the bank| institutional seller is focused on money, not service or win| win negotiations and no emotions come in to play here.
Every real estate market can be a little different... sometimes, a LOT different. Let’s look at Southern Oregon’s market. Here in Southern Oregon, a large percentage of the home loans buyers are choosing as the tool to purchase their home are FHA, VA and USDA loan programs. Based on the reports I’m reading, these three loan types, FHA, VA and USDA, have vastly increased their market share in the past 24 months. Why? Because they have low| no minimum down payment requirements, and with the deterioration of the private mortgage insurance industry and their corresponding tightening of underwriting criteria, conventional loans which require private mortgage insurance if a buyer is putting less than 20% down cannot meet the needs of the market. Entry level buyers and investors are driving the market here, and the entry level buyers are almost all using FHA, VA and USDA loans as the financing tool of choice to buy their homes with. If my pipeline is any indication of what other markets are experiencing, 99% of the home loans I am working on for California and Oregon home buyers are FHA, VA and USDA loans, and 99% of my pipeline is purchase transactions, because most of the existing clients in my database who would benefit from refinancing have already done so – or can’t, due to current market values being driven downward by the vast percentage of distress sales such as these bank owned foreclosure sales.
The buyers I am working with are in the market right now because they can buy a home for about what they have been paying for rent with little to no cash outlay. They see some amazing deals, and are attracted to the bank owned foreclosure inventory which is being put on the market at below market prices…below market for now, since as soon as those bank owned foreclosure home sales close, they become the market price for everyone since appraisers will use them as sales comparables until private party sales percentages pick back up again when the bank inventory of foreclosure homes sells through and distress sales no longer determine market values. These buyers are qualifying for such low interest rates, AND are getting tax credits for purchasing a home, so they have been coming out in droves these past 9 months. The naysayers say this is just the set up for the next real estate market crash, buyers going in to these homes without enough “skin in the game”. I say I’m sure there will be some of that out there, but since the home buyers I work with choosing FHA | USDA| VA home loans have analyzed their budgets, investigated the various loan programs available to them, and are planning to purchase these homes to live in for 5+ years, I suspect the default rate for these buyers will be as low as it has been for ALL the first time home buyers I have worked with since 1983 who have taken the time and made the effort to prepare for sustainable homeownership, none of whom have “strategically defaulted” on their home loans that I am aware of, although many have experienced financial hardship driving them to try to find solutions to help keep them in their homes.
Horns are locked and the battle is on! So what is the battle over? The battle is over the bank’s “As Is” provisions vs. the Minimum Property Standards required by HUD for FHA | VA loans which most banks and lenders adopt for USDA home loans, too. After 9 months of frenzied buyers snatching up REO inventory, we’re finding a lot of the homes on the market aren’t in the same condition some of the first waves of REO’s were in. Part 2 of Clash of the Titans | Bank Owned Foreclosure Homes vs. FHA|USDA|VA Home Loans will highlight the respective positions of the bank vs. the FHA| USDA| VA buyer in these foreclosure home sale transactions.
See you at the closing table!
Karen Cooper - OR|CA Mortgage Consultant - www.Quality4Loans.com Providing high Quality, Professional, Ethical service to Oregon and California home buyers and owners since 1983. Whether you are taking out your first home loan or your fiftieth, for your home, your second home or for investment, put my knowledge and expertise to work for you.
From the roses in full bloom to the winter berries... from the still turning autumn leaves to the bare branches of winter. There is no doubt that fall has arrived here in Southern Oregon. And Winter isn't far behind...
See you out there...even if I am all bundled up!
Karen Cooper - OR|CA Mortgage Consultant - www.Quality4Loans.com Providing high Quality, Professional, Ethical service to Oregon and California home buyers and owners since 1983. Whether you are taking out your first home loan or your fiftieth, for your home, your second home or for investment, put my knowledge and expertise to work for you.
A picture graph is worth 1,000 pages of congressional lawmaking.
The chart on the left was compiled by Bloomberg, and shows the budget surplus / deficit as a percentage of Gross Domestic Product.
I came across this chart this morning, and mentally did an overlay of historical events. That led me to wonder what a longer historical perspective would show.
Deficits since the Civil War
I found the most interesting and interactive website to help me with this. The chart below shows the Federal Deficit as a percentage of Gross Domestic Product since 1860. You'll want to note some significant events that have taken place in our nation since that time, and overlay the events on the chart.
