Howard Hanna Real Estate Services closed a deal late Tuesday announcing its partnership with Rand Realty, making it Howard Hanna | Rand Realty.
The post Howard Hanna acquires New York brokerage Rand Realty appeared first on HousingWire.
Ryan Murphy has finally sold his luxury compound in Laguna Beach, CA. He accepted an offer of $10.65 million after initially listing the home in early 2018 for $18.75 million.
The post Prolific TV Producer Ryan Murphy Sells Luxurious Laguna Beach Estate at a Discount appeared first on Real Estate News & Insights | realtor.com®.
As one agent reported: “The difference that we’re seeing this year that we haven’t ever seen in the past, is what we thought was just strictly pent-up demand is turning to be something greater than that.”
The post No seasonal slowdown this year as real estate agents report a busier-than-usual fall appeared first on HousingWire.
As one agent reported: “The difference that we’re seeing this year that we haven’t ever seen in the past, is what we thought was just strictly pent-up demand is turning to be something greater than that.”
The post No seasonal slowdown this year as real estate agents report a busier-than-usual fall appeared first on HousingWire.
Sales of Puerto Rican luxury houses and condominiums are spiking during the pandemic, with buyers from New York, California and other higher-tax states embracing the island’s low-tax status.
The post Home Buyers Give Puerto Rico Another Look During Pandemic appeared first on Real Estate News & Insights | realtor.com®.
The country music legend Alan Jackson is strumming a farewell tune to his massive mansion. The chart-topping singer has put the home on the market for $23 million.
The post Country Music Star Alan Jackson Selling Massive $23M Mansion in Tennessee appeared first on Real Estate News & Insights | realtor.com®.
Barclays expects suburban real estate to outperform urban real estate.
Two years after Chris Watts murdered his pregnant wife and two daughters, the Colorado house at the center of the macabre tragedy remains in purgatory.
The post ‘Nobody Wants It’: Colorado Home at the Center of Netflix Murder Documentary Hangs in Limbo appeared first on Real Estate News & Insights | realtor.com®.
Mike Eshleman, head of consumer finance at Jornaya, will discuss the pandemic’s impact on consumer shopping behavior in mortgage and real estate.
The post Jornaya’s Mike Eshelman to speak at HousingWire Annual Oct. 8 appeared first on HousingWire.
Former 49ers coach Steve Mariucci is drawing up a play to sell his delightful Del Mar, CA, beach cottage. The home is on the market for $8.7 million.
The post Former 49ers Coach Steve Mariucci Selling $8.7M Home in Del Mar, CA appeared first on Real Estate News & Insights | realtor.com®.
Located on a beach in Florida, the “dune house” isn’t easy to spot unless you know what to look for. But that’s exactly what makes it so enticing.
The post Would You Burrow by the Beach in This Underground ‘Dune House’? appeared first on Real Estate News & Insights | realtor.com®.
After largely spending the last several months at home, New Yorkers who are still in the real estate market have certainly had time to narrow down their priorities.
Home-price growth began accelerating in July, a sign that the slowdown in home prices caused by the coronavirus pandemic may be reversing.
The post U.S. Home-Price Growth Picks Up Pace Amid Pandemic Buying Rush appeared first on Real Estate News & Insights | realtor.com®.
The sports bettor Billy Walters is hoping his luck turns around with a big real estate sale. He’s placed his massive Carlsbad, CA, estate back on the market.
The post Legendary Gambler Billy Walters Lists Massive Carlsbad Estate for $27M appeared first on Real Estate News & Insights | realtor.com®.
Recent commercial real estate transactions in New York.
These nine houses—all built in 1920—have weathered the decades and are still standing today. Many of them are looking better than ever, and all are up for sale.
The post Celebrate Centenarians! These 9 Homes Built in 1920 Are Available for Sale appeared first on Real Estate News & Insights | realtor.com®.
Office space may be treated more like an exclusive club in future — and those who don’t go into a place of work may miss out.
A rare Paul Rudolph-designed home located in Larchmont, NY, has come on the market. The home has been fully renovated over the last eight years.
The post Fully Renovated Midcentury Modern Designed by Paul Rudolph Available for $4.9M appeared first on Real Estate News & Insights | realtor.com®.
Featuring a basement “Boom Boom Room,” this three-bedroom home went on the market last week for $325,000. There were 13 offers in 24 hours.
The post Suburban Home With Wild ‘Boom Boom Room’ Sells in a Week appeared first on Real Estate News & Insights | realtor.com®.
Having dreams, or “quarandreams,” about real estate—e.g., your childhood home, upgrading to a mansion, or losing your keys? Here’s what it may mean.
The post Strangest COVID-19 Side Effect to Date: Real Estate ‘Quarandreams’ appeared first on Real Estate News & Insights | realtor.com®.
The actor Kevin Sorbo has been trying to sell his home in Westlake Village, CA, for years. It’s now back on the market with its lowest price yet.
The post ‘Hercules’ Star Kevin Sorbo Chops $500K Off Price of His Westlake Village Home appeared first on Real Estate News & Insights | realtor.com®.
Imagining the impact on corporate real estate in major cities post-pandemic. Why go to the office?
The unpredictability of this year is forcing real estate professionals to reassess the future of the industry.
The property—located about 54 miles northwest of downtown Toronto— includes eight apartment-style rooms and a three-bedroom dwelling.
The post The Real ‘Schitt’s Creek’ Motel Will Be Up for Sale Soon appeared first on Real Estate News & Insights | realtor.com®.
It’s clear that as investment in proptech startups continues, their position in the real estate market will grow.
It could be five years before the office real estate market returns to a pre-coronavirus level of occupancy, according to a new study from Cushman & Wakefield.
California is experiencing a fast and furious housing market like no other in terms of sales and prices.
About a month after listing a Beverly Hills home for $24 million, the celebrity couple John Legend and Chrissy Teigen have bought a brand-new abode in the 90210.
