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Mortgage | Dave Magua Group Blog

Friday, September 23, 2022   /   by Dave Magua

The benefits of the 'Great Housing Boom' will ring out for years to come

Where I live in South Florida, six of the 10 homes in our tiny plaza have been rebuilt, modified or improved. Our utilities are being under-grounded, a park is being restored and new streets are being laid.
We are not unique. The entire country experienced a housing boom that set off a neighborhood infrastructure metamorphosis. 
Measured by the number of cranes, the skyline expresses a collective promise of the future.
Now the housing market has suddenly flipped upside down.
Listings are piling up. A year ago, our little village had 39 homes for sale; 242 are on the market today. 
Slammed by the doubling of mortgage rates, buyers withdrew and agents became skittish, as the great real estate party came to an end.
But the benefits of the boom are going to stay with us for many years to come. New homes were built, roads repaved, utilities upgraded, old houses improved and streets re-landscaped.
Homeownership triggers investment. Unlike buying a caN ...

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Tuesday, September 20, 2022   /   by Dave Magua

For the first time, Opendoor is selling homes at a loss

After outpacing the competition, market conditions have finally caught up with the iBuyer, forcing it to prove that its model still works — even in a downturn.

 

Opendoor’s buy-to-sale premium — the difference between the purchase and resale price of its homes — has reached a record, negative low


Why it matters: For the first time in its existence, Opendoor is entering territory, where, in aggregate, it is selling homes for less than their purchase price.

• This certainly puts the company (and business model) under pressure, and is reminiscent of the situation faced by Zillow last year.

Go back: Opendoor outperformed Zillow during the dark days of 2021 (when Zillow Offers imploded); its buy-to-sale premium never dipped below zero percent.

• At the time, this demonstrated that Opendoor’s pricing operation was a powerful competitive advantage.

&nbs; ...

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  #real estate #south florida #luxury real estate #buy and sell #dave magua #home decor #real estate agent #luxury life #luxury homes # miami realtor #dave magua group #we sell houses #jplantation #weston island #beach front properties #real estate investor #investment property #family home #boca raton #boca #home #illustrated #real estate#compass, palm beach county, south florida, broward county, sell my property, mortgage, palm beach, jupiter

Monday, September 19, 2022   /   by Dave Magua

Amrock aims to offer smartphone closings everywhere they're allowed

With all but a handfull of states now allowing remote online notarization, title and settlement services provider Amrock is ready to give its clients the ability to close a home loan on a smart phone from anywhere in the world.
Amrock’s parent, Rocket Companies, already allows borrowers to apply loans from Rocket Mortgage and lock their rate from a smart phone.
Proprietary technology Amrock has developed to electronically close (eClose) mortgage transactions, “represents the final step in Rocket Companies’ creation of a seamless, end-to-end real estate experience clients can use to go from application to closing on the iPhone or Android phone they use every day,” the company said.
Having launched a pilot program in April, Amrock is now providing mobile remote online notarization (RON) eClosings for borrowers who are refinancing, wherever state laws allow the practice.
Amrock plans to roll out mobile RON capabilities for purchase mortgages in those stateR ...

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  #real estate #south florida #luxury real estate #buy and sell #dave magua #home decor #real estate agent #luxury life #luxury homes # miami realtor #dave magua group #we sell houses #jplantation #weston island #beach front properties #real estate investor #investment property #family home #boca raton #boca #home #illustrated #real estate#compass, palm beach county, south florida, broward county, mortgage, palm beach

Wednesday, September 14, 2022   /   by Dave Magua

That's a deal-breaker! 15 reasons buyers are backing out

As the market continues to shift and ambles closer to a buyer’s market, some buyers currently in contract are developing a severe case of buyer’s remorse. Doubtful of their purchase and questioning the timing, some are looking for any excuse possible to bail out of the contract.
Just a few short months ago, most offers we received had most if not all contingencies removed. Fast forward to today, and homes are now going into contract with all contingencies in play. This effectively means that if anything happens to the loan, the property appraises undervalue or something detrimental is discovered during the inspection period; then the buyer has a right to cancel and get their deposit returned (rules and procedures vary from state to state).
The recent uptick in canceled contracts reveals that buyers with tepid toes have begun actively looking for valid ways to terminate their purchase. Here is our list of top 15 potential deal-breakers:
1. Apprais ...

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Tuesday, September 13, 2022   /   by Dave Magua

Mortgage lenders face heightened risk of income, property fraud

As they pivot from refinancing existing homeowners to serving homebuyers, mortgage lenders face heightened risk from fraudulent schemes that pump up a homebuyer’s income and assets or misrepresent the value of the property being sold.

That’s according to the latest Mortgage Fraud Report released Monday by analytics firm CoreLogic, which found the risks of income fraud was up 27.3 percent during the second quarter when compared to a year ago.
Purchase loans are more susceptible to fraud and now account for more mortgage transactions than refinances, the report noted. When homeowners refinance, there’s no transfer of ownership, no sales commissions paid to real estate agents, and most of the proceeds go to a lender. In purchase transactions, borrowers may not have a strong financial history, and there are more parties involved — including real estate agents and a seller who’s receiving the loan proceeds.
“Most industry experts and risk ...

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  #real estate #south florida #luxury real estate #buy and sell #dave magua #home decor #real estate agent #luxury life #luxury homes # miami realtor #dave magua group #we sell houses #jplantation #weston island #beach front properties #real estate investor #investment property #family home #boca raton #boca #home #illustrated #real estate#compass, palm beach county, south florida, broward county, sell my property, mortgage, palm beach, bridge loan, heloc

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21065 Powerline Rd C-7
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754-581-5077
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