Rates were on a little bit of a roller coaster this week; they dropped and then came back to about where they were last week. Jumbo’s came back in line. They are a strange bunch as they swing from the 6’s to the 8’s and it is tough to know when it will happen. SunTrust, Chase, Countrywide and Wells have their 30 yr in the 6’s while Citi, Taylor Bean, and Frankin American are all still in the 8’s. ARMs are a bit interesting lately as their par rate is a bit high but a 1% Discount point buys the rate down over 1.25%. 1% Discount points generally only buy a rate down .25%. FHA rates are lower than Conforming rates with only 3% needed as a down payment. Regarding the Fannie/Feddie saga, if you missed my “Special Report” email on Monday, you can read it and any of my past emails on my blog a... 07/18/2008

 In Brentwood, Franklin, and even farther south in Williamson county you get a chance to see beautiful historic Antebellum homes that managed to escape the Civil war, and the ravages of time. Now these homes are facing a new battle, neighborhood developers. Many of the homes are saved, but area surrounding the homes is cut down to 1 acre or less. I know that the land is very valuable, but we need to protect the environment surrounding the home, as well as the home itself. Most of these homes are  surrounded by oak trees hundreds of years old that should be considered when the local officials decide to rezone these properties. A good example of what can be done is the Taramore neighborhood in Brentwood.  Taramore's historic manor home, constructed around 1845, will be carefully restored ... 07/17/2008

As many of you know I run www.InternetFuse.com an online community for entrepreneurs looking for new ways to market their business online. Well, this Tuesday July 22nd I'm doing a special presentation for entrepreneurs showing how to make money each month from your blog. I'll be revealing strategies 90% of bloggers don't use. There's no cost to attend the event and it lasts from 11:00am to 1:00pm. If you're in the Brentwood TN area and would like to attend email me and let me know. I'll send you the location details, etc. You don't want to miss this presentation! I'll show you how to get traffic to your blog, how to make money from your blog, and how to build a relationship with your prospects. See you there! 07/17/2008

  Brentwood TN Real EstateBrentwood TN Home Improvement: Do it yourself or hire someone? When it comes to Brentwood TN home improvements, we often end up doing a lot of the work ourselves. But should we do-it-yourselfers really do all the work. There are some jobs where a professional may be required. These would include any job that might be dangerous or where a mistake would be very costly. Some jobs are simply not worth the risk. Some tasks to reconsider before doing: · Major electrical work · Any plumbing that involves work under the house · Siding work that requires scaffolding higher than two stories · Labor intensive work that may be overly difficult, such as chopping out and pouring in new concrete · Working on excessively steep or high roofs · Jobs where there may be hidden my... 07/16/2008

Here we are on the dawn of the first trading day following IndyMac's collapse and the Federal Government's prop up of Fannie Mae and Freddie Mac and I must say that I'm not sure how the market will react. First, Fannie and Freddie have always had the implied backing of the Federal Government. And while they still say that don't need it, the Fed has made unprecidended statements about these GSE's access to fund through the Fed. Our founding fathers were wise - checks and balances work. And when Fannie and Freddie were created, the check and balance always was that the Government would step in if needed. Welcome to one of the most unique times their 80 year history! Second, IndyMac is now in FDIC hands. Before today, I knew two things about IndyMac - they were notorious for delaying closi... 07/14/2008

A few weeks ago, someone wrote an article about HOA’s getting too powerful and I wish that I could remember who wrote that piece but I do remember commenting on it. Well, it seems as if the HOA for my subdivision has up and done it again… It seems as if some of the ‘hoity toity, Brentwood for Lunch Bunch’ has been ‘offended’ by some of us ‘commoners’ putting our roll out trash bins at the curb for curbside pick up. The edict was in my post box on Wednesday afternoon and my trash pick-up day is on Thursday. As Brentwood does not have city service and totally relies on independent haulers it was too late for me to ‘comply’ with this latest and greatest… So on Thursday, I wheel my trash to the curb thinking surely they will give us ‘scoff laws’ until next week to comply… I no sooner set th... 07/12/2008

It is not unusual for clients in this area to "price shop" home inspections or other services as part of the property transaction process. I used to waste a lot of time trying to "convince" them that ours was the best company to use... Why not? We feel that we do give our clients the best service for their money... I just give them the price and urge them to make their decision on quality and not price. I understand that some people are tight on cash and want to get the "best for the buck" and often go with the cheapest service provider. Cheaper is not always better... I find that quality in any service costs a little more but in the long run is well worth the price... The bitterness of poor quality lingers on after the sweetness of low prices has been forgotten...  Complete Home Inspec... 07/10/2008

