Closing times are lengthening. The time-to-close averaged 40.5 days from November 2015 to November 2016 compared to 36.7 days the year before, according to data from the National Association of REALTORS®. NAR called the longer times in closing “unexpected” in a recent blog post.
Read more: New Closing Rules Remain a Challenge
NAR began tracking closing delays following the implementation in 2015 of new mortgage disclosure rules, known as TRID or Know Before You Owe. The new mortgage rules changed the settlement process by adding new closing documents and timelines. Closing times have remained elevated since the implementation of the new rules.
This is a new 4-bedroom, 2-bath remodeling project located in the city of Carson. At the we bought the property the house included a room that was not permitted by the city. Since the house is intended to be a rental several decisions went into how to handle the illegal addition. Exclusive civil engineering costs, permits and additional delays all factored into the decision. After looking at the costs of getting the room up to code it was decided to leave the space open for now and make exterior walls of the remaining framing. We are also looking into tile options to cover the cement slab to give it a natural look and beautify what will be left of the space. We have several weeks to go on the work as you can see from my video. Take the walking tour now —>
Wow big news from Fannie Mae. This could be a political move as we go into the election if mortgage applications have been drying up as of late. Fannie Mae announced this week that it would expand its HomeReady program, which includes 3 percent down payment loans. It is extending the 3 percent down mortgage to eligible refinancers who have loans already owned by Fannie Mae. Fannie Mae’s previous maximum allowable loan-to-value ratio for refinancers was 95 percent. Now, it will be up to 97 percent, under the new guidelines. Read more here—>
I stumbled on this kitchen from Veneer Designs – it’s this fabulous home in Playa Vista that is such a classic boho Southern California style. The best part of this kitchen is the antique rug. It adds such a bright spot to this bright white kitchen. Read on —>
A combination of high demand, low inventories and rising property prices means that California is now home to seven of the top ten worst markets for investing in single-family rentals. My experience is that renters can’t believe renewal rates, even when they have a great history of paying rent on time and keep work orders to a minimum. Read more here—>
Great read, good ideas. Improving a property with less. READ—>
Chinese billionaire Wang Jianlin made his fortune in the country’s real estate market — and now he’s warning that it’s spiraling out of control.
It’s the “biggest bubble in history,” he told CNNMoney in an exclusive interview Wednesday. Bubble is a sensitive word in China after the dramatic rise and spectacular crash in the country’s stock market last year, which wiped out the savings of millions of small investors who thought Beijing wouldn’t allow the market to drop. After struggling to contain the fallout from the stock market debacle, China’s leaders could face a similar headache in the real estate sector. READ MORE HERE—>