Something to think about when you are buying a home here in Georgia (no matter where you are buying one…)

Pest control.

Most people only think about termites when it comes to pests, but more common than termites is ant control problems.

Ants are a very tricky pest control problem.  Just because many of the general pest control products happen to list ants on their label, it doesn’t mean that they are actually effective against ants.

Sure, a product may kill a few ants, but solving an ant infestation problem is much different.

In fact, it is possible that some ant killer products may make your problem worse, due to an ant’s ability to smell and detect most pesticides, professional or Do-It-Yourself depot products.

That’s right — if you use some of the do-it-yourself products, an ant colony will feel threatened. Once threatened they can bud out and make more colonies!

Baits are one of the more effective solutions to controlling ants. But certain ants only like sugar, others starch, others protein, and others change diets based on what time of year it is. Identifying the ant is crucial in selecting an effective ant bait. Just because an ant looks like a little black ant does not mean it is a little black ant. What you think is a little black ant could be a red ant, a brown ant, a harvester ant, a pharaoh ant, a carpenter ant,… and the list could go on.

Ant problems.

You can’t afford not to think about them… before they become a problem.

So you want to purchase a downtown home or condo but it doesn’t have parking. Should that be a deal breaker? It’s important to weigh the options you have – especially if that house or condo is the home of your dreams – before making a decision either way. There are a lot of disadvantages of buying a home or condo that doesn’t have parking, but there are also a lot of alternatives that don’t have to be a hassle, as well.

Advantages of Having Parking with the Home or Condo
One of the major advantages of having parking that comes with the house or condo you’re considering is the resell value. Obviously, it will broaden your market of potential buyers if parking comes with the home or condo. It’s important to think about whether the home or condo you want to buy is something you’re going to resell or something you plan on living in for the long-term. This will affect your decision of whether to buy or not.

Individuals who don’t own cars can still benefit from the parking spot, (or you if you plan on living there long-term) because you can rent it out to other individuals who could use the space. Because the city of Toronto is not creating more parking spaces, and in fact, there seems to be less, it stands to reason that a condo or downtown home with a parking space may increase in value over time.

According to TD Bank Financial poll done last year, 71% of people rejected a condo because of the lack of a parking space. However, individuals looking in downtown Toronto may not care as much. “Parking is less of an issue downtown, where many buyers have access to the subway,” says Jamie Johnston, a condominium specialist with ReMax.

Why It Shouldn’t Be a Deal Breaker
While it would in fact increase your market to have parking with the condo or house, one thing you should consider is that not all buyers will own a vehicle. Many individuals use services like ZipCar or AutoShare so that they can rent a car to run errants and use public transportation or other methods of transportation the rest of the time. This is a decision many eco-minded individuals make. If you personally own a car and aren’t comfortable with street permits, you may want to think twice about the purchase but other than that, you’re probably good to go.

With the ‘green’ movement blowing up this year, more people are becoming eco-minded, and don’t mind utilizing alternative methods of transportation. Therefore, a condo or home without a parking spot may have less impact on buyers in the future – as individuals become more concerned with CO2 emissions and greenhouse gases. All in all, it shouldn’t be a deal breaker and buyers are advised to spend more time considering other aspects of the condo or house and their disadvantages or benefits.

About the Author:
I was born and raised in Central Toronto, spending my whole life in the neighborhoods that I now work, and in the Toronto Real Estate industry. I understand all the nuances of Toronto’s various communities & what Toronto real estate agents have to deal with.

I have dedicated my education to negotiating, marketing, business development and staying ahead of the curve with technology. I have attended international conferences, understand major agencies like Johnston and Daniel, all of which has helped me learn how I can provide more efficient, effective and thorough service.

When you think of real estate investing, a number of things may come to mind. You might immediately leap to real estate investing being real estate portfolios and real estate retirement plans or you may think instead of short sales, bulk reo investing and virtual real estate investing. You probably also wonder how these things play out in real estate investors’ life in the current economy.

You can learn a lot about real estate investing. To get the most out of real estate investing education, be familiar with basic information ahead of time. Whether you are interested in short sales, bulk reo sales, virtual real estate or just improving your abilities as a real estate investor, you need to know some real estate investing basics in order to succeed. You should review these three real estate investing basics to learn things even some experts do not know:

1. You always will get a positive result from investing in real estate investing education. Every real estate deal has the potential to create thousands of dollars in potential wealth. Understanding how to get that wealth will be the key to your success. Knowing more about real estate betters your odds of success when you do a real estate deal. Implementation of your small educational investments yields big results.