The American Civil War
1861 to 1865
US Involvement in World War I
1917 to 1919
US Involvement in World War II
1941 to 1945
The First Gulf War
1990 to 1991
The Iraq War
2003 - 2009
And that leads me to wonder this: To what event will history attribute that blue spike on the right, a deficit never equaled except in a time of world war?
Back to that first chart...
From the TARP bill to the current legislation passed over the weekend under the heading "health care reform," it's apparent that none of the elected representatives we voted into office take the time to READ, EVALUATE, and UNDERSTAND the legislation they enact into law.
"There wasn't time," I've heard lawmakers say on CNN, "the crisis was so great that we had to act..."
I beg to differ.
You can't run your real estate business like that.
You can't operate your household like that.
We ought not to let our representatives run our country like that.
The Voter Revolution
2009 to ...
___________________
I'm Mike in Tucson, and I blog here on the Active Rain Real Estate Network just about every day.
I'm an internet-based mortgage lender who happens to reside in Tucson, Arizona. Read my blog, and get to know me. The internet allows me to perform at the highest level of trust and productivity.
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Click the Active Rain link below to see my guarantee of service.
SUNSTREET MORTGAGE, LLC a correspondent banker Call me if I can help you or someone you know with a purchase or refi mortgage. (520) 349-9090
Karen Cooper - OR|CA Mortgage Consultant - www.Quality4Loans.com Providing high Quality, Professional, Ethical service to Oregon and California home buyers and owners since 1983. Whether you are taking out your first home loan or your fiftieth, for your home, your second home or for investment, put my knowledge and expertise to work for you.
Greg Cook has shared the information received from a directive Chase Finance is giving to strong arm buyers in to using their services, whether it is in their best interest or not. Thanks for getting the word out, Greg! I believe it is important that buyers understand the many hidden undercurrents leading to unexpected and/or unnecessary costs when a buyer is considering the purchase of a bank owned foreclosure home.
In the movie classic Network, Howard Beal, played by Peter Finch in one of the iconic moments in movie history gives us the classic line: "I'm mad as hell and I'm not going to take this anymore!"
I'm wondering when we as Realtors and our clients as consumers are "not going to take this anymore!"
Those of you who believe that the banks/lenders who control the REO properties are going to negotiate fairly and protect your client's interest, can probably stop reading here.
If you think, your job is to protect your client's best interest and negotiate the best possible terms for them, might want to read on.
If you haven't heard about it yet, you will. Chase Bank in a memo to its Asset Managers, announced the Chase Finance Initiative. In an attempt to capture more of the loans that are being done on their REO properties, Chase is encouraging their asset managers to promote Chase financing.
Problem is, they are in violation of RESPA and FTC guidelines and more importantly putting your clients at a serious disadvantage in the negotiation process.
I'm going to quote directly from RESPA Section 9 and FTC Guidelines for Antitrust Laws, so bear with me if it's a little dry. I'm also going to quote directly from the Chase memo that outlines their Chase Finance Initiative.
RESPA Section 9 - "Section 9 prohibits home sellers from requiring home buyers to purchase their settlement services from a particular company either directly or indirectly, as a condition of sale. Buyers may sue a seller who violates this provision for an amount equal to three times for all charges made for the title insurance." "Settlement service means any serive provided in connection with a prospective or actual settlement including but not limited to any one of the following: Origination of a federally related mortgage loan...Rendering of services by a mortgage broker..."
FTC Guide to the Antitrust Laws - "For competitive purposes, a monopolist may use forced buying, or "tie-in" sales to gain sales in other markets where it is not dominant and to make it more difficult for rivals in those markets to obtain sales. This may limit consumer choices for buyers wanting to purchase one ("tying") product by forcing them to also buy a second ("tied") product as well. Typically, the "tied product may be a less desirable one that the buyer might not purchase unless required to do so, or may prefer to get them from a different seller. If the seller offering the tied products has sufficient market power in the "tying" product, these arrangements can violate the antitrust laws."
Refusal to Deal - Sometimes the refusal to deal is with customers or supplier, with the effect of preventing them from dealing with a rival: "I refuse to deal with you if you deal with my competitor".