The post Chrissy Teigen and John Legend Buy Brand-New Beverly Hills Home for $17.5M appeared first on Real Estate News & Insights | realtor.com®.
With no end in sight to the coronavirus pandemic and the job losses it has wrought, millions of U.S. homeowners are behind on their mortgage payments.
The post Caution: A Housing Crisis Could Be Coming for These 10 Cities appeared first on Real Estate News & Insights | realtor.com®.
Tiger Woods’ ex-wife, Elin Nordegren, has scored a compound in Palm Beach Gardens, days after selling her massive North Palm Beach, FL, estate for $28.64 million.
The post Elin Nordegren Scoops Up Palm Beach Gardens Compound for $10M appeared first on Real Estate News & Insights | realtor.com®.
A lack of housing supply has led to heated market conditions, as median listing prices last week grew at a record 11.1% year-over-year, according to realtor.com
The post U.S. Buyers Face Significant Inventory Shortages appeared first on Real Estate News & Insights | realtor.com®.
Tom Steyer has put his eco-friendly home up for sale. The former presidential candidate’s home in the city’s Pacific Heights neighborhood is listed for $11 million.
The post Former Presidential Candidate Tom Steyer Selling $11M San Francisco Home appeared first on Real Estate News & Insights | realtor.com®.
The goal to succeed can be achieved if there’s enough room for effective succession planning and the zeal to keep family values alive.
Owners of real estate technology — proptech — companies and other startups should be paying attention to this space.
A Florida condo lined wall-to-wall with Budweiser cans crushed the competition this week. It guzzled down six times as many clicks as the runner-up.
The post Hold My Beer! Condo Lined With Budweiser Cans Is This Week’s Most Popular Home appeared first on Real Estate News & Insights | realtor.com®.
Did you remember to mow the roof? It’s not exactly a common question for homeowners, but that’s what makes this earth-sheltered residence so distinctive.
The post Grass-Roofed Retreat in West Virginia for Sale—Lawn Mower Required appeared first on Real Estate News & Insights | realtor.com®.
The coronavirus pandemic has been blamed for hordes of folks trading the cities for the suburbs. But it didn’t create the trend—it only accelerated it.
The post Looking for a Home in the Suburbs? Good Luck, So Is Everyone Else appeared first on Real Estate News & Insights | realtor.com®.
Many Americans have successfully resumed paying their mortgage off, but some borrowers are still facing difficulty in today’s economy.
The post The Number of Americans Skipping Mortgage Payments Drops to Lowest Level Since April—but Some Borrowers Face Bigger Challenges appeared first on Real Estate News & Insights | realtor.com®.
On the D-List no more, the comedian Kathy Griffin is selling her seriously swanky Bel Air estate in Los Angeles for just shy of $16 million.
The post Kathy Griffin Lists Her A-List Estate in Bel Air for $16M appeared first on Real Estate News & Insights | realtor.com®.
Say hello to the 2021 colors of the year! These inviting new shades all signal calmness and health, two things we’ve missed so much in 2020.
The post See What COVID-19 Has Done to 2021’s Colors of the Year appeared first on Real Estate News & Insights | realtor.com®.
Home prices jumped more than 2% between May and July, the largest two-month gain on record, as Americans emerging from COVID-19 lockdowns bought real estate, the FHFA said.
The post Home prices post record two-month gain, FHFA says appeared first on HousingWire.
This skinny row house offers plenty of design surprises, both inside and out. The pastel-pink and aqua kitchen is a true must-see.
The post Skinny Baltimore Row House Packs a Sweet Surprise—a Must-See Kitchen appeared first on Real Estate News & Insights | realtor.com®.
Known as Redstone Castle and as the “Ruby of the Rockies,” the 42-room castle has almost 30,000 square feet of interior space and sits on over 150 acres of land.
The post Historic Colorado Castle in the Rockies Can Be Yours—Antique Ski Lift Included appeared first on Real Estate News & Insights | realtor.com®.
Zillow-owned homes in Atlanta, Phoenix and Tucson will be listed by real estate-licensed employees of Zillow Homes, and the company said it expects to expand the initiative to new markets in 2021.
The post Zillow iBuying program brings real estate transactions in-house by licensing Zillow Homes employees appeared first on HousingWire.
This husband and wife are part of a rising number of adults opting for multigenerational households at a time of economic uncertainty and extra mobility.
The post What You Gain, and Sacrifice, When You Move Back In With Parents appeared first on Real Estate News & Insights | realtor.com®.
In a recent Instagram post, Dwayne Johnson recounted how he ripped a gate off its brick moorings at an Atlanta mansion. But the mansion isn’t the Georgia home he owns.
The post Why Is The Rock Renting an Atlanta Mansion? And Why Did He Rip Down Its Gate? appeared first on Real Estate News & Insights | realtor.com®.
Most people are quick to tell you how stressful moving can be, or try to give you moving tips that simply don’t work. The best way to reduce the stress of moving is by having a solid plan. People who have moved multiple times know what works and can tell you what works. Each of these tips has been tested and approved.
To stay on organized and on schedule, make a clear and detailed list. This list should include instructions for everything that needs to be done. There are many lists available online that you can look to for ideas. Add and subtract things that are essential for your move from the list to personalize it.
Organize your cords with paper rolls Another packing hack from this moving checklist is to keep all your cables neatly organized by wrapping up each cord and inserting it inside an empty roll from toilet paper or kitchen paper. (mymovingreviews.com)
Print out our comprehensive moving checklist and put it inside a designated moving binder. (lifestorage.com)
Often times, the most stressful part of moving for people is packing up their current property. The easiest way to handle this is to pack early. Once you are nearly certain when the move will happen, it is time to begin packing. Packing early will get the process going and starting early can make it easier to handle.
First, start by packing items not used on the day to day, kick-knacks, and seasonal items. These items are easily packed and won’t interfere with your life. By starting here, you minimize the last-minute stress to get everything packed. Also, when you do this early, you can take your time and sort through things. Really evaluate if you want to bring all of the items to your new home or if there are items to be sold, discarded, or donated.
