Renovation Lending: FHA 203K

I learned more about this program when I was in Dallas. This program was offered to all of the brokers. Some chose to study other subjects. However, it is my opinion that we really need to KNOW how to use this loan because of the type of property we need to finance.

You see, when the typical buyer wants to buy a property – house or condo – it is usually in decent condition. It is not trashed. Unfortunately however, many of the bank owned properties are in bad condition for one reason or another. No one wants to buy a property that needs alot of money to repair it unless you can pay very little for it.  An entry level buyer is forced out of the market to a cash investor buyer.

The question arises: Who will finance this property?  The FHA 203 K program offers a solution. This loan will finance new paint, new carpet, appliances, windows, kitchen, roof and more. The repairs are financed into the new loan. The property is appraised as if it were repaired. Therefore if you find a property that has no kitchen or no bath and you want to buy it, YOU CAN get a loan.  Therefore, when you visit a house for sale and want to make an offer, the term “All repairs to be in buyers’ loan” should be in your contract offer. This is a great program, and I continue to work towards obtaining my certification. I do not do loans but I really think every broker should know how they work so that we could all be of best service to our clients who need us.

Foreclosure News in California

According to Foreclosure Radar.com, foreclosures are down in California. However, the numbers are not accurate. Reasons being that many owners have vacated the property and are  not working to modify their loan or complete a short sale. It takes lenders two months longer to foreclose then it did a year ago.

The only significant increases from the prior year in ForeclosureRadar’s report were cancellations, up 141.3 percent, and time-to-foreclose, up 30.5 percent from May 2009. The company says it now takes lenders 235 days to complete a foreclosure in California, from the filing of the default notice to the auctioning of the property.

While extended foreclosure timelines may be skewing resolution numbers, it should be noted that newly initiated foreclosures declined significantly last month in California.

Notices of default filed against delinquent homeowners – the first step in the foreclosure process – fell 17.25 percent from April to May, according to ForeclosureRadar’s market data. They were down 43.34 percent compared to May 2009.

Notice of trustee sale filings, which serve as the homeowner’s final notice before the home is auctioned, dropped 11.88 percent on a month-to-month basis in May, and were 35.78 percent below year-ago levels.

ForeclosureRadar reports that banks took back 13,775 properties in May, 5.75 percent fewer than they did in April.

The company puts California’s total REO inventory at 87,964 homes, down from 90,000 in April and 18 percent lower than it was a year ago.

Father’s Day

Happy Father’s Day to all of the DADs. I found this article and just had to post it here!

My Father

When I was:

  • Four years old: My daddy can do anything.
  • Five years old: My daddy knows a whole lot.
  • Six years old: My dad is smarter than your dad.
  • Eight years old: My dad doesn’t know exactly everything.
  • Ten years old: In the olden days, when my dad grew up, things were sure different.
  • Twelve years old: Oh, well, naturally, Dad doesn’t know anything about that.

He is too old to remember his childhood.

  • Fourteen years old: Don’t pay any attention to my dad. He is so old-fashioned.
  • Twenty-one years old: Him? My Lord, he’s hopelessly out of date.
  • Twenty-five years old: Dad knows about it, but then he should, because he has been around so long.
  • Thirty years old: Maybe we should ask Dad what he thinks. After all, he’s had a lot of experience.
  • Thirty-five years old: I’m not doing a single thing until I talk to Dad.
  • Forty years old: I wonder how Dad would have handled it. He was so wise.
  • Fifty hears old: I’d give anything if Dad were here now so I could talk this over with him. Too bad I didn’t appreciate how smart he was. I could have learned a lot from him.

Writer Unknown. I found this article on the Internet. Isn’t it so true?

Reo2010 EXPO, Dallas Texas

I just returned from Dallas. I went for two different events. One is the Five Star REO and Short Sale Summit where many real estate agents, brokers, asset managers, services and more came to meet and network.

There were many panel meetings on different subjects affecting our business today. Excellent speakers including Emmett Smith, football player and dancer on DANCING WITH THE STARS.

At the Summit I attended two days of sitting in a “classroom” learning about REO, or real estate owned properties and how to work with the banks and asset managers more effectively.  There was an additional day of study and certification of SHORT SALES.

Even though I have been working in the field, some asset managers insist that the agents and brokers they hire need to have these specific designations, and so I sat through the 3 days and took the examinations for the two different certifications. When I came home I found the same classes are being offered all across the country, and coming to a town near me. Since I did not fly to Dallas, (grave error), you can imagine how I felt when I read my mail. However I did make a family trip out of this and driving through New Mexico and Arizona was really beautiful.

I met quite a few brokers who also work in the REO and Short Sale business of listing and selling property, and they are from all over the United States. Of course, we exchanged ideas, and business cards so we can contact each other after the EXPO/ Conference.  I always love to learn new things and believe strongly in education. My goal is to be the best BROKER / REALTOR for my clients and therefore I shall continue to study to benefit them.

I am the FLAG of the U.S.A. My name is “Old Glory”

In Memory of all
The Men and Women
Who gave their lives
In the Protection and Support
Of the United States of America!
And with Continued Prayers for
Those Men and Women
Currently Serving Their Country
With Gratitude and Love…..

“I Am the Flag of the United States of America”
My Name is Old Glory”

I am the flag of the United States of America, my name is Old Glory …. I fly atop the world’s tallest buildings. I stand watch in America’s halls of justice. I fly majestically over institutions of learning. I stand guard with power in the world. Look up and see me. I stand for peace, honor, truth and justice. I stand for freedom. I am confident. I am arrogant. I am proud. When I am flown with my fellow banners, my head is a little higher, my colors a little truer. I bow to no one!

