Under The Money Tree Blog

Stuffed to the gills

Chrystina Tovani, Sacramento Loan Consultant (Stanford Mortgage) — Sat, 28 Nov 2009 04:12:02 -0600

Thanksgiving "Day" is over but I am still feeling the effects of all that food. Wonderful, delicious, dishes that I don't care if I see again for another year! I'm turkey-ed out. Stuffed. Maybe tamales for Christmas, eh? Anything but a big bird and all that dressing, gravy, mashed potatoes, etc. It is late and I should be in bed but I am too full from left overs to lay down just yet. Feels like I have lead in my gut.

This holiday has been extra special for me because it seems that more people in my life reconnected this year. Its easy to get caught up in our own daily activities and not stay in touch with loved ones. We know they love us and that they are there. We know we can pick up the phone anytime, but we don't because we can do it later or tomorrow. And those tomorrows turn into days and quickly pass by and before we know it months are gone. Then our daily life no longer includes that special someone. Friend, aunt, sister, brother. Life goes by so fast.

I was really excited to spend time with the people I had "misplaced." In fact the night before Thanksgiving I felt just as excited as a child anticipating Christmas morning.

Also, it seems like people are more excited about the holidays this year. Many people I know went to all the Black Friday sales this year. I was getting updates via Facebook. The economy hasn't fully recovered but I know we (my family) are in a better place this year than we were last year. My husband got laid off last year and we went through a rough patch. I find myself feeling giddy at the grocery store these days just because I am not on that tight budget I was on last year. Ugh! It will be a looong time before I ever eat beans again. LOL!

So, I sit here stuffed to the gills from a feast and a spirit filled with grattitude. I am so thankful for the relationships I have in my life.

I realized that what does motivates me the most and is the highest value I have, IS the relationships, my friends; my family; my clients. Yes I do include clients, because I care a great deal about these good folks who put so much trust in me. I cannot help but become friends with most of my clients by the time the escrow closes. I always feel a little sad when we finalize the loan documents. Great relationships are a powerful source for helping to mold the kind of person we want to be. Relationships are the substance that feeds the soul. This I can fill up on without guilt, and no lead belly side effects.

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Experienced and ready to guide you through your next real estate loan transaction! Consistently learning and evolving with the new trends in the market since 1985.

Sacramento loan consultant, Chrystina Tovani, assists with affordable purchase loans and refinances, reverse mortgages, FHA and VA (Veterans) insured loans and conventional loans. For loan information or to apply securely online, please visit my website. Call me today at 916-761-1882 Email me with your Real Estate Loan questions.

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Please note that all information is time and date sensitive. The real estate and mortgage industry changes daily. All thoughts and opinions expressed on my blogs are not necessarily those of my past or present brokers. All information is deemed reliable but not guaranteed.

"I'm mad as hell and I'm not going to take this anymore!"

Chrystina Tovani, Sacramento Loan Consultant (Stanford Mortgage) — Tue, 17 Nov 2009 15:46:27 -0600

Home buyers! Are you being forced to use a particular lender or title company in order to get your purchase contract accepted by the seller? There is a trend going on where buyers are being forced to jump through hoops, apply for loans with the seller's lender of choice or a bank who holds a REO property forcing the buyer to obtain financing from them in order to get an accepted contract. THIS IS ILLEGAL. If you have experienced something that is wrong " Google" FTC Guide to the Antitrust Laws or RESPA Section 9

Via Greg Cook (First Time Home Buyer Network):

In the movie classic Network, Howard Beal, played by Peter Finch in one of the iconic moments in movie history gives us the classic line: "I'm mad as hell and I'm not going to take this anymore!"

I'm wondering when we as Realtors and our clients as consumers are "not going to take this anymore!"

Those of you who believe that the banks/lenders who control the REO properties are going to negotiate fairly and protect your client's interest, can probably stop reading here.

If you think, your job is to protect your client's best interest and negotiate the best possible terms for them, might want to read on.

If you haven't heard about it yet, you will. Chase Bank in a memo to its Asset Managers, announced the Chase Finance Initiative. In an attempt to capture more of the loans that are being done on their REO properties, Chase is encouraging their asset managers to promote Chase financing.

Problem is, they are in violation of RESPA and FTC guidelines and more importantly putting your clients at a serious disadvantage in the negotiation process.

I'm going to quote directly from RESPA Section 9 and FTC Guidelines for Antitrust Laws, so bear with me if it's a little dry. I'm also going to quote directly from the Chase memo that outlines their Chase Finance Initiative.

RESPA Section 9 - "Section 9 prohibits home sellers from requiring home buyers to purchase their settlement services from a particular company either directly or indirectly, as a condition of sale. Buyers may sue a seller who violates this provision for an amount equal to three times for all charges made for the title insurance." "Settlement service means any serive provided in connection with a prospective or actual settlement including but not limited to any one of the following: Origination of a federally related mortgage loan...Rendering of services by a mortgage broker..."

FTC Guide to the Antitrust Laws - "For competitive purposes, a monopolist may use forced buying, or "tie-in" sales to gain sales in other markets where it is not dominant and to make it more difficult for rivals in those markets to obtain sales. This may limit consumer choices for buyers wanting to purchase one ("tying") product by forcing them to also buy a second ("tied") product as well. Typically, the "tied product may be a less desirable one that the buyer might not purchase unless required to do so, or may prefer to get them from a different seller. If the seller offering the tied products has sufficient market power in the "tying" product, these arrangements can violate the antitrust laws."

Refusal to Deal - Sometimes the refusal to deal is with customers or supplier, with the effect of preventing them from dealing with a rival: "I refuse to deal with you if you deal with my competitor".

Chase's plan? "3. Sell the fact that buyers are more likely to receive seller assistance with closing costs by using Chase financing" "8. In multiple offer situations, advise the agent that the seller will generally put more weight" on an offer with Chase financing than any other offer."

As a Realtor, you're really going to like this section from the Chase Finance initiative: "With Chase as our primary client, (asset manager name withheld) must work with Realtors who understand the importance of Chase financing on Chase owned properties and we will begin to limit our relationships to those who can adhere to these guidelines."

