Saturday, December 20, 2008
Sunday, October 19, 2008
Late On Your Mortgage Payments?
Short Sales in
LATE ON YOUR MORTGAGE PAYMENTS?
3 THINGS YOU SHOULD DO NOW. .
1. Don’t ignore the problem. The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.
2. Contact your lender as soon as you realize that you have a problem. Lenders do not want your house. They have options to help borrowers through difficult financial times.
3. Open and respond to all mail from your lender. The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.
To find out if you may qualify to do a short sale in
"Is A Short Sale An Option For Me?”
Need Inmedaite HELP? call us direct at 240-426-5754 
Short Sales in
More about SHORT SALES IN MARYLAND
Monday, August 18, 2008
Germantown MD Real Estate
Germantown Short Sales Expert Specialist
QUESTIONS AND ANSWERS
Q: Which is worse in terms of effect on a credit score – foreclosure, short sale or a deed in lieu of foreclosure?
All of them will affect your credit. . A foreclosure has the most negative effect. Every bank reports it differently. Most will report it as "settled for amount less than owed". Ultimately, if your credit score is important to you, avoiding a foreclosure should be priority one
Q. What is my tax liability in a short sale ?
Currently a Bill in the U.S. Senate ( H.R. 3648) that alleviates any tax liability created from a Short Sale on your primary residence. The key word being primary residence. An investment property is defined as you living less than 2 years for the last 5 years.
Q. What is insolvency when it applies to short sales?
Insolvency is when an individual's liabilities exceed their assets. Simple enough. A test to determine your liabilities and your assets immediately before the cancellation of your debt will tell you if you are insolvent or not. .. .for a short sale, in most cases you must be insolvent.
Please read my eBook about short sales below. .It will answer many more questions about short sales in general.
An important question:
How much a short sale cost me Fernando ?:
SEE ANSWER HERE
Call Fernando Herboso Realtor® Associate Broker
240-426-5754 for a FREE Consultation.
What our clients say about us. .
------------------------------------------------------------------------------------------------
“Thank you Fernando and Susan (Team Member)for EVERYTHING! We are so relieved to be out of this mess and to be able to start over again.
It really has taken a load off of our minds and knocked down the stress level A LOT! You were both completely on top of your game (and the mountain of paperwork) which made this entire process go so smoothly. I really cannot believe that it's OVER and everything did work out to our advantage. We knew we were taking a gamble with the short-sale, but we really owe our success to you and your team.”
THANK YOU! THANK YOU! THANK YOU!
Amanda & Eric B
--------------------------------------------------------------------------------------
"Herboso & Associates did an excellent job of listing my condo and handling the short-sales process for me. Fernando is extremely knowledgeable and took the time to answer all my questions and concerns. He was efficient and took care of all the negotiating with the lender and the buyer.
California Client, A. Nguyen"
Read my latest book www.AdiosLender.com here
Disclaimer
The information contained in this website is intended to be used for informational purposes only and to provide a general overview of the topics described herein. There may be tax and other legal consequences associated with a short sale. Herboso & Associates makes no representations or warranties concerning potential tax or legal consequences relating to any final disposition of any property in a short sale.
Homeowners are advised to consult with a tax professional regarding the potential tax consequences for their particular situation. Herboso & Associates are not Advisors and they are not a legal law firm. We strongly encourages all parties, agents, homeowners brokers and mortgage lenders involved in a transaction to seek such advice from a professional advisor.
Fernando is an Associate Broker and founder of Herboso & Associates for MD, VA and DC
Call Fernando Herboso Realtor® Associate Broker
240-426-5754 for a FREE Consultation.
PRESS THE BUTTON FOR INMEDIATE HELP FOR
Germantown SHORT SALES
Germantown Short Sales Expert Specialist
Germantown Short Sales Expert Specialist
QUESTIONS AND ANSWERS
Q: Which is worse in terms of effect on a credit score – foreclosure, short sale or a deed in lieu of foreclosure?
All of them will affect your credit. . A foreclosure has the most negative effect. Every bank reports it differently. Most will report it as "settled for amount less than owed". Ultimately, if your credit score is important to you, avoiding a foreclosure should be priority one
Q. What is my tax liability in a short sale ?
Currently a Bill in the U.S. Senate ( H.R. 3648) that alleviates any tax liability created from a Short Sale on your primary residence. The key word being primary residence. An investment property is defined as you living less than 2 years for the last 5 years.
Q. What is insolvency when it applies to short sales?
Insolvency is when an individual's liabilities exceed their assets. Simple enough. A test to determine your liabilities and your assets immediately before the cancellation of your debt will tell you if you are insolvent or not. .. .for a short sale, in most cases you must be insolvent.
Please read my eBook about short sales below. .It will answer many more questions about short sales in general.
An important question:
How much a short sale cost me Fernando ?:
SEE ANSWER HERE
Call Fernando Herboso Realtor® Associate Broker
240-426-5754 for a FREE Consultation.
What our clients say about us. .
------------------------------------------------------------------------------------------------
“Thank you Fernando and Susan (Team Member)for EVERYTHING! We are so relieved to be out of this mess and to be able to start over again.
It really has taken a load off of our minds and knocked down the stress level A LOT! You were both completely on top of your game (and the mountain of paperwork) which made this entire process go so smoothly. I really cannot believe that it's OVER and everything did work out to our advantage. We knew we were taking a gamble with the short-sale, but we really owe our success to you and your team.”
THANK YOU! THANK YOU! THANK YOU!
