Industry News
At PEM, part of our exceptional service stems from having professionals who are in tune with the latest industry news and updates at all times so they can always provide you with the most up-to-date information to best fit your needs.
We also believe that the more information you have available to you, the more prepared you'll be when you are ready to make the life changing decision of buying a home which is why we've provided the current industry articles below. Published through REALTOR.com's Let's Talk Real Estate blog, these articles have the most late breaking information about the industry and how it affects all of us.
The Owner Of The Home I’m Renting Wants To Sell it, What Are My Rights?
February 03 2012 6:49 PM
Q:_ I have a one year lease, so I know they can’t kick us out until then. Are they allowed to show the house while we’re living here or do I have the right to ask them not to show the house until our lease is up?_ _–Anonymous, _ A: Check your lease for language pertaining to selling and showings. If there is no specific language, you can say no, but also realize the seller/owner has the right to enter the property with proper notice. A: Great question. Look at your lease provision. Usually it will allow for the landlord/owner to have acess with “reasonable” notice. They should give you at least 72 hours notice. In my book REO BOOM, i discuss how real estate investors buy homes at auctions with potential residents living inside and how their tenacy prevails...
Open House Round-Up, Week of 02/03/2012
February 03 2012 6:47 PM
You can check out this three-bedroom Craftsman-style home in the Mission Hills area of on February 4 from 1 p.m. to 4 p.m. It has pocket doors separating the warm and cozy living room with hearth and built-ins from the dining room with arched windows and craftsman built-ins as well. Check out this new four bedroom home in Ankeny, Iowa on February 5 from 1 p.m. to 4 p.m. Meadowbrook Builders presents their Allison II model with a three car garage on daylight large corner lot in one of Ankeny’s fastest growing developments. It has an open entry plan with impressive railing as you walk in. Den/dining room as well as large family room on main level. Granite, stainless steel appliances and upgrade flooring package. This move in ready home in Birmingham, Alabama is open on February...
Will I Be Able To Rent A Home If My Credit Is Bad?
February 03 2012 6:07 PM
Q:_ I am looking to rent not buy right now. My credit isn’t good at all. I don’t know my actual score but I am divorced and that caused a lot of problems with our credit. So is it possible to rent a home through your company? I have been renting for the past three years and have had no problems paying the payment. I make double the house note. So I am truly concerned about this now since I already saw a house I like but dont want to do the application and get my hopes up if it’s not possible plus then I lose my application fee. Please help with an answer._ _–Anonymous, _ A: Maybe. It depends on the landlord. I suspect that if you let them know exactly what happened and why that caused the credit score problem I suspect they will. It depends on each landlord. Find...
My House Was Foreclosed On When I Was Out Of The Country, Can I Buy Again?
February 03 2012 5:10 PM
Q:_ Hello my husband and I got a home around 2004. About three years ago I had an emergency in Mexico so I left to Mexico leaving my brother in law in our home in charge of my mortgage as well as my other bills to pay. I ended up staying in Mexico for almost two years when I came back to our surprise he had stopped paying everything so my home went under foreclosure. Thanks to that our credit score went down the drain so my question is can we get another home or can we forget about it? Please let me know. Thank you._ _–Anonymous, _ A: Typically you have to wait at least two years before a lender will loan to you. During that 2 year waiting period, you want to pay all your bills on time and really watch your finances. I recommend getting a copy of your credit report every year....
Is It A Bad Time To Become A Realtor?
February 03 2012 5:01 PM
Q: I am looking into a career change. At the moment with zero experience, I would like to get my license and look further into the Keller Williams program. I am a mother of two, so an online course would work best. I have a few questions. (1) Does anyone have experience with online courses and maybe some recommendations; (2) any experience, pros and/or cons with Keller Williams; and (3) is it a bad time to get into real estate now (2012). Any thoughts, information, links, experience are greatly appreciated! _–Kris, _ A: Dear Career Change!! Wow, what an exciting step. I remember when I first thought about leaving the hospitality industry to step into the shoes of a Realtor. I would say now is as good of time as any to lightly tread into the waters or jump in head first. This...
