Call Randy Temple, (865) 919-8602

or

Complete the Request Info Box Below

More information, additional photos,

and to set up a showing.

     Listing courtesy of Talley/McIntosh - Realty Executives Associates

(865) 983-0011/Office

One big reason: mortgage bankers have gotten a lot choosier about approving loans, according to a report by Goldman Sachs economists Hui Shan and Jari Stehn. By some measures, they're pickier than they were before the housing boom took off. 

With anecdotal evidence showing that home mortgages are harder to get, the economists crunched Federal Reserve data to show just how much tighter lending standards have become. Using the results of the Fed's survey of loan officers, the report found that lending standards rose sharply after the mortgage market collapsed and the financial system imploded in 2008. Since the recession ended in 2009, lenders haven’t eased their tight grip on mortgage money.

Part of the reason is that there’s less money available to lend. During the housing boom, as brokers produced a flood of new mortgages, Wall Street bankers churned out a torrent of mortgage-backed bonds for investors waiting to snap them up. That market has all but vanished; 90 percent of new mortgages written today are backed by the government.   

The new mortgage pipeline also has slowed because it is clogged with paperwork. These days, you’ll have to fill out many more forms and produce a lot more documentation, on average, just to get your loan considered.

The percent of loans that required “full documentation” declined steadily from 2000 through 2006, hitting a low of less than 60 percent. Those “no-doc” loans were a big part of the reason mortgage bankers made the bad underwriting decisions that created the mortgage mess. Today, nearly 90 percent of mortgage applications require full documentation. That’s much higher than the pre-bubble level.

You’ll also have to show a much higher credit score than you did in the go-go days of the housing boom. In a separate report, Mortgage Marvel, an online mortgage-shopping website, analyzed data from more than 700,000 mortgage applications filed last year and found that the average FICO score was 730. That’s a significant jump from the days when borrowers with scores in the high 500s were routinely steered to high-cost subprime loans.

Source: “Tight-Fisted Mortgage Lenders Pressure Home Sales,” MSNBC.com (Jan. 27, 2012)

More Buyers Ready to Get Off the Sidelines?

Beautiful all brick home that sits on almost a 1/2 acre in the city of Maryville in beautiful Westcliff subdivision! Upgrades to include new hardwood flooring, new ceramic tile, new doors, new crown molding, new light fixtures, new paint, new appliances and much more!! Exterior upgrades include: new dimensional roof in 2010, loads of landscaping, mulch and a new liner in the inground swimming pool! A wonderful oasis right in your backyard and only minutes to Foothills School & the Greenway! Less than $300k!

Call Randy Temple, (865) 919-8602

or

Complete the Request Info Box Below

More information, additional photos,

and to set up a showing.

     Listing courtesy of Debra Whaley - Realty Executives Associates

(865) 983-0011/Office

Remember, this weekend is High School Championship Football weekend.  We have three area teams to cheer for. If you can’t go to the game, you can watch it on TV!

FRIDAY, DECEMBER 2, 2011

Division I, Class 3A 3:30pm CT | 4:30pm ET Milan High School (13-1) vs.

Christian Academy of Knoxville (12-2)

Division I, Class 5A 7:00pm CT | 8:00pm ET Henry Co. High School (14-0) vs.

Powell High School (14-0)

SATURDAY, DECEMBER 3, 2011

Division I, Class 6A 7:00pm CT | 8:00pm ET Whitehaven High School (14-0) vs.

Maryville High School (14-0)

The TSSAA Network has partnered with the seven Tennessee Public Television Council stations to broadcast all the championship action LIVE throughout the state. The games will also be streamed LIVE on ESPN3 and archived for on demand viewing at www.TSSANetwork.com.

The stations and over-the-air broadcast channel numbers are provided below, but check local listings for the channel number on your cable or satellite provider.

WTCI–TV Chattanooga | Channel 45

WCTE–TV Cookeville | Channel 22

WLJT–TV Martin/Jackson | Channel 11

WETP–TV Tri-Cities | Channel 2

WKOP–TV Knoxville | Channel 15

WKNO–TV Memphis | Channel 10

WNPT–TV Nashville | Channel 8

The monthly cost of owning a home is more affordable now than in the past 15 years, and is less expensive than renting in numerous cities, according to The Wall Street Journal’s third-quarter survey.

