Archive for December, 2008
Mortgages & The Unnecessary Crisis
July 14, 2008 should be remembered as a notable date in the long history of mortgage lending. The federal government gingerly stuck its regulatory foot into the warm waters of consumer advocacy and for the first time enacted rules which would protect borrowers. Not all borrowers, of course, and nothing that would materially disturb the [...]
31Dec2008 | Peter G. Miller | 0 comments | Continued
National Real Estate & Mortgage Associations
Below is a quick and handy list of the most important real estate and mortgage associations in the U.S.
American Arbitration Association Appraisal Institute Association of Real Estate License Law Officials (ARELLO) Building Owners and Managers Association (BOMA) Commercial Investment Real Estate Institute (CCIM)
Community Associations Institute (CAI) [...]
What Happens To Home Sales If Mortgage Rates Rise?
Interest rates reflect the cost of money nationwide –- but real estate values are established locally.
If you look at the question in general terms, higher interest rates mean larger monthly payments, high monthly payments mean a smaller pool of buyers, so in theory home prices should remain steady, rise less or even decline.
But –- and [...]
How Paper Mortgage Losses Turned Real
The question that keeps coming up is this: If only a small portion of all mortgages are failing how come the general financial impact has been so enormous?
To resolve this mystery, let’s go back to the 1970s when the mortgage-backed security — the MBS — was developed. The MBS was a financial device designed to [...]
15Dec2008 | Peter G. Miller | 0 comments | Continued
Must A Landlord Fix The Clothes Washer
When you rented the property it was offered to you with certain features. You, as a tenant, have an obligation to do routine maintenance –- such as change light bulbs and clean lint filters – while landlords typically have an obligation to make capital repairs above a dollar amount specified in the lease.
If a working [...]
Must Owners Accept Full-Price Offers?
No.
A real estate transaction is complex and involves far more than the purchase price. For instance, you bid full price but perhaps someone bid more. Or, you bid full price but require the sellers to re-paint the first floor – effectively asking for different terms and a discount on the sale price.
Why not speak [...]
Should I Buy With A Land Contract?
A “land contract” – also known as a “contract for deed” or “agreement for sale” – is a way to buy property on an installment basis. You make payments and then after some or all payments are made you get title.
This form of buying raises a number of concerns:
Suppose you miss just one payment [...]
4Dec2008 | Peter G. Miller | 0 comments | Continued
Can The Government Stop Lender Foreclosures?
Foreclosure moratoriums have probably been more common then most people realize — and more discomforting than lenders would like. As examples:
*Lee J. Alston, in Farm Foreclosures in the United States During the Interwar Period, says farm foreclosures were banned in 26 states during the Depression years.
*During the 1980s the Farmers Home Administration created foreclosure moratoriums.
*Active [...]
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