The Arizona Memory Project is providing on line images of some of the documents uncovered in Bisbee in the past couple of months. One is the court clerk’s hand written transcript of testimony given by John H. Behan, Sheriff of Cochise County, Arizona Territory in 1881. Sheriff Behan was a witness to the gunfight at the OK Corral.
REALTOR®Mag has an article about the financial advantages of seller financing. In addition to the financial advantages, there are other points the seller ought to consider in addition to those in the article.
Be sure to investigate the buyer’s credit, income history and debt.
Use a licensed real estate broker to offer guidance and help.
Financing is very difficult to obtain in this market so you will have an advantage over other sellers not offering seller financing.
Be certain you can get by without the cash you would have from an outright sale.
Fannie Mae announced it is reviewing its rule regarding last minute credit checks by lenders just prior to funding.
This check has derailed loans as a borrower may have a medical bill that insurance will pay but has not paid at the time of checking. New debt acquired after the original credit check is a red flag and can result in denial.
As reported in REALTOR®Mag, “Don’t open new accounts. Don’t close existing accounts. Don’t do anything whatsoever that will alter your credit situation.”
We must wait to see what results come from their review. And maybe Freddie Mac will review their similar policy.
634 N. Palm Lane, Benson (Mescal Lakes), Cochise County, AZ. 1512 sq ft, 3 bed/2 bath manufactured home on 1.53 acres. Home is a Cavco built in 2000. Kitchen appliances include side-by-side refrigerator, gas range, dishwasher, disposal and range vent. Large 2 car carport (tandem) and workshop are attached. 2008 taxes $698. Asking $83,000.
Home is eligible for FHA backed financing and qualifies for 203(k) program. There is a $440 allowance to repair skirting. Otherwise, home is in good shape.
For additional photos and information, including a property condition report, click on “Featured Properties” tab or here.
We report from time to time news on mortgage applications. Recently applications are down which means fewer buyers.
Is it any wonder the number of applications is falling when lenders tighten qualifications to an extreme level?
The New York Times has an article on how pregnancy can result in loan denial. And it isn’t just the lenders, Fannie and Freddie are getting into the act as well.
A number of blogs and sites have picked up on a video tour of Bisbee. I wish I could give credit to the cinematographer but thus far no luck. Anyhow, here is the video:
Here are two of the sites showing this video that may give you additional information on this fantastic city in Cochise County.
It is a bit of a dichotomy. There have been articles published about the economy causing families to move back together. Adult children move back home to avoid rent or mortgage payments. Grandparents move in with the kids for the same reason. By consolidating, grandparents are available for caring for young children, adult children are available to care for older parents.
Meanwhile a trend for smaller homes is developing.
Median home size by region
As reported by REALTOR®Mag, new homes are appearing that have two master suites, one at each end of the home. One for the parents and one for the grandparents.
REALTOR®Mag reports that CoreLogic’s monthly index of home prices shows May was the 4th consecutive month of price increases when compared to the same month of 2009. May showed a 2.9 percent increase.
Caution was the keyword, however. The home buyer tax credit created a home sales spike in the Spring. The job market remains weak. And lending is still very tight. These factors contribute to a slowing of price increases. The four month trend could actually reverse.
Yes, new weekly mortgage applications are the lowest since December of 1996. On an unadjusted basis, new applications fell 12.7 percent from the prior week.
The FHA continues on it quest to identify lenders who sold high risk mortgages to Fannie Mae and Freddie Mac, mortgages that were perhaps created fraudulently.
FHA has issued 64 subpoenas thus far for loan documentation. As mentioned in our post “Pendulum Gone Too Far?” of yesterday, FHA will force a lender to buy back a loan that is deemed to have been fraudulently created. That assumes, of course, the lender is still in business.
The Spring 2010 edition of The Indicator--the quarterly newsletter of the Cochise College Center for Economic Research is now online. Check it out by
clicking here.
