Archive for September, 2010

Foreclosure Prevention Options

Banks are overwhelmed by foreclosures. Foreclosures are a problem for Redlands California Homes to Redmond Washington Real Estate. Some areas have so many foreclosures banks don’t want any more. They have threatened moratoriums on foreclosures. This is causing lots of shadow inventory. In a best case scenario banks will avoid foreclosure, there are several alternatives that can provide a better end result for both bank and borrower.

Selling Your Home (Usually as a Short Sale).  Home owners who have equity, can simply sell their homes as a method to prevent foreclosure. But, in the current market, most distressed borrowers don’t have equity. Some estimates show that 25% of American borrowers owe more than their homes are worth. It is possible to sell underwater homes if you can get a short sale approved.

Loan Modification – With the encouragement of federal programs, many banks are willing to consider loan modifications.In some cases, the law might require fradulaent loans to modify terms.

Deed in Lieu of Foreclosure — With this foreclosure alternative the default borrower simply quit claims their deed to the bank. It’s rare that Deeds in Lieu of Foreclosure actually happen. Experts advise banks to accept short sales and deeds in lieu of foreclosure, this decision is usually financially best for the banks. Banks have trouble nailing down the criteria they will require for a short sale on an individual, unique property.

Deeds in lieu of foreclosures have some other issues that can make them a big more complicated. With foreclosures, the junior liens get nothing and are wiped off the record. They receive nothing. Their lien is removed from their property and they get nothing. It takes these debts off of the title. However, the banks can still judicially try and collect the debts. Banks do still have statutory rights to try and collect their unpaid debts. With deeds in lieu of foreclosures, when there are junior liens, the lender is responsible for these debts.

Forebearance — With a forebearance agreement the lender delays his right to exercise foreclosure to give the borrower a chance to catch up on their payments. The success rate for forebearance is only about 5%. Most people have no idea what things are required to qualify. A good source of information for Salt Lake Utah Real Estate, regarding foreclosure alternatives is from HUD non profit organizations. Advise from these organizations is FREE. People can’t legally charge for loan modification help, unless they are licenced mortgage lenders. Beware of scams when seeking foreclosure alternatives.

Home Safety Information

There are many accidents that occur at home and most of them are avoidable, so it is important to find out what you can do to make your home a safer place .

When you are buying or renovating Ormond Beach real estate, be sure that the roofing materials are fire resistant and also make sure the stovepipe and chimney were installed properly . It is important to have working smoke detectors to prepare you for a fire emergency.

For home security, turn a stereo or a television on to make an illusion that somebody may be at home, if you are out for extended period of time. Store valuable things such as jewelries and money in a safety box so you would not have to leave them lying around.

For your bedroom safety, place telephone where you can easily reach in case of an emergency . Place switches and lamps near your bed . Also, do not smoke in bed to avoid accidental fire death in home .

For your kitchen, do not place non-cooking equipment near the range because they are more likely to catch fire .

Use child safety lock and keep medications, toxic bleaches, and cleaners where your child cannot reach . Keep things that cause children to choke such as hard round tools, hard candy, coins and place them away in a secure place it where children cannot see them. Warn others to the potential hazard .

Seperate household products from medicines, and keep food away from chemical products. Throw all unneeded medicines .

Vapors of volatile liquids if not tightly closed may be toxic when inhaled .

Stay close to your children when they are in bathtubs and pools . Have your hot tub checked regularly to make sure it is in good safe working condition .

In Effort to reduce falls, set up bright lights over the stairs and keep the stairways clear from clutter to lessen the chance of accident.

These are just of few of the many tips that can help keep your home safe. It doesn’t matter if you are looking to purchase Salt Lake Utah Real Estate or Everett Washington Homes, safety is very important.

Patience During The Short Sale Route

Short Sales Done Easy

We wanted to discuss the interesting market that we are in once more today. Ultimately, we would like to talk to you about a recent phone call that we had with a client. The client was wondering if it was better to wait it out. Since she is relocating to another state, she thought that she could maybe rent the home for the next few years and then sell the home in the future.

We are not in the business of telling our clients what to do, particularly when it comes to their mortgage. However, it is our job to educate the client as to the decisions that she can make. The deduction that we came to was as follows.

Since she is not in a bad mortgage payment situation based on what she could receive for rent, she would only see about $200 in deficiency per month. She could simply write that loss off as depreciation. However, the key is, if she was simply behind by $20,000, it could be a solid decision for her.

