Archives of real estate blog entries for August 10, 2006 (Page 4)

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1031 Exchange Clarification - 09:55 PM
I was recently sent a Podcast from a married couple who are "real estate investment experts". Now I understand people make mistakes and misspeak - I'm guilty. Please correct me if you ever see something or hear something originating with me that you know for a fact to be different that reality.
I digress.
In this Podcast, among other items up for discussion, was a question from a listener about 1031 exchanges. Unfortunately the answer was so completely wrong I wanted to address it everywhere I post.
What a 1031 is:
A 1031 Like Kind Exchange is a tax deferment leaving you the opportunity to … (3 comments)

5 Things You Should Know Before Making An Offer On A HUD House - 01:57 PM
5 Things You Have To Know Before You Buy A HUD House
1.      You must use the services of a licensed real estate agent to purchase a HUD home.  Not just any agent can write the offer.  Only an agent whose broker has received what is called an NAID Number from the broad listing broker can do so.
2.    You will need a minimum $500 earnest money deposit when you write the offer on homes $49,900 and   lower and a minimum $1,000 earnest money deposit on offers above $49,900.   This deposit must be in the form of a certified check to your real estate broker.
3.    You … (2 comments)

Myspace and Real Estate... - 01:46 PM
Not much of the Baby Boomer realtors will even know what I'm talking about on this.  This is 100% Gen X for sure.  Myspace for me has become fairly affective with past client and fellow Realtor relationships.  There is a huge misconception in regards to the site that all it's for is dating and hooking up.  I couldn't disagree more since I'm a happily married guy whose wife is also on myspace.  I first signed on late in 2004.  Since then I have made 5 sales that started through the site from old friends that I have lost touch with for many … (6 comments)

$30K Price Reduction!--> Laveen Arizona Home for Sale - 09:31 PM
Newer Pulte home just reduced $30K! Plus....4.5% Buyer broker commission!
3071 sq. ft.4 bedrooms and 3 bathroomsHuge 27'x13' loft1 bedroom and full bathroom downstairs-ideal for house guest or mother-in-law suiteUpgraded doors and hardwareAll appliances convey!Kitchen has tile, island and large pantryLiving and family room downstairsHuge master bedroom with 2 walk-in-closets3 car garagePriced to sell at $325K! Great value for almost 3100 sq. ft. 4.5% BUYER BROKER COMMISSION!
MLS# 2577734
Call Casey Ross, Century 21 Centre Point with any questions. 623-326-4132.
… (0 comments)

Self-Employed? - 10:39 AM
If you are self-employed, there is no reason for you to shy away from applying for a home mortgage loan, especially if your earnings have been in the same field for at least two years.
It is a good idea to meet with one or more loan officers before you begin your search. They will probably want to analyze your tax returns for the past 2 or 3 years, keeping in mind that many self employed people can look impoverished on paper, since you can write off some expenses that salaried individuals can not.
Get pre-approval from the lender, and ask for … (0 comments)

Professional Resume - 03:43 PM
 
… (3 comments)

The Nuts and Bolts of Credit - 03:46 PM
NUTS & BOLTS OF CREDIT
 
CREDIT PURPOSE
TO DEMONSTRATE ONE'S ABILITY TO REPAYTO HAVE GOODS OR SERVICES TODAY WITH THE FLEXIBILITY OF REPAYING AT A LATER DATETO DEMONSTRATE FUTURE PAYMENT ABILITY                       
THE 3 MAJOR CREDIT REPORTING BUREAUS:
*  EXPERIAN  1-800-682-7654    http://www.experian.com/
*  EQUIFAX  1-800-685-1111   http://www.equifax.com/
*  TRANSUNION  1-888-916-4213   http://www.transunion.com/
CREDIT REPORTING
CREDIT SCOREcredit score is a numerical index which represents an estimate of an individual's financial creditworthiness.  It is based on a subset of the information in an individual's credit report.  Lenders, such as banks and credit card companies, use credit scores to determine credit limits and interest rates.
There are several agencies that report consumer informationThe best known … (1 comments)

Credit Repository Addresses - 03:48 PM
Experian                                   Transunion                                Equifax
PO Box 2002                           PO Box 1000                                 PO Box 740241
Allen, Tx75013                        Chester, Pa. 19022                  Atlanta, Ga.  30374
888-397-3742                         800-888-4213                                 800-685-1111        
… (0 comments)

Calculating Debt Ratios - 03:50 PM
DEBT TO INCOME RATIO
 
FHA is 29% for housing and 41% for total debt including the housing
VA is 41% for total debt including the housing
Conventional is 36% total debt including the housing
EXAMPLE
Income of $45,000/year = $45,000 divided by 12 months = $3,750 X 41% = $1,537.50 Maximum monthly debt including the PITI
Maximum monthly debt less all revolving or installment loans on the credit report equals the Maximum housing payment (PITI)
All loan programs are run through an automated underwriting system.  Therefore, certain factors may offset or compensate for higher ratios than the guidelines permit.
… (0 comments)

Company Mission Statement - 03:52 PM
" The Mortgage Loan Finders"
of Equitable Trust
         
