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How to Purchase Real Estate with the Government's Money
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Posted By - Nancy O'Neale - 10/11/2008
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Join me Tuesday, October 21st for my upcoming workshop, "How to Purchase Real estate with the Government's Money," from 6-8 pm. I will discuss how to downpayment assistance programs, MSHDA commercial loans, Wayne and Oakland County non-profits, tax credits and other programs. Contact me at 248.346.5068 if you have any questions. Check back frequently for new blog entries about the discussion topic.
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Upcoming Investment Seminar
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Posted By - Nancy O'Neale - 08/14/2008
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Join me for an upcoming Investment Seminar with loan officer Dee Gahan on Tuesday, September 9, 2008 from 6-8 pm. We will discuss how to purchase investment property, the importance of short sales, and foreclosures and investment financing.
LOCATION
Choice Mortgage Corporation
Ameri center
28175 Haggerty Road
Novi, Michigan
Tuesday, September 9, 2008
6:00pm-8:00pm
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Questions and Answers about Short Sales
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Posted - 07/14/2008
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Get information about short sales at my workshop at JP Morgan Chase at 6211 Cadieux in Detroit from 6-8 pm.
Q. What is a short sale?
A. “A short sale is when the homeowner sells their home for less than what is owed on their loan, and the lender accepts that amount as payment in full,” (Source: An Agent’s Guide to Short Sales, Foreclosures, and REOs, p. 11). If you decide to purchase a home for short sale, you want to make sure your Realtor® has experience with short sales.
Q. If I don’t have an economic hardship, can I still sell my house as a short sale?
A. No, the bank will require quite a bit of financial information for you to prove that you have an economic hardship. Voluntarily retiring or quitting a job is not an economic hardship. If not, consider leasing your home out or a lease with an option to buy.
Q. If I sell my home as short sale, will it affect my credit?
A. Yes, selling your home as a short sale will affect your credit, but not as much as a foreclosure. A short sale can save a several hundred hit to your credit.
Q. Can I profit from a short sale?
A. No, the seller cannot walk away with any money from a short sale.
Q. Will the forgiven debt on my mortgage be reported as income?
A. Before December 2007, the debt was considered income and the lender sent the seller a 1099. In December 2007, President Bush signed a three-year temporary tax break for sellers who complete a short sale. Through 2010, the IRS will not treat the forgiven debt as income (Source: An Agent’s Guide to Short Sales, Foreclosures, and REOs, p. 34).
Q. How can I sell my home as a short sale?
A. Contact meat 248.346.5068 for a formal market analysis and listing presentation.
Q. Why should I buy a home short sale?
A. A short sale should give you an opportunity to sell your home for below market value with instant equity. Contact me at 248.346.5068 for a market analysis to make sure you are getting a good deal.
Q. What are the possible drawbacks to purchasing a home short sale?
A. Instead of just having the sellers sign a purchase agreement, the bank or lending institution must also agree to the terms of the purchase agreement. It usually takes much longer for the bank to respond than private sellers. Buyers need to be really patient.
Q. Can a bank turn down a short sale offer?
A. Yes. There are six common reasons why a bank can turn down a short sale offer. Contact me at 248.346.5068 for more information. If you work with a Realtor® who has experience with short sales, you will be in a much better position to sell your home as a short sale.
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Questions and Answers with Realtor Nancy O'Neale
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Posted By - Nancy O'Neale - 07/12/2008
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Get these and other questions annswered at my upcoming workshop, July 15th at JP Morgan Chase located at the 6211 Cadiuex branch from 6-8 pm.
Q. Why should I hire a Realtor®?
A. A Realtor® is a professional who shows you available inventory on the housing market and helps to professionally negotiate the purchase on the buyer’s behalf.
Q. What if I’d like to purchase a home For
Sale by Owner?
A. Most buyers want to purchase a home FSBO because they believe the will save money on commission. However, the seller pays the Realtor’s® commission, not the buyer. FSBOs also may only sell 1-2 homes in their lifetime while the average realtor should sell 3-4 times that many homes in a year. A Realtor® has also been professionally trained to represent the buyer and their interests, while a FSBO will primarily be concerned with their own interests (selling their home).
