Will 's Blog

How do you secure your vacant properties from burglary and vandalism?

Will Addo (REO Asset Solution, LLC) — Wed, 30 Sep 2009 14:13:10 -0500

Tell us some of step you take to secure your cleints assets? Do you out source it to a contractor? Do you send someone on staff? Do simple hope for the best ;) What do you do that's been effective for your clients.

Are you a GREAT REO agent, contractor or appraiser?

Will Addo (REO Asset Solution, LLC) — Wed, 30 Sep 2009 04:49:55 -0500

Get listed on a great website that can help you grow your business in your local market.

Visit them at www.mortgagefieldrep.com

Find jobs, create local presence, and get in front of more clients. You can get a list of 200 bank/asset management companies as a featured member.

Evicting a tenant in Georgia

Will Addo (REO Asset Solution, LLC) — Thu, 17 Sep 2009 00:46:19 -0500

As in most states, the basis for evicting a tenant in Georgia include:

Non-payment of rent,
Failure to surrender the premises at the end of the lease term, or
Breach of the lease, including any rules that are part of the lease, if the lease provides such breach entitles the landlord to terminate the lease.

The Georgia Eviction Process

Before contacting the court to initiate eviction proceedings, the landlord should read the lease and be familiar with its provisions and comply with its terms regarding notice and termination. Once the terms of the lease have been followed, Georgia law requires a landlord to go through court to remove a tenant.

First, before going to court, the landlord must demand that the tenant immediately give up possession and vacate.

demand is best made in writing. If the tenant refuses or fails to give up possession, the landlord or the landlord's agent or attorney must go to the magistrate court and file a dispossessory affidavit under oath. The affidavit states:

The name of the landlord,
The name of the tenant,
The grounds for the eviction,
Verifies that the landlord has demanded possession of the property and has been refused
The amount of rent or other money owed, if any.

The magistrate court will issue a summons to the sheriff where the property is located. There are three ways in which the summons can be served:

Delivered personally to the tenant at home;
If the tenant is not home, it will be delivered to an adult who resides at the home and understands the importance of the summons; or
The summons will be tacked on the door of the home and on the same day sent by first class mail to the tenant's address. This type of service is appropriate only if no one is at home when the sheriff attempts personal service.

The summons requires the tenant to answer either orally or in writing within seven (7) days from the date that the summons is served. If the seventh day is a Saturday, Sunday, or a legal holiday, the answer is required the next day that is not a Saturday, Sunday, or a legal holiday. The summons should indicate the last day to file an answer and the court in which the answer should be filed.

If the tenant fails to respond at the end of the seventh day, as listed on the summons, the lawsuit is in default. The court can then grant the landlord a writ of possession and the sheriff can remove the tenant immediately.

If the tenant answers the summons, a trial of the issues will be held in accordance with the procedures of the appropriate court. The tenant is allowed to remain in possession of the premises. The landlord may request that the court order the tenant to pay rent into the registry of the court. If payment is ordered, non-payment of rent into the registry could result in the court issuing a writ of possession and the tenant becoming subject to eviction.

Once an answer has been filed, and a hearing has been held, the court will issue its decision. If the court rules for the landlord, the tenant will be ordered to move after ten days and may be ordered to pay the past due rent. After July 1, 1998, a tenant has only seven (7) days to move.

If the dispossessory warrant was served by tack and mail, and the tenant did not file an answer, the court may not award rent or other damages to the landlord. The court can still order the tenant to move.

WWW.LOCALEVICTIONS.NET

Georgia Eviction Procedures

Will Addo (REO Asset Solution, LLC) — Thu, 17 Sep 2009 00:42:06 -0500

Georgia law requires a foreclosing lender to go through a judicial proceeding to remove a tenant unless the property is abandoned. To be considered abandoned, there must be no persons or personal affects on the property. Thus, even if the property is uninhabited, the presence of a few personal articles or possessions left behind, is enough to necessitate an eviction proceeding in Georgia.

