All Forum Posts by: James N.

I heard somewhere that with online auctions, it is legal for the bank or a representative of the bank to place a bids on their own properties to create excitement on the property . It sounds funny because it is the opposite of bid rigging and it's legal.

The views above are from the West Coast. I see #4 and #7 on the East Coast.

#4. New home sale to rise. There is a big pick up in new home construction and commercial construction.

#7. Rent continue rising. Rents are still going up even after housing prices stabilized from the summer run up.

Short Sale will dry up even more if the Debt Forgiveness law is not extended. As of now, home sellers will have to pay additional taxes on short sale. For example, if the remaining mortgage is $600,000 and the Short Sale is $300,000, the home owner will need to pay taxes on the $300,000 as a gain. This would put a damper on Short Sale when the home owners realize the tax consequences of going with a Short Sale.

http://www.ocregister.com/articles/year-596016-percent-homes.html?page=1

"Gabe Cole bought and sold 15 homes last year as part of his sideline as a house flipper.

This year, however, the Newport Beach real estate broker anticipates his side business will slow down because foreclosures and short sales are drying up."

From the article above, here are eight of the top real estate trends we're likely to see in 2014.

1. Lower home price appreciation

2. More inventory

3. Improving economy creates more buyers

4. New home sales to rise

5. Mortgage rates to rise

6. Credit may get easier

7. Rent continue rising

8. Commercial recovery remains slow

Nice youtube video on the app.

Ask for an extension with Fannie Mae so you have time to change lender. Ask your buyer agent to do a updated BPO and have it ready if the new lender asks.

Appraisal is not required with HomePath properties. Confirm if this appraisal requirement is just this lender's internal underwriting guidelines. If it is, changing to the different lender could solve your problem.

Heather,

Pricing a house just based off Zillow and Assessor is not a good idea. I suggest that you contact a local realtor to get comps for the area or a local REI who does business in the neighborhood.

@Jerry W.

You're right about the confusion surrounding Dodd Frank Act. I had thought about the seller financing the down payment but I don't have a good handle on Dodd Frank when it comes to REI financing.

Hi Ursula,

Good recommendation. I like Navy Federal Credit Union too. They caught my attention a while back when I saw that they financed 97% on a million dollar home here in Orlando, FL. Jumbo Loans with less than 25% down payments are really hard to find.

@Gail Leonard

Banks aren't lending on mobile home but I read somewhere that might change next year.

In Florida, you can qualify to buy HUD homes for $100 down payment. You will need to check with your local Realtor to see it applies in your State.

There are also local city and neighborhood programs that assists with down payments. They provide some or all the funds for down payment. It's a silent second mortgage. You will also need to check with local Realtor if you have them in your area.

If he is a vet, he can get a VA loan. If the property is in rural area, they can get a USDA loan. Both loans have no money down.