Here is the last chapter in this saga. Unfortunately for the couple who wrote this first-hand experience, their latest snag in the home-buying process remains unresolved, leaving their fifth offer to remain in limbo.
This latest twist that has prevented the couple from closing on their home is a scenario called “post-foreclosure bankruptcy”: Read the rest of this entry »
Earlier today we posted a story from the Real Estate Wonk (Jamie Smith Hopkins of the Baltimore Sun) of one couple and their unsuccessful attempts at buying a home in today’s unique real estate market. The couple, Peter and Karen, saw all types of properties, everything from foreclosures, to short sales, even “regular” sales. After three months of searching and almost 80 homes in their file, not one of the couple’s offers had been accepted.
Even after the couple had finally had an offer accepted, and after the inspector gave the home a passing grade, more and more factors — again, brought on by the home-buying era in which we are now in — came into play, stalling the buying process even more: Read the rest of this entry »
We’ve consistently noted that perhaps the largest hurdle facing borrowers in this current real estate market is securing financing. Mortgage rates have been historically low for almost a year now, real estate prices are nearing a bottom (if they haven’t reached one already), and incentives like tax credits have been extended and expanded to lure potential buyers to the market. However, credit conditions remain extremely tight. With all that being said, one could speculate that as soon as you secure financing, the home-buying process should be smooth sailing, right? Well, not for one couple.
Our friend Jamie Smith Hopkins at the Baltimore Sun is running an interesting series in her blog, “The Real Estate Wonk,” on first-hand experiences from the home front. “Dispatches from the home-buying front” details the experiences of one couple from the Maryland area who are in the market to purchase a home in today’s unique marketplace.
Before and during the housing bubble Realtors were the industry’s top dogs. Business was booming; large, expensive homes were being sold by the truckload. Times were very good and there was a lot of money to be made if your job was to help people buy or sell homes.
Times have certainly changed and there is a new profession that has taken over the real estate industry — repossession or “repo”: Read the rest of this entry »
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