Maryland Real Estate Consultant

No FHA or VA financing? SERIOUSLY?

Frank Harris (Keller Williams Realty Centre) — Sat, 21 Nov 2009 09:39:14 -0600

Via Lori Cain - Tulsa Realty (Chinowth & Cohen Realtors):

No FHA or VA financing? Recently I’ve seen several property listings state in the Broker’s remarks (area that the public can’t see) that the Sellers will not accept offers with FHA or VA financing. Do these Sellers realize that they’re possibly ruling out 95% of the market by not accepting that type of financing?

I’m shopping in a range for first-time home buyers who will typically have FHA or VA financing. I’ve explained to my Buyers that if they choose an “as-is” property, they will be responsible for whatever repairs may be required by the type of financing they choose. They understand that and we’ve steered clear of properties that will require more repairs than they can afford.

Years ago, there were more financial costs for the Seller when accepting FHA or VA financing, but those costs are truly insignificant now. Repair costs can be negotiated and the prospective appraisers are not as stringent as they once were.

Remember that FHA and VA appraisers are looking for safety and health issues. They don’t care if your dishwasher doesn’t work or your air conditioner is old – they care if the hot water heater needs to be raised or if there is chipped and peeling paint.

Come on Sellers – don’t turn away such a large portion of your potential market!

Lori is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa area, including midtown Tulsa, downtown, Owasso, Sand Springs, Broken Arrow, Bixby and Jenks. Visit Lori's web site, LoriCain.com or call 918-852-5036 today!

A way to stop forclosure?

Frank Harris (Keller Williams Realty Centre) — Thu, 16 Apr 2009 17:21:27 -0500

Details of the loan modification program

Only loans where the cost of the foreclosure would be higher than the cost of modification will qualify. The modification plan calls for the bank to reduce interest rates so that the monthly obligation is no more than 38% of a borrower's pre-tax income, and the government would then kick in money to bring payments down to 31% of income.

Mortgage servicers (banks and mortgage companies) can also reduce the loan balance to achieve these affordability levels, and the government will share in the cost of the reduction, up to the amount the servicer would have received if it had reduced the interest rates.

Please contact your bank. Do not ignore the problem,y ou might be able to get help.

More updates on the way.

Frank Harris

240-472-9008

First Time Home Buyers Put the Brakes on Expectations

Frank Harris (Keller Williams Realty Centre) — Sun, 22 Feb 2009 22:45:20 -0600

This is a wonderful time to buy a home and you can get so much more for your money but we still need to be realistic with our expectations.

Via Heather the Realtor. Orlando & Lake Mary First Time Home Buyers & Luxury Homes (RE/MAX Central Realty):

There is no doubt it's a buyers market. Inventory levels have never been better, coupled with the best interest rates in years and you have the perfect synergy effect for home buyers. However, buyers beware just because you have the perfect conditions does not entitle you to unrealistic expectations. While this market gives you the opportunity to buy a house, it does not mean you get the Tasmajal on a Clampett budget (pre hitting oil).

While you might be able to afford more home, do you really need it? Will you use all those extra rooms? Do you have time to handle the landscaping and mowing or do you need to hire a lawn company and add more expense to your monthly budget? Majority of my business is helping guide first time home buyers through the process of purchasing a home and more importantly helping them figure out the important aspects of their lives and ensure their homes fits their needs.

One of my favorite sayings I tell people is "you cant change the lot, location or the layout" (ok with major renovations this can change). So dont always look at the cosmetics of the home, but rather does the location work for you, is it where you want to be? What about the lot? Lastly, does that layout give you goose bumps? Do you see yourself hosting a girls brunch on Sunday or having the guys over to watch the big game?

My job as an educator and as a licensed contractor is to help you see past those ugly cabinets and shag carpet that our grandparents had and turn it into a chic living space. Most my buyers often say but I barely have money for a down payment how could I possibly renovate a home? No problem when you work with an agent who has a passion for her profession. There are numerous different loan programs out there that can help make those renovation projects possible and you wont have two mortgage or payments.

