Foreclosure.com sent me this interesting article from Inman News
Thursday, July 31, 2008
Monday, July 7, 2008
Overcoming Barriers to Real Estate Closings
Real estate attorney, Traci Ellis, and I held a teleclass today to discuss overcoming barriers to closing.
Here are some tips for successful closings:
Buyers
Be sure to get Owner’t Title Insurance. Lender’s require that you buy Lender’s Title insurance but you must request Owner’s Title Insurance. It costs very little and can protect your from nightmare situations should issues arise regarding title.
Don’t apply for credit before you close your loan. Applying for additional credit after you apply for your loan but before closing can stop your loan from going through. Lenders check your credit (again) prior to closing.
Do your walk through prior to the day of closing. If things aren’t just right, you’ll still have some time to work with the seller to fix them before closing.
Sellers
Be sure that your buyer is prequalified for a loan and can close.
Make sure that your title is clean and clear for closing (i.e. -no judgements, liens or issues)
Get an earnest money check. If you have an agent, be sure they have the check.
Bring keys, warranties, garage door openers, etc. to closing.
Buyers & Sellers
Manage the closing closely to ensure success.
Submit all requested documentation immediately.
Expect changes. A lot of things happen with closings. Don’t be surprised if there are changes and/or things that require your attention through the process and on the day of closing.
Request a copy of the settlement statement from the closing attorneys office before you go to the closing. Review it and immediately call the closing attorney if anything is incorrect so that it can be resolved prior to closing.
Selling a Property? www.tipstosellyourhousenow.com
Buying a Property? www.dealsorduds.com
When you’re ready to close www.traciellis.com
Here are some tips for successful closings:
Buyers
Be sure to get Owner’t Title Insurance. Lender’s require that you buy Lender’s Title insurance but you must request Owner’s Title Insurance. It costs very little and can protect your from nightmare situations should issues arise regarding title.
Don’t apply for credit before you close your loan. Applying for additional credit after you apply for your loan but before closing can stop your loan from going through. Lenders check your credit (again) prior to closing.
Do your walk through prior to the day of closing. If things aren’t just right, you’ll still have some time to work with the seller to fix them before closing.
Sellers
Be sure that your buyer is prequalified for a loan and can close.
Make sure that your title is clean and clear for closing (i.e. -no judgements, liens or issues)
Get an earnest money check. If you have an agent, be sure they have the check.
Bring keys, warranties, garage door openers, etc. to closing.
Buyers & Sellers
Manage the closing closely to ensure success.
Submit all requested documentation immediately.
Expect changes. A lot of things happen with closings. Don’t be surprised if there are changes and/or things that require your attention through the process and on the day of closing.
Request a copy of the settlement statement from the closing attorneys office before you go to the closing. Review it and immediately call the closing attorney if anything is incorrect so that it can be resolved prior to closing.
Selling a Property? www.tipstosellyourhousenow.com
Buying a Property? www.dealsorduds.com
When you’re ready to close www.traciellis.com
Thursday, February 21, 2008
Real Estate Reality Radio
Click the link above for upcoming live shows. You can also listen to previous shows by clicking the link above. Find out what's really happening in today's real estate market!
Saturday, January 12, 2008
Loans -Risk Based Pricing/Loan Level Price Adjustments
Allow me to introduce you to the latest in the mortgage business for 2008 - Risk Based Pricing or Loan Level Price Adjustments. Basically, the concept is that additional points are being added to loans based on how risky the borrower is. These are not the discount points used to buy down the interest rate, these are additional points making the loan cost more. The lower the credit score of the borrower, the more points and cost.
Yesterday I was chatting with a lender at First Horizon about a potential "refi" on an investment property. Here's the scoop or an example on what the points are looking like now based on the offerings from First Horizon:
Full Doc
680 & Above - no points
679-660 - 1 point
659-640 - 1.5 points
639-620 -1.75 points
under 620 - 2.5 points
Stated Income Loans -Must have a minimum of 680 score
720 Score - .5 point added for stated income
680-720 - 1 point added for stated income
This is a far cry from the old days when as long as the borrower had over a 620 credit score, loan costs were basically the same.
