Gene Perez Your Real Estate Consultant, Santa Maria Homes

What is the “Absorption Rate”?

Greater Mortgage Solutions & Valley Hills Realty — Tue, 10 Jan 2012 11:41:28 -0500

If you are looking to buy a home more than likely you are also watching and listening to the news every time they even mention the word real estate. And more than likel you have heard the term absorption rate. One thing to keep in mind unlike the stock market the real estate market is a local market so just because you hear on the "Ntional " news one thing does not mean that it applies to "Your " market or area.

Via Myrl Jeffcoat (Real Living Great West Real Estate):

It’s not often that I am asked the question, “What is the real estate ‘absorption’ rate?” But, occasionally the question will arise.

The question is one sometimes asked by folks interested in buying or selling real estate; or for those simply interested in current market condition. The term, “real estate absorption rate” is used to help predict the housing market.

The general public sometimes hears the label used via the media, but they don’t often have the data to translate it into meaningful information. The real estate absorption rate helps the public more accurately determine whether it is a buyer’s or seller’s housing market.

In a “Normal Market” the absorption rate is between 5 and 6 months. In a “Buyers Market” the absorption rate is higher (7+ months). But in a “Sellers Market” the absorption rate is lower (1-4 months).

A clearer definition of real estate absorption rate is to ascertain the number of months it will take to sell all homes currently on the market. If the inventory of homes presently on the market is a 12 month supply, it would mean at the current rate of sales, the market would need 12 months to clear the inventory, IF no additional homes came on to the market.

Being aware of the real estate absorption rate assists in creating perspective for homebuyers and sellers. It educates sellers so they can have realistic expectations about pricing their home for the market. By being competitive in price, they improve their odds of having their home sell quickly. Sometimes while making an offers on homes, buyers will use the absorption rate to obtain a lower price during negotiation.

It should be remembered however, that outside influences may dramatically affect the predictability of real estate absorption rate. For example, government policies and programs can either stimulate or wither the marketplace. An improved job market would have a significantly positive effect on the economy, which could spur buying and quickly clear out housing inventory and change the absorption rate picture.

It is important that serious homebuyers and sellers understand their local real estate market, and trends for their area, in order to make informed decisions regarding their real estate needs.

Real Living Great West Real Estate
(916) 635-0420
http://www.myrljeffcoat.com

The Top 10 Things to do to Prepare for an Appraisal

Greater Mortgage Solutions & Valley Hills Realty — Wed, 04 Jan 2012 11:49:55 -0500

Here are some very helpful hints to help you get the through the appriasal process and maybe to also help you with the values that you may be trying to get for your home.

Via Michael S. Bolton-MN Appraiser (Michael S. Bolton,Inc.):

How To Prepare for a Home Appraisal

You’ve just signed all of the paperwork for your refinance, handed the loan officer the check for the appraisal, and now you’re wondering what is going to happen next. Good news-the appraisal inspection is painless, and usually takes anywhere from 30-60 minutes to complete. However, there are a few things that you should do to help the process move along as smooth as possible.

Preparing for the appraisal inspection:

Create a detailed list of the recent improvements, which should include the following: when completed, cost of the improvement, before and after pictures if available.

Make sure each room is accessible; the appraiser is required to inspect each room.

If there is a crawl space, this area will also have to be made accessible for inspection for an FHA appraisal.

Give the appraiser room to do their job. Errors are more likely to occur when the appraiser isn’t able to concentrate on their inspection.

Keep all pets restrained. I’ve been bitten twice by a dog, and once by a cat; the owners had assured me that their pets were friendly-not so much!

If you live within a development that has a homeowners association, have the name and phone number of the contact person available, along with a fee statement.

If the appraisal is for an FHA loan, then the area leading to the attic will have to be cleared and made accessible-the appraiser is required to make at least a head and shoulders inspection of the attic area.

Walk through each room and straighten up as if you were getting ready for company to visit. Appraisers are objective and can look past many things, however, the underwriter reviewing the appraisal photos may feel differently.

Complete any unfinished projects-most appraisals are done “as is”, and any projects that haven’t been completed, will have to be adjusted for within the appraisal report.

A copy of any agreements regarding easements (shared driveways and/or garages,etc.) should be made available.

Concerns about value:

For years I’ve been a big proponent of developing a relationship with a Realtor. I’m not talking about a real estate agent who happens to be a relative that lives half way across the state. I’m talking about one that does a lot of work within your neighborhood.

By building a relationship with a professional Realtor (this is all they do and they do it well), they’ll be able to give you great insight as to what’s happening within your neighborhood, and they would be glad to let you know what similar homes are selling for.

Once the appraisal is complete:

You have a right to a copy of your appraisal, so ask for it. If you should find any errors or have any concerns, talk with your loan originator. This is hard for borrowers to understand, being that they paid for the appraisal, but the mortgage company is the appraiser’s client, and they can’t discuss the appraisal with anyone else unless given permission.

Trying to understand an appraisal can be like trying to read the “Dead Sea Scrolls,” so ask questions and get clarification when needed-you paid for it!

If you have any questions, or Minnesota real estate appraisal needs (divorce, bankruptcy, tax appeal, or estate planning) please contact Michael at 612.599-2581, or use the form on the contact page.

Optimist or pessimist - which one are you?

Greater Mortgage Solutions & Valley Hills Realty — Mon, 02 Jan 2012 11:27:06 -0500

Just something I thought worth sharing to help start the year off with the right perspective .. kind of reminds who moved my cheese and which one are you?

Via Andrea Bedard, M.A. ~ Central Maryland Realtor® & Mil Spouse ~ (Thompson Company Realtors):

"An optimist stays up until midnight to see the new year in. A pessimist stays up to make sure the old year leaves."~ Bill Vaughan ~

Were you excited to see the old year end or were you excited to start the new? Which one are you, the pessimist or optimist?

Not everyone regards a new year as a new beginning. For some, it is just the continuation of time with the same habits and same day-to-day pattern. For others - me included - January 1st is always a fresh start. I don't toss everything aside and start over - that is not the point. It is, however, the chance to start with a blank page, to set new goals and to learn how to achieve them best!

January is just a great opportunity to reflect on the past. I am big on visualization and always write down my goals beginning of each year: personal and professional. I don't make promises I know I can't keep but I set realistic goals. Those don't need to be monstrous achievements - I don't say: I want to lose 50 lbs this year. Instead, I say I want to get into better shape and I'll accomplish this by working out twice a week and incorporate the little stuff on a daily basis, e.g. park further away from the store and walk, take the stairs instead of the elevator etc.. I don't say I want to eliminate all our debt (although that is a nice thought) but instead focus on not incurring new debt by paying off credit cards as soon as the bill hits my inbox.

Personally, I follow these 5 basic rules on goal-setting:

1. be realistic
2. write them down
3. revisit goals on regular basis and reassess
4. celebrate progress along the way
5. don't beat yourself up if you don't accomplish it all

Each rule carries the same importance, one without the others will make it harder to reach your goals. While I've always written down my goals, I had to work hard on the last one. I no longer obsess about the goals I did not accomplish one year but instead analyze what I missed and what I could do better and use that knowledge to fill my blank pages! My friend Mike Cooper wrote a great blog about that very thought: Turn Setbacks Into Springboards. It is a great read, very inspiring and motivational.

The start of a new year is always exciting to me! There is so much hope for a better tomorrow and the promise of new opportunities. I choose to be an optimist - I stayed up to see the new year in!

"We will open the book. Its pages are blank. We are going to put words on them ourselves. The book is called "Opportunity" and its first chapter is New Year's Day!"

~ Edith Lovejoy Pierce ~

Which one are you, the pessimist or optimist?

