Interest rates for a Conventional 30yr-fixed drops below 4% for the first time in history! This is great news for First Time Home Buyers looking for Irving TX Real Estate, who maybe doesn’t want to go through the stricter guidelines of an FHA loan.

Even the 15yr-fixed loans, popular among existing homeowners wanting to refinance fell to an all time low according to GSE’s  market analysis. Freddy Mac’s chief economist, Frank Nothaft said the decline in fixed mortgage rates was due to the sharp drop in 10-yr Treasuries.

Lower rates and lenient guidelines… what could be better? Looking for a great deal? Consider an Irving TX Short Sale! Read the article here…

NASA has a decommissioned satellite that is heading towards earth and scheduled to land somewhere in the USA. The exact time and location is still undetermined. According to NASA, this satellite will begin it’s decent on Friday (9/23/11) or early Saturday (9/24/11), EDT. I just hope it doesn’t land in Irving Texas. This thing is the size of a bus, weighing in at around 6-tons! So heads up everyone!!!

Satellites aren’t the only thing dropping these days. Interest rates are still at an all-time low. Consider the latest announcement from the Texas State Affordable Housing Corporation (TSAHC), an interest rate of 4.00% and a 3% grant to help with downpayment and closing costs.  This new rate is effective on the Home Sweet Texas, Professional Educators, and Homes for Texas Heroes Home Loan Programs. Three different programs, all beneficial for helping homeowners purchase their first home.

One thing that up in Irving TX is the number of home sales we had in August 2011. Of the 655 SFR for sale during that month, a total of 123 closed. That’s a 10.8% increase of the month of July 2011, with 111 closed sales! Contact me for a more detailed analysis of the home sales in Irving Texas.

Satellite picture: International Business Times © 2011

It’s back to school for students in Irving TX as well as most of the DFW area. So, a word of caution please be watchful for our young ones, walking and crossing the streets. Take some adult responsibility and leave a little earlier; school zones and crosswalks will slow us down a bit. Preparing for these “slow” will help us reach our destination safe and on time.

Here’s a couple of don’ts to remember… Don’t talk on your cell phone while driving through a school zone, unless you have the appropriate hands-free accessories. The fine could be as high as $500. That’s not the way to get the school year off.

Don’t speed through a school zone; remember that it’s 20mph. The fine is around $312. Some of the students will be driving themselves to school, certainly an exciting time; but safety should always, always come first.

The Irving ISD has been preparing diligently so that our young ones can enjoy a successful school year. So as responsible parents and advocates of our communities, let’s do our part to help make this a safe a happy school year!

 Brought to you by Irving TX Short Sale Specialist:

Here’s a short video I hope helps to educate homeowners around the country to seek the help they need, if they find themselves or someone they know in difficult times, struggling to make their mortgage. (Click image)

In this case, I refer to the lesser of two evils as a short sale. Not only in Irving TX, but all across this nation banks and homeowners are at the ends of this dilemma. The first "evil" being that a homeowner is no longer able to continue making their mortgage payments. Sadly, 1-2 out of every 10 homeowners is completely unable to make his/her mortgage payments, and is already in foreclosure proceedings. While, 3 out of 10 are struggling to keep up with their payments, and just a matter of time before they also face foreclosure. This average continues to grow at a phenomenal rate. Unemployment, sickness & health issues, divorce, and death are all major contributors to this crisis.

The second is that banks are forced to foreclose on certain homeowners. All across the nation, the number of foreclosures that continue to happen is staggering. These financial institutions have a responsibility to their investors… They have to “try” and recoup as much of their investment as possible, even if it’s the property itself. The last thing banks want to do is add to the “homeless” population. This only declines the dignity and values in the family circle. Great communities are built from strong family ties with “pride of ownership”, children do better in school, and this in turn causes growth.

The solution to this crisis is the Short Sale. If a homeowner is helped to “see” that selling the property may be the only solution to actually help their situation, they will be more inclined to do so. Homeowners still need to be educated on this, banks already know this. The 4 major banking institutions (BofA, Citi, and Wells & Chase) are already seeking the assistance of trained, experienced real estate agents that know how to do short sales successfully. The banks are all too familiar with the costs of doing a foreclosure. While they are willing to “take a hit” financially, all is not lost when they agree to do a Short Sale. They would much rather get something, than pay attorneys and get almost nothing.

