We're hearing a lot about short sales these days. The key words in the Multiple Listing Systems around the country are "third party approval required," or "bank approval required," which is a signal that the property you're looking at is actually being sold by the mortgage holder rather than the deed holder.
Before you get involved in one of these transactions, understand what they are not: a short sale is not simply a sale of a property for less than the original purchase price. It is not necessarily a "pre-foreclosure." It is not always a good deal.
What a short sale is: A short sale is a pre-foreclosure only in the fact that the lender has decided to receive payment on the note for less than the face amount. The sellers have determined there's no way they are going to get as much for the house as they owe and they can't stay in the property for one reason or another. The terms of such sales will differ lender to lender. Some require that the owners demonstrate they can't afford the house (that they're broke, in essence) and that there's no money to bring to the table to make up the difference.
It's a sticky situation for the sellers/owners. They don't want to hurt their credit or go into foreclosure, but they have to move because they've been transferred, lost a job, took a new job or are overextended, but they don't have the cash to pay the marketing costs, closing costs and pay off the mortgage.
Short sales are real diamonds. I've seen some that look great -- offering closing costs, aggresive pricing, and selling bonuses -- just to get the house off the books.
Conversely, they can also be some of the toughest deals to get through to settlement if the lender has lost too much money already and just wants to wait out the buyers until one comes along who's willing to buy the house in disrepair with no closing costs.
If you're writing a contract on a short sale here are a few tips to keep in mind:
Be patient. Because of the current default situation on mortgages, the lenders are inundated with many of these type properties. You're offer is one of many and the processor will get to it in turn. Don't expect a response in a day -- maybe not even two to three days. Sometimes a week is not out of the ordinary. Putting in language such as "response required within 24 hours," may just be a waste of time, rather than a stimulus to get a faster response.
A good comparative market analysis is imperative. Be sure to hit the price right on the head and offer close to it. Most lenders have already lost enough money, they don't want to lose more with a really low offer. If it's overpriced, then offer right at the CMA amount. But if it's right on, offer the full price.
Pile on the contingencies. This works well if you're writing a full price offer. Those would include inspections (home, pest, radon, etc.); appraisal; financing; etc. Ask for a lot and expect nothing.
Be on top of your walk through. Most short sales don't like home inspections, thus be aware of the condition of the property. If possible, test all the systems (electrical, plumbing, heating/air). This is as simple as flushing toilets, using a socket tester (available at hardware stores); and turning on the furnace/heater/air. You may even want to turn on the washing machine and dishwasher -- but ask the listing agent beforehand.
If you're on the selling side of a short sale, keep in mind you're not the one in control anymore. The buyer/agent is going to be dealing with the listing agent and the lender more than anyone else. You may want to be involved in the sale, but you're mainly there to agree to the terms set forth by the lender. Sign the paper work. Move your stuff -- out. They want their money and your home is the only thing standing in the way.
So you're out of trouble, right? Not so fast. The bank could come after the rest of the balance separately from the sale, just like they can with a foreclosure. On top of that, any cancellation of debt above $600 is supposed to be reported as income to you through Form 1099-C (Cancellation of Debt) to the IRS. For instance, let's say you sell your house for $30,000 less than you owe, that 30-grand could be additional income the IRS will want to tax.
Written by M. Anthony Carr
Wednesday, August 1, 2007
Preapproved or Prequalified: What's the Difference?
Confusing prequalification with preapproval can mean disappointment for both a home seller and a buyer. Real estate experts say it's smart to urge buyers to become preapproved by their lender -- not just prequalified.
For buyers to obtain a bona fide preapproval, they must submit a loan application with the necessary documentation and fee. After the lender verifies and analyzes the application, it will notify the applicant of how much money he can afford to borrow. Armed with that information, the buyer can confidently go home shopping.
Prequalifications are simply an estimate of what a buyer can afford. A buyer who assumes that this estimate is accurate and chooses a home based on the information may, in fact, be denied a loan when he actually applies. That results in a situation that wastes his time and can put a seller in an a bad position if they've already turned away a qualified buyer. And, of course, it wastes the real estate practitioner's time as well.
For buyers to obtain a bona fide preapproval, they must submit a loan application with the necessary documentation and fee. After the lender verifies and analyzes the application, it will notify the applicant of how much money he can afford to borrow. Armed with that information, the buyer can confidently go home shopping.
Prequalifications are simply an estimate of what a buyer can afford. A buyer who assumes that this estimate is accurate and chooses a home based on the information may, in fact, be denied a loan when he actually applies. That results in a situation that wastes his time and can put a seller in an a bad position if they've already turned away a qualified buyer. And, of course, it wastes the real estate practitioner's time as well.
4 Tips for Cooling Down Your Energy Bills
You know August is approaching when temperatures are heating up and air conditioners seem to be constantly humming -- and staying cool is on everyone's mind.
But many home owners are equally concerned about how they can cut down on their energy consumption and reduce their monthly cooling bills.
The American Council for an Energy Efficient Economy (ACEEE) has a few suggestions:
Clean or replace air filters in air-conditioning units to keep cool air moving and to reduce electricity consumption.
Have an air conditioner tune-up performed by a qualified contractor.
Make sure your attic, which traps a lot of hot air, is adequately insulated.
