Its practically May and I still see house prices softening. There's still a lot of distress properties in the market, and more to come in the imminent future as the backlog of foreclosures will be released,... more
Escrow in real estate is the process where all of the money in a real estate transaction is handled by a neutral party. These are title companies who are designated to be the fiduciary sworn to be fair about the process to serve both parties equally. They keep a balance sheet of both buyer & seller, and ensure that all of the settling of the money is balanced. They hold earnest money in an established trust account, and work with the lender to ensure that the finances for the loan have come through, and they record the title for the new owners with the county.
Here is the definition from Wikipedia: Escrow generally refers to money held by a third-party on behalf of transacting parties. It is best known in the United States in the context of real estate (specifically in mortgages where the mortgage company establishes an escrow account to pay property tax and insurance during the term of the mortgage). Escrow is an account separate from the mortgage account where deposit of funds occurs for payment of certain conditions that apply to the mortgage, usually property taxes and insurance. The escrow agent has the duty to properly account for the escrow funds and ensure that usage of funds is explicitly for the purpose intended. Since a mortgage lender is not willing to take the risk that a homeowner will not pay property tax, escrow is usually required under the mortgage terms.... more
Here in the Dallas-Fort Worth area prices in some neighborhoods are going up.
So iwhether or not the market is recovering, depends on what part of the country you are talking about. We have a strong employment market, great schools & reasonable cost of living / home prices in Texas.
Dallas-Fort Worth is also has a diverse community with families from all over the globe making it home.... more
I'm not sure about this one, although Bank of America is trying to be creative. I am the leading short sale expert in my area and honestly when the homeowner is distressed, they are more likely to belly up in a lease situation as well. From the bank's point of view, they are trying to position to unload tenant occupied homes with weak tenants. I really don't think this would convince me to be an investor with shaky income history. In this environment you need Realtor support to get this country out of the real estate mess that it's in, offering only $2,000 to an agent to spend all that time consulting and hand holding is no incentive at all. I think the Realtors will give this program thumbs down. With no support from us, the program will disappear.... more