Eddy's Blog

Como Utilizas Tu Tiempo Cuando Sales a Lonche?

Eddy Martinez (Nationwide Funding Group) — Wed, 07 May 2008 20:31:28 -0500

Como un californiano yo soy muy afortunado hacer mi oficina situar aquí en el del sur de california. Para algunos de los que estén fuera de estado la bahía del sur es minutos lejos del aeropuerto internacional siempre ocupado de Los Ángeles. Una vez que o dos veces una semana yo y mis colleauges vayan a los puntos calientes del corredor/del agente de propiedades inmobiliarias a asir una mordedura para comer. Hay competición mucha para su negocio y otros profesionales del oficial de préstamos y otros de las propiedades inmobiliarias soliticing siempre el mismo negocio. Algunos ellos intentan demasiado difícilmente porque los veo el dar el agente de una tarjeta de visita y él terminan encima de ellos lanzado en el piso. Mide el tiempo a menudo de otros abogados les dan un puñado de aviadores o del intento para demostrarles algo en su computadora portátil. ¡Para el motivo de los dioses esta gente está intentando almorzar!!!!!!!!!!!!!!!!!!!!!!

Tomo un acercamiento totalmente diverso con esta gente. Tomo un acercamiento menos agresivo con todo más acertado. Con los agentes que soy solicitando yo enganche con la charla pequeña generalmente alrededor o los deportes o cualquier cosa que vienen importar. Entonces después de que algunos minutos tiendan para preguntarme si estoy en el negocio con este mi pie está en la puerta. Cuando estoy a punto de dejarme tome SU tarjeta y carta recordativa con ellas el día siguiente. Esta estrategia hasta ahora apagado hermoso. El hecho de que también hablo espanol también me da una ventaja competitiva más grande.

Eddy Martinez
Nationwide Funding Group
Team Leader / Senior Loan Consultant
Office: 1-888-702-2225 x 115
Direct: 1-310-530-0917
E-Fax: 1-310-943-6551
emartinez@nationwidefgc.com

Loan Products and Services Currently Offered By Me :)

Eddy Martinez (Nationwide Funding Group) — Thu, 01 May 2008 22:45:04 -0500

Realtors and Fellow Finance Professionals,

As a real estate finance professional its important to display what types of loan services are currently offered here in southern California which is my primary target market. I can lend in 35 other states as well. Lending guidelines have currently changed but in my opinion for the better. Appraisals values are getting cut by lenders due to the number of current foreclosures across the nation. Full income documentation is the norm but there are a few banks that are offering stated income loans but their requirements are pretty rigid. Contact me if you have a scenario.

Here is what i can Currently offer *:

Home Equity Loans to 75% CLTV in Southern California, inquire within for other states.
FHA financing for purchase (3% Down) and refinance loans.
100 % VA Financing up to $417,000.00, inquire within for other states.
Home Opportunities , My Community & Flex to 95% LTV
Conforming Rate & Term to 95 % LTV
Conforming Cash Out Refinance to 85% LTV
Conforming Purchase to 90% LTV
Jumbo Conforming Purchases and Refinances up to 85% LTV
Great Rates available on No PMI option Loans (LPMI)
Reverse Mortgages
Small Business Commercial Loans
Interest Only up to 10 years on Fixed and Adjustable Rate Mortgages.
80-10-10 Seller Carryback available on conforming loans
Cash out after 30 days off of MLS (FHA and Conv)
Down-payment assistance programs accepted on FHA , inquire within for additional details
Manufactured Housing ok - inquire within for additional details not all properties qualify
100 % yes you heard right 100 % financing available under the USDA Rural Development program. 102% LTV (100% with a 2% USDA Guarantee Fee, which is financed) No Mortgage Insurance, No declining market issue, up to 6% seller concessions allowed. Full Doc Only, Owner, Occupied or current USDA loan refinances ONLY. Its important to note that: The porperty does not have to be zoned rural. The program is specific per state and there are income limits per state that are required so please inquire within if you have a scenario.

Loan Guidelines are tight but there are still various loan products that are available for first time buyers, investors or refinance prospects.

Realtors and fellow real estate professionals if there a borrower that you can not finance or if you need a prequal don't hesitate to contact me. I am bilingual so if you have any Spanish speaking clients i am here to help. Don't worry i wont ask you for a referral fee on a closed purchase. Expect the truth and nothing short of that. As much as it hate to turndown a borrower it something that has to be done.

