Oldest Wooden Lighthouse For Sale....

How Much?

1 Poplar Ave, North Kingstown, RI
For sale: $6.45 million

For many years, the Poplar Point lighthouse was the beacon guiding ships in Wickford Harbor, a protected inlet in Rhode Island‘s Narragansett Bay. Built in 1831, the structure — listed as the oldest wooden lighthouse in America — is left over from the era before GPS and satellite.

Because of the size of the harbor, Poplar Point lighthouse wasn’t in service long. In 1882, the lighthouse was darkened and later sold at auction for $3,944.67 in 1894.

When the lighthouse was first built, the caretaker’s living area was a stone cottage, measuring just 40 by 20 feet. The home was slightly expanded in 1932, again in 1966 and when the current owners took over in 1987, they undertook the task of continuing to expand and renovate the entire property.

Today, the home at 1 Poplar Ave., North Kingstown, RI 02852 is more than a stone caretaker’s cottage; it’s now a full estate measuring 4,563 square feet with 4 bedrooms, 4.5 bathrooms, a detached guest house and garage. Although completely updated, the home still retains much of the original feel, says listing agent Judith Chase.

“It still has tons of the old charm and nautical detail of the old lighthouse,” Chase explained.
Spanning 1.66 acres on a private peninsula, the home juts out into the harbor with spectacular views of the bay.

“It’s a beautiful front-row seat to everything that happens,” Chase said.
The home’s location in the picturesque town of Wickford only adds to the property’s appeal.
Chase describes Wickford as a “darling Nantucket-type town,” and the home is within walking distance of many of the town’s charms.

According to Zillow’s mortgage calculator, a monthly payment on the lighthouse would be $23,044, assuming a 20 percent down payment on a 30-year fixed mortgage.

NAR Submits Comments on Mortgage Servicing Proposals

NAR President Moe Veissi submitted comment to the Consumer Financial Protection Bureau (CFPB) on its outline of proposals for future mortgage servicing rulemaking.

NAR supported the CFPB’s proposals for requiring early intervention by servicers to help delinquent borrowers, the development of a single point of contact for borrowers requesting a loan modification or short sale, and firm deadlines for accurate payoff balance information. Additionally, NAR requested that the CFPB reconsider a proposal that would require servicers to contact delinquent borrowers within 45 days, and suggested that thirty days would be a more reasonable standard.
 
NAR’s comments follow the June 19 meeting with CFPB Director Richard Cordray during which Veissi expressed support for the implementation of servicing standards that will lead to improvements in servicer outreach to families that are at risk of losing their homes.

NAR's Letter to the CFPB 

WHOA...1100 pages of Change to HUD-1, GFE by Consumer Financial Protection Bureau (CFPB)???

Proposed HUD-1, GFE Revamp: Too Much?

About two years ago, the U.S. Department of Housing and Urban Development revamped the HUD-1 Settlement Statement and the Good Faith Estimate (GFE). The forms were shortened and some “tolerances” were added to decrease the incidences in which figures on the HUD-1 differed too much from what was originnally estimated on the GFE. The changes required HUD to provide a lot of training to everyone involved in the settlement process, including real estate practitioners.

Now, here we are two years later, and these same two forms, the HUD-1 and the GFE, are the subject once again of a revamping, this time by the Consumer Financial Protection Bureau (CFPB). In part, the agency needs to make some changes because by law it’s required to harmonize the Truth in Lending Act (TILA) disclosures with the settlement forms.



NAR is still looking at CFPB’s proposed changes, which are detailed in an 1,100-page rule. You read that right: 1,100 pages. So, it’ll take some time to get a good picture of exactly what the agency is proposing. But, at this point, it looks like CFPB is trying to do too much, and already NAR sees some potential trouble spots.

First, the agency left it unclear who is supposed to fill out a new loan estimate form to replace the GFE. Is it the lender or the the closing agent?

Second, the agency has left it ambiguous what kinds of things can derail the closing with a three-day delay. Building in a three-day delay sounds good for consumers in theory, because if there is a big discrepancy in what they were told in the loan estimate and what shows up in the settlement form, they should have time to review that. But if the delay is triggered by something minor, then the closing will get snagged at the 11th hour for little purpose, and no one wants that.

Third, the sheer breadth of changes has to have a disruptive effect on closings as lenders and title agents and even practitioners figure out what has changed and what hasn’t. And is that a good thing to be dealing with now, when the housing market is still trying to recover and other big rules—like the qualified mortgage (QM) rule—are still waiting to drop? (QM is intended to set minimum underwriting standards for lenders to prevent them from originating loans to borrowers who lack the ability to repay.)

It might just be too much right now.

In any case, CFPB is taking public comments until Nov. 6 on most of the rule. It’s worth your time to familiarize yourself with the main changes and share your thoughts with the agency. CFPB has a reputation for being good about asking for and considering public input, so consider taking advantage of this opportunity to share your thoughts.

In the 6-minute video above, Ken Trepeta, director of Real Estate Services for NAR,walks us through the main points of the rule.
Read the rule for yourself and submit comments.

Clarkson Texas Ranch For Sale...

Kelly Clarkson Lists Mansfield Ranch for Sale

Singer-songwritier Kelly Clarkson could live anywhere in the United States, but since her “American Idol” win in 2002, her primary residence has been in Mansfield, TX, just 25 minutes outside Burleson, TX, where she grew up.

However, it looks like Clarkson is ready to spread her wings; she has listed her Mansfield ranch for sale for $1.495 million.

While Clarkson did own another property in Nashville, she reportedly was only there part time and hoisted the home on the market in 2010.
Clarkson rocketed to fame after her win during the first season of “American Idol.” The two-time Grammy winner has a slew of hits under her belt and is currently a host on ABC’s show “Duets.”

