mortgage: The New Mortgage Market Reality for Realtors, Buyers and Sellers
- 10/12/07 04:29 AM
I have posted a number of blogs over the past few months concerning the mortgage industry meltdown and the resulting impact on home-buyers and Realtors across the country; among the blog post are theses: Realtors, Are You Sure The Buyer Is Qualified to Buy Your Listing? Note to Realtors: The Lender Holds Your Paycheck The Winds of Change are Blowing in the Alt A and Sub-Prime Markets Two More Examples of the Lender Holding the Realtors Paycheck Realtors - Please Don't Throw Your Lender Unders the Bus.....Maybe Although I have felt from the beginning that the problem was much more serious than many thought and proved to … (0 comments)
mortgage: Real Estate Investment Strategies: County Tax Lien Sales
- 07/12/07 12:33 PM
When it comes to investing in real estate there are many avenues to explore when identifying a property, financing structure or hold and exit strategies. One option for many investors who have limited cash reserves or who desire a limited risk strategy could be county tax sales. County tax sales provide an opportunity for investors to purchase liens resulting from delinquent property taxes. An investment in a property tax lien should be viewed as a potentially long-term investment with a predetermined return on investment (ROI) not as a pure real estate investment. Keep in mind that you are not purchasing an ownership … (1 comments)
mortgage: Douglas County Housing Partnership First Time Buyer Success Story
- 07/03/07 12:13 PM
I just settling down yesterday with my second cup of coffee and the morning paper and my day was instantly made. Denver Post reporter Joey Bunch wrote a story titled "Helping Workers Live Close," which addresses the challenges faced by many suburban communities across the country. In many fast growing suburban communities finding affordable housing is difficult and few communities have successfully developed programs to assist the would-be buyer. The part that made my day was the fact the one of my clients, John Purchio, was highlighted and he was certainly one of our most appreciative participants in the program. Mr. Purchio fit the … (2 comments)
mortgage: Realtors, Are You Sure The Buyer Is Qualified to Buy Your Listing?
- 06/07/07 10:27 PM
Today, I was visiting with a Realtor who works in the same office of one my partner Realtors; he was sharing that he had put a million dollar listing under contract he had been marketing heavily to no avail for more that nine months. The long ordeal was coming to a successful conclusion at month's end as he anticipated the closing. I was feeling really good for him as the expression on his face was both relief and excitement until I asked a question - how is the buyer's loan going? He answered, "I guess ok, I haven't heard anything and … (45 comments)
mortgage: Understanding Property Tax Allocations and The Impact on Your Community
- 06/04/07 05:57 PM
Last week I wrote a post entitled Property Taxes a Hot Topic in Douglas County Colorado concerning the re-appraisal of properties in Douglas County, Colorado http://www.douglas.co.us// and the resulting increase in tax assessments for property owners in Douglas County. Regardless if you decide to protest your reassessment or accept the adjusted tax amount, I think that it is important to understand how your tax dollars are allocated to understand the value they represent. The above illustration is a breakdown of tax allocations from an actual tax payer's property tax summary in the Stonegate Village sub-division in Douglas County taken from the Douglas County Assessors office website … (0 comments)
mortgage: Property Taxes a Hot Topic in Douglas County Colorado
- 05/30/07 10:00 AM
For property owners in Douglas County Colorado 2007 is a reappraisal year for property taxes. The county has been among the fasted growing counties in the United States for more than a decade. The county is comprised of more than 120,000 parcels, which are subject to a statutory reassessment of value by comparable sales for the period July 1, 2004 to June 30, 2006. Due to the large number of parcels to be accessed, the county assessor's office implemented mass appraisals using computer modeling to determine value for each parcel as of June 30, 2006. On May 1st the Douglas County Assessor … (4 comments)
mortgage: Unique New Program Allows You to Tap Into the Future Value of Your Home Today
- 05/20/07 05:26 PM
First My Disclaimer: This program is not suitable for everyone; in fact not every property is eligible. This program can only be offered by a certified consultant and it should only be used after careful consideration by the client and at the recommendation of the consultant that it is suitable for the client. For the purpose of discussing this unique program, I will refer to the financial instrument as a "Real Estate Equity Exchange Agreement," and the facilitating company as "the investor." In recent years consumers have begun to accept alternative methods to utilize equity in their homes other than the traditional equity … (0 comments)
