Reverse Mortgages: Learn the downside

Reverse mortgages are a hot topic among retirees, as well as those thinking about retirement, for good reason. If you’re at least 62 years old and owe little or nothing on your home, you’re probably eligible for a reverse mortgage through the Federal Housing Administration.

Pros of reverse [...]]]>

Reverse Mortgages: Learn the downside

Reverse mortgages are a hot topic among retirees, as well as those thinking about retirement, for good reason. If you’re at least 62 years old and owe little or nothing on your home, you’re probably eligible for a reverse mortgage through the Federal Housing Administration.

Pros of reverse mortgages

• Allows the homeowner to stay in the home
• Can pay off existing mortgages on the home.
• Simple to qualify for because no minimum credit score and generally no income requirements.
• No monthly mortgage payments are due for as long as the homeowner lives in the home and meets requirements for maintenance and paying property taxes and insurance.
• The homeowner receives payments on flexible terms:
• Credit line for emergencies
• Monthly payments
• Lump sum distribution
• Any combination of the above
• A reverse mortgage can not get “upside down” so the heirs will never be personally liable for more than the home is sold for.
• Heirs inherit the home and keep any remaining equity after the balance of the reverse mortgage is paid off.
• Loan proceeds are not taxable.
• The interest rate may be lower than traditional mortgages and home equity loans.

Reverse mortgage cons

• The fees on a reverse mortgage are the same as a traditional FHA mortgage but are higher than a conventional mortgage because of the insurance cost. The largest costs are:
• FHA mortgage insurance
• Origination fee
• The loan balance gets larger over time and the value of the estate/inheritance may decrease over time.
• Although Social Security and Medicare are not affected, Medicaid and other need-based government assistance
  can be affected if too much funds are withdrawn (and not spent) in one month.
• The program is not well understood by most individuals. However, the availability of independent reverse mortgage counseling helps.

The more information may be found at AARP or clickhere

When Warren Buffett Talks – People Listen

Buffett says buying houses now are even better than stocks

What Does That Mean To Me:

When one of the world’s most respected investor – financial genius talks, I feel it is important to try to understand his message.

•Banks have held [...]]]>

When Warren Buffett Talks – People Listen

Buffett says buying houses now are even better than stocks

What Does That Mean To Me:

When one of the world’s most respected investor – financial genius talks, I feel it is important to try to understand his message.

•Banks have held off foreclosing homes pending lawsuits (robo-signing)

•The 5 largest Banks have settled and soon there will be a flood of foreclosed homes on the market to compete with our existing inventory

•Home loan interest rates are still at record lows

•Now is the time to buy real estate, prices are low and will eventually rise again.

•Request your Free list of Foreclosures today @ www.SABankRepo.com

[...]]]> We got homes:
New homes, used home and some abused homes
0n some, the Seller will carry the loans.
Free home lists, New, Used, for Rent and Sell
@ www.SABankRepo.com by email.

Hot Home Deals in San Antonio January 2012

Hot home deals available first come, first served, subject to change without notice.

Click the title links below to view homes:

• Homes offering Seller Financing
• Foreclosures under $50,000
• Foreclosures $50,000 to $100,000
• Foreclosures $100,000 to $200,000
• Foreclosures $200,000 to $300,000
• Luxury Foreclosures $300,000+
• Brand New Homes for sale
• Multi – Family 2 units to 8 units deals
• San Antonio Homes for Rent
• If you are looking to move – click here

Confessions of a Realtor My family relocated to San Antonio a few years ago. My wife and I had been long time Realtors in California. When we moved to Texas, we basically had to start over and take classes to get our Texas real estate licenses. We [...]]]> How much to offer on a house:

Confessions of a Realtor
My family relocated to San Antonio a few years ago. My wife and I had been long time Realtors in California. When we moved to Texas, we basically had to start over and take classes to get our Texas real estate licenses. We wanted to buy a home as soon as possible. It did not take long to find a home we liked.

How much to offer on a house

Even with our experience, we overpaid for our first Texas home!

