A good friend who has been in the business for many years asked a simple question of me today. It had mostly to do with credit score and what can be done. The answer was black and white - no room for gray - and his response was, "took the mortgage broker 3 months to figure that out. that's how long they tied up my listing!!!"
I have always given the truth even when the response truly does sting. When you give someone the facts and they say, "I'll just go somewhere else" or "well MY lender can ...". What I want to say is, "oh shutup you nitwit idiot" (because I'm human) but instead I say, "Best to you I wish you all the luck."
I can also tell you luck doesn't close loans. Neither do loan officers who lie to you, string you on and cost you time and resources. Not to mention end up pliffing off your customers.
I know for many years loan officers have "said anything to get the deal". I know this because I have had literally hundreds of people over the years come back to me, at or near closing or after the closing has been postponed umpteen times, saying, "You were right. They can't do what they promised." Of course the worst thing of all is when they promise you one thing, end up not being able to do it and countering with what I offered originally and you still going through with the deal ... that dignifies the way they treated you so they'll lie to the next person in hopes they'll settle for that treatment.
YOU CAN WALK AWAY AT THE CLOSING TABLE and the earth will not collapse around you. I know your agent wants their commission they have earned, the seller wants their money from the house they just skipped the last mortgage payment on and you have to be out of your rental house tomorrow. Guess what? You'll pay for that "bad" loan for many years so just calmly stand up, walk out, call the local lender who has an office you can drive to and go see them. Stop rewarding these liars for bad business.
Three common lies loan officers tell today:
I'm as busy as I have ever been
No problem I can get that done
We can close in two weeks (on a purchase)
Of course there are times when those are the correct answers. Here is a litmus test - if two or more experienced professionals give you one answer and the loan officer at mega-bank out in some state a thousand miles away tells you "sure, we can do that - we can do things nobody else can do" be very suspicious.
I have a sale closing coming up soon. Just after I locked the FHA rate at 5.25 (no dicount) on this purchase the father emailed and said "Everhome can do it for 4.75 with no discount and no origination". I knew that was not true because that rate was long gone. I also knew it wasn't true because that was about the best par rate ever and EVERYBODY gets paid. So I called Everhome and spoke with Jeff. Jeff was very helpful and curteous and laughed and said, "Sometimes the rates they advertise are a little outdated." I said, "Outdated? When did you ever do that rate with no points and no origination?" He said, "Me personally, never."
I used Everhome because I have the data to back it up in case somebody wants to challenge me on it. Not to throw Everhome under the bus because it is almost everyone who advertises (adverlieses) rates. If you see a rate or service advertised online you can almost certainly not believe it. Supposedly the FTC is taking care of that but I haven't heard anything lately. There are other names, too, who have promised the sky and couldn't even deliver a crack in the sidewalk.
BUT YOU DO IT TO YOURSELF - I know, I take the phone calls:
Me: "Thank you for calling Novation Mortgage, Georgia's FHA Loan Experts. This is Ken how may I help you?" You: "I just want to see what your rates are today." Me: "Fantastic, are you looking to purchase or refinance?" You: "Uhm refinance. So what are your rates?" Me: "Is this a home you are living in or an investment home?" You: "Uhm it's the home I live in. What are your rates?" Me: "That's great are you looking to take cash out or just rate and term?" You: "For Pete's sake, dude! Just tell me your rates!!!"
What you just did was tell me nothing more than a lie was going to help you at all. What if you wanted cash out? Waht if you're looking for an FHA streamline? What if you want to go to a 15 year loan instead of a 30 or vice-versa?
RATES ARE SUBJECT to many variables. You need to be shopping for much MUCH more than the rate. So when you're really serious about service and cost that beats anyone you can name you're ready to deal with a mortgage professional and get the quality service you deserve. Or you can keep dealing with order taking operators at some mega-bank three states away. I digress.
So how are you to know?
Find someone you can trust in your LOCAL area.
Find someone who can give you CUSTOMER references (not just agent references).
Find someone who has a LENDER's LICENSE PERSONALLY (not crucial but helps).
