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Who ‘owns’ the home inspection report? 2007-11-14 02:17:05 Q: Who ‘owns’ the home inspection report? If the listing agent requests to see the full inspection report, the buyer’s agent usually asks the buyer, who paid for the inspection, for permission to send the report to the listing agent. A: Buyer owns the report and has every right to make the decision to share with the seller. Buyer makes the final decision. The buyers attorney shares the information with the sellers’ attorney, but not the actual report. ...

Dominion expands its “pay per lead”� biz 2007-11-13 15:09:06 Dominion Enterprises, parent company for Agent Advantage, eneighborhoods.com, Homes.com, Number1Expert and Harmon Homes, has expanded its “pay per lead” business through another company they own, Advanced Access. AA announced today a new program called “LEADmore” which is offering “guaranteed sales leads” to subscribers. They say they will design, set-up, and then harvest the leads, reviewing each specific lead for authenticity and acting as a manual filter for spam or other leads otherwise not deemed legitimate. Upon authentication, the lead will then be forwarded to the client in that agent’s area of concentration. When asked for further clarification, AA reps said they would create a custom webpage and promote that organically and using PPC. They would then sell those leads through this program at a pre-arranged monthly fee. The good news? AA represents that it’s leads are “guaranteed” and it’s a month-to-month c ...

Tax changes aid homebuyers 2007-11-13 13:04:29 The tax changes outlined in the federal government’s economic statement are one step in helping Canadians buy a new home. The reduction in the GST rate from seven per cent to five per cent will deliver substantial savings for new homebuyers. According to government figures, a family purchasing a new $250,000 home will save $3,200 in GST, of which $1,600 is from the reduction in the GST rate from six per cent to five per cent. The latest one per cent reduction in the GST will also help Canadians pay for home renovations, or in the purchase of appliances or furniture. Canadians spend an average of $7,475 on renovations when they buy a home, and spend another $3,950 on furniture and appliances. The GST cut represents $114 in savings based on these averages. ...

Wells Fargo Considering Eliminating Stated Income 2007-11-13 09:47:56 In an email communication from my wholesale representative it appears that Wells Fargo is eliminating stated income immediately on its home equity programs and is seriously considering eliminating “borrower selected” stated income from its product mix. It appears that stated income may be still available based on risk grading via the automated underwriting engine; but otherwise will not be an option to borrowers. The email also mentions that non-conforming ARM loans are not performing well and that pricing should worsen signficantly on those products in the near future. While I know some of you don’t care what Wells Fargo does (Russ) I think it’s important to track the evolution of the major banks and their lending criteria as veritable ‘canaries in the coal mine.’ What they do will inevitably where the bulk of the market will head. Read it for yourself here: The decision has been made to stop originating borrower selected SIVA [for equity produc ...

Bank of America Expects $3 billion in CDO-related Write Downs 2007-11-13 07:52:27 Bank of America announced today that it would realize at least $3 billion in write downs related to losses in CDO holdings. Banks of America cited “severe dislocations” in the CDO market triggered by downgrades at the ratings agencies as the primary culprit of the losses. Losses could become much greater as well. Bank of America has exposure to $15 billion in CDOs and $12 billion of that exposures is backed by risky (and failing) subprime mortgage debt. Not good news for near-future profit for the banking leader. From Market Watch: Since the end of the third quarter, “the credit ratings of certain CDOs were downgraded which, among other things, helped to trigger severe dislocations in the CDO markets,” said Chief Financial Officer Joe Price. “As a result, many market participants have announced large write-downs,” the executive said during an investment conference hosted by Merrill Lynch & Co. Charlotte, N.C.-based Bank of America said it ha ... America

Besides a mortgage payment, what other costs should be factored into my monthly payment? 2007-11-13 01:14:14 Q: Besides a mortgage payment, what other costs should be factored into my monthly payment? Annual property taxes, homeowner’s insurance, HOA fees, anything else? A: This is typically called your monthly PITI: Principal - The monthly portion of your mortgage payment Interest - The monthly interest on your loan Taxes - Your monthly property taxes (this can be escrowed monthly or paid twice a year, up to you) Insurance - Your monthly property insurance (this can be escrowed monthly or paid yearly) Above only relates to mortgage payment, your HOA fees are external to mortgage, just like your utility bills. Hope that helps! ...

