Take the time to read this "worth while post" I think you will find it interesting. I do notice that BOA is trying hard, working on things to help people get back on their feet.
If you are planning a move in or out of Seacoast NH or ME , please give me a call directat (603) 944-1465. Like many other buyers and seller, you'll be glad you did. Check out my real estate website @ www.PATRICIA4REALESTATE.COM for a FREE property search. Like many others, you'll be glad you did.
Here is an email we received a little while ago regarding Bank of America short sale offers and the equator system. This is excellent news, and will hopefully aid in further streamlining the Bank of America short sale process.
April Technology Enhancements Drive Changes to the Short Sale Process
Bank of America continues to improve the short sale process so agents can help homeowners avoid foreclosure. In March, fields were added to the initiation page in Equator so Bank of America can identify which short sale the homeowner qualifies for and best fits their situation. Starting in April, a series of technology enhancements are being implemented to improve the short sale process.
Integrated Technology for Deals With an Offer and Without an Offer: Agents can now initiate a short sale in Equator prior to marketing the property. The benefits of this type of "pre-offer program" include understanding the terms of the short sale and gaining investor agreement for a list price upfront in the process. In addition, the homeowner may qualify for a cash incentive and have their deficiency waived.
Short Sale Specialist Assigned Earlier in the Process: If a short sale is initatied with an offer, a short sale specialist will be assigned in Equator earlier in the process. If a short sale is initiated without an offer, agents should be aware that many initial steps in the process require homeowner contact to determine program eligibility. Once the appropriate short sale program has been identified, a short sale specialist will be assigned and Equator will launch the agent tasks.
Action Required:
For status updates and immediate questions, agents should continue to contact Short Sale Customer Care at 1.866.880.1232.
Agents should use Equator messaging as the primary way to communicate with their short sale specialist.
Homeowner Documentation: Short sale specialists are able to identify earlier in the process which homeowner documents, if any, are required. Depending on the homeowner's situation, the amount of documentation required may be significantly reduced. However, the short sale process will not move forward until all required homeowner documentation is provided.
Action Required:
Agents can message their short sale specialist to clarify which documents are required.
Agents should obtain these documents and upload them to the Equator Library under Property Files as soon as possible.
Initial Offer Evaluation: If an offer is submitted that is significantly lower than current values, the offer may be rejected and the agent will be notified in the Equator system. The Submit Short Sale Offer task will reopen and a new offer must be submitted.
Action Required:
Agents should renegotiate with the buyer to agree on the highest and best offer and execute the new signed contract.
In order to complete the task, all supporting documents must be updated to reflect the current offer details.
Stay tuned for future communications and educational materials related to this series of technology enhancements.
Check out our FREE short sale agent networking and resource site, www.TheShortSaleGuide.com, as well as our listing referral program and online training course!
Read this interesting post about "Price Isn't Everything: Evaluating and Offer" I know it might be hard to believe but it's true....sometimes. Terms are important and play into the "big picture" for closing the deal. check it out, I think you will agree. By the way, if you are planning a move to seacoast NH or Maine please give me a call direct @ (603)944-1465 I'd welcome the opportunity to be of help.
Just at the point your are totally sick of making the beds and keeping the kitchen pristine, an offer comes in, and you are stoked. And as you imagine what it's going to look like, you are probably focused on the line in the contract that reads Total Sales Price.
While that's natural, price is not the most important thing that will be in that offer. Here are some other things to look for:
What type of financing are the buyers planning to use?If they are putting down at least 20%, that’s better than if they are trying to get in with a mortgage product that might allow for a low down payment.They are out there, but lenders have very strict guidelines.
How big is their earnest money deposit?This is a case where size matters.
Are they financially qualified to buy your house?Have they been preapproved?
Which lender are they using?Some are good.Others are problematic, especially when it comes to appraisals and final loan approval.
Did they include an appraisal contingency?If so, and if the appraisal comes in low, they will have to increase their down payment or ask you to lower the price.If you don’t, they can walk.
Where is the down payment coming from?If they are using equity from their current home, is it already under contract?If so, how strong is that contract?You will want your agent to have a look at their contract and talk to the other buyers’ lender.
What does their offer say about what happens if the contract on their house falls apart? Can they settle anyway?