Virtually all Deeds to Secure Debt or Security Deeds in Georgia contain a provision that makes a borrower (mortgagor) remaining in the property after a foreclosure sale a "tenant at sufferance". As such, the lender may make immediate demand for possession of the property. This demand is best made in writing, by certified or registered mail. Shortly thereafter, an Affidavit of Summons of Dispossessory is filed, usually with the magistrate court in the county in which the property is located. The affidavit states the names of the parties, the grounds for the eviction, verifies that possession of the property and has been demanded, etc. The magistrate court will issue a summons to the sheriff where the property is located. The summons can be served by personal delivery to the tenant, to another adult residing at the residence, or, if no one is home when the sheriff attempts service, by tacking it to the door and sending a copy by first class mail to the property address. Note that by employing "tack and mail" service you can remove the tenant from possession but you may jeopardize your right to get a money judgment against the tenant.

The summons requires the tenant to answer, either orally or in writing, within seven (7) days from the date that the summons is served. The last date for which an answer may be filed is customarily listed on the summons. If the tenant fails to answer, a writ of possession is issued instanter and delivered to the Sheriff within a matter of a few days. Upon receipt of the writ of possession, the sheriff will schedule a date and time for remove the tenant and his/her possessions from the property. Removal times vary by county and can range from a week to a few months. Although the Sheriff will be present to keep the peace at that time of removal, the lender must provide the labor for removal of the tenant's possessions. The tenant's possessions are typically taken to the curb in the front of the property and must remain there for 48 hours. Beyond this time, the possessions may be disposed of by the lender as it deems necessary.

If the tenant answers the summons, a trial of the issues will ensue within about two (2) weeks in most jurisdictions. The tenant can remain in possession of the premises while the matter is being litigated. The tenant may not raise issues regarding the validity of the foreclosure sale at the hearing. Should the Court rule against the tenant, he/she have seven (7) days to move. A judgment in a dispossessory case must be appealed within seven (7) days from the date the judgment is entered by the court.

Managing Assets in Today's Market

Will Addo (REO Asset Solution, LLC) — Tue, 18 Aug 2009 23:01:05 -0500

REO managers face growing concerns over soaring foreclosure rates well over 50% that of last year. Due to the abundance of projected foreclosures, REO managers need to focus on volume management. The rising foreclosure market will result in deflated home prices, increased hold times and lower funds recaptured to the institution. However, the increased volume gives the REO manager more purchasing power allowing them to mitigate costs, as well as, cap cost overruns.

REO Asset Solutions(RAS), out of Atlanta, Georgia, is targeting those REO Managers with growing inventories overwhelmed dealing with vendors, subcontractors, all of which drive servicing costs affecting the bottom line. RAS has successfully demonstrated how volume pricing on field services can cut costs by close to 50%!

Moreover, increased acquisition volume has allowed RAS to absorb losses, which gives the Lender or owner the ability to budget, as well as, put a ceiling on their field costs. RAS offers flat rate pricing on all field service items enabling discount pricing through volume enabling the Lender to focus on marketing the property and leaving the dirty work to RAS. Liability issues are also deferred as RAS provides the comprehensive coverage.

Ultimately volume dictates the fee, but savings are guaranteed.