What your agent needs to know 2007-11-13 01:07:01 Real estate agents would say that the more you tell them, the better they can negotiate on your behalf. However, the degree of trust you have with an agent may depend upon their legal obligation. Agents working for buyers have three possible choices: They can represent the buyer exclusively, called buyer representation, or represent the seller exclusively, called listing agent or represent both the buyer and seller in a dual-agency situation. Provincial regulations require agents to disclose all possible agency relationships before they enter into a residential real estate transaction. Here is a summary of the three basic types: In a traditional relationship, real estate agents and brokers have a fiduciary relationship to the seller. Be aware that the seller pays the commission of both brokerages, not just the one who lists and markets the property, but also to the buyers agent, who brings the ready, willing and able buyer’s offer to you. Dual agency exists if two agents worki ...

Thank You Veterans 2007-11-12 17:24:46 On this Veterans Day I want to say a special thank you to the men and women that I know personally and those that I have never met for what they do for me, my family, and all of us. Please, if you see a person in uniform today (or any day for that matter) thank them for what they do for us. Whether you agree or disagree with the policies or current or past administrations; you have to agree that these men and women do so much for us. I say thank you for my freedom to every one listed below and everyone who has or is currently serving our great country. My Grandfathers: Morgan E. Dawson, Army, South-Pacific theatre, World War II Philip Brown, Army, European theatre, World War II (I miss you Bump.) My Dad: Paul F. Brown, Army reserves, Vietnam War (thankfully never sent) My Friends: Roger L. Grant, U.S. Navy, Honorably Discharged Jeff Smith, U.S. Navy, active Michael McPhail, U.S. Navy, active Ryan Shann, U.S. Navy SEALs, active Justin Michel, U.S. Army, active Thanks to y ...

Top 10 Ways to Navigate the Credit Mess 2007-11-12 15:36:02 We’ve written quite a bit lately about the mess that the market is in “? from mortgage backed securities, CDOs, SIVs and in general malaise striking every bank across the country (and heck, even around the globe); but we haven’t given some practical advice in a long time. Well we’re changing that tonight. Some people are still looking to buy a bargain and others are being forced to refinance. While it is my position that now is not the time to buy, if you are looking to do so here’s some guidance to get you through a drastically altered mortgage landscape. Here are Blown Mortgage’s Top 10 Ways to Navigate the Credit Mess (whether you’re a home buyer or a refinancing owner). Sure there’s more than 10 “? but it’s a nice round number and should get you off to a good start. 1. Get multiple offers “? The mortgage lending space is very turbulent and unsteady. Even large lenders are not sure bets these days; and with mort ...

Countrywide May Lose Access to Corporate Debt Markets 2007-11-12 14:36:59 Countrywide Financial reported today that its access to capital necessary to fund loans and ongoing operations may become incapacitated if its current debt obligations are cut to junk status.  According to Market Watch: “Our ability to place custodial deposit accounts on deposit with our bank subsidiary could be affected if our credit ratings were reduced below investment grade,” Countrywide said in a Form 10-Q filed Friday. Not being able to place custodial deposits at the banking unit would disrupt Countrywide’s ability to originate and service home loans because lenders must establish these accounts to hold the borrower’s mortgage payments. As of Sept. 30, up to $5.5 billion of Countrywide’s custodial deposit accounts on deposit with the bank could be affected if the credit rating fell into junk status, according to the filing. Countrywide already dodged a bullet during the height of the current round of the credit crunch by tapping credit lines and ...

