Stockton, CA

Happy Sunday to all

Well we have our listing up and are awaiting repairs as we speak. This is a Fannie Mae Property, so we are glad they will do the repairs. When we first took the listing, they told us to put it on the market until we get the bids back from vendors. The first two days we had 4 offers as-is, so we are sure it will sell fast once the repairs have been done. We are still sticking to our system of doing as many BPO's as we can handle. We have been at this for the past 3-4 months and are considering hiring an assistant. So to all out there that are finding it hard to make it as a Real Estate Agent/Broker let us say this. In four months we have took a start up business, and have made it very fun and profitable. You have to stop practicingReal Estate as a job and start running your Real Estate practice as a business.

Have a Great Day

Bryan and Neilla

FHA Streamline Refinance can REDUCE YOUR MONTHLY PAYMENT by $50.00 to $200.00 dollars. NO Appraisal, NO bank statements, NO paystubs or W2's!! If your Interest Rate is 6% or more you may be a candidate... Minimum Credit Score of 620.00 required. Estimated Closing days of 30 days or less.

When shopping for a home loan, one of the best avenue's to finding a good lender is by referral. Ask your local Realtor for a few names of lender's they may recommend. Ask family, friend and co workers who they used and find out how their experience was. Look for a loan officer who is local,working in your community and has experience. In today's market it is important to make sure you work with a loan professional. Ask how long they have been in business, spend some time with them, and most importantly have the loan office discuss in detail your good faith estimate. This form will show you prevailing interest rates, costs associated with the loan and the loan payment. This form should be explained to the buyer in detail. Buying a home can be a fun and exciting process, let your Loan Officer and Realtor work hand in hand to make this happen for you.

Tighter mortgage guidelines since late-2008 are forcing home buyers to make bigger downpayments. Anecdotally, the change has led to a surge in buyers taking gifts of cash from family members. If you're among those accepting a cash gift from family, it's important to know that you can't just deposit the money in your bank account.

There is a proper way to accept a cash gift and it requires 3 distinct steps:

1. Complete and sign an acceptable gift letter
2. Document the gifter's withdrawal of funds with teller receipts
3. Document the giftee's deposit of funds with teller receipts

See, mortgage lenders pay close attention to gifts-for-downpayments. For one, lenders have to make sure that downpayment cash is "clean" (i.e. not laundered). And, secondly, they want the gift to really be a gift and not a loan-in-disguise. This is why lenders will often require that a signed, dated letter accompany the home loan application.

As an example:

I am the [relationship to recipient] of [name of recipient] and this letter serves as evidence that I am gifting [name of recipient] [amount of gift] to be used for the purchase of the home at [complete address of property].

This is a gift -- not a loan -- and there is no expectation of repayment.

Signed,
[Signature of gifter]

To further appease lenders, gift recipients should make sure that gift funds are not commingled at the time of deposit. If the gift is for $12,000, for example, the bank's deposit slip should indicate that a $12,000 deposit was made -- nothing more, nothing less.

Don't add a random $50 check to the deposit, in other words. If you have a separate deposit to make, make it as a subsequent transaction with its own receipt. It's also worth noting that gifting funds between family members can create both legal and tax liabilities. If you're unsure about how donating or receiving a gift may impact you, call or email me directly. If I can't help you with your questions, I can refer you to somebody that can.

www.loanapproval411.com

I read as of July 2nd in California Title companies can once again issue us property profiles. That is good news, it feels like as of lately with all the down turn in the market that title companies have turned off the customer service switch. I'm sure it has something to do with the cuts they have had to make as well as the new laws. Lets hope we can all start working closer together to help buyers and sellers

Bryan & Neilla Vargem