Ask Erin: Mortgage Fraud…

Ok – so I have to admit…no one really asked me specifically about Mortgage Fraud. Having said that, I get approached by people all the time who have been promised shady things by loan officers, other real estate professionals, get-rich-quick property flipping seminars, and lord only know who else, and they want me to “help” them.

People – I hate to be the one to break this to ya’ll, but scams like cash back at the close of escrow, taking excessive credits, falsifying your income, forging documents, having your mentally incompetent grandmother co-sign your loan, etc. are not kosher!

I would be happy to share with you the correct way to transact real estate, and re-align your expectations if you have been misinformed. But please do not ask me to do anything illegal….you are asking the wrong agent! I happen to be very fond of my real estate license!!

Links:
http://www.mortgagefraudblog.com/
http://www.fbi.gov/publications/financial/fcs_report052005/fcs_report052005.htm#d1

What are your Rights as a Home Buyer?

Are you planning to buy a home of your dreams? Well, buying a home is a bit tedious task. It involves many complex legal processes. Buying a home is perhaps one of your largest financial investments. Isn’t it? Particularly, if you are a first-time home buyer, your mind would be filled with hundreds of doubts and questions.

For instance, if someone is looking for flats in Calicut, he/she would be concerned with his /her rights over the property, terms and conditions offered by the builders, delays if any and other problems. As a home buyer, you might have many questions.

Before diving into what the home buyers’ rights are as per the Government norms, let us first analyse the process of buying a home in India.

  1. First analyse your financial situation and requirements.
  2. Find a property that caters to your specific requirements.
  3. Inspect the property and seek professional help if needed.
  4. Get into an agreement with the seller. Ensure that details like price and also personal details of both buyer and seller are highlighted before signing the same.
  5. Find a reliable lender. It is always recommended that you associate with reliable financial institutions like the SBI while applying for a home loan. Play it safe.
  6. Perform a thorough analysis of your property to avoid any loopholes in the agreement.
  7. At the time of closing, ask seller for all the legal documents associated with your property and get it registered in your name.

These are some of the common steps that one follows while buying a home. Now, let us shift the focus on the rights of a home buyer. As a home buyer, there are several rights granted to you that include mortgage loans, the rate of interest on loan and several others. Awareness of such rights protects you from being duped.

Here are some of the rights that you are entitled to as a home buyer:

Right to obtain information
The home buyers are eligible to know the details of sanctioned layouts and plans of the building. They can also claim for the specifications which are approved by the construction control authority.

Right to know the stages of construction
Under RERA, the home-buyers are entitled to know the stage-wise schedule of the construction of the project. It includes the provision of water, electricity, sanitation and other amenities promised by the builder.

Right to possession of the property
The home-buyer has the right to claim possession of the building, plot or apartment. It is the duty of the builder to provide all the legal documents to the buyer.

Rights to document
It is the duty of the real estate builders to handover all the legal documents related to the property to the home-buyer. Under RERA act, allotted can claim documents and plans of the common areas.

These are some of the rights one should take advantage of as a home buyer. So, if you are looking for your dream home, exercise your rights and make an informed decision. Let me know if you have any doubts or your feedback in the comment section below.

This is a guest post by Sreekanth, who is a digital marketing expert at Webdura Technology. He enjoys experimenting with new techniques in both print and the web. He also loves to explore roads less traveled. Reach him by writing in your details in the comments sections.








What are your Rights as a Home Buyer?

Are you planning to buy a home of your dreams? Well, buying a home is a bit tedious task. It involves many complex legal processes. Buying a home is perhaps one of your largest financial investments. Isn’t it? Particularly, if you are a first-time home buyer, your mind would be filled with hundreds of doubts and questions.

For instance, if someone is looking for flats in Calicut, he/she would be concerned with his /her rights over the property, terms and conditions offered by the builders, delays if any and other problems. As a home buyer, you might have many questions.

Before diving into what the home buyers’ rights are as per the Government norms, let us first analyse the process of buying a home in India.

  1. First analyse your financial situation and requirements.
  2. Find a property that caters to your specific requirements.
  3. Inspect the property and seek professional help if needed.
  4. Get into an agreement with the seller. Ensure that details like price and also personal details of both buyer and seller are highlighted before signing the same.
  5. Find a reliable lender. It is always recommended that you associate with reliable financial institutions like the SBI while applying for a home loan. Play it safe.
  6. Perform a thorough analysis of your property to avoid any loopholes in the agreement.
  7. At the time of closing, ask seller for all the legal documents associated with your property and get it registered in your name.