Amanda & Eric B
--------------------------------------------------------------------------------------
"Herboso & Associates did an excellent job of listing my condo and handling the short-sales process for me. Fernando is extremely knowledgeable and took the time to answer all my questions and concerns. He was efficient and took care of all the negotiating with the lender and the buyer.
California Client, A. Nguyen"
Read my latest book www.AdiosLender.com here
Disclaimer
The information contained in this website is intended to be used for informational purposes only and to provide a general overview of the topics described herein. There may be tax and other legal consequences associated with a short sale. Herboso & Associates makes no representations or warranties concerning potential tax or legal consequences relating to any final disposition of any property in a short sale.
Homeowners are advised to consult with a tax professional regarding the potential tax consequences for their particular situation. Herboso & Associates are not Advisors and they are not a legal law firm. We strongly encourages all parties, agents, homeowners brokers and mortgage lenders involved in a transaction to seek such advice from a professional advisor.
Fernando is an Associate Broker and founder of Herboso & Associates for MD, VA and DC
Call Fernando Herboso Realtor® Associate Broker
240-426-5754 for a FREE Consultation.
PRESS THE BUTTON FOR INMEDIATE HELP FOR
Germantown SHORT SALES
Germantown Short Sales Expert Specialist
Looking for a Great Deal In Germantown Maryland?
Search For Foreclosures in Germantown MD
Foreclosures in Gaithersburg MD
Foreclosures in Montgomery Village MD
Germantown in Montgomery County Maryland,
Information about Germantown MD Real Estate
Discover Germantown Maryland- Homes For Sale
( an educational real estate guide)
When you're considering buying a home or selling a home in Germantown Maryland , it's a good idea to work with a local real estate expert to help ease the real estate purchase process. There's far more to home buying than just searching Germantown Maryland Homes. For your consideration,. I would like to introduce my Team Of Realtors_ Herboso & Associates. Afiliated with Choice Real Estate, we can give you the knowledge, advice and counsel you need to make the right decisions about your real estate investment.
Germantown Maryland has approximated 60,000 residents and is located in the heart of the state of Maryland, in Montgomery County. This primarily residential community has experienced a robust and significant growth due to it’s proximity to the US Capital.
SEARCH FOR GERMANTOWN HOMES FOR SALE HERE NOW
Germantown Maryland Info Website Link: HERE
The City of Germantown and the county of Montgomery in general has a real estate market that is balanced compared to other counties in the state.
Germantown MD TOP 100 Best Cities To LiveHERE
Look at Montgomery County for example and more particularly, "Germantown " The city boasts one of the best prices in real estate in Montgomery County less than 40 minute drive to downtown DC
As soon as you arrive, you will feel the welcome of it's residents , it offers modern convenience with plenty of restaurants, village style shops and a Twon Center that is the envy for all the surrounding comunities around.. The best of both worlds. . visit the Sugar Loaf Mountaing less than 15 minute drive or visit the White House less than an 40 minute drive. Germantown is located perfectly just outside Gaithersburg and Calrksburg and very convenient to I-270 .
GERMANTOWN MLS Homes For Sale
The existing homes for sale for Germantown Maryland typically range from townhouses to two story ranch homes or colonials. A majority of Germantown homes for sale in the residential single family detached houses category range from $450K - $650K.
You can find townhouses from the $200's to the 400's Use our easy MLS –SEARCH FOR HOMES IN GERMANTOWN to pinpoint and map out homes that meet your specific Germantown MD real estate needs.
SEARCH FOR GERMANTOWN HOMES HERE NOW!
Montgomery County and the City Of Germantown Schools
Use this LINK to get all the information about schools in the Germantown area.
We have specific reports about any school district in Germantown that you would like to get more information about.
Please contact us and well will be happy to send you a copy of this detailed report by mail or email.
We have the perfect local guide information and we are an excellent resource for all home buying
Other Useful Official Websites for Germantown Maryland
The folowing Websites are excellent sources of information. All other websites, including ours. . please remember that sometimes these websites may contain outdated or incorrect information.
· City Of Germantown Chamber Of Comerce Website
· Montgomery County INFO website
· City Of Germantown Wikipedia
Local Newspaper The GAZETTE READ IT HERE
Our personal mission is to bring to you a level of knowledge, experience, commitment, high standards and results to answer your housing needs. We believe, the most effective way to provide superior service is to build a strong working relationship with you. Our systems includes regular consultations and feedback, which is the best tool for identifying and clarifying your housing objectives and help define strategic solutions
Need help now locating a home in Urbana Maryland? . call us 240-426-5754
Need immediate help? Call 240.426.5754 right now!
For Sale | Frederick Condos For Sale | Urbana Homes For Sale | Frederick Homes For Sale | Any Germantown Real Estate | Any Frederick Real Estate | Any Montgomery Village Homes For Sale | Any Montgomery Village Real Estate | Any Homes For Sale In Frederick | Any Homes For Sale in Germantown | Any Real Estate in Frederick MD | Any Real estate in Rockville | Any Real Estate In Clarksburg | Any Condos for Sale in Montgomery County | Any Condos for sale in Frederick | Any Condos for sale in Gaithersburg | Any Townhouses for sale in Frederick | Any homes for sale in Frederick | Any Homes for sale in MD | Any Fountain Hills Homes For Sale in Germantown
Urbana Relocation- Urbana Maryland Real Estate
Urbana in Frederick County Maryland,
Information about Urbana MD Real Estate
Discover Urbana Maryland- Homes For Sale
( an educational real estate guide)
When you're considering buying a home or selling a home in Urbana Maryland , it's a good idea to work with a local real estate expert to help ease the real estate purchase process. There's far more to home buying than just searching Urbana Maryland Homes. For your consideration,. I would like to introduce my Team Of Realtors_ Herboso & Associates. Afiliated with Choice Real Estate, we can give you the knowledge, advice and counsel you need to make the right decisions about your real estate investment.
