The Housing Market: Have We Finally Hit Rock Bottom?

You Can Still Refinance Even If You Don't Have Equity

Harp 2.0

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FHFA, Fannie Mae and Freddie Mac Announce HARP Changes to Reach More Borrowers

HARP is unique in that it is the only refinance program that enables borrowers who owe more
than their home is worth to take advantage of low interest rates and other refinancing benefits.
This program will continue to be available to borrowers with loans sold to the Enterprises on or
before May 31, 2009 with current loan-t0-value (LTV) ratios above 80 percent.
The new program enhancements address several other key aspects of HARP including:

• Eliminating certain risk-based fees for borrowers who refinance into shorter-term mortgages and lowering fees for other borrowers; Removing the current 125 percent LTV ceiling for      fixed-rate mortgages backed by Fannie Mae and Freddie Mac;

• Waiving certain representations and warranties that lenders commit to in making loans owned or guaranteed by Fannie Mae and Freddie Mac;

• Eliminating the need for a new property appraisal where there is a reliable AVM (automated valuation model) estimate provided by the Enterprises; and Extending the end date for HARP until Dec. 31, 2013 for loans originally sold to the Enterprises on or before May 31, 2009.

Small Claims Court

Increasing Small Claims to $10,000: Commencing January 1, 2012, the small claims court jurisdiction will generally increase from $7,500 to $10,000 for an action brought by a natural person.  For a claim of bodily injury from a car accident, the increase to $10,000 will not occur until 2015.  The dollar limit in small claims court for an action brought by a corporation or other entity will remain at $5,000.  Senate Bill 221.

What not to do when you are in the buying process!!!

If you plan on buying a home, are in the process or have been pre-approved to buy remember these simple things.

1. Do not change jobs, become self-employed, or quit your job!



2. Do not buy a car or a van, or a truck or you may be living in it.


3. Do not use charge cards excessively or let accounts fall behind.


4. Do not spend money you have set aside for closing.


5. Do not omit debts or liabilities from your loan application.


6. Do not buy furniture.


7. Do not originate any inquires into your credit.


8. Do not make large deposits without first checking with your loan officer.


9. Do not co-sign for anyone.


10. Do not change bank accounts or move money around.


If you are unsure at anytime or for even a second doubt what you are doing call us first it could save you a lot of heart ache in the end. Contact us anytime with questions or to get pre-approved to buy a home!

5 Steps to protect your rental property

1. Take down the “For Rent” signs. Think about it: you don’t want to advertise that your place is vacant – or worse, that there are new Maytag appliances sitting inside. There are many other ways you can market your home for rent (ads online are a good start).
2. Keep up the yard. Maintaining your rental property’s yard makes it appear as though a tenant is living there – even when there isn’t. (And not only will weeds, broken sprinklers and over-grown grass make your property look abandoned; they might also keep potential renters away.)
3. Put the lights on a timer. Leaving a porch light on for 24 hours a day is just as noticeable as a property that is completely dark (especially to a criminal). Having the lights go on a regular schedule gives the appearance that someone is home.
4. Use the blinds. There is a debate in the law community over whether it is safer to leave blinds opened or closed for better security; I recommend both. Keep the downstairs blinds closed (so that no one can see in) and leave the upstairs blinds open (so that it appears that someone is home).
5. Screen interested callers. However you advertise your property for rent, you can’t control who contacts you. Use caution when speaking to interested renters: revealing too much detail up front may compromise the security of your rental property. Is a caller really interested in renting your property or is the caller trying to find out where your obviously-vacant property is located? You can never be too sure – which is why it may make sense to hire an experienced property management company to do the tenant screening work for you.

As a rental property owner you want to attract potential renters, not criminals. Posting a real estate ad with the description “move-in-ready, fully-furnished, new appliances” is going to pique people’s interest – but, you just want to be aware of who you attract.

Author: Tony Sena on Zillow

September is Realtor Safety Month

Take precautions and be smart about your safety all it takes is doing a few extra measures to increase your safety.

Google: Check out you clients before you meet them. There is so much information out there now.

Meet your clients at your Office: Take a copy of their id, let your co-workers see who you are with.

Any added measurements are good ones