Replace old equipment. A new high-efficiency unit not only pares down utility bills; it can help you qualify for a federal income tax credit. But before you buy something new, do your research. "Often people are so desperate to replace their equipment that they don’t take the time to research the investment, locking themselves into high cooling bills and less comfort," says ACEEE researcher Katie Ackerly.
But many home owners are equally concerned about how they can cut down on their energy consumption and reduce their monthly cooling bills.
The American Council for an Energy Efficient Economy (ACEEE) has a few suggestions:
Clean or replace air filters in air-conditioning units to keep cool air moving and to reduce electricity consumption.
Have an air conditioner tune-up performed by a qualified contractor.
Make sure your attic, which traps a lot of hot air, is adequately insulated.
Replace old equipment. A new high-efficiency unit not only pares down utility bills; it can help you qualify for a federal income tax credit. But before you buy something new, do your research. "Often people are so desperate to replace their equipment that they don’t take the time to research the investment, locking themselves into high cooling bills and less comfort," says ACEEE researcher Katie Ackerly.
July Round Up: Rates Tick Down
In Freddie Mac's results of its Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 6.69 percent with an average 0.4 point for the week ending July 26, 2007, down from the previous week when it averaged 6.73. Last year at this time, the 30-year FRM averaged 6.72 percent.
The 15-year FRM averaged 6.37 percent with an average 0.4 point, down slightly from the previous week when it averaged 6.38 percent. A year ago, the 15-year FRM averaged 6.34 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.30 percent, with an average 0.4 point, down from the previous week when it averaged 6.35 percent. A year ago, the 5-year ARM averaged 6.35 percent.
"Mortgage rates eased this week on market concerns that a further weakening of housing demand this spring will delay any recovery in the sector," said Frank Nothaft, Freddie Mac vice president and chief economist. "For example, building permits fell last month to the slowest pace in a decade, and more recent data on June sales of existing home showed a fourth consecutive monthly decline."
"Several factors contributed to the softening in housing markets this spring. In addition to the tightening of lending standards earlier this year, especially on subprime loans, the 40 basis point jump in rates on 30-year fixed-rate mortgages in June may have deterred potential buyers. For the year-to-date, sales of single-family homes were down about 9 percent from the first half of 2007."
The 15-year FRM averaged 6.37 percent with an average 0.4 point, down slightly from the previous week when it averaged 6.38 percent. A year ago, the 15-year FRM averaged 6.34 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.30 percent, with an average 0.4 point, down from the previous week when it averaged 6.35 percent. A year ago, the 5-year ARM averaged 6.35 percent.
"Mortgage rates eased this week on market concerns that a further weakening of housing demand this spring will delay any recovery in the sector," said Frank Nothaft, Freddie Mac vice president and chief economist. "For example, building permits fell last month to the slowest pace in a decade, and more recent data on June sales of existing home showed a fourth consecutive monthly decline."
"Several factors contributed to the softening in housing markets this spring. In addition to the tightening of lending standards earlier this year, especially on subprime loans, the 40 basis point jump in rates on 30-year fixed-rate mortgages in June may have deterred potential buyers. For the year-to-date, sales of single-family homes were down about 9 percent from the first half of 2007."
Current Mortgage Rates
30 yr fixed:
6.69%
15 yr fixed:
6.37%
1 yr adj:
5.69%
30 yr jumbo:
(U.S. Daily Averages)
6.69%
15 yr fixed:
6.37%
1 yr adj:
5.69%
30 yr jumbo:
(U.S. Daily Averages)
Seven Steps to a Credit Score Makeover
You can mitigate the effect of tighter mortgage underwriting standards by improving your credit report profile and, as a result, your credit score.
Just don't expect that your knee-jerk reaction to tighter money will generate overnight success. Chances are, you didn't get all those credit report blemishes during a single credit buying binge. And, if you are like many consumers, you don't even know what you are up against.
BankRate.com recently found that 32 percent of Americans surveyed never check their credit reports and have no idea what shape it's in. It's time to find out and do something about it.
Local lenders say the incidence of credit report knowledge is even higher when borrowers sit down to apply for home loans. "Less than 10 percent have seen their report and among those who have, most of the reports are old, many are only from one bureau and so they don't have a complete picture," said Joel Spolin, president of Absolute Mortgage in Palo Alto, CA.
Your credit report is a sort of fiscal fitness report on your credit habits and the information it contains factors heavily into your credit score, a statistical analysis or numerical value placed on your credit behavior. Your credit score is commonly used to nay or yea your requests for credit and determine how much you'll pay for credit approved.
Here are seven starter steps to take toward improving your creditworthiness.
Get your credit report and look for errors.
These days getting a credit report should be the no-brainer first step toward improving your chances of landing credit at the best price possible.
Simply go online to AnnualCreditReport.com, the ONLY federally-sanctioned and cost-free service, and obtain a free credit report from Equifax, Experian and TransUnion. Given the year is more than half over, get your report from at least two companies, perhaps three. Next year set up your own credit monitoring service by getting a report from a different company every four months. Again, through AnnualCreditReport.com, each report is free.
Questions? Call (877) 322-8228 for details about your free credit report rights.
"We advise the client to get one report, pulled by a lender or broker and then use this report to share with other brokers so their credit is not getting constantly pulled," said Paul Garcia
A trusted lender or broker can pull your report for you and show you the ropes. Limiting the number of credit report pulls is also key. However, someone pulling your credit report can charge you a fee and the pull will show up on your credit report, though with little consequence.