Lets make it happen in a soft market,

Eddy Martinez - Se Habla Espanol
Nationwide Funding Group
Team Leader / Senior Loan Consultant
Office: 1-888-702-2225 x 115
Direct: 1-310-530-0917
E-Fax: 1-310-943-6551
emartinez@nationwidefgc.com

* Rates and loan programs are subject to change at any time.

* LTV = Loan To Value = How much you are borrowing / Value of The Subject Property.

* With the 2008 Economic Stimulus package Confroming loan amounts are different in every county. Anything outside of the conforming loan amount is to be considered Jumbo.

Oakland Raiders 2008 NFL Draft Analysis.

Eddy Martinez (Nationwide Funding Group) — Mon, 28 Apr 2008 18:11:30 -0500

As i had predicted the Raiders chose Darren Mcfadden with the number four overall pick in this past weekends NFL draft. But i must say i am not happy with the other picks. Here is the full draft overview.
Raiders Draft Tracker
R P O POS. Player College
1 4 4 RB Darren McFadden Arkansas
4 1 100 CB Tyvon Branch Connecticut
4 26 125 WR Arman Shields Richmond
6 3 169 DE Trevor Scott Buffalo
7 19 226 WR Chaz Schilens San Diego State

The Raiders did great by picking the best athlete in the draft with their first pick and will surley kick start our bland offensive play. But overall we did a terrible job draft-wise , we had only five overall picks throughout the seven rounds. We drafted another Cornerback that we did not need and we drafted two wide recievers which at best only one will make the full roster. We needed more help on our defensive and offensive line as evidenced by our league worst 32rd ranking against the run. A outside linebacker was another glaring need that wasnt addressed. We released RB Dominic Rhodes and traded away CB Fabian Washington in order to leave some cap space. This draft is further evidence that owner Al Davis is still running the show which is just absurd. He does have a keen eye for talent but he is drafting as if it was 1967 all over the again. The game has changed 360 degrees since then. I just dont see any other quality free agents out there that are going to fill the gaps we possess.
If were GM i would of drafted an two offensive lineman, two defensive lineman and a Outside linebacker. The Raiders spent alot of money in the offseason on players such S Gibril Wilson, WR Javon Walker, DT Tommy Kelley, CB DeAngelo Hall just to name a few. The reality is that you can not buy a team, just ask the New York Yankees who have had the highest payroll in all of sports and zero championships to show for it.
How did your team do in this years draft?

Eddy Martinez
Nationwide Funding Group
Team Leader / Senior Loan Consultant
Office: 1-888-702-2225 x 115
Direct: 1-310-530-0917
E-Fax: 1-310-943-6551
emartinez@nationwidefgc.com

Oakland Raiders 2008 NFL Draft Breakdown..............

Eddy Martinez (Nationwide Funding Group) — Wed, 23 Apr 2008 20:18:05 -0500

Below is a look at whom mock drafts have the Raiders picking with the No. 4 overall pick:

- Mel Kiper, ESPN - RB Darren McFadden, Arkansas - Todd McShay, Scouts Inc - RB McFadden - Mike Mayock, NFL.com - DE Vernon Gholston, Ohio St. - Vic Carucci, NFL.com- RB McFadden - Pat Kirwan, NFL.com- DE Gholston - The Sports Xchange DT Glenn Dorsey, LSU - Profootballtalk.com- RB McFadden - NFLdraftcountdown.com- RB McFadden - Draftinsiders.com- RB McFadden - Sporting News OT Ryan Clady, Boise State - NFL Draft Scout - RB McFadden - Don Banks, SI.com- RB McFadden - Mike Lombardi, NFL Network- Gholston

As you can see above most draft experts are predicting that the Oakland Raiders with the number four overall pick in the draft this saturday. Coverage begins on ESPN at 3pm Eastern Standard Time. Al Davis the Raiders control hungry owner has a knack for recognizing talent and for the most part speed. The raiders head coach Lane Kiffin has absolutley no say as to who the raiders draft and he calls al davis the "general manager". Insiders close to the raiders and al davis have heard that if star running back Darren Mcfadden out of the university of Arkansas is the clear choice. The raiders clearly have needs on the defensive and offensive line but an explosive home run hitter like Mcfadden doesnt come around too often. As a lifelong raider fanatic i totally agree with these predictions:
With the number four pick in the NFL draft the Oakland Raiders select:

I have a feeling that the raiders will also make additonal trades and acquire more picks on draft day. They only have only have a total of 5 draft picks and dont have any picks in the second or third rounds. In order to fix this the raiders may trade future late round draft picks along with RB Lamont Jordan, CB Fabian Washington or CB Stanford Routt.

