Intuitive Loan's Blog

Fannie Mae Amends Bankruptcy and Foreclosure Guidelines! - Part 1 of 2

Intuitive Loans — Thu, 07 Aug 2008 22:18:37 -0500

New Page 1

Good evening,

Following is a chart based on Fannie Mae's new bankruptcy and foreclosure policies as of 08-2008. I will follow this up (in the next week or so) with part 2 of 2 which will contain a revised chart with the remaining policy changes.

The following table outlines Fannie Mae's current and new policies for manually underwritten loans related to the time period that must elapse before borrowers can demonstrate they have reestablished an acceptable credit history after the occurrence of the bankruptcy or foreclosure. The table also includes new "Additional requirements" that apply to foreclosures.

Fore more information and great real estate tools, please visit my website at www.IntuitiveLoans.com. We are growing ever strong in this "stabilizing market" and hope to gain your trust as we provide you with value tools and resources.

Action	Current Requirements	New Requirements
Bankruptcy (All Except Chapter 13)	4-year time period from discharge date.	The 4-year time period remains the same, but will now be applied from either the discharge or dismissal date of the bankruptcy action.
Chapter 13 Bankruptcy	2-year time period from discharge date.	The time period for Chapter 13 bankruptcy actions is measured as follows: • 2 years from the discharge date, or • 4 years from the dismissal date.
Exceptions for Extenuating Circumstances - All Bankruptcy Actions	2-year time period from discharge date. No expectation to the 2-year time period for Chapter 13 bankruptcy actions.	The 2-year time period will be measured from the bankruptcy discharge or dismissal date. No exceptions are permitted to the 2-year time period after a Chapter 13 discharge.
Multiple Bankruptcy Filings	No existing policy.	5-year time period from most recent dismissal or discharge date required for borrowers with more than one bankruptcy filing within the past 7 years.
Exceptions for Extenuating Circumstances - Multiple Bankruptcy Filings	No existing policy.	3-year time period from the most recent discharge or dismissal date. Note: The most recent bankruptcy filing must have been the result of extenuating circumstances.
Foreclosure	4-year time period from the date the foreclosure sale was completed ("completion date")	5-year time period from completion date. Additional requirements that apply after 5 years up to 7 years follo9wing completion date: • The purchase of a principal residence is permitted with a minimum 10 percent down payment and minimum representative credit score of 680. • Purchase of a second home or investment property is not permitted. • Limited cash-out refinances are permitted for all occupancy types pursuant to the eligibility requirements in effect at that time. • Cash-out refinances are not permitted for any occupancy type.

Realtors: Pre-qualify your own borrowers and advise them on their tax write-offs FREE!!!

Intuitive Loans — Sat, 02 Aug 2008 14:39:59 -0500

What can this FREE Chart Do?

1) Calculate monthly PITI payments
2) Calculate interest-only payemnts
3) Automatically calculate approximate mortgage insurance.
4) Calculate DTI (debt-to-income)
5) Calculate approximate tax write-offs for home ownership
6) And much more!!!

Hello everybody,

I have just UPDATED my awesome qualification chart with the capability to CALCULATE APPOXIMATE TAX WRITE OFFS for purchasing a home. This adds even more value to my chart by giving your clients a tool to help them understand the "true" costs of home ownership. If you can show them how much they would be saving in taxes as compared to renting, they may be more likely to purchase.

You can download this chart for FREE by clicking: http://www.intuitiveloans.com/Intuitive%20Loans%20Qualification%20Chart.xls.

If you need any help in working the chart, please contact me via email at Aaron@IntuitiveLoans.com. It should be pretty easy for those of you with Excel experience. For others, it may take a little getting used to, but it will be well worth it. Kiss those late-night calls to your mortgage broker goodbye. :)

Below is a picture of the conventional loan qualification tab:

FREE Loan Qualification Tool for Professionals and Clients!

Intuitive Loans — Thu, 24 Jul 2008 21:16:09 -0500

Do not waste another minute showing properties to unqualified borrowers!

Hello everybody,

I have just totally revamped my website www.IntuitiveLoans.com and I thought that all real estate professionals and home buyers would be interested in an Excel spreadsheet I've created. It's taken about a year to get it into its current version 2.1 and I think you'll love it. This chart was crated to be the best and easiest borrower-qualifying tool for professional real estate agents.

You can download this chart for FREE by clicking: http://www.intuitiveloans.com/Intuitive%20Loans%20Qualification%20Chart.xls.

Below is a picture of the conventional loan qualification tab:

Earn Gifts - I'm Looking for a Lender for a 15M, Full Doc, OCC, 60% LTV Loan!

Intuitive Loans — Thu, 08 May 2008 17:03:14 -0500

Hi Everybody,

I need your help!

