Housing Wire

NOVEMBER 20, 2023

Real estate agents are facing a contracting issue that could seriously upend the traditional housing landscape. Under current guidelines, sellers pay a 5-6% commission on a sale which is split between the buyer and listing agents. Enter the savvy seller. But what happens if consumers pivot away from buyer agents altogether?

Agents 420

Agents Buyers Real Estate Agent Loan Officers 420

Hank Miller Team

FEBRUARY 8, 2022

So what happens if the appraisal is below contract price? Appraisals below contract price will continue to be a challenge in 2022. Consider, appraisals this year will be using data from the already insane market of 2021 and many will still fall below contract. Most important, buyers and sellers should QUALIFY THEIR AGENT.

Contracts 98

Contracts Appraisal Sellers Buyers 98

Housing Wire

DECEMBER 14, 2023

The letter states that the CHLA believes this shift could have “profound negative impact on the ability of home buyers to pay for or finance those commissions and on loan appraisal loan to value (LTV) calculations and requirements.”

Lending 413

Lending Mortgage Government Finance 413

Listing Spark

FEBRUARY 6, 2023

Episode Summary In this episode, Aaron Jistel (Broker and Co-Founder at ListingSpark) focuses on how recent changes to Texas Real Estate Commission’s contracts and documents may affect home sellers and buyers. As a seller, this can help to ensure that buyers have the actual cash they are claiming they have.

Contracts 36

Contracts Real Estate Sellers Buyers 36

Hank Miller Team

OCTOBER 24, 2023

Real estate contracts occasionally collapse due to Buyer problems, but what if the Seller bails out? Can a Buyer sue a Seller if they refuse to close? What used to be infrequent is becoming more common; Sellers backing out of contracts. The seller, not wanting to wait for resolution, initiates termination.

Sellers 52

Sellers Buyers Contracts Legal 52

Housing Wire

FEBRUARY 22, 2024

Worst-case scenario, the broker representing the buyer will have to negotiate their own fee with their client and the seller can no longer be compelled to make a blanket offer of compensation in order to list on the MLS,” Murray said. Nearly six months later, Murray stands by this assertion. “If

Sellers 421

Sellers Buyers Real Estate Agents 421

Housing Wire

FEBRUARY 9, 2023

Northpointe Bank , a regional bank headquartered in Michigan, will walk away from its correspondent lending business to focus on its retail lending, mortgage warehouse financing division and specialty loan servicing business. Northpointe was the 24th largest correspondent lender , according to Inside Mortgage Finance.

Lending 374

Lending Business Retail Client Relationships 374

Housing Wire

APRIL 22, 2024

As a seller I want an opportunity to get as much from this earn out as I can and as a purchaser, if the market declines further, I don’t want the burden of a payment,” Murray said. However, before firms can begin to dive into the financial side of the deal, prospective buyers and sellers must figure out if they are a match.

Brokerage 381

Brokerage Real Estate Agents Sellers 381

Housing Wire

AUGUST 18, 2023

Not prequalifying is unprofessional and can waste your time and the sellers. Don’t lose the listing of a motivated, have-to-sell seller over price. Try saying the following when the seller requests a list price that is too high: “That’s interesting, ‘seller.’ Always prequalify, 100% of the time!

Sellers 365

Sellers Construction Real Estate Finance 365

Will Springer Realtor

MAY 2, 2023

They have safeguards built in to written agreements such as a purchase contract on a home. These are known as contingencies, or conditions, that require the buyer or seller to take an action or possibly a non-action as part of the overall agreement. FINANCING The financing contingency is critical for the buyer.

Contracts 54

Contracts Buyers HOA Inspection 54

Housing Wire

OCTOBER 11, 2023

Let’s start at the top —the analysts at KBW believe that a court-ordered injunction could “unbundle” commissions nationally by early 2024, eliminating the longstanding practice of listing agents and sellers setting and paying buyer agent commissions. About 40% of respondents said they thought a 2.5% If 1 million agents disappear?

Real Estate Agent 478

Real Estate Agent Real Estate Agents Brokerage 478

Housing Wire

OCTOBER 23, 2023

Under questioning, Goffstein said that each agent has a contract that includes NAR rule clauses and that the contract also tells agents that NAR membership dues are needed by January. In addition, the contract stipulated that agents must join their local Realtor association. Goldberg testified that while there are roughly 2.5

Law 426

Law Agents Realtors Contracts 426

Housing Wire

OCTOBER 23, 2023

This includes financials, organizational documents, agent productivity reports, operating metrics, vendor contracts, lease agreements, employment agreements, insurance documents, and more. From a data lens, transactions can be broken out into three different stages: Valuation , Due Diligence , and Contract.

