Thursday, September 13, 2012
Sunday, August 19, 2012
Wait time to buy a home after Short Sale or Foreclosure ?
Most people re-purchasing after a Short Sale or Foreclosure usually wind up in an FHA loan because it is the most accessible and forgiving after a major credit event. Mostly, If you had good credit before the event you will have good credit after. Credit scoring is not an exact science, but many people I help… had 700 ficos before the Short Sale or Foreclosure & a year or so later still had 680 to 700 scores. The key is maintaining open active accounts before, during and after the credit event. The foreclosure / Short Sale waiting periods are as follows. FHA Loan - 3 years and right away on a short sale with NO Late payments. 2 years with a special circumstance. VA Loan - 2 years, 1 year with a special circumstance Conventional – 5-7 years depending on your credit score and only 2 years on a short sale with 20% down. 3 years with an extenuating circumstance.
Friday, June 1, 2012
Short Sale Buyers TO DO
SHORT SALE BUYERS
1. Hire A REALTOR®!
Not all real estate agents are REALTORS®. REALTORS® are members of the NATIONAL ASSOCIATION OF REALTORS® and voluntarily pledge to abide by the strict code of professional ethics.
2. Knowledge is Your FriendThe short sale process may be new to many buyers and is much different than a normal transaction. It is important to know what you are getting yourself into.
3. Do Your HomeworkGather and review as much information about a transaction as you can before writing an offer to purchase. Your REALTOR® can help you identify which properties for sale in the Multiple Listings Service are short sales.
4. Write A Clean OfferThis describes an offer to purchase that the seller is unlikely to take issue with.
5. Understanding the TimingA short sale may take a long time and it is important to understand the timing of the process.
6. Prep as Best as You Can
7. Manage Your Expectations About the Property
8. Don't Lose Sight of the Big Picture
For more on this subject
SHORT SALE SELLERS TO DO
SHORT SALE SELLERS
1. Hire a REALTOR®!Not all real estate agents are REALTORS®. REALTORS® are members of the NATIONAL ASSOCIATION OF REALTORS® and voluntarily pledge to abide by the strict code of professional ethics.
2.Take a Proactive ApproachThe short sale process can take a lot of time and effort on your part, so taking a proactive approach to your short sale may help you complete the transaction as quickly and painlessly as you can.
3. Knowledge is Your FriendThe short sale process may be new to many sellers and is much different than a normal transaction. It is important to know what you are getting yourself into.
4. Do Your HomeworkAs early as you possible, determine your lender's short sale requirements and whether you satisfy those requirements.
5. Get a Good Price For Your HomeGetting a good sales price not only improves your chances of getting your short sale approved, but may also have other advantages.
6. Submit a Complete Short Sale PackageProvide your lender with a complete short sale package containing all the required information and documentation in an organized manner.
7. Be Patient But Persistent
8. Avoid Scam ArtistsBe wary of scams. Your REALTOR® will help you avoid getting duped.
For more information on this subject
Sunday, February 19, 2012
Top 10 Home Closing Checklist Tips for Sellers
Top 10 Home Closing Checklist Tips for Sellers
How to Ensure a Smooth Sailing Home Closing
Follow a step-by-step home closing checklist to make sure your closing goes smoothly.
© Big Stock Photo
You would utilize your home closing checklist after all of your personal belongings and furniture have been moved. Although, not every seller is required to prior to or on the day of closing, most home sellers find that they can't begin to wrap up the process until everything is removed from the home.
Closing Checklist Tip #1: Retain Executed Seller Disclosures, Purchase Contract and Addendums Ideally, you will be handled a complete closing package by your escrow officer or closing agent. But you could also find some of these documents scattered about in your car or at your office. Keep all of these documents in a safe place. It's conceivable you could need them again, especially if a bill was unpaid or the buyer gets ticked off for some reason and hires a lawyer.
Closing Checklist Tip #2: Clean the House If you don't have time to clean, then at least hire a professional cleaning service. How clean to leave a house is often personal preference. It's not always necessary to shampoo the carpets, but that's a nice touch. This also means wipe down cabinets, inside and out. It doesn't hurt to make your last impression on the buyer a good one by polishing sink fixtures. Leave your home the way you, as a buyer, would like to find it. Closing
Checklist Tip #3: Turn Off Shut-Off Valves If you have disconnected a washer, for example, make sure the shut-off value is completely turned off because a small drip, drip, can eventually flood a home. Some sellers shut off the valves to all water sources such as sinks, toilets and dishwashers, too. Leave a note for the buyers so they won't call a plumber when the water won't turn on. Closing
Checklist Tip #4: Attend the Final Walk-Through There are so many quirks that only a home seller knows, and you could pass on these tips to a new home buyer during the final walk-through. Things like which light switch operates the lights, whether a door sticks, or how to clean a swimming pool. I like to ask sellers what they always wanted to do for a home improvement project but never got around to doing.