These are some of the common steps that one follows while buying a home. Now, let us shift the focus on the rights of a home buyer. As a home buyer, there are several rights granted to you that include mortgage loans, the rate of interest on loan and several others. Awareness of such rights protects you from being duped.

Here are some of the rights that you are entitled to as a home buyer:

Right to obtain information
The home buyers are eligible to know the details of sanctioned layouts and plans of the building. They can also claim for the specifications which are approved by the construction control authority.

Right to know the stages of construction
Under RERA, the home-buyers are entitled to know the stage-wise schedule of the construction of the project. It includes the provision of water, electricity, sanitation and other amenities promised by the builder.

Right to possession of the property
The home-buyer has the right to claim possession of the building, plot or apartment. It is the duty of the builder to provide all the legal documents to the buyer.

Rights to document
It is the duty of the real estate builders to handover all the legal documents related to the property to the home-buyer. Under RERA act, allotted can claim documents and plans of the common areas.

These are some of the rights one should take advantage of as a home buyer. So, if you are looking for your dream home, exercise your rights and make an informed decision. Let me know if you have any doubts or your feedback in the comment section below.

This is a guest post by Sreekanth, who is a digital marketing expert at Webdura Technology. He enjoys experimenting with new techniques in both print and the web. He also loves to explore roads less traveled. Reach him by writing in your details in the comments sections.








Housing Bounces Back: Here are the Signs

Several factors suggest that housing is looking better, after a year when a slump has had a hold on not only housing but also economic growth in general.Here are some of the signs that things are starting to look up:

-Sales of new homes soared 16.2 percent in April, the largest monthly gain in 14 years, reaching an annual rate of 981,000.
-Total single-family sales — both new and existing — during the first four months of the year have averaged 5.5 million, about the same pace as in the final four months of last year.
-Through May 25, the four-week average of applications for new mortgages was at its highest level since early 2006, according to data from the Mortgage Bankers Association.

To put the decline into perspective, nationwide home prices are up 29.2 percent over the past three years and 64.3 percent over the past five years. That should be enough to comfort consumers who might be worried about the value of their homes, say Business Week Magazine analysts.

Source: Business Week, James C. Cooper (06/11/07)

Link:
http://www.realtor.org/rmodaily.nsf/f3c66d0c6457c1e1862570af000cb13b/5b1e7cab0400b837862572f4004c9595?OpenDocument

No Changes to Sacramento Skyline Just yet…

CalPERS buys Saca out of Towers

The California Public Employees’ Retirement System has acquired the Towers on Capitol Mall project, the pension fund announced Tuesday. It has reached an agreement with its former partner, developer John Saca, to buy his interest in the project.
Saca notified the pension fund that he did not intend to exercise an option to purchase CalPERS interest in the stalled Towers project.

Just what will be built at the site isn’t clear. CalPERS is partnering with its national development partner, CIM Group Inc. of Los Angeles, to develop the site and a plan will be developed over the next 18 months. CIM will first work to resolve outstanding debt, CalPERS spokesman Brad Pacheco said.

Link:
http://www.bizjournals.com/sacramento/stories/2007/06/11/daily15.html?f=et76&hbx=e_du
http://www.sactowers.com/

New Listing – 5616 Greenbrae Road, Sacramento / South Land Park Terrace 95822

This wonderful South Land Park Terrace home has been impeccably maintained. It has 3 Bedrooms and 1.5 Bathrooms, 1871 square feet per assessor, a large .21ac corner lot, covered patio area, a separate living room and family room (each with its own fireplace), an updated kitchen with tile counters, spacious bedrooms, hardwood flooring, berber carpet, newer composition roof, central heat & air, 2-car attached garage, and more!

For more photos and detail visit:
Sale is subject to lender approval – please contact me for details at erin@erinattardi.com or 916-342-1372.

916HomeValues.com

Hello all. I really appreciate all of your email requesting market evaluation of your home(s). Having said that however, it seems that no matter how much detail ya’ll include in your requests, some vital piece of information is missing. I have a website where you can fill out an online questionnaire to describe your home that includes all the pertinent information I need to do a complete analysis – http://www.916homevalues.com/.

Because I get so many requests for evaluations, if ya’ll would use this website for your inquiries, it would help me a great deal. This way I will not have to send you follow-up emails requesting more information…You would be surprised how many requests I get that do not include info like the property address!…city/zip…number of bedrooms…blah blah blah…

Anyway…you can use that site too if you would like to register to have listings emailed to you…

Thanks!!

LA House Prices again

Richard Green is a professor in the Sol Price School of Public Policy and the Marshall School of Business at the University of Southern California.

This blog will feature commentary on the current state of housing, commercial real estate, mortgage finance, and urban development around the world. It may also at times have ruminations about graduate business education.