Welcome

Welcome to the Century 21 Real Estate Center of Laramie, Wyoming website. We would like to invite you to look around the site. You will find many attractive listings and helpful information. Take a moment and get to know our Professional Real Estate Agents and how we can make a difference for you. As an independently owned and operated CENTURY 21® office, we are dedicated to providing you with service that is professional, courteous and responsive in helping you market or find a property.

If you are thinking about buying or selling, don’t hesitate to contact us. We are happy to serve all of your real estate needs.

We invite you to view Bruce Guice’s stunning video of Southeast Wyoming http://vimeo.com/72949159

Please take time to look at the information from these pages. This was provided by Jon Vierk from Wallick and Volk

 

NEW LOAN PROGRAM FROM WCDA

Click Here for the 30 Year FHLMC Rates On 30-Year Fixed-Rate Mortgage Chart

Click Here for the 200 Year Historical Rates On 30-Year Fixed-Rate Mortgage Chart

Click Here for the Housing Prices Chart

Click Here for S&P/Case-Shiller Home Price Indices Chart

Click Here for S&P/Case-Shiller (20 City) Home Price Indices Chart

 

WCDA Memorandum 2016-2
To: WCDA Approved Lenders Memorandum 2016-2
From: Carol A. Wilson, Director of Single Family Programs
Date: 3/29/2016
Re: Announcing WCDA’s new Home$tretch Down Payment Assistance Loan Program!!!
WCDA is excited to announce our Home$tretch program.  We believe the Home$tretch program is a financially responsible down payment loan program for low-moderate income borrowers seeking affordable housing throughout the state.  Let the Home$tretch Down Payment Assistance Loan program $tretch your borrowers buying power!!!
Home$tretch details:
  • 0% Interest Rate, 0.080 APR based on a $5,500 loan
  • NO Monthly Payment
  • Maximum loan amount $10,000
  • Minimum cash investment at closing is $1,500
  • Minimum medium FICO score of 620
  • Maximum Debt to Income Ratio is 41%
  • Due and payable upon sale or transfer of title to another party or upon refinance of the first mortgage loan
  • 30 year maturity
  • Can be used for down payment, closing costs and prepaid items.  Maximum 1st mortgage LTV is required.  HFA Preferred and Preferred Risk Sharing programs allow for a maximum CLTV of 105%, all other 1st mortgage programs allow for a maximum CLTV of 106%.
The Home$tretch program modifies the current Down Payment Loan terms and details outlined in the following Summaries of Forward Commitment:
  • Spruce Up Wyoming II
  • HFA Preferred and HFA Preferred Risk Sharing
  • WCDA Warehouse (Standard Mortgage Revenue Bond)
  • WCDA Advantage
The current WCDA Homebuyer Assistance program is hereby discontinued.
Home$tretch funds may be used with all of our current loan programs – Standard Mortgage Revenue Bond with FHA, VA & RD financing, HFA Preferred and HFA Preferred NO MI, Advantage with FHA & RD financing and Spruce Up II with FHA 203k and RD financing programs.  The transaction must be a purchase transaction and may not be used with a refinance transaction.
The new Home$tretch Note and Mortgage are on Lender Online and must be used when closing a Home$tretch loan.  We have also posted the Home$trech Checklist for your use as well.  The Legally Enforceable Obligation Letter, MPP Form 220 will continue to be required when the Home$tretch Down Payment Assistance Loan is utilized with an FHA insured 1st mortgage.
Home$tretch funds are limited to $1,000,000 – first come, first serve.  Help your homebuyers $tretch their buying power today!
As always, please feel free to contact  LoanReview@wyomingcda.com if you have any questions.

 

Our most recent blog p0sts!

10 Reals FSBO’s Don’t Sell!

Very good information if you are thinking of selling your house on your own.

 

Top reasons why FSBOs fail in real estate

There are a lot of reasons why FSBOs fail and do not sell. Some of the top among these are:

1. Too many people to negotiate with

Those deciding to take the FSBO route often have to negotiate with many people. Some of them are likely to be:

  • The buyer, seeking the best possible deal.
  • The buyer’s agent, who represents the buyer’s best interest.
  • The buyer’s attorney (in some regions of the nation).
  • Home inspection companies, working for the buyer, which are likely to find some problem or the other with the house.
  • Your bank, in case it’s a short sale.
  • The appraiser, if the home’s value needs to be assessed.

Without the help of experienced real estate agents, dealing with so many different parties alone is often a tough task for homeowners.

2. Homeowners do not know how to prepare the home for sale

A majority of homeowners don’t know about the prelisting tasks that FSBOs should do before they list their home for sale. These usually include:

  • Decluttering.
  • Painting the rooms with a fresh coat of paint.
  • Getting necessary repairs done.
  • Getting the home floors and carpets cleaned by professions.
  • Ensuring curb appeal of the home.
  • Replacing outdated light fixtures.

