Per Matt Raines, you can list your properties for additional exposure below. If you know any other sites, let us know.
www.ActiveRain.com
www.Facebook.com
www.LinkedIn.com
Matt Raines
info@retechblog.com
Tuesday, January 22, 2008
Monday, January 21, 2008
Bidhive.com - FREE Online Bid - Auction
bidhive.com provides an online bid/auction and only accepts listings from Realtors, Auctioneers, Builders, and Asset Managers.
This seems to be a great "plan B" on those listings that we have had for a while. Bidhive.com provides "riders" for your listings signs and is a FREE service.
Contact Information: 800-Bid-5144, infobidhive.com
Let me know if you use them!
This seems to be a great "plan B" on those listings that we have had for a while. Bidhive.com provides "riders" for your listings signs and is a FREE service.
Contact Information: 800-Bid-5144, infobidhive.com
Let me know if you use them!
Condo.com - New web site to list your CONDO
List your Condos that are in default, foreclosure or on the REO auction block at condo.com. Your condo listing will be automatically displayed on over 20 web sites. To view condos local visit: Atlanta.condo.com
For additional information: 877-266-3601
For additional information: 877-266-3601
Sunday, January 20, 2008
Homeownership Standards - Check it OUT!
The National Homeownership Industry Standards Advisory Council is behind the standards, which are described as “a set of training and performance benchmarks designed to provide guidance to those organizations and counselors providing foreclosure counseling services to consumers.”
Many have ask for additional information on establishing a community awareness/educational programs. Visit this web site. www.homeownershipstandards.com for a complete list of standaards and a National Code of Ethics.
Great information.
Many have ask for additional information on establishing a community awareness/educational programs. Visit this web site. www.homeownershipstandards.com for a complete list of standaards and a National Code of Ethics.
Great information.
Thursday, January 17, 2008
Homeownership Resources
Need pre and post home counseling or having trouble making your mortgage payment? These resources can help. Great information for the consumer, real estate and mortgage professionals.
Please send me your resources!
NeighborWorks www.nw.org
HomeFree USA www.homefreeusa.org 404-607-0800
Freddie Mac www.freddiemac.com
HUD www.hud.gov
FHA www.fha.gov 800-CALL-FHA (225-5342)
HOPE NOW www.hoepnow.com 888-995-HOPE
Please send me your resources!
NeighborWorks www.nw.org
HomeFree USA www.homefreeusa.org 404-607-0800
Freddie Mac www.freddiemac.com
HUD www.hud.gov
FHA www.fha.gov 800-CALL-FHA (225-5342)
HOPE NOW www.hoepnow.com 888-995-HOPE
Wednesday, January 16, 2008
Mortgage Rate Freeze Plan
The "rate freeze" program is designed to not only to buy time for subprime borrowers, but for the economy and credit markets as well. In theory, this plan will decrease the number of foreclosures, thereby reducing downward pressure on real estate prices as fewer homes flood the market.
The plan is pretty straightforward and rests on the cooperation of the Hope Alliance to set aside the terms of existing subprime mortgage contracts and not reset interest rates for as many as 1.2 million loans in 2008. This rate freeze would last for a period of five years, which would keep rates below reset values and keep costs manageable for these borrowers, reducing loan defaults and foreclosures.
This freeze would also allow borrowers an opportunity to refinance their mortgages at a lower rate with a traditional 80% equity loan, assuming there is sufficient price appreciation and/or time for principal repayments over the next five years to create the 20% in equity necessary for the lower rate refinancing.
This plan will only be available to owner-occupied properties not investment properties. Borrowers must be in relatively good standing on their existing loan, having never missed any payments, been late by more than 60 days during the life of the loan, or been more than 30 days overdue at the time they apply for the "rate freeze". And this plan will only be available to those borrowers who are deemed incapable of making payments should their interest rates reset.
The plan is pretty straightforward and rests on the cooperation of the Hope Alliance to set aside the terms of existing subprime mortgage contracts and not reset interest rates for as many as 1.2 million loans in 2008. This rate freeze would last for a period of five years, which would keep rates below reset values and keep costs manageable for these borrowers, reducing loan defaults and foreclosures.
This freeze would also allow borrowers an opportunity to refinance their mortgages at a lower rate with a traditional 80% equity loan, assuming there is sufficient price appreciation and/or time for principal repayments over the next five years to create the 20% in equity necessary for the lower rate refinancing.
This plan will only be available to owner-occupied properties not investment properties. Borrowers must be in relatively good standing on their existing loan, having never missed any payments, been late by more than 60 days during the life of the loan, or been more than 30 days overdue at the time they apply for the "rate freeze". And this plan will only be available to those borrowers who are deemed incapable of making payments should their interest rates reset.