ANDREA BEDARD, M.A. ~ THOMPSON COMPANY, REALTORS ~ LIVING MARYLAND BLIPS

Thompson Company, Realtors
15711 New Hamphsire Ave Silver Spring, MD 20905
o: (301) 384-9177 c: (240)593-2860
andreabedard@mris.com
Military Real Estate in MD Maryland Home Search

Andrea is a proud military spouse, mom of two beautiful little girls, hobby decorator and a Realtor® based in Silver Spring, MD. Andrea focuses on Montgomery County and Howard County Real Estate, she enjoys everything beautiful in life and always answers the phone with a smile.

All photographs are my own and I'd like to keep it that way. All information is deemed reliable but not guaranteed.

Then they came for the REALTORS®

Greater Mortgage Solutions & Valley Hills Realty — Sun, 03 Apr 2011 13:28:16 -0400

Even though you may not be a loan officer and even though you may never ever want to do loans the reality is the govt seems to keep putting their hands in this industry and change things ... so ask yourself are they making things better?? Well depending on how things will go with the mortgage industry its not hard to see that they can come in and re evaluate how real estate agents do business and get compensated ... if you think we need over haul then I guess you agree with the new changes if not ... why does not NAR speak up .. we can either be pro active or reactive ..

Via William J Archambault Jr (The Real Estate Investment Institute ):

Then they came for the REALTORS®!

　

First they came for the mid-level bankers, and I did not speak out-

because I was not a mid-level banker;

Then they came for the appraisers, and I did not speak out-

because I was not a appraiser;

Then they came for the Mortgage Brokers, and I did not speak out-

because I was not a Mortgage Broker;

Then they came for the Consumers, and I did not speak out-

because I was not a Consumer;

Then they came for the REALTORS® -

and there was no one left to speak out for me.

　

Then they came for the REALTORS®!

There is very little difference, today than when Pastor Martin Niemöller (1892-1984) wrote the original just different scape goats!

Today Dodd-Frank took away the consumer's options and choice about mortgage origination and control of their cost.

It's been twenty years now, since the Chairman of Countrywide made his speech about getting rid of the Mortgage Brokers, the very people that made him rich, to bring the origination fees back to the Banks. Today the Mortgage Brokers are nearly gone.

Then they came for the REALTORS®!

It's been even more than twenty years since the Banks wanted to get into/control real estate sales! Can the REALTORS® who didn't speak out for the mid-level bankers, for the appraisers, for the Mortgage Brokers, or for the Consumers really think all their finger pointing will protect them? Pastor Niemöller faced annihilation for 5 years in a Nazi concentration camp, may the REALTORS® be so lucky.

IE: MoPros Eat No Mo!!! New Amendment to Reg Z goes into affect April 1st. REALTOR, how long will you be eating?

　

　

Bill

William J Archambault Jr

The Real Estate Investment Institute

wja@reii.org   Cell 832-259-7078,    Houston 832-582-8415,       Las vegas 702-516-1569



From my past: GRI 1975, FLI 1974, Catalyst from a client 1974 an agent that makes things happen, REII, The Real Estate Investment Institute 1995.

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

WordPress Trackbacks and Pingbacks - Communication Links between Blogs

Greater Mortgage Solutions & Valley Hills Realty — Mon, 20 Dec 2010 20:10:40 -0500

this is a great blog article if you happen to have a word press blog explaining how ping backs work as well as trackback. Not to mention links to your site and and linking out to other sites.

Via Victoria Stankard (Get Found Now ):

WordPress trackbacks and pingbacks are notification methods that allow blogs to communicate and link to one another. Pingbacks (XML-RPC) automatically find links in a post and attempt to pingback to those Urls. When they are found, your blog is notified.

Trackbacks are done manually by sending a HTTP post request to the destination blog using a trackback ping URL. Trackbacks contain content and need approval from the recipient, pingbacks don't.

How WordPress Trackbacks and Pingbacks Work

Let’s say that you wrote an informative and engaging post. Another blogger reads your post, likes it, comments about it on their blog and links back to your post. The other blogger then notifies you of the reference to the post in the form of a trackback.

If a trackback notification is coming from a relevant site that puts your blog in a favorable light and includes a link to your blog, then it makes sense to approve the trackback. However, before you can send a trackback to another blog or vice versa, both parties must support the trackback protocol.

Pingback notification allows bloggers to keep track of who is linking to, or referring to, their content. WordPress has a built-in pingback feature that notifies a blog whenever another blog post adds a hyperlink to the blog within their post entry. When a blog records the ping from an incoming link, the blog receives a pingback notice. No additional trackback link is required here. Since pingbacks do not send content like trackbacks, they are less likely to be spam.

Linking out to Authority Sites is Good SEO

Linking out to authority sites is actually good SEO. Yep, that's What I said. Even though this is concept is against what many SEO pundits will say, sending an outbound link to an authority website is good for your own SEO as it reinforces your own blog's topic authority. When you reference other relevant sources, it makes your own content more authoritative and relevant in the searches.

However, you only want to link out to relevant sites that offer quality content and you only want quality trackbacks posted on your site that provide value to your readers. Otherwise you risk tarnishing your site's reputation as a trustworthy source of information.

Sub-Web within the Worldwide Web

The blogosphere is often a two way street and if you're not spamming the recipient of a trackback and you're acceptingtrackbacks from sites that aren't spamming you, essentially, you are creating a sub-web within the worldwide web where everyone benefits.

The receiver of the trackbackgets an inbound link and a nice, supportive comment on their blog, the trackback sender gets a backlink (if a DoFollow exists), exposure and visitors to their blog and people searching for relevant content on the web are able to find what they're looking for.

NoFollows Links

Links to less important sites from your blog may not be so good for your SEO. You can add rel="nofollow" to all trackbacks, making them a good source of information for your visitors without affecting your SEO. Most Wordpress themes by default set the NoFollow trackback/pingback link.

A lot of bloggers remove the NoFollow to share link juice and appreciation with other bloggers who link to their blog. Personally, I feel it's good Karma to give a little "link juice" to relevant sites that link to your site. Hey, "what goes around comes round" I always say.

Even though NoFollow trackback links don't pass on any link juice, they do associate your site with the keyword phrase /URL pointing to your site, they put attention on your site by adding you to the discussion and they get people to visit your site.

Where to find the Trackback Link to Insert in Your Post

Most trackback links appear as a trackbackURL or hyperlink right immediately following the post entry and above comments. Here's an exmple:

Where to Insert the Trackback Link in Your Post

Once you find thetrackback URL on the blog you want to reference, paste it at the bottom of your post in the send trackback box before you publish it.

The recipient of a trackback will have the option to edit, post or dismiss it. Here's an example:

If thetrackback is approved, it will appear on the referenced site as a link, typically with a short excerpt of your entry, just enough to 'entice' readers to go back to your blog and read more. Here's an example:

Blog Marketing with Trackbacks

Check out Jack Humphrey's video on how to use trackbacks for link builing and getting visitors to your site. He explains how to find other relevant sites that allow trackbacks and walks you through the entire trackback and link building process in easy to follow, layman's terms.

Trackbacks are a good thing when they are not used for the purpose of spam commenting. They build links, give your site exposure, generate traffic and allow you to connect with other bloggers.

Search Engine Optimization & Quality Content - The Best of Both Worlds!

On our website, we give away a ton of free, up-to-date SEO information for webmasters, written by Michael Stankard, and expert business blogging tipsfor non-SEO experts, written by Victoria Stankard. Learn more about why people-focused, optimized content on WordPress is the answer for top, organic search engine placement SEO WordPress success – the Diva and Cowboy Way!

WordPress SEO company recipe for success!

Blog authority starts with quality content

Write a new blog post or give an earlier post a face lift?

The lowdown on adding images to SEO blog posts

SEO Blogging – How Google spiders your site!

How to use tags for WordPress blog SEO

Write a new blog post or give an earlier post a face lift?

5 SEO blogging tips for top search engine placement

SEO Blogging tips – write for people not spiders

SEO Website geo-targeting for specific locales

The overuse of WordPress plugins

Pleasure blogging vs SEO business blogging

SEO case studies

Deconstruction of a 500 word marketing article

SEO Blogging – questions and answers

SEO blogging tips – SERP results

The magic formula for SEO blogging success!

