Jul

13

Goal Setting

Posted by sarealtyhotspot under For Buyers, For Realty Professionals, For Sellers, General Information

Take the hottest day the world has known, the most powerful magnifying glass you can buy in a store and a box of newspaper clippings. Even though you magnify the power of the sun through the glass, you’ll never start a fire if you keep the glass moving. However, if you hold the glass still, and focus it on thepaper, you harness the power of the sun and multiply it through the glass. Then you can start a roaring fire! – See You At the Top, Zig Ziglar

 You can achieve more in life when you harness your own energy and focus it on one goal at a time. Prioritize and write out a list of goals that are important to you. Verify your goals are Simple, Measurable, Achievable, Realistic and Timely (S.M.A.R.T). Take action! Because a goal without action is just a dream…

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Jul

4

Lend Money, Change a life, Lend again, Change another life, Spread the word…Kiva

Posted by sarealtyhotspot under Ask a REALTOR, For Buyers, For Realty Professionals, For Sellers, General Information

 

Kiva - loans that change lives

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Jul

3

Just Listed! San Antonio, TX

Posted by sarealtyhotspot under For Buyers, For Realty Professionals, For Sellers, Listings, San Antonio Communities

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Jun

30

Just Listed- 6906 Elusive Pass, San Antonio

Posted by sarealtyhotspot under For Buyers, For Realty Professionals, For Sellers, Listings, San Antonio Communities

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May

12

Up to $8,000 available towards your downpayment

Posted by sarealtyhotspot under For Buyers, General Information

Unbelievable, just when you think they couldn’t make it any more easier for first time home buyers!   Read on:

Tax Credit Can Be Used for Down Payment
Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.Previously, most buyers wouldn’t receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS ® has been calling for the change.

œWe all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment, Donovan says. His remarks came in an address to several thousand REALTORS ® gathered Tuesday morning at “The Real Estate Summit: Advancing the U.S. Economy,” at the 2009 REALTORS ® Midyear Legislative Meetings & Trade Expo in Washington, D.C..He says FHA™s approved lenders will be permitted to œmonetize the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

Source: NAR
 

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May

12

Short Sale vs Foreclosure

Posted by sarealtyhotspot under For Buyers, For Realty Professionals, For Sellers, General Information, RE/MAX, SA Market News

If you or anybody you know find themselves in a distressed situation and are at risk of losing their home to foreclosure, it’s very important to understand that there are options out there; while it may not help to bring them out of a distressed situation immediately, the least they can do is to preserve their credit, and everything they’ve ever worked hard for in their lives so that when the opportunity presents itself again, they will not be haunted by past deficiencies.   I have attached an image displaying the differences of doing a short sale versus allowing the bank to foreclose on your property, please read and if you can think of anybody that would benefit from these options, talk to a Certified Distressed Property Expert who can help, call now!

Saving Families One Home at a Time

                                                                                                                                                                                                                                    FORECLOSURE VS. SHORT SALE

                                        Homeowner Consequences

Issue

 Foreclosure Successful Shortsale

Future Fannie Mae Loan “ Primary Residence (effective May 21, 2008)

A homeowner who loses a home to Foreclosure is ineligible for a Fannie Mae backed mortgage for a period of 5 years.

A homeowner who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed mortgage after only 2 years.

Future Fannie Mae Loan “ Non Primary (effective May 21, 2008)

An Investor who allows a property to go to Foreclosure is ineligible for a Fannie Mae backed investment mortgage for a period of 7 years.

An investor who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed investment mortgage after only 2 years.

Future Loan with any Mortgage Company

On any future 1003 application, a prospective borrower will have to answer YES to question C in Section VIII of the standard 1003 that asks œHave you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years? this will affect future rates.

There is no similar declaration or question regarding a short sale.

Credit Score

Score may be lowered anywhere from 250 to over 300 points. Typically will affect score for over 3 years.

Only late payments on mortgage will show and after sale mortgage will be reported as paid or negotiated. This will lower the score as little as 50 points if all other payments are being made. A short sale™s affect can be a brief as 12 to 18 months.

Credit History

Foreclosure will remain as a public record on a person™s credit history for 10 years or more.

Short sale is not reported on a credit history. There is no specific reporting item for ˜short sale™. The loan is typically reported ˜paid in full, settled™.

