Breakfast with Tiffany

To extend or not to extend the $8000 tax credit....That is the question

Tiffany Burke (Group one real estate) — Wed, 28 Oct 2009 20:32:24 -0500

This is a great article for homebuyers and real estate professionals alike. Please let me know what your thoughts are on the tax credit and the possible extention of it.

According to an article written By Stephen Ohlemacher, Associated Press Writer

On October 28, 2009

WASHINGTON (AP) -Senators agreed Wednesday to extend a popular tax credit for first-time homebuyers and to offer a reduced credit to some repeat buyers.

The tax credit provides up to $8,000 to first-time homebuyers but is set to expire at the end of November. The Commerce Department said Wednesday that new home sales fell 3.6 percent in September, and some industry representatives blamed uncertainty about the tax credit.

Senators agreed to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, D-Nev.

The tax credits would be available to homebuyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes, according to a summary of the legislation being circulated among lawmakers.

Senators were still negotiating the expansion of a separate tax credit that lets money-losing businesses get refunds for taxes paid in previous years, providing them with an immediate source of cash.

Senators in both political parties were hoping to add both tax provisions to a bill that would give people running out of unemployment insurance benefits up to 20 more weeks of federal aid. The Senate could vote on the overall bill as early as Thursday, but lawmakers were still haggling over several unrelated amendments Wednesday evening.

Popular bills like the one to extend unemployment benefits often attract amendments that would have a difficult time passing on their own.

Republicans were demanding that they be given a chance to offer amendments to restrict federal aid to the beleaguered community activist group ACORN and on requiring that people receiving unemployment insurance be processed through E-Verify, an Internet-based system that employers use to check on the immigration status of new hires.

Majority Democrats have refused to add the amendments.

If the Senate passes the bill, it would go to the House, which passed a similar bill extending unemployment benefits last month. House leaders have also said they support extending the tax credit for homebuyers.

Sen. Chris Dodd, D-Conn., has been negotiating for several weeks with Sen. Johnny Isakson, R-Ga., to craft an extended tax credit for homebuyers that would pass the Senate.

Lawmakers didn't release a cost estimate for extending the tax credit, though similar proposals were projected to cost about $10 billion.

Industry representatives said uncertainty about the tax credit is hurting new home sales. September's decline was the first since March.

It takes 45 days to 60 days to close on a house, making it unlikely a sale made today would be consummated by the end of November, said Lucien Salvant, spokesman for the National Association of Realtors.

"Buyers right now have an incentive to hold off, not knowing whether the credit will be extended," Salvant said.

About 1.4 million first-time homebuyers have qualified for the credit through August. The National Association of Realtors estimates that 350,000 of them would not have purchased their homes without the credit.

The tax credit for money-losing businesses is a favorite among Republican lawmakers. Businesses could get tax refunds by using losses from 2008 and 2009 to offset taxable profits made in the previous five years. Under current law, they can only offset profits from the previous two years.

The provision would help a variety of industries, including retailers, manufacturers and home builders, though it's expensive.

"It's clearly a way to put cash in the hands of some major economic players," said Clint Stretch, a tax policy expert at Deloitte Tax.

A similar proposal that was ultimately dropped from the economic stimulus package enacted in February would have cost nearly $20 billion over 10 years. Lawmakers are working to reduce the price tag.

Because people are so strapped for cash, this is a good way to get refunds when businesses need them for operating expenses, said Rachelle Bernstein, vice president and tax counsel for the National Retail Federation.

This was great info. interested in your feedback....Thanks Tiffany

How can I get the most face from Facebook?

Tiffany Burke (Group one real estate) — Tue, 27 Oct 2009 10:40:12 -0500

GREAT POST AND SO TRUE....

Via Jeanna Martinez (RE/MAX Access):

How can I get the most face from Facebook?

Facebookhas quickly become one of the most widely used social networking sites and many professionals are taking advantage of the opportunity to market their products and services. There are definitely some big mistakes some people make when doing this. There are probably several ways to go about using the network successfully but in my opinion the following are some important do's and don'ts for professionals utilizing Facebook.

1. Keep all photos and comments pg-13, un-offensive and un-obnoxious. Make sure you learn how to un-tag yourself just in case you have "friends" who think its a good idea to post pictures of you from that bachelor party last weekend.

photo courtesy of flickr: http://www.flickr.com/photos/thirteenofclubs/2992007254/

2. If you are going to advertise your business GET A FAN PAGE or you might be removed from facebook! Its fine to mention what you do and what things you are doing that are related to your business (i.e. I'm off to show some homes this afternoon.) but don't post "commercial" type things.

photo courtesy of flickr: http://www.flickr.com/photos/swanksalot/3889133118/

3. Remember the 80/20 rule (courtesy of Kristin Moran). On your personal Facebook page, you don't want to be the (insert profession here) that uses Facebook to scream pick me! pick me! You know who I am talking about, the one that updates nothing but business. The quickest way to get "de-friended" by lots of people is to shove your product or service down their throat. Try to keep your updates to 80% personal (i.e. Had a great time at the zoo this weekend with the family!) and 20% business (i.e. I am excited about my open house this weekend!)

photo courtesy of flickr: http://www.flickr.com/photos/timparkinson/930660427/

4. Be engaging and interact with your friends. Comment of their updates and photos and make sure to respond to people when they get in touch with you. If all interactions are one-sided, you will start to see a decline in the effectiveness of Facebook.

photo courtesy of flickr: http://www.flickr.com/photos/respres/2349218143/

5. Don't be afraid to make connections. I (as a general rule of thumb) will accept all friend requests. If after accepting the request, you notice that a particular person is posting inappropriate content on a regular basis, you can very easily un-friend them or even block them. You never know where a connection might lead to, that boyfriend from 3rd grade just might have a cousin in your area needing your product or service. If he doesn't know what you are up to (professionally) he might never know to send the business your way.

photo courtesy of flickr: http://www.flickr.com/photos/lumaxart/2137737248/

The bottom line, is to use some common sense when creating (or increasing) your on-line presence. Keep it simple, keep it clean and keep it productive!