2. Real estate investing success is possible in any economy. Lots of people believe that real estate success is only possible in a booming economy. You should remember that a bad economic situation is not usually bad for real estate investors. Likely you will be able to find properties at deep discounts. Also, you might find deals that simply could not exist in a booming economy. Poor economies can have the tide turned based on real estate investing. When the economy is not thriving, short sales, bulk reo sales and virtual real estate can all thrive. You can save yourself from financial difficulty along with others by knowing how to do these deals.

3. You do not need to have a great deal of money if you want to be a successful real estate investor. You can succeed in real estate investing no matter how much money you have. There are lots of types of deals that you can perform with the money of other people. If you are a good investment private lenders may let you use their money. An investor who is a good investment knows as much as they can when it comes to real estate investing. This will help you show people that you are a good investment if they have the money to help you with real estate investing but they do not know how to use it.

Real estate investing is a great way to create a good amount of wealth. You can create income regardless of the economy. Using knowledge of real estate investing, short sales, bulk reo sales and virtual real estate you will be able to create success for yourself. You will be helped to succeed as a real estate investor by knowing real estate investing basics.

No generation in American history has ever experienced the number of foreclosures and defaulted mortgages as is happening now. But challenge always gives rise to opportunity, and opportunistic real estate investors are rising to the challenge.

This new opportunity – known as ‘Bulk REO Investing’ – is so huge it’s captured attention from wealthy investors and private investment funds alike.

Let’s take a moment to analyze the basics of this incredibly lucrative business.

To understand investing in Bulk REO, you have to understand the foreclosure process.

As a home owner misses a payment or two, the lender sends the predictable barage of threatening letters and warnings. Following a period of time determined by the lender, formal foreclosure proceedings begin. From that time through public auction is called ‘preforeclosure’.

When a defaulted property is placed up for auction, the foreclosure process is completed. If there are no buyers for the property at auction, the property is returned to the lender. The property then receives the designation of being an ‘REO’ or the more formal name, ‘Real Estate Owned’.

REO properties are usually listed for sale with local real estate agents. Yet with increasing frequency, REO properties are being sold for pennies or dimes on the dollar. This happens because the buyer of the REO is required to purchase multiple REO’s in a single transaction.

The recession in the United States has yielded huge profits to real estate investors prepared to take advantage. One of the best ways to take advantage of Bulk REO Investing opportunities is to partner with a well-regarded source of funding. Some sources of funding for these transactions are: personal funds, hard money lenders, commercial lenders and non-conventional sources such as private investors and hedge funds. One excellent source of funding for Bulk REO Investment transactions can be found here: Bulk REO Investment Training.

No generation in American history has ever experienced the number of foreclosures and defaulted mortgages as is happening now. But smart real estate investors are turning these ‘lemons’ into ‘lemonade’ in an incredibly profitable new way.

‘Bulk REO Investing’ is the name of the new strategy, and it’s captured the attention of many well-heeled investors.

Let’s take a moment to analyze the basics of this incredibly lucrative business.

Understanding the notion of Bulk REO’s requires understanding of the foreclosure process.

A home owner who misses one or more mortgage payments is faced with an ever-increasing volume of threatening correspondence from their lender. Following a period of time determined by the lender, formal foreclosure proceedings begin. The ‘pre-foreclosure’ time starts with filing of foreclosure paperwork and concludes at public auction.

When a defaulted property is placed up for auction, the foreclosure process is completed. The lender regains ownership of the property if there are no buyers at auction. The designation of ‘REO’ (Real Estate Owned) is then attached to the foreclosed property.

Local real estate agents are usually used to resale REO properties at retail price to the general public. Yet with increasing frequency, REO properties are being sold for pennies or dimes on the dollar. But the price of receiving such great pricing is the need to purchase multiple REO properties (a ‘package’) rather than individual properties.

The recession in the United States has yielded huge profits to real estate investors prepared to take advantage. The most successful Bulk REO Investors will have a well-respected source of funding for their transactions. There are many sources of funding for these transasactions including: hard money and commercial financing, as well as non conventional sources such as hedge funds and private investors. One excellent source of funding for Bulk REO Investment transactions can be found here: Bulk REO Investment Training.