I'm sure there are more examples but here are three brief ones, that amplify the disadvantage your clients would have when negotiating with Chase:

1) The lender selected by your client has a more favorable interest rate than Chase, but in order to get their offer accepted, they will have to take the higher rate by using Chase.

2) Your client asks for closing costs to be paid by Chase, but in reviewing your client's financials determines your client has the ability to pay them, and Chase counters accordingly.

3) Your client makes an offer on a Chase home that is priced below the maximum amount for which they qualify. Even though your buyers are making a prudent financial decision, Chase can counter to a higher amount solely because they know your buyer can qualify for the higher price. Think your buyers might accept the higher price if they've already written 20 offers?

This probably isn't something that can be won in a court of law, but perhaps it can be won in "the court of public opinion".

Pass the word, reblog, protest, make t-shirts, just do something. As other banks follow this lead it will be more difficult for us to best represent your client's interest.

As Howard Beal said: "I want you to get up right now! and go to the window, open it, stick your head out and yell I'M MAD AS HELL AND I'M NOT GOING TO TAKE THIS ANYMORE!
Greg Cook

First Time Home Buyer Specialist

First Time Home Buyer Network

951-265-4532

greg@homebuyerhelpnetwork.com

http://firsttimehome.us

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Old Locks = House Party

Chrystina Tovani, Sacramento Loan Consultant (Stanford Mortgage) — Tue, 17 Nov 2009 14:32:51 -0600

Wow! I would have never expected this to happen. Good reason to change the locks with buying a new home.

Via Michelle Gibson Wellington Florida Real Estate (Hansen Real Estate Group Inc.):

Last Friday my clients closed on a beautiful short sale. Unfortunately changing the locks was not at the top of their list since they were not moving in right away.

I always advise my clients to change the locks after closing because you never know who has a key. In the case of these buyer's the previous owners son still had a key and was unaware that the property had been sold.

Thinking his parents still owned the home he decided to throw a huge house party, DJ and all. The neighbors called the police on the 30-40 party goers, but since the young man had a driver's license with that address the police did nothing.

The next day my clients received a phone call from the HOA president notifing them of the incident. It appeared the son didn't want his parents to find out about the party and the house was spotless. This situation could have turned out much differently.

This is a reminder to change your locks immediately after closing.

Michelle Gibson
Hansen Real Estate Group Inc.
561.333.0446
www.SellingCentralPalmBeach.com
©2009 All Rights Reserved

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We Received Your Payments On Time but are Foreclosing Anyway!

Chrystina Tovani, Sacramento Loan Consultant (Stanford Mortgage) — Sun, 15 Nov 2009 15:15:02 -0600

This is just WRONG! Big companies who offer no personal attention to their clients OR employees. Makes me ask, "What is this world coming to?" My friend, who works for one of the big banks says that she was scared because she lives alone and wondered if something happened to her at home, how would anybody know. She said at her job, if someone was missing from work more than a few days, nobody called them to see if they were okay, instead the company sends out a form letter dismissing them from employment. How impersonal and uncaring.

The bigger companies may have the money to advertise and offer low rate programs but for some folks there is greater value in customer service and actually having a real person (not someone in a call center) who "remembers who you are" to listen to your needs and take care of your transaction.

I have always enjoyed the relationships built through helping clients with their real estate transactions. Seeing a family get into their new home, is rewarding and in a way I always felt just as excited for them as they were.

This is an interesting piece by a fellow Active Rainer.

Via Larry Bettag - Cherry Creek Mortgage:

I'm really seeing something wierd going on here:

Mortgage Compaines blowing up.

Mortgage companies thriving.

Clients are making the shift. Big box lenders are so big that they're collapsing on top of their own clients.

I'm dealing with a top three lender rignt now...

As an Attorney!

I've been contacted by the client. The lender had been accepting the mortgage payments, cashing them in and, oh yes.....reporting to the credit bureaus that they hadn't made a payment for nine months and therefore the big box lender began the foreclosure process.

I've spent hours upon hours with the client getting disconnected repeatedly. I'm an attorney looking to help my client, but many disconnections....we called again and again and the bank representative gave us their name and number. Each time we'd call back and invariably each extension was invalid, or surprisingly enough, "Crystal doesn't work at this extension."....can you say....

C'mon now!!!!

I call the president of our company and told him of the fiasco. He found a high up contact in that top three fortune 500 mortgage company to investigate the my client's allegations. What's such an paradox is that they're suing a client for foreclosure claiming that she's failed to make payments. In the mean time she's provided all the statements and cancelled checks to prove that she's never been late with them. As an attorney, I've told her that she has a cause of action against this mortgage company since they they're destroying her credit by reporting he not only as late, but also in foreclosure when the proof is contrary.

But Now??? How about an Update!!!!!

The latest as of this week???? This big box today agreed....to an extent and said the following...

We acknowledge that you've made your payments and made the payments on time. We just don't know where the money is within our company.

Are You Friggin Kidding Me!!!!! That's one caring mortgage company.

"We acknowledge that you've paid on time, but we're not ready to clear your credit or stop the mortgage foreclosure until we can figure out what we did with your money?"

There's a Major Shift Gooing on with Consumers now!!!!

Mortgage Companies are shooting up the list of the top 100 even in a market when big box lenders are collapsing and more are poised to collapse, great companies are rising to the top. Why? Because consumers are begging for someone to care about them.

It used to be that consumers wanted the lowest rate on the block. Now they want a good rate, a really good rate, but for the biggest financial transaction of their lives, they'll trade a little rate to have qualified people investing in their families. They want a relationship. They don't want crappy service for a lower rate.

There are a lot of great companies out there that offer great rates and exceptional service. They might not be the lowest rate in town, but they're fair and they will create a relationship with the client that will inevitably end up with a client for life. Big box???? Transactional, not relational. I'm sorry, I'll take relational over transactional any day. It may not be the cheapest rate in town, but to the client, it's a lot more cost effective. And with the biggest investment in your life isn't it good to have a relationship as well as a point of contact?
Larry Bettag - Regional Vice President, Midwest Region

Illinois FHA Specialist

630-417-7172

An Illinois Residential Mortgage Licensee

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Almost Chicken and Dumpling Soup

Chrystina Tovani, Sacramento Loan Consultant (Stanford Mortgage) — Tue, 03 Nov 2009 17:00:04 -0600

One of the things I love about the "Fall" season is a good soup simmering on the stove. It really makes a house feel like a home.

