For the discerning buyer, this Condo has two levels, both with Master Bedrooms and Master Baths. A two car integral garage, full unfinished basement, ready to finish (has studs and electricity). Gas fireplace, dining room and lovely kitchen with a laundry room, 1/2 bath and a deck.
You can see this at 130 Boylston in the exclusive Newbury Village on the Cranston/Scituate Line. Near Churches, Fire Department, Shopping, Craft Fairs, Antiquing, yet close enough to the highway to get where you need to go in a hurry.
This condo is now offered at $309,900., a reduction due to todays market. These prices will not last forever, so contact me for a personal viewing.
HUD Secretary, Shaun Donovan announced yesterday that FHA Lenders are going to allowed to let First Time Homebuyers use the up to $8000.00 tax credit as a down-payment.
To quote Mr. Donovan, speaking at the Mid-year conference of NAR in Washington:
Secretary Donovan said that important changes, which the National Association of Realtors® has been calling for, will help consumers purchase a home. “We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a downpayment,” Donovan said. According to Donovan, the FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.
It will be interesting to see what the rate is on the bridge loans, but regardless this is a great step in the right direction. I appreciate NAR spear-heading the effort for home-buyers.
Ann Arbor, Saline, Dexter, Chelsea, Ypsilanti, Milan buyers this is exciting news for you. This has been one of the most consumer asked question on my Ann Arbor Real Estate Blog.
Missy Caulk & Team can be reached at 734-216-2822 or email: Missy@MissyCaulk.com
Our TEAM of 6 buyer associates are available to help you relocate to Ann Arbor, Saline, Dexter, Chelsea, Milan, Ypsilanti Township, Clinton, Manchester, Whitmore Lake, or throughout Washtenaw County, MI.
I keep hearing about Buyers getting last minute surprises before their loan closes, and this is something that should not happen if everyone does their job during the loan process. The reason why there are surprises are because the necessary steps were not taken, someone tried to take a shortcut along the way, and those involved in the transaction did not pay attention to conditions that needed to be met in order for the loan to close.
It all starts with a Buyer being Pre-Approved for a loan correctly. You can read a blog that I wrote recently "It Is A Great Time To Buy ........... Get Pre-Approved Today!!!!", where I identify the necessary steps that must be taken from the very beginning. If a Buyer is Pre-Approved correctly it will eliminate most of the surprises along the way, and set the stage for a quick and smooth transaction.
The second most important step in making sure that there are no surprises, is for the Loan Officer to take a complete Loan Application (1003) and ask ALL the questions, especially those that some times LAZY Loan Officers and Brokers overlook. I am referring to the YES and NO questions on Page #4, you can read about this on my blog "Questions That Loan Officers/Brokers Have To Ask!!!". These questions may seem silly at times, but not asking anyone of them can cause major problems later.
The third is making sure that you have a completed Good Faith Estimate (GFE), and Truth In Lending Statement (TIL). The Good Faith Estimated is particularly important to have as soon as possible in the process so that everyone has a very close estimate of how much money the the Buyer needs to have to purchase the house. Being short of funds to Close at the last minute is not something that anyone wants to be surprised with.
The forth thing to pay attention to and make sure that you have is a Rate & Point Lock Letter, which I covered in this blog "Rate & Point Lock Letter…………Got To Have One!!!" You want to make sure that you know what your interest rate will be, and any points associated with it before you get to the Closing Table.
The fifth and final one that I will cover here is pay very, very close attention to the conditions listed on the Commitment Letter once the loan is approved in Underwriting, everything that will need to be done before a "Clear To Close" is given is listed on the Commitment Letter, and these conditions need to be taken care of as soon as possible. No one should be surprised by anything that will be needed before the loan can close, ir they took the time to read the Commitment Letter. It is everyone's responsibility to know what is on it, and to stay on top of each other until everything on it is done.
Can there still be a chance for a last minute surprise if all this is done, yes there is, anything is possible, and never say never. But if everything that I have listed above is done, the chance for a surprise will be 99% eliminated, and only something that is very odd, or that could not have been anticipated will cause a surprise at that point.