I've got a couple of really nice leads for residential loans. One is 8M and one is 15M. They are both 60% LTV and full doc. I know these leads are real because I just closed a 2.3M and 5.025M loan given to me by the same company.

8M and 15M!

Without breaking the law, I'm sure I could find a way to make it worth your while for helping me. I probably cannot offer $ without being in violation of some RESPA law, but I think I can offer gifts without getting into trouble.

Anyway, if you know of any lenders who are offering this type of super monster jumbo loan, please let me know.

Aaron Reno
661-291-2205
Aaron@IntuitiveLoans.com

Thanks!!!

TIME FOR FHA?

Intuitive Loans — Tue, 25 Mar 2008 23:56:05 -0500

Hello again,

With the industry changing daily (sometimes twice daily), I wanted to give everybody a heads up as to where we stand right now. FHA loan limits have been increased for the rest of 2008. This means that you can purchase a home that is 700K+ in some areas with only 3% down (which can be paid for by the seller or can also be a gift!!!)

However, there are a few things to consider before jumping on the preverbal bandwagon:

1) If you are in a declining area, your loan with be cut by 5% meaning that you would have to come in with 5% down.

2) If you exceed a certain limit (417K in California for example) you will not be able to receive the 3% down payment as a gift. This would bring your down payment total to 8% in a declining market. On top of this, your rate could go up significantly.

3) All of your income will need to be proven via pay stubs, bank statements, taxes, etc. However, most loans are headed this way already, so that is not a huge negative factor.

4) FHA loans are paperwork intensive and often take 45 days to close.

5) If you can only afford a 0%-3% down payment, maybe you shouldn't be purchasing a home right now. ;)

With all of that said, FHA is a great way to go to avoid the 10%-20% down payments that many lenders are requiring in this "stabilizing" market.

If you have more questions, call us 1(888) 66-ADVICE, or directly at (661) 291-2205.

Hope to speak with you soon!

Aaron Reno
Aaron@IntuitiveLoans.com

Zero Point - Zero Cost Refinances

Intuitive Loans — Thu, 07 Feb 2008 21:06:17 -0600

Recently, the #1 question that I have been asked is, "Should I refinance my property while rates are low?"

How can you tell if the benefits of the monthly savings out weigh the cost? As I am fond of using actual figures to demonstrate my view point, please allow me to explain how to calculate the "real" savings.

For example, let's say you currently have loan in the amount of $400,000.00 at 6.5%. Starting with this assumption, we can guesstimate the following based on today's rates:

1) Current Loan = $400,000.00 @ 6.5% = $2,528.27/month

2)     New 0 Point - 0 Cost Loan = $404,000.00 @ 5.75% = $2,357.63/month
     a.      Monthly savings of $170.64
     b.      Return on investment = 23 months (about 2 years)

3)     New 1 Point - 0 Cost Loan = $408,000.00 @ 5.375% = $2,284.68/month
     a.      Monthly savings of $243.59
     b.      Return on investment = 33 months (about 2 ¾ years)

What does all of this mean? If you still have equity in your house and you wish to lower your payment, doing a 0 cost refinance may be a viable option for you. If your main concern is the monthly savings, you may even consider paying a point or two.

Feel free to contact me if you have specific questions or would like a further explanation.

For more information and FREE MORTGAGE ADVICE visit: http://www.intuitiveloans.com/index.htm

SELLING AND BUYING SIMULTANEOUSLY

Intuitive Loans — Sun, 13 Jan 2008 14:44:56 -0600

I have been approached my many people recently for advice on whether or not to wait for the market to "bottom out" before they buy their next house. These clients wonder if it would be more beneficial to move now or to wait for a better (different) market.

These questions can only be answered by looking at what each client is trying to do. For example, if you are moving up to a bigger and/or more expensive home, it may be in your best interest to sell your home and buy your new home while the market is adjusting downward.

In order to explain why this is, please see the following chart:

Value of Current Home	$300,000	Value of Future Home	$500,000
Market Decline	15%	Market Decline	15%
New Value of Home	$255,000	New Value of Future Home	$425,000
Equity Loss	$45,000	Savings	$75,000

Savings - Equity Loss = $30,000 Net Gain!

The opposite is true if you are downsizing to a less expensive home. The following chart will explain why:

Value of Current Home	$600,000	Value of Future Home	$300,000
Market Decline	15%	Market Decline	15%
New Value of Home	$510,000	New Value of Future Home	$255,000
Equity Loss	$90,000	Savings	$45,000

Savings - Equity Loss = $45,000 Net Loss!

Taking no other factors into consideration (such as work relocation, family emergency, etc.), the above charts can be summed up in the following way:

• Move up when the market is declining.
• Move down when the market is rising.

The above explanation is in no way intended to be a complete guide to buying and selling simultaneously.

For further information please feel free to contact me.