If for some reason mcfadden is picked then the raiders should go with the legacy approach and draft Raider legend Howie Longs son Chris Long Defensive end of out of the University of Virgina.

This offseason the raiders have spent money like it is going out of style, so the next few days are going to be very interesting.

Eddy Martinez
Nationwide Funding Group
Team Leader / Senior Loan Consultant
Office: 1-888-702-2225 x 115
Direct: 1-310-530-0917
E-Fax: 1-310-943-6551
emartinez@nationwidefgc.com

Los Angeles Lakers Lock Up the #1 Seed In The Western Conference

Eddy Martinez (Nationwide Funding Group) — Wed, 16 Apr 2008 15:24:54 -0500

What a season for our beloved Lakers. Training camp and most of the off-season was full of kobe trade talk and kobe being upset that the Lakers front office didnt get him any help. But early in the season the general manager Mitch Kubpchak starting making his moves also the emergence of the center Andrew Bynum gaves us lots of hope. He traded Maurice Evans and Brian Cook for Trevor Ariza an athletic and outstanding forward but his season was cut short due to a leg injury. After this trade went down the laker faithful assumed that this was all the Lakers would do to improve the squad...............

But the biggest trade in the NBA took place the lakers traded center Kwame Brown and rookie point guard Javaris Crittenton, two draft picks for all star center Paul Gasol. This ignited the fire for the lakers and the team will only get better when Bymun and Ariza return which should be during the second round of the playoffs. The Lakers had what it took during the season to win tough in-conference games on the road. With the thrashing of the Sacramento Kings the Lakers get an extra day of rest and will play either the Dallas Mavericks or the Denver Nuggets in the opening round of the playoffs this weekend.

Could we see the Lakers and Celtics in the finals again just like the 80s? Time will only tell.......

How did your favorite NBA team do this year? Any Predictions?

Eddy Martinez
Nationwide Funding Group
Team Leader / Senior Loan Consultant
Office: 1-888-702-2225 x 115
Direct: 1-310-530-0917
E-Fax: 1-310-943-6551
emartinez@nationwidefgc.com

2008/2009 NFL Schedules Are Set !!!!!!!!!!!!

Eddy Martinez (Nationwide Funding Group) — Tue, 15 Apr 2008 14:52:35 -0500

Regular Season Schedule/Results
WK	DATE	OPPONENT	TIME (ET)	TV	TICKETS	LOCATION
1	Mon, Sep 8	Denver	10:15 PM	ESPN
2	Sun, Sep 14	@ Kansas City	1:00 PM
3	Sun, Sep 21	@ Buffalo	1:00 PM
4	Sun, Sep 28	San Diego	4:05 PM
5	BYE WEEK
6	Sun, Oct 12	@ New Orleans	1:00 PM
7	Sun, Oct 19	NY Jets	4:15 PM
8	Sun, Oct 26	@ Baltimore	1:00 PM
9	Sun, Nov 2	Atlanta	4:15 PM
10	Sun, Nov 9	Carolina	4:05 PM
11	Sun, Nov 16	@ Miami	1:00 PM
12	Sun, Nov 23	@ Denver	4:05 PM
13	Sun, Nov 30	Kansas City	4:15 PM
14	Thu, Dec 4	@ San Diego	8:15 PM
15	Sun, Dec 14	New England	4:15 PM
16	Sun, Dec 21	Houston	4:05 PM
17	Sun, Dec 28	@ Tampa Bay	1:00 PM

This morning the NFL released the full schedules for the upcoming season. The Draft is next saturday April 26 so the countdown begins for the new season!!!!!!!!!!!!!!!

My team the Oakland Raiders has a pretty tough schedule playing 2 out of the first 3 on the road.

Hows your teams schedule ? Predictions?

Eddy Martinez

Nationwide Funding Group

Team Leader / Senior Loan Consultant

Office: 1-888-702-2225 x 115

Direct: 1-310-530-0917

E-Fax: 1-310-943-6551

emartinez@nationwidefgc.com

Saturday April 5 2008

Eddy Martinez (Nationwide Funding Group) — Thu, 20 Mar 2008 18:33:01 -0500

Join Hundreds of Realtors , Loan Officers, Appraisers, Insurance Agents, Real Estate Attorneys
for an exclusive networking mixer. Long lasting business relationships will be made..........
Eddy Martinez
Nationwide Funding Group
Team Leader / Senior Loan Consultant
Office: 1-888-702-2225 x 115
Direct: 1-310-530-0917
E-Fax: 1-310-943-6551
emartinez@nationwidefgc.com

" Xclusive " Networking Event and Mixer- Saturday April 5 2008 Additional Details !!!!!

