The Real Estate Sage at The Real Estate Investment Institute - REII

FHA 203K Rehab Loans- Important things to know

William J Archambault Jr (The Real Estate Investment Institute ) — Sat, 07 Nov 2009 18:23:37 -0600

I've said this time and time again 203K's are the biggest opportunity today for the common man!

Here's another source.

Bill

Via Jeff Onofrio (Village Home Mortgage ):

There are some important features to remember when looking into a FHA 203K Rehab loan. These are great loans for buyers looking to purchase a foreclosure or short sale or for the home owner who wants to update or remodel there house. Below are a few important things to remember:

FHA loans are for primary residences only- you cannot be an investor and try to get a FHA loan or a FHA 203K rehab loan. This is really important- I cannot tell you how many calls we get from investors looking to utilize this program and or skirt the system. FHA loans are for primary residences only!

2 types of FHA 203K loans- you can go with a Full K or the FHA 203K Streamline. I will explain these two loans in more detail in my next post. But for now just remember that you can only get up to $35,000 with the FHA 203K streamline and the repairs must be cosmetic in nature, nothing structural.

Single close loan- unlike traditional construction lending you only have one closing with the FHA 203K loan. No need for construction loans and then permanent financing with the FHA 203K rehab loan you get all of this in 1 single close solution

Up to 4 unit properties- you can use the 203K loan to finance properties from 1 to 4 units for both purchases and refinances.

Down payment as low as 3.5%- down payments are the same for a regular FHA program as they are or the 203K.

FHA 203K rehab loans are a great alternative to second mortgages, home equity lines and construction financing. Finding an FHA lender who specializes in 203K's is very important. You do not want to be dealing with someone who just started learning this program- you need a seasoned lender who underwrites these loans in house.

Feel free to call me with any questions or if you would like to see if an FHA 203K rehab loan is right for you and your family. You can reach me anytime at 609-217-9409 or via email at jonofrio@village-capital.com.

Bill

William J Archambault Jr

The Real Estate Investment Institute

wja@reii.org 832-259-7078 or 702-516-1569

©William J Archambault Jr ©The Real Estate Investment Institute ©REII

Key To A Successful Brokerage In Today's Market

William J Archambault Jr (The Real Estate Investment Institute ) — Thu, 05 Nov 2009 14:01:59 -0600

is the same as during the last crisis and the ones before it. Has the success of most of the last two decades blocked our collective memory of previous real estate and economic recessions?

I read a blog from a NY or NJ broker complaining that he knew 208 real estate offices that have recently closed, because of the bubble bursting. Well it sounds terrible, but is it? Brokerages like all small business' come and go routinely. Depending on the market area this may not have been unusual, he didn't say. It's very common for good to great salesmen to open their own office and fail simply because being the broker is different than being the salesman! Sales people, very good salesmen are often subject to the "Peter Principal" promotion until they reach their level of incompetence.

There is one basic key to success in a changing market, you need a few stupid agents!

People to dumb to know it can't be done!

People so stupid to realize that displaced homeowners and evicted tenants still have to live some where!

People so dumb that when told "It can't be done" they respond "why not?"

People so dumb they believe "There is always more than one way!"

People so dumb they believe they can do things you can't!

People so dumb they don't know when to quit.

People so dumb they don't understand failure!

People so dumb they succeed on tenacity and attitude when their smarter associate accept failure gracefully.

Bill

William J Archambault Jr

The Real Estate Investment Institute

wja@reii.org 832-259-7078 or 702-516-1569

©William J Archambault Jr ©The Real Estate Investment Institute ©REII

The UGG UGG Ugly Spamer

William J Archambault Jr (The Real Estate Investment Institute ) — Wed, 04 Nov 2009 13:36:47 -0600

The UGG UGG Ugly Spamer! I think I like the The UGG UGG Ugly Spamer. Ugly has been ravaging older post, and I've enjoyed going back three years and reading some really great post that I either wrote or commented on.

The post we use to write and the resulting threads when AR was so much smaller, provided some incredible learning experiences! At the time when there were fewer of us, experts trended to interact more with each other.

This is not to complain about what we are doing these days Today we are probably more productive, but today concepts are presented on a more basic consumer oriented level and with more politics.

I like looking back! I also like the few extra points we get for reporting the The UGG UGG Ugly Spamer's spam.

Newbies, should pick an expert they like an explore there early blogs! There is a gold mine of knowledge buried in AR's archives free for the taking.

Bill

William J Archambault Jr

The Real Estate Investment Institute

wja@reii.org 832-259-7078 or 702-516-1569

©William J Archambault Jr ©The Real Estate Investment Institute ©REII

Keeping An Open Mind

William J Archambault Jr (The Real Estate Investment Institute ) — Mon, 02 Nov 2009 14:57:48 -0600

Keeping An Open Mind

with regards to socializes Medicine requires "the willing suspension of disbelief" to believe that there can be any cost savings. But, Keeping An Open Mind, I listened as the Anti-American Socialist Party explained that much of the new cost was going to come from new taxes on "medical devices" and "selected private health insurance plans" I listened as they explained how we could tap into and tax the very cost we were trying to lower.

Keeping An Open Mind I applied "The Scientific Method" to analyze my initial conclusion, could this be any thing, but absurd?

"The Scientific Method"

1. Theorize.

2. Research.

3. Form a Hypothesis.

4. Test the Hypothesis.

5. Analyze your test.

6. Publish your findings!

1. Theorize. You can tap/tax things to power them. Thus we should be able as Obama has suggested tax the components of health care to lower the cost. Health care should be self sustaining.

2. Research. There is precedents in the third world for self-sustaining cultures. It worked for the Donner Party and those athletes that crashed in the Andes.

3. Form a Hypothesis. A well planed Society or machine should be capable of self-sustained production.

4. Test the Hypothesis. Can any thing be self-sustaining/self-powering? We can't test Obama care despite such system has ever been dismantled despite there failures. So we'll try an electrical system. Plugging a light into a power strip plugged in to the wall lights the light. If the power strip powers the light then plugging the strip into it self should power the power strip and the light.

5. Analyze your test. No matter how I tried the light wouldn't light! We can't tax a service to pay for that same service! To believe the socialist we must embrace "the willing suspension of disbelief" the system as proposed can not work! This must be why Congress and selected Unions are omitted from the system.

