Posts Tagged ‘mortgage’

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Getting Started As A Real Estate Sales Person And What You Need To Know

Thursday, November 24th, 2011

With an onslaught of foreclosures due on the market in the next couple years it has never been more imperative to understand the HUD 9548 contract. Most licensed agents pass over HUD sales. Many analysts are predicting default rates in the next years that will be higher than all we have ever seen since lending initiated. Why will this alter HUD inventory? Because plenty of loans assembled from 2005-2009 were fha backed, new home buyer loans. Countless of those loans will be foreclosed upon. Subsequently, the value of those homes will now be lower and within the FHA lending range thresholds. So, new home buyers will be possessed to once again attempt to reach for the American Dream. Why does that matter? Read on.

Think about his. When the foreclosure crash initiated in 2005 buyers were running panicked and the “then” current home owners were panicking. What most didn’t consider was that there were anxious, potential home buyers waiting in the wings that had been saving for years to buy a home. And, nationwide, they signed up quickly to get a home…tens of thousands.

Fast forward two years to 07. Market in a downtrend. Home prices descending. Anxious, new buyers securing loans and homes. Then, the Feds enact a first time home buyer tax credit and some states followed suit by offering state tax credits as well that continued on through 2010. Another buying explosion.

Why does this matter now? Because all banks love fha insured lending as their loan, to a certain percentage, is guaranteed against default and, predatory lending was still happening in 07. The government hadn’t clamped down on these clowns. So, since the tax credits were offered, many easily influenced, first time buyers were signing up to get a loan and new home for any price and, no matter what the cost. Many of those loans were 3/1 and 5/1 ARM’s. So, 2007 until 2010 =’s 3 years and then default. Boom! Another crisis is already in sight.

While those buyers were motivated, they bought because of the tax credits offered and minimal down payment. All buyers didn’t consider that home prices were descending and the country was about to come into a deep, multi year recession. They were just in love with the American Dream. Well, many of those buyers lost their jobs in the past couple of years and have now exhausted their saving and are now lagging behind on their loans.

Let’s be honest, in our opinion, FHA borrowers/first time home buyers, for the most part, are cash strapped. With a double dip recession on the horizon all of these fha borrowers have received an NOD and are on the verge of officially defaulting. Tons of excited, new home owners from 2007 are now in a state of nervousness trying to preserve their home. The proper procedures weren’t in place. Another crisis is upon us. We tried to solve a problem with a problem.

So, why is it more important now than ever before to be apprised of hud home sales and how to efficiently close these contracts? It is because FHA/HUD homes are now going to be the norm in the market place. Historically, home prices were inflated tremendously. When getting started as a new real estate agent you need to have knowledge of every dynamic associated with the Housing and Urban Development procedures and also the Federal Housing Administration lending. If you learn these simple processes now and master them you’ll never will have a problem with getting an offer accepted or closed.

Learn more about getting started as a real estate agent. Stop by Len Dietrich’s site where you can find out all about QR codes for realtorsand what they can do for you.

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Unique Gifts To Give At The Close Of Escrow

Wednesday, November 23rd, 2011

I am not a fan of flying. I was, until recently, scared of heights. I don’t know anything about the dynamics of flying other than it seems a bit unconventional for a human but not birds. I do, in fact, love those that have mastered the skill of navigating the wind.

My father died 6 weeks after I was born and I never knew him. But, when I was growing up my mom, who was my idol, always told me, “Take care of the people around you. Be attentive to what their needs are. That is what you father did with me and, since he isn’t here, I think he would want me to share that with you”. When I was growing up I didn’t realize how that would come in to play in my real estate career.

I had a former client that had been referred to me by a mutual friend that was also my former client. This new potential client had a family and two young children (boy and a girl) and he was a bit down on his luck. I went to his house and met with him to discuss listing his house. He proceeded to tell me how his family had hit hard times and he vowed to his wife and two kids, especially the oldest one (a young girl), that they would be okay. It was a typical meeting that didn’t strike me as being too far off the beaten path of any other listing meeting.

Afterwards, he invited me to stay for a cook out. I obliged and hung out with them for a few hours. I watched as the house filled up with families and children from all over the neighborhood. Me, being a single guy and not being accustomed to being around kids, I was nearly at my whits end but, I stuck around to be respectful. And, boy was I glad that I did.

His oldest (about 9 at the time, a girl) came up to me during the the party and said, ‘ Dad said you are going to save us.’ I didn’t know what to say so I said what any single guy with no kids that was terrified would say, ‘Hey, what’s your name.’ She said, ‘My name is Taylor, and I wanna fly. Watch this’. She spread her arms out and pretended like she was flying in to the pool and dove in. We all laughed hysterically. She was a character.

