Wednesday, August 11, 2010

They threw Fair Housing out Door

HUD Charges Couple With Fair Housing Violation

The U.S. Department of Housing and Urban Development has charged a Chicago couple and two real estate practitioners with violating the Fair Housing Act by refusing to sell a home listed for $1.799 million to an African American couple because of their race.

HUD alleges that owners Daniel and Adrienne Sabbia and real estate associate Jeffrey Lowe stalled negotiations then took the property off the market after receiving a $1.7 million offer from radio personality and comedian George Willborn and his wife Peytyn Willborn, a businesswoman.

The charge alleges that the Willborns submitted the highest offer the sellers had received in the two years the property was on the market, but the Sabbias failed to sign the sales contract. Real estate practitioner Jeffrey Lowe told HUD investigators that Daniel Sabbia expressed a preference not to sell his home to an African-American.

The charge also names the Lowe Group Chicago Inc. and Prudential Rubloff Properties.

Source: U.S. Department of Housing and Urban Development (08/10/2010)

~The actions that still exist these days. In this economy these sellers wanted to be picky. When you sell something, you let it doesn't belong to you anymore.~

Tuesday, August 3, 2010

Five Surprising Reasons to Buy a Home Now + Bonus

I must say this is a great post from, step #6 would be to hire an agent to represent you. (Seller or Buyer Agent).

1. Low mortgage rates serve as an equity shock absorber. When buyers borrow at today's record-low rates, they start building equity as soon as they close. That means they can absorb a few ups and downs as the still-recovering housing market gains traction.

2. Houses are in move-in condition. Home owners have continued to spend on maintenance and repair, according to the Harvard Joint Center on Housing. As these houses enter the market, they are in marked contrast to tattered foreclosures.

3. Terrific houses are coming on the market. Foreclosures are finally starting to clear the system, and they are being replaced by some very attractive properties.

4. Appraisal regulations are finally aligned with market realities. Fannie Mae has adjusted its appraisal guidelines, giving appraisers more flexibility to set values that reflect the current market.

5. Plenty of programs. Many programs that encourage middle-class families to buy homes continue to exist, despite market downturns. Buyers who qualify can get a big boost by combining one of these programs with today's low mortgage rates.

Source: (07/29/2010)