My son, who is 19, is living two hours away while he's in school and now calls me to ask for recipes. It made me think about documenting some of them to pass along to him.

So tonight for dinner we had something I'm calling "Almost Chicken and Dumplings." I made soup but didn't want to stand there rolling dough for dumplings so I added a little bit of potato and rice and it gave a really nice texture and flavor. The first time I made this recipe I put in a little too much rice and it turned into a rice dish so I tried it again tonight with less rice. I used 1/4 cup of rice and it was just on the verge of being too thick so next time maybe 1/3 cup of rice will make it just right.

This is a very basic recipe: It's simple and can be modified - instead of rice, make dumplings if you're up to it. The rice absorbs the broth, expands and softens. My husband didn't realize it WAS rice. LOL!

Cook time is going to be two sets of 45 minutes and one set of 20 minutes before it is ready to eat so plan accordingly. It smells wonderful while it's cooking. Makes you feel all warm and cozy. Great for those cold winter days.

Ingredients:

One bunch of green onions (about 8)

Leeks are better but seem to be rather expensive these days so I have been using green onions for my soups and they seem to give it the sweetness and taste similar to leeks.

2-3 good sized stalks of celery. I also like to use the inside stalks with the leaves as it gives great celery flavor.

Chop fine. I don't like to bite into celery so the finer the better.

Fresh garlic. I like a lot of garlic so I use about 4 or 5 cloves crushed in a garlic press.

One 32 oz container of Chicken broth. I use Trader Joe's Organic Free Range broth because it has a strong flavor and isn't clear and watery like some brands.

One teaspoon sea salt

One teaspoon Poultry seasoning
One bay leaf

One teaspoon fresh ground pepper corns

3 tablespoons butter (you can also use olive oil)

Put chopped onions, celery and garlic in pan with butter and saute (stir constantly) just until it starts getting glossy and you can see it is cooked but not browned. Paula Deen says, "Everything tastes better with a stick of butter." So if you are cooking healthy use the olive oil. If you want the rich sweetness use butter.

Add broth and one cup of water. (if I have extra broth on hand I substitute by adding an extra cup of broth in place of the water, makes the soup have more flavor.)

Add a handful of chopped parsley, poultry seasoning, salt, pepper and bay leaf.

Bring to boil and add:

Chicken

I use the boneless chicken breast that I buy at Trader Joe's in the frozen section.

Baby Carrots

Small bag or about 2 cups worth

Potatoes

3-4 small potatoes. Don't want to cut them too small because they will fall apart. I cut them in half or leave them whole (depends on how small.)

Directions:

Stir and bring to a nice soft boil and then set the stove temperature to low. On my electric stove, I set it to "3'. Cover pot with lid and set timer to 45 minutes. Let the soup simmer with a light boil. Return after 45 minutes to check on soup and stir. Cover again and set the timer for another 45 minutes.

After the second 45 minutes are up, check on the soup. Stir a little then add about 1/3 cup of uncooked long grain rice. You don't want to add too much rice because it will expand and absorb some of the liquid and adding too much rice will turn your soup into a rice pilaf. So unless you are looking to make rice pilaf, don't add too much rice. I learned the hard way.

After you add the rice, stir the soup and bring to a boil again. Not a raging boil but a soft boil. Stir once more and then set the burner temperature back to low. #2 or 3 on my stove. Cover pot and set timer to 20 minutes. Check and stir to see how the rice is cooking after time is up. You don't want it stuck to the bottom of the pot. It should be cooked after 20 minutes so once it looks done you can add 1 cup of half and half to the soup. You can also use cream but I rarely have it handy. I use half and half for coffee so we usually have it on hand. Milk will work also but be extra careful not to curdle it.

*IMPORTANT: Cream can take boiling, but milk will break. Don't let the soup come to a boil once the milk is added. Add the milk at the end and just heat it. If it does curdle it will still taste good but will look yucky.

You should have a flavorful, lightly rich chicken soup. The rice gets really soft as it absorbs the juice and will offer the thickness and satisfaction of noodles or dumplings without actually making dumplings. If you are up for it, then make dumplings instead of adding rice. Wild rice would be good too. I'm thinking of adding mushrooms and wild rice. There are many ways to experiment with this basic soup recipe.

The above photo had 1/4 cup of rice added and is thicker.

This time, I used only 1/3 cup of rice and liked it much better. I also cut up the chicken into bite sized pieces after it was cooked.

Bon Appetit!

*One way to save a soup or sauce if you accidentally curdle the milk is to add a binder such as a roux (made from flour and butter) or a slurry (made from cornstarch and water). Add a little as a thickening agent and it should bind the milk so you don't have the curdles.

I'm not endorsing or getting paid to talk about any products, just mentioning the ones I use because I like them best. Hey, I'm a huge Trader Joe's fan. They are right in my neighborhood; the employees are always friendly and helpful. I love the familiar, family, local merchant feel. Plus they have great prices! If you go into my kitchen you will see Trader Joe's brand on just about every food product. I like them. What can I say? You find a product or service you like and you stick with it. That's how I roll.

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How Not to Sell a Haunted House

Chrystina Tovani, Sacramento Loan Consultant (Stanford Mortgage) — Wed, 28 Oct 2009 16:23:27 -0500

Just in time for Halloween! Written by Claudette Millette

Via Claudette Millette - Metrowest Mass Exclusive Buyer Broker (The Buyers' Counsel):

Whether chains are rattling, the floor is shaking or there is simply the knowledge that an evil deed was committed on the premises, you could possibly be dealing with a haunted house, or a "stigmatized property" sale.

Since liability issues on these types of transactions vary from state to state - what is the guiding principal for selling a haunted house?

In 1991, a case in New York provided some legal precedent on the matter.

Stambovsky v. Ackley

The owner of a house, Helen Ackley had reported the existence of numerous poltergeists in her home and had, in fact, publicized these occurrences in Reader's Digest and a local newspaper on three occasions. As a result, the home was placed in a five-home walking tour in the city and received an enormous amount of publicity. She even referred to the home in a article as a "Riverfront Victorian with ghosts."