SEO website help or SEO website scam?

SEO article marketing on WordPress

SEO content for real estate

SEO real estate content – show me proof in the SERPs!

Keywords – The first tool in your SEO tool kit

Five SEO WordPress blog writing tips for better blogging

SEO WordPress - Kicking it up to notches unknown!

Do you really want to outsource your content offshore?

Website usability and “curb appeal”

Duplicate content and web content plagiarism

Let us help you GET FOUND NOW!

We offer a comprehensive list of à la carte services to choose from or you can create a custom package that suites your business model and online goals. If you are interested in Internet presence management, blog coaching, WordPress training , SEO copywriting services, SEO WordPress set up (StudioPress-Genesis) or a SEO tune-up on your existing WordPress system, please fill out the online contact form or give us a call at 813.443.1585.

Victoria Stankard writes quality optimized content for real estate industry leaders who desire a strong Internet presence. Allow her to help you GET FOUND NOW! Email: victoria (@) getfoundnow.com

Are We Ready to Solve the Housing Crisis?

Greater Mortgage Solutions & Valley Hills Realty — Mon, 01 Nov 2010 13:52:53 -0400

I know that there is alot of mixed messages as to whether we have recovered from this recession or not especially in the real estate market if there is anything that really stands out from this article is the chart at the end of this blog numbers are really an eye opener

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

With three years of struggle under our belts, are we ready to solve the housing crisis? Are we ready to accept a strategy that could help stabilize housing and begin to get the economy rolling again? Now that housing has become mired in yet another calamity (the the foreclosure scandal), are politicians, economists, pundits, and homeowners ready to take the medicine necessary to get our country back on track? While I’d like to think so, I’ve yet to see any positive action being taken.

The U.S. has thrown billions into the failed mortgage modification program, HAMP, the results of which have been pathetic. By the government’s own estimates we’ve made little progress in slowing the number of homeowners losing their homes, and in fact, are now facing a potential onslaught of 5 million additional foreclosures. Add in Foreclosure-Gate and it becomes obvious that we’re not only failing to make progress; we’re falling deeper into a hole in which housing could remain mired for years to come.

To ignore this problem is short-sighted at best; and to continue with the same failed “fixes” could allow the crisis to fester into a wound so severe that our very recovery could be in question. And while some may brush off my analysis as unnecessarily alarming, none have yet to offer alternative or less-costly solutions. The choice of many has been to be to just allow housing to crash and to pick up the pieces later. However, it’s now been three years, and we’re still crashing. Foreclosures are increasing; personal bankruptcies are increasing; and the nation has borrowed and spent billions that have failed to stabilize the economy.

Housing is the key to a recovery; it has always been so. The graph below shows just how far housing has fallen. As a percentage of GDP, residential investment is now at a record low spanning the past 60 years. Home sales and construction drive the engine that can lift us from this quagmire; without a housing recovery we may not add enough jobs to absorb the millions of unemployed for another decade. I don’t think we’re prepared to deal with the consequences of such malaise.

In order to restore housing it will be necessary to have PRINCIPAL WRITE-DOWNS, a solution I described in, “Punishing Foreclosure Victims Only Increases the Pain for all of us,” written earlier this year. At that time many objected to the idea, but the worsening market and economy has begun to make it more palatable to some; and whether or not we find the concept appealing, the issue must be addressed. Of course it’s complicated, and might require one more act of assistance from taxpayers; but doing nothing has already consumed billions and will consume billions more. Let’s put our money where it can have an impact and where it has the potential to produce a result from which we will all benefit.

Such a plan will require that banks absorb losses, that government provide some underwriting, and that homeowners commit to sharing future gains with their lender. The development of a workable plan would require compromise from all sides and would probably be best accomplished without forced government intervention. Creating such a plan would require bi-partisan support (if that’s possible) and should include the participation of Treasury as well as representatives of both the real estate and mortgage industries.

I see only two options. We can complain about the inherent unfairness of such a move, continuing to disparage those “irresponsible” borrowers who should have known better, or we can implement a strategy from which we will all ultimately benefit. Business as usual hasn’t worked; housing remains on a downward slide. Do we want to risk calamity? Or are we willing to learn from our mistakes and move ahead? Politicians won’t take the initiative unless forced to do so. Are we ready to solve the housing crisis?

The Housing Guru: The expert source for all your housing questions—now featuring daily updates of Today’s Housing News

The Stimulous Package at Work

Greater Mortgage Solutions & Valley Hills Realty — Mon, 01 Nov 2010 13:41:33 -0400

okay all things being and not getting all technical like interest charges and stuff like this is just a funny way of demonstrating how the stimulus program may have worked to some degree if anything it was worth sharing

Via Glenn Roberts - Seattle Residential (Lake & Company Real Estate):

Glenn Roberts | Ravenna Park | My Seattle | Lake & Co Real Estate

The Stimulous Program

In This Post

A Halloween treat from my Wisconsin brother-in-law.

It is a slow day in the small Minnesota town of Marshall , and the streets are deserted.Times are tough, everybody is in debt, and everybody is living on credit.

A rich tourist visiting the area drives through town, stops at the motel, lays a $100 bill on the desk and says he wants to inspect the
rooms upstairs before selecting one for the night.

1. As soon as he walks upstairs, the motel owner grabs the bill and runs next door to pay his debt to the butcher.

2. The butcher takes the $100 and runs down the street to retire his debt to the pig farmer.

3. The pig farmer takes the $100 and heads off to pay his bill to his supplier, the Farmer's Co-op.

4. The guy at the Farmer's Co-op takes the $100 and runs to pay his debt to the local prostitute, who has also been facing hard times and has had to offer her "services" on credit.

5. The prostitute rushes to the hotel and pays off her room bill with the hotel owner.

6. The hotel proprietor then places the $100 back on the counter so the rich traveler will not suspect anything.

At that moment the traveler comes down the stairs, states that the rooms are not satisfactory, picks up the $100 bill and leaves town.

No one produced anything. No one earned anything. However, the whole town is now out of debt and looks to the future with a lot more optimism.

And that, ladies and gentlemen, is how Stimulus works.

Glenn Roberts
Lake and Company Real Estate
206-524-3665
Seattle Residential ~ I Do That

Licensed broker since 1985 offering spectacular service to buyers and sellers in greater Seattle, with particular interest in Green Lake, Ballard, Phinney Ridge, Wallingford, Ravenna, Bryant, View Ridge, Roosevelt and the University District.

Referrals from past clients and other agents always make me smile.

Glenn Roberts | Lake and Co Real estate on Facebook

Boo! Don't let your clients get SPOOKED!

Greater Mortgage Solutions & Valley Hills Realty — Fri, 29 Oct 2010 13:28:08 -0400

Here are some great tips for your clients or for prospective buyers getting ready to buy on not getting scared on what the outcome maybe on the homespection report.

Via Chrissy Doremus ~ U.S. Inspect ~ Home Inspections (U.S. Inspect):

The home inspection is a very important step during the buying process, but for some reason, it is a step that can give some buyers—and even some seasoned real estate professionals—an awful fright! So, in honor of Halloween on Sunday, here are my 5 Ways to Make the Home Inspection Less Spooky!

The Spook: Home inspections are just plain scary.
The Scoop: OK, they are only scary if you let inspection myths control your experience. The truth is, we aren't scary people and we are here to educate, not get you shaking in your boots. What makes home inspections scary for some people, is actually past experiences, disappointments or just plain nerves. The good news is that most of that can be helped by just choosing the right inspector. The rest can be helped by acknowledging the concerns you may have. If it's your first home, it's OK to be nervous, if you've had past inspections not go as you liked, it's also OK to say hey, this is a different house and a different inspection—everything is gonna be OK.

The Spook: Maybe this house is more work than I thought.
The Scoop: You might see the house differently on inspection day, then you ever have before. The home inspection is often the first time you will look at the house more “analytically” instead of “emotionally.” It can be difficult if you are not prepared for the step-by-step evaluation of the house. But if you are prepared for the slight change of perspective that the home inspection may bring, the process becomes much easier.