Georgia Foreclosures-8/1/09

Will Addo (REO Asset Solution, LLC) — Fri, 07 Aug 2009 12:04:52 -0500

City# ForeclosuresCounty

Atlanta Foreclosures	3,522	Fulton
Lawrenceville Foreclosures	805	Gwinnett
Decatur Foreclosures	645	Dekalb
Lithonia Foreclosures	558	Dekalb
Marietta Foreclosures	549	Cobb
Stone Mountain Foreclosures	539	Dekalb
Covington Foreclosures	476	Newton
Douglasville Foreclosures	415	Douglas
Jonesboro Foreclosures	360	Clayton
Riverdale Foreclosures	351	Clayton
Snellville Foreclosures	339	Gwinnett
Mcdonough Foreclosures	332	Henry
Macon Foreclosures	323	Bibb
Conyers Foreclosures	316	Rockdale
Dallas Foreclosures	301	Paulding
Savannah Foreclosures	289	Chatham
Alpharetta Foreclosures	288	Fulton
Norcross Foreclosures	278	Gwinnett
Ellenwood Foreclosures	261	Dekalb
Cumming Foreclosures	258	Forsyth
Buford Foreclosures	250	Gwinnett
Fairburn Foreclosures	247	Fulton
Acworth Foreclosures	241	Cobb
Augusta Foreclosures	241	Richmond
Gainesville Foreclosures	222	Hall
Loganville Foreclosures	212	Walton
Hampton Foreclosures	208	Henry
Woodstock Foreclosures	208	Cherokee
Duluth Foreclosures	203	Gwinnett
Winder Foreclosures	202	Barrow
Canton Foreclosures	199	Cherokee
Villa Rica Foreclosures	191	Carroll
Powder Springs Foreclosures	182	Cobb
Stockbridge Foreclosures	180	Henry
Columbus Foreclosures	178	Muscogee
Kennesaw Foreclosures	158	Cobb
Newnan Foreclosures	152	Coweta
Union City Foreclosures	152	Fulton
Dacula Foreclosures	147	Gwinnett
Dalton Foreclosures	145	Whitfield
Austell Foreclosures	144	Cobb
Lilburn Foreclosures	143	Gwinnett
Fayetteville Foreclosures	140	Fayette
Monroe Foreclosures	135	Walton
Carrollton Foreclosures	129	Carroll
Roswell Foreclosures	129	Fulton
Suwanee Foreclosures	129	Gwinnett
Smyrna Foreclosures	127	Cobb
Cartersville Foreclosures	124	Bartow
Griffin Foreclosures	123	Spalding
Mableton Foreclosures	122	Cobb
Locust Grove Foreclosures	106	Henry
Rex Foreclosures	104	Clayton
Warner Robins Foreclosures	103	Houston
Forest Park Foreclosures	101	Clayton
Ellijay Foreclosures	99	Gilmer
Temple Foreclosures	92	Carroll
Athens Foreclosures	91	Clarke
Rome Foreclosures	88	Floyd
Calhoun Foreclosures	83	Gordon
Flowery Branch Foreclosures	83	Hall
Jefferson Foreclosures	82	Jackson
Hiram Foreclosures	77	Paulding
Morrow Foreclosures	76	Clayton
Dawsonville Foreclosures	69	Dawson
Brunswick Foreclosures	68	Glynn
Hephzibah Foreclosures	66	Richmond
Auburn Foreclosures	62	Barrow
Grayson Foreclosures	60	Gwinnett
Jasper Foreclosures	60	Pickens
Tucker Foreclosures	60	Dekalb
Chatsworth Foreclosures	59	Murray
Ringgold Foreclosures	58	Catoosa
Hoschton Foreclosures	57	Jackson
Braselton Foreclosures	56	Jackson
Jackson Foreclosures	55	Butts
Albany Foreclosures	53	Dougherty
Lithia Springs Foreclosures	50	Douglas
Blairsville Foreclosures	48	Union
Valdosta Foreclosures	48	Lowndes

Cities With High Foreclosure Volume-8/1/09

Will Addo (REO Asset Solution, LLC) — Fri, 07 Aug 2009 12:01:36 -0500

Cities With High Foreclosure Volume

CityForeclosures

Las Vegas, NV Foreclosures	30,842
Chicago, IL Foreclosures	22,034
Phoenix, AZ Foreclosures	19,498
Miami, FL Foreclosures	12,522
Fort Lauderdale, FL Foreclosures	12,165
Los Angeles, CA Foreclosures	10,493
Sacramento, CA Foreclosures	9,413
Hollywood, FL Foreclosures	7,943
Pompano Beach, FL Foreclosures	7,679
San Diego, CA Foreclosures	7,355
Detroit, MI Foreclosures	6,780
North Las Vegas, NV Foreclosures	6,533
Bakersfield, CA Foreclosures	6,514
Stockton, CA Foreclosures	6,049
San Jose, CA Foreclosures	5,500
Henderson, NV Foreclosures	5,333
Mesa, AZ Foreclosures	5,086
Denver, CO Foreclosures	4,850
Riverside, CA Foreclosures	4,754
Fresno, CA Foreclosures	4,704

Georiga REO Contractor

Will Addo (REO Asset Solution, LLC) — Mon, 03 Aug 2009 13:02:48 -0500

REO Asset Solutions provides a variety of mortgage field services for banks, lenders and real estate agents. Our emphasis is on minimizing your costs associated with properties that are in default, bank-owned or foreclosed. We do this by upholding strict standards for:

