Monday, October 10, 2011

Home Inspection - a good investment

Oftentimes, buyers believe a real estate professional is a first-line of information about a home. When you work with a buyer's realtor, the person does not necessarily have the same familiarity with the home as the realtor for the seller, and he or she is interested in making the sale. Of course, realtors are obligated by law to disclose known problems...but what about those sneaking things even the seller of the house never knew were going on?

A home inspector can help with these seemingly small problems that can become costly once you own them, such as lead, mold and other structural issues homes may have. There may be moisture in the basement, cracks in the foundation, issues with wiring or house settling that has been structurally unsound. I can recommend a quality home inspector and set you up with a good buyer's representative realtor, then, I can help you negotiate the purchase and sale process and handle the closing--to bring you substantial savings. Give my office a call and we'll work together to keep your investment safe and save you money!

Disclaimer: This blog is for informational purposes only and does not establish a client-attorney relationship. Consult with an attorney before taking action on any information found herein as individual circumstances may affect the applicability of information provided. Call The Law Office of Michael Riley at 508-405-0831 with any questions.

Monday, October 3, 2011

To refi or not refi...

Rates are definitely at all-time lows. If you positioned yourself well and have equity in your home, you may be able to drastically reduce both the time in which you may pay off your mortgage, and also the ultimate cost of borrowing.

I have contacts in the mortgage industry who can help you lower your interst rates and payments, and maybe also the terms of your loan at the same time.

Give me a call and I will work with you to help you save money!

Disclaimer: This blog is for informational purposes only and does not establish a client-attorney relationship. Consult with an attorney before taking action on any information found herein as individual circumstances may affect the applicability of information provided. Call The Law Office of Michael Riley at 508-405-0831 with any questions.

Thursday, September 29, 2011

Moving Tips

Moving is a great time to go through old files, and to purge items you've stored but also never got around to using. There are many services available that will take donations of household goods in good condition, services that safely shred personal and financial documents and places that accept old magazines and books.

When you pack, color code boxes and keep important papers and documents in a single box.

Remember to change your address with utility companies, creditors and the post office.

Disclaimer: This blog is for informational purposes only and does not establish a client-attorney relationship. Consult with an attorney before taking action on any information found herein as individual circumstances may affect the applicability of information provided. Call The Law Office of Michael Riley at 508-405-0831 with any questions.

Thursday, August 25, 2011

New RESPA/TILA Disclosure to Include Consumer Input

The Consumer Financial Protection Bureau drafted a new combined RESPA/TILA Disclosure form at the end of June. This will combine the Truth in Lending and Good Faith Estimate. The Bureau seeks to create forms that serve consumers and also are less confusing for lenders and brokers as they explain the forms to potential mortgage consumers. It’s good to hear that the new forms will include consumer input!

Disclaimer: This blog is for informational purposes only and does not establish a client-attorney relationship. Consult with an attorney before taking action on any information found herein as individual circumstances may affect the applicability of information provided. Call The Law Office of Michael Riley at 508-405-0831 with any questions.

Monday, August 1, 2011

Foreclosure Filings Decrease

In May, foreclosure filings decreased over 30% from May of 2011. Most industry analysts believe this is due to lack of lender action, rather than an actual decrease in defaults or an increase in a stable market. The Wall Street Journal reported a shortage of attorneys to handle foreclosures, which may contribute to this fall in foreclosure numbers. Even for homes already in the foreclosure process, there is a backlog. Courts are not tolerant of this lack of action by lenders, and threatened to dismiss the cases, essentially rendering lenders back to the beginning of the entire process.

Disclaimer: This blog is for informational purposes only and does not establish a client-attorney relationship. Consult with an attorney before taking action on any information found herein as individual circumstances may affect the applicability of information provided. Call The Law Office of Michael Riley at 508-405-0831 with any questions.

Friday, July 8, 2011

Home Prices Take Double Dip

The home price index shows a double dip and continue a downward spiral. Standard & Poor takes into consideration the false rebound in 2009 from the homebuyer tax credit, and claims there has essentially been no recovery at all. Overall, prices have fallen greater than they did during the Depression. There are many, many homes on the market, demand is low and the foreclosure environment all contribute to the bleak prospect for housing recovery any time soon.

Of course, there are pockets where this does not hold true. Markets that did not over-inflate during the boom years maintain their value and remain consistent. Particular areas, neighborhoods and types of homes never suffered and continue to be successful.

Disclaimer: This blog is for informational purposes only and does not establish a client-attorney relationship. Consult with an attorney before taking action on any information found herein as individual circumstances may affect the applicability of information provided. Call The Law Office of Michael Riley at 508-405-0831 with any questions.

Monday, June 27, 2011

Possible Mortgage Restrictions Coming Up?

There is a federal proposal in the works that would not only require a 20% down-payment for a home purchase in order to qualify for the best mortgage rates, but also that would further restrict debt loads as part of the same qualification process. The impact of this is so great because it includes student loans as well as credit cards and car loans. It is estimated that a third of borrowers over the last year would not have qualified if these standards were in place already.  

Critics of the proposed regulation include those who otherwise have no debt, but whose mortgage alone would constitute a higher percentage of income. The reasons behind these kinds of regulations include the securities created from mortgage loan debt. Mortgages that meet the requirements will be exempt from exclusion from mortgage-backed securities derivatives. Critics also claim that such regulations will hinder those who are able to buy homes with cash, who have larger down-payments, but carry other debt and those who might otherwise have circumstances that would support favorable borrowing.

Proponents site an inability to predict changes in earnings, medical or health issues and things like a couple deciding to have a child and forego a certain portion of their income so that one spouse might stay at home to care for the child. Since discretionary income expenditures are not easily predictable, as well, there will be less risk to banks if loans are more heavily scrutinized. Overall, the thought is that the buyers and banks will be better off with greater oversight in the long term.

Disclaimer: This blog is for informational purposes only and does not establish a client-attorney relationship. Consult with an attorney before taking action on any information found herein as individual circumstances may affect the applicability of information provided. Call The Law Office of Michael Riley at 508-405-0831 with any questions.