Later, out of curiosity I asked her why she wanted to fly so much. She told me that her grandfather had been a pilot and that he had flown planes from the ‘cotchpits’ before. I told her that we would see what we could do about ‘getting her up in the air some day’.

While this family didn’t want to leave their home and move away it turned out to be the circumstance that benefited them the most. The home sold, they moved in to another home and got on with their lives. After the close of escrow I scheduled a little surprise for them.

They all arrived, unsuspecting. We got in my car and drove about 5 miles to Temecula, CA. As we rolled up to the launch site the kids went crazy. We, along with the guide, launched in to the atmosphere and had so much fun. The smile on that little girls face was priceless. When we landed and were about to leave the little girl came up to me and said, ‘Thank you. You are my hero.” My mom would have been proud.

This gift cost me less than $500 for all 5 of us. When you close your next deal. Think of something unusual. Think of something that will make a lasting impression. Go beyond the call of duty.

They say it takes all kinds to make the world, but I can’t help thinking what a much better world it would be if there were more people like my mom, my client and his family.

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How To Outsource Real Estate

Tuesday, November 22nd, 2011

Tips To Outsource Real Estate Tasks

With all the real estate tasks an agent is encountering it is important to learn how to outsource these tasks. Many agents are a part of a small real estate office or may be in a small market and therefore have to do every tedious detail for every transaction. To be honest, most of your time should be devoted to getting listings or meeting with prospective clients and canvassing your area of expertise. Wouldn’t it be nice to be able to be able to outsource some of the menial office tasks so that you can focus on getting new work?

Outsourcing is a hot topic. So, oftentimes, outsourcing isn’t looked upon in a favorable light. However, in this current downswing in the real estate market we must learn new ways to lower our overhead and increase our profits.

There are several websites that offer outsourcing resources. One of the more popular ones is E-lance. I’ve used this site for well over a year and I have never had a problem with the service. However, you must be careful who you outsource to. Another great resource is ODesk. I have not used their service but they get rave reviews for service. So for the purpose of this article we will only talk about E-lance.

I have found a lot of success outsourcing to the Ukraine. Other friends of mine, such as Tyrone Shum, have found much success in the Philippines. I have, on the other hand had some problems when I outsourced to companies in Pakistan and India. It may have just been the service provider but, either way, it left a bad taste in my mouth. They didn’t rip me off or anything but they were really tardy delivering their tasks on time.

Now, this is going to shock you. I have paid as little as 3$ an hour for administrative office tasks to be performed by a service provider. it almost seems wrong but the wages that are acceptable in certain areas are far below what they are in the US. I have 2 girls in the Ukraine that work about 40 hours a week for me. That is $120 a week or $480 a month. That basically gives me a full time worker for an entire month for under $500. Pretty amazing if you ask me. And, like I said, these providers are more than happy to work those hours for what we consider a minimal amount. It’s just economies of scale. I have heard that providers in the Philippines work for as little as $2 an hour.

Some of the tasks we outsource are: returning emails, posting properties to social media sites, tweeting out our new listings, updating Facebook and research. We never outsource financial tasks that may contain a buyers or sellers financial information. That is just too risky and, honestly, isn’t ethical if you as me. I would be very upset if I found out my agent was outsourcing their tasks and my financials were traveling across the world and back.

In the end you really must do your research but good places to start are E-lance and ODesk. Both of these outsource providers are trustworthy. Plus, any reputable outsource agency keeps a tab on their providers along with encouraging the employers to post rating for each provider as they complete tasks. And, of course, never choose anyone with a low score. It just goes without saying.

The best way to decide is to get a good reference from someone that has used a service provider. If you don’t know anyone that has outsourced then you can find our contact information in the resource box and we’ll be happy to refer a trustworthy provider that we have used ourself. Good luck!

Looking to read more on how to outsource real estate, then visit www.gettingstartedasarealestateagent.com to find the best advice on how to outsource real estate tasks.

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Types of Morgages

Monday, November 21st, 2011

A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan. However, the word mortgage alone, in everyday usage, is most often used to mean mortgage loan.

A high-ratio mortgage is a loan that is above 75% and up to 95% of the purchase price or appraised value of the home, whichever is less. These mortgages must me insured against loss by either Canada Mortgage and Housing Corporation (CMHC), a Federal Government Corporation, or GE Capital, a private insurer. The premiums can be added to the mortgage amount or paid at closing.

A First mortgage is the first debt registered against a property that is secured by a first “charge” on the property. If a default on the mortgage occurs, the first lender has first right on the property to recover the outstanding principal and interest costs, and any other costs incurred during the process.