Reliability and Dependability
Fast Response
Dedication to Deadlines
Thorough and Meticulous Documentation and Photography
Complete and Timely Communication

Inspection Services

•· Residential and Commercial Property Inspections

•· Occupancy / Address Verifications

•· Delinquency Notification Inspections

•· Delinquency Contact Mailings

•· Insurance Inspections

•· Well Water Inspections / Analyses

•· HUD inspections and Business Site Inspections

Property Preservation Services

•· Re-Key / Boardups

•· Itemized Repair Bids and Recommendations

•· Exterior / Interior Cleaning Services

•· Debris Removal

•· Winterization

•· Lawn and Pool Maintenance

•· Before and After Photos

What's the power of renovation financing? It's the ability to:

Will Addo (REO Asset Solution, LLC) — Fri, 22 May 2009 01:49:25 -0500

What's the power of renovation financing? It's the ability to:

Turn a house into a dream home
Buy a home that's in the right area but doesn't quite fit your family - yet
Create an inviting den and entertainment area that draws your family together
Add extra bedrooms, allowing your kids to stay in the same neighborhood and schools
Replace your aging roof and furnace with low-cost financing
Invest in a home that needs some work and resell it

Renovation financing provides homeowners a cost-effective way to live in their dream home. And it gives homebuyers the opportunity to purchase properties in need of improvement. I do this with a permanent mortgage that allows you to purchase or refinance a home and then immediately begin the renovation - all with just one application and one closing.

PAINT BABY PAINT!!

VISIT ME AT WWW.FHA203kEXPERTS.COM

USDA RURAL DEVELOPMENT FUNDS ARE AVAILABLE

Will Addo (REO Asset Solution, LLC) — Tue, 28 Apr 2009 00:33:02 -0500

$10 Billion ( yes, that's a billion with B) The USDA has already used 25% for "purchase transactions" that have been on HOLD since 1/9/2009. When "dust" settles, money will be released for refis. Not every community qualifies-but if it does, it's the best thing since sliced bread

Here's a link to check counties http://eligibility.sc.egov.usd.gov .

Check with your lender and see if they offer this program-most of them do but never seem to mention it!

Buyer Qualifications Highlights

· No Down Payment

· 30 year fixed rate

· 102% LTV (100% plus 2% guarantee fee)

· Finance Closing Costs If Appraisal Is Higher Than Sales Contract

· No Mortgage Insurance

· No cash contribution required from borrower.

· Income Limits (by county)

· Unrestricted gifts, no need to document source.

· No Maximum Loan Amount

• No Cash Reserve Requirements

Property Qualification Highlights

Existing Home
New Construction
New Manufactured Homes
Modular Homes
Condos & Town homes (Must be approved projects)

Prohibited Loan Purposes

· Co-signors not residing in the household

· In-ground swimming pools

· Construction draws

· Furniture and personal property

· Income producing property

· Non-essential buildings and land

• Previously occupied manufactured homes

Let me know if this was helpful information.

Eligible Repairs using the Streamline 203k

Will Addo (REO Asset Solution, LLC) — Sat, 18 Apr 2009 23:46:26 -0500

Repair/Replacement/upgrade of existing HVAC systems
- Repair/Replacement/upgrade of plumbing and electrical systems
- Repair/Replacement of roofs, gutters and downspouts
- Repair/Replacement of flooring
- Minor remodeling, such as kitchens, which does not involve structural repairs
- Painting, both exterior and interior
- Weatherization, including storm windows and doors, insulation, weather stripping, etc.
- Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers
- Accessibility improvements for persons with disabilities
- Lead-based paint stabilization or abatement of lead-based paint hazards
- Repair/replace/add exterior decks, patios, porches
- Basement finishing and remodeling, which does not involve structural repairs
- Basement waterproofing
- Window and door replacements and exterior wall re-siding
- Septic system and/or well repair or replacement

If I can assist you with obtaining a renovation loan, please give me a call

How to buy a Historic Home with Renovation Financing

Will Addo (REO Asset Solution, LLC) — Sun, 08 Feb 2009 01:07:54 -0600

What is a Historic Home? A historic home has some significant historic relevance as reflected in its architecture.