Q. What is an earnest money deposit (EMD)?
A. An EMD is a deposit that you, the buyer, put down on the house to secure the transaction until you close. EMD’s vary so speak to your Realtor® about the right EMD for you. The EMD is typically paid to the buyer broker unless the property is bank owned, in which case, the listing broker will ask to hold the EMD. Sometimes the bank will require a minimum EMD from the buyer. The EMD goes towards the buyer’s closing costs and is disbursed at closing and is refundable at Keller Williams Realty if the buyer does not purchase the property because they were unable to obtain financing or for an unacceptable private inspection.
Q. Should I get a private inspection?
A. Yes. A private inspection will give you some negotiating power with the seller. If the buyer and seller cannot agree on repairs, Keller Williams Realty will refund you your security deposit back. Private inspection prices vary so ask your Realtor® for recommendations.
Q. Will I need a substantial amount to pay for a down payment?
A. While there are not many 0 down programs available anymore, you may still qualify for a Federal Housing Administration (FHA) loan in which FHA requires 3% down. If you don’t have 3% available as a down payment, ask a lender about a down payment assistance program like Ameridream. The 3% down can also help pay part of your closing costs. Talk to your lender to see if you qualify for a FHA loan and down payment assistance programs. You don’t have to be a first time home buyer to qualify for an FHA loan, but you cannot have more than 1 FHA loan at a time.
Q. What is a seller’s concession?
A. A seller’s concession means that you, the buyer asks the seller for a concession of 0%-3% to help pay your closing costs. If you qualify for an FHA loan, you can ask the seller for up to 6% in seller’s concessions.
Q. If my appraisal is higher than the price I offered for the property, can I get the difference paid back to me at closing.
A. No, you can only get a refund for the amount that you, the buyer, overpaid. Anything over what you overpaid is fraud.
Q. What is a short sale?
A. “A short sale is when the homeowner sells their home for less than what is owed on their loan, and the lender accepts that amount as payment in full,” (Source: An Agent’s Guide to Short Sales, Foreclosures, and REOs, p. 11). If you decide to purchase a home for short sale, you want to make sure your Realtor® has experience with short sales.
Q: What is Real Estate Owned (REO)?
A. “If no else bids on the property at the public auction, the lender takes possession of the home. At that point it is their real estate owned,” (Source: An Agent’s Guide to Short Sales, Foreclosures, and REOs, p. 11).
Q. What is a foreclosure?
A. “The public auction at which the property is sold to the highest bidder. The lender usually opens the bidding,” (Source: An Agent’s Guide to Short Sales, Foreclosures, and REOs, p. 11). If you decide to purchase a foreclosed home, you want to make sure your Realtor® has experience with foreclosures.
Q. What is a Housing Urban Development (HUD) home?
A. “When someone with an FHA insured mortgage defaults on the loan, the lender forecloses on the home; FHA pays the lender what is owed; and then HUD takes ownership of the home. HUD turns over the property to Michaelson, Connor and Boul Inc. (MCB) a Marketing and management contractor for HUD. MCB maintains and sells these properties in accordance with HUD guideline,” (Source: http://www.mcbreo.com/faq.htm, 7/11/08). If you decide to purchase a HUD home, you want to make sure your Realtor® has experience with HUD homes.
Q: How can I know what my property taxes will be before my future home in reassessed?
A: Visit the State of
Michigan tax estimator website at:
https://treas-secure.state.mi.us/ptestimator/ptestimator.asp
Q: If a Realtor showed me a home recently, do I have to work with that Realtor
A. You only have to work with a Realtor® if you have signed an agency agreement with that Realtor®. However, you are required to work with the Realtor® who showed you the house you decide to put an offer on, even if you didn’t sign an agency agreement.
Q. How can I start shopping for a home?
A. Contact Keller Williams Realty Realtor® Nancy O’Neale at 248.346.5068. I look forward to meeting you at the workshop!
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Are You Looking for a Deal? Read This!
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Posted By - Nancy O'Neale - 07/02/2008
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Have you heard all the stories that this is a buyer's market in the tri-county area? Are you looking for a deal? If you said yes to either of these questions, do you know what the difference is between a short sale, a foreclosure and REOs. If not, please join me for my next homebuying workshop! I'm teamming up with Mark Calcaterra from JPMorganChase Bank and we want you to get information about this present shifing market and answer your qquestions.
