Rates on 30-year mortgages fell this week to the lowest level in six months, offering support to the sagging home market. Mortgage giant Freddie Mac said Thursday that 30-year, fixed-rate mortgages dipped to 6.40 percent this week, down from 6.43 percent last week.
Monday, September 25, 2006
30-year mortgage rates drop to lowest level since March
30-year mortgage rates drop to lowest level since March
Sunday, September 17, 2006
Real Estate: Sellers willing to negotiate
Real Estate: Sellers willing to negotiate
During the go-go days, home sellers put their houses up for sale and sat back as would-be buyers jacked the price up with every bid.
Real Estate: Some 'flippers' stick it out
Friday, September 15, 2006
Buyer Backs Out After All Contingencies Removed!!!!
Tradgedy struck again on 9/11, when my seller received the bombshell news from me. I had to call my seller to tell him that the buyer for his home was backing out of the purchase contract, 2 days prior to closing. I represent the seller and another agent represents the buyer. The buyer had removed all contingencies, the loan was approved, property inspected, requested repairs completed. This buyer was an idiot and a flake all along. The escrow started with him bouncing the $4000 deposit check, then after another attempt it was cashed in escrow. Then after 12 days, I hadn't rec'd a pre-approval letter, so I issued a "notice to preform" and was quickly given a pre-approval letter from a lender the agent had just contacted. A week later the buyer changes lenders to Wells Fargo. I was starting to have a bad feeling about this escrow. Just about that time a call from another agent, who was monitoring the escrow and had a backup buyer. We extended the time frames and escrow 1 week to give the new lender time to finish the loan. Then on Sept. 1st I requested that "all contingencies be removed" by the buyer, which was signed by the buyer because everything was done and we were ready to close. We were scheduled to close 9/14 and on 9/13 I receive paperwork from the buyer stating he is cancelling because "the property does not meet his requirements". 1 day before the close!!!!! Can you beleive it?? The buyer even has the audacity to request the return of his $4000 earnest money deposit. To make matters worse, the backup buyer couldn't wait any longer and ended up buying another property. The seller of course has damages and is demanding the entire deposit be released to the seller as "liquidated damages". The liquidated damages clause was initialed by both parties in the contract. Now my seller is going to take the buyer to small claims court and rightfully so! Now I am have to re-list this home on the market. The home is in Clovis at 2648 Hampton Way, a 5BR 3 Bath Centex home built in 2002 with 3163 Sq ft of living space. Current listing price is $489,500
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