lenders: - 07/10/08 03:21 PM
In today's slowing real estate marketplace, having properties sell quickly and efficiently offer obvious advantages. Assisting lenders, by moving properties through the Auction process enables the lender the option to spotlight properties through a highly effective Auction marketing campaign that often results in multiple offers and closings that do not … (0 comments)
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lenders: - 07/10/08 03:19 PM
In today's slowing real estate marketplace, having properties sell quickly and efficiently offer obvious advantages. Assisting lenders, by moving properties through the Auction process enables the lender the option to spotlight properties through a highly effective Auction marketing campaign that often results in multiple offers and closings that do not … (0 comments)
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lenders: Does anyone list REO Properties regularly? - 07/10/08 11:08 AM
Does anyone know how to get on approved lists to sell REO properties? I'm just now trying to acquire REO's. I have been to individual lender sites, signed up and do receive a few listings (about 1-3 a yr) but find most "internet searches" want a monthly fee to place you … (4 comments)
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lenders: EFFECTIVE Property Searching -- # 10 - 07/10/08 10:28 AM
Here is some of how we think an EFFECTIVE property search works. Further thoughts will follow in other postings.
3c. Here is more of a chart of typical costs (add the numbers and you'll find 50K on the light end, 100K in the middle, 150K at the high end):
Visit … (0 comments)
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lenders: Why Buy Now? - 07/10/08 06:51 AM
Real Estate will always be a good place to invest your money. If you are waiting on better rates you should consider the rates are lower now than years ago. I can remember our first loan was 13 percent in the 80's. The market is stable and there are many great … (0 comments)
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lenders: Your Market Guide - 07/09/08 11:11 PM
http://yourmarketguide.blogspot.com/ … (2 comments)
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lenders: More Lenders bite the dust! - 07/09/08 06:41 PM
Its gotten really busy after the holiday weekend. I guess its also gotten busy for all those banks that decided to shut down operations.
Since I last posted, Three of my sources have shut down. Wilmington Financial, a subprime company that was not doing much business anymore. Indymac Bank shut down … (3 comments)
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lenders: Governor Schwarzenegger Signs Foreclosure Bill with Protections for Both Homeowners & Tenants - 07/09/08 12:25 PM
Homeowners of foreclosed properties are often so desperate to find a way clear of the situation that they can fall victims to the unscrupulous. For renters the only difference being they usually become victims much sooner and are often unaware until they find out they’re homeless.
The current surge … (7 comments)
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lenders: Buying a Home and Getting a Mortgage - 07/09/08 12:19 PM
You Need A Down Payment
There are many different types of mortgages available and rates are always changing. The amount of your mortgage will depend on the amount you can spend on a down payment and how much you can afford to pay each month.
Saving Up
Most lenders require … (1 comments)
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lenders: Is the 'Declining zip code' designation a self-fulfilling prophecy? - 07/09/08 10:18 AM
Although recently done away with by Fannie Mae and Freddie Mac, you may have heard lenders tell you that the real estate purchase is in a "declining zip code".
What does declining 'zip code' term mean?
Simply put, banks and lenders charge either higher rates, fees, reduce loan amounts and/or … (0 comments)
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lenders: EFFECTIVE Property Searching -- # 9 - 07/09/08 09:55 AM
Here is some of how we think an EFFECTIVE property search works. Further thoughts will follow in other postings.
3b. Here is more of a chart of typical costs (add the numbers and you'll find 50K on the light end, 100K in the middle, 150K at the high end):
Visit … (0 comments)
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lenders: Banks want even lower value BPO's than they should be @ !!! - 07/08/08 06:28 PM
I am writing the post as a result to some questions posted by another fellow agent in Scottsdale.
