We are talking about what it means when we have Fee Simple Title. In most cases, the estate or interest to be conveyed by the current owner to the buyer will be “Fee Simple.” The term “Fee Simple” has it’s origins in the English feudal system. The ownership rights of the tenant on the land during the feudal system were complex and in many cases conditional. At the end of the feudal system the fee (referring to the right of possession) added the term “simple” meaning there were no conditions attached to the right of possession of the owner or that the estate.
Sharing an original Frank Lloyd Wright original home found on the Sammamish plateau. Built in 1952 on 3.25 acres, this home is like living in a high quality tree house! It was a truly special experience to walk into something with such historic value. In my 20 years as a real estate broker, I have seen many homes built by those inspired by Frank Lloyd Wright but never an original. The photos and video don’t do this home justice. (video)
Dave Henn of Landover Mortgage presented the HARP Federal Program which involves the possibility of refinancing current loans owned by Fannie Mae & Freddie Mac. More than likely the program won’t become active until December 1, 2011 so stay tuned to this web site. (Video Presentation)
Sales of previously owned U.S. homes rose more than anticipated in August as investors used cash to buy distressed properties. (At a personal level, I have come across numerous homes in a distressed situation with multiple offers waiting for a lender’s decision. This is becoming more of the norm than the exception.)
Purchases of existing houses, which are tabulated when a contract closes, increased 7.7 percent to a five-month high 5.03 million annual rate, figures from the National Association of Realtors showed today in Washington. The median forecast of economists surveyed by Bloomberg News called for a 4.75 million rate. (entire story)
So many losses on this day 10 years ago when America was attacked by airplanes flown into the World Trade Centers. The images on this video will forever be tattooed in my memory bank.
Real estate markets in California dominate a list of metro areas with the steepest percentage-based decline in home values over the past five years.
Data prepared by online real estate valuation and search company Zillow — based on the company’s home-value estimates and its Zillow Home Value Index, which is generated from those value estimates — reveals that six of the 10 metros with the most severe 5-year fall in value are in California, while two are in Florida and the other markets are in Arizona and Nevada.
The five-year declines in estimated value range from 67.6 percent to 55.6 percent, while the estimated dollar-value declines range from to $382,115 to $125,243.
Seattle-area home prices rose in June for the second straight month, according to the Case-Shiller home-price index.
Nationally, the index was up for the third straight month, numbers for June released Tuesday showed.
In the Seattle metropolitan area, which includes King, Snohomish and Pierce counties, prices rose 0.7 percent between May and June, according to Case-Shiller. The 20-city composite index — which includes Seattle — was up 1.1 percent for the month.
The mortgage interest rate markets are subject to an enormous number of factors. Most analysts agree that weather can have an effect on market activity. Although the effects are seldom long lasting, they can be quite significant.
The United States is the world’s largest exporter of corn. Relatively rainy weather across the Midwest portions of the United States can delay the planting of corn. This often causes corn prices to escalate. Sometimes corn farmers plant more acres of corn than analysts expect. Larger corn crops can cause prices to fall. Lower corn prices can carry over to lower food prices for some items. The weather also has the potential to directly alter fuel prices. As we enter the hurricane season, many oil and gas fields in the Gulf along with refineries along coasts are susceptible to damage. If this were to occur, oil prices would almost surely rise sharply. Rising oil prices would do little to help keep inflationary fears in check. The result would most likely be higher rates.
(Information provided by Trevor Reese of Wells Fargo)
The new limits are technically only good through December 31, 2011. It is entirely possible that the limits may change again for 2012. (Information provided by David Henn of Landover Mortgage)