Message Board

Government Mortgage Program

Judi — Sat, 13 Jun 2009 23:43:34 GMT

We received in the mail today,a sheet of paper explaining the government's mortgage program. If it is coming out of Ohio and affiliated with H.U.D.,is this legit? And how does one know what is legit with these offers you receive in the mail? And, do loan officers in local banks despise these government programs because they are losing money? WOULD LOVE TO KNOW THIS!! As we are strongly considering refinancing our steep mortgage. THANKS!!!!

$8,000 TAX CREDIT

CAROL — Wed, 18 Mar 2009 17:29:02 GMT

IS IT TRUE THAT THIS TAX CREDIT CAN BE USED AS A DOWN PAYMENT FOR 1ST TIME HOME BUYERS????I THINK ON THE TODAY SHOW YOU SAID IT COULD AND THAT THEN BUYER COULD APPLY FOR A 96 OR 97%MORTGAGE AND HAVE SELLER PAY CLOSING COSTS....THANK YOU

3% down ?????

Kathy Brackett — Fri, 13 Mar 2009 16:58:34 GMT

Barbara

You said this week on the Today Show that it is possible to pick up investment properties for as little as 3% down. Where/how is this possible?????

Many thanks for all your real estate ideas,
Kathy

Lease / purchase agreements

Judy Bennett — Fri, 27 Feb 2009 21:27:27 GMT

What is the listing agents commission on a lease / purchase agreement?

Best way to sell house with tenant

kate — Fri, 27 Feb 2009 20:47:45 GMT

My husband and I would like to sell our house (2 family) and buy a single family house but we have a great tenant and don't know should we tell her we are thinking of selling first before looking for another property or say nothing until we find a place and risk not selling our house and end up with 2 mortgages, which we cannot afford to do, any suggestions?

Short sale scam

Dianne Fowler — Tue, 24 Feb 2009 19:19:14 GMT

I am shocked at what some are doing to take advantage of people who are losing their homes, many through no fault of their own, by trying to collect the difference between what the banks agreed to take and what the sellers owed.

Banks are selling these loans to sharks who then go after the sellers for the difference. My sister had to sell because she lost her job and lives on her own, she has a 7 year old car, and no bills. She short sold her condo, as she was told this would help save her credit rather then making the bank foreclose. The bank agreed to take $158,000 with the second agreeing to $1,000. She just got a letter from a collection agency that she owes them $27,000 plus interest because when the bank sent conditions there was a condition that they held the right to collect the shortage (which was at the very botton of the page).

When she asked the agent about this they told her that is was fine and the bank would never do that, it was just a cya. Well guess what they did and these companies are making money by doing this. The buy the loan for maybe 10 cents on the dollar and then try to collect the entire amount but usually settle for 50 cents on the dollar. They make 40 cents and you lose again.

YOU NEED TO WARN THE PUBLIC ABOUT THIS SO THIS DOESN'T HAPPEN TO ANYONE ELSE. Another bank scam.

Widowed sister-in-law real estate dilema

Paula W — Sat, 21 Feb 2009 19:04:57 GMT

Barabara,

Please! Please! advise me if you can. My brother recently passed away with a rare cancer and very late diagnosis due to baffled doctors... they had very little time to plan -- it took him so fast. They did not carry life insurance. When he died last September, my sister-in-law called their mortgage lender and told them that her husband had passed away, and since the payments now had to rely on her income, she asked if they could lower her payments. Her lender told her not to make any payments, and wait until they review her situation and they would get back to her. She did as they advised, and low and behold, the next time they contacted her, they told her they were going to foreclose on her house.

Is there anything she can do? My brother's terminal cancer left her with alot of medical expenses as well. Not only is she devastated at the lost of my brother (like we all are) she has been told she is going to lose everything they have worked for (over 30 years of marriage). I feel just awful.

I would appreciate any direction. Can the new stimulas package help her?

Thank you.

4% Mortgages Supported by US Gov't Policy

Bob Rice — Thur, 05 Feb 2009 03:02:22 GMT

Barbara,

Bravo to you ! I just heard you on Larry King Live suggesting that the government DO SOMETHING to help the "LITTLE GUYS"

Your suggestion that the government offer 4% mortgages, no questions asked to any who apply is FANTASTIC.

I would encourage you to socialize this concept and get our representatives in Congress to endorse this idea. This NEED NOT be a "FOREVER" solution. It could be something that is done for 12 months or 18 months. A one-off deal.

Bob

http://www.RealEstateAgentsArePeople2.com

Deborah Benton — Tue, 03 Feb 2009 15:25:25 GMT

I've been a Realtor for 14 years on the Gulf Coast in Alabama. With the downturn in sales in our area following Hurricane Katrina - I eventually lost my dream home to foreclosure last year. Because of my experiences, I created a website to help others avoid or cope with the same financial distress. I have a "Need Help Page" w/some national assistance information, but concentrate on my local counties of Baldwin and Mobile. My goal is to have a similar "Need Help Page" for every county in the U.S. I am looking for Realtors across the country to be the link for their county and supply the same assistance info - local credit counselors supplied by the government, low cost medical care, mental health care, food banks, Church Dinners, thrift stores, pet foster care/adoptions and much more. We are also planning a "Free Foreclosure Assistance Day" w/volunteers of Attorneys, Accountants, Real Estate Agents, Clergy and more - to give one day to explain the process of foreclosure, bankruptcy and short sale, answer questions and try to give help and solace. I need ideas on how to get the word out about our website and our planned "Free" day. (No Advertising Money!) Help!

