Bay Area Properties

Time Out

Lynn Bratchett Community Realty Property Management ( Broker Lic #01859798) — Thu, 11 Jun 2009 00:59:47 -0700

Well it has been a while since my last post. Just took a trip to Washinton DC for vacation and family time. Places and Spaces was taken at 30,000 feet during that excursion. I thought it would be a nice post just by itself.

It is always nice to go away even if it is for a short time. The thing I enjoyed most about my trip was dinning. Georgetown has some fabulous restaurants not to mention the shopping. Atlantic seafood and fish is like no other. I ate bluefish, and had atlantic swordfish, just mouth watering. Very upscale and fashion conscious so of course I shopped also. DC weather is very humid compared to the eastbay which is where I am now.

So was it a bit of R & R? Yes it was and we all need that every now and again. I love real estate because you can take that vacation whenever you like. If I had a JOB, I'd have to request the time off.....I really don't think so.

So now it's time to get back to work. The market is slowly buzzing with rates steady, but prices are down, foreclosures are up and the water is just fine. So get in the game, buy a house, or some land, refinance your existing mortgage.

If you cant get in the game, find a new job or career, save, continue your education enjoy your life until you are ready.

Places & Spaces

Lynn Bratchett Community Realty Property Management ( Broker Lic #01859798) — Wed, 10 Jun 2009 23:00:59 -0700

Dads PAY Attention!

Lynn Bratchett Community Realty Property Management ( Broker Lic #01859798) — Sun, 10 May 2009 15:35:20 -0700

Today is a special day that we set aside to honor & recognize all mothers all over the countryside.

It's funny, how we select a DAY to recognize people and events that are important in out lives. It's almost as if the other 364 DAYS in the year we wait for that Special Day to come IN ANTICIPATION OF IT!

Let us never forget, that if it were not for MOMS, NO ONE of us would be here!!!

WHO HERE DOES NOT HAVE a MOM?

We would'nt have comfort food, someone to hug us when we hurt, no one to feed us when we are hungry, no one to tell us we are fine when we don't feel so fine. A MOM keeps everyone and everything in the house your MOST-est Special Place to be in the World!!!!!, she's the nurse when everyone is sick, she finds all that is lost, she makes everything all better no matter how bad it seems.

No matter what, Mom is always there to nurture, to love, to listen, to scold, to kiss and to hug.

Mothers definitely deserve a lifetime of recognition, honor and love for their Unconditional Love and for bringing all of us into this world.

I say when we pray to God, we should be PRAYING TO MOM.

MOTHER'S

EVERYWHERE

HAVE A WONDERFUL DAY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

A Dream Come True

Lynn Bratchett Community Realty Property Management ( Broker Lic #01859798) — Sun, 03 May 2009 02:40:32 -0700

I became a real estate broker after 27 years as a registered nurse. Real estate has always had some fascination for me. As a child my father rented out rooms in various apartments we lived in. My father purchased his first piece of land when I was 17 years old. Before I had a chance to enjoy it or grow something on it he sold for 4 times what he paid for it. So it only made sense that real estate would have a place in my world.

I toiled as a residential sales associate on the east coast, doing rentals and single family new construction. The past 4 years I have been originating loans, buying, selling and renovatiing single family and rental property.

As a nurse I have enjoyed taking meticulous care of people burdened by injury and illness. People make some very difficult desicions when in the hospital and the outcomes are not always desireable. Even with health insurance the expense is great.

Purchasing a home is also one of the biggest desicions and purchases a person may make in their healthy life. In both cases you would want a professional, someone with knowledge and experience. A guide, one who will negotiate, advocate and assist you in the management of your purchase.

Purchasing a home is like a dream come true. A wish, a desire that has maybe been a long time in coming. A home is purchased for the individual, the couple, the kids, the parents, the grand parents, the friends. There will be holidays, birthdays, anniversaries, and a host of other memories shared.

Whether you are buying or selling your real estate, refinancing or looking for your first mortgage you will want a professional. Someone who will help and support your obtaining that dream of homeownership.

Let's Survive

Lynn Bratchett Community Realty Property Management ( Broker Lic #01859798) — Sat, 02 May 2009 15:14:35 -0700

To help protect yourself and your family during this outbreak, go to the CDC website to view health guidelines, a list of frequently asked questions, and symptoms to watch for. Here is the link http://www.cdc.gov/h1n1flu/ and other helpful information.