The event is Tuesday, July 15th from 6-8 pm at the JPMorganChase Bank Cadiuex Branch located at 6211 Cadiuex in Detroit. Please contact me if you have any information about this event at 248.346.5-68. We look forward to meeting you at this event!
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Upcoming Home Buying Workshop with JPMorganChase
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Posted By - Nancy O'Neale - 06/30/2008
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Please join me for an upcoming home buying workshop that I'm hosting with Mark Calcaterra, Loan Officer with JP MorganChase Tuesday, July 15th from 6-8 pm at 6211 Cadieux in Detoit. The workshop will cater to first time home buyers and buyers who need to sell their home first before they can re-purchase. Contact me at 248.346.5068 if you any questions about the workshop.
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Help! My A.R.M. is about to expire!
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Posted By - Nancy O'Neale - 06/07/2008
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ARMs stand for adjustable rate mortgages. You probably know that already or you may not be reading this blog. I'm just letting the newbe's know. Many ARMs are 1-3 years long with a fixed rate mortgage. When the 3 years are up, the mortgage rate becomes adjustable. Did you know that your rate can even adjust 2-3 times in the same year! That means your payment is going up 2-3 times in the same year! This is one reason why so many homeowners are losing their homes. Alot of home buyers didn't understand what ARMS were and their mortgage lenders didn't explain it very well. The home buyer just wanted a house. The lender told them about a way to get it and they signed on the bottom line. The A.R.M. was designed to give buyers a time frame to improve their credit so that they could refinance in 1-3 years. Most buyers either didn't repair their credit or can't refinance because the home values have dropped in the last three years in most states.
If your ARM is about to expire, here are a few of your options. 1) By discussing your loan with a good lender, he or she may be able to tell you what your new monthly payment will be so you can start saving now. Other ARMS just say "rate variable." Ooooh, that's scary! Your payment can jump up substantially. If you read this before you purchase a home, don't get one of these types of loans. 2) Refinancing is not likely going to be an option but you can still discuss it with your lender. Home values have dropped very little in some communities. 3) If you are already stretched to the limit with your current mortgage payment and you know that you are not going to be able to pay a higher payment, contact your lender immediately and ask for the "loss mitigation" or "home retention" department. Explain your circumstances to them. Request a short-sale packet. They will likely tell you to list your home for sale. Many banks will not accept a deed in lieu of foreclosure - which is simply you giving the lender the keys to your home and you walking away - without you listing your home first. THE BANK DOESN'T WANT YOUR HOUSE BACK. They much rather you sell it yourself than them selling it. Once they tell you to list your home for sell, contact me. I'd be happy to sell your home for you! I also have a list of preferred loan officers if you'd someone on my team to explain the terms of your mortgage to you.
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I don't sell gimmicks. I just sell real estate.
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Posted By - Nancy O'Neale - 06/03/2008
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There is a local Realtor who says she can sell your home in 30 days or less. Someone I knew hired her and it took her 6 months to sell her home. I don't sell gimmicks. I just sell real estate. Here's a recent testimony about my services. "Nancy is a very dedicated and hard working person who would go extra miles for her client. My experience with Nancy was nothing but a pleasant one. I recently bought a property and in the process of closing it with help of Nancy. I wouldn't be able to ask more for a realtor as an out of state investor." I really do appreciate your service and integrity. God bless you~! Ms. Kim - Maryland
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The who, what, why, when, where and how to buying a home
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Posted By - Nancy O'Neale - 06/01/2008
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Who - I primarily work with first time home buyers who are 20-30 something. Buying a home is part of most of our American dream. Almost anyone can buy a home these days, especially in Michigan. If you have a lower credit score, simply pay cash or work with one of my recommended lenders who can help you increase your credit score.
What - What type of home do you want to buy? Sit down with yourself or you and your family and make a list of your "5 must-haves" that you must have in your new home i.e., a 2 car garage, finished basement, excellent school system, low taxes, etc. Share this list with your Realtor. You probably don't have one yet which is why you are reading this blog. A leader on my coaching team said that 85% of buyers start their search online. Click on my "Featured Properties," tab to start viewing properties today. You can even scroll down to the bottom of the page to calculate your monthly payment!
Why - Investing in your home should be the safest asset to to creating wealth. NAR statistics say that most homes double in value every 10 years. I'd say that's a pretty good investment!
