It could be the deal of a lifetime or your client’s worst nightmare. But just because a house has been condemned doesn’t mean it can’t be a fit for buyers who don’t mind a little risk.First off, it's important to understand the definition. A condemned property is simply one that the government has taken over from a private owner, according to Desare Kohn-Laski, broker and owner of Skye Louis Realty in Coconut Creek, Fla. This can happen
Mortgage applications dropped across the board last week as interest rates surged to their highest levels since July, according to the Mortgage Bankers Association. Total application volume dropped 2.1 percent week-to-week on a seasonally adjusted basis, the MBA reported Wednesday.Most of the drop in applications came from those looking to refinance, the group that tends to be the most rate sensitive. Refinance applications dropped 4 percent last
Fast-moving wildfires are spreading throughout California. So far, at least 17 people have died and more than 20,000 people have been forced to evacuate.The fires began blazing through California’s wine country Sunday night. The two largest and most destructive fires have consumed more than 52,000 acres in Napa and Sonoma counties.The wildfires have placed about 172,117 homes at risk in Napa and Santa Rosa, according to an analysis by CoreLogic
Between its own stock and the offerings by third parties that use its storefront, Amazon has earned the reputation of having anything shoppers can buy, and now consumers can add shipping container homes to their carts.One firm is making a shipping container home available using Amazon's storefront as a third-party retailer. MODs International, a Wisconsin-based company, is selling a 320-square-foot container as a structural shell for a home fo
For the fourth consecutive month, the gap between homeowner and appraiser opinions on property values narrowed. Still, homeowners tend to believe their homes are worth more than appraisers do.In September, homeowners’ opinions on home prices tended to be 1.14 percent higher than appraisers, according to the latest National Quicken Loans Home Price Perceptions Index.There is a fair amount of variation in price perceptions across the country, ho
A Toronto couple has settled a three-year-long legal battle against their neighbors, whom they accused of copying the design of their multimillion-dollar home.Jason and Jodi Chapnik allege that a house near them looks “strikingly similar” to theirs. They argued in court that the home is using the same shade of blue and matching grey stonework. They’ve accused the neighbors of decreasing the value of their home and taking away its uniqueness
The majority of consumers start their house search online. But could your website’s housing search functionality be turning off potential buyers? Matt Cohen, chief technology officer at Clareity Consulting, wrote a column at RISMedia highlighting a few common mistakes that real estate websites and apps are making, including:Offering too many search fields. It can make the process more complicated by offering too many parameters to conduct a ho
Fannie Mae’s Home Purchase Sentiment Index matched an all-time high in September, as consumers show optimism for buying and selling. The index now matches the record high that was set in June.“The biggest driver for the increase in the [index] is the rebound in the ‘good time to buy’ sentiment, which outweighed the largest drag—a sizable reduction in the net share of consumers expecting home prices to rise over the next year,” says Do
More borrowers are being dishonest on their mortgage applications.Mortgage fraud risk is up by nearly 17 percent in the most recent 12-month period, according to CoreLogic, a real estate data firm. “Occupancy” fraud is rising the fastest, in which applicants deliberately misrepresent their intended use of the property. For example, a client may tell a lender that they plan to live in the house when they really intend to rent it out. Applicant
Ninety-one percent of closed sales in August contained a sales contingency, allowing a buyer or seller to back out of the contract if certain conditions were not met. This percentage was reported in the August 2017 REALTORS® Confidence Index Survey, a monthly survey sent to more than 50,000 real estate practitioners.The most common contract contingencies in August were related to passing home inspections (19 percent); the buyer obtaining financ
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