Norris Bruce
Sep 30, 2019

How Do You Get Your Low-Ball Offer Accepted?

Today’s News Synopsis:

Think you’re good at negotiations?  The Mortgage Bankers Association reported mortgage debt for commercial and multifamily increased $51.9 billion in the second quarter, or 1.5%.  iBuyers could be posing a threat to the MLS system.

In The News:

Mortgage Bankers Association “Commercial/Multifamily Mortgage Debt Increased $51.9 Billion in the Second Quarter of 2019” (9-30-2019)

“The level of commercial/multifamily mortgage debt outstanding rose by $51.9 billion (1.5 percent) in the second quarter of 2019, according to the Mortgage Bankers Association’s (MBA) latest Commercial/Multifamily Mortgage Debt Outstanding quarterly report.”

Realtor.com “You’d Be Amazed by What You Can Get for $100K Across the Country” (9-30-2019)

“We recently examined the nation’s housing stock, to pinpoint the 10 cities with the most homes priced under $100,000. Steel City reigned supreme—with nearly 2,500 Pittsburgh homes available to purchase for five figures.”

ATTOM Data Solutions “Top 10 U.S. Counties with Worst and Best Home Affordability” (9-30-2019)

“With 74 percent of U.S. housing markets unaffordable for average wage earners to buy a median-priced home, where are the areas that are affordable?”

Inman “MLS system ‘in jeopardy,’ facing an existential threat from iBuyers” (9-30-2019)

“‘We are playing dominoes when the new world’s playing 3D chess,’ Bright MLS CEO Brian Donnellan said.”

Zillow “Denied and Delayed: How Medical and Student Loan Debt are Limiting Americans’ Housing Aspirations” (9-30-2019)

“Aspiring home buyers with medical debt are more likely than others to be denied a mortgage, while those with student loan debt more often put off buying. That’s according to the 4th annual Zillow® Group Report on Consumer Housing Trends, released today.”

HousingWire “Appraisals will no longer be required on certain home sales of $400,000 and under” (9-30-2019)

“For the first time since 1994, certain home sales of $400,000 and under will soon not need an appraisal after federal regulators approved a proposal to increase the threshold at which residential home sales require an appraisal.”

Forbes “How To Get You Low-Ball Home Offer Accepted” (9-30-2019)

“When it comes to negotiating a real estate deal, sellers want to get the highest market value while the buyer wants to pay the least amount possible.”

Mortgage Professional America “MBA: 2018 was a good year for multifamily lending” (9-30-2019)

“Multifamily lending hit a record high in 2018, according to the Mortgage Bankers Association’s annual report of the multifamily lending market.”

Hard Money Loan Closed

Moreno Valley, California hard money loan closed. Real estate investor received loan for $179,000 on this single family property appraised for $276,000.

Moreno Valley Hard Money Loan

California Real Estate Investor Events

The Norris Group will be presenting its 9th annual Cutting-Edge Financial Tactics Brunch on Saturday, October 19.

Bruce Norris will be presenting 10 Decisions to Make Before The Next Downturn with the South OC REI Club on Wednesday, October 30.

 

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