FHA Secure Refinance Program
FHASecure program is designed for families who are good borrowers but were steered into high-cost loans with teaser rates. To qualify for FHASecure, eligible homeowners must meet the following five criteria:
1) A history of on-time mortgage payments before the borrower's teaser rates expired and loans reset
2) Interest rates must have or will reset between June 2005 and December 2009
3) Three percent cash or equity in the home
4) A sustained history of employment
5) Sufficient income to make the mortgage payment.
Under the new FHA Secure plan, FHA will allow families with strong credit histories who had been making timely mortgage payments before their loans reset-but are now in default-to qualify for refinancing.
1) A history of on-time mortgage payments before the borrower's teaser rates expired and loans reset
2) Interest rates must have or will reset between June 2005 and December 2009
3) Three percent cash or equity in the home
4) A sustained history of employment
5) Sufficient income to make the mortgage payment.
Under the new FHA Secure plan, FHA will allow families with strong credit histories who had been making timely mortgage payments before their loans reset-but are now in default-to qualify for refinancing.
Homebuying Seminar
Organizing & Staging Your
Home Buyer Seminar
Homeownership is a national priority and lies at the heart of the American Dream.
Homeownership is more than just a financial asset; it’s key to stable families and allows families to build security as the equity in its home increases. It builds strong communities and contributes to a healthy economy. When more people achieve the dream of homeownership, we all benefit.
A homebuying seminar is the first step and maybe the most important step that a family can take to achieve the dream of homeownership. Buying a home is a huge decision and consumers deserve the best information possible to help them in that decision.
So what does it take to put on a successful home buyer’s seminar? The steps are easy to do. They include lining up your speakers, selecting their topics, setting a date, selecting a location, arranging prizes fro attendees advertising your seminar, watching your seminar budget and offering a valuable information-filled program to the attendees.
This 3-hour credit course will help you organize a home buyer seminar event from beginning to end. Your seminar will present the fundamental principles of the homebuying process to encourage more Americans to consider the benefits of owning their own home and be successful homeowners. Valuable tools, techniques, worksheets are provided
Home Buyer Seminar
Homeownership is a national priority and lies at the heart of the American Dream.
Homeownership is more than just a financial asset; it’s key to stable families and allows families to build security as the equity in its home increases. It builds strong communities and contributes to a healthy economy. When more people achieve the dream of homeownership, we all benefit.
A homebuying seminar is the first step and maybe the most important step that a family can take to achieve the dream of homeownership. Buying a home is a huge decision and consumers deserve the best information possible to help them in that decision.
So what does it take to put on a successful home buyer’s seminar? The steps are easy to do. They include lining up your speakers, selecting their topics, setting a date, selecting a location, arranging prizes fro attendees advertising your seminar, watching your seminar budget and offering a valuable information-filled program to the attendees.
This 3-hour credit course will help you organize a home buyer seminar event from beginning to end. Your seminar will present the fundamental principles of the homebuying process to encourage more Americans to consider the benefits of owning their own home and be successful homeowners. Valuable tools, techniques, worksheets are provided
Community Service
Consumer Awareness
Education and Counseling
Education helps consumers make sound choices by helping consumers understand how to exercise their rights during the lending process can be a solid defense against predatory lenders, provide in-depth training on financial management to increase consumers’ knowledge, confidence and skills with managing their money, financial planning and decision making so they will be ready to achieve the American Dream of homeownership. A credit education initiative formed by a joint partnership with lenders will help understand the importance of good credit and how a poor credit history can limit the ability to attain financial security.
Education can be an intervention strategy program offers solutions to assist consumers who are having financial problems in making their current mortgage payment and prevent them from being taken advantage of by predatory lending.
We should be there to “bridge the gap” between the real estate and mortgage industry and their regulators by increasing awareness of each other’s concerns to our community. We must get involved as an industry on the theme of Caveat Emptor, meaning” Buyers, Homeowners, Community Beware” on different safety aspects of pre and post home counseling.
A consumer awareness event is an opportunity for real estate professionals plus their partner associations to participate in organized community service that promotes and preserves homeownership in education and counseling locally in the area where they service.
Consumer and homeowner protection has become a crucial issue based on recent subprime loans, high loan defaults and foreclosures.
I have designed three outlines tailored around promoting homeownership, post home counseling and foreclosure prevention.
This CD is aimed to provide you with a direction to design a community service event in your area.