How can you ensure all this. Make sure that you are dealing with professionals that do this FULL time, and that you can see FACE to FACE. Professionals that will be there every step of the processes, and that can be reached quickly whenever a question arises.
George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
So, one can conclude with mathematical certainty, that While Hard work and Knowledge will get you close, and Attitude will get you there, its the Bullshit and Ass kissing that will put you over the top.
'REMEMBER SOME PEOPLE ARE ALIVE SIMPLY BECAUSE IT IS ILLEGAL TO SHOOT THEM'
I do a lot of short sales... well not hundreds but a few at the time and have closed a few ( the ones that don't clsoe is because the buyer walked away right before the approval came back ). I know a lot more about the process from experience now than some agents that have not had any done but are working with buyers. Nothing wrong with that .. buyers agents do a good job and we need them. here are a few point to keep in mind :
However since this is Phoenix 2009 if you work with a buyer in certain zip codes you will find nothing but short sales and REO's .
Soem REO's are so bad they can't be financed and need a lot of basic repairs to make it livable.
Most short sales in in good condition,some, like mine are in pristine condition and have the best upgrades on the block :)
I would like to stress that agents representing buyers that are looking at short sales need to have had a few done themselves and be less hissy about the process and towards the listing agent.( it is what ir is and we have to work with whar we got ) If you come across as being a complainer than I will not want to work with you or your buyer as I know you will not be dedicated to the process and might move on to something else just before we get it done afther hours of work that I have to put in for your buyer .... if the home is in good condition is Worth the wait as you will get them a home in a much better condition than a trashed ABANDONED REO'S for about the same kind of money .
Just make sure you write an offer that can be backed up by a BPO value for the area. I have to write a blog about this subject.
Do not ask me if the seller is Negotiable ( my answer is a smart one : sure he wil sell it for 1$ but I don't think the bank will take that .. What is he negotiating at this point ? We are trying to prepare an offer that bank will accept based on recent active and sold comps that are similar or the same like this one in size location and amenities .... keep in mind your "prize" for the wait is the upgrades in the home or the condition of the home. Please come across as being well educated in the subject and ask relevant questions.
if I tell you that this is a preapproved seller it means just that: the bank as looked at the sellers financial situaton and that he is approved to do a short sale but the price and offer still needs to be approved. Remember is not always the price. is the price and terms. Could be terms as well as proof of funds etc... Show me how good the client is just like you would on a normal transaction and remember now you have another set or sets of eyes looking at this offer and your buyer's buying power.
Send a compete offer and do not give me a definete time frame to respond; I will keep you informed and on the look ... ok( I agree 90 days with no answer or fallow up is not acceptable) but I usually can tell in 14 days or sooner what the response will be now if we need to have the second answer as well then there is another few days as most answer in less than the first some In 3 to 4 days after the first has approved .
Also just so you know some Fannie Mae deals take a long time to respond even if they are foreclosure . .they are GSA .. gov owned and work at the speed of government.
As a general rule if the house had a notice of trustee date scheduled it will move even faster to get approved by the bank ... a lot faster ..
Educate your buyer and by all means do not discurage them if that is the house they like jsut because you want a faster paycheck.. remember theh buyers will be happier with the home that is in the better condition.
If I promised 3 % on the deal I will do my best to honor that and will go back to the lender and negotiate for that to be paid as well. I am represening the seller and not the bank; my job is to sell it before the foreclosure takes place.
I will write more in part 2
Elena Martinovici Designated Broker- Phoenix , Arizona
Walk into this newly renovated home and sit down in your Brand new Raymore Flannagan Living Room with included "NEW" LCD TV, SONY SURROUND SOUND Systm!
That's It! There is nothing else to do in this meticulously maintained Raised Ranch located near the Malls yet away from the hustle.
This home features a large deck and a fenced yard. Two bedrooms up and 90% finished basement including laundry and workshop, family room and additional bedroom.
This is a perfect first time buyer or downsizing opportunity! Take advantage of the $8,000 credit and be in for spring.
