lending: Congress Nixing Seller Financed Loans?????
- 07/22/08 07:07 AM
Please read the article below. We have been talking in our office lately about these programs. They are being used by FHA loans as a way to still borrow 100% on the value of the house. You basically pay a 3rd party to be an intermediary in the transaction, and to hold the seller donated downpayment. Because FHA has a limit on how much down payment assistance can be taken, the seller is not allowed to directly credit the buyer the money. These companies take either a flat fee, or a cut of the money to facilitate the transaction. Now on … (3 comments)
lending: Appraisers are outdated, and no longer have a place in real estate purchases
- 04/25/08 09:03 AM
I don't agree with the title of my blog. I do believe appraisers are working a system that is devaluing themselves, and should look into changing their practices. Appraisers should base their appraisals on independent judgment without a predetermined set price in mind. That is their job, and therefore their inherent value. If the determing value of real estate is a willing buyer/willing seller under no duress, than the job of the appraiser is of little to no value if you have those two components. Thus, the appraiser does not have a place in the real estate transaction. But that leaves no watchdog for the bank, … (20 comments)
lending: Company trying to make money off of "Deed in Lieu" service
- 03/07/08 05:22 AM
I just read this article from the daily Real estate news, and it really bothers me. It was an article about a website YouWalkAway.com that charges consumers to help them mail their keys back to their lender. The service that this company is offering is $1195, but now available at a special rate of $995. They will take 3 easy payments of $332. They seem to be advising that the best option is to "Just Walk Away" Additionally, they advertise that you can stay payment free in the house for up to eight months, and that they have a service to remove the foreclosure from your credit report. Now … (11 comments)
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Adam Bogle
CRS, Southern Oregon... The Most Recognized Realto
Please read the article below. We have been talking in our office lately about these programs. They are being used by FHA loans as a way to still borrow 100% on the value of the house. You basically pay a 3rd party to be an intermediary in the transaction, and to hold the seller donated downpayment. Because FHA has a limit on how much down payment assistance can be taken, the seller is not allowed to directly credit the buyer the money. These companies take either a flat fee, or a cut of the money to facilitate the transaction. Now on … (3 comments)
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