For more information and FREE MORTGAGE ADVICE visit: http://www.intuitiveloans.com/index.htm

Declining Values in California and Florida!

Intuitive Loans — Sat, 05 Jan 2008 18:44:59 -0600

Hi again from Intuitive Loans!

As you may have become aware, many lenders are now requiring 5% of the purchase price of a home to come from the borrower. Lenders want to make sure that the borrower has some of their own money invested in the property. This helps to insure that the borrower will do everything in his/her power to avoid foreclosure. The loan products that used to be 100%, will now be 95% in many cases. This has become the norm in both California and Florida.

However, not all lenders have caught onto this yet and 100% loans are still available in many cases. Also, if you qualify for a VA loan, there are loan programs now available up to $1,000,000.

In some cases, the 5% down payment can come in the form of a gift. These gift monies often come from relatives and/or friends. On top of this, many of the loan programs still allow up to 5-6% seller contribution. This contribution can go towards all of the buyers closing costs as well as towards purchasing points to "buy" a cheaper rate from the lender. I.E. Paying one point (1% of the 1st loan amount) might take your rate from 5.875% to 5.75% on a 30-year fixed rate loan. This is usually a good idea when somebody else is paying for it.

In short, while it is becoming more difficult to get a 100% loan in this adjusting market, it is not impossible. If your credit is not perfect, now is the time to make sure you clean up any marks or inaccuracies on your report.

Feel free to contact me if you have specific questions or would like a further explanation.

For more information and FREE MORTGAGE ADVICE visit: http://www.intuitiveloans.com/index.htm

USING YOUR HOME AS AN ATM

Intuitive Loans — Sun, 30 Dec 2007 16:39:10 -0600

Hello again and thank you for stopping by!

Today, I wanted to share my views on using your home as an Automated Teller Machine. Over the past decade, more and more families have been pulling equity out of their home in order to make purchases and investments. While there are many view points on this subject, I thought that I would take the time to add mine to the debate.

There are good reasons and poor reasons to pull money out of your home. Let's start with a few of the poor reasons:

POOR REASONS TO PULL MONEY OUT OF YOUR HOME

   The purchase of a depreciating asset such as:
     • An automobile
     • A boat
    • A vacation
      • A video console

GOOD REASONS TO PULL MONEY OUT OF YOUR HOME

   The purchase of an appreciating asset or investment such as:
      • A down payment on an investment property
     • Home upgrades which significantly increase value
    • Separating equity from your property for emergencies (HELOC)
      • Investments which have a higher yield than your mortgage note

Of course, the above is a very limited and brief list. The items in each category could go on and on forever. However, the gist of this blog is to provide a brief explanation of good and poor reasons to pull equity from your home. While I'm sure we can all justify our decisions, please take a realistic look at the pros and cons of pulling money from your property before acting on your "I've got to have it!" feeling.

Feel free to contact me if you have specific questions or would like a further explanation.

For more information and FREE MORTGAGE ADVICE visit: http://www.intuitiveloans.com/index.htm

GREAT REAL ESTATE MARKET IN 2008!

Intuitive Loans — Sun, 16 Dec 2007 14:14:04 -0600

Hi again from Intuitive Loans,

With all of the negativity surrounding and permeating the real estate and mortgage industries today, I wanted to share my thoughts and perspective. Rather than write a long and drawn-out thesis, I'll summarize today's thoughts in the following 10 bullet points.

1) The more real estate professionals that leave the business, the better for us that remain!
2) Falling home prices mean better investments for us!
3) If professionals complain that the market is bad, agree with them and tell them to get another job!
4) This is a GREAT market to buy and hold!
5) You never know when you've hit the "bottom" of the market until the prices start creeping back up!
6) As more banks go under, our choice of who to use for a mortgage become easier!
7) Housing prices are down and so are rates!
8) There is no such thing as the "bubble." If a home is too expensive to purchase, don't buy it!
9) Don't make a risky investment if you can't afford to lose the money invested!

-AND FINALLY-

10) We (real estate professionals) influence the market as much as the government. If you want 2008 to be a great market, tell everyone you know WHY it's a great time to buy and sell real estate. Don't wait for somebody else to do it for you. WE are the professionals, NOT the media!!!

Thanks for your attention and have a GREAT 2008!

For more information and FREE MORTGAGE ADVICE visit: http://www.intuitiveloans.com/index.htm

YOUR REAL ESTATE TEAM

Intuitive Loans — Tue, 20 Nov 2007 22:00:36 -0600

Buying or selling a home is a monumental transaction, and definitely not one in which you want to go it alone. You cannot be an expert on all matters; therefore, you must assemble an expert team.

