August 30, 2010 by Judy Jones
Homebuyers who are taking advantage of the great home values and historically low interest rates are finding the mortgage qualifying process much harder than ever before.
I’ve put together several stories based on real buyers from recent deals that were almost killed by the top “Closing Killers” in the market today. The names have been changed to protect the innocent.
Our first story is about a first time homebuyer couple who barely escaped the sneaky Closing Killer, “Unexplained Deposits” who is part of the Closing Killer gang led by “Opening New Credit”!
Harry and Sally were buying their first home. The house had originally sold for over $250,000. Harry and Sally were able to secure a signed contract for $134,500 with the seller paying all closing costs. They had applied for an FHA 30-year fixed rate loan, putting down only 3.5%. They only needed $4,700 for down payment and 2 months reserves of the PITI (principal, interest, taxes and insurance) payment to qualify for the loan. When they finally sent their current monthly bank statement to the mortgage processor, it showed a current balance of $16,000! Much more than what they needed to close! But wait… did this bank statement reveal a possible Closing Killer: Unexplained Deposits”? YES! Read the rest of this entry »
Tags: Metro Brokers, Metro Brokers Financial, Real Estate, FHA, georgia, VA, Fannie Mae, Freddie Mac, atlanta, Buyers, atlanta real estate, real estate agent, mortgages, closing, Better Homes and Gardens Real Estate Metro Brokers, debt
Posted in Agents, Buyers, Sellers, Uncategorized | 7 Comments »
August 23, 2010 by Ann Bone
If I am considering purchasing real estate, what are the pros and cons of selecting one agent to work with exclusively? Why not “play the field” and contact several (or even lots of) agents and have all of them scouting properties and deals for me? Why not just look around on my own? After all, I know what I’m looking for, right?
Let’s cut to the perceived “cons” of signing a Buyer Brokerage Agreement first, since they may seem obvious to most potential buyers:
- “If I can strike a deal working with the listing agent only, won’t I be able to save money since the seller won’t be paying a selling commission?”
- “If I have several non-exclusive agents out looking at deals for me, won’t I get more good properties to consider? And only the agent who brings the best property to me will be paid; that’s fair, right?”
- “I would be promising to ONLY look at properties with my exclusive agent. What if he/she isn’t available when I want to look?”
Will I really save money by dealing directly with the seller’s listing agent? Overwhelmingly, no. That listing agent realizes that he/she will earn every penny of both the listing AND selling commission since they will be solely responsible for seeing the entire deal through to closing. And I have absolutely no power or standing whatsoever to renegotiate the commission agreement already signed between the listing broker and the seller since I am not a party to that agreement. It’s none of my business and some listing agents may even tell me so. Unrepresented buyers like me, in addition to needing much more “hand-holding” than I ever believe I actually will, are also placing ourselves in a position of “spilling our guts” to the listing agent, only to find out later that the listing agent MUST report any pertinent information to his/her CLIENT, the seller. What I say can and will be used against me during the negotiations and at the closing table. Ouch! Read the rest of this entry »
Tags: ann bone, atlanta, atlanta real estate, Better Homes and Gardens Real Estate Metro Brokers, buyer brokerage agreement, buyer's agent, Buyers, georgia, Metro Brokers, Real Estate, real estate agent, Realtor, Tips
Posted in Agents, Buyers, Uncategorized | 12 Comments »
August 16, 2010 by Michael McFadden
If you listened to the last broadcast of The Real Estate Insider on BlogTalkRadio, we began a discussion on “self motivation”.
How do you push your own buttons? What do you do to motivate yourself?
So in the fashion of David Letterman’s Top 10… we’ll start with number #5 first.
5. “Change who you are first”. Have you ever caught yourself looking to change those around you… it never works (I thought I was going to change the world – not going to work).
4. “Crisis inspires our best efforts”. I’m sure you’ve watched 24 (starring Jack Bauer). I was watching an episode and heard a line in the show that summarizes this point… “Stress is the fertilizer for creativity”. Read the rest of this entry »
Tags: Metro Brokers, Tips, Real Estate, success, Michael McFadden, business, motivation, atlanta, Buyers, atlanta real estate, real estate agent, Better Homes and Gardens Real Estate Metro Brokers, Blog Talk Radio, RE Insider, Real Estate Insider, self motivation, coaching, Aristotle, 24, Jack Bauer, BlogTalkRadio, quotes
Posted in Agents, Buyers, Sellers, Uncategorized | 6 Comments »
August 9, 2010 by Ann Bone
Connie Stokes, a DeKalb County Commissioner AND a Georgia real estate licensee has proposed and gotten passed an ordinance called the “Foreclosed Registry Program” requiring that all VACANT FORECLOSED properties in DeKalb County be registered with the county at an annual fee of $155 (in the written copy of the ordinance I obtained) or $175 (as reported in the Atlanta Journal Constitution) beginning in 90 days (exact date not published, but the ordinance was passed on July 27, 2010).