When an agent writes a purchase contract, one of the most important things included will be how much cash the buyer is going to put down, the type of financing and the terms of the loan. Is it going to be a 20% down payment with a 30 year fixed loan at 6% or is it going to be a 0% down (100% financing) VA loan? Do these loan terms make a difference to a seller? Is being pre-approved going to give you a better position than if you are pre-qualified? You betcha!
So, you want to buy a home. You've filled out a loan application, spoken with a loan officer and received a pre-qualification letter stating that "based on what you have told the loan officer", you qualify for a purchase price of X amount of dollars. Yeah..... Now you're ready to put in an offer. Uh, slow down there Bessy.
No, you're not ready.
In this real estate market, a pre-qual letter is about as valuable as the paper it's printed on.
Pre-approval is the way to go.
It would appear that with so many homes on the market, sellers would jump at any offer. This is not the case. Many of the homes on the market are bank owned properties or short-sales. The bank is making the decisions about what offers they will accept. They want to see that the buyer will be able to close escrow within a short time frame. I've seen properties priced low in order to stimulate interest and get multiple offers. It becomes a bidding war. The winner will most likely be the best offer by a buyer with loan approval. Having loan approval gives the seller one less thing to worry about. The longest part of the escrow process is obtaining financing.
If you are pre-approved, your lender will issue a commitment subject to a satisfactory appraisal. Appraisals can be done quickly.
Don't put the house before the loan. If you have not been pre-approved, it's way too early to count on getting your offer accepted. Sure, anything is possible, but its highly unlikely.
Pre-approval requires that you complete a loan application with credit reports and verifications of employment or income, bank accounts. The complete loan file is then submitted to an underwriter for formal loan approval. There may be some issues with your credit or income that need to be addressed.
If you want your offer to be taken seriously by the seller, get your financing in order. Get pre-approved FIRST.
Now you're ready to make that offer.
I hope this information was helpful to you. If you have further questions or need assistance in buying or selling a home, feel free to contact me.
Sincerely,
Chrystina Tovani specializes in the sale and financing of Single Family Homes, Condos, Townhomes, and Income Properties, in Sacramento. Sacramento Agent, Chrystina Tovani, assists first time home buyers as well as home buyers and sellers of higher end properties. Whether you are moving up or into your first home, Chrystina will guide you through a smooth real estate transaction.
This is often misunderstood by consumers and it is up to the agent to explain the importance of an agency relationship. Consumers want to be sure that their agent is on their side and representing their best interest. An agency relationship is created to form a fiduciary relationship.
With an agency relationship, the buyer, seller, and agent are bound together in a legal relationship, with all the duties and rights that go with that connection.
So, what is Agency?
Agency is the legal relationship an agent has with a buyer and/or a seller. The law of agency is the one that gives everybody the right to be fairly represented in a real estate transaction where there is a broker involved.
Under the Disclosure of Agency Law
An agent may represent only the buyer, only the seller, or both. All parties must acknowledge their understanding of who is representing them and sign a disclosure.
Buyers or sellers can be confident that an agent on their side in the negotiations is representing their best interests.
Seller's Agent
A Seller's agent under a listing agreement with the seller acts as the agent for the seller only. A Seller's agent or a subagent of that agent has the following affirmative obligations:
To the Seller:
A fiduciary duty of utmost care, integrity, honesty, and loyalty in dealings with the Seller.
To the Buyer and the Seller:
(a) Diligent exercise of reasonable skill and care in performance of the agent's duties.
(b) A duty of honest and fair dealing and good faith.
(c) A duty to disclose all facts known to the agent materially affecting the value or desirability of the property that are not known to, or within the diligent attention and observation of, the parties.
An agent is not obligated to reveal to either party any confidential information obtained from the other party that does not involve the affirmative duties set forth above.
Buyer's Agent
A selling agent can, with a Buyer's consent, agree to act as agent for the Buyer only. In these situations, the agent is not the Seller's agent, even if by agreement the agent may receive compensation for services rendered, either in full or in part from the seller.
An agent acting only for a Buyer has the following affirmative obligations:
To the Buyer:
A fiduciary duty of utmost care, integrity, honesty, and loyalty in dealings with the buyer.