The recommended team for the task includes the following six professionals:

1) Your Real Estate Attorney

Depending on the state in which you live, having a real estate lawyer on your side can help make sure your interests are faithfully upheld. The earlier in the process you involve a real estate lawyer (e.g., pre-contract signing), the more value you gain. One of the greatest benefits of using an attorney is that he or she has an ethical obligation to work on behalf of your best interest.

Plus, your real estate attorney is versed in real estate law and will either personally perform or make sure all procedures are completed in a timely, professional manner.

2) Your Real Estate Agent

What an agent does for you:

Helps you find a home that meets your needs in terms of price range, areas of town you like, number of bedrooms, etc.
Negotiates price and terms for the home on your behalf
Goes on-site for property inspections
Coordinates the closing
Offers referrals for other experts, such as inspectors and real estate attorneys

3) Your Loan Officer

Selecting the right mortgage requires acquiring the right knowledge. Meet with your loan officer early in the process to ensure that you know what your total monthly payments will be, the cost of the lender fees and what paperwork you will need to provide. Trust is vitally important as the wrong loan could set you back thousands of dollars and may be damaging over the long haul.

Let your loan officer know:

•· How much you want to spend per month on your mortgage

•· How long you plan to live in your home

•· Your short-term and long-term financial goals

4) Your Home Inspector

Consider your home inspector to be an objective fault-finder. The home inspector essentially gives your house a complete physical, reporting on the condition of the structure and systems of the house, such as:

Plumbing
Electrical
Foundation
Heating and air conditioning
Termites and other pests
Dry rot
Boat docks
Sea walls
Pools

5) Your Appraiser

An appraiser is a certified or licensed expert who states his or her opinion of the quality of the property and its "fair market value" (a price range a given property will bring, assuming neither buyer nor seller is under any extreme pressure to buy or sell.)

Lenders usually choose appraisers from a list of individuals connected with organizations like Appraisal Institute or National Association of Independent Fee Appraisers.

The appraiser evaluates a home by:

Comparing the typical selling price of a comparable home, not (necessarily) the highest priced home in the area
Interviewing real estate agents and the appropriate government real estate tax personnel.
Touring the property, taking into account the square footage, floor plan, number of rooms and baths, upgrades, overall condition of the home and the neighborhood

6) Your Surveyor

A surveyor locates and measures the exact lot lines to make sure they match up with the description on the deed. Surveying is always wise so that both the buyer and seller know and agree on what is being transferred, and to ensure that the lot lines are unobstructed by things like fences or garages or sheds.

FIXED RATE LOANS VERSES VARIABLE RATE LOANS

Intuitive Loans — Sun, 18 Nov 2007 20:13:02 -0600

FIXED VS. VARIABLE

Fixed Rate vs. Variable Rate
There are several loan options to choose from when buying or refinancing your home. Each type has its benefits and disadvantages.

You should ask yourself several questions when deciding which loan option to choose:

1. How long am I planning on being in this home?
2. How much can I afford to pay monthly?
3. What type of payment will fit into my long-term financial plan?
4. What type of payment offers me the best rate for my current situation?

Fixed Rate Loans
Among the loan options, the fixed rate loan works especially well for those with a fixed income who like the stability of knowing what their monthly payments will be. Many people choose a 15 or 30 year fixed rate because they believe in paying down their home as quickly as possible in order to own their home outright as soon as possible.

With a fixed rate loan, you know exactly what your monthly payments will be for the next 15, 20, 30, or even 40 years. This allows you to easily plan your budget and/or your retirement around your mortgage payment. When you reach the end of your term, you will have paid off your home mortgage and own it free and clear. Of course, you will still owe your insurance premiums and property taxes in perpetuity.

Biweekly Fixed Rate Loans
Biweekly loans force you apply extra money toward your principal by making half of your mortgage payment every two weeks. If you do the math, you will see that you end up making thirteen payments per year instead of twelve, thereby reducing your principal early and shortening the length of your loan. Biweekly loans not only reduce the time it takes to pay off your mortgage, but they also reduce the amount of overall interest paid to the lender over the life of the loan.

Variable Rate Loans
Variable rate loans typically offer lower rates than fixed rate loans. Most variable rate loans start out with a fixed rate for a specified length of time before becoming variable. These types of loans work well when you expect your income to increase dramatically over the next few years, or if you are planning to move from your house after a few years. The most common variable rate loan lengths are 3/1, 5/1, 7/1, and 10/1. The first number is number of years for which the loan remains at a fixed rate. The second number is the frequency (in years or months) at which the rate can adjust after the fixed rate period has expired.

If you would like a personalized and detailed explanation of any of the loan types mentioned above, please do not hesitate to call one of our knowledgeable staff for a FREE consultation!

Best companies to use for SEO? - THANKS!!!

Intuitive Loans — Sun, 04 Nov 2007 21:02:13 -0600

Hi all,

I just joined your group today so please excuse my question (which has been asked 100 times I'm sure).