How long should we expect our house to be on the market? 2007-11-12 01:26:50 Q: So… If our house is priced right, in a great neighborhood, and appealing to “a lot” of buyers, how long should we plan on? A: I think it is very hard to make a blanket statement that you will sell in x days. It depends on how much activity is in your marketplace. Ask your Realtor to run a report of the past 6 months to see how long comps in your area stayed on the market before selling and at what price. This way you can get aggressive with your pricing with the knowledge of more likely what it would take to sell faster. (more…) ...

Over, Under, At - November 3-November 9, 2007 2007-11-11 21:41:30 So it’s the second week of the new “Over, Under, At” weekly feature. It’s a simple breakdown taken from MLS data that shows the number of closed sales that sold Over Asking Price, Under Asking Price or At Asking Price. I’ve gotten some feedback on it, and decided to keep condos, lofts and co-ops (a rarity in San Francisco real estate) as one group and to give TIC’s their own group, because they are, after all, unique little createures. Also, a reminder that I should add that a colleague of mine pointed out, “…very few, if any of the MLS condo sales reports include all of the the new development activity at places like the Infinity, One Rincon Hill, Millenium, Arterra, etc.” You can add the Hayes, the Potrero and all the other new San Francisco developments to the list. Here’s a quick breakdown of closed sales for the week from October 29 through November 2007: Single Family Homes - 35 Homes Sold 15 Sold OVER Asking P ...

Help Wanted: Blown Mortgage Blog Contributor (Paid) 2007-11-11 17:06:30 Hey Gang, In order to keep Blown Mortgage moving forward I’ve come to the realization that we’re going to need additional fire power.  I have all sorts of ideas for this place to help provide more information and insight in to the mortgage world; but alas, I am only one man with one keyboard.  In order to further the forward development of this place I am putting out a Help Wanted ad right here on the blog. If you or someone you know wants a part-time blogging job I am hiring.  That’s right - hiring.  Blown Mortgage currently makes a bit of revenue via advertising and I am more than willing to pay a fellow contributor who can post regularly with some interest and ingenuity in the writing. If you’re interested in a 2-4 hour a week gig that you can do from anywhere you have an internet connection contact me here. What I’m looking for: Someone who can cover the news of the industry in a clever and mildly-sarcastic manner while adding an insightful opinio ...

California Seeks to Revoke Quick Loan Sadek’s License 2007-11-10 07:49:45 Daniel Sadek, the high-rolling owner of Quick Loan Funding is facing the possible revocation of his license by the California Department of Corporations for inappropriately using trust fund money to back half-million dollar gambling markers in Vegas.  Quick Loan Funding, known in the industry as a high-fee company, also faces accusations of overcharging customers and charging for services not provided (such as title insurance policies, among others). From the OC Register’s article on Sadek’s downfall: The Department of Corporations said Sadek took out gambling markers for $500,000 at the Wynn Las Vegas on April 25, for $20,000 at the Bellagio on April 27 and for $500,000 at the Wynn on May 17. A marker is a line of credit extended by casinos after a client provides personal and bank account information. The department’s accusation said Sadek should be stripped of his California Finance Lending license because of acts “involving dishonesty, fraud, or deceit, by ...

IndyMac Reaches Out to Brokers to Calm Nerves 2007-11-09 14:00:41 After IndyMac’s 3rd quarter earnings results and on the heels of the new IndyMac broker requirements many brokers were worried about their future with the company. IndyMac after all beefed up its retail team from double digits to over a thousand sales agents and said that they had ’sharpened the spear’. It seems to me (still) to be a play to up retail originations where quality concerns are less of an issue for investors vis a vis broker-originated loans. In an attempt to quell some of the jitters of the still-important broker community, Mike Perry CEO of IndyMac released this statement this evening. From the Desk of Michael W. Perry Chairman and Chief Executive Officer of Indymac Bank  To our mortgage broker, mortgage banker and financial institution customers:I want to take this opportunity to emphatically assure you of our commitment to our mortgage broker, mortgage banker and financial institution customers and also to update you on Indymac’s financ ...