This taken from a news bulletin From Old Republic National Title Insurance Company:
Last week officials at GMAC Mortgage, a division of Ally Financial, Inc., announced that they are halting evictions of foreclosed borrowers and are halting REO sales in 23 states. GMAC announced it was taking this action as a result of the discovery that affidavits filed as a part of foreclosure records may have been signed by a person(s) who did not confirm the facts stated in the affidavit. The company also said that some of the affidavits may not have been properlynotarized.
The Attorneys General in Connecticut and California have ordered GMAC to halt foreclosure activities in their states. News reports indicate that state attorneys general in several other states are investigating or are planning to inquire into GMAC foreclosure practices. The statements made and actions undertaken by GMAC, together with state investigations underway, require that Old Republic National Title Insurance Company and its affiliated underwriters, exercise caution when dealing with properties which have been the subject of a foreclosure by GMAC. The Company will not insure title to any property which has been foreclosed
by Ally Financial, Ally Bank or GMAC until further notice.
The issues surrounding GMAC foreclosures reflect a recent national trend of challenges to foreclosure actions.
All agents are advised to be extremely careful in reviewing foreclosure records.
It is likely that challenges to the foreclosure practices of lenders in addition to Ally Bank/GMAC will occur in the current economic environment.
Thank you for your attention to this bulletin.
If you have any questions concerning this matterplease contact an underwriter in your local state office.
Thursday, September 30, 2010
Thursday, September 9, 2010
How to Find the Right Realtor
When most people search for a Realtor to list their home, they call on a sign or call a local agency. Has anyone ever thought to pull up that agents listings and see what they look like? I bet if some homeowners looked at their listings on line they would be disappointed. Too many times there are blurry photos and/or none, with no information.
First impressions are everything, a buyer's first impression of your home is on line, don't you want that to be amazing? We all enter our listings in the same place, but not everyone will dedicate the time to treating your listing as if it where their own home. Before you hire your next realtor, look them up on line and see what their listings look like!
Kim D'Elia
Managing Broker
www.RealtyKim.com
First impressions are everything, a buyer's first impression of your home is on line, don't you want that to be amazing? We all enter our listings in the same place, but not everyone will dedicate the time to treating your listing as if it where their own home. Before you hire your next realtor, look them up on line and see what their listings look like!
Kim D'Elia
Managing Broker
www.RealtyKim.com
Tuesday, June 29, 2010
TIPS FOR BANK OWNED PROPERTIES:
Offers: When submitting an offer, make it as clean as possible. If you want the property de-winterized, don't assume it will be done, put it in the offer. This usually takes about 48hrs for completion, so please allow that time before scheduling your inspection if your offer is accepted. Always request that the seller provide Title V.
If there are multiple offers, don't look at the asking price. Put in an offer of what you feel comfortable paying for the property. To many people are stuck on asking price. Sometimes, we need to price the properties to sell quick.
Cash vs. Finance? I know many of you have heard "Cash is King" however, some of these companies don't look at that, their only concern is the top value! The higher the net to the seller, the better the offer. This is usually the case for larger lenders, if it's a smaller company then the "Cash Is King" theory may work.
For more questions, contact: www.RealtyKim.com
Kim D'Elia, Broker
Kim@RealtyDelia.com
If there are multiple offers, don't look at the asking price. Put in an offer of what you feel comfortable paying for the property. To many people are stuck on asking price. Sometimes, we need to price the properties to sell quick.
Cash vs. Finance? I know many of you have heard "Cash is King" however, some of these companies don't look at that, their only concern is the top value! The higher the net to the seller, the better the offer. This is usually the case for larger lenders, if it's a smaller company then the "Cash Is King" theory may work.
For more questions, contact: www.RealtyKim.com
Kim D'Elia, Broker
Kim@RealtyDelia.com
Monday, April 27, 2009
Charlton Hycrest
Hi Everyone:I'm very excited to inform you of this new development in Ponnakin Hill Estates! I have up loaded a video showing you views of the neighborhood.
Please visit: www.CharltonHycrest.com for more information
Wednesday, February 25, 2009
How to Lower Your Property Taxes
Because your property tax is directly related to the value of your home, you have an opportunity to lower your property taxes* if your community has experienced declines in real estate values.County authorities determine the taxation on a given property by multiplying the property tax rate by the property value. For example, if your home value is $800,000 and the property tax rate is 1%, then your property tax bill is $8,000 annually.If market conditions have resulted in a decline in the value of your home, it is your right to have your property reassessed and to lower your tax rate. Your county will not initiate this process for you; you need to submit a proposal to your county tax assessor. The process takes between 30 and 45 days. Two methods are available to you:
Do it yourself: Contact your county assessor’s office and download the forms from its website. You will need to hire an appraiser to help prepare the evaluation of your property to submit. There are multiple websites and books to guide you through this process. Hire a tax relief processor: This company should have experienced professionals who write, prepare, and submit your tax relief proposal to the tax assessor’s office for you. Look for a company that offers to waive any upfront fees in exchange for a percentage, usually around 50%, of your first year’s savings. The company will send an appraiser and submit all of the proper documents for you.Although there are several steps involved in getting your tax rate reassessed, many homeowners have saved thousands of tax dollars annually by pursuing a reassessment.
*Always consult your tax advisor for tax information and advice
Do it yourself: Contact your county assessor’s office and download the forms from its website. You will need to hire an appraiser to help prepare the evaluation of your property to submit. There are multiple websites and books to guide you through this process. Hire a tax relief processor: This company should have experienced professionals who write, prepare, and submit your tax relief proposal to the tax assessor’s office for you. Look for a company that offers to waive any upfront fees in exchange for a percentage, usually around 50%, of your first year’s savings. The company will send an appraiser and submit all of the proper documents for you.Although there are several steps involved in getting your tax rate reassessed, many homeowners have saved thousands of tax dollars annually by pursuing a reassessment.