To the Buyer and the Seller:
(a) Diligent exercise of reasonable skill and care in performance of the agent's duties.
(b) A duty of honest and fair dealing and good faith.
(c) A duty to disclose all facts known to the agent materially affecting the value or desirability of the property that are not known to, or within the diligent attention and observation of, the parties. An agent is not obligated to reveal to either party any confidential information obtained from the other party that does not involve the affirmative duties set forth above.
Agent Representing Both Seller and Buyer
A real estate agent can legally be the agent of both the Seller and the Buyer in a transaction, but only with the knowledge and consent of both the Seller and the Buyer. This can be difficult to do because the agent knows how much money the buyer is willing to pay AND how low the seller is willing to go to sell the property. The agent is NOT allowed to disclose this information without the express written consent of both parties.
It is of the upmost importance for the consumer to understand exactly how his or her agent is representing them. Never assume the type of agency you have, get it in writing.
Another very important thing to consider when working with a real estate agent:
A real estate agent is a person qualified to advise about real estate. If legal or tax advice is desired, consult a competent professional. A real estate professional is NOT supposed to offer legal or tax advice.
I hope this information was helpful to you. If you have further questions or need assistance in buying or selling a home, feel free to contact me.
Sincerely,
Chrystina Tovani specializes in the sale and financing of Single Family Homes, Condos, Townhomes, and Income Properties, in Sacramento. Sacramento Agent, Chrystina Tovani, assists first time home buyers as well as home buyers and sellers of higher end properties. Whether you are moving up or into your first home, Chrystina will guide you through a smooth real estate transaction.
VFW Post 4647 will present the 42nd Annual Memorial Day Parade honoring all those who gave their lives in defense of our great country.
Applications are now being accepted for parade participants.
Trophies will be awarded in each category. A participation ribbon will be given to each individual participating in the parade. All parade entries will be considered and must be approved by the Parade Committee.
To download and print a copy of the entry form along with the parade route map, visit:
http://vfwpost4647.org/ or Click on the photo to go directly to the Parade sign up information.
For entrants and viewers there will be hot dogs, sodas, and beer (plus a no-host bar, of course) available at VFW Post 4647 following the Parade.
If you have any questions, you can call Parade Co-ordinator, Barbara Fowler at 916-267-3812
As a child, one of the most exciting things I remember about Easter was going to the store and seeing bins filled with colorful baby chicks. On my grampa's farm I would chase the little chickies all over the place trying to catch one. They were too swift for me darting under the fence or into an opening in the barn. Finally the mama hen would get fed up and jump all over me. Scared me from chasing her babies. That's for sure.
Children love little baby bunnies, ducklings and chicks. They are cute a cuddly. Fun to play with for about a day or so. But what happens after the novelty wears off?
Rabbits and birds need special care. While they may make excellent pets for some people, they are not toys. Please resist the urge to buy them for your children unless you are willing and able to take proper care of them. Every year after the Easter holiday animal shelters get an abundance of left over easter "babies".
Some animals are better enjoyed as the delicate beauty of nature. Left in their natural habitat.
Like my grandmother used to say, "These aren't play pretties." You look but don't touch.
They should never be dyed or left at the mercy of a three year old, or any child for that matter. Teaching our children to respect the earth and the animals who live among us is vital.
These guys are colorful and tasty and don't have to be cared for.
Stuffed animals, colored easter eggs, non-living toys are a much better alternative. Don't you think so?
Chrystina Tovani specializes in the sale and financing of Single Family Homes, Condos, Townhomes, and Income Properties, in Sacramento. Sacramento Agent, Chrystina Tovani, assists first time home buyers as well as home buyers and sellers of higher end properties. Whether you are moving up or into your first home, Chrystina will guide you through a smooth real estate transaction.
Habitat For Humanity may be able to reuse some of your old stuff.
Sacramento's Habitat For Humanity's ReStore is a place where you can purchase or donate items from remodeled homes. Many donations are tax deductable and they will provide you with a receipt.
They accept everything from tools, lumber, wheel barrows, dishwashers, fixtures and household appliances to be reused by the community.
Many items are sold to lower income families through the store.
