I recently attended a Short Sale class taught by Brandon Brittingham & Gee Dunston. They are both agents for Long & Foster in Salisbury, Maryland. The name of the class is : Long & Foster SSC Certification-Short Sale Certified. They have been very successful in Short Sales! I learned so much and they answered lots of questions I had.

In their words, here are the "Four Qualifications for a Short Sale" and "Acceptable Types of Hardships" .

FOR QUALIFICATIONS FOR A SHORT SALE

1. Need to Sell

2. Hardship

3. Don't have the Assets to Pay off the Mortgage

4. Must have (or will soon have) a Short Fall (are paying out more than is coming in)

ACCEPTABLE TYPES OF HARDSHIPS

1. Loss of employment

2. Business failure

3. Major Health Issue

4. Death of Souse or wage earner

5. Death of non-wage earner

6. Divorce

7. Separation (real vs. imagined)

8. Relocation

9. Military Service

10. Payment increase or mortgage adjustment

11. Damage to Property

12. Insurance or tax increase

13. Too much debt

14. Inheritance

15. Incarceration

16. Combination of above

They also stressed the importance of agents not giving financial or legal advice!!!! Clients should be referred to a CPA or a Attorney. We could lose our license if we act as either one and give out wrong information! Pretty scary!!!!!`

They gave us great charts and time lines to follow to help us succeed if we are going to tackle a short sale!

I enjoyed the class so much, I just signed up for Part 2 on January 30th. The name of the class is:

"Short Sale Advanced Program" - It will be held at The Crown Plaza Hotel in Timonium. Can't wait!!!!!!

Here is a picture of Brandon & Gee ! Awesome Teachers!!!!!

Soon you will be writing a check or making a credit card payment for your yearly National Association of REALTORs dues. Aside from the obvious, ever wonder what you’re getting for your dollars? Well, Non-Techie Blog readers – a lot. In fact, I’m here to tell you that one of the things you get that is highly valuable is great research. And NAR’s research of consumers and of REALTORs tells us that there is a great divide between the average age of the typical home buying consumer and REALTORs. Check out these facts:

• In 1999 the typical REALTOR was 52 years of age. In 2011 the typical NAR member is now 56 years of age. This age is thought to be rising further.
• And yet, the age of the typical first-time buyer has slid to age 30 in 2011 – down from 32 in 2006.
  

Economists and market researchers call this a Generational Divide. If you want to be successful in your business do not ignore this! Get to know and understand Generation Y (Gen Y) or The Millineals, make changes in how you communicate and connect – then benefit from your efforts.

• Millineals are those born from the mid-1970s to about 2003. They were born with and fully embrace technology.
• Millineals text a lot, communicate via social media, sleep with their smartphones and value instant gratification.
• Millineals are “digital natives” or those wherein technology is an integral part of their day to day consciousness. “Digital immigrants” are late adopters that must catch up.

Thanks to Sam Jackson from Long and Foster. Our IT guy~!!!!!! I love his blogs!!!!! His actual title is::::::

Director, Information Services Training

11 Deadly Mistakes When Applying for a Mortgage

---

"...avoid disappointment and SAVE thousands by taking a few minutes to acquaint yourself with these potential mistakes.."

---

Not Knowing How Much Money You Can Put Down

It’s important to know how much you can afford to pay in down payment and closing costs when you apply for your mortgage. The more you put down the better rates and terms you’re likely to get. At the same time you also need to stay within your means and comfort level.

1. Working With A Mortgage Broker Who Has A Poor Performance Record

   Industry insiders know that the most common reason that a sale fails to go through is that the mortgage fails to go through. Ask your mortgage broker about her/his performance guarantee.

2. Not Understanding The Process

   Most of us don’t shop for a mortgage very often. As a result it isn’t something we become familiar with. Work with a mortgage broker who will take the time to answer your questions and uses terms you understand.

3. Working With A Lender Who has Only One Investor

   Not all lenders have a range of options when it comes to investors. What if that investor doesn’t offer the type of mortgage you need? Or worse yet, what if you need to change loan products after you’ve started the process? Working with a mortgage broker who has many investors enables you to address these issues without starting the process over again.

4. Making Large Purchases Prior to Your Mortgage Application

   Many people think that it is in their best interest to get large purchases completed prior to applying for their mortgage. As total debt is a key component in determining the amount of home you qualify for it is best to wait until after your home purchase has closed to make such purchases.

5. Over Shopping Your Loan

   Each time you call a lender seeking the best possible rate and terms you have your credit report pulled. Every time your credit report is pulled you risk decreasing your credit score and thus possibly decreasing the likelihood of getting the best rate and terms. Experts recommend that you select a mortgage broker with a number of investors and do your shopping with her/him.

6. Hiding Things From Your Mortgage Broker

   Most of us have experienced times of financial difficulty at some point. While it can be embarrassing to discuss issues like this, your mortgage broker is there to help you get loan approved despite such issues. Your mortgage broker can only help you with those things with which s/he is aware.

7. Making Late Payments

   Late payments, especially those within the last year, can be very detrimental to getting the best rate, terms and even the difference of being approved at all. While this might seem like unnecessary advice, ALWAYSpay on time.

8. Over Using Credit Cards

   Credit cards are a convenient way to make purchases, but if not paid off or balances kept low you might find it more difficult to get the best rates and terms on your mortgage. Keeping your total debt as low as possible helps you get the mortgage that best meets your specific needs.

9. Cosigning On Someone Else’s Loan

   While it can be a great service to a friend or loved one, signing to guarantee someone else’s loan is often a big head ache for the cosigner. Before cosigning you decide if you’re willing and/or able to assume the liability.

10. Not Getting All The Facts

    It is important to learn the total cost of your mortgage loan, both at closing and for the life of the loan. While mortgages can look a lot alike there can be subtle differences which can save or cost you thousands of dollars. Get all the facts and know what to expect.

    ---

    Mortgage regulations have changed significantly over the last few years, making your options wider than ever. Subtle changes in the way you approach mortgage shopping, and even small differences in the way you structure your mortgage, can cost or save you literally thousands of dollars and years of expense.

    Get the Right Information- Whether you are about to buy your first home, or are planning to make a move to your next home, it is critical that you be informed about the factors involved.

    Everyday people have their mortgage loan turned down because of one or more of these mistakes. By taking these few minutes to acquaint yourself with the "11 Deadly Mistakes When Applying For A Mortgage" you can save thousands on your mortgag