We found a home that fit what we were looking for. We called the Realtor’s office on the For Sale sign. Since we did not know the San Antonio values, nor have access to the San Antonio MLS (as we were still taking our classes to get our Real Estate License), we depended on the same Broker that represented the Seller. Although the Broker did nothing wrong, it was obvious, we felt we were not given any advice that would favor us. On our behalf, the Broker contacted an independent Appraisal company. The Appraiser’s price came in at the same price we offered. Our deal closed.

How much to offer on a house

New Found Knowledge
Soon afterward we got our Texas Real Estate Licenses and had access to the MLS and decided to review our Appraisal. We discovered that some of the comparables the Appraiser used were not from the subdivision we purchased in, but from another more expensive subdivision. That is how the sales price came in to the price we offered, on the Appraisal. The Appraisal influenced our offer. We vowed to not let that happen to any clients we represent.

How Much to Offer on a House

Initial Thoughts
We recognize some homebuyers save money for a long time before purchasing a home. Often the home search process can take several weeks or longer. Then you finally find that home that works for you and you decide to make an offer. You are not sure how much to offer on a house. Because if you offer:

• Offer too low: You may lose the chance to buy that home because another offer may come in higher or worse, because the seller gets upset and refuses to respond to your “too low” offer.

• Offer too high: When your offer is immediately accepted, You will wonder if you should have offered less.

How Much to Offer on a House

Suggested Research
You can ask the Seller for answers or ask your Realtor to help do County record and local MLS research to help you get answers. The more you know, the more confidence about how much to offer on a house.

• How long has the Seller been trying to sell?
If the home has been on the market a long time, has the price been reduced, or could there be problems with the house.

• How much does the Seller owe?
If the loan amount due is same as what you want to offer, you may be wasting your time.

• Why is the Seller selling?
Is it a necessary move, financial hardship, employment relocation?

• Does the Seller live in the house or is it vacant?
If home is vacant, and seller is paying mortgage out of pocket, could be a motivated Seller.

How Much to Offer on a House

Determine the Subdivision Values
Get comparable Sales within the Subdivision
• Comparable sales from 12 months ago
• Comparable sales from 6 months ago
• Comparable sales within 3 months ago

Determine if the neighborhood trend is stable, going up or going down?

How Much to Offer on a House

Do Your Homework
Unlike the mistakes I made, I encourage you to ask more questions, do your research, and use that knowledge to make your offer. This is not an exact science, but with the right information, you will know how much to offer on a house.

generally refers to a Realtor competing for a home seller listing. The Realtor lists the home well above market value, to beat out other Realtors for the listing, then lowers the price to market value, just before the listing contract expires to get the home sold. No, [...]]]>

Real Estate Bait and Switch

generally refers to a Realtor competing for a home seller listing. The Realtor lists the home well above market value, to beat out other Realtors for the listing, then lowers the price to market value, just before the listing contract expires to get the home sold. No, for the purpose of this article, I’m thinking about a different real estate bait and switch that potential home buyers are experiencing.

More Common Methods of “Bait and Switch”.
Used Cars
If I were talking “used cars” perhaps you saw that ad for that restored under priced Ford Mustang on TV. I did, but when I got to the lot, I was told that it was already sold, and I drove out of the lot with a more expensive car. Yes, this happened to me a while back.
Store
If I was talking about a Store, perhaps the ad or commercial stated a flat screen LCD TV, under priced, for a limited time, and the time limit expired between viewing the ad or commercial and getting up and driving to the Store, finding out you missed out. Yes, this happened to me, I was told product was out of stock, and deal would expire before new stock came in.

Loans
If I were talking about a loan interest rate, well below what you might expect, but I overlooked the unreadable small fine print, that stated that rate required 5 discount points to obtain it. Yes, I called to find out about the $1,000s extra in discount point fees.

Real Estate Bait and Switch
I’m writing about Homes for sale marketing. Lately, I have been talking to home buyers about their experiences responding to homes for sale they find on Craigslist, Trulia, Zillow among others …
These home buyers found homes they were interested in on these websites, but much too often, they were told, the homes were sold, when they called about them. Yes, they were offered less desirable, more expensive homes to choose from.

