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       A study on the "life expectancy" of various home components was also unveiled at the International Builders Show. According to the study (sponsored by NAHB and Bank of America Home Equity), properly installed insulation can last a lifetime as long as it is kept dry and not damaged. A coat of paint can be good for upwards of 20 years, depending on the quality of paint and its exposure to the elements. Aluminum windows can last 15 to 20 years, while wood
windows can last up to 30 years.

       The longevity of roofs also depends partly on materials used. Slate, copper, clay or concrete roofs can last more than 50 years, asphalt roofs more than 20 years, fiber cement shingle roofs about 25 years, and wood shakes about 30 years.

       Of course, the…

Memphis Luxury Real Estate

The Prestigious 38120 zip code area in East Memphis is going through a redevelopment of sorts. It is not uncommon to find someone purchasing a home for several hundred thousand and tearing it down to build a much larger home well above the million dollar mark. You can also locate a builder or developer that has bought several lots in the same area to tear them down and build a small community.

This is the situation with the new Oak River Green subdivision being developed off of Oak River and near Shady Grove and River Tide. The homes are elegantly designed by Brad Shapiro, Architect, and quality built by Cade Peeper. The six lot gated community will combine a European flare with American quality.  

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                               National Interest Rates   |   Memphis Tennessee Interest Rates    

         Freddie Mac's Primary Mortgage Market Survey showed the 30-year fixed-rate mortgage (FRM) averaging 6.22 percent with an average 0.5 point for the week ending February 22, 2007, down from the previous week when it averaged 6.30 percent. The is the lowest the rate has gone in several weeks. Last year at this time, the 30-year FRM averaged 6.26 percent.

       The 15-year FRM on Friday averaged 5.97 percent with an average 0.5 point, down from the prior week when it averaged 6.03 percent. A year ago, the 15-year FRM averaged 5.89 percent.

       "Mortgage rates eased a little more this week, as market participants were concerned over how much drag…

Here is an every more common situation in the real estate industry as a whole. It has become almost "normal" in the Memphis area, but should be targeted as unethical at best and could be considered illegal. Don't get caught in this trap, as a buyer a seller or agent/broker.

QUESTION:

We had a listing for $319,900. It was reduced to $279,900 in the MLS. We received an offer for $279,900 which called for the seller to pay many of the closing costs. It was not accepted, and the buyers then raised the offer to $297,335 and asked the seller to pay $16,794 in closing. The transaction should have closed yesterday, but the lender wants me to go back into the MLS and put the list price as $297,335. Can I legally do that?

  ANSWER:

You are permitted to change…

       Save your buyer clients a few dollars by warning them about a scam that is making the rounds:

       Home buyers get an official-looking letter in the mail telling them that it is important to have a certified copy of their property deed. Companies selling these services use high-pressure sales tactics and charge $80 to $100, according to a warning by Consumer Reports.

       Chances are high that the buyers will get a copy of their deed at closing, but if they don't, all they have to do is contact their county clerk or registrar's office. The charge for a copy is less
than $10. In some places, they can look at and print a noncertified copy of their deed from the Internet for free.

     

  [SOURCE: MarketWatch.com]
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The current real estate market conditions provide an excellent backdrop for mortgage fraud. Here are some of the typical factors that open the door to fraud:

     *     Buyers trying to get into the market before interest rates climb much
            higher are tempted to cheat to get what they want;

     *     Financially strapped homeowners with soaring adjustable rate mortgages
            who may be enticed to bend the rules to get out of a bad situation;

     *     Desperate sellers unable to find ready and financially able buyers who
            are lured by fraudsters who offer them a way out.

The extent of mortgage fraud isn't fully known; the FBI estimates that lenders lost about $1.5 billion to the crime in 2006, but that's only the…

While the hot condo market has subsided in a great many areas around the nation, Germantown Tennessee is seeing a spark in the conversion and sales of condominium units with in the city. As a matter of fact, it is second only to the downtown Memphis Condo boom that has been going on of late.

West Rock Condos is a perfect example. Originally the Chardonnay Apartments built in 1971, they are going through an extensive renovation process and are being transformed in to the updated, elegant West Rock Condos. Prices range from $135,000 for a one bedroom to $180,000 for a three bedroom unit. The 140 unit complex has an "animal friendly" area, a pool and is conveniently located in the center of the city at Kimbrough and Farmington.

The Greenleaf Condominiums…

This data was complied by Leslie Appleton-young, Chief Economist and Vice President of the California Association of Realtors (CAR).  This is a first of a series of articles on this topic. Please check back under the "Real Estate World is Changing" Category.

• In 2000, 28% of people said that they used the Internet as an important part of their home-buying and selection process. In 2006, 70% said they did;

• 86% of home buyers started using the Internet as part of their process BEFORE they started looking for a specific home;the other 14% did after they started looking, but BEFORE they contacted a real estate agent; that means that 100% of buyers surveyed started looking at homes first, agents second.................. 

This is huge! It…