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[post_content] => Take a second to Google “Loan Quality Initiative.” I did and found over 365,000 results on this currently hot topic in the real estate profession.
Pay attention to this reform from Fannie Mae
Fannie Mae recently implemented a reform that may cause trouble for home closings across the US.
With so much information and commentary on this topic, I’ll be brief here and provide you with links at the bottom of this post to take you to sites with authoritative content on this if you want to learn more.
And you should want to learn more about Fannie Mae’s Loan Quality Initiative if you’re thinking of buying or selling a home in 2010. (It may be safe to assume - or hope - that the problems being caused by this new Fannie Mae initiative will be resolved in coming months, so by 2011 this controversy will be over.)
New uncertainties after the loan commitment letter
Fannie Mae is now requiring lenders to re-check the financial qualifications of mortgage loan applicants after the mortgage loan commitment is issued and just before the loan closing.
In essence, Fannie Mae is seeking to improve mortgage loan quality and reduce the chances for mortgage defaults.
This new requirement to re-check borrowers’ qualifications just prior to the closing took effect June 1, 2010 and the complaints were almost instantaneous.
Big change from past practice
Mortgage loans are now suddenly falling through due to this Fannie Mae reform even after the mortgage loan commitment is issued.
This is a sea change from past practice – the mortgage loan commitment in the past was a near-ironclad guarantee that the purchase money mortgage loan would close on time.
Trouble for home sellers
Home sellers now apparently can’t assume that the issuance by the lender of the buyer’s loan commitment means their home sales will actually go to closing as scheduled.
There may now be delays in closings, throwing off moving plans.
Even worse, home sales may be entirely lost at the last minute, imperiling a seller’s ability to buy his next home or start his new job as scheduled.
Buyers need to protect earnest money deposits
Home buyers face extra risks in addition to closing delays and deal fall-throughs.
After all, buyers typically place substantial funds into an earnest money escrow account to back up their home purchase obligations.
These funds may be at risk if the loan can’t close as promised in the lender’s loan commitment paperwork.
Buyers may not want to let their mortgage contingency clauses expire without having some additional language written into the real estate contract (Purchase and Sale Agreement in MA).
Such language would protect earnest money deposits in the event the pre-closing loan qualification re-check finds problems that delay or derail the mortgage loan.
Sites with more information
Please click the links below to learn more about the Loan Quality Initiative:
Massachusetts Real Estate Law Blog
SmartMoney.com
BankRate.com
Copyright ©2010 02038.com
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[post_content] => Here are some tips that will help prospective home sellers decide how best to sell their homes in the next few years. The data comes from the 2009 Profile of Home Buyers and Sellers recently released by the National Association of Realtors.
Importance of first time buyers
Nearly half (47 percent) of all recent home buyers were first-time purchasers. The share of first-time home buyers increased from 41 percent in 2008 to a stunning 47 percent in 2009.
Internet marketing dominates; multiple home photos a must
For more than one-third of home buyers, the first step in the home-buying process was looking online for properties. Nine in ten home buyers in 2009 used the Internet at some point in their home search.
Internet-enabled homebuyers rated multiple home photos as being the most helpful feature of the online marketing they viewed.
Most buyers used an agent
Significantly, 89 percent of buyers searching online used real estate agents as an information source, compared to 70 percent of the buyers who did not use the Internet.
77 percent of buyers ultimately purchased their home through a real estate agent in 2009. Forecasts made at the start of the decade that real estate agents would be "disintermediated" by the Internet out of the average real estate transaction have proven false!
Suggestions for home marketing
So you in your marketing need to display lots of home photos. Seek to show all the property upgrades you have made over the years.
Many sellers would be wise to focus on first time home buyers and especially target purchasers working with agents.
Personalized marketing advice
If you are thinking of selling your home, please get back to me with any questions you have about how best to market your residential property.
I’d like the opportunity to show you what I can do for you!
Copyright ©2009 02038.com
[post_title] => First time home buyers dominated 2009 market
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[post_content] => Home sellers need to know about an obscure new appraisal code called HVCC that is scuttling some home sales and causing delays in closings across the country. Home sellers and the Realtors® representing them need to anticipate the holdups being caused by HVCC and the potential for problems in the appraisal portion of the buyer’s home loan process.