Who do you recommend I check out for professional help with SEO/SEM? I am very computer literate, but wish to spend less time in front of my screen in the near future. :)

Thank you, in advance, for your replies!!!

Aaron

LINK EXCHANGE ANYONE???

Intuitive Loans — Sun, 04 Nov 2007 16:45:48 -0600

Good afternoon,

Intuitive Loans is going to add select links to http://www.intuitiveloans.com/linksofinterest.htm. If your website fits into one of the four categories (Realtor^®, Investing, Credit Repair, or Other Real Estate Sites), please post a comment to this blog and let me know that you would like to exchange links. While our website does not yet have a Google rating, I can promise that it will start climbing the ranks soon enough. This is due to our upcoming SEO, SEM, and PPC campaigns. Please do not hesitate as we will stop accepting link exchages once our pages are full.

You can also email Info@IntuitiveLoans.com for more information.

Thank you!

THE LOAN PROCESS MADE SIMPLE

Intuitive Loans — Thu, 01 Nov 2007 16:34:40 -0500

Following,

Please find a brief summary of the entire loan process. Enjoy! :)

Get your documents & finances in order

Your mortgage professional will start with reviewing your credit report. This report will be used by your prospective lender as a measure of how you manage your finances. Good credit gets you better rates and a stronger negotiating position for terms. Most people are surprised at their report's contents because errors in reporting are common. Now is the best time to clean them up.

- You may wish to gather the following information in advance:
A copy of one months' most recent pay stubs
A copy of your two most recent W2s
Two months' recent bank statements for each bank, IRA, 401K, stock and mutual fund account
- Gather the following additional information when refinancing:
A copy of your current homeowner's insurance policy
The approximate value of your house
Your current outstanding loan amounts

Get pre-approved to determine how much you can borrow

Once you get qualified, you will have a good idea of how much you can afford. A pre-qualification gives you a quick and easy idea of what you can borrow. It is a helpful and painless first step. Sellers will often accept an offer from a buyer that pre-approved over one that is of unknown backing.

Find a mortgage company to negotiate your rate and term

Intuitive Loans will find you a loan officer (free of charge) who will help you create the mortgage that fits your current and future needs. There are many factors to be considered.
How long do you plan to keep the loan?
Would a fixed or adjustable rate mortgage be best for you?
How many points should you pay?
What other costs are involved?
When should lock in your rate?
Based on your needs and situation, your loan officer will show you which mortgage products will work best for you. Throughout the entire process, they are there for you to answer your questions with knowledge gained through years of experience.
Your loan officer will review the loan application and supporting materials to make sure that your loan package is correct and as strong as possible. They will then "shop" your loan application package to several lenders in order to find you the best deal possible.

Close your loan and settle

As your closing date nears, your mortgage broker and real estate agent will check the progress on a daily basis. By staying one step ahead, your real estate professionals will know ahead of time if there is a situation that must be dealt with BEFORE it becomes a problem.
For your closing, you should bring all of your documentation that you have used during the whole mortgage shopping process. At the closing itself, everyone involved in your transaction will be present (buyer, seller, closing agents and attorneys). You will sign the necessary legal documents, pay your closing costs and escrow items, and receive your closing documents.
If you live in an escrow state (such as California), escrow will already have all of your closing documents. You will only need to bring a cashier's check for closing cost if applicable.
Now you receive your key, move in and celebrate!
Remember, you should never hesitate to ask questions. Ask questions whenever they arise until you understand the entire process.

SPENDING IN 2008!

Intuitive Loans — Tue, 30 Oct 2007 18:52:17 -0500

2008 is just around the corner and it is always fun to look back. Do you remember when only really wealthy people owned a Mercedes or BMW? The wealthy were also the only people with 3000 square foot houses, boats and vacation homes. They went on extravagant vacations and stayed in luxurious hotels. Now in 2007, most of us treat ourselves like we deserve what the rich and famous have.

Our generation eats out more often than previous generations. We also purchase more vacation homes, buy more expensive cars and waste money at luxurious hotels while on vacation. Our generation also has less money saved for retirement and more debt than our parents' generation. Is it time that we look in the mirror and say this is getting to be too much? Should we slow down all of our spending and save for retirement? What is a good way to invest and save for the future? Have you thought about the future? Is it time to consolidate your spending, sell your boat and downgrade your vehicle? Is $800.00 a reasonable car payment? Do we really need that boat?

The only commodity that is worth your hard-earned money is a house. This is because a house will continue to go up in value. All of the other stuff is just stuff. A home is something you can enjoy and prosper in. It is something that can help you build wealth and help you save for retirement. Do not fall into the toy trap. You do not need to buy little Johnny a Nintendo Wii this Christmas. You need to save for his college education and for your retirement. Plus, the Nintendo will be half-price by January and nearly free in two years.

