News came out recently about an expanded refi program Fannie Mae and Freddie Mac will be offering that will help underwater homeowners refinance their homes at up to 125% loan to value. This is great news for a lot of people but it still leaves a lot of people out.
I spoke to Chuck Walden, a loan officer with Prospect Mortgage, about this today and here's his explanation of this program.....
"It is basically expansion of the current Fannie Mae Refi Plus and Freddie Mac Open Access loans that allow homeowners to refi if they don’t have any equity or very little. The problem is that Fannie and Freddie allow 125% loan to value (LTV) but most lenders only want to risk going up to 95%. So the program is there, but not available to everyone. If they do expand it and are easier on appraised values and just focus on credit scores and late payments, it will be awesome. BUT, will lenders do what Fannie and Freddie are allowing is another story"
This article from CNN Money talks a little more in detail about the program and the qualifications.
If you have more questions about this or any other mortgage or real estate related issue, please contact Chuck Walden at 678 725 8076 or myself at 404 663 7063
http://www.stevesellsgwinnett.com/ Steve Rider, CDPE Realtor with Keller Williams Lanier Partners in Braselton Georgia. Covering Barrow, Jackson, Gwinnett and Hall Counties in Northeast Georgia. If you're looking for real estate in Gwinnett County please contact me at 404 663 7063 or steverider1@gmail.com.
Gwinnett Real Estate Reverb | Keeping you informed of the real estate trends in Gwinnett County Georgia
Tuesday, October 25, 2011
Tuesday, October 18, 2011
Third Party Short Sale “Negotiators” | Beware of the Scam!
This is a public service announcement! Beware of law firms soliciting you for short sale representation. I had another instance this week where someone paid an attorney in Florida to help them "negotiate" a short sale. Now they are less than two weeks away from foreclosure and no one is returning their calls. Why? Because they already got paid!!!!
Read my lips....No one can negotiate a short sale for you, not even a Realtor! We can "facilitate" it which means we can process the offer and short sale paperwork but we can't negotiate with your lender. We get paid when it closes and that's why a Realtor is your best bet. These attorneys (most of them are from Florida it seems) don't know your situation and I can promise they don't care. They get their money up front and you get thrown out of the house because they didn't follow up as often or at all with the lender.
Never pay anyone up front, especially an out of state attorney, to help you with your short sale. This is something a local Realtor should be doing but be sure to choose one that's CDPE certified. This means they have the training and certification by the leading short sale training firm most recognized by lenders and banks. This can also hurt you when the bank sees you've paid someone money to help you that you could have paid to them! Trust me, they will look at that sort of thing.
If you need help with avoiding foreclosure, call me NOW! 404 663 7063 Don't wait until the month before the sale date!
http://www.stevesellsgwinnett.com/ Steve Rider, CDPE Realtor with Keller Williams Lanier Partners in Braselton Georgia. Covering Barrow, Jackson, Gwinnett and Hall Counties in Northeast Georgia. If you're looking for real estate in Gwinnett County please contact me at 404 663 7063 or steverider1@gmail.com.
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Read my lips....No one can negotiate a short sale for you, not even a Realtor! We can "facilitate" it which means we can process the offer and short sale paperwork but we can't negotiate with your lender. We get paid when it closes and that's why a Realtor is your best bet. These attorneys (most of them are from Florida it seems) don't know your situation and I can promise they don't care. They get their money up front and you get thrown out of the house because they didn't follow up as often or at all with the lender.
Never pay anyone up front, especially an out of state attorney, to help you with your short sale. This is something a local Realtor should be doing but be sure to choose one that's CDPE certified. This means they have the training and certification by the leading short sale training firm most recognized by lenders and banks. This can also hurt you when the bank sees you've paid someone money to help you that you could have paid to them! Trust me, they will look at that sort of thing.
If you need help with avoiding foreclosure, call me NOW! 404 663 7063 Don't wait until the month before the sale date!
http://www.stevesellsgwinnett.com/ Steve Rider, CDPE Realtor with Keller Williams Lanier Partners in Braselton Georgia. Covering Barrow, Jackson, Gwinnett and Hall Counties in Northeast Georgia. If you're looking for real estate in Gwinnett County please contact me at 404 663 7063 or steverider1@gmail.com.
Friday, October 14, 2011
Look Honey, It Has a River of Chocolate and a Money Tree!!!
How many times has this happened to you? You're driving around and find the perfect house....everything you've been looking for plus it has a money tree and a river of chocolate in the back yard! So you call your Realtor to take a look. Yep, this is the one. So you call your lender to get the pre-qualification letter and before the lender can get back to you, a cash buyer swoops in and steals it. Okay, I embellished a little but some lenders really do take an entire day to issue a letter.
