101 Reasons to use a Real Estate Agent

Appreciating the Numerous Steps an Agent Takes for Homeowners

With more real estate resources available on the Internet, it may seem as if buying and selling a home is an easy task. These 101 reasons will show you the extent of knowledge and experience that an agent provides to help you through a real estate transaction. This list reflects actions, procedures and processes that a real estate agent may typically perform during a residential real estate transaction – and are all things that you could avoid doing yourself.

Typical Pre-Listing Activities

• 1. Research Current Properties
• 2. Research Sales Activity from MLS and public records databases
• 3. Provide Average Days on Market Assessment
• 4. Review Property Tax Roll
• 5. Prepare a Comparable Market Analysis (CMA)
• 6. Verify Ownership and Deed Type
• 7. Verify County Public Property Records
• 8. Perform Curb Appeal Assessment
• 9. Provide Public School Value
• 10. Provide a Listing Presentation
• 11. Analyze Current Market Conditions
• 12. Present Credentials
• 13. Deliver CMA Results
• 14. Discuss Planning and Strategy
• 15. Explain Listing Contract, Disclosures & Addendum
• 16. Screen Calls from Buyers or Agents
• 17. Explain Homeowner Warranty

Selling the Property Activities

• 18. Review Title Details
• 19. Order Plat Map
• 20. Create Showing Instructions
• 21. Obtain Mortgage Loan Information
• 22. Review Homeowner Association Fees and Bylaws
• 23. Submit Homeowner Warranty Application
• 24. Add Homeowner Warranty in MLS
• 25. Review Electricity Details
• 26. Arrange Inspections for City Sewer/Septic Tank Systems
• 27. Collect Natural Gas Information
• 28. Provide Security System Status
• 29. Determine Termite Bond Status
• 30. Analyze Lead-based Paint Status
• 31. Distribute Disclosure Packages
• 32. Prepare Property Amenities
• 33. Detail Inclusions & Conveyances with Sale
• 34. Compile Repairs Needed List
• 35. Send Seller Vacancy Checklist
• 36. Install Lockbox
• 37. Make Copies of Leases for Rental Units (if applicable)
• 38. Verify Rents, Utilities, Water, and Deposits for Rentals
• 39. Inform Tenants of Listing for Rentals
• 40. Install Yard Sign
• 41. Perform Interior Assessment
• 42. Perform Exterior Assessment

Women and Money

Prudential Financial: Women and Money

My Money Story: Lisa B.

A Dad’s Money Lesson for His Four-Year-Old Daughter

For whatever reason—I call it a dad’s intuition—my husband took it upon himself to begin teaching my daughter about money on her fourth birthday.

He bought her a pink piggy bank, and had her place a crisp one-dollar bill in the slot at the top. He told her that by “saving your pennies” (Lindsey loves to collect things) she could collect enough money to buy something she wanted like that new soccer ball, and perhaps put a portion in the church collection to help those less fortunate. “And if you save for a long, long time, you could one day buy your own car or even help pay for college!” dad exclaimed.

Well Lindsey was ecstatic, both at the sight of her gift and the thought of having some guided authority on what to do with it. (We neglected to tell her she needs to be 17 before she can even think about driving.) “Wow! Thank you, Dad,” she stated with a hug and a kiss. Unknowingly, Lindsey was thanking dad for a whole lot more: her first life lesson on the value of saving and investing for the future.

More Women & Money coming soon!

Cheryl Washington

Your Real Estate Hook-Up
209-513-1169

 

House passes housing bill

The House is expected on Wednesday to pass a $300 billion housing rescue bill aimed at helping troubled homeowners avoid foreclosure and supporting mortgage giants Fannie Mae and Freddie Mac.

If the bill is then passed by the Senate and signed by President Bush, who today withdrew his threat to veto the legislation, thousands of at-risk borrowers will be able to refinance their unaffordable old mortgages into new, low-cost fixed-rate loans insured by the Federal Housing Administration.

The Congressional Budget Office estimates that 400,000 borrowers with $68 billion in loans may benefit from the program – but the bill allows for as many as one or two million borrowers to participate in the program.

Here’s what homeowners need to know.

Who’s eligible?