I am recognized all over the world. I am worshiped-I am saluted. I am loved – I am revered. I am respected – and I am feared. I have fought in every battle of every war for more than 200 years. I was flown at Valley Forge, Gettysburg, Shiloh and Appomattox. I was there at San Juan Hill, the trenches of France, in the Argonne Forest, Anzio, Rome and the beaches of Normandy, Guam, Okinawa, Korea and KheSan, Saigon, Vietnam know me. I was there. Today I am in Iraq and Afghanistan.

I did not ask to be there – they brought me there and I am ready. I lead the troops. I was dirty, battle worn and tired, but my soldiers cheered me. And I was proud. I have been burned, torn and trampled on the streets of countries I have helped set free. It does not hurt, for I am invincible. I have been soiled upon, burned, torn and trampled on the streets of my country, and when it is from those I saved in battle, it hurts. But I shall overcome – for I am strong. I have slipped the bonds of earth and stood watch over the uncharted frontiers of space from my vantage point on the moon. I have borne silent witness to all America’s finest hours. But my finest hours are yet to come. When I am torn into strips and used as bandages for my wounded comrades on the battlefield. When I am flown at half staff to honor my soldier, or when I lie in the trembling arms of a grieving parent at the grave of their fallen son or daughter.

I am proud.

My name is Old Glory – Long May I Wave.
Dear G-d in Heaven – Long May I Wave.

Memorial Day, 2010

This Memorial Day remember the everyday heroes who came before us, whose bravery and sacrifice created the foundations of our liberty.

Remember the everyday heroes among us:

Our friends, neighbors, sons and daughters who  serve w ith pride to maintain our legacy of freedom and

let’s Honor  them


Proposed Mastectomy Law Change

This is an e-mail just forward to me by a good friend. I am in shock! Please read, vote and pass it on to everyone you know. It is a matter of life and  death not only for women, but for everyone they love and who love them, their husbands, children, fathers, and friends.

Proposed Mastectomy Law Change

(written by a surgeon)

I’ll never forget the look in my patients eyes when I had to tell them they had to go home with the drains, new exercises and no breast. I remember begging the doctors to keep these women in the hospital longer, only to hear that they would, but their hands were tied by the insurance companies.

So there I sat with my patient giving them the instructions they needed to take care of themselves, knowing full well they didn’t grasp half of what I was saying, because the glazed, hopeless, frightened look spoke louder than the quiet ‘Thank you’ they muttered.

A mastectomy is when a woman’s breast is removed in order to remove cancerous breast cells/tissue. If you know anyone who has had a mastectomy, you may know that there is a lot of discomfort and pain afterwards. Insurance companies are trying to make mastectomies an outpatient procedure. Let’s give women the chance to recover properly in the hospital for 2 days after surgery.

This Mastectomy Bill is in Congress now. It takes 2 seconds to do this and is very important. Please take the time and do it really quick! The Breast Cancer Hospitalization Bill is important legislation for all women.

Please send this to everyone in your address book. If there was ever a time when our voices and choices should be heard, this is one of those times. If you’re receiving this, it’s because I think you will take the 30 seconds to go to vote on this issue and send it on to others you know who will do the same.

There’s a bill called the Breast Cancer Patient Protection Act which will require insurance companies to cover a minimum 48-hour hospital stay for patients undergoing a mastectomy. It’s about eliminating the ‘drive-through mastectomy’ where women are forced to go home just a few hours after surgery, against the wishes of their doctor, still groggy from anesthesia and sometimes with drainage tubes still attached.

Lifetime Television has put this bill on their web page with a petition drive to show your support.. Last year over half the House signed on. PLEASE! Sign the petition by clicking on the web site below.

http://www.mylifetime.com/community/my-lifetime-commitment/breast-cancer/petition/breast-cancer-petition


This takes about 2 seconds. PLEASE PASS THIS ON.

Social Networking

I think that social networking is a great tool for connecting with other professionals in my field as well as with clients. My personal experience is that I do not seem to have enough time to do it. I just joined a great site called “Active Rain”. I am also a member of  several REO Network Associations. That means I will not have enough time to do all the “usual” work that goes into a real estate business if I blog on other web sites. Perhaps one hour a day is okay, but is that enough? How can you give your opinion on a subject, have others reply with their opinions, and have that last for not more than one hour?

Of course, these sites have numerous topics. Any one out there care to comment?

Happy Father’s Day….

It takes more than blood to be a dad.

Oh this is surely a proven fact.

I’ve seen men give his heart to a child…Never once think of taking it back.

A Dad is the one who is always there; he protects a child from all harm.

He gives a child the assurance that he will be their anchor in any storm.

A real DAD is a man that teaches his child all the things in life he needs to know.

He is the tower of strength a child leans on.  The source of love that helps them grow.

There are men that children call DADDY. Oh, he is their shelter when it rains.

He showers them with unconditional love as if it were his blood in their veins.

Whenever you meet a DAD that redefines the word, HONOR him with all the respect that is due….

Understand that he proudly wears this banner because his heart is big enough for you.

It is sad but true that not all men understand it takes more than blood to be a DAD.

Someday if they wake up to their empty life, they shall miss what they could have had…

To those men who will never be a dad…No matter what they say or do.

It takes more than blood to possess that title

And it’s only found in a man like you.

I found this on the Internet and just had to share with all of the DADS…..

HAPPY FATHER’S DAY!

Just Read this News on Breast Cancer!

I sometimes read the BBC NEWS online. Here is a link to the article on NEWS for women and Breast Cancer.


http://news.bbc.co.uk/2/hi/health/8667944.stm