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A federal jury’s landmark ruling could upend how Americans buy & sell homes. This is an interesting ruling that was just handed down after a Missouri jury found The NAR (National Association of Realtors) and others guilty of collusion to maintain commissions.

PLEASE READ THIS ARTICLE AND RESPOND IN THIS FORUM.

https://www.mpamag.com/us/news/general/nars-commission-collusion-case-rattles-real-estate-industry/465340

mpamag.com

NAR’s commission collusion case rattles real estate industry

Missouri verdict opens Pandora's box of lawsuits and potential overhaul in how homes are sold

Buying a house in Montana can be an exciting and rewarding experience, as Montana offers a unique blend of natural beauty, outdoor recreational opportunities, and a relatively low population density. Here are some steps to consider when buying a house in Montana:

1. Determine Your Budget: Before you start searching for homes, assess your financial situation and determine how much you can afford to spend on a house. Consider factors like your down payment, monthly mortgage payments, property taxes, and maintenance costs.

2. Research Locations: Montana is a large state with diverse landscapes and communities. Decide on the area or city in Montana where you want to buy a house based on your preferences, such as proximity to work, schools, outdoor activities, and lifestyle.

3. Work with a Real Estate Agent: Hiring a local real estate agent who is familiar with the Montana real estate market can be a valuable asset. They can help you find properties that match your criteria, negotiate on your behalf, and guide you through the buying process.

4. Get Pre-Approved for a Mortgage: Speak with a mortgage lender to get pre-approved for a mortgage loan. This will give you a better idea of your budget and make you a more competitive buyer when you find a house you like.

5. Start Your Search: Begin looking for homes that meet your criteria, whether online through real estate websites, local listings, or with the assistance of your real estate agent. Attend open houses and schedule private showings to see potential properties in person.

6. Make an Offer: When you find a house you want to buy, work with your real estate agent to make a competitive offer. Be prepared to negotiate with the seller, and consider including contingencies in your offer to protect your interests.

7. Conduct Inspections: After your offer is accepted, schedule a home inspection to identify any potential issues with the property. You may also want to consider additional inspections for things like radon or well water quality, depending on the property’s location.

8. Secure Financing: Finalize your mortgage financing by working closely with your lender. Ensure that you have all the necessary documentation and information to complete the loan application process.

9. Closing: Once all the contingencies are met and the financing is in place, you’ll schedule a closing date. At the closing, you’ll sign all the necessary documents and officially take ownership of the property.

10. Move In: Congratulations! After closing, you’ll receive the keys to your new Montana home. Plan your move and enjoy all that Montana has to offer.

Keep in mind that the Montana real estate market can vary by location and season, so it’s essential to stay informed and work closely with professionals throughout the buying process. Additionally, consider factors like property taxes, homeowner’s insurance, and ongoing maintenance costs when budgeting for your new home in Montana.

Buying a house in Maryland, like purchasing a home in any other state, involves a series of steps and considerations. Here is a general overview of the process:

1. Determine Your Budget:

   • Calculate how much you can afford for a down payment, monthly mortgage payments, property taxes, insurance, and other associated costs. Consider pre-qualifying for a mortgage to determine your budget more precisely.

2. Research the Market:

   • Research different areas in Maryland to find the one that suits your needs, taking into account factors such as location, schools, commute times, amenities, and safety.

3. Find a Real Estate Agent:

   • A qualified real estate agent with local expertise can help you find suitable properties, negotiate on your behalf, and guide you through the home-buying process.

4. Get Pre-Approved for a Mortgage:

   • Before you start looking for homes, get pre-approved for a mortgage to understand your borrowing capacity and strengthen your offer when you find a property you like.

5. Start House-Hunting:

   • Work with your real estate agent to identify potential homes that meet your criteria. Visit properties, attend open houses, and narrow down your choices.

6. Make an Offer:

   • Once you find the right property, work with your real estate agent to make a competitive offer. The seller may accept, reject, or counter your offer.

7. Home Inspection:

   • If your offer is accepted, schedule a home inspection to uncover any potential issues with the property. You can negotiate repairs or ask for a price reduction based on the inspection results.