Some of the interactions Ms. Ackley described to reporters included ghosts waking her each morning by shaking her bed. When spring break arrived she loudly proclaimed to the spirits that she did not have to wake up early anymore. On this, she insisted that they listened to her requests and the bed immediately ceased all shaking.

Despite the local notoriety, an unknowing buyer, Jeffrey Stambovsky signed a contract to purchase the home. On an agreed upon price of $650,000 he made a $32,500 down payment. Since Mr. Stambovsky was not from the area he claimed to have ignorance of the widely known haunting tales.

When the buyer subsequently learned of the haunting stories, he filed for a request of the rescission of his contract for the sale and also sued for damages citing fraudulent misrepresentation on the part of Ackley as well as the Realtor®.

In ruling on this case, the court stated that since the existence of ghosts in the home had been widely reported, as a matter of law, the house was haunted.

However, the court dismissed the fraudulent misrepresentation action and stated that the Realtor® had been under no obligation to disclose the haunting to any potential buyers. The court affirmed that the law of caveat emptor (let the buyer beware) applied in this case so the buyer did not prevail.

Mr. Stambovsky subsequently appealed the case and won a reversal.

On appeal, the court stated that a "haunting" was not a condition that a buyer could fairly be able to ascertain  through even the most thorough of home inspections. In this case, "the most meticulous inspection would not reveal the presence of poltergeists at the premises or unearth the property's ghoulish reputation in the community."

It further stated that the seller had taken unfair advantage of the buyer's ignorance. Since she had taken it upon herself to inform the community at large of numerous spirits roaming rampantly throughout the home, she owed no less to her perspective buyer.

The judge then rendered a somewhat entertaining opinion using the following phrases:

"In his pursuit of a legal remedy for fraudulent misrepresentation against the seller, plaintiff hasn't a ghost of a chance," I am moved by the spirit of equity," "In this instance - who you gonna call?" and "The notion that a haunting is a condition which can and should be ascertained upon inspection of the premises is a hobgoblin which should be exorcised from the body of legal precedent and quietly laid to rest."

I have no knowledge of whether or not the parties in question had any appreciation of the judge's sense of humor.

However, Mr. Stambovsky was finally let out of the deal and had his deposit fully refunded.

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Copyright 2009 - Claudette Millette, President, TheBuyersCounsel - 800-392-1446  - E-mail

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Pre-Approval, Approval, Conditional, Cleared - What the ____?!

Chrystina Tovani, Sacramento Loan Consultant (Stanford Mortgage) — Sun, 25 Oct 2009 16:49:14 -0500

Often people want to ignore the truth and get what they want when they want it and they want it NOW! LOL!

This article is definately worth a re-blog! We all need to work together as team to get to the finish line. It's not us against them which sadly seems to be the climate between some professionals in this industry. Ultimately we want what's best for the client and we want to get paid for our time. If we all do our job it's win/win for everybody.

Via Ken Cook, FHA Home Loans 678-439-8683:

Ancient Mortgage Proverb: No deal is ever 100% certain until the loan is completely paid off.

There exists a chasm in communication, familiarity and point of view between agents and loan officers. Sometimes we try to act like it does not exist and we really wish it was not so. I know this chasm exists, just as you do for many reasons, because I have had real estate agents - very good agents - try to convert to loan officer at my companies and I have seen this chasm immediately appear. Sales are fairly and generally black and white, go or no-go, yea or nay. Either the seller accepts the offer, counters or declines. Every agent I have seen try to become a loan officer has had a difficult time adjusting to the different levels of approval.

There are different levels of approval with virtually every mortgage application to loan process and agents we really need you to do your best accept them even if you don't understand them. Otherwise you're going to continue driving the loan officer (me :) nuts and forcing the weaker ones to lie to you or avoid you. Let me help you not contribute to their delinquency by briefly explaining some of the levels of loan approval and addressing how I handle them individually.

First please recognize the average loan has many human and non-human touch-points. It's not just the loan officer or just the loan officer and the underwriter. There are also as many as dozens of other humans plus automated systems involved. If the loan application is not approved by each and every one of these processes as required by the lending or insurance (mortgage insurance) guidelines the application will be denied and the deal will be done.

I don't care who the loan officer is, where they work or what they say - these are constants and work the same way at every lender/bank/broker unless the person you are talking to has the money in their personal checking account and are personally making the loan - something a loan officer does not have the authority to do for any lender.)

[See the edit notes at the end of this post.]

Application Approval - these are generally worthless. These are generally called a pre-approval and sent on a letterhead from the bank, lender or broker. These are often given only after accepting the application and examining the credit history of the applicant(s). At this point nothing has usually been verified or even documented such as income, assets and job history. (I do give these and I explain this is a CREDIT ONLY pre-approval and I have verified nothing except credit and payment history.)

Credit Only Approval - see above.

Automated System Approval (Application Stage) - this is also generally worthless. The loan officer generally has not verified income, assets and job history at this point. This is where most "approval letters" are issued on that official looking FNMA Pre-Approval sheet. (I give these as well and explain I still need all the documentation and several verifications of documenation from the appropriate source.)

Underwriter's Opinion Pre-Approval - again basically worthless for the same reasons. (I give these ocassionally when there is a borderline issue as in tax returns for example.)

Underwriter's Conditional Approval - this is where the loan officer should have a very good idea if this application will be approved. There can be as many as 3 or more weeks between the Application Approval and this date because this is the first time anyone has looked at the complete application package which will include: income documentation (pay stubs, tax returns, etc.), asset documentation (bank statements, retirement account statements, letters of verification), employment verification, rent/mortgage verification, appraisal, insurance documentation, inspection (if required), fully executed and legible purchase agreement, and whatever else is needed. THIS IS STILL NOT AN APPROVAL! There will be conditions and until the conditions are satfisfied this is not a loan.

Clear to Close (or Cleared to Close) - this is it. This is the first time ANYONE can assure this will be a finalized transaction and it does have an expiration - usually 7 to 10 days after the approval.