Eddy Martinez (Nationwide Funding Group) — Tue, 18 Mar 2008 18:41:58 -0500

Hello Rainers here is a quick update in regards to the real estate networking event and mixer that I am organizing on Saturday April 5 , 2008 at the Basement Ultra Lounge in the city of Long Beach. The Event starts at 9:35 pm.

Due to limited space you will need to RSVP by April 4 2008.

I look forward to meeting and networking with everybody there.

Eddy Martinez

Nationwide Funding Group

Team Leader / Senior Loan Consultant

Office: 1-888-702-2225 x 115

Direct: 1-310-530-0917

E-Fax: 1-310-943-6551

emartinez@nationwidefgc.com

"Xclusive" Real Estate Networking Event Saturday April 5 2008

Eddy Martinez (Nationwide Funding Group) — Tue, 04 Mar 2008 21:33:58 -0600

I am proud to announce the Real Estate Networking event that I am organizing. It will take place Saturday April 5, 2008 at the Basement Ultra Lounge in the city of Long Beach. This is an open invitation to all local and non local Active Rain members. In attendance there will be Appraisers, Real Estate Agents . Loan Officers, Title Reps, etc. This will be a great oppurtunity for all guests to network , so bring plenty of business cards and get ready to make new connections in the industry.
There will be guest speakers and a mixer thereafter. More details coming soon..............................

In Attendance there will be Appraisers, Real Estate Agents . Loan Officers, Title Reps, etc.

Dress to Impress 149 Linden, B-100, Long Beach, 90802 RSVP As soon as possible as space is limited. Event Begins at 9:30 p.m
www.basementlounge.com

Eddy Martinez
Nationwide Funding Group
Team Leader / Senior Loan Consultant
Office: 1-888-702-2225 x 115
Direct: 1-310-530-0917
E-Fax: 1-310-943-6551
emartinez@nationwidefgc.com

Im Back!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Eddy Martinez (Nationwide Funding Group) — Sat, 23 Feb 2008 13:46:41 -0600

Hello again Active Rainer's!!! Its been a while since i last wrote a blog but whether you believe me or not i have been swamped with real estate and various other business endeavors. Consumer response off of this website has been phenomenal. My recent hiring of an assistant has surely helped me out freeing up some time. Don't you wish there was more time during the working day? :)

I have commented on a few blogs so I never was completely gone from active rain. I will be blogging regularly again and have many other networking projects in store for the future. My first will be a networking event Saturday April 5 at the Basement Ultra Lounge in the City of Long Beach intended for all real estate professionals, appraisers, title, escrow officers, attorneys, etc.. More details will be released soon. Stay tuned.

Reciprocation is one of the keys to everybodys success here on activerain.

Sincerely,

Eddy Martinez

Nationwide Funding Group

Team Leader / Senior Loan Consultant

Office: 1-888-702-2225 x 115

Direct: 1-310-530-0917

E-Fax: 1-310-943-6551

emartinez@nationwidefgc.com

"Dont Talk About It Be About It"

Loan Referral - South Carolina

Eddy Martinez (Nationwide Funding Group) — Mon, 12 Mar 2007 21:39:51 -0500

Heres the Deal Active Rainers this is going to be a hard money deal in South Carolina his FICOs are below 500. LTV is 60 percent. This Borrower just got out of a really bad divorce and wants to get back on his feet.

If you would like this email me and i will get you the borrowers contact information. I am going to be very selective with who i give it to since the borrower has been very patient and is a very nice person and was referred to me.

Thanks,

Eddy Martinez

Best Rate Funding - Direct Lender - Wholesale Rates

Senior Loan Consultant

Direct Line: 1-888-702-2225 x. 115

E- Fax :1-310-943-6551

bestrate Funding

"A business that makes nothing but money is a poor business. "
- Henry Ford

Another One Bites the Dust

Eddy Martinez (Nationwide Funding Group) — Thu, 08 Feb 2007 19:49:59 -0600

FW: LENDER'S DIRECT OFFICES SHUTTING DOWN TODAY PERMANENTLY....

Thursday, February 8, 2007

It is with deep regret that I announce effective end of business today the closure of Lenders Direct Capital Corporation's Wholesale Lending Operations and the Layoff of the Company's wholesale staff.

The current state of the US nonprime lending industry (and the default risk associated with it) as a whole and the resulting lack of investor demand for the Company's nonprime loan products are important factors in reaching this difficult decision to cease wholesale originations and fundings effective immediately.

I wish to take this opportunity to sincerely thank each and every one of you on behalf of Management for your tireless work and dedication over these past 3 ½ years.

