Cheryl manages, coordinates, disburses and cultivates various Internet prospects that find their way to Prudential California Realty via multiple website sources such as, Yahoo! Real Estate, Zillow, Trulia, LendingTree, RealxReferral, RealtyTrac and many others. Cheryl’s job is to place all prospects with an “expert” Real Estate sales and/or lending professional that will best fit the clients’ needs.

Cheryl ensures you work with the best Lenders and Real Estate Short Sale and Foresclosure Specialists.

Cheryl has over twenty-five years of relocation, real estate sales and eService experience. She is a psalmist, singer, writer and poet, has lovely adult children, sings for International New Wave Missions Ministries and Warriors of Valor, as well as other types of venues.

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

FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.

Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent.

The loans can’t be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning.

Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent downpayment.

There remain many sources of assistance for buyers needing help with the 3.5 percent downpayment, including many state and local government instrumentalities and nonprofit lenders.

In addition, some state housing finance agencies have developed their own tax credit bridge loan programs, so buyers in states whose HFAs offer such programs can monetize the tax credit upfront to cover all or part of their downpayment. These programs are separate from what HUD announced today.

The first-time homebuyer tax credit was enacted last year–and improved upon earlier this year–to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 and is available to households that haven’t owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment.

My Money Story: Lisa B.

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

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

The Housing Bill has been signed by the President. There is a tremendous amount of discussion about the new Bill and the possible positive and negative ramification on New Home Sales, Resale’s, Mortgages and Foreclosures. Here are some highlights of the Bill.

·         The Bill takes effect October 1^st 2008

·         Tax Credit for 10.00% of the purchase price up to a maximum of $7,500 for First Time Home Buyers (have not owned a home in the last 3 years) to stimulate demand among first time buyers. The tax credit is actually an interest free loan. If you decide to take the tax credit you have to pay it back over a 15 year period in the form of a tax increase of $500 per year.

·         Permanently increase “conforming loan” limits. The bill would permanently increase the cap on the size of mortgages guaranteed by Fannie and Freddie to a maximum of $625,500 from $417,000. The FHA maximum loan limits for certain high-cost areas would also increase to $625,500.

·         This Bill eliminates all seller-funded down payment assistance programs for FHA loans, like Nehemiah. This will certainly eliminate some potential buyers from the market. In Las Vegas this type of program represents as much as 50% of the sales for some of the major home builders, so the loss of this program will surely impact all sales in the Las Vegas market.

·         FHA minimum down payment will be increased from the current 3.00% to 3.50%.

·         FORECLOSURES – This piece is a little tricky but I will try to explain the nuts and bolts of it as I understand them. The bill encourages lenders to forgive some of the debt owed on a mortgage down to 90% of the homes current appraised value on homes purchased between January, 2005 and June, 2007. Example – You purchased a home for $400,000 and put a 5% down payment of $20,000. You got an ARM loan and now the payment has gone up. You currently owe $380,000 and now it is only worth $300,000 based on a current appraisal. Under this law the lender could forgive everything you owe above $270,000, which is 90% of the current $300,000 value. The lender would forgive $110,000 in debt and you could pay off the loan for $270,000. That allows you to find a new lender that will underwrite and approve a new FHA mortgage.                                                                         

·         SO WHAT IS THE CATCH YOU ASK – Lenders won’t sign off on a workout unless they think that they’ll lose less money on that than they would by allowing a home to go through the costly foreclosure process. The FHA Mortgage Insurance Premium on these loans is expected to be a hefty 3.0% upfront and 1.5% annually. Also, if you decide to use this program you will have to share your home-price appreciation with FHA. If you sell the house or refinance the loan in one year or less from the time you refinanced into the FHA loan, FHA gets 100% of the house price appreciation. The FHA’s cut decreases by 10% each year for the next 5 years, but never drops below 50% of the appreciation, no matter how long you own your home. Is it pricey? Yes. Is it better than losing a home? Definitely.

Call or Email for free assistance with buying or selling property!

Cheryl Washington
Your Real Estate Concierge
209-513-1169
Relocatewithcheryl@yahoo.com

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

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

–        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

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.

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

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