If you're concerned that you or a family member has contracted the H1N1 flu

Symptoms of the H1N1 flu are similar to common flu symptoms-coughing, sore throat, body aches, headache, and fatigue. If you experience mild symptoms, stay home from work or school.

However, if you have a fever of more than 102 degrees, you should contact your personal physician as soon as possible. He or she will be able to help determine whether testing or treatment is needed for the H1N1 flu.

If you experience a serious condition that you believe could be an emergency medical condition (either related or unrelated to the H1N1 flu), call 911 or go to the nearest hospital.*

*An emergency medical condition is (1) a medical or psychiatric condition that manifests itself by acute symptoms of sufficient severity (including severe pain) such that you could reasonably expect the absence of immediate medical attention to result in serious jeopardy to your health or body functions or organs, or (2) active labor when there isn't enough time for safe transfer to a Plan hospital (or designated hospital) before delivery, or if transfer poses a threat to your (or your unborn child's) health and safety.

Getting Control of your Credit

Lynn Bratchett Community Realty Property Management ( Broker Lic #01859798) — Mon, 20 Apr 2009 01:50:10 -0700

Sometimes what you don't know can be harmful! The Basics are fundamental to your credit health. Know what's in your credit report! How do I request a free credit report? You can request a free report online, by phone or by mail. Visit AnnualCreditReport.com or call 1-877-322-8228, or fill out the Annual Credit Report Request form and mail it to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. No matter how you request your report, you have the option to request all three reports at once or to order one report at a time. By requesting the reports separately, you can monitor your credit more frequently throughout the year. Why should I request my credit report? Because the information in your credit report is used to evaluate your applications for credit, insurance, employment, and renting a home, you should be sure the information is accurate and up-to-date. In addition, monitoring your credit is one of the best ways to spot identity theft. Check your credit report at least once a year to correct errors and detect unauthorized activity. Annualcreditreport.com is a website jointly operated by the three major U.S. credit reporting agencies. The site was created in order to comply with their obligations under the Fair and Accurate Credit Transactions Act (FACTA) to provide a mechanism for American consumers to receive a free annual credit report. The more you know about your credit the better prepared you will be when it comes time to get a mortgage and buy a house.

Difficult Times

Lynn Bratchett Community Realty Property Management ( Broker Lic #01859798) — Sat, 18 Apr 2009 03:39:23 -0700

On almost every facet of our lives are we being hit with hardships. The day to day struggles of violence, kidnapping, sexual predatory behavior, burglaries, thefts and oh yes let's not forget suicide, murder and war. Now of course if none of those events are flurting with your life how about falling home prices, foreclosures, illness and aging, stock market and retirement erosion and of course jobless claims. Yes it is a struggle for virtually every human being on this planet. I don't thing there is anything on this list that hasn't been a reality at least once in the human experience.

So how do we cope with all these trials and tribulations?

Know that the universe is always willing to work with you on your behalf; and that you are always in a friendly rather than a hostile world.

Anonymously perform acts of kindness, expecting nothing in return---not even a thank you!

Let the rain come falling down!

Mortgage Tidbits

Lynn Bratchett Community Realty Property Management ( Broker Lic #01859798) — Mon, 13 Apr 2009 05:18:11 -0700

Preparing for a morgtage should raise questions? Let's talk about the facts, your credit history as you believe it to be today, and the credit guidelines that apply to each situation. Would you rate your credit: Good, Fair, Poor, or Excellent? AND, Why? Do you know your credit score from all three major repositories: Equifax, TransUnion, and Experian? Have you been more than 30 days late on your rent or mortgage? Have you been more than 30 days late on your car payment? Have you been more than 30 days late on your credit cards? Do you have any collections, judgments, or liens? Do you have any bankruptcies, foreclosures or repossessions? Do you have student loans? Do you have any debts from a previous marriage? Do you have four lines of credit that are at least 2 years old? Your credit score will be affected by how you answer the above questions. Your payment history contributes about 35% towards your overall credit score but history is also a credit guideline factor on it's own. Talk to a mortgage consultant to understand how your credit report can affect your ability to qualify for a loan.

