In the past if the Fed wanted to spur economic activity they lowered the Fed lending rate. Now that mortgage interest rates are at a historic low (4.5% for a 30 year fixed rate!) the big question is...
Why aren't more homes being sold?
Great video from CNBC that explains why low rates are not resulting in increasing home sales.
I am a student at Harris Real Estate University, I got this video from one of their blog post I thought it may help anyone working on a short sale or even thinking of doing one.
This practice has been going on for years. It's good to see the media is starting the recognize this is illegal and say something. The second lien holders force you to go with the deal they put on the table or walk.
When you're doing a short sale the second will try to get you to pay outside the HUD. Any amount is illegal but no one has been challenging them on this for fear of loosing the short sale. I don't believe in paying the 2nd anything over what the 1st agreed to on the HUD. They get nothing if the house goes to the court steps.
When the second lender wants a kickback tell them NO. If you don't you may find yourself paying for that house for years to come. The short sale is designed to get you out of the home and save your credit. Not tack on a bill for you to pay for the 4 to 5 years. It's a game you have to know the rules to win.
Loving Husband, caring father, real estate consultant, associate broker, short sales expert, and real estate entrepreneur. I put my heart and soul into helping my clients WIN in th current market.
About Me
I specialize in giving my clients the infomation and guidence needed to make the right decision. I provide one on one consulting time over the phone and via webcast. My goal is to help all my clients make the right real estate decision.
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Testimonials
Leon,
I recently closed on a new home in Fairburn Georgia and would like to compliment you on a job well done. I am pleased with the quality and the location of my new home.
I would like to thank you for the great experience and outstanding job you have done to make this all possible. Although I was not a first time home buyer I was not very knowledgeable in the process. You took the time to explain each step in the process as they came up. You were very informational and informational and informative. I was very impressed with your friendly personality and your patience. Keep up the good work and continue to be informative. This has made me blissful and I am sure you will make many other new home owners blissful in the near future.
Thanks again for the job well done.
Yetta S. Nicholson
Thank you for helping me sell my Rental in record time! After a bad experience with another agent and trying to sell it myself. My property sat on the market for over a year. I thought we would never get it sold. We were very impressed with your speed, dedication and most of all your character. You were such a pleasure to work with and I look forward to working with you again on the next sell.
Thanks So Much,
Tamara and Family
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