Foreclosure Risks: Read Those Bank Addenda!
March 13, 2008 by Katie Wethman · 10 Comments
I get a lot of questions on foreclosures. How could I not? Some neighborhoods are flooded with them (though some are not…see the graph in my post on Beyond Auctions.) Buyers want to know if they’re a good deal, what the risks are, and how they can get in on one. I’ve decided to write [...]
WSJ: "Beyond Auctions" Article on Buying Foreclosures
February 12, 2008 by Katie Wethman · 1 Comment
There’s a fantastic article today online in the WSJ: “Beyond Auctions: Ways to Buy Foreclosed Homes.” It explains why there are actually very few bargains to be had in foreclosure auctions, and why buyers (especially first time buyers) need to instead focus on bank owned property (REO). There’s a good list of do’s and don’ts [...]
Q3 Trend Report – What are you waiting for?
November 8, 2007 by Katie Wethman · Leave a Comment
The Metropolitan Regional Information System (MRIS, the group that runs the Multiple Listing Service) has released its Q3 Trends in Housing Report. It’s an interesting read. You can view the full 22 page report here. Some highlights: – Job Growth: Over the 12 months ending in August 2007, over 47,000 new positions were added-—5.8% above [...]
"I want to buy a foreclosure."
September 21, 2007 by Katie Wethman · 3 Comments
I’m interested in foreclosures is something I often hear from clients, but few people really understand the process, and specifically what it means to buy a foreclosed property. It’s not for the faint of heart. Though you can occasionally find a bargain, there are unique risks involved with buying a foreclosed or bank-owned property. First, [...]
Sub-Prime Mortgages: Crisis Averted?
September 1, 2007 by Katie Wethman · 1 Comment
I’ve posted here before that there were signs that the sub-prime mortgage mess, while unfortunate for many, was not the crisis that the press makes it out to be. The housing market is just too important to this economy, and while no one is screaming “bailout”, there have been consistent signs that the country is [...]
Sub Prime Meltdown: The Middle of the End?
May 30, 2007 by Katie Wethman · Leave a Comment
Several weeks ago I posted about Fannie Mae and Freddie Mac programs to help borrowers who are in risk of defaulting, or have already defaulted, on their sub-prime loans. By now, everyone has read of the “melt down” fueled by 2/28 and 3/27 adjustable rate loans that offered very low teaser rates back i n [...]
Sub Prime Meltdown: The Beginning of the End?
April 19, 2007 by Katie Wethman · Leave a Comment
Freddie Mac announced it will buy $20B in fixed-rate and hybrid adjustable rate mortgage products to provide alternatives for sub-prime borrowers. Both Freddie and Fannie Mae are also working on developing new loan types to help distressed borrowers keep their home. I think these announcements will limit the fall out of the subprime “meltdown”…much to [...]
Impact of Sub-Prime: Part I
March 15, 2007 by Katie Wethman · Leave a Comment
The Post has had a very interesting series of articles this week about the sub-prime mortgage market, which was the impetus for market drops across the world in the last few weeks. So how bad will it get? It’s a question I often get. What is a sub-prime loan? Basically it’s a loan offered to [...]
FAQ: Short Sales
March 14, 2007 by Katie Wethman · 1 Comment
With all of the recent press about the crash of the sub-prime lending market, we will be seeing more and more “short sales.” What’s a short sale? A short sale occurs when a seller is in a negative equity position and either does not have the liquidity to sell (that is, they need to come [...]