Get your feet wet the first time around. Pull your own free credit report. Examine it for errors. That's the spirit of the law, to give you control and knowledge. Bring in a realty pro later, if necessary.
"It's good to get the report so the borrower knows what they are dealing with and to determine if any corrective actions need to be taken," said Garcia.
Check credit limits and attempt to keep balances evenly distributed across credit lines, advises attorney Edward Jamison, with the Los Angeles, CA Jamison Law Group he founded to specialize in consumer credit and identity theft.
Make sure your maximum credit limit is reported for each account.
"When no limit is reported, credit scoring software presumes the account is 'maxed out'." Jamison says credit scoring software scores more favorably when the balance is 50 percent or below, but too many open accounts with zero balances could lower the score with the assumption you could suddenly run up a lot of credit.
Keep some credit cards open. Close others. Open credit cards with limited balances and good payment records raises scores, especially long-time credit cards. However, the accounts should be limited in number and well-managed.
"Closing credit card accounts can hurt your score unless the accounts were opened less than two years ago, and you have more six credit cards," says Jamison.
It's about striking a balance.
"Credit scoring software assumes that people who have had credit for a longer time are at less risk of defaulting on payments," Jamison said.
Where possible, get rid of late payments listed on the credit report. Jamison says if your late payments are dated and you've been a good credit customers for some time creditors may, in good faith, adjust your statement. "If you are a customer in good standing, the creditor may work with you," he said.
The effort isn't easy. A demanding, frustrated and rude approach will make it more difficult. The lender isn't required to remove dings for 7 to 10 years in some cases.
Pay off collection accounts and past due amounts. Payoffs and paying past due accounts start the clock running on how long the ding will remain on your report. In some cases the collection agency or creditor may remove the ding, says Jamison. Again, it's not easy.
"The consumer should contact the collector and request a letter explicitly stating their agreement to delete the account upon receipt or clearance of the payment," he said.
Likewise, whenever possible, seek to have charge-offs and liens that are less than two years old removed.
"Charge-offs and liens that are older than 24 months do not affect your credit score nearly as much as ones under 24 months," says Jamison. "But if they're newer than 24 months, they can seriously damage your credit," revealing you as a more recent credit slacker.
Keep in mind, all efforts to improve your credit, other than correcting errors, are typically based on you being a mature credit consumer -- pay your bills on time, don't overload yourself with debt and get in touch with lenders at the first sign of trouble for workouts than can help save your credit or reduce the damage to your report and your credit score.
Written by Broderick Perkins.
Just don't expect that your knee-jerk reaction to tighter money will generate overnight success. Chances are, you didn't get all those credit report blemishes during a single credit buying binge. And, if you are like many consumers, you don't even know what you are up against.
BankRate.com recently found that 32 percent of Americans surveyed never check their credit reports and have no idea what shape it's in. It's time to find out and do something about it.
Local lenders say the incidence of credit report knowledge is even higher when borrowers sit down to apply for home loans. "Less than 10 percent have seen their report and among those who have, most of the reports are old, many are only from one bureau and so they don't have a complete picture," said Joel Spolin, president of Absolute Mortgage in Palo Alto, CA.
Your credit report is a sort of fiscal fitness report on your credit habits and the information it contains factors heavily into your credit score, a statistical analysis or numerical value placed on your credit behavior. Your credit score is commonly used to nay or yea your requests for credit and determine how much you'll pay for credit approved.
Here are seven starter steps to take toward improving your creditworthiness.
Get your credit report and look for errors.
These days getting a credit report should be the no-brainer first step toward improving your chances of landing credit at the best price possible.
Simply go online to AnnualCreditReport.com, the ONLY federally-sanctioned and cost-free service, and obtain a free credit report from Equifax, Experian and TransUnion. Given the year is more than half over, get your report from at least two companies, perhaps three. Next year set up your own credit monitoring service by getting a report from a different company every four months. Again, through AnnualCreditReport.com, each report is free.
Questions? Call (877) 322-8228 for details about your free credit report rights.
"We advise the client to get one report, pulled by a lender or broker and then use this report to share with other brokers so their credit is not getting constantly pulled," said Paul Garcia
A trusted lender or broker can pull your report for you and show you the ropes. Limiting the number of credit report pulls is also key. However, someone pulling your credit report can charge you a fee and the pull will show up on your credit report, though with little consequence.
Get your feet wet the first time around. Pull your own free credit report. Examine it for errors. That's the spirit of the law, to give you control and knowledge. Bring in a realty pro later, if necessary.
"It's good to get the report so the borrower knows what they are dealing with and to determine if any corrective actions need to be taken," said Garcia.
Check credit limits and attempt to keep balances evenly distributed across credit lines, advises attorney Edward Jamison, with the Los Angeles, CA Jamison Law Group he founded to specialize in consumer credit and identity theft.
Make sure your maximum credit limit is reported for each account.
"When no limit is reported, credit scoring software presumes the account is 'maxed out'." Jamison says credit scoring software scores more favorably when the balance is 50 percent or below, but too many open accounts with zero balances could lower the score with the assumption you could suddenly run up a lot of credit.
