Archive for February 2012

Nutella Hot Chocolate

29. February 2012 by Kristian Alekov.

Nutella + Milk.

I can’t believe I didn’t think of this before.  But it is quite possibly the most heavenly hot chocolate I have ever made, and will be making again soon.

You should too.  :)

Nutella Hot Chocolate Recipe

Ingredients:

  • 2 Tbsp. Nutella
  • 1 cup your favorite kind of milk
  • optional toppings: whipped cream, marshmallows, chocolate syrup, chocolate shavings

Method:

Warm milk in a small saucepan over medium-high heat until steaming, stirring occasionally.  Add in the Nutella, and whisk until dissolved.  Serve immediately, either plain or with your desired toppings.

Ali’s Tip:

Add in a pinch of espresso powder for an extra coffee-ish taste!

Posted in Food and Drinks | No Comments »

Five Listing Description Deal Killers

28. February 2012 by Kristian Alekov.

Guest Author, Michael Corbett, is host of NBC’s Extra Millionaires & Mansions and author of the national best-selling book “Before You Buy!”

Every aspect of a listing’s marketing can impact its sale price, even the word choice. For agents,  making sure descriptions capture a serious buyers attention is key to getting your sellers the most money.

When describing a home, the details matter.  In the bestselling book Freakonomics, authors Steven Levitt and Stephen Dubner explain that “An analysis of the language used in real-estate ads shows that certain words are powerfully correlated with the final sale price of a house…. A ‘fantastic’ house is surely fantastic enough to warrant a high price, isn’t? What about a ‘charming’ and ‘spacious’ house in a ‘great neighborhood!’? No, no, no and no.”

Levitt and Dubner say, “If you study the words in an ad for a real-estate agent’s own home…you see that he or she indeed emphasizes descriptive terms (especially, ‘new,’ ‘granite,’ ‘maple,’ and ‘move-in condition’) and avoids empty adjectives (including ‘wonderful,’ ‘immaculate,’ and the telltale ‘!’).” Also, Don’t make it appear that your clients are desperate to sell, as in “Must Move Quickly.” You’re going after the buyers looking for their dream home – and willing to pay for it—not the bargain hunters!

Words that kill deals or decrease profits

  • Fantastic
  • Spacious
  • “!”
  • Charming
  • Great Neighborhood
 Words that make deals or improve profits

  • Granite
  • Energy-Efficient
  • State-of-the-Art
  • Maple
  • Gourmet

The Smart Words Philosophy

When it comes to writing descriptions, the smart thing to do is to be very specific. Don’t be vague and use words like “fantastic,” “spacious,” or “charming.” Boring! Avoid sweeping adjectives.

Give specifics using descriptive, straightforward terms that tell the physical attributes of your home, as in “Marble,” “Spiral Staircase,” “Gourmet Kitchen with New Viking Appliances, and “Solid Bamboo Flooring.”

Remember, home buyers are interested in the facts not your (possibly biased) opinions.

Descriptions Matter

This time of year, there are many new listings hitting the market. Pay attention to these key power words that can help your listings get the right attention and ultimately the best prices. What power words are working in your market that might be missing from the list?

Posted in Marketing | No Comments »

How to use Pinterest in your Real Estate Business

28. February 2012 by Kristian Alekov.

 How to use Pinterest

http://next.inman.com/2012/02/pinterest-for-real-estate/

Pinterest for real estate seems to be a match made in heaven. 

The full video and all presentation slides are at the bottom of this post.

Pinterest for real estate

In this Pinterest webinar for real estate agents we covered the following in depth:

Why is Pinterest becoming so popular so quickly?

Why is Pinterest for real estate marketing?

How can Pinterest increase traffic to your real estate website or blog?

Why is HGTV already one of the largest brands on Pinterest?

What are the best real estate industry specific examples of Realtors and Brokers using Pinterest?

How do you add a pin properly and how can you use tagging effectively in Pinterest?

What are Pinterest Goodies?

How can you add a Pin It button to your website and blog?

How can you integrate Pinterest and WordPress?

How can you integrate Pinterest and Facebook?

How can you not waste time but still see results from using Pinterest?

How can you add a Pinterest plugin to your browser?

Is the iPhone app for Pinterest worth using?

How can you integrate Instagram and Pinterest?