Urbana Maryland has approximated 4,000 residents and is located in the northern part of the state of Maryland, in Frederick County. This primarily residential community has experiencied a robust and significant growth due to it’s proximity to the US Capital.
SEARCH FOR URBANA HOMES FOR SALE HERE NOW
Frederic Maryland Official Website Link: HERE
The City of Frederick and the county of Frederick in general has a real estate market that is balanced compared to other counties in the state.
Villages Of Urbana Website HERE
Look at Urbana for example and more particularly, "The Villages Of Urbana" is an award winning urbanization that will leave you breathless.
As soon as you arrive, you will feel the welcome of The Villages of Urbana, it offers modern convenience with the country flavor of a traditional hometown setting. Enjoy the tree-lined streets and gracious sidewalks throughout this old fashioned neighborhood. You can easily walk to the town centre and visit the village shops, restaurants, and a modern library. Spend some time with friends and family at the community pool, wanna play tennis? perhaps use the well maintained basketball courts, or simply excercise and use the miles of extensive walking paths. The best of both worlds. . visit the mountains of Frederick less than 30 minute drive or visit the White House less than an hour drive.The Villages of Urbana is located perfectly just outside Montgomery County and convenient to I-270 and I-70.
The existing homes for sale for Frederick County Maryland typically range from townhouses to two story ranch homes or colonials. A majority of Frederick homes for sale in the residential single family detached houses category range from $200K - $400K. Use our easy MLS –SEARCH FOR HOMES IN FREDERICK to pinpoint and map out homes that meet your specific Frederick MD real estate needs.
SEARCH FOR FREDERICK HOMES HERE NOW!
Not So in the Villages or Urbana. Typically homes available in the villages are between $450K to $750
Towhouses range in the high 300's to high 400's
Frederick County and the City Of URBANA Schools
Use this LINK to get all the information about schools in the Frederick area.
We have specific reports about any school district in Urbana that you would like to get more information about.
Please contact us and well will be happy to send you a copy of this detailed report by mail or email.
We have the perfect local guide information and we are an excellent resource for all home buying
Other Useful Official Websites for Frederick Maryland
The folowing Websites are excellent sources of information. All other websites, including ours. . please remember that sometimes these websites may contain outdated or incorrect information.
· City Of Frederick Comunity Website
· City Of Urbana Comunity Website
· County of Frederick Website
· City Of Frederick WIKIPEDIA
Local Newspaper The Frederick NewsPost READ IT HERE
Our personal mission is to bring to you a level of knowledge, experience, commitment, high standards and results to answer your housing needs. We believe, the most effective way to provide superior service is to build a strong working relationship with you. Our systems includes regular consultations and feedback, which is the best tool for identifying and clarifying your housing objectives and help define strategic solutions
Need help now locating a home in Urbana Maryland? . call us 240-426-5754
Need immediate help? Call 240.426.5754 right now!
For Sale | Frederick Condos For Sale | Urbana Homes For Sale | Frederick Homes For Sale | Any Germantown Real Estate | Any Frederick Real Estate | Any Montgomery Village Homes For Sale | Any Montgomery Village Real Estate | Any Homes For Sale In Frederick | Any Homes For Sale in Germantown | Any Real Estate in Frederick MD | Any Real estate in Rockville | Any Real Estate In Clarksburg | Any Condos for Sale in Montgomery County | Any Condos for sale in Frederick | Any Condos for sale in Gaithersburg | Any Townhouses for sale in Frederick | Any homes for sale in Frederick | Any Homes for sale in MD | Any Fountain Hills Homes For Sale in Germantown
Wednesday, August 13, 2008
The New Housing Bill. . Do You Qualify?
Fernando, what about the new Housing Bill signed recently by the President. .Do I qualify?
Please understand the Housing Bill that recently passed to help current homeowners in refinancing their home to save them from foreclosure.. . Has many flaws but it will be some help for a few homeowners that may qualify.
In a nutshell it means that you could qualify for an FHA refi for 90% of the CURRENT value of your home. The caveat here is that your bank has to agree to do the refinancing. The bank will weight the consequences in accepting such a major default from your original loan.
Take the following test if you qualify. . .
TEST #1 the bank will ask themselves. .Could we get more money if we just foreclosed?
Remember that NO BANK has agreed to participate in this program. . This is on a case by case basis.
TEST #2 Your loan must have originated between the daters of January 2005 and June 2007
TEST #3 You should be spending more than 31% of your gross monthly income on mortgage debt to be eligible
Test #4 You can be up to date on your existing mortgage or in default, but either way you must prove that you can’t keep paying your existing mortgage
Test #5 You can’t have any other debt in your home. .like a Home Equity Loan, and in addition you will be NOT BE ABLE to take an equity loan for at least 5 years. There are certain exemptions like you may be allowed to borrow money to repair your house.
Test #6 This program will begin on October 1, 2008 and sunset on September 30, 2011.
If you pass this test then. . .
You will need to apply with any FHA-approved lender to start the process.
Please remember that this is a voluntary program and no lender is obligated to give you this break. The key thing here is that “The bank has to be convinced that they could LOSE more money if a foreclosure is eminent.
Each loan will have to pass underwriting from an FHA lender and you will still have to qualify based on your income and maximum FHA loan limits. (This changes depending where your home is located in) Check with your lender if you have a high end home.
Costs Associated with these loans.