PLEASE help me I am about to rip my hair out with these BPOs

Tiffany Burke (Group one real estate) — Thu, 16 Jul 2009 09:14:16 -0500

My question is VERY simple, how do you keep up? I want to do the BPOs in order to attract area REo listings but I do not think I'm doing so good at making an impression b/c I have so many that I don't know (unless I become super human) how I can do them any faster than I am working on them! Seriously; do any of you know a secret that I haven't discovered yet? I see some of you who can do 20 BPOs a day and still have the best T.A.T. score. I usually cannot even get to an order until the day before it's due. Trust me, I am devastated by this. Am I just slow? I have been up half the night and then up at crack of dawn trying to get ahead and I could REALLY use some advice here. It is apparent I am not doing something right. I mean I had to lose two orders yesterday b/c I could n't handle them and when the good rush orders come I cannot accept them..

PLEASE HELP!

Can You Still Owe Your Lender After A Short Sale--Sellers Beware

Tiffany Burke (Group one real estate) — Tue, 14 Jul 2009 17:27:03 -0500

To all of you who think you just walk away after a short sale please read this!

Via John Mulkey, Housing Guru (TheHousingGuru.com):

Many homeowners facing foreclosure or in homes worth less than their mortgage are opting for “short sales,” an agreement with their lender to allow a sale for less than the amount owed. And most of these home owners assume that once the sale is consummated, their obligation ends; however, they could be in for an unpleasant surprise.

Some banks, are quietly adding a clause to the short sale agreement that allows them to pursue the seller for the difference between the amount received and the amount owed. While banks are currently ignoring their ability to pursue sellers for additional money, it is possible that action could be taken at a later date or the debt could be sold to a collection firm who could sue for the balance owed.

Homeowners who plan to seek relief through a short sale should be aware of the potential for their lender to seek damages after the sale and should request that the offending clause be removed from the contract. Strangely, many banks will readily remove the clause if asked.

As with all real estate transactions, sellers are advised to be aware of what they are signing. And, the best advice is to seek the help of an experienced professional to aid in the short sale process.

Source: Calculated Risk Blog and North Country Times

For the latest news in housing, visit: The Housing Guru

Condos/Townhomes...What's the difference?

Tiffany Burke (Group one real estate) — Wed, 03 Jun 2009 10:59:13 -0500

Have you ever wondered what the difference is between a condo, and a town home? Well, if you answered yes to this question, you are certainly not alone. In fact, I was surprised to realize that most people do not know the difference, there seems to be much confusion and debate on this subject even between professionals. I thought it would make for a great educational blog regarding this subject to clear up these common mis-conceptions.

According to the Realty times; A condominium buyer owns their unit, plus a percentage of the surrounding property, including land and amenities on the property. Residents are members of a homeowners' association (HOA) and pay a monthly fee to the association in exchange for maintenance of the common property. Each condominium complex has a master deed which outlines the percentage of ownership. That percentage determines residents' monthly dues to the association. Condominiums come in a variety of styles, from two- and three-story buildings apartment-complex style to luxurious high-rise properties with views of the surrounding city. The terms of condominium ownership sometimes are cloudier, because owners share more common areas (for example, stairs and hallways) than town home owners.

A town home buyer owns their unit, as well as the ground underneath that unit. Each town home has its own roof and (most) have their own address. For example; (123 Any street,) as opposed to a condo address ( 123 Any street unit 1A) Town home residents also typically belong to a homeowners' association (HOA) and pay monthly fees in exchange for the general maintenance of common outdoor areas. Town homes sometimes include single-family home amenities such as garages and backyards ( maybe, very small backyards), in which maintenance is the responsibility of the owner and not the association.

So, now that your aware of the difference between a "condo" and a "town home maybe we should explore the pros and cons of these type of ownerships versus a single family property...

More of this series coming soon!

TEXTING 101

Tiffany Burke (Group one real estate) — Mon, 25 May 2009 17:59:59 -0500

Something happened this week that brought to mind the technology that we use on a day to day basis that most of us, probably never think about. One of those wonderful things is the very useful but sometimes terribly mis-used text message. I know that it is very helpful and also saves alot of time, especially when your in a big hurry and can't bear to get tied into a phone conversation with that chatty agent who has nothing better to do that talk about her uncle Bob's hip-replacement surgery. LOL, that was a joke but on a serious note I thought it would be a great idea for a list of some do's and do not's of texting...Most of these "should be" common sense but apparently, (after the ordeal this week) I learned some of us may be a little slower than others....so here it goes!

Text messaging 101...

1. Keep them short and sweet. If you need to write someone an in-depth message, send an email. Otherwise, give them a ring or see them in person. Long texts can be confusing or tough to respond to.

2. Consider your wireless costs.If upgrading to a different mobile plan includes unlimited texts and you're an avid text messager it maybe worth the extra cost,but above all consider the person your texting 500 times a day. Make sure that your texting habits is coherent to their plan as well as your own.

3. DON"T text while driving. LOL, okay This one falls into the common sense thing I was referring to in the beginning of the blog. Do I need to go into the why nots of this one? Okay, If you insist!

4. Be conscience of the tone of your text. It is extremely difficult to discern tone in text messages, same as in e- mail. What seems to you to be a completely innocent message may be grossly misinterpreted by the recipient, causing certain discomfort if not irreparable harm. Also, consider that your point may not be getting across though text message and your receiver may not understand (or worse, may mis-interpret) what your trying to convey to them. So, do yourself a favor, take the plunge and pick up the phone for important issues.

5. Be conscientious of others' schedules.Don't assume that because you are awake, not working, not busy, or (in extreme cases and we all know this person) NOT sober that the person you're texting is as well. Many peaceful dreams have been interrupted by the recurring text messenger that has no boundaries about who, when, and where they text.

6. Texting should remain casual. Texting can be fun but it should be for casual conversation. Use it to say hello, change of plans, etc...do not use text messaging to send out; into outer space, every thought that pops into your head. When you put something out there,try to remember that it is out there and it cannot be taken back. There is no guarantees who besides the person you are sending this to will run across your personal message. In these cases PLEASE use your phone to call the person or better yet have a good old face to face.

These are good rules of thumb that comes to mind, please feel free to add your on. I would be interested to hear your takes on this subject.

Want to Steal a Foreclosure? Get the REO facts.