Priced competitvely at $229,000. and located at 1765 Pontiac Ave, Cranston, RI 02910
There have been a few posts here in Active Rain regarding baskets for closing gifts. I thought I would upload one that I did for a client.
My intention was to "make it personal". I wanted something that the client would actually use and remember me when they used it. Of course each client is a little different so every basket has to be a little different.
This particular couple liked wine and sitting in their backyard at night by the pool. They also lived near the Conimicut Lighthouse which I happened to have done a painting of a few years back.
Because I belong to Cafe Press, I was able to have the painting reproduced on a small box (see photo) and also a Notebook (which you cannot see but is in back of the box). A couple of fancy wine glasses, both white and red wine and a couple of candles with holders completed the basket.
I liked the idea that this basket used both my paintings in a useful way and was "personal" to the buyer. Obviously the basket you make would "fit" the house sale and this one did.
I should first disclose that I am not, nor have I been in the past, an REO Broker. I have purchased them myself and I have represented buyers in the transactions many times over the years. It is as different an area of real estate from typical transactions as Podiatry is from Opthamology in medicine.These are things consumers must know before they purchase a bank-owned REO property here in my home state of New York. Most of the principles apply universally.
You should absolutely use an attorney who is FAMILIAR and EXPERIENCED with the purchase of bank-owned properties if you buy an REO (Real Estate Owned-by the lender) in the state of New York. Even if your employer or union is providing you with subsidized or free legal representation, use of the wrong attorney can negate whatever perceived savings you are getting in the purchase, add to your stress level, and still have you poorly represented. This is, of course, to say nothing of the needless time and energy the other attorney and agents will have to expend bringing your attorney up to speed.
You are not being rushed-you are being given deadlines for efficiency. This is why you need an experienced attorney who won't gasp or get the vapors about having to take shorter than a week to do anything. Lawyers typically operate at a casual pace in property transactions, but REO transactions have to go at a far faster pace, not because anyone is trying to bamboozle you, but because this is a NON PERFORMING ASSET and TIME IS OF THE ESSENCE. Not only that, there may be competing offers that they can go to if you or your attorney are going to dilly dally. So, a document that says "please sign and return tomorrow" really does need to be signed and faxed tomorrow.
You are buying the house "AS IS." Nobody will dissuade you from getting an inspection, but unless there is an environmental issue, it is for your volition only. The bank will not make repairs. The bank will not put GFCI outlets near the sinks. The bank will not put new batteries in the smoke detectors. Do your inspection BEFORE you make the offer, because once you make the offer the clock is ticking with deadlines (see #1 and #2). You are already being compensated for the physical issues of the property with a lower sales price, often far more of a discount than market value less repairs.
You cannot speak with the bank. If you run into frustration or red tape, no, you cannot speak with the bank. I know it would be great to just have your lawyer and the bank iron the issue out, but "the bank" is not "the bank" as you know it. "The bank" is an overworked, underpaid asset manager in another state who will hang up on you so fast you won't even know she answered. Why? For the same reason you'd be escorted out of surgery, a radio studio, an underwriter's office, or court. People in those places are doing their jobs and do them better without your interference. Those are not settings for the public and your interference hurts the other people who, like you, are waiting.
You have to pay the transfer tax the seller usually pays. This raises your closing costs a bit, but the lender is losing a ton of money on this deal and needs to economize where possible. Every lender does it. It is an established practice. It is part of the cost of doing business and worth the overall discount you are getting in your sales price for this property.
Exceptions cannot be made.If you are buying an REO in 2009 you are participating in the largest liquidation of property in the history of the planet. It is a huge undertaking that will completely break down if systems, efficiency and deadlines are subordinated to individual exceptions and personal requests. All large organizations have to operate this way or they will cease to be large organizations. Think of it this way: You have a certain cell phone plan. You can't change it on a temporary basis or get the phone company to make an exception unless you pay for another plan.
Many in the public are rightly intrigued by the prospect of buying an inexpensive, bank-owned property at a discount from the norm. That is the Rose. The thorn is that the process is far less touchy feely and far more cold and automated. However, forewarned is forearmed, and knowing these things going in will enable you to be ahead of the process and not at the mercy of new, unwelcome discoveries. You should still enjoy that purchase, but you have to understand the rules going in.
