Sales of resale homes may fall 12.5% in 2007

The subprime problem in US is not only creating problem of foreclosure, but it is also creating problems for the pre owned home sale business. The lack of credit for buying home is also playing its part in the game.

The National Association of Realtors reported that sales of resale homes have come down to 5 million annualized pace. Whereas during the first half of the year the number of resale homes was 6.17 million.

Experts expect that the resale home prices will fall 1.9 percent this year. In the previous two years […] Continue Reading…

1. Hiding when you are not able to make payment – Never avoid the phone calls and the letters from the lenders. You may be behind schedule or have any other problem with the mortgage that you have taken. But hiding will not solve the problem. Go and talk to your lenders. There are several ways to prevent foreclosures. When you talk to the lenders, they can help you with the solution. 

2. Not going for a home inspection – Skipping a home inspection may save you a few hundred dollars, but ultimately it will cost you thousands. An independent home inspection […] Continue Reading…

1. Choosing the wrong mortgage – People tend to take up wrong home loans because they are in need of a loan.  Before you select a home loan, check well. Find out all the options, compare them and then only select the best one. Find out the interest rates, payment, time and everything you need.

2. Confuse about “Pre-Approved” and “Pre-Qualified” – Pre-approved and pre-qualified may not mean loan commitment on the part of the lender. These terms are ambiguous and so should be clarified when you go to the lender. Find out what additional steps of verification is necessary […] Continue Reading…

HOA (Homeowner Associations) fees may make you sick, if you do not anticipate the amount that may be levied upon you when you buy or sell any property subject to any HOA.

When you buy or sell you need to pay a fee. This fee is document and transfer fee. Though buyers and sellers expect a fee but they may be startled to see the fee charged under the document and transfer fee. These fee is charged by the Homeowners Association under which the property in discussion falls.

If you are dealing in California, then you will find a section in […] Continue Reading…

The latest efforts to help the sub prime borrowers may cause dissatisfaction with many prime borrowers. In a way, they are right. Their frustration is right as two points can be raised-
1. The subprime borrowers received help which will create a condition where they don’t have to live up to the agreement they have. But the prime borrowers have to live up to their agreement.
2. The mortgage rate of a prime borrower may come close to the introductory rate of some subprime borrower. This may happen when the adjustment of the mortgage rate is done. As the mortgage adjustment is done […] Continue Reading…