In Canada and the US, a number of more or less standard measures of credit worthiness are typically used. Common measures include payment to income (mortgage payments as a percentage of gross or net income); debt to income (all debt payments, including mortgage payments, as a percentage of income); and various net worth measures. In many countries, credit scores are used in lieu of or to supplement these measures. There will also be requirements for documentation of the creditworthiness, such as income tax returns, pay stubs, etc; the specifics will vary from location to location.

With a fixed-rate mortgage, the interest rate is set for the term of the mortgage so that the monthly payment of principal and interest remains the same throughout the term. Regardless of whether rates move up or down, you know exactly how much your payments will be and this simplifies your personal budgeting. In a low rate climate, it is a good idea to take a longer term, fixed-rate mortgage for protection from upward fluctuations in interest rates.

When rates are on their way down, or you may feel that they will in the near future, a 6 month convertible mortgage offers you the short term commitment at fixed payments, with an added advantage that while within the term, the mortgage is fully convertible to a longer term from 1 year to 10 years, at the drop of a dime. At the end of the 6 month period, the mortgage becomes fully open, where one can renew with the existing lender or transfer to another lender. Even though it is offered at many financial institutions, there are differences from one to the next.

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Becoming A Real Estate Agent

Sunday, November 20th, 2011

As you begin your journey towards your real estate career, you may be amazed what it takes to become comfortable. Just knowing enough to pass the state licensing examination isn’t enough. Many rich licensed brokers attribute their prosperity to determination, superior training and mentoring. This will come in the form of resourceful books on the web, participating in training seminars and, above all, practicing at an office willing to allocate leads and share their knowledge with you.

Most licensed agents and brokers assume to earn thousands of dollars their first year. While it is possible, it is unlikely unless you have good mentoring and teaching materials. Since it takes time to produce a clientel to get listings there is one specific type of listing you can present as your own: HUD Owned Homes. Anyone can show, sell or advertise a hud-owned home.

HUD owned homes can initiate a nice earned income for new and experienced brokers. While in the old national HUD contract they offered a 5% commission that has now been decreased to 3% which is still pretty decent.

Many affordable hud deals flail out on the market because new and experienced real estate agents don’t seize the opportunity for the HUD sales process. Just getting started as a real estate agent is rough so don’t throw away hud sales from your portfolio. As others are ignoring them, you can become the expert.

Second thing you can do is catch a hud agent training course of study. Many are offered every month nationwide. Check with your local realtor’s association for class scheduling. If you can not attend then visit our site below and you can download a free ebook for bidding strategies and learn more info at our real estate academy.

More about how to be a real estate agent, visit our site for a HUD 9548today.

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Two Great Tips for New Homeowner’s Insurance

Friday, November 18th, 2011

Congratulations on picking out your new residence! Before you close, you will want to have a look at the best home owners insurance options that will shield your new investment. Frequently the closing company will have somebody write you up a policy that you won't even realize what is in it. Assume the lead and check for insurance on your own for comparison.

1. Customise Your House Insurance

All householder's insurance plans will have the same 6 coverages: Dwelling, other structures, private property, loss of use, private culpability, and medical payments.

For the most part, you can adjust many of those coverages to provide more protection or broader protection, so even the coverage names are the same, you still need to go over the options for each coverage.

Additionally, there are several coverages that you can add to provide more protection and broaden the coverage.

Some of the extra coverage, endorsements, or riders include water/sewer backup protection, earthquake coverage, itemized personal property, ID theft, ordinance or law, debris removal, landscape coverage, fire department surcharges, collapse, sinkhole, mine subsidence, and many others.

Work with an agent or company happy to discuss all of the options and work with you on the prices as you customize your policy.

2. Should you elect Basic, Broad, or Special Form house owners?

This would not be anything you would ever know about because these are industry terms, but you need to understand the difference. If you are comparing many various quotes and one seems to stand out to be cheap in comparison, before you jump at it, find out which form it is. If they are providing you a basic form, you're being cheated out of 100% replacement cost and probably getting an Honest to goodness Cash Value (ACV) policy which only gives you cash value for your house minus depreciation/wear and tear.

Broad Form (sometimes called Named Perils) coverage is the commonest sort of insurance, and it's fairly standard.

Special Form (sometimes called All-Risk) coverage extends coverage for your house for more reasons of loss. Additionally it provides you more detailed coverage on your private property. It also provides small benefits that vary from corporation to corporation.

Special Form costs more, but you still want to customize your policy and then ask the difference in cost between broad form and special form. If you have great credit and no previous loss, it may only mean the difference of one or two dollars a month.