Tiffany Burke (Group one real estate) — Sun, 26 Apr 2009 12:24:49 -0500

Via Irene Kennedy Sussex County NJ Realtor® (Weichert):

Part 4 of Distressed Properties are NOT Black Holes! a six part series based on my real estate experiences in and around Sussex County, NJ.

REO List Price Considerations

Most BPO forms ask the agent to indicate what a property will sell for within 30 days and within 90 - 120 days. In setting a price, the bank considers:

current, local market conditions including active inventory, average days on market, etc. (I primarily cover the Sussex County foreclosures - Sparta, Hamburg, Hardyston, Branchville, etc.)

shape of the property;

how much of a loss it has already taken on the original mortgage and the foreclosure process;

amounts paid for trash-out and any work required to make the home safe and secure, i.e., winterization;

carrying costs (insurance, taxes, bare-bones maintenance, utilities, etc.) during the time the REO is listed;

the commission it will pay both agents - a fixed percentage in my experience.

Based on these factors, the bank also looks at its internal situation. How many REOs are they carrying? How quickly does the bank need to "unload" the property? Let's remember that most banks are "for profit" organizations; many report to shareholders. Nevertheless, an REO list price is usually a good deal.

Stealing an REO around Sussex County NJ

Interested in getting a foreclosure for 70% or less of list price? Ain't gonna happen!

The list price is typically a huge bargain already. The bank really DOES know what a fair offer is, based on hard data for local market conditions. The list price takes the shape of the property into account, so don't expect another discount based on bad condition. The bank will not take lowball offers seriously and may not even counter one.

The bank knows that most homes in an area the average sold price is XX% of the list price - in my Sussex County, NJ, market area, this ratio is 95%. While a bank might accept slightly less than the average ratio, my experience shows that this percentage gives one a great idea of what number the bank will accept.

I've found REO banks to be even less flexible on price than non-corporate sellers. Why? Because they know their list price is a steal, which is why buyers come in droves to look at REOs.

Non-Money Components - Your offering price is just one factor

Closing Date: If you want to purchase an REO, offer to close in 30 days. Yes, I realize this is quick but it has a dollar value! Banks want the REO off their books, especially if the closing will be prior to the end of a financial quarter.

Paperwork: Complete and submit every piece of paper the bank has requested. Most banks have their own forms and want them used. For my REO listings, I can load them in the MLS for any agent to readily obtain. Banks will reject offers that are missing the required paperwork.

Down payment: Some banks specify a percentage of the price as minimim earnest money. In every case, I suggest the "good faith deposit" be at least 1.5% of your proposed purchase price. Show the bank you are a serious buyer. A strong second deposit (post-contract, before closing) will also sway the bank in your favor.

Mortgage: A few banks want a shot at your loan and insist they do your pre-approval, even if you have no intention of using them for the loan. (Remember, it is their property and they can make whatever rules they want...) Even without any imposed requirements, a pre-approval from a "brand name" will strengthen your offer. Sure, you can actually then get your loan from "My Cousin Vinnie's Finance Center in Podunk" but a name-brand might just be that little added extra that gets your offer accepted by the bank.

Here is why I earn the big bucks (ROFL) for Sussex County real estate

A tip I use to help my buyers "steal" a Sussex NJ REO

Banks tend to have a very aggressive price-reduction strategy. They want to sell the REO quickly even if they will not consider offers far below the list price. Many banks drop the price almost monthly, assuming no offers are being negotiated. Waiting until the price drops where you want it to be could mean someone comes in ahead of you -DON'T RISK LOSING A PROPERTY YOU REALLY WANT OVER A SMALL DOLLAR AMOUNT.

But in considering your offer, you should know WHEN the last price reduction took place, the frequency between all price changes and the percentage of each. If it is a new REO listing, I can often determine a particular bank's reduction pattern by examining another local REO listing owned by the same bank. So, if a bank habitually reduces its list price 5% every 32 days and the current price came about 27 days ago...

(Fellow agents - I know this tip is could mean more work, if you're not already doing this. Some of you might use MLS systems that do not permit you to research historical data to gather a price reduction history. My personal perspective is that I'll continue to do all I can to get my buyer the best deal possible AND submit an offer that will fly.)

Part 1 - Distressed Properties are NOT Black Holes!

Part 2 - Short Sales can be a great thing despite Timeframe & Lowballs

Part 3 - So You Want a Foreclosure: Bank-owned Properties - REOs

Part 4 - Want to Steal a Foreclosure? Get the REO facts.

Part 5 - Consider a Foreclosure - Advantages of REOs

Part 6 - Pitfalls of Foreclosures. Disadvantages of REOs for Buyers

Copyright © 2009, Irene Kennedy, all rights reserved. All posts from RealtorIrene.com represent Irene's personal musings.

Considering selling a home or looking to buy a foreclosure in Sussex County, NJ? Benefit from creative marketing, top negotiating skills and vast real estate knowledge by contacting Irene via the data to the right.

Countrywide vendor login page

Tiffany Burke (Group one real estate) — Sun, 26 Apr 2009 11:24:19 -0500

Is anyone else having problems logging in into the countrywide vendor website to complete BPOs, everytime I try to login since Friday night I keep getting an error page, saying the page no longer exist.

Beware of Foreclosure Rescue Scams

Tiffany Burke (Group one real estate) — Fri, 24 Apr 2009 00:41:16 -0500

Via John Mulkey, Housing Guru (TheHousingGuru.com):

As the U. S. enters the second year of the Great Recession, many homeowners are finding it impossible to keep up their mortgage payments, and growing numbers face foreclosure. As a result of this housing crisis, unscrupulous companies are springing up around the country offering various forms of foreclosure rescue or prevention. Homeowners should be warned that the majority of these offers are only the fraudulent attempts of crooks eager to steal money from those least able to afford it.

Homeowners facing foreclosure must be on guard to such despicable tactics and refuse to respond to their offers of help. Many of these offers come from companies with official sounding names and with guarantees that draw unsuspecting homeowners into a web of deceit. The fraudsters may imply a connection with the government or one of its programs, and will often make unsubstantiated claims of success. They may offer to negotiate on your behalf with your lender and promise to save your home. Nothing could be further from the truth. And almost all demand an up-front fee to begin their process.