-Side note about conditions. I had a first time home buyer ask me about "Conditions" the other day. He's a young and single man so I used an illustration I thought he could easily understand. I said, "Suppose you finally get up the courage and ask that pretty girl out on a date. She tells you she will go out with you if you drive a red sports car, pick her up at exactly 7PM and take her to the most expensive restaurant in town." I needed to offer no further explanation of conditions.

The bottom line is this: If you do your job right, the loan officer does their job right, the title/escrow agency does their job right, the appraiser does their job right, the inspector does their job right, the insurance company does their job right, the buyer's employer does their job right, the buyer's current mortgage company or landlord does their job right, the person giving the gift (if there is a down payment gift) does their job right, the IRS does their job right, the borrower's accountant/CPA does their job right, the seller does their job right, the appraiser does their job right, the HOA does their job right, the inspector does their job right, the processor does their job right, the underwriter does their job right, the closing co-ordinator does their job right, the funder does their job right, the seller's agent does their job right ... that's most of them ... then within a few days to a few weeks we'll meet at the closing table. Until then NOTHING is certain.

Now do you still want my opinion or do you want to wait for the truth?

[Edit notes: When I write the pre-approval is worthless I mean as far as the actual final approval - go to the bank and cash your check. Nobody's pre-approval means the application and entire transaction will be approved. A true mortgage professional will follow protocol and verify as much information as possible before issuing a pre-qualification. I was trained to do it that way many years ago and have trained all my staff members to do so as well. However, there are dozens of moving parts outside of our control. The pre-approval, even the best one, simply means there is no reason at that point in time not to proceed with the process of the application.]
Ken Cook - Nationwide Specialist - Information/Marketing - FHA Home Loans
678-439-8683

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How can I get a loan modification?

Chrystina Tovani, Sacramento Loan Consultant (Stanford Mortgage) — Tue, 20 Oct 2009 17:34:26 -0500

Many homeowners are finding themselves in financial distress these days as a result of bad loans and unemployment. They are asking, "How do I refinance when I owe more than my property is worth?" or "How can I get a loan modification?" With property values in decline many homeowners owe much more on their homes than the property is worth which makes refinancing impossible. Selling the home seems out of the question because the sales price would not pay off the loans that they owe on the home. Foreclosure may seem the only action which will cause catastrophic effects on the home-owner's credit.

Homeowners are in a query of what to do to save their homes from foreclosure and are reaching out grasping straws to find ANY solution that will save them from this awful situation. Sadly, many become victims of rescue foreclosure scams in a desperate effort to save their homes.

There are some alternatives. Don't ignore phone calls or letters from your lender. Contact your lender to see if you can get a loan modification. If you find you are getting nowhere with your lender, contact a HUD approved counseling agency. You can find on at www.hud.gov. You should not have to pay for a legitimate housing counselor.

Beware of loan modification companies popping up everywhere. Contact an attorney if you can afford one or contact a local law school. In Sacramento there is the McGeorge Law School.

Another alternative to foreclosure is a short sale. In a short sale, the owner/debtor sells the property for less than the outstanding balance owed on the loan. A short sale will remain on a person's credit report for seven years but has less of an impact and is less costly as a foreclosure. Usually the a person can still purchase another home within 1 to 3 years after a short sale. The lender must approve the short sale based on their own criteria and the debtor must prove a financial hardship. Lenders often have loss mitigation departments that evaluate potential short sale transactions. The majority have a pre-determined criteria for such transactions, but they may be open to offers, and their willingness varies. A bank will typically determine the amount of equity (or lack thereof), by determining the probable selling price from an appraisal or Broker Price OpinionBPO or BOV). (abbreviated

Don't let the name fool you. A short sale is not a "quick sale." It does sound like it should be quick but it's far from it. I wonder whose bright idea it was to call it a short sale. =) I was pre-qualifying a buyer the other day and she mentioned that she would like to buy a "Quick short sale" property. It made me realize that not everyone understands or knows about terms that are used in the real estate and loan industry. I read the mortgage and real estate news daily because it is my job but the majority of the public only reads this stuff when it has to do with them personally. It is my job to educate and protect the best interest of those who come to me for help. Though I do get a little chuckle out of how the terms are comprehended at times. Shows how important it is to explain.

Photos courtesy of bigstockphoto.com

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How much do those zero point loans actually cost you? Are you really saving money?

Chrystina Tovani, Sacramento Loan Consultant (Stanford Mortgage) — Sat, 03 Oct 2009 13:41:46 -0500

Zero points does not necessarily mean lower cost for the loan. I know this but many consumers don't. This is an execellent example of how it plays out. Great article written by a fellow Rainmaker.

Via Steve Kappre, Gloucester County, NJ Loan Officer/Mortgage Planner - 856.419.3561 (Treasury Mortgage):

Rates - APR - Points - Fees: How the Playing Field is Still "Crooked"

I talked to a client today who was shopping me against some other lenders. I don't blame people, and frankly if I think someone else has a better offer and they are legit, I advise "my client" so and have no hard feelings.

In the scenario today, said client was offered 4.5% with no points. I told him it wasn't possible, but lest I be ignorant, I dropped by this other lender's website. Indeed, the lenders website quoted 4.5% with no points and an APR of 4.878%. The website gave the assumed loan amount and purchase price. So I went and did the math. What did I find out? To make the rate and APR accurate, I had to add 2.25% in points ON TOP OF all of the regular fees (title, appraisal, etc.).

In other words, even though the quote was 4.5% with zero points, the TRUE cost was 4.5%, plus typical closing costs, PLUS 2.25% in additional fees/costs.

Please send me your Goofy Good Fake Faith Estimate!

There are several issues with this scenario

APR is supposed to HELP consumers, not confuse them. Clearly this bank (a large bank at that) is charging hefty fees instead of points. This brings us to our next point ...

Points are tax deductible costs - most other fees are not. Charging high fees in lieu of points is an injustice to the consumer. We see rates quoted with NO POINTS to make them look better to consumers. However the total cost is ultimately higher than a lender that is straight forward, charging the same dollar amount but in the form of points. A loan with the same cost in points (versus fees) is a far better deal, saving a consumer hundreds or thousands in tax deductible costs.

APR is "pliable" - Certain fees are calculated into the APR calculation, others are not. Do not assume lenders don't play with the "names" of fees to artificially lower their APR's. That doesn't seem to be the case in the above example, nonetheless keep this in mind.