What Home Sellers Should Do
Care should be taken in drafting contingency dates in sales contracts. Pad your contract and closing dates and allowing extra time for your buyer to get a mortgage commitment.
In effect, you need to allow for a slowdown in the entire home sale process and be prepared to pay extra attention to the home sale “comps” selected during the home appraisal.
What is HVCC?
HVCC is the acronym for the Home Valuation Code of Conduct, a sweeping change in how home appraisals are ordered, conducted and completed for purchase money loan financings.
The new appraisal guidelines took effect May 1, 2009 and apply to all single family mortgage loans sold to Freddie Mac and Fannie Mae. According to the New York Times, these two government-supported organizations purchased or guaranteed approximately 50% of all mortgage loans in the US in 2007, as part of their operations facilitating the secondary mortgage market.
Why the Need for HVCC?
HVCC was created to shield appraisers from undue influence from mortgage lenders. The idea behind the code was that since lenders make money only when a home loan is successfully consummated, mortgage lenders have an incentive to pressure appraisers to have homes “appraise out.”
During the recent real estate boom, some mortgage lenders were reportedly coercing appraisers to inflate home value estimates to help ensure approval of home loans.
A Firewall between Lender and Appraiser
HVCC now bars mortgage lenders from ordering appraisals directly from a preferred appraisal company, in effect placing a “firewall” between lender and appraiser. Loan reps now must delegate the process of ordering appraisals to in-house staff or to an outside appraisal management company.
This often causes delays and uncertainties in the appraisal process.
On a practical level, mortgage lenders can’t have any interaction with appraisers, even if it’s merely to make inquiries about the status of the appraisal report or to help speed up the finalization of the appraisal. This lack of interaction creates a knowledge vacuum which fosters uncertainty during the mortgage loan contingency period. It certainly raises anxiety levels for home sellers, home buyers and Realtors® alike.
The Middle Man Takes His Cut
The extra costs of having appraisal management companies act as middle men is reportedly having the unintended consequence of reducing the compensation that gets paid to the individual appraiser.
Those management companies apparently take a major cut of the appraisal fee, meaning the appraisers actually doing the job end up working for less money.
This has allegedly led to less experienced, less skilled appraisers doing more of the appraisal workload, apparently driving up numbers of defective, poorly prepared appraisals that are torpedoing many home sales.
The Word from the Trenches
Realtor® organizations say they have been flooded with complaints from their members since HVCC took effect May 1. Aggrieved Realtors® cite long delays in getting appraisal results, low appraised values causing sales to fall through, and a decline in the quality of appraisals being produced under the new guidelines.
The National Association of Realtors® (NAR) has asked for an 18 month suspension of the highly-criticized HVCC rules. A moratorium, NAR indicated, would stop the derailment of current home sales and allow for a study of how appraisals have been handled under HVCC. The goal would be to give regulators a chance to revise the HVCC rules to help end the problems that have cropped up with its implementation.
The National Association of Home Builders (NAHB) is citing defective appraisals generated under the HVCC rules as the cause of many lost home sales, especially in areas of the country hard-hit by the real estate recession. The NAHB claims that the HVCC rules are promoting the use of inexperienced, poorly trained appraisers unfamiliar with local markets. These appraisers often use poorly chosen home sales (including “low-ball” REO home sales and short sales) as “comps,” resulting in flawed appraisals which disrupt many homes sales.
Suggestions for Home Sellers and Listing Agents
Until there is some amelioration of the worst effects of HVCC, it seems the days of 30 day closings are over, or at least problematic.
So beware of offers that anticipate a fast loan commitment and a quick closing. Providing 30 days for the expiration of your buyer’s financing contingency might be realistic.
You might want to ask your listing agent to attend the appraiser’s visit to your home and provide that appraiser with an accurate list of relevant recent local home sales. The intent with this would be to help forestall problems arising from mistakes made by an inexperienced appraiser unfamiliar with your neighborhood or community.
Plan for delays in your home sale. If you are selling one home and buying another, pad all your contract dates to allow for extensions.
The extra cautious might want to insist on a properly crafted home sale contingency in your home purchase contract that protects you if the buyer of your current home can’t get loan approval.