Because homes for sale by owners just have one chance to impress potential buyers, neglecting these home sale preparation tips often reduces the homeowners’ chances of selling the house.

3. Owners do not know how to screen potential buyers

FSBOs often have no idea about the difference between prequalification and preapproval, and they don’t know that buyers should ideally be preapproved or at least prequalified.

No wonder they let unqualified buyers inspect the house and waste their precious time. Not knowing if a buyer has the ability to purchase the home acts as a big deterrent for homes for sale by owners.

4. Owners fail to solve buyer’s queries

Handling inquiries from buyers on their listings and coordinating showings for their homes are prerequisites for making a sale. However, many homeowners either aren’t able to handle such inquiries on their homes or don’t have the time for them.

Even organizing showings might become an uphill task at times. Because these days potential buyers and their agents want quick responses to their inquiries, they don’t think twice before moving on to the next potential property if their inquiries and requests are unanswered.

5. Owners don’t understand the concept of golden time

According to this concept, homeowners get the most money for their homes in the first week of putting the property on the market. The longer homes for sale by owners stay on the market, the less money people will be willing to offer for them.

If a buyer tries FSBO first and then hires an agent, the buyer would have already lost the “golden time” window. This will eliminate the buyers who have already viewed the home, might have offered unrealistically low prices and have already moved on.

6. Owners fail to understand the contract procedures

The contract to buy a home involves much more than just the price offered by the buyer. Also, real estate contracts have lots of timelines and clauses and involve several common contract contingencies, such as inspections and mortgages.

Many FSBOs don’t have a firm understanding of such contracts and might not know what they are agreeing to or how to negotiate particular parts of the contract.

7. FSBOs don’t know how to handle the home inspection findings

Home inspections almost always find some issues with houses even when they are relatively newer structures. In such cases, the buyer requests problems be fixed or corrected before moving forward with the transaction.

However, many FSBOs believe that there is nothing wrong with their home, which is why they refuse to address the issues brought forward by home inspections. As a result, the offer falls through.

8. FSBOs incorrectly price their homes

FSBOs often price their homes incorrectly due to lack of experience. They set the price too high, which hinders their chances of closing the deal.

9. FSBO homes lack exposure

Homes for sale by owners are often listed on a few websites, but there are many that don’t allow FSBOs to list their property. Thus, FSBOs are unable to give their homes adequate exposure in the market.

However, when buyers hire a real estate agent, the professional can give a property online exposure as well as exposure in the local real estate segment of the newspaper. The agent even has tools to extend the exposure further, which FSBOs don’t have.

10. FSBOs fail in the closing process

Even after an offer is accepted, many things still need to be done prior to the closing. For instance:

  • Get the inspections completed within the allotted time.
  • Ensure the attorney(s) approve contracts.
  • Ensure that instrument survey is ordered.
  • Check if the buyer has obtained written mortgage commitment.
  • Find out if title work is reviewed.
  • Learn whether abstract is redated.

With so many things acting against FSBOs, it’s natural to find very few homes for sale by owners in the market.

 

 

 

Here are a few websites you may want to visit for information.

We hope these charts help you get some buyers off the fence!

Click Here for the 30 Year FHLMC Rates On 30-Year Fixed-Rate Mortgage Chart

Click Here for the 200 Year Historical Rates On 30-Year Fixed-Rate Mortgage Chart

Click Here for the Housing Prices Chart

Click Here for S&P/Case-Shiller (20 City) Home Price Indices Chart

 

Closing Rules Take Effect: Understand the Changes

Closing Rules Take Effect: Understanding the Changes. The Consumer Financial Protection Bureau offers an online “Real Estate Professional’s Guide” to help you and your clients understand the new TILA-RESPA Integrated Disclosure rule, or TRID, that took effect Oct. 3. The guide, part of the bureau’s larger ” Know Before You Owe” initiative, include a look […]

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When Your Parents Are Out of Money

Marc Lichtenfeld, Chief Income Strategist, The Oxford Club Editorial Note: As we explained yesterday, the Fed’s decision to keep interest rates low will likely have disastrous long-term consequences. “Thanks to the death of interest rates,” Andrew Snyder wrote, “gone are the days of ‘safe income.’” Without a doubt, pensioners and retirees are the ones most […]

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Real Estate Market Recap, Sept 8 to 11th, 2015

The following is a reprint from Inman and gives us an insight into the market from Sept 8 to Sept 11th 2015. MBA’s Builder Applications Survey for August 2015: Mortgage applications for new-home purchases decreased by 6 percent month over month in August. Conventional loans comprised 68.5 percent of loan applications; FHA loans comprised 19 […]

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