Posts Tagged ‘Contracts’
Housing’s New Hope
A few positive readings in home sales and housing starts recently, topped off by today's 7.4 percent monthly jump in contracts to buy existing homes, are fueling what I dare say is a spark.
Housing’s New Hope
A few positive readings in home sales and housing starts recently, topped off by today's 7.4 percent monthly jump in contracts to buy existing homes, are fueling what I dare say is a spark.
Realtors Report Even Higher Cancellations; And It’s Not Why You Think
For the past several months, Realtors across the nation have been reporting an ever-increasing number of cancelled existing home sale contracts. The latest Realtors Confidence Index now puts the cancellation rate at 20 percent, way up from the historical norm of around four to six percent.
Cancellations Roil Realtors
Forecasters expected sales of existing homes to rise in June because the pending home sales index, which measures signed contracts, rose in May. If you consider it takes 1-2 months to close, then there's your indicator. But that was not the case.
Home Builders Still in the Woods
The best number out of today's report on sales of newly built homes is not the 7.3 percent bump up in signed contracts, it's the drop in inventories to a 6.5 month supply.
Rising Mortgage Rates May Deflate Home Sale Contracts
Not five minutes after reporting an unexpected 10 percent jump in the Realtors' Pending Home Sales Index, I starting to hear rumblings of concern over whether many of those contracts signed in October would result in actual closings.
Tips For Turning Bank Property Foreclosures Into Rentals
Buying bank property foreclosures and turning them into rentals can give you regular sources of income as long as you research, plan, implement and make the needed adjustments as you manage your rentals. First, you need to ask yourself if you are able to be a landlord. This is important because you need to have a stronger personality to be able to deal with renters, collect rent, implement what are in the contracts, and evict tenants who lose their sources of income and unable to pay the rent. Secondly, you need to look at your investment money. It should be enough not only for the down payment and closing costs for the foreclosed property you are going to buy, but also for costs of repairs, HOA fees, taxes, insurance and other unexpected expenses. You should also set aside reserves for the initial months you do not have tenants or for times renters leave without immediate replacements. Now that you are ready to buy a foreclosure and be a landlord, the next important thing is finding and choosing bank property foreclosures with the greatest prospects of getting good tenants and strong investment returns. Of course, foreclosed properties in the best locations are the best, but the prices may be beyond your budget. What you do is to find the property within your budget in a neighborhood near major transportation links. It should have access to schools and to facilities needed by renters you are planning to target. Additionally, make sure that you are buying a housing unit in a subdivision or a condo building that allows renting out. Some housing associations set a certain percentage of units for rentals; others do not allow any rental unit at all. Lastly, hire a licensed and experienced inspector to do a thorough inspection of bank property foreclosures you are planning to buy. This way, you will have an accurate estimate of your repair costs and you can negotiate better the final purchase price with your seller. Joseph B. Smith has been educating buyers on the finer points of Bank Property Foreclosures at BankForeclosuresSale.com for over ten years. Contact Joseph B. Smith through BankForeclosuresSale.com if you need help finding information about Bank Property Foreclosures.
How to Fight the Foreclosure Process – Little Known Strategies to Stop Foreclosure!
There is a way to delay foreclosure process for years in a legal manner even without paying monthly mortgage, sounds bogus?!? But there is actually a way, and its more than one way only if the homeowners are well informed and know how to use the law for their own benefit. Here are just some tips out of a hundred ways that you can use to successfully prevent foreclosure against your creditor. First on the list is a well written Hardship Letter. A hardship Letter is a letter containing reasons why a person is in a current financial crisis and that hinders his/her ability to pay the monthly mortgage. Usually this letter is used to either apply for refinancing or mortgage modification. A well-thought Hardship Letter will do a lot in postponing the foreclosure process for some time after the summons have been served. Second on the list is a Homeowner Court Hearing. Every homeowner has a right to request for a court hearing in their local Circuit Court. When used properly, this approach can be very advantageous on the homeowner's part. Through this process, the court hearing can even last for a year delaying the foreclosure process if the right buttons are pushed. And the good part is a homeowner does not need a lawyer's service to be successful using this approach. Third and can be considered the most effective among the three, is Finding Inaccuracies on your Housing Contract. This strategy is considered the most effective because it can actually delay the foreclosure process for more than 2 year and save the homeowner's property. Few homeowners have ideas that contracts made from the last 2 to 5 years contain inaccuracies, but lawyers do and in fact most of them are not willing to share their knowledge with just an ordinary homeowner because they themselves use this strategy to earn more money from their clients with the same case. It is not just the lawyers who knew about the inaccuracies on the housing contracts but mortgage companies do too. These mortgage companies have been vigilant in keeping this information from the homeowners for years. With this approach the tides can surely be turned, it is the homeowners who will have the power over their lenders and not the other way around. So, while Obama's administration is finding a way on how to reform the Mortgage Modification Program, which is clearly not working and will not work unless it is revised, every homeowner will have to learn how to defend themselves from foreclosure and from ending up losing their property.
What’s Really Behind the Surge in New Home Sales
This is real proof of the tax credit boost, because this data series is based on contracts signed, unlike the Existing Home Sales series we got Thursday from the Realtors, which is based on closings.