Ensure an easy move by creating and following a packing calendar where each packing job is prioritized and personalized. (mymovingreviews.com)
When you are getting ready to move, it is a great time to declutter. Reducing what you own can help make space for new memories and items. Additionally, everyone knows the less “stuff” you have to move, the easier it is. Not to mention, the cheaper it can be to move. Less clutter means fewer boxes and potentially a smaller moving truck/less in movers’ fees.
An easy way to get started is to create three piles. In each room, divide items into a “sell” “donate” or “trash” pile.
Any of your items that can’t be sold prior to the move should be packed in boxes that are labeled “to sell”. This way you know not to unpack them first and finding a place for them is no longer on your to-do list.
This is an easy trick that can help save a lot of time, energy, and frustration when unpacking. Pick a color to represent each room of your home. While you are packing the items from that room, mark the box with an “X” in the color you chose.
Using colored duct tape or duck tape to color code moving boxes will streamline the moving process. (ontaskorganizing.com)
While you are packing, create a color-coded list that outlines what color each room is. You can keep this list on your phone or on a piece of paper. Label more than one side of the box so it is clear where each box belongs.
This little trick makes boxes easy to identify and sort as you are moving into your new home. No more sorting through random boxes when you are trying to find sheets or silverware when you first move in.
This also works especially well with kids’ rooms. Make sure each child knows which color is theirs, and they can make sure they have all of their boxes in their room.
Using a label-based numbering system is an excellent office moving tips to remember, especially if you plan to use a moving company. (rlmaxonmovers.com)
I know, sounds simple right, but you would be surprised how often this can be forgotten in the mix of your moving process. (rosemoving.com)
By reducing the amount that needs to be packed, you can reduce the number of packing materials you need. Packing materials, such as bubble wrap and cardboard boxes can add up quickly. Luckily, there are multiple ways to save on costly supplies.
A lot of common household items can double as packing materials. For example, towels such as dishtowels or bath towels can be used to wrap breakable or fragile items.
Recycled Packing Paper! You’re planning your budget-friendly move, you’re cleaning out your closets full of odds and ends, and those old file boxes are a treasure trove of packing materials. (cubesmart.com)
Another tip with packing is to write a list for each box with the items packed inside and place it on top before sealing it. Later, during the unpacking process, this will make it easier to know what is at the bottom of the box without unpacking it entirely.
Remember: Pack heavy items in small boxes This tip may seem obvious to some, but many people will fill a large box with books and other heavy items when packing. (chipmanrelo.com)
Removing all of your clothing from hangers, folding it, and packing it in a box, only to unpack and rehang it later is unnecessarily time-consuming. You can purchase wardrobe boxes at most home improvement stores and moving companies. They are well worth the investment.
It is as easy as moving the hanging items from your closet to the wardrobe box. This will save you a lot of time and energy later on.
Another way to save time and energy is by leaving dresser drawer items in the dresser drawers. Secure the drawers using plastic wrap. There are specific kinds of plastic wrap, specifically larger rolls, that make doing this easy.
Pre-pack clothes and shoes Save plenty of time by pre-packing winter clothes when moving in the summer and boxing early summer clothes during a winter move. (mymovingreviews.com)
When packing your valuables, luggage is a great space. Using a towel or blanket, you can protect breakable pieces. You can also use suitcases to carry important documents, files, and pictures.
Keep documents in a binder All your important documents must stay with you throughout the move, so the best way is to keep them all in one place. (mymovingreviews.com)
By doing this you protect the items and also make them easier to transport. Valuable and important belongings should not go with the movers. You should personally transport each of these items to your new home.
Moving doesn’t have to be as stressful as people say. After you accept your cash offer from EveryHouse, the easiest way to move is by making and plan and sticking to it. These easy tips and tricks can help reduce stress and streamline the moving process.
EveryHouse is here to ensure your moving process is low-stress and hassle-free from start to finish.
The modest Brooklyn home where Ruth Bader Ginsburg grew up isn’t nearly as notorious as the revered U.S. Supreme Court justice.
The post The Not So Notorious Home Where Ruth Bader Ginsburg Grew Up appeared first on Real Estate News & Insights | realtor.com®.
Brothers Luke, Liam, and Chris Hemsworth used to hang out in Malibu, CA, but they’ve now put their pristine coastal home on the market for $4.9 million.
The post Hemsworth Brothers Selling Their Magnificent Malibu Retreat for $4.9M appeared first on Real Estate News & Insights | realtor.com®.
Sales of existing homes rose 10.5% on annual basis, putting the summer’s housing market well ahead of last year’s sales levels.
The post U.S. Existing-Home Sales Continued to Climb in August appeared first on Real Estate News & Insights | realtor.com®.
Actor Josh Brolin and his wife, Kathryn, have switched coasts and bought a home in Georgia. Last month, Kathryn announced that the couple had left California behind.
The post Josh Brolin Purchases Spacious $3.25M Mansion in Atlanta appeared first on Real Estate News & Insights | realtor.com®.
In today’s global and economic situation, financial hardships are becoming more and more commonplace due to hundreds of different factors, making homeowners need to defer a mortgage payment.
Some unfortunate and unexpected events that can lead to deferring a mortgage payment can vary from losing a job or income, a divorce, an accident that incurs higher medical bills than expected, or even predatory college loans.
Sadly, these types of stories are extremely common these days, and these kinds of financially difficult situations can happen to just about anyone. The good news is that you may be able to defer a mortgage payment, depending on your mortgage terms.