Looking at the statistics from a business perspective, what it would take for her to rent and then sell in a few years makes no sense. The client is $100,000 behind in equity. The house is in an outlying region of Phoenix, giving her a prospective for more depreciation. Every occasion that she is negative on the rent to mortgage payment, she would be tacking on added mortgage to her loan remainder. Over twelve months, she is going to be $2400 in the negative every year. Multiple that over seven years and she will have a extended wait to recover the equity in her home. That is given the top case situation.

Therefore, is it in her best interest to wait it out? After we gave her a cloudless image of how long it will take to regain that $100,000 her only alternative is short sale. She has tried the loan modification, but it didn’t work for her circumstances.

Because the bank is not agreeable to diminish the principal. So the next best thing for her to do is the short sale. These are actual situations that happen every day. As a short sale agent, it is my duty to help you recognize the circumstances and ramifications of your decisions.

Arizona Steve Horn Team can answer your questions. We are Arizona’s Foreclosure Avoidance and Short Sale Specialists.

Get more help from short sale Realtor, Steve Horn, at Homes by the Horn presented by the Steve Horn Team, Short Sale Specialists of Arizona

Construction Health And Safety Regulations

You’re more than likely to encounter legislation regarding Health And Safety Regulations in your time as a construction worker, whatever your role. The biggest problem being that while these documents have been created with your safety in mind, they’re not easy to understand. We’re not lawyers, after all.

The biggest single idea you can have with any legislation is to find out which sections apply directly to you. Areas of legislation which have been designed, for example, for on site chemical work, will probably not apply to you. Things like this don’t make a difference to many sites, so can be quickly negated. The more widespread safety aspects are the things we all need to look for. Just remember that health and safety regulations are there for your safety. It’s easy to be suspicious of the legitimacy of regulations, but try not to be.

The main document of your health and safety material should cover many things, but should start with a general overview of the paper. After an initial run down of the main generic points of the paper, a number of specific amendments are made. You should study these if you are involved in construction in any way that might be applicable. Listed here are aspects of construction that we’re all probably used to, for example high rise working and chemical contaminants.

Health and Safety for your day-to-day site running is next. Everything from flooring types and access ways should be covered and things like the kind of ladder you use will be in there. Bear in mind that this document is from the minds of industry professionals. It is be utterly comprehensive, and isn’t a great bedtime read.

You have to study fire routes and procedures, as well as emergency fire drills, regardless of whether you work in a food hall or high rise construction. It has a personal effect as well, namely that if you are lax in this respect, you will get fined.

One thing that is often overlooked is noise levels. You will be informed of your maximum decibel level, and failure to comply will result in fines at best. at very least this is easy to understand. Don’t forget that it’s not just about how much noise you make, but also when you make it.

There are way too many aspects to your health and safety regulations to really delve into here, but suffice it to say that it’s amongst the most important part of your job. Obviously there are fines, and even imprisonment involved, but the real core of the issue is that you need to ensure the safety of those around you, as well as yourself. You should take time out to read and re-read the documentation and make sure you have a good handle on what is required.

Buying A Condo: What Questions You Should Ask

Living in a condo has its positive aspects, but like most things in life, it can have its downfalls, too. As opposed to other homes, with a condo you only own the space within the household, not the walls or the building itself, nor do you own any of the land affiliated with the property, which will reduce your ability to place lawn furniture or grow your very own garden outside the house. On the plus side, you don’t have to take care of what you do not own. To ensure the pluses outweigh the disadvantages for you personally, here are some questions to ask when acquiring a condominium.

First and foremost, you need to know how much the condominium association fees are going to be every single month. This is cash you are required to pay along with your home loan. Not only do you want to find out the amount for your personal budget, but the mortgage loan business will need to have it when working out their numbers. If you have previously been approved for a home loan amount, it will be reduced in consideration of the condominium fees. In essence, those fees become part of one’s monthly bills, or debt, and the home loan firm has to take into account all of those aspects.

When you learn how much the association’s monthly fee is, you’ll desire to know what it covers. It ought to cover any building and grounds upkeep, but you really should double check if some of it is set aside each and every month to save up for big repairs.

For instance, should you pay $200 per month, ideally that’s sufficient to cover the normal monthly upkeep costs and additionally includes extra to save for the significant roof repair that may perhaps be needed in a few years. Check on this due to the fact you want to know if they’re authorized to charge you extra some months to handle any important expenses.