Have a great holiday season and spend wisely!

REAL ESTATE - THE BEST INVESTMENT EVER?

Intuitive Loans — Tue, 30 Oct 2007 18:47:48 -0500

Owning real estate can be extremely lucrative, especially when you own multiple properties over extended periods of time. With Americans spending more and saving less every year, we have to find a way to save for retirement. If you have not started saving, you might consider real estate as an investment tool.

For little or no money down, you could purchase your first home and start making money today. Let's say you purchased a property for $400,000.00 and values go up by 5% per year. You would make approximately $250,000.00 in the first ten years. You are correct in thinking that your property will probably not go up by 5% every year, but more like 8.6% per year like it has over the past 40 years. For this week's example, however, I want to be conservative.

So here is the plan: This year, you buy a house for $400,000 and then in three years you rent out the property and purchase another one. Three years later, you repeat the steps. In only six years, you have three properties. Let's assume you increased your purchase price by $150,000.00 each time you purchase. In 20 years, all of your houses combined will be worth approximately 3.5 million dollars, and you did it all with no money down. Keep in mind that we are being conservative on the numbers and your profits may vary, but this is something that you need to consider if you want financial freedom during your golden years.

Happy House Hunting!!!

WANT TO PURCHASE A FORECLOSURE???

Intuitive Loans — Tue, 30 Oct 2007 18:37:44 -0500

The market has flattened out and many of you may be thinking, "I should purchase a foreclosure and save some money." Over the past eight years, we have seen very few houses sold at foreclosure auctions. The foreclosures that we have seen on the market have been few and far between. Furthermore, the sales that the general public has seen have been even fewer in number.

Purchasing a foreclosure is not as simple as it seems. First, a homeowner would have to miss at least one payment before a lender would put their property into foreclosure. Secondly, most lenders will wait until a homeowner is ninety days late before starting foreclosure proceedings. Finally, if the homeowner does not cure the foreclosure within ninety-five days from that point, the house will be sold at an auction.

You must attend the auction with a cashier's check for amount of the sale's price. Typically, the minimum bid on a house will be what is currently owed on the property. Prospective buyers are then free to increase the bid as little as one dollar at a time. If you are lucky enough to win the bidding, you may still have to evict the former owners (who may not yet be ready to move.) This whole process can be quite expensive and very time consuming. In other words...buyers beware!

If a house does not sell at the auction it will go back to the bank. The bank will then improve upon the property or merely put a temporary "bandage" on it. Then the bank will list it with a local real estate agent. While these types of foreclosure are not usually the best deal, you may get a good deal in certain circumstances.

The best type of foreclosure purchase for the average buyer is the pre-foreclosure. This is a house that is in foreclosure, but has not yet been auctioned off. At this point, the homeowner has run out of options and is ready to sell the property rather than give it back to the bank. Once the homeowner has gotten over the shock that they can not get their mortgage current, they will typically call a real estate agent to list their property. At this point, the sellers will be in a hurry to sell their property and they will often take what they can get in order to save their credit and walk away with a few dollars in their pocket.

Purchasing a foreclosure is not easy and you must be prepared to jump to action when one comes along. You will need to find a knowledgeable agent (one who understands your particular needs) to assist you in finding the right deal. As there are many foreclosures on the market right now, there may be opportunities to save a few dollars by purchasing a home in foreclosure.

Please let me know if you have any questions on foreclosures, purchasing or refinancing. We are here to help you in every aspect of making your dream home become a reality. Please call my office and we can go over your particular situation today.

HOME IMPROVEMENT RESALE VALUE

Intuitive Loans — Mon, 29 Oct 2007 21:40:02 -0500

Here is a short list of improvement values that I gathered off the internet last year. In each case, you can see how many different records I averaged as well as the approximate recoupable percentage of each improvement. This may be helpful to those selling their home as well as to agents who need to advise their clients as to which improvements may be worth the time. As NONE of the items are 100% recoupable, a good paint job and clean carpet seem to be the only worthwhile activities. :)

Home Improvement Item	# of Records Averaged	Recoupable %
Bathroom Addition	9	87%
Minor Kitchen Remodel	10	86%
Attic Bedroom Conversion	7	85%
Major Kitchen Remodel	11	82%
Two-Story Addition	5	80%
Home Office Conversion	4	79%
Master Suite Addition	9	79%
Bathroom Remodel	11	74%
Siding Replacement	9	73%
Family Room Addition	9	71%
Window Replacement	9	66%
Deck Addition	10	64%

COMMON HOME SELLING MISTAKES

Intuitive Loans — Mon, 29 Oct 2007 21:34:06 -0500

1. Pricing Your Home Too High
A real estate agent can research comparable sales in your area and advise you of the appropriate price range of your property.

2. Taking an Inflexible Position on Financing
Have your agent explain what financing options are available. Being flexible on financing terms may secure a better selling price.