Check out these sources about late mortgage payments and payment deferrals:
Buying a home isn’t the only financial hurdle you’ll have to jump. Each month, you’ll have to make your payment on time. When financial storm clouds are gathering, you may find it difficult to pay your mortgage on time. In such a case, a mortgage deferral can keep you out of foreclosure while you get your finances together again. (budgeting.thenest.com)
Summary:
The recently announced COVID-19 Payment Deferral solution returns a homeowner’s monthly mortgage payment to its pre-COVID amount by adding up to 12 months of missed payments to the end of their mortgage term without accruing any additional interest or late fees. (freddiemac.com)
The payment deferral option allows borrowers, who are able to return to making their normal monthly mortgage payment, the ability to repay their missed payments at the time the home is sold, refinanced, or at maturity. “For homeowners in forbearance due to COVID-19, payment deferral allows them to make up missed forbearance payments when they sell their home or refinance,” said FHFA Director Mark Calabria. “This new forbearance repayment solution responsibly simplifies options for homeowners while providing an additional tool for mortgage servicers. (fhfa.gov)
How do I know if Fannie Mae or Freddie Mac owns my mortgage? (aarp.org)
For example, if you have a Fannie Mae, Freddie Mac, FHA, VA, or USDA loan, you won’t have to pay back the amount that was suspended all at once unless you are able to do so. (consumerfinance.gov)
In turn, Freddie and Fannie are requiring landlords not to evict tenants facing hardship based solely on nonpayment of rent during the forbearance period. (aarp.org)
A deferred payment is a financial term that is used when you put off making a mortgage payment and instead choose to pay it later. It is important to note that you can defer a mortgage payment for only a short period of time.Additionally, you will eventually need to pay the mortgage in full. Finally, you might be charged interest on a deferred payment. The interest charged will depend on your lender, and might put you further into debt or introduce other financial hardships down the road.
Tip: When you ask for forbearance, determine whether late fees and interest will accrue during the forbearance period. (cnn.com)
The deferred payments will be due at the end of the loan, such as when your loan is paid off, refinanced or your home is sold. (freddiemac.com)
In most conventional cases, the mortgage company will usually agree to defer payments, but oftentimes the final decision is dependent on the lending company that signed off on the mortgage.
In a multitude of situations, the deferral can be an absolute win for both homeowner and lender, because it will ultimately keep you out of foreclosing on the property.
If you think that you’re going to need to defer a mortgage payment, it’s advisable to contact your lender as quickly as possible to avoid foreclosure proceedings, or even a deed in lieu of foreclosure.
In the case of financial hardship and proving financial hardship, many lenders will typically approve a deferral.
Payment deferral may be an option if you are: Behind on mortgage payments or at the end of a forbearance plan Able to resume your regular monthly payments (your financial hardship is resolved). (knowyouroptions.com)
It’s also highly recommended that you can provide hard data that your financial hardship is a temporary issue and not an ongoing problem.
Borrowers need to keep in mind: mortgage forbearance is not mortgage forgiveness. (cnn.com)
If you’re unable to provide proof that you’re capable of resolving your financial hardship in a prompt and timely manner, then the request to defer a mortgage payment may be denied by your lender.
Summary:
There may be instances where you’d like to arrange a deal with your current lender. For example, some lenders will often agree to waiving your late fees once you’re caught up on missed payments, giving you a sweetheart of a deal, as those late fees can come with a hefty fine against you.
Regardless of what kind of financial hardship you’re currently experiencing, you’ll have to come up with a irrefutable case on how you’ll be able to continue making on time payments in the future, especially if they’re going to defer a mortgage payment or come to another arrangement with you.
By communicating with your lender as soon as you begin to experience financial hardship, you can typically make a stronger case for deferred payment. However, the decision will rest entirely in the hands of your lender, and in some cases, your request might be denied.
If your mortgage is backed by Freddie Mac or Fannie Mae, you can request a specific repayment method beginning July 1, 2020 : Make one lump sum payment when your mortgage term ends. (businessinsider.com)
After making the lump-sum payment, Cwik opted to cancel the additional three-month mortgage relief program she says she agreed to be placed into earlier in the month. “I’m just a normal BofA mortgage account customer now,” Cwik says, but adds that she’s still concerned about the homeowners who don’t have the time, energy and fortitude to keep calling to make things right. “We have worked with the client and have resolved her issues,” Bank of America said in a statement to CNBC Make It. (cnbc.com)
This can be done through a lump sum “reinstatement” payment, a repayment plan, or by rolling your missed payment into the mortgage balance so you can pay off the outstanding amount over the life of your mortgage. (homeguides.sfgate.com)
Another option is to apply for a loan modification, in which the loan company might add the deferred amount to the balance, increase the length of your loan or reduce the interest rate. (cnn.com)
California and the Trump administration issued protections this week that keep many tenants from losing their homes If after the forbearance period a borrower still can’t afford their original mortgage payment, loan modifications are available that would reduce monthly payments by extending the term of the loan. (latimes.com)
Have a late mortgage payment or having a late payment can lead to an increase in interest rates and even a higher level of debt, sometimes affecting your credit score.
If the lender is unwilling to help, a late payment won’t usually show up on your credit report unless you are 30 days or more late. (budgeting.thenest.com)
Many lenders have issued statements saying they won’t report forbearance, missed payments, or late payments to credit bureaus so your credit score can stay in tact. (businessinsider.com)
If you’re trying to pay down any outstanding debt, move on from this negative experience as quickly as possible and potentially avoid a foreclosure in the process, EveryHouse is here to help you through the process.
We can often make a same-day offer for your home, and in ideal situation, EveryHouse can close on your home in a few as 7 day.
We know that the current climate is more complex for people, and you don’t necessarily have the funds to go through with necessary repairs or renovations on your property. This is why we buy homes, to ultimately make life easier. Contact us today to see if we might be able to help with your situation.
Practical and customizable, “barndominiums” are a uniquely American take on rural life. We’ve rounded up 10 of the coolest examples for sale right now.
The post ‘Barndominium’ or Bust! 10 Beautifully Rustic Homes on the Market Right Now appeared first on Real Estate News & Insights | realtor.com®.
