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David Kres

AgentTeam

14 Recent Sales (last 12 months)

Broker/Owner/Exclusive Buyer Agent (11 years experience)

Specialties:
Buyer's Agent,
Relocation,
Consulting,
Legal

Advice

  • (112 Contributions,
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  • 9 Helpful)

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Practitioners Responsible for Full Disclosure

The National Association of Realtors reports that 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.

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Cost of the Fannie, Freddie Bailout

According to the /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-style-parent:""; font-size:10.0pt; font-family:"Times New Roman";}National Association of Realtors®, the government estimated last week that the bailout of Fannie Mae and Freddie Mac is likely to cost U.S. taxpayers $154 billion. This is more than originally estimated, but less than what the government called a worse-case scenario.Fannie and Freddie have already withdrawn $135 billion. They are expected to seek another $19 billion by 2013 to offset mortgage crisis losses."It cost a lot less than what people feared, largely because the economy has stabilized," Moody's Chief Economist Mark Zandi says.

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September 2010 Massachusetts Housing Numbers

Summary of Sept 2010 housing numbers from the Massachusetts Association of Realtors®:Price – Prices have gone up for 11 straight monthsSales – September home sales went down for the 3rd straight month. September 2010 had the 3rd fewest number of SF sales of any September.Inventory – September was the 7th straight mont...h that year-over-year SF inventory has gone up and 3rd straight month of double-digit increases.

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HUD: Banks Will Be Held Responsible

U.S. Secretary of Housing and Urban Development Shaun Donovan said Wednesday that the onus is on banks to fix whatever foreclosure-related problems are found.Donovan, who made the statement during a White House briefing about the matter, said problems found thus far haven't appeared to be very serious, but the full investigation won't be finished until the end of the year. If more serious problems are found, possible penalties could include fines and a ban against writing mortgages for more serious violations, he addedBank of America and GMAC Mortgage have ended their foreclosure freeze because they didn't find significant problems. Donovan said the government wasn't involved in those decisions.Source:  National Association of Realtors®

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BOA and GMAC to Resume Foreclosures

The National Association of Realtors® reported that Bank of America Corp. announced Tuesday that it has reopened more than 100,000 foreclosure actions in 23 states, saying its investigation found no significant problems. Likewise, GMAC Mortgage said it would reopen an undisclosed number of foreclosure files."This is an important first step in debunking speculation that the mortgage market is severely flawed," said Bank of America spokesman James Mahoney.Meanwhile, state attorneys in general continue to push for a halt to foreclosure sales, saying they have little confidence that procedures have been fixed.

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