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Posts Tagged ‘home buying’

How appropriate for this Real Estate Market…..  Brian Buffini helps me to make lemonade out of lemons.  My clients have been the greatest this year and not only helped me with my success, but referred  others to me so they could take advantage of selling and buying homes when so many people are full of fear.  Winning is when confidence outshines fear and negativity.

Thank you for helping make this a great year. Yes, several hurdles with appraisal  issues, lending got tighter, inventory was less ( a good thing), and sometimes multiple offers made, but all in all, we all made it happen to our benefit.

If you can keep your head when all about you
Are losing theirs and blaming it on you;
If you can trust yourself when all men doubt you,
But make allowance for their doubting too:
If you can wait and not be tired by waiting,
Or being lied about, don’t deal in lies,
Or being hated, don’t give way to hating,
And yet don’t look too good, nor talk too wise;

If you can dream—and not make dreams your master;
If you can think—and not make thoughts your aim,
If you can meet with Triumph and Disaster
And treat those two imposters just the same:
If you can bear to hear the truth you’ve spoken
Twisted by knaves to make a trap for fools,
Or watch the things you gave your life to, broken,
And stoop and build ’em up with worn-out tools;

If you can make one heap of all your winnings
And risk it on one turn of pitch-and-toss,
And lose, and start again at your beginnings
And never breathe a word about your loss:
If you can force your heart and nerve and sinew
To serve your turn long after they are gone,
And so hold on when there is nothing in you
Except the Will which says to them: “Hold on!”

If you can talk with crowds and keep your virtue,
Or walk with Kings—nor lose the common touch,
If neither foes nor loving friends can hurt you,
If all men count with you, but none too much:
If you can fill the unforgiving minute
With sixty seconds’ worth of distance run,
Yours is the Earth and everything that’s in it,
And—which is more—you’ll be a Man, my son!

– Rudyard Kipling

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Yes, that beauty you found looks like a great deal, but as your mother once told you, you don’t get anything for nothing,and with foreclosed properties, otherwise known as REO’s, getting it to close isn’t always easy. 

My clients happened to fall in love with this home. 

 It was in pretty good shape for a bank-owned home; the only big issues were a few missing appliances, missing knobs on cabinets, dirty carpet, a broken water heater control, and slightly elevated Radon.  THE Bank USUALLY WILL DO LARGE REPAIRS like Radon since most buyers will not make an offer on a property with RADON, and the agents and bank must disclose this to any other potential buyers.

As an Accredited Buyer’s Representative, my goal is to always work to get you, the buyer, the best terms and price; however, even after you think you’ve won a bank owned property contract, things can get messy.  We negotiated a $10,000 seller subsidy, which, by the way, the bank agreed to pay.  ( Make sure you read the small print in the bank addendum)  The addendum mentioned something about not paying prepaid items or escrows.  Since most bank addendum are unique to each bank, it is necessary to read each sentence and understand what is being addressed.

We did everything PNC, required.  Funds and documents had to be given to the Title Company no later than 12:00 pm 3 days before settlement. My purchasers’ lender worked diligently and had the docs emailed to OUR Title Company  who then emailed everything to Sam White’s Office by  11:23 am on Thursday.  Our closing was scheduled to be the following Tuesday at 2:00 pm.

By the way, it is extremely important to have your own Title Company do your closing, not the Bank Owned Title Company.  Send me an email and I will be gald to follow-up on any questions you might have regarding this.

    THE PROCESSOR FOR THE BANK DID NOT OPEN HER EMAIL UNTIL 1:40 PM THEREFORE CAUSING A DELAY IN OUR CLOSING.  THE BANK HAS THE POWER TO DELAY CLOSING, BUT NEVER THE PURCHASER!   My clients WOULD HAVE BEEN CHARGED $100+ PER DAY if they delayed closing  THIS DELAY COULD HAVE CAUSE MY BUYER TO LOOSE HIS INTEREST RATE LOCK. Fortunately, HE HAD ONE MORE DAY TO GET TO CLOSING WITHOUT BEING PENALIZED.

