Private Companies Lobby Congress for Heavy Home Resale Fees
According to ALTA, the allowance of Wall Street Home Resale Fees would force homeowners to pay a large fee to sell their homes and also add a complicated legal roadblock to the home sale process. As a result, this controversial financial scheme is facing opposition across the country, ALTA said.
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Make Home Buying a Smart Process
The purchase of a home is a major financial commitment. Don’t let the excitement of looking for your dream home prevent you from following these common sense tips:
REAL TRENDS Housing Market Report for June 2010
May housing sales up for 9th month in a row as closed units up 19.8 percent over May 2009 while prices climbed 6.9 percent in same period. All regions were up strongly in both units closed and average prices. Continued impact of tax credit and low interest rates are main reasons.
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Homes For Sale in the Evergreen Subdivision in Hoffman Estates
Great selection of Homes for sale in Evergreen Subdivision.
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FHA to Cut Seller Concessions by 50%
Paul Skeens, president of Colonial Mortgage Group in Waldorf, Md., said he is advising loan applicants to request a “good faith estimate” upfront that provides for the seller to pay 100 percent of closing costs and prepaid fees “so that in cases where the buyer doesn’t have much more than the down payment, that’s the only cash they’ll need to close” on an FHA loan before the policy change.
Skeens said he’d prefer that FHA adopt a “sliding scale” approach to concessions, with higher concessions allowed on lower priced homes, and the lowest concessions allowed on high-priced properties. Since closing and loan expenses generally represent a larger percentage of the total transaction on lower-priced houses, he believes the new 3 percent rule across the board “will have a much heavier impact on the people FHA traditionally has served,” who are buying modest priced houses and have limited cash resources.