He wrote something along these lines : banks sell homes sometimes at values so low that are "downright stupid" and he was wondering if some of the agents that do … (14 comments)
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lenders: A GREAT RENTAL AREA IN CENTRAL PHOENIX - 07/08/08 04:27 PM
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lenders: A GREAT INVESTMENT WITH POTENTIAL - 07/08/08 03:50 PM
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lenders: What affects my credit? It's more than just paying on time...... - 07/08/08 12:11 PM
With lending criteria tightening up, and more lenders in the non-conforming arena going out of business, understanding your credit score is more important than ever. So what is your credit score based on?
1. Payment History. This category is the most obvious of the bunch. It doesn't take a brain surgeon to figure … (25 comments)
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lenders: Short Sales; Lender Level System Flaws Identified. - 07/08/08 11:26 AM
If you read 100 different agent blogs about foreclosures and short sales, you will undoubtedly have 100 different opinions about how to successfully achieve and complete one. You will begin to hear (1) avoid them if possible; (2) the tasks to complete when you have a short sale listing; (3) what … (7 comments)
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lenders: EFFECTIVE Property Searching -- # 8 - 07/08/08 09:04 AM
Here is some of how we think an EFFECTIVE property search works. Further thoughts will follow in other postings.
3b. Here's a the start of a chart of typical costs (add the numbers and you'll find 50K on the light end, 100K in the middle, 150K at the high end):
… (0 comments)
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lenders: Vacant Property Registration - 07/08/08 03:29 AM
If you are a California REO agent, the following is a list of some of the California cities that are have or are adopting new ordinances and enforcing existing ones requiring the registration and maintenance of vacant REO properties.
Sacramento, Stockton, Merced, Fresno, Chula Vista, Santee, Palmdale, Murrieta, Temecula, Lake … (1 comments)
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lenders: How Much House Can You Afford? - 07/07/08 02:07 PM
To determine your maximum mortgage amount, lenders use guidelines called debt-to-income ratios. This is simply the percentage of your monthly gross income (before taxes) that is used to pay your monthly debts. Because there are two calculations, there is a "front" ratio and a "back" ratio and they are generally … (1 comments)
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lenders: You should get pre approved before you shop! - 07/07/08 01:29 PM
Get Pre-Approved Before you find your perfect home!
Before you begin looking for a new home, it's a good idea to determine what you can afford.
If you have not yet determined your housing budget, I am available to provide assistance helping you arrange financing. Determining your purchasing power now will … (0 comments)
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lenders: EFFECTIVE Property Searching -- # 7 - 07/07/08 11:58 AM
Here is some of how we think an EFFECTIVE property search works. Further thoughts will follow in other postings.
3a. We will also want to help you clarify and set a focus on property condition:
[insert EFFECTIVE Property Searching 001]
We say "Little or No" work, but - trust us … (0 comments)
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lenders: Recovery Keys for Housing - 07/07/08 11:42 AM
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lenders: KEEP THE CART BEHIND THE HORSE! - 07/06/08 03:38 PM
It's probably no surprise that nearly all buyers require financing for their home purchase. The real challenge today is not only getting the loan as it is in finding the loan that's right for you.
The time to start your loan search is before you begin looking at homes. After you've … (6 comments)
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lenders: ANOTHER GREAT INVESTMENT IN PHOENIX ARIZONA - 07/06/08 09:37 AM
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lenders: ANOTHER GREAT INVESTMENT IN PHOENIX AZ. - 07/05/08 12:15 PM
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lenders: IN THE HEART OF CENTRAL PHOENIX....... - 07/05/08 12:03 PM
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lenders: A GREAT INVESTMENT IN MARICOPA COUNTY AZ. - 07/05/08 11:47 AM
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lenders: EFFECTIVE Property Searching -- # 6 - 07/05/08 11:35 AM
Here is some of how we think an EFFECTIVE property search works. Further thoughts will follow in other postings.
2d. If you see a rent amount listed but NO security deposit or lease term, then the rent may just be an estimate (often overestimated). For Section 8, we typically see 800-850 … (0 comments)
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lenders: EFFECTIVE Property Searching -- # 5 - 07/04/08 02:10 PM
Here is some of how we think an EFFECTIVE property search works. Further thoughts will follow in other postings.