Keep some credit cards open. Close others. Open credit cards with limited balances and good payment records raises scores, especially long-time credit cards. However, the accounts should be limited in number and well-managed.
"Closing credit card accounts can hurt your score unless the accounts were opened less than two years ago, and you have more six credit cards," says Jamison.
It's about striking a balance.
"Credit scoring software assumes that people who have had credit for a longer time are at less risk of defaulting on payments," Jamison said.
Where possible, get rid of late payments listed on the credit report. Jamison says if your late payments are dated and you've been a good credit customers for some time creditors may, in good faith, adjust your statement. "If you are a customer in good standing, the creditor may work with you," he said.
The effort isn't easy. A demanding, frustrated and rude approach will make it more difficult. The lender isn't required to remove dings for 7 to 10 years in some cases.
Pay off collection accounts and past due amounts. Payoffs and paying past due accounts start the clock running on how long the ding will remain on your report. In some cases the collection agency or creditor may remove the ding, says Jamison. Again, it's not easy.
"The consumer should contact the collector and request a letter explicitly stating their agreement to delete the account upon receipt or clearance of the payment," he said.
Likewise, whenever possible, seek to have charge-offs and liens that are less than two years old removed.
"Charge-offs and liens that are older than 24 months do not affect your credit score nearly as much as ones under 24 months," says Jamison. "But if they're newer than 24 months, they can seriously damage your credit," revealing you as a more recent credit slacker.
Keep in mind, all efforts to improve your credit, other than correcting errors, are typically based on you being a mature credit consumer -- pay your bills on time, don't overload yourself with debt and get in touch with lenders at the first sign of trouble for workouts than can help save your credit or reduce the damage to your report and your credit score.
Written by Broderick Perkins.
Wednesday, July 11, 2007
Prestamistas Predadores
Señales de cuidado:
1. Facil:"Aprobamiento garantizado" o "sin verificarle los ingresos", sin tener en cuenta el empleo, la historia de credito, bienes. Estos avisos pueden indicar que el prestamista no le importe si usted podra pagar su hipoteca a largo plazo.
2. Excesivos cobros: Como los costos son financiados como parte del prestamo pueden ser faciles de esconder. Es comun para un nuevo comprador pagar unicamente 1% del valor del prestamo principal. En contraste, un tipico prestamista predador le puede costar del 3% al 5% mas.
3.Pagos grandes en el futuro:Prestamos ajustables de alto riesgo.
4.Demoras para ir al cierre:El prestamista atrasando el cierre creando que su primer ofrecido "buen interes" se pierda por los atrasos.
5.Propiedad con precio inflado:Avaluos inflados que permiten cobros excesivos dando como resultado que el propietario termina debiendo mas de lo que la propiedad realmente vale.
6.Barreras para refinanciar:Penalidades que hacen dificil el futuro refinanciamiento (de ser necesario). Pueden ser de un año hasta tres años en la mayoria de los casos.
7.Prestamos sin cuota inicial:El prestamo se divide en dos , generalmente 80% y 20%, el segundo prestamo el interes es mucho mas alto. En este caso asegurese que usted pueda hacer los pagos, hoy en dia la valorizacion de las casas volvio a promedios normales donde refinanciar al año es mas dificil (puede tomar ahora de 2 a 3 años), todo dependiendo de como este el mercado en su especifica area.
8.Manejo de documentacion sin etica:Prestamistas con etica siempre le haran firmar papeles de importancia para este proceso con la debida explicacion.
CONCLUSION: No tenga miedo de preguntar si algo no le queda claro, el prestamista tiene la obligacion de darle a usted el llamado "GOOD FAITH ESTIMATE" o estimado de buena fe, ahi saldran todos los posibles costos, variaciones pueden ocurrir (generalmente debido a los taxes que cobran los condados/varian segun condado), pero el total es muy aproximado a lo que usted encontrara el dia que vaya al "cierre".
1. Facil:"Aprobamiento garantizado" o "sin verificarle los ingresos", sin tener en cuenta el empleo, la historia de credito, bienes. Estos avisos pueden indicar que el prestamista no le importe si usted podra pagar su hipoteca a largo plazo.
2. Excesivos cobros: Como los costos son financiados como parte del prestamo pueden ser faciles de esconder. Es comun para un nuevo comprador pagar unicamente 1% del valor del prestamo principal. En contraste, un tipico prestamista predador le puede costar del 3% al 5% mas.
3.Pagos grandes en el futuro:Prestamos ajustables de alto riesgo.
4.Demoras para ir al cierre:El prestamista atrasando el cierre creando que su primer ofrecido "buen interes" se pierda por los atrasos.
5.Propiedad con precio inflado:Avaluos inflados que permiten cobros excesivos dando como resultado que el propietario termina debiendo mas de lo que la propiedad realmente vale.
6.Barreras para refinanciar:Penalidades que hacen dificil el futuro refinanciamiento (de ser necesario). Pueden ser de un año hasta tres años en la mayoria de los casos.
7.Prestamos sin cuota inicial:El prestamo se divide en dos , generalmente 80% y 20%, el segundo prestamo el interes es mucho mas alto. En este caso asegurese que usted pueda hacer los pagos, hoy en dia la valorizacion de las casas volvio a promedios normales donde refinanciar al año es mas dificil (puede tomar ahora de 2 a 3 años), todo dependiendo de como este el mercado en su especifica area.