Security Clearances

Foreclosure is the most challenging issue against a security clearance outside of a conviction of a serious misdemeanor or felony. If a client has a foreclosure and is a police officer, in the military, in the CIA, Security, or any other position that requires a security clearance in almost all cases clearance will be revoked and position will be terminated.

A Short Sale on its own does not challenge most security clearances.

Current Employment

Employers have the right and are actively checking the credit regularly of all employees who are in sensitive positions. A foreclosure in many cases is ground for immediate reassignment or termination.

A short sale is not reported on a credit report and is therefore not a challenge to employment.
Future Employment

Many employers are requiring credit checks on all job applicants. A foreclosure is one of the most detrimental credit items an applicant can have and in most cases will challenge employment.

A short sale is not reported on a credit report and is therefore not a challenge to employment.
Deficiency Judgment

In 100% of foreclosures (except in those states where there is no deficiency) the bank has the right to pursue a deficiency judgment.

In some successful short sales it is possible to convince the lender to give up the right to pursuit a deficiency judgment against the homeowner.
Deficiency Judgment (amount)

In a foreclosure the home will have to go through an REO process if it does not sell at auction. In most cases this will result in a lower sales price and longer time to sale in a declining market. This will result in a higher possible deficiency judgment.

In a properly managed short sale the home is sold at a price that should be close to market value and in almost all cases will be better than an REO sale resulting in a lower deficiency.

www.cdpe.com

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May

7

No Down Payment, No Closing Cost (Restrictions Apply)

Posted by sarealtyhotspot under Ask a REALTOR, For Buyers, General Information

If you are looking to buy a home in San Antonio or any of it’s surrounding areas and are prepared financially to afford a new mortgage payment, you may qualify for a mortgage product available to all buyers who are seeking to buying a house: (Restrictions Apply)  

PURPOSE: Purchase
Purchase & Rehab

PROPERTY TYPES: One to Four Family, condos, and co-ops.
Existing, New Construction, and Renovations

DOWN PAYMENT: None

CLOSING COSTS: None (paid by lender)

INTEREST RATE: One percent below the prime market rate

Current Interest rate: 4.375% 30 year fixed (as of 05/07/2009)

BUY-DOWN: Additional funds can reduce the interest rate
Paying one percent of the mortgage amount up front reduces the interest rate by one quarter of a percent (.25%)– a tremendous added benefit.

APPLICATION FEE: None (paid by lender)

POINTS & FEES: None (paid by lender)

CREDIT HISTORY: Perfect credit NOT required

P.M.I.:
(Private Mortgage Insurance) None

Best of all, your rate will be locked in for 30yrs! AMAZING!!!

Sounds too good to be true? Yes, but call me for details and I’ll tell you more about it.

I am a licensed REALTOR in the State of Texas. By Law, I am obligated to treat everyone honestly and fairly.

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Apr

30

San Antonio’s Certified Distressed Property Expert – Avoid Foreclosure

Posted by sarealtyhotspot under For Buyers, For Realty Professionals, For Sellers, General Information

If you or anybody you know is in a distressed situation as stated below, CALL ME NOW   and help yourself or somebody you care for avoid foreclosure!!!

A Short Sale has been referred to by more than one real estate

professional as a dignified solution to a financial crisis. The reality

is that many homeowners today owe more on their homes than

they are worth and don™t know what to do. If you have exhausted

other options like a mortgage modification or a refinance or

simply can no longer afford your home due to the loss of a job or

other hardship, a short sale may be the solution for you.

Short Sale Qualifications

There are three simple qualifications almost every lender will want to

see to qualify you for a short sale:

Financial Hardship”your mortgage company will want to see

that you have a verifiable material hardship that is affecting

your ability to pay your mortgage. Hardships can be issues

such as a payment increase, job loss, income decrease,

medical expenses and any other issue that is truly affecting

your ability to pay.

Monthly Shortfall”your lender will want to see that on a

monthly basis your hardship is causing you to have a monthly

shortfall. This means that they want to see that your monthly

income is less than your monthly expenses. This is a simple

calculation that can be done by adding up all your expenses

and comparing them to your total income. If your expenses are

higher than your income, you have a shortfall.

Insolvency”your lender or servicer will want to see that you

are insolvent prior to approving a short sale. Simply translated

this means they want to see that you do not have the ability to

pay down the balance of your mortgage in liquid funds.

As a CERTIFIED DISTRESSED PROPERTY EXPERT © I specialize in working with sellers who are in financial distress by avoiding the devastating consequences of a foreclosure with the successful negotiation of a short sale.