2c. Be sure to watch for illegal units (e.g., 3 units described on a 2-flat listing sheet); you may still want to buy the property but we will never recommend renting anything … (2 comments)
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lenders: Welcome to Marc’s Corner - - 07/04/08 11:16 AM
This is a reprint of an article that I wrote for my other blog Marc's Corner. Generally, I don't write about politics on ActiveRain and in fact try to steer clear of it when it comes to my business. But real estate and politics do mix a great deal. I … (14 comments)
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lenders: There's No Place Like Home! - 07/04/08 07:01 AM
Have you noticed how much the market is changing? I have found a new name for the infamous underwriter. You know the one who decides if you make it to the closing table or not. The one who ultimately says yes you close or no you don't. His or her name … (3 comments)
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lenders: EFFECTIVE Property Searching -- # 4 - 07/03/08 08:02 AM
Here is some of how we think an EFFECTIVE property search works. Further thoughts will follow in other postings.
2b. ‘Mechanicals' (roof, heating, etc/) are the ‘bones' of the building. Unless a listing says ‘rehabbed' or specifies what is new/newer, you should assume OLD mechanicals (it won't say "old roof," but … (4 comments)
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lenders: What are the Actual Numbers ( Southern California ) - 07/02/08 01:10 PM
WHAT WERE THE ACTUAL NUMBERS, INCLUDING FORECLOSURES... A total of 33,024 new and resale houses and condos were sold statewide in May. That was up 6% from April and down 10% from May of last year. Southern California sales volume from Ventura County to San Diego County was 16,917 as compared … (0 comments)
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lenders: What Do Economists Think ? - 07/02/08 01:06 PM
HOW DID WE GET HERE? WHAT DO ECONOMISTS THINK?... Well, we got here in a variety of ways. First and foremost the way was paved with cheap and available money. The blame for this goes all the way to Greenspan, Wall Street and the White House. Without getting into the fray, … (2 comments)
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lenders: Housing Market Has Its Woes... - 07/02/08 01:03 PM
HOUSING MARKET HAS ITS WOES, BUT HAS ITS OPPORTUNITIES AS WELL... Every cloud has a silver lining and the real estate market is no different. Sales volume took a jump in May (the latest full month available) over April, although sales were still off approximately 10% from May of '07. However, … (0 comments)
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lenders: EFFECTIVE Property Searching -- # 3 - 07/02/08 08:03 AM
Here is some of how we think an EFFECTIVE property search works. Further thoughts will follow in other postings.
We will help you learn to intelligently read listing sheets. Here are some clues:
2a. What's the difference between ‘new', ‘newer', and ‘updated'? ‘Newer' and ‘updated' are NOT new! A newer kitchen … (0 comments)
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lenders: July 1, 2008 Come on People...have you REALLY considered an EAH Benefit Plan? - 07/01/08 06:15 PM
Hi All,
Whether you realize it or not, employer assisted housing benefit plans are an amazing way for real estate professionals to help unlock the door of home ownership for so many valued employees.
The National Association of Realtors has given us the tool. The tool is the Home from Work Housing Initiative.
Please … (0 comments)
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lenders: Are your buyers drinking the media Kool Aid? - 07/01/08 03:40 PM
Of course they are and it is our job to give them the correct information about our local markets whether they want to believe it or not! THE NUMBERS DON'T LIE---WE DON'T MAKE THIS STUFF UP!
I just got off the phone with a colleague who, like me, is frustrated with … (4 comments)
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lenders: Understanding the Home Appraisal Process - 07/01/08 02:11 PM
Consumers are often baffled by the home appraisal process. They feel their nest is worth a certain dollar amount, and therefore, the appraised value doesn't make sense to them. It is important to know that appraisal guidelines are dictated by the lenders. In many states, the lenders must disclose the … (0 comments)
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lenders: EFFECTIVE Property Searching -- # 2 - 07/01/08 11:12 AM
Here is some of how we think an EFFECTIVE property search works. Further thoughts will follow in other postings.