I really don’t know if some Realtors are not notifying Craigslist, Trulia and Zillow, among others, that their listing had sold, but I know plenty of sold homes are showing available.

I’m guessing that some of these websites like to have a record number of listings for some kind of bragging rights and are not too eager to delete them as sold. Whatever the reason, the home buyers are not getting the best service with these websites in my opinion.

Real Estate Bait and Switch Solutions

May I suggest to home buyers, especially first time home buyers, if you may want to choose homes from every possible match, from every real estate office with a listing in the MLS, the solution is simple.
Contact a Realtor, and REQUEST a fresh up to date home list, with the home buying criteria that matches what you are searching for. No home list is more up to date, than directly from a Realtor thru the local Multiple Listing Service (MLS).

Real Estate Bait and Switch Beware

Bait and Switch methods have been around for a long time, or in some cases, advertising homes for sale that are not available. Home buyers need to be aware of better options, and I believe that for home buyers that want a better home search strategy, they should contact a Realtor for updated homes lists from the MLS, like our service @ www.SABankRepo.com to avoid the Real Estate Bait and Switch.

Today, there are better [...]]]> Homeowners Facing Foreclosure

Homeowners, if you are falling behind on your mortgage for your San Antonio home, it is important to know what your options are. Making decisions and taking action is better than getting “knocked” out of your home.

Better options today, than yesterday, for Homeowners Facing Foreclosure

Today, there are better options than filing bankruptcy. Bankruptcy may delay your foreclosure, but eventually you’ll lose your home and wreck your credit.

Steps to consider for Homeowners Facing Foreclosure

You need to fully be aware and understand your present financial situation.

Start now: Make a budget and start trimming any excess expenses possible.
• Consider, borrowing money from friends or family, or tapping retirement funds.
• Consider getting help. Legitimate credit counseling services, the Making-Home-Affordable-program, those associated with the National Foundation for Credit Counseling or the Association of Independent Consumer Credit Counseling Agencies,
• Check your Refinance options.

Be realistic. Many times people struggle to hang on to a house that they simply can’t afford when they’d be far better off without it.
Remember: Consider the pros and cons, it’s far better to sell a home while you still have equity and a little damage to your credit score than to have your home taken away in foreclosure.

If you qualify for a Modification loan: The lender will specify what type of hardship evidence is needed.

Moving on
If a loan modification or refinance isn’t possible or feasible, your options come down to these:
• Sell the house
• Offer a deed in lieu of foreclosure to your lender
• Negotiate a short sale with your lender

If none of the above works out, allow the foreclosure to proceed.
This is not going to be a good option, but many homeowners have rebounded after a foreclosure and purchased another home a few years later.

Consider our Free no-obligation Consultation about the options listed above. You may call us directly at (210) 442-9986.
Start now, learn all the options for

Homeowners Facing Foreclosure.

Jumping mortgage rates seem to be motivating home buyers to act now. Transactions in escrow and expecting to close are up 2% from last month.

Recent survey by National Association of Realtors says 89% of home buyers start their search on the Internet!

Home buyers are [...]]]> Mortgage Interest Rates Highest since last April

Jumping mortgage rates seem to be motivating home buyers to act now.

Transactions in escrow and expecting to close are up 2% from last month.

Recent survey by National Association of Realtors says 89% of home buyers start their search on the Internet!

Home buyers are judging homes based on the photos they see on-line. With gas prices going up, home buyers are depending on internet searches more and more.

Home Sellers
Sellers best make those photos look good. Consider neutral colors, and perhaps using professional stagers.

Act Now
According to NARS, it takes the average buyer 12 weeks to find a home to make an offer on.
If you are thinking of selling your home, today is a great day to start the marketing process.

Please check out the video “This Month in Real Estate by Keller Williams click hereor click on the image.

Free Home Value Report
Get your Free, no obligation “Home Value Report” @ www.SanAntonioHomeValueReport.com