Cathy.McDaniel@gatraining.net
Education and Counseling
Education helps consumers make sound choices by helping consumers understand how to exercise their rights during the lending process can be a solid defense against predatory lenders, provide in-depth training on financial management to increase consumers’ knowledge, confidence and skills with managing their money, financial planning and decision making so they will be ready to achieve the American Dream of homeownership. A credit education initiative formed by a joint partnership with lenders will help understand the importance of good credit and how a poor credit history can limit the ability to attain financial security.
Education can be an intervention strategy program offers solutions to assist consumers who are having financial problems in making their current mortgage payment and prevent them from being taken advantage of by predatory lending.
We should be there to “bridge the gap” between the real estate and mortgage industry and their regulators by increasing awareness of each other’s concerns to our community. We must get involved as an industry on the theme of Caveat Emptor, meaning” Buyers, Homeowners, Community Beware” on different safety aspects of pre and post home counseling.
A consumer awareness event is an opportunity for real estate professionals plus their partner associations to participate in organized community service that promotes and preserves homeownership in education and counseling locally in the area where they service.
Consumer and homeowner protection has become a crucial issue based on recent subprime loans, high loan defaults and foreclosures.
I have designed three outlines tailored around promoting homeownership, post home counseling and foreclosure prevention.
This CD is aimed to provide you with a direction to design a community service event in your area.
Cathy.McDaniel@gatraining.net
A New Curve - Foreclosure Prevention
Lenders, and real estate agents have responsibilities under loss mitigation. All must work together to reach out to homeowners that are in trouble with their mortgage payment.
While each lender option involves specific actions, some policies apply to all of the options, and some lender actions are performed whether or not any of the loss mitigation strategies are used.
This manual describes the general policies, recommended procedures, and minimum actions that constitute effective loss mitigation techniques that you as the Real Estate Agent can use to be helpful to your community homeowners.
With foreclosures on the rise, it's important that we ALL in the real estate world implement in-house educational outreach programs to help our community families stay in their homes.
The Georgia Training Center’s “Stay In Your Home” community service campaign looks to assist Realtors in establishing out to families in their service area to help in time of need when homeowners are having difficultly making payments on their home loan mortgage.
A survey by Freddie Mac and the Roper Center for Public Opinion Research found nearly 70 percent of homeowners said they would not contact their lender when running into financial trouble, and 61 percent said they did not know they could get payment assistance or change the terms of their loans.
Attending our “A New Curve In Our Real Estate Business” Foreclosure Prevention & Intervention Program” will provide all the tools, PowerPoint presentation and resources you need to establish a local event to educate homeowners the number of options they have before going into foreclosure. The sooner the homeowner establishes contact with their mortgage company the more options are available that can help resolve their issues. Getting an early start on education is the best way to make this happen.
While each lender option involves specific actions, some policies apply to all of the options, and some lender actions are performed whether or not any of the loss mitigation strategies are used.
This manual describes the general policies, recommended procedures, and minimum actions that constitute effective loss mitigation techniques that you as the Real Estate Agent can use to be helpful to your community homeowners.
With foreclosures on the rise, it's important that we ALL in the real estate world implement in-house educational outreach programs to help our community families stay in their homes.
The Georgia Training Center’s “Stay In Your Home” community service campaign looks to assist Realtors in establishing out to families in their service area to help in time of need when homeowners are having difficultly making payments on their home loan mortgage.
A survey by Freddie Mac and the Roper Center for Public Opinion Research found nearly 70 percent of homeowners said they would not contact their lender when running into financial trouble, and 61 percent said they did not know they could get payment assistance or change the terms of their loans.
Attending our “A New Curve In Our Real Estate Business” Foreclosure Prevention & Intervention Program” will provide all the tools, PowerPoint presentation and resources you need to establish a local event to educate homeowners the number of options they have before going into foreclosure. The sooner the homeowner establishes contact with their mortgage company the more options are available that can help resolve their issues. Getting an early start on education is the best way to make this happen.
Post Home Counseling
“Post Home Counseling”
You have now achieved the “American Dream” of homeownership!
Homeownership is an investment in your family and a rewarding achievement. Along with the enjoyment of your home, there are also a few responsibilities to go along with it.
Your “Post Home Counseling” course will discuss handing your mortgage payment, financial planning, home maintenance and improvement and much much more.
The Georgia Training Center has created this “out reach” program that will help you promote and offer counseling to those that have achieved the “American Dream” of homeownership in maintaining their home after closing.
Attending our “Post Home Counseling” program will provide all the tools, PowerPoint presentation and resources you need to establish a local “outreach” event to educate homeowners their responsibilities in owning a home.
A key message in this program will be how to avoid getting into financial trouble that could lead to foreclosure, and what to do if you are behind in your mortgage.
Cathy.Mcdaniel@gatraining.net
You have now achieved the “American Dream” of homeownership!
