REALTOR® Magazine-Daily News-Mortgage Rates Inch Up Again: "Daily Real Estate News October 29, 2010 Share
Mortgage Rates Inch Up Again
The 30-year fixed mortgage rate rose slightly to 4.23 percent this week compared to 4.21 percent a week ago, Freddie Mac reports.
Interest on 15-year fixed loans also rose, moving to 3.66 percent from 3.64 percent, while the five-year adjustable-rate mortgage fell to 3.41 percent from 3.45 percent and the one-year ARM remained unchanged at 3.30 percent.
Freddie Mac chief economist Frank Nothaft attributed the flat rates to mixed economic data released this week.
Source: Risk Center, Eileen Fitzpatrick (10/29/10)
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REALTOR® Magazine-Daily News-Practitioners Responsible for Full Disclosure
REALTOR® Magazine-Daily News-Practitioners Responsible for Full Disclosure: "Daily Real Estate News October 29, 2010 Share
Practitioners Responsible for Full Disclosure
Real estate practitioners have the same responsibility as sellers to disclose information they have that affects the “value and desirability of the property,” a California appellate court confirmed this week.
In Holmes vs. Summers, the seller and the listing associate failed to tell potential buyers about three mortgages against the property totaling $1.141 million. The sellers accepted a buyer’s offer of $749,000, but the deal fell apart because the sellers couldn’t deliver clear title.
The would-be buyers sued the real estate firm and the court found that the real estate practitioner had a greater duty to disclose facts affecting the desirability and marketability of the property than he did to protect the privacy of the seller.
Analysts say this decision will make it incumbent on practitioners with short-sale listings to provide specific information about circumstances surrounding the sales, including approvals required for the sales to close.
Source: RISMedia (10/29/2010)"
Practitioners Responsible for Full Disclosure
Real estate practitioners have the same responsibility as sellers to disclose information they have that affects the “value and desirability of the property,” a California appellate court confirmed this week.
In Holmes vs. Summers, the seller and the listing associate failed to tell potential buyers about three mortgages against the property totaling $1.141 million. The sellers accepted a buyer’s offer of $749,000, but the deal fell apart because the sellers couldn’t deliver clear title.
The would-be buyers sued the real estate firm and the court found that the real estate practitioner had a greater duty to disclose facts affecting the desirability and marketability of the property than he did to protect the privacy of the seller.
Analysts say this decision will make it incumbent on practitioners with short-sale listings to provide specific information about circumstances surrounding the sales, including approvals required for the sales to close.
Source: RISMedia (10/29/2010)"
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