Debe Maxwell, a Real Estate expert in Charlotte, NC clarifies for us what is really going on in this market and clearly explains what buyers need to know.
She has created a Handbook for Buyers. Below is Part II
Be sure to click on Part 1 at the bottom of this post.
Why
rent when you CAN buy? As a renter/tenant,
you're making your
landlord a nice little nest egg for his/her retirement by paying
his/her mortgage FOR him/her!
Much ado is being
made in the news today that the banks aren't lending
money and that no one is able to secure a mortgage. Once
again, not ONE of my clients has been turned down for a mortgage during
this
entire last year! Banks ARE
lending money and chances are
you can own
your own home for the same amount that you're paying in rent.
With interest rates at historical lows right now, it's a great
time to secure that mortgage and purchase your OWN home!
*This is the second in a series
of articles to get you started on your way to taking pride in
homeownership.
5
Questions to Ask about Your Potential New Home:
1. How long
has this home been on the market?You want to
have a feel for the length of time that a particular property has been
on the market AS WELL AS competing homes and recent
sales in that particular neighborhood. For example, if the
home that you love is priced at $250K and has been on the market for 6
months and other homes have sold in the $220K price range, and
in 2-3 months, this will put up the preverbial 'red flag' that this
home is over priced.
2. How
motivated is the Seller?Oftentimes
a tell-tell sign of a motivated Seller is a vacant home--they've found
another love and moved on or they're short-selling or in foreclosure
and have moved on. Vacant or not, understanding the Seller's
motivation is a powerful negotiating tool that you'll want to be
equiped with upon the initiation of the negotiating process.
3. Have there been or are there
currently any Offers on the table?Knowing
this 'small tidbit' of information is very important--more so in a
booming market but, as recently as last week, I was in a bidding war on
a property! The knowledge of another Offer currently on the
table can help you decide whether or not you DO want to participate in
a bidding war--you may not want to because buyers generally wind up
paying more than if theirs was the only
Offer on the table.
4. Has the Seller reduced the
price?This
information can be helpful in assessing whether or not the Seller is
willing to negotiate--if they've ridden out the market for the last
year with the same price, chances are they're not going to negotiate
with you. Either they're unreasonable, ill-informed about the
market or simply cannot go any lower without having to come to the
Closing table with money instead of walking from Closing WITH money in
hand. If they've consistently lowered the price, you're generally
working with a Seller who understands the market and is willing to
negotiate.
5. What personal items remain with
the property? In the state of North
Carolina, personal property can hold no value on a Closing
Statement--meaning that if you include the the armoir and TV in the den
on the Contract Offer, the monetary value will not be reflected in the
price of the home. An appraiser is not going to be able to
calculate the value of personal items when performing the appraisal.
Calculate
whether buying IS the best financial option for you by
utilizing this “Buy vs. Rent” calculator.
Should you
be ready to buy before the series is complete, please don't hesitate to
phone or email me for the remainder of the information to get you well
on your way to homeownership!
Debe
Maxwell is a Charlotte
Residential Real Estate Broker, Certified Neighborhood
& Relocation Specialist, ABR & e-PRO who can assist you
with the purchase and/or sale of real estate in the Charlotte NC Metro Area.
If you're relocating to or from any other area of the
country, Debe connects you with any member of her team of relocation
professionals in your destination or exit city of choice. The
destination service is of no cost to you! The
Maxwell House Group's quality service guarantee puts this
team far ahead of the competition; providing unsurpassed customer
service is their #1 priority! Debe Maxwell -- Helen Adams
Realty -- 704.491.3310
Disclaimer:
All information provided by this author is strictly an
opinion, is not guaranteed, may be based on information collected from
several sources, which may or may not be deemed reliable at the time of
researching this article and may be time sensitive.
WARNING, this is not a negative post, it's a reality check !!!!