The Governors Club in Brentwood, Tennessee, is a very popular area that boasts of great amenities.  The Governors Club is a gated community that attracts athletes and country music stars who appreciate the privacy and guarded entrance.  The Governors Club in Brentwood, Tennessee, recently won the National Landscaping Award of Excellence.  The property is maintained by the leading landscaping company, LSI, and LSI strives to provide annual variety in presentation.  For more information concerning The Governors Club or other Brentwood, Tennessee, area homes, please visit my website, dorismarlow.com.   07/08/2008

I just got off the phone with the most incredible person. I come into the office early to do things w/out being interrupted. It also gives me time to go to AR and read other peoples posts. I admit I'm a newbie. AND I'm a little afraid of blogging.   This is me:  I taught a class last year to new agents about marketing and farming. I told them about my experience in Chicago, where I first got my license to sell real estate. I was so afraid of doing something wrong that I spent my first year learning. I didn't sell a house but I got my GRI and learned a lot. My point was You don't have to know everything. Just get out there and do it. Back to blogging... I am reading this great post by Margaret Rome in technology about what she uses. Her tech toys are very common you know a laptop, digita... 07/08/2008

Maria Holland | American Heritage Realty, Inc. | mariaholland@comcast.net | 615-289-6056 7026 Willowick Drive, Brentwood, TN Gorgeous One-Owner Custom Built Home with park like yard that backs up to Woods. 4BR/2.5BA Single Family House offered at $524,900 Year Built 1991 Sq Footage 4,018 Bedrooms 4 Bathrooms 2 full, 1 partial Floors 2 Parking 2 Car garage Lot Size .50 acres HOA/Maint $30 per month DESCRIPTION 7026 Willowick Drive Large living areas, newly remodeled kitchen, hardwood floors, 2-story den, walk in closets and storage abound in this 4018 sq ft sprawling home. You will love the private backyard retreat that backs up to woods with the pond & waterfall. Large deck features a hot tub & built in seating for entertaining lots of friends or family or simply enjoying your back yar... 07/06/2008

The State of Florida is suing Countrywide for misreprenting loan programs and aggressively approving subprime borrowers. "It is unthinkable that a company would try to take advantage of someone's dream of homeownership," Florida Attorney General Bill McCollum said in a statement. I was taught in Journalism School to follow the money. If something stinks, follow the money and you'll probably find the source of the smell. Human beings originate loans and those humans can have ethics and morals below were we'd hope them to be. It sounds like CW management pushed deals that shouldn't be done. Again, humans making mistakes. But let's follow the money... Management and shareholders make money when the company closes loans - thus the short sighted desire to push deals through. (most Underwrite... 07/01/2008

The Feds did indeed hold rates steady this time around. I think that is good and hope for a couple more decisions just like that the next times they meet on August 5 and September 16. Rates this week have stayed within .125% up or down of where they were last week and the 6 Month Libor nudged a bit lower. I am in town this weekend so please don’t hesitate to call if there is anything I can do for you or one of your buyers. Have a great weekend and I look forward to hearing from you soon. Thanks for reading!! dz   30 Yr Fixed Conforming (95%) – 6.5% 15 Yr Fixed Conforming – 5.875% 30 Yr Fixed Jumbo 6.625% 5/1 LIBOR ARM – 6.75% 7/1 LIBOR ARM – 6.75% 30 Yr Flex 97 – 6.825% 30 Yr FHA – 6.375% Prime 5% 6 Month Libor – 3.22% Last week 6 Month Libor – 3.18% This week 06/27/2008

Diane (I've Never Seen Any Good News in the Market) Olnick is reporting that sales nationwide are holding at just under 5 million homes in May which is good, but that 33% of the homes selling are those either in foreclosure or approaching foreclosure. She quotes "the Realtors" as saying 33% are distressed. Is that the National Association of REALTORS or a pity party of former Realtors hanging out at Starbucks? I was a Journalism Major - I was taught that if you can't clearly state your source, then you'd better think twice about publishing the story. Who is the source of that quote? Is it actual data or someone's hunch? Her article on cnbc.com is titled "Existing Sales Rise, But Look At What's Selling". I'm sorry, but isn't it obvious that the homes with the best value would sell first?... 06/26/2008