Loan origination fees will vary which lender you use. They’re should be little up-front charges here but. .
Two major things to take in consideration
#1 you will be paying insurance premium guaranteeing the loan.
#2 you will be sharing the profits from the sale of your home if you decide to sell. .
Before one year: You will have to give them 100% of the profit
After year one, you will pay 90% of the profits
After year two, you will pay 80% of the profits
After year three, you will pay 70% of the profits
After year four, you will pay 60% of the profits
After year five, you will pay 50% of the profits. . And it will stay there until you sell it.
These are the major points about this housing bill.
The required Disclaimer is warranted to end this article. . So here it is.
Disclaimer: Best efforts have been used to prepare the material presented. The author Fernando Herboso , Herboso & Associates and Choice Real Estate do not warrant that this information is 100% accurate. Information presented in this article was taken from various websites including HUD.GOV. Please consult with a FHA approved lender and a certified accountant to learn of the full ramifications of this program to your finances. The author and Choice Real Estate may not be held liable, in any circumstance, for damages or loss, including but not limited to this article and its contents.
Please understand the Housing Bill that recently passed to help current homeowners in refinancing their home to save them from foreclosure.. . Has many flaws but it will be some help for a few homeowners that may qualify.
In a nutshell it means that you could qualify for an FHA refi for 90% of the CURRENT value of your home. The caveat here is that your bank has to agree to do the refinancing. The bank will weight the consequences in accepting such a major default from your original loan.
Take the following test if you qualify. . .
TEST #1 the bank will ask themselves. .Could we get more money if we just foreclosed?
Remember that NO BANK has agreed to participate in this program. . This is on a case by case basis.
TEST #2 Your loan must have originated between the daters of January 2005 and June 2007
TEST #3 You should be spending more than 31% of your gross monthly income on mortgage debt to be eligible
Test #4 You can be up to date on your existing mortgage or in default, but either way you must prove that you can’t keep paying your existing mortgage
Test #5 You can’t have any other debt in your home. .like a Home Equity Loan, and in addition you will be NOT BE ABLE to take an equity loan for at least 5 years. There are certain exemptions like you may be allowed to borrow money to repair your house.
Test #6 This program will begin on October 1, 2008 and sunset on September 30, 2011.
If you pass this test then. . .
You will need to apply with any FHA-approved lender to start the process.
Please remember that this is a voluntary program and no lender is obligated to give you this break. The key thing here is that “The bank has to be convinced that they could LOSE more money if a foreclosure is eminent.
Each loan will have to pass underwriting from an FHA lender and you will still have to qualify based on your income and maximum FHA loan limits. (This changes depending where your home is located in) Check with your lender if you have a high end home.
Costs Associated with these loans.
Loan origination fees will vary which lender you use. They’re should be little up-front charges here but. .
Two major things to take in consideration
#1 you will be paying insurance premium guaranteeing the loan.
#2 you will be sharing the profits from the sale of your home if you decide to sell. .
Before one year: You will have to give them 100% of the profit
After year one, you will pay 90% of the profits
After year two, you will pay 80% of the profits
After year three, you will pay 70% of the profits
After year four, you will pay 60% of the profits
After year five, you will pay 50% of the profits. . And it will stay there until you sell it.
These are the major points about this housing bill.
The required Disclaimer is warranted to end this article. . So here it is.
Disclaimer: Best efforts have been used to prepare the material presented. The author Fernando Herboso , Herboso & Associates and Choice Real Estate do not warrant that this information is 100% accurate. Information presented in this article was taken from various websites including HUD.GOV. Please consult with a FHA approved lender and a certified accountant to learn of the full ramifications of this program to your finances. The author and Choice Real Estate may not be held liable, in any circumstance, for damages or loss, including but not limited to this article and its contents.
Tuesday, August 5, 2008
My Technorati Account
Technorati Profile
Why is linking so important?
A link from one weblog to another helps provide context around an argument or point, and it is essentially a "vote of attention" from one blogger to another. By linking to another site or blog, the weblog author is saying, "I find what you are saying important enough to link to it." Linking also helps create the conversation of the Web, the critical mass of connected thought that is not available in static text.
The relevance of a site on the Web can be determined by how often a source is cited and therefore considered an authority. Links in the world of weblogs are even more important since bloggers frequently link to and comment on other blogs, creating a sense of timeliness and back-and-forth one would have in a conversation. Technorati tracks the number of links and the unique source of links to determine the breadth and readership of any author or site. Technorati is uniquely positioned in the center of this ongoing conversation monitoring who is linking to whom and which bloggers are commanding attention on various topics.
Why is linking so important?
A link from one weblog to another helps provide context around an argument or point, and it is essentially a "vote of attention" from one blogger to another. By linking to another site or blog, the weblog author is saying, "I find what you are saying important enough to link to it." Linking also helps create the conversation of the Web, the critical mass of connected thought that is not available in static text.
The relevance of a site on the Web can be determined by how often a source is cited and therefore considered an authority. Links in the world of weblogs are even more important since bloggers frequently link to and comment on other blogs, creating a sense of timeliness and back-and-forth one would have in a conversation. Technorati tracks the number of links and the unique source of links to determine the breadth and readership of any author or site. Technorati is uniquely positioned in the center of this ongoing conversation monitoring who is linking to whom and which bloggers are commanding attention on various topics.
Thursday, June 19, 2008
Selling your home in 22 days?
Need to sell your home fast?
These are the first steps. .
These are the first steps. .
