seattle: How long do I have to wait to buy after a BK? - 06/20/12 04:47 AM
I get asked this question at least once a week.  I also get asked what if I short sale my home or let it go to foreclosure, then how long do I have to wait?  The answer is simple yet complex.  First off it depends on the type of bankruptcy, 7 or 13.  It also depends on if there were any extenuating circumstances. 
Conventional, chapter 7 you must wait at least 4 years and as much as 7.  If there was a deed in lieu or a forclosure it will most likely be 7 years from transfer date.
FHA, chapter 7 … (0 comments)

seattle: HUD does it again - 02/16/11 07:22 AM
Can you believe it?  HUD announced today that starting April 18th the mortgage insurance on FHA loans will go from .9 to 1.15% for it's monthly mortgage insurance.  They recently bumped it up from .55 to .9 monthly and now they are raising it again.  This will make the monthly payments for this great first time homebuyer program go up and less will quallify.  This makes no sense at all!
If they want to do something that actually helps the market why not have a program that allows people who make their payments on time and have income to support those … (0 comments)

seattle: The Key to Creating Intimacy; Use a Concierge Form - 12/07/10 06:51 AM
Superstar REALTOR Terry Moerler has clients fill out a concierge form at home, prior to meeting with them. This helps her better understand those prospects and target their hot buttons. It affords her an opportunity to probe their minds, know their likes and dislikes, and then meet their needs with efficiency.The more you know about your clients' needs, the better you can adapt your presentation to exceed their expectations. But you must implement a system for gathering this information up front. After the initial information is obtained, you and your team members must collaborate in an effort to collect additional facts. … (0 comments)

seattle: Get inside the mind of the consumer; Websites every realtor needs to know - 12/01/10 04:31 AM
Studies indicate that over 80% of today's home buyers visit the Internet long before seeking the professional assistance of a REALTOR®. This means that, thanks to popular realty-themed websites that compete for your business, your clients are already armed with more information than ever before.That's why today's savviest real estate agents must change their perspective and fight back. And the best way to do this is to visit and become familiar with these kinds of sites and the features they offer. This data will not only prepare you to answer any questions your clients might have, it will allow you to … (2 comments)

seattle: The Art of Database Management - 11/30/10 04:10 AM
Most of us are sales people when you get right down to it. Our job is to sell our services - and ourselves - as we strive to add more clients to our existing book of business. The unfortunate fact is that most of us are in such a hurry to sell our services that, in the process, we forget to do the most important thing relative to sales. Remember the quote from Bill Gates? The most important thing we can do is gather as much information as possible and understand what our customers need. From there, we can construct a … (1 comments)

seattle: Be the Gate Keeper...take control of the lead - 11/19/10 04:25 AM
The Law of The Gate Keeper states: The business professional that refers out the most business will create the most reciprocal referral relationships in return. Translation: The business professional who controls the lead WINS!Regardless of your vocation, there will always be other business professionals that you should seek to align yourself with because they represent a potential increase in business for you through referrals. The easiest way for you to develop relationships with the people you want to work with is to start off the relationship by referring new business to them. This is The Gate Keeper concept in its truest … (0 comments)

seattle: Recycling with a Payoff - 11/18/10 06:23 AM
It's safe to say that recycling plays a significant role in most of our lives, and is very rewarding when we consider the ecological impact we collectively produce by our efforts to recycle, reduce, and reuse. But, what if I told you that "going green" could be financially rewarding as well? The following are some easy ways to make a little "green" for yourself, just for doing the little things you already do to lessen your ecological footprint. Like Money in the Bank In some states, RecycleBank.com is changing the way we take out the trash. This company takes the recyclables … (0 comments)

seattle: 10 Fees You Shouldn't Be Paying - 11/17/10 05:13 AM
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seattle: What is your Mothers Maiden Name? - 11/16/10 04:41 AM
Passwords are crucial to accessing your personal accounts and information. The problem is we all have so many accounts that we worry more about remembering our passwords than we do about making sure that they actually protect our data from hackers. Because of this, we end up using passwords like our mother's maiden name or child's first name. But even if you add a few numbers to the end, those types of passwords are easy to break. And that means your data isn't safe.The following tips can help you avoid the most common password pitfalls and even implement a few new … (1 comments)

seattle: Get to the IRS on Time: Even If You Can't Pay - 11/15/10 05:19 AM
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seattle: The Four Steps To Properly Setting Goals - 11/12/10 07:28 AM
First, set a positive goal for yourself. "I will save to buy a home" is a positive goal, while "I will not spend money" is a negative goal. By focusing on the positive, you'll quit spending money because you'll be so focused on your goal that you won't notice you've stopped spending money.Second, set a date for achieving your goal. A goal is not a goal until you set a date for it. So set a date for achieving your goal, and make sure your date is attainable. If it's not, you'll become discouraged and quit. But don't set a date … (2 comments)