8. Secure Financing:

   • Finalize your mortgage application and secure financing for the purchase. This typically involves providing necessary documentation and working closely with your lender.

9. Complete the Closing Process:

   • Work with a title company or attorney to handle the closing process, which includes signing all necessary paperwork, transferring funds, and finalizing the sale.

10. Take Possession of the Property:

    • Once the sale is complete, you’ll receive the keys to your new home. You may also need to arrange for utilities, insurance, and other post-closing responsibilities.

Additionally, in Maryland, there are some specific considerations you should be aware of:

• Property Taxes: Maryland has property taxes, and the rates can vary by county. Make sure to understand the property tax rates in the area where you plan to buy.

• Homeowner’s Insurance: You’ll need to secure homeowner’s insurance for your new property.

• Settlement Costs: Maryland has a transfer tax and closing costs that buyers typically pay. These costs can vary, so it’s essential to budget for them.

• State Laws: Be aware of any specific state laws or regulations that may affect your home purchase in Maryland.

It’s crucial to work with professionals who are experienced in Maryland’s real estate market, including real estate agents, lenders, and attorneys, to ensure a smooth and successful home-buying process.

We had rhe graet opportunity to have luck with Mat Grella, the President of NEXA Mortgage at Capital Grille in Schaumburg, Illinois on Tuesday. Great food, great discussions, great live entertainment by our three-legged canine colleague Alexander Carlucci, and just a great time. 👍 Thank you Mat.

Buying a house in New Mexico, like purchasing property in any other state, involves several steps and considerations. Here is a general overview of the process:

1. Determine Your Budget:

   • Calculate how much you can afford to spend on a house. Consider your income, expenses, and any available savings for a down payment.

2. Get Pre-Approved for a Mortgage:

   • Contact a mortgage lender or a bank to get pre-approved for a home loan. This will give you a better idea of the price range you can consider.

3. Choose a Real Estate Agent:

   • Hiring a qualified real estate agent can be extremely helpful. They can provide insights into the local housing market, show you properties, and negotiate on your behalf.

4. Start House Hunting:

   • Begin searching for properties that meet your criteria, such as location, size, features, and price. You can use online listings, work with your agent, and visit open houses.

5. Make an Offer:

   • Once you find a house you like, you can make an offer through your real estate agent. Be prepared for negotiation with the seller.

6. Home Inspection:

   • It’s essential to have a professional home inspector evaluate the property’s condition to identify any potential issues or necessary repairs.

7. Appraisal:

   • The lender will require an appraisal to determine the fair market value of the property. This ensures that the property’s value matches the loan amount.

8. Secure Financing:

   • After your offer is accepted, work closely with your lender to finalize your mortgage application and secure financing.

9. Closing:

   • The closing process involves signing the final paperwork, transferring ownership, and paying closing costs. This typically takes place at a title company or attorney’s office.

10. Obtain Homeowners Insurance:

    • You’ll need to secure homeowners insurance before closing on the property.

11. Move In:

    • Once the closing is complete, you can take possession of the property and start moving in.

When buying a house in New Mexico specifically, here are a few state-specific considerations:

• Property Taxes: Research property tax rates and how they vary by location within New Mexico. Property tax rates can significantly affect your ongoing homeownership costs.

• Homeowners Association (HOA): If you’re purchasing a property in a planned community, check if there’s an HOA, as it may have specific rules, fees, and regulations.

• New Mexico Real Estate Market: Stay informed about the local real estate market trends, as they can affect property prices and availability.

• Legal Requirements: Consult with a real estate attorney to understand the legal aspects of buying property in New Mexico, including the closing process and any state-specific laws.

Remember that real estate transactions can vary, and it’s crucial to work with professionals like real estate agents, inspectors, and lenders to navigate the process successfully. Conduct thorough research and due diligence to ensure you make an informed decision when purchasing a house in New Mexico or any other location.

Can you please tell me what a charge off account on a credit card means? I don’t have to pay this debt?