Today Show - Jan 30th

Fri, 30 Jan 2009 14:37:10 GMT

I watched the Today Show interview with Barbara and wanted to express my opinion. Barbara appears to focus on a lot of the 3 bedroom houses, for example the $349,000 house in Boca Raton, FL. If you are just going to pick random places to highlight values, there are much better deals in FL right now which will get you a lot more house for your money. For example, right now in the Tampa suburbs, you can get a 3,555 sq ft, 5 bdm, 4 bath, 3 car garage on a conservation water lot for $334,900 (MLS ID #T2312717). There are a huge number of listings similar to this one. I understand that she is trying to select certain houses that have something unique that will interest viewers, but it just makes me say, she really does not understand what the word value really means.

Additionally, Barbara mentioned in response to a question about fees that they were cheap and that a gated community placed restrictions on the owners ability to make certain exterior modifications. Actually the fees can be quite high in Florida as there is both a HOA fee and a Community Development District (CDD) fee. For example, your HOA fee may be $500 per year; however, your CDD fee is usually around $1700 - $2500 per year which can easily add $250 extra to your monthly mortgage. While it is true that most (if not all) gated communities have HOA covenants that restrict certain exterior decorating, that is not limited to just gated communities and in fact, any community with a HOA, gated or not, will usually have similar restrictions.

Overall, I think her house choices are short sited and lack the true understanding that I would expect from a person being held out as a national expert on real estate.

Real estate outlook for 2009

elisabeth mills — Mon, 29 Dec 2008 21:48:42 GMT

Dear Barbara; I miss you insights and your energy! I am working as a real estate agent in the Hamptons, and we have so many owners asking for advice about the near future.
Can you look into your crystal ball and share with me your thoughts for the NY area and the Hamptons!
Best wishes.
Elisabeth

Very disapponted

Jim Powers — Tue, 23 Dec 2008 00:15:22 GMT

Barbara-
I am writing to you because I saw your story on the Today show this morning-"TOP 5 LIES SELLER TELL". I am appalled that it was made to look like the agents are the ones telling lies- not in the context that you stated but in the header that was on the screen-"5 LIES AGENTS TELL TO SELL". I have been selling real estate in Washington State for more than 12 years now and the one thing I feel I have to overcome time and time again is to defend my profession against dishonest and unethical business practices. I hold myself to the highest ethical standards and my clients appreciate the hard work I do for them but so many times when I met new people and when they find out what I do for a living, they have some snide remark about our profession. Needless to say, when I watched your story this morning I was very disappointed -to have it on the screen that makes it appear that agents will lie to sell a property when in fact the story was on what sellers will say to sell their property. I think that you did a huge disservice to our industry and I would hope that next time you are on the Today Show that you actually post a correction that good ethical Realtors do not tell lies- period, and apologize to all the hard working ethical Realtors that were once again discredited to sensationalize a story for the media to sell. In the mean time, maybe you can at least have NBC change the header on the website that has your story listed as "THE LIES AGENTS TELL TO SELL". I do hope that in the future that you can help bring to our profession a level of professionalism that so many of us Realtors strive to bring out everyday.

Regards,

Jim Powers
Century 21 Beutler & Associates

Seniors who need to sell their homes.

Carol Federman — Thur, 18 Dec 2008 01:59:41 GMT

Will there be any special arrangements for senior citizens who need the equity out of their homes, but have at this time, a jumbo loan and do not qualify for a reverse mortgage, and are unable to sell due to the ECONOMY!!!!

coop in manhattan and new restaurant bringing in odors

peggi gross — Fri, 12 Dec 2008 19:11:40 GMT

hi barbara,
your my last hope. we live in a coop in the sutton area ( 56th and first ). we have lived here about 10 years and are very happy. the building is well run and self managed which is good and bad. anyway we live on the 9th floor facing east 56thst and a restaurant facing 57th st and 1 st with the kitchen facing 56th st and first opened about a year and a half ago. unfortunately for us, they are opened til 1 am weekdays and 4 am weekends and cook all nihjt long. the smell from the vented fan travels up to my ninth floor apartment and bedroom and keeps us up all night. we have done everything conceivable to block the odors...put in city windows, bought a humongous $ 1,000 air cleaner and had the HVIC units pulled out in every room and plastered al the openings behind them. we are at our wits end....i was forwarned by a personal friend who is a real estate attorney NOT to say anything to our board as it could impede us from ever selling, should we want to. I do not intend to sell and i mentioned a few times to our management office about this and they claim they can do nothing about it. yes, i've called 311 many, many times. they sent the DEP who came up to us at MIDNIGHT !!! the smaell didn't bother these men !!! i've called councilwoman jessica lapins office several times... when they send people to So Frito, the restaurant, it seems nothing changes... do i have to spend more money on an attorney???
i'm afaraid my furniture will start smelling , i'd like to keep my windows open in nice weather... barbara your the real estate guru..please help us...
thank you for any advise you can give me....peggi gross

Should I sell or stay in potentially upscale neighborhood.

Marie — Tue, 09 Dec 2008 22:31:18 GMT

The suburb next to us has just been voted the most expensive neighborhood in the country. My suburb is essentially less than ten years old. The population has grown in my direction. I am an empty nester and was thinking about moving into the city and selling my home but now I wonder if I would be making a mistake. The town has grown so quickly in five years time and now that our neighbor has assumed this status, I believe that my suburb will appreciate greately in value (spillover). What do you think?