Homes For Sale

What’s happening with mortgage rates? Jeff Lazerson, of Mortgage Grader in Laguna Niguel, gives us his weekly take … NEWS SUMMARY: From Freddie Mac’s weekly survey we see fixed and adjustable rates hitting all-time record lows. The average rate for a 30-year fixed rate fell to 4.12 percent at a cost of .7 point. Last week rates averaged 4.22 percent. Fifteen year fixed rates averaged 3.33 percent and .6 point, falling from 3.39 percent a week ago. The 5-year ARM remained unchanged at the lowest record level touched one week ago, averaging 2.96 percent and .6 point to buy that rate.

WHAT I SEE: From rate sheets hitting my desk that are not part of Freddie Mac’s survey: The 5-year interest only ARM is 2.875 percent and .9 point. The 10-year ARM is 3.5 percent and .8 point. FHA 30-year fixed is 3.75 percent and zero point.

WHAT I THINK: Tonight, President Obama needs to announce a simple no-appraisal refinance program for on-time paying borrowers that lack equity. This is

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Citizens, Florida’s insurer of last resort with 1.5 million policyholders, announced Friday it will allow qualified appraisals among other options to set premiums — no longer insisting customers have little choice but to accept results from software known as 360Value.

“We believe that providing these options gives our policyholders and agents more confidence in the valuation process while providing policyholders with adequate protection for their homes,” said Citizens President Scott Wallace.

Advocates for homeowners welcomed the news.

“That’s totally a win,” said former state insurance consumer advocate Sean Shaw. “That’s a common sense win.”

Citizens said it will accept replacement cost estimates from 360Value, MSB, and e2Value, but also from a licensed appraiser if it is formulated specifically to establish the insurance reconstruction cost rather than market value.

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January 13th, 2012 by Allyson Zacharko Categories: Home Buyers, Home Sellers

In December, seven homes sold in the Cashmere area.

422 Elberta Avenue, Cashmere

List price: $81,000.  Sold price: $78,165.

Days on Market:146

2 bedrooms | 1 bath | 768 sqft | 0.11 Acres

Small home on a quiet street in Cashmere built in 1928.  This home was a foreclosure and was orginally listed for $91,500.

5655 East Cashmere Road, Cashmere

List price: $155,000.  Sold price: $155,000.

Days on Market:0

2 bedrooms | 2 bath | 1668 sqft | 0.46 Acres

A home built in 1940 located behind Martins Grocery Store.  This home was not listed on the multiple listing service.  It may have been a For Sale By Owner.

204 Chapel Street, Cashmere

List price: $169,900.  Sold price: $169,900.

Days on Market:65

3 bedrooms | 2 bath | 2200 sqft | 0.22 Acres

A 1947 home built from cinder blocks.  Third bedroom is in the basement and is considered an non-conforming bedroom because the window does not meet fire code standards.  The basement has its own entrance and full kitchen.  Property has an additional three bay car port.

302 Elberta Avenue, Cashmere

List price: $170,000.  Sold price: $170,000.

Days on Market:20

3 bedrooms | 1.75 bath | 1902 sqft | 0.13 Acres

Older home with some updates and some original charm.  The home was previously on the market in 2008 with a list price of $235,000.  The home was listed as pending the day it came on the market so the listing agent probably found a buyer for it even though it was not actively on the market.

217 Paton Street, Cashmere

List price: $230,000.  Sold price: $230,000.

Days on Market:0

3 bedrooms | 3 bath | 3504 sqft | 0.35 Acres

Another home that was not on the multiple listing service. This is a home built in 1950

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Linda Sapp’s reaction to her insurance bill was sticker shock: The annual premium doubled to $4,800, adding hundreds to her monthly mortgage payment.

Her first thought: “There’s no way I can afford my house.”

Her son needs daily help with a medical condition that causes severe swelling in his legs. The Acreage resident works 20 hours a week at Subway to supplement her husband’s income as service manager for a fire-sprinkler company. Her State Farm bill sent her scrambling to find another insurer.

In Boynton Beach, retiree Thomas Spatafora is on a fixed income and said he has never filed a property claim. But annual premium increases just keep on coming from the state’s insurer of last resort, Citizens.

“How the hell much is enough?” Spatafora said. “They keep increasing the cotton-picking premiums.

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Buying a property is a huge financial commitment and therefore it is crucial for potential buyers to factor in all additional costs into their budgets.

The most common cost after the solicitor’s fees is stamp duty and this is based on the value of the property.

Stamp duty is levelled in bands of 1% on properties between £125,001 and £250,000, 3% on properties between £250,001 and £500,000 and then 4% on properties above £500,000, for example the stamp duty on a property valued at £200,000 would be £2,000.

Once the process of buying a house has been started if the sale was to fall through buyers should be aware that fees due such as for a valuation or survey will still need to be paid as does the solicitor if they have started any legal work.

Once the solicitor is satisfied with their searches, the surveyors report has been received and the formal mortgage offer has been received, the final contract between the buyer and seller is prepared.

At exchange of contracts both the buyer and seller are then legally bound and the sale of the property has to go ahead.

Buyers will also have to pay a deposit on exchange of contract, this is usually around 10% of the purchase price but it may vary. The sell

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