Qualified borrowers must live in their homes and have loans that were issued between January 2005 and June 2007. Additionally, they must spending at least 40% of their gross monthly income on all household debt to be eligible for the program

They can be up-to-date on their existing mortgage or in default, but either way borrowers must prove that they will not be able to keep paying their existing mortgage – and attest that they are not deliberately defaulting just to obtain lower payments.

Before a homeowner can get an FHA-backed mortgage they must first retire any other debt on the home, such as a home equity loan or line of credit. Borrowers are not permitted to take out another home equity loan for at least five years, unless it’s to pay for necessary upkeep on the home.

To get a new home equity loan, borrowers will need approval from the FHA, and total debt cannot exceed 95% of the home’s appraised value at the time.

View Listings Here

Cheryl Washington
Your “Hook-Up” to the best Realtors in the Valley
Mobile: 209-513-1169
relocatewithcheryl@yahoo.com

California Governor announces program to help valley residents buy homes

First-time home buyers will be able to purchase foreclosed houses in Stanislaus, San Joaquin and Merced counties at discount prices and with reduced-rate loans, Governor Arnold Schwarzenegger announced today.

The new Community Stabilization Home Loan Program will finance the purchase of nearly 100 foreclosed Northern San Joaquin Valley homes, plus hundreds of others elsewhere in California.

The governor said the $200 million program will “pump up” the region’s economy, which has been reeling from escalating foreclosures and declining home values.

“This program will not only make it easier for families to purchase their first home, but will also help stabilize neighborhoods that have homes sitting empty,” Schwarzenegger said. “No one single effort can solve our nationwide housing crisis, but together these measures make an important difference in California’s neighborhoods.”

He announced the new program this morning while standing in front of a foreclosed home in Stockton.

The program will be run by the California Housing Finance Agency. It will partner with for lenders who will sell bank-owned properties at least 12 percent below their estimated value.

VIEW LISTINGS

Cheryl Washington
Your Real Estate Concierge
mailto:relocatewithcheryl@yahoo.com
Mobile: 209-513-1169

Here’s the link for more information: www.calhfa.ca.gov/homeownership/programs/cshlp.htm

The Hook-up with Prudential Real Estate

Prudential Real Estate Feeds Listings to Cyberhomes, Google Base and Oodle

–        Affiliate Listings Now Display on Nine Real Estate and Search Sites

IRVINE, Calif. – Prudential Real Estate Affiliates, Inc., a Prudential Financial, Inc. [NYSE: PRU] company, today flowed at least 140,000 for-sale property listings to Internet hot spots Cyberhomes.com, Google Base™ and Oodle. The move positions Prudential Real Estate affiliates’ listings in front of the growing ranks of consumers who shop online for real estate and related services and information.

 

“We’re sending our affiliate listings to Cyberhomes, Google Base and Oodle for a couple of simple reasons: The sites are very popular among consumers, and each offers a rich search experience with a lot of useful information,” said Laurie Keenan, president of Prudential Real Estate. “Our listings as well as our services and resources are now readily available to the millions of consumers who frequent these great Internet sites.”

Prudential Real Estate teamed with Cyberhomes earlier this month to offer “Value Range Estimates” and “Property Profiles,” free consumer services now available on Prudential.com/realestate. Through Cyberhomes, Prudential Real Estate listings also will appear on AOL.com.

 

Moreover, Prudential Real Estate’s marketing plans include display and banner advertising on Cyberhomes and Oodle.

 

“Our mission is to drive significant consumer traffic to our affiliates’ listings,” said Keenan. “Aligning with Cyberhomes, Google Base and Oodle will help us get that job done.”  Said Marty Frame, Cyberhomes general manager: “We are excited to add Prudential Real Estate affiliates’ listings to our powerful search capability on Cyberhomes.com. Consumers appreciate the breadth of listings on Cyberhomes, as well as the depth of home-evaluation and homeownership information available on our site.”

 

 “We are thrilled to be working with Prudential Real Estate,” added Faith Sedlin, Oodle founder and vice president. “As a classifieds site with a broad partner network, Oodle provides a great local venue to feature real estate listings.”

