Seller-financed deals are increasingly coming under scrutiny. The Consumer Financial Protection Bureau is investigating some larger investors using seller financing in real estate deals, accusing some investors of abusing the practice by evicting buyers for missing just a single payment or selling homes at the end of the agreements that are in complete disrepair.Legislators in three Midwestern states—Ohio, Illinois, and Michigan—are targeting
Keeping a home warm during the colder months of the year can prove to be expensive. With energy costs on the rise, many households are facing higher energy bills each year.Fixr.com, which provides "Cost Guides" of estimates to common household remodeling projects, highlights five projects to help increase a home’s energy efficiency and keep utility bills lower. (Fixr.com also provides cost estimates below of the projects listed.)1. Find unor
Having a salary over $100,000 is the standard some clients face in certain areas of the U.S. when it comes to homebuying. NAR’s quarterly Metropolitan Median Area Prices and Affordability Indexfrom the second quarter of 2017 helped CNBC identify the 10 cities with this high income necessity. The data included in the index assumes a 4 percent mortgage rate for all areas, as well as a monthly principal and interest payment limited to 25 percent
More victims are coming to light from Sunday’s deadliest mass shooting in modern U.S. history. Robert McIntosh, a real estate professional with Century 21 Gold Rush in North Pole, Alaska, was reportedly shot three times in the chest and one time in the arm by the gunman who fired from the 32nd floor of the Mandalay Bay Resort and Casino into an open crowd below of concert goers in Las Vegas Sunday night.McIntosh was rushed to surgery and is r
As home prices heat up across the country, buyers looking to lower their monthly mortgage payment are being lured to adjustable rate mortgages.ARM originations surged over 40 percent in the second quarter compared to the first, according to Inside Mortgage Finance data.ARMs are currently offering lower interest rates than fixed-rate mortgages. The average 30-year fixed-rate mortgage was 4.11 percent last week; a five-year ARM averaged 3.38 per
Lot sizes on new single-family homes have reached a new record low. New homes sold in 2016 had a median lot size of 8,562 square feet, or slightly under one-fifth of an acre.The median lot size fell to under 8,600 square feet in 2015, according to the Census Bureau’s Survey of Construction data. Lot sizes have continued to shrink since then.Location plays a big role. For example, the median lot size in the New England region is nearly twice as
Squash these issues before they derail the saleAfter months of hard work, a home sale comes down to one make-or-break moment: the final walkthrough. That nail-biting buyer pop-by before closing can either delight or disappoint.Perhaps the last time the buyers visited the house was during the inspection, when they were likely distracted. For others, it may be the first time they’ve seen the house in the flesh, thanks to the incredibly well-conn
Amazon’s announcement that it plans to build a second headquarters in the U.S. has sent cities frantically submitting applications to try to be the chosen second home to the online retailer. Amazon plans to announce the new location next year.The reason cities are in a rush to submit proposals is that Amazon’s new headquarters promises to bring up to 50,000 new workers with an average salary topping $100,000 all over the next 10 to 15 years.
The Securities and Exchange Commission alleges that a type of “cryptocurrency” called REcoin touted for real estate is a fraud and was designed to dupe investors out of money.Cryptocurrency is a “digital or virtual currency that uses cryptography for security.” The most famous example is Bitcoin, which has been used in real estate transactions.The REcoin Group launched REcoin in July with an "initial coin offering," which is the first of
Mortgage applications to purchase a home and for refinancing barely budged last week, the Mortgage Bankers Association reported Wednesday. Economists are blaming the stall in loan demand on rising interest rates and rising home prices.Total mortgage application for refinances and home purchases decreased 0.4 percent last week compared to the previous week on a seasonally adjusted basis, the MBA reported. Volume is now 24 percent lower than a year
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