1. First, analyze and compare all neighborhoods of interest. Under Sales/Demographics at our website, we provide 10 years of price appreciation data and detailed maps of each of the 77 areas you … (0 comments)
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lenders: Hope for Housing Is Hope For The Economy - 06/30/08 04:19 PM
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lenders: Floor Time and the Crickets Are Chirping!!!! - 06/30/08 03:55 PM
When I first started in Real Estate, as a newbie, the goal was to get the chance to work "Floor Time". The ultimate indicator of your performance was landing one of the Floor Time shifts on Mondays. You see, Mondays are coveted because in our market, all real estate offices are … (6 comments)
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lenders: A SUCCESSFUL SHORT SALE WITH HOMEQ SERVICING - 06/30/08 01:50 PM
I have had a great experience with HomEQ during my negotiations of a short sale request. My phone calls were answered immediately, their files were up to date with all the paperwork I had faxed to them, the negotiators were courteous and helpful on the phone. They understood that the subject is located in a very … (33 comments)
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lenders: EFFECTIVE Property Searching -- # 1 - 06/30/08 09:14 AM
In this market where listings range so much by type and condition, it is so easy to end up on a wild-goose chase. What must occur instead is to learn to separate wheat from the chaff and hone in on what you want. In coming posts, we will show your how … (2 comments)
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lenders: Mortgage 101 (Buying Your First 2- to 4-Flat) #21 - 06/28/08 11:15 AM
5. Recommended Lenders / Loan Officers
The lending partner of Chicagoland2to4Flats.info is Guaranteed Rate, located at 3940 N Ravenswood, Chicago, IL 60613 (our contact is Brian Weis - phone: 773-290-0591; fax: 773-516-5732). Guaranteed Rate is the Midwest's largest independent residential mortgage lender. We love their expertise in the 2- to 4-flat … (0 comments)
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lenders: Mortgage 101 (Buying Your First 2- to 4-Flat) #20 - 06/27/08 09:46 AM
4f. Choosing the Right Type of Loan
And the sixth and last type is:
NOTE: This may only apply to better, easier times. This may not be available now.
Visit our website to read more about Chicago multi-family homes: multi-units with two or more flats.
… (0 comments)
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lenders: My latest "Short Sale" adventure. - 06/26/08 10:36 PM
My clients (buyers) made an offer on a home March 10th. They were qualified for the purchase with 5% down. We didn't get an acceptance from the bank until May 2nd. By this time-with all the lenders continuing to have stricture & stricture qualifying guidelines - they were no longer eligible … (2 comments)
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lenders: Mortgage 101 (Buying Your First 2- to 4-Flat) #19 - 06/26/08 10:19 AM
4e. Choosing the Right Type of Loan
The fifth type is:
NOTE: This may only apply to better, easier times. This may not be available now.
Visit our website to read more about Chicago multi-family homes: multi-units with two or more flats.
… (2 comments)
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lenders: Realtors® .....Short Sales and lost mitigation departments.....Are they all on the same page? - 06/25/08 05:36 PM
There are many different opinions on how to do a short sale.
Some people say they take an average of 90-180 days....some took 8 months and some have close in 50 days. I have been lucky to have closed my most recent one about 4 months ago in 47 days! WOW!
… (18 comments)
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lenders: Housing Starts in the U.S. Information - 06/24/08 12:49 PM
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lenders: Great Expectations - 06/23/08 05:13 PM
One of the most important things real estate agents can do for their clients is to manage expectations. It is amazing how often agents forget this and the resulting fires they have to put out are completely avoidable in most cases.
Whether we work with a buyer or seller, it is … (1 comments)
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lenders: Who is Fannie and Is She Related to Freddie? - 06/23/08 11:58 AM
Both nationally and here in Utah, the real estate market is changing and so is the mortgage market. Over the last year or so the number of Utah foreclosures have been increasing and there is always a headline about the mortgage crunch. As Utah real estate consumers, residents, and homeowners, we … (0 comments)
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lenders: Mortgage 101 (Buying Your First 2- to 4-Flat) #17 - 06/23/08 10:53 AM
4c. Choosing the Right Type of Loan
The third type is:
NOTE: This may only apply to better, easier times. This may not be available now.