Supposedly, this is to stress to owners of foreclosed properties (typically banks) the requirement to maintain and secure these vacant properties in order to “prevent blight, decreased property values and crime”. As desirable as these outcomes appear, this effort is extremely burdensome on Ms. Stokes’ fellow real estate agents, and will place real estate agents squarely in the line of fire from the public and code enforcement when banks won’t or don’t attend to their properties and will “stigmatize” otherwise normal properties. Read the rest of this entry »
Tags: Metro Brokers, Foreclosures, georgia, listing, ann bone, seller, atlanta, atlanta real estate, real estate agent, foreclosure, REO, Better Homes and Gardens Real Estate Metro Brokers, Dekalb County, Connie Stokes, vacant, Foreclosed Registry Program, stigmatized properties, bank owned
Posted in Agents, Buyers, Sellers, Uncategorized | 11 Comments »
August 2, 2010 by Dana Eskridge
Military personnel and federal employees who are “under water” with their mortgage can benefit from a program by the Department of Defense that is administered by the US Army Corps of Engineers under the Base Closure Act known as HAP (Homeowner’s Assistance Program). This program was extended under the American Recovery and Reinvestment Act of 2009. For full information, go to http://hap.usace.army.mil/
This program was originally designed to apply to members of the military or federal employees who owned a principal residence in an area where a base closure or realignment caused the values of the homes to decline. Read the rest of this entry »
Tags: Metro Brokers, Tips, Real Estate, Foreclosures, georgia, atlanta, atlanta real estate, dana eskridge, mortgages, short sales, Better Homes and Gardens Real Estate Metro Brokers, military, HAP, veterans, Base Closure Act, US Army Corps of Engineers, American Recovery and Reinvestment Act
Posted in Buyers, Sellers, Uncategorized | 5 Comments »
July 26, 2010 by Kevin Levent
How many times have we heard this about real estate loans? But guess what…it is TRUE.
Today, Metro Brokers Financial rates are 4.25% for 30-year fixed, and 3.75% for 15-year fixed.
Rates are the lowest in history, or at least as long as I have been in the business (28 years). In fact, both 30-year and 15-year fixed-rate mortgages are at the lowest levels since Freddie Mac even began keeping track.
Home shoppers who missed the April 30 deadline for a housing tax credit might have the last laugh. They are likely to end up saving more than the $8,000 they could have received from the tax refund. A mere 1.5% rate differential on a $200,000 loan is $3,000 per year. The average homeowner keeps the property for 8 years. That means a savings of $24,000 just because of low rates!
Folks who know this, are taking action. Mortgage applications rose 3.4 percent last week compared to the previous week on a seasonally adjusted basis, according to the Mortgage Bankers Association weekly survey.
Real estate agents, share these numbers…it’s your duty!
Tags: atlanta real estate, Better Homes and Gardens Real Estate Metro Brokers, Buyers, interest rates, Kevin Levent, Metro Brokers, Metro Brokers Financial, Real Estate, tax credit deadline
Posted in Agents, Buyers, Sellers | 4 Comments »
July 19, 2010 by Judy Jones
With the new LQI (Loan Quality Initiative), buyers better not make ANY purchases until after closing or there might not be a closing! Even after the mortgage loan is approved, lenders now do a final credit check to make sure nothing has changed.
This means that homebuyers could now find their closing stopped the day of closing if they make any new purchases or changes to their credit, income or assets after they make loan application. The LQI rules require lenders to re-check all of the borrower’s data to ensure that there have been NO changes since the loan application.
In the past, homebuyers were sometimes advised by their Realtor and Loan Officer not to make any purchases or open any new credit until AFTER the closing. Now with the new LQI lender re-verification of the borrower’s mortgage file within days prior to closing, homebuyers could stand to lose more than their loan approval. Read the rest of this entry »
Tags: atlanta, atlanta real estate, Better Homes and Gardens Real Estate Metro Brokers, buyer, Fannie Mae, FHA, georgia, Judy Jones, loan quality initiative, Metro Brokers, Metro Brokers Financial, mortgages, Real Estate, real estate agent, seller
Posted in Agents, Buyers, Sellers, Uncategorized | 4 Comments »
July 9, 2010 by Ann Bone
Putting yourself in the right mindset to sell is essential. Once your house goes on the market, it’s no longer “Home Sweet Home”, but a product that will be seen by prospective buyers and their agents who have no attachments to the house. It’s the most difficult aspect of selling for most sellers.