Real estate investing probably makes you think of a number of things. You might immediately leap to real estate investing being real estate portfolios and real estate retirement plans or you may think instead of short sales, bulk reo investing and virtual real estate investing. You probably also wonder how these things play out in real estate investors’ life in the current economy.

You can learn a lot about real estate investing. Getting the most out of real estate investing education involves being familiar with basic RE info. No matter whether you are interested in short sales, bulk reo sales, virtual real estate or just enhancing your knowledge as a real estate investor, knowing some real estate investing basics will help you succeed. You should review these three real estate investing basics to learn things even some experts do not know:

1. You will always get a positive yield with real estate investing education. You can create thousands of dollars in potential wealth with each real estate deal. Getting the wealth is the key to your success. When you know about real estate your odds of success increase with each real estate deal. Small investments in education yield big results upon implementation.

2. You can succeed in real estate investing regardless of the state of the economy. Often people think that you can only be a success in real estate when the economy is good. Actually a poor economy is not a bad economy for real estate investors. You will likely find properties that you can buy at deep discounts. In addition, you can find deals that simply would not exist in a booming economy. Real estate investing may also turn the tide for a poor economy. Short sales, bulk reo sales and virtual real estate all can thrive when the economy is not. You can save yourself and others from major financial woes if you know how to do these deals.

3. You will not need lots of money to be a successful real estate investor. You can succeed in real estate investing no matter how much money you have. Many types of deals enable you to use other people’s money to do them. If you are a good investment private lenders may let you use their money. A person who is a solid investment knows as much as possible about real estate investing. This will help you show people that you are a good investment if they have the money to help you with real estate investing but they do not know how to use it.

Real estate investing is a good way to generate a great deal of wealth. You can create an income in any economy. By using a base of knowledge of real estate investing, short sales, bulk reo sales and virtual real estate you can create success for yourself. Knowing some real estate investing basics and applying them will help you succeed as a real estate investor.

The $8000 tax credit is ending soon if it is not extended.

Across Georgia, many first time homebuyers have been able to take advantage of the 8000 tax credit for new home buyers and if you have been thinking about buying a home, you probably need to start the process. The process of buying a home isn’t one that only takes a few days – many times it can take multiple months – which means if you start now, you will still have enough time to make sure your loan is closed by the December 1, 2009 deadline.

The $8000 tax credit program is scheduled for termination as of December 1, 2009 – and unless it gets extended by Congress, in order to qualify for the $8000 tax credit, you must close on your home by this time. If you think you still have “plenty of time and not to worry…” consider this:

• Due to current market conditions, houses in the sub-$300k range are getting multiple offers – which means you may need to “bid” on multiple properties before “winning” one.
• It “normally” takes 30 days to get your financing arranged once you have a sales contract.
• According to the IRS, you must actually close on the home home for it to be considered occupied and qualified for the credit.

Will Congress Extend the $ 8000 Tax Credit?

Maybe.

But it probably isn’t very wise to risk it — after all, you can be sure of getting the credit now or you could wait until January and “see what happens”.  Our best advice is to act fast. I don’t remember the last time that Congress actually did something that made any sense!

All over Georgia, many Veterans who currently have VA loans are wondering if the rules have changed with the VA streamline refinance program (also known as the VA IRRRL) because they are being told that “VA now requires a minimum credit score”.

Which isn’t true. VA doesn’t require a minimum credit score on VA streamline refinances.

But…

What is true is that many lenders have started requiring a minimum credit score for all VA streamline refinance loans. Notice the word “many” in that last sentence. As in “many, but not all“.

Many lenders have started requiring a minimum credit score on VA streamlines over the last year. Some are requiring a minimum credit score of 580. Some are requiring 620. Some are requiring a 640. The point is that although many lenders have their own internal requirements for the VA streamline program, VA isn’t requiring a minimum credit score.

Which means that if you have been told by a loan officer who works for a lender that they are now requiring a minimum credit score of <fill in the blank> and you don’t meet that minimum, you need to just shop around a little bit for a lender who doesn’t require a minimum credit score.

They are out there — and are happy to help you!