Lastly, said bank WOULD NOT give the buyer a good faith estimate without having him apply for a mortgage. OK, not so crazy, but the good faith estimate would not be given for 3 days. And if the bank charged an application fee? That would just be another deceptive way to lure a consumer in and tie them to the bank.

Any lender should be able to offer you a good faith estimate (GFE) in a fairly short amount of time, 24 hours or less, allowing some time for when a lender is very busy. Assuming the lender is honest and accurate with their fees, you should be able to see the true cost of their offered rate. You should be able to see, as in the above scenario, that their rate of 4.5% with no points really has a lender fee of $4,119 (Actual additional cost based on their APR). This same week I had another rate shopper send me a goof good faith estimate with 1% in points and $2,100 in application fees. THIS IS NOT NORMAL or fair to you as a consumer, especially on a purchase loan.

I am not angry for losing business, because I didn't lose business. I am however angry because of the lenders and loan officers that mislead and decieve consumers who are just looking out for themselves by rate shopping. What we often see, is that many consumers that search the world over for the lowest rate, actually end up paying much higher costs via deceptive lenders. Consumers can be blinded by a low rate, not allowing them to see the true cost.

Steve Kappre is a Mortgage Planner with Treasury Mortgage. Steve specializes in;

• All areas concerning NJ First-Time Home Buyer Mortgages, grants, down payment assistance, tax credits, and more.

• Reverse Mortgages

• Equity Management strategies for high-end homes and high net worth individuals.

Contact Steve Kappre directly at 856-419-3561 or at www.stevekappre.com

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Does it make more sense to rent?

Chrystina Tovani, Sacramento Loan Consultant (Stanford Mortgage) — Wed, 23 Sep 2009 13:50:44 -0500

Renting vs owning. Renting works fine for some people. In some areas rent prices have begun to come down. How does that effect the difference between the cost of home ownership over the cost of renting? I don't think there is one right or wrong answer when it comes to the question, "Is it better to rent or own a home?" There are pros and cons to both sides.

Owning a home is no longer a get rich quick type of investment. Home ownership allows a set price for a house payment. While the interest rates are lower than they have been in years, taking advantage of getting in on a fixed 30 rate allows the home owner to live in the home without the price adjusting upwards in the coming years. Renting gives no guarantees to the amount of rent you'll be paying ten years from now for the same size home. Home ownership does build equity, over time. If you plan to live in the home for awhile, chances are good that when you sell it you will get back what you put into it and then some.

Home ownership is very emotional for the homeowner. Home owners have the advantage of upgrades and renovations. How many people tune in to HGTV? You won't get this with a rental. If I were renting I might paint a room (with the landlord's permission, of course) but there's no way I would invest in upgrading somebody else' property.

Home ownership has tax advantages. Renting has no tax advantages.

Real estate is a fickle industry. Housing prices have dropped but how low will they go? Are we at the bottom yet? And what happens when we do bottom out and prices begin to rise again? Nobody will know that until the time comes. By the time we know, it will be too late for those who didn't take advantage when the time was right. That is how real estate seems to flow. All anyone can do is educate themselves and make the choice that works out best for their own situation.

I was looking at a townhouse the other day. It is a three bedroom two bath 1300 sqaure feet with a two car garage. It was listed at $77,000. I did a quick mortgage calculation based on a VA loan with no downpayment and including taxes and insurance the mortgage payment was less than $600/month. In Sacramento the average rental on a one bedroom apartment is around $695/month.

Does it make more sense to rent or to buy? What do you think?

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Some sales people need an attitude adjustment. Beware of Slick Willy!

Chrystina Tovani, Sacramento Loan Consultant (Stanford Mortgage) — Wed, 02 Sep 2009 14:36:18 -0500

Unfortunately there are “Slick Willies” in this world. But not all sales people are “Slick Willies.”

Some sales people need an attitude adjustment. Slick Willies abound!

I was shopping for a new cell phone service. I do not like the forced contracts that most cell phone carriers impose on customers. They rope you in with the new phones but you must agree to a contract with a hefty fine if you change your service. Service? They call THAT service?

I went online and looked at several of the major companies who offer no contracts. I did my research on each company and what they had to offer. Service prices, prices on phones, etc. I did my comparison shopping. I did not want a company with a contract, however, if you don’t get a contract, you have to pay full retail for the phone. I could have ordered my phone and gotten my service online but instead I chose to go to several of the local stores in my area and see what they offered.

The first store I visited had a young guy working at the counter and when I walked in he had an arrogant attitude. As if I were taking up his precious time and he casually pointed over to the phones on the wall and blurted out prices and what phones came with it. When I looked at the phones they were way more expensive than the ones I had seen online. I told him that I had seen the phone offered online for a lot less that what his company was offering. He told me that the service that I saw online was no longer available with that company and that I had to buy one of those phones and I would get one month free of the “higher” service price. He acted like he was bored and didn’t want to spend any time waiting on me if I wasn’t going to buy one of the more expensive brands. It was bad enough that I was looking for an affordable priced phone. He just wanted to get rid of me. Wow, now I'll remember that guy everytime I pass by that store.

Well stick a fork in me, I'm done. LOL!

I felt lower than a toad stool. Like I was nothing and the only way to redeem my self was to BUY, buy, buy... the more expensive phone. Then maybe this guy would stop being such an a**. Thankfully, I got myself out of that store promptly. That’s what I call intimidation. Feeling judged. So what if I’m trying to save money and we ARE on a budget. And no, I don’t have an IPhone. So what? Actually, I would love an expensive toy to play with and surf the net with. Man that would be handy. I realize that for some folks this is a priority or needed for their business. As a loan officer, I don't need all of that right now. I refuse to be pushed into something I don't need. My ego can do without the fancy phone for now. I,m not the only person concerned about being more frugle with our economy in the state it is in. Sorry, Mr. Slick! I ain't buying what you're selling.

There is still hope! Great sales people DO exist!