Selling home fast can be done with the help of a professional since you may not have expertise in selling houses. Be aware that the competency of a Realtor lies in his/her experience. How many home have they SOLD in the last 12 months? A good Realtor will point out the very best part of your home to the future buyer. Making your home look great and attractive. If you aren't ready to trust your Realtor's opinion as to what to do to prepare your home to sell. . then you should look for someone else.
In this market, preparation is the key. We are still selling homes and beating foreclosures, short sales and fixer uppers to the punch. .the key is presentation.
We recently concluded a sale for a townhouse in Gaithersburg,Maryland. We sold it in 22 DAYS . .we had a short sale and a foreclosure competing with us in the same street priced thousands of dollars less !
Yesterday we concluded the closing. . in my way back to pick up my Lock-Box, I noticed them . . . .they they were . . still for sale.
WE BEAT THEM TO THE PUNCH!
For a free consultation as to HOW TO SELL YOUR MARYLAND HOME FAST!
Please contact me at the number below
Sunday, June 15, 2008
Foreclosure Report
Home Foreclosure Report
Home Foreclosures grew by 7% percent in May and increased by 48% annually, according to a
report released by RealtyTrac.
That is the highest rate since the firm began tracking foreclosures in 2005.
One in every 483 U.S. households received a foreclosure notice during the month.
If you are facing difficult times, my advice. . don't do it alone.
There is assistance at a county level [ Community Action Agencies] available.
A short sale could help you avoid foreclosure all together. .
A Professional Realtor that specializes in short sales could help you seee your options to make a sound decision that will protect your best interests.
For a no obligation consultation if you may be a candifate for a short sale. .Herboso & Associates is available if you just call. .
for SHORT SALES in Maryland, DC and Virginia
Friday, May 16, 2008
Buy It NOW!!!!
Is This The Time For Your Dream Home?
Are you considering buying a bigger home in this market?
It's like going from a Honda to a Mercedes, you have a “few miles” in your present home and you know that you will always need a HOME to stay.
You ask yourself, Should I trade or should I go?
It's a lifestyle choice. As long as it doesn't cut into your ability to make the monthly payments, this is probably a pretty good time to upgrade and drop the Honda or your present pad and get a shinny new Mercedes/ 5000 square ft colonial in the neighborhood you always dreamed of.. .
You can pick a luxury home right now saving SEVERAL THOUSANDS of Dollars compared to home values two or three years ago.
The problem lies. . what do you do with your present home?
Two Options:
1. Sell it and offset the loss of selling it when you buy a bigger home.
2. Rent it, become a landlord and wait for the prices going up in the next few years
I will not make predictions here, but. . . the reason most people are hunkering down at this time and staying put is because, they know that prices will eventually go up again.
If you decided to take this step, I would sincerely appreciate the opportunity to be your trusted real estate investment advisor and resource. Please feel free to contact me for all real estate and mortgage needs.Also If you know of anyone else who could benefit from the services I provide, I would sincerely appreciate the opportunity to be of assistance to them as well.
Are you considering buying a bigger home in this market?
It's like going from a Honda to a Mercedes, you have a “few miles” in your present home and you know that you will always need a HOME to stay.
You ask yourself, Should I trade or should I go?
It's a lifestyle choice. As long as it doesn't cut into your ability to make the monthly payments, this is probably a pretty good time to upgrade and drop the Honda or your present pad and get a shinny new Mercedes/ 5000 square ft colonial in the neighborhood you always dreamed of.. .
You can pick a luxury home right now saving SEVERAL THOUSANDS of Dollars compared to home values two or three years ago.
The problem lies. . what do you do with your present home?
Two Options:
1. Sell it and offset the loss of selling it when you buy a bigger home.
2. Rent it, become a landlord and wait for the prices going up in the next few years
I will not make predictions here, but. . . the reason most people are hunkering down at this time and staying put is because, they know that prices will eventually go up again.
If you decided to take this step, I would sincerely appreciate the opportunity to be your trusted real estate investment advisor and resource. Please feel free to contact me for all real estate and mortgage needs.Also If you know of anyone else who could benefit from the services I provide, I would sincerely appreciate the opportunity to be of assistance to them as well.
Need immediate help? Call 240.426.5754 right now!
Sunday, April 13, 2008
Free List Of Foreclosures In Maryland
Announcing the arrival our newest website
Want to find about the latest foreclosures in Maryland?
Herboso.com will give you a FREE list of foreclosures in Maryland.
Coming soon. . ..a free list of
HUD HOME SALES MARYLAND
is our main website.
What Percentage Of Sales Price for a Short Sale ?
What Percentage OFF Sales Price for a Short Sale ?
I've been asked many times about this. The short answer is : Depends
Here are 3 things that will determine this question:
#1 Are there any similar comparables. If two houses are alike and one SOLD for $100,000 and the other one is a short sale. The percentage of the sales price from this comparable should be less that the amount it will cost the bank to foreclose the property. If the cost to foreclose a property from XYZ Bank is $20,000. .then an offer of $81,000 will make sense to the bank. An offer below $80,000 will not make sense to be accepted by the bank.
#2 Of course there are many conditions to be in line before a short sale can be accepted. The number 2 reason to validate a percentage of the sales price during a short sale is by knowing if there are two or only one bank holding the note. From the last similar comparables you can deduct that bank #1 holds 80% of the mortgage. .and bank #2 gets the "short" end of the stick
If bank #1 can get their 80%. . bank #2 will try to get whatever they can get. . .after they realize that the property value doesn't give them a chance to get anything. When bank #2 is the same bank. . they maybe willing to write it off.
#3 The percentage off the sales price when it is a short sale will also be determined by BPO.