 

Online listings include property descriptions, photos and affiliate- and listing-agent contact information. In addition to Cyberhomes, Google Base and Oodle, Prudential Real Estate affiliate listings also appear on FrontDoor.com, Propsmart.com, Trulia.com, Yahoo! Real Estate and Zillow.com.

 

Cyberhomes valuations provide access to most of the same information from Fidelity National Information Services, the leader in property information, services and technology for REALTORS®, appraisers and lenders, to create detailed, proprietary analysis of a property and the surrounding community. Cyberhomes enables the exploration of real estate data ranging from property facts, value estimates and a variety of important indicators of local and national changes in the housing market.

Google Base enables structured data such as real estate listings to better surface on the Google search engine improving the quality of search results. Real estate listings from Google Base are available on Google Maps™. Google, Google Base and Google Maps are trademarks of Google Inc.

 

Oodle allows consumers to buy and sell through online classifieds. Bringing together more than 40 million listings from over 80,000 sites, Oodle improves the way people buy and sell locally. Oodle offers the most comprehensive search, convenient email alerts and information to empower consumers to make better buying decisions.

 

Prudential Real Estate and Relocation Services, Inc. is Prudential’s integrated real estate brokerage franchise and relocation services business. Prudential Real Estate franchises are independently owned and operated. Companies are selected based upon outstanding performance records, high levels of customer service and shared business values with those of Prudential. Prudential Real Estate provides franchises with business strategies using Operation Reviews as well as numerous benefits, including access to Prudential

Real Estate’s Online Seller AdvantageSM program designed to provide real-time information to sellers with the touch of a keystroke. Prudential Real Estate is one of the largest real estate brokerage franchise networks in North America, with more than 2,100 franchise offices and approximately 64,000 sales professionals in the franchise Network as of March 31, 2008.

 

Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $631 billion of assets under management as of March 31, 2008, has operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping approximately 50 million individual and institutional customers grow and protect their wealth. The company’s well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential’s businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services.

Cheryl Washington
Your Real Estate Concierge
Mailto:relocatewithcheryl@yahoo.com
Mobile: 209-513-1169

More on FHA Loans

FHA Mortgage Guidelines

Mortgage Insurance
FHA insured loans require mortgage insurance to protect lenders against losses that result from defaults on home mortgages.

 

Lending Limits for FHA Loans
FHA mortgage lending limits vary based on a variety of housing types and the state and county in which the property is located.

 

Your Loan Checklist
Before you start the loan process, you’ll want to be prepared for the loan application. Have your information organized and ready for your loan officer. Be prepared to pay for property appraisal and a credit report.

 

Closing Costs
While FHA defines which closing costs are allowable as charges to the borrower, the specific costs and amounts that are deemed reasonable and customary are determined by each local FHA office.

 

Debt to Income Ratios
In order to prevent homebuyers from getting into a home they cannot afford, FHA guidelines have been set in place requiring borrowers and/or their spouse to qualify according to set debt to income ratios.

 

Credit Issues
An FHA loan applicant’s past credit performance that demonstrates good credit history and a solid track record of timely payments will likely be eligible for the mortgage.

 

Let me assist you by having a Lender and Real Estate Sales Professional contact you for more information and to get free Bank Owned and Standard Property Listings. 

 

 
Cheryl Washington
”Your Real Estate Concierge”
Mailto:relocatewithcheryl@yahoo.com
Mobile: 209-513-1169

Buying a Home – Getting Started

Financing Your Home

Most real estate professionals and mortgage lenders recommend pre-qualifying for a loan before selecting a home to purchase. This process will help you:

• Determine the price range you can afford
• Understand the types of loans you qualify for
• Determine what your monthly payment will be
• Estimate the downpayment and closing costs

The Loan Process

Try pre-qualifying for a mortgage with our in-house lender, or let your REALTOR® help you to select a mortgage lender. Once you have made your decision, these are the steps of the process:

• Application – All pertinent documentation is obtained. Fees and down payments are discussed, and the borrower will receive a Good Faith Estimate (GFE) and a Truth-in-lending statement (TIL), itemizing the rates and associated costs for the loan.
• Documentation – If not already completed in the pre-qualification stage, your REALTOR® will order all necessary supporting documentation. Once inspections are completed, your Associate will order an appraisal on the property. As it comes in, documentation is checked for any irregularities.
• Loan Submission – Once all the necessary documentation is in, your completed file is submitted to a lender for approval.
  
