Archive for the ‘Bradenton Real Estate’ Category

postheadericon Understanding The New TRID Rules

Scales-of-justiceThe Importance of TRID

If you are working anywhere near the real estate industry, by now you have heard about the importance the regulations known as TRID, which are effective for residential mortgage applications submitted on or after October 3, 2015. There are many questions about these new regulations and in this article we will try to answer these from a consumer and real estate practitioner point of view.

What is TRID?

TRID is the result of the Federal Consumer Financial Protection Bureau’s “Know Before You Owe” initiative in which the agency is trying to make the home buying process easier to understand for consumers as well as making important documents available before the actual closing takes place. TRID is an acronym which stands for the TILA and RESPA Integrated Disclosure Rule. Yes, the government has actually come up with an acronym to replace two acronyms. Thus, first we must explain TILA and RESPA.

TILA stands for the Truth-in-Lending Act. This law regulates all consumer lending, not just real estate finance. For example, if a consumer obtains a credit card, there will be a TIL disclosure issued for the purpose of giving the consumer the “true cost” of borrowing by factoring in borrowing fees into an overall number called the “Annual Percentage Rate” or APR. What is unique about mortgages is that an initial TIL Disclosure is required for mortgages within three business days after submitting an application and a final TIL Disclosure is required at closing. In contrast, you might obtain a credit card the same day you apply for it.

RESPA stands for the Real Estate Settlement Procedure Act. This law specifically focuses upon the regulation of residential real estate transactions. There are many aspects of RESPA, but here we will focus on another required disclosure, the “Good Faith Estimate” of Closing Cost, which also must be issued within three business days of application. RESPA also requires the issuance of a HUD-1, the final closing statement, which some years ago was aligned so that the numbers were synchronized with the initial Good Faith Estimate.

How does TRID change all of this?

The government’s goal is to make the process simpler by integrating the two disclosures into one—both upfront and at closing. Thus, there is a new disclosure required three days from application which is called a Loan Estimate. This new disclosure replaces both the Good Faith Estimate and the Truth-in-Lending Disclosures. At closing, the HUD-1 and final TILA are replaced by the Closing Disclosure.removing-fear640x392jpg

Though these rules are designed to make the process simpler, in reality the requirements for timing, re-disclosure if changes occur before closing, and making the forms “multi-purpose,” can actually be quite complex. Even the definition of what constitutes a “business” day can be confusing.

What about the timing requirements?

Though there is no change with regard to the timing requirements after application, there are two important timing changes that take place under TRID.

  1. The Closing Disclosure must be provided to the consumer three business days before closing.  This means that transaction’s numbers must be finalized well before the settlement date.
  2. The Loan Estimate must be issued seven business days before closing. Depending upon weekends and Holidays, this means that most closings must occur at least two weeks after application. In addition, if allowable changes occur, the Loan Estimate must be reissued within three business days and received by the consumer four days prior to loan closing.

What does this mean for homebuyers?

While it makes perfect sense that homebuyers should have access to their closing costs, payments and other final details well before closing, home purchases can often be fluid situations. For example, if someone is purchasing a new home, what if an option is added late in the process which would change the sales price and perhaps the final mortgage amount? Or perhaps a home inspection calls for significant repairs to the property which changes the purchase price.

Above all, this means that everyone involved in the transaction must work together in order to make sure all details are set earlier in the process. All actors must do their part:

  • The applicant must get all required documents to their mortgage company promptly and make sure they are complete, legible and accurate.
  • The real estate agent(s) must make sure that all contract issues are resolved very early in the process.  Any changes must be communicated promptly as well.
  • The title company must provide required information to the mortgage company so that the final numbers can be calculated on a timely basis.
  • The mortgage company must process and underwrite the file within a time frame which will allow the final disclosures to be issued on a timely basis.

What is the consumer’s most effective tool to assure a smooth and timely closing?

The best way a consumer can ensure that the process is smooth and closes on a timely basis is to make sure that they obtain a fully underwritten pre-approval before an offer is submitted on a home. A pre-approval enables the lender’s underwriters to analyze a consumer’s documentation and issue a pre-approval subject to an acceptable sales contract, appraisal of the property and locking in a loan program. Basically, there is a must shorter timeline from contract acceptance to closing when a pre-approval is issued.

In addition, obtaining a pre-approval puts a consumer in prime negotiating position with a seller who may be entertaining multiple offers. This pre-approval basically signals to the seller that the prospect is a serious buyer.

Loan-CrossingWhat about “back-to-back” closings?

