Short Sale part 1

Happy Holidays

Hopefully for a lot of people Black Friday was a success. I personally don’t go out on black Friday and shop. It’s just my preference not to go into a high stressed environment.

Right now I’m working a Short Sale.  I believe a short sale is as good as the listing agent and the sellers allow it to be. So we are starting off with a low offer to test the water and to get where we really want to be.  This will be very interesting. I always want to be on both sides to watch some of the offers that come through. My goal is to be a great negotiator.  

We are in the beginning stages of purchasing this property. The listing agent said he has everything together and it just needs to be accepted. So I will keep you updated and let you know how everything goes.

http://www.youtube.com/watch?v=tLKpSoZWMo4

Positive Energy

I was watching Oprah and Joel Osteen that I recorded.  The goal is to say these positive statements for at least 31 days. It is to encourage you and enrich you.

Declare your victory with me:

I AM BEAUTIFUL (HANDSOME)

I AM BLESSED

I AM VICTORIOUS

I AM STRONG

I AM HEATHY

I AM ENCOURAGE

I AM RICH

I AM CONFIDENT
http://www.youtube.com/watch?v=AAxo49dUBbo

Realtor - Lender – Client - Relationship

What’s the most important relationship for a client to connect while buying a house? I think it is the connection between the realtor-client-realtor. If the lender doesn’t stay in the lines of communication with everyone, then the closing isn’t going to run smoothly for anyone. The lender needs to explain every up front. Especially if the lender is going to require the appraisal fee up front the client should be aware.  I also think it is very important to go to the first meeting with your clients so you can hear and know what one person is telling your clients or what due outs are needed to turn in.

It really irritates me when the lender doesn’t explain everything and my client is hearing everything from me or the under writer because the lender didn’t tell anyone anything.

Agents - Every so often sit down with your lender to ask question you may need a break down with one of your closings that didn’t go as planned.  Or you may need to learn more about the original good faith estimate and what really happened in the end. 

YouTube: http://www.youtube.com/watch?v=mhUTLcVxO0w

 

 

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