------------------------------------------------------------------------------------------------------------------------------

I just recieved the above email a few minutes ago and actually i was quite shocked. I funded three loans with them last month and i had a great relationship with them and my AE. I would sometimes broker some of my out of state loans beacuse they had excellent pricing for my clients. The AE for this lender was actually here at my office last week, now she is out of a job. She didnt see it coming. But thats just how it is in this business one day you are a star and the next day you are gone. 90 % of the people who worked for the company will be back in the mortgage industry in some sort of way. Survival of the fittest is the name of the game. We are seeing the underbelly of the Real Estate Boom unravel in front of our very eyes. Home values are not dropping , they simply adjusting to where they should be. This is trend is much more prevalent here in California.

Whos next to bite the dust? Only time will tell.

Any predictions?

New Century is going through some issues with their high default rates. Their stocks are plummeting as well.

Eddy Martinez

Best Rate Funding - Direct Lender - Wholesale Rates

Senior Loan Consultant

Direct Line: 1-888-702-2225 x. 115

E- Fax :1-310-943-6551

bestrate Funding

"A business that makes nothing but money is a poor business. "
- Henry Ford

Realty Referral !!!!!!!!!

Eddy Martinez (Nationwide Funding Group) — Thu, 25 Jan 2007 19:41:55 -0600

I have a client who lives in San Leandro California and she would like to sell her house. She hasnt listed her home yet because:

(1) She only speaks spanish

(2) She has got offers from realtors to list her house but she feels the commission charged is too high.

She would gladly list her house with a realtor who would charge her a fair %. But thats between you and her to discuss. I would like to refer her to a Realtor who speaks spanish and will not refer her to someone else.

If you think you fit the profile or know somebody who might then please contact me, my contact information is below and also on my profile page.

This isnt my last referral that I am going to post on here so treat this one right and you go a few more coming your way :)

Regards,

Eddy Martinez

Best Rate Funding - Direct Lender - Wholesale Rates

Senior Loan Consultant

Direct Line: 1-888-702-2225 x. 115

E- Fax :1-310-943-6551

bestrate Funding

"A business that makes nothing but money is a poor business. "
- Henry Ford

Success Volume Two

Eddy Martinez (Nationwide Funding Group) — Wed, 17 Jan 2007 21:41:46 -0600

(Continued):

6. Associate with successful people. Do what they do. When faced with choices, make the choice a successful person would make.
Blow your bonus check on a gambling trip or invest it?

7. Avoid unsuccessful people. Do not under any circumstances associate with negative people. Negative people are toxic; they destroy, they do not build. They are vampires that can live only by draining the life from others. The odds are greater that they will pull you down faster than you can lift them up. You can choose to stay away from all the negative people in your life. Avoid all the whiners, complainers, blamers and thumbsuckers.

8. Do what you are best at and what you get the most satisfaction from. There is no reason to stay stuck doing things that are frustrating, boring, unhealthy, unproductive, demeaning or unfulfilling.

9. Write down a vision of how you want to live your life. Be specific. Where you want to live, what kind of carpet, who your friends are, the pony's name, what the new church rec hall you donated looks like, etc. Make a Future Scrapbook; paste in pictures, drawings, essays, clippings. Make up news headlines about your achievements. Every day visualize yourself as you would like to be - and then act that way!

10. Write down your biggest goal, the one you most want to fulfill. Write it in the present tense, "I am...", "I have...", "I contribute.. .". Success is the result of a personal decision, so start your goal with "I". Read your goal aloud every morning and night. Tell people your goal. Make a plan to achieve your goal and stick to it.

11. Study the science of success. Read books, listen to tapes, watch videos and positive TV programming. Talk to successful people and ask them how they became successful. Fill your mind with positive thoughts and give yourself positive self-affirmations.

12. Every day do something that brings you closer to your goal. Never give up. You can only fail if you quit trying. Keep on keeping on and you will succeed. Achieving success requires following a system. Begin today by putting these 12 points into daily practice.
Everybody experiences fear of failure, uncertainty, insecurity, low self-esteem, indecision, depression, nervousness and embarrassment. Successful people master these temporary conditions by taking positive action, by sticking to their plan, by maintaining their vision of the future, by learning from setbacks and by rededicating themselves to the pursuit of their mission. By following these simple steps you will become successful and achieve all that you desire.