Many times one consumer will be attempting to effect two real estate transactions in one day – selling a home and then purchasing a home. The vast majority of the time, the owner must sell the home first because they need the cash from closing to purchase the second home and typically can’t qualify with both payments. Under TRID, this more complex situation is likely going to be more difficult to coordinate because of the disclosure timing requirements. In these cases it may behoove both the buyer and seller to obtain their mortgage from the same lender so that coordination is more seamless in this regard.

Under TRID, the world of real estate transactions is changing. The purchase of a home is the most important investment for most Americans and certainly a most important lifestyle decision. It is imperative that a potential homebuyer work with a mortgage company armed with the technology and experienced staff to effectively and efficiently comply with the timing requirements of TRID, ensuring a smooth and on-time settlement.

Steve Fingerman

President

E Loans Mortgage Inc.

NMLS# 856640

727-946-0904

postheadericon Lakewood Ranch Foreclosures- Buying Strategies

Market Preparation Helps Lakewood Ranch Foreclosure Buyers

Foreclosure Wave Could Also Signal Opportunity

 

If you are organized and willing to put in some serious spadework, buying a Lakewood Ranch foreclosure can save you thousands of dollars. A new wave of foreclosures could be heading our way later this year. According to RealtyTrac, the leading source of foreclosure statistics, one in every 665 national housing units received a foreclosure filing in June. More foreclosures mean more opportunities; but it also means that more buyers will begin to think seriously about going after them. In other words – more competition.

If you have never looked into what is involved in snagging one of the foreclosures in our area, a few basics will greatly improve your chances for success:

 

Do Your Research So You Can Act Quickly.

The foreclosure market performs differently from the traditional market. Arming yourself with accurate comps and knowledge of Lakewood Ranch trends will enable you to recognize the right opportunity as soon as it arises – ideally, before other buyers catch wind of it. Working with a knowledgeable agent who keeps you informed is the quickest way to get up to speed. It will help you avoid being dragged into bidding wars with other deal-shopping buyers. Since under-bidding will cause you to miss the best opportunities, and over-bidding will defeat your whole purpose, up-to-the-moment market knowledge is essential for formulating a canny offer.

Weigh in With Cash.

Time is an important factor in buying a Lakewood Ranch foreclosure. Your goal is the same as the seller’s: to close the sale as quickly as possible. Naturally, paying cash up front is the simplest route to a speedy closing. If you are buying as an investment, that means targeting only properties that are within your financial reach. As Ron Peltier of HomeServices of America puts it, “A cash buyer who can close in 10 days can certainly get the best deal.” Since closing on a house via traditional mortgage can take anywhere from 30 to 60 days, it is clear which route sellers prefer.

3. Create Clean Offers.

If, like many of my clients, you can’t really afford to propose an all-cash deal, you can still create an offer that lands your foreclosure. Writing a clean offer – one with simple terms and serious cash down — can bring a favorable reaction. Let’s face it: bank officers don’t want to fuss with complicated terms or repairs. A buyer with 20% down, a confirming loan and an “as-is” offer will get a lot more consideration than a buyer with an FHA loan and a minimal deposit. Success means targeting foreclosures at a price point where you can afford to put as much down as possible…then being ready to get dirty and make any needed repairs yourself.

As with any vigorous market, participants need to play by the rules or else be stuck on the sidelines. If you are considering buying a Lakewood Ranch foreclosure and are looking for an experienced agent to stand by your side, call me — and let’s get to work!

 

postheadericon How To Get Maximum Exposure and Interest When Listing A Home For Sale In Lakewood Ranch

Creative Writing Sparks Lakewood Ranch Listings

 

Listing Language Can Trigger a Quick Sale

Lakewood Ranch Homes For Sale

Your Lakewood Ranch home is in perfect shape – all set to go on the market. You’ve enlisted an experienced real estate agent with a solid track record.

Now all that’s left is…what?

What’s that next step?

In fact, the next step can be all-important: creating a Lakewood Ranch listing that does more than just describe the number of beds and baths. It has to stand out among all the competing listings that will be seen alongside it. That Lakewood Ranch listing is the keystone of the marketing campaign that will ultimately fetch a new owner: its job is to get buyers and agents to take a closer look. To get that job done, it has to be special!Bradenton Real Estate Listings

 

 

When I sit down to work up an effective listing, I try to pay attention to what creative writers from other forms of advertising advise: first discover what is unique, appealing, attention-getting, then present it with language that captures readers’ imaginations. Formulas are out, since following a set group of mechanical rules can only produce a dull, repetitious result. Even so, there are some useful tips that can help spark an effective listing:

 

 

* Keep the context in mind. The job of any Lakewood Ranch listing is to communicate many essential details in a limited amount of space – but there will be photographic information there, too. Highlight features that can’t be told through either its photos or specifications. For example, if a house offers a spectacular view of the sunset from its veranda, the listing should highlight it. Grandeur can be told nowhere else.