Pinterest Data

 

 

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Short Sale Timeline Estimates By Lender:

27. February 2012 by Kristian Alekov.


Below you will find ESTIMATED timelines for the completion of short sales, by lender.  For complete contact information by lender please click the following link:  CLICK HERE

Taylor, Bean & Whitaker - has sold most of their mortgages, if not est timeline is 45 - 60 days.

DiTech - has sold most of their mortgages to GMAC/Homecomings, est timeline 45 - 60 days.

BB&T - within 30 days of submission - requires repayment

HSBC - 45 - 60 days

Solace Financial - 45 - 60 days (holds mostly 2nds and often acts as a servicer to lender)

HFC - within 30 days

Everhome - 30 - 45 days

Fifth Third - 45 - 60 days (depending; 60 - 90 worst case)

Tidelands - within 30 days but requires repayment

First Federal - within 30 - 45 days requires repayment

Suncoast - within 30 - 45 days but requires repayment

Greentree - usually within 30 - 45 days but depends on investor (45-60 worst case)

Universal Assurors - within 30 - 45 days, usually holds 2nd liens and services loan for original Note holder

Midland Mortgage - 60 - 90 days depending on investor

WAMU - currently Chase, 90 - 180 days

American General - 45 - 60 days depending

HomeEq - 45 - 60 days

Nationstart - 60 - 90 days depending on loan

Carrington - 45 - 60 days but usually sold

Saxon - 45 -60 days depending on lien position

Guaranty Bank - 30 - 45 days

Wachovia - 1st liens are now Wells Fargo (45 - 60 days), HELOCs are still Wachovia averaging 45 - 60 days but depends on 1st lien

AB&T - 30 - 60 days but requires repayment

Etrade - 30 - 60 days depending on loan

Heritage Trust - 30 - 45 days but requires repayment

BLS - 45 - 60 days

SPS - 30 - 45

1st Franklin - 45 - 60 days or less

US Bank - 90 - 120 and usually poor communication throughout process

RBC - 60 - 90 depending on lien position

GMAC - also Homecoming normally averages 45 - 60 days or less

Indymac - now One West Bank averages 60 - 90 days depending on investor

Navy Federal - within 30 - 45 days but usually requires some type of repayment

BofA - 90 - 180 but trying to decrease timelines with online processing system Equator (also all Countrywide loans)

Citi - 30 - 60 days depending on the loan and investor

AHM - 45 - 60 days depending on negotiator but can be difficult to work with

National City - now PNC averages about 60 - 90 days depending on negotiator and investor

Wells Fargo - (all ASC loans also) averages about 45 - 60 days

Chase - 90 - 180 days and usually difficult to work with

Beneficial - 45 - 60 days or less

Litton - 45 - 60 days depending on investor

Sovereign - 45 - 60 days depending on the loan

Regions - 45 - 60 days but usually requires repayment

Aurora - currently averages 90 - 120 days but opened new depts. to keep turn times under 90 days

Homecoming - also all GMAC loans and averages 45 - 60 days

Ocwen - usually in 2nd lien position and averages 45 - 60 days depending on the file and can be difficult to work with

Wilshire - 45 - 60 days and usually in 2nd lien position

ASC - now all loans sold to Wells Fargo averages 45 - 60 days

Flagstar - about 60 days or less depending on the negotiator

EMC - 60 - 90 days depending on the loan

Suntrust - 90 - 180 days minimum and currently not making any move to expedite their process

Posted in Short Sales | No Comments »

Everything you need to know about a short sale

27. February 2012 by Kristian Alekov.

Affinity Title Short Sales

WHAT IS A SHORT SALE?

A “Short Sale” (Also referred to as: “Negotiated Settlement” or “Short Pay”) occurs when a Lender agrees to accept less than the amount owed on the original note or total payoff, as an alternative to foreclosure. If the property is worth less than the amount owed on the loan, then even if the Lender forecloses and takes back the property, they know they are going to take a loss.  You can often convince a Lender that they will “do better” if they take less than what is owed now rather than taking the property back by foreclosure.
HOW LONG WILL IT TAKE?
The Short Sale negotiation process can be rather lengthy. It may take several weeks to several months for an approval. Many Lenders will have several layers of bureaucracy, insurers, and investors that we will have to maneuver through in order to get a Short Sale approved. So, it is important to be patient during this long process.
BUT MY HOUSE IS GOING TO FORECLOSURE, WILL I HAVE ENOUGH TIME?
Maybe, maybe not. Just starting a Short Sale will NOT automatically stop a foreclosure. However, many times we can convince a Lender to stop the foreclosure to let us attempt to negotiate the Short Sale. While there are no guarantees, it is worth the attempt.

