It’s not the loan that’s predatory — it’s the loan officer. When the press gets its teeth in something often times it’s too busy shaking its head to really understand what’s going on. States are all trying to define “predatory” and there’s federal rumblings as well. But what is misunderstood is that the loan itself is not predatory. Lenders have better things to do than design a zero money down loan at a 1 percent start rate and balloon payment in month 13 to someone who can’t afford the payments. Interest Only ARMs and Payment Option ARMs have all been the whipping boy as of late, and it’s because those mean old lenders just can’t wait to foreclose on the Waltons.

A loan officer can scour loan files from last year, call up the borrower and suggest they take a cash out loan to pay off credit cards. Some loan officers can look at old loan files and see the borrower has kids almost college-age. “Hey Mr. Borrower, thinking about college? How about some cash out of your home equity?” Perhaps the easiest target is someone who is desperately needing help. They’ve been out of work for a while, or a divorce or some other life-changing experience has fallen upon them. They read some SPAM ad somewhere encouraging them to refinance now to lower payments with an ARM and save their house. (more…)

search for : loan officer, zero money down loan, balloon payment, ARM, Payment Option ARM, loan officer, home equity, lower payment

Because most home buyers have zero imagination, until a home is staged and professionally presented, most prospective buyers won’t be able to spot the potential of a home offered for sale. Schwarz’ new book explains the tactics of presenting a home to look its best, even on a limited budget. Barb Schwarz is the organizer and creator of this new industry, which helps home sellers and their real estate listing agents attain maximum sales prices. In some cases, staging a home makes the difference, especially in a very slow local market, between selling and not selling a home.

Having been involved with home sales for many years, I have personally seen what home stagers can accomplish. Years ago, realty agents with a flair for home decorating advised their sellers how to make their homes more attractive. Today, this task has been taken over by professional home stagers who know how to “redo” a home at modest expense to make it more attractive to prospective buyers. Schwarz claims to be the “inventor” of home staging in 1972. Who can challenge her? She says home staging changes lives. Perhaps a slight exaggeration, but the concept certainly changes wallets, especially for home buyers, sellers, realty agents and stagers. (more…)

search for : staged and professionally presented, Barb Schwarz, Home Staging: The Winning Way to Sell Your House for More Money, home staging, home buyers, sellers, realty agents, stagers

I am thinking of selling my home to one of those ”we buy houses” companies. They claim to buy ”as is.” They ask the seller to inform them of any repairs needed, but they also say if the seller does not inform them of any necessary repairs, they presume repairs are necessary anyway. This firm offered me a very low price.

Most states, including Florida, have laws requiring home sellers to disclose known defects of the residence in writing. Making an ”as-is” home sale is not a method to avoid liability for undisclosed defects of which you are aware. If you sell to those professional buyers at a price heavily discounted from market value, you should insist on a written waiver in the sales contract that you have disclosed all known defects, and the buyer has investigated and will not hold you liable for any hidden defects that might become evident later. (more…)

search for : we buy houses, seller, disclose known defects of the residence, written waiver

I am a first-time home buyer who, with the help of a real estate agent, has located a condo that I’d like to purchase. What are the pros and cons of hiring a real estate attorney for this? Are they really necessary? What questions should I ask of one? More generally, what role does a real estate attorney play in the process of buying a home?

Hiring a good real estate attorney is like buying an insurance policy. You probably won’t need one, but if you do, you’ll sure be glad you took the precaution. That said, most residential real estate transactions today are done without an attorney, as real estate contracts and forms become increasingly standardized. But there is one overriding reason to bring a barrister aboard: He or she can help prevent you from making costly mistakes that can haunt you for years. (more…)

search for : first-time home buyer, real estate agent, condo, real estate attorney

A proposal by the Bush administration to sell 300,000 acres of national forestland, including about 10,000 acres in North Carolina, has met with very little public support. The four living former chiefs of the U.S. Forest Service oppose it, and it has drawn fire from Republicans and Democrats alike.

But in the unlikely event that Congress should approve the sale, North Carolina shouldn’t expect a windfall, even if the land is prime real estate. That’s because the revenue from the proposed sale is intended to replace a federal program that provides a portion of timber sales to the home counties of national forests. States with the highest sales receive the most money. (more…)

search for : national forestland, North Carolina, U.S. Forest Service, Republicans, Democrats

In the realm of “dangerous jobs,” being a real estate agent hardly carries the risk factor that, say, driving a taxi does. But beneath the smiles and salesmanship, some agents feel unease. In 2003 and 2004, 42 realty and apartment-leasing agents and managers died from violent attacks on the job, according to the federal Bureau of Labor Statistics. The rate of crime doesn’t appear to be going up, but the issue got a jolt of attention in the industry after two agents in Florida were attacked in separate incidents within the space of two weeks in March.

