Count down to FHA Changes - Get your case # now! - 09/28/10 08:22 AM
HUD announced a decrease in upfront premiums and an increase in annual premiums for FHA Mortgage Insurance case numbers assigned on or after October 4.
While this will save your buyer $ upfront it will cost them on a monthly basis.  Plus the upfront fee is usually financed so it did not necessarily make as big of an impact as this new monthly premium rate will.

 

 
For a buyer I am working with now, this is going to make a difference of about $90 per month on a $285,000 purchase.  From my understanding, you can obtain a case # … (2 comments)

Advertise with your client evaluations! - 09/27/10 05:25 PM
I try to send out a snail mail piece to my SOI at least once a month but who really has time to come up with something witty every month?  I have begun letting my clients do the "writing" for me!  With their permission of course, I use the comments that they include in my service evaluation form that is sent to them at the conclusion of each transaction.
I find people love to read what other people say about you.  And they like to match up names of  clients with folks they may know.
Next time you are in a pinch for something … (3 comments)

Loan Origination Entities/Banks Should NOT Own AMC's - 09/24/10 12:29 PM
With the dawning of HVCC, the consumer now pays more for appraisals, the appraisers get paid less and the AMC middle men are turning a pretty  profit.  While I realize there may be a need for some type of  AMC model,  I wonder why we even need to petition for something as obvious as this.  Banks & their subsidiaries should not have any ownership in appraisal management companies.  If you agree, sign the petition:  http://www.naihp.org/


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New Construction Home Buying tips - 09/22/10 05:17 PM
I have closed several new home construction deals and have picked up a few tips I would like to share with you:
1. REALTORS can show you new construction homes!  If you would like to have buyer representation, you need your REALTOR to accompany you on your very first visit to the community or the builder may not acknowledge them as the procuring cause.  If you have signed an Exclusive Right to Represent the Buyer Agreement and the builder will not cooperate with the agent,  YOU may be liable for the agent's commission.
2. In my service area (Northern Virginia) our re-sale … (1 comments)

Where are all of the foreclosures? - 09/17/10 09:14 AM
I have heard many times that foreclosures are on the rise.  These media clips warn of the impact all of these REO's will have on home values.  They tout the abundance of shadow properties.  Well, all I have to say is...BRING IT ON!  I just searched our MLS for detached REO properties that sold in Fairfax County alone and found in 2009 from 1/1/09-9/15/09 there were over 500+ REO's that had sold.  I don't know the exact number because our MLS only counts up to 500 properties so it could be even double that!  But this YTD count for REO detached homes in … (2 comments)

Ever wonder about a neighborhood's demographics, schools, economy etc. ? - 09/12/10 10:05 AM
Click here to find out the details of any neighborhood.  I send my clients here all the time and they love it.  If you are a Buyer or Seller, check it out!
AGENTS: This is also usefull in preparing your supplemental report for appraisers!  Be sure to take the lockbox off & meet the appraiser face to face to give them your CMA, list of upgrades & area info! (YES, it IS allowed:)
 
 
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Lease w/Purchase Option Pros & Cons - 09/10/10 09:43 AM
In this market, we have to be able to think outside the box.  A lease w/purchase option isn't for everyone, but may be a great option for a buyer who has found THE house they must have but they require a Sale-of-Home  (SOH) contingency or they need additional time to come up with a down payment.  
 With a lease purchase option, the Buyer (after/along with the offer to purchase being negotiated and ratified)  agrees to rent the Seller's subject property and the Seller agrees to rent the property through a predetermined/negotiated date.  Once the Buyer takes occupancy of the subject property the maintenance MAY become the Buyer's responsibility depending on if they executed … (2 comments)

 
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Heather Embrey , Your :) Real Estate Source

Falls Church, VA

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McEnearney Realtors Northern Virginia 571-236-2616

Office Phone: (703) 790-9090 x 447

Cell Phone: (571) 236-2616

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