If your looking for properties check out this website. Here you will be able to search for properties in the New York, New Jersey area.....
http://www.searchingnyproperties.com
Have fun!
Saturday, May 16, 2009
First Time Home Buyer Questions Answered!
Thinking of buying your first home? But you have so many unanswered questions? Can I really afford a home? How can I find out how much I can afford? How do I start? Here are a few answers to your questions read the article below and check back for more answers to you questions:
New Apprasial Ordering Process
Starting May 1, 2009, no one involved in the mortgage process is permitted to select their own appraiser and are not permitted to tell the appraiser what value we need..... No one is permitted to ask an appraiser what he "thinks" the value may be befoe we order an appraisal for refinance.
This is not so bad for new purchases, because we must provide a copy of the contract. But for refinances there is no contract. There is no way to check values before spending the money on the appraisal. Most seasoned mortgage professionals have sites they can go n to get around about idea of values, but again there is no way to get the tru value with out spending money...
The new guidelines applies to Fannie Mae and Freddie Mac loans. It does not apply to FHA and some bank loans.....
Need a seasoned mortgage professional contact:
Dale Biaggi
Sr. Mortgage Consultant
Land Home Financial Services
Office: 800-648-2901
Cell: 831-600-6895
Email: dale@landhomeca.com
This is not so bad for new purchases, because we must provide a copy of the contract. But for refinances there is no contract. There is no way to check values before spending the money on the appraisal. Most seasoned mortgage professionals have sites they can go n to get around about idea of values, but again there is no way to get the tru value with out spending money...
The new guidelines applies to Fannie Mae and Freddie Mac loans. It does not apply to FHA and some bank loans.....
Need a seasoned mortgage professional contact:
Dale Biaggi
Sr. Mortgage Consultant
Land Home Financial Services
Office: 800-648-2901
Cell: 831-600-6895
Email: dale@landhomeca.com
Real Estate Tax Credit
Under a new FHA rule aproved lenders can allow first-time home buyers to use the 8,000 tax credit as a down payment. Otherwise, buyers wouldn't get the money until they receive their taw return.
The government wants to enable FHA consumers to access the homebuyer tax credit funds when they close on their home loans so that the cash can be used as a down payment.
The government wants to enable FHA consumers to access the homebuyer tax credit funds when they close on their home loans so that the cash can be used as a down payment.
Wednesday, October 22, 2008
WHAT IS A SHORT SALE?
A short sale occurs when the proceeds of a real estate sale fall short of the balance owed on the property.
In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank's loss mitigation department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale. Most Short Sales leave a deficiency balance for which the Mortgagor / Borrower is still liable. In 99% of all cases it is not a settlement-in-full. A deficiency balance will remain while the mortgage broker, real estate agent / broker, loan officers, title and closing agents still remain getting their profit. And no regulatory agency governs this hybrid transaction.
Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market climate and the individual borrower's financial situation.
A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. For the home owner, the advantages include avoidance of having a foreclosure on their credit history and the partial control of the monetary deficiency. Additionally, a short sale is typically faster and less expensive than a foreclosure. In short, a short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount. It does not extinguish the remaining balance unless settlement is clearly indicated on the acceptance of offer.
Short sales are common in standard business transactions in recognition that creditors are not doing debtors a favor but, rather, engaging in a business transaction when extending credit. When it makes no business sense or is economically not feasible to retain an asset businesses default on their loans (called bonds). It is not uncommon for business bonds to trade on the after-market for a small fraction of their face value in realization of the likelihood of these future defaults.
In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank's loss mitigation department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale. Most Short Sales leave a deficiency balance for which the Mortgagor / Borrower is still liable. In 99% of all cases it is not a settlement-in-full. A deficiency balance will remain while the mortgage broker, real estate agent / broker, loan officers, title and closing agents still remain getting their profit. And no regulatory agency governs this hybrid transaction.
Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market climate and the individual borrower's financial situation.