CAN I STAY IN THE HOUSE?
The key word in a “Short Sale” is sale. The purpose of a Short Sale is to get the property sold. This is not a program that can stop a foreclosure and allow you to keep the house indefinitely. Moreover, it will be easier to sell the house if it is vacant. Therefore, you should most certainly begin making plans to vacate the property.

HOW DO I KNOW THIS WILL WORK?
Again, there are no guarantees. Once you miss a payment, the Lender is in charge and can proceed to foreclosure if they choose.  NO GUARANTEES are being made as to whether or not the Lender will accept the Short Sale.

WILL I GET ANY MONEY FROM THE SALE?
No. A universal requirement of Lenders in granting a Short Sale is that the borrower will not get any proceeds from the sale of the property. Being that the Lender is going to take a loss on your loan, they are most certainly not going to allow you to profit from the situation.

WHAT HAPPENS IF THIS DOESN’T WORK?
Your house will likely go to foreclosure. A Short Sale is something we try after you have exhausted your other options.

WHAT IS A “RELEASE”?
A Lender may offer a “release”, which is a security instrument against the property in exchange for less than the total amount of the note. A release will allow the property to be sold without paying off the obligations of the note. However, the note is not satisfied. Advantages: This successful Short Sale will allow the property to be sold and thus avoid foreclosure. Disadvantages: The remaining debt on the property (sometimes called a “deficiency”) still exists. In other words, you are still liable for the note and still owe the money to the Lender. Reality: It is not likely the Lender will purse the deficiency unless you have other significant assets. However, if you chose not to try the Short Sale before going to foreclosure, and then you end up going to foreclosure, it will result in you having a deficiency anyhow.

WHAT IS A SATISFACTION?
A Lender may agree to accept less than they are owed as complete and total satisfaction of the note and release its lien against the property. Advantages: Your note and obligation to the Lender are satisfied for less than you owed. When the property is sold, the debt is paid off completely. Disadvantages: You may have some tax consequences that you should discuss with your tax advisor due to the fact the Lender is making money you owe them disappear. Sometimes our negotiations are successful in obtaining a satisfaction. However, there are other times where the lender will only negotiate to a release.

HOW CAN I HELP?
The Lender will require a review of a financial package that usually includes: (2) month’s banks statements, (2) months paycheck stubs, (2) year’s tax return, Financial Worksheet and other information. The leading cause of delay and even denial of our offer to the Lender is caused by the Seller failing to cooperate and/or deliver the necessary items in a timely fashion. To help us succeed, please find as much of this information as you can right now and complete the attached “Financial Worksheet”. These things wilt help us work foster and increase your odds of a successful Short Sale.

Expectations and Timeline
Marketing your home:
Your home will be shown to both investors and traditional buyers. During this process, your home may be shown several times a day in some cases. The goal is to get the highest and best offer in the shortest time possible. Those viewing or calling to view your home have been instructed not to bother you with questions regarding the short sale so as to not put any additional stress on you.

The First Offer:
Once an offer is received on your property, t will schedule an appointment for you to come in and sign the Purchase Agreement (this should only take 5 minutes). Although, you do need lo sign one offer, your property can attract multiple offers. All offers will be submitted to the lender(s) for their review and you will not need to sign each and every offer that we receive. Towards the end of the process, when the lender accepts an offer, you will need to sign that offer in order for us to open escrow.

The Process:

After the lender reviews the Short Sale package, a BPO (Broker’s Price Opinion) will be ordered by the lender. This is similar to an appraisal and once the lender receives their report, they will usually make a final decision shortly thereafter. The lender orders the BPO so they can figure out what their net proceeds will be (how much of a loss they will be writing off). Your property will remain ‘Active’ on the MLS until the lender accepts the offer. Please be patient throughout this process. At times you may feel things are going too slow, but remember this is not a regular transaction and can take longer to complete.
The Accepted Offer:
Once an offer has been approved by the lender, I will notify you that we are going to proceed to close the transaction. The lender may demand to close escrow anywhere from 10-30 days, so be prepared. If the buyer does not close by the lender’s deadline, the next highest bidder in line may be accepted.
“If the buyer(s) cannot perform and close on time, the lender may decide to proceed with foreclosure thus severing the opportunity for all parties involved to complete a successful transaction.”