Closing Checklist Tip #5: Cancel Your Insurance Policies Wait until you know the deed has recorded or title transfer has formally occurred before you call your insurance agent. You should receive a refund from a prepaid premium for your homeowner's insurance.
Closing Checklist Tip #6: Cancel or Transfer Utilities, Stop the Newspaper Make up a list of phone numbers in advance of each of your utility companies. Not every utility is always paid monthly, some are quarterly. If you subscribe to the newspaper, you might have to order your cancellation a week or more in advance to stop newspapers from piling up in the front yard.
Closing Checklist Tip #7: Leave House Keys, Remotes, Gate Keys, Mailbox Keys Even though the buyers will probably change the locks, find every house key, remotes for the garage or ceiling fans, keys to the gate and mailbox, if any, and put them in a kitchen drawer.
Closing Checklist Tip #8: Assemble Appliance Manuals, Receipts and Warranties As you were packing, you may have come across manuals for the HVAC, security or sprinkler system or appliances, and set them aside. If you have receipts from contractors or warranties, put them into an envelope and leave them in a drawer with the manuals, along with the code for the security alarm.
Closing Checklist Tip #9: Check Cabinets, Drawers and Storage If your spouse or friend says she has gone through every room with a fine tooth comb looking for anything left behind, run one more check. You may find nothing more than a razor in the shower, but at least you'll be able to shave in the morning. It will give you peace of mind. I once forgot a black felt hat I loved, which was adorned with long peacock feathers, on the top shelf of a closet and never got over that loss. Closing
Checklist Tip #10: Close Drapes / Blinds, Turn off Lights and Lock the Door You would think this would be a given, but you'd be amazed at how many people forget to close up the house. If nobody can see inside, the odds of a break-in decline. If the home will be vacant for a long time, consider leaving behind an inexpensive lamp on a timer.
Written By Ron Jones
Friday, February 17, 2012
Inman News 100 Must-Have Mobile Apps | CENTURY 21 Real Estate Mobile
Inman News 100 Must-Have Mobile Apps | CENTURY 21 Real Estate Mobile
Top Mobile App Lists:
- Top 10 free Android real estate apps
- Top 10 paid real estate apps for Android
- Top 10 free and paid Android foreclosure apps
- Top free and paid iPhone real estate apps
- Top-rated free and paid iPhone foreclosure apps
- Top free and paid iPhone mortgage apps
- Most popular free and paid panorama photo apps for iPhone
- Top free and paid iPad real estate apps
- Top free and paid iPad mortgage apps
- Top 10 free and paid BlackBerry real estate apps
- Top-rated free and paid BlackBerry mortgage apps
Tuesday, February 14, 2012
The Top 5 Things Buyers Love
Tuesday, February 14, 2012
The Top 5 Things Buyers Love
This week’s blogs are chock-full of ways to translate what buyers love into strategies for selling your home this spring. And you can read more at ForSaleByOwner.com.
Here are the top five things potential buyers want in a brand-new house, according to a recent survey by trade publisher Hanley Wood:
- Everything is new
- Less maintenance
- More energy-efficient
- Opportunity to customize
- Contemporary floor plan
- More affordable
- Established community
- Opportunity to remodel
- Character
- Better neighborhood
Real Estate Glossary Letter A
The A's List of Real Estate Terms
A
ABSTRACT - An abbreviation of the cardinal aspects of all recorded deeds, mortgages, leases and other instruments affecting the title to a particular piece of land.
ABSTRACTING - The process of making and compiling an abstract.
ABSTRACTER - The person or company engaged in making abstracts.
ADVERSE POSSESSION - The unauthorized occupation of land belonging to another, by a person who does not have the consent of the owner. Said occupier is said to hold possession adversely to the rights and interests of the owner. In most states, by operation of law, title to the land becomes vested in such occupier after a fixed number of years of peaceful occupancy.
ALL-INCLUSIVE RATE - When referring to title insurance, an all-inclusive rate is a rate that includes at least some part of the cost of researching the title or the cost of conducting the closing. Please consult the “Shopping for Title Insurance” section of this site for more information.
ALTA - American Land Title Association, the national trade association for the title insurance industry. ALTA is made up of title firms that conduct your closing and issue you an Owner's Policy of Title Insurance.
AMORTIZATION - This term has developed through French and Old English from the Latin words "mors" or "mort" meaning death or dead. It is the killing off of an existing debt by regular partial payments. The word "mortgage" is also derived from the same Latin root.
APR - Annual Percentage Rate. The yearly interest percentage of a loan as expressed by the actual rate of interest paid.
APPRAISAL - An estimate of value of property from analysis of facts about the property; an opinion of value.
ATTORNEY'S OPINION - The written statement of an attorney setting forth what he believes to be the condition of a real estate title.
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