Here are tips to help you declutter your belongings before the big day. Continue reading
Home is never far away
When renters choose to buy, the overwhelming highest percentage of 41% do so within the same county they were renting. Some do an even closer move, with 14% deciding to buy in the same neighborhood as their current (rented) home. Those who move to another California county (at 11%), are very nearly equal to the 10% who decide to move out of the state.
Are you a renter who’s thinking of buying? What are you choosing to do — is this CAR.org infographic correct for you? If you’re buying in San Diego county, I’d be honored to assist you in your home search; contact me anytime at (619) 890-3648 or online here.
From Bad to Good-Unbelievable Results in a Short Sale!!
In a volatile economy with a recession in full swing, it is extremely hard for most people to imagine anything positive to happen in a bad situation. Well, with an upside down property and several liens in place, you would want to pay close attention in this article because you will find this SHOCKING!!
I just recently closed a short sale with numerous liens on the property, specifically IRS lien, child support lien, large past due HOA lien, and an active bankruptcy in place. This example is one of huge importance for the fact that the bank contributed to some of these debts despite the fact that the property had no equity. This is FREE money towards the owner’s debts. In addition, the owner of the property received bad advice before I talked to him to move out of the property and by doing so, gave up the qualifying right to receive several thousand dollars for moving and relocation expenses from the bank. This aside, the situation was still a win-win for the owner regarding getting free money from the bank to go towards debt that most likely would have to be paid through his bankruptcy Chapter 13 reorganization plan.
I have personally closed several short sale transactions with an active bankruptcy or shortly after discharge. This process is extremely valuable and very rare for any real estate agents to understand including process with these circumstances.
Another transaction I closed as a short sale in the past had 8 liens where the benefit of this one went completely to the debtor’s children in this case a child support lien in the amount of $24K and a settlement by the 1st lien holder bank paid of $12K! This is free money from the 1st Trust Deed Holder for a situation that was beyond out of control. Most of the other liens also received free money from the lien holder or were released with zero money to them.
Another transaction had liens on an upside down property from credit cards that were settled by negotiation and allowed by the lien holder. Again this is free money from a no equity sale or short sale that pays down a debt or settles them in full and in some cases I have done these has helped avoid a bankruptcy by the seller.
There are many people in situations as I mentioned above and there are literally no Real Estate Agents that know how or want to handle these situations. If you know someone with a similar situation, you will be a huge benefit to them and do a bigger charitable act by referring me to them for a no obligation, private and discreet consultation. CALL NOW! ONLY THE BEST GET THE BEST RESULTS!!
– John A. Silva
www.JohnASilva.com | (
Shoppers, I bet many of you scoured the Sunday ads and bounced to several stores for deals over Thanksgiving weekend.
What if you applied that same effort and vigilance to shopping for a new home loan or refinance? That same attention to detail could translate into hundreds to thousands of dollars in savings over time.
“People think nothing about going to many different stores to buy a toaster or oven or dishwasher,” said Norma Garcia, attorney at Consumers Union, publisher of Consumer Reports magazine. “They just don’t shop for (home) loans the same way they shop for other products, but they ought to.”
Consumers likely are more comfortable comparison-shopping for microwaves than mortgages because the home-loan process can be cumbersome, with reams of paperwork, unfamiliar jargon, and of course, the rush to close and move to a new place.
The U.S. government is working to make the process easier. Since May, officials have been trying to simplify and combine two required forms that show would-be borrowers their final loan terms and costs before closing. The “Know Before You Owe” campaign, spurred by sweeping financial reforms in 2010, has produced two drafts of the merged documents that are still in testing phase…
FORMS TO KNOW
This gives you an approximation of what you may owe at closing. It lists the basics including loan amount, interest rate and potential penalty costs. The form also shows you different loan scenarios to illustrate whether it would make sense, for instance, to buy points upfront to reduce your interest rate. (One point typically equals 1 percent of the loan’s value, or $1,000 for each $100,000 borrowed.) Click here to see the whole form…
FORMS TO KNOW
You get this at the closing table. The form lists every single expense and credit involved in the transaction. Click here to see the whole form…
You also get this at closing. The document breaks down how much you will owe in a different way. Perhaps the most important detail is the annual percentage rate, which rolls in all of your costs and is defined by HUD as the “true cost” of a loan. Click here to see the whole form…
TO-DO LIST BEFORE CLOSING
• If there’s a line item you don’t understand in any of the forms, ask about it.
• Scan for hidden costs. Third parties get proceeds from loans in the form of fees and commissions, said Norma Garcia, attorney at Consumers Union, publisher of Consumer Reports magazine.
• Know who’s going to service your loan. The holder of your loan can sell the loan to anyone, but they have to disclose the percentage of loans that are sold. “If you choose to go with that lender, just know that may not be the person you’re dealing with down the line,” Garcia said.
• If you sense your lender isn’t being upfront or answering your questions, find someone else. It may take interviewing two to three people to find the right lender.
• Get a second opinion on your loan documents from HUD-approved counselors at little or no charge. But be sure to do this before closing. For San Diego, you can call the Housing Opportunities Collaborative at (619) 283-2200 or (800) 462-0503. Someone will direct you to the right agency.
• Don’t sign anything unless you understand it.
Read the whole article by SignOnSanDiego.com here: “How to Bargain Shop for Mortgages“.