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20
New Home Buyers: Beware of Private Transfer Fees
Photo credit: AP
If you bought a home built in 2004 or later, or if you plan to buy one, read the fine print in your closing documents: You could be required to pay a 1 percent fee to the builder when you sell it -- and so might every future seller, for up to the next 99 years. The legality of such fees -- which go by names such as "capital recovery fees," "private transfer fees" and "home resale fees" -- is being duked out in Congress in the form of dueling bills. In one corner, opponents of the fees argue it's a scheme to unfairly strip homeowners of their equity while lini...24
Negotiate Your Best House Buy!
By: G. M. Filisko
Keep your emotions in check and your eyes on the goal, and you'll pay less when purchasing a home.
When negotiating a house sale, for every concession you make, ask for something in return.
Buying a home can be emotional, but negotiating the price shouldn't be. The key to...
10
In Defense of Home Ownership!
By RON LIEBER, Published: August 27, 2010
It's hard to read the headlines and not conclude that becoming a homeowner is a terrible idea.
This week, the National Association of Realtors announced that existing-home sales in July had fallen an astounding 25.5 percent from the previous year. Sure, there was a federal tax credit in place last summer. But with single-family home sales at their lowest level since 1995 and unemployment still stubbornly high, home prices may fall further.
29
Long-Term mortgage rates fall for the 9th week!
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), and for yet another week, fixed-rate mortgages reached record lows, while the 5-year adjustable rate remained tied at its low for this survey. (The 30-year fixed-rate survey began in 1971, the 15-year began in 1991, and the 5-year adjustable in 2005.) The 30-year fixed-rate mortgage (FRM) averaged 4.36 percent with an average 0.7 point for the week ending August 26, 2010, down from last week when it averaged 4.42 percent. Last year at this time, the 30-year FRM averaged 5.14 percent.
24
$8,000 Home Purchase Incentive - Can I Still Get The Money?
A lot has been made of the recent Federal Government home purchase tax credit and its' recent expiration as of April 30, 2010. There were record numbers of new home purchase contracts executed in time to leverage this federal stimulus incentive. Many purchasers were excited to gain the advantage of today's housing markets low pricing structure along with the government's $8,000 tax credit. This tied together with attractive mortgage rates of 5.25% gave many new home purchasers tremendous leverage in the housing market.