Visit our website to read more about Chicago multi-family homes with two or more flats.
… (0 comments)
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lenders: You may be a stronger buyer than you think! - 06/22/08 08:33 PM
You may be a stronger buyer than you think!
I have had several buyers living in apartments that wanted to get out of the apartment living and buy a home. They felt it was just a dream and didn't know where to begin to make it real. It starts with … (0 comments)
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lenders: A GREAT INVESTMENT IN TEMPE NEXT TO ASU..... - 06/22/08 09:34 AM
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lenders: The ever changing world of REOs - 06/22/08 08:50 AM
After having spent many months learning about this world of REOs we have finally gotten to the real REO product. This really is a simple business once you cut through all the B.S. There really is real Product that is available for real investors. Real product usually come with a "letter of … (0 comments)
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lenders: Mortgage 101 (Buying Your First 2- to 4-Flat) #16 - 06/21/08 08:31 AM
4b. Choosing the Right Type of Loan
The second type is:
NOTE: This may only apply to better, easier times. This may not be available now.
Visit our website to read more about Chicago multi-family homes with two or more flats.
… (0 comments)
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lenders: SERVICE WITH A SMILE: TEAM VONCANNON, CHECK US OUT! - 06/21/08 07:50 AM
Team VonCannon: Discover the Best in Hampton Roads Real Estate
Team VonCannon is made up of experienced, trustworthy, handpicked real estate professionals. Elaine VonCannon oversees all daily operations, including property management and investment property sales and purchases in both residential and commercial deals. Elaine works closely with a real estate transaction … (0 comments)
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lenders: Mortgage 101 (Buying Your First 2- to 4-Flat) #15 - 06/20/08 10:50 AM
4a. Choosing the Right Type of Loan
The first type is:
NOTE: This may only apply to better, easier times. This may not be available now.
Visit our website to read more about Chicago multi-family homes with two or more flats.
… (0 comments)
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lenders: HELP HELP HELP..........with Citi Mortgage !!!!!!!!!!!!!!!!!!!! - 06/19/08 02:28 PM
I am in the midst of 2 short sales and need some information on contacts for Citibank.
I need some contact names, numbers and titles of people who work for Citibank. I have been dealing with a group of people in the St. Louis area and have had a terrible experience.
If … (8 comments)
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lenders: Mortgage 101 (Buying Your First 2- to 4-Flat) #14 - 06/19/08 06:08 AM
3c. Closing Costs / Earnest money
The other option for financing closing costs is...
Earnest Money. $1,000 typically goes with the opening offer. An increase to 2% is typically the minimum sellers will accept, 3% is normal, and the earnest money may be 5% if it is a larger down payment. … (0 comments)
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lenders: 73,000 Homes Lost - 06/18/08 04:05 PM
The housing crisis grew worse in May, as more than 73,000 American families lost their homes to bank repossessions, up a staggering 158% from the 28,548 households that were dispossessed in May 2007.
Foreclosure filings of all kinds, including default notices, notices of sheriff's sales and bank repossessions, were up 48% … (0 comments)
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lenders: 73,000 Homes Lost - 06/18/08 04:02 PM
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The housing crisis grew worse in May, as more than 73,000 American families lost their homes to bank repossessions, up a staggering 158% from the 28,548 households that were dispossessed in May 2007.