The Spook: The house is not perfect anymore.
The Scoop: Ok, but rest assured, there is no such thing as a perfect house. Prepare for the fact that some defects may be found in the house, but keep in mind that every house—even a new house—has some. The inspection report and the inspector will help distinguish between big problems and small ones. Ask questions during the inspection. Think about your concerns and needs prior to that day and make sure you get the answers you require.

The Spook: The house is great, but the report still mentions a lot about required maintenance.
The Scoop: Buying a home is similar to buying a pre-owned car. One must always expect maintenance and some unexpected repairs. No inspection can completely eliminate all risks, and all homes require maintenance, repair, and care. It is important to be comfortable with this concept prior to the inspection experience—especially those who have never owned a home before.

The Spook: For what they are asking for this house, it should have been flawless!
The Scoop: Unfortunately, home price and home condition do not go hand-in-hand. Price has much more to do with location and the market conditions than anything else. After all, even million-dollar homes have defects. So no matter what the purchase price, avoid falling into the trap of expecting a flawless house.

Posted By: Chrissy Doremus, U.S. Inspect Blog

Reminders for Halloween Safety Tips

Greater Mortgage Solutions & Valley Hills Realty — Fri, 29 Oct 2010 13:25:13 -0400

Since its right around the corner and this weekend here are some good tips for parents to have a safe and fun time during your halloween weekend

Via Margaret Woda, Maryland Real Estate & Military Relocation Services (Long & Foster Real Estate, Inc., Crofton, MD):

TRICK-OR-TREATING IN CROFTON, MARYLAND

Keep the REAL spooks out of your children's Halloween night by taking these precautions when they go trick-or-treating in Crofton MD (or anywhere):

1. Accompany children when they go trick-or-treating - If they're a little older, stand back so you're not "lurking", but don't let a pedophile take advantage of this great opportunity to troll for vulnerable kids. And never let them enter a stranger's house!

Remember, adolescents are not too old to be at risk on Halloween or at any other time. (You might want to check the Maryland Sex Offender Registry, and avoid those residences when you take your children trick-or-treating.)

2. Encourage children to go trick-or-treating in small groups. If the group is too large, you might lose count if one is missing. My grandkids love it that their parents dress up in costume, too, but other kids may wish the adults to be less visible. Make this decision in advance, to avoid last minute hassle and controversy as you leave to go trick-or-treating.

3. Make sure that your children's masks don't restrict their vision, breathing or speaking . You don't want them to trip and fall, bump into things, or be oblivious to what is around them. You want them to be heard, if they call for help, and you certainly don't want their breathing restricted. Why not consider face-painting, instead of a mask this year?

4. Dress your children in costumes that will be visible in the dark. Black costumes may be Halloween-spooky, but they put children at risk, crossing the street. Even when children are safely on the sidewalk, you want them to be visible to someone backing out of their driveway. It's a good idea for them to carry a flashlight, too, and please remind them to stay on the sidewalks we have throughout our Crofton neighborhoods.

5. Enforce a strict rule of "No testing the treats ‘til you get home" so you have an opportunity to look them over for obvious tampering. Frankly, when my kids were small and less aware of every treat they received, I trashed everything they collected after they went to sleep and replaced it with candy I provided. (Reading this will probably be the first time they know that.)

By the way, if you give your kids a big dinner before they go out Trick-or-treating, they're less likely to want candy before they get home.

Posted Originally on October 30, 2007

____________________________________

Check out the complete list of Halloween safety tips published yesterday by the Anne Arundel County Police Department on Facebook.

Crofton MD is generally well-lit and there are sidewalks in most neighborhoods, so trick-or-treating is probably safer in this community than most. But it's still important to be responsible and exercise precautions. As an alternative to trick-or-treating, you may wish to take the kids to one of these local events:

Hallow-Screen at the Annapolis Town Center tonight, (Kids of all ages)

The Crofton Halloween Parade on Saturday (for the little ones), or

Haunted House at the Baysox Stadium (PG-13)

Copyright 2010. All rights reserved.

Download a FREE Long & Foster mobile APP for your iPhone or iPad and use this VIP Access Code: 21114

MARGARET WODA
REALTOR® and Associate Broker
Long & Foster Real Estate, Inc.

Office: (410) 721-1500 x 6245
Direct: (301) 346-2923
Email: MWoda@mris.com

'Still passionate about helping home buyers and sellers in Bowie, Crofton, Davidsonville, Gambrills, Fort Meade and Odenton, Maryland, after 30 years as a REALTOR®.

"WALKING AWAY" IS A MAJOR TREND---LET'S NOT PUT OUR HEADS IN THE SAND!

Greater Mortgage Solutions & Valley Hills Realty — Mon, 10 May 2010 14:10:06 -0400

Via Paula Hathaway (Prudential Douglas Elliman Real Estate):

IF YOU WATCHED 60 MINUTES LAST NIGHT ON CBS, YOU TOO CAN SEE THE WRITING ON THE WALL! Homeowners are considering walking away from "underwater" homes---and they are doing it in great numbers. These are not your "subprime" mortgage foreclosure---they are average homeowners who have been making payments and CAN AFFORD to keep paying! They choose to move on because they do not see a future in their homes!!!

FALLING HOME VALUES. This is still A REAL ISSUE TO CONSIDER......prices are still falling , and may fall further! Let's not put our heads in the sand---we need to act now! With attention on the seriously underwater middle class homeowners, walking away from their obligations, we now have another possible situation that will cut into the already lower home prices.

Falling home values have not stopped--they may have slowed somewhat in certain markets, but prices are still coming down! With foreclosures still a factor and short sales increasing each month, we need to take a long hard look at what we need to do in order to prevent further erosion in the housing market....What we DO have in our favor are BUYERS!...People are looking to buy in this market because of percieved value, Perhaps for the first time in a decade!

There is no way to say how far home values will fall; we can look at prices as closings happen or we can look back on a 3 month time period to try to catch the trend for the next 3 months. None of this information is usable, however, because the actual price where a property trades appears to be based on the homeowners situation, not on any market trend. No longer can we use 1 year or even 6 months as a criteria for pricing homes

So, given the fact that we are not able to price properties based on a trend, it is now essential to know the motivation of the seller in more detail than in the past---How do we measure home values NOW? How do we determine the real price of a property in a market where the homeowner, desperate perhaps, needs to sell fast?

Measuring home values in this market is like measuring a moving target....we can be very wrong very easily and the homeowner who is more vulnerable then ever before, can easily become the victim of a distorted sense of home values if we use our former ways of pricing.

LET'S NOT PUT OUR HEADS IN THE SAND ABOUT VALUES AND LOSE PRECIOUS TIME IN THE PROCESS!

One thing that I have noticed here in the Hamptons is that the "new builds" are selling quite quickly and they are selling at prices that were "set" before the downturn--in other words, at the highs of the market in '07-'08! Builders are more optimistic than I have seen them in a very long time; they are able to buy up properties in ideal locations for 1/2 the price they would have paid in '07-'08 and they are tearing down and building new homes that appeal to a "new" buyer. This new buyer has money and has been waiting to buy a new home in a great location....and the builders are making hay while the sun shines!

MEASURING VALUES IN A VERY DIFFERENT HOUSING MARKET: The challenges that we face going forward in measuring the true value of a home is going to cripple the housing market unless we fully understand the motivation of both the buyer and the seller. I have the sense that if we go about doing the same things we did in the past with prices, we will find ourselves in a very bad, longer term crisis than is now projected.

PROPER PRICING MAY BE THE ONE THING THAT IS PROPPING UP THE HOUSING MARKET!!

IN my opinion, there are 4 definitive categories that we need to focus on when pricing properly in this very precarious time. I have broken them down with pricing strategies by category so you can see the importance of giving each property the best chance to sell quickly:

1."Original" condition homes: those homes that may be coming on the market for the first time in it's history. These homes are usually 25 years old or older and need major work to bring them up to date.