8.Manejo de documentacion sin etica:Prestamistas con etica siempre le haran firmar papeles de importancia para este proceso con la debida explicacion.
CONCLUSION: No tenga miedo de preguntar si algo no le queda claro, el prestamista tiene la obligacion de darle a usted el llamado "GOOD FAITH ESTIMATE" o estimado de buena fe, ahi saldran todos los posibles costos, variaciones pueden ocurrir (generalmente debido a los taxes que cobran los condados/varian segun condado), pero el total es muy aproximado a lo que usted encontrara el dia que vaya al "cierre".
Prestamos de Amortizacion Negativa
"Que bueno, saque un prestamo al 1% o 2%" CUIDADO!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!. Esos prestamos son los llamados amortizacion negativa.
Los intereses reales en promedio para prestamos con amortizacion fija a 30 años pueden estar entre el 6.25% al 7%, cuando a usted le ofrecen pagar menos de ese interes realmente lo que hace es que la cantidad que usted debe aumente en lugar de bajar ya que los intereses reales que usted esta dejando de pagar son añadidos al balance de su prestamo. Ese tipo de prestamo generalmente favorece a inversionistas que compran propiedades para renovar y posteriormente vender a corto plazo donde la eventual ganancia cubriria los intereses no pagados.
Los intereses reales en promedio para prestamos con amortizacion fija a 30 años pueden estar entre el 6.25% al 7%, cuando a usted le ofrecen pagar menos de ese interes realmente lo que hace es que la cantidad que usted debe aumente en lugar de bajar ya que los intereses reales que usted esta dejando de pagar son añadidos al balance de su prestamo. Ese tipo de prestamo generalmente favorece a inversionistas que compran propiedades para renovar y posteriormente vender a corto plazo donde la eventual ganancia cubriria los intereses no pagados.
FORECLOSURE & SHORT SALE
El Foreclosure y el Short Sale son terminos que estamos escuchando ultimamente con mucha frecuencia. Cuando compramos una propiedad con dinero prestado por la institucion financiera nos comprometemos a pagar una hipoteca (mortgage) mes a mes, si no lo hacemos nuestra propiedad es la garantia de pago para la institucion bancaria. El banco o institucion financiera procederia a vender la casa por sus propios medios pra recuperar el prestamo o dinero debido.
El proceso para hacerlo se llama "Foreclosure". Puede durar de 5 a 7 meses dependiendo de las politicas de la institucion financiera. Una manera de detener este proceso es pagando la deuda que se tenga a la fecha;para lograrlo generalmente se pondria la casa a la venta y asi una vez vendida se cumple con la obligacion financiera. Si esto no resultara la institucion financiera fijaria una fecha en la que la propiedad se remataria (subastaria) publicamente.
En dado caso que la deuda pendiente con la institucion financiera sea mas grande que la cantidad por la cual la propiedad pueda ser vendida, dicha institucion no recuperaria todo el dinero que se le adeuda y se le pediria que autorizaran el llamado "Short Sale".
Para autorizar dicho proceso la institucion considera primero si el vendedor es merecedor de esa ayuda basado en situaciones como perdida de empleo,divorcio, enfermedad. Tambien la institucion estudia si costaria menos reposeer la propiedad o venderla empleando una agencia de bienes raices.
Para el propietario, el "Short Sale"le resulta ventajoso puesto que su credito no reflejaria "bancarrota", que indicaria que usted basicamente nunca cumplio con la obligacion.
El proceso para hacerlo se llama "Foreclosure". Puede durar de 5 a 7 meses dependiendo de las politicas de la institucion financiera. Una manera de detener este proceso es pagando la deuda que se tenga a la fecha;para lograrlo generalmente se pondria la casa a la venta y asi una vez vendida se cumple con la obligacion financiera. Si esto no resultara la institucion financiera fijaria una fecha en la que la propiedad se remataria (subastaria) publicamente.
En dado caso que la deuda pendiente con la institucion financiera sea mas grande que la cantidad por la cual la propiedad pueda ser vendida, dicha institucion no recuperaria todo el dinero que se le adeuda y se le pediria que autorizaran el llamado "Short Sale".
Para autorizar dicho proceso la institucion considera primero si el vendedor es merecedor de esa ayuda basado en situaciones como perdida de empleo,divorcio, enfermedad. Tambien la institucion estudia si costaria menos reposeer la propiedad o venderla empleando una agencia de bienes raices.
Para el propietario, el "Short Sale"le resulta ventajoso puesto que su credito no reflejaria "bancarrota", que indicaria que usted basicamente nunca cumplio con la obligacion.
Saturday, April 7, 2007
BUSCANDO CASA
La casa propia es el ideal de toda persona. Hoy en dia ese ideal tiene mas importancia que nunca.Sin embargo, uno de los primeros problemas que generalmente encuentra el posible comprador es que la "casa de sus sueños"no siempre parece estar al alcance de sus posibilidades.