Foreclosure filings of all kinds, including default notices, notices of sheriff's sales and bank … (0 comments)
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lenders: FHA Waives 90 Waiting Period - 06/18/08 10:41 AM
Across the nation, foreclosures are increasing and the lenders are forced to hold more inventory. In order to assist the lenders in selling their REO properties (Real Estate Owned) the FHA (Federal Housing Administration) has decided to temporarily lift the 90 day seasoning period for the following 12 months. This change … (2 comments)
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lenders: Today in St Louis - June 18, 2008 - Interest Rates Creep Up - 06/18/08 10:24 AM
A recent survey and a rate increase could mean more competition for homes
Recent indication is that first time home buyers are getting tired of sitting on the sidelines. According to a recent online poll taken by the National Apartment Association, 17 percent of renters plan to make the jump … (0 comments)
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lenders: Mortgage 101 (Buying Your First 2- to 4-Flat) #13 - 06/18/08 06:34 AM
3b. Closing Costs / Earnest money
NOTE: This may only apply to better, easier times. This may not be available now.
One option for financing closing costs is...
Seller Assistance on Down Payment. This is, in essence, 102% financing (the contract gets written for 2% more than the seller agreed to … (0 comments)
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lenders: Mortgage Meltdown: Who is to blame? - 06/18/08 12:03 AM
AJ Nisen wrote a blog entry about who was to blame for the mortgage crisis, and I had to comment... I thought the point was worth repeating, so I am placing the comment here as well.
I find it remarkable that we think we can actually assign blame for this... the … (43 comments)
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lenders: Short sale listing agents: Just because you have an offer accepted by seller doesn't mean you should stop taking offers! - 06/17/08 04:12 PM
AGAIN!
Gosh, why is it that some listing agents, upon acceptance by the seller of an offer on a short sale listing, they sound so discouraging when another agent calls about the listing!
Today, I called an agent to get information about his short sale listing. He hemmed and hawed, and said … (6 comments)
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lenders: Deed of Trusts - Why lenders love Arizona - 06/17/08 01:21 PM
Lenders love Phoenix, Arizona (lenders also love California and Nevada). All states that have some of the highest foreclosure rates in the country.... But why ?? ....
Here is one important reason when it comes to Short Sale or Foreclosure that every buyer should know.
The concept, simplified, is what's called … (2 comments)
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lenders: Mortgage 101 (Buying Your First 2- to 4-Flat) #12 - 06/17/08 07:28 AM
3a. Closing Costs / Earnest money
Closing costs typically amount to around 2%, but you might even finance that:
The options for this will follow in the next posts.
Visit our website to read more about Chicago multi-family homes with two or more flats.
… (0 comments)
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lenders: Dynamics of Today's Housing Market - 06/16/08 04:05 PM
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lenders: STOP FORECLOSURE ..TAKE ACTION NOW! WE CAN HELP! STOP RENTING! - 06/16/08 01:37 PM
Your lender does not want to sell your home. A bank isn't a reat estate agent. We know the senior people at your bank. Creative Realty & Investment Group can put the foreclosure proceedings on hold while we work out a solution. We know from long experience they'll work with our … (8 comments)
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lenders: Where have all the Lender's Gone - Long Time Passing - 06/16/08 10:21 AM
Here is a great post by Rick Soukoulis about what is happening in the mortage industry and what we can expect in the future. Thanks Rick for keeping us all up to date. What the heck is going on here? Washington Mutual has closed virtually its mortgage lending centers. Countrywide is … (0 comments)
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lenders: Mortgage 101 (Buying Your First 2- to 4-Flat) #11 - 06/16/08 10:12 AM
2d. Down Payment
NOTE: This applies only to better, easier times. This is probably not available now.
Your third mortgage choice is:
0% down. A 100% loan is one option-and the only option some buyers qualify for. Here you pay PMI, but as noted above, for many families, PMI charges are … (0 comments)
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lenders: GTD (Getting Things Done) for Real Estate Pros. - 06/15/08 11:33 AM
I know. You know. There's too much CRAP to do.