If you aren’t the modest type, we’ve found just the home for you. This house in the middle of nowhere in Colorado comes with an extremely open floor plan.
The post Privacy Might Be an Issue in This Converted Colorado Schoolhouse appeared first on Real Estate News & Insights | realtor.com®.
When COVID-19 stampeded into our lives, my two college graduate sons moved back home. Here’s what it’s like living with this new breed of boomerang kids.
The post An Uncomfortably Up-Close Account of What It’s Like To Quarantine With My Boomerang Kids appeared first on Real Estate News & Insights | realtor.com®.
Some homeowners don’t know they qualify for a relief program that allows them to delay payments, potentially leaving them vulnerable to foreclosure and eviction.
The post A Million Mortgage Borrowers Fall Through Covid-19 Safety Net appeared first on Real Estate News & Insights | realtor.com®.
The luxurious Greenwich, CT, estate of the fashion mogul Tommy Hilfiger and his wife, Dee, has come on the market for $47.5 million.
The post Tommy Hilfiger Selling Gorgeous Greenwich Estate for $47.5M appeared first on Real Estate News & Insights | realtor.com®.
Flooding across the country is getting worse, as storms become more severe and rainfall increases. These are the 10 counties most at risk for flooding.
The post Rising Waters: Do You Live in One of America’s 10 Most Flood-Prone Counties? appeared first on Real Estate News & Insights | realtor.com®.
Built in 1905, this historic Craftsman is the second-most-expensive home in Palo Alto right now, right behind an $18.5 million French-inspired mansion.
The post Meticulously Restored $17.5M Historic Craftsman in Palo Alto Attracts a Buyer appeared first on Real Estate News & Insights | realtor.com®.
When you find yourself down on your luck and not able to keep up with the mortgage payments on your home, you might find yourself in a sticky situation looking for a solution and attempting to avoid foreclosure.
With the way the current market is going, foreclosure becoming more and more commonplace with the economic and job situation coming to a screeching halt given the current events of the global situation.
According to the FDIC and NeighborWorks America, one in two hundred homeowners will be in a foreclosure situation at some point in their ownership.
According to real-estate data firm Black Knight, 4.6 million American homeowners were in some type of non-repayment as of June 16, representing 8.7% of all mortgages. (hbr.org)
In most of the larger metropolitan areas, this would translate to thousands of homeowners losing their homes to a foreclosure situation every single year, which is a bit of a dismal outlook on things.
When you zoom out and look at things on a national scale, it translates to a quarter million families facing foreclosure every single month.
There are a multitude of factors that can attribute to this staggering number, including but not limited to markets with home valuations dropping, or many homeowners not comprehending the verbiage and details within their mortgage agreements.
Many of these homeowners that we deal with feel that their options are either limited or none in this type of situation, but that’s simply not the case at hand.
On the other side of the coin, foreclosure isn’t a great situation for the lending companies or the banks, either.
Lenders and banks will have to spend an average of $50,000 to go through the foreclosure process on a property. Below are some stats on why banks are looking to avoid going through the same crisis of 2008.
Summary:
Simply put, lenders and banks are just as motivated as homeowners to dodge the foreclosure process. Across a multitude of states, they are offering options to homeowners to have a shot a making good on the missed payments to avoid foreclosure process for themselves and homeowners, giving both parties a benefit of the doubt when this situation arises.
If you do have delayed mortgage payments coming due, check out some of the options below from Malloy Evans, the SVP of Fannie Mae.
Summary:
This might not be an option for homeowners who find themselves in dire staits with their current financial situation.
What would you be able to do if you know in your heart of hearts that you’re not going to be able to make up the missed payments, and the bank has rejected any of your loan modification or short sale options?
Is there a possibility that you could give your home back to the bank or lender to avoid foreclosure process and the black mark on your homeowner record and credit score?
There may still be hope to get out of that corner and get back on your feet, so let’s explore some of those options and see what can be done for you regardless of your current situation.
First off, we believe you should understand your foreclosure rights before exploring your options. Here are some reputable sources we recommend for understanding your rights as a homeowner prior to engaging in any type of relief.
Get reliable foreclosure help and counseling through the government’s Making Home Affordable program . Or find a government certified housing counselor near you. (usa.gov)
The Coronavirus Aid, Relief, and Economic Security (CARES) Act offers mortgage relief for homeowners with federally backed mortgages. The act offers a foreclosure moratorium and the right to forbearance if you are experiencing financial hardship due to the COVID-19 coronavirus pandemic. If you do not have a federally backed mortgage, contact your mortgage servicer to discuss your relief options. (credit.com)
If you’ve fallen behind on your mortgage payments, the threat of foreclosure can become overwhelming. Struggling homeowners might feel inclined to simply accept their fate there’s no getting out of foreclosure, right? But when it comes to mortgage foreclosure, remember that you have options. (credit.com)
The short answer to this is yes, you can return your deed to the bank in order to avoid foreclosure, using a process called deed in lieu of foreclosure. SFGate has written a wonderful guide to help homeowners through the process, an excerpt and link have been provided below so you can get other expert 3rd party information about your options when foreclosure is on the line.
When it becomes clear that you can no longer afford your home, you can arrange to forfeit ownership to your lender — only if your lender agrees to take it. A deed in lieu of foreclosure, also known as a deed-in-lieu, cancels a loan obligation… (homeguides.sfgate.com)
Before going down this road and going with this option however, take a look at other options at your disposal, like loan modification, selling the property, or a lesser known option, commonly referred to as a short sale.
If you feel like you’re cornered and don’t have any other option at your disposal, deed in lieu of foreclosure would let you sign the deed to the bank or lender in order to rid yourself of the house and any financial responsibilities you agreed to, which will also cancel the remaining balance on the mortgage so that you’d be able to move on and find another living arrangement.
You might be asking yourself at this point: why would I consider the option or possibility of giving my home back to the mortgage company in this fashion? One main reason being that the foreclosure process can be a drawn out, lengthy and exhaustive process, but a deed in lieu of foreclosure option give you an opportunity to save time, money, and energy in having to go through with the proceedings.