3. Errors in Market Timing
The market can change on a daily basis. Ask your agent to determine whether the market cycle is poised to net you the most money.

4. Not Providing Easy Access for Showing
There are many ways to show a home. "Appointment Only" is the most restrictive, while lock boxes (key safes) are the most accessible. If your home is easy for agents to show, more prospective buyers will see it, improving your odds of getting the deal you want.

5. Not Utilizing Current Marketing Technology
Make sure your agent is knowledgeable on the latest technologies (such as websites and virtual tours) that cater to home buyers. Check around to see what technology is being utilized in your specific area. A good agent will know where you can get the best exposure.

6. Not "Staging" Your Property Correctly
Put some items in storage, create more light, play soothing music or otherwise improve the ambience. Your agent can offer helpful advice or recommend professional staging personnel to create the right first impression.

7. Believing That Selling Property Is Seasonal
Do not base selling decisions on the seasons as property sells year round.

8. Pricing Your Property Too Low
One reason to hire an agent is to make sure that you get the highest possible price for your home.

9. Not Re-evaluating the Market Plan
Re-evaluate your agent's marketing plan every 10 days. You and your agent may need to make intuitive changes based on the current market and buyers.

10. Premature Lack of Confidence in Your Agent
Most sellers are unaware that 80% of all buyer activity comes from the sign and MLS. If you do not have a problem showing the home, but is has not generated any interested buyers, it may be time to re-evaluate the price.

11. Ignoring the Importance of First Impressions
Spend time on the little details. Many sales have been blown by unkempt lawns, cluttered closets, unpainted front doors, hard-to-work locks, blown light bulbs, stains, unlit areas and bad smells.

12. Not Making the Right Kind of Repairs
Do not be tempted to make improvements prior to listing without consulting your agent. Some upgrades will not yield any real increase in value, while others may increase property value substantially.

13. Not Giving the Sales Effort Enough Time
Never give too little time to what is inherently a long process. Homes may take 3-6 months to sell in any market. Estimate how much time you have before you need to sell and then plan ahead to allow extra time.

14. Not Screening Prospects Adequately
One of the best reasons for hiring an agent is his/her ability to prequalify a prospect financially before valuable negotiation time is lost. More importantly, your agent may discover when a prospect has an ulterior motive for shopping homes, other than purchasing.

15. Believing that You Can Not Make a Difference
The top agents in the industry report that sellers themselves are responsible for a least one out of ten sales! You can network to your friends, hand out fliers at your place of business, and keep your house in "move-in condition." Your agent should be ready to hand you a few assignments to help make the "team effort" successful.

16. Testing the Market
Never put your property on the market unless you really want to sell it! Get ready for a professional sales push when you list with a great agent. If your plan harbors uncertainty, resolve your concerns before listing.

HOME-BUYING CHECKLIST

Intuitive Loans — Sun, 28 Oct 2007 15:58:38 -0500

Here is another great form for home-buyers. This form will allow you to compare up to three homes in a side-by-side manner allowing you to easily figure out which home is the best match for you.

Most importantly...HAVE FUN!

Home Buying Checklist
1
2
3
Property Address

Asking Price

Age of Home

No. of Stories

No. of Bathrooms

No. of Closets

No. of Bedrooms

Central Air Conditioning

Living Room

Fireplace

Separate Dining Room

Family Room

Kitchen Eating Area

Refrigerator

Stove/Oven (Gas/Electric)

Garbage Disposal

Dishwasher

Washer/Dryer Outlets

Attic

Patio

Backyard Fence

Landscaping

Security (dead bolts, detectors)

COMMON QUESTIONS FROM 1ST-TIME HOME-BUYERS

Intuitive Loans — Sun, 28 Oct 2007 15:51:18 -0500

1. How many homes should I consider before purchasing?
There is no set number of properties you should see before deciding to purchase a home. Be sure to inform your real estate agent about everything you are looking for in a home. Frequent communication with your agent will help you avoid wasting time viewing properties that do not fit your needs.

2. How do I determine my housing needs?
Your home should fit your way of life. Make a list of your priorities. Think about how large your home should be and what type of lot you prefer.

Establish a set of minimum requirements and a wish list. Minimum requirements are those items a house must have to be considered for purchase. A wish list covers items you would like to have, but would not be essential in your decision to buy.

3. What should I look for when deciding on a community?
Select a community that will best fit your lifestyle. Many people choose communities based on schools, transportation, local facilities, libraries and museums. Others prefer the peace and quiet of rural communities.

When you find a community you like, speak with the people that live in the neighborhood. The locals know the most about their area and would be your future neighbors. Above all else, look for a neighborhood where you feel "at home."