If you are ready to purchase a home in the Orlando area and want an agent who is sought after for her knowledge by HGTV and will guide and educate you through the purchasing process call Heather the Realtor today at 407 810 6304 or email me at hjoubran@earthlink.net or better yet go to my First Time Home Buyers website and if you catch me online IM me.

How Much Home Can I Afford/ Quick Chart

Frank Harris (Keller Williams Realty Centre) — Sat, 22 Nov 2008 10:49:48 -0600

Use the following to chart to determine your monthly principal and interest payments at various interest rates for either a 15 or 30-year term.

Interest Rate Factors Per $1,000
Interest Rates	Term 15 Years	Term 30 Years	Interest Rate	Term 15 Years	Term 30 Years
4	7.40	4.77	8	9.56	7.34
4 ¼	7.52	4.92	8 ¼	9.70	7.51
4 ½	7.65	5.07	8 ½	9.85	7.69
4 ¾	7.78	5.22	8 ¾	9.99	7.87
5	7.91	5.37	9	10.14	8.05
5 ¼	8.04	5.52	9 ¼	10.29	8.23
5 ½	8.17	5.68	9 ½	10.44	8.41
5 ¾	8.30	5.84	9 ¾	10.59	8.59
6	8.44	6.00	10	10.75	8.77
6 ¼	8.57	6.16	10 ¼	10.90	8.96
6 ½	8.71	6.32	10 ½	11.05	9.15
6 ¾	8.85	6.48	10 ¾	11.21	9.33
7	8.99	6.65	11	11.36	9.52
7 ¼	9.13	6.82	11 ¼	11.52	9.71
7 ½	9.27	6.99	11 ½	11.68	9.90
7 ¾	9.41	7.16	11 ¾	11.84	10.09

•1. Find the appropriate interest rate from the chart above.

•2. Look across the column to the appropriate term to determine your interest rate factor.

•3. Multiply the interest rate factor by your loan amount in $1,000s.

An Example

Interest Rate = 6 ½

Desired term = 15 years

Interest rate factor per $1,000 = 8.71

Mortgage = $200,000

Monthly Principal & Interest = $1,742 (8.71 x 200)

Add your monthly insurance premium and your property tax to your principal and interest to determine your total monthly payment.

I am providing this information as a guide. If you have any questions or concerns drop me a line at Frank@kw.com

Happy Home Shopping

Reasons to Purchase a Home

Frank Harris (Keller Williams Realty Centre) — Sat, 22 Nov 2008 09:16:17 -0600

Reasons to Purchase a Home

•1. Quality of Life

•2. Tax Deductibility of Mortgage Interest

•3. Tax Deductibility of Property Taxes

•4. Appreciation Potential

•5. Deferred Gain and Capital Gain Treatment

•6. Once in a Lifetime Exclusion

•7. Principal Accumulation

•8. Pride in Your Home

•9. No Landlord

•10. Leverage (where else can you buy this size of an investment with 5-10% down)

•11. The Real Cost of Renting (At $700 per month, with a 6% rental increase per year, you will pay $110,719 over a 10 year period.)

Also don't forget you can get some great deals on home . Prices will not be depressed for long. Many people are going to say I should have bought a home in 2008/2009 now that the same homes are selling for much much more.

Why you need a Realtor

Frank Harris (Keller Williams Realty Centre) — Fri, 21 Nov 2008 08:32:58 -0600

As a licensed real estate professional I provide much more than the service of helping you find your ideal home. Realtors are expert negotiators with other agents, seasoned financial advisers with clients, and superb navigators around the local neighborhood. They are members of the National Association of Realtors (NAR) and must abide by a Code of Ethics and Standards of Practiceenforced by the NAR. A professional is your best resource when buying your home.

Let Me be Your Guide -

I can save you endless amounts of time, money, and frustration.

• As a knowledgeable Realtor I know the housing market inside and out and can help you avoid the "wild goose chase."