La manera de comprar una casa ha cambiado. Antes, los compradores buscaban la mejor vivienda que pudieran encontrar y lugo sacaban un prestamo.Hoy, los posibles compradores deben buscar el financiamiento mas conveniente con el mismo cuidado con que buscan la mejor vivienda. En el mercado actual, ambas cosas son igualmente importantes.La experiencia ha demostrado que el proceso de compra tiene etapas que son comunes a todos los compradores de viviendas. He preparado esta guia en la que se describen todas las etapas desde la planificacion hasta el llamado "cierre"con el objeto de ayudarle a entender este proceso y sacar mejor partido al tiempo y dinero que usted destine para la compra de su casa. Esta pequeña guia obviamente no le puede responder todas sus preguntas, para obtener respuestas especificas solo consulteme.Despues de todo estoy aqui para ayudarle a realizar su sueño de adquirir casa propia.
Que precio puede usted pagar por su casa?
La busqueda de una vivienda comienza con el planeamiento.El primer paso para comprar una casa es sentarse ante una mesa.Antes de estudiar los mapas de las calles y salir a ver las casa,usted necesita cierto planeamiento.Es lo que nosotros llamamos "calificacion previa".Se trata sencillamente de determinar cual es el precio que esta al alcance de sus posibilidades.Una vez sepamos ese precio que nos costaria mensualmente dicha propiedad podemos salir a buscar una casa en ese valor o menor tal vez. Un prestamista de vivienda sera el encargado de hacerle un "pre-aprobamiento",basado en una serie de verificaciones,lo cual le permitira negociar como si contara con el efectivo para la compra de dicha propiedad.
El precio de la casa que usted pueda comprar depende de dos cosas:
1.Que cantidad usted puede pagar mensualmente por la vivienda?
2.Que cantidad puede invertir en el pago inicial o enganche?
Los pagos mensuales mensuales pueden incluir el capital y los intereses sobre el prestamo hipotecario, los impuestos sobre la propiedad y el seguro contra incendios y otros riesgos.Estos cuatro costos generalmente aparecen abreviados como "P.I.T.I",por sus siglas en Ingles correspondientes a principal,intereses,impuestos,seguro.En el caso de algunos compradores y prestamistas, los costos mensuales de la casa pueden incluir tambien las cuotas del condominio (cuota por mantenimiento de areas comunes y en ocasiones alguno o todos los servicios publicos), y el "Private Mortgage Insurance"(seguro privado de la hipoteca), si el prestamo es solo para pagar los intereses (muy comun en primeros compradores e inversionistas), no habra capital.
Determinantes en lograr un buen PRE-APROBAMIENTO del Banco.
1. HISTORIA DE CREDITO: Buena historia de credito determinada por medio de un "credit report" basado en un puntaje o "score", entre mas alto (700 en adelante), los bancos estaran dispuestos ha prestarle con los mejores intereses del momento, por el contrario en la medida que ese puntaje baje, mas alto seran los intereses en el prestamo y mas condiciones requerira el banco para asegurarse que usted merece un prestamo bancario (es logico, en la medida que si usted no muestra un buen puntaje, por lo general esta ligado con incumplimiento de obligaciones crediticias u otros factores a analizar que han impedido su mas optimo puntaje). A la fecha los bancos estan cambiando sus politicas de prestamo y estan exigiendo mejores puntajes (670 en adelante).
2. EMPLEO: Dos años de empleo en la misma rama, preferiblemente en la misma compañia.
3. RENTA:Dos años de verificacion de renta (preferiblemente demostrado con cheques cancelados por su arrendador).
4. RESERVAS: Dinero en el banco, que por lo general usted mantenga en promedio mostrando que en el caso de una dificultad usted puede pagar la hipoteca por medio de eseas reservas.Esta cantidad puede variar (de 2 a 6 meses).
Nota: Si por algun motivo usted no cumple en totalidad con lo mencionado anteriormente, existen otras posibilidades que se deberan estudiar a fondo como la posibilidad de un CO-DEUDOR(tiene que cumplir con lo mencionado anteriormente), o que usted compre en conjunto con otra persona o personas para que asi logren PRE-CALIFICAR para un prestamo.
La manera de comprar una casa ha cambiado. Antes, los compradores buscaban la mejor vivienda que pudieran encontrar y lugo sacaban un prestamo.Hoy, los posibles compradores deben buscar el financiamiento mas conveniente con el mismo cuidado con que buscan la mejor vivienda. En el mercado actual, ambas cosas son igualmente importantes.La experiencia ha demostrado que el proceso de compra tiene etapas que son comunes a todos los compradores de viviendas. He preparado esta guia en la que se describen todas las etapas desde la planificacion hasta el llamado "cierre"con el objeto de ayudarle a entender este proceso y sacar mejor partido al tiempo y dinero que usted destine para la compra de su casa. Esta pequeña guia obviamente no le puede responder todas sus preguntas, para obtener respuestas especificas solo consulteme.Despues de todo estoy aqui para ayudarle a realizar su sueño de adquirir casa propia.
Que precio puede usted pagar por su casa?
La busqueda de una vivienda comienza con el planeamiento.El primer paso para comprar una casa es sentarse ante una mesa.Antes de estudiar los mapas de las calles y salir a ver las casa,usted necesita cierto planeamiento.Es lo que nosotros llamamos "calificacion previa".Se trata sencillamente de determinar cual es el precio que esta al alcance de sus posibilidades.Una vez sepamos ese precio que nos costaria mensualmente dicha propiedad podemos salir a buscar una casa en ese valor o menor tal vez. Un prestamista de vivienda sera el encargado de hacerle un "pre-aprobamiento",basado en una serie de verificaciones,lo cual le permitira negociar como si contara con el efectivo para la compra de dicha propiedad.