A few real estate brokerages require agents to leave detailed information on their whereabouts or to meet new clients at the office, not in an unoccupied or unfamiliar home. Others merely recommend those steps. Such procedures are comparatively rare in the day-to-day routines of the nation’s million-plus real estate agents, who say the nature of their business often renders those rules impractical. For one thing, many agents nowadays work mostly from home and visit their offices infrequently. For another, selling homes tends not to follow a schedule. A listing agent may get a call from someone who says he’s standing in front of a house whose for-sale sign has the agent’s name and number on it and asks that the agent come over now and show it. (more…)

search for : dangerous jobs, salesmanship, Bureau of Labor Statistics, Florida, real estate agent

Everyone knows warmer temperatures, budding leaves and blossoming flowers signify the arrival of spring. But did you know it also signifies the perfect time to sell your home? It’s true — spring is typically considered the prime selling season, as prospective buyers use the change in seasons as a sign to finally buy a home.

Here are some recommended tips to help your home stand out and attract buyers’ attention this season: Renew and refresh. You’ll want your home to look its best to potential buyers, so take the time to update its appearance. Try a fresh coat of paint on the exterior and trim, as well as inside to brighten the rooms of your house. Consider small improvements such as adding new light fixtures, landscaping and steam-cleaning carpets. Be cautions about investing in any large-scale improvements, unless your efforts are to fix faulty features that may harm your sale. (more…)

search for : sell your home, buy a home, fresh coat of paint

Toyota representatives scouted sites in Hampton Roads last week for a new automotive assembly plant, local officials said Thursday. The representatives received a helicopter tour of the region in search of a site that is at least 1,500 acres and has access to a rail line, one of the officials said. An 1,8 60-acre parcel in Isle of Wight County owned by Norfolk Southern Corp. and zoned for industrial use would meet those needs.

The company is considering 30 sites in 20 states for the facility, which would involve a $2.5 billion investment, one of the officials said. Discussions are considered preliminary at this time, but Toyota is expected to narrow its list to 10 potential sites in June. At that point, the negotiations will intensify as will the competition to be the winning site. Roanoke is also reported to be on Toyota’s list, along with sites in Greensboro, N.C.; Arkansas; and Chattanooga, Tenn., according to The New York Times and other newspapers. (more…)

search for : Toyota, Greensboro, N.C

The word for this week is “death tax,” which is the loaded term used by opponents of what is properly called the estate tax. The estate tax is the only institutionalized check we have to stave off concentrated power, which is exactly what the founders of this nation hoped to guard against. Yet, we’ve got folks who supposedly cherish “Constitutional originalism” and sneer at the centralized illusions of “socialism,” who still call it the “death tax.”

Because most Americans don’t own estates and are in the looking-for-their-first-home class, Ross pointed out, many people mistakenly think they’re not directly affected by the outcome of the estate tax debate. “But tax money is what funds needed programs, including first-time home buyer programs. If we lose the estate tax, there won’t be that mother buying her first house. She’ll be renting for the rest of her life. This would create a permanent underclass,” Ross said. I asked him if he felt his success was being punished by the estate tax. “How do you punish successful people? That’s not the way the game works. I can always come back (financially) because I understand the hustle. That’s true of anyone who has been economically successful in this country.” (more…)

search for : death tax, estate tax, socialism, first-time home buyer program

A report by the S.C. Association of Realtors confirms that coastal South Carolina is becoming a buyers’ market as some areas have seen sales declines. The Grand Strand posted a 5 percent increase in home and condo sales, while Hilton Head saw a 26 percent drop in sales and Charleston had a 3 percent decline, according to first quarter statistics by the association.

The Upstate has seen a surge in sales powered by new job growth that caused a demand for housing, said Jim Peters, chief executive officer for the S.C. Association of Realtors. Greenville had a 28 percent increase in sales and Spartanburg saw a 21 percent increase. Peters said all markets across the state are experiencing an inventory buildup like Myrtle Beach. The drop in sales is contributing to the shift to a buyers’ market, where customers will have respite from bidding wars. “Ultimately, we will see some leveling off and even a price decline, particularly in the condominium market,” he said. (more…)

search for : coastal South Carolina, Grand Strand, Hilton Head