Thankfully, real estate investing provides creative ways to invest even without having great credit. However, when you are ready to refinance those deals that didn't require credit to purchase them, credit becomes very important. If your credit is not the best and even if you are successfully investing without credit, begin working towards improving your credit score. There's tons of great information at www.myfico.com.
Yesterday I was chatting with a lender at First Horizon about a potential "refi" on an investment property. Here's the scoop or an example on what the points are looking like now based on the offerings from First Horizon:
Full Doc
680 & Above - no points
679-660 - 1 point
659-640 - 1.5 points
639-620 -1.75 points
under 620 - 2.5 points
Stated Income Loans -Must have a minimum of 680 score
720 Score - .5 point added for stated income
680-720 - 1 point added for stated income
This is a far cry from the old days when as long as the borrower had over a 620 credit score, loan costs were basically the same.
Thankfully, real estate investing provides creative ways to invest even without having great credit. However, when you are ready to refinance those deals that didn't require credit to purchase them, credit becomes very important. If your credit is not the best and even if you are successfully investing without credit, begin working towards improving your credit score. There's tons of great information at www.myfico.com.
Tuesday, January 8, 2008
Healthy Housing Meeting
Thanks to my new friend, Michelle Uchiyama, who I met through the Fuller Center for Housing, I attended a meeting this morning at Georgia Tech's Center for Quality Growth and Regional Development Center on Healthy Housing. Gaylon Rogers of Labor of Love Ministries, Inc. presented on the issue of poverty and homelessness . Gaylon's ministry is putting together a planning meeting, which will be held in February to discuss making positive changes around these issues through training, green housing, working with Beltline project and more. Sign up for my ezine at www.transformit.net/ezine.html to stay up to date on the latest meetings and progress.
Gaylon and I will meet next week to discuss the idea of Transform A Neighborhood http://realestateinvestorsresource.blogspot.com/2007/09/transform-neighborhood.html
http://www.transformaneighborhood.org/ partnering with Labor of Love to create transformation in neighborhoods with real estate investors involved in the process.
For so long, I have felt this gentle nudging and calling to this cause, Transform A Neighborhood. I continue to pray for God's will and direction with this project. He continues to send great resources and people to help move it forward. If you feel called as a real estate investor or personally to use your talents and resources for a greater good and cause, please, email me @ nspivey@transformit.net.
Gaylon and I will meet next week to discuss the idea of Transform A Neighborhood http://realestateinvestorsresource.blogspot.com/2007/09/transform-neighborhood.html
http://www.transformaneighborhood.org/ partnering with Labor of Love to create transformation in neighborhoods with real estate investors involved in the process.
For so long, I have felt this gentle nudging and calling to this cause, Transform A Neighborhood. I continue to pray for God's will and direction with this project. He continues to send great resources and people to help move it forward. If you feel called as a real estate investor or personally to use your talents and resources for a greater good and cause, please, email me @ nspivey@transformit.net.
Wednesday, December 19, 2007
The Business Side -XP to Vista ... new computers/business systems
Things have really been crazy lately - a part of the craziness has been my computer crash leaving me behind on many tasks including blog postings. I've been wanting a new computer that's faster, has more memory and capacity for some time now. It's amazing how wishes can come true. My old computer started breaking down piece by piece -it was so slow, then the fan stopped working and within a few days the screen went blank. A new project and fast, I was now looking into the latest and greatest in the computer world.
Everyone said Vista is a problem, find a computer with XP. Well, that was close to impossible. The only option I found for laptops was to have a new machine built with XP by Dell. Since I was not interested in Dell and even the Mac didn't support my business applications like ACT, Quickbooks and other programs, my option was to upgrade to Windows Vista - so I have.
I don't think that the problem is that Vista is a bad operating system. Hey, years ago I had to buy a new desktop when the only thing available was the ME operating system, which was nothing but a problem. Vista seems to work great. The problem is that it doesn't work with most older versions of software, which means upgrade, upgrade, upgrade and spend more money. Most all of my programs have had to be upgraded and that takes time and money.
On the bright side, having a new computer that is speedy with the latest and greatest features and software is a great feeling. I'm looking forward to rocking in the new year with a fast computer!