6. Publish your findings! "Well'a!"

Bill

William J Archambault Jr

The Real Estate Investment Institute

wja@reii.org 832-259-7078 or 702-516-1569

©William J Archambault Jr ©The Real Estate Investment Institute ©REII

I've Got Good News and Bad News

William J Archambault Jr (The Real Estate Investment Institute ) — Wed, 28 Oct 2009 19:19:19 -0500

I've Got Good News and Bad News

, good for many home buyers, bad for all tax payers!

The $8,000.00 tax credit has been extended! This is good for most agents, some home sellers, and selected lucky home sellers.

On the other hand it's going to cost home sellers that have to compete with subsidies sales.

Then there are today's taxpayers their children, Gand children, their Great Great Grand children, and on an on!

Bill

William J Archambault Jr

The Real Estate Investment Institute

wja@reii.org 832-259-7078 or 702-516-1569

©William J Archambault Jr ©The Real Estate Investment Institute ©REII

Wisdom Is Timeless

William J Archambault Jr (The Real Estate Investment Institute ) — Tue, 27 Oct 2009 19:54:01 -0500

Wisdom Is Timeless! Consider the following from the late B. Franklin:

"An investment in knowledge pays the best interest."

"Content makes poor men rich; discontentment makes rich men poor."

"A house is not a home unless it contains food and fire for the mind as well as the body."

"A learned blockhead is a greater blockhead than an ignorant one."

"A place for everything, everything in its place."

"All mankind is divided into three classes: those that are immovable, those that are movable, and those that move."

"Anger is never without a reason, but seldom with a good one. "

"Any fool can criticize, condemn and complain and most fools do."

"Any society that would give up a little liberty to gain a little security will deserve neither and lose both."

"God helps those who help themselves"

"Half a truth is often a great lie."

"Having been poor is no shame, but being ashamed of it, is."

"He that can have patience can have what he will."

"He that is of the opinion money will do everything may well be suspected of doing everything for money."

"He that lives upon hope will die fasting"

"He that waits upon fortune, is never sure of a dinner."

"He that won't be counseled can't be helped."　

"Honesty is the best policy"

"How few there are who have courage enough to own their faults, or resolution enough to mend them"

Bill

William J Archambault Jr

The Real Estate Investment Institute

wja@reii.org 832-259-7078 or 702-516-1569

©William J Archambault Jr ©The Real Estate Investment Institute ©REII

So how long is my Pre-Approval Good for?

William J Archambault Jr (The Real Estate Investment Institute ) — Sat, 24 Oct 2009 21:38:52 -0500

I'd have said: READ THE PRE-APPROVAL! Some are only good until the ink drys.

I just re-blogged Ken Cooks article on pre-approvals, I'm going to do the same with your's people should read and re-read both!

Bill

Via Jason Sardi, Mortgage Banker (FHA-VA-USDA-Conventional-Pennsylvania Loans):

Easy answer, 60 days. But I guess that depends on what kind of Pre-Approval you received or want for that matter. Actually, the answer to such a question depends upon three factors:

- You, as the consumer.

- The Buyer's Agent who is helping you find a home.

- And the quality of the Pre-Approval you receive in the first place.

Ten Seconds, GO - You're interested in buying a home. You even find a few that tickle your family bone. But you need financing because you probably don't have the cash to buy it outright. Which leads to...

Nine Seconds - You're smart and seek out a Buyer's Agent to represent you. This will provide protection in your favor. They represent you and only you.

Eight Seconds - That agent may turn you onto a few folks like me who can help you out from the financing end. And that doesn't mean you shouldn't shop on your own. But buying a home isn't just about getting the lowest rate with no fees (an oxymoron if I've ever encountered one), it's about trust. Interview those who express interest in earning your business and keeping it. If they have the lowest rate with no fees, I can only hope they are in business when you need to do business again.

Seven Seconds- The Pre-Approval is more than just an application and credit check. There's some serious competency going on. They ask for your most recent pay-stubs, W-2's, bank statements, and the last time you had a wet dream about Richard Gere.

Six Seconds - You find a house that you want to call home and a Sales Agreement has been signed and accepted by all parties. And there you are.

Five Seconds- You're hopefully just padding the documentation that you've already given to the Mortgage Company you choose. I recommend Sardi Mortgage Inc, who isn't licensed just yet ... but when you hear Sardi, that should mean something. I'm not sure what, but it means something. Maybe it just means that there is an individual who is all over your particular file like white on puss.

Four Seconds - Appraisal is ordered and done. The rest of your file is pretty complete because everyone got along and did what needed to be done.

Three Seconds - The complete transaction goes into Underwriting, those dastardly folks we think of who hate closing loans. I'll give you a bit of info here, and I usually don't stick up for Underwriters. They only get paid when folks close loans. Without us, there is no them. So, that's that. In business, there's more to it than that, but that is a pretty accurate description.

Two Seconds - You are CLEAR TO CLOSE. If there were three words that were magical in this industry, those are they.

One Second Left - It's a proclamation of your destination. You hit home!

And when there's no time left, that's the perfect time to be imperfect. And that's the perfect way NOT to close.

Jason Sardi

Mortgage Consultant

610-653-0317

jsardi@ihmci.com

Bill

William J Archambault Jr

The Real Estate Investment Institute

wja@reii.org 832-259-7078 or 702-516-1569

©William J Archambault Jr ©The Real Estate Investment Institute ©REII

Pre-Approval, Approval, Conditional, Cleared - What the ____?!

William J Archambault Jr (The Real Estate Investment Institute ) — Sat, 24 Oct 2009 20:58:32 -0500

This post doesn't need allot of additional comment from me. It needs read and reread!

Thanks Ken.

Bill

Via Ken Cook, FHA Home Loans 678-439-8683:

Ancient Mortgage Proverb: No deal is ever 100% certain until the loan is completely paid off.

There exists a chasm in communication, familiarity and point of view between agents and loan officers. Sometimes we try to act like it does not exist and we really wish it was not so. I know this chasm exists, just as you do for many reasons, because I have had real estate agents - very good agents - try to convert to loan officer at my companies and I have seen this chasm immediately appear. Sales are fairly and generally black and white, go or no-go, yea or nay. Either the seller accepts the offer, counters or declines. Every agent I have seen try to become a loan officer has had a difficult time adjusting to the different levels of approval.