El precio de la casa que usted pueda comprar depende de dos cosas:
1.Que cantidad usted puede pagar mensualmente por la vivienda?
2.Que cantidad puede invertir en el pago inicial o enganche?
Los pagos mensuales mensuales pueden incluir el capital y los intereses sobre el prestamo hipotecario, los impuestos sobre la propiedad y el seguro contra incendios y otros riesgos.Estos cuatro costos generalmente aparecen abreviados como "P.I.T.I",por sus siglas en Ingles correspondientes a principal,intereses,impuestos,seguro.En el caso de algunos compradores y prestamistas, los costos mensuales de la casa pueden incluir tambien las cuotas del condominio (cuota por mantenimiento de areas comunes y en ocasiones alguno o todos los servicios publicos), y el "Private Mortgage Insurance"(seguro privado de la hipoteca), si el prestamo es solo para pagar los intereses (muy comun en primeros compradores e inversionistas), no habra capital.
Determinantes en lograr un buen PRE-APROBAMIENTO del Banco.
1. HISTORIA DE CREDITO: Buena historia de credito determinada por medio de un "credit report" basado en un puntaje o "score", entre mas alto (700 en adelante), los bancos estaran dispuestos ha prestarle con los mejores intereses del momento, por el contrario en la medida que ese puntaje baje, mas alto seran los intereses en el prestamo y mas condiciones requerira el banco para asegurarse que usted merece un prestamo bancario (es logico, en la medida que si usted no muestra un buen puntaje, por lo general esta ligado con incumplimiento de obligaciones crediticias u otros factores a analizar que han impedido su mas optimo puntaje). A la fecha los bancos estan cambiando sus politicas de prestamo y estan exigiendo mejores puntajes (670 en adelante).
2. EMPLEO: Dos años de empleo en la misma rama, preferiblemente en la misma compañia.
3. RENTA:Dos años de verificacion de renta (preferiblemente demostrado con cheques cancelados por su arrendador).
4. RESERVAS: Dinero en el banco, que por lo general usted mantenga en promedio mostrando que en el caso de una dificultad usted puede pagar la hipoteca por medio de eseas reservas.Esta cantidad puede variar (de 2 a 6 meses).
Nota: Si por algun motivo usted no cumple en totalidad con lo mencionado anteriormente, existen otras posibilidades que se deberan estudiar a fondo como la posibilidad de un CO-DEUDOR(tiene que cumplir con lo mencionado anteriormente), o que usted compre en conjunto con otra persona o personas para que asi logren PRE-CALIFICAR para un prestamo.
Tuesday, March 20, 2007
PREPARANDO SU CASA PARA LA VENTA
1. La primera impresion es muy importante: Como se ve la casa desde la calle es vital. El pasto debe estar cortado, los andenes (banqueta) limpios, puertas exteriores limpias, timbre funcionando.
2. Pintar la casa para la venta: Una inversion que le pagara dividendos en forma de mejor precio para la venta y una posible venta mas rapida.
3. Permita la iluminacion: Abra las cortinas y tenga las ventanas limpias asi el prospecto comprador puede apreciar que tan iluminada y agradable su casa es. Cuartos oscuros no son de mayor agrado para ningun comprador.
4. Evite goteos: Arregle cualquier goteo menor que pueda existir, recuerde que goteras en la plomeria sugieren mala plomeria y posible arreglos costosos. Lavamanos descoloridos y oxidados no son buena señal tampoco, estos deben lucir limpios y relucientes.
5. Pequeños detalles significan bastante: Botones de los cabinetes sueltos, puertas que no cierran o se pegan, ventanas que no abren o en su defecto no cierran, son factores negativos. Es valioso tomar un poco de tiempo y arreglar esos pequeños detalles.
6. Seguridad primero: Mantenga las escalares y los pasadizos absolutamente limpios. Amontonamiento no es atractivo y ademas puede causar accidentes.
7. Baños y cocina venden la casa: Asegurese los baños esten relucientes al igual que la cocina. El caulking si esta amarillo, reemplacelo por nuevo.
8. De arriba a abajo: Asegurese que el comprador tenga acceso a mirar toda la casa, remueva cosas que no usa, cartones, etc, busqueles almacenamiento temporal si es necesario.
9. Nuestro mejor amigo: Si tiene perros o gatos asegurese especialmente con los perros que no interfieran con los posibles compradores.
2. Pintar la casa para la venta: Una inversion que le pagara dividendos en forma de mejor precio para la venta y una posible venta mas rapida.
3. Permita la iluminacion: Abra las cortinas y tenga las ventanas limpias asi el prospecto comprador puede apreciar que tan iluminada y agradable su casa es. Cuartos oscuros no son de mayor agrado para ningun comprador.
4. Evite goteos: Arregle cualquier goteo menor que pueda existir, recuerde que goteras en la plomeria sugieren mala plomeria y posible arreglos costosos. Lavamanos descoloridos y oxidados no son buena señal tampoco, estos deben lucir limpios y relucientes.
5. Pequeños detalles significan bastante: Botones de los cabinetes sueltos, puertas que no cierran o se pegan, ventanas que no abren o en su defecto no cierran, son factores negativos. Es valioso tomar un poco de tiempo y arreglar esos pequeños detalles.
