Foreclosure, Short Sale, Lease to Buy, House Values, Interest rates

What is it that everyone is talking about? What is really happening and can anyone really help?I have been doing real estate since 1992. I have been self employed for over 1/2 my life. Self employed for those who don't know what that means. Cindie's definition is unemployed with an attitude.That means if I don't show up and perform I don't get paid, in fact sometimes I show up and show up and still don't get paid. The difference is I still just show up anyway. If I was doing real estate to become rich I picked the wrong career. However, if I picked real estate because I genuinely like helping people find a great deal and a nice home to live in or help them sell the one they have then I picked the right career. If you are having trouble and can't seem to find someone that really cares then keep looking till you do. There are lots of people that play are real estate one deal at a time. I like to say I get to help someone one person at a time.

Real estate is normally the largest investment that anyone will make in their life time. So, it should not be handled by someone that just thinks your another deal. If you are facing foreclosure you need to talk to a Realtor who knows and understands the process in your area. There are several different options you can take to stop it long enough to see what options would be best for you. If you don't have the credit score you need to buy a home FHA just passed via the local banks here a minimum of a 620 FICA. FHA did not pass that the banks have taken that on themselves to do. They got the money to loan from the government but your not going to get it so easy. Maybe you need to sell but your home is not worth what you owe that would be a Short Sale. This is where your good Realtor can be worth their weight in gold to you. It is a transaction that your current lender will have the final say on what the terms, price etc will happen. This is a tough pile of paper work. It can be done. I was doing these in 2006 when things were going like gang busters. The biggest issue is getting someone on the lenders side to help your file over the pile they have on the desk. These employees are over worked and under paid in my opinion. If your credit is good and you have enough money to put at least 10% down it is time to buy. I have been telling people when rates were around the 5% mark buy.

The market here in the Dallas Fort Worth Texas area is really good. The kind of home you can owe for the rate of interest you can buy at is unbelieveable. I just got a deal accepted on a 550,000 home buyer is putting down 20% and the interest rate is fixed at 4.78%. Not to mention the deal on the home this would be a 780,000 home. Guys you can't buy the materials to build this home again at this price. Lease to Buy, boy the phones have been ringing off the hook on this deal. Here in Texas none of your monthly rental can be applied, your landlord must keep excellent records or you better make sure you have copies of all cleared checks to show you have been making your rent on time. Your deposit can be put into the pot to close the deal. You really are getting the first right to refusal or you agree to a prices at a much later closing date than normal and at that time you get a real loan and you will own the home after funding and no longer a tenant.

I have spent a lot of energy educating myself and my team on all these issues so we can better service you the clients. Interview and re-interview your Realtor. Make sure your a person with needs and the Realtor your hiring wants to really help you, not just put a sign in the yard and or your bottom in their car seat. Ask a Realtor for help or advise. Their service of talking to you on the phone is free to you. Most are very willing to answer any questions you might have.
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Cindie Stewart
Broker/Owner
Texas Sold Team Realty,LLC
213 S. Elm Street
Keller TX 76248
Office: 817-337-5169
Mobile: 817-881-7653
Fax: 817-796-1242
WWW.SOLDTEAM.NET
Women's Council of Realtors
2009 VP of Membership of NE Tarrant
2008 President of NE Tarrant Co.
Chair for Technology for State of Texas Co-Chair Ways &Means for State of TX
www.wcrnetc.com
www.wcrtexas.org
www.techytalktuesdays.com
ePro, CLHMS, Realtor, CRS
This is a great day and there will not be another one just like it, enjoy fully it will be over soon good or bad

The Top 6 Mistakes of Foreclosed-Home Buying

By Luke Mullins, U.S. News
Nov 18th, 2008
Nothing illustrates the devastation of America's housing bust more vividly than the abandoned properties now blighting the nation's communities. In the third quarter alone, foreclosure filings were reported on more than 750,000 properties in the United States, a 71 percent increase from the same period last year, according to RealtyTrac. But for real estate investors, one person's tragedy can be another's good fortune. With so many foreclosures on the market, "this is a once-in-a-generation opportunity for many people," says Steve Dexter, a foreclosure expert and author of the forthcoming book Buy and Hold Forever-Building Real Estate Wealth Far Into the 21st Century.
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Still, the purchase of foreclosed property—an often complex and involved process—presents would-be buyers with plenty of opportunities to make costly mistakes. In an effort to help consumers avoid such pitfalls, U.S. News spoke with a handful of experts to create a list of six common blunders that individuals make when attempting to buy foreclosed properties.