Wednesday morning, I received word the bank was now reducing the seller subsidy to $8,000.  THIS WAS CLEARLY NOT WHAT WAS NEGOTIATED IN OUR CONTRACT.   We have the everything approved by the lender and if any changes are made to the HUD, we will need another approval.  This could take 1, 2 or more days, not something my buyer can afford to do.     

Talk about feeling like your held hostage to the bank!!  It as if each bank, the buyer’s lender and the REO Bank, PNC, are wanting to see who will back down first.  All we want to do is go to settlement on the home. 

So we pulled the trigger- WE REFUSED TO CLOSE WITH LESS THAN THE AMOUNT OF SUBSIDY WE HAD IN OUR CONTRACT!  Unfortunately, the listing agent reduced her commission $2,000 and made up the difference.

                              This must stop! Contracts must be dealt with fairly with all negotiated terms revealed.  Do the REO properties want to sell the property or not?  Who really is holding the cards?   I will be warning all my clients of these unfair practices and urging them to look elsewhere, especially with PNC owned properties. 

Tanya Spotts     

Director’s and President’s Club  2006-2008
This Spot’s For You!  ( http://ThisSpotsForYou.com )

 Long & Foster Realtors
508 E. Market St., Leesburg, VA 20176 

 Cell Phone: 703-618-1218

 Office Fax: 703-777-5627

Email: Tanya.Spotts@longandfoster.com

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There is so much bad press; one minute you hear prices are stabilizing, then just today the news-worthy bleep was that we have record numbers of foreclosures happening.  We don’t see the record numbers here!

I know what my buyers are experiencing in our area and what a number of us who attended the Freddie Mac Real REO seminar (HOMESTEPS) which Long & Foster offered to us at our headquarters in Chantilly. Across Northern Virginia we are all experiencing a low inventory in some price ranges, bidding wars on REOS and Short Sales, and prices becoming more balanced, sometimes even going up.

 I was certainly glad I gave my time to attend this informational seminar.  I know I will be investigating and asking sellers if they have a Freddie Mac or Fannie Mae loan. 

If you are finding it difficult to make your mortgage payments or feel you might be heading down a scary place toward short selling or foreclosure, go here first and then to your lender. The best information you can gather is from your lender.  Freddie Mac has a great site which has tips and information you need.

 

Does Freddie Mac Own Your Loan?

Your mortgage servicer will be able to tell you if Freddie Mac owns your loan. You may also use their secured look-up tool:

 

Have These Documents Ready! 

     Gather your paperwork before you do anything.  Have your questions ready.

 Have you had a recent hardship?  Have you lost your job or have your pay substantially reduced?  Has your interest readjusted.  Has your neighborhood seen home values fall which would prevent you from selling or refinancing?

Here are some questions  HomeSteps has provided and are worth asking your lender to answer:

 “Questions to ask:

  • How much time is the lender willing to give you to complete a work-out?
  • What are your obligations under the work-out package?
  • What are the specifics? Be sure to ask what is due and when.
  • Will a foreclosure sale of your property be put on hold while your lender looks at the possibility of a workout package?”

Another great video which I found on Freddie Mac’s website. .  There is even a calculation and toolkit page. 

What if you want to buy Freddie Mac owned property?

                                  If you are thinking about buying a short sale or REO(bank owned property), know what to expect!  You must sit down with your agent and discuss strategies, especially time-lines, and your specific goals.  It is not as easy as you think and many regular resale properties can get you the same deals, without all the stress and anxiety.  Prepare yourself.  I have tried to give my clients who are thinking about purchasing a Short Sale or REO the pros and cons.  I always warn them about what to expect, but most of the time, they really don’t get the picture until they dive right in and are bedoming so stressed from not hearing from the 3rd party or from having  lost several REO contracts in a bidding war..

There is always a price to pay.  Like my mom said, “you don’t get anything for nothing!!

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