With Mortgage Backed Securities (MBS) markets in turmoil for about a year now, the new emphasis for loans with a higher Loan to Value than 90%. Why is this? The answer lies with Ginnie Mae (GNMA) - Fannie Mae and Freddie Mac's cousin specializing on Government loans - and the way their loans are insured. Fannie and Freddie don't guarantee payments on home loans, but the FHA does. Does the FHA guarantee the servicer payments and also the payments on underlying collateral? FHA guarantees for a fee (known as MIP) to the GNMA MBS security issuer that the borrower will make their payments, but if the borrower fails, then the security issuer has to service the loan through foreclosure, and submit the costs to FHA for reimbursement. During that time, the Security issuer (servicer) also must ad... 06/25/2008

CNBC is reporting today that the last 3 weeks' spike in interest rates has caused some buyers to get off the sidelines, go to contract and lock in rates before they go even higher. The fear of loss is an interesting thing. Buyers were fearful of making easy money just 3 & 4 years ago so they often made a deal with the devil to get into investment homes or primary homes way above their means. And here we see the fear of higher rates getting people to buy today. So does that mean we raise home prices to "scare" people into buying? Well, if the other 25,000 home sellers in  Middle TN went along, it would probably work. But this is a market driven economy and that simply won't happen. But it looks like some buyers are willing to pass on potential price decreases to ensure a low interest rat... 06/22/2008

The market is still commanding a premium on Mortgage Backed Securities relative to 4 weeks ago - the talk of inflation has investors on the sideline forcing rates up. However, this morning we are enjoying the lowest rate of the last 2 weeks. We aren't back to the mid-5's but it looks like we're getting some relief for a bit. Remember, the rates ALWAYS got up quicker than they go down. Give me a call for a quote on your scenario and lock in the relief we are seeing. 06/20/2008

Today the Tennessean is reporting about the increased and unusual incentives being offered by sellers. (see the link below) One builder is offering a car or a trip or a year's tuition to Vanderbilt. Sounds great! But buyers need to be aware that such incentives will likely reduce the amount that a lender can lend off of, essentially voiding the incentive. For example: Sales Price:  $350,000 Incentive:   $10,000 Sale Price Lender will use:  $340,000* *This number is then the starting point for all lending factors - ie, 80% LTV, appraisal, ect 80% LTV = $272,000 Borrower would bring $78,000 to closing ($350k - $272k) plus any closing costs and prepaids   In this scenario the borrower would have to bring an extra $8k to closing to cover the reduction - so there is NO incentive! Now this on... 06/20/2008

Changes to FHA Mortgage Insurance are right around the corner. Please get your clients to application BEFORE July 14th in order to enjoy the current 1.5% Upfront Premium and .5% Monthly for all borrowers. After July 14th, FHA will istitute a risked based Mortgage Insurance schedule - outlined below. Please note - the FHA case number must be assigned by July 14th. It would be wise to get to application a day or two earlier to make sure the number is assigned by the 14th. Also note, case numbers are specific to the borrower AND the property address. If the inspection fails and we find another property AFTER the 14th, we'll be subject to the new schedule. Also note - the schedule below provides premiums for credit scores BELOW 580. FHA does allow loans below 580, however, Automated Underwr... 06/18/2008

Market Comment - Week of June 16th, 2008 Mortgage bond prices fell pushing mortgage interest rates higher. Inflation fears were fanned once again by Fed Chairman Bernanke with warnings that the Fed may have to begin raising rates sooner than most analysts expected. Stronger than expected retail sales figures piled on an already battered mortgage bond market pushing bond prices lower and rates higher. Oil prices remained volatile, which continued to fan inflation fears. For the week, interest rates on government and conventional loans rose over a full discount point.The producer price index Tuesday will be the most important event this week. Housing starts, industrial production, capacity use, and leading economic indicators data may also move the market. Expect oil and stocks to contin... 06/16/2008

Mcgavock Farms is a Brentwood Tennessee neighborhood minutes from highly ranked Brentwood high school, and Granny White Park. This luxury neighborhood in the heart of Brentwood has extensive walking trails and large spacious lots. Mcgavock Farms homes range from $1,000,000 to $4,495,000. And sizes from 4800 square ft to 14,000 square ft. The neighborhoods easy access to I-65 at concord road, the best shopping in Tennessee at Cool Springs mall, and Green Hills mall, and an easy commute to downtown Nashville and the Nashville International airport, make it a popular choice for discriminating home buyers. Mcgavock Farms was the location for the Battle of the Barrels during the Civil War. For more information on the Battle please read Michael Thorntons Blog.  For a list of homes for sale in... 06/14/2008