*Always consult your tax advisor for tax information and advice
Thursday, September 11, 2008
Many will profit from Fannie Freddie failure – Will you?
PRODUCTS:It is unlikely that a government takeover of Fannie Mae and Freddie Mac will bring back those risky products that drove the market over the past several years; however, do we really want them back? We now see what happens when corporate greed wins over sound judgment. Then again, some may ask, what about the stated income products for self employed borrowers with decent credit? After all those people have the money and they pay their bills on time; often times a higher LTV stated income loan is necessary for those borrowers. While this thought process may be correct and these loans may not pose a threat to the marketplace, don’t expect Fannie and Freddie to come back into the stated income loan world anytime soon. Fannie & Freddie are being run by the government, if you are cheating the government on taxes they are not going to then turn around and make it easier for you to get a loan. On the other hand, the government takeover does provide some stability to the market so it is probable that some of the viable products which we have seen disappear will return over the next 12 months, the key word being VIABLE! They will not likely be Fannie/Freddie products, but expect to see some of the truly economically feasible products come back.
RATES:We have seen rates drop in the past two days but why? Well, there are many variables but lets break it down to one of the easiest for you to explain prospective borrowers. If I have a dollar to invest I have thousands of places I can place that money. I can place that money is a low risk vehicle, I can place that money in a high risk vehicle or I can place that money in any level risk investment vehicle in between. As risk increases my expected gain increases and as risk decreases my prospective gain decreases. High risk, high returns potential, low risk, low returns potential. The lowest risk investments are generally US treasuries. These are guaranteed by the government and therefore are a sure bet. Mortgage backed securities, although not tied to treasuries, are a higher risk and therefore a risk premium is placed on them above that premium which can be earned on comparable lower risk vehicles (treasuries). Higher risk means higher risk premium and higher premiums require higher rates to be charged to borrowers. After this weekend’s historical takeover Fannie & Freddie mortgage backed securities are now essentially backed by the government. This backing creates a lower risk, a lower risk means a lower yield and a lower yield means savings to consumers in the form of lower rates. This is a DRASTIC oversimplification but it’s the easiest way to understand what is going on. The government essentially came in and removed layers of risk by taking over the companies. Lower risk equals lower return equals lower rates charged to the consumer.
WHAT DOES THIS MEAN FOR THE MARKET IN GENERAL:Time will tell, but lower rates coupled with the tax incentives for first time buyers should encourage home sales. Also, now that the government has control of Fannie/Freddie they have greater flexibility to deal with defaults and their associated workout arrangements. By helping people buy houses and by keeping houses off the auction block through workout arrangements we should see a reduction in inventories (houses on the market) and a stabilizing of housing prices. In areas where housing prices have already stabilized we may even begin to see some appreciation, a word we have not heard in a while. Am I being too optimistic? Possible, but pessimism never sold a house. J Whether you agree or not we are one step closer to the bottom of the market then we were last week and very possibly in it. Buyers who are waiting out the market for lower prices better jump now because in most regions of the country we are already there.
RATES:We have seen rates drop in the past two days but why? Well, there are many variables but lets break it down to one of the easiest for you to explain prospective borrowers. If I have a dollar to invest I have thousands of places I can place that money. I can place that money is a low risk vehicle, I can place that money in a high risk vehicle or I can place that money in any level risk investment vehicle in between. As risk increases my expected gain increases and as risk decreases my prospective gain decreases. High risk, high returns potential, low risk, low returns potential. The lowest risk investments are generally US treasuries. These are guaranteed by the government and therefore are a sure bet. Mortgage backed securities, although not tied to treasuries, are a higher risk and therefore a risk premium is placed on them above that premium which can be earned on comparable lower risk vehicles (treasuries). Higher risk means higher risk premium and higher premiums require higher rates to be charged to borrowers. After this weekend’s historical takeover Fannie & Freddie mortgage backed securities are now essentially backed by the government. This backing creates a lower risk, a lower risk means a lower yield and a lower yield means savings to consumers in the form of lower rates. This is a DRASTIC oversimplification but it’s the easiest way to understand what is going on. The government essentially came in and removed layers of risk by taking over the companies. Lower risk equals lower return equals lower rates charged to the consumer.
WHAT DOES THIS MEAN FOR THE MARKET IN GENERAL:Time will tell, but lower rates coupled with the tax incentives for first time buyers should encourage home sales. Also, now that the government has control of Fannie/Freddie they have greater flexibility to deal with defaults and their associated workout arrangements. By helping people buy houses and by keeping houses off the auction block through workout arrangements we should see a reduction in inventories (houses on the market) and a stabilizing of housing prices. In areas where housing prices have already stabilized we may even begin to see some appreciation, a word we have not heard in a while. Am I being too optimistic? Possible, but pessimism never sold a house. J Whether you agree or not we are one step closer to the bottom of the market then we were last week and very possibly in it. Buyers who are waiting out the market for lower prices better jump now because in most regions of the country we are already there.
Tuesday, September 9, 2008
Fannie Mae and Freddie Mac
I wanted to inform you that with the government taking over Fannie Mae and Freddie Mac yesterday, the market reacted well to the news and rates opened today at ridiculously low levels, with 15 Year Fixed rates starting at 4.875 and 20 year and 30 year in the low to mid-5’s respectively. This is about .5-.625 lower from Friday close. If you have any buyers ready to make an offer, then please share with them this news and please share my name with them as this rates may not be here for long. It is definitely a short term window of opportunity.
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