The Sacramento store is located at:
8351 Umbria Ave., Bldg. 5, Bay 1 Sacramento, CA 95828
I hope this information was helpful to you. If you have further questions or need assistance in buying or selling a home, feel free to contact me.
Sincerely,
Chrystina Tovani specializes in the sale and financing of Single Family Homes, Condos, Townhomes, and Income Properties, in Sacramento. Sacramento Agent, Chrystina Tovani, assists first time home buyers as well as home buyers and sellers of higher end properties. Whether you are moving up or into your first home, Chrystina will guide you through a smooth real estate transaction.
I was at the gas station today. There was a man who was standing near the front door holding a gas can. He was dressed in nice casual clothes and looked as though he were waiting for someone inside the store. Slowly as if forcing himself, he began to walk out to the pumps one foot in front of the other.
Seemed more like he was about to step on stage in front of a huge audience. He appeared to be mortified.
He was probably wondering what the "blank" he was doing in this situation. He didn't look like he was used to begging.
He approached me and asked, "Can you spare some gas?" He looked so uncomfortable holding an empty gas can asking strangers for help.
I had just finished putting the last of the gas I had already paid for and was closing up the cap. I would have gladly given him some gas. I was about to give him a couple of dollars when another guy (who must have overheard) came back out from inside the store and said that he had just paid for $3 and pointed to the pump for the guy to go to.
With relief and gratitude the guy said, "Oh, thank you so much!" and rushed over and began filling his gas can.
I thanked the other guy for helping this man. It seemed as if he got the same feeling that I did.
Sometimes people need help and have to rely on the kindness of strangers.
With the state of our economy and the housing crisis, we are seeing more and more regular folks like you and me struggling to survive.
The polititians may be saying we're not in a recession but to me it seems much worse. I don't remember a time when it was this bad. To me it feels like a depression.
People are being laid off from jobs and even in some industries such as custom cabinet shops the owners are closing shop and looking for work outside the industry. I know about this because someone close to me was laid off and this is what he is finding out as he looks for work.
As real estate professionals, we see homes that have been taken by the bank with the people's belongings still in them. We wonder what happens to these families. They don't go dancing off into the sunset, that's for sure.
Harsh reality has hit and it's a reality that hits close to home because these are our neighbors, our friends and sometimes even us.
Today I experienced first hand someone who did NOT look like he was used to asking strangers for help needing help to the point that he was willing to put his pride aside. It was a humbling experience.
I hope and pray that our economy recovers sooner than later.
Sincerely,
Chrystina Tovani specializes in the sale and financing of Single Family Homes, Condos, Townhomes, and Income Properties, in Sacramento. Sacramento Agent, Chrystina Tovani, assists first time home buyers as well as home buyers and sellers of higher end properties. Whether you are moving up or into your first home, Chrystina will guide you through a smooth real estate transaction.
I have gotten to the point that when I hear, "So, you aren't interested in increasing your income?" I reply, "No, I"m not." Then I tell them thank you for calling. I say goodbye and hang up the phone.
Of course we are all in business to earn a good living and we want to make money. It's just impossible to buy every gadget, website, lead generater, neighborhood, etc. Not purchasing the product doesn't mean we are bad agents who don't want to earn an income. Frankly, I'm getting tired of dealing with these companies and their pushy sales tactics and insulting behavior. I'm sure not everybody is that way....but I seem to get my fair share of these calls that turn ugly.
Interested in purchasing an REO property? REO means Real Estate Owned or managed by Fannie Mae. Fannie Mae developed a brochure for home buyers interested in purchasing California properties owned or managed by Fannie Mae. This brochure will help you understand the process, costs, and risks involved. You can download a copy of this brochure here. I have addressed some of the key questions that I get often, however there is more detailed information and questions on the brochure that I have not addressed in this article. I only highlighted what I felt was the most important part.
How is buying a home owned or managed by Fannie Mae different?
Usually when you buy a home you are purchasing it directly from the seller who lives in the property. When you buy a home that is owned or managed by Fannie Mae or other corporate sellers you are dealing with a seller who has not occupied the home but has acquired it through foreclosure, deed in lieu of foreclosure or forfeiture. When buying this type of property (REO) it is important to know the condition, the costs of any needed repairs and the steps in the loan qualifying process before you enter into a sales agreement.