Because the pluming and electric is old, the appliances and fixtures are out of date, this property needs to be priced to allow for replacement of these things---save time and money by pricing this house to motivate buyers to want to buy it...maybe even list the approximate costs of replacement.

These homes need to be priced at the lowest level possible, based upon mostc recent sales and in-contracts of similar homes in a given area. Emotion is a major factor in additon to price when a buyer is looking at this category.

2."Good" condition homes: those homes that have been well maintained and may have been recently renovated but are 10 years or older.

Here, the home has much to offer in terms of less work to do but again, offering the approximate costs of anything that needs to be re-placed will help to motivate the buyer who wants the charm of an "older home".

Proper Pricing is critical in this situation because a buyer knows that he/she will have to do work to make it like their own and is looking to have a good reason to buy it. The price will make the difference here; emotion willl be less of a factor.

3."Prime" condition homes: these are the houses that we may have considered "like new" or "mint" condition and are no more than 10 years old, have been very well maintained and are up brought up to date on appliances and baths.

This category of home is surprisingly easy to sell to the buyer who wants to move in and not have to do any work what-so-ever. Emotion will be a major factor and a good price will be the cherry on the top of a great "buy"

4."New build": is new and has never been lived in....generally no more than a year old.

This is a category that took a big "hit" during the downturn; prices could not go low enough for the buyers of those houses! Motivation to sell became a sheer need to sell; builders were making deals that were hard to say "no" to.

Because the "new builds" of yesterday ('07-'09) were going up in less than prime locations, they sat! What is that old saying: "LOCATION, LOCATION, LOCATION"....well it is still the key to selling a brand new home! Top dollar can be the result when a new home is in a desirable location.

With the additional factor of "walk aways" on top of the lost value through forelosure, we have an obligation to be at the top of our game when it comes to pricing homes in this market.

LET'S NOT MAKE THE SAME OLD MISTAKES WITH PRICES THAT WE HAVE IN THE PAST!!! LET'S NOT PUT OUR HEADS IN THE SAND WHEN IT COMES TO THIS ISSUE--OUR LIVELY-HOODS DEPEND ON IT!

Paula I. Hathaway, LBA, Prudential Douglas Elliman

Top Producer, Diamond , Gold and Chairman's Circle Awards

We must face reality & common sense in the real estate market. Interest Rates will rise !!!!

Greater Mortgage Solutions & Valley Hills Realty — Fri, 09 Apr 2010 12:14:10 -0400

If you want to buy a home in Santa Maria ,, start getting serious

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

BE PREPARED – Ready & Armed for any curve balls in today's market

Mortgage Interest Rates have been on the rise. People need to be aware of this, especially if you are shopping for a mortgage and you are already tight on your mortgage payment. When your loan officer pre-qualifies you, they should always show you a comparison with rates about 1/4% higher than today's market. Just that 1/4% in rate could make a difference in regards to your housing budget or just for the fact that you might not qualify now.

Overall, I think too many of us, even loan officers, have been to complacent with the rates because they have been so low for the last several years now. This post is not to cause panic or instill fear, but to make you aware of possible changes down the road. I wrote about interests possibly moving higher a few months ago. Mortgage Interest Rates - Things you need to know. Since I have written this, rates have literally gone up about 1/4%. I will give details in the differences below.

Article about rates being the highest in the last 8 months. 30 yr fixed rate hits 8 month high - Keep in mind, they talk about so many new jobs, but more jobs were lost than gained. The news can be very misleading when it says it has added 162,000 new jobs. But again, they don't talk about what jobs were lost in this time period. Just more reason to why rates will rise and not just based on less jobless claims. As mentioned, there are many different factors that move rates up or down.

Some important input :

I have heard some real estate agents and loan officers state that you should wait because housing prices will drop some. So many fail to think through this statement, because if rates went up, would this really matter? In my opinion, so many are stuck on the fact that you don't want to be upside down on your house. You should be buying your home as a long term investment. Especially if you have kids in a good school system, chances are you would be in that house for 10 + years. Now, you could be relocated because of your job or because of a few other things. Hence why you really need to plan when buying a new home and just say that you will worry about other obstacles when they happen. But in my opinion, who cares if you are upside down early on, if you love the neighborhood and the school system. I truly believe that values will increase some down the road. But keep in mind, you will be paying down your mortgage at the same time.

2 Examples of Rate Increases for the WORST

Example # 1 - Just showing what a higher rate will do to your mortgage payment. The example below is based on a $250,000 mortgage amount.

After doing mortgages for 17 + years now, I know that even a $50 increase can make a huge difference. Some of us would then say that borrower shouldn't be buying a home then. But is that a fair assumption? Everyone has some sort of cut off point. When I qualify a borrower, one of my first questions is to ask them how much of a mortgage payment that they are comfortable with, not to exceed. You know how many borrowers are asked what kind of purchase price that they would like? More that are focused on price and not payment. I really try to get people to understand that they should not focus on the interest rate, and focus more on the payment. Just food for thought.

Example # 2 - Showing you that waiting for prices to come down might not make a difference.

Here is a good example showing you that you are paying off more principal with a lower rate even though your mortgage amount is more. In 10 years, instead of it being a $25,000 gap, it is now a $17,115 gap in regards to what you owe on the higher mortgage amount.

Summary : Please stop listening to people that suggest you wait for the values to drop even more. I don't have a crystal ball, but I would speculate that rates will continue to climb throughout the summer, unless the government or someone else comes back into the market and starts to buy up the MBS's. (Mortgage Back Securities) Yes, there are many variables that weren't mentioned that can affect interest rates. But the mortgage interest rates have been low for too long and this will hurt us in the long run.

Food for thought - If you are very serious in purchasing a new home, feel very comfortable with a specific monthly mortgage payment, and feel secure in a few other areas of your life.... then buy now, don't wait.

_____________________________________________________________________________________________________

FOLLOW ME ON FACEBOOK

- FHA Loans - USDA Loans - VA Loans -

- Energy Efficient Mortgages -

- Conventional Loans - 203 k loans -

- FHA Home Loans - Mortgages -

Experience & Knowledge at its BEST !!!

_____________________________________________________________________________________________________

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

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

Important Information about the First Time Homebuyers Tax Credit

Copyright © 2010 by Jeff Belonger of Infinity Home Mortgage Company, Inc

HAFA Short Sale Guidelines Decoded. Complete HAFA Short Sale Program Resource.

Greater Mortgage Solutions & Valley Hills Realty — Tue, 06 Apr 2010 15:53:22 -0400

Great Information for all the Santa Maria homes for sale that are all short sales and there are alot of them here !!!

Via Tim and Julie Harris (Harris Real Estate University):

Short Sales: New Rules, New Guidelines.

What Agents Need To Know Now To Survive and Thrive The Greatest Shift In The History Of The Real Estate Industry.

This is your…everything you need to know about HAFA resource. You are about to learn exactly what you need to do now…

Use this information, links, downloads on this resource page to educate yourself and your potential Short Sale Sellers about HAFA (Short Sales).

Important: Agents, the entire real estate industry, ALL the major brokers, the National Association of Realtors, the President of the United States…and most importantly….all the homeowners in your community who are suffering….want you to know this information so that you can help them to avoid foreclosure. Recently history has shown that most upside down homeowners can’t or won’t qualify for a mortgage loan modification. The next natural (and smart) step is a Short Sale or Deed In Lieu. Its not too late for you to become your areas HREU CDPD Short Sale Specialist.

Introduction: HAFA: The streamlined, fast close, full commission short sale. (well, almost)

Section 1: NAR’s HAFA Short Sale Information.

Section 2: Making Homes Affordable Information

Section 3: HAFA F.A.Q.s

Section 4: Agents Action Plan.

Introduction:

We will now decode for you all the important HAFA program details so that you can focus on helping homeowners.