 

 

lakewood ranch* Listing language should be upbeat and tailored to sell, while at the same time, filled with accurate and useful information. It’s a balancing act, and going overboard in either direction can be off-putting. Specific details help bring in readers and build believability (high quality brand names like Sub-Zero or Wolf are good examples). Details build credibility that bolsters less concrete descriptions. I leave out unsupportable claims altogether. It can be tempting to fall in love with flowery language that sails off into its own reality — but accurate information builds trust for the lead-up to a sale.

 

 

* Setting the right tone is another important factor. It’s another balancing act. Listings should be upbeat without exaggeration…accommodating without sounding desperate. The right tone can help bring in prospects, just as the wrong one will drive them off or raise suspicions that something is wrong.

 

A successful Lakewood Ranchagent has demonstrated the knowhow and experience to bring these and other elements together to produce powerful, effective home listings. If you are considering selling your own home in the Manatee County or Sarasota County areas, I hope you will give me a call so we can create a dynamic marketing plan to sell your property!

 

postheadericon Recent Positive Real Estate News Can Be Boost For Lakewood Ranch Home Sales

Lakewood Ranch Home Sales Could Benefit From Press Change

Home Sales Price, Volume Rises Make News

 

As usual, the first week of July brought the usual report cards on home sales and other real estate data: the “second quarter stats.” The start of summer signals the beginning of what journalists call the slow news season (in Washington, the ‘silly season’) – a slowdown in the drumbeat of nonstop crises and turbulence in world and national affairs. Sometimes I think the most welcome result is the relief that comes from realizing that we don’t even need to glance at newspapers and TV news. Nothing new is happening. Thank goodness! That’s a mini-vacation all by itself.

 

One side effect it that it is much more likely that you may have missed some good news that could affect Lakewood Ranch homes sales. And possibly a subtle change in the way that news is beginning to be presented.

 

Reports from the National Association of Realtors, the Census Bureau and others have been looking up for a while, but reports in the national media have emphasized the caution signals. Lately there seems to be a shift in emphasis, if not content. The New York Times reported on the 19.8% increase in home sales in the last 12 months – and for once, the Grey Lady spent more ink on the ‘upswing’ than on the lagging recovery. “…Real estate was far down the list [of categories] investors had to worry about,” said the Times. Coming from that source, it was the journalistic equivalent of a ticker tape parade.

 

USA Todayheadlined “HOUSING PRICES RISE IN MOST U.S. CITIES,” and went on to quote economist Maury Harris stressing the importance of positive headlines. “It’s a confidence builder at a time when Americans really need something good happening.” He has a point: in the past, Lakewood Ranch home sales, like those everywhere else, tend to reflect the national temper even though real estate is a very Lakewood Ranch phenomenon.

 

The Christian Science Monitorreported on the “lift to the long-suffering housing market” provided by the record lows in mortgage rates. They pointed out that previously occupied home sales contract signings matched the “fastest pace in two years,” with prices “rising in most markets.”

 

The Wall Street Journal sounded a bit more encouraging, as well. “Generally speaking,” they reported, “home prices are rising again in most markets because demand is up strongly from one and two years ago, which the number of homes for sale is down sharply.”

 

Of course, every neighborhood in Manatee County is unique — and getting accurate home sales information for properties that are similar to yours is a necessary step when you go about evaluating your own family’s home buying or selling plans. For accurate and up-to-date information, feel free to contact us anytime for a consultation.

postheadericon Lakewood Ranch Home Sales, How To Sell Your Home Effectively

Home Selling Bradenton Florida Manatee County
Posted on Jul 08, 2012

Simple But Effective: Manatee County Real Estate Front Yard Marketing ‘For Sale’ Signs = You Mean Business