When - Now is a great time to buy, escpecially if you live in the tri-county area. There's so much below market inventory. Plus, mortgage rates are at historic lows! Get in now before the market is back in full swing.
Where - What is important to you and your family and where do you spend most of your time? Do you want a closer commute to work? An excellent school system? Lower taxes? Close to extended family? Recreation parks? Church? A good way to decide where you want to move is to pick a neighborhood and go to open houses in the neighborhood. Sunday is a great day to go to open houses! You can also ask friends and family why they decided to live where they live. Visit different city websites and see what they have to offer. It is your responsibility to learn everything you want to know about the neighborhood before you move into it, not your Realtor's although you should feel comfortable asking for suggestions. He or she should also be able to give you projected tax information on any city that you are considering.
How - After you are done searching for houses on the Internet and you've done your research on your potential neighborhood, contact a Realtor. Don't have one? That would be me. Call me today at 248.346.5068. I make dreams become realities.
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Marketplace Homes Home Buyout Program
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Posted By - Nancy O'Neale - 05/30/2008
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Do you have to sell your home before you can buy upgrade to a larger home or maybe downsize to a condo? The Marketplace Homes Keller Williams Buyout Program may be the solution for you! Buy your next home from a Keller Williams listing and Marketplace Homes will buy yours. Join Dick Shelton, entrepreneur of the Marketplace Homes Program, at Nancy O'Neale next Networking Event, next Tuesday, June 3, 2008 from 6-8 pm at the Keller Williams Troy Market Center, located at 1700 West Big Beaver between Crooks & Coolidge. Contact her for more info. at 248.346.5068. For more information on Marketplace Homes, see their website at www.marketplacehomes.com.
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Real Estate Networking and Marketing Event on June 3rd
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Posted By - Nancy O'Neale - 05/28/2008
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Join me Tuesday, June 3rd, from 6-8 pm for my next marketing event from 6-8 pm at the Keller Williams Troy Market Center located at 1700 W. Big Beaver, Ste. 100 between Crooks & Coolidge. Dick Shelton with MarketPlaces Homes and Cindy Broxton with Countrywide Homes Loans will be there. MarketPlace Homes will buy your home if you buy your next hoime with a Keller Williams agent. VIsit their website at www.marketplacehomes for more information. Over 20 real estate related businesses were represented at the last event. Please email me or contact me at 248.346.5068 for more information.
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Wayne Macomb and Oakland Sales are Up
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Posted By - Nancy O'Neale - 05/28/2008
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Don't listen to the "market is down" blahs. According to Realcomp, "The Realtors - Multi List Service," overall sales are up 10.84% YTD over 2007. Detroit sales are also up 48.22% over last year! Detroit has the best housing stock at the lowest price, some Realtors argue. New Detroit buyers can even qualify for a city tax abatement program in Detroit's best neighborhoods. Visit my blog weekly to find out about a multi-Realtor citywide open house on Saturday, June 14th. Click on "Search Area Listings" to start your home search today. If you're a seller, contact me to get in on this market up swing. Visit Realcomp's real estate news page at http://www.moveinmichigan.com/RealEstateNews.aspx for more information about these statistics.
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Registration with blog directory
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Posted By - Nancy O'Neale - 05/26/2008
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Dear clients,
I just wanted to let you know that I'm registered with Technorati.com. Please visit their website to find other blogs like this one.
Thanks,
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Welcome to My Blog
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Posted By - Nancy O'Neale - 05/26/2008
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Thank you for visiting my website today. Have you ever shopped at a retail store or eaten at a restaurant and had a rude salesperson chase you around the store or a waiter or waitress who gave you poor service? Didn't it leave a bad taste in your mouth and you probably didn't want to go back there again. Well, real estate agents who offer low quality service leave more than a bad taste in your mouth. You may have to sit on an investment you can't easily get out of. I am the Realtor who offers you professional, reliable and friendly service. I work with a team of real estate professionals to make your buying experience a pleasurable and hassle-free one. Please check back weekly for current real estate trends and my best buy of the week. Please leave your comments. I look forward to hearing from you! This is just the start of a great business relationship. You are about to make the most important investment of your lifetime, shouldn't selecting a Realtor who you know, like and trust be important?
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