The Buyer Broker Opinion plays a huge role in determining what percentage off you will be paying when buying a short sale. Proving to the bank that the property needs major work could get you an offer accepted 30 to 40% below the last comparables.
As a listing agent for close to 20 active short sales, I ask my dear Realtor friends that I don't care how low your offer can be. ..I will submit it to the bank. . .as long as you can send me a comparable that supports your offer amount.
I've been asked many times about this. The short answer is : Depends
Here are 3 things that will determine this question:
#1 Are there any similar comparables. If two houses are alike and one SOLD for $100,000 and the other one is a short sale. The percentage of the sales price from this comparable should be less that the amount it will cost the bank to foreclose the property. If the cost to foreclose a property from XYZ Bank is $20,000. .then an offer of $81,000 will make sense to the bank. An offer below $80,000 will not make sense to be accepted by the bank.
#2 Of course there are many conditions to be in line before a short sale can be accepted. The number 2 reason to validate a percentage of the sales price during a short sale is by knowing if there are two or only one bank holding the note. From the last similar comparables you can deduct that bank #1 holds 80% of the mortgage. .and bank #2 gets the "short" end of the stick
If bank #1 can get their 80%. . bank #2 will try to get whatever they can get. . .after they realize that the property value doesn't give them a chance to get anything. When bank #2 is the same bank. . they maybe willing to write it off.
#3 The percentage off the sales price when it is a short sale will also be determined by BPO.
The Buyer Broker Opinion plays a huge role in determining what percentage off you will be paying when buying a short sale. Proving to the bank that the property needs major work could get you an offer accepted 30 to 40% below the last comparables.
As a listing agent for close to 20 active short sales, I ask my dear Realtor friends that I don't care how low your offer can be. ..I will submit it to the bank. . .as long as you can send me a comparable that supports your offer amount.
Saturday, April 5, 2008
Check Out These Houses. .
I don't normally advertise my competition homes for sale. . but this one is too good to pass
Great Tool . .from new technology
I use this website to keep track of my buyer's agents.
I would like to share it now with you. . .
use it with caution
input any cell phone number and this GPS tracking device will locate it within 30'
Great way to keep a close watch on someone that you suspect aren't where they are supposed to be.
Click Here
I would like to share it now with you. . .
use it with caution
input any cell phone number and this GPS tracking device will locate it within 30'
Great way to keep a close watch on someone that you suspect aren't where they are supposed to be.
Click Here
Saturday, March 1, 2008
3 Opportunities for Real Estate Investing today
There are 3 distinct windows of opportunity buying foreclosure investments in today’s market, each having its unique advantages and degree of risk of course.
Let’s look at each of them
#1 Pre-Foreclosures : These are the short sales and when people are ready to part from a home that they hold for years. They have lots of equity and are willing to sell them because of financial difficulties. I’m the first to admit that the short sales are plentiful but the second sample are very few.
There is a great chance of picking a property as a short sale but you must have patience.
#2 Real Estate Auction / Sheriff Sales: Once the property gets back to the mortgage holder, they immediately want to unload it at an auction. Your chances of buying one here at a deep discount aren’t that good. It requires lots of cash, not a chance to see the actual value or inspect of the property and the ex-owner has a redemption time, too much risk. . when you can purchase the home as a. . .
#3 Bank REO Properties.:
Learning where to find these REO’s in the early stages could give you an edge. REO’s are usually the most effective way in buying it at the lowest possible price and still have time to inspect the property at your leisure . . .with ample time to make a decision.
Friday, February 8, 2008
Low Ball Offer Extraordinaire
Top Mistakes Made by Lowball Buyers
* Can't Afford or Unqualified to Pay More. As your Realtor, I can’t tell the seller your price is fair because that's how much our lender has qualified for . A seller doesn’t care what you can or cannot afford to buy. If you can't afford to buy that particular house, that's not the seller's problem; it's yours.
* “I’m Paying All Cash”. It's all cash to the seller anyways. .The only advantage is that you will be removing the financing contingency out of the picture. .it helps somewhat but in the end, it’s all cash..
* Walking Away At The Crucial Time . Some buyers get their feelings hurt or can’t accept rejection. It’s not a mano a mano competition. . . the one that shuts the door first will never find out if they were truly ready to accept your offer
* Not hiring me or an experienced negotiator to represent you. Our services are free for buyers and our advice will save you Thou$and$$ during the course of a 30 year mortgage.
Some Of My Strategies for Winning the Lowball Offer
* I Find out the Seller's Motivation. It requires tact and years of experience to get this information in a stealth manner. Hiring me will put you in another level.
* Writing a Clean Offer. I keep it simple and make sure that that even the smallest of details aren’t missed. My offers reflect your ability to perform together with a clean strong lender’s approval and the least amount of contingencies
* I Always Advice to Counter the Counter Offer. It goes without saying that if we received a counter-offer. .we didn’t insult them with our initial offer. This is the time to see how low will they go.
* I Move Attention Away From Price. There are many other considerations than just price. Amplifying the negatives and ignoring the positives has its merits. then again. .there is a fine line here too.
* I Always Give a Logical Reason Why Our Lowball Offer is Fair. Don't insult the agent by ignoring this. I have to give the agent a reason to give the seller something to think about. . if is something new and was never considered by them before.. . .then we got the upper hand.
* When Our Lowball Offer is Rejected and Negotiations End I just wait a couple or three weeks and cross off the date in the original offer, put in the new date and I resubmit the offer. A lot of sweating in 3 weeks by the seller and maybe they will be relieved that you are still considering it.
