How Can A Realtor Aid During The Buying And Selling Process?
Published November 15, 2010 | 
Folks looking to either buy or sell a house may be thinking about doing so without the aid of a realtor. It is understandable in the present economy that one would like to save money everywhere they can. Most people will discover, however, that it is much easier to buy or sell a house with the assistance of a professional realtor.
The multifarious procedure involved in buying a home is a shocker to individuals who have never been through the process, and also to individuals who have not gone through it for many years. There are inspections, mortgages, insurance, deeds, settlements, etc.; and, all of this is rather involved. A realtor can handle this process with speed and efficiently, and several homebuyers discover that they could not have done it without the assistance of a professional. If realty is not your specialty, you may find that you do not know the rules or recognize the vocabulary being used. Unlike regular people, professional realtors recognize the terminology, and have worked under the established framework. Because realtors go through this complicated process on a consistent basis, their advice can be invaluable. Finally, buying a house is a nerve-racking and emotional event; a realtor can be an objective voice of reason in a difficult time.
Selling a house too has its fair share of stress attached to it. Realtors can help pilot this process since they go through it on a regular basis. For example, realtors know what is reasonable to require of the seller, and what ought to be the buyer’s responsibility. Realtors also understand what people have in mind, and can make suggestions to homeowners about upgrades or changes that could make their house more desirable. Furthermore, they can get the most current statistical information about neighborhoods, and the latest homes on the market. The realtor’s guidance also takes the burden off of his or her client to understand the process and paperwork involved in selling a house. Additionally, coming up with the best deal for their client is their responsibility. Selling a house is a long process; realtors can also be there for you to assist with problems that occur after the closing.
Basically, a person needs to decide whether or not to employ a realtor. Educating oneself on the role of the realtor in the buying and selling process is the only way to make a good choice. The intricacies involved in buying and selling a house are clear. Realtors make those experiences easier, and for the majority of people that is motivation enough to have one supporting them.
By : Mary Clogenmeir
HUD and NAR Unveil Three How-To Videos to Help Consumers Navigate the Home Buying Process
Published November 8, 2010 | RISMEDIA, November 8, 2010—Especially in today’s housing market, the prospect of buying a home can seem overwhelming for many Americans who may not be aware of how to begin the process of shopping for a home or even a mortgage. To help consumers navigate this process, the U.S. Department of Housing and Urban Development (HUD) and the National Association of Realtors (NAR) unveiled three how-to videos to help prospective homeowners find a home they can afford, shop for a mortgage they can sustain, and what to expect when they go to closing.
HUD produced the three consumer education videos in coordination with NAR and released them at the Realtors annual convention in New Orleans. Each video focuses on a critical part of the homebuying process including shopping for your home, shopping for your loan, and closing the deal.
David H. Stevens, HUD’s assistant secretary for Housing and Federal Housing Commissioner said, “The process for buying a home can appear complicated and overwhelming for many consumers. These videos will help answer the fundamental questions most people have—from shopping for their home to signing on the dotted line.”
“Educating consumers about the home buying process is at the heart of what Realtors do,” said 2010 National Association of Realtors President Vicki Cox Golder. “Informed home buyers create the conditions necessary for responsible, sustainable home ownership, and we’re very happy to be a part of this project.”
HUD’s videos are easily accessible from both HUD and NAR’s websites as well as from HUD’s YouTube channel. They include:
Shopping for your Home – The home-buying process obviously starts with finding a place you’ll want to call home. This short video will instruct viewers on assessing how much of a home you can afford, working with a real estate agent and what happens once you find the home you want to buy. Housing counselors can assist home buyers and home owners on issues such as home buying, fair housing, credit issues, and foreclosure prevention.
Shopping for your Loan – Once you’ve found the home of your dreams, the next step is to shop for a mortgage loan. This video will help consumers use the good faith estimate (GFE), which is a form that spells out the terms of a loan offer, to shop for the best loan for them. Consumers will learn how to use the GFE to determine how long an interest rate is available for a particular loan and how to identify key loan terms and costs of a particular loan offer. HUD suggests consumers shop and compare GFEs from multiple mortgage brokers and/or lenders in order to get the best loan for their situation.
Closing the Deal – Finally, this video walks consumers through the actual closing process including how to make sure the loan they were offered closely matches what they encounter at the settlement table. In particular, HUD will walk the viewer through the HUD-1 Settlement Statement and demonstrate ways consumers can compare their actual costs with those reflected on their good faith estimate.