mortgage: The Highlands at Stonegate Offers an Exceptional Value for Home Buyers
- 05/10/07 01:59 AM
For a wide range of home buyers from first-time homeowners to the empty nester, the Highlands at Stonegate represents a tremendous value in the highly desirable Stonegate community in Parker, Colorado.The project consist of more than 400 Built Green units comprised of both condominium and town home style floor plans. The designs are fresh and buyers have a variety of design features and upgrades available through the design center located on site.Stonegate is among the most successful residential and mixed use developments in Douglas County which is one of the fastest growing counties in the United States. Appreciation in Stonegate has … (2 comments)
mortgage: Realtors - Please Don't Throw Your Lender Unders the Bus.....Maybe
- 04/12/07 04:14 PM
Assuming that you are working with a competent professional mortgage broker or banker, please do not throw your lender under the bus. If your lender is a part-time or hobby loan officer pehaps you should. I have been blogging about the sub-prime meltdown for a few months; I was ahead of the curve for a while and now I am part of the growing chorus of real estate industry professionals that recognize the impact the meltdown will have on real estate sales across the country. The Winds of Change are Blowing in the Alt A and Sub-Prime Markets The primary motivation for blogging on … (6 comments)
mortgage: Jump for Joy! News too good not to share with First-Time Buyers and Veterans
- 03/21/07 11:53 AM
If you are a regular reader or subscriber to my Active Rain and Localism blogs; you are aware that my goal is to add value for others and I try not to "promote" myself or my services in a way that is commercial. I seek to add value for others and in so doing I believe that those who I can best serve will find me. This is an opportunity that I found too valuable not to offer it in this blog in the hope that I can make a difference for a large number of first-time homebuyers and military veterans. I … (0 comments)
mortgage: Two More Examples of the Lender Holding the Realtors Paycheck
- 03/14/07 10:48 AM
Should I say holding or holding hostage? A few weeks ago I posted a blog concerning the risk a Realtor takes when working with a mortgage lender that they do not know or trust Note to Realtors: The Lender Holds Your Paycheck. The essence of my message was that it is imperative that Realtors know or trust the mortgage lender tasked with funding their clients purchase on time, with the terms promised; in order to avoid a closing day surprise including the potential loss of your well earned commission at no fault of your own. I have two fresh examples of … (2 comments)
mortgage: The flight to quality - good news for Active Rainers!
- 03/01/07 10:36 AM
Active Rainers take heart, you are likely in the minority if you are a member of Active Rain and reading daily blog post by comparison to our industry as a whole. As the waters become more choppy - and they are; buyers will make the flight to safe positions - the flight to quality. When property values are increasing by double digits and interest rates are dropping to historically low levels; consumers are much less selective about who they trust with the largest investment they are likely to make. We are not operating in such a market and consumers are taking notice. For real … (0 comments)
mortgage: New Underwriting Guidelines and the changing Mortgage Market Part I
- 03/01/07 08:13 AM
I previously posted a blog which addressed the current trend in the mortgage industry whereby many Alt A and Sub-Prime lenders are literally shutting their doors leaving many Realtors, mortgage brokers and buyers in a lurch as they scramble to save transactions. Please take a look: The Winds of Change are Blowing in the Alt A and Sub-Prime Markets Generally speaking I am very optimistic about the long-term picture for the real estate industry; however, I do have some near range concerns (12-18 months) with respect to the market correction and fallout from foreclosures nationwide. We are all going to have … (0 comments)
mortgage: The Winds of Change are Blowing in the Alt A and Sub-Prime Markets
- 02/24/07 03:24 AM