If you are currently facing foreclosure or are having difficulty maintaining your mortgage payments, the first step is to contact your mortgage company to see if help may be available through them. If help is not available from your lender, visit The Department of Housing and Urban Development website at: www.hud.gov/foreclosure/index.cfm, and read more about legitimate ways to avoid foreclosure and the various programs offered through the federal government. You may also want to visit the website of the Federal Trade Commission: www.ftc.gov, where you’ll find a helpful publication entitled, “Mortgage Payments Sending You Reeling?” There is help available, from lenders and from the government; but those seeking it should proceed with caution.

If you need foreclosure advice avoid offers that:

• Guarantee foreclosure prevention.

• Request an up-front fee prior to providing services.

• Suggest you transfer your property to them for “protection.”

• Ask you to sign documents you don’t understand or that are incomplete.

• Promise a speedy resolution to your foreclosure problem.

• Offer to negotiate on your behalf and ask you to stop all further contact with your lender.

• Instruct you to make mortgage payments directly to them.

• Offer to “temporarily” purchase your home and rent it back to you.

The prospect of foreclosure creates both anxiety and stress for families facing severe debt or employment issues. Don’t allow yourself to be victimized by foreclosure rescue scams, which charge exorbitant fees for services you can easily do yourself for free. The crooks will only increase your burden by further damaging your financial well-being.

For more helpful information about buying, selling, building, remodeling, or repairing your home, visit: www.TheHousingGuru.com

Re-Finance Now?

Tiffany Burke (Group one real estate) — Sun, 05 Apr 2009 17:03:20 -0500

Via John Mulkey, Housing Guru (TheHousingGuru.com):

Have an interest only or adjustable loan that is still at an attractive rate? Have good credit and a good job. Consider refinancing now. No one knows where the market or interest rates will wind up a year or two from now, so if you can refinance, it’s probably a good time to do so.

Fannie Mae just announced that loan refinancing increased 88% in March and most lenders are swamped. Some, who are working on troubled loans, just may not have time to deal with yours. Look for another lender until you find one who can help.

We have suffered through housing market chaos for more than a year, and the future is anybody’s guess. If you plan to stay in your home, try to refinance now. Rates are at record lows, and the government is pressuring lenders to work with those who need to refinance. Since both the government and interest rates can be fickle, it’s best not to wait. The good rate you have on your current mortgage will pass sooner than you wish.

Call your lender and see if they will consider your request. If not, call someone else. Don’t miss this opportunity to remove what could turn into a crisis in the future.

For the latest news and tips in buying, selling, building, remodeling, or repairing your home, visit: www.TheHousingGuru.com

Texas still going strong...

Tiffany Burke (Group one real estate) — Tue, 10 Mar 2009 13:52:28 -0500

Good news in the C.C.A.R. news blog...Thanks guys. Even though the economic news, and particularly the real estate market news across the country, is less than optimal, the word in Corpus Christi is that our home values are holding, and if you are a buyer 2009 is the year for you. “There is no doubt that real estate has taken a hit nationwide. But in Corpus Christi,” explains C. Edwards, 2009 chairman of the Corpus Christi Association of REALTORS®, “ we are fairing well in relationship to the rest of the country. One of the major reasons we are doing better here is that we did not have inflated prices. Our market increased steadily over time, rather than suddenly skyrocketing exponentially. The second reason is we had very few sub-prime loans here.” “But what is important to note, is that there has been a shift in our market. Even though values have remained strong, in fact the average sales price increased from $161,216 in 2007 to $162,594 in 2008 and the median price increased from 136,500 to 138,900, according to the Coastal Bend Multiple Listing Service (MLS) statistics, our market has become a buyer’s market.” A buyer’s market is defined as one in which there is a high inventory – one with an inventory between 9-12 months. Currently MLS statistics reflect that we have 3,949 properties on the market. That is a 9.2-month supply. For the same period in 2007, there were 3,041 listings reported through MLS, 7.6 month supply. “We are also looking at 50-year low interest rates,” and explains Edwards, “if you are a qualified buyer not only do you have a large number of homes from which to choose, but with 4 to 5 percent interest rates on 30-year fixed mortgages, you can buy much more house for your money. It is definitely the time to buy. And the good news is if you are a seller, the average sales price remains strong, so you can continue to get your equity out of your home when you decide to sell. But since we do have more properties for sale, and it is a buyer’s market you also might want to do more to prepare your home for sale so you can compete with the other properties on the market in Corpus Christi.” To give you some idea on how Corpus Christi compares to the state and the nation, according to the Texas A & M Real Estate Research Center average sales prices in Texas are static across the state, but in Arizona the average sales price dropped $115,000. Median sales prices were the same in Texas for 2007 and 2008. But they are down as much as 41 percent in California from 2007 to 2008. As for the number of homes sold in 2008, compared to 2007, according to the Coastal Bend MLS we are down 19 percent. In specific numbers that translates to 4,844 homes sold in 2007 compared to 3,949 in 2008. Total dollar volume has decreased 18 percent. In 2007 total dollar volume was $7.8 million compared to $64.2 million in 2008. “There is no question, our sales are down here. It would be impossible for us not to be affected by what is going on across the nation. But looking at 2009,” Edwards says, “we are cautiously optimistic. No one could predict that we would be where we are today. But we think we will come out on the better side of this in Corpus Christi. The positives for our real estate market in 2009 include the following: · Housing remains strong, but affordable in Corpus Christi · It’s a great time to buy – We are in a buyer’s Market · Interest rates are the lowest they have been in 50 years · Values remain strong · We had very few sub-prime loans in the Coastal Bend · We have not been in an inflated real estate housing market · Developers and Investors continue to look at our market as very affordable

Understanding Closing Costs...Buyer Side

Tiffany Burke (Group one real estate) — Mon, 09 Feb 2009 17:14:29 -0600

This is some very good information to read before getting into a contract to buy a home. Sometimes, as Realtors we tend to forget that buyers do not always understand closing cost.