There is an absolute TON of information (stuff) flying at us all from a ton of directions. We have email accounts, we have calendar reminders, we have blogs to read and blogs to write. We go to bed with a half … (5 comments)
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lenders: Mortgage 101 (Buying Your First 2- to 4-Flat) #10 - 06/14/08 11:46 AM
2c. Down Payment
Your second mortgage choice is:
80 / 15 / 5. Here your cash down payment is 5%, and you avoid PMI by taking out a 2nd mortgage for 15%. (Since the first mortgage at 80%, this combination is called an 80 / 15 / 5.). With 10% down, … (3 comments)
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lenders: Mortgage 101 (Buying Your First 2- to 4-Flat) #9 - 06/13/08 09:29 AM
2b. Down Payment
Your first mortgage choice is:
20% down. With 20% down you avoid PMI and have a lower monthly payment, but this is NOT an option that many first-time buyers have the resources for!
Visit our website to read more about Chicago multi-family homes with two or more flats.
… (0 comments)
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lenders: Mortgage 101 (Buying Your First 2- to 4-Flat) #8 - 06/12/08 08:22 AM
2a. Down Payment
If the primary mortgage is for MORE than 80% of the value of the property, you normally must pay PMI (Private Mortgage Insurance). This has been, for most people, a no-no, but as of January, 2007, for many people PMI charges became tax-deductible-and the biggest objection to PMI … (2 comments)
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lenders: Another GREAT OFFERING...... - 06/11/08 09:18 AM
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lenders: Mortgage 101 (Buying Your First 2- to 4-Flat) #7 - 06/11/08 08:14 AM
1c. Your Pre-Approval
And the third thing you need to know is:
Debt / Income Ratios. Lender guidelines are no longer so rigid here, and you will get credit for most or all of rent collected, but of course it remains that lenders want to know you can afford the payment.
… (0 comments)
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lenders: Federal Reserve Information - 06/10/08 05:28 PM
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lenders: Fannie Mae - 06/10/08 05:25 PM
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lenders: Mortgage 101 (Buying Your First 2- to 4-Flat) #6 - 06/10/08 07:32 AM
1b. Your Pre-Approval
The second thing you need to bring with you is:
Documented vs. Stated Income. Many people are in jobs that allow for a stated (not documented) income application. The interest rate for Stated may be a little higher, but there can be extra flexibility in what you qualify … (0 comments)
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lenders: The Best time to Lock in Your Mortgage Rate - 06/09/08 12:51 PM
"What do you think about rates ... should I lock in now or wait to see if they fall further?" Think I've been asked that a time or two over the past 18 years? You better believe it. It's a good question-one that goes through every single buyer's head at some … (0 comments)
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lenders: Welcome Home our Military - 06/09/08 09:00 AM
War touches our lives on earth
Let's learn from the past and welcome home each and every one. As realtors we can work to help them in every way. Staying up on lenders that have programs for them. There are people losing homes, foreclosed right now who have had to leave … (4 comments)
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lenders: Mortgage 101 (Buying Your First 2- to 4-Flat) #5 - 06/09/08 08:10 AM
1a. Your Pre-Approval
You and I both need to know what you can afford BEFORE we begin to shop, and a preapproval letter will be needed for any offer you make. The first thing you need to bring with you is:
Credit Score. Most lenders regard anything above 700 as very … (2 comments)
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lenders: The Mortgage Mess! - 06/08/08 08:47 PM
Anybody with eyes and ears (and a TV, or internet connection) knows that the mortgage lending and housing industries are in the midst of some difficult days. An article written by A. Mechele Dickerson in the May 22, 2008 Austin American-Statesman summarized pretty well how we got into this dismal situation.