As previously mentioned, this will save you from the expenses, fees and headache of the foreclosure process in the long run, while also being an extremely expedient way to get out from being underwater in debt and having the capacity to move on with your life and not worry about it anymore.
So with all of those excellent pros in your favor, why wouldn’t you take this as an option to get out intact? One of the big factors is that if there’s another route to become debt free, like selling your home the traditional way, you could avoid some serious roughing up of your credit score. Although the ding is less than the penalty that the foreclosure would carry with it, returning a house to the bank would have a severe negative impact on your overall credit rating and score, which would take time to repair and recover from.
Having a deed in lieu of foreclosure on your credit report usually translates to you having to wait several years before you can apply for another mortgage on a new home, which may upset your strategy and upend your current lifestyle if you’re unaware of it.
The average wait period with a deed in lieu of foreclosure is 4 years from date of completion of the process, but is still better than the average with foreclosure, which is approximately 7 years.
Lastly, one of the biggest consequences of committing to a deed in lieu of foreclosure process is financial loss from the process. What we mean by that is that yes, your debt will be negated, but in the process you have to give up your home, and any appreciation that may have occurred during the process in an attempt to raise the home’s value.
When doing a deed in lieu of foreclosure process, it’s not as easy as signing off on the contract, giving the bank their house and letting them know the keys are in the mail. That’d be awesome if they did it that way, but it doesn’t work like that. Financial institutions are old school like that, so we have to go about this their way, even though the other way would be super easy.
Unfortunately like every other financial transaction on the planet, there are rules and regulations we have to play by and a process they want us to abide by, and the whole thing has to kick off officially before the foreclosure process can begin.
Even if you think your home won’t sell, we highly recommend you put it back on the market. By doing this, you show the bank and the lender that you’re ready to do whatever it takes and explore all potential options in order to make yourself financially whole again, and address your debt issue head-on. Keep in mind that the banks and lenders won’t agree to a deed in lieu of foreclosure unless you’re exhausted every possible option except for foreclosure, so this lets them know you’re ready to play ball, so to speak.
Next up, check and make sure you’re actually behind on your mortgage payments by having a look at your mortgage staement, as you can’t actually go through and commit to a deed in lieu of foreclosure unless you’re actually behind in your payment arrangement with your financial institution or lender.
Unless you do this, the bank is going to assume business as usual, that you’re not really at risk for foreclosure, and politely request you continue making payments by contacting you in every possible form of communication on a regular basis.
Ideally, you’d need to be at least 30 days or greater into missing monthly payments before they’d even entertain the idea, so check the statement so it doesn’t look like you’re playing homeowner who cried deed in lieu of foreclosure.
After making sure that you’re in fact behind on your monthly payment for your mortgage, you’d need to pull together whatever documents you have as proof of your current financial situation. Normally this starts off with a verifiable proof of income, usually about two pay stubs to account for the past 30 days.
Now, some of them might want 60 days or 90 days of proof depending on how long you’ve missed your monthly payment, but that’s their program and they’re sticking to it. Remember, we said banks and lenders are old school, so they play by old school rules when it comes to foreclosure proceeding.
After that, you’re going to want to get your tax returns in order, because they’re going to want those, too. Another way of doing this is showing an expense statement of your current financial situation, coupled with a few monthly bank statements to get the green light for the deed in lieu of foreclosure process to begin.
All of these aforementioned documents will give your bank or lender undeniable proof that you simply can’t afford to keep paying the mortgage, and the process begins.
The next step in the process that you’re going to have to do is write a hardship letter, explaining to your bank or lender what’s going on with your financial situation and that you’re unable to continue making payments on your mortgage.
Write up anything that may be applicable to your situation to set up a foundation for your case. Situational problems in a hardship letter like extreme illness, job loss, death of an immediate family member are permissible in the hardship letter you’re writing up.
Keep the letter concise Typically, lenders spend less than five minutes reading a hardship letter so it’s in your interest to restrict the letter to a single page. If you use more than a page, there’s a good chance that your letter will not be read thoroughly. To keep your letter to a single page, include those details that you think are relevant to your case. To get a better idea of what to include in a hardship letter, refer to a sample hardship letter. (templatelab.com)
Explain your situation In a financial hardship letter, you need to explain why you stopped making mortgage payments: This is extremely important. More than anything else, you need to convince your lender that you’re not an irresponsible person when it comes to making mortgage payments. You need to show the lender that your current grave financial situation is the only reason you’ve fallen behind on your loan payments . The reasons that cause loan payment problems which you can cite in your hardship letter are mentioned above. (templatelab.com)
You can find some excellent information about hardship letters at the link below to ensure you’re doing it right and not wasting your time.
At this point, it’s up to the lender to decide on whether or not they will accept your request. The first step for the lender is to perform a title search, as they normally only perform a deed in lieu of foreclosure on a first mortgage.
If you have multiple mortgages on the property, you may be possibly denied, however if there are no other liens on the property, the lender will get a pricing opinion from a broker to determine actual market value of your property, which ultimately brings them to their final decision.
If there are no other liens, the lender will as for a broker’s price opinion to determine the property’s market value, which leads to the final decision. You will receive a notification from the bank about your approval or denial based on all of this information.
If you’re going to attempt to give your house back to the mortgage company through deed in lieu of foreclosure, you have to keep in mind that the mortgage company doesn’t have to agree to it at all, they still hold the note and have last right of refusal on anything.
The appeal process you’re looking to go through can be denied for a myriad of reasons, some of them include:
If the approval process does happen in your favor, you will have to get a notary involved at the time of signing the title transfer. Once this process has occurred, you’ll be ready to move forward with the rest of the process.