Via Lisa Udy (Logan Utah Real Estate www.LisaUdy.com Utah Homes):

Understanding Closing Costs

One thing buyers always ask is, "the seller is going to pay my loan costs right?" What buyers don't understand is that money has to come from someplace and the seller has a bottom line. Buyers, in essence, you are financing your closing costs and many sellers have taken that into account when they price their home. In our market if you are able to, please pay your own costs.

If I have to market your home in a year, and you have rolled closing costs into your loan you are already in the RED. If you have used a 3.5% down FHA loan product or a 5% down conventional product this is especially true in a declining or stagnant market.

That being said, let me explain what costs you will likely be paying at closing.

Origination Fee: This is a fee charged by lenders to offset fixed costs such as processors, staff, office space, utilities and the mortgage brokers profit. This is a negotiable fee so ask for the best rate.

Closing Fee: The fee charged by the closing agent who prepares the documents and closes the loan on behalf of the lender. In Utah we use a Title Co. to "Close" our transactions. Some states use attorneys. Find out what your state requires and get a quote for that cost.

Discount Points: Each point is equal to 1% of the mortgage amount. Points are used by the lender to adjust the yield on the mortgage when it is sold to an investor. By paying more points, the borrower can obtain a lower mortgage interest rate. With today's great rates this is probably not necessary but talk to your lender to find the best product for you.

Homeowner's Insurance: One year premium is due in advance at the time of closing.

Mortgage Insurance: Insurance required by the lender when the down payment is less than 20%. In the case of default this insurance decreases the lender's loss.

Prepaids: Adjustment to the escrow accounts from the date of closing to the date of the first payment. Interest is paid through the end of the month of closing. Taxes are paid through the end of the month of closing, plus the following month. Two months PMI are collected. Two months of homeowner's insurance may be collected. A homeowner's insurance policy must be provided along with a receipt showing that the first year's premium is paid.

Processing Fee: Processors work for the escrow company, title co. , or real estate company and are paid a fee for administrative escrow services performed from the point of contract through closing.

Recording Fees: Fees charged by state or municipal entities for recording the closing documents into the public record.

Title Insurance: Provides protection for lenders and homeowners against financial loss resulting from legal defects in the title.

Underwriting Fee: Fees paid to the underwriter to review your loan application and deem it qualified to receive investors fund.

Seems a little overwhelming, so do your homework. The best way to make sure you get the best deal is to ask your lender for a printed "Good Faith Estimate." Then talk to at least one more lender and compare costs.

But remember, the lowest costs don't always insure the best service so ask for a recommendation from your Real Estate Agent and friends and family who have recently bought a home. As with a bad Real Estate Agent there is nothing more frustrating than a bad lender.

Sometimes you get what you pay for!

Lisa Udy

Youngblood Real Estate

www.LisaUdy.com

Lisa@LisaUdy.com

Clear Capital

Tiffany Burke (Group one real estate) — Wed, 04 Feb 2009 15:05:34 -0600

What is up with clear capital? I don't usually do work for clear capital and I know they are just a BPO mill but yesterday I accepted a rush order they needed for this morning and realized they have changed.

They now what about ten pictures total...

one front, one picture of each side of property (which as Im sure you all know is not always possible) one picture looking down each side of street, one address verification and one picture of whatever the property may be facing plus 3 sold mls comp pics, and also extra pictures if there id any visible damages to property. I was floored by this b/c it is very hard to be in front of an occupied property for as long as it takes to take those photos and not be noticed. I thought I was going to be chases by the homeowner yesterday. I just believe this is over kill for a 50.00 drive by bpo on an occupied property. I cannot imagine that agents would actually do this.

What are your thoughts on this?

NO COMPS ?

Tiffany Burke (Group one real estate) — Mon, 22 Dec 2008 09:22:47 -0600

Hi guys,

I was hoping someone could help me. I have a BPO to do in a little small town close to Corpus Christi and the problem is that it's a condo/townhome and I do not have enough comps. I wouldn't want to use a SFH as a comparable (even though the condo is over 1600 sq ft) I don't know if I should try to pull comps in Corpus b/c even though the town is just less than 10 miles away b/c someone lokin at condos/townhome there would probably not be looking at anything in Corpus Christi soooo how do you al deal with situations where there are NO comps???

Thanks

Tiffany

Home Owners Beware.

Tiffany Burke (Group one real estate) — Fri, 19 Dec 2008 18:26:56 -0600

Via Melody Botting Real Estate Network:

I received an interesting call from my mother two days ago. She had been contacted by someone regarding her mortgage. He told her she could get a loan modification and here is how, "Don't pay your mortgage. When you receive a letter from the lender regarding the late payments I will contact them on your behalf. They will make arrangements to modify your loan. My fee is $299, but you will save at least two months of regular payments."

My heart sank. I asked, "Are you late? Why did this person call you?" She explaned she hadn't been late but has an ARM (adjustable rate mortgage) and he mentioned he knew. My question is how did he know? He also told her the rate was about to go up.

I am glad she called to let me know about the latest scam. She was smart enough to ask him to send an email regarding the conversation. He was dumb enough to do it. She sent a forward to me and I am going to report him at the highest level of authority I can find.

If you are late on your mortgage payments, ARM or not, there are professionals that can help you. Seek the advice of your local Realtor. Don't believe you can scam your lender with the help of someone who sounds like they know how.

"Rentals 101: What every consumer needs to know before working with a rental relocation agent."

Tiffany Burke (Group one real estate) — Thu, 20 Nov 2008 12:51:59 -0600

Okay, I have been contemplating this blog for some time now, but have tried to stay positive and optimistic about people in general. However; I do believe my career as a FREE rental locator has just come to a screeching halt as of this morning! Don't get wrong, I haven't totally lost faith in ALL people it's just a combination of people over the years that have just worn me down in this aspect of real estate. I may on occasion (and on my terms) show A rental property, may help family or friends but for the most part, at least for now; I'm hanging up my rental locator's hat.

I wanted to leave something behind as I say good-bye to those last minute appointments; the showing of several properties without the renter even being able to qualify for the house they want; the meeting someone at an empty house after dark; Appointments made late in the evening to accommodate someones work schedule while I sacrifice dinner with my family; the sitting in front of a house for 30 minutes and no one showing up; and sometimes working with people for days or weeks on end and thinking your doing a good job, not to mention a FREE good job and then with out notice, no one will answer your calls, return your call or even send a courtesy e-mail letting you know what happened...I think your getting the picture here. Those few bad apples...