Homeownership is an investment in your family and a rewarding achievement. Along with the enjoyment of your home, there are also a few responsibilities to go along with it.
Your “Post Home Counseling” course will discuss handing your mortgage payment, financial planning, home maintenance and improvement and much much more.
The Georgia Training Center has created this “out reach” program that will help you promote and offer counseling to those that have achieved the “American Dream” of homeownership in maintaining their home after closing.
Attending our “Post Home Counseling” program will provide all the tools, PowerPoint presentation and resources you need to establish a local “outreach” event to educate homeowners their responsibilities in owning a home.
A key message in this program will be how to avoid getting into financial trouble that could lead to foreclosure, and what to do if you are behind in your mortgage.
Cathy.Mcdaniel@gatraining.net
Turning A Negative Into A Positive!
- Real Estate Professinals are all about helping people move, but the current mortgage lending and credit crisis has brought into clear focus the need for Realtors to serve as a resource for consumers who may be having trouble making their mortgage payment.
What do I need?
1. The ability to take and maintain a definite direction (staying focused)
2. The ability to make adaptations in order to achieve your goal (remaining flexible)
3. The ability to evaluate (willing to change)
Knowledge is Power and Money!
Let’s not get hung up on the shortcomings of our industry. What you see negative can be a positive. Why not take your business to community. (Farming) Would homeowners, past clients and future customers appreciate the convenience of you coming to them, instead of them having to track you down, leave message, send an email and then wait until you get back to them? Absolutely!
“The Golden Rule” Do unto others as you would have them do unto you.
Let’s list the positive:
Build Relationships
Give Back to the Community – Helping Others
Free Market Exposure
Free Advertising
Extend Service Area
Establish new partnerships
Explore a new market
Farming - An exciting way to prospect
Continuing Education – Stay up-to-date
Promote Homeownership
New Marketing Plan for Sellers - Market Financing, Not Home Features
Host an Event – Foreclosure Prevention, Pre & Post Home Counseling
Work Out Plans for Homeowners - Loss Mitigation
The loss mitigation department's goal is exactly what it sounds like -- to cut the lender's losses when you fall behind on your mortgage note. You'll need to be prepared before you talk to someone from the loss mitigation department, which will present one or more of the following options.
I have listed below some basic instructions to help you communicate with your mortgage company. The sooner you call your mortgage company, the more options that will be available to you.
Before calling your mortgage company, familiarize yourself with these various options.
Repayment Plan Forbearance
Loan Modification Pre-Foreclosure
Deed-in-Lieu of Foreclosure Foreclosure
Repayment Plan - Past due amounts are divided and added onto the regular monthly payments for an extended amount of time to bring the loan current. Plans may be from 6 to 24 months in duration.
Forbearance - A period of suspended or reduced payments that prevents delinquent reporting of the loan to the credit bureaus, and prevents late charges and fees accumulation, and referral to a Foreclosure attorney, as long as the contract is being honored by the homeowner.
Loan Modification - Loan is brought to a current status by adjusting one or more of three terms of the mortgage i.e. reducing the interest rate, extending the term of the loan. Example: Increasing principal balance by adding the past due amount (interest, taxes and insurance) to the existing principal balance or extending the term of the mortgage to 30 – 40 amortization.
Pre-Foreclosure Short Sale - An approved sale of the property to an unrelated third-party for less than is owed on the mortgage preventing a Foreclosure on the borrower’s credit report
Deed-in-Lieu of Foreclosure - This procedure allows the homeowner to transfer your property voluntarily to their lender or Mortgage Company and the debt or deficiency is often forgiven.
Foreclosure - Georgia Foreclosure Law Pre-foreclosure Process
· Notice of Default to Homeowner
· Notice of Default postmarked 15 days prior to proposed sale
· Publish 4 consecutive weeks in local newspaper
· Sale must be conducted between 10:00am and 4:00pm first
· Tuesday of each month.
·
Negotiating With the Mortgage Company
· Contact your mortgage company
· Prepare a budget
· Have bank statements & pay stubs ready
· Suggest a remedy
· Communicate with the mortgage company regularly
I have listed below some basic instructions to help you communicate with your mortgage company. The sooner you call your mortgage company, the more options that will be available to you.
Before calling your mortgage company, familiarize yourself with these various options.
Repayment Plan Forbearance
Loan Modification Pre-Foreclosure
Deed-in-Lieu of Foreclosure Foreclosure
Repayment Plan - Past due amounts are divided and added onto the regular monthly payments for an extended amount of time to bring the loan current. Plans may be from 6 to 24 months in duration.