Chase's plan?"3. Sell the fact that buyers are more likely to receive seller assistance with closing costs by using Chase financing""8. In multiple offer situations, advise the agent that the seller will generally put more weight" on an offer with Chase financing than any other offer."
As a Realtor, you're really going to like this section from the Chase Finance initiative: "With Chase as our primary client, (asset manager name withheld) must work with Realtors who understand the importance of Chase financing on Chase owned properties and we will begin to limit our relationships to those who can adhere to these guidelines."
I'm sure there are more examples but here are three brief ones, that amplify the disadvantage your clients would have when negotiating with Chase:
1) The lender selected by your client has a more favorable interest rate than Chase, but in order to get their offer accepted, they will have to take the higher rate by using Chase.
2) Your client asks for closing costs to be paid by Chase, but in reviewing your client's financials determines your client has the ability to pay them, and Chase counters accordingly.
3) Your client makes an offer on a Chase home that is priced below the maximum amount for which they qualify. Even though your buyers are making a prudent financial decision, Chase can counter to a higher amount solely because they know your buyer can qualify for the higher price. Think your buyers might accept the higher price if they've already written 20 offers?
This probably isn't something that can be won in a court of law, but perhaps it can be won in "the court of public opinion".
Pass the word, reblog, protest, make t-shirts, just do something. As other banks follow this lead it will be more difficult for us to best represent your client's interest.
As Howard Beal said: "I want you to get up right now! and go to the window, open it, stick your head out and yell I'M MAD AS HELL AND I'M NOT GOING TO TAKE THIS ANYMORE!
Karen Cooper - OR|CA Mortgage Consultant - www.Quality4Loans.com Providing high Quality, Professional, Ethical service to Oregon and California home buyers and owners since 1983. Whether you are taking out your first home loan or your fiftieth, for your home, your second home or for investment, put my knowledge and expertise to work for you.
26 years experience providing Southern Oregon and California Quality Home Loans| Assisting Oregon First Time Homebuyers with no Down Payment| Specializing in USDA Guaranteed Rural Housing & Oregon Bond Loans| Oregon VA Loans| Farm/Ranch Loans| Aggressively Priced Jumbo Mortgages| Serving all of Jackson County Oregon including Ashland- Talent- Phoenix- Medford-Jacksonville- Ruch- Central Point- White City- Eagle Point- Shady Cove- Gold Hill, as well as Josephine County including Grants Pass- Merlin- Wilderville and Northern California communities in Siskiyou County| Helping Southern Oregonians and Californians on the road to fulfilling the American Dream of Homeownership
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
Is it a good time to buy and sell real estate? 
Really what this boils down to is one question. Banks selling Foreclosure Home Inventory… why do you accept the offer of a buyer using FHA or USDA home loan financing programs if you are unwilling to negotiate their lender’s required repairs?
Did you read the part in that same purchase contract about the buyers using FHA home loan financing? Using USDA home loan financing? Do YOU know, as a bank| lending institution that there are HUD required Minimum Property Standards for an FHA or USDA or VA home loan? Just in case, here is a 
Since your bank owned foreclosure homes represent such a large percentage of the inventory of available homes for sale in our area, I think the time is overdue for you to ease some of our pain in this community. Be PROACTIVE about fulfilling market needs! If you KNOW a large percentage of your buyers will be using home loan programs that will require your property meet HUD’s minimum property standards, why not spend the $75 and get repair estimates in advance so these issues may be hit head on?
In this battleground home buyers and sellers find themselves on in today’s real estate market, it is often necessary to work our way through conflicting goals to reach the ultimate goal, a successful closing on the sale of a bank owned foreclosure home to a ready, willing and able buyer. That bank’s goal is to get the home sold as quickly as possible at the lowest possible cost to them, which doesn’t necessarily mean the highest possible price they can obtain, as is the case in a traditional private party transaction where individuals are selling the home vs. institutions. Banks are factoring in the more traditional costs of a sale, such as selling commissions and closing costs, negotiating the lowest price they can get these fees to 
Horns are locked and the battle is on! So what is the battle over? The battle is over the bank’s “As Is” provisions vs. the Minimum Property Standards required by HUD for FHA | VA loans which most banks and lenders adopt for USDA home loans, too. After 9 months of frenzied buyers snatching up REO inventory, we’re finding a lot of the homes on the market aren’t in the same condition some of the first waves of REO’s were in. 
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