If you are considering selling your home and have questions about how HVCC might affect the marketing and sale of your property, please contact me for a free, no-obligation consultation. Or click here to request a Home Value Report.
Being armed with knowledge and the benefits of thoughtful pre-sale planning is the best way to assure the success of any home sale!
Copyright ©2009 02038.com
[post_title] => How You Can Avoid Closing Delays and Save Your Home Sale
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[post_content] => Some homeowners are meticulous and take scrupulously good care of their homes. But if you’re like most owners, your home likely has a few defects you’ve been living with.
If you're thinking of selling your home in the next year or two, you face the question of whether to fix minor problems and deferred maintenance issues before putting the home on the market. The alternative is to sell “as is” and let the buyer tackle the repair work once he owns the house.
In essence the decision involves realistically assessing the condition of your property, the cost and inconvenience of the repair work and the likely market value of the property both before and after the work is done.
To do this you’ll need to become acquainted with the concept of valuable faults vs. non-valuable faults.
This is very empowering way of viewing homes and will give you great insights into why some properties sell quickly and at a premium while other homes sit on the market and have to discount.
• Valuable faults are defects that are relatively easy and inexpensive to correct. Eliminating valuable faults typically increases the resale value of the home well beyond the money spent on the repairs.
Examples of valuable faults include outdated wall paper, dirty, marred interior paint, worn or stained carpeting, and peeling exterior paint.
Other common valuable faults reflect homeowners’ unfortunate decorating choices: objectionable paint colors, strong wallpaper patterns, and unusual carpeting colors can seriously detract from a home’s appeal.
So you, the prospective home seller thinking of putting your property on the market soon, want to get rid of as many valuable faults in your home as you can. You’ll make money on the work you have done. And your home will likely sell more quickly to boot!
• Non-valuable faults are defects that require expensive remedies, the cost of which are typically not recouped by the seller at the closing table. By definition, remedying non-valuable faults will NOT increase the value of your home beyond the money you’ll spend on the work.
Classic non-valuable faults include: drafty, old windows, an outmoded kitchen or baths, inadequate electric wiring, corroded plumbing, a dank, wet basement.
Design deficiencies also come into play: a poorly conceived floor plan (only 2 bedrooms on one living level in a 3 or 4 bedroom home), bedrooms which are too small, and inadequate closets are prime examples.
You, the prospective home seller, may want to leave such problems alone and market the home with these defects unaddressed.
It simply makes no sense to undertake repairs of non-valuable faults if you are selling your home in a year or two. You won’t be living in the home long enough to get much use or enjoyment out of these expensive improvements.
And because most buyers will expect a home to be free of such defects anyway, they typically will not pay you a premium for having done the work - you’ll lose money on the repairs when you sell!
If you plan on living in your home for more than 2 additional years, you might want to consider remedying the non-valuable faults in your property. After all, you’ll be in the home long enough to at least partially justify the expense.
Some major home improvements pay back more than others, but that’s a separate topic for another time!
Copyright ©2009 02038.com
[post_title] => Should You Make Repairs Before Selling?
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[post_content] => Here it is late January and there's lots of snow on the ground. We've had plenty of snow since December.
However, there are still lots of photos on MLS showing green grass, leafy trees and bright sunshine!
Consider what prospective buyers may think when they see inappropriate seasons as they view photos of a home on-line. They may think of a negligent listing agent who’s stopped caring about a listing that is not selling. Or imagine that they're viewing a listing long in tooth that no one wants to buy.
Agents should always update exterior shots of their listings. The ideas is to show snow shots in winter, leafy new growth in spring, and the splendor of red and yellow leaves as fall reaches its peak.
Summer home photos in the winter (and vice versa) are all too common on the MLS and may unintentionally speak volumes about the desirability (and asking price) of any home for sale.
Copyright ©2009 02038.com
[post_title] => Out of Season Photos Speak Volumes
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[post_content] => Take a second to Google “Loan Quality Initiative.” I did and found over 365,000 results on this currently hot topic in the real estate profession.
Pay attention to this reform from Fannie Mae
Fannie Mae recently implemented a reform that may cause trouble for home closings across the US.