Has Fannie Mae fixed everything in the house?
Not likely. They may add fresh paint, new carpet, roof, siding, etc. Still, that does not mean that everything has been fixed or is new. Fannie Mae sometimes makes repairs to properties to make them more marketable but there could still be issues concerning safety that require repairs. Fannie Mae sells each property in "AS IS" condition. This means that you, as the buyer, accept the property in its condition at close of escrow. Fannie Mae does not warrant or guarantee any work that may have been done on the property. You should hire a qualified professional to inspect the condition of the property whether it has been repaired or not. Hiring a home inspector is a good practice no matter what type of home you buy.
What can you tell me about this house?
Since Fannie Mae is not a seller who lived in the home, they are exempt from completing a transfer disclosure statement. If Fannie Mae has any knowledge of any hazards on properties they own, they will disclose this information through their listing agent. Home buyers are encouraged to inspect the property and have a professional home inspection.
Will Fannie Mae accept an offer contingent on the sale of my house?
No.
Can I buy a house directly from Fannie Mae without going through real estate agents? No. You may work with any real estate professional you like, however all offers must be submitted through the listing agent.
What happens if Fannie Mae gets more than one offer?
Submit your best offer in writing through your real estate agent. Fannie Mae is not obligated to accept any offer submitted. They will accept the offer that is in their best interest.
I hope this information was helpful to you. If you have further questions or need assistance in buying or selling a home, feel free to contact me.
Sincerely,
Chrystina Tovani specializes in the sale and financing of Single Family Homes, Condos, Townhomes, and Income Properties, in Sacramento. Sacramento Agent, Chrystina Tovani, assists first time home buyers as well as home buyers and sellers of higher end properties. Whether you are moving up or into your first home, Chrystina will guide you through a smooth real estate transaction.
One of my passions is devoting my time and resources to our veterans. I am a Life Member of the Ladies Auxiliary of the Veterans of Foreign Wars and I am proud to be a member of one of California's largest posts, Post 4647. If you are a returning soldier or have served in the military and want more information on the services that the VFW provides, just follow the links below.
Ever since its founding more than 100 years ago, the VFW has donated millions upon millions of volunteer hours, been a strong supporter of our country's youth, been a major supporter of patriotic and educational efforts and been an unwavering advocate to our military, its veterans, and their families. Of all we do, our programs make the greatest impact on the lives of those we serve and honor.
Here is information about the post I belong to, but there are posts all over the Uniteds States. You can find a local post in your area by visting the National VFW site at www.VFW.org
There's usually something fun going on in the Canteen. Every Friday evening there is dinner and dancing. Dinner is served at 6pm and there is a live band or a DJ that starts at 7:30pm. Every Sunday you can enjoy a hearty breakfast of eggs cooked to order, bisquits and gravy, sausage, bacon and hash browns beginning at 9am until about 11am. Enjoy great company and great music every Sunday evening with our DJ in the Canteen.
During the year there is horse shoes, bowling, golf, pool, darts, dominoes, bus trips to Reno, and lots more to offer for recreation and relaxation.
I hope this information was helpful to you. For more information about the VFW visit http://VFW.org
Sincerely,
Chrystina Tovani specializes in the sale and financing of Single Family Homes, Condos, Townhomes, and Income Properties, in Sacramento. Sacramento Agent, Chrystina Tovani, assists first time home buyers as well as home buyers and sellers of higher end properties. Whether you are moving up or into your first home, Chrystina will guide you through a smooth real estate transaction.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
42nd Annual North Highlands/Antelope Memorial Day Parade Monday, 26 May 2008
As a child, one of the most exciting things I remember about Easter was going to the store and seeing bins filled with colorful baby chicks. On my grampa's farm I would chase the little chickies all over the place trying to catch one. They were too swift for me darting under the fence or into an opening in the barn. Finally the mama hen would get fed up and jump all over me. Scared me from chasing her babies. That's for sure. 
Habitat For Humanity may be able to reuse some of your old stuff. 
;)
;)