* Can't Afford or Unqualified to Pay More. As your Realtor, I can’t tell the seller your price is fair because that's how much our lender has qualified for . A seller doesn’t care what you can or cannot afford to buy. If you can't afford to buy that particular house, that's not the seller's problem; it's yours.
* “I’m Paying All Cash”. It's all cash to the seller anyways. .The only advantage is that you will be removing the financing contingency out of the picture. .it helps somewhat but in the end, it’s all cash..
* Walking Away At The Crucial Time . Some buyers get their feelings hurt or can’t accept rejection. It’s not a mano a mano competition. . . the one that shuts the door first will never find out if they were truly ready to accept your offer
* Not hiring me or an experienced negotiator to represent you. Our services are free for buyers and our advice will save you Thou$and$$ during the course of a 30 year mortgage.
Some Of My Strategies for Winning the Lowball Offer
* I Find out the Seller's Motivation. It requires tact and years of experience to get this information in a stealth manner. Hiring me will put you in another level.
* Writing a Clean Offer. I keep it simple and make sure that that even the smallest of details aren’t missed. My offers reflect your ability to perform together with a clean strong lender’s approval and the least amount of contingencies
* I Always Advice to Counter the Counter Offer. It goes without saying that if we received a counter-offer. .we didn’t insult them with our initial offer. This is the time to see how low will they go.
* I Move Attention Away From Price. There are many other considerations than just price. Amplifying the negatives and ignoring the positives has its merits. then again. .there is a fine line here too.
* I Always Give a Logical Reason Why Our Lowball Offer is Fair. Don't insult the agent by ignoring this. I have to give the agent a reason to give the seller something to think about. . if is something new and was never considered by them before.. . .then we got the upper hand.
* When Our Lowball Offer is Rejected and Negotiations End I just wait a couple or three weeks and cross off the date in the original offer, put in the new date and I resubmit the offer. A lot of sweating in 3 weeks by the seller and maybe they will be relieved that you are still considering it.
Wednesday, January 23, 2008
Great News For Short Sales
Tax implications for the borrower was very significant that a short sale would not be in the borrower’s best interest. Before a short sale was contemplated in 2007, I strongly recommended that the borrower seek the advice of a professional tax advisor.
Generally speaking, any relief of indebtedness was supposed to be included in the sellers gross income for the tax year.
The great news is that as of January 4th, 2008 Congress and the President pass into law that a short sale will not be liability for the seller period. Read It Here
There are some exceptions to this rule , please contact me if you have any questions.
www.ReallyNiceHomes.com
Generally speaking, any relief of indebtedness was supposed to be included in the sellers gross income for the tax year.
The great news is that as of January 4th, 2008 Congress and the President pass into law that a short sale will not be liability for the seller period. Read It Here
There are some exceptions to this rule , please contact me if you have any questions.
www.ReallyNiceHomes.com
Is it time?
Is It Time?
In a highly unusual move on Tuesday the Federal Reserve slashed the fed funds rate to 3.5 percent, from 4.25 percent, hoping to calm the markets and to stimulate the slowing economy to avoid the recession looming in the horizon. That the Federal Reserve did so a week before its scheduled meeting gives you a hint what they really think about our economy.
When rates are that low, the opportunity to buy a home becomes a reality for some people. In a previous post I brought to you attention the “Perfect Storm” In a nut shell, I bring the facts to the front, from politics, to the Federal Reserve and the huge amount of home inventory out there at cut rate prices.
Tuesday’s move has made it even an easier decision for some people. If you are in the fence right now, consider these facts from the trenches.
You may have available a 5.250% Fixed Rate. . lowest in years.
Converting your existing home to an investment property and borrowing money as owner occupied for your new home. .may keep you away from becoming a seller.
Simply put. It’s a ”Buyer’s Market” out there! . .Meaning that that $800,000 home you saw a couple years ago. . SOLD to you in the $600’s!
If you been thinking to cut on your traffic commute but moving closer to your job but, thought that you couldn’t afford it. . think again.
Industry leaders warn if you're waiting for the fed to drop the rate even lower, don't get too greedy. Do you really believe that the market will go down even further?
Are you waiting for the real estate market to bottom up?
HELLO!! If you are waiting for the bottom of the market to buy. . when you even realize it. . the market is already on it’s way UP!
One more little nugget:
If you plans are to remain in your current home for 2 years or more and CAN refinance it a fixed rate. . DO IT NOW!
I can tell you that there's no guarantee it'll stay where it's at. When I see possible fixed rates in the lows 5% range . . .I would be locking it up!
Thursday, January 17, 2008
The New Wave In Real Estate
The New Wave Of Real Estate
Traditionally when you are selling a home. You will need to sign a 6 to 8 month listing agreement with a friend of a friend’s Realtor with 20 years of experience. You are counting in this experience to show. . and after 4 months have passed and an incessantly pressure to drop your price so the “Experience Realtor” can get his/ her commission before the listing expires, you realize that you’ve made a mistake.
Face it, you have had your home on the market for 4 months and your real estate agent with 20 years experience has done nothing but use your home as a way to find new buyers to represent, and whines incessantly about how expensive the ads in the newspaper are.
You ask yourself. .why, why, why?
It is amazing to me that the same person that hires a Realtor just because of his “experience” will not think twice and start looking for new home in the Internet in case their house sells.
Hello?. .
Internet!
Have you considered maybe that the same person that will be buying your home will do exactly the same?
Start in the internet to search for a new home.
I’m sorry but you and your “experienced” Real Estate Agent are so mired in the toxic phrase “We have always done it this way” and really believe that marketing to sell a home comes in 4 steps
Step #1 Sign the listing
Step #2 Put it in the MLS
Step #3 Put an ad in the local newspaper
Step #4 Do an Open House
And it’s SOLD!!