This is my first inspirational post for 2007, its important to start the year off right :)

Eddy Martinez

Best Rate Funding - Direct Lender - Wholesale Rates

Senior Loan Consultant

Direct Line: 1-888-702-2225 x. 115

E- Fax :1-310-943-6551

bestrate Funding

"A business that makes nothing but money is a poor business. "
- Henry Ford

Success Volume One

Eddy Martinez (Nationwide Funding Group) — Wed, 17 Jan 2007 21:37:04 -0600

No one becomes successful by accident. Success requires making a plan and sticking to it. It is simple, but does require commitment; it is not hard to do, but does require hard work.

The good news is that once you begin, the results start coming almost instantly. The miracle of successful living is that the smallest step towards success attracts more success! Here is a very brief outline of the key points that will help you achieve the highest levels of success.

1. Look into the nearest mirror - the person staring back at you is the only person responsible for your success. Smile! No one else is the cause of your success or to blame for your short comings. Successful people take full responsibility for their actions.

2. Smile back at your reflection. Successful people are cheerful, optimistic, and forward thinking. If you think you don't have anything to smile about, smile anyway. Positive thoughts drive out negative thoughts. It's hard to have a negative thought while you are smiling!

3. Positive self-esteem is the foundation for success. Feel good about yourself and your abilities, achievements and potential. Don't dwell on your mistakes. Remind and praise yourself on your past accomplishments. Congratulate yourself for taking positive steps toward a more successful future.

4. Believe in yourself. You are here for a purpose. God doesn't make extras just to fill in the scenery. Find your mission and begin working to fulfill it.

5. Desire to be a success. Decide right now that you will be successful. Commit to being successful.

6. Associate with successful people. Do what they do. When faced with choices, make the choice a successful person would make.
Blow your bonus check on a gambling trip or invest it?

Eddy Martinez

Best Rate Funding - Direct Lender - Wholesale Rates

Senior Loan Consultant

Direct Line: 1-888-702-2225 x. 115

E- Fax :1-310-943-6551

bestrate Funding

Whats Escrow? - VIX

Eddy Martinez (Nationwide Funding Group) — Wed, 10 Jan 2007 22:18:30 -0600

Conditional Delivery (continued)

Towards the end of the escrow period, the buyer will be asked to sign a note and trust deed for the loan. The buyer is promising to pay back the money using the property as security for the loan. Escrow has not closed, and the buyer does not own the house yet. Nor has the seller been given the promised money, but the note and trust deed are signed and deposited into escrow, conditionally, until all other terms have been met. At that time money will be released by the lender to escrow.

What is a Complete Escrow ?

Properly drawn and executed escrow instructions become an enforceable contract. An escrow is termed as "complete" when all the terms of the instructions have been met.

After the escrow process has been completed, the buyer gets a grant deed, after it has been recorded, and the seller gets the money. The escrow closes shortly thereafter.

Eddy Martinez

Best Rate Funding - Direct Lender - Wholesale Rates

Senior Loan Consultant

Direct Line: 1-888-702-2225 x. 115

E- Fax :1-310-943-6551

bestrate Funding

"A business that makes nothing but money is a poor business. "
- Henry Ford

Whats Escrow? - VIII

Eddy Martinez (Nationwide Funding Group) — Wed, 10 Jan 2007 22:09:14 -0600

Conditional Delivery

A conditional delivery of transfer documents and funds, the second requirement for a valid escrow, means the seller will deliver a signed grant deed which conveys the title to the buyer, and/or the lender will deliver to escrow whatever funds are required for the sale. In addition, the escrow agent will hold the security for any loan (trust deed) conditionally until directed by the terms of the escrow. The escrow agent will keep documents and funds until all other terms of the escrow are completed, and then distribute them according to the expressed conditions of the escrow.

Sometime before the escrow closes, the seller will be asked to sign a grant deed conveying title to the buyer. Becuase the seller will sign over the ownership to the buyer before getting the money, the escrow holder is instructed to hold the signed deed until funds from the buyer are deposited into escrow and all other items of the escrow have met. With all of this completed Conditional delivery of the grant deed has been made.

Eddy Martinez

Best Rate Funding - Direct Lender - Wholesale Rates

Senior Loan Consultant

Direct Line: 1-888-702-2225 x. 115

E- Fax :1-310-943-6551

bestrate Funding

"A business that makes nothing but money is a poor business. "
- Henry Ford

Whats Escrow? - VII

Eddy Martinez (Nationwide Funding Group) — Wed, 10 Jan 2007 21:34:15 -0600

Purchase Agreement as Escrow Instructions (continued)

An escrow is opened when a real estate agent brings the signed purchase agreement to the escrow holder, who makes a copy and accepts it by signing off in the required box in the document. The escrow holder should be concerned with whether or not the contract is complete, fully signed and intialed before accepting it. It must be a valid contract before becoming instructions for the escrow.