Are they asking for a credit at settlement to help them pay their closing costs?If so, this will reduce your net, and it could have a negative impact on the appraisal.
How long do they want for their home inspection?Anything over a week is a little excessive.
Are there other contingencies that increase the risk that the transaction won’t work?Do they need to finalize a new job?Do they need their parents’ approval?
Keep in mind that if there are things you don't like, you can always counter the buyer's offer. And as long as they are financially viable buyers, it's better to counter than to just say no. If the would be buyers are willing, but not ready or able financially to buy your home, that's when you say no.
When your "SOLD" sign goes up, you really do want it to stay up!
If you are planning a move to or from the Washington, DC area, I can help. Call, email or text me at:
Years ago neighbors helped each other out when they needed help. Nowadays that's changed quite a lot. People tend to stay more to themselves. As a kid I can remember going next door to borrow an egg or a cup of milk or sugar. The neighbors didn't mind in the least , they were happy to oblige...
WHEN YOU CAN HELP A NEIGHBOR DO IT..........Helping out a neighbor in need is the right thing to do I thought. Well that's what I did the other day. My neighbors power was out for a couple of days due to burner/ furnace issues. I told them they could use our extra bathroom to shower and so they did.
YOU NEVER KNOW WHEN THE SHOE MIGHT BE ON THE OTHER FOOT........ so as I was taught to "Love thy neighbor as I would myself."
Now here's a way that I can help right within my town and not travel very far in the winter weather. There are those people in Nursing Homes that are alone, lonely and would love to have you come and visit them. Many times these residents don't have family that live near them, or any family at all.
Visiting the residents can help them and brighten YOUR day......
Visiting can work with my schedule. When I have the time in my every day schedule, I spend a few hours helping out by reading to some of the residents. Many of these people love this as their eyesight isn't very good or their glasses need to be adjusted. It's a very rewarding time to spend a few hours, give it a try , I think you'll agree it does the heart good.
Those without families or friends are lonely.....
The days are long when there's no one visiting you. It really doesn't matter if you read to them or just visit. Your presence is what helps the lonely heart...... just being there is what they need to help while away the hours
~ Check with those Nursing Homes in your town to see if you can put some life into a lonely soul.~
I'M HOMELESS AND NEED TO EAT-CAN YOU SPARE A BUCK PLEASE?
That was the sign a homeless person had clinging to his jacket the other day in front of a store while he braved the freezing temperatures and blustery wind. I'm struck by how many homeless people I see these days standing on corners begging. Sad to say but this has become a way of life for some people unfortunately.
I'm a sucker for this kind of thing and well up with tears every time I see people begging. I immediately reach into my purse and handed him a $10 dollar bill. "God Bless you" I said as I gave it to him, "I hope the New Year will bring you some good fortune and joy."
He smiled back at me with a toothless grin and kept repeating "God Bless You.....God Bless You" His smile alone was worth the $10 bucks and more. I continued on filled with tears and gratitude for what I have in life and often take for granted. Well this was a clear reminder that whatever was bothering me that morning seemed so incidental to the beggar's lot in life. It sure did put things into perspective that's for sure.
Count your blessings, I thought...... for clearly I have many.
People can benefit by reading this worthwhile post especially in this economy. It is a tough economy so reading this can give you some great ideas on being more efficient with energy. Hope you enjoy the read!
With all the things you could do around the house to save money energy wise with making changes is it significant? Or just pinching pennies the way some people claim coupon clipping is?
Hey it's a tough economy. Here are a few things about appliances and systems in being more efficient with energy.
A top mount freezer if you freeze a lot of food is more efficient than side or bottom mount ones
If you replaced your top loading washer with the newer version energy efficient front loading one you typically would save $50 a year on the water bill. Now that one might not be significant enough.