A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. For the home owner, the advantages include avoidance of having a foreclosure on their credit history and the partial control of the monetary deficiency. Additionally, a short sale is typically faster and less expensive than a foreclosure. In short, a short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount. It does not extinguish the remaining balance unless settlement is clearly indicated on the acceptance of offer.
Short sales are common in standard business transactions in recognition that creditors are not doing debtors a favor but, rather, engaging in a business transaction when extending credit. When it makes no business sense or is economically not feasible to retain an asset businesses default on their loans (called bonds). It is not uncommon for business bonds to trade on the after-market for a small fraction of their face value in realization of the likelihood of these future defaults.
Saturday, September 27, 2008
Thinking of buying a home review the check list:
Wow! Your thinking about buying a home? It's a big step are you ready? What do you do now? Where do I start? Let's get started on the thing you should know.
1. Do you know your credit score?
If you don't have a couple of hundred thousand dollars in the bank. You will need to get a mortgage to buy your home. In this situation you will have to make sure your credit history is as clean as possible. If you need to get a copy of your credit report try http://www.myfico.com/ you will be able to get a report from all three credit bureaus. If there are any errors on your credit report. Start to write your letters to fix any and all problems.
2. How much can you afford?
The rule is that you can buy a home that runs two and one half times your annual salary. That's the rule, but I would advise you to run the numbers. Only you know what your monthly expenses you currently have. There is a mortgage calculator on this site that will better help you to understand what your payment will look like.
3. How much to put down?
I know you have been talking to your friends and family and they have said you need to put down 20%. Let me relieve the stress: There are a variety of public and private lenders who, if you qualify you will be able to put down as little as 3% of the purchase price. There are loans with FHA.
4. What schools are in this district?
No, I don't have kids but should I worry about school districts? Yes, school's will effect you even if you don't have kids. Just remember if you will be selling potential buyers may have children and they maybe looking for a school districts that are top priority. This will help with your property value if you are in a great district.
5. How long can you stay?
Are you looking to remain in one spot for a while? When you are thinking about buying a home remember you will be there for awhile. If you want to move around maybe buying a home is not for you.
6. Help Wanted?
The Internet is a wonderful thing. It has hundred of home listings and you can view them all in the comfort of your home. But, when your a first time home buyer or even an experienced one you maybe better off using a professional real estate agent. Look for an exclusive buyer agent, if possible who will have your interests at heart and can help you with strategies during the bidding process.
7. What's the difference between points and rates?
When picking a mortgage, you usually have the option of paying additional points a portion of the interest that you pay at closing in exchange for a lower interest rate. If you stay in the house for a long time say five to seven years or more. It's usually a better deal to take the points. The lower interest rate will save you more in the long run.
8. Before you go house hunting get your pre-approval
Getting pre-approved will help you when you find your perfect property. It will save you the stress of trying to rush to get approved due to finding your perfect home and thinking someone may steal it away. It will also educate you on how much house you can afford and what your payments will look like. It will also put you in a better position to make a serious offer when your perfect house comes along. A pre-approval is based on the lender running your numbers, your credit history, tax returns and debt.
9. Bidding on a property
If you are placing a bid on a property and are working with a buyers agent. The agent should do there homework before putting in an offer. Your opening bid should be based on the sales of similar homes in the neighborhood. So before you make and offer do your homework on what other homes have sold for in the area.
10.The Inspection
You made the offer it was accepted the next move is to hire a home inspector. We use Jamie Schaefer http://www.jamieschaefer.com/ with House Masters. The lender will require a home appraisal, but that's the banks way to determine if the house is worth the price you are going to pay. You should hire your own home inspector to give you a detail report on what's going on with the home. The inspectors job is to point out potential problems that could require a costly repair bill. Jamie is one of the best inspectors I have come across and he takes pride in helping a homeowner with the largest investment they will ever make.
1. Do you know your credit score?
If you don't have a couple of hundred thousand dollars in the bank. You will need to get a mortgage to buy your home. In this situation you will have to make sure your credit history is as clean as possible. If you need to get a copy of your credit report try http://www.myfico.com/ you will be able to get a report from all three credit bureaus. If there are any errors on your credit report. Start to write your letters to fix any and all problems.
