California home buying opportunities

California is a HOT place for great home buying deals. Not to mention, the weather is really great!

While we were there, we ate in Chinatown (great food), visited the Griffith Conservatory, and realized there was a high and low desert. Griffith has a planetarium which is really cool. Make sure you take the time to visit some of the great sites when you visit this area.
By the way, I took the Hollywood image right from the Conservatory.

If you are interested in great value properties, visit us at http://www.buyingforeclosurevirginia.com/ Regardless of the state you are located in, if you are interested in buying a home and getting a good deal, then we will hook you up with a partner that is knowledgeable about ALL properties that fit into the cbest categories for you . You can also email us.

HUD homes are the way to go for homebuyers

Take a look at the awesome training we are providing to you on HUD homes at http://www.hudhomes2.com/

But the only way to prove the value of this FREE Hud training is to try it yourself!

Purchased proeprty 50% below appraisal from HUD

Can you believe it? We just bought a great HUD property that is 50% below the HUD appraisal.

Take advantage of this great opportunity and buy a home today before the market gets in front of you and you feel left out in the cold.

Click here to visit us and get the help you need to buy a home...today!

Discover why buying now benefits you as a buyer

With the current economic crisis and the failure of Washington Mutual, Wachovia, IndyMac and other banks, many people have decided to wait it out rather than to purchase a home now. The media is full of gloom and doom about the housing crisis and much of what they say is statistically accurate. Housing prices are down. Sales are down. The number of foreclosures has skyrocketed.

Additionally, obtaining loans has become more difficult. The death of the subprime mortgage business has certainly resulted in lenders tightening loan requirements. Moreover, many loan products, such as no document and stated income loans, are no longer being offered by a number of lenders. Those that are still offering these types of loan products have implemented very stringent approval requirements. However, this doesn't mean that a buyer cannot obtain a loan. It simply means that a buyer must have good credit, a solid employment history, and the clear ability to repay a loan.

What the media is not telling us is why these very market conditions make now a very good time to buy a home. It precisely because home prices are down and interest rates are low that makes now the best time to buy. Even though there is no guarantee that housing prices will go up within the next few years, if past trends are any indication of what the future will hold for the real estate market, chances are we will be experiencing an upturn in the next three to five years. So, by purchasing a home now, you will be taking a calculated risk that your property's value will have increased by the time you are ready to sell three or more years down the road.

Because of the tremendous increase in the number of foreclosures, buying a home has become much more affordable. Banks are not in the business of owning real estate. For this reason, many banks are willing to accept as much as 15-20% below the list price for properties upon which they have foreclosed and are currently trying to sell. This is significant because a buyer of a foreclosed property will be able to get into the house for less and will have built-in equity. Once the market turns around, the buyer will have even more equity than his counterparts who purchased from an individual seller.

Despite the fact that we are currently in a buyer's market, sellers, including banks, are unwilling to simply give their properties away. For this reason, it's important to have an experienced and knowledgeable realtor advising you and guiding you through the process. Your realtor will help you decide how much to offer and what other terms to include in your offer. Keep in mind that most sellers will reject low ball offers outright. So, be prepared to make a realistic offer and to negotiate in good faith.

For more information go to our buyer website

Las Vegas verses Virginia Foreclosures...We're in Las Vegas right now!

Hey eveyone,

We're in Las Vegas this week checking out the foreclosure market in comparison to Virginia. It is definitely worse here as this is one of the three hardest hit states in the country. The other two states are California and Florida.
This is a great opportunity for everyone to pick up an extra home, fix it up, and rent it out. In fact, give one of the folks that is down on their luck a chance to rent the home out. I am finding people with a foreclosure on their record are some of our best renters.
You owe it to yourself and your neighbors to lend a helping hand. You won't regreat it and you will have a home for your retirement portfolio.
We'll be in Los Angeles on Friday and will give you the scoop first hand from there!
Sign off....Cindy & Steve
For more information go to our buyer website

Understanding VA foreclosures (government-owned homes)

Any buyer who is considering purchasing a property at a foreclosure sale must understand the process. It can be quite daunting and rather complicated. So, buyer beware.

Under Virginia law, there are two types of foreclosures, judicial and non-judicial. Judicial foreclosures, which require court approval before they are finalized and can take as long as a year, are not as common as non-judicial foreclosures.

