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Tax clock is ticking for underwater homeowners Premium Content

By Stephen Fishman, Friday, August 31, 2012.
<a href="http://www.shutterstock.com/pic.mhtml?id=83407006">Elated man</a> image via Shutterstock.

Ordinarily, if all or part of a home loan is forgiven by the lender, either in a short sale or foreclosure, the amount forgiven is taxable income. Thus, for example, a homeowner who had $100,000 in mortgage debt forgiven through a short sale would have to pay income tax on the $100,000.  more...

Fannie and Freddie ordered to raise fees

By Inman News, Friday, August 31, 2012.
<a href="http://www.shutterstock.com/pic.mhtml?id=67917796">Ben Franklin on $100 bill</a> image via Shutterstock.

In a small step that's part of a broader plan to bring back the secondary market for mortgages not guaranteed by the government, Fannie Mae and Freddie Mac's regulator today announced it's ordered the mortgage giants to increase the guarantee fees they charge lenders. 

The average increase of 10 basis points -- 0.10 percent -- would cost a borrower with a $200,000 mortgage about $4,000 over a 30-year loan term, Bloomberg reports.  more...

Bernanke defends easing but holds off for now Premium Content

By Lou Barnes, Friday, August 31, 2012.
<a href="http://www.shutterstock.com/pic.mhtml?id=91214720">Iceberg</a> image via Shutterstock.

At the end of each August, the world's central bankers gather in Jackson Hole, Wyo. Sit around the ol' campfire singin' sad songs, goin' fishin' in pin-striped suits, and tellin' tales about the big trout that got away. This year, most of 'em.  more...

MLS granted injunction against NeighborCity.com Premium Content

By Andrea V. Brambila, Friday, August 31, 2012.
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Five months after filing suit against the operator of NeighborCity.com, mid-Atlantic multiple listing service Metropolitan Regional Information Systems, Inc. (MRIS) has been granted a preliminary injunction prohibiting NeighborCity from using copyrighted content from the MRIS database without authorization.  more...

Top 10 cities for open houses

By Steve Bergsman, Friday, August 31, 2012.
<a href="http://www.shutterstock.com/pic.mhtml?id=57721813">Doll house</a> image via Shutterstock.

Going back about three decades when my wife and I were looking to buy a home in Mesa, Ariz., our real estate agent often took us to open houses. We never bought any of those properties, instead acquiring a house the agent found through the local listing service.

Back then, it was fairly common to drive through neighborhoods and see signs for other open houses. Then as the years went by, it became less and less common to see those same signs. I never thought much about it since my wife and I haven't been in the market for a new home, preferring to stay in the house we found all those years ago.  more...

Rotten deck boards could be sign of larger problem

By Paul Bianchina, Friday, August 31, 2012.
<a href="http://www.shutterstock.com/pic.mhtml?id=53571949">Old wood</a> image via Shutterstock.

Q: I recently purchased a home. I have a deck that is more than 600 square feet and needs some repair, such as replacing rotting wood. The person who built the deck used nails, not screws. The nails are popping up in some places. Also, I am concerned how the deck will look with partially replaced wood. The color won't be the same.

I can't replace the whole deck because of the expense. I would like to sell the house in five years or so and move to a different part of the country. Any advice you can give will be greatly appreciated. --Connie D.  more...

Why is nobody making my dream real estate app? Premium Content

By Teresa Boardman, Thursday, August 30, 2012.
<a href="http://www.shutterstock.com/pic.mhtml?id=105991520">Dreaming</a> image via Shutterstock.

I was recently asked by a company that builds iPad apps what kind of app I would like to see.

I did not hesitate to suggest an app that I could use to write real estate contracts. No one but agents who use iPads in the field fully understands what I am looking for, and I don't think the app is being built.

Pen and paper are easier than some of the clunky apps and mobile sites I have used to fill out forms and make offers, and that is just wrong. Some of them can reduce an agent to tears when they crash and the offer vanishes.  more...

Mortgage rates reverse course

By Inman News, Thursday, August 30, 2012.
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Mortgage rates eased this week, reversing three consecutive weeks of increases, as Federal Reserve policymakers weighed further stimulus measures that could include additional purchases of mortgage-backed securities that fund most U.S. mortgage loans.  more...

Tool creates market videos from MLS data

By Inman News, Thursday, August 30, 2012.
<a href="http://www.shutterstock.com/pic.mhtml?id=56314630">Director's chair</a> image via Shutterstock.