So that you can assess these details, you ought to read the condo association’s documentation. In all likelihood, you will not have easy access to it until eventually you put a real contract on the home, and after that you’ll have about 5 days to evaluate it and accept or reject it. While doing this, you can also find out just what exactly the regulations are. Most restrict absolutely anything you do outside the structure since you won’t own any of that property.

A quicker method to find out some of these details is to question the men and women who already reside there. Many of them will be happy to tell you what they like and do not like about residing there and exactly how the finances work. Additionally if you do this, you might learn the demographics of exactly who else is residing inside the community or building. Is it younger adults starting out or more mature individuals who have retired here?

If you do not enjoy having to mow your lawn or shovel snow, the condominium association fees are almost certainly worth it for you personally. In case you love to hang up flags on your entrance door and place potted plants beside your front walkway, you in all probability will not like the simple fact that you are not permitted to or need to go through a long approval procedure to do so.

Like any property you buy for yourself, the decision is highly personal, but in case you bear in mind these questions to ask when acquiring a condo, you should have adequate necessary data for making the proper decision.

Are you interested in looking at Daytona Beach condos? If so, be sure to visit my site to find Daytona Beach condos for sale.

Finding A Good Property Manger Can Mean The World

There are a lot of rental property owners who choose to manage their own properties, especially if they live within a short distance. They soon find out, like everyone else that has attempted to self-manage them, all the headaches and time consuming tasks that can come along with it. The always seems to be a leaking toilet or the heat is not working when there is snow outside. They alway seem to pop up right in the middle of something else. Of course you can’t forget that faithful tenant that every week cries that they promise to have the rent next week, at least in the Myrtle Beach property management business. There is always something more important that came up! A good property manager can be the solution to have your free time back.  So when looking for one here are a few good things to keep in mind.  Do you want to look for a property management company to manage an individual home, condo, apartment or for an association, apartment building, or commercial property?  We can help you. Making sure your property is efficiently managed is very important. Many time finding and choosing a management company for your rental property can seem difficult. To ensure you make the right decision the following tips will help.

A company that has knowledge on the local market is a great criteria to look for.  Hiring a management company that knows the local market means that your property manager knows what renters are looking for.  A good property management company will look at a property as if they were a renter to help increase rental rates, lower turnover rates, and decrease vacancy time. The manager should while walking the property advise you of smart and cost-conscious recommendations that increase your return while maintaining or improving your property so it is desirable. A management company should always keep your property competitive in the rental market, if they are good.

Next, you will want to interview the property manager or property management company. How will they find tenants. Do they have a marketing program that goes beyond their website? You will want to find out when there are maintenance requests how are they looked after.  You will also want to find out how do they track income and expenses?  Do they utilize property management software?  Do they offer owner statements reflecting the property’s income and expenses?

It is always a good idea to find out how long they have been in business and how long they have managed properties in your area. It’s likely that the new guy may not have the best knowledge or experience to handle the situations that may arise. Find out if they are members of any Real Estate management organizations, are certified property managers, or if they have received any specific training in property management. Ii’s never a bad idea to ask for at least three referances. Make sure you find a manager who has experience with your property type. Looking for a company with a system in place is the key. Never hesitate to ask to view an example of one of their management reports given to owners. If they hand you something typed up by hand on the spot and not a computer generated report, tis is not what you are looking for.  That’s an automatic red flag.  That shows that they do not have proper rental bookkeeping methods in place. Remember they have got to have a system.  You even want someone who has a back-up for when he or she is on vacation or out of the office for any other reason.Look over a copy of the management agreement and make sure you understand the fees. Make sure you know the terms of the agreement and when the agreement is renewable.  You may want to even go as far as to check them out through the local Chamber of Commerce, the Better Business Bureau, or the real estate commission for any complaints.

Next you will want to find a management company that uses a can do credit and criminal checks, income verification and nationwide screening for previous eviction filings. Where are security deposits kept and how are they collected? How often are payments made to owners and what is their policy for collecting the rents?  What options are available for your incoming payment, do they offer direct deposit?

Will they handle arranging any necessary repairs and do they have qualified people that they use if you don’t have a personal preference or requirement for your property?  Will they then handle paying any vendors and other bills out of incoming rent payments? What about all the minimal repairs does the management company set up a reserve for that?? make sure all repairs over a certain dollar amount you are notified and approve of it first.  Usually this is in the range of anything over two or three hundred dollars.

