The book, How to Win Friends &I nfluence People1, consistently makes the top five whenever there is a survey of most influential or inspiring books, and is often second only to the Bible. Dale Carnegie outlines – in very simple steps and examples – how to be nice without letting yourself get walked on. The section [...]
I think everyone may be missing the point of my last post. I’m not arguing loan contingency. Long before you get to loan contingency removal you should have the loan pre-approval contingency removed. Many, Many Realtors believe this to be one in the same when it’s not. Loan Pre-Approval is a full review of the clients’ ability [...]
Mathew Ryan recently wrote Backup offer for more than original contract. In a nutshell he and his client accepted an offer with a 20 day finance contingency, and then received a backup offer for $11,000 higher. My 1st question is why one would accept a 20 day finance contingency in today’s day and age of almost [...]
An associate of mine recently discovered he was a victim of Identity Theft (links to the FTC website), as a result I discovered through speaking with the police that almost 95% of cases involving on-line Identity Theft are never prosecuted. I’m sure you’re wondering why. Apparently it becomes a jurisdiction issue. The thief may be [...]
I am beginning to develop a pet peeve due to the actions of other loan officers/mortgage brokers. So, I’m asking how you explain to your clients that they don’t qualify for a loan. I have a referral partner Norman who owns a pool design and construction company here in Riverside County, CA. Norman refers me an average [...]
The decrease in property values, combined with prepayment penalties, is making it very challenging for people to get out of adjustable rate loans. Mortgage Brokers and banks are seeing more loans fall through, particularly in markets such as Arizona and California where home values have softened. It just might be the tip of the iceberg [...]
With rates on many homeowners’ adjustable-rate mortgages rising, some who would like to refinance into a new loan are finding they can’t. In most cases, it’s because their loan carries a prepayment penalty, which would require them to come up with thousands of dollars if they refinance in the first few years. Pre-payment penalties are [...]
Before purchasing a home, research information about the prices of homes in the neighborhood. Shop for a lender and compare costs. Beware of lenders who tell you that they are your only chance of getting a loan or owning your own home. Beware of “No Money Down” loans. This is a gimmick used to entice [...]
Be aware of e-mails or web-based advertisement that promote the elimination of mortgage loans and credit card and other debts while requesting an up-front fee to prepare documents to satisfy the debt. The documents are typically entitled Declaration of Voidance, Bond for Discharge of Debt, Bill of Exchange, Due Bill, Redemption Certificate, or other similar [...]
Alright Gougers here’s a warning for you. While holding my own house open today I had a nice Greek couple come in who are out shopping for a home and also looking to refinance their current home which they’ll keep as an investment. They’ve been talking with Quicken Loans and Amerisave; Quicken Loans calls them everyday and Amerisave [...]
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Average Home Prices Slip in Coachella Valley
I’ve been reading a lot of information lately about our current market conditions from other REALTORS® who are claiming an increase is sales price and number of homes sold. I would scratch my head and ask where they were getting their numbers. Turns out their numbers are coming from national statistics. Real estate sales are [...]
Mortgage Debt Tax Relief Program Ending Soon
The Mortgage Debt Relief Act of 2007 the IRS would not come after you for your taxable amount if you had an upside-down unpaid principle as a result of loan modification, short sale or foreclosure depending on your tax bracket, let’s say you were $100,000 short on your mortgage you could be responsible for as [...]
Is your REALTOR® connected? No, I don’t mean in the MobWives fashion, if that’s what you thought, you’re watching too much reality TV. As an active Palm Springs REALTOR® I believe it’s important to take advantage of the technology available to today’s real estate professional. Everything that required an agent to go back to the [...]
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