HUD, the parent of FHA, does not allow credit disputes on the following:

1. Outstanding collection accounts that are not medical collections.

2. Charged off accounts

3. Late Payments in the past 24 months

4. Derogatory public records such as bankruptcy, foreclosure, deed-in-lieu of foreclosure, short sale, child support, federal and state tax liens, judgments, delinquent student loans, and other derogatory credit tradelines.

EXEMPT FROM CREDIT DISPUTES

1. Medical collections

2. Non-medical credit disputes that are on-time payments and good standings.

3. Non-medical disputes with zero balance.

4. Non-medical credit disputes with total credit tradelines with under $1,000 Outstanding Balance.

5. Collections and charge off accounts, late payments, older than 24 months.

VA, USDA, NON-QM, FANNIE MAE and FREDDIE MAC are normally EXEMPT from credit disputes. We have a YouTube live video aired today September 25th, 2023 at 10 am hosted from GCA Mortgage Group which we will post on this thread. Contact Gustan Cho Associates if you have any questions.

What is the difference between AXEN Mortgage and NEXA MORTGAGE?

I am paying off all my credit card debt in the next few days and was wondering if anyone knows how long that will take to reflect on my credit scores? I used the FICO simulator, and according to my existing revolving debt ($5400) and current FICO score (658), if I pay it all off, it would change my score to 718-738.
I want to buy a college graduation present for myself and would like to walk in the door in the best possible position.
Has anyone any advice or information to share?

What are the initial documents I need to send to a lender or loan originator to start the process of an application?

What’s the difference between chapter 7 Discharge and Dismissed when it comes to the waiting period to qualify for a mortgage?

Who here has been through a credit union to get auto financing? How long had you been a member of the credit union before you got your car loan through them? I’ve heard that sometimes credit unions are easier to get a loan through and have better APR’s, so I’ve been thinking about opening an account maybe and trying that route.

You may have heard about the lawsuit where the National Association of Realtors was sued whereby the Plaintiffs alleged that NAR conspired to inflate commissions for Sellers, also alleging that Buyers would pay their own brokers, if not for NAR basically holding Sellers hostage to getting their properties listed on the MLS. As I read some of the commentary, it sounds as though the Plaintiffs allege price fixing, and lack of transparency in real estate transactions. WOW! Is all I can say to that. Being a Realtor for going on 32 years now, I would have to disagree with some of this. From the very first class, the trainers beat it into our heads that commissions are negotiable. That agency relationships must be disclosed to buyers and sellers. That dual agency must be approved by both the buyer and the seller and they must both understand what fiduciary duties they are giving up because of the dual agency arrangement. Disclose, Disclose, Disclose is what we heard. Now as the market has changed on a dime, we are seeing anything and everything but fixed prices. Commission rates are all over the place in our market, and that is because they are NEGOTIABLE. Of course there can always be some bad actors out there in the marketplace, but to try to change a business practice that helps buyers buy, and sellers sell, and allows them the right to negotiate their price, terms and commission rates with their brokers and each other, I believe would be so disruptive and counterproductive, that the parties will just find new ways to negotiate around it.

To pay today’s real estate commission, a seller factors that into his asking price, and so does the entire market place. If that changes and the buyer now has to pay his own broker, then the pricing of homes will need to decrease, and sellers will not be happy. Or, Buyers will need to offer a higher price and ask for Seller Concessions to help pay the buyer’s real estate commission, because Buyers will still be shopping with a limited amount of money to make their purchase, and will require down payment help, closing cost help, and now lets add on Buyer commission help? So all of you real estate agents out there, better start letting your voices be heard to your local, state and national associations about this issue. And BTW, all you mortgage brokers, you need to put in your commentary as well, because this can have a huge impact on getting your borrowers qualified, if they now have to start coming up with a Buyer’s side commission, along with all the other costs they pay on the ALTA. Personally, my hope is that this gets appealed and overturned, because we don’t need to turn an entire industry upside down to make improvements in transparency and fair dealing. We can do that by self regulating ourselves, as we have been doing for over 100 years. I would love to hear your thoughts on this lawsuit and where you think we might be headed because of it.

