The annual Colony Title Tennis Tournament for the benefit of
Shock Trauma is June 5 at Hobbits Glen Racquet Club.For info call or email me, 410 884 1160 x
3007 or tee.tillman@colonytitle.com.
The market has markedly improved over the last 30 days.In conversations with realtors and lenders,
both are having the most activity in the last 18 months.Homes offered for sale that are priced right
are receiving multiple offers.Many
buyers who are trying to make low offers are discovering to their chagrin that
a higher offer has been made and accepted.This bodes well for sellers preparing to put their homes on the market.
Many purchases are still under the control of the lender,
because the seller is selling the home for less than is owed on the outstanding
mortgage (short sale).Before the lender
will approve a short sale, the realtors have the title company prepare a HUD 1
outlining all expenses the seller will incur, and the lender, after reviewing
the HUD makes an informed decision on whether to accept the offer. In advising
our buyer clients in writing their purchase contracts, we have told them to
request in the offering that the seller pay for a one year home warranty.That charge will be on the HUD submitted for
approval. Realistically most short sales are going to be “as is” sales because
the seller has no cash to pay for repairs to the home.Once the lender says they are willing to
accept the price and terms, there is no money left for the buyer to request
repairs to the property.The one year
home warranty runs between $350.00-500.00.For the home buyer, their only obligation is to pay for the service
call, and all other expenses are paid by the warranty company.
Credit scores are dominant factors in both refinancing and
purchases.While the companies tout
“free credit report” you are entitled to one anyway, you just need to work a
little harder to contact all three.If
you are contemplating either a purchase or refinance checking your credit first
will tell you of any flaws in your score.Look at the entire report and if any black marks are inaccurate, write
the party in question.They must respond
within thirty days or by law remove the black mark.
Rates remain steady in the 4.75- 5.0 range for 30 year fixed
with a minimum of lender fees. Rates remaining consistent are good for both the
purchase and refi market. We have closed 15 year loans as low as 4.25% with
1.0-2.0 points paid to the lender.Jumbo
rates are still much higher.The best
advice for refinancing a jumbo is to take a conforming first mortgage and
obtain a home equity loan to complete the refi.Home equity loans are typically tied to prime and are very attractive
right now.
We want to be your title company and law firm.Call or email me at the above contact numbers
with any questions or needs.