I know what's going through your mind...."Steve, there's no such thing as a money tree". Yes, you're correct but it is true that you should have your pre-qualification letter before you look at one house. If you're working with a Realtor, then you shouldn't have this problem since most Realtors will require it before ever taking you to one listing. But, in the event you aren't working with a Realtor, preferably me, at least call a reputable loan officer and get the letter out of the way. This will do two things for you. It will tell you what price range to look at, plus it makes you ready to buy, with no delay.
Sellers want to know they're dealing with a qualified buyer and banks won't even look at an offer without a prequal. And with over 40% of the market bank owned or short sales, this is a must. Trust me, there's no worse feeling than finding the perfect house and losing it because you weren't ready. Do the work up front and good luck!
http://www.stevesellsgwinnett.com/ Steve Rider, CDPE Realtor with Keller Williams Lanier Partners in Braselton Georgia. Covering Barrow, Jackson, Gwinnett and Hall Counties in Northeast Georgia. If you're looking for real estate in Gwinnett County please contact me at 404 663 7063 or steverider1@gmail.com.
I know what's going through your mind...."Steve, there's no such thing as a money tree". Yes, you're correct but it is true that you should have your pre-qualification letter before you look at one house. If you're working with a Realtor, then you shouldn't have this problem since most Realtors will require it before ever taking you to one listing. But, in the event you aren't working with a Realtor, preferably me, at least call a reputable loan officer and get the letter out of the way. This will do two things for you. It will tell you what price range to look at, plus it makes you ready to buy, with no delay.
Sellers want to know they're dealing with a qualified buyer and banks won't even look at an offer without a prequal. And with over 40% of the market bank owned or short sales, this is a must. Trust me, there's no worse feeling than finding the perfect house and losing it because you weren't ready. Do the work up front and good luck!
http://www.stevesellsgwinnett.com/ Steve Rider, CDPE Realtor with Keller Williams Lanier Partners in Braselton Georgia. Covering Barrow, Jackson, Gwinnett and Hall Counties in Northeast Georgia. If you're looking for real estate in Gwinnett County please contact me at 404 663 7063 or steverider1@gmail.com.
Tuesday, October 4, 2011
The Flyer Box is Empty? | I Can Remedy That
How many times has this happened? You're driving around on a Sunday afternoon and stop in front of a beautiful house to pull a flyer out of the box and there are none. Frustrating huh? Or you're driving by the listings your Realtor has pulled for you and you see one that you'd like to know more info about but wasn't on your list. Probably no flyers on that one either. Or how about this one.....the flyer box actually has flyers in it, the buyer grabs one and drives off...without talking to anyone....without seeing the house. Probably because the flyer was printed in black and white and didn't highlight the "decorator colors".
As a seller, you want people to be able to get info on your home 24/7. The best way I've found to provide this is by using IVR, or call capture. There are many different systems available and they all cater to the Realtors being able to capture calls from YOUR SIGN. These systems are really powerful and have the ability to track buyers as they call the number on your sign. Their phone number, name (if available) and property address is sent to the listing agent as soon as they dial in. The information they receive is controlled by the agent and can be as little or as much as desired. You can also choose to get info by voice, text or email.
What does this do for you as a seller? It helps your agent talk to potential buyers in real time, when they're on your street. Or better yet, when they're parked in front of the house! This allows the agent to prequalify these buyers on the phone and keeps tire kickers from strolling through your home.
Make sure the agent you hire uses IVR technology. For me, it's proven to be a great tool to increase the number of leads on a listing. The more leads, the better chance to sell your home!
http://www.stevesellsgwinnett.com/ Steve Rider, CDPE Realtor with Keller Williams Lanier Partners in Braselton Georgia. Covering Barrow, Jackson, Gwinnett and Hall Counties in Northeast Georgia. If you're looking for real estate in Gwinnett County please contact me at 404 663 7063 or steverider1@gmail.com.
What does this do for you as a seller? It helps your agent talk to potential buyers in real time, when they're on your street. Or better yet, when they're parked in front of the house! This allows the agent to prequalify these buyers on the phone and keeps tire kickers from strolling through your home.
Make sure the agent you hire uses IVR technology. For me, it's proven to be a great tool to increase the number of leads on a listing. The more leads, the better chance to sell your home!
http://www.stevesellsgwinnett.com/ Steve Rider, CDPE Realtor with Keller Williams Lanier Partners in Braselton Georgia. Covering Barrow, Jackson, Gwinnett and Hall Counties in Northeast Georgia. If you're looking for real estate in Gwinnett County please contact me at 404 663 7063 or steverider1@gmail.com.
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