Real Estate News Blog July Archive

The loss of a dream

By Art C. Ryder at 07/08/07 23:13

Worcester, Massachusetts is experiencing higher than normal forclosure rates. Government is attempting to take steps, like a 90-day moratorium on foreclosures by banks and lenders to try to calm the market and investor fears. There are also local programs to help homeowners avoid foreclosure. They are generally available and willing to offer foreclosure help when contacted with sufficient time to make a difference.

Original source: . The loss of a dream

Your 5-minute guide to home loans

Provides steps that potential borrowers can take to pick an affordable loan. This kind of information is especially important to avoid unscrupulous lenders who will let you borrow more than you can realistically repay. It will set you up to avoid foreclosure problems or the need for foreclosure help which is increasingly on the rise.

Original source: . Your 5-minute guide to home loans

For sale (again): used town

The town of Bridgeville, California is for sale again for $1.3M. The town is 83 acres in Northern California. It’s up for resale due to the owner’s death. You can buy a postage stamp of a house in San Francisco or Los Angeles for that kind of money.

Original source: . For sale (again): used town

French property: posh pads that pay their way

Illustrates the feasibility and profitability of buying and leasing back real estate properties in France as an investment. French laws give investment buyers tax breaks over the short and long term provided they have limited use of the property. Property managers are extolling the virtues of buying investment properties which can also double as a holiday or vacation spot.

Some details: The purchaser buys the freehold and leases the property to a management company to let, usually with guaranteed rental returns. The buyer has limited use of the house and is exempt from the 19.6 per cent VAT payable on French property transactions, provided that he does not use it as his primary residence and lets it for 20 years. After 15 years’ ownership, capital gains tax is also cancelled.

Original source: . French property: posh pads that pay their way

Broker accused of fraud agrees to surrender license

Stonewood Consulting Inc. and its broker, Hendrix Moreno Montecastro, will forfeit their real estate licenses rather than contest a wide range of violations filed against them by the California Department of Real Estate, according to an agreement filed with the department. The real estate boom led to many instances of outright fraud, not only to homeowners who are now being foreclosed on, but to “investors” as well who viewed real estate as a commodity to be bought and sold with nothing but gains to be had. Well, those times have now past and unscrupulous brokers, lenders, and “investors” are now engaged in legal battles. The broker in this instance, Montecastro, is not even contesting the charges, willing to give up the ability to act as broker in California. Hopefully the suits against him will prevent him from practicing his “trade” in other states.

Original source: . Broker accused of fraud agrees to surrender license

Foreclosure Prevention

Interesting website with information about preventing and avoiding foreclosure. Foreclosure help is just a click away.

Original source: . Foreclosure Prevention

What's old is new again in real estate finance

Offers up financing tips developed during the 1980s and 1990s, the last time the real estate market was slow and foreclosures on the rise. There are also plans from Freddie Mac for first time homebuyers looking to get into the changing real estate market. Buying a home is still possible.

Original source: . What's old is new again in real estate finance

Affordable first-time buyer homes

An interesting article about a British architectural firm that is designing prefabricated flats/apartments that can be arranged to grow with your lifestyle needs, including outdoor space.

Original source: . Affordable first-time buyer homes

Spanish property doctor: Beware of buyers who flash the cash

Warns property owners in Spain, and elsewhere, about a new-ish scam that enables con artists to steal away homes and launder money. The main feature is an upfront cash offer on the home, usually sight unseen. The buyer then asks the seller to finance part of the deal trading foreign currency for the sellers financing. When all is said and done, this real estate scam leaves the seller with often counterfeit notes, although sometimes they avoid a loss of property. Another scam actually occurs during the final transaction where counterfeit notes are exchanged after the deed to the home is signed and transferred. Beware of real estate transactions offered in cash.

Original source: . Spanish property doctor: Beware of buyers who flash the cash

What's old is new again in real estate finance

Promotes Freddie Mac and FHA financing plans to help move people into homes or help them keep their homes, obtain foreclosure help and avoid foreclosure. Many of the financing and refinance tools were developed in the 1980s when interest rates for people with good credit topped 15%.

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