I didn’t let the first sales guy's rudeness discourage me and I went yet to another store. This time when I walked in I told the new sales guy (his name is Allen) exactly what I needed and what I wanted to pay. He walked right over to the phone he thought would work for me, showed it to me and explained why it would be the best fit for my needs. He was not judgmental or rude and he was not treating me like I was wasting his time. He really understood what my needs were and listened with an open heart. I didn’t feel ashamed because I wasn’t buying a fancy phone with all the bells and whistles. Which is what the guy at the first store I went to made me feel like. I remembered this guy's name and was so greatful for his help.

Also, there were the same phones that I saw at the first store that the sales guy (now referred to as Slick Willy) was pushing on me with the higher prices and telling me that the service I had seen online didn’t exist. Guess what? Slick Willy was lying. The second store had them with the lower price and the service I had been looking at WAS available.

Moral of the story. Don’t feel ashamed if you have to live on a budget. Most people do. Shop around for services and if you run into a “Slick Willy” who makes you feel bad, move on. Keep looking. You will find a decent sales person, like Allen, who will listen to your needs and help you find a suitable product for your individual situation.

Attitude shows and the customer feels it. A good sales person accommodates the needs of the customer. It isn't all about what you can get but what you can give that brings back referrals. Many people now days are learning to live within their means and there is absolutely nothing shameful about being careful how you spend your hard earned money.

Just keep on saying no!

Another recent occurance is a company who keeps calling me because I purchased a domain name. They want to sell me a service that I don't want or need. I get a canned speech where the same sales guy (I recognize him but he has called too many people to realize he has called me before) inserts my name all over the place which is annoying in itself and then proceeds to ask me if I intend on being found on the internet or if I am not interested in being found. Yeah, insult me and then I'm going to want to buy from you.

Ah, the Slick Willies are out there! Beware!

Photos courtesy of BigStockPhoto.com

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Will the tax credit be extended beyond December 1, 2009?

Chrystina Tovani, Sacramento Loan Consultant (Stanford Mortgage) — Wed, 26 Aug 2009 16:49:38 -0500

H.R. 2801: Home Ownership Moves the Economy (HOME) Act of 2009 is a bill set to go before congress to extend the Home Buyer Tax Credit to U.S. citizens. The current home buyer tax credit allows first time home buyers (buyers who have not owned a home in the last three years) to receive a credit of 10% of the purchase price up to $8000.

There are some restrictions.

Income must be under $75,000 or $150,000 filing jointly. There is a reduced credit for individuals earning up to $95,000 or $170,000 jointly.
The home must be a first time purchase.
The home may not be sold within three years of purchase or the credit will need to be paid back.

The tax credit allows the buyer to claim the credit either on their 2008 or 2009 tax return and if they do not owe enough taxes after the credit has been applied, the credit balance will be refunded to them in cash.

The tax credit is set to expire on December 1, 2009. Real estate agents and lenders are preparing for the rush to get escrows closed in time for buyers to qualify before the tax credit expires. There are still many buyers who have procrastinated or have not found a home yet and as we are heading to the final stretch of time available to close an escrow, those buyers who are just getting into contract in October may be putting themselves at risk not to close in time. With stricter lending policies and changes that have occurred in the last year, it may take longer to get an escrow processed. Many lenders these days are operating with a skeleton crew.

Home builders and Realtors are lobbying for the extension which if passed will extend the tax credit for one year and will remove the income restriction and requirement that the home be a first time purchase. Let's hope they are successful in accomplishing this goal since it will increase home sales and create jobs.

If the H.R. 2801 bill is passed to extend the the tax credit beyond the December 1, 2009 deadline there would be:

No income limits.
Tax credit for all home buyers, not just first time buyers.

From the article I read, it stated that it is estimated to increase home sales by 383,000 and create nearly 350,000 jobs. Something much needed for our economy.

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Why Loan Officers Kill Deals, Cost You Time and Money and Anger Customers

Chrystina Tovani, Sacramento Loan Consultant (Stanford Mortgage) — Thu, 02 Jul 2009 13:44:36 -0500

This is a great read and excellent advice for anyone who is about to "shop" for a home loan.

Via Ken Cook, FHA Home Loans 678-439-8683:

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).

Ken Cook - Nationwide Specialist - Information/Marketing - FHA Home Loans
678-439-8683

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Don't put the house before the LOAN.

Chrystina Tovani, Sacramento Loan Consultant (Stanford Mortgage) — Tue, 29 Apr 2008 21:26:49 -0500

Does it really make a difference?

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,

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What is Agency?

Chrystina Tovani, Sacramento Loan Consultant (Stanford Mortgage) — Mon, 21 Apr 2008 15:59:03 -0500

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.

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.

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Applications to participate in the Memorial Day Parade 2008

Chrystina Tovani, Sacramento Loan Consultant (Stanford Mortgage) — Tue, 25 Mar 2008 15:20:12 -0500

42nd Annual North Highlands/Antelope Memorial Day Parade Monday, 26 May 2008

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

Photos from 2007 Memorial Parade from Apple Jack's collection on Flickr.

Chrystina Tovani - Sacramento Metro Living
Sacramento, CA
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Easter Babies

Chrystina Tovani, Sacramento Loan Consultant (Stanford Mortgage) — Wed, 12 Mar 2008 20:13:19 -0500

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?

Photos courtesy of Flickr

Chicks

Originally uploaded by Jungle_Boy

An Army of Peeps

Originally uploaded by psilver [silverph.com]

A Delicate and Beautiful Creature

Originally uploaded by psilver [silverph.com]

Contentment

Originally uploaded by psilver [silverph.com]

Happy Easter! Happy Spring!

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.

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Are you getting ready to remodel?

Chrystina Tovani, Sacramento Loan Consultant (Stanford Mortgage) — Wed, 12 Mar 2008 15:45:10 -0500

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

916-440-1215 x 1107

They also need volunteers to help run the store.

For more information visit their website

Photo courtesy of Flickr

Thanks to Tracy Riba e-Pro, Johnston County NC Relocation Expert for her article Consider Habitate for Humanity's ReStore when rehabing a home which brought this to my attention.

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The Kindness of Strangers - Is all some people have left.

Chrystina Tovani, Sacramento Loan Consultant (Stanford Mortgage) — Tue, 11 Mar 2008 16:51:04 -0500

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.

Photos Courtesy of Flickr

I hope and pray that our economy recovers sooner than later.

