Mortgage Rate History

Below is a memo sent to the entire Ebby Halliday organization by President & CEO Mary Frances Burleson that we thought you might also enjoy.

Be sure and check out the Home Team Mortgage interest rate chart above. If you’d like more information about a home loan or refinancing, contact Eileen Austin at Home Team Mortgage, 469-330-1062.

THE BEST TIME EVER TO BUY A HOME!

Tired of the recent negative press and ‘gloom and doom’ predictions surrounding today’s real estate market?

Consider this…

Interest rates are at historic lows!

Many lenders are quoting 30-year fixed rate mortgages below 4.5%, and 15-year mortgages may be had in the 3.75% range.

Home prices are comparatively low!

Sale prices have fallen from the inflated values of a few years ago. And, even more savings may be found in a glut of foreclosed properties.

Listing inventories are high!

The selection of properties on the market today is greater and more diverse than it has been for many years. Finding the ‘perfect’ home has never been easier.

Today’s real estate market actually offers buyers unprecedented opportunity, and perhaps the best time ever to buy a home!

Mary Frances

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Video: Strong Evidence

a Real-Life Claim Situation involving Documentation  

 

SITUATION:
A bank engaged a real estate agent to list a piece of residential property in foreclosure after the owner defaulted on his mortgage. During the listing period and prior to the court-ordered eviction date, the owner vacated the property and left behind several pieces of damaged furniture, appliances, and other belongings.

PROBLEM:
The owner allegedly intended to return to the property and retrieve the items.

MISTAKE:
Since the agent was under the impression that the occupant had completely moved out of the property prior to the final court-ordered eviction date, she sought and received bank approval to arrange for a “trash out” of the premises.

RESULT:
The owner returned to the property to find everything had been removed and threatened to file suit against the agent, her broker, and the bank alleging conversion of his personal belongings and wrongful eviction in violation of the state’s Anti-Lockout Statute. He claimed $45,000 in damages for the loss of valuable antiques, computers, televisions, and jewelry. However, before arranging for the trash out, the agent conducted an inventory of the remaining items by videotaping (in great detail) every room of the house, including the basement and garage. The evidence was then provided to the owner along with a letter denying liability. As a result, he opted not to pursue the lawsuit.

 PREVENTION:
Although the agent made an incorrect assumption about the property being vacated, the irrefutable video evidence she produced was key in discouraging the lawsuit. Documentation in support of your story of a transaction, whether it’s written or in video format, can be the most important tool in defending both your reputation and that of your clients. The presentation of clear, concise, and well-documented information will certainly help in the defense of frivolous claims.

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Financial Reform

Yesterday, the Senate passed the most sweeping changes to our financial system since the 1930s.  These changes will definitely affect you for years to come – here’s how.
How Financial Reform Will Affect You

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2809 Hampton Court in Richardson, TX in Plano ISD

(June 30) The Senate passed the bill extending eligible closings to Sept. 30, so buyers who were in contract by April 30 can get the tax credit.  For more information, go to http://www.realtor.org/government_affairs

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Should Congress extend the date, information will be posted on www.realtor.org/government_affairs as soon as it happens.

The final outcome will be posted on www.realtor.org/government_affairs on July 1, 2010.

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Here are the latest details on the Tax Credit Closing Deadline:

Our best advice to members with questions and concerns is to proceed as if the June 30, 2010 date is binding.

NAR is pursuing all possible options with senior congressional staff to determine what other legislation may be available for passing a June 30 extension. Each of the possible options face difficult obstacles, but NAR’s efforts to clear the way are on going.

Senate voting on the Tax Credit Extension deadline has been moved to the week of June 28, 2010.

Should Congress extend the date, information will be posted on www.realtor.org/government_affairs as soon as it happens.

The final outcome will be posted on www.realtor.org/government_affairs on July 1, 2010.

Here are the latest details on the national Flood Insurance Program:

The consideration of H.R. 5569 (National Flood Insurance Program Extension Act of 2010) has been moved to the week of June 28, 2010.

NAR is working with Senate leadership in both parties to urge the Senate act quickly to pass H.R. 5569.

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 The move by Senate Majority Leader Harry Reid would give buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000. Under the current terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale.

 Read more here.

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Living rent-free vs. foreclosure?

By Alana Semuels

RISMEDIA, March 27, 2010—(MCT)—It’s been 16 months since Eugene and Patricia Harrison last paid the mortgage on their Perris, Calif., home. Eleven months since the notice got slapped on their front door, warning that it would be sold at auction.
A terse letter from a lawyer came eight months ago, telling them that their lender now owned the house. Three months later, the bank told them to pay up or get out by the end of the week.

Still, they remain in the yellow ranch-style home they bought seven years ago for $128,000, with its views of the San Jacinto Mountains. They’re not planning on going anywhere.

read more here

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The foreclosure landscape is littered with buyers who didn’t do their homework, and as a result either didn’t get a great deal or worse, lost their life savings.

It doesn’t have to be that way. Watch the following news story by Stacy Johnson…LINK: Why NOT to buy a foreclosure at auction

read more

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Beautiful model home from Pulte in Mansfield

Family Room

Ridge Trace, a subdivision built by Pulte Homes, attends Mansfield ISD, starting with Brown Elementary.  The model home is now available for an amazing price.  Few homes of this size (4/3 with over 3000 sf) served by Brown Elementary School in Mansfield ISD are selling for under $100/sf.  The average, in fact, is $101 (sold properties in the last six months). 

Kitchen 1815 Rim Rock

You can take advantage of this opportunity, a relocating family, and live in the former model Pulte home for an amazingly low price for the area and upgrades.  The yard has plenty of room for family, friends and pets to run and play, even if you were to add a large pool. 

The landscaping is lush, and the shaded front patio and balcony sitting areas are relaxing.  The home is neutrally colored and the chef’s kitchen has an upgraded appliance package including a gas range and stainless steel.  The summer electric bills will be eased by the added ceiling fans in every bedroom and family area, even the office!  Further reduction in A/C bills was added when the solar screens were installed by the current owners.

Back Yard 1815 Rim Rock Trail

Breakfast Nook overlooking back yard and patio

There is upgraded, decorator tile in all full baths, and even the designer backplash in the kitchen.  Plenty of storage with several floored access attic areas will give you lots of spots to tuck away holiday decorations.

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