"The Mortgage Loan Finders", of Equitable Trust, are proud to serve your mortgage needs as both a mortgage banker and broker. Our variety of programs and rates will exceed your expectations. In addition, Mortgage Loan Finders has established wholesale relationships that enable us to offer nearly every loan program available in the marketplace. Our experienced loan coordinators, processors, and underwriters all know how to match your needs with the best programs available. Some of the programs we offer are FHA, 100% to 107% Financing, VA, Conforming, No MI, Jumbo, No Doc, No Income, … (0 comments)

The perfect business - 12:12 PM
                         A new revolutionary pay - out plan that's based on a system that national recognized wealth eduacator, Mr. Robert Kiyoski calls, "The Perfect Business!"       This business opportunity offers three incredible benefits:    1. A full 100% commission!  Regardless of your experience.  (DRE license a plus, but not required)  2.  An extra $3,000, $10,000, $20,000 plus of passive income to you monthly!   OWN THE RARE LUXURY OF TIME!   3.  Weekly hot leads, deep training, caring mentoring!
                        Sounds to good to be true?  That's understandable, so risk nothing and find out for  yourself.  It's simple, there's … (1 comments)

Check your credit frequently! - 12:49 PM
                                  I recently had a credit report done and found all kinds of transactions that do not belong to me!  They are now in dispute with the credit agencies!  I just want to make sure that each of you check your credit periodically!  In this day and age of identity theft, on top of human error it is important to check frequently!  I had no idea those things were on mine and as time passed they were rapidly eating away at my score!  The worst thing is that they are not my transactions!  Never thought I would be one suffering from … (0 comments)

Insurance Rates killing recovery New Orleans and South Louisiana - 09:28 AM
The housing market has seen the pullout of all major property insurers for the residential except the insurers of last resort. The area has been redlined by companies to protect their billion of profits from damage. Most of the damage was water related from katrina and they paid a fraction what the federal government. This is also for areas with little or no damge, no floooding. Been paying insurance for 25 years and have never filed a claim. we had a client who was quoted $4200 per year for covering 185k loan. we ended up getting him a great deal for … (4 comments)

Target Marketing for your website, being fairly specific - 09:48 PM
One of the ideas i have had some success with is to target certain pages towards people needs. it shows the potential you have some knowledge of what they are looking for. You can do this with a number of ideas depending upon your real estate area. it sets you apart from your peers. Wanted to get some feedback from you guys as to other ideas. I do need to change the $800 number on renting to a $1000 in this market. If you understate the numbers it even looks better to the client as they knwo its a better deal. … (1 comments)

Affordable housing market. - 06:35 AM
I was in BROOKSVILLE  the other day and spoke to a developer  who believes he has hit on a winning combination to sell homes in a tight market: The parcel of land he was looking at and wanted us to market had an amazing location. The  proximity to the elementary school and a Christian Academy was within walking distance to each other. Better yet the  price tag that is more in line with average working wages. The developer explained to me that the County commissioners agreed and at as land use hearing voted 3-1 to approve 75 single-family homes on the east … (1 comments)

Giving Back - 10:58 AM
I know that I am most likely going to be kicked out of the Republican Party because I have a generous streak, and from what I have read on various credible websites, like Moveon.org heard on Air America that is not even possible. 
 But I just returned from my local board where I sit on a couple of committees.  One of which is the communications committee. 
In this committee, we have helped to organize a program that is called Backpacks for kids.  Click on the backpack for information. 
Anyway, I have the greatest feeling knowing that some children will be helped … (4 comments)

Borrower / Consumer Guide - 11:25 AM
First Time Home Buyers
More Americans than ever are buying homes, translating the dream of homeownership into a reality.  How can homeownership happen for you?  Alethes, LLC Mortgage Lenders have assembled the most important information in an easy-to-follow format.  We will walk you through the entire process and you'll be in your house before long.  Before you start, however, it is essential that you do some basic groundwork.
These steps will enable you to save time and find a home that is perfect for you and is well within your budget.
Establish your financial profile.
First get a credit report and begin … (0 comments)

A message from our President - 11:40 AM
About Alethes, LLC
Conceived as AmeriNET Mortgage in 1998, the company operates and funds loans as both a mortgage banker and a mortgage broker.
While Alethes is the Greek word for truth, Webster's Dictionary further defines it as "truth and possibility." Thus, the company was founded upon the central theme of "always chase the truth and the possibilities will be endless."
Our Mission Statement:
Alethes is a mortgage lender that endeavors to glorify God by Imparting sound business principles, Investing in its people, and Impacting the communities in which it serves.
Our Core Values' Statement:
Alethes will gain … (0 comments)

10 Things You Shouldn't Do When You're Buying a Home - 11:43 AM
Ten Things Home Buyers Should Avoid Doing Before Closing on a Home Your home buying process is well underway. The sellers accepted your offer to purchase. The home is officially under contract and you're counting down the days to closing. The lender pre-approved you, so buying the house is a sure thing, right? Not quite. Nothing is certain until the keys are in your hand and the deed is recorded. There are still hurdles to get past before it's yours, and your actions between now and closing can create headaches, slowdowns and even stop the transaction...
This is a good read! Check … (0 comments)

What is an Escrow Officer? - 09:19 PM
An escrow officer (escrow agent in some states), is one who has, through experience and education, gained a certain degree of expertise in escrow matters. An escrow officer is licensed by that State's Division of Insurance to execute escrow's on any property within any city and county of state in which that person performs business and the property resides in. They are to be a neutral 3rd party. They do Title searches and if required, clear the title on or before the closing date. They cannot give legal advice.
… (1 comments)

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