Mortgage rates are surging to 25 year highs. Mortgage rates for 700 plus credit score borrowers are 7.5% on FHA loans. Lower credit score borrowers with credit scores down to 500 FICO are priced at 7.75% with as much as 3% in points. Mortgage rates on conventional loans are 8.125% for 720 credit score borrowers.

Do any of you have any idea or heard anything about where Mortgage Rates are headed or anticipate any form of correction?

Real estate agent commissions are being attacked once again, but as of age of myself, I was always deemed as a bargain brokerage. If I were to discount my commissions, to be competitive, the national association of Realtors seems to be losing the battle with the feds with their commission practices Are now affecting Home prices. What are your thoughts? Let me know. Check out this link. https://www.cbsnews.com/news/nar-lawsuit-verdict-real-estate-agent-commissions/

cbsnews.com

How real estate brokerage ruling could impact home buyers and sellers

Landmark verdict could ultimately reduce agent commissions by 30%, saving sellers a bundle, according to analysts.

Are many Mortgage Lenders going out of business due to high mortgage rates?

Auto Repossessions are nearing 20,000 per day and increasing month after month by 5%

Inflation is screaming 😱 out of control. Many people who are very conservative have been saving money for years if not decades. What is the best way to invest money during periods of out of control Inflation?

Can a borrower use 2 different income to qualify for a mortgage?

Can you please explain what POS means and how you can make money 💰 with POS with small business owners?

Can someone please explain the difference between recourse and non-recourse loans on commercial loans?

Mortgage Rates are finally dropping fast. JEROME POWELL, The Chairman of the Federal Reserve Board announced yesterday the Feds will not be increasing interest rates for the past two Fed meeting which caused mortgage rates to plummet. The 10 year treasuries started plummeting the past few days from a high of 5.0% to 4.66%

What loan program the borrower can qualify for a 6-unit apartment (Purchase)? What are the documents needed?
728 FICO with experience renting out properties (currently have 4 other rental properties).

Time flies, and everyone wants to limit the wasteful. The time they spend going to the wrong source for research on buying a home and getting approved for a mortgage. Over 80% of our clients at Gustan Cho Associates are borrowers who could not qualify at other mortgage companies due to the lender’s overlays or because the lender did not have the best mortgage loan option

Proud to announce my colleague, Associate and friend Dr. Martin Blank is running for Congress of The United States 🇺🇸 in Michigan. Dr. Blank is a retired colonel of the U.S. Army, a residential and commercial loan officer, a cardiovascular surgeon, a trauma surgeon, an attorney, and a police officer. With his vast work experience and excelling in every field he is in and his kind heart and generosity in always wanting to help family, friends, co-workers, and his community, I don’t think you will have a better candidate for Congress other than Dr. Martin Blank, M.D. I give Dr. Blank full support and endorse Dr. Martin Blank for Congress

• This discussion was modified 6 months, 2 weeks ago by  Sapna Sharma.

30 year treasuries skyrocketing this morning surpassingthe 4.5% mark. Mortgage Rates expected to increase this morning when they open. What’s going on? Rates are expected to increase until the 2024 election.

So many scammers when it comes to shopping for pets. This website is reputable and referred this site to my friend Wendy Lahn and she got her dog from this site.

HOOBLY PETS

Needed 100% financed loan for a Condo purchase
I was approved in July for a 100% financed loan for a condo conversion.

Not sold are 50% of the units in this condo conversion, so I was placed into escrow some time ago (extension). This lender requires 50% of the units to have sold prior to funding the loan.

Well due to the length of time it has been, and the volatile mortgage market, I am now not qualified for 100% from this lender. They say I will now need to put down at least 10%. The property is 335K.

My Question now is this: Is there any lender out there that WILL APPROVE 100% financing for a condo conversion? My Fico scores are: 636, 622, 605

Thanks in advance for all your help!

Can anyone on the boards tell me how much will ones credit score take a dive due to a auto repossession? Just curious to know. Will it be hard to get another auto loan after that.