Can the Bank REALLY Lock Me Out?

The Answer May Surprise You...OK, Not Really... Before her house was foreclosed on, a friend of mine discovered that she had been locked out by the lender...can they do this? You bet they can! There is plenty of language in most deeds of trust to allow banks to take measures to "protect" the property that is securing the note, including entering the property without your permission and changing the locks. Seriously... … [Read more...]

Hey Short Sale Buyers: You May Be Writing The Check, But You Are Not Calling the Shots

Short sale negotiations are between the Seller and the Seller's Creditors...while the Buyer waits Everybody knows that a short sale is a real estate transaction in which the proceeds from the sale are less than what's owed on the property. But sometimes buyers forget that the Seller's creditors have complete control over that deal - they can change the terms or cancel the deal altogether. Unlike a typical real estate transaction, a short sale requires approval from multiple entities, including the lender or lenders, mortgage insurance companies, investors, government entities like Fannie Mae and Freddie Mac...the list goes on and on. The … [Read more...]

Lease Purchases & Lease Options: Are They A Good Idea?

Is a lease option or lease purchase a good option after a foreclosure or short sale? Lease purchases - where the buyer leases with a purchase contract in place - and lease options - where the buyer leases with an option to buy in the future - have most often worked much better for the seller than the buyer.  In both the lease option and lease purchase, the buyer pays upfront money - usually 1% of the purchase price or more - as an earnest money deposit or an option fee - and a higher amount in rent, a portion of which is credited at the time of purchase. If you want to buy a house, but can't currently qualify for a mortgage, this alternative … [Read more...]

How Long After A Short Sale Or Foreclosure Before I Can Buy A House?

Fannie Mae publishes new guidelines for home purchases after short sale or foreclosure The new Fannie Mae guidelines defining the waiting period required for a home buyer after a short sale or foreclosure are probably just the first of many tweaks to the guidelines that govern the mortgage industry. The new guidelines clearly define how long a homebuyer must wait, and how much they must provide as a down payment after one of these events has occurred. The new guidelines give a clear indication that policies will be shifted to support the re-entry of homebuyers into the real estate market after losing their him. This is an important step in … [Read more...]

How Much Will It Cost Me To Do A Short Sale?

When you sell your home in a short sale, how much does it actually cost the Seller? Just like a lot of things in real estate, the answer depends on your situation. That's why it is always advised to seek legal and financial counsel when considering a short sale. Contact me at kristin@hereinphoenix.com or 480-282-7464 … [Read more...]

The Fed cut rates…why don’t mortgage rates follow?

In an effort to bolster the US economy, the Federal Reserve has lowered the prime rate several times over the last few months. But Fed rate cuts don't always translate into lower mortgage rates. Today, rates are falling, but that trend will reverse if investors conclude that the Fed's monetary stimulus, combined with Congress's promised fiscal stimulus, will bring unwelcomed high inflation. Rising inflation would bring higher mortgage rates. Mortgage rates are not determined by the Federal Reserve. Mortgage rates are actually determined by the investors who supply the capital to fund those rates. Mortgage loans are brokered by banks and … [Read more...]

Now, That’s Depressing!

Prices have declined, interest rates are low and there is a LOT of inventory to choose from. So why aren't more Buyers jumping on the band wagon? With all the negative press these days, who can blame them. I actually heard a news story that compared today's real estate market to the Great Depression! The Great Depression was a result of the Stock Market Crash of 1929 when speculators who were buying stocks on margin saw their overinflated profits turn into nightmarish losses. When buying on margin, you can invest $1 to buy $10 worth of stock. If the stock goes up, you can increase your investment ten fold. Unfortunately, if the stock … [Read more...]