When the properties are furnished are there periodic inspections of inventory? When a tenant gives a notice are you contacted immediately?  Do they issue timely notices to tenants that are delinquent with rent or violating the lease agreement?

Be careful of a property manager that is charging the lowest fees, it does not mean they are a good manager. It is necessary to have a screening process to determine if a manager has the ability to manage the property according to your requirrements. Best of luck and hope you found these tips helpful.

From your local Myrtle Beach Property Managers,By the Beach Properties

Premium Home Security Alarms

As you begin to get house security alarm systems you would benefit by knowing the type of security system or driveway alarm system you are purchasing. This may seem easy, but this very frequently isn’t. As you shop for bargain security alarms, you have plenty of choices to make when you select the final house alarm system or burglar intruder alarm inventory merchandise which meets your needs.

Think about what type of home alarm fits your needs and objectives. When you investigate the merchandise by conversing with people in stores or by searching for information in cyberspace, question whether the evaluations are factual. Using many evaluation sources would tend to protect you from the non-objective reviews you may come across in just a single web page. The best way to determine if you are getting objective articles about bargain home security systems and house fire alarm systems is to check many places to be satisfied that you understand what you need before rather than after you buy the inventory merchandise.

Specifically, if you need to buy a very expensive type of security alarms for your needs, you should determine whether you must have all of these expensive attributes. You should decide if you must have a specific type of home alarm system or wireless alarm system. Also, you ought to decide the quality of home security alarm or wireless intruder alarm you need.

Decide what you can spend for CCTV spy cameras. With any kind of merchandise there are alternatives between price and quality. For example, many house security alarm systems and driveway security alarms have higher grade materials, however these kinds of higher grade security alarm or driveway alarm system merchandise products tend to be higher priced.

However, even whether you can afford to acquire the most expensive item you can get, you should think about and determine whether acquiring the pricier inventory item is really beneficial to you. Many home alarms and burglar alarms might have many features which might seem interesting, nevertheless you need to decide if they are capabilities which you actually need and want. When you get something because of its expensive features that you probably will leave unused, then you are just pitching valuable financial assets out the window. A cheaper product could have met your needs just as well.

Also, find out before you buy the terms for sending back the discount home security alarm system or driveway security alarm system inventory product and if there is a guarantee. Although you might not pay the lowest possible price, dealing with a trusted merchant providing a reasonable returns policy is often valuable. Typically only a small minority of all a small minority of the inventory products which you buy must be brought back, but checking out your merchant’s product guarantees before you pay may help you later on, if you have a problem.

Where to look when you want to acquire the best wireless intruder alarm system? To start with as you search, you should have direct access to the widest collection of products on sale within the category of bargains which you want to find. Broad product access can be ensured, when the particular web page you are using accesses the fullest array of competitive product offerings on the planet. In addition, it is valuable to you to search through the items that are for sale to locate the ones that are just right for you. To get what you want easily, you need to have access to an automated sorter which rapidly will get you to the right stuff.

Web-based vendor competition for your money means that you buy things that cost less. Merchants appreciate that they have to give you access to the best quality products and service, while they need to provide to you low prices or you are likely to just buy from another seller. If you desire to shop for better home alarm systems, hunt for the top site. The leading site will provide to you the quickest, most visual shopping experience for home security system or home burglar alarm items.

Title Agent Critical To The Short Sale

Short Sale Power Hour

With a week dedicated to Title procedure and padding the HUD, today’s spotlight is on working with a good Title Agent. If you are wondering what you pad in HUD, this is where a trusted Title agent comes into the image. Recognize that the reason you need to have this type of Title agent is because they need to appreciate that sometimes you may need to pad a HUD a little more than other real estate dealings because you are dealing with a unique situation called a short sale.

A great deal like the differences in real estate specialists, there are differences with title agents that deal with short sales. Bear in mind that if you are working with an escrow representative that has been in the business for 30 years and has always done things in one precise way, you will most likely get a little resistance. You may want to mull over the mindset of the person that you are working with that will not have to work outside of their comfort zone.

Other vital factors include the Title agents work ethic and urgency level. There will be times that you want a HUD ASAP to put off a sale date or close a buyer before they walk away. Lenders sometimes catch you off guard and you require a HUD in a few hours. Make sure that you have a title agent that can deal with these demands.