… (2 comments)
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lenders: America's Home Rescue meets with the US Treasury to discuss Lender/Realtor Relationship. Your feedback would be helpful. - 06/08/08 07:22 PM
We're certain that many of you, if working Short Sales, have expressed a concern recently regarding the perceived challenges experienced with 2nd mortgage lien holders. As many of you may be aware, America's Home Rescue has become one of the leading sources for Short Sale education and training for Real Estate … (0 comments)
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lenders: Short Sale lender doesn't care if you have cash buyer - 06/08/08 02:55 PM
I've had repeated questions from buyers agents and title companies concerning expediting the short sale process because there is a cash buyer. The Short Sale lender doesn't care if you have cash buyer! Most lenders, and "there are always exceptions" are so swamped with short sale files, they are using what … (2 comments)
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lenders: 13 / 1 bedrooms and 7 / 2 bedrooms, Priced to SELL - 06/07/08 10:51 AM
Phoenix Az. offers some of the best investment properties in the nation. Visit me at http://markarcher.point2agent.com to view more investment opportunities in the Metro Phoenix area. Just click on the commercial property button
This property which is located in an awesome Central Phoenix location and features 62414 Sq.ft. of land … (0 comments)
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lenders: INVESTORS Get on board Now..... - 06/07/08 10:06 AM
It is time for investors to get on board or they will lose the window of opportunity that is currently available to them. The housing market and the mortgage collapse has created an abundant opportunity for investors to capitalize on. NPNs, PNs, REOs, and many more investments are available.... It is … (0 comments)
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lenders: Mortgage 101 (Buying Your First 2- to 4-Flat) #4 - 06/07/08 08:30 AM
Finally, remember that, especially in this market, all that glitters is not gold! Few mortgage brokers are true experts in this market-and the initial low rate many quote may turn out to be something that you won't be able, in reality, to qualify for. Instead, we recommend you explore your options … (0 comments)
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lenders: No Wonder The Industry is Getting Bad Press - 06/07/08 05:16 AM
I did a witness closing recently that baffled my mind. The LO playing dumb (there is no other word for it) and the yelling (NOT by me) are not typical, yet they are things I have seen before.
Lay out the situation here: Married couple. Homestead/Dower/Community Property state. Spouse A is … (15 comments)
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lenders: Here's An Idea - 06/06/08 10:48 AM
I recently had an idea mentioned to me that was amazing and I would like to share it because it is a little bit different than anything I have done myself.
It seems that a few of my last posts were about closings and continuing the relationship with the clients. … (3 comments)
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lenders: Fellow Appraisers...Feedback on current changes? - 06/06/08 09:05 AM
I appraise in a small firm...and I am curious as to other appraisers outlook on the changes that will be taking place in the industry come 2009.
Many of our large bank clients already use appraisal services through AMC's....so there will be no big changes in that area. However, our small … (2 comments)
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lenders: Mortgage 101 (Buying Your First 2- to 4-Flat) #3 - 06/06/08 07:44 AM
•· Whatever you choose for your initial financing is probably temporary financing. In the beginning, your equity is just what you put down (0%, 5%, or 10%). Later most plan to refi to get a better rate (based on a higher equity) or pull money out for repairs.
Visit our website … (0 comments)
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lenders: Do you think agents should also be the lender??? NOT! - 06/05/08 03:40 PM
I know there is a big push for agents to also do their own loans with the argument, ............Why give someone else the loan commission, when it is your client. This argument is illogical. Why don't you do your own roof inspections. Or what about Pest Control repairs?
To do either … (6 comments)
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lenders: Mortgage 101 (Buying Your First 2- to 4-Flat) #2 - 06/05/08 07:40 AM
In general it's easier to get ‘owner-occupied' than ‘non-owner occupied,' but even for a 3- or 4-flat investment property, 10% down may be all you need to put down.
Visit our website to read more about Chicago multi-family homes with two or more flats.
… (0 comments)
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lenders: The Basics of REO Properties - 06/04/08 09:55 AM
The other day, a new investor asked me to explain to him what REO's were. He had joined several Real Estate Investment Forums and didn't want to appear so inept to his fellow forum members so he asked me. Because there probably are more new investors that really don't understand the … (3 comments)
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lenders: Mortgage 101 (Buying Your First 2- to 4-Flat) #1 - 06/04/08 09:42 AM
Financing a multi-unit is now easier, but, at least in some ways, it is now almost an ‘art.' Credit score (your ‘FICO') as well as your intent to occupy will influence rates a lot, but it may not be necessary to have a big down payment to get a reasonable rate, … (2 comments)
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