Buy a House Fast

‘Every action has an equal and opposite reaction’ is no longer a theory that relates to the world of Physics alone. Housing economists seem to be singing the same tune these days! Throw a brick up in the air (the action), and it will fall and hit your head (the reaction) – especially if you don’t move in time.  It’s the reactions that can potentially kill you. In the current foreclosure crisis, there are inevitable, though unplanned, reactions that affect people everywhere.

Job loss has attacked the most creditworthy of homeowners, so many who bought smart are unable to pay now.  This affects their credit score, but so do loan modifications.  Those who get lower payments take a hit on their credit scores.  Either circumstance can affect them – particularly if they are job hunting and requested to share their credit scores with prospective employers.

 Some people complain they cannot get help to deal with the crisis because they don’t qualify or because current programs like HAMP doesn’t address their situation.  Meanwhile, others complain that the wrong people have been helped or that some do not deserve help.  Of course, whole new classes of armchair legal and constitutional scholars have arisen to debate the effects of loan modification on contract law and the free enterprise system.

 Any of these points could be an article by itself, but the foreclosure crisis reaches everyone, whether personally involved or not.  Municipalities, which depend on taxes to pay for city services, are unable to deliver when their tax base is cut.  The result – foreclosure, unemployment, and even loan modification – limit city resources.

 When garbage pickup, police response times, and pothole repair have all had time lags, they definitely represent the far reaching reactions that serve as a negative consequence to foreclosures.

Express Realty Services can help you find a nice affordable home in DC, Maryland, or Virginia.  Call us today and ask about our full catalog of remodeled and renovated homes.

Lost in the Crowd?

When buying a home, you will likely become acquainted with a whole slew of real estate professionals.  From the realtor who helps you select a home to the listing agent who shows you some promising inventory, the experience can be difficult (and extremely frustrating) when any of these pivotal characters fail to meet your expectations.  One of the most controversial areas today is the whole appraisal process.

Help for the Weary

The folks over at Fannie Mae and Freddie Mac are doing their best to ensure that no one plays fast and loose with the appraisal process.  To that end, they’ve created a new code that holds appraisers to a higher standard of quality and professionalism. Sounds great, right? Well, it has already gotten serious backlash from people in the real estate business who believe stricter rules can only hurt an already struggling housing market.

As a result, Fannie and Freddie have tried to clarify what the new code means for homebuyers like you.  One major change outlined in the clarification document is the need for mortgage lenders to accept appraisals only from professionals with experience in the region in question.  Think about it: wouldn’t you want the appraisal coming from someone who knows the area your future home is in?

While communication between and real estate agents is permitted in the process (after all, realtors can be an excellent source of information), they cannot have a hand in selecting the appraiser.  The concern here is that a realtor eager to close a deal will select an appraiser they enjoy a mutually beneficial relationship, one willing to provide the estimate necessary for the transaction to be completed as quickly as possible.  Similar arrangements can often exist between appraisers and lenders, who have been known on occasion to lean on appraisers to overstate property values. While that may help a seller sell his house fast, it certainly won’t help when the buyer faces this dilemma: “I wanted to buy my house fast, but it didn’t meet appraisal. Now what do I do?”

Appraisal Delay or Consumer Protection?  You Decide which is Best.

Basically, Fannie and Freddie’s goal in creating a new code is to protect the homebuyer, and restore purity to the appraisal process.  Whatever delay these new measures may cause will be more than made up for by the increased confidence buyers will have in the accuracy and integrity of the professionals they turn to for an estimate.