There is help on the Way-Maybe

Lynn Bratchett Community Realty Property Management ( Broker Lic #01859798) — Thu, 09 Apr 2009 01:51:01 -0700

Homeowner Affordability and Stability and Making Home Affordable plans are now being offered by the Federal Government. Are these plans really going to help the people they people they are set up for? Maybe.

"Buoyed by new government plans, more loans will be adjusted to fit borrower needs." -Scotsman Guide

Yes there is help on the way but only if you qualify. Loan modifications are available but beware because they will not be handed out as if they were free. Borrowers should know they will be burdened to prove they have a bonified hardship or at a minimum a newly acquired disability. Whatever hardship may become them they will have to prove it with documentation of the particular hardship.

I am not saying they will ask for medical records but if a borrower has become ill, medical bills, equipment, medication expenses may be subject to inspection. Borrowers documents will have to be in order when it is time to demonstrate your hardship.

Income taxes
payroll stubs
receipts for purchases- Yes they want to know you are spending your money on
credit card statements
Mortgage statements
unemployment payment receipts
utility bills
any official documentation pertaining to your hardship

If you have lost your job due to a layoff, any severance or unemployment will also need to be accounted for. Ok so how is this different from previous times when looking to borrow or refinance?

WELL...you see the lender will be using a model to measure the risk of giving the borrower a modification versus forcing a foreclosure. In other words, how much bloody money is the lender gonna lose? Chances are if it is some, they will force foreclosure.

Of course if you have a high risk loan (hybrid ARMs, option ARMs and interest-only loans) the question is can you really repay this loan? Here is one example where the lender will measure risk in terms of it may be just good business to go to foreclosure because the borrower may not be paying currently. So what is the likelihood they will pay the lender in the near future? Many critics believe once delinquent always delinquent.

"With real estate prices falling, financial-service firms collapsing and a variety of industries laying off thousands of workers, the need for residential loan modifications continues"-"Scotsman Guide"

"The disproportionate use of ARMs in higher-cost real estate markets such as California and
Florida -- already among the hardest-hit in the foreclosure crisis -- exacerbates the potential scope of the problem. Without stemming the foreclosure tide, more defaults and home-price drops are likely to follow".

"Although many of the country's largest banks and mortgage servicers -- including Fannie Mae and Freddie Mac, the former government-sponsored enterprises now under conservatorship -- have or are in the process of introducing large-scale loan-modification programs"-"Scotsman Guide".

If you are looking to modify make sure all of your ducks are in line because lenders will be evaluating you very carefully and also calculating their risks. Banks don't like to lose, so if variables are pointing against you, you may be in for some stormy financial times.

Types of Modifications-"Scotsman Guide"

"Case-by-case analysis:With this approach, servicers generally handle delinquencies as they have in the past. Individual collectors and/or workout specialists contact borrowers, learn their financial circumstances and work to develop a solution to address the particular circumstances"
"Streamlined modification programs: Using these, servicers apply a set of defined criteria to substantially all -- or a large group -- of their delinquent or at-risk loans. Servicers then contact all borrowers who meet the criteria and offer them a standardized modification plan".
"Government-backed-refinancing and
-modification programs: These plans provide loan-holders with incentives to refinance or modify their loans.The best-known program of this type is H.O.P.E. for Homeowners. Commencing last October, Congress' original plan called for this program to aid as many as 400,000 qualified homeowners. In the plan's first three months, however, fewer than 500 applications arrived -- resulting in only 17 loans".

"Typically, these payments result in housing debt-to-income ratios of 31 percent to 38 percent."-Scotsman Guide""

Most of these programs will require the lender to establish an affordable payment for the borrower but you can be sure there will be a variety of ways to acheive those payments. Such as forebearances on principal balance, interest rate reductions or even loan extensions.

"The U.S. Department of Housing and Urban Development (HUD) administers the program and recently adjusted the criteria to make the program more attractive to prospective lenders, loan-holders and applicants. Changes include increasing the maximum loan-to-value ratio (LTV) from 90 percent to 96.5 percent and allowing lenders to extend mortgage terms from 30 years to 40 years".

While this all sounds hunky dory and all warm and fuzzy,there is a harsh reality here.

Many of the loans already modified during the 1st quarter of last year were 30 or more days late within 6 months of modification. ("the U.S. Office of the Comptroller of the Currency and the Office of Thrift Supervision published a joint report (PDF: bit.ly/ decemberreport")
Most loans are serviced by 3rd party investors that prohibit or severly limit modifications
If a modification occurs there may be stipulations requiring re-purchase of the modified loan

What can we as professionals do to help our clients?