Yet, you know that when you were looking for your next home, that you never once looked in a newspaper, you looked at the web. You never thought about an open house . . you simply found the home that you were looking for online.
Ask your “Experience Realtor” about his internet marketing. Chances are that he may not even have an email address!
Or. .
Their definition of web presence is to have a template by their broker that gets updated “magically” when they have a new listing.
If you are working with an ol’timer with 20 years of experience and he has never used Postlets.com or did a simple HTML for an ad.. . run and stay away from them.
The new wave of Real Estate is here.
GPS, GoogleMaps, Email Blast, Instant Communication and Response, Videos, personalized websites, PPC ads, CSS Feedback, Tablet Presentations.
This is just the tip of the iceberg.
To sell a home these days, you have to think like a buyer and hire a Realtor that has the tools in place. Nowadays, there is a surge in online companies that are developing the services and tools you will need to help you sell your home the FASTEST AND FOR THE MOST MONEY.
BEWARE of Realtors that want to LIST your house not SELL IT. . There is a difference after all.
A Realtor that wants to list your house will use it to get buyers
A Realtor that wants to sell your home, will market it until it sells.
The first Realtor maybe cheaper. . . . But even if he only charges you ONE DOLLAR
That’s ONE DOLLAR TOO MUCH!
Our website www.ReallyNiceHomes.com is designed completely from scratch and some months has welcomed up to 5000 new visitors.
We don’t just LIST our homes. .
WE SELL THEM!
And. .We are readily available by calling 240-426-5754
Wednesday, January 9, 2008
The Perfect Storm
The PERFECT STORM
Converting your home to investment Property
What a concept!
What a great opportunity to do just that in these market conditions.
If you are ready for a larger property and would like to take advantage of the low interest rates but HATE selling your home at its current value
The perfect storm has finally arrived. .
Purchase a new home as a Primary residence therefore qualifying you as owner-occupied housing. This will immediately reduce your acquiring expenses requiring for you to come up with LESS down payment and qualifying for Lower Interest rates
Keep your current home and converted into an investment property
If you have lived in a property for two years for the last five years. .you can escape Federal Taxes on up to $500,000 in profit. (Caveat: You are still being taxed on depreciation for the actual rental years. . check with your accountant)
Another HUGE BENEFIT, You can feel more at ease. You know the property very well; you have an idea of its future expenses. It's the easiest way to transition in becoming a Real Estate Investor
OPM.
How many times have you heard this term?
Other
People's
Money
THIS IS EXACTLY THAT
You are using your Bank's money to Make Money!
If you live in a $300,000 home and rent it
Then Buy
A $700,000 home
You have ONE MILLON DOLLARS OF Real Estate!!
And now for the last piece. .
If your favorite candidate becomes president next year and the CHANGE they are talking about actually works. .
You could have a 10% increase in real estate value from our current bottom market prices. . .
With a cool one million dollars holding in real estate. . you just made
$100,000!
Using other peoples money
VIVA LA DEMOCRACIA !!
Isn't that amazing?
We are one step ahead of the competition
At Herboso & Associates, we look out for your best interest. .
We open the possibilities and we fully keep you connected with real estate. .because we breathe it 24- 7 in my office.
A Brand new service that http://www.reallynicehomes.com/ will be utilizing in the new future.
Get informed instantly for a FREE LIST of
EXECUTIVE HOMES in Foreclosure or Pre-Foreclosure.
We can find you these distressed homes directly from the bank. Please email me if you would like a free subscription n to this service
At: Fernando@ReallyNiceHomes.com
Converting your home to investment Property
What a concept!
What a great opportunity to do just that in these market conditions.
If you are ready for a larger property and would like to take advantage of the low interest rates but HATE selling your home at its current value
The perfect storm has finally arrived. .
Purchase a new home as a Primary residence therefore qualifying you as owner-occupied housing. This will immediately reduce your acquiring expenses requiring for you to come up with LESS down payment and qualifying for Lower Interest rates
Keep your current home and converted into an investment property
If you have lived in a property for two years for the last five years. .you can escape Federal Taxes on up to $500,000 in profit. (Caveat: You are still being taxed on depreciation for the actual rental years. . check with your accountant)
Another HUGE BENEFIT, You can feel more at ease. You know the property very well; you have an idea of its future expenses. It's the easiest way to transition in becoming a Real Estate Investor
OPM.
How many times have you heard this term?
Other
People's
Money
THIS IS EXACTLY THAT
You are using your Bank's money to Make Money!
If you live in a $300,000 home and rent it
Then Buy
A $700,000 home
You have ONE MILLON DOLLARS OF Real Estate!!
And now for the last piece. .
If your favorite candidate becomes president next year and the CHANGE they are talking about actually works. .
You could have a 10% increase in real estate value from our current bottom market prices. . .
With a cool one million dollars holding in real estate. . you just made
$100,000!
Using other peoples money
VIVA LA DEMOCRACIA !!
Isn't that amazing?
We are one step ahead of the competition
At Herboso & Associates, we look out for your best interest. .
We open the possibilities and we fully keep you connected with real estate. .because we breathe it 24- 7 in my office.
A Brand new service that http://www.reallynicehomes.com/ will be utilizing in the new future.
Get informed instantly for a FREE LIST of
EXECUTIVE HOMES in Foreclosure or Pre-Foreclosure.
We can find you these distressed homes directly from the bank. Please email me if you would like a free subscription n to this service
At: Fernando@ReallyNiceHomes.com
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