A new tool from real estate technology video developer VScreen allows brokers to present fully automated, branded monthly residential real estate market analysis videos for specific ZIP codes, neighborhoods and cities, on their websites, social media platforms and YouTube. (See a sample video here).  more...

Realtors seek details of 'secretive' REO bulk sales

By Andrea V. Brambila, Thursday, August 30, 2012.
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California Realtors say Fannie Mae and Freddie Mac's federal regulator is moving forward with bulk sales of real estate owned (REO) homes in "a highly secretive manner," without giving full consideration to the objections of California lawmakers or the program's potential negative economic impact on housing markets and cost to taxpayers.

The Federal Housing Finance Agency is implementing an "ill-conceived" plan while "refusing to disclose any details, such as property locations, final property count, sales price, or names of winning bidders," said LeFrancis Arnold, president of the California Association of Realtors, in a statement

   more...

Evaluating a rental applicant based on ex-landlord's opinion

By Janet Portman, Thursday, August 30, 2012.
<a href="http://www.shutterstock.com/pic.mhtml?id=100114958">Phone conversation</a> image via Shutterstock.

Q: I have a policy of always talking to an applicant's current landlord. But an applicant whom I'll call Sue has asked me not to call her landlord. She is afraid that if the owner learns she is looking, he will terminate her tenancy. Sue says she's leaving because this guy is a terrible landlord. I don't want to make things worse for her -- what if I call, he terminates, and I don't end up renting to Sue? But I hesitate to not check it out -- what if she's putting me on? Any suggestions? --Weidon B.

A: You're in a tricky spot. Many landlords will do just as Sue fears, apart from whether they are bad landlords or not. Upon learning that a tenant is about to leave, they'll terminate, especially if the rental market is seasonal and they want to take advantage of a good window.  more...

3 essentials to selling a million-dollar listing

By Tara-Nicholle Nelson, Thursday, August 30, 2012.
<a href="http://www.shutterstock.com/pic.mhtml?id=63316573">Victorian home</a> image via Shutterstock.

Q: There is so much advice on short sales, price reductions, auctions and multiple offers, but I rarely hear about how to sell a million-dollar listing. I have my first one. I have taken all the steps I think I should and have not had a single call to show the home. It is a beautiful Victorian home built in 1872 with modern amenities and a second home on the property. What should I do?

A: Some might think that having a million-dollar home to sell is a high-class problem, but it definitely presents some unique challenges, too. The more costly a home is, the smaller its pool of prospective buyers and the more insular the agent community is that caters to them. As well, these buyers can be much more discriminating and picky -- there is no shortage of homes on the market at that price point, which may also make million-dollar buyers harder negotiators.  more...

Agents: Just say no to overpriced listings Premium Content

By Bernice Ross, Thursday, August 30, 2012.
<a href="http://www.shutterstock.com/pic.mhtml?id=98222294">House of dollars</a> image via Shutterstock.

Overpriced listings have always been the bane of the real estate business. Given the tough lending environment, there is no longer any wiggle room when it comes to pricing. If your sellers aren't willing to be realistic, even if they do get into contract, there's a high probability they will never close.

It used to be that placing a property under contract was the toughest part of the transaction. Tight credit and major changes in the appraisal process have made it exceedingly difficult for agents to close transactions. In fact, when it comes to the appraisal process, many agents are finding themselves in an entirely new world.  more...

Tight supply boosts short sale, REO prices

By Inman News, Thursday, August 30, 2012.
<a href="http://www.shutterstock.com/pic.mhtml?id=20694781">REO property</a> image via Shutterstock.

Foreclosure-related sales accounted for 23 percent of all U.S. home sales in the second quarter, up from 19 percent in second-quarter 2011, according to a report released today from foreclosure data aggregator RealtyTrac.

In terms of raw numbers, however, foreclosure-related sales -- those either in the foreclosure process or bank-owned -- fell 22 percent year over year, to 224,429, representing the first annual decrease in foreclosure-related sales since fourth-quarter 2010.  more...

ZipRealty partners with mortgage lender

By Inman News, Thursday, August 30, 2012.
<a href="http://www.shutterstock.com/pic.mhtml?id=82536937">Clasping hands</a> image via Shutterstock.

Loan officers with mortgage bank New American Mortgage will be present in all ZipRealty company-owned offices in 20 markets around the country under the terms of a strategic alliance between the two companies announced today.

"New American Mortgage has an agent-centric model and is focused on creating a strong and trusted relationship with the real estate agent first," ZipRealty CEO Lanny Baker said in a statement. "This side-by-side connection and New American’s commitment to industry-leading loan approval turn times will greatly benefit ZipRealty buyers."  more...

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