My legacy and contribution to all of the agents who will continue to deal with rentals properties, is going to be "Rentals 101: What every consumer needs to know before working with a rental relocation agent."

1. Rental locator's follow the same guidelines as any apartment complex. In fact; some even use the same company to process rental applications. If you cannot get into an apartment because of your credit,criminal background, job history, etc., then chances are you will not be approved by a rental locator service or property management company.

2. If you find an agent, be aware that they are most likely spending their time with you for FREE. Leasing agents usually are of the breed of agents (people) who sincerely care about others andwant to help everyone find a home, including those who want to rent. They do try to build relationships with the people they help and hope if the relationship happens to be impressionable enough, one of those renters will call back in the future for other real estate services or give them a good referral to friends, relatives or acquaintances.

3. Rental location is A much harder and more time consuming work than the work involved in selling homes. I believe it is a common misconception that it is somehow less of a job than helping someone purchase a home, and a BIG mis-conception it is indeed. Some real estate offices offer free rental locator services as a courtesy to our valued consumers, but at times it is widely taken advantage of. The reason for this is that most homes for sale usually are made more readily available to show than a rental property. If a rental property needs to be shown they sometime require a 24 - 72 hour notice. Many parties are involved in the scheduling of appointments to show a rental property; the listing agent, the owners, the tenants, and the agent that you are working with. So you can imagine andhopefully, understand, that there are many individuals to connect with in order to schedule a showing assuming that all parties are being cooperative. So, It is never as easy as pulling up in front of a home with a "For Lease" sign and calling the number for someone to run over and show the house to you.

4. If you are re-locating from another city, it is a good idea to contact an agent that you will be working with at least 2 weeks ahead of time but no more than one month before you will need a property. This way they can understand what you need andhave time to work around any obstacles that you may have. Some of those obstacles may be that the area you need or want may not meet your price range needs. Most owners do not accept pets but sometimes they will change their mind based on the breed, size or type of pet and will require an additional deposit. Of course; that takes more time and work on your agents part. Your agent should set you up on a search and e-mail available properties to you. There may be 25 or more, but it is a good idea to make your top 10 picks and if your in town or have time when you get to town, drive by and narrow the list down to 4-6 properties you would like to see, then call your agent with your list. This eliminates driving around all day and seeing properties you would not like at all. Remember that this is generally a courtesy to you and your agent is most likely working around his/her home buyers/ sellers in order to help you findthe right property, so please take this into consideration when choosing properties to view.

5. Loyalty to your agent is GREATLY appreciated, especially with rentals! You would think that would go with out being said, but unfortunately, I believe it needs to be said and SAID LOUDLY. Buyer's and seller's agents both have signed agreements with their clients to ensure their loyalty; however, a leasing agent basically works off of a mutual trust. If you are working with an agent, they will most likely be sending you all rental properties based on your specific criteria requirements, so there is no need to drive around calling every agent in town. This would also apply to a property for sale, so it doesn't make much sense to have many people expending their time, energy, and let's not forget fuel at the cost of gas prices now. Not only is that wasting everyone's time, it isn't even economical. Plus, a real estate agent will work harder for you if they feel that your loyalty lies with them.

With all of this information, and I realize it is alot, I hope this will be a helpful and educational piece for consumers regarding rental properties and the right and wrong way to go about finding one when using a locator or real estate agent.

So please use the appropriate etiquette when you contact the agent you plan to work with.

DON'T BE THAT PERSON! :O)

Do not have your agent go through the hassle of setting an appointment and then just not show up, call, etc. Not only is it terribly rude and inconsiderate, It then just falls back into everyones lap at your agents expense and may even hinder their reputation as a real estate professional.

We all understand that things happen, so if by chance, you find a property yourself or change your mind about a scheduled appointment, give your agent a courtesy call, e-mail or something expressing your appreciation for their efforts. It shows a lot of integrity when you let them know you found a property or changed your mind. Maybe you decided to use someone else, fine; but let them know so they are not just left in the dark without any feedback for other agents or answers for homeowners.

All of this said, think back to the basic rule in kindergarten; TREAT OTHERS THE WAY YOU WOULD WANT TO BE TREATED.

Thank you for reading.

REGARDS,

Tiffany Burke

Bait & Swtich--Alive and well in the media

Tiffany Burke (Group one real estate) — Mon, 17 Nov 2008 18:30:29 -0600

Via Drew & Christine Morgan Belmont California Real Estate:

This article featured in the October 12^th Sunday edition of the San Francisco Chronicle Real Estate section (K20) is emblematic of sensationalism rampant in the media.

I don't care how many time I hear the media defend itself with a thinly veiled excuse for this sort of distortion by saying we're just reporting the facts, their headlines reveal a different motive-to sell papers.

The article actually tells an entirely different story than the headline insinuates. A more appropriate title would have been "Many Mortgages are still available..."not "Some".

In fact, most mortgages are still available despite what the media's headline would have you believe-and their article even says so, they just don't admit it in their headline.

What kind of home buyer are you . . Power Shopper or Slow and Easy?

Tiffany Burke (Group one real estate) — Mon, 17 Nov 2008 18:15:14 -0600

Via Tami Vroma~~ Greater Grand Rapids, MI Real Estate:

Most home buyers fall into one of two categories when it comes to how they want to shop for their home. They either want to see everything out there that could be a possibility for them or they are the type that has only a few homes they want to see every couple of days.

I'm respectful of BOTH and love to shop with either one!

POWER SHOPPERS - If you are a power shopper, you probably have a list of 100 homes you want to see. Most of my power shoppers can narrow it down to 50 with a drive-by. 50 is a doable number . . . as long as you know the true essence of a power shopper! So what are the characteristics of a power shopper?

#1. Power Shoppers wear slip on shoes. No sense in spending too much time putting shoes off and on --we have a lot of homes to see.

#2. Power shoppers always leave children at home. They love their children but know they have work to do. Power shoppers don't have to stop to put little shoes on or curb a temper tantrum. They don't have to explain why they can't play with the toys in the home. They have one purpose--get through the homes they want to see.