There are different levels of approval with virtually every mortgage application to loan process and agents we really need you to do your best accept them even if you don't understand them. Otherwise you're going to continue driving the loan officer (me :) nuts and forcing the weaker ones to lie to you or avoid you. Let me help you not contribute to their delinquency by briefly explaining some of the levels of loan approval and addressing how I handle them individually.

First please recognize the average loan has many human and non-human touch-points. It's not just the loan officer or just the loan officer and the underwriter. There are also as many as dozens of other humans plus automated systems involved. If the loan application is not approved by each and every one of these processes as required by the lending or insurance (mortgage insurance) guidelines the application will be denied and the deal will be done.

I don't care who the loan officer is, where they work or what they say - these are constants and work the same way at every lender/bank/broker unless the person you are talking to has the money in their personal checking account and are personally making the loan - something a loan officer does not have the authority to do for any lender.)

Application Approval - these are generally worthless. These are generally called a pre-approval and sent on a letterhead from the bank, lender or broker. These are often given only after accepting the application and examining the credit history of the applicant(s). At this point nothing has usually been verified or even documented such as income, assets and job history. (I do give these and I explain this is a CREDIT ONLY pre-approval and I have verified nothing except credit and payment history.)

Credit Only Approval - see above.

Automated System Approval (Application Stage) - this is also generally worthless. The loan officer generally has not verified income, assets and job history at this point. This is where most "approval letters" are issued on that official looking FNMA Pre-Approval sheet. (I give these as well and explain I still need all the documentation and several verifications of documenation from the appropriate source.)

Underwriter's Opinion Pre-Approval - again basically worthless for the same reasons. (I give these ocassionally when there is a borderline issue as in tax returns for example.)

Underwriter's Conditional Approval - this is where the loan officer should have a very good idea if this application will be approved. There can be as many as 3 or more weeks between the Application Approval and this date because this is the first time anyone has looked at the complete application package which will include: income documentation (pay stubs, tax returns, etc.), asset documentation (bank statements, retirement account statements, letters of verification), employment verification, rent/mortgage verification, appraisal, insurance documentation, inspection (if required), fully executed and legible purchase agreement, and whatever else is needed. THIS IS STILL NOT AN APPROVAL! There will be conditions and until the conditions are satfisfied this is not a loan.

Clear to Close (or Cleared to Close) - this is it. This is the first time ANYONE can assure this will be a finalized transaction and it does have an expiration - usually 7 to 10 days after the approval.

-Side note about conditions. I had a first time home buyer ask me about "Conditions" the other day. He's a young and single man so I used an illustration I thought he could easily understand. I said, "Suppose you finally get up the courage and ask that pretty girl out on a date. She tells you she will go out with you if you drive a red sports car, pick her up at exactly 7PM and take her to the most expensive restaurant in town." I needed to offer no further explanation of conditions.

The bottom line is this: If you do your job right, the loan officer does their job right, the title/escrow agency does their job right, the appraiser does their job right, the inspector does their job right, the insurance company does their job right, the buyer's employer does their job right, the buyer's current mortgage company or landlord does their job right, the person giving the gift (if there is a down payment gift) does their job right, the IRS does their job right, the borrower's accountant/CPA does their job right, the seller does their job right, the appraiser does their job right, the HOA does their job right, the inspector does their job right, the processor does their job right, the underwriter does their job right, the closing co-ordinator does their job right, the funder does their job right, the seller's agent does their job right ... that's most of them ... then within a few days to a few weeks we'll meet at the closing table. Until then NOTHING is certain.

Now do you still want my opinion or do you want to wait for the truth?
Ken Cook - Nationwide Specialist - Information/Marketing - FHA Home Loans
678-439-8683

Bill

William J Archambault Jr

The Real Estate Investment Institute

wja@reii.org 832-259-7078 or 702-516-1569

©William J Archambault Jr ©The Real Estate Investment Institute ©REII

Real Estate Success With Things We Know

William J Archambault Jr (The Real Estate Investment Institute ) — Sat, 24 Oct 2009 14:58:23 -0500

! Yes, many of us have the tools for success from past experience.

You may not have had the honor of being a Marine, but no one has missed John Wayne's movies. Unlike any other service in the free world the United States Marine Corp lives their moto Simper Fidelis! Semper Fi, always faithful! There can be no greater thing said about your broker/agents than they are always faithful!

Many more of us were Boy Scouts. The Boy Scouts moto: Be Prepared! A successful agent must be prepared. With the tools and forms of real estate and the knowledge to use them.

Then there is the inspirations of Ansel Adams.

Adams took photos most were done with a huge view camera. He'd lug his hevey equipment to the selected spot set it up focus often shifting the focal plane to correct for parallax and then wait! He'd sit with his camera ready and wait for the perfect light. If he though he'd missed the light he'd wait for 24 hours for it to return. It was rare he had more than two or three plates (pieces of film) with him. In this age of digital cameras, instant gratification and multitasking, it's hard to know what is more impressive, his eye for natural beauty or his patience to get it right the first and last time!

(The Winding Road to Success, WJA 2007)

It's the same with Real Estate Success!

Real Estate Success With Things We Knon! Always faithful, be prepaired and get it right the first time!

Bill

William J Archambault Jr

The Real Estate Investment Institute

wja@reii.org 832-259-7078 or 702-516-1569

©William J Archambault Jr ©The Real Estate Investment Institute ©REII

Why Real Estate? Of All The Career Choices Why Real Estate?

William J Archambault Jr (The Real Estate Investment Institute ) — Thu, 22 Oct 2009 19:14:30 -0500

Why Real Estate? Of All The Career Choices Why Real Estate

Think about it! Why Real Estate? What attracted you into a career selling or financing real estate?

It can't be security! Sales are cyclic. Were you misled? The first 17 of the last 20 years just kept getting better. At the same time almost any fool could succeed, at least to their personal standards. So again I ask Why Real Estate?

Now that you know the true nature of a career in real estate Of All The Career Choices Why Are You Still In Real Estate?

Why Real Estate?

Is it the money? The money can be good, it can be great, but those making great money could do well in many fields! Why Are You Still In Real Estate?

Why Real Estate? Is it the freedom? In what other field can you work only half days and it not matter which twelve hours you chose? How many careers let you be on call 24/7/365?