Sincerely,

Keep Moving Forward!

Your satisfaction is my Success!

Experienced and ready to guide you through your next real estate loan transaction! Consistently learning and evolving with the new trends in the market since 1985.

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How do you say "no" politely without being insulted by an obnoxious sales person?

Chrystina Tovani, Sacramento Loan Consultant (Stanford Mortgage) — Thu, 21 Feb 2008 16:39:06 -0600

Sales Person: Hello, Chrystina. This is <insert name> from <The real estate service that you just have to have>.

Me: I'm not interested at this time. Thank you.

Sales Person: "Oh, so you don't want to make money? Well, we are only interested in proactive agents anyway..... blah blah blah...."

I've encountered a few who almost turned the conversation into a shouting match.

Note to Mr. Telemarketer From Homes.com Looks like another agent is also fed up. We wrote our articles at about the same time. <g>

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.

Does this happen to you? How do you respond?

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Back to Basics, Guidelines to purchasing REO property.

Chrystina Tovani, Sacramento Loan Consultant (Stanford Mortgage) — Wed, 06 Feb 2008 16:42:30 -0600

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.

Download the full brochure.

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,

Keep Moving Forward!

Your satisfaction is my Success!

Experienced and ready to guide you through your next real estate loan transaction! Consistently learning and evolving with the new trends in the market since 1985.

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Military Families, service personell and returning vets: Do you know the VFW?

Chrystina Tovani, Sacramento Loan Consultant (Stanford Mortgage) — Tue, 05 Feb 2008 17:58:55 -0600

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

Membership Information

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.

VFW Post 4647 News & Updates

I hope this information was helpful to you. For more information about the VFW visit http://VFW.org

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Experienced and ready to guide you through your next real estate loan transaction! Consistently learning and evolving with the new trends in the market since 1985.

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Are you in trouble with your mortgage?

Chrystina Tovani, Sacramento Loan Consultant (Stanford Mortgage) — Sun, 27 Jan 2008 15:46:22 -0600

Don't wait until your interest rates increase. If you think you are going to have trouble making your mortgage payments, contact your lender immediately. The lenders don't want to take your home. If there is anything they can do to prevent this from happening they will do everything in their power to help you keep your home.

Download flyer

Credit counselors, loan servicers and lenders will offer on-site assistance and information on available options with your mortgage.

Hosted by Assembly Member Roger Niello and Assembly Member Ted Gaines

Tuesday, January 29th - Roseville
10:00a.m. - 12:00p.m.
Maidu Community Center
1550 Maidu Drive
Roseville, CA 95661

Hosted by Senator Darrell Steinberg - Saturday, February 16th -10:00a.m. - 12:00p.m.

Location TBD - Sacramento, CA

For more information visit: http://yourhome.ca.gov/

Chrystina Tovani
Realtor & Loan Specialist
Realty One
Visit my website at http://realestatelady.org/

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Experienced and ready to guide you through your next real estate loan transaction! Consistently learning and evolving with the new trends in the market since 1985.

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Tensions rise as market floods with listings, buyers feast, and sellers…well

Chrystina Tovani, Sacramento Loan Consultant (Stanford Mortgage) — Fri, 13 Jul 2007 13:47:33 -0500

Serious sellers are turning to real estate professionals because they don't want their home to just sit stagnant on the market that offers more choice and variety to buyers now than for a very long time.

This reminds me of a favorite saying of the legal profession that anyone who attempts to defend himself in a court of law "has a fool for a client."

According to the Sacramento Business Journal, the number of existing homes listed for sale in the Sacramento real estate market is at 22,000 and continues to rise. Home sales fell 42% and foreclosures are 10 times worse than they were at this time last year. This trend is expected to carry over into next year.

It's a buyers market. As prices continue to fall, home affordability is making a comeback. The median price for homes in Sacramento County is at $339,000 which is a 10% drop from last year.

Homes that ARE selling are priced below the last comparable sale. With so many choices available to the qualified buyers, sellers have to be realistic of the current market and not try to compare their home to what their neighbor may have sold for a few months ago.

There's a great deal of tension.

Homes in foreclosure increased from 477 last year to 3,641 this year. Buyers are watching the market to see what's going to happen with the home prices before they dip their feet into the buyers' pool. The drastic increase in home prices over the last 5 years have been hard to swallow for those who are just getting ready for home-ownership.

Many homeowners used their houses as ATM machines, refinancing to the maximum appraised value and are now nervous to see their property values plummet.

Though interest rates have risen there are still some great loan programs available. Home prices have begun to come down. Buyers have a smorgasbord of inventory to choose from.

This is a great time for home-buyers. Sellers who have an excellent listing agent working for them will benefit as long as they don't trip themselves by holding on to delusions of what they would like and instead, pay attention to "what is."

Some good news for those who purchase homes before the drastic drop in home values:

SacramentoCounty News Release, July 3, 2007 - Reflecting that much of the residential real estate market has experienced a recent decline in value, the Assessor's Office has reviewed the market values of residential properties in SacramentoCounty and will be reducing the assessed values of over 50,000 properties on the 2007-08 property tax roll.

Wishing you the very best!

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Experienced and ready to guide you through your next real estate loan transaction! Consistently learning and evolving with the new trends in the market since 1985.

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Celebrating Independence Day in Sacramento

Chrystina Tovani, Sacramento Loan Consultant (Stanford Mortgage) — Mon, 25 Jun 2007 14:54:52 -0500

We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.--

The Declaration of Independence is the nation's most cherished symbol of liberty. Read a transcription of the Declaration of Independence.

For 231 years American soldiers have sacrificed their lives in order to maintain and pass the torch of freedom to our future generations. The convictions in the hearts and minds of the American people makes me proud to be an American!

Here's a fun trivia quiz just to see how much history you remember.

I'm grateful to those who have in the past and are today putting themselves in harms way so that you and I can enjoy the full bounty of freedom to say and do and to BELIEVE what we choose.

Thank you!

4th of July Celebrations In Sacramento:

Folsom Rodeo

Fireworks Celebrations at Cal-Expo

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Experienced and ready to guide you through your next real estate loan transaction! Consistently learning and evolving with the new trends in the market since 1985.

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