Why Buy? Historic homes appeal to people for a variety of reasons. Many home buyers like the idea of a historic home because it had significant relevance in the past, while others may just like "the look" of architecture from years past. A large contingency of buyers, while certainly admiring the property's aesthetic qualities, will buy a historic home because of the benefits that come with restoring it. Historic homes are often eligible for special grant awards for preservation.

We've made major improvements in the way people finance their renovations! You'll enjoy start to-finish convenience with our streamlined, simplified process:

1. Consult with a renovation specialist such as myself to determine if the renovation program will meet your needs.

2. Apply for your Purchase & Renovate loan or Refinance & Renovate loan. Upon credit approval, you receive a Priority Buyer preapproval letter and I will contact you to discuss approval conditions.

3. For purchases only, select a property (if one has not already been chosen) and execute a purchase agreement, if not previously done, containing renovation verbiage.

4. Do research on the home. Once you are comfortable with any laws and regulations regarding purchasing a historic home, you should decide on a house. State websites on historic preservation may have helpful links to information on the property you are particularly interested in. If the property is listed, the real estate agent should be able to provide you with interesting tidbits about the property's history.

5. Schedule required inspections as applicable, There are inspectors who specialize in historic homes. See the Historic Building Inspectors Association for more information. These people might be more costly than a regular inspector, but they are trained to evaluate properties such as the one you are interested in. The roof is a huge inspection item. A failing roof will cause leaks and will incur much money for repairs in the future. The heating system in the building will likely be old. Just because a system is old, however, does not mean it is bad. Have your inspector evaluate the method of heating, and suggest ways to maintain/improve on it. Remember, though, that certain methods may not be acceptable by the historic commission of your state (i.e. ripping it out and putting in a brand new system). I will assign a certified consultant to you to determine the scope of work.

6. Select a contractor and provide a contractor's packet. Review the contractor's package and copy of renovation disclosures. Upon completion, the contractor returns the packet to us.

7. The scope of work is reviewed and accepted by all parties - you, your consultant, your contractor and Wells Fargo Home Mortgage.

8. The approved scope of work is sent to an appraiser who inspects the property and determines its after improved value.

9. Final loan approval is issued after the scope of work, appraisal and loan commitment conditions are reviewed and approved.

10. You obtain the homeowner's insurance, the title is received, final figures are established and the closing documents are signed.

11. Renovation must begin within 30 days of closing, cannot stop for more than 30 days, and must be completed within the agreed-upon time frame (not longer than six months).

12. As work is completed, inspections are made by a certified consultant, funds are requested and disbursed.

Now you enjoy your newly renovated home!

5 things affecting business for REO Agents

Will Addo (REO Asset Solution, LLC) — Wed, 28 Jan 2009 21:22:32 -0600

I'm curious to find out from some of our members who are involved in the REO business what are some of the top 5 things affecting their business.

What Makes Up Refinancing Costs?

Will Addo (REO Asset Solution, LLC) — Wed, 24 Dec 2008 22:14:16 -0600

If you remember back to the day you closed on your home (and took on your original mortgage loan), you will remember paying for closing costs. Many of these same closing costs will apply to your mortgage refi as well. These refinancing costs and fees will vary from one refi to the next, depending on the type of new loan, the borrower's qualifications, etc. With that said, here are some of the refinancing costs you are likely to encounter:

Mortgage Application Fee - Regardless of the exact nature of your mortgage refi, you will almost always encounter an application fee. The mortgage lender charges this fee to cover the upfront cost of reviewing your loan request, checking your credit, etc. Mortgage application fees usually range from $100 to $350, so be sure to ask about them in advance.

Origination Fees - In most mortgage refi situations, you will also pay a fee to have the loan processed. This is known as the origination fee, and it's usually expressed as a percentage point of the overall loan amount. For example, if your new mortgage is for $100,000 and the lender charges you a one-point origination fee, the fee would equal one percent of the loan amount or $1,000. The lender may allow you to finance this fee by adding it into the loan amount, as opposed to paying the fee up front.

Title Search and Insurance - Before offering you a mortgage refinance, your chosen lender will examine public records to ensure that you own the property (just like when you took on the original mortgage). The initial cost of your title insurance policy is usually combined with this fee as well. The combined cost of this mortgage refi item usually averages between $400 and $700. As always, ask your refinance lender for the exact amount in advance.

