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Buyers

Real Estate: Could Realty Brokers Have Prevented the Mortgage Meltdown?

Real Estate: Could Realty Brokers Have Prevented the Mortgage Meltdown?

Part of the puzzle of the mortgage meltdown has been the role of real estate brokers. Could real estate brokers have done more to prevent home buyers from making inappropriate purchases or using loans which were inherently too risky? The question has now been raised by the National Association of Exclusive Buyer Agents. NAEBA surveyed […]

Appraisers Seek Sensible Reform

Appraisers Seek Sensible Reform

There’s been considerable debate regarding the Home Valuation Code of Conduct (HVCC), the agreement to curb appraisal abuses worked out between New York Attorney General Andrew Cuomo, Fannie Mae, Freddie Mac and their then regulator, the Office of Federal Housing Enterprise Oversight (OFHEO). A number of leading real estate and lending trade associations are seeking […]

Since When Are Appraisal Conflicts Okay?

Since When Are Appraisal Conflicts Okay?

On RealTalk, a listserve with some 30,000+ agents and brokers, several relate that they have had bad experiences under the new Home Valuation Code of Conduct (HVCC) concept, something which only began May 1st. Why is anyone amazed? Combine a new and different program with a huge number of interactions and there are certain to […]

Making The First-Time Buyer Tax Credit Better — Or Worse?

Making The First-Time Buyer Tax Credit Better — Or Worse?

There is now a new effort on Capitol Hill to increase the first-time buyer credit from $8,000 to $15,000. Under S1230, first-time buyers would be able to get a credit equal to as much as 10 percent of the purchase price, up to $15,000. Not only that, but the time the home would have to […]

500,000+ Grab First-Time Homebuyer Credit

500,000+ Grab First-Time Homebuyer Credit

More than 500,000 buyers have used the first-time homebuyer credit to purchase a home. Amazingly enough, more than 38,000 buyers have already claimed the write-off but do not qualify. Why? In most cases because they owned a home during the past three years. Figures from the Treasury Inspector General for Tax Administration show that a […]

Uncle Sam’s $8,000 For First Time Home Buyers

Uncle Sam’s $8,000 For First Time Home Buyers

The government is hoping if you don’t now own a home that you’ll make the logical choice and buy one this year. If you do, there’s an $8,000 credit from Uncle Sam available to help you out. Last year the government announced that if you were a first time buyer and bought a home that […]

Should I Buy With A Land Contract?

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 […]

What If We Find Termite Damage?

What If We Find Termite Damage?

Question: What happens if a termite report shows termites or termite damage? Answer: You need to look at the specific terms of the sale agreement. If there’s an active pest infestation, many standard agreements require treatment by a licensed pest controller. Because poisons are involved this is not a do-it-yourself job for sellers. A professional […]

Should I Buy A House In “As Is” Condition?

Should I Buy A House In “As Is” Condition?

Question: We’re considering the purchase of a home on an “as is– basis. We understand that we should get a home inspection and other checks before we buy. However, isn’t the seller also supposed to tell us about any problems? Answer: Both “as is– and seller disclosure rules vary by state. In the general case […]

What is “buyer’s remorse?”

What is “buyer’s remorse?”

With some frequency it happens that buyers often have a sense of remorse after contracting to buy a home. Why? A home is a very large purchase. Not just in terms of dollars, but also in the sense of status, ego, and commitment. And because buying a home is such a transforming event, it naturally […]