Low home prices mixed with low mortgage rates-hovering at 4 percent or even lower-are creating an appealing buyer’s market, analysts say.  For example, buyers today have a 7 percent increase in their borrowing power compared to 1991 when a typical $1,700 mortgage payment allowed a borrower to take out a $200,000 mortgage.  Today, a home owner taking advantage of current low rates can get a $350,000 loan for that mortgage payment amount.

In the 28 cities that The Wall Street Journal tracked, it found monthly mortgage payments on the median-priced home-including taxes and insurance-to be lower than the average rent levels in 12 of those cities.

Nationwide, apartment rents are expected to rise by about 4 percent this year, which may make the owning vs. renting picture tilt even higher, according to some analysts.

​Refer to my blog from yesterday, 11/28/11, and learn why this can be a good time of year to buy or sell your property!

Now consider what may be easy to miss, given the preceding list of reasons, about real estate sales during the holidays.

1. Although sales activity appears to slow down, the buyers who are actively searching are serious.  Husbands and wives have more days off together that can be dedicated to house shopping.
2. Smart and serious buyers, know that shopping after the "busy" spring and summer seasons will make their offer more competitive to sellers.  Plus the entire process can be less rushed and they won't have to find a babysitter if they shop before the school break.
3. Your home is possibly it's most inviting during the holidays.  It has been cleaned and decorated and can impress buyers even more than at other times of the year.
4. Typically there is a reduction in inventories during the winter.  This benefits the seller because you still have the entire Realtor base working for you but with fewer homes on the market compared to busier times of the year.
5. Relocating buyers often don't have a choice of what time of the year they move.  These families may have an extra incentive of closing the deal before school restarts in January.
6. For the seller that receives a contract early in the holidays, they can often arrange terms to allow closing, or for the buyer to take possession, after the holidays.  

Listing your house during the holidays means less competition and more serious buyers.  Shopping for your next home during the holidays can provide less rush and stress than the "busy" season, and a stronger negotiating position.

Contact me now to list or to start your holiday shopping!

Waiting Period after a Short Sale

UNDER CONTRACT IN 2 WEEKS - SOLD.

Basement brick rancher with main level parking. This well kept home, with nearly 2,000 total square feet available, includes room for storage and expansion in the unfinished basement. Quality upgrades include tile flooring in the bathroom, tile design newer vinyl in the kitchen for easy clean up, beautiful wood laminate flooring throughout the rest of the house (all mop-able floors), superior wood deck. You will enjoy the sun filled front living room and dining area plus the convenience of being near shopping, dining, and other amenities.

Sold by Randy Temple

?Realty Executives Associates

?Blount County's Largest Real Estate Brokerage

If this has happened to you, you are not alone.  According to RISMedia, a leader in Real Estate Information Systems, this past June and July sixteen (16) percent of real estate pros reported a cancellation in a a sale, mostly due to a large number of low appraisals.

If this happens to you tell your Realtor to fight back!  It seems ironic that buyers would want a higher appraisal, but remember, the purpose of an appraisal is not to help you get a better price, but to protect your lender should you default. So lenders want a conservative appraisal.

So what can you do?

1. Get the seller to lower the price based on the appraisal.  You think a seller wouldn't be interested in that but it takes months to sell a house these days and time is money as they say.

2. Ask the seller to offer to carry a second mortgage for the difference.  This solution incurs greater debt for the buyer.

3. Ask your real estate professional to do research and dispute the appraisal. Was the appraisal done by an appraisal management company that may have used a less-than-expert or out-of-town appraiser?

You have the right to get a copy of the appraisal from your lender and find out who did it. Ask your Realtor to put together a list of recent comparable sales that justify the agreed-to sales price.  Submit that list to the underwriter and ask for a review of the appraisal.  The key to a successful dispute is data.

4. Ask the lender for a new appraisal.  If you have a good case that the appraisal wasn't fair or accurate, ask your lender for a new appraisal, which you may have to pay for.  Ask your Realtor if the seller could help pay for this appraisal, after all, they have a lot a risk too.