Stevens added, “These videos go a long way in identifying key aspects of the homebuying process that a consumer should be aware of. Our goal is to help make the process more transparent through educating consumers who in turn can make informed choices about their home purchase. We partnered with NAR because a real estate agent is often the primary point of contact for home buyers, and we believe real estate agents are in a great position to provide these videos to their clients as they move through key areas in the homebuying process.”
For more information, visit www.hud.gov.
30-Year Mortgage Rates Inch Up
Published November 8, 2010 | Freddie Mac confirms that average interest for 30-year fixed mortgages rose for the third consecutive week, bumping up to 4.24 percent from 4.23 percent a week ago.
The average 15-year rate for the week ended Nov. 4 was 3.63 percent, a drop from 3.66 percent.
Scott Brown, chief economist at Raymond James & Associates Inc., says this week’s Federal Reserve actions “aren’t going to change the economy right away, but they should help keep mortgage rates low for quite some time.”
Source: St. Louis Post-Dispatch (11/05/10)
Courts, Insurers, HUD Try to Curb Foreclosure Mess
Published October 21, 2010 | The Obama administration, courts, and title insurers stepped up Wednesday to reduce the fray over foreclosures.
”We have not found any evidence at this point of systemic issues in the underlying legal documents.” said Secretary of the U.S. Department of Housing and Urban Development Shaun Donovan, speaking at a White House press conference.
The White House also called a meeting of 10 federal agencies to coordinate investigations of mortgage companies. ”Banks expect homeowners to meet their obligations,” Donovan said. ”American homeowners should have the same expectation that banks and mortgage servicers meet all of their obligations.”
In New York State, Chief Judge Jonathan Lippman put in place a requirement for lawyers handling foreclosure cases. They must produce a signed affidavit verifying the accuracy of documents. The paper must name the person at the lender who provided confirmation.
Fidelity National Financial, the country’s largest title insurer, announced Wednesday that it would be requiring all lenders to provide warranties that any eviction complied with state law.
Source: The New York Times, Binyamin Appelbaum (10/21/2010)
Bank of America halts all foreclosure sales
Published October 8, 2010 | NEW YORK (CNNMoney.com) — Bank of America is halting foreclosure sales in all 50 states as part of a widening investigation into flaws in the process, the company announced Friday.
The announcement came a week after the nation’s largest bank said it was freezing home foreclosures in 23 states where foreclosures must be approved by the courts.
The bank said the foreclosure process on delinquent borrowers will continue, but it will not proceed to judgment or a foreclosure sale.
“We haven’t found any problems in the foreclosure process,” Bank of America (BAC, Fortune 500) President and CEO Brian Moynihan said in an appearance before the National Press Club in Washington. “What we are trying to do is clear the air, and say ‘We will go back and check our work one more time.’ ”
The review process is likely to last a few weeks, Moynihan said.
Bank of America is not the only bank to freeze foreclosures.
PNC Financial Services Group also suspended sales of foreclosed homes on Friday, for a term of 30 days, according to media reports.
Frederick Solomon, a spokesman for PNC, declined to comment beyond saying that “PNC is reviewing its mortgage servicing procedures to make sure they comply with applicable legal requirements.”
JPMorgan Chase (JPM, Fortune 500) announced last week that it will also halt proceedings for about 56,000 homeowners after learning that its employees may have approved foreclosures without personally reviewing loan files.
JPMorgan Chase had no comment on Friday’s announcement by Bank of America.
Ally Financial, previously known as GMAC, the finance arm of General Motors, has also paused foreclosures in the 23 states.
However, Citigroup said it is making no changes in its foreclosure procedures. “At this point, we have no reason to believe our employees haven’t been following our procedures, so we do not believe a suspension is necessary,” spokesman Mark Rodgers said in an e-mailed statement.
State attorneys general have stepped up pressure on banks in recent days after it was revealed that some bank employees had signed foreclosure affidavits without verifying that the documents were accurate, a process now known as “robo-signing.”
Ohio’s attorney general has filed a lawsuit against Ally Financial and its subsidiary GMAC Mortgage for allegedly submitting fraudulent documents in hundreds of foreclosure cases across the state.
Ally declined to comment Friday when asked if they would follow Bank of America and expand their freeze.
Senate Majority Leader Harry Reid, D-Nevada, called on major mortgage servicers to consider halting foreclosures in all fifty states in a statement released Friday.
“It is only fair to Nevada home owners to suspend foreclosures until a thorough review of foreclosure processes is completed and home owners can be assured that their documents are being analyzed properly,” said Reid.
Sen. Christopher Dodd, D-Conn., the chairman of the Senate Banking Committee, announced Friday that he will hold a hearing to investigate allegations of improper mortgage servicing and foreclosure processing on Nov. 16, the day after the Senate returns from recess.