Fence sitters, your fence post might have broken from under you. If you were waiting for rates to drop to 4.0% or 4.5% because you read it in the paper or heard about it in the news, don't look back wishing. It's still a great time to purchase or to refinance. Just get it out of your mind, what you could have had. Don't worry, not many did, because it wasn't around for more than a week or so.
Reality.... even the best of the best can't predict what rates will be or when. Most of what you read online are written by individuals that belong to market watch services who use to have great track records. But even their predictions now are crumbling.
Let's take a quick look at a few key issues....
rates are still low. Sure, you can get 4.5%, but you would need to pay dearly for that. It would cost you about 4 points total for this, based on a $200,000 mortgage amount with little to no fees.
rates from 5.0% to 5.5% is the reality of things. 5.0% costing you about 2.25 pts and 5.5% costing about a point. I bring this up for several reasons.
Keep mind, rates were in the low to mid 6's a few months ago. But there are many reasons to why our economy can't sustain low rates, even for a short time. Please read this market report : rates going lower, or not??
One main issue: if someone offers you 4.875% and makes it sound cheap, you probably won't end up with this rate. If you do, they will add more points and or fees at closing. This is called a bait and switch. Rates are bought in different pools of money called coupons. Example : for an extra point, you could go from 4.875% to 4.5%. The 4.875% coupon is more expensive than the 4.5% coupon. Hence the reason why the 5.0% coupon is going to be much cheaper for you than 4.875%. Going from 4.875% to 5.00% would save you just about a whole point. On a $200,000 mortgage, that is $2,000. And for what, just about $7.00 in savings per month? That would take you over 20 years to recoup that money, just for 1/8 of a percent.
Disclosure : Just because someone promised it on paper or in a good faith estimate, doesn't mean that it has to happen. There are many excuses one could use if they don't care about their reputation.
Interest rates in the near future : some speculate that they will come back down some. Okay, how much and when? In my professional opinion, I don't see it. And even if it did, it will be around for a day or two and that's it. As I have mentioned in the past, too many unknowns all at once. My prediction? Rates to be in the mid 6's by spring, low 7's by end of the summer, and possibly low 8's by the end of the year. Overall, we can't sustain low rates. We need to worry about inflation and delation with all of this also.
The reality.... the Gut check : Mentally, 4.875% sounds a lot better than 5.00%, even though it's only 1/8 of a percent less. An average loan officer is not going to explain this to you, or show you examples, or break it down for you in basic numbers. They sell !!!! You want atrue mortgage professional that will not only explain the ins and outs to you, that they will educate you on the process, but shoot straight from the hip.
I know of a few very good loan officers that lost clients this week to those that promised rates in the 4's this week. And their costs were cheaper than those rates in the low 5's. People, we all get the rates from the same place, no matter how you look at it. It doesn't matter if I am a broker, a banker, a retail branch, that I get my rates from a wholesale lender, etc, etc. Other loan officers that aren't built on educating the consumer, will use all of this mumbo jumbo mentioned to make it sound that they are the cheapest or the best. It all comes down to profit margin. But what should set apart the good from the bad or average are those that will give great service, explain everything to you, won't keep changing good faith estimates on you, and be honest. I speak about this from 16 years of experience in the mortgage industry. Just be careful out there, but not to careful or over shop. And if shopping for a mortgage, do it all in one day, because rates change daily. Good luck !!!
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.
HUD Secretary, Shaun Donovan announced yesterday that FHA Lenders are going to allowed to let First Time Homebuyers use the up to $8000.00 tax credit as a down-payment.
Missy Caulk & Team can be reached at 734-216-2822 or email: Missy@MissyCaulk.com
I keep hearing about Buyers getting last minute surprises before their loan closes, and this is something that should not happen if everyone does their job during the loan process. The reason why there are surprises are because the necessary steps were not taken, someone tried to take a shortcut along the way, and those involved in the transaction did not pay attention to conditions that needed to be met in order for the loan to close.
Walk into this newly renovated home and sit down in your Brand new Raymore Flannagan Living Room with included "NEW" LCD TV, SONY SURROUND SOUND Systm! 
There have been a few posts here in Active Rain regarding baskets for closing gifts. I thought I would upload one that I did for a client.
;)
;)