With those compact fluorescent light bulbs over its life replacing the incandescent bulb you will save per bulb $30. So count up your bulbs changed out and multiply. Some people still don't like the mercury hazard, at least disposal or breakage with CFL's. Your choice. Compact fluorescents do use a staggering 50% less electric than incandescents so that lowers heat into the air too. If you turn a CFL on and off too often it will shorten its life
If you UPGRADED your air conditioning system in a ten year old house, 2,000 sqft two story you could save $250 on electric a year. Now you must consider the investment to do that. If you stay in the house a long time, maybe smart
If you have a four setting programmable thermostat instead of just manually adjusting the temp you can save up to $180 a year. Not bad
The percentage of cooled or heated air LOST through duct leaks in the house is a whopping 20%. They have these detection tools that can spot this, so that one can be HUGE to get repaired
Finally, a real advantage of having a programmable by time of day thermostat by having it start to cool down the air just before you come home is it uses a lot less energy than maintaining a constant temperature all day. Many think air conditioners work harder bringing the temperature down vs. a constant temperature but they don't
Don't believe all the hype on energy savings, some is just nickels and dimes but some is significant. Check your roof and windows too, huge losses of energy without radiant barrier protection in the South and efficent style windows.
Here's an interesting post I thouogh worthy of to reblog for your interest. Does your managing broker sell and list properties? I don't think it's right that they are getting a salary from the company and then they take those calls that come in and ask to speak to the manager! Read the post and see what you think? compete or not? That is the question.
Does your managing broker sell and list properties?
Your managing broker is in an enviable position, for someone who sells and lists properties. They often are the one that people call, asking if the manager can give them the name of one of the top agents in the office, who might be good to help sell their property. Or do they know someone who'd be good to help find lakefront property for a relocating couple, coming in from New York City.
A managing broker who also lists and sells would be in a position to shortstop some of those calls, and accept the leads for themselves... after all, what client could resist the sales pitch (from someone whose opinion they were just soliciting) "Well... I list / sell properties in that area, and I AM the managing broker, here in the office, so I could do an excellent job for you". And even the most ethical manager might find herself in a difficult position, if a particularly lucrative listing or buyer might cross her desk.
My managing broker does not routinely list or sell properties. She does not compete with me (or any of the other agents in the office) for listings or buyers. Managing an office of almost 100 prima-donna agents (and yes, I include myself in the land of primadonnaville) is a full-time job... maybe a job and a half, and she dedicates all of her professional time to that task.
There are managing brokers in our area who do list and sell regularly. They are in smaller offices, and list and sell in order to supplement their income. I don't like the idea of my manager competing with me for listings. Their title gives them a slight edge with the public, and I don't think that's right.
How about yours? Does your manager compete with you? Are you okay with that... how do you feel about it?
ALAN MAY, Realtor® Specializing in Evanston Real Estate and North Shore Real Estate Coldwell Banker Residential Real Estate, 2929 Central Street, Evanston, IL 60201 847.425.3779 Cell: 847.924.3313 Email: Almay@aol.com
Do not copy the content of this blog, for use elsewhere, without first contacting the author for permission. Reblogging, when the button is available, is allowed. All other use is strictly prohibited without express permission from the author.
I absoloutely love this post so I thought you people out there would enjoy it as well. It tell the reader about the value of hiring a real estate agent to work for you! I hope you find it both informative and helpful.
Top 5 Reasons to Commit to Your Real Estate Agent Now
1)They can do a better job for you. With commitment and loyalty comes trust. I can do ten times more for a client if they are committed and they trust me. If you are working with an agent that you don't trust, you need to move on, because there really is no point. Last year, I saved a client $195,000 on a foreclosure he was purchasing. I convinced the bank to lower the price by almost one third. How was that possible? My client trusted me. Not blindly, but I definitely asked him to do some things he didn't think were necessary. In the end, I was able to save him almost two hundred thousand dollars simply because he trusted that I knew what I was talking about. Could I have done that with an uncommitted client that didn't trust me? Absolutely not.
2) They will stop being a salesperson and start being an advisor. Hate all that sales-talk? Want your real estate agent to stop selling you? Look them straight in the eye and say "I'm buying a house with you, period, you are my agent," or "I am listing my house with you, period, you are my agent." And mean it. What will happen next? Most agents will morph right before your eyes from a salesperson into an advisor. Now that you've gotten that out of the way, they can start to do their job. Want to get some of the worst real estate advice? Keep every real estate agent you talk to on a string and make them dance for your business. Sales-talk is a little like dating-talk, it's a necessary skill to have, and not exactly fake, but not exactly real either.