Attorney Fees - The mortgage lender will have an attorney review all documents during the closing / settlement process. While this process always takes place, different lenders handle the costs in different ways. Some lenders pay it themselves (for competitive reasons), while others pass the cost on to the borrower. This fee may range from $100 to $300 or more.

Appraisal Fee - Like most refinancing costs, this is another fee you also encountered when you took on the original mortgage loan. Lenders will have the property appraised in order to ensure that it is worth the amount you paid for it. If your mortgage refi is through the same lender that gave you your original mortgage loan, you might not have to have the home appraised again. Appraisal fees range from $150 to $450.

Prepayment Penalty - Some lenders charge a penalty fee if you pay off your mortgage early. This is referred to as a prepayment penalty, or an early pay-off fee. This fee would have been part of your original mortgage loan terms. Prepayment penalties can sometimes be steep, and they are therefore a common reason that people decide against mortgage refinancing. Refer to your original mortgage document to see if there is a prepayment penalty, and how much that penalty is.
Other Refinancing Costs - This list of mortgage refi costs is not all-inclusive. Depending on the type of loan you currently have, and the type of refinance you're applying for, you might encounter refinancing costs not mentioned in this article. The important thing is to get all of the costs in advance, before you even apply for a mortgage refi.

Mortgage Refi Calculator - Determining the Break Even Point

Now that you have a better understanding of refinancing costs, you can calculate your "break-even" point to determine whether or not a mortgage refi is right for you. The break-even point (or BEP) is an important concept to grasp. Basically, the BEP comes from comparing the costs of refinancing to the amount of money you will save in the long term, after the mortgage has been refinanced.

How to calculate the break-even period on a mortgage refinance

Will Addo (REO Asset Solution, LLC) — Wed, 24 Dec 2008 20:41:32 -0600

When refinancing borrowers need to know how to calculate the break-even period so that they know when their closing costs will be recovered. The lower the interest rate of the new home loan, the sooner the break-even will occur.

How is the break-even period calculated exactly?

To answer this, you need to know the following:

Your monthly payment before the refinance;
Your monthly payment after refinancing;
Your refinance closing costs (points and fees).

The formula is 3 / (1 - 2).

That is, if your refinance closing costs are $4400 and after the refinance your monthly payment drops down with $110 the break even occurs after 40 months.

The same approach applies when calculating the break-even on buying mortgage points.

Borrowers often want to know how to determine how many points to buy to lower their monthly payment. The break-even is calculated in exactly the same way.

Give me call if I can be of assistance

How to calculate the break-even period on a mortgage refinance

Will Addo (REO Asset Solution, LLC) — Wed, 24 Dec 2008 20:41:10 -0600

How is the break-even period calculated exactly?

To answer this, you need to know the following:

Your monthly payment before the refinance;
Your monthly payment after refinancing;
Your refinance closing costs (points and fees).

The formula is 3 / (1 - 2).

That is, if your refinance closing costs are $4400 and after the refinance your monthly payment drops down with $110 the break even occurs after 40 months.

The same approach applies when calculating the break-even on buying mortgage points.

Borrowers often want to know how to determine how many points to buy to lower their monthly payment. The break-even is calculated in exactly the same way.

Give me call if I can be of assistance

Financing your "fixer upper home"

Will Addo (REO Asset Solution, LLC) — Tue, 11 Nov 2008 21:07:12 -0600

Have your eye on a home that's a steal to purchase, but needs some tender loving care? Or maybe you want to build your own? Usually, you're looking at two loans. One for purchase, the other for the renovation. Or, in the case of new construction, the work and then the permanent financing. Either way, it's complicated and costly.

North American Mortgage Company has loans that do both. And you only have one set of paperwork to fill out. One set of loan approvals. One interest rate, throughout. Pick up the lumber and nails, and let's start hammering!

203(k). A hard-to-find government loan that's perfect for new home buyers. Low down payment (as little as three percent), and loan amounts up to 110 percent of the home's after-improved value!

HomeStyle. Works similar to 203(k), but there are no restrictions to the type of home improvements you can make, such as luxury items. You can finance up to six months of mortgage payments during the renovation. And you can use up to 50 percent of the home's after-improved value for improvements.

