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CFPB warns consumers about home equity contracts, comparing their features to reverse mortgages

Housing Wire

The Consumer Financial Protection Bureau (CFPB) this month published an issue spotlight that takes a closer look at home equity contracts, or what the industry refers to as home equity investments (HEIs) that offer a lump sum payment to clients in exchange for a stake in their home equity.

Contracts 370
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Fannie Mae clarifies ARM interest rate, ups cash-out refi term on manufactured homes

Housing Wire

The Fannie Mae February Selling Guide has a series of updates , including the expansion of value acceptance and property data appraisal waivers to condominiums, cash-out refinance allowances for manufactured homes, and updates to credit references and certain definitions.

Retail 476
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A homebuyer’s personal story from the post-Sitzer, post-settlement world

Housing Wire

The homes I toured all went under contract within a week of being listed and, so far, at least two have sold for more than $20,000 over asking price. For this, I turned to New Hampshire-based Cohen Closing & Title , where another cousin is the director of business development.

Agents 435
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9 tips for homebuyers in non-disclosure states

Housing Wire

While these online tools aren’t a definitive statement of a home’s value, they can be a great starting point, especially when combined with other data like a home’s list price, square footage, number of bedrooms and baths, property tax history, and any price reductions.

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A look at Knoxville’s hot housing market

Housing Wire

You set your appointments the night before, and when you get there that morning, they might already be under contract.” Generally, they go under contract in a day or two.” “We’re definitely seeing a ton of new projects,” Grebe said. It’s like a horse race.

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The Value of Words in Valuation

Appraisal Buzz

When reading contracts, words will always have their ordinary meaning unless defined otherwise. Below is the definition from Webster’s online dictionary of the plain meaning rule: Plain meaning rule. Below is the definition from Webster’s online dictionary of the plain meaning rule: Plain meaning rule. adjective.

Valuation 360
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Buyers are being picky — here’s how you can navigate it as a real estate agent

Housing Wire

While I hate to be the bearer of bad news, that era is almost most definitely drawing to a close. Well into January, we are already seeing properties go under contract in the first weekend with multiple offers. The changing tides Previously, buyers were able to look for over a month, as average days on market continued to climb.