With that said, let me give you the coaching tip here. Researching, purchasing and overcoming the change with the new computer and transfer of data (let alone this being the holiday season) has been a challenge. However, remembering that I can go into the new year faster and better as a result of this challenge provides me with a light at the end of the tunnel. Most things that are worth while require work and sometimes even a little aggravation along the way, but the important thing is to keep the right perspective and the vision of what is to come in the future - try to visualize the fruits of your labor whether it's a computer, real estate or other.
Everyone said Vista is a problem, find a computer with XP. Well, that was close to impossible. The only option I found for laptops was to have a new machine built with XP by Dell. Since I was not interested in Dell and even the Mac didn't support my business applications like ACT, Quickbooks and other programs, my option was to upgrade to Windows Vista - so I have.
I don't think that the problem is that Vista is a bad operating system. Hey, years ago I had to buy a new desktop when the only thing available was the ME operating system, which was nothing but a problem. Vista seems to work great. The problem is that it doesn't work with most older versions of software, which means upgrade, upgrade, upgrade and spend more money. Most all of my programs have had to be upgraded and that takes time and money.
On the bright side, having a new computer that is speedy with the latest and greatest features and software is a great feeling. I'm looking forward to rocking in the new year with a fast computer!
With that said, let me give you the coaching tip here. Researching, purchasing and overcoming the change with the new computer and transfer of data (let alone this being the holiday season) has been a challenge. However, remembering that I can go into the new year faster and better as a result of this challenge provides me with a light at the end of the tunnel. Most things that are worth while require work and sometimes even a little aggravation along the way, but the important thing is to keep the right perspective and the vision of what is to come in the future - try to visualize the fruits of your labor whether it's a computer, real estate or other.
Thursday, November 1, 2007
Evaluating Neighborhoods
I always tell my real estate investor clients to talk to the neighbors in any area where they plan to invest. Getting familiar with an area is easy if you will just walk around and talk to the neighbors. You will be surprised what you find out about the neighborhood, the neighbors and even specific properties when you do that. I sometimes casually walk my dogs in new neighborhoods where I am considering investing and stop along the way to chat with anyone I see outside.
I have a friend who is looking for a new home in his daughter's school district. His daughter lives with his x wife and their home is quite a distance from his current home. He wants to be closer to his little girl so he has set out on a search for a new home. After driving through numerous neighborhoods in the school district and narrowing it down to a couple of neighborhoods in the area, he was still having a tough time deciding between those neighborhoods.
On Halloween, we were taking his daughter Trick or Treating. Then this idea popped into my head and I said, "Let's Trick or Treat" in those neighborhoods that you've chosen thus far!" We did just that. After our Trick or Treating adventure, his decision was very easy and he decided on one neighborhood that is his favorite.
Too bad Halloween doesn't come around more often -what an easy way to check out the neighbors and get more information on a neighborhood. Even when it's not Halloween, you can still walk the neighborhood and talk to people. Give it a try. One of my clients once told me a story about how he had heard my words about "talking to the neighbors ring in his ears". He was shy and uncomfortable with just trying to strike up a conversation with people. However, he finally decided to talk a kid who was riding his bike. That little boy ended up telling him that someone had been killed in the house he was looking at purchasing. See what I mean? There's a lot of information available for you if you'll just get out in the neighborhood and start talking to people!
I have a friend who is looking for a new home in his daughter's school district. His daughter lives with his x wife and their home is quite a distance from his current home. He wants to be closer to his little girl so he has set out on a search for a new home. After driving through numerous neighborhoods in the school district and narrowing it down to a couple of neighborhoods in the area, he was still having a tough time deciding between those neighborhoods.
On Halloween, we were taking his daughter Trick or Treating. Then this idea popped into my head and I said, "Let's Trick or Treat" in those neighborhoods that you've chosen thus far!" We did just that. After our Trick or Treating adventure, his decision was very easy and he decided on one neighborhood that is his favorite.
Too bad Halloween doesn't come around more often -what an easy way to check out the neighbors and get more information on a neighborhood. Even when it's not Halloween, you can still walk the neighborhood and talk to people. Give it a try. One of my clients once told me a story about how he had heard my words about "talking to the neighbors ring in his ears". He was shy and uncomfortable with just trying to strike up a conversation with people. However, he finally decided to talk a kid who was riding his bike. That little boy ended up telling him that someone had been killed in the house he was looking at purchasing. See what I mean? There's a lot of information available for you if you'll just get out in the neighborhood and start talking to people!
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