Detaching yourself emotionally from your home is difficult. Clearing out years of clutter, depersonalizing your home by removing personal memorabilia and staging your home for sale can help you view the home as a product that needs to be sold rather than as your personal sanctuary. Read the rest of this entry »
Tags: Metro Brokers, Real Estate, listing, ann bone, seller, atlanta, atlanta real estate, real estate agent, Better Homes and Gardens Real Estate Metro Brokers, pricing your home
Posted in Sellers, Uncategorized | 7 Comments »
July 2, 2010 by Michael McFadden
Many people know that I host a show on BlogTalkRadio for The Real Estate Insider. On a recent show, we spoke about 5 simple steps that you can implement into your business, to make it simple and a bit more fun.
- Exposure – Remember the saying “the right place at the right time”, today it needs to be “being in enough places, more than enough times”. that’s what it that’s today. Social media is taking over the world, which allows us to be in enough places. Facebook, Twitter, LinkedIn, blogs (like the one your reading now) allows you to be in those places. Take advantage and get your EXPOSURE on!
- Staging – Know the difference between “selling condition” and “living condition”. We all know that when a home is priced correctly, many people will “look” at the home. And when a home is in “living condition”, the offers will come in. Most buyers want to see themselves moving in the home asap, but if they can’t envision it, they’ll keep looking until they find a home in “living condition”. Read the rest of this entry »
Tags: atlanta, atlanta real estate, Blog Talk Radio, business, georgia, Metro Brokers, Michael McFadden, RE Insider, Real Estate, real estate agent, real estate career, Real Estate Insider, Social Networking
Posted in Agents, Uncategorized | 17 Comments »
June 28, 2010 by Dana Eskridge
If you are having difficulty making your mortgage payments because you have lost a job, had a reduction in income or had an increase in your payments, foreclosure may be avoided. Here are some steps to take:
1. Don’t ignore the problem. The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.
2. Contact your lender as soon as you realize that you have a problem. Lenders do not want your house. They have options to help borrowers through difficult financial times.
3. Open and respond to all mail from your lender. The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notices of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.
4. Avoid foreclosure prevention companies. You don’t need to pay fees for foreclosure prevention help–use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender. While these may be legitimate businesses, they will charge you a hefty fee (often two or three month’s mortgage payment) for information and services your lender and a trained real estate professional will provide free.
Read the rest of this entry »
Tags: Metro Brokers, Tips, Real Estate, Foreclosures, georgia, atlanta, atlanta real estate, real estate agent, dana eskridge, mortgages, short sales
Posted in Sellers, Uncategorized | 16 Comments »
June 18, 2010 by Tisha Gay
Many homebuyers who went under contract prior to the April 30th tax credit deadline, but still haven’t managed to close, may be starting to sweat as the June 30th closing deadline approaches. In fact, according to the National Association of Realtors (NAR), as many as 180,000 homebuyers who signed contracts in time will not be able to make the June 30 closing deadline. Approximately 75,000 of those are buyers of distressed properties.
It looks like they might get a little extra help from Uncle Sam.
After strong urging from NAR, the Senate approved adding the amendment to a proposed jobs bill on Wednesday to extend the closing deadline on the tax credit of up to $8,000 for home buyers. Under the measure, buyers would have until Sept. 30 to close on sales that went under contract by April 30.
The extra time would, of course, only apply to buyers who met the original April 30th sales contract deadline…if the bill passes.
“All [the measure] does is take the existing law and scratch out June 30 and put in Sept. 30,” says Lucien Salvant, a spokesman for NAR.
The measure was introduced by Nevada Democrat Harry Reid, Georgia Republican Johnny Isakson, and Connecticut Democrat Chris Dodd. The extension measure is part of a wide-ranging bill of tax policy extensions and federal program renewals.
The Senate will likely vote on the larger measure later this week or next week, and then it heads to the House. Stay tuned…we’ll be following developments on the status of the bill.
Tags: $8000, atlanta real estate, extended, homebuyer tax credit extended, tax credit closing deadline, Tisha Gay
Posted in Agents, Buyers, Sellers | 1 Comment »
June 14, 2010 by Judy Jones
The current economic climate we find ourselves in could easily be titled, “The Good, The Bad and the Ugly”, “The Best of Times and the Worst of Times” or even, “I have good news and I have bad news”
I’m a very strong believer that if you know what to expect and have an understanding of possible challenges and plan for them and anticipate them, bad news or challenges can be overcome.