Clarkson’s property for sale at 5986 Bennett Lawson Rd., Mansfield, TX 76063, sits on 14 acres and is not only home to Clarkson but also her menagerie of rescue animals, which include several dogs, horses, miniature horses and a few pigs.

Built in 1993, the home’s grounds were largely customized by Clarkson and feature a man-made pond in the backyard, lap and diving pools, treehouse, dog runs and walking trails.

Inside, the 4-bedroom, 6-bath home has 6,880 square feet of living space, including dual master suites, theater room and gym.

How Much House for Your Buck?

How Much House Can You Get for $300K?

You may know where your dollar will stretch more when buying groceries or filling up your gas tank. But do you know the places where you can get more house for your buck?
$300,000 is a large sum of money, but in some cities — think San Francisco or New York — it’ll barely cover a 1-bedroom apartment. However, in a few other places, $300,000 can be the final bid on a brand-new 4-bedroom place. See what we mean below:

Spokane, WA

130 W 28th Ave, Spokane WA
For sale: $299,000
Square footage: 2,724
The second-largest city in Washington, Spokane sits on the eastern side of the state, nestled next to Idaho. Built in 1932, this Spokane house for sale underwent a full renovation in 2007 and has 4 bedrooms and 3 baths.

Dallas, TX

18671 Gibbons Dr, Dallas TX
For sale: $299,000
Square footage: 3,216
Boasting over 3,000 square feet of living space, this Dallas home for sale is the largest on the list with 4 bedrooms, 4 bathrooms and a 2-car garage, not to mention additional space in a huge media/game room. Built in 1998, the home is situated just two minutes from the nearest highway.

Nashville, TN

929 Bresslyn Rd, Nashville TN
For sale: $299,900
Square footage: 2,604
The current owners of this Nashville home have owned it since 1965 and have kept the property in pristine condition. The brick split-level has 5 bedrooms, one of which could be used as a mother-in-law suite.

Atlanta, GA

1579 Gilstrap Ln NW, Atlanta GA
For sale: $299,900
Square footage: 2,301
This 2004-built home for sale in Atlanta has an open floor plan centered around a large kitchen with granite countertops, island breakfast bar and stainless steel appliances. The 3-bed, 3-bath home has hardwood floors and crown molding details throughout.

Pittsburgh, PA

109 Heidcrest Dr, Pittsburgh PA
For sale: $300,000
Square footage: 2,300
This colonial-style home for sale in Pittsburgh has a large wrap-around porch and sits on a quarter-acre lot. Inside the 4-bedroom, 2.5-bathroom home features hardwood floors in the main living areas and wall-to-wall carpet in the bedrooms.

Weekly Event Update in Utah

Weekly Event Update

July 10, 2012

EVENT SPOTLIGHT:

Demi Lovato July 12, 2012 EnergySolutions Arena - Salt Lake City Check out Demi Lovato when she brings her Summer Tour in support of her latest release, "Unbroken," with special guests Hot Chelle Rae to EnergySolutions Arena. < More Info

FEATURED EVENTS:

Cars and Conversation with Jay Leno July 14, 2012 Kingsbury Hall - University of Utah The UMFA is pleased to announce Cars and Conversation, an exciting event featuring America's best-known car enthusiast and host of The Tonight Show with Jay Leno. Jay Leno will take the stage of Kingsbury Hall with Ken Gross, guest curator of Speed: The Art of the Performance Automobile, for a lively discussion about everything auto. < More Info

Steel Magnolias July 7-18, 2012 Caine Lyric Theatre - Logan Be transformed in Truvy's Beauty Parlor where a seemingly frail southern belle can be as delicate as a magnolias and as tough as steel. Six very different women, united in friendship, support each other through triumph and tragedy with a tenacity and with that is as endearing and hilarious as it is wrenching. < More Info

Utah Reggae Festival July 13-14, 2012 Ogden Amphitheater - Ogden Don't miss the Utah Reggae Festival featuring The Expendables and Tribal Seeds with guests The Codi Jordan Band and Afro Omega at Ogden Amphitheater! < More Info

Trend-Spotting for Real Estate Agents:

Where Do We Stand Today?

By Marc Gould 

 

Buyer Inquiries on the Rise
This year, nearly six in 10 (59 percent) respondents report an uptick in buyer inquiries compared to this time last year. This is a significant increase from only 44 percent reporting increases in 2011, and 43 percent in 2010. At the same time, only 15 percent say they are getting fewer inquiries than a year ago, down from nearly three in 10 (29 percent) for the prior two years.


Buyer Inquiries
 
Fewer Buyer Challenges with Financing and Selling Existing Homes

REBAC members identified the top issues currently preventing buyers in their local market from completing a purchase. While difficulties obtaining financing were cited as the leading challenge among buyers in 2010 (61 percent) and 2011 (65 percent), in 2012, the percentage noting this challenge dipped to 49 percent. Problems selling their current homes, similarly, declined in 2012 to 43 percent, down from 59 percent in 2011 and 57 percent in 2010.

Top Three Issues Preventing Buyers from Completing Purchases


Marc Gould is the executive director of The Real Estate Buyer’s Agent Council (REBAC). 
A wholly-owned subsidiary of the National Association of REALTORS® (NAR), The Real Estate Buyer’s Agent Council is the world’s largest association of real estate professionals focusing specifically on representing the real estate buyer. 

With more than 30,000 active members, REBAC awards the Accredited Buyer’s Representative (ABR®) designation to REALTORS® who work directly with buyer-clients.