Net position is don't allow others to make your homeowner's decisions for you. You have invested too much to leave your protection to risk.

In todays market we all know that getting the best quotes for Colorado auto insurance, health insurance and car insurance can imply the difference of getting a good or bad deal on a new a policy. Which is the reason why you are now able to get fast and free Colorado insurance quotes online to make certain you get the very best deal.

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Review On Safety At Home

Friday, November 18th, 2011

Safety at home should be observed at all times. A household which is safe makes the occupant live with no fears and are able to enjoy every moment they spend there. Safety measures should be observed in all areas in our household.

One common accident in our homes is that of falling down, this can be caused by dimly lit pass ways, or even falling off the stairs. This kind of accident can be disastrous in that it cause broken arms and legs and sometimes the injuries can be fatal. This occurs to both children and older people in the house. To prevent this all places should be given enough lighting especially at night.

Secondly there are fire related accidents; this can be caused by gas leakage, electrical faults, and spills from hot liquids. Every household should have a gas smell detector to alert in case of a leakage. All electrical devices should be in proper working order and if faulty they should be repaired with immediate effect.

To keep away thieves and trespassers from our homes enough measures should be put in place.The household compound should be well fenced with a wall or live fence, a gate should be put in place and a gate man should be employed to man the gate.

The doors and windows should be fitted with burglar proof material. The locks used should also be tamper-proof. Children should be educated on not giving information to strangers especially on the work schedule and routines of the family.

In all household cleaning detergents, chemicals and pesticides should be stored appropriately. They should be kept in well closed drawers in a shelf high up where children cannot reach. All containers should be well labeled. It is advantageous to keep them in clear containers which one can easily tell whats inside. Safety caps should be closed tightly to prevent spillage.

Bathrooms should be regularly cleaned to remove water and unnecessary soaps, If this is not done people can easily fall because of the slippery floor. Falling in the bathroom can be fatal because in most cases the head is the one affected. Electrical shocks also happen when devices are not handled with considerable care. All this should help to ensure safety at home.

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3 Good Books On Real Estate

Wednesday, November 16th, 2011

The best books on real estate are some of the most common ones but for unrelated, various reasons. Most books on real estate only give anecdotal information and, with the laws varying from state to state, can be difficult to apply to your career.

What I decided to do was to grab a few of these books, both hard cover and also on audio book. I picked up one from Gary Keller (of Keller Williams) Donald Trump & Dean Graziosi. I enjoyed them all but for different reasons.

First off, Gary Keller offers the most practical approach to any real estate agent getting started. He’s one of the most popular real estate agents on the planet and has, in my opinion, one of the most successful brokerages in the US. All the information he provided in his book was applicable to me when I was getting started. His book is really for someone that maybe is a part of a small mom and pop office where there isn’t much training. After one get’s their RE license then few offices offer ongoing training. For the most part, you will have to go to your local board or MLS to obtain any relevant on going training. However, Gary’s books are good and, like I said, give you valuable insight for getting started. I recommend his “The Millionare Real Estate Agent: It’s not about the money…it’s about being the best you can be!”

My next two favorites are Donald Trump and Dean Graziosi. Now, these are two polarzing individuals. Either you love them or you hate them. I happen to like them both.

For The Donald, I recommend “Trump Strategies For Real Estate”. Now, if you are in a small market you won’t find any real applicable strategies as most of the insight is from DT’s experiences in NYC. The one thing that does irritate me about his books is that, from what I can tell, he doesn’t put pen to paper and write the book. He co-writes with another author that he trusts. Now, nothing wrong with that but I want to hear the author talking to me. There was some valuable information in the book that I read and the insight gained from made me think in ways I had never thought of before. The way he structured and negotiated some of those deals is mind boggling. A very interesting read for sure.

Now, Dean is an interesting cat. If you look him up on line that guy is selling everything from cars to real estate. I like that he has a history selling informational products. One interesting thing I learned from him was that he shared with me how to buy tax liens. A very interesting concept and one that is easy to implement. Well worth reading.

All in all, none of these books gave a step by step process to getting started as a real estate agent and, honestly, I don’t believe any book on the market will give you those tips and tricks encompassed in one book. However, I have found that they are practical in the advice offered. If I had to pick the best of the three I would recommened Gary’s books as a first read. You really can’t go wrong. Especially for the agent that is looking to brush up on some fresh concepts or the new agent looking to get started. The Donald and Dean are good for the real estate investor looking for additional strategies. I enjoyed those for different reasons that I applied to my real estate investing career.

Looking to find the best insight on getting started as a real estate agent, then visit www.gettingstartedasarealestateagent.com to find advice on best books on real estate, realtor apps, outsourcing and more.

