They’re baaaaack! Here they come folks! When the market is hot the real estate gurus on the hotel circuit start buying full page ads in the papers. You know the type: Carlton Sheets, David Allen’s “Creating Wealth….Seminars”, Bobby Blair Systems, William McCorkle (federal prison now) and the all the others… When the market is turning,…
Author: S-Crow
"S-Crow" (Tim Kane) is co-owner (with spouse Lynlee, LPO-Designated escrow Officer) of Legacy Escrow Service, Inc., an authentic independent escrow firm closing residential purchase/sale and refinance transactions.
Real Estate Talk: It’s everywhere and funny!
Seinfeld Live! Yesterday, I took my son to the dentist. Busy reception room. You get the picture– kids sprawled on the floor with toys and books and one child playing a video game. A couple parents were sitting next to me. The conversation between them was about housing. Both ladies were discussing buying property to…
Interest Rate Change Misconceptions: Cap rates
“The interest rate on their mortgage had risen to 9.5 percent, from 3.5 percent three years ago. They didn’t have the equity or good credit to qualify for refinancing at a lower rate.” This quote was from Ben’s ‘the housing bubble’ blog this morning and it perfectly illustrates the misconception that I hear all the…
Pity for those with no "PITI"?
I’ve commented on this before at Inman News and other blogs, but it deserves it’s own post. Here is an exerpt from my letter to the editor: To help borrowers qualify for a home loan and to get payments in line with a lenders loan program, it is necessary for the taxes and insurance to…
"Stated Income" Loans = Liar Loans?
And Paul Moulo has this from National Mortgage News: “According to a new report by the Mortgage Asset Research Institute, “stated-income loans” deserve their nickname of the “liar’s loan.” MARI says that almost 60% of the stated-income amounts are exaggerated by more than 50%.” Is this for real? Does this suggest that nearly 60% of…