Why Real Estate? Is it the prestige? Where have you been for the last three years? Only used car salesmen and a few knowledgeable consumers look up to us. Of All The Career Choices Why Are You Still In Real Estate?

Why Real Estate?

Is it the employee benefits? Ya right!

Why Real Estate?

I can only speak for myself, but I'd love to hear your reasons.
Why Real Estate?

Because, I've never found any thing more satisfying!

I am an amateur social anthropologist, I love watching people, in all their follies.

Because, in real estate every thing I've ever done has been good for my clients. Where else can you leave every one better off for having dealt with you?

Because, I never accept "no" or "it can't be done!" Just because some one else can't do some thing doesn't bother me. In what other field can we have the independence to set our own limits! "There is always more than one way!"

Because, I've been able improve many lives. Not only my clients, but my real estate developments go no enriching countless others who'll never know me!

Why Real Estate?

Because, there is no greater satisfaction improving lives! For me, after smashing my leg it meant returning to a very specialized version of where I started in lending. It gave me a chance to deal with 20 to 50 people for each of my REALTORS®. Today I sell a few books and teach!

Why Real Estate?

There is nothing I enjoy more!

And, you, Why Real Estate? What's your excuse?

Bill

William J Archambault Jr

The Real Estate Investment Institute

wja@reii.org 832-259-7078 or 702-516-1569

©William J Archambault Jr ©The Real Estate Investment Institute ©REII

It's The Law

William J Archambault Jr (The Real Estate Investment Institute ) — Wed, 21 Oct 2009 14:07:59 -0500

This was to much fun not to reblog.

Thanks Garry!

Via Gary Woltal - Associate Broker REALTOR® Dallas Ft. Worth (Keller Williams Realty):

Law of Mechanical Repair:
After your hands become coated with grease, your nose will begin to itch and you'll have to pee.

Law of Gravity:
Any tool, when dropped, will roll to the least accessible corner.

Law of Probability:
The probability of being watched is directly proportional to the stupidity of your act.

Law of Random Numbers:
If you dial a wrong number, you never get a busy signal and someone always answers.

Law of the Alibi:
If you tell the boss you were late for work because you had a flat tire, the very next morning you will have a flat tire.

Variation Law:
If you change lines in a queue, the one you were in will always move faster than the one you are in now (works every time).

Law of the Bath/Shower:
As soon as the body is fully immersed in water, the telephone rings.

Law of Close Encounters:
The probability of meeting someone you know increases dramatically when you are with someone you don't want to be seen with.

Law of Machination:
When you try to prove to someone that a machine won't work, it will.

Law of Biomechanics:
The severity of the itch is inversely proportional to the reach.

Law of the Theatre:
At any event, the people whose seats are furthest from the aisle arrive last.

The Starbucks Law:
As soon as you sit down to a cup of hot coffee, your boss will ask you to do something which will last until the coffee is cold.

Murphy's Law of Lockers:
If there are only two people in a gym locker room, they will have adjacent lockers.

Law of Physical Surfaces:
The chances of an open-faced sandwich landing face down on a floor covering are directly correlated to the newness and cost of the carpet/rug.

Law of Logical Argument:
Anything is possible if you don't know what you are talking about.

Brown's Law of Physical Appearance:
If the shoe fits, it's ugly.

Oliver's Law of Public Speaking:
A closed mouth gathers no feet.

Wilson's Law of Commercial Marketing Strategy:
As soon as you find a product you really like, they will stop making it.

Bill

William J Archambault Jr

The Real Estate Investment Institute

wja@reii.org 832-259-7078 or 702-516-1569

©William J Archambault Jr ©The Real Estate Investment Institute ©REII

We're Are Not Bigots / Were Not / We're Not We're Not / Or Are We

William J Archambault Jr (The Real Estate Investment Institute ) — Tue, 20 Oct 2009 22:22:25 -0500

We're Are Not Bigots / Were Not / We're Not We're Not / Or Are We? Do troubled home owners deserve an chance, any chance?

Is it enough to comply with the Civil Rights Law?

Title VI of the Civil Rights Act of 1964
http://www.hud.gov/utilities/intercept.cfm?http://www.usdoj.gov:80/crt/grants_statutes/titlevi.txt

"Title VI prohibits discrimination on the basis of race, color, or national origin..."

The Fair Lending Act is similar.

So you don't discriminate based on race or color and the only time your interested in National Origin is when people can tell you stories of exotic places. So we're legal! No question about it, we're legal. I agree. But, are we any less a bigoted?

There is a pervasive, Orwellian, holier than thou attitude circulating during our present housing crisis. A recent featured blog took the position that many troubled home owners shouldn't be allowed to even try to save their homes! All because the blogger didn't like the mitigation offered to these unknown strangers! The statement was made that: "I'd rather have them get out now, rent until their credit is repaired, and buy again in three years--they will still come out ahead."

Don't get me wrong the blogger and his commentors (me included) are good people! But, they would deny troubled home owners a choice/chance, because they (the commentors) don't approve of the solution offered. These same would be leaders and many of them are other wise good leaders, would dictate to the banks how they and theirs are entitled to the banks stock holders money!

I equate these people with smokers until recently. Many good people use to smoke. These good people would rather die than offend others with body oders, would never deliberately offend anyone yet they would blow smoke at you and pollute the air you breath. Like smokers I don't think any of them have though just how arrogant there altitudes are.

If the people are serious George Orwell may have explained it best! "ALL ANIMALS ARE EQUAL, BUT SOME ANIMALS ARE MORE EQUAL THAN OTHERS"

At the close of Orwell's book it's easy to see "Napoleon" is representing our Bloggers and Commentors, and

"Mr Pilkington" representing a self-righteous out of the closet bigot. When Orwell said: "But as the animals look from Napoleon to Pilkington, from man to pig and from pig back to man, they find that they are unable to tell the difference."
This is just one of life's hard lessons. Not one of these people realized they had any thing, but the best intentions!

Bill

William J Archambault Jr

The Real Estate Investment Institute

wja@reii.org 832-259-7078 or 702-516-1569

©William J Archambault Jr ©The Real Estate Investment Institute ©REII

Consider the ballot, the power of your vote

William J Archambault Jr (The Real Estate Investment Institute ) — Tue, 20 Oct 2009 20:52:55 -0500

That's my Brenda!