3)They'll make sure you know when you're wrong. Imagine you are wrong about something. Not a little wrong, but very wrong and extremely convinced. You would want your real estate agent to tell you, right? Well there is telling and there is telling. I always give my clients my honest opinion no matter what - the inability to contain my actual opinion is a burden I've carried my whole life. However, if I am dealing with an uncommitted client, I say my opinion a couple times and I move on. Not that long ago, I had a client who was about to overpay by $70,000 for a piece of property. I told him he was wrong over and over again and frankly, we argued about it. He called me months later not only to tell me I was right, but also to thank me for saving him $70,000 as he would have already been underwater on that property. Would I have spent all the hours and hours pouring over market data to prove my case, showing him that property (and its defects) multiple times, and chatting in the street, if didn't KNOW I was his agent? Not a chance.
4) They come across great deals all the time and they only call their bestclients. I know you think you are gaming the system by emailing 15 different agents or calling them from a blocked number and telling them to bring you a "deal." However, as a real estate agent, I come across great deals all the time, and I won't be emailing them to anybody. First of all, I have no idea who I am emailing. I could be emailing my competition or someone who is working with my competition. If you don't trust me enough to give me your phone number, why would I email you the best deal I came across in the last 3 months? If I don't have a pre-approval, a proof of funds and a phone number, you won't be getting notified when the best thing since sliced bread hits the market. I'll be calling my committed client that has their ducks in a row, whose motivation and tastes I understand because we've talked about it, and who bothered to give me their unlisted phone number.
5) The best real estate agents have their choice of clients. Sure you might catch a good REALTOR® in a bad market and they go against their gut and work with you even though they know you are not fully committed to them. But, usually the best real estate agents can pick and choose who they work with based on whether your listing fits their business plan, whether you have saved a down payment, whether you are truly motivated, and also whether you are committed to them. The truth is there are plenty of loyal clients out there, and a loyal and committed client is worth 10 times more than a disloyal one regardless of price range or almost any other factor, and every successful real estate agent knows that. Remain uncommitted and you are lowering the chances of getting an experienced agent to work with you. You are, in effect, limiting your prospective agent pool to those that simply don't know or can't do better.
This is a very interesting and informative blog so I thought I'd get it out to you. Lots of people don't realize how their credit scores work and what can be done to help fix them. Lots of good tips here so..... Hope you enjoy the read.
Trying to understand Credit Scores can seem to be complex at times, especially when there are so many so-called experts online and or credit repair companies. Trust me, I have sat next to loan officers in the past that just made up things as they went along.
Many that come to me and seek my help or advice usually seem to be those borrowers that were previously approved. Yet are denied last minute and in most cases it was because of their credit. And for two months while in processing, that borrower was told all was okay. So how can this be?
In my own opinion, there are three main factors that a loan officer should look at.
1.) Credit scores aka fico scores
2.) All items that are derogatory, to include : latenesses, judgments, collection accounts, bankruptcies, etc
3.) Your credit balances vs your credit limits, to see if you abuse your credit.
What I seem to find that happens in many cases is that the loan officer dwells on the credit score the most, thinking that the deal should not be as difficult if that borrower meets the credit score requirements. Or for the fact that they can’t distinguish less than perfect credit for bad credit. But lately, I am finding more borrowers that were told no problems during the process and their credit scores were between 580 and 619. Here is the reality of it. Most lenders now require 640 or higher. Yes, FHA allows a borrower to go to 500, while on conventional loans you can go to 620. And there are some, such as Infinity Home Mortgage, where we can go to 620 on a case-by-case, if the loan makes sense and the borrower meets the basic guidelines pertaining to debt ratios. Here is the problem. There are a few lenders that will portfolio their loans and go as low as 580. Not only are the rates about 1.5 percent higher than normal market rates, that come with a few more points, but have more lender overlays regarding the lending guidelines. Yet it is very hard to close these loans. Even though I could broker out these types of loans, I tell the borrower that it is best to get their scores up to 620 or higher for various reasons.
When dealing with a lender when you have lower credit scores, your first question is, “how do I get them higher?” This can be such a dangerous question, because there are so many different answers and some are either wrong or misleading.
Example : If you have collection accounts that are two years or older, you should not pay them off at all until you go to settlement. When you pay anything off, that creditor or collection agency will be reporting this to the credit bureaus, which creates a new date. This does affect your credit score for the worse. I tell people not to pay off a thing until settlement, if requested to be paid off.
How can you increase those credit scores?