As we have been proclaiming for nearly 4 years…the only true help for homeowners will come from caring, competent and skilled agents. Agents who have taken the time to adapt to the new mindset of being of service and have taken the time to learn the new skill set that this market requires.

Harris Real Estate University is working closely with the NAR to make HAFA a success. We would like to again acknowledge the NAR’s Jeff Lischer for his extensive efforts in front of and behind the scenes in Washington.

Many agents are confused about the Treasury Departments Making Homes Affordable Program, HAMP program and their new HAFA Short Sale Program. Here is the bottom line, HAFA provides the structural framework for Short Sales and Deeds in Lieu. The goal of this program will be to motivate both lenders and borrowers to avoid foreclosure.

Agents, for the foreseeable future Short Sales (and REOs) will dominate the real estate industry.

Please understand, this market…the market where millions of homeowners are upside down…where bank owned homes (REO’s) are everywhere….is the new normal.

On the surface many aspects of this new market may seem daunting if not a little intimidating.

Many agents have been avoiding learning how to list and sell short sales. Perhaps they have been hoping and praying that the need for these skills would not be required….maybe the clouds would clear and the market would return to ‘normal’. What agents must accept is the bubble that lasted nearly 8 years was abnormal. The market we are in now and will be for at least 3-5 years IS the new normal

Accepting that this is the new normal opens you and your business up to many extraordinary opportunities.

One of the best opportunities is being a Harris Real Estate University CDPD (Certified Distressed Property Designation) agent. Homeowners are looking for agents who have advanced education to help them sell their home via a short sale. Be that agent. Watch the FREE HREU CDPD Agent Short Sale Secret video and download the FREE Short Sale Book.

HREU has been advocating for years the streamlined Short Sale. HAFA is the first major step to make a streamlined, fast close, full commission Short Sale a reality.

Important Note About HAFA: Expect the HAFA program details, rules, guidelines to be updated frequently. We will keep you ahead of the curve and provide you real time short sale coaching. Its our belief that HAFA is the single biggest step taken since the impolsion of the housing market to help homeowners. This new program will help homeowners who are unable to retain their home under the Home Affordable Modification Program (HAMP), provides incentives in connection with short sales and deeds-in-lieu of foreclosure.

We know for a fact that the lenders servicer’s are now contacting the borrowers they have deemed to be most likely to be headed for default. On other words, lenders are proactively promoting to their borrowers doing a Short Sale (or DIL). Banks are not only initiating the Short Sale process but, they are also literally pre-approving the home as a short sale. BEFORE you list the home, the banks will have collected the Short Sale paperwork, priced the home and educated the borrower on the Short Sale process. Next, the banks will be sending those pre-approved listing leads to agents. Obviously, the lenders will be selective whom they refer these listings to. Become the preferred Short Sale agent in your area. Learn more about the HREU CDPD Program now. Watch the FREE HREU CDPD Short Sale Video and Download the FREE Short Sale book.

Section 1: NAR’s HAFA Short Sale Information

Realtor.org HAFA/ Short Sale Brochure Part 1

Realtor.org HAFA/ Short Sale Brochure Part 2

Great Video from the National Association Of Realtor’s Short Sale/ HAFA Expert Jeff Lischer.

Section 2: Treasury Departments Making Homes Affordable Program.

About Making Home Affordable Program Website

Making Homes Affordable Video: Your Graceful Exit. Agents, share this video with all of your potential Short Sale clients. Remember, this video was created by the U.S. Treasury Department. If you are looking for validation that its time for you to learn the new ways to list and sell short sales….thus, helping a homeowner avoid a foreclosure…this is it!

 

Making Homes Affordable continued….

In February 2009, the Obama Administration introduced a comprehensive Financial Stability Plan to address the key problems at the heart of the current crisis to get our economy back on track. A critical piece of that effort is Making Home Affordable, a plan to stabilize the housing market and help struggling homeowners get relief and avoid foreclosure.

The Home Affordable Modification Program provides eligible homeowners the opportunity to modify their mortgages to make them more affordable. Over one million homeowners have already gotten help under the program. The program is on track to help 3 to 4 million homeowners by 2012.

On March 26, the Obama Administration announced expanded flexibility for mortgage servicers to assist more unemployed homeowners and homeowners who are underwater through the program.

The Second Lien Modification Program (2MP) offers homeowners a way to modify their second mortgages to make them more affordable when their first mortgage is modified under the Home Affordable Modification Program.

The Home Affordable Refinance Program gives homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac an opportunity to refinance into more affordable monthly payments.

The Home Affordable Foreclosure Alternatives Program provides opportunities for homeowners who can no longer afford to stay in their home but want to avoid foreclosure to transition to more affordable housing through a short sale or deed-in-lieu of foreclosure.

Our homeowner website, www.MakingHomeAffordable.gov, provides detailed information and resources about these programs. Through this website, homeowners can also connect with free HUD-approved counseling organizations, locate free events in their area, find the application documents necessary to apply for the Making Home Affordable Program, as well as find answers to frequently asked questions, and much more.

We hope that you will find this website informative and useful as we all work together to solve our nation’s housing crisis and put our country on the path to a lasting economic recovery.

Section 3: HAFA and HAFA F.A.Q.’s:

Complements HAMP by providing a viable alternative for borrowers (the current homeowners) who are HAMP eligible but nevertheless unable to keep their home.

Uses borrower financial and hardship information already collected under HAMP.

Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).

Prohibits the servicers from requiring a reduction in the real estate commission agreed upon in the listing agreement (up to 6%).

Requires borrowers to be fully released from future liability for the first mortgage debt and, if the subordinate lien holder receives an incentive under HAFA, that debt as well (no cash contribution, promissory note, or deficiency judgment is allowed).

Uses a standard process, uniform documents, and timeframes/deadlines.

Provides financial incentives: $3,000 for borrower relocation assistance; significant financial incentives for servicers to cover administrative and processing costs.

Requires all servicers participating in HAMP to implement HAFA in accordance with their own written policy, consistent with investor guidelines. The policy may include factors such as the severity of the potential loss, local markets, timing of pending foreclosure actions, and borrower motivation and cooperation.

Does not take effect until April 5, 2010, but servicers may implement it before then if they meet certain requirements. The program sunsets on December 31, 2012.

TIMELINE

Notification If a servicer has not already discussed a short sale or DIL with the borrower, it must notify the borrower in writing of these options and give the borrower 14 calendar days to respond, orally or in writing. If the borrower does not respond, that ends the servicers duty to give a HAFA offer.

Servicers must consider HAMP-eligible borrowers for HAFA within 30 days after the borrower does at least one of the following:

Does not qualify for a HAMP trial period plan

Does not successfully complete a HAMP trial period plan

Is delinquent on a HAMP modification (misses at least 2 consecutive payments)

Requests a short sale or DIL

Short Sale Agreement

The borrower has 14 calendar days from the date of the Short Sale Agreement (SSA) to sign and return it to the servicer. The SSA must give the borrower an initial period of 120 days to sell the house (extensions permitted up to a total of 12 months).

Purchase Offer

Within 3 business days of receiving an executed purchase offer, the borrower (or agent) must submit a completed Request for Approval of Short Sale (RASS) to the servicer, including

* a copy of the sale contract and all addenda

* buyer documentation of funds or pre-approval/commitment letter from a lender

* all information on the status of subordinate liens and/or negotiations with subordinate lien holders.

Within 10 business days after the servicer receives the RASS and all required attachments, the servicer must approve or deny the request and advise the borrower.

Closing

The servicer may require the closing to take place within a reasonable period after it approves the RASS, but not sooner than 45 days from the date of the sales contract unless the borrower agrees.

The servicer must release its first mortgage lien within 10 business days (or earlier if required by state or local law) after receipt of sales proceed from a short sale or delivery of the deed in the case of a DIL. Investor must waive rights to seek deficiency judgments and may not require a promissory note for any deficiency.