In addition to the purchase agreement as escrow instructions, an escrow holder will submit acceptance or additional escrow instructions for buyer and seller signature. These instructions will include any other terms that need to be agreed upon by buyer and seller to complete the escrow.

Eddy Martinez

Best Rate Funding - Direct Lender - Wholesale Rates

Senior Loan Consultant

Direct Line: 1-888-702-2225 x. 115

E- Fax :1-310-943-6551

bestrate Funding

"A business that makes nothing but money is a poor business. "
- Henry Ford

Whats Escrow? - VI

Eddy Martinez (Nationwide Funding Group) — Wed, 03 Jan 2007 19:56:00 -0600

Purchase Agreement as Escrow Instructions

In a purchase transaction here in Calfornia there is a bran new approach to conducting escrow and that is to use the purchase agreement as the formal escrow instructions. The California Association of Realtors (C.A.R.) www.car.org provide a from known as the Residential Purchase Agreement and Joint Escrow Instructions (purchase agreement) , and seems to offer the best of all approaches to the escrow process. The form combines the strength of the offer to purchase and escrow instructions into one contract. The reason this effort was made was to make escrow all over the state of California more conforming and less repetitive. Because the purchase agreement is the original agreement between the buyer and seller, it will reflect the mutual agreed-upon desires of the parties when it becomes the actual escrow instructions. Any mutual changes changes are made using an addendum to the original contract rather than amendments to escrow instructions.

For you non California Real Estate Agents do you have a similar escrow revision?

Eddy Martinez

Best Rate Funding - Direct Lender - Wholesale Rates

Senior Loan Consultant

Direct Line: 1-888-702-2225 x. 115

E- Fax :1-310-943-6551

bestrate Funding

"A business that makes nothing but money is a poor business. "
- Henry Ford

Whats Escrow? - V

Eddy Martinez (Nationwide Funding Group) — Wed, 03 Jan 2007 19:30:27 -0600

Designating the Escrow Holder

The escrow holder may be any disinterested third party and the choice of an escrow agent is always that of the buyer, seller, or the lender. However, they probably do not have a relationship with an escrow agent, and may rely on the advice of their real estate professional.

Basic Requirements for a Valid Escrow

Every sale or transfer (refinance) has two basic requirements to be valid :

(1) a binding contract between the lender, buyer and seller

(2) conditional delivery of transfer documents to a thrid party

The binding contract can be an offer to purchase (deposit receipt), agreement of sale, exchange agreement, option or mutual escrow instructions to the lender, buyer, or seller.

Eddy Martinez

Best Rate Funding - Direct Lender - Wholesale Rates

Senior Loan Consultant

Direct Line: 1-888-702-2225 x. 115

E- Fax :1-310-943-6551

bestrate Funding

"A business that makes nothing but money is a poor business. "
- Henry Ford

This Blog is Worth 100,000 !!!!!!!!! ( Points that Is )

Eddy Martinez (Nationwide Funding Group) — Tue, 02 Jan 2007 22:15:10 -0600

My good friend Scott Gormley http://activerain.com/lendingmagician was kind enough to write a blog about me reaching a milestone on this site. The milestone is that of reaching the 100,000 point plateau , http://activerain.com/blogsview/31085/A-Congrats-to-Eddy and i really thank him for taking the time out of his day to do so. He is also about to reach the mark very soon.

I have been on this site since the end of july and at first i was hestiant to particpate due to the fact that the site was dominated by realtors. I didnt think i would fit in or would be able to relate to their bloggings. I got past all that and have made some tremendous long lasting associations on this site. Contrary to popular belief, the more points you earn due to participation on this you DO earn business. Not just from clients reading your blogs and browsing the website, but from other mortgage professionals. I have also referred business out as well, reciprocation is the key to creating long standing business relationships on here. Along the way other mortgage professionals have joined such as Brian Brady, Jeff Belonger, George Souto, Nima Rezvan, Scott Gormley , to name a few. They have done this website a great justice by showing a mortgage professionals point of view on real estate issues. Their blogs are awesome and are always highly rated and deversedly so. My blogs are geared towards customers and their need for understanding the basics of real estate financing.

There are many ways we can help each other out. As professionals we need each others help ad theres nothing wrong with asking for that needed assistance. Pride doesnt get you anywhere. After all this is a SOCIAL networking website we just happen to all have something in common , real estate! I also would like to thank Nima "The Mortgage Man" Rezvan for inviiting me to the site after he saw me on myspace. Joining and particpating Active Rain is the best business move i made in 2006 by far.

