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Interest Rates Dropping – Again!

Posted on by Phil Querin
In a recent Housingwire.com article (here) by Kathleen Howley, we learn that the current average 30-year mortgage interest rate of 3.24% is within one basis point[1] of its all-time low of 3.23%. According to article: Fannie Mae projected last week the average this quarter would be 3.2%, followed [...]

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Posted in City of Portland, COVID, Economic News, Fannie&Freddie, Interest Rates, Miscellany, News You Can Use, Real Estate General, Realtor Risk Management, Realtors, U.S. Economy | Tagged , , ,

No “Moral Hazard” This Time Around – But Will It Make A Difference?

Posted on by Phil Querin
In a recent Reuters article (here), authors Ann Saphir and Lindsay Dunsmuir note that the Federal largesse of trillions of dollars currently being spent to address the inevitable fallout from sidelining millions of employees and businesses is far different from 2005 – 2009 when the financial and [...]

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Posted in COVID, Economics, Financial Crisis, Market Conditions, Miscellany, Real Estate General, Real Estate/Distressed, Realtor Risk Management | Tagged , , ,

Specific Performance in Oregon Residential Real Estate Transactions

Posted on by Phil Querin
Introduction.  The term “specific performance” is not, as commonly believed, a form of legal action that may be brought for enforcement of a contract.  Rather, it is a remedy for a breach of contract claim because the underlying agreement has not been performed. In other words, before [...]

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Posted in Arbitration, Lawsuits, Litigation, Real Estate General, Real Estate Laws, Realtor Risk Management, Realtors, Residential Housiing, Specific Performance | Tagged , ,

COVID Protocols For Showing Homes Listed For Sale

Posted on by Phil Querin
These guidelines require the consent of third parties, e.g. sellers, buyers, tenants, buyer brokers, inspectors, appraisers, property managers, contractors, plumbers, and others involved in the home purchase/sale transaction.  Accordingly, they should be provided with a copy of these requirements. [...]

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Posted in Broker Risk Management, Miscellany, Real Estate General, Realtor Risk Management, Realtors | Tagged , ,

ZOOM Couture

Posted on by Phil Querin
According to Family Court Judge Dennis Bailey of Broward County, Florida,  ZOOM hearings have become way too casual. This, according to a recent ABA article (here) by Debra Cassens Weiss. It seems Judge Bailey, in a letter to the Weston Bar Association (here), had grown tired of seeing attorneys [...]

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Posted in Miscellany, News You Can Use, Q-Rants | Tagged ,

Is COVID-19 a Defense to Breach of the Oregon Real Estate Sale Agreement?

Posted on by Phil Querin
Introduction.  Almost as soon as the COVID pandemic flared up, I began to receive calls asking whether the virus could constitute the basis for refusing to perform under a pending Sale Agreement.  One broker reported that the buyer wanted out of the contract because of “uncertainty”. These [...]

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Posted in Broker Risk Management, COVID, Market Conditions, Miscellany, News You Can Use, Oregon - Economy, Real Estate Laws, Realtor Risk Management, Residential Housiing | Tagged , , ,

NAR: Interest Rates Near 50-Year Low!

Posted on by Phil Querin
Mortgage rates have just dropped to the lowest level in almost 50 years, compelling both homeowners and home buyers to get off the couch to take advantage of record-level savings on their mortgage. “The average 30-year fixed-rate mortgage hit a record 3.29% this week, the lowest level in its [...]

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Posted in Economic News, Lenders, Market Conditions, News You Can Use, Real Estate General, Residential Housiing | Tagged , ,

Housingwire: Mortgage rates fall to an all-time low

Posted on by Phil Querin
The average U.S. rate for a 30-year fixed mortgage dropped to 3.29% this week Go to link here. [...]

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Posted in Economic News, News You Can Use, Realtors, Refinancing | Tagged ,

When Does The OREF Sale Agreement Become Contractually Binding?

Posted on by Phil Querin
Introduction.  This question is important for at least two reasons: It determines the time after which neither party can withdraw from the transaction without facing legal consequences; and It determines the time from which events, such as contingencies, begin and end. Section 32 [...]

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Posted in Broker Risk Management, Miscellany, News You Can Use, Oregon Law, Real Estate General, Real Estate Laws, Realtor Risk Management, Realtors, Residential Housiing | Tagged ,

Why Oregon Realtors Should Get Out Of The FIRPTA Business

Posted on by Phil Querin
FIRPTA and Buyer Liability. Until the last few years,  the Foreign Investment in Real Property Tax Act of 1980 ("FIRPTA") was just an arcane acronym; most residential real estate brokers had no knowledge of what it stood for, what it was, or how it worked. Fewer cared. After all, they had never [...]

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Posted in Escrow, Miscellany, Realtor Risk Management, Realtors, Tax Issues, Title Insurance | Tagged ,
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