6. Seguridad primero: Mantenga las escalares y los pasadizos absolutamente limpios. Amontonamiento no es atractivo y ademas puede causar accidentes.
7. Baños y cocina venden la casa: Asegurese los baños esten relucientes al igual que la cocina. El caulking si esta amarillo, reemplacelo por nuevo.
8. De arriba a abajo: Asegurese que el comprador tenga acceso a mirar toda la casa, remueva cosas que no usa, cartones, etc, busqueles almacenamiento temporal si es necesario.
9. Nuestro mejor amigo: Si tiene perros o gatos asegurese especialmente con los perros que no interfieran con los posibles compradores.
Friday, February 23, 2007
Sunday, February 4, 2007
Sitios en la red para visitar
Algunos de los sitios en la red (internet) a continuacion son informativos y no necesariamente 100% actualizados, cualquier propiedad listada por medio de una compañia de Real Estate mi compañia tiene acceso a esta. Nosotros los REALTORS usamos un sistema en la red llamado MRIS(MLS) que es 100% preciso.
www.homesdatabase.com
www.zillow.com
www.craigslist.com
http://www.washingtonpost.com/wp-dyn/content/realestate/?nav=globetop
http://icare.fairfaxcounty.gov/Search/GenericSearch.aspx?mode=address
http://www.vhda.com/vhda_com/front_page/default.asp
http://publicrecords.netronline.com
http://www.marketresearch.com
http://recenter.tamu.edu/soft
http://knowledge.wharton.upenn.edu
www.census.gov
www.nber.org
Cualquier comentario en relacion a estos sitios no dude en llamarme (703)297-1234.
Gracias.
www.homesdatabase.com
www.zillow.com
www.craigslist.com
http://www.washingtonpost.com/wp-dyn/content/realestate/?nav=globetop
http://icare.fairfaxcounty.gov/Search/GenericSearch.aspx?mode=address
http://www.vhda.com/vhda_com/front_page/default.asp
http://publicrecords.netronline.com
http://www.marketresearch.com
http://recenter.tamu.edu/soft
http://knowledge.wharton.upenn.edu
www.census.gov
www.nber.org
Cualquier comentario en relacion a estos sitios no dude en llamarme (703)297-1234.
Gracias.
Thursday, January 18, 2007
10 CONSEJOS PARA COMPRADORES POR PRIMERA VEZ
- SEA EXIGENTE, PERO SEA CONCIENTE. NO EXISTE LA CASA PERFECTA.
- HAGA SU TAREA ANTES DE COMENZAR A BUSCAR LA CASA. DECIDA ESPICIFICAMENTE QUE CUALIDADES LE GUSTARIAN EN SU CASA Y CUALES SERIAN LAS MAS IMPORTANTES.
- TENGA SUS FINANZAS EN ORDEN.CHEQUEE SU REPORTE DE CREDITO Y ASEGURESE DE TENER SUFICIENTE DINERO PARA CUBRIR PAGO INICIAL O GASTOS DE CIERRE SI FUERA NECESARIO.
- NO ESPERE A CONSEGUIR UN PRESTAMO. ANTES DE COMENZAR A MIRAR PROPIEDADES HABLE CON SU OFICIAL DE PRESTAMO Y HAGASE PRE-CALIFICAR.
- NO PREGUNTE A MUCHA GENTE POR OPINIONES. SE VOLVERIA LOCO! SELECCIONE UNA O DOS PERSONAS EN CASO DE QUE NECESITE UNA SEGUNDA OPINION.
- DECIDA CUANDO SE PODRIA MUDAR. CUANDO EXPIRA SU CONTRATO DE ARRENDAMIENTO? SE LE PERMITE SUB-ARRENDAR? QUE TAN APRETADO ES EL MERCADO DE RENTAR EN SU AREA ACTUAL?
- PIENSE A LARGO PLAZO. ESTA BUSCANDO CASA CON LA IDEA DE MOVERSE EN POCOS AÑOS O PIENSA QUEDARSE POR BASTANTE TIEMPO?ESTA DECISION PUEDE INFLUENCIAR EN QUE TIPO DE PRESTAMO LE SERIA MAS BENEFICIOSO.
- RECUERDE QUE ADEMAS DE LA CASA TENDRA QUE CUMPLIR CON OBLIGACIONES DE MANTENCION, DECORACION O DINEROS PARA OTROS PROPOSITOS.
- INSISTA EN UNA INSPECCION DE SU NUEVA PROPIEDAD Y SI ES POSIBLE CONSIGA UNA GARANTIA DEL VENDEDOR QUE CUBRIRIA DEFECTOS POR EL PRIMER AÑO.
- CONSIGA AYUDA.UTILIZAR A UN "REALTOR", COMO REPRESENTANTE DEL COMPRADOR. A DIFERENCIA DE LOS AGENTES QUE LISTAN LAS CASAS, QUIENES SU PRIMERA OBLIGACION ES CON EL VENDEDOR, UN REPRESENTANTE DEL COMPRADOR TRABAJA EXCLUSIVAMENTE PARA USTED. A MENUDO EL REPRESENTANTE DEL VENDEDOR RECIBE SU COMISION DEL VENDEDOR.
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