Buyers, sellers, and agents should be prepared for extra costs and delays as cautious mortgage lenders order stricter reviews. This article comes from MSN Real Estate…. I have seen first hand what this article is talking about with some of my own investments. We had a home this last winter that appraised for $5,000 under the approved sales price. The buyers were ready to close (the appraisal was all that was left)….and when it came back low it threw everything into disarray…..

Here in as excerpt from the article;

“Any time you have a market in transition; appraisals aren’t going to keep up because the appraisal is based on historical data…… Inadequate “comps” can present problems as well. (“Comps” are recent sales of nearby homes that are similar, or comparable, to the home that’s the subject of the appraisal.) The mortgage lender may deem the comps inadequate if the homes were too far away or were sold in such nontraditional circumstances as a short sale or foreclosure or if the sales occurred too long ago. If the comps aren’t sufficient, the lender may order a review or second home appraisal to verify that they were chosen correctly.

Read the whole article and as always…please send your comments and tell us what you think.

MSN Real Eastate Home appraisals

Heavens know I hate to hear bad news (we all do)… but I ran across this article on MSNBC talking about how the standards for home loans have become so stringent that they are boarding on the ridiculous.

Here is an excerpt:

“The real estate business seems to have switched its motto from “location, location, location” to “documentation, documentation, documentation.” Potential buyers must chronicle every dollar of income and all assets via pay stubs, W-2s, tax returns, bank statements, credit reports and sometimes even letters from employers or family members. Mortgage brokers blame new federal lending rules for injecting unneeded delays in the loan process, and they accuse some underwriters of focusing on their own job security rather than fairly analyzing a consumer’s default risk.”

Lets all keep our eyes open for solutions to these problems!! (Read this article and let us know what you think)

Read the entire article here
MSNBC….Tighter Standards

I just wanted to send out a quick thank you to everyone who tuned into the radio this weekend to hear our radio ad campaign. We will be running advertisements again in the near future so stay tuned for upcoming information.

Dont forget to tune in to the Arrow 103.5 for the Block Party Weekend Sponsered by Salt City Home Designs.

The Arrow 103.5 Block Party Weekend

Listen to Utah’s Arrow 103.5 This Weekend to hear our new Salt City Home Designs advertisments. Jeremy (the owner) will be speaking on the ad….

Let us know if you hear it, and what you think.

As anyone who follows my blogs know…I read MSN Real-Estate nearly every day… Well today I cam across this wonderful article about a project in California where they are taking a 747 apart to make a home from its pieces.

(From the article)

Architect David Hertz likens the reuse of the plane’s 4.5 million parts to recycling a “big aluminum can.”

A 50-foot long section of the upper fuselage will be the roof of an art studio on the property. Another section of the fuselage, along with the upper first-class cabin, will become the guest-house roof.

Specially rigged flatbed trucks hauled the pieces to Camarillo, Calif. From there, the 125-foot wings, too long for trucking up winding roads, were dropped in by a Chinook helicopter.

Check out the full article and give us your feedback!!

MSN Real-Estate Dream Home From a Jumbo Jet

Another great article on MSN Real-Estate….talking about June’s home maintenance checklist…” Early summer chores should get you outdoors: Look for winter damage, ward off mold and rot, sharpen your tools and patrol your home’s perimeter for pests and other problems.”

The article lists items such as switching the ceiling flan blades to push cool air down, cleaning out your dryer vents (which can become a fire hazard if you don’t clean them out from time to time.

“Take advantage of dry weather to clear out leaves, needles and debris, leaving gutters free to carry rainwater away and protect your home from mold and rot. Depending on your home’s surroundings, you should do this several times a year. Hire someone (around $50 to $100) or get a stable ladder (and someone to hold it) and do it yourself. Use a garden trowel or your (gloved) hands to muck out the debris. Scrub gutters with a non-metallic brush. Slosh water from a hose through the gutters and the drainpipes to finish the job and test that they’re clear and that water is flowing away from your basement, foundation or crawl space.”

Check out the entire article on MSN-Real-Easte and let us know what you think

MSN Real-Estate June Home-Maintenance

I ran across this great article on MSN Real-Estate about 10 ways to reduce your summer utility bills. I know the economy is rough and money is tight for most of us….so performing a few simple energy conscious acts can help keep your utility bills from being a nightmare this summer.

Check it out and let us know what you think.

MSN Real-Estate Reduce your Summer Utility Bill

I ran across a great article today on MSN Real-estate…. It talks about the importance of a home inspection.

(from MSN Realestate)
After a home inspection turned up everything from leaky toilets to termites, Cincinnati couple Hannah Powers and Ben Clinkinbeard thought about rescinding the $305,000 offer they’d made on a four-bedroom home. Instead, they got an estimate for the cost of repairs, and worked it out that the seller would pick up the $10,000 tab. “You can’t wash dishes and flush the toilet at the same time,” Powers, 28, says. “That’s a problem you’d think someone would mention.”

Read the rest for yourself and let us know what you think!

MSN Real-Estate…Home Inspections