A non-judicial foreclosure is authorized whenever a lender has included a “power of sale” clause in the deed of trust signed by the borrower at closing. The power of sale clause essentially gives the borrower notice that the lender can move forward with foreclosure proceedings upon the borrower's default after giving the borrower the notice required by law. The power of sale clause gives the lender or its representative, usually a trustee, the authority to move forward with a non-judicial foreclosure sale.

Virginia law requires that the foreclosure sale be advertised in a particular manner. If the deed of trust specifies the procedures for advertising and conducting the sale, those procedures must be followed. Even if the deed of trust specifies the procedure for advertising the sale, Virginia law requires the lender to advertise the sale once a day for three days which may be consecutive days. This is in addition to any advertising requirement set forth in the deed of trust.

If the deed of trust does not specify the procedure for advertising the sale, the lender must advertise the sale once a week for the four weeks immediately before the sale. If the property being foreclosed is near a city, the lender may advertise the sale for five consecutive days. If for some reason, the sale is postponed, the postponement must be advertised in the same manner as the foreclosure sale.

The foreclosure sale can take place no earlier than eight days after the first advertisement is published. Nor can it take place more than thirty days after the last advertisement is published. The foreclosure sale is an auction style sale where the highest bidder wins. Anyone other than the trustee may bid at the foreclosure sale, including written, one-price bidders. The trustee must announce all written, one-price bids at the foreclosure sale and anyone in attendance at the sale as the right to inspect written, one-price bids. The trustee can require the highest bidder at the foreclosure sale to make a cash deposit of 10% of the bid. If the deed of trust specifies a deposit of more or less than 10% of the bid, the trustee must collect a deposit in that amount.

The lender must serve the defaulted borrower with notice of the sale at least fourteen days before the scheduled date of the foreclosure sale. The lender can serve the defaulted borrower with a copy of the advertisement or a notice that contains the same information as the advertisement.

The foreclosure sale advertisement must include any information required by the deed of trust and may include the property address, the tax identification number, and the legal description. Additionally, it must include the date, time, and place of the foreclosure sale as well as the terms of the sale. The name, address, and telephone number of the trustee and the person who can answer questions about the sale must be included in the advertisement.
At any time prior to the sale, a defaulted borrower may stop the foreclosure by curing the default (bringing the loan current) and by paying costs and reasonable attorney's fees. Once a non-judicial foreclosure sale has taken place, the defaulted borrower doesn't have a right to redeem the property.

Virginia law requires that the proceeds from a foreclosure sale be applied as follows:

n To the expenses of executing the trust
n To pay all taxes, levies, and assessments, including costs and interest if they have priority over the foreclosed deed of trust
n To pay, in their order of priority, the remaining debts and obligations secured by the deed and any inferior liens of records, such as second trust deeds
n To the defaulted borrower

Virginia law does not set any limits on a lender's right or ability to obtain a deficiency judgment. This means that if highest bid at the foreclosure sale is not enough to payoff the deed of trust, the lender can attempt to collect the difference from the defaulted borrower.

This article is meant to be an general overview of the non-judicial foreclosure process in Virginia. Anyone considering bidding on a property at a foreclosure sale is encouraged to seek the advice of an experienced real estate attorney before doing so.
For more information go to our buyer website

The Truth on the Foreclosure Rescue Plan

Why are things so bad?
Because as lenders mark down their assets, the amount that they have loaned previously becomes much riskier in relation to their assets. For example, say a bank has $1 million in assets and say they have $15 million in loans outstanding. Their ratio is an acceptable 15 to 1. But should they take a paper write down of $500 thousand due to "mark to market" requirements, their ratio suddenly changes to 30 to 1. This is because their assets are now only $500 thousand after taking the paper loss, while their loans outstanding are $15 million. And at 30 to 1 this bank is viewed as a risky investment.
So the stock price starts to get hit, it becomes harder to borrow, and most importantly harder to make money. The bank is then forced to sell some of its loans to reduce its ratio...at cheap prices. And this makes the vicious cycle continue. And a quick look at the holdings of these loans show that 95% are problem free. Additionally, the Credit Default Swaps (CDS) that are used with the pools of mortgages are relatively safe. But this requires a bit of understanding.
You see, when a pool of mortgage loans is put together, it isn't just A paper or B paper etc….it's everything. It’s got some A paper, B paper, C paper…and even what looks like toilet paper. An "A" investor buys the whole pool but because they are an "A" investor their safety is greater because they can avoid the first 20% (an example) of defaults. So they own the whole pool but are sheltered from the first batch of defaults, and for this they get the lowest rate of return. As you can figure from here the more risk investors want to take, the higher the return. So the investments are relatively safe, but the accounting rules currently place undue pressure on the banking institutions.
Now add to all this, the opportunistic “shorting” done on the financial stocks, much of it illegal because those shorts did not legitimately borrow shares (called naked shorting), and you exacerbate this whole problem. Thank goodness for the recent temporary ban on shorting in the financial sector.
As for the plan the government is the only one who can step in to do this. And they have to do this. And they will do this. The nauseating political posturing from both sides is just part of the process. This is not easy to understand for the general public. In fact most politicians don't get this either. That's why this bill was difficult yet critical for them to vote on.

