REAL STORIES
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Sunday, November 18, 2018

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Article 1 When representing a buyer, seller, landlord, tenant, or other client as an agent, REALTORS® pledge themselves to protect and promote the interests of their client. This obligation to the client is primary, but it does not relieve REALTORS® of their obligation to treat all parties honestly. When serving a buyer, seller, landlord, tenant or other party in a non-agency capacity, REALTORS® remain obligated to treat all parties honestly. (Amended 1/01)

· Standard of Practice 1-1

REALTORS®, when acting as principals in a real estate transaction, remain... Read More

The first thing most people do to make them not qualify for a loan is add on additional credit such as:

1.) Buying a car

2.) Getting additional credit cards

3.) Co-signing for a family member

The second thing is to change jobs while in the loan process.

The third is missing payments or paying bills late.

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When buying a short sale, the first thing to understand is that it usually takes a while. The hardest part is getting an answer from the bank (hopefully your only dealing with one). This process can take months and it seems like the bank is in no hurry. This is where it seems most short sales fall apart as the buyer gets tired of waiting. The reason for the delay is for every short sale package being submitted a case of fraud has to be open by the bank. Once the offer finally gets accepted, it will usually take less than 30days.

If dealing with two different banks from a 1st and... Read More

A person I know has been trying to refinance his house for over 14 months. He needed a lower monthly payment in order not to lose his house. His bank was not cooperating with him so he contacted his senator. Once his senator’s office contacted the bank and identified themselves they were transferred to the president of the company. In efforts to shorten a longs story, the interest was reduced for to 4% for 5 years and the principle was reduced by $50,000. The most incredible part is this all happened in less than 2 weeks. Once again please understand, I cut a lot of things he did... Read More

A short sale is when the bank/lender agrees to discount a loan balance due to a economic of financial hardship on the part of the home owner. The home owner sells the property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender. Usually the bank is in the process of foreclosing on the property due to the current owner defaulting on their loan. Both the current owner and the bank that holds the note(mortgage are involved with the process of selling the home and signing the necessary documents and disclosures.

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Your lender calls this "loan workout". And banks are slowing figuring it out. A year ago, banks did not have a process for short sales, now they do and things are running smoother. Now, modification is the uncharted territory. Modification is not always an option, sadly the statistics are not good. Within 6 months, 58% of homeowners who received a modification are in default, which means headed for short sale or foreclosure. The reason for this...banks are for the most part not yet processing principle reductions when they modify a loan. Here is what banks can do today: halt a rate adjustment... Read More
Buyers are definitely active in the market place right now, but they are taking a lot more time deliberating on the right home to buy or even to buy at all. Generally speaking, this is the ideal time to buy because rates are low and there is a lot to choose from. The law of supply and demand definitely applies to the housing market. Lots of supply + lower demand (largely because of stricter underwriting guidelines)= better deals for buyers.When I see buyers hesitating because they think the market may not have hit bottom yet, there is one thing that I know to be true. You never know you've hit... Read More

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