2. How much can you afford?
The rule is that you can buy a home that runs two and one half times your annual salary. That's the rule, but I would advise you to run the numbers. Only you know what your monthly expenses you currently have. There is a mortgage calculator on this site that will better help you to understand what your payment will look like.
3. How much to put down?
I know you have been talking to your friends and family and they have said you need to put down 20%. Let me relieve the stress: There are a variety of public and private lenders who, if you qualify you will be able to put down as little as 3% of the purchase price. There are loans with FHA.
4. What schools are in this district?
No, I don't have kids but should I worry about school districts? Yes, school's will effect you even if you don't have kids. Just remember if you will be selling potential buyers may have children and they maybe looking for a school districts that are top priority. This will help with your property value if you are in a great district.
5. How long can you stay?
Are you looking to remain in one spot for a while? When you are thinking about buying a home remember you will be there for awhile. If you want to move around maybe buying a home is not for you.
6. Help Wanted?
The Internet is a wonderful thing. It has hundred of home listings and you can view them all in the comfort of your home. But, when your a first time home buyer or even an experienced one you maybe better off using a professional real estate agent. Look for an exclusive buyer agent, if possible who will have your interests at heart and can help you with strategies during the bidding process.
7. What's the difference between points and rates?
When picking a mortgage, you usually have the option of paying additional points a portion of the interest that you pay at closing in exchange for a lower interest rate. If you stay in the house for a long time say five to seven years or more. It's usually a better deal to take the points. The lower interest rate will save you more in the long run.
8. Before you go house hunting get your pre-approval
Getting pre-approved will help you when you find your perfect property. It will save you the stress of trying to rush to get approved due to finding your perfect home and thinking someone may steal it away. It will also educate you on how much house you can afford and what your payments will look like. It will also put you in a better position to make a serious offer when your perfect house comes along. A pre-approval is based on the lender running your numbers, your credit history, tax returns and debt.
9. Bidding on a property
If you are placing a bid on a property and are working with a buyers agent. The agent should do there homework before putting in an offer. Your opening bid should be based on the sales of similar homes in the neighborhood. So before you make and offer do your homework on what other homes have sold for in the area.
10.The Inspection
You made the offer it was accepted the next move is to hire a home inspector. We use Jamie Schaefer http://www.jamieschaefer.com/ with House Masters. The lender will require a home appraisal, but that's the banks way to determine if the house is worth the price you are going to pay. You should hire your own home inspector to give you a detail report on what's going on with the home. The inspectors job is to point out potential problems that could require a costly repair bill. Jamie is one of the best inspectors I have come across and he takes pride in helping a homeowner with the largest investment they will ever make.
Secrets that will help you sell your home
The market is very rough and your thinking of selling your home? You only have one chance to make a great first impression. I will give you some tips to maximize your chances to get your home sold. One tip is Staging, Staging, Staging......
As CEO of an Interior Design firm http://www.sacinteriors.com/ that specializes in Home Staging I know the importance of making sure your house is ready to show.
When a potential buyer comes into your home there are a few thing they will get stuck on.
1. Clutter, Clutter and more Clutter.
2. Family photo's everyone has and love there family, but buyers don't want to see your family.
Those are the top two things that people get stuck on now let get down and dirty and talk about it.
I know no one ever told you that getting rid of the family photo's and clearing off counter tops and putting away the kids toys could get you top dollar for your house. When you hear the word staging it's all about showcasing your homes charm. The details of the home. The things that will stay with the house. If you have a wonderful fireplace show it off. If you have beautiful hard wood floors don't cover them up show them off like a great pair of heels.
The goal of staging is to make your home as welcoming as possible so potential buyers can picture themselves living there.. Even if you lived in clutter for years, buyers won't know that once you call S.A.C. Interiors or any other staging company in to help you with the process. Don't forget to check back for more advice on Home Staging.
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