• Loan Approval/Underwriting – Loan approval, or underwriting, generally takes 24 to 72 hours. All parties are notified of the approval and any loan conditions that must be received before the loan can close.
  
• Closing – Once all parties have signed the loan documents, they are returned to the lender. If all the forms have been properly executed, the lender sends the loan funds by wire transfer. At this point, the borrower finishes the loan process and actually buys the house.

 

Let me assist you with choosing that “just right Realtor” that will make your property search and lending choice easier.  Let me be your “hook-up” for your real estate needs.

Cheryl Washington
”Your Real Estate Concierge”
Mailto:relocatewithcheryl@yahoo.com
Mobile: 209-513-1169

 

FHA Loan – What to Ask

FHA loan comparison questionnaire

It’s important to compare offers from several lenders before you select an FHA-insured loan because the interest rate and terms can vary. Here are some of the many questions you should ask about each loan:

1. What is the initial balance?

2. How much is the required down payment?

3. What is the term?

4. What is the initial interest rate?

5. How many points, if any, must be paid for that rate?

6. Is the rate locked? If so, when does the lock expire?

7. What is the initial monthly payment?

8. How much is the upfront mortgage insurance?

9. How much is the monthly mortgage insurance?

10. Is the mortgage insurance included in the monthly payment?

11. Does the payment include property taxes, homeowners insurance or other items?

12. Can the interest rate increase? If so, how often and by how much?

13. Can the loan balance increase? If so, when will the loan be recast?

14. Is there a prepayment penalty?

15. Is there a balloon payment? If so, how much and when is it due?

16. What are the closing costs?

Cheryl Washington
”Your Real Estate Concierge”
Mailto:relocatewithcheryl@yahoo.com
Mobile: 209-513-1169

FAMILY – SUMMER SAVINGS

The Family Hook-up!

Summer is here – so I thought I’d add a link that will give a few tid-bits on saving money, saving time, and enjoying this summer as much as possible.

Check out the LINK for some really cool ideas and tips.

Let me be your “hook-up” this summer for Real Estate Bank Owned property and more.

Enjoy!

Cheryl Washington
“Your Real Estate Concierge”
Mobile: 209-513-1169
Mailto: relocatewithcheryl@yahoo.com

Buying Bank Owned Property

What is Foreclosure?

Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure process begins when a borrower/owner defaults on loan payments (usually mortgage payments) and the lender files a public default notice, called a Notice of Default or Lis Pendens. The foreclosure process can end one of four ways:

1.   The borrower/owner reinstates the loan by paying off the default amount during a grace period determined by state law. This grace period is also known as pre-foreclosure.

2.  The borrower/owner sells the property to a third party during the pre-foreclosure period. The sale allows the borrower/owner to pay off the loan and avoid having a foreclosure on his or her credit history.

3.  A third party buys the property at a public auction at the end of the pre-foreclosure period.

4.  The lender takes ownership of the property, usually with the intent to re-sell it on the open market. The lender can take ownership either through an agreement with the borrower/owner during pre-foreclosure or by buying back the property at the public auction. These properties are also known as bank-owned or REO properties (Real Estate Owned by the lender).

 

Bank-Owned (a.k.a. REO):

If the lender takes ownership of the property, either through an agreement with the owner during pre-foreclosure or at the public auction, the lender will usually re-sell the property to recover the unpaid loan amount. The lender will typically clear the title and perform needed maintenance and repair; however, the discount for these REO homes is typically less than a pre-foreclosure or auction property discount. Bank foreclosures can become government foreclosures if the loan is backed by a government agency such as the Department of Housing and Urban Development (HUD) or the Department of Veterans Affairs (VA). In that case the government agency would be responsible for selling the property.

 

Next Step: Contact a local Realtor with Relocation Specialist
Cheryl Washington  “Your Real Estate Concierge”
209-513-1169
Mailto: relocatewithcheryl@yahoo.com