If you are in distress, please do not get discouraged! A successful short sale will end your foreclosure and give you the ability to move on and most likely be able to purchase a new home in two years. There is so much negativity out on the web about short sales and they are just not true facts about short sales. They are however the facts of a short sale transaction that was handled by an agent who was never trained nor qualified to work the complex, detailed world of short sales.

A home that is properly listed, properly documented, properly prepared and fully complete when presented to the lender should never end up in foreclosure. Take my word for it! LENDERS DO NOT WANT YOUR HOME!!!!! They want to be shown all the reasons why they should accept the short sale offer presented to them. And they do accept them.. day in and day out… they just have to be shown, with facts, data, marketing material, etc… all they need to know, plus all they could ever possibly wish to know about your home, your area’s, city’s, county’s market condition and they will be convinced that if they do not accept the offer, they will end up with a foreclosed home (tens of thousands of dollars + months later) that they, themselves cannot sell.

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Apr

13

Home Inspection Tip of the Month-April ’09

Posted by sarealtyhotspot under For Buyers, For Realty Professionals, For Sellers, General Information

Home Inspection Tip of the Month  

IS YOUR HOUSE SAFE?       Many houses (both new and existing) have significant electrical issues that could cause a fire or hurt the occupant. Here are a few items you can check:

          In your electrical panel (exterior and interior) is every circuit breaker labeled?

          If your house has gas is your exterior gas pipe bonded? (Wire from pipe to ground rod or to the exterior electrical panel)

          Do you have operational GFCI receptacles in the kitchen?

          Do you have operational GFCI receptacles in the bathrooms?

          Do you have operational GFCI receptacles on the exterior of the house?

          Do your smoke detectors operate?   Are they properly located?

          When was the last carbon monoxide level was checked at your gas appliances?

There are many other issues but are a little more difficult to inspect.

If you are in the San Antonio area give me a call and I can refer you to an inspector who charges a very small fee   to perform a home safty analysis.

source: Bullseye Home Inspection Services

http://www.bullseyehomeinspectionservices.com/home-inspection-tip-of-the-week.htm

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Apr

7

Mineral Rights Lease Further Complicates Tense Situation

Posted by sarealtyhotspot under For Realty Professionals

REALTORS NEED TO READ:

SITUATION:
A real estate agent listed a home with 50 acres of land on behalf of a couple who had recently become legally separated and had entered into an agreement spelling out their respective rights regarding this shared property. The couple decided that it would be best to sell the property to simplify their finances prior to formalizing the divorce. Part of the agreement called for the wife to maintain occupancy and the husband to live elsewhere. Several months passed before a buyer submitted an offer that led to an executed Purchase and Sale Agreement, with financing the only contingency in the contract.

PROBLEM:
Unbeknownst to the wife, the husband had conveyed the propertybs mineral rights to a natural gas company.MISTAKE:
The agent, in an effort to avoid getting in the middle of a rather contentious marital situation, offered to complete the sellersb property condition disclosure statement. RESULT:
During the escrow period, the buyer discovered the gas companybs lease and attempted to renegotiate the contract so he could gain from its potential benefits. The husband seller refused, leading to the decision by the buyer not to go forward with the closing. The sellers then sued the buyer for specific performance under the sales contract by arguing that the buyer was able to obtain financing, satisfying its only contingency. However, the wife soon learned the actual reason for the failed contract and then brought a lawsuit against the real estate agent, alleging that he acted negligently in completing the property disclosure statement. The husband made similar allegations in an effort to get the deal to close, claiming he made the agent aware of the mineral lease. The matter was eventually resolved when both the sales contract and mineral lease were altered in favor of the buyer. The agent paid a financial contribution as part of the settlement because it was clear that his completion of the property disclosure established a strong case of negligence against him, not to mention his inability to disprove the husband sellerbs oral disclosure of the mineral lease. PREVENTION:
Obtaining proper signatures on all documents will always help protect you and your clients, while assuring that the transaction will proceed in a straightforward and legally binding fashion. In this case, the agent created a disclosure obligation by completing the property disclosure instead of the sellers, resulting in a probable jury finding that he was making first-hand representations. Many real estate errors and omissions claims can be avoided by simply exercising ordinary care and judgment, warding off costly attorney fees and settlements. Morale of the Story:   REALTOR’s should not be filling out seller’s disclosure notices.

Source: America Home Shield

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