I love her.

Bill

Via Brenda Archambault (The Real Estate Investment Institute):

Consider the ballot, the power of your vote. Just because this is not a big Presidential year or even election of Congress does not mean you should forget to do your civic duty. This year in Texas there are a number of Constitutional Amendments very important to Texas real estate.

　

Proposition 1
HJR 132 (History of HJR 132)
"The constitutional amendment authorizing the financing, including through tax increment financing, of the acquisition by municipalities and counties of buffer areas or open spaces adjacent to a military installation for the prevention of encroachment or for the construction of roadways, utilities, or other infrastructure to protect or promote the mission of the military installation."

　

　

Proposition 2

HJR 36-1 (History of HJR 36-1)
"The constitutional amendment authorizing the legislature to provide for the ad valorem taxation of a residence homestead solely on the basis of the property's value as a residence homestead."

　

　

Proposition 3

HJR 36-3 (History of HJR 36-3)
"The constitutional amendment providing for uniform standards and procedures for the appraisal of property for ad valorem tax purposes."

　

Proposition 5

HJR 36-2 (History of HJR 36-2)
"The constitutional amendment authorizing the legislature to authorize a single board of equalization for two or more adjoining appraisal entities that elect to provide for consolidated equalizations."

　

Proposition 6

HJR 116 (History of HJR 116)
"The constitutional amendment authorizing the Veterans' Land Board to issue general obligation bonds in amounts equal to or less than amounts previously authorized."

　

　

Proposition 11

HJR 14-1 (History of HJR 14-1)
"The constitutional amendment to prohibit the taking, damaging, or destroying of private property for public use unless the action is for the ownership, use, and enjoyment of the property by the State, a political subdivision of the State, the public at large, or entities granted the power of eminent domain under law or for the elimination of urban blight on a particular parcel of property, but not for certain economic development or enhancement of tax revenue purposes, and to limit the legislature's authority to grant the power of eminent domain to an entity."

　

　

Make your choices be informed Vote November 3 in Texas. As for the rest of ya'll check to see what is happening in your state.

Brenda

Brenda C Archambault

Kalamazoo, Paw Paw, Incline Village, Boulder City, Las Vegas, Houston

Bill

William J Archambault Jr

The Real Estate Investment Institute

wja@reii.org 832-259-7078 or 702-516-1569

©William J Archambault Jr ©The Real Estate Investment Institute ©REII

Strategic Defaulters Unite For Personal Economic Recovery :>)

William J Archambault Jr (The Real Estate Investment Institute ) — Fri, 16 Oct 2009 15:13:58 -0500

Strategic Defaulters Unite For Personal Economic Recovery! :>) Much self serving testosterone saturated bovine dropping have been published promoting the idea that consumers were some how duped into mortgage loans they were to stupid to understand.

Balderdash!

There are only individual humorous antidotal proofs of such causes and only primary and general election results to support the idea of mass idiocy.

For what ever reason we did experience that first wave of foreclosures. Strategic default has seemingly been forced upon you by the systematic sabotage of your hard earned equity by banks, bankers, appraisers and their regulators, luting both home owners and their own stock holders.

With the first round of foreclosures the banks (including all forms that ended up in control of the foreclosed properties.) ignored their fiduciary duty to their stock holders. Abandon their obligations to their debtors. Flaunted the very duties agreed to by accepting a privilege license to do business, in the first place!

The first attack on your equity and their stock holders security was dumping large numbers of REO's on the market at below market value. This not only caused higher deficience balances for the troubled debtors, it caused the bank's owned stock holders to take greater losses than necessary. An unintended consequence was the lowering of all home values in their service area.

When these REO's did sell and subsequently individual home owners sold their properties, these very banks forced appraisers to violated a century old appraisal policy of ignoring distress sales when determining value. This further reduced private equities causing the REO's to be reduce further to remain below market, again reducing private equities in a never ending chain.　

As REO volume grew and short sale request became common did the banks determine properties values by the use of licensed appraisers, at an arms length as they demanded of the consumers? No they used BPO's! Licensed real estate people but not acting in the scope of their license, when an agent provides a BPO for cash that's an appraisal, not to be confused with providing the same information to a buyer or seller in an attempt to secure a listing or sale. Without the safe guards we're told are so necessary for an appraisal! We can only assume these non-appraisers non-appraisals further lowered every ones equity.

Strategic Defaulters Unite For Personal Economic Recovery! :>) It is time for the biggest tort claim since the tobacco settlements! Strategic Defaulters Unite in a class action against every bank that has destroyed your equities by selling REO's below market in the last two years.

Included every institution accepting short sales below market in the last three years.

Included every appraiser who included distress sales as comparables in the last two years. (This will allow all sellers in the last two years weather successful or not to be additional plaintiffs.) 　

The suit will be based on conspiracy, violation of public trust, interference with business, and racketeering under The Racketeer Influenced and Corrupt Organizations Act, RICO standards.

Strategic Defaulters Unite For Personal Economic Recovery!

I have no interest in such an action. I don't necessarily believe in such actions, but this is a logical conclusion based on all I read.

Bill

William J Archambault Jr

The Real Estate Investment Institute

wja@reii.org 832-259-7078 or 702-516-1569

©William J Archambault Jr ©The Real Estate Investment Institute ©REII

Hear Me Clearly: First Time Homebuyer's Must Qualify and Offer NOW!

William J Archambault Jr (The Real Estate Investment Institute ) — Thu, 15 Oct 2009 12:35:16 -0500

$8,000 is quite a motivator!

Of course $8,000 is not always $8,000, but 10% is still very helpful.

Ken's message can't be repeated often enough!

Bill

Via Ken Cook, FHA Home Loans 678-439-8683:

By NOW! I mean if you have not called a loan officer to get qualified, found a property and made an offer you're dangerously close to missing the First Time Home Buyer's Tax Credit. I know what you hear in your mind, "it's good through the end of November." You would, of course, be correct in so saying. Your correctness would be equivalent to leaving New York City for a trip to Tokyo to see your best friend's wedding which happens at 5PM your time and you are getting on a jet at Noon your time the day of the event. In other words it's "possible" you can make it on time but not very likely with the available equipment.