Once this is done, it will take some time but the markets will stabilize. As for the real estate and mortgage industries, it will take a bit of time but we will make it through this. Rates will remain attractive and the influx of credit availability will help the housing market gradually improve. This ultimately will be the medicine needed to improve the situation overall.

For more information go to our buyer website.

Contributor: Susan Whitley, Senior loan officer, GMMC

Now Is Best Time in your lifetime to Buy A Virginia Foreclosure Home

With the current economic crisis and the failure of Washington Mutual, Wachovia, IndyMac and other banks, many people have decided to wait it out rather than to purchase a home now. The media is full of gloom and doom about the housing crisis and much of what they say is statistically accurate. Housing prices are down. Sales are down. The number of foreclosures has skyrocketed.

Additionally, obtaining loans has become more difficult. The death of the subprime mortgage business has certainly resulted in lenders tightening loan requirements. Moreover, many loan products, such as no document and stated income loans, are no longer being offered by a number of lenders. Those that are still offering these types of loan products have implemented very stringent approval requirements. However, this doesn't mean that a buyer cannot obtain a loan. It simply means that a buyer must have good credit, a solid employment history, and the clear ability to repay a loan.

What the media is not telling us is why these very market conditions make now a very good time to buy a home. It precisely because home prices are down and interest rates are low that makes now the best time to buy. Even though there is no guarantee that housing prices will go up within the next few years, if past trends are any indication of what the future will hold for the real estate market, chances are we will be experiencing an upturn in the next three to five years. So, by purchasing a home now, you will be taking a calculated risk that your property's value will have increased by the time you are ready to sell three or more years down the road.

Because of the tremendous increase in the number of foreclosures, buying a home has become much more affordable. Banks are not in the business of owning real estate. For this reason, many banks are willing to accept as much as 15-20% below the list price for properties upon which they have foreclosed and are currently trying to sell. This is significant because a buyer of a foreclosed property will be able to get into the house for less and will have built-in equity. Once the market turns around, the buyer will have even more equity than his counterparts who purchased from an individual seller.

Despite the fact that we are currently in a buyer's market, sellers, including banks, are unwilling to simply give their properties away. For this reason, it's important to have an experienced and knowledgeable realtor advising you and guiding you through the process. Your realtor will help you decide how much to offer and what other terms to include in your offer. Keep in mind that most sellers will reject low ball offers outright. So, be prepared to make a realistic offer and to negotiate in good faith.

For more foreclosure or buyer information, click here for our exclusive buyer website.

Mortgage companies Readjusting Loans for some Homeowners

"Settlement will modify almost 400,000 Countrywide mortgages" is a very impactful article that really hits home about the times. follow the link at
http://www.usatoday.com/money/economy/housing/2008-10-06-countrywide-mortgages-settlement_N.htm

For more foreclosure or buyer information, click here for our exclusive buyer website.

THE IMPORTANCE OF OWNER'S TITLE INSURANCE

There are two types of title insurance, lender's coverage and owner's coverage. Lender's title insurance protects the lender in the event their interest in the property is jeopardized by an unpaid lien or encumbrance or by a challenge to the owner's title. Lender's coverage is mandatory on most mortgage loans.

Owner's title insurance is optional. Owner's title insurance is the cheapest insurance a buyer will ever purchase. It protects the buyer's interest in the property for as long as he owns it. If someone challenges the buyer's title or if there are any liens that should have been paid off at or before closing, the title insurance company will defend the buyer's title at no cost to the buyer.