1. Flying solo. While enterprising do-it-yourselfers can certainly get away with going through the traditional home buying process without an agent, foreclosed real estate is another matter. Such complex transactions require the expertise of not just any real estate agent but one with a background in buying and selling foreclosed homes. "In today's uncertain times it's important to be working with someone who has been through market cycles before," says Patrick McGilvray, president of TheHomeBuyingCenter.com, which links homeowners and owners of foreclosure real estate with potential house buyers. So unless you are truly a real estate expert, do some research and find an agent with foreclosure experience in your market.

2. Being unfamiliar with the law. It's important to remember that real estate agents aren't lawyers, and foreclosure laws can change significantly from state to state. "A lot of people don't realize [that] foreclosures are heavily regulated and every state has its own set of laws," says Alexis McGee, the president of Foreclosures.com. "If you don't have the language proper in your contract, or if you have even the font size wrong, it's criminal and civil damages-don't count on every Realtor knowing this." As such, McGee advises against relying on a real estate agent for legal advice. Instead, consumers should review the foreclosure laws in their state and then get qualified legal advice from a local real estate attorney.

3. Thinking short term. Since many foreclosed homes may decline further in value in the coming months, it's important that buyers approach the transaction from a long-term perspective." If you are not looking at a piece of foreclosed property from a 10-year time horizon-as an investor or as an owner occupant-then you will likely suffer," McGilvray says. So if you are just trying to cash in on a quick flip, don't buy a foreclosure. Only investors with the resources and patience for a long-term real estate investment and homeowners who can afford a fully amortized fixed-rate mortgage should consider buying foreclosed property, McGilvray says.

4. Seeing only the sticker. While the price you negotiate for a foreclosed home may be significantly less than its value just a few years back, many such homes may require substantial repairs. McGilvray says that anyone buying a foreclosed property should make sure to set aside an additional 10 percent of its price tag for repairs. "Make sure you have 10 percent, especially if the home is a few years old," he says. "It is amazing how quickly houses can deteriorate." Prospective buyers should keep these additional repair costs in mind when they are negotiating the home's price.

5. Searching too broadly. With so much inventory coming onto the market these days, it's easy for buyers to become overwhelmed. To that end, Dexter recommends that anyone in the market for a foreclosure target a specific neighborhood and contact an agent with experience there. Make sure to specify the type of property you are looking for in order to avoid being inundated with listings. Tell the agent, "I want all these kinds of houses in this neighborhood that are bank listings [and] I want to know about them all as they come on the market," Dexter says. The agent will then be able to shoot you all the listings that meet your requirements as they become available. "If [the buyer is] patient enough and they get plugged in to the flow of new bank listings coming in, they can pick up some awfully good deals."

6. Taking no prisoners. While buyers can certainly get good deals on foreclosed homes, it's a mistake to assume that banks will accept any and all offers. (Unless, of course, the listing specifically says so.) Banks aren't set up to sell houses, so they typically outsource their foreclosed properties to real estate agents, McGee says. In such cases, agents can receive listings in bulk, perhaps 50 at a time. While these agents want to get the properties sold off quickly, they also want to get a good price for the seller so that the bank will give them additional business in the future. "Saving face is important for them," McGee says. "A lot of people just assume that because this property is bank-owned they will just take half off. Well, that's just not true." As such, insultingly low offers have the potential to tank the negotiations over foreclosed homes, McGee says. So make sure you present your wholesale offer case well both in writing and verbally with the listing agent.