Forbearance - A period of suspended or reduced payments that prevents delinquent reporting of the loan to the credit bureaus, and prevents late charges and fees accumulation, and referral to a Foreclosure attorney, as long as the contract is being honored by the homeowner.
Loan Modification - Loan is brought to a current status by adjusting one or more of three terms of the mortgage i.e. reducing the interest rate, extending the term of the loan. Example: Increasing principal balance by adding the past due amount (interest, taxes and insurance) to the existing principal balance or extending the term of the mortgage to 30 – 40 amortization.
Pre-Foreclosure Short Sale - An approved sale of the property to an unrelated third-party for less than is owed on the mortgage preventing a Foreclosure on the borrower’s credit report
Deed-in-Lieu of Foreclosure - This procedure allows the homeowner to transfer your property voluntarily to their lender or Mortgage Company and the debt or deficiency is often forgiven.
Foreclosure - Georgia Foreclosure Law Pre-foreclosure Process
· Notice of Default to Homeowner
· Notice of Default postmarked 15 days prior to proposed sale
· Publish 4 consecutive weeks in local newspaper
· Sale must be conducted between 10:00am and 4:00pm first
· Tuesday of each month.
·
Negotiating With the Mortgage Company
· Contact your mortgage company
· Prepare a budget
· Have bank statements & pay stubs ready
· Suggest a remedy
· Communicate with the mortgage company regularly
Foreclosure Prevention Resources for Realtors
The Ad Council Resources
Anti-Predatory Lending: www.adcouncil.org/default.aspx?id=25
Ad Council – Foreclosure Prevention Ads: http://www.adcouncil.org/default.aspx?id=435
HUD Resources
HUD-Approved Housing Counseling Agencies: http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm
National Foreclosure Avoidance Initiative:
www.freddiemac.com/news/archives/afford_housing/2006/20060508_foreclosure.html
NeighborWorks®
NeighborWorks Center for Foreclosure Solutions: www.nw.org/network/neighborworksProgs/foreclosuresolutions/default.asp
Freddie Mac Resources:
Avoiding Foreclosure for Borrowers: www.freddiemac.com/avoiding_foreclosure
Avoiding Foreclosure Promotional Materials: www.freddiemac.com/service/msp/avoid_foreclosurekit.html
Anti-Predatory Lending Campaign: http://www.dontborrowtrouble.com/
Responsible Servicing Guidelines: www.freddiemac.com/service/msp/responsible_practices.html
CreditSmart® Curriculum: http://www.freddiemac.com/creditsmart/
Our Role State-by-State http://www.freddiemac.com/corporate/about/what_we_do/state_by_state.html
The Learning Center for Community Outreach: http://www.freddiemac.com/learn/community
Community Programs: www.freddiemac.com/corporate/about/how_we_help/community.html
Protecting Consumers: www.freddiemac.com/corporate/about/how_we_help/protection.html
Anti-Predatory Lending: www.adcouncil.org/default.aspx?id=25
Ad Council – Foreclosure Prevention Ads: http://www.adcouncil.org/default.aspx?id=435
HUD Resources
HUD-Approved Housing Counseling Agencies: http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm
National Foreclosure Avoidance Initiative:
www.freddiemac.com/news/archives/afford_housing/2006/20060508_foreclosure.html
NeighborWorks®
NeighborWorks Center for Foreclosure Solutions: www.nw.org/network/neighborworksProgs/foreclosuresolutions/default.asp
Freddie Mac Resources:
Avoiding Foreclosure for Borrowers: www.freddiemac.com/avoiding_foreclosure
Avoiding Foreclosure Promotional Materials: www.freddiemac.com/service/msp/avoid_foreclosurekit.html
Anti-Predatory Lending Campaign: http://www.dontborrowtrouble.com/
Responsible Servicing Guidelines: www.freddiemac.com/service/msp/responsible_practices.html
CreditSmart® Curriculum: http://www.freddiemac.com/creditsmart/
Our Role State-by-State http://www.freddiemac.com/corporate/about/what_we_do/state_by_state.html
The Learning Center for Community Outreach: http://www.freddiemac.com/learn/community
Community Programs: www.freddiemac.com/corporate/about/how_we_help/community.html
Protecting Consumers: www.freddiemac.com/corporate/about/how_we_help/protection.html
"Code of Care"
“Code of Care”
Consumers
Applaud
Relationships And
Education
Real Estate Professionals care about the communities in which they work and live. They devote themselves to caring about homeowners, and future homeowner customers and clients that have interest in the community area of which they service.
I care and…
• Will be straight forward and up front about facts.
• Will establish affiliates as advisors to implement solutions to problems and work hard for
you to make sure the solutions deliver the results expected.
• Will under promise and over deliver – “My Formula for Success”.