I know there will be loan officers and others reading this who will say, "shoot man I can close a loan in 8 days". Well, so can I. But it's by far the exception and not the rule. If you are a first time home shopper and you are reading this pick up the phone right now and call your local loan officer. If you just have questions feel free to phone me at 678-439-8683 and I can answer some questions for you.

Here are some pointers to speed the process and hopefully close before the end of November:

Get prequalified right now, today. Not in a minute RIGHT NOW.

Once you are prequalified ask your loan officer for a list of "findings" this will likely include:

Last two years of tax returns all pages all schedules

Last two months of bank statements on all accounts all pages (ALL pages)

One month's worth of pays stubs (if you get paid weekly that's FOUR)

Name of your landlord and their contact information for rent verification

Explanation of any credit checks that have been done on you in the last 90 days

A clear (CLEAR) copy of your driver's license (photo ID) and Social Security Card

If your down payment is a gift a GIFT LETTER and supporting documentation (the giver's paper trail from their bank to you)

Name and contact information for your preferred home owner's insurance agent

Be prepared to get more stuff and don't argue with the loan officer or processor - JUST GET IT

If your home purchase closes on or after December 1st, as it stands today and there is no reason to believe it is going to change, you will NOT be eligible for the tax credit. Trust me, there will be hundreds, if not thousands, of people nationwide who think they are going to qualify for the tax credit who do not get it because they started too late. Today is getting just about too late.

So what are you going to do right now? Right CALL A PROFESSIONAL, EXPERIENCED LOAN OFFICER!
Ken Cook - Nationwide Specialist - Information/Marketing - FHA Home Loans
678-439-8683

Bill

William J Archambault Jr

The Real Estate Investment Institute

wja@reii.org 832-259-7078 or 702-516-1569

©William J Archambault Jr ©The Real Estate Investment Institute ©REII

FHA Streamline Refinances - New Updates that you should be made aware of on FHA Streamline loans!!!

William J Archambault Jr (The Real Estate Investment Institute ) — Mon, 05 Oct 2009 16:52:11 -0500

I personally believe our current low rates are here on a day to day basics! If I had an FHA loan I'd be talking to someone about a streamline refinance!

Bill

PS: Jeff it's a good post lets get the word out!

Please don't skip my post to read Jeff's read them both!

Via Jeff Belonger -- The FHA Expert.com -- FHA Loans -- FHA mortgages - USDA loans (Infinity Home Mortgage Company, Inc):

FHA streamline loans are very beneficial in many ways. A few things to keep in mind. FHA streamlines don't take that long, up to 10 days, and the FHA streamline rates are the same as regular FHA loans.

When comparing FHA streamlines to conventional refinances, depending on your credit score, the FHA rate in many cases will be much better. Keeping this in mind, use a loan officer that is very familiar on how these types of refinances work. Just because it's easy to the naked eye, one still needs knowledge of how to make this work for you.

There are two types of FHA streamlines :

1. Streamline refinance with an appraisal : This is where you can include your closing costs within the loan amount. The lower of the two below would be used.

Outstanding principal balance(a) minus the applicable refund of UFMIP, plus closing costs, prepaid items to establish the escrow account and the new UFMIP that will be charge on the refinance

OR

97.75 percent of the appraised value of the property plus the new UFMIP that will be charged on the refinance..

*** Important - Discount points may not be included in the refinance now. If the borrower does agree to these points, the lender must verify that the borrower does have the assets to cover such points. ***

2. Streamline refinance without an appraisal : The calculation for this is the original principal balance(a) of an existing FHA mortgage minus the original UFMIP (upfront mortgage insurance) that is left over plus the new UFMIP that is added to the loan amount.

Key Reminder - The outstanding principal balance(a) may include interest charged by the servicing lender when the payoff is not received on the first day of the month but may not include delinquent interest, late charges or escrow shortages.

These 2 types of refinancing are only for primary residences only. Investment properties that were originally bought as a primary residence, may only be refinanced without an appraisal to only include the outstanding principal and nothing more. Listed here : 4155.1 3.C.2.d and e

If you have a 2nd mortgage or any junior liens older than twelve months old, then this would be considered a regular refinance and could not be done as a streamline refinance. And then you would have to qualify with income and credit.

Some Key FHA streamline changes :

Seasoning : The borrower must have made 6 months of mortgage payments at the time of application.

Payment History : Greater than 12 months or less than 12 months of mortgage payments.

A. Less than 12 months - no lates allowed

B. Greater than 12 months - allowed one 30 days late in the 12 months, but no lates allowed in the last 3 months prior to the date of the new application.

Net Tangible Benefit : The lender must determine a net tangible benefit to the borrower, no matter if it's with or without an appraisal. The NTB (net tangible benefit) must benefit the borrower by :

the reduction in the new mortgage payment to include taxes & homeowners

refinancing from an adjustable rate (arm) to a fixed rate

(or) reducing the term of the mortgage

Keep in mind, that the new mortgage payment must be 5 percent lower than the old payment. This is the requirement when going from a fixed rate to a fixed rate. There are different requirements when going from an arm to a fixed rate or from a fixed rate to an arm. Please read the mortgagee letter, ML 2009-32.

Maximum Combined loan to value : If subordinate financing is in place, the maximum combined loan to value, which is CLTV, can't exceed 125%.

For streamlines with an appraisal, it's determined off the new appraisal.

For streamlines without an appraisal, you use the original appraised value.

*** there are a few more changes, when it comes to the FHA streamlines, yet very minor. All of these changes can be read in Mortgagee Letter 2009-32 ***

FOLLOW ME ON FACEBOOK

- FHA Loans - USDA Loans - VA Loans -

- Energy Efficient Mortgages -

- Conventional Loans - 203 k loans -

- Mortgages -

Experience & Knowledge at its BEST !!!

_________________________________________________________________________________________

For more information on FHA loans, please go to this link. The FHA Expert

For more information about the 2009 Tax Credit for First Time Homebuyers : 2009 Tax Credit

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags!

Copyright © 2009 by Jeff Belonger of Infinity Home Mortgage Company, Inc

Bill

William J Archambault Jr

The Real Estate Investment Institute

wja@reii.org 832-259-7078 or 702-516-1569

©William J Archambault Jr ©The Real Estate Investment Institute ©REII

This Above All Be Careful With whom You Speak!

William J Archambault Jr (The Real Estate Investment Institute ) — Mon, 05 Oct 2009 12:37:16 -0500

This Above All Be Careful With whom You Speak!