With so much information and commentary on this topic, I’ll be brief here and provide you with links at the bottom of this post to take you to sites with authoritative content on this if you want to learn more.
And you should want to learn more about Fannie Mae’s Loan Quality Initiative if you’re thinking of buying or selling a home in 2010. (It may be safe to assume - or hope - that the problems being caused by this new Fannie Mae initiative will be resolved in coming months, so by 2011 this controversy will be over.)
New uncertainties after the loan commitment letter
Fannie Mae is now requiring lenders to re-check the financial qualifications of mortgage loan applicants after the mortgage loan commitment is issued and just before the loan closing.
In essence, Fannie Mae is seeking to improve mortgage loan quality and reduce the chances for mortgage defaults.
This new requirement to re-check borrowers’ qualifications just prior to the closing took effect June 1, 2010 and the complaints were almost instantaneous.
Big change from past practice
Mortgage loans are now suddenly falling through due to this Fannie Mae reform even after the mortgage loan commitment is issued.
This is a sea change from past practice – the mortgage loan commitment in the past was a near-ironclad guarantee that the purchase money mortgage loan would close on time.
Trouble for home sellers
Home sellers now apparently can’t assume that the issuance by the lender of the buyer’s loan commitment means their home sales will actually go to closing as scheduled.
There may now be delays in closings, throwing off moving plans.
Even worse, home sales may be entirely lost at the last minute, imperiling a seller’s ability to buy his next home or start his new job as scheduled.
Buyers need to protect earnest money deposits
Home buyers face extra risks in addition to closing delays and deal fall-throughs.
After all, buyers typically place substantial funds into an earnest money escrow account to back up their home purchase obligations.
These funds may be at risk if the loan can’t close as promised in the lender’s loan commitment paperwork.
Buyers may not want to let their mortgage contingency clauses expire without having some additional language written into the real estate contract (Purchase and Sale Agreement in MA).
Such language would protect earnest money deposits in the event the pre-closing loan qualification re-check finds problems that delay or derail the mortgage loan.
Sites with more information
Please click the links below to learn more about the Loan Quality Initiative:
Massachusetts Real Estate Law Blog
SmartMoney.com
BankRate.com
Copyright ©2010 02038.com
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by Warren Reynolds on June 26, 2010
Take a second to Google “Loan Quality Initiative.” I did and found over 365,000 results on this currently hot topic in the real estate profession. Pay attention to this reform from Fannie Mae Fannie Mae recently implemented a reform that may cause trouble for home closings across the US. With so much information and commentary [...]
Tagged as: Home Buyers, Home Seller Advice, Mortgages and Financing
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by Warren Reynolds on December 26, 2009
Here are some tips that will help prospective home sellers decide how best to sell their homes in the next few years. The data comes from the 2009 Profile of Home Buyers and Sellers recently released by the National Association of Realtors. Importance of first time buyers Nearly half (47 percent) of all recent home [...]
Tagged as: Home Seller Advice, Home Seller Tips
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by Warren Reynolds on June 26, 2009
Home sellers need to know about an obscure new appraisal code called HVCC that is scuttling some home sales and causing delays in closings across the country. Home sellers and the Realtors® representing them need to anticipate the holdups being caused by HVCC and the potential for problems in the appraisal portion of the buyer’s [...]
Tagged as: Home Seller Advice
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by Warren Reynolds on March 29, 2009
Some homeowners are meticulous and take scrupulously good care of their homes. But if you’re like most owners, your home likely has a few defects you’ve been living with. If you’re thinking of selling your home in the next year or two, you face the question of whether to fix minor problems and deferred maintenance [...]
Tagged as: Home Repairs, Home Seller Advice, Home Seller Tips
by Warren Reynolds on January 30, 2009
Here it is late January and there’s lots of snow on the ground. We’ve had plenty of snow since December. However, there are still lots of photos on MLS showing green grass, leafy trees and bright sunshine! Consider what prospective buyers may think when they see inappropriate seasons as they view photos of a home [...]
Tagged as: Home Marketing, Home Seller Advice
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Warren Reynolds, Esq, GRI, e-PRO
Tel: 508.613.2889 | Contact
Century 21 Commonwealth
9 Main Street
Franklin, MA 02038
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