Category Archives: freddie mac

Closing Costs Calculator for the Washington Home Buyer

We perform home inspections in about 10 counties throughout Washington from Seattle to Wenatchee.  Occasionally our clients call to book an inspection and are still a little confused about the inspection cost– who pays it, how much it is, etc.  We did a little internet search and found a few closing cost calculators that may help the potential home buyer.  The calculator we are sharing seems to have the most descriptions of the costs, but will only give you a rough idea since the costs are only estimations.  For example, they estimate the cost of an inspection at $175, but our inspections start at $275…this is standard for a single family home.  Condos may be less.  Also, the appraisal fee usually starts around $300.  A loan application fee will be added to the credit report for a combined fee of $75-$300.  With all this in mind you can use the calculator to get an idea of the added costs associated with buying a home.  If you have a good agent to walk you through the buying process then you won’t be blindsided with these costs.  They can also help you negotiate fees that may be shared with the seller.

Closing Costs Calculator from Mortgage-Investments.com

Neighborhood Stabilization Summit

Foreclosures are a huge issue in the United States right now. After July resulted in the worst month in real estate history, the feds are starting to take notice. Today many important professionals met to talk about the compounded problems with foreclosed, abandoned and vacant properties. Read on…

http://www.mortgagenewsdaily.com/09022010_neighborhood_stabiization_reo.asp
by Jann Swanson
Community organizers, state and federal government officials, and representatives from banking, research and educations institutions are currently meeting in Washington at a REO and Vacant Properties Summit sponsored by the Federal Reserve Bank.  The two day conference is focused on examining the problems associated with vacant and abandoned property and to explore approaches to neighborhood stabilization.
Governor Elizabeth Duke, Board of Governors of the Federal Reserve pointed out that the impact of each foreclosure goes far beyond that one home; a conference participant estimated that every blighted home negatively impacts five or six nearby homes.  Therefore, in Cleveland for example, where 11,500 homes have been foreclosed, 60,000 others can lose value which leads to lower taxes to support schools and other community services. The residents who remain in a community suffer social losses as well as their communities decline.

Growing Foreclosures in Seattle

Freddie Mac is responsible for nearly one-fourth of current mortgages in the U.S. and about 4% of those homes are in foreclosure.  In May Seattle foreclosures increased by 17% including all of King County.  Pierce County came in second place.  Someone’s misfortune means another’s opportunity.  Websites are popping up all over the place advertising foreclosed home searches.  Some are free and other charge a monthly fee to view the listing details.  How do you know which ones are legit?

Source:  http://www.realestateproarticles.com/Art/19274/265/Lists-of-Freddie-Mac-Foreclosures-Growing-in-Seattle.html