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Find Out About The Basic Kinds Of Insurance

Tuesday, November 15th, 2011

Life in general is full of risks and unforeseen events can just occur at any time. Because we do not know what the future holds, it is wise to get insurance. This is a wise move because if something unexpected happens and you need financial assistance, you will be fully covered. Insurance comes in handy when it comes to risk management. If the risk can be quantified, it means that it can be insured. There are various forms of insurance.

Firstly, there is health cover, which is an important type of insurance. If you have health cover it means that your policy covers you for medical treatments costs. These policies cover you for things such as expenses you incur as a result of treating physical disabilities, custodial care and nursing.

This is one of the most important policies because health emergencies can arise at any moment and you need to be prepared for them. The other type of cover is motor vehicle cover. Many of us own a vehicle of some sort. However, you can never know if and when you might be involved in an accident. That is why it is absolutely essential for you to be covered in the event that something happens to your car. If your vehicle is damaged or it gets stolen, your insurer will take care of all the expenses.

It is also import for you to have your home covered. You never know when you might incur some losses as a result of damage to your house or even theft. If you incur some losses, your insurer can cover the losses. It is also recommended to get life insurance. This is the type of policy which will benefit your family in the event that you die.

This is a policy which you need to consider if you are the main provider of your family. If you take this policy it means that even when you die, the family will continue to live the life they have always been living. In order to be covered you enter into a contract with the insurer where the insurer agrees that when you die, there is a certain amount of money that will be paid out to your dependants.

These were some of the most important policies. The way that the whole thing works is that the insured has to pay premiums to the insurer. Premiums are usually paid on a monthly basis. Once you have entered into an agreement with the insurer and you begin paying your monthly premiums, the insurer has an obligation to cover you for any losses you might incur.

A good example of when the insurer can provide cover is when you are involved in a car accident and your car needs to be repaired. In such an instance, the insurer will cover all the expenses. Another example is that of a break in, if the thieves steal your possessions and you are insured, the insurer has to cover the loss.

It is important for you to carefully read the term and conditions of every policy that you might have. Apart from the different forms of insurance discussed in this article, there are others that you can obtain. As long as you have a risk that can be quantified, you can be insured.

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Why New Real Estate Agents Should Use Real Estate Marketing Letters

Tuesday, November 15th, 2011

Why New Real Estate Agents Should Use Real Estate Marketing Letters

Answer me this; When you started in real estate did you have a mentor to show you the ropes? Did the office you started at offer any type of training? Well, if you are anything like I was my broker didn’t offer any type of training. He basically threw the agents in his office to the wolves. Years later I realize he couldn’t have been dumber. It’s a wonder there were never any lawsuits that arose from some of the transactions that went through that office. I am sure, with all the new agents that were there when I was there that there were a few that dropped the ball on some disclosures or blurred the line with ethics. But, that is another topic.

The fact is, I passed my test with one of the highest grades in the class. However, passing the RE exam didn’t prepare me to understand the everyday common language of a real estate agent. In fact, it was a test and no real life examples. I actually realize now that the test was a little outdated for the time.

One thing is for sure; real estate is a competitive market and few will help you getting started. No one in the office I started at would share a lead and, rarely, would anyone offer any insight to me unless I cut them in on the deal. Which is fine but, there has to be some sort of jump start to give a new agent insight, right? Yes, I know the Keller Williams of the world and Coldwell Bankers offer trainings but what if you were like me in a small office or somewhere in a small town in Utah? What then? Well, you would probably do as I did and buy some books. I bought some Donald Trump, Dean Graziosi and Gary Keller books when I started and they were useful. however what these books didn’t tell me is the basic, every day terminology that is necessary to communicate with other agents, buyers and lenders.

However, one resource that helped me when I started was that I bought some packaged marketing letter tutorials that gave me the types of letters that I would need to send to buyers, lenders and other agents. Really, what I wanted to see was how people corresponded with one another and be able to see, in front of me, how the language/dialog was happening. I bought several packages and all of them were under $75 dollars. The way I look at online tutorials and packages like this is that if I can glean yet one idea from whatever it is that I bought then it was worth the money.

Now I know every state is different and the rules and regulations differ from state to state but one thing remains consistent from state to state; the language that realtors speak to one another is the same and being able to see examples for all types of situations really is beneficial.

There are packages online that offer a full library of pre-drafted letters that will suit any situation that you are in. Check out our site. We offer a lot of free advice and also in-depth reviews on many of the most popular marketing tools for real estate and mortgage marketing letters.

Read more about real estate marketing letters, or the best mortgage marketing letters you can use.

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