Real Estate 367

Real Estate Brokerage Valuation Contracts 367

Housing Wire

JULY 19, 2022

The Department of Housing and Urban Development said it is “looking very hard” at how to make it easier to finance small-dollar mortgages, but has yet to spell out how it will accomplish that goal. Industry practitioners have some ideas for how HUD might make financing such loans more feasible.

Mortgage 383

Mortgage Finance Lending Development 383

Housing Wire

NOVEMBER 17, 2023

Sellers cut prices or offered concessions to get to the closing table. Meanwhile, about one-third of sellers offered concessions, such as money for repairs, closing costs and/or mortgage-rate buydowns. of homes that were under contract, the highest rate on record. month-over-month increase. in September and down from 21.7%

Buyers 413

Buyers Sellers Contracts Mortgage 413

Housing Wire

APRIL 5, 2024

Supreme Court and asked for a review of an August 2023 ruling by the Eight Circuit Court, which found that HomeServices could not enforce arbitration agreements signed by seller clients of its franchisees. The appeals court said that this was because the contracts signed by the sellers were not directly signed by HomeServices.

Brokerage 392

Brokerage Sellers Law Contracts 392

Appraiserblogs

FEBRUARY 21, 2023

The AEI Housing Center recently released an analysis revealing that reports by the Federal Housing Finance Agency (FHFA) and by Brookings, attributing the greater prevalence of under-valuations in home purchase appraisals.

Valuation 143

Valuation Contracts Home Value Sellers 143

Housing Wire

DECEMBER 15, 2021

The trade group estimates that the average contract 30-year fixed-rate mortgage for conforming loans ($548,250 or less) remained unchanged at 3.30%. “Fewer homeowners have a strong incentive to refinance at current rates,” Joel Kan, the MBA’s associate vice president of economic and industry forecasting, said in a statement.

Inventory 402

Inventory Contracts Government Mortgage 402

Housing Wire

MARCH 20, 2024

It also bans NAR from setting rules that would allow a seller’s agent to set compensation for a buyer’s agent, removes commission information from MLS fields, and strikes any requirements that agents subscribe to multiple-listing services. Zillow declined to comment on recent stock price movements.

Investors 425

Investors Agents Real Estate Buyers 425

Housing Wire

OCTOBER 20, 2023

In their cross examination, attorneys for the defendants established that Ellis had knowingly signed a contract to pay a certain commission and that she knew the commission would be shared with whoever the buyer’s agent was. According to Ellis, a 6% commission has already been filled in on the contract prior to her signing.

Contracts 398

Contracts Agents Buyers Real Estate 398

Housing Wire

FEBRUARY 15, 2024

They’re using a DPA program through the New Jersey Housing and Mortgage Finance Agency (NJHMFA). On FHA endorsements for home purchase financing, approximately 40% included down payment assistance in both 2022 and 2023, while the share was roughly 30% in 2021.

Mortgage 450

Mortgage Buyers Loan Officers Sellers 450

Housing Wire

DECEMBER 8, 2023

Ultimately, every homebuyer prospect, every contract and every negotiation is different, but your value should be consistent for all situations and clients. Help them write a winning offer Understand what the seller is desiring beyond the asking price. This also helps you level-set on their expectations for the homebuying process.

Clients 416

Clients Real Estate Inspection Buyers 416

Housing Wire

MAY 23, 2023

The growing wave of loan-repurchase requests from Fannie Mae and Freddie Mac has yet another major wrinkle, industry sources reveal, and this new problem, if accurate as alleged, threatens to disrupt future merger and acquisition (M&A) activity in the mortgage-finance industry.

Buyers 372

Buyers Sellers Finance Contracts 372

Housing Wire

JULY 19, 2023

Go Mortgage sued its former director of capital markets for “corporate sabotage,” alleging computer fraud, violation of trade secrets, breach of contract and tortious interference with a business relationship. The lender hired more than 160 employees from the now-shuttered Finance of America (FoA) in January 2023.

Mortgage 361

Mortgage Marketing Retail Construction 361

Housing Wire

FEBRUARY 20, 2024

The legislation generally prohibits a residential home seller from (1) conditioning the sale on the potential buyer waiving or limiting an inspection; or (2) accepting an offer if they have been informed in advance that the prospective buyer intends to waive their right to an inspection,” the Connecticut research report states. “And

Inspection 404

Inspection Real Estate Agent Real Estate Insurance 404

Appraisal Buzz

DECEMBER 27, 2021

Beginning in January 2020, 7% of purchase transactions had a contract price above the appraisal value. Five months later, the frequency increased to 19%, leaving homebuyers to either pay more out of pocket or request the seller to lower their asking price. Pump-and-dump property financing could also become an issue.