The Close of Escrow:
You, as the seller, will be instructed to sign seller documents at the escrow office. Please bring with you your I.D., all keys, garage door openers, and a good attitude. Start celebrating your new freedom from this financial burden and stress.
Your Financial Freedom:
Keep all of your copies of the documents pertaining to this sale in a safe place.  Try not to incur any new debt and try to keep low balances on any credit cards you may have. Maintain good consumer credit by not paying late on your currently active accounts. Pay your rent by check or some other way that can be tracked to show evidence that you are paying on time. This will help you should you choose to purchase a new property in the future.

Required Short Sale Documentation:

Please gather all the critical documents listed below immediately:
Client and Property Information (Page 1&2)
Hardship Letter (Examples Enclosed)
Financial Statement (Form Enclosed)
Most recent Mortgage Statement(s)
Copies of last 2 months Pay Stubs or letter of explanation
Copies of last 2 months Bank Statement or letter of explanation
Copies of last 2 Year Tax Returns or letter of explanation
Copies of last 2 HOA Statements (if applicable)

Posted in Short Sales | No Comments »

How to become a Section 8 Landlord

25. February 2012 by Kristian Alekov.

Posted in Foreclosures, Real Estate Rentals, General | No Comments »

Citibank Announces Mobile Check Deposits

25. February 2012 by Kristian Alekov.

Banking giant Citibank has announced the ability for customers to submit check deposits using their mobile device. In my opinion, for many years Citibank was the technology leader with better ATMs and overall a higher quality of technology. But as of late it seems other banks have forged way ahead of Citi. For example, both Chase and Bank of America allow mobile check deposits using their mobile apps. It’s great to see Citi catching up and I hope they can move ahead of the pack with regards to technology in the near future.

To use the mobile check deposit service with Citi, download the Citi app for either the iOS or Android platforms. Citi explains that the initial setup is easy – just load the app, click Services and then register for the mobile check service (you need your ATM card to register). After the initial registration you just take a photo of a check you want to deposit into your account and tap Submit and you are done.

Now if we could just get cash to instantly come out of our mobile phones and tablets!

Posted in General, Uncategorized | No Comments »

Determining Your Investment Property Value

22. February 2012 by Kristian Alekov.

A good Real Estate Investor is constantly looking for motivated sellers that are offering deals they can make a substantial profit on. Investors have to determine what they are willing to pay for this asset without losing money in the process. There are several problems that can occur with this investment objective :

  • Finding Motivated Sellers. In order to make a substantial profit, investors must offer a purchase price substantially lower than the Seller is willing to accept. If the Seller doesn’t negotiate with you on price or terms you are wasting your time. Move On!

Determining the Maximum Allowable Offer MAO. This formula allows real estate investors to determine the MAXIMUM price they can offer the seller and still make a profit.

  • Determining the Property’s Repairs Costs. Sellers are usually motivated to sell their property because the asset or themselves are in a state of distress. As investors purchase multiple properties they get pretty good at determining the cost to bring the property back online.
  • What is the After Repair Value APR? What will be the property’s value be after cleanup and repairs are done? You need comparables to assess the property’s value. The Multiple Listing Service MLS is a fantastic source for retrieving sale and property information but:
    • MLS is only available to Realtor Associations.
    • You have to be a Realtor Association Member.
    • Costs money to be a member:
      • Realtor License Fee.
      • Association Membership Fees.
      • Continuing Education Fees.

What if you don’t have access to the MLS to determine property comparables or COMPS? How are you going to determine a property’s value if you don’t have access to information about the neighborhood?