The Basics Of Buying A Home

Will Addo (REO Asset Solution, LLC) — Tue, 21 Oct 2008 21:00:51 -0500

If you know what to expect - and have a trusted team of real estate and mortgage-lending professionals to guide you - finding and financing your first home can be an exciting and rewarding experience.

Here's What You Need to Know:

Obtain Mortgage Preapproval Before You Begin House Hunting

• Learn how much financing is available to you

• Strengthen your bargaining position with sellers

Choose a Real Estate Agent

• Ask mortgage lenders to recommend agents they work with

• Select a reputable professional who'll listen to your needs and make you feel comfortable

• Ask agents for references from former clients

Find the Right Home

• Determine the needs of you and your family

• Create a wish list of desirable features

Take notes as you preview homes

Make an Offer

• Your real estate agent presents your offer to the seller, who will accept, counter or reject it

When the price is settled, you and the seller sign a Purchase Agreement, defining the terms of the sale

Have the Home Inspected

Hire a professional home inspector after the offer has been accepted to provide an in-depth look at the basic systems of the house, to reveal any safety hazards and give you a chance to reconsider the deal

The Home Will Be Appraised

• An appraisal, required by your mortgage lender, is a formal,written estimate of the home's current market value

Obtain Title Insurance (where applicable)

• This guarantees that the property you are purchasing is free of liens or confusion in rights of ownership

• The policy insures against any losses to the property that result

from defects in the title or deed

Close On the Property

• Ownership of the property is transferred

• A closing agent coordinates and distributes all the paperwork and funds

And you become the proud owner of your new home!

I'm ready to help. With a dedication to excellent customer service and a broad range of programs, I can tailor a mortgage to your needs.

Support in a uncertain Market....

Will Addo (REO Asset Solution, LLC) — Tue, 07 Oct 2008 21:06:55 -0500

As a lender I find it very helpful to understand the needs of the agents I work with. With all that's happened with our industry in the most recent year, the basic needs that most agents require from their preferred lender has become more important then ever before. What are three most important things you require from a lender when working on a transaction together?

Mortgages for Teachers

Will Addo (REO Asset Solution, LLC) — Sun, 05 Oct 2008 20:19:13 -0500

Take Advantage of Our Special NEA Home Financing Program

We offer great home financing benefits to NEA members.

When you - or an immediate family member - are planning to purchase or refinance a home, consider the many advantages offered by Wells Fargo Home Mortgage, a leading national lender.

GREAT FEATURES AND AN NEA GET-AWAY

Options - Gain access to a wide variety of home financing choices
Selection - Purchase and refinance programs in conventional and jumbo loan amounts, including FHA, new construction and renovation loans, mortgages for investment properties and second homes.
Tap Into Your Equity - Access cash through your home ownership investment with a Home Equity Loan or Line of Credit¹
Extra Offer - After the close of a new purchase mortgage or refinance loan with a complimentary 3-day/2-night "NEA Getaway" vacation² (transportation not included - see details below)

Call me to discuss the different financing options you may qualify for.

Quotations: Do you have one?

Will Addo (REO Asset Solution, LLC) — Sat, 04 Oct 2008 01:47:56 -0500

In order to help us all see the world through the eyes of other people, I would like to begin a new thread consisting of famous quotes from various individuals throughout history who have influenced generations, inspired leaders, and pushed the envelop of theoretical thinking.

Each quote should be posted one at a time and include the name of the man or woman documented as having said it. Additionally, each quote should be one that has personal meaning to the poster and/or is intelligent, imaginative, or controversial.

Of course, dates such as births and deaths are optional, but do give the reader a better sense of timeline when the quote was made, which can ultimately shed light on the subject due to changing world events.

This is simply an attempt to open our minds to other people's ways of thinking and to see the world without personal prejudices and from different point of views.

Enjoy!

I'll start..

"Natural ability without education has more often attained to glory and virtue than education without natural ability."