• As a knowledgeable Realtor I can help you with any home, even if it is listed elsewhere or if it is being sold directly by the owner.

• As a knowledgeable Realtor I know the best lenders in the area and can help you understand the importance of being pre-qualified for a mortgage. I can also discuss down payments, closing costs, and monthly payment options that suit you.

• As a knowledgeable Realtor, I am an excellent source for both general and specific information about the community such as schools, churches, shopping, and transportation - - plus tips on home inspections and pricing.

• A knowledgeable Realtor I am experienced at presenting your offer to the homeowner and can help you through the process of negotiating the best price. We bring objectivity to the buying transaction, and we can point out the advantages and the disadvantages of a particular property.

And the best thing about me as your Realtor is that all this help normally won't cost you a cent. Generally, the seller pays the commission to the Realtor®.

Do not hesitate to shoot me an e-mail or give me a call, if you ever have any questions about buying or selling a home.

Company insight

Frank Harris (Keller Williams Realty Centre) — Fri, 21 Nov 2008 08:16:31 -0600

I was just recently asked what is Keller Williams all about?

So I have decided to post a little info about KW and why we are unique.

Often, we judge the caliber of people by the company they keep - this is why I would like to tell you a little bit about Keller Williams Realty and my office within the Keller Williams system.

Keller Williams® Realty was founded in Austin, Texas in 1983 with the specific premise that buyers and sellers deserve the best service for their real estate needs. For more than 17 years that founding premise has been a major factor in the continued growth of Keller Williams® across North America. Two visionaries lead Keller Williams® Realty - Gary Keller, founder and Chairman of the Board, and Mo Anderson, Chief Executive Officer.

Because each Keller Williams® Market Center has grown within its respective community, Keller Williams® real estate agents have intimate knowledge of each community's character, mood, and growth potential. Due to the fact that the majority of Keller Williams® Associates live in the communities and neighborhoods they serve, they are eager and capable of tackling unique challenges that families encounter when selecting new homes.

At Keller Williams® Realty, we are Real Estate Consultants. We are not agents. We are not salespeople. What this means is that we build fiduciary relationships with our clients. A fiduciary is someone who represents your best interests.

We are a profit sharing company where associates are in partnership relationships with the owners; this means that everyone at Keller Williams® Realty wants your home to sell because everyone benefits.

The Keller Williams culture is based upon a belief system that is summed up by this acronym: WI4C2TS:

Win-Win, or no deal

Integrity, do the right thing

Commitment, in all things

Communication, seek first to understand

Creativity, ideas before results

Customers, always come first

Teamwork, together everyone achieves more

Trust, begins with honesty

Success, results through people

Well there you have it in a nutshell.

News Flash

Frank Harris (Keller Williams Realty Centre) — Thu, 20 Nov 2008 21:37:05 -0600

A little mercy for the holidays,

Mortgage finance companies Fannie Mae and Freddie Mac are suspending foreclosures during the holiday season.

The two companies say they will halt foreclosure sales between Nov. 26 and Jan. 9, while they evaluate whether borrowers qualify for a new loan modification program.

Fannie and Freddie's loan modification plan aims to help slow down the foreclosure crisis by aiding homeowners who have fallen at least three months behind on their payments, but only if their loans are held by the two companies.

Under the program, the new primary mortgage payments including taxes and insurance shouldn't total more than 38 percent of homeowners' pretax monthly income.

I am also keeping a sharp eye on the bailout situation. I will post additional information as it becomes available.

Attention Police Officers and Sheriffs.

Frank Harris (Keller Williams Realty Centre) — Wed, 20 Aug 2008 22:10:24 -0500

Did you know, Prince Georges County provides a special exemption from local transfer tax to police officers and sheriffs who are first time homebuyers There is also a reduction in the local transfer tax for teachers (1% of the purchase price rather than 1.4%).

The stipulation for both, is that the purchaser must live in the property for three years following settlement as their principal residence and must continue their employment for three consecutive years following the purchase. If the purchaser moves from the property or ceases their employment during the three years following the purchase they may be required to repay the discount or exemption.

