Purchase Agreement
Bank Foreclosed Homes are Popular for Buyers, But at What Cost? It’s not easy right now if you are a “Buyer” in this current housing market. Inventory is sitting at a ten year low, which has in turn changed this to a Seller’s market after years of a surplus of properties for sale. Many folks [...]
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Our business mix has been dominated by purchase transaction recently and we have witnessed some properties that have interesting quirks. For example, one home had a view out the front yard of a cement factory. Underwriters have been digging in on issues like this and requiring additional comments from the appraiser to insure themselves from [...]
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We are seeing a number of Pre-Approved buyers who placed offers losing out to competition. Here are the some of the tactics that buyers and agents were considering when placing an offer. 1) Conventional Loans are more appealing than FHA ► This is not the case. The house is either in good shape or it [...]
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The chief economist for NAR has recently sighted that contract failure rates have hit a staggering 33%, up from 18% the prior month. NAR claims the main reason for this is due to declined mortgage applications and appraised values. This is not making any sense to us as lending guidelines continue to open up making [...]
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Despite all the buzz around refinancing and the HARP revisions, people are still out there buying houses in Michigan. Purchase inventory in Metro Detroit is down 28% compared to this same time last year MBA numbers show purchase applications have hit a 15 yr LOW! Multiple offers are becoming more common and are received right [...]
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Interest rates fluctuate just like stock prices, up and down throughout the day. So we get asked constantly: “Should I lock my interest rate today???” Know that you have two options for your mortgage application – Locking or Floating. Floating A Rate – Exactly what it sounds like, you assume all market risk. If rates [...]
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