Don’t Worry!
There is plenty of information on the internet. Most counties in the United States provide free data concerning all the properties they currently have on their tax rolls. We provide a page on our web site that lists Property Information and Clerk of the Court data for each of Florida’s counties.Once you have determined the following items:

  • Repair Costs.
  • If you are financing the deal, Principle and Interest or P&I and closing costs.
  • Monthly Fees like:
    • Electricity and Water Access.
    • Insurance.
    • Taxes.
  • Determine the After Repair Value APR.

you will need to plug in these numbers into the MAO formula to determine your MAXIMUM Offer Price.YOU MUST never, never, never, ever go beyond that price or you will lose money and the MAO price is only good for 90 days! It is based on a three month window.

Posted in Marketing, Foreclosures, General | No Comments »

Tips To Successfully Sell Your Business Online

21. February 2012 by Kristian Alekov.

Make sure you have the money to buy a good domain URL. You may not be able to get the exact domain name you were hoping for. You can get any domain name you want if you have over a thousand dollars to spend. You should definitely weigh the pros and cons of this investment.

When a customer has bought one product, draw them toward another purchase by making them aware of your full product line. This can be a catalog or a simple list. Let them know there are other products along the same lines as the one they purchased. You could, for example, suggest other cookbooks to customers who have purchased a cookbook from your site already. You can increase your sales by tailoring your product offerings to their purchasing trends.

It is important to estimate the ratio of visitors to customers to see if your site is effective. Many companies have tools that you can install on your web server to track visitor behavior.

High-quality graphics will increase attention when you are selling products on your site. Customers are more likely to buy from you if they can see a clear example of what they’re ordering. Be sure to add functionality that lets customers upload their own product images. Using a “before and after” picture is a great strategy.

One way to become an authority or subject-matter expert is to compile a relevant glossary on your website. This can help your customers figure out what they need to know, making them more likely to visit your site again. You will gain a lot of traffic and trust if people that are looking for these definitions stumble on your site.

Give people in other countries the option of trying another version of your site. Offer visitors the option of choosing their own language when viewing your site. This will broaden your customer base and get traffic from all over the world. To do business with you, a customer needs to be able to read and understand your website in a language familiar to them.

Incorporate an automatic electronic signature into your emails as it portrays a more professional image. Since your signature is essentially your cyber business card, you need to hand it out at every opportunity. You can increase traffic and revenue to your site by offering to show people your business via email.

Internet marketing is an ever-changing phenomenon and researching up-to-date techniques will prove helpful. Find a mentor, online or physical, that you have faith and trust in. A lot of very good Internet marketers are willing to provide expert advice cheaply or even for free. Chose a system that is going to work for you, and give it a solid effort. It may start slowly, but it is definitely worth the time you put into it.

Email can be a good marketing tool. You should design your newsletters to draw in and excite your customers. Your goal is to give subscribers the feeling that your emails are useful to them, not spam messages. By sending customers newsletters, you can stay in touch with them after they have left you site, thus, making them feel appreciated.

A feedback box at the bottom of an ad copy can be implemented, allowing consumers to provide you with information as to why they chose not to purchase from you on that day. There are a lot of reasons people might not want to make a purchase, from not liking the way you write, to being uncomfortable with your guarantee or your prices.

Apply these tips to your own business. Solid knowledge will build a strong foundation for network marketing success.

Posted in Marketing | No Comments »

Fight Foreclosure! Here is a How-to Guide including the forms you need

16. February 2012 by Kristian Alekov.

Produce The Note “How-To”

Fight Foreclosure: Make ‘Em Produce The Note!

Using the “produce the note” strategy is something all homeowners facing foreclosure can do. If you believe you’ve been treated unfairly, fight back. We have created templates for a legal request, a letter to your lender and a motion to compel to help you through the process.  Read the step by step “how to” under the videos.

Special note:  In some states, a lender can foreclose on your home without going to court.  These are called non-judicial foreclosure states.  You can still use the “Produce the Note” strategy in these states, but it takes a few more steps on your part.

Produce the Note – Steps To Follow:

WHO OWNS THE NOTE?

Your goal is to make certain the institution suing you is, in fact, the owner of the note (see steps to follow below). There is only one original note for your mortgage that has your signature on it. This is the document that proves you owe the debt.

During the lending boom, most mortgages were flipped and sold to another lender or servicer or sliced up and sold to investors as securitized packages on Wall Street. In the rush to turn these over as fast as possible to make the most money, many of the new lenders did not get the proper paperwork to show they own the note and mortgage. This is the key to the produce the note strategy. Now, many lenders are moving to foreclose on homeowners, resulting in part from problems they created, and don’t have the proper paperwork to prove they have a right to foreclose.