• Will be patient, listen and tell the truth
• Will conduct business with a “Code of Ethics” and Standard of Practice – GAR, NAR.
• Will return all phone calls promptly.
• Will explain all terms, conditions and timeline of your transaction
• Will adopt procedures for “Conflict Resolution” and remove any conflict of interest
• Will have access to resources to meet your unique needs.
• Will provide exclusive representative without discrimination.
• Will always advocate first, and only for my clients legitimate interest in every stage of the "Real Estate Buying & Selling Process" in all transactions.
• Will always provide full disclosure of all known relevant information, including risks and benefits.
• Will never exert pressure and wills always follow their lawful instructions.
• Will always maintain client confidentiality, except as permitted by my client or required by law or Court Order to disclose.
• Will keep you informed and follow through on commitments.
• Will protect YOUR best interest at all times.
• Will help you valuate financing options to help you make the best decision.
• Will recommend three services for home warranties, closing attorneys, lenders, and more!
• Will enroll and exceed the required continuing education of our industry and stay up-to-date on industry trends, laws & regulations.
Consumers
Applaud
Relationships And
Education
Real Estate Professionals care about the communities in which they work and live. They devote themselves to caring about homeowners, and future homeowner customers and clients that have interest in the community area of which they service.
I care and…
• Will be straight forward and up front about facts.
• Will establish affiliates as advisors to implement solutions to problems and work hard for
you to make sure the solutions deliver the results expected.
• Will under promise and over deliver – “My Formula for Success”.
• Will be patient, listen and tell the truth
• Will conduct business with a “Code of Ethics” and Standard of Practice – GAR, NAR.
• Will return all phone calls promptly.
• Will explain all terms, conditions and timeline of your transaction
• Will adopt procedures for “Conflict Resolution” and remove any conflict of interest
• Will have access to resources to meet your unique needs.
• Will provide exclusive representative without discrimination.
• Will always advocate first, and only for my clients legitimate interest in every stage of the "Real Estate Buying & Selling Process" in all transactions.
• Will always provide full disclosure of all known relevant information, including risks and benefits.
• Will never exert pressure and wills always follow their lawful instructions.
• Will always maintain client confidentiality, except as permitted by my client or required by law or Court Order to disclose.
• Will keep you informed and follow through on commitments.
• Will protect YOUR best interest at all times.
• Will help you valuate financing options to help you make the best decision.
• Will recommend three services for home warranties, closing attorneys, lenders, and more!
• Will enroll and exceed the required continuing education of our industry and stay up-to-date on industry trends, laws & regulations.
Author: Cathy McDaniel – The Georgia Training Center 12/07
The Real Estate Industry Day Introduction
Awe the theme song of Mission Impossible. The news media would have us to think that, working together as real estate and mortgage professionals and homeowners is a mission impossible for today.
No so. We are going from this negative into a positive.…think about it for a moment. We love it when someone tells us something is impossible, that it can’t be done or we can’t do anything about it. We thrive on it. It is part of the human spirit to want to tackle any problem and come up with a solution and prove them wrong. Well, today is all about “SOLUTIONS” and “WORKING TOGETHER”.
Let’s talk about the truth for a moment.
The truth is … in 2007 we did experience home loan delinquency increases, declining home prices, ARM resets, increased bankruptcies and foreclosure at an all time high. The news media’s forecast implies that saving homes from foreclosure or buying a new home today is a mission impossible with no expiration date in mind. I say this is not true!
The truth is…today we have a “community crises” with limited vision. It’s about community service. I wish the news media would call it what it actually is and remove from the headlines “Mortgage Crises” and “Mortgage Meltdown”
We are in a strange place today! Consumer confidence in housing is low, foreclosure rates are intensifying, and real estate and mortgage professionals are facing challenging market conditions. We are thinking that the overall picture of homeownership does not look good for the next couple of years. I boldly say that is far from the truth!
The truth is… it is a great time to buy a home. With plenty of inventory, Sellers are eager to work with buyers together with the mortgage industry having loan products for all types of buyer profiles including 100% financing. This is a great time to come together as an industry, work together as partners in the community providing homebuying seminars, pre and post home counseling, foreclosure prevention and intervention workshops and clinics.
It is January 11th, 2008, I encourage “togetherness” today and as an industry let’s not accept the news media’s negative reruns any longer.
The truth is that looking ahead we will face some challenges, new and improved changes in our industry. However, this is a beginning of our new year! SO….fasten your seat belts as your day will be jam-packed with powerful up-to-date information…We will receive the truth from the panelists behind the scenes of homeownership who are specialists in their field. We will learn what is relevant today and the “Due Diligence” process in both real estate and mortgage lending. This year is about solutions and Working together as a team in assisting homeowners that need us today and helping others achieve the American dream of homeownership.