4. What is a mortgage?
A mortgage is a loan obtained to purchase real estate. The "mortgage" itself is a lien (legal claim) on the home or property that secures the promise to pay the debt. All mortgages have two features in common: principal and interest.

5. How large of a down payment do I need?
There are mortgage options available that only require a down payment of 5% (or less) of the purchase price. However, a larger down payment means you will be borrowing less money.

Mortgages with less than a 20% down payment generally require a mortgage insurance policy to secure the loan. When considering the size of your down payment, consider that you will also need money for closing costs, moving expenses, and any repairs not covered by the seller.

6. What should I look for during the final walk-through?
This may be your first opportunity to examine the house without furniture. Check the walls and ceilings carefully, as well as any work the seller agreed to do in response to the inspection. Any previously noted problems that you find uncorrected should be brought to the attention of your agent immediately.

7. How can I find out about local schools?
You can get information about school systems by contacting the city or county school board or the local schools. Your real estate agent may also be knowledgeable about schools in the area.

8. Should I use a real estate agent?
Using a real estate agent is a very good idea. All of the details involved in home buying (especially the financial ones) can be baffling. A good real estate professional can guide you through the entire process and make the experience much more pleasant.

HOME-BUYING WISH LIST

Intuitive Loans — Sun, 28 Oct 2007 15:48:03 -0500

Before you waste your time veiwing homes that don't meet your specifications, it is a good idea to know exactly what you are looking for in a home. In this way, you can compare your perfect idea of a home against the homes available in your local MLS (supplied by your real estate agent.)

Following, please find an example of just such a form. Good luck!!!

Item
Wish List
Minimum Requirements
Property Area

Price Range

Age of Home

No. of Stories

No. of Bathrooms

No. of Closets

No. of Bedrooms

Central Air Conditioning

Living Room

Fireplace

Separate Dining Room

Family Room

Washer/Dryer Outlets

Attic

Patio

Landscaping

Spa

Pool

Additional Item

Additional Item

Additional Item

Additional Item

Additional Item

EMPLOYMENT OPPORTUNITIES!

Intuitive Loans — Sat, 27 Oct 2007 16:31:52 -0500

Employment Opportunities - Are you a phenomenal loan officer who has difficulty creating leads? At Intuitive Loans, we are always looking to expand our knowledgeable staff by hiring third-party loan originators across all 50 states. Contact Us today to set up your initial phone interview.

Why Join Forces with Us - By joining forces with Intuitive Loans, you will receive the following:

Pre-screened Leads
All leads are personally screened for location, loan type, and time-frame. You will only receive leads that you are well equipped to handle.
No Hidden Fees
There are NO upfront fees for the quality leads gathered through Intuitive Loans.
No License Changes
Because all contracts are on a lead-by-lead referral basis, you will not be required to hang your real estate license with Intuitive Loans.

INTRODUCING AARON RENO

Intuitive Loans — Sat, 27 Oct 2007 15:39:13 -0500

Aaron Reno
Aaron Reno has been working directly and indirectly with computer technologies and real estate throughout his career. Most recently, Aaron utilized his computer skills to develop company-wide systems at a multi-million dollar literacy company for children ages K-12. After completing his undertaking in the field of education, Aaron then turned 100% of his attention to real estate. Although there are many products available to loan officers and real estate agents, most are incomplete in their design or simply not "user-friendly." It has become Aaron's next mission to systemize the way in which all real estate transactions are handled, thus enabling agents and loan officers to avoid errors triggered by a lack of systems and/or proper organization. His mission was able to take shape when he created Intuitive Loans.

Utilizing his awareness of customer service and ability to create data systems, a new and improved way of visualizing and maintaining crucial data began to develop. This development led to increased efficiency, which in turn led to heightened productivity. These improvements can be witnessed firsthand upon the initial phone call/email with any Intuitive Loans representative.

As I am brand new to Active Rain, please feel free to leave helpful comments, tips, and introductions!

Thank you!!!

Home Buying Checklist	1	2	3
Property Address
Asking Price
Age of Home
No. of Stories
No. of Bathrooms
No. of Closets
No. of Bedrooms
Central Air Conditioning
Living Room
Fireplace
Separate Dining Room
Family Room
Kitchen Eating Area
Refrigerator
Stove/Oven (Gas/Electric)
Garbage Disposal
Dishwasher
Washer/Dryer Outlets
Attic
Patio
Backyard Fence
Landscaping
Security (dead bolts, detectors)

Item	Wish List	Minimum Requirements
Property Area
Price Range
Age of Home
No. of Stories
No. of Bathrooms
No. of Closets
No. of Bedrooms
Central Air Conditioning
Living Room
Fireplace
Separate Dining Room
Family Room
Washer/Dryer Outlets
Attic
Patio
Landscaping
Spa
Pool
Additional Item
Additional Item
Additional Item
Additional Item
Additional Item