#3. Power shoppers understand the time frame. They understand that they are scheduled to see a home every so many minutes and watch the time frame windows on the top of their showing sheets.

#4. Power shoppers will tell you if they decided the home was not a prospect just by sitting at the curb and they don't take the time to "just take a peek". (Realtor note-make sure you at least go in and put your card on the counter)

#5. Power shoppers will tell you the instant they know this is not the right home and are done looking. They don't feel the need to look at the basement if they already know the layout will not work for them.

#6. Power shoppers don't take the time to turn on the water faucets, or open the closet to look for size, or to decide if a wall can be moved. They will do all that when they narrow it down and come back for a second visit. It either goes on the short list or it doesn't.

#7. Power shoppers are usually in and out of a house in 5-8 minutes.

SLOW AND EASY - So what are the characteristics of a slow and easy buyer.

#1. Slow and easy buyers are usually in no hurry to get through a home. They will only see a couple homes at a time but their list may only be a total of ten long.

#2. Slow and easy shoppers look at everything about the home. They will make sure they check the water pressure and the closets to make sure they are the correct size.

#3. Slow and easy shoppers will bring their children to make sure they feel comfortable in a home. Can their children see themselves in this home?

#4. Slow and easy buyers will never knock out a home just from sitting at a curb. They may be able to do something with the outside if the inside fits all their needs.

#5. Slow and easy buyers will sit down on the sofa to get a feel for the home. Does it "feel" like home to them and can they see themselves there?

#6. Slow and easy buyers need up to an hour to view a home and take in all the possiilities of the home.

No matter what type of buyer you are, please know that most Realtors will move at the speed is that you would like to move. Know your own speed and know how you want to look at a home. It is ok to let your agent know exactly how you want to shop for a home and it helps them tailor the day to fit your needs. If you want to see a lot of homes, be a power shopper until you narrow them down to two or three.

Many buyers who are relocating, fall into the power shopper category to begin with. Many times they are in town for only a few days. They want to see a lot of homes in several different areas because they only have a limited amount of time. Buyer who are relocating may be power shoppers for the first trip to town and slow and easy when they are making their final choices.

Above all, find a Realtor that meets your needs and that you enjoy being with. As buyers, you may spend many hours with this person. If they are not meeting your needs, let them know what your needs are. If they don't fit your style after you have made specific requests, then let them know and find a different Realtor. Find an agent you like and stick with them!!!

Happy Home Shopping!

Twitter user here!

Tiffany Burke (Group one real estate) — Mon, 17 Nov 2008 09:02:23 -0600

Hi guys, I am a twitter user and have my little twitter box in my blog page. I am looking forward to reading all these how to guides on here. It doesn't look complicated but I haven't really got it yet, I guess. Maybe I', missing something. All I have ever done was once in a while post what I'm doing and it doesn't seem like the give you access to a whole lot of room for writing anything but a few words. I am not sure of the networking side of it but am very interested to learn.

Giving back at it's finest from "The Daily Good"...

Tiffany Burke (Group one real estate) — Sun, 05 Oct 2008 12:28:12 -0500

Hi guys, I subscribe to this daily e-mail called "Daily good", I usually read them and they are an inspiration to me. This was was such an inspiration that I really wanted to share it with everyone. I hope you enjoy this. Sometimes we all can feel the weight of the world on our shoulders and here is a lady who truly turned it into something positive. I hope you enjoy this.

It started when she met a child on the street outside her east Oakland real estate office asking for money for food. Brown, herself, grew up poor and struggling in Mississippi. She decided to informally adopt the first grade class at nearby Brookfield Elementary School. They became her babies.

In 1987 she promised them all a free college education.

"It's the one thing that I can give them that no one can take it away," says Brown.

Brown isn't the only person to send kids to college, but what makes her story unique is the personal sacrifice. She was making just $45,000 a year when she first started and she put $10,000 of it into a trust fund for her kids.

Latosha Hunter was one of Brown's babies. Brown gave them everything she could, from tutors, to spending money, to love. She created a foundation and held fundraisers to supplement her gift. In 1999 came one of her happiest moments -- 19 of the 23 students graduated from high school, including Hunter.

Hunter went on to college, earning a degree in accounting. She's now a branch manager for Enterprise. She's working on her masters and is still in close contact with her surrogate mom.

"I can talk to her about anything. It doesn't matter. She's been that extra guidance for me. It's been a pretty good relationship. I love Ms. Brown," says Hunter.

Not everyone from Brookfield is a success story. Some dropped out of school; one girl was murdered. Despite the setbacks, Brown decided to take on the challenge of more students.

Cynthia Adams' daughter will graduate from Xavier University next year with tuition compliments of the Oral Lee Brown Foundation.

"She's a blessing to students and to parents that want their children to go to college, cannot afford it, and she made it all happen," says Adams.

Darion Jefferson and Ronald Mills will be seniors at McClymonds High School in the fall. They hope the scholarships they receive will encourage others to stay on track.

"It's like a chain reaction, like dominoes. It inspires more kids if they put this out there, inspire way more kids to do the right thing in school," says Jefferson.

Brown has received numerous honors including a hero award from the U.S. Secretary of Education spotlighting her extraordinary promise to the children in her community, lLike 12-year-old Erick Le, who dreams of becoming an architect.

"I think she's just really a great person, just helping students like me," says Le.

"If all a child wants is an education and we in America can't give it to them, something's wrong with us," says Brown.

ABC7 salutes Oral Lee Brown for keeping her promise for the past 20 years. Her foundation is holding a fundraiser next month. For more information, visit www.oralleebrownfoundation.org.

Comfort food

Tiffany Burke (Group one real estate) — Sun, 28 Sep 2008 21:08:05 -0500

OKAY... I've had a bad week an although I'm usually a social butterfly that loves being out painting the town at a nice restaurant I felt the need to be close to home this weekend. I thought of the most comforting foods that I could prepare and enjoy indoors at my own table and this was my menu...

A T-bone steak

Now I don't know that T-bone steak is a typical comfort food but I was in the whole foods market browsing around and they were on sale. I just love T-bone steaks they are my personal favorite.