Kevin and Fred have a normal procedure that permits them to get their HUD back in four business hours or less. Their escrow officer realizes that when a HUD needs to be revised there is a transaction coming up very soon. Also, the escrow officers are constantly careful to evaluate the approval letters and keep the client informed and educated all through the procedure. They also present the final HUD to the bank for final approval. You must be on the same side working toward the same objective with your escrow agent.

Short sale FAQs and more.

Get powered up by Kevin and Fred at Short Sale Power Hour by the Short Sale Specialists of Arizona

Report A Suspicious Loan Modification Company

Mortgage loan fraud can be divided into a couple broad categories: Fraud for real property and fraud for profit. Fraud for property is generally undertaken by borrowers against lenders, while fraud for profit is typically undertaken by lenders against borrowers. The collapse of America’s housing market and the subsequent “pulling back of the veil” behind dubious lending practices clearly showed that the lender-style of fraud, fraud for profit, is well-ahead of the borrower-style in frequency and complexity.

 

 

Fraud for property generally involves the deliberate misrepresentation or omission of information with the intent to deceive or mislead a lender into extending credit that would likely not be offered if the true facts were known. Although this has generally been used as a label for home buyers attempting to purchase homes for their personal use, the rise of sub-prime mortgage brokers and other financial intermediaries has greatly expanded this type of fraud; to the detriment of both buyers and lenders.

 

Fraud for profit is often committed with the complicity of industry insiders such as mortgage brokers, real estate agents, property appraisers, and settlement agents (attorneys and title examiners). A cataloged list of fraudulent activities undertaken by these actors can be found in our glossary of terms.

 

If you suspect fraudulent activity on the part of a lender, or any other financial intermediary, blow the whistle now! Go to the Making Home Affordable government website, maintained by the White House, the U.S. Treasury Department and the U.S. Department of Housing and Urban Development. And always, always always, be on the look-out for the following scams:

 

 

  1. Beware of anyone who asks you to pay a fee in exchange for a counseling service or modification of a delinquent loan.
  2. Scam artists often target homeowners who are struggling to meet their mortgage commitment or anxious to sell their homes. It is imperative that every homeowner educate themselves and learn to recognize and be careful to avoid scams.
  3. Beware of people who pressure you to sign papers immediately, or who try to convince you that they can “save” your home if you sign or transfer over the deed to your house.
  4. Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
  5. Never make a mortgage payment to anyone other than your mortgage company without their approval.

 

 

 

 

Links:

 

3rd paragraph: glossary of terms –> /resources_glossary.php

4th paragraph: Making Home Affordable government website –> http://www.makinghomeaffordable.gov/beware.html

Realtor Business Plan – Should You Have One?

“In any type of business, it is imperative that you have a plan. Without a plan, you will not be able to handle risks and unexpected events and this can put everything in disarray, if not in bankruptcy. Even in real estate, you need to have a plan so you can properly manage your dealings and everything that is vital to the success of the little steps you make.

As a realtor, you need a realtor business plan which can include a cash flow forecast, sales forecast and a projected profit and loss account for at least three years. Businesses that are larger should also draw up a projected balance sheet. The figures that will be used should be reasonable – avoid being overoptimistic. Aside from this, you need a very good marketing formula to effectively reach out to your future clients.

The people who will make the most impact on your business are, of course, the sellers. When it is easy for them to help you sell their house, you will sell more of your own listings in less time regardless of market conditions. An easy and inexpensive way to make this easy for your seller is to create realtor flyers with a photo of the house, a toll-free number, address and other important information.

Make use of the internet to let everybody know that you are selling your property. In short, the buyer could be your neighbor’s best friend, your neighbor’s workmate, your high school son’s cousins, or your uncle’s friend. This makes it easier for you to reach all of those potential buyers. This kind of strategy generates more interest in your property, increased the odds of a faster sale and increases the number of showings.

To have this kind of strategy implemented, you’ll need:

A digital camera (digicam) to get a picture of the house and the ability to download the pictures to your PC.

Access to MS Publisher or programs like it to create your business cards.

A landline number with multiple extensions. You will record two to three-minute messages describing the house for each extension.

Always remember that a sold listing is a good listing. Use inexpensive strategies and get your seller involved so you sell you more of your own listings, and make twice your projected income. Remember, it’s all about your plan. This is simply an indispensable component in every successful business there is.”

If you want long term success, you need to go beyond details such as call capture mortgage leads and call capture service marketing. A big plan that holds all of these together is the only thing that makes everything work.