I consider all of you here the movers and shakers that will lead homeownership this 2008 . At the end of the day you will have a jump-start in understanding the dynamics of today’s homeownership market. At the close of the program you will be introduced a new mission statement to embrace “Code of Care”.
No so. We are going from this negative into a positive.…think about it for a moment. We love it when someone tells us something is impossible, that it can’t be done or we can’t do anything about it. We thrive on it. It is part of the human spirit to want to tackle any problem and come up with a solution and prove them wrong. Well, today is all about “SOLUTIONS” and “WORKING TOGETHER”.
Let’s talk about the truth for a moment.
The truth is … in 2007 we did experience home loan delinquency increases, declining home prices, ARM resets, increased bankruptcies and foreclosure at an all time high. The news media’s forecast implies that saving homes from foreclosure or buying a new home today is a mission impossible with no expiration date in mind. I say this is not true!
The truth is…today we have a “community crises” with limited vision. It’s about community service. I wish the news media would call it what it actually is and remove from the headlines “Mortgage Crises” and “Mortgage Meltdown”
We are in a strange place today! Consumer confidence in housing is low, foreclosure rates are intensifying, and real estate and mortgage professionals are facing challenging market conditions. We are thinking that the overall picture of homeownership does not look good for the next couple of years. I boldly say that is far from the truth!
The truth is… it is a great time to buy a home. With plenty of inventory, Sellers are eager to work with buyers together with the mortgage industry having loan products for all types of buyer profiles including 100% financing. This is a great time to come together as an industry, work together as partners in the community providing homebuying seminars, pre and post home counseling, foreclosure prevention and intervention workshops and clinics.
It is January 11th, 2008, I encourage “togetherness” today and as an industry let’s not accept the news media’s negative reruns any longer.
The truth is that looking ahead we will face some challenges, new and improved changes in our industry. However, this is a beginning of our new year! SO….fasten your seat belts as your day will be jam-packed with powerful up-to-date information…We will receive the truth from the panelists behind the scenes of homeownership who are specialists in their field. We will learn what is relevant today and the “Due Diligence” process in both real estate and mortgage lending. This year is about solutions and Working together as a team in assisting homeowners that need us today and helping others achieve the American dream of homeownership.
I consider all of you here the movers and shakers that will lead homeownership this 2008 . At the end of the day you will have a jump-start in understanding the dynamics of today’s homeownership market. At the close of the program you will be introduced a new mission statement to embrace “Code of Care”.
GAR 2008 Contact What’s new and what’s missing!
Closing Costs Buyer’s Closing Costs are now more clearly defined in paragraph 5 of the
Contract and now include TRANSFER TAX and all courier fees that were traditionally charged to the Seller, over and above what they may have contributed to the buyer’s closing costs. Now, if the Seller contributes money towards the buyer’s closing costs then these costs are included in that amount.
Financing Contingency and Loan information has been removed from the Purchase and Sale Agreement and is now incorporated into the Due Diligence Period, or can be added back by using the new “Financing Contingency Exhibit”. Due diligence sounds impressive but ultimately it translates into basic commonsense success factors such as "thinking things through" and "doing your homework". During the Due Diligence Period during which buyers could arrange their financing, conduct whatever inspections of the property they desire, seek the repair of defects, and if they so desired terminate their contracts. After Due Diligence your contract is all cash transaction.
Property Sold with Right to Request Repairs Property Sold with Right to Request Repairs has been removed from the Purchase and Sale Agreement and is now an optional Exhibit to the Contract. Although it can be used in conjunction with the Due Diligence option, agents and their buyer’s need to understand that they MUST follow the requirements of paragraph 1 of that Exhibit or they are in danger of accepting the property “AS-IS” and loosing the “Right to Terminate” that they have in the Due Diligence period, if they also have that option selected. ****Remember: Exhibits Control over the main body of the Contract if the two contradict each other.
Appraisal Contingency Exhibit although many agents do not realize it, the basic GAR Purchase and Sale Agreement does not contain any form of appraisal contingency. This contingency must be added to the contract. Both the FHA and VA loan exhibits contain an appraisal Contingency, but when those exhibits are not attached and buyer is applying for a Conventional Loan, then adding an appraisal contingency is very important. This New Exhibit clearly defines which appraisal will be the “controlling appraisal” and then offers a remedy for buyer and seller to Amend the Sales Price if the Opinion of Value in the appraisal is less than the sales price. The buyer however, will ONLY have the right to terminate if they submit the Amendment to Reduce the Sales Price and the Seller(s) refuse to agree to the Amendment. If the buyer does not submit the Amendment to Reduce the sales price then they are obligated to purchase the property at the original Sales Price.
