In an effort to speed up the short sale process, some lenders are choosing to automate the way approvals are given. Bank of America is using a new system to automate the approvals of short sales, called Equator. It uses an Automatic Valuation Model (AVM) like Zillow.com to determine the value of the home, and any offer must match that value to be accepted. As anyone using Zillow knows, AVMs can be fairly inaccurate, often estimating a much higher value than it really is worth. Read the rest of this entry »
Posts Tagged ‘Real Estate’
The Feds & the state are offering buyer incentives
With the announcement of California’s new tax credit, buyers of new homes potentially can get tax credits from both the Federal government and the state at this time. Read the rest of this entry »
Are they blameless in this real estate debacle?
I find it interesting that real estate agents seemed to have dodged any significant regulation as a result of the meltdown in Real Estate. While lenders and appraisers have had massive changes in how they are allowed to do business (see related blog postings), almost no new regulation is aimed at the real estate agent. Read the rest of this entry »
An article in the Sunday paper of the Contra Costa Times, written by Kenneth Harney (Nation’s Housing), writes about a loophole in the new lending regulations, allowing them to not give a good faith estimate upon a new loan application. http://www.contracostatimes.com/search/ci_14193760?IADID=Search-www.contracostatimes.com-www.contracostatimes.com
He suggests that loan brokers are taking advantage of this “mistake” in the new regulations, to not disclose fees. However, it appears that this is another example of the unintended consequence of new laws, once again turning out to be counter-productive. Read the rest of this entry »
Question: How do you guarantee borrowers will not default on their loans?
Answer: Don’t loan them money! Is this where we’re going?
It seems that government regulators have decided that the activities of real estate practitioners have contributed to the economic downturn. Many changes to the industry can be expected as a result. Read the rest of this entry »
On July 30, 2009, a new law is being implemented by loan regulators, which has increased disclosure requirements for lenders. It is called the Mortgage Disclosure Improvement Act. (MDIA) The intent of this bill is to tighten up lender disclosures (from application to closing), so there will be no surprises while signing the closing loan documents. While the goals of this rule seem laudable, it may have some unforeseen consequences. Read the rest of this entry »
Click the link below to view reports:
MarketMetrics Report – Vallejo, CA – Thru June 09
California’s 90-day foreclosure moratorium law went into effect yesterday, June 15, as the California Foreclosure Prevention Act, passed and signed in February, makes loan servicers prove to the state they have comprehensive loan modification programs in place – or be denied rights to foreclose on their own schedules. Read the rest of this entry »
Click the link below to view reports:
MarketMetrics Report – Vallejo, CA – Thru May 2009
Featured Properties
- $122,000
- Beds: 3
- Baths: 2