The Short Sale Process is complex, and not recommended for every agent selling real estate. Each lender and loan type has a different set of requirements. The commitment and dedication has to be there or you could be adding to the crisis by shattering the hopes of others.

Are you ready to “step up to bat”?

I saw a news segment this morning discussing the issue of children barred from restaurants, some movie matinee, and from flying in first class airlines. Although this would be a very bold move on the part of business owners, many suggest it's the right move. Realizing that some business would be loss, these business owners felt that the short fall could be made up with new "childless" business. I know that all of us at one time or another have face a similar situation where you've gone to your favorite restaurant or pub for a good meal and relaxation after a hard day or to celebrate a successful deal, only to have it interupted by someone's uncontrolled child, right? I'm not trying to pick on parents with linient standards, rather I'm bringing light to a society that's fast becomming fed-up. This was said to have started in Singapore and European countries. Now the movement is trickling into the States.

I've personally have attempted a listing presentation where both homeowner parents were present, only not at the same time. I managed to get through about 1/4 of my presentation, but between the yelling and crying and other interuptions, I doubt they could remember my name. Needless to say, I politely told them that this was obviously not a good time. They insisted I stay, and that the kids would soon "tire out". I held my ground and explained that listing their home was not a matter I took lightly. That several thousands of dollars are at stake and that for it to be a successful understanding of the process, I needed to have their undivided attention. I agreed to return when they could arrange to give me at least 1 hour of their time. Sadly they never called again.

Was I wrong? Were the other business owners wrong? Personally, I don't think so. I choose to do business one way... professionally. Although at times it may be a bit relaxed, it's still in a professional manner. I simply refuse to compete for the homeowner's or homebuyer's attention...

By-the way, yes... I have 3 children of my own. They're all grown now, the youngest 20, the eldest 30. The old priciple that "children should be seen, not heard" worked well in raising me, and I taught my kids the same principle of manners. I can't help but feel that moral ethics and respect has to start at home with responsible parenting. Well, that's my rant from the news segment this morning. Any thoughts? 

Watch TODAY video here

I recieved this today and just had to share it... for the humor in us.

Male Sensitivity

The room was full of pregnant women with their partners. The class was in full swing. The instructor was teaching the women how to breathe and was telling the men how to give the necessary help and assurance to their partners at this stage of the pregnancy.

She said, "Ladies, remember that exercise is good for you. Walking is especially beneficial. It strengthens the pelvic muscles and will make delivery that much easier. Just pace yourself, make plenty of stops and try to stay on a soft surface like grass or a path."

She looked at the men in the room, "Gentlemen, remember -- you're in this together. It wouldn't hurt you to go walking with her. In fact, that shared experience would be good for you both."

The room suddenly got very quiet as the men absorbed this information.

After a few moments, a man named Rod at the back of the room slowly raised his hand.

"Yes," said the Instructor.
"I was just wondering, would it be all right if she carries a golf bag while we walk?"

This kind of sensitivity just can't be taught.

Sent to me by Charlie Braun

What’s Involved in a Short Sale? If it’s been established that a homeowner needs to sell to avoid a foreclosure, a Short Sale may be the best choice over other options. So what exactly is involved in a Short Sale?

1. Lender Request – most lenders now have an assembled package (forms) of what documents they need to see, before they decide if the homeowner qualifies for a Short Sale. This can be requested by contacting the lenders Loss Mitigation dept. Some professional Realtors also carry acceptable forms of these documents.
2. Letter of Authorization – before any profession assistance can be had, the lender will required the homeowner to provide authorization or “permission” to the lender before discussing matters pertaining to the mortgage. A Listing Agreement that shows that the property is “actively” competing in the real estate market; may also be required by the lender.
3. Documents – to the Short Sale Package include, but not limited to a hardship letter, a financial worksheet, current pay-stubs, bank statements, federal tax statements, P&L Sheets (if applicable), contribution letters (if applicable), CMA, etc. Some of these documents will require updates every so often at the lenders discretion.
4. Time Frame – of the Short Sale is where a lot of homeowners give up. Once the Short Sale Package has been received by the lender, a follow up to determine the status should be done once or twice a week. Lenders are bombarded with requests; patience and persistence are very much needed in this instance, and extremely hard to apply together.
5. Marketing & Maintenance – I mention these together because they have to work hand-in-hand. A history that the property has been marketed at competitive fair market value needs to be established. Price adjustments may be required accordingly (based on the local market). Maintaining the property in good marketable condition can be deflating, especially if there’s no interest being shown, but very necessary.
6. Short Sale Approval – is what everyone is working towards. A HUD-1 (preliminary settlement) should be used in justifying either a “List Price” or “Buyer’s Offer”. The lender will require this to compare to the BPO provided by a 3rd party. Many variable go into attaining a lender’s approval. An “approval” can be had from as quick as 10-days to as long as 24-months.