Appraisal 397

Appraisal Valuation Modernization Contracts 397

Housing Wire

NOVEMBER 28, 2023

Home prices rallied in September, as homebuyers still outnumbered sellers. The Case-Shiller index measures repeat sales data and reflects a three-month moving average, meaning that it tracks homes that went into contract in July, August and September. Home prices posted a 3.9% annual gain in September, up from a 2.5%

New Listings 366

New Listings Contracts Inventory Sellers 366

Housing Wire

NOVEMBER 21, 2023

Homes typically go under contract a month or two before the closing, which means the October data largely reflects purchase decisions made in August and September. Looking at the four major U.S. regions on a monthly basis, sales slid in the Northeast, South, and West but were unchanged in the Midwest. from October 2022’s $378,800.

Inventory 402

Inventory Realtors New Listings Contracts 402

Housing Wire

SEPTEMBER 7, 2023

Sellers want their listing broker to pay the buyer broker’s compensation because it will result in the most buyers being able to afford their house.” If the traditional practice of sellers paying for both sides of the agents ends, housing agencies will have to weigh in to determine ways for buyers to finance their agents’ comp, LOs noted.

Buyers 392

Buyers Agents Loan Officers Real Estate 392

Housing Wire

JANUARY 2, 2023

Because most home sales take several months from contract to closing, the data likely includes some deals struck in June and July.). As the Federal Reserve moves interest rates higher, mortgage financing becomes more expensive and housing becomes less affordable,” Lazzara said. to a reading of 315.13.

Home Value 389

Home Value Housing Market Contracts Sellers 389

Will Springer Realtor

OCTOBER 19, 2021

The home is under contact, seller and buyer have agreed to terms. Buyer is financing the purchase through a mortgage lender and the underwriter wishes to confirm the value of the home before issuing the loan. (No housing market is 7% of all mutually accepted contracts. Home Appraisal Tips for Buyers ). Yes, “crap!” and “shoot!”

Contracts 41

Contracts Appraisal Sellers Real Estate Agent 41

Housing Wire

NOVEMBER 29, 2022

While buyers are stepping aside waiting for more affordable prices and rates – causing the slowdown on price growth – would-be sellers are sticking their ground and holding tight to the inventory they currently own,” Nicole Bachaud, Zillow’s senior economist, said in a statement. “As “On a monthly level, home prices continued to drop.

Inventory 360

Inventory Contracts Sellers Finance 360

Housing Wire

SEPTEMBER 28, 2021

For-sale inventory levels charted their fourth consecutive monthly increase in August, and sellers appear to be taking a less aggressive approach when putting their homes on the market. Another report on home-price growth by the Federal Housing Finance Agency , also released Tuesday, found a 19.2%

Housing Market 485

Housing Market Finance Contracts Inventory 485

Realtor

JULY 13, 2021

In our current seller’s market, the national inventory of active listings is down 43.1% They’re making sky-high offers and writing heartfelt letters to sellers about why they should get the house. The provisions of a contingency contract are there to protect buyers and sellers. Mold remediation.

Inspection 203

Inspection Real Estate Agent Real Estate Buyers 203

Raleigh Realty

AUGUST 17, 2021

Understanding Due Diligence and Earnest Money in North Carolina Real Estate When you go under contract on a home in North Carolina you are going to encounter terms like Due Diligence and Earnest Money. It's important to note that real estate contracts and laws change depending on what state you are in. Due Diligence: What Is it?

Real Estate 148

Real Estate Real Estate Agent Contracts Inspection 148

Housing Wire

APRIL 13, 2021

Jay Garrett, a loan officer at Supreme Lending ’s McClellan Branch in Austin, said he is seeing 10 to 40 offers on houses no matter where they are in Austin, and cash offers are winning the day because sellers don’t want to have to worry about the house appraising too low for someone who needs financing. “If

Housing Market 534

Housing Market Buyers Marketing Real Estate Agent 534

Housing Wire

NOVEMBER 1, 2023

Stevens stressed that financing costs are prohibitively high right now and, in most cases, are not favorable for leveraged buyout deals. And so virtually every deal being put on the table now is an asset-only, earn-out offer, with no money upfront, so they [the seller] get paid assuming the buyer makes a profit. “So,

Mortgage 441

Mortgage Loan Officers Finance Buyers 441