Rumors abound of how people are deliberately not making 1 or 2 months mortgage payment. Thus attempting to defraud the lender into thinking they cannot afford their payments.
Advise your clients against this one. It is down right unethical and fraudulent. Your lender will do a thorough examination of borrower's documents, bank statements, savings, investments, taxes etc. Is it worth the risk? I should say not. Just think not being able to practice your passion.
Brokers also can advocate for their clients in terms of looking at that may be overlooked These include credit scores, mortgage history, overall debt-to-income ratio, net disposable income, employment stability and length of residence. Not every single borrower in default is a deadbeat. There are exceptions to every rule and if you know your client well enough you may be able to persuade the lender to take a second look at all the variables especially if the client has a plan to recover lost wages. also should consider the extent of borrower equity after the modification and expected property-value changes.
Borrowers must be informed such modifications exists. Many borrowers, out of fear or embarrasment will not contact the lender when in default. As professional we have a duty to inform borrowers that there may be help for them. At least we have to try.
Remain cognizant of Fair Housing Act Violations

So as relief comes from our government to our troubled financial institutions, lenders, investors and lastly borrowers let's remember, that capital relief is there to help save homes and provide stability to our current economic hardship. If we misuse it or not ensure it is used responsibly we have not solved the problem but compounded it.

So we shall see if we can get it right this time. Till next time, Rain on Me.

Is Real Estate Finance Important to You?

Lynn Bratchett Community Realty Property Management ( Broker Lic #01859798) — Wed, 08 Apr 2009 02:31:03 -0700

Real estate agents assist people in selling and buying homes. Anyone in California who holds a real estate license must have some knowledge of finance in order to pass the state licensing exam.

The average real estate agent, however does not need to have an abundance of knowledge quite frankly to practice real estate. The average real estate agent is the one who avoids educating themselves about real estate finance and will miss out on collecting those extra commissions because of that lack of knowledge. Knowledge of real estate finance can not only help to close difficult transactions but may also leave a knowlegable agent with a plethora of referrals in the future.

The word "Mortgage" dates back to 1066 in England when the French used the "gage" system. Real property used as colateral for a loan was known as a "dead gage", the French called it "mort" which is the word for "dead". Hence today we use the word "Mortgage".

New Newbie

Lynn Bratchett Community Realty Property Management ( Broker Lic #01859798) — Thu, 02 Apr 2009 17:07:49 -0700

Thank you to each of you who responded to my nervous chatter. It has already made me feel at home ..lots of really helpful information...I am really enjoying splashing around....it is so refreshing to be exposed to such an enormous group of professionals who don't mind sharing what has helped them succeed in their business. It's like a cooperative instead of a competitive environment. Oh how I love the rain!

Very Newbie

Lynn Bratchett Community Realty Property Management ( Broker Lic #01859798) — Thu, 02 Apr 2009 02:45:20 -0700

Ok its been 24 hrs since I joined. I spent close to 18 of the hrs reading in various places on this site. All I can say is wow, you all are quite a bunch of very interesting, informative, creative, funny folks. I am very happy to be here.

This is a second career for me for I come here with 27 years as a registered nurse. Yes... trauma, critical care and all the worse things that can happen to humans. I still teach nursing, consult to an ambulance company and on occasion moonlight as a nursing supervisor. But I have always had this passion for real estate.

I have had this (love-dislike) relationship over the past 15-20 yrs with real estate. I was a licensed salesperson in Boston, owned property then later rented it.....for the past 4 yrs I have been involved in buying, selling, renovating and renting my own properties..... 2 years ago I lost a job......had to sell all the property except the one I live in....change my life.... started my own nursing consulting business and now just became a real estate broker.

For the last 4 weeks I have been with a company doing online mortgages. I am still working on building a client base, I don't have any as of yet..... but I am working on it

So here I am scared out of my wits not really knowing what I am doing. I read all of your posts and am so intimidated by all the knowledge and experience. I unsderstand that fear represents many things, one of them is lack of knowledge. My goal is to build my knowledge base develop a business that provides people with honest solutions to their mortgage and housing needs.

In the mean time I'm just gonna hang out here in the rain!