5. Get your own, independent appraisal. If you order your own appraisal and your loan is an FHA loan, ask the lender for a list of approved appraisers. Usually the bank will review your appraisal and ask the previous appraiser if they agree or disagree with the newly submitted one.  If the first appraiser agrees with the disputes you present, they may adjust their original appraisal and you may get a better price.

If these tactics fail, you may find yourself moving on.  If so, be sure that you were protected by a contingency clause in the sale contract, stating that the transaction can be terminated if the home doesn't appraise at, or above, the sales price.

An increase in short sales, along with a shorter average time to sell such homes and bigger discounts relative to normal deals, indicate the market is clearing distressed properties more efficiently.

Rick Sharga, Sr VP of Realty Trac, was quoted as saying "This is a glimmer of hope that lenders are getting more realistic,"  "It's a win for borrowers who avoid foreclosure, buyers who get a house in better condition and banks that lose less money, which is also a win for taxpayers."

Credit Dan Levy, August 25, 2010 / Bloomberg.com/News

To help navigate these types of sales a real estate professional, such as Randy Temple, that holds the NAR's SFR (Short Sales & Foreclosure Resource) designation, is highly recommended.

Experience the essence of Blount County in this new construction home situated on a spacious lot. Very functional floor plan with two walk in closets in master, large bonus room, covered patio, split shower/bath and extra storage room in garage. Designer finishes include tray ceiling in master, quaility plumbing and electric, fixtures, kitchen bar, can and pendant lights, tile in master bath and hardwood flooring. Rural setting, yet very convenient to downtown Maryville and Knoxville Airport. Minutes to Little River and Smoky Mountains. Come experience this picturesque 25 lot neighborhood.

Call Randy Temple, (865) 919-8602

or 

Complete the Request Info Box Below

More information, additional photos,

and to set up a showing.

Listing courtesy of Realty Executives Associates

(865) 919-8602/Cell, (865) 983-0011/Office 

REDUCED!!LAKE VIEWS ABOUND IN THIS CUSTOM BUILT HOME THAT FEATURES: GREAT ROOM W/ FIREPLACE, OFFICE/STUDY, DINING ROOM, OPEN KITCHEN (W/CHERRY CABINETS & SOLID SURFACE CORIAN COUNTERTOPS), & MASTER BR ON THE MAIN! SEPARATE LIVING QUARTERS IN THE WALKOUT BASEMENT TO INCLUDE: 2 BR'S, 2 BATHS, ANOTHER KITCHEN AREA, REC. ROOM & MUCH MORE! EXTERIOR FEATURES TO INCLUDE: INGROUND SWIMMING POOL, HOT TUB, COVERED FRONT PORCH, SCREEN PORCH, DECK, PAD TO PARK YOUR BOAT OR RV PLUS SO MUCH MORE! NEW ROOF, NEW GUTTERING & NEW SIDING COMING SOON! LEASE PURCHASE FOR $1600 MONTH!

Call Randy Temple, (865) 919-8602

or 

Complete the Request Info Box Below

More information, additional photos,

and to set up a showing.

Listing courtesy of Realty Executives Associates

(865) 919-8602/Cell, (865) 983-0011/Office 

Hire only licensed contractors. Ask for their Tennessee license identification number. The ID can be verified online at verify. tn.gov/ or by phone at 800-544-7693. Also check with Maryville inspectors for electrical, plumbing and HVAC trades for local requirements. Call Maryville Codes Enforcement at 273-3500.

Ask for references and get at least three estimates. Be skeptical of those solicitors with out-of-state license plates, unmarked vehicles or if they pressure you to hire them because of a special discount rate.

Get a written contract. Make sure the contractor’s name, address, and telephone number on the contract is legitimate. Be cautious of expensive changes during the project.

Never pay cash. Never sign over an insurance claim check before the project begins or is complete. According to the home improvement law, contractors cannot ask for more than one-third of the price as a down payment.

Require permits. Make sure the contractor gets the required permits for the job. The homeowner should never purchase the permit in place of the contractor since the codes enforcement office can help ensure they are properly licensed.

File a report. Complaints against a contractor for law violation or unlicensed activity can be made at

 http://tn.gov/commerce/boards/contractors/.