Homemade baked mac. and cheese Now I am sure this is a more traditional comfort food. It was amazing, and this is not something I do very often.

Green Pea Salad I made this with eggs, pickle relish, onions and mayo. this is something my mom used to make a lot when I was growing up. (Hi mom, Love ya!)

Now I just adore this dish but I'm not sure how popular it is with others b/c I honestly cannot recall having this in any of the restaurants I've ever visited. It may be an acquired taste or maybe even a regional taste. Anyway, I was very happy with it tonight and my mom, back In Kiln, Mississippi would have been very proud!

These are only a few of my favorites concerning comfort food, I would be interested in what some of your comfort foods are, especially those of you from different parts of the country.

Thanks for sharing!

Warmest regards and happy eating,

Tiffany Burke

Worker MOTHERS...please read!(espessially mothers of grown children) Need positive advice?

Tiffany Burke (Group one real estate) — Sun, 28 Sep 2008 20:15:10 -0500

MOTHERS...please read!(espessially mothers of grown children) Need positive advice?

Sorry long post...

Had a hard week! From the real estate side I had two deals fall through. My b/f sweet sister passed away and my daughter hates me! I was woke up early in the morning this past week by a loud banging on the door and startled I thought something happened to my daughter and jumped up to run for the door. I was half asleep and in my P.J.s just to find it was my ex-husband, my daughter and a big police officer. It seems that my ex-husband took it upon himself (or his mommy took it on herself on his be-half) to file for an emergency temporary custody of my child, then proceeded to drive over 600 miles over night to pick her up.

Now I am not the nicest parent,or so I've been told numerous times a week. I do not let my 13 year old wonder the mall aimlessly with her friends, I do not like to leave her alone for long periods of time with nothing constructive to do, so a lot of times she is with me at the office or at an open house or out on showings. I do not let her lay around and sleep her life away on weekends. She does have chores to do! She has plenty of planned activities. Okay so shoot me I love my daughter and have my own convictions on how things should be.

This past week at work was trying! it seemed every day I was getting calls from teachers, principle etc... that my daughter was not doing her best in class and that she was behind and needed to catch up before report cards. So, first things first I take away her cell phone, ipod, Internet (basically all of the distractions that could get in her way of catching up) She was going to tutoring almost everyday and I even found her a private tutor to help her one on one. I tried talking to her etc...

HOW CAN THIS HAPPEN? She was out of control on the temper tantrum drama queen attitude was over the top.

I was at the end of my rope with her but tried to keep positive, saying to myself she is going through a stage or whatever.

She is now with her dad and happy about it b/c she has no rules, she is the boss, no one ask her questions and she can leave the home, go and do as she pleases and no one cares (that is, if they even notice she is gone from the house at all) I have called several times just to find that they are calling for her and come back to the phone to say; "oh well, I thought she was here but she must have taken off" .

What in the world kind of a stuctured life is that? it's more than upsetting It isn't even safe.

I made a decision last night that I cannot have contact with her, she basically laughed in my face and had planned this entire fiasco with her dad behind my back b/c she was mad at me. She told me she didn't want a relationship with me. I have tried very hard to save her from herself and her dad (who in no uncertain terms is not in any way a good example to a child) but I just don't feel that I can talk with her and have ( her tell me all the things she is doing to rub it in my face and still be able to function normally at work, home etc... I would be a complete basket case.

Do you find that it is better sometimes not to know certain things or is it in some way a lame attempt to lie to yourself and hide from the facts?

I know there are many single mothers out there (it's hard even if your not a single mother) that have to know the positive side to this picture and the most constructive path. I don't want to regret my decision. When is it time to let your child go to make their own mistakes? I would have said 16, 17, 18 .... but 13. I found something she wrote last night that was truly disturbing about how miserable she was, that she wanted to kill herself etc...I would certainly not want to be the cause of that!

MOTHERS...please read!(espessially mothers of grown children) Need positive advice?

Tiffany Burke (Group one real estate) — Sun, 28 Sep 2008 13:14:01 -0500

Sorry long post...

Now, I am not the nicest parent, or so I've been told numerous times a week. I do not let my 13 year old wonder the mall aimlessly with her friends, I do not like to leave her alone for long periods of time with nothing constructive to do, so a lot of times she is with me at the office or at an open house or out on showings. I do not let her lay around and sleep her life away on weekends. She does have chores to do! She has plenty of planned activities. Okay so shoot me I love my daughter and have my own convictions on how things should be.

HOW CAN THIS HAPPEN? She was out of control on the temper tantrum drama queen attitude was over the top.

I was at the end of my rope with her but tried to keep positive, saying to myself she is going through a stage or whatever.

What in the world kind of a stuctured life is that? it's more than upsetting It isn't even safe.

Do you find that it is better sometimes not to know certain things or is it in some way a lame attempt to lie to yourself and hide from the facts?

In loving memory of an angel......requesting prayers for family

Tiffany Burke (Group one real estate) — Sat, 27 Sep 2008 18:16:10 -0500

In Loving memory of...

     Agnes

After almost a decade battle with breast cancer, Agnes passed away yesterday,   Sept. 26TH. She was a fighter to the end and she will be dearly missed by all who had the blessing of knowing her.

She was truly a selfless soul, always worried about other people over herself. Agnes lived in the Philippines with her family. She leaves behind a husband, 4 children, 6 brothers and 5 sisters, and many, many friends and relatives who love her deeply! Agnes is the sister of my boyfriend and I'm thankful that I've had the chance to meet her several times on her trips to the U.S. to visit, she was lovely. Our hearts are broken, she was indeed very special.

I do not want points for this post, just asking for prayers for the family.   It is difficult to part with any loved one but , it is truly hard to face the death of such a young , beautiful and vibrant woman such as Agnes.

                        We will miss you sweet Agnes, you were an angel.

HI all...didn't even know this group existed!

Tiffany Burke (Group one real estate) — Fri, 26 Sep 2008 21:28:39 -0500

Hi, I just joined this group. I didn't even know it existed. What a great idea for a group, especially for those of us on the go a lot, and passing buy the fast food places. I have tried to cut back on that little habit. It is called being prepared...but that's a whole other blog!

Glad to be here.

Tiffany