THE HARM

If you don’t challenge your lender, the court will simply allow the foreclosure to proceed. It’s important to hold lenders accountable for their carelessness. This is the biggest asset in your life. It’s just a piece of paper to them, and one they likely either lost or destroyed.

When you get a copy of the foreclosure suit, many lenders now automatically include a count to re-establish the note. It often reads like this: “…the Mortgage note has either been lost or destroyed and the Plaintiff is unable to state the manner in which this occurred.” In other words, they are admitting they don’t have the note that proves they have a right to foreclose.

If the lender is allowed to proceed without that proof, there is a possibility another institution, which may have bought your note along the way, will also try to collect the same debt from you again.

A Tennessee borrower recently had precisely that happen to her. Her lender, Ameriquest, foreclosed on her in July of 2007. About three months later, another bank sent her a default notice for the mortgage on the house she just lost. She called to find out what was going on. After being transferred from place to place and left on hold for lengthy periods of time, no one could explain what happened. They said they would get back to her, but never did. Now, she faces the risk of having her credit continually damaged for a debt she no longer owes.

FIGHT FOR FAIRNESS

This process is not intended to help you get your house for free. The primary goal is to delay the foreclosure and put pressure on the lender to negotiate. Despite all the hype about lenders wanting to help homeowners avoid foreclosure, most borrowers know that’s not the reality.

Too many homeowners have experienced lender resistance to their efforts to work out a payment structure to keep them in their homes. Many lenders bear responsibility for these defaults, because they put borrowers into unfair loans using deceptive, hard-sell practices and then made the problem worse with predatory servicing.

Most homeowners just want these lenders to give them reasonable terms on their mortgages, many of which were predatory to begin with. With the help of judges who see through these predatory practices, lenders will feel the pressure to work with borrowers to keep them in their homes. Don’t forget lenders made incredible amounts of money by using irresponsible practices to issue and service these loans. That greed led to the foreclosure crisis we’re in today. Allowing lenders to continue foreclosing on home after home, destroying our neighborhoods and our economy hurts us all. So, make it hard for your lender to take your home. Make ‘em produce the note!

STEPS TO FOLLOW

A. If your lender has already filed suit to foreclose on your home:

  1. Use the first form. It’s a fill-in-the-blank legal request to your lender asking that the original note be produced, before it can proceed with the foreclosure. In some jurisdictions, the courts require the original request to be filed with the clerk of court and a copy of the request to be sent to the attorney representing the lender. To find out the rules where you live, call the Clerk of Court in your jurisdiction.
  2. If the lender’s attorney does not respond within 30 days, file a motion to compel with the court and request that the court set a hearing on your motion. That, in effect, asks the judge to order the lender to produce the documents.
  3. The judge will issue a ruling at your hearing. Many judges around the country are becoming more sympathetic to homeowners, because of the prevalence of predatory lending and servicing. In the past, many lenders have relied upon using lost note affidavits, but in many cases, that’s no longer enough to satisfy the judge. They are holding the lender to the letter of the law, requiring them to produce evidence that they are the true owners of the note. For example:
  • In October 2007, Ohio Federal Court Judge Christopher Boyko dismissed 14 foreclosure cases brought by investors, ruling they failed to prove they owned the properties they were trying to seize.

B. If you are in default, but your lender has not yet filed suit against you:

  1. Use the second form. It’s a fill-in-the-blank letter to your lender which also requests they produce the original note, before taking foreclosure action against you.
  2. If the lender does not respond and files suit against you to foreclose, follow the steps above.

UPDATE: CNN features The Consumer Warning Network and the “Produce The Note” strategy. Borrowers are putting this plan into action and getting results!

Consumer Warning Network Featured on CNN

THE LATEST: Borrower wins more time to fight foreclosure! At a court hearing Tuesday, a Pinellas County, Florida Judge denied Wachovia the right to proceed with its foreclosure against borrower Jacqueline O’Brien (profiled in the CNN story).  Instead, O’Brien was granted a continuance, as she pursues the produce the note strategy.  Wachovia expressed interest in renegotiating the terms of the loan, rather than continuing the court battle.  We’ll keep you posted!

Posted in Foreclosures | 1 Comment »

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