Well, here’s the GOOD News:
• Interest rates are at 50 year lows.
• Home prices are at 10 year lows in some markets.
• It’s a buyer’s market.
• FHA HUD homes can be bought with $100 down.
• There are a large number of homes to choose from.
• Etc., Etc.
Some have grown complacent to all this good news. Some even thought there was better news coming and missed the only Federal Homebuyer Tax Credit in History!
Well, here’s the BAD News:
• The low interest rates mean that Lenders have more to lose than gain by making loans!
• These lenders have already lost large sums due to unpaid mortgage loans that have resulted in the drop in home prices.
• Risk rules the Lending world today, making getting a new mortgage a very difficult and long process.
So, be prepared for the reality of the new lending requirements. It’s definitely worth it when you consider what they have to gain.
Read the rest of this entry »
Tags: atlanta real estate mortgages, Judy Jones, lending requirements, Metro Brokers Financial, mortgage industry, mortgages, obtaining a mortgage, risk
Posted in Agents, Buyers | 8 Comments »
June 7, 2010 by Ann Bone
I am of a “certain age” and have noticed that I’ve become increasingly aware of really good and really bad customer service. When I experience great customer service, I make a point of thanking the provider for the service. To my son’s everlasting embarrassment, though, I have also been vocal to some bad service providers.
My most memorable recent “bad” customer service experience was at a big-box store in which my husband and I were opening a store account to purchase several thousand dollars worth of floor covering. The clerk handed me a credit application printed in Spanish only. Now I majored in French literature some decades ago in college and have parlayed my understanding of that language into Spanish from time-to-time, but I wasn’t certain that my “fluency” would suffice for a credit application.
I asked the clerk for an application printed in English. He told me I could go to the other end of the aircraft-hanger sized store to ask for one. Silence. Eye contact.
Read the rest of this entry »
Tags: ann bone, Better Homes and Gardens Real Estate Metro Brokers, customer service
Posted in Agents, Buyers, Sellers | 11 Comments »
June 1, 2010 by Judy Jones
The current financial troubles in Europe are proving to be an unexpected blessing for U.S. homebuyers. With the value of the Euro steadily declining, large international investors are now putting their money into U.S. Treasury Bonds. The value of these bonds has a direct impact on mortgage interest rates. When the value of U.S. Treasury Bonds go up, mortgage interest rates go down.
The increased demand and buying of U.S. Treasury Bonds has forced their value up which in turn has allowed mortgage interest rates to drop to a new 50 year low.
So what does that mean for homebuyers and homeowners? That this is an EXCELLENT time to buy or refinance!
These low rates coupled with incredible home prices allows a homebuyer to literally own a home that was far beyond their reach 3 years ago, for less per month than they pay in rent. In real dollars and cents, a $150K, 30-year loan at 5% is a principal and interest payment of $805 per month.
Read the rest of this entry »
Tags: greece, historic lows, Judy Jones, Metro Brokers Financial, mortgage rates, u.s. treasury bonds
Posted in Agents, Buyers, Sellers | 13 Comments »
May 21, 2010 by Eddie Krebs
Facebook is nothing special. Its features are not revolutionary or technologically groundbreaking. It wasn’t the first social networking or online profile website. In fact, there are very few unique elements to Facebook that you cannot find elsewhere on the internet.
However, Facebook is not only the most popular website on the planet, its millions of users willingly dispense their most personal information. We upload photos of our children, talk about our vacations and likes and dislikes, and share our marital status, gender, hometown, religious views and birth date. We identify our family members and point out our friends. We publish our exact location live via our smartphones’ GPS. Some of us would probably enter our social security and bank account numbers if there was a box for it on the Edit My Profile screen.
People are trusting by nature, and we expect others to treat us like we would treat them. We trust Facebook to keep our information private, sharing it only as we would like. We forget the company is a for-profit corporation. The heads at Facebook may be the nicest people in the world, but they still have to explain themselves to the investors that forked over the megamillions needed to fund such an ambitious project. Those investors want one thing: a high rate of return on their money.
Read the rest of this entry »
Tags: Eddie Krebs, facebook privacy, Metro Brokers, metrobrokers, Social Networking
Posted in Agents, Buyers, Sellers | 6 Comments »
Homebuyers who are taking advantage of the great home values and historically low interest rates are finding the mortgage qualifying process much harder than ever before.