Vincent Gallo Lists Los Angeles Loft (PHOTOS)
February 03 2012 4:42 PM
Actor, director and former Calvin Klein model Vincent Gallo has listed his multi-story loft in downtown The that the loft has been on and off the market since February 2011. It is currently As that Gall bought for $2.34 million in late 2009 and owns at least one other unit in the Biscuit Lofts in the Arts District. Nicolas Cage rented the four-story penthouse in 2008 and rumor has it that he asked Gallo if he could lease it again, but Gallo would rather sell. There is an open house on February 7 from11:00 AM to 2:00 PM. The penthouse loft protrudes several stories above the rest of the building. The four-story live/work space has private interior elevator, sandblasted brick walls, huge windows and maple flooring. Floating staircases and soaring ceilings give a feeling of...
REALTOR.com’s Top Ten Turnaround Towns: Booming In Boise (DATA)
February 03 2012 2:01 PM
All week Realtor.com has been announcing the cities included on its Top 10 Turnaround Town Report. Today, we are announcing the final city on our report – which holds the number six position on the list. #6 Boise City, ID’s year-over-year for sale inventory observed by Realtor.com is down 40 percent, eighth best in the nation based on the year-over-year rate of decline. A key reason for the declining inventory is a reduction in foreclosures. A smaller inventory has helped drop the median age of inventory by 23.42 percent compared to a year ago. Smaller inventory is driving a median listing price increase of 13.77 percent, fifth best among Realtor.com’s 146 markets in the fourth quarter of 2011. Boise’s unemployment rate at 8.5 percent in November is better than the national rate....
What Options Do I Have For Selling My Underwater House?
February 03 2012 12:26 PM
Q:_ As I was nearing retirement in 2007, I built a smaller second home and had planned to sell my larger home and retire to the smaller residence. My larger home is underwater having a mortgage balance greater than the house is now worth. If I sell the larger house I can likely pay off the first mortgage but will still have an outstanding equity second mortgage balance. I am current on my obligations but I want to retire and downsize. What options do I have?_ _–Diane, _ A: You can rent your larger home, or you can short sale. Since you will not be purchasing another home, you don’t have to worry about credit problems after a short sale with getting another mortgage. Check with a local Realtor or CPA for possible credit and tax implications. A: This is a short sale, and we...
Where Should I Live In Los Angeles?
February 03 2012 12:03 PM
Q:_My friend and I are wanting to move to Los Angeles, CA together and start fresh. We have never been to LA before so we do not know what areas are good to live at. We want to be somewhere with great restaurants, great night life, and since I am a dancer I need amazing dance studios. What would be good areas to live at for two people who are 21 years old, single, without kids, and that want to experience LA?_ _–Peaches, _ A: First, do your research. Try google to search LA or whatever. Then you can search Realtor.com for an agent in the area(s) you choose to see. One site I found was www.discoverlosangeles.com. To view crime stats go to: LAPDonline.org Realtors are not allowed to comment on ‘good’ or ‘bad’ areas as this is considered...
How Do I Find Out If Land Would Be Valuable To A Quarry?
February 03 2012 10:41 AM
Q:_ I have a friend who owns land that may be of value to a local quarry company, but we are not sure how to find out it’s true value. Where can he start?_ _–Anonymous, _ A: Call a land specialist and an appraiser to get some ideas on value. Make sure they have some strong national certifications. Maybe you can research other values for quarries or recent sales of such in the region. A: Talk to a commerical Realtor about getting a commerical apprasial done on the property. A: Dear Lexington- Investments into Real Estate are a wonderful thing! Everyday is a new adventure. While this Realtor has helped Buyers and Sellers purchase and sell land tracts, this challenge intrigues me and I would love to have this opportunity were I in Kentucky. As I don’t have a license...