Generally, when an approval is given by the lender, it only applies to the offer on the table. There are instances where properties have been marketed with an “approved price”. However, most Approval Letters indicate the name and price of the accepted offer, and cannot be used with any other buyer.

For more information on how Shorts Sales contact Diego Marin.

Irving Tx Short Sales - What Is A Short-Sale?

Short Sale Specialist - Diego Marin, Realtor®
"Straight Talk.... Real Results"
Irving, Texas

Well, let’s first discuss why someone would need a Short Sale. Let’s say that things are going just peachy for you, you’re employed and although it takes two incomes, you’re able to cover your financial responsibilities and still have a little bit to put away. Suddenly one of the “financial” providers loses their job, or gets a life changing illness, making them unable to work. These are considered to be a life changing “hardships” in an otherwise normal situation. It often leaves one wondering; what happened?

Many homeowners in situations like this, overwhelmingly try to make “ends meet” on a single income, where before it took two. Friends …this is called “Pride & Denial”. After all, what would our family and friends say & think of us… right? Falling behind on the mortgage, bill collectors calling, threatening letters in the mail, and now facing the real possibility of Foreclosure is a crisis.

Millions of homeowners are in this very situation today. The possibility of losing one’s home, becoming “homeless”, has affected many families around the nation. While one may not want to sell their home, the inability of making the mortgage makes it almost a necessity. However, trying to sell a house in a “down market” is hard enough for professional Realtors, how much harder for someone doing it alone? So, what is a Short Sale and what does it have to do with me, right? Due to the current housing market, home values have plummeted. So trying to sell in today’s market would most certainly mean taking a loss. Lender are well aware of this, therefore they will consider allowing the homeowner to “sell short” of what is actually owed on the note. This is known as the Short Sale. For example, if you have a mortgage where you owe $100,000; but home values have dropped to $75,000; and someone offers to purchase your home for $70,000; if the Lender accepts the offer and it goes to closing, this is considered a Short Sale.

There are many variables that go into a Short Sale, like Do you have to be behind on your mortgage? Do I Owe the Difference of the Shortfall?. To gain a better understanding of Short Sales, be sure to also read my posts on Do I Qualify for a Short Sale? and What’s Involved In a Short Sale? Perhaps you may be able to help a friend or family member out of a national crisis.

The following is a contribution by a good friend & mentor, Joe Davila:

Dwelling Policy for Rental Property

The idea of owning rental property appear to be gaining popularity as investors tire of the see-saw affect of the stock market. For those who are able to invest in real estate have been and perhaps been able to make money until the unfortunate happens and  suffer a loss. 

With any investment, you would want to protect it. That's where Dwelling insurance or what some would call it, Landlord insurance comes in. It is very important to read your declarations page of your policy or schedule a time to go over the coverage with an agent.

You may be surprised with what your policy may or may not cover; it can be costly to find out after a loss has occurred.

What's covered under a typical dwelling policy:

• Fire and Lightning
• Sudden and Accidental damage from Smoke
• Windstorm, Hurricane and Hail
• Explosion
• Aircraft and Vehicles
• Riot and Civil Commotion, or
• Vandalism and Malicious Mischief

With some insurance carriers there is an endorsement that many real estate investors may not be aware, "Fair Rental Value".  If a loss does occur which makes the dwelling location wholly or partially untenantable, the endorsement coverage will cover fair rental value. According to BusinessDictionary.com the definition of fair rental value is: probable amount the owner of a property could reasonable except to receive from a stranger for lodging. In other words, if your tenant has to move out because of a loss that has occurred, the endorsement will cover your rental income that as been loss.

In addition, depending who the insurance carrier is the deductible clause does not apply to fair rental value coverage.

In the world of real estate investing can be very frustrating if you did not have the proper coverage in your investment. One can not overly emphasize the importance of reviewing your current policy and periodically sit down with a professional insurance agent that cares about your investment as much as you do.

Joe A. Davila

CPIA

One Source Insurance Agency

(Click here) if you'd like to know more about the different types of insuance coverage for investment properties.