-Marcus Tullius Cicero
Roman statesman, lawyer, scholar, and writer.
106-43 BC

Learning More About The Tax Credit

Will Addo (REO Asset Solution, LLC) — Sat, 04 Oct 2008 00:40:00 -0500

Need to drive more traffic to your listings and model homes? Now there's good news for you! For a limited time, qualified first-time home buyers may receive a tax credit up to $7,500 as part of the Housing and Economic Recovery Act of 2008. (Home buyers must repay the tax credit over a 15-year period.) With first-time home buyers being some 40% of the home buying market, this presents a terrific opportunity for your buyers and your business.

Share The Facts

Team up with me and help your potential buyers understand how the tax credit works. It applies to both newly constructed and pre-existing homes. Your buyers may qualify for the tax credit as long as the home is their primary residence and they have not owned a home during the past three years. Put the tax credit to work for you - it may help more buyers become homeowners.

Available to first-time home buyers

Credit amount up to $7,500
Eligible for homes purchased on or after April 9, 2008 and before July 1, 2009
Available on single family, detached homes, town homes and condominiums
Buyers qualified for full tax credit are single tax payers with incomes up to 75,000 and married couples with income uo to 150,000
The tax credit must be repaid within 15 years

How I learned to sell more Listings/REOs

Will Addo (REO Asset Solution, LLC) — Thu, 02 Oct 2008 01:34:25 -0500

All types of homeowners and homebuyers can enjoy the benefits of the our renovation financing program. Any qualified customer who plans to purchase or refinance a primary residence, second home, vacation home or an investment property to make renovations is eligible to apply for financing. Here are some examples and scenarios that demonstrate how buyers, industry professionals, investors and community organizations can benefit from accessing, recommending or utilizing a renovation loan:

Homebuyers can:

• Buy less-than-perfect homes in great locations and turn them into

dream homes

• Eliminate property problems sooner rather than later

• Expand a house to meet their needs

Current homeowners can:

• Enhance the equity in their current home by making valuable changes

• Upgrade, add on and remodel without tapping into their savings

• Consolidate debt while improving their home with a cash-out refinance

Real estate agents can:

• Move hard-to-sell listings

• List hard-to-sell properties knowing that renovation financing is available

• Offer solutions that generate listing and selling commissions

• Make potential buyers envision ways to remodel a property to make it fit

their needs

Contractors can:

• Offer realistic and cost-effective estimates for property improvements

knowing that the financing is in place

• Feel confident that they will receive payment for work completed in a

timely manner

Investors can:

• Purchase with low down payments, borrowing up to 90% of the purchase

plus renovation costs in one loan

Historic preservation societies can:

• Refer clients and members to a renovation specialist to help facilitate the

acquisition and restoration of historic properties

Neighborhood civic groups can:

• Provide a financing outlet for reunification of properties

• Impact an entire neighborhood by utilizing renovation loans to save

structures or just improve them

Engineers/home inspectors can:

• Offer solutions to homebuyers for properties needing significant repairs

Local governments can:

• Direct citizens with property defects to a renovation specialist

• Blend energy efficient mortgages to help citizens lower the cost of utilities and

make it easier to maintain their home

• Use renovation financing to help eliminate blighted housing in neighborhoods

New Down Payment Assistance

Will Addo (REO Asset Solution, LLC) — Thu, 25 Sep 2008 21:11:16 -0500

I have a question for you.

Has the change with seller funded down payment assistance affected your business?

What if I told you down payment assistance is still available? What if I told you FHA still accepts county and state funded down payment assistance. Could this help you with any clients that you or a fellow realtor may have been working with?

The catch is that the buyer would have to qualify. A few of the criteria that would need to be met would be based on the individual's income and property's sales price.

What renovations can increase your home value...

Will Addo (REO Asset Solution, LLC) — Sat, 20 Sep 2008 22:26:13 -0500

Investing Your Renovation Money Over-improving a property is never a sound investment, even if it's going to be your home forever. In creating your wish list of improvements, keep in mind that you want to get the greatest value from every improvement dollar you spend. Your real estate agent can give you an accurate idea of what the return on investment (ROI) wouldbe for your specific area. These guidelines, from Remodeling Magazine's 2007 cost vs. value report, offer the national averages on rates of return on some common home improvements:

Remodeling

Bathroom - 102%

Kitchen - 99%

Basement - 90%

Replacement

Siding - 104%

Windows - 90%

Roof - 85%

Additions

Bathroom-86%

Family Room - 83%

Bathroom - 86%