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Posts Tagged ‘short sales’
Another Drop in Housing Prices?
Is another drop in housing prices on its way? Well, according to economist Gary Shilling the answer is “yes.”
In a piece that Shilling penned for the Christian Science Monitor, he said that he foresees another correction that could be as much as 20%. He believes that the only bright spot in housing markets these days is in multiunit rentals.
“Housing activity remains depressed, with the only life coming from the multifamily component, which is being driven by the zeal for rental apartments as homeownership falls.”
Of course, Shilling’s assessment is for the market nationwide. And there, he may very well be correct. As I mentioned in a recent blog posting, B of A has just changed Read the rest of this entry »
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Wanna Sell Your House Next Year? There’s a Tax for That
Selling your home or being foreclosed on is likely to get a lot more expensive after the end of this year. The reason for this is federal taxes. There are three major changes in federal tax law that are slated to take place at the beginning of next year, and only Congress can change them. But given the current state of polarization in Washington, DC, I simply don’t think that anyone should count on that. In fact, my bet is that Congress won’t act and that the White House doesn’t want them to.
I’m going to start this out with the big disclaimer that is beaten into all real estate agents. I’m not an accountant or a tax attorney, and real estate agents are not qualified to give tax or legal advice. That said, I have evolved slightly beyond the amoeba state so I am capable of Read the rest of this entry »
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Bank of America Restructuring Short Sale Process
If you think that you can put your house up for sale in a short sale and then have the opportunity to stay in it for another six months, Bank of America has news for you. If your mortgage is with them, those days are gone. The bank has announced that it is restructuring its approval process and the new procedures will be in full force and effect by next week. That’s good news for buyers, real estate agents and for sellers who want to unload their home. But for those who have been gaming the system to say in their homes for months… or in some cases, years… the party is over.
Bank of America is going to be overhauling its system this coming weekend. According to a Read the rest of this entry »
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More Strange Short Sale Stories
Nobody ever said that short sales were going to be easy. But there is now a story making the rounds about a bank that has denied a short sale due to “lack of marketing.” Apparently the bank was unhappy because they couldn’t find the listing on Zillow.com. If the banks are going to go down this path, it spells real trouble for both agents and sellers.
Short sales are an odd type of sale. When an agent lists a short sale, the listing agreement is signed between the agent and the seller. The bank is not involved at this stage. That means that the agent’s fiduciary duty is to Read the rest of this entry »
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Chinese Drywall Strikes Again!
Do you remember the stories about Chinese drywall? They started to crop up a couple of years ago. Some drywall made in China wasn’t exactly made to US standards. According to Wikipedia,
Laboratory tests of samples for volatile chemicals have identified emissions of the sulfurous gases carbon disulfide, carbonyl sulfide, and hydrogen sulfide. These emissions, which have the odor of rotten eggs, worsen as temperature and humidity rise and cause copper surfaces to turn black and powdery, a chemical process indicative of reaction with hydrogen sulfide. Copper pipes, wiring, and air conditioner coils are affected, as well as silver jewelry. Homeowners have reported a variety of symptoms, including respiratory problems such as asthma attacks, chronic coughing and difficulty breathing, as well as chronic headaches and sinus issues.
As if all of this isn’t bad enough, now there is another reason to get rid of any Chinese drywall that may be lurking in Read the rest of this entry »
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