FAQs

HAFA is a complex program with 43 pages of guidelines and forms. To help you better understand the process, NAR has prepared some frequently asked questions that address the basics.

Who is eligible for HAFA?

The borrower must meet the basic eligibility criteria for HAMP:

Principal residence

First lien originated before 2009

Mortgage delinquent or default is reasonably foreseeable

Unpaid principal balance no more than $729,750 (higher limits for two- to four-unit dwellings)

Borrowers total monthly payment exceeds 31% of gross income

How is the program being implemented?

Supplemental Directive 09-09 (November 30, 2009) gives servicers guidance for carrying out the program. A short sale agreement (SSA) will be sent by the servicer to the borrower after determining the borrower is interested in a short sale and the property qualifies. It informs the borrower how the program works and the conditions that apply.

After the borrower contracts to sell the property, the borrower submits a “request for approval of short sale” (RASS) to the servicer within 3 business days for approval. If the borrower already has an executed sales contract and asks the servicer to approve it before an SSA is executed, the Alternative RASS is used instead. The servicer must still consider the borrower for a loan modification.

What are the steps for evaluating a loan to see if it is a candidate for HAFA?

1. Borrower solicitation and response

2. Assess expected recovery through foreclosure and disposition compared to a HAFA short sale or deed in lieu of foreclosure (DIL)

3. Use of borrower financial information from HAMP

4. Property valuation

5. Review of title

6. Borrower notice if short sale or DIL not available (to borrowers that have expressed interest in HAFA).

What are the HAFA rules regarding real estate commissions?

The guidance states that a servicer may not require a reduction in the real estate commission below the amount stated in the SSA, up to 6%.

What else should I know?

The deal must be “arms length.” Borrowers cant list the property or sell it to a relative or anyone else with whom they have a close personal or business relationship.

The amount of debt forgiven might be treated as income for tax purposes. Under a law expiring at the end of 2012, however, forgiven debt will not be taxed if the amount does not exceed the debt that was used for acquisition, construction, or rehabilitation of a principal residence. Check with a tax advisor.

The servicer will report to the credit reporting agencies that the mortgage was settled for less than full payment, which may hurt credit scores.

Buyers may not reconvey the property for 90 days. HAFA Short Sale Program has been in effect since April 5, 2010.

Section 4: Agents Action Plan.

* Obtain your Short Sale designation. Here is the info you need to get started on the HREU CDPD for only $97. We will give you all the tools, scripts, presentations, press releases, marketing ideas you need now.

* Contact ALL of your past clients, friends and family members and ask them if they our anyone they know is considering defaulting.

* Contact other agents who have upside down owners but, don’t know how to do short sales…short sale listing referrals!

* Make the decision to become your areas Short Sale Specialist. Start by building a huge Short Sale listing inventory. In nearly every market upside down owners are everywhere. Make a commitment to list 10..20…50…100 Short Sales over the next 90 days.

* If you are still skeptical about Short Sales..watch our FREE Short Sale video. When you do we will invite you to the upcoming HAFA Short Sale Secrets tele-conference.

Need a little more motivation to become a Short Sale Specialist? Watch these videos:



Popularity: 1% [?]

Similar Posts:

HAFA Guideline Updates, HREU CDPD Short Sale Designation (29.747) As we expected, the HAFA Guidelines are...

HAFA Short Sale Guideline Overview From Fannie Mae. (29.678) Agents, tune into the NAR and MHA...

2010 IS The Year Of The Short Sale | Harris Real Estate University CDPD Short Sale Training (28.466) Seth Wheeler, Senior Advisor to the Treasury...

Real estate agents breaking federal law by negotiating Short Sales?

Greater Mortgage Solutions & Valley Hills Realty — Fri, 02 Apr 2010 16:34:52 -0400

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

This post has the potential to be inflammatory so let me begin by saying, "I'm just the messenger."

In Georgia there are two attorneys who are considered to be and are, in fact, held out to be the real estate contract experts. By experts I mean they wrote the book on Georgia real estate contract law. "The Red Book on Real Estate Contracts in Georgia" published by the Georgia Association of Realtors was authored by firm partners Ned Blumenthal and Seth Weissman of Weissman, Nowack, Curry & Wilco, P.C.

Mr. Blumenthal recently wrote an opinion letter ("The Letter") about how the new effects of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 wherein it relates to negotiating mortgage terms. When I say this has already been discussed among Mortgage Loan Originators (MLOs by license) the topic of real estate agents discussing loan terms with clients did arise. Instead of jumping on the knee-jerk bandwagon I opted for the "time will tell" approach.

The Letter seems to hold more with a recommendation, ne admonition, for agents who do not hold a National Mortgage Licensing Registry MLO license to avoid talking about loan terms with clients under what could possibly be the jurisdiction of NMLS and the S.A.F.E. Act.

The Act, in fact and according to Mr. Blumenthal's Letter plainly states, "it shall be prohibited for any person to engage in the activities of a mortgage loan originator without first obtaining and maintaining a mortgage loan origination license."

The Letter continues in Mr. Blumenthal's own words to state/ask, "Normally, real estate brokers and agents do not get involved in negotiating with the terms of loans for their clients and should not run afoul of the Act. However, what about in short-sale situations? If an agent contacts the seller's lender trying to negotiate terms for a short-sale, does this violate the Act?"

Without copying verbatim The Letter, which is three pages printed, we should skip to the punch line. Remember, Mr. Blumenthal and Mr. Weissman are the preeminent real estate law attorneys in the state. This is not hearsay from some bar room talk with a couple of loan officers and a closing attorney. "We do not have any definitive case law on this yet", writes Mr. Blumenthal, "but the answer certainly appears to be 'yes'".

Possible resolutions:

Get your NMLS license and find a lender/broker to sponsor you.

Team up with an NMLS licensed MLO and let them handle the negotiations for you.

Your thoughts and ideas?

Ken Cook - Georgia - FHA, USDA, VA and Conventional Home Loans (678) 439-8683 NMLS ID 208452

My employer: AmericaHomeKey, Inc., 2870 Johnson Ferry Road, 150, Marietta, GA 30062 NMLS ID 102930. Georgia residential mortgage licensee 23191. Equal housing lender.

10 Questions You and Your Buyers Must Ask Before Purchasing A Condominium Unit

Greater Mortgage Solutions & Valley Hills Realty — Sun, 28 Mar 2010 15:48:03 -0400

GREAT things to keep in mind when considering to buy a condo

Via Richard Vetstein (Vetstein Law Group, P.C., TitleHub Closing Services LLC):

Buying a condominium unit can be more involved than buying a single family home. This is because you have to worry about both the unit itself and the condominium project as a whole.

10 Questions You Must Ask Before Purchasing A Condominium Unit

To borrow from a famous phrase, not all condominiums are created equally. Some condominiums are very well run; some are quite poorly run and underfunded. Buyers interested in purchasing a condominium unit must do their homework: not only about the condition of the individual unit they are interested in purchasing, but on the financial health and governance of the condominium as a whole. Remember, you are buying into the entire project as much as you are the unit, and your decision will impact your daily living and your ability to re-sell.

Here are the 10 questions buyers should ask when deciding to purchase a condominium unit:

What is the monthly condominium fee and what does it pay for? The monthly condominium fee can range quite dramatically from condominium to condominium. The fee is a by-product of the number of units, the annual expenses to maintain the common area, whether the condo is professionally managed or self-managed, the age and condition of the project, and other variables such as litigation. For budgeting and financing you need to know the monthly fee and exactly what you are getting for it.

What are the condominium rules & regulations? Condominium rules can prohibit pets, your ability to rent out the unit, and perform renovations. Make sure you carefully review the rules and regulations before buying. Needless to say, the buyer's attorney should review and approval all condominium documents, including the master deed, declaration of trust/by-laws, covenants, unit deed and floor plans to ensure compliance with state condominium laws as well as Fannie Mae and FHA guidelines, as necessary.