For more information call Frank Harris 240-472-9008

Real Estate Update

Frank Harris (Keller Williams Realty Centre) — Thu, 31 Jul 2008 12:44:47 -0500

Nursing the market

Freddie Mac today told mortgage servicers it was doubling the amount of money it pays for each workout that keeps a delinquent borrower with a Freddie Mac-owned mortgage out of foreclosure.

This may be the beginning of a recovery. Freddie Mac also announced it would start reimbursing servicers for the cost of door-to-door outreach programs, give servicers more time to negotiate workouts in states with fast foreclosure processes, and make administrative changes intended to streamline the workout process.

Meanwhile home seller as starting to take their homes off the market... Sellers are deciding not to be pushed and bullied into selling their homes at ridicules low market values. Many home sellers will wait for the market to recover and hence a seller market may be closer than you expect. Huh, well we will see.

Don't hesitate to call if you have any questions about the current real estate market.

Frank Harris

Real Estate Consultant 240-472-9008

In The News

Frank Harris (Keller Williams Realty Centre) — Wed, 30 Jul 2008 17:34:23 -0500

BIG NEWS FOR THE HOUSING INDUSTRY: President Bush signed the new housing rescue bill into law this morning.

Some of the highlights of the bill are:

v Assistance will be given to people who are trying to stave off foreclosure

v Tax refund will be given to first time homebuyers

v Ban on down payment assistance from sellers on FHA loans

v Helping save Fannie Mae and Freddie Mac

I will post updates as they occur.

Frank Harris

Short Sale/ Seller Considerations

Frank Harris (Keller Williams Realty Centre) — Mon, 21 Jul 2008 17:28:56 -0500

Seller Considerations.

A seller has many different options other than a Short Sale in case the seller finds itself in a hardship or in a default situation. This seminar just evaluates a Short Sale. Short Sales are not necessarily good for all sellers from a tax or financial perspective, so you have to urge the seller to get professional tax advice or financial advice regarding its particular situation. The seller's credit will be affected by a Short Sale, but not nearly as much as it would be by a foreclosure or a deed in lieu of foreclosure.

The seller may also be liable for income taxes on any deficiency that the seller's lender forgives after the short sale has occurred. The seller's lender may not forgive any of the debt deficiency, and the seller then will be liable for said deficiency amount after closing.

The lender, in its sole discretion, determines whether or not it will pursue a deficiency judgment. Congress has passed, and the President has signed, into law limitations on, and, in some cases, elimination of, income taxes owed on forgiven deficiencies. I strongly urge Realtors not to give any tax or financial advice. The seller must understand that it requires a lot of work to obtain a Short Sale approval, and the seller must be willing to devote the necessary time and effort. If your seller is not willing to do a lot of work, then it is not worth your time.

8320 Ashford Blvd. in Laurel Maryland

Frank Harris (Keller Williams Realty Centre) — Sun, 11 Nov 2007 00:01:53 -0600

Beautiful Townhome

8320 Ashford Blvd.
Laurel, MD 20707

$ 325,000

These homes always sell quickly in the sought after Ashford Community. The home features wood and pergo floors, step down living room. One car garage with two-car driveway, spacious Eat-in Kitchen, finished lower level and fenced in backyard. Call Frank Harris to set an appointment 240-472-9008.

Wood Floors and Pergo

Eat-in Kitchen

1 Car Garage

Finished Basement

Stone and Brick Patio

Fenced in Backyard

Move in Condition

GENERAL DETAILS:
Listing Type: Residential Home
MLS Number: PG6582288
Bedrooms: 3
Bathrooms: 2.5
Price: $ 339,500

INTERIOR DETAILS:
Dining Room: Seperated
Basement: Finshed
Floors: Wood and Pergo
Air: Central
Heat: Forced
Oven: Yes
Fridge: Yes

EXTERIOR DETAILS:
Patio: Back
Landscaped: Backyard
Fence: Backyard
Garage: 1 car
Road Access: Easy
Outside Features: Fenced in Yard
Outside Construction: Brick
Foundation: Concrete
Roof: Composite
Utilities: Public
Water/Sewage: Public

Frank Harris
Realtor

Phone: (240) 472-9008

E-Mail: frank@kw.com
Website: www.ColumbiaMarylandHomeSearch.com

Additional Photos & information at:
http://www.Obeo.com/402626

This information is deemed reliable,
but is not completely guaranteed.
Buyer to verify all information.