seattle: Tick Tock Tick Tock, It's time for a home loan checkup - 11/01/10 05:14 AM
They say that home is where the heart is. Yet do you know that a mortgage is the heart of every good financial plan? Making sure you've got the right one can save you a ton of money, along with creating wealth and financial health for your family. And with home loan rates near historic lows, now is the perfect time for a home loan check up.
When it comes to determining if your mortgage is still the right one for you, some important factors to consider include the type of loan (or loans) you currently have, your current loan balance, … (0 comments)

seattle: USDA Loans For 1st time homebuyers - 10/25/10 07:13 AM
USDA Loans are great for the first time home buyer!  Zero down, good quality home and no out of pocket closing costs.  When applying for a USDA Loan, rent VS owning here are a few things that should be talked about. 
Renting you have to do 1st last and deposit, (if you have a pet, add that deposit on the total as well).
This is a TRUE ZERO DOWN PROGRAM.  It is cheaper than renting.
A USDA loan in 100% financing and the closing costs can be rolled in. There are income limits and the property must be outside the city limits.  I … (2 comments)

seattle: Credit Repair Should not cost money - 10/22/10 07:46 AM
In these times there are going to be companies that will charge money to fix a persons credit.  That is a waste of time and most people don't realize it.  There are ways that a person can fix their own credit for free.  It just takes time a effort.  If a person takes the time and puts in the energy they can save money and make sure that the job is getting done properly. 
With all of the changes in lending guidelines it is very important to have a decent credit score.  There are websites out there where a person can … (2 comments)

seattle: Everything that Americans Once Knew About Home Mortgages — But Should Ask - 10/20/10 05:50 AM
Americans are discovering the concept of foreclosure and the loss of a home in a very real and disturbing way.  Despite the rhetoric from Washington and sensationalist media, the process of resolving defaulted mortgages is moving ahead, one reason why the U.S. will not be Japan.  But we have all forgotten the experiences of the 1930s when it comes to home foreclosure.
We seem to be moving from voluntary foreclosure moratoria put in place by banks for public relations purposes in 2010 to unilateral state law foreclosure moratoria like those put in place during the 1930s in 2011.  States such as … (0 comments)

seattle: Understanding the Credit Crunch in Lending - 10/18/10 07:30 AM
The media has coined the phrase "Credit Crunch".  Most people that I talk to have no idea what this is or what it means.  All they see is on every news station that more lenders are going bankrupt or cutting programs.  What I will attempt to do here is explain what happened and how it affected our markets.  But first I need to take it back a few years and explain a bit about the system.
We will start about 3 years ago.  Appreciation of homes in the nation was growing rapidly.  I will use some very conservative figures and say … (0 comments)

seattle: 10 Things We Over Pay For - 10/08/10 05:38 AM
Does the avalanche of news about layoffs, business losses and a declining stock market have you looking for ways to cut your spending so you can beef up your savings? We're here to help, with suggestions for less-expensive alternatives to ten everyday purchases (for more ideas, go to www.BillShrink.com, which tracks cell-phone plans and credit cards).
Afternoon snacks. Do you munch protein bars as a healthier alternative to a chocolate pick-me-up? You could easily be paying more than $2 per bar and consuming just as much sugar as you would with your favorite candy bar. Stock up on fruit for a … (0 comments)

seattle: Are you CRUSHING it? Are you bringing in deals daily? - 10/06/10 06:03 AM
If you are, what are you doing? What are the easy to forget things that must be done in a busy market like this?If you are NOT, what could you be doing today to make this a PHENOMENAL month:1. Call 10 past clients daily2. Call 10 current or prospective referral partners3. Send 10 hand written thank you cards4. Ask for referrals with each contactI have had the fortune of speaking with many of the industry leaders and there is a common theme that I've been able to discern.I can and should only focus on the things I can control daily which … (4 comments)

seattle: FHA changing its mortgage insurance fee structure - 10/05/10 06:29 AM
FHA has announced that beginning with case number (application) assignments on or after Oct. 4. FHA monthly mortgage insurance premiums will rise to .90 basis points.
This change also includes a decrease in the upfront financed mortgage insurance premium to 100 basis points down from 2.25 basis points currently in place. If you are going to use the FHA to purchase or refinance a home you wanted to get your application in before Oct. 4 and have your case number pulled at that time.
How much more this will cost the borrower is described in the following scenario. With a base … (2 comments)

seattle: But what would another round of Quantitative Easing mean to Bonds and home loan rates? - 10/04/10 06:17 AM
Let's break it down into four important aspects: (1) When would it happen? (2) How much money would it involve? (3) Why is this being contemplated? (4) And what does it mean to home loan rates?
First, as stated above, whether QE2 happens will be dependent upon the upcoming data releases. Many experts agree that if the Fed does make a move, it will most likely happen at the next Fed meeting, which is scheduled for November 3rd.
Second, the question of "how much" is still up in the air. As stated above, New York Fed President William Dudley gave an … (0 comments)