Working HUD 203K

Oh my goodness this 203K is kicking my butt. It’s good when you have patient buyer that are willing to wait, which wasn’t always the case. Initially we thought we were going to be able to close a month ago and now we are going into our third month and our second extension. To top it off the title company is out of town and don’t want to answer a lot of questions.  Don’t leave me in the dark I had to demand some answers from them. The husband is leaving and the lender and the title company had to approve the POA. Military, you can’t hold them down and make them stay in place for very long.

We Have to Have Better Communication Between Agents and Lenders

We Have to Have Better Communication Between Agents and Lenders

I’m working with an out of town lender and I’m getting frustrated. Why, because I asked the lender if we could do the FHA with $100 down program. He said, “YES”. I asked this question in the beginning, so why now that we are about to close does he ask me where is some type of form. I told him I don’t have the form, so he sends me an example. When I read his paperwork, it said in bold ink, “$100 down only for full offers”. I called the Asset Manager because it was a HUD home and he verified the same information. So, I told the lender to call the clients and tell them. Instead he sends an email to them and it said something to the effect, “Call J’Neka she needs to explain the $100 down program. You and J’Neka told me that you were doing the $100 down program at the beginning of the loan process”.  EXACTLY, it was at the beginning of the loan process. So what if I says they can do VA but they don’t have any VA entitlements then what would he have said, “You and J’Neka told me you were doing a VA loan”.

I just felt like I was thrown under the bus with a drunk bus driver.  So I guess if we told the lender that we weren’t putting any money down on FHA, and then we could do that too huh.  We just need better communication that’s all.  And this should have been corrected at the beginning of the loan too with the lender (last time I check that was the lenders lane).

This will be one of my memorable moments.  Mark this down as a learning curve.
http://www.youtube.com/watch?v=REswH0ysyis
 

Foreclosed Property

There is a lot of great foreclosed property available with a lot of bang for the buck. A lot are listed around $50 per sq ft and under.  

The paperwork for foreclosures is getting more tedious. The contracts are made of course to be a to protect the banks or the companies owning the foreclosed properties. Paperwork is getting to be a bit much and buyers are going to have to be responsible for turning on the utilities for their inspection too.  There are definitely great deals available for any new home owner or investor. 

With foreclosed properties banks will not normally pay for surveys or title insurance on foreclosed properties.  Sometimes you can get the title insurance paid for if you use the seller’s title company. As for the survey, if you can find an existing survey then you can save about $500.00.

Who Wants to Increase Their Credit Score

 I’ve completed a little personal test myself with one of my clients to find out if I can increase their credit score by at least 20 points within 60 days. The goal is to get credit with one of these credit card companies to establish new credit. These companies sometimes have additional charges too.  This is one way you can increase your credit score. Apply, charge, and pay on time. I normally tell my clients to charge something like gas, because you always need it and it’s a constant. Also, you don’t want to over charge. If the company only gives you $250.00 then only charge $250.00 and no more. Allow the charges to hit your credit. Don’t pay the bill off before you get the statement. I had one client that charged gas and as soon as he charged it he paid it off. Well that didn’t help him at all and it made him taken longer than the 60days. You can make payments one or two ways. Pay your bill down to twenty dollars or pay a little more than the minimum amount due.  You have to remember you don’t want any collections, judgments or bad credit reflexing your credit. This is how I help my clients bring their credit scores up. Remember to always pay on time.

Orchard Bank                          Merrick Bank              Capital One

800-395-2120                          800-253-2322              800-955-7070

Flipping A House

I don’t know what it is but I get so excited when it comes to remodeling or flipping a house. My juices getting to pouring and my blood get heated and my mind gets excited.  It’s just hard to describe everything but this energy from nowhere just comes out of me.  It’s so bad that I have to tell myself, “Calm down and settle yourself”.  I definitely have to make sure I’m not just running into something that I’m not ready to tackle. For me it’s a get joy and an adventure. Planning is everything.  You first have to plan, do your research, and make sure the prices are right for the task at hand.

Outline your plan for your timeline you are setting for yourself. What do you think will be cost effective for the repairs? Give yourself a budget. What if the property sits on the market for a while? What would plan B be if the property sits? What type of timeline will you give yourself to flip the property before you go to plan B? Get all the estimates you will need for your remodel. Cost is everything. It can either make or break you.

Do your research for the area you will be in. Complete a Comparative Market Analysis to find out what you could sell the property for before you purchase it. 

Know what you would sell the house for a quick flip. Does the house you want to flip have the potential to pull in the profit you want to make? After everyone gets paid would you reach your goal? 

What you want to know is in the end was it worth it?

View YouTube on this: http://www.youtube.com/watch?v=dDuHjFiAj7E

CHANGE

Definition of Change:

change

[ chaynj ]

1.    become or make different: to become different, or make something or somebody different

2.    substitute or replace something: to exchange, substitute, or replace something

3.    pass from one state to another: to pass or make something pass from one state or stage to another

Here are some ways to use change in a positive direction. Here are some positive Thoughts spelling out the word C-H-A-N-G-E.

C- Challenge their comfortable routine

  H- Halts their mental slump
 
  A-   Addresses their fears

  N-   Narrows their excuses

  G - Gives today power over yesterday

  E- Ends that part of the journey
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   C- Creates Confidence

   H – Has the power to correct the wrong

   A – Allows you to adopt a new course

   N – New possibilities are exposed

   G -  Gives today a new meaning

   E – Energize you from the inside out

View my YouTube:

Best Interest Rate Ever

My client was able to get a great interest rate as a First Time Home Buyer. I told her about all the available programs we have in our area and she decided to go with VA program being that she is an ex-Marine. At one point in time after our option period she did want to change to the First Time Home Buyer program, but her interest rate wasn’t going to be nearly as good. So she stayed with the TxVet program and a low interest rate of under 3% (you can’t beat that). With the regular First Time Program rate she wouldn’t have been able to touch those rates. I’m very glad she stayed with her current program and was able to purchase the house that she wanted.

I’ve also received a referral from her for one of her family members. I love referrals.

YouTube: http://www.youtube.com/watch?v=9XLM7fhXtB0