Closing a Short Sale

Frank Harris (Keller Williams Realty Centre) — Mon, 21 Jul 2008 17:26:02 -0500

Short Sale process in order for a closing to occur. Most lenders will not even consider a Short Sale process until a contract is submitted.

Final approval from all lenders must be obtained in order for the closing to occur. This includes negotiating the amounts that are to be repaid at closing in order for each lender to release their liens and therefore make the property marketable for sale to the buyer. Most lenders have specific departments and personnel to handle these Short Sale processes and negotiations, and most of the time authorizations must be obtained from several different levels of a lender's management to receive final approval. A final approval must be obtained in writing from each lender in order for the closing to proceed to completion.

All parties have to allow the lender a reasonable time to review and approve or disapprove a proposed Short Sale. Every Short Sale lender has different procedures, and therefore their time frames are all different. It typically takes a minimum of sixty (60) to ninety (90) days to obtain approval from a Short Sale lender; however, if there are multiple lenders, it could take longer because further negotiation is necessary. You as a Realtorâ can help your seller expedite the process by assisting the seller to prepare a Short Sale package for the lender that is complete. The longer the seller waits to send the package to the lender, the longer it will take to receive the final approval. The purpose of the package is to make sure that:

(a) the reason for the default was unavoidable, involuntary, and beyond the seller's control;

(b) the seller has truly experienced financial hardship;

(d) the seller does not have enough money to pay some or all the deficiency in a lump sum. Some short sales are very frustrating in the time it takes to complete them. Therefore, create reasonable expectations with the buyers and sellers up front that a Short Sale is a time-consuming matter, since the seller and Realtorâ must deal with lenders that are outside of the seller's control. Again, setting reasonable expectations up front is important. Remember that the lenders are all experiencing a large volume of Short Sale approval requests, and this adds additional time to the final approval process.

The seller and the Realtor must work hard and be patient but persistent because lenders are not only reluctant but also overwhelmed. It is important to follow-up with every document, every submittal, and every other action. Let them know the sale needs to happen as quickly as possible. You and your seller want to make sure the right people get the right information and want to "bug" them for approval without annoying them. It is important to set the contract up with the right time frames so as not to allow the buyer to back out too early. This would be very frustrating for you and the seller, since both of you would have spent considerable time, money, and effort.

Short Sale Process

Frank Harris (Keller Williams Realty Centre) — Mon, 21 Jul 2008 17:18:46 -0500

The Process.

There is no universal set of rules or set process regarding a Short Sale, and each lender performs their Short Sale process differently. However, there are some basic general steps that can be expected and considered:

(1) The seller has to prove the seller is experiencing some financial hardship or other type of hardship and will be unable to continue making loan payments. In most cases, the lender will want to see that the seller has been in default. A lender will require the seller to provide a specific package of information regarding tax returns, financial statements, bank statements, and pay stubs; complete a loan application; provide title report; and possibly prepare a draft settlement statement, as well as sending a marketing plan from the Realtorâ, which will be submitted as a Short Sale application package along with the real estate contract.

(2) The lender has to determine the value of the property. Once a seller has proven a hardship as set forth above, then the seller has to demonstrate that the property is worth less than the total amount that is owed to the seller's lender and other lien holders. The lender may require a broker's price opinion, a comparative market analysis, or, even in some cases, an appraisal of the property. The seller will be responsible for the costs of these items.

(3) The seller has to find a buyer and enter into a contract because, without a contract, a Short Sale cannot occur. Each lender of the seller has to approve the contract and the