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The Importance of having a good Escrow Officer or Closing Attorney - 01/26/12 11:36 AM
The Importance of having a good Escrow Officer or Closing Attorney
You must have a good Escrow Officer or Closing Attorney on your team who is well-trained and experienced specifically in closing Short Sales. Short Sales are unique transactions and it is imperative that you have someone closing the transaction who knows how to properly calculate your Estimated and Final HUD-1 Settlement Statement that will be submitted to the lender.
Furthermore, you need an Escrow Officer or Closing Attorney on your team who is willing to do a preliminary title search on the property when you take a Short Sale listing. … (2 comments)
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When you can and cannot get repairs covered for a Buyer - 01/19/12 09:17 AM
When you can and cannot get repairs covered for a Buyer
Remember, in a Short Sale, you have a Seller with no money, a property with no equity, and a lender who is taking a loss on the sale. In a Short Sale, when the Buyer asks the Seller to pay for certain repairs to the property, the Buyer is really asking the lender to pay for these repairs.
The general rule-of-thumb is that a Short Sale is an “as-is” property. Typically the only time a lender agrees to pay for any repairs on behalf of a Buyer is when the … (1 comments)
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Ben Kinney's $180,000 Problem - 01/14/12 10:06 AM
It's all about the math! When you break it down the way you do and with all the diffenert ways that there are to get leads it's simple. Thanks Ben
Via IMSD Designation (Internet Marketing Specialist Designation):
How to Earn $180,000 in Real Estate
During this 11-minute video from the December RainCamp hosted by ActiveRain, real estate marketing guru Ben Kinney walks through the “$180,000 problem.” This is the exercise used by Ben Kinney’s real estate team to get the average agent earning $180,000 in gross commissions every year.
Good managers understand that real estate is a numbers game. This model … (0 comments)
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When you can and cannot get Buyer’s closing costs covered - 01/13/12 11:25 AM
When you can and cannot get Buyer’s closing costs covered
In a Short Sale, whether or not the Buyer can receive assistance with closing costs depends on two things: 1) what type of loan the Seller has, and 2) what type of loan the Buyer is bringing to purchase the property.
If the Seller has an FHA loan, the only scenario in which the Buyer can receive assistance with closing costs is if the Buyer is also bringing FHA financing to purchase the property, and the maximum amount allowed, according to current HUD guidelines, is 1% of the Buyer’s loan amount.
… (1 comments)
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Buy or Rent? New Numbers - 01/05/12 10:14 AM
Buy or Rent? New Numbers
Home prices and rates have fallen so far that the monthly cost of owning a home is more affordable than at any point in the past 15 years and is less expensive than renting in a growing number of cities.The Wall Street Journal's third-quarter survey of housing-market conditions in 28 of the nation's largest metropolitan areas found that home values declined in all but five markets compared with the second quarter, according to data from Zillow Inc. Meanwhile, rent levels have risen briskly across the country and rates are the lowest in six decades.As a result, … (0 comments)
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What the Lender Must “Net” in the Short Sale Transaction - 01/05/12 09:38 AM
What the Lender Must “Net” in the Short Sale Transaction
Let’s start by discussing what the lender must “net” in the Short Sale transaction. In a Short Sale, the lender must “net” a certain percentage of fair market value. As you probably know, part of the lender initiating the Short Sale process, they will order an appraisal or a BPO to determine the current market value of the property. Once the market value is determined, the lender then multiplies a certain percentage to that value to determine what they need to “net” in the transaction… and that percentage is different depending … (3 comments)
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The Economy Stokes Optimism - 01/05/12 09:25 AM
With the European debt crisis hanging over the markets, our politicians continuing to act like children and now the markets worrying about the regime change in North Korea, there seems to be no end to the scary headlines. Even if the news is not scary, the media is pumping up bad news. For example, recently, the National Association of Realtors adjusted home sales down for the past five years because they did not present accurate numbers. The headline? The recession caused worse real estate sales than we thought. The media seems to have lost the fact that existing home sales … (0 comments)
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Donna & Larry Johnson-Chester & Delaware County
West Chester,
PA
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Keller Williams Real Estate
Address: 276-B Dilworthtown Road , West Chester, Pa, 19382
Office Phone: (610) 399-5100
Cell Phone: (484) 881-1019
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