Thanks Everyone,

Sincerely,

Eddy Martinez

Best Rate Funding - Direct Lender - Wholesale Rates

Senior Loan Consultant

Direct Line: 1-888-702-2225 x. 115

E- Fax :1-310-943-6551

bestrate Funding

"A business that makes nothing but money is a poor business. "
- Henry Ford

Whats Escrow? IV

Eddy Martinez (Nationwide Funding Group) — Sun, 31 Dec 2006 17:16:14 -0600

Escrow (continued) ....

After escrow isopened, it is the escrow holder`s job to follow the lenders, buyer`s and seller`s instructions. and request all parties involved to observe the terms and conditions of the contract. The escrow holder coordiantes communication between the principals, the agents/officers involved and any other professionals ----- such as the lender , title company or pest control company, whose servies are called for in the escrow instructions.

In effect, an escrow is a small and short-lived trust arrangement. The principals turst that the escrow holder will carry out their specific wishes, and the escrow holder has a duty to be trustworthy, as the agent of both parties. As a neutral thrid party, the escrow holder does not make decisions for the lender, buyer or seller and may only operate at the direction of all parties to a transaction.

Eddy Martinez

Best Rate Funding - Direct Lender - Wholesale Rates

Senior Loan Consultant

Direct Line: 1-888-702-2225 x. 115

E- Fax :1-310-943-6551

bestrate Funding

"A business that makes nothing but money is a poor business. "
- Henry Ford

Whats Escrow? III

Eddy Martinez (Nationwide Funding Group) — Sun, 31 Dec 2006 17:06:32 -0600

Escrow (continued) ....

Does Escrow have to used?

If so what specific law states that we must?

No one is requirred by law to use an escrow for any of the previously mentionted transactions in my last blog , including the sale of real property. However, when a buyer and seller reach an agreement about the sale of a property, including terms and an exact price $$, it is usually advisable to invite a neutral thrid party to handle the details of completing the agreement. Misunderstanding, or even criminal or innocent negligence, on part of the principals could the cause of loss to one or both parties if the contract is not handled by an outside professional whose business is to conduct escrows.

Would you give yourself an operation or would you rather have a liscensed and accredited doctor peform the operation?

Escrow is a worthy investment.

Eddy Martinez

Best Rate Funding - Direct Lender - Wholesale Rates

Senior Loan Consultant

Direct Line: 1-888-702-2225 x. 115

E- Fax :1-310-943-6551

bestrate Funding

"A business that makes nothing but money is a poor business. "
- Henry Ford

Whats Escrow? II

Eddy Martinez (Nationwide Funding Group) — Sun, 31 Dec 2006 16:49:53 -0600

Escrow (continued) .....

An escrow holder, otherwise known as an escrow company, or some other eligible person, acts as a neutral agent of both buyer and seller in a purchase transaction. In a refinance transaction the escrow holder is the neutral agent between the proposed lender and the borrower. The escrow holder follows the specific directions of the principals and collects and distributes documents and money as agreed upon in the purchase agreement or closing instructions.

If escrow instructions are drawn, they must reflect the undersanding and agreement of the principals, who may not always be a buyer and a seller, since transactions involving the sale of real estate are not the only kind that require the use of an escrow. Any time a neutral third party is needed to handle documents or money, such as leases, sales of personal property, sales of securities, loans, or mobile home sales, an escrow might be required.

Eddy Martinez

Best Rate Funding - Direct Lender - Wholesale Rates

Senior Loan Consultant

Direct Line: 1-888-702-2225 x. 115

E- Fax :1-310-943-6551

bestrate Funding

"A business that makes nothing but money is a poor business. "
- Henry Ford

Whats Escrow? I

Eddy Martinez (Nationwide Funding Group) — Sun, 31 Dec 2006 16:33:56 -0600

Escrow

For a large number of people, excrow is a mysterious, obscure process. They do not know what "going to exrow" means, nor how you "open an escrow". There is no real mystery about it, however. It is a period during which the paperwork required for the sale or refinance of a deed of real property is processed.

Here in California, when ownership transfers from one person to another there is usually a neutral third party, called an escrow agent/officer, handling the details of the transfer. After the principals of a sale or transfer make an agreement, an officer normally opens escrow on their behalf.

Eddy Martinez

Best Rate Funding - Direct Lender - Wholesale Rates

Senior Loan Consultant

Direct Line: 1-888-702-2225 x. 115

E- Fax : 1-310-943-6551

bestrate Funding

"A business that makes nothing but money is a poor business. "
- Henry Ford