Notice to Terminate; Termination and Release Agreement The Unilateral Notice of Decision to Terminate and the Termination and Release Agreement are now merged into one combined form (form F 83). By selecting box number 1.a. you can use this as a unilateral Notice to Terminate the Contract when (for example) the buyer wishes to Exercise their “Right to Terminate” during the Due Diligence Period, or because of some unmet contingency (this requires only one signature). Also, by completing paragraph number 2 you can make a demand for release of the earnest money as well, and if both parties (buyer and seller) sign the Agreement then it acts as a Termination and Release Agreement.
Contract and now include TRANSFER TAX and all courier fees that were traditionally charged to the Seller, over and above what they may have contributed to the buyer’s closing costs. Now, if the Seller contributes money towards the buyer’s closing costs then these costs are included in that amount.
Financing Contingency and Loan information has been removed from the Purchase and Sale Agreement and is now incorporated into the Due Diligence Period, or can be added back by using the new “Financing Contingency Exhibit”. Due diligence sounds impressive but ultimately it translates into basic commonsense success factors such as "thinking things through" and "doing your homework". During the Due Diligence Period during which buyers could arrange their financing, conduct whatever inspections of the property they desire, seek the repair of defects, and if they so desired terminate their contracts. After Due Diligence your contract is all cash transaction.
Property Sold with Right to Request Repairs Property Sold with Right to Request Repairs has been removed from the Purchase and Sale Agreement and is now an optional Exhibit to the Contract. Although it can be used in conjunction with the Due Diligence option, agents and their buyer’s need to understand that they MUST follow the requirements of paragraph 1 of that Exhibit or they are in danger of accepting the property “AS-IS” and loosing the “Right to Terminate” that they have in the Due Diligence period, if they also have that option selected. ****Remember: Exhibits Control over the main body of the Contract if the two contradict each other.
Appraisal Contingency Exhibit although many agents do not realize it, the basic GAR Purchase and Sale Agreement does not contain any form of appraisal contingency. This contingency must be added to the contract. Both the FHA and VA loan exhibits contain an appraisal Contingency, but when those exhibits are not attached and buyer is applying for a Conventional Loan, then adding an appraisal contingency is very important. This New Exhibit clearly defines which appraisal will be the “controlling appraisal” and then offers a remedy for buyer and seller to Amend the Sales Price if the Opinion of Value in the appraisal is less than the sales price. The buyer however, will ONLY have the right to terminate if they submit the Amendment to Reduce the Sales Price and the Seller(s) refuse to agree to the Amendment. If the buyer does not submit the Amendment to Reduce the sales price then they are obligated to purchase the property at the original Sales Price.
Notice to Terminate; Termination and Release Agreement The Unilateral Notice of Decision to Terminate and the Termination and Release Agreement are now merged into one combined form (form F 83). By selecting box number 1.a. you can use this as a unilateral Notice to Terminate the Contract when (for example) the buyer wishes to Exercise their “Right to Terminate” during the Due Diligence Period, or because of some unmet contingency (this requires only one signature). Also, by completing paragraph number 2 you can make a demand for release of the earnest money as well, and if both parties (buyer and seller) sign the Agreement then it acts as a Termination and Release Agreement.
Selling HUD Home Update – www.hudpemco.com
Hurricane Evacuees - “Special Discount Program expired 2/31/07”
New Sales Incentives
1. $100 down payment for owner occupants purchasing a HUD home with FHA financing. This loan incentive is also available to owner occupant purchasers who obtain a FHA Home Repair.2. $500 selling broker bonus for sales that use FHA 203(k) financing. (This incentive has been in effect since August 31, 2007)
Don’t forget, that HUD will pay up to 3% of the bid price toward closing cost for any type of buyer, owner occupant or investor. Up to 5% of the bid price in commission that you as the registered selling agent does not have to share with the listing broker.
New Sales Incentives
1. $100 down payment for owner occupants purchasing a HUD home with FHA financing. This loan incentive is also available to owner occupant purchasers who obtain a FHA Home Repair.2. $500 selling broker bonus for sales that use FHA 203(k) financing. (This incentive has been in effect since August 31, 2007)
Don’t forget, that HUD will pay up to 3% of the bid price toward closing cost for any type of buyer, owner occupant or investor. Up to 5% of the bid price in commission that you as the registered selling agent does not have to share with the listing broker.
Saturday, January 5, 2008
This Is the Blog Page for Cathy McDaniel
Real Estate Industry Day 1/11/2008, Decatur, GA, Holiday Inn
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