If you’re a homeowner who’s run into financial dire straits, the choice of returning a house to the bank to avoid foreclosure in the mortgage loan process should be a no brainer. But, this is very much an active and proactive transaction, so you’ll need to do all the legwork and prep before the foreclosure process begins. This process is also only available to you in the correct circumstance and only to be used as a last resort when all other options have been exhausted.
All of that being said, there’s always another way to get out of a house you can’t afford anymore. In order to maximize the pending foreclosure situation, you might want to consider selling the property in a differen manner. Selling your property to EveryHouse is a far superior option than a short sale, a deed in lieu of foreclosure, or a standard foreclosure.
Selling to Everyhouse would have no impact or damage on your credit score, and is far more profitable to you as a home seller. You would be able to sell your property far quicker and with less stress than a deed in lieu of foreclosure process. Contact EveryHouse if you’d like to learn more about our quick, no hassle and convenient home selling process.
Hardships caused by the coronavirus pandemic are likely to force a lot of sales and create new renters. It is a potential bonanza for rental-home investors.
The post Millions Are House-Rich but Cash-Poor. Wall Street Landlords Are Ready. appeared first on Real Estate News & Insights | realtor.com®.
A new report revealed that in April, when the pandemic took its toll on the real estate market, the number of newly licensed agents was practically zero. But as the spring gave way to a record-breaking summer for home sales, the profession began attracting a lot of attention.
The post Pandemic drives more interest in real estate careers appeared first on HousingWire.
There’s a misconception among real estate agents about conversion rates. So, what should agents expect, and how can they get the most out of the leads? HW+ Premium Content
The post What conversion rate should real estate agents expect when they purchase leads? appeared first on HousingWire.
The longtime college football coach Lou Holtz is selling his home for $4.5 million. It was hit by lightning a few years ago, and has since been fully remodeled.
The post Legendary Football Coach Lou Holtz Selling $4.5M Mansion in Orlando appeared first on Real Estate News & Insights | realtor.com®.
In times such as these, it’s natural to question the future of the industry, but there are brighter times ahead.
A rare find sailed to the top of this week’s most popular listings. One of just two private residential islands in New Jersey is listed for $1.85 million.
The post Rare Private Island for Sale in New Jersey Is the Week’s Most Popular Listing appeared first on Real Estate News & Insights | realtor.com®.
Hmlet Listed is a new product that aims to help more real estate partners scale up their rental listings, and its launch came during a “fantastic time” during the coronavirus pandemic, says Yoan Kamalski, cofounder and CEO of the Singapore-based co-living startup, Hmlet.
In Chattanooga, TN, home renovation pro Gary Crowe has been slowly changing the housing stock, just as Chip and Joanna Gaines have been doing in Waco, TX.
The post Midcentury Modern Renovation in Chattanooga Wows Fans Nationwide appeared first on Real Estate News & Insights | realtor.com®.
A waterfront estate in Southampton, NY, called “Ocean Dream,” now on the market for $49 million, is this week’s most expensive new listing.
The post $49M ‘Ocean Dream’ in the Hamptons Is the Week’s Most Expensive New Listing appeared first on Real Estate News & Insights | realtor.com®.
A well-preserved time capsule has grooved back onto the market. The fabulously retro home in Palm Springs is available fully furnished for $1,969,000.
The post Popular Time Capsule Home in Palm Springs Is Available Again for $1.97M appeared first on Real Estate News & Insights | realtor.com®.
An Oakland mansion once owned by the musician Billie Joe Armstrong is back on the market, with a recent price reduction to $6.5 million.
The post Former Oakland Mansion of Green Day’s Billie Joe Armstrong Rocks Back Onto the Market appeared first on Real Estate News & Insights | realtor.com®.
Commercial real estate stocks are bouncing back this week after taking a big hit. Shares of SL Green, Manhattan’s biggest office landlord, are up 14 percent. On Monday, SL Green unveiled a $3 billion, 77-story new office tower in midtown, showing the company is betting on a future that includes workers going back into the office. Andrew Mathias, president of SL Green, joins “Squawk Box” to discuss.
The question on the minds of many home buyers and owners is if mortgage rates can fall even further—and just how low they can go.
The post With Mortgage Rates at Record Lows, How Can Buyers Know When To Pounce? appeared first on Real Estate News & Insights | realtor.com®.
An Ohio home comes with a remarkable replica of the Oval Office in the attic. You can buy the office and the house—which is not white—for $2,695,000.
The post Ohio Home With Oval Office Replica Is the Ultimate Work-From-Home Setup appeared first on Real Estate News & Insights | realtor.com®.
Cliff diving in Kansas? Scuba diving in your own backyard? Grotto parties? It’s all possible at this custom-built mansion currently listed for $10.9 million.
The post Kansas’s Most Expensive Home Is a $10.9M Mansion With a Wild Water Park appeared first on Real Estate News & Insights | realtor.com®.
After renting his Tampa home to Tom Brady, the newly minted Tampa Buccaneer, the New York Yankees legend Derek Jeter has now listed the mansion for $29 million.
The post Derek Jeter Lists His Massive Mansion in Tampa for $29M appeared first on Real Estate News & Insights | realtor.com®.
North Texas Real Estate Information Systems has added another state to its Multiple Listing Service. Louisiana brokers now have access to Texas MLS.
The post Louisiana brokers now have access to Texas MLS appeared first on HousingWire.
Elin Nordegren, former wife of Tiger Woods, finally sold her North Palm Beach mansion for $29 million. It first came on the market at $49.5 million in 2018.
The post Why Did Elin Nordegren Sell Her North Palm Beach Home at a Big Discount? appeared first on Real Estate News & Insights | realtor.com®.
Proper due diligence will ensure that both parties fully understand their contractual obligations.
Home flooring is a simple and classic way to sell your home for more money on the market today. Home flooring takes a beating every single day whilst entrusted with a monumental task: determining the design tone for your whole household. The picture-perfect pages of your Pottery Barn Pinterest board don’t reflect the family pet shedding settled deep into your living-room carpet fibers or the typical wear-and-tear of your wood floorings.