Keep your balances at thirty percent or less of your high credit limit. The higher the balance to credit limit, the more it will hurt your credit score.
If you don’t have many open trade-lines, you should obtain new credit. "Well, I can’t get a credit card, I tried and was denied." You can get a secured credit card. Just get a $250 limit and keep your balance at $25. Make a payment as soon as you can, not waiting for your bill. Then ask if you can get a letter stating that you made a payment on time and the lenders credit agency might be able to re-score your report. If not, you will just have to wait the full thirty days.
Credit latenesses – We know that 30 day lates hurt, but what can hurt more are 60 and 90 day lates. Your scores will get a tad better after three months, as long as you aren’t late on anything else. But these credit scores can improve drastically after six full months, as long as you aren’t late on anything.
I talked about keeping your credit balances low. Sometimes if you even pay down your balance even more, this could help your score.
Example 1 : I have a client who has a mid score of 587. They have one credit card with a credit limit of $6,500 and currently have a balance of $4,000. If they paid it down the normal 30% limit, that would be $1,950 and their score would rise about 16 points. If they pay it down to a balance of $750, their score would increase another 19 points, for a total of 35 points.
Example 2 : The same client also has a card with a $351 balance and their credit limit is $600. To pay it down to the 30% level won’t do much, about 5 more points. But paying it off completely, they will get another 7 points, totaling 12 points. Overall, I am now increasing their credit scores by 47 points. And this will get their mid credit score to 636.
Conclusion: You need to deal with a loan officer that not only understands these different scenarios, but one who has access to a credit analyzer. Never assume what you should do from those on the internet, or from a family member, or from credit repair companies that tell you the world. If they didn’t run a credit analyzer/simulator, then it’s all a guess, with hope and a prayer. And if the lender doesn’t have access to a credit analyzer, then seek one that does.
Key Reminder : Unless instructed to do so, never pay off your credit cards. Keeping a running balance on revolving credit will help if under control. Paying off installment loans won’t really help your credit scores.
Key reminder when others check your credit scores. If you get an outside source such as True Credit Report or Free Credit Report, your credit scores will usually be higher than when a mortgage company pulls your credit. Why? Because each uses a different logarithm. Just as those that give out car loans, they have a different logarithm.
Disclaimer : I don’t work for a credit agency nor should I be considered a true credit expert. However, I do understand more than the basics and this information is based on my knowledge and research from many years in the mortgage industry.
PS.. don't hesitate to reblog this for your clients and or readers. Thanks
My New Years Gift to all of you.... something that took me a day to put together, like a mini book with many ideas for better business in 2011.
Google Docs are one of my favorite tools on the web and also one that I think gets overlooked by so many people. Since I no longer own a PC I don't have access to Microsoft Word & Excel, so when I want to create documents and spreadsheets to send to someone I always use Google Docs. Another thing I love about Google Docs is the fact that you can share them with others and collaborate together. One way we collaborate in Google Docs is for our weekly radio show. Since there are four regular contributors into the show, it is a great easy way to share what topics we are going to discuss, notes on our guest speaker and so much more. It's a great way for all of us to access the same info and share things with each other quickly.
The other big function of Google Docs that I think gets overlooked by so many is the form function. The form allows you to create a document that can be embedded into a website, blog post or just about anywhere else. It gives you the creator a simple way to collect information from readers who want to participate. For example, I recently ran a contest for a company where we wanted people to be able to register for the contest. Consumers could simply fill out the form with their name, email address and phone number.
All of the information was then stored in an excel spreadsheet that I could then use to determine winners, and also have a good set of leads to follow up on about possibly purchasing a custom WordPress Site. So you may be wondering, how do you create these forms and how can they be used for generating leads. Well, I am going to show you how to quickly and easily create a form, install it into your site and then how the answers populate. Watch the video below to see step by step how I create and implement Google Docs form builder:
Also, here is the Google Form I created in the video so you can see how one works live:
If you have any questions/comments, feel free to leave them below.
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Experienced, full time REALTOR Licensed in NH, & ME "Experience isn't expensive....it's Priceless!"..Work with an expert...Call Patricia direct today for your real estate needs@ (603)944-1465.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
Does your managing broker sell and list properties?
Top 5 Reasons to Commit to Your Real Estate Agent Now
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