FBI Investigates Mortgage Fraud Cases in Georgia

In recent months, there has been quite a few headlines in the news regarding mortgage fraud – both right here in Georgia as well as in the national news. Many experts point to mortgage fraud as one of the reasons that the country is experiencing a housing crisis. And although it may seem a little late, the regulatory bodies that regulate the mortgage markets have now started to crack down on mortgage fraud.

According to a warning on the FBI Website:

Mortgage Fraud is investigated by the Federal Bureau of Investigation and is punishable by up to 30 years in federal prison or $1,000,000 fine, or both. It is illegal for a person to make any false statement regarding income, assets, debt, or matters of identification, or to willfully overvalue any land or property, in a loan and credit application for the purpose of influencing in any way the action of a financial institution.

Some of the applicable Federal criminal statutes which may be charged in connection with Mortgage Fraud include:

• 18 U.S.C. § 1001 – Statements or entries generally
• 18 U.S.C. § 1010 – HUD and Federal Housing Administration Transactions
• 18 U.S.C. § 1014 – Loan and credit applications generally
• 18 U.S.C. § 1028 – Fraud and related activity in connection with identification documents
• 18 U.S.C. § 1341 – Frauds and swindles by Mail
• 18 U.S.C. § 1342 – Fictitious name or address
• 18 U.S.C. § 1343 – Fraud by wire
• 18 U.S.C. § 1344 – Bank Fraud
• 42 U.S.C. § 408(a) – False Social Security Number

Mortgage Fraud in Georgia: Is It Over?

Believe it or not, mortgage fraud is still happening right here in Georgia. If you are aware of any mortgage fraud victims or scams, be sure to contact the FBI.

Announcement By Major Lender That They Now Require Minimum of 620 Credit Score For FHA Streamline Refinance

Yesterday, an announcement was made by the last lender (that we know of at least) in the US who used to not require a minimum credit score on FHA loans that a minimum 620 credit score is now required on all Georgia FHA streamline refinance loans. The announcement from Taylor, Bean and Whittaker regarding their minimum of 620 credit score requirement means all major US lenders now require at least a 620 credit score on FHA streamline mortgages.

Details Of The Announcement of New Credit Score Requirements For FHA Streamline Refinance Loans

FHA Streamlines (credit and non-credit qualifying) and VA IRRRL’s with Credit Scores below 620 must be LOCKED prior to July 13, 2009 AND must CLOSE (Note Date) no later than September 15, 2009, and must be delivered to TBW within 10 days after closing Loans in this category locked on and after July 13, 2009 will require a minimum FICO of 620.

Clients will be required to obtain a 3 Repository credit report and utilize the standard method of determining qualifying FICO. Any Conventional, FHA (including Streamline Refinance), or VA (including IRRRL) loan that exceeds $417,000 with a Credit Scores below 660 must be LOCKED prior to July 13, 2009 AND must CLOSE (Note Date) no later than September 15, 2009, and must be delivered to TBW within 10 days after closing Loans in this category locked on and after July 13, 2009 will require a minimum FICO of 660.

Clients will be required to obtain a 3 Repository credit report and utilize the standard method of determining qualifying FICO. In addition, any previously announced minimum Credit Score requirements that TB&W has put into place, that did not have a specified Closing date, will be required to be LOCKED prior to July 13, 2009 AND must CLOSE (Note Date) no later than September 15, 2009, and must be delivered within 10 days after closing. Therefore, any loan, regardless of whether it may be locked, registered or approved, that has a qualifying credit score below 620 (with the exception of those loans that have specified higher FICO requirements) must CLOSE (Note Date) no later than September 15, 2009.

TB&W will continue to allow non-traditional credit for those borrowers with no useable credit for the loan programs that allow the use of such credit in accordance with published guidelines. TB&W is fully aware that these limitations may result in the inability for a particular loan to meet these specified deadlines. TB&W will work as diligently as possible to accommodate all loans in the pipeline. We will be unable to grant any extensions or exceptions to these requirements.

Georgia FHA Streamline Refinance: What This Means

Although FHA guidelines don’t require a minimum credit score, pretty much all lenders now require that you have at least a 620 score for the Georgia FHA streamline refinance loan program. It is possible that there are still smaller lenders who can offer the Georgia FHA refinance streamline loan with no minimum credit score requirement, but you will have to search harder to find them.