In today’s real estate market we see many purchases that are properties which were recently foreclosed on and now being sold by the bank. This has been a reality of a market that has at times and in certain areas seen more bank owned properties as conventional home sales. As a result of the decline in prices we have also seen an increase in properties being bought by investors, often on a cash basis, cleaned up and then put back on the market for resale, very quickly. For these particular cases, what you may have heard as, as the 90 day flip rule, comes into play. And while it is not a deal breaker, it is important to know how things work in a quick re-sale situation.

The Federal Housing Administration has for many years had a 90 day flip rule in place, to prevent the buy and quick resale of a home within 90 days. Likewise, while there was no rule in place for conventional loans, backed by Fannie Mae and Freddie Mac, many lenders followed suit and did not allow for financing, for the resale of properties within 90 days.

Q: What advice can you give me about remodeling my home? We may want to sell it in the coming years when the market rebounds and are wondering if it makes sense to do some basic remodeling and improvements.

– Amy M., Las Vegas

A: You’re not alone in considering some remodeling projects at your home. In today’s housing market, I see a number of clients and homeowners doing the same. I think it’s generally beneficial to do some remodeling to make your home more marketable when you’re ready to sell.

Full story is available on Las Vegas Review Journal

Recently, a college graduate who got plenty of cash for graduation decided to use the money to purchase a home.

While the graduation gifts were good money for downpayment or, perhaps, new furnishings, the young home buyer still needed a loan to purchase the home.

She was surprised to learn that because she had not established or used any credit, she would have to spend six months establishing a credit score and history.

Credit reports are the vehicle that mortgage companies use to evaluate a borrower.  The higher the credit score, the better the loan terms, but any mortgage applicant must at least have a score to be considered for a loan.

Full story is avaialble on Patch

While the spring housing market in the Seattle area may be showing a little more zip than expected, it doesn’t appear to be going anywhere fast.

So local homebuilders are growing more generous with incentives, offering goodies ranging from chances to win an iPad2 or a smartphone — just for attending an open house — to $3,000 buyer bonuses, plus all the furniture in the house.

In an effort to shed housing left over from last year, homebuilders are piling on the incentives, says Matthew Gardner, a Seattle-based land-use economist and managing principal of Gardner Economics.

Full story is avaialble on The Seattle Times

Lori Purcell was sick of being a landlady and wanted to unload her two-family house in Garfield, N.J. But she knew it would never sell for the $325,440 she had paid in 2004.

A short sale solved her problem.

Sharon Bell was looking for an affordable two-family house in Rutherford, N.J. A short sale solved her problem, too.

Short sales — in which a lender allows a distressed homeowner to sell for less than the amount owed on the mortgage — have become a large part of the housing landscape, accounting for 19.6 percent of sales nationally in March.

And though they can still be drawn-out affairs, real estate agents and lawyers say that as short sales have become more common, the odds of having a smooth transaction are getting better.

Full story is available on ChicagoTribune

You can find a lot of housing deals in the Midwest. The region boasted the most number of cities to make it to the top of the list where median list prices for March were the lowest.

Nationally, the median list price for March was $199,500, which is down 0.25 percent year-over-year.

But in markets like Detroit, the median list price is less than half the national average.

Local real estate agent says the process of buying a home is more difficult than just searching online or driving through communities looking for a property that catches your eye.

There are a lot of home buyers who think they can go it alone without representation from a licensed real estate agent. They often assume they have greater negotiating power and freedom by not bringing their own agent into the mix.

In many ways the advent of the Internet has given people the idea, and in my opinion the false confidence, that all the information they need about listings, communities and the home buying process is at their fingertips.  They simply look up houses they want to view, contact the listing agent and ask to see the property.

Full story is available on Patch

While FHA home loans still remain an attractive option for many home buyers looking to put a smaller down payment on the purchase of a home, conventional loan down payment percentage minimums continue to decrease.

In fact, in today’s market in Arizona, while an FHA loan will require a 3.5% down payment, you can now obtain a conventional loan with mortgage insurance for as little as a 3% down payment.

Of course, conventional loans due require a buyer, especially when putting a smaller down payment have solid debt to income ratios and a good credit score. However, for certain buyers, there may be some advantages to looking at a conventional loan, as opposed to an FHA loan.

IT might be easier if you just paid cash for that vacation house.

There is loan money available for second-home purchases, but expect bigger down payments, higher interest rates and other standards tighter than on a principal residence — and those standards are tight already. In addition, there are quirks specific to vacation markets.

Vacation-home purchases accounted for 10 percent of home sales last year, according to a National Association of Realtors survey released this spring. Investment purchases accounted for 17 percent — but sometimes the line between the two is a bit blurry. That’s down sharply from the height of the real estate boom in 2005, when vacation and investment sales accounted for 40 percent combined.

Full story is available on The New York Times

American homeowners facing foreclosure proceedings who bought through Wells Fargo may have options regarding the possibility of affordable mortgage payments, though recent data regarding the Making Home Affordable Program has shown many foreclosures continue to be fully completed, with foreclosure starts varying considerable between financial institutions. Those who had their home loan modification trial denied, along with those who were accepted and subsequently cancelled have been recorded in monthly HAMP statistics, which once again display somewhat mixed results regarding foreclosure prevention.

Wells Fargo (NYSE:WFC) recorded a total of 18,255 foreclosure starts during December 2010, with 9,892 completions during the same time period for those who had their trial modification cancelled. However, the running totals for January 2011 were recorded as 17,889 total foreclosure starts and 10,822 completions. Furthermore, for those not accepted for trial modification in the first place there were 18,46 total foreclosure starts and 12,053 completions as of December 2010. For January 2011, the same group totaled 18,313 foreclosure starts and 13,500 completions.

Full story is available on Personal Finance Bulletin