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.
Wednesday, August 13, 2008
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.
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