In recent weeks the Alt A and sub-prime mortgage markets have transformed as a number of key players in this segment of the market have shuttered their doors due to a loss of liquidity, buy backs, defaults and a number of other factors. For example New Century has lost 43% of their market value in early February and mega lender HSBC has set aside 10.6 billion dollars as a loss provision associated to sub-prime loans. We are also seeing a number of 80/20 combo products for borrowers with moderate credit scores disappear from product matrix of major lenders. Countrywide the nations … (5 comments)
mortgage: Among the sweetest moments in Real Estate
- 02/18/07 03:50 PM
I love working with first-time home buyers especially the individuals who come into our office convinced that they will not be able to purchase a home; they just know that at some point in the process we are going to call to advise them that they have been turned down. It is always satisfying to complete a successful transaction for any borrower, the satisfaction is doubled when closing a first-time buyer. As an industry we are privileged to work in a profession where success in part means that another person has realized their dream. We have a very diverse pipeline with loan request presently … (3 comments)
mortgage: Just when I thought I had heard everything -- a new idea
- 02/14/07 10:32 AM
Ok, if you have experienced the following or know of someone who has please raise your hand. I was at a closing this morning and the buyers agent was sharing a story with us concerning a transaction she is working on with a FSBO property owned by Countrywide Mortgage. They placed an offer and received a counter offer from Countrywide which was lower than the original offer price; in addition, Countrywide would pay up to $3,000 in closing cost on behalf of the buyer. So when was the last time you presented a purchase contract and had the seller counter the offer with a lower … (29 comments)
mortgage: My Reality TV Experience
- 02/07/07 10:03 PM
It is amazing how many reality television programs have emerged in recent years, which is driven equally by popularity and economics for the networks. These programs largely fall into three primary categories: 1. Reality drama such as The Osbornes, Growing Up Gotti and the Real Housewives of Orange County. 2. Reality Competition such as The Apprentice, Top Chefs and Deal or No Deal. 3. Reality How to (or how they do) such as Flip This House, Million Dollar Listing and Designed to Sell. Well I must admit, I have been a reality television fan beginning with the Osbornes and season one of the Apprentice. … (21 comments)
mortgage: Mortgage Insurance May Return to Favor in for 2007
- 02/07/07 01:42 PM
For homebuyers and refinance borrowers who close on a loan with mortgage insurance, the 109th Congress has granted a gift in 2007. For transactions that fund between January 1, 2007 and December 31, 2007, borrowers will be able to deduct mortgage insurance premiums paid on their 2008 Federal Tax Return. A borrower taking out a $175,500 loan amount in the 25% tax bracket would pay an estimated premium of $86.50 per month or $1,038 per year. The estimated tax deduction would be $260.00 for 2007. (This is not intended to be tax advice, dollar amounts rounded up and assumes premium payments … (1 comments)
mortgage: Note to Realtors: The Lender Holds Your Paycheck
- 02/04/07 04:13 PM
I teach a class for Realtors on the subject of how to work effectively with a mortgage lender. Last year I taught this class at the Douglas Elbert Realtors Association and one nugget of affirmation came back to me this week. I was visiting a Keller Williams office and an agent that had attended the class reminded me of a crucial point that I had made; that stuck in his mind changing the way he views his relationship with his lender and just as importantly any lender involved in a transaction. My point, "the lender holds your paycheck" and therefore you must select … (24 comments)
mortgage: Understanding MTA Mortgages
- 02/04/07 06:00 AM
There has been tremendous focus in recent months on the use of Monthly Indexed Arm programs and Payment Option programs and the contribution of these hybrid products to the foreclosure problem across the country. As with any other loan product these programs are tools and when misapplied to the wrong job negative impact may follow. I have consulted with dozens of clients over the past several years concerning these specific programs and I only recommended there use in about 1/3 of the cases for consideration. The MTA is not a program for the average consumer, but it may be the perfect answer for an … (2 comments)
I want to add value in exchange for the time that you invest in visiting my site. I have spent more that twenty years in the real estate and mortgage industry and I am passionate about our wonderful profession.
I have posted a number of blogs over the past few months concerning the mortgage industry meltdown and the resulting impact on home-buyers and Realtors across the country; among the blog post are theses:
;)
;)