"...to thine own self be true;
And it must follow, as the night the day,
Thou can'st not then be false to any man."

I will not exchange comments with those I don't respect.

"O horrible, O horrible, most horrible!"

I will not debate those who distort the meaning of words to justified their unjustifiable!

So, haply, slander -
Whose whisper o'er the world's diameter,
As level as the cannon to his blank,
Transports his poisoned shot - may miss our name
And hit the woundless air. - O, come away!
My soul is full of discord and dismay.

This Above All Be Careful With whom You Speak! Say what you will I will not let my name be associated with those who I can not proudly be associated. If they lack discretion I will delete any association I can, but I will not debate them. (The internet groups us together where ever our names appear regardless of our position, our names alone add to the dispensation of the vile!)

Good-night, ladies; good-night, sweet ladies; good-night, good-night.

"...When sorrows come, they come not single spies,
But in battalions."

This Above All Be Careful With whom You Speak!

"Go, bid the soldiers shoot."

Bill

With help of a William that came before.

Bill

William J Archambault Jr

The Real Estate Investment Institute

wja@reii.org 832-259-7078 or 702-516-1569

©William J Archambault Jr ©The Real Estate Investment Institute ©REII

Have You Ever Cavorted Naked In The Sun

William J Archambault Jr (The Real Estate Investment Institute ) — Thu, 01 Oct 2009 15:11:17 -0500

Have you ever cavorted naked in the morning sun?

Have you ever done nothing just laying in the sun?

Have you ever lied naked in awe of all that surrounds you?

Have you ever bared your sole to all that God has done?

Have you ever cavorted naked in the sun?

Have you ever rode a good horse?

Have you ever had a thousand pounds of muscle and heart responding to your thoughts?

Have you ever been responsible for anothers life?

Have you ever cavorted naked in the sun?

Have you ever driven a car with no purpose, but fun?

Have you ever driven with 650 horse power and no trailer hitch?

Have you ever driven no where just for fun?

Have you ever driven just to see the rising sun?

Have you ever cavorted naked in the sun?

Have you ever flown a plane?

Have you ever gone solo with just you and God?

Have you ever flown alone at night?

Have you ever been responsible for life?

Have you ever cavorted naked in the sun?

Have you ever gone to bed your spouse at your side?

Have you ever woken naked your sole mate cuddled in tight?

Have you ever felt empty when they weren't there?

Have you ever told time by hours until your back together?

Have you ever cavorted naked in the sun?

Have you ever set out deliberately to conceive?

Have you ever watch your child be born?

Have you ever held hands?

Have you ever cavorted naked in the sun?

Have you ever held a child?

Have you ever fed a baby only to have to change the other end?

Have you ever let them hold your finger, while tentative steps they take?

Have you ever let them let go so they could try to run?

Have you ever cavorted naked in the sun?

Have you ever been a teacher for it's own sake?

Have you ever repeated the obvious for the slowest sake?

Have you ever realized that no mater how great a teacher, teachers get more out of teaching than the students?

Have you ever helped someone not because you knew them, but just because you could?

Have you ever cavorted naked in the sun?

Have you ever looked around you to admire what you see?

Have you ever notched it doesn't matter where your at forest, desert, high mountain lake or sea there is always beauty God's left there for you to see?

Have you ever watched the sun set from the back of a boat?

Have you ever cavorted naked in the setting sun?

Bill

William J Archambault Jr

The Real Estate Investment Institute

wja@reii.org 832-259-7078 or 702-516-1569

Emergency State of the Union - Live Q & A With NAMB President Jim Pair

William J Archambault Jr (The Real Estate Investment Institute ) — Wed, 30 Sep 2009 13:16:58 -0500

I'll be there!

I recommend every one listen!

Bill

Via Tom Burris | FHA VA & Conv. Texas Mortgage Loans (DallasLoanGuy.com):

Emergency State of the Union - Live Q & A With NAMB President Jim Pair

This is a FREE Live Webinar. Please re-blog this article to your sphere.

The National Association of Mortgage Brokers is the voice of the mortgage broker industry, representing the interests of mortgage brokers and homebuyers since 1973. But this webinar is open to all of us in the industry.... Bankers and Realtors too!!

You do not need to be a member to join this webinar.

https://www2.gotomeeting.com/register/296700555

Sign up at the link above!!

*   YSP is going away come January 2010 - or isn't it?

*   FHA lending will become more accessible for third party originators - or won't it?

*   Congress is seriously considering an 18-month moratorium on HVCC - or aren't they?

Our industry is facing huge challenges and NAMB President Jim Pair wants to hear from YOU - so YOU can be heard on Capitol Hill.

Tom Burris
DallasLoanGuy.com
Dallas, TX

http://www.dallasloanguy.com/

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to My Blog and stay informed about current lending changes!!

Bill

William J Archambault Jr

The Real Estate Investment Institute

wja@reii.org 832-259-7078 or 702-516-1569

Understanding Stubborn Banks

William J Archambault Jr (The Real Estate Investment Institute ) — Thu, 24 Sep 2009 16:33:42 -0500

Understanding Stubborn Banks! Stubborn Banks are accepting short sale offers yet often only throwing a $3,000 to $5,000 bone to the secondary lender, citing it's there policy. This of course often kills a short sales, when the secondary lender refuses to take less than $5,000 or what ever citing it's there policy.

OH MY! The First Bank won't allow any more to go to the second. The Second Lender won't take any less! Worse! The amounts involved are often a mire pittance!

If the seller can afford the difference the Bank wants it. If the Buyer is willing to pay more the Bank wants that money, too!

Why? Why would a Bank risk further losses over as little as $2,000? Why would the Bank be so stubborn?

Let's start with why a Bank would accept a short sale? The first reason and most important reason a Bank accepts a short sale is because they see it as in their best interest! They could care less how you as a debtor or REALTOR® see it, they answer to their stockholders and regulators not the debtors or entitlement mobs! The second reason is pragmatic, if the debtor's condition has substantially and uncontrollably changed! That's the reason for the "Hardship letters" the debtor must acceptably explain his position, "I quite my job I don't want to work any more" or "you got Federal "bail out" money so I'm entitled" won't get you a short settlement with any Bank!