How much money is in the capital reserve account and how much is funded annually? The capital reserve fund is like an insurance policy for the inevitable capital repairs every building requires. As a general rule, the fund should contain at least 10% of the annual revenue budget, and in the case of older projects, even more. If the capital reserve account is poorly funded, there is a higher risk of a special assessment. Get a copy of the last 2 years budget, the current reserve account funding level and any capital reserve study.

Are there any contemplated or pending special assessments? Special assessments are one time fees for capital improvements payable by every unit owner. Some special assessments can run in the thousands, others like the Boston Harbor Towers $75 Million renovation project, in the millions. You need to be aware if you are buying a special assessment along with your unit. It's a good idea to ask for the last 2 years of condominium meeting minutes to check what's been going on with the condomininium.

Is there a professional management company or is the association self-managed? A professional management company, while an added cost, can add great value to a condominium with well run governance and management of common areas.

Is the condominium involved in any pending legal actions? Legal disputes between owners, with developers or with the association can signal trouble and a poorly run organization. Legal action equals attorneys’ fees which are payable out of the condominium budget and could result in a special assessment. In most states, you can run a search of the condominium association in the court database to check if they've been involved in recent lawsuits.

How many units are owner occupied? A large percentage of renters can create unwanted noise and neighbor issues. It can also raise re-sale and financing issues with the new Fannie Mae and FHA condominium regulations which limit owner-occupancy rates. If your buyer is using conventional financing, check if it is a Fannie Mae approved condo. If FHA financing, check if it's an FHA approved condo. (Thanks Lou Corcoran for the links)

What is the condominium fee delinquency rate? Again, a signal of financial trouble, and Fannie Mae and FHA want to see the rate at 15% or less.

Do unit owners have exclusive easements or right to use certain common areas such as porches, decks, storage spaces and parking spaces? Condominiums differ as to how they structure the “ownership” of certain amenities such as roof decks, porches, storage spaces and parking spaces. Sometimes, they are truly “deeded” with the unit, so the unit owner has sole responsibility for maintenance and repairs. Sometimes, they are common areas in which the unit owner has the exclusive right to use, but the maintenance and repair is left with the association. Review the Master Deed and Unit Deed on this one.

What Does The Master Insurance Policy Cover? The condominium should have up to $1M or more in coverage under their master condominium policy. For buyer's own protection, they should always buy an individual HO-6 policy covering the interior and contents of the unit, because the master policy and condo by-laws may not cover all damage to their personal possessions and interior damage in case of a roof leak, water pipe burst or other problem arising from a common area element. Ask for a copy of the master insurance policy and don't forget to check the fine print of the by-laws. Sometimes, there's language that would hurt a unit owner in case of a common area casualty. Condominiums over 20 units should also have fidelity insurance to protect against embezzlement.

Often a standard condominium questionnaire will answer all or most of these questions. In Mass., where I practice, this isn't required by law, nor is a seller disclosure. If not, be prepared to generate this list and incorporate it into your Offer to Purchase or Purchase and Sale Agreement, as the case may be in your home state.

Either way, do not have your buyer put earnest money down until satisfactory answers are received. Good luck and happy condo hunting to you and your buyers!

10 Questions You and Your Buyers Must Ask Before Purchasing A Condominium Unit

Greater Mortgage Solutions & Valley Hills Realty — Sun, 28 Mar 2010 15:47:21 -0400

GREAT things to keep in mind when considering to buy a condo

Via Richard Vetstein (Vetstein Law Group, P.C., TitleHub Closing Services LLC):

Buying a condominium unit can be more involved than buying a single family home. This is because you have to worry about both the unit itself and the condominium project as a whole.

10 Questions You Must Ask Before Purchasing A Condominium Unit

To borrow from a famous phrase, not all condominiums are created equally. Some condominiums are very well run; some are quite poorly run and underfunded. Buyers interested in purchasing a condominium unit must do their homework: not only about the condition of the individual unit they are interested in purchasing, but on the financial health and governance of the condominium as a whole. Remember, you are buying into the entire project as much as you are the unit, and your decision will impact your daily living and your ability to re-sell.

Here are the 10 questions buyers should ask when deciding to purchase a condominium unit:

What is the monthly condominium fee and what does it pay for? The monthly condominium fee can range quite dramatically from condominium to condominium. The fee is a by-product of the number of units, the annual expenses to maintain the common area, whether the condo is professionally managed or self-managed, the age and condition of the project, and other variables such as litigation. For budgeting and financing you need to know the monthly fee and exactly what you are getting for it.

What are the condominium rules & regulations? Condominium rules can prohibit pets, your ability to rent out the unit, and perform renovations. Make sure you carefully review the rules and regulations before buying. Needless to say, the buyer's attorney should review and approval all condominium documents, including the master deed, declaration of trust/by-laws, covenants, unit deed and floor plans to ensure compliance with state condominium laws as well as Fannie Mae and FHA guidelines, as necessary.

How much money is in the capital reserve account and how much is funded annually? The capital reserve fund is like an insurance policy for the inevitable capital repairs every building requires. As a general rule, the fund should contain at least 10% of the annual revenue budget, and in the case of older projects, even more. If the capital reserve account is poorly funded, there is a higher risk of a special assessment. Get a copy of the last 2 years budget, the current reserve account funding level and any capital reserve study.

Are there any contemplated or pending special assessments? Special assessments are one time fees for capital improvements payable by every unit owner. Some special assessments can run in the thousands, others like the Boston Harbor Towers $75 Million renovation project, in the millions. You need to be aware if you are buying a special assessment along with your unit. It's a good idea to ask for the last 2 years of condominium meeting minutes to check what's been going on with the condomininium.

Is there a professional management company or is the association self-managed? A professional management company, while an added cost, can add great value to a condominium with well run governance and management of common areas.

Is the condominium involved in any pending legal actions? Legal disputes between owners, with developers or with the association can signal trouble and a poorly run organization. Legal action equals attorneys’ fees which are payable out of the condominium budget and could result in a special assessment. In most states, you can run a search of the condominium association in the court database to check if they've been involved in recent lawsuits.

How many units are owner occupied? A large percentage of renters can create unwanted noise and neighbor issues. It can also raise re-sale and financing issues with the new Fannie Mae and FHA condominium regulations which limit owner-occupancy rates. If your buyer is using conventional financing, check if it is a Fannie Mae approved condo. If FHA financing, check if it's an FHA approved condo. (Thanks Lou Corcoran for the links)

What is the condominium fee delinquency rate? Again, a signal of financial trouble, and Fannie Mae and FHA want to see the rate at 15% or less.

Do unit owners have exclusive easements or right to use certain common areas such as porches, decks, storage spaces and parking spaces? Condominiums differ as to how they structure the “ownership” of certain amenities such as roof decks, porches, storage spaces and parking spaces. Sometimes, they are truly “deeded” with the unit, so the unit owner has sole responsibility for maintenance and repairs. Sometimes, they are common areas in which the unit owner has the exclusive right to use, but the maintenance and repair is left with the association. Review the Master Deed and Unit Deed on this one.

What Does The Master Insurance Policy Cover? The condominium should have up to $1M or more in coverage under their master condominium policy. For buyer's own protection, they should always buy an individual HO-6 policy covering the interior and contents of the unit, because the master policy and condo by-laws may not cover all damage to their personal possessions and interior damage in case of a roof leak, water pipe burst or other problem arising from a common area element. Ask for a copy of the master insurance policy and don't forget to check the fine print of the by-laws. Sometimes, there's language that would hurt a unit owner in case of a common area casualty. Condominiums over 20 units should also have fidelity insurance to protect against embezzlement.

Often a standard condominium questionnaire will answer all or most of these questions. In Mass., where I practice, this isn't required by law, nor is a seller disclosure. If not, be prepared to generate this list and incorporate it into your Offer to Purchase or Purchase and Sale Agreement, as the case may be in your home state.

Either way, do not have your buyer put earnest money down until satisfactory answers are received. Good luck and happy condo hunting to you and your buyers!