Sometimes at closing, buyers will be tempted to opt out of purchasing owner's title insurance in order to save a few hundred dollars. Many times, the loan officer or real estate agent will even encourage a buyer to forgo purchasing owner's title insurance.

We've all heard the saying “penny wise and pound foolish”. It means that some people will do anything to save a few dollars today only to end up paying a whole lot more down the line. Any buyer who chooses not to purchase owner's title insurance is being penny wise and pound foolish. Owner's title insurance, unlike most other insurance, involves a one-time premium. The amount of the premium is based on the value of the property and may vary slightly among title insurance companies. As mentioned previously, the coverage is good for as long as the buyer owns the property.

Most title insurance companies have a simultaneous issue option. If a buyer opts to purchase title insurance on the day of closing, he will receive a discount on the lender's policy. So, buyers should make sure to ask the title company or closing attorney what the simultaneous issue rate is for the title insurance company through which they write their policies. Keep in mind that if a buyer chooses not to purchase owner's coverage, he will be required to pay the full premium for the lender's policy.

Title insurance companies also offer reissue rates for refinances. Reissue rates allow a borrower to pay for title insurance on the difference between the value of the original lender's policy and their current loan amount.

Depending on the internal procedures of the title company or closing attorney, a buyer will either receive his owner's policy at the closing table or via U.S. mail a few weeks after closing. The owner's policy should be kept in a safe place along with the deed to the property as it is the only original. In most states, attorneys and title companies are only required to keep files for seven to ten years. So, if an issue arises years later, a copy of the title insurance policy may not be available from the attorney or title company because they may have already disposed of the closing file.

If it becomes necessary to file a claim, the title insurance policy contains the information needed to begin that process. Be prepared to provide the title insurance company with a detailed explanation of the claim and any supporting documentation.

For more foreclosure or buyer information, click here for our exclusive buyer website.

1st time Buyers...NOW is the time to buy a home

LOW AND NO DOWNPAYMENT FINANCING OPTIONS for Owner Occupant Buyers

Finding the home of your dreams is very exciting. When you walk into a home and realize it's the house for you, you don't want to risk losing it because you don't having financing lined up.

Inexperienced buyers often don't know the difference between being pre-qualified and pre-approved. A pre-qualification means that a loan officer has gotten some preliminary information from the buyer and arrived at an estimate of how much the buyer can afford to borrow. A pre-qualification is worth little more than the paper upon which it is written.

A pre-approval, on the other hand, is worth a great deal for any seriously motivated buyer. The loan officer has pulled the buyer's credit report, assessed their debt to income ratio, and determined how much the buyer can afford to pay for a home and how much the mortgage company is willing to lend. Offers with pre-approval letters attached are taken much more seriously than those accompanied by pre-qualification letters.

For some buyers, coming up with a down payment presents a problem. But there are several options for buyers who have little or no money for a down payment.

RD LOANS
RD loans are for people who live in rural areas. To qualify for an RD loan, a buyer must meet certain income requirements and must live in designated areas where these loans are offered. The benefits of RD loans include:

✔ Fixed, below market interest rates
✔ No down payment required
✔ Government insured

VA LOANS
Buyers who qualify can also obtain VA loans that require no down payment. These types of loans are available to qualifying veterans and active duty military servicemen and servicewomen. VA loans feature:

✔ Fixed, below market interest rates
✔ Low fixed payments
✔ No down payments

VA VENDEE LOANS
A buyer does not always have to be a veteran to obtain a down payment free VA loan. Under certain circumstances, non-veterans can get a VA Vendee loan on VA foreclosed homes. So this is a great financing option for investors and buyers looking for their next home. The benefits of VA Vendee loans include:

✔ Low closing costs
✔ No down payments

FHA PLUS LOANS
FHA plus loans require no down payment. However, they do require financing of the down payment in the form of another loan granted along with the mortgage loan. FHA plus loans are ideal for buyers who are experiencing some financial hardship but have demonstrated the ability to make a mortgage payment. The benefits of FHA plus loans are:

✔ Assisted down payments
✔ Easy qualification requirements
✔ Closing costs are financed

Each of these programs are reserved for first time home buyers. They are designed to give buyers who might otherwise be unable to qualify for other traditional loan programs an opportunity to buy a home. The government realizes the importance of homeownership to a vital economy and has made it much easier for people to achieve the dream of homeownership by implementing these down payment assistance programs.

For more information go to our buyer website.