So why won't they allow a reasonable amount to go to the second lender? Because, they see the second as creating the problems! Especially cash out seconds that are so common! The Bank made a safe or an insured loan to a qualified applicant then along comes a secondary Lender who loans the Debtor even more money, with little or no improvement in the debtor's financial position! Simply put the Bank sees the secondary lender as greatly responsible for the debtor's problems and worse the National problem. Often ignoring the fact that they may have originated the second, except when they still own the second!

From the Bank's position money going to the secondary lender is like paying Bonnie and Clyde to only rob you on Tuesdays, Wednesdays, or Thursdays because they have large deposits on Mondays and bring in lots of cash on Fridays to cash checks! They're pragmatic enough to pay a little because if they've accepted a short sale they believe it's saving them money, but see the payments to the second Lender as extortion!

I have a solution for some! Watch for it.

Bill

William J Archambault Jr

The Real Estate Investment Institute

wja@reii.org 832-259-7078 or 702-516-1569

Irony

William J Archambault Jr (The Real Estate Investment Institute ) — Wed, 23 Sep 2009 16:48:16 -0500

Irony: The Incongruities between what we hear and what is.

IE:

Having put in the time is not the same as experience.

Having a license is not the same as experience.

Having gotten away with something even repeatedly does not make it legal.

Agreeing with the masses doesn't make any of you right.

Knowing your not guilty doesn't mean the other guy is.

Watching from the sidelines doesn't necessarily teach you how to play.

Knowing what's allowed without knowing what's allowable precludes professional competence.

It can't be done doesn't mean you can't do it.

Saying is not the same as doing!

Wishing is not the same as willing.

Ignorance does not require stupidity.

Bill

William J Archambault Jr

The Real Estate Investment Institute

wja@reii.org 832-259-7078 or 702-516-1569

There Is Hope

William J Archambault Jr (The Real Estate Investment Institute ) — Fri, 18 Sep 2009 01:31:27 -0500

There is hope! I've been very discouraged reading about REALTORS® demanding extension of the $8,000.00 tax credit for purchasers of selected homes to the determent of individual home sellers! Driving down the value your home! Worse, the NAR is demanding the credit be nearly doubled! There is hope! A few understand. This is Robin Hoodish! Robbing the good who's only crime is making more than you do to give to poorer who's only claim is that they make less than you do! All for a perceived boast in sales, fact is these buyers needed housing, they already qualified for the loan before this costly abomination. There is hope! Some people understand for most this is stealing your tax dollars and your equity to buy votes.

There is hope! I've been very discouraged reading about REALTORS® demanding banks and bankers be required to take what ever they the REALTORS® think is best! There is hope! Some understand banking and some understand they know nothing about banking.

Then, there is hope! I found this:

Bill

William J Archambault Jr

The Real Estate Investment Institute

wja@reii.org 832-259-7078 or 702-516-1569

Has Man Any Right To Exist If He Refuses To Serve Society

William J Archambault Jr (The Real Estate Investment Institute ) — Tue, 15 Sep 2009 15:07:21 -0500

"Has man any right to exist if he refuses to serve society?" *

"Has man any right to exist if he refuses to serve society?" *

"Has man any right to exist if he refuses to serve society?... Self sacrifice is the law of our age!" *

Does anyone believe this except those that think they're entitled to the sweat of another man's brow?

Does anyone demand sacrifice who believes he'll have to sacrifice?

"Self sacrifice is the law of our age!"* Hasn't this been the cry of every despot, every tyrant, every evangelical hollier than thow cultist? Everyone seeking to enslave! Self sacrifice can never be legislated, it can never be ordered only freely given! Those that would order such behavior are merely avoiding the proper term, slavery!

"You can't turn men into slaves unless you break their spirit..." * Indeed, hasn't the deliberate efforts to destroy our economy merely been to break our spirt?

*Ayn Rand "The Fountainhead"

Bill

William J Archambault Jr

The Real Estate Investment Institute

wja@reii.org 832-259-7078 or 702-516-1569

ISM ISm Ism ism An Old Lesson

William J Archambault Jr (The Real Estate Investment Institute ) — Mon, 14 Sep 2009 12:35:06 -0500

ISM ISm Ism ism An Old Lesson ‘ism" is that little suffix that turns a good word into fanaticism.

"Ism" is that little suffix that turns a noble idea into evil!

"Ism" is that little suffix that turns non-thinkers and haters into lemmings!

"Ism" is that little suffix that replaces logic with dogma!

ISM ISm Ism ism An Old Lessonis that little suffix that turns good people into evil masses.

There are some good "ism's" "capitalism" come to mind, but there is something about "ism's" that seems to corrupt. Politicalism is almost always evil! Who do you think corrupted those capitalist? I use to think Republicanism was good, but after keeping Bill Clinton in check for 6 years, "ism" got'm and it only took six months to turn as evil as Democratism.

I hold out hope for conservativeism. Man has to have hope! I do practice optimism and pragmatism.

A friend Ted Baker posted: http://activerain.com/blogsview/1238009/when-will-we-ever-learn- It needs seen!

From 1948!!

Bill

William J Archambault Jr

The Real Estate Investment Institute

wja@reii.org 832-259-7078 or 702-516-1569

MaggieBrady.com offers discounted magazine subscriptions

William J Archambault Jr (The Real Estate Investment Institute ) — Sat, 12 Sep 2009 20:20:10 -0500

I've never tried re-blogging, here is a good cause! I've been going back and forth with Maggie's father for three years this month. This is a quite kid from a good family. We all get hit up for school projects, we all go after "POINTS" so lets help Maggie win double points!

Maybe if we can get her double points Daddy can throw in a pony! Buy a magazine and write Daddy telling him Maggie needs a pony!

Via America's #1 Mortgage Broker/858-777-9751:

Here we go again! It's time for our second season at MaggieBrady.com.

Maggie Brady is raising money for her school through a magazine drive. Last year, she won the iTouch for superior sales efforts. Here's Maggie congratulating Linda Davis for being the "smartest REALTOR in Connecticut".

Won't you consider purchasing or renewing a magazine subsciption here? Close to half of the subscription fee supports St James Academy and maggie receives double points for online subscriptions. Magazine subscriptions start as low as $15.00.

Browse your options here.

Bill

William J Archambault Jr

The Real Estate Investment Institute

wja@reii.org 832-259-7078 or 702-516-1569