When it comes to Manatee County Real Estate property search resources, one tool house hunters rely on without hesitation is so simple they probably don’t even think about it. Although online sites and search engines are incredibly valuable, some stall users until they give up their email address. Classified ads may be tried and true, but often require searchers to make a phone inquiry to learn the address in question. But there is a low-demand, high-yield, unequivocal property search aid without any of those drawbacks: the good ol’ frontyard ‘For Sale’ sign.
It may seem like an awfully old-fashioned marketing method, but that sign remains one of the most effective tools we recommend to attract buyers. With the prices of single-family homes on the rise in half of the largest US cities, many who have been on the sidelines waiting for the market to turn around are revisiting the idea of selling. For them, what about putting out that ‘For Sale’ sign?
One advantage is obvious: signs alert the most interested potential buyers – those already on a property search in Bradenton Florida. Your agent’s posted cell phone number (or a number that plays a recorded message) will certainly draw inquiries from interested buyers. Although its reach is a tiny fraction of the Internet’s, not everyone begins a property search online. To reach potential homebuyers who have targeted your neighborhood, the humble sign can be your #1 marketing tool.
Today’s Manatee County Real Estate, property searchers have cell phones, most of which have aps which recognize a digital feature some of today’s yard signs display: a QR code. When a QR design appears on a For Sale sign, users just use their phone to scan the code and instantly gain access to the agent’s web page with full information about the property. Not so old fashioned, after all…
Drawbacks

The main disadvantage is location location location: only people who already live in the neighborhood or pass by the property will see it. The quality of those reached is high, but their numbers don’t compare with what online listings can yield. Too, some homeowners are nervous about the idea of seeming to invite unwanted visitors – although the addition of a “call for appointment” tag usually resolves that issue. For those who are shy about announcing to the neighborhood that they are ready to move, it’s good to remember that the goal of marketing a home is to attract as much attention as possible: hiding the ‘product’ is counter-productive.
There are many ways to advertise a house for sale. Many homebuyers’ property search begins with an agent; some with an online session…but for others, that simple yard sign can be what prods them into thinking about the home that could be theirs. For anyone planning to market their own Manatee County Real Estate home, the surest first move is to hire a professional: an agent with a proven multimedia marketing plan. And you can bet that a good old-fashioned (or nowadays, new-fashioned) yard sign will be part of it!
Call Us Today For A Free Market Analysis To See What Your Home In Bradenton Florida Is Worth in The Open Market!
941-518-0708

postheadericon Lakewood Ranch Real Estate Market Attracting Foriegn Investors

Lakewood Ranch Real Estate Part of Global Investing Picture
Foreign View:U.S.Homeowners Sitting Pretty
Foreign Buyers Snap Up Residential Real Estate

For quite a while, Lakewood Ranch residential real estate holders – that is, homeowners – haven’t had to work very hard to come up with a description for the U.S. real estate market. ‘Lousy’ certainly came to mind. ‘Bleak’ was a strong contender. ‘Cautiously optimistic,’ at best a distant third.

Lakewood Ranch Real Estate

Find A Home In Lakewood Ranch

So this months Wall Street Journal report came as a quiet reminder that, for serious-minded investors who view our situation from a less-involved perspective, our residential real estate outlook is neither lousy nor bleak. In fact, the combination of lower residential prices and the international currency environment has created a ‘property-buying binge’ by Asians, Canadians, Europeans and Latin Americans – more than 60% of whom pay in cash.
“There’s this international view that America is on sale,” according to one property manager. He should know; he’s an executive whose Chicago-based company buys foreclosed homes and manages them for investors. A year ago, all of his investors were domestic. Now, one in five is foreign.
Whereas before, most foreign residential real estate investors were interested in ‘trophy’ properties to enhance their personal prestige, the new onslaught is coming from buyers who see that they can earn high returns by buying here, renting, then reselling in the future when the market rebounds. It seems that in many countries, a residential real estate downturn is expected, but has yet to occur. In their estimation, ours is already history.
It looks like “a gift,” according to one developer, who judges that an oceanfront condominium in Rio de Janeiro sells a level 50% higher than an equivalent property in Miami. International or domestic, investment money is always drawn to bargains — but when bargain basement prices are combined with the perceived safety represented by U.S. residential real estate, the lure is apparently irresistible.

FOREIGNERS SNAP UP PROPERTIES IN THE U.S.” was Nick Timiraos’ headline, with a caption that read, “To many Americans, plowing money into real estate has never looked like such a risky venture. But to many foreigners, U.S. housing has never looked like a smarter investment.”

Thanks, Nick, for giving us some outside perspective; I guess we can adopt the ‘cautiously optimistic’ view with a lot more confidence. If you have been waiting on the sidelines to make your own Lakewood Ranch residential real estate investment, I hope you will give us a call when you decide that now is the time to invest in property in Lakewood Ranch and the Bradenton area. We are standing by to help you find the property you’re looking for!
6113 Exchange Way
Lakewood Ranch FL, 34202
941-907-9444

E Loans Mortgage Inc

6113 Exchange Way

Lakewood Ranch FL, 34202

727-946-0904

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