You can bet, though, that prospective buyers who visit your home for showings have those magazine images in mind. They not only would like floors in excellent condition, however materials that go with the purpose of every room and appear like a million bucks.
” Flooring, in my point of view, is usually an affordable expense, yet you get a much higher yield on your financial investment,” suggested Leighann Russell, a real estate professional in the Atlanta area who’s got 329 transactions under her belt to date.
Our experts undertook all the ROI investigation around several styles of floorings and identified what’s trending (spoiler: hard wood’s still king), and also spoke to an interior designer with 30 years of expertise who has her own line of hard wood flooring.
So the short answer to “does new flooring increase home value?” is yes– if you’re wise about your selections. The right upgrades also make your home sell more quickly on the market. Follow these 5 expert strategies to get the most out of this practical property financial investment.
Sometimes you simply cannot beat a classic. And even when it relates to houses and the kind of floor purchasers really like, hardwood floorings have definitely stood the test of time.
Through the 18th century, wood made floors progressed from bare lumber, to check or geometric decorated planks to go well with the ornate decor of the times. In the late 1800s, the glossed wood floorings so prominent in American houses today began being manufactured in mass.
These days, any prospective buyer who walks into a home will probably gush over the stunning hardwood floorings if your house can provide it.
54% of house prospective buyers want to spend more for wooden floorings when acquiring a home– up to $2,080 more, according to data coming from the National Association of Realtors.
And revealing that wood floorings aren’t solely preferred among luxury home prospective buyers, a 2017 survey from the National Association of Home Builders found that 87% percent of buyers in the $100,000 to $149,999 price range desire wood floor.
Both timeless and extremely versatile, hardwood is even more durable over the long haul than carpet and rugs. Both of which have to be replaced about every decade. Re-coating wooden floors every three to 5 years or refinishing them every Eight to ten years can make them last for the long haul.
Installing about 300 square feet of pre-finished hardwood floor sells at approximately $2,700 to $3,800 nationwide, also including building materials and labor costs. (By means of comparison, adding the equivalent amount of carpets costs a nationwide average of approximately $1,300 to $1,800.).
Rates fluctuate by location and contractor, of course. The very best method to find out just how much the job would cost you is to assemble a handful of estimates from nearby experts.
However, to get a range for your area, Porch (which possesses data on over half a million projects) offers this Hardwood Floor Install Cost Calculator that gives you a rate range personalized to your ZIP code.
Even within hardwood floors, there are various cuts, degrees of thickness, and lumber varieties that impact cost:
If you like the look of wood however need to improve your floor on a budget, you’ve got various options at your disposal.
Carpets and vivid throw rugs are still well-liked, and environment-friendly and organic materials and cutting-edge styles mean that homeowners have more flooring options than ever.
Looks matter when it pertains to flooring, however so does standard daily use.
Kitchen areas and entryways need a material that can handle heavy foot traffic, one reason that ceramic tile is a frequent choice here– and why a more difficult wood such as oak or hickory holds up well here, too.
However, solid wood floor covering is a poor option for a basement, where high humidity can warp the wood. (A crafted wood flooring is more stable).
Because of humidity and water, a strong wood floor likewise is a bad choice for bathrooms. (Check out this guide from the National Wood Flooring Association for more ideas about selecting types of wood flooring and finishes.)
The floor covering’s foundation likewise will influence your spending plan and flooring option. For example, if you rip out carpeting to find concrete or tile underneath, your brand-new floor covering requires to be a click-together drifting choice or floor covering that can be glued down– nothing that needs nails.
Russell stated she’s seen that a lot of buyers tend to desire “tile in the bathrooms; hardwoods in the main” part of your home– but that does not mean you’re limited to the shade of brown.
For wood flooring, some color combinations and textures expected to be popular in 2019 are neutrals stemmed from nature, stated Emily Morrow Finkell, a Georgia interior designer with 30 years of experience who sells wood flooring through the Emily Morrow Home Collection.
These consist of:
Interior design junkies: watch on these patterns. And for sellers, discover something that’s in style but also fits with your house and interest a vast array of purchasers.
Russell added that purchasers like floor covering with gray and brown tones because of the maintenance element. “People aren’t going as dark since it shows everything,” she said.
If you do pick to change your floors to improve your home’s value, make certain to watch on the big picture– how well the floor covering flows from room to room. Purchasers do not like floors that create a patchwork of colors and finishes.
A professional flooring business will take a look at your home’s floor plan to examine that each shift between rooms looks right– which with wood, for instance, might involve sanding and refinishing surfaces so that they’re level and the color matches well.
“You absolutely don’t want to walk into the foyer that’s a cherry color, and then your dining room and your living room off to the left and the right are 3 shades lighter,” Russell stated. “You want to match it to what you already have as good as you can so that you get that flow sensation when the buyer first strolls in the door.”
As Morrow Finkell explains on her site: “Home interior design begins with the floor. The flooring is your blank canvas and it determines every design decision you’ll make once it’s down.”.
Not every home buyer is a design aficionado. Regardless, your floors are among the first things they’ll discuss when they stroll into your home due to the fact that it sets the whole tone. Pick your products based upon toughness and style, and it will be a financial investment you won’t be sorry for.
Long-inexpensive sheet vinyl floor covering comes in a variety of modern styles like faux hexagon marble mosaic tile, porcelain, and even stained and distressed reclaimed wood. It will not improve your home’s value as well as real wood floor covering since it’s not as long-lasting, sheets of vinyl floor covering just cost from $0.75 to $4 per square foot, plus installation, and can last from 10-20 years.
Hardwood flooring likewise comes in different “grades” which refers to the particular qualities of the material. Other economical options for brand-new flooring include carpet tiles, which cost under $2 per square foot in a range of shades and styles; and painting the flooring. Get motivated by these 22 painted floor designs from Home Flooring Pros, which provides thorough consumer guides on home floor covering.