On Thursday, the White House said that President Obama won’t sign a bill that could have made it easier for courts to clear foreclosures. The bill would have required federal and state courts to recognize documents that were notarized in other states
Benefits of Using a Realtor to Sell Your Home
Published October 8, 2010 | By Dale Frey
Selling your home is a complex process that can be stressful and time-consuming. An experienced Realtor has the knowledge, skills, and connections to help you through the process every step of the way. Consider the following benefits of working with a Realtor:
Professional Experience
With knowledge and training in marketing strategy, negotiation tactics, and the workings of the current real estate market, a Realtor will be able to guide you through the steps of the home-selling process and be able to explain exactly what to expect. S/he will make you aware of your rights and responsibilities, work with you to strategize the best moves according to your own goals, discuss financing options, and point you in the direction of other specialized professionals who will aid you in different stages of the process.
Best Price
Realtors have their fingers on the pulse of the current real estate market, and will know what comparable properties in your area are selling for. They have the resources and knowledge to establish the best asking price and to attract the highest selling price. With access to their company’s professional marketing resources and connections, they will ensure potential buyers are immediately made aware of your home and market the property to sell as quickly as possible and for the most money.
“Showcasing” Experience
Your Realtor will know the importance of a property’s first impression. S/he will have experienced first-hand, for example, the impact a property’s “drive-up appeal” has on the rest of a potential Buyer’s experience of your home. Your Realtor will be able to offer you tips and information on how to get your home in the best selling shape possible, in order to sell your property quickly and for top dollar.
Access to Qualified Buyers
Realtors save time and effort by dealing only with qualified buyers. They have access to a pool of pre-screened and pre-qualified buyers who are serious about buying a home in your neighbourhood. Realtors work hard to develop this base of qualified buyers which will become an invaluable resource for you.
Negotiation Skills
Realtors serve many functions, but perhaps the most important is their role as primary negotiator on your behalf. Your Realtor realizes your goal is to sell your home as quickly as possible, and for the most money possible, and will work closely with you during the negotiation process to facilitate this goal. Realtors bring to the process the knowledge and skills to draw up legally binding contracts, to assist in negotiating offers and counter-offers, and to offer counsel and perspective as you work toward your selling goals.
Bankrate: Mortgage Rates Drop to New Lows
Published October 8, 2010 | RISMEDIA, October 8, 2010—Mortgage rates fell to record lows again this week, with the average conforming 30-year fixed mortgage rate now 4.45 percent, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.32 discount and origination points.
To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/.
According to Bankrate, the average 15-year fixed mortgage dropped to 3.87 percent, and the larger jumbo 30-year fixed rate fell to 5.14 percent. Adjustable rate mortgages also hit new lows, with the average 5-year ARM decreasing to 3.64 percent and the average 7-year ARM falling to 3.88 percent.
Mortgage rates set yet another record low in anticipation that more efforts from the Federal Reserve – known as quantitative easing – are on the way in an effort to juice the economic recovery. Investors expecting lower interest rates to result have been front-running the Fed by purchasing government- and mortgage-backed bonds, driving yields lower. Mortgage rates are dictated by yields on government- and mortgage-backed debt.
The last time mortgage rates were above 6 percent was Nov. 2008. At that time, the average rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now at 4.45 percent, the monthly payment for the same size loan would be $1,007.44, a savings of $234 per month for a homeowner refinancing now.
SURVEY RESULTS
30-year fixed: 4.45% — down from 4.5% last week (avg. points: 0.32)
15-year fixed: 3.87% — down from 3.94% last week (avg. points: 0.30)
5/1 ARM: 3.64% — down from 3.68% last week (avg. points: 0.36)
Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.
For a full analysis of this week’s move in mortgage rates, go to http://www.bankrate.com.
The survey is complemented by Bankrate’s weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. There is no clear consensus this week, with 38 percent of panelists predicting mortgage rates will continue to rise. The remaining respondents are evenly divided, with 31 percent forecasting a decline and an equal 31 percent expecting mortgage rates to stay more or less unchanged over the next week.
For the full mortgage Rate Trend Index, go to http://www.bankrate.com/RTI.
www.ranchacreage.com ……Updates Coming
Published September 23, 2010 | Ford and Associates , owners of Ranch Acreage.com will be updating the site to accomodate the information associated with the Ranch Property areas around Denver Colorado.
There is a huge lack of information and we at Ford and Associates will be adding information and images of the areas we cover.
Be watching….www.ranchacreage.com
Thank You