I looked around, everything looked vaguely familiar. The computer was in a different place. I went through my business cards, and there was a different picture, evidentially I have changed agencies, and for the better it appears.

Wow, sorry it’s been so long. Come back and I promise you some interesting information.

A study of 24 million credit files by national credit bureau Experian and consulting company Oliver Wyman has shown that home owners with high credit scores are 50 percent more likely to deliberately walk away from a mortgage than lower-scoring borrowers.

The industry calls these “strategic defaults” and their numbers grew to 588,000 in 2008, double the total in 2007, and well beyond most earlier estimates.

The study determined:

• Strategic defaulters tend to go straight from paying their mortgages dependably to not paying at all.
• Strategic defaulters are heavily concentrated in negative-equity markets like California and Florida.
• Two-thirds of strategic defaulters have only one mortgage.
• Most likely to default are home owners with large balances and the highest credit ratings.

Piyush Tantia, an Oliver Wyman partner and a principal researcher on the study, said strategic defaulters “are clearly sophisticated” and look on the decision to default as a business strategy. “Well, I’m $200,000 in the hole on my house, and yes, I’ll damage my credit,” Tantia says of defaulters.

Source: Washington Post Writers Group, Kenneth R. Harney (09/27/2009)

REALTOR® Magazine-Daily News-Guess Who’s Ditching Their Mortgages?

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It is possible to buy a home with only 3% down with an 80% 1st Mortgage and a 17% 2nd mortgage.  There are no payments due on the 2nd for 5 years and then you begin paying it down at the same interest rate as the 1st.  The First mortgage is a 30 year fixed.

This is a great mortgage program that may help you become a home owner.

Call at 949 632-4883 and we can help you find the right mortgage for the right home.

Well, meet Kirk Hamilton.

Kirk Hamilton and Nancy Semos In Front of His New Home

Exactly 2 months after our first meeting with Kirk, I took this picture of him and Nancy in front of the condo he had just purchased in Culver City.  60 days, to qualify for a loan, find a home that met his needs (in LA no less), make an offer and have it accepted and close on the unit.

Now Kirk is a very intelligent person, and we are luck to have him as a client-and a friend-and that certainly helped move things along.  More to the point, though, is that Kirk was focused on buying a home.  He knew what he needed in a home, he knew what areas he was interested in, and he gave us his time and attention in the search.  He got his financial information in order and met with the fabulous Kris Szabo from Mission Hills Mortgage with every thing she needed to qualify him.  He didn’t get discouraged when he had 2 offers rejected.  He wasn’t afraid to make a few tough choices when he needed to.

And today he is moving into his new house.

Sometimes I love this job.

Bringing the Dream of Homeownership Within Reach

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.

Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

Who Qualifies?

First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?

The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Will the Credit Be?

The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:

The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.

The buyer’s income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.
Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

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DC Office: 500 New Jersey Avenue, NW, Washington, DC 20001-2020 I 1-800-874-6500

I haven’t been in a non-short sale property in months that didn’t have people waiting on the curb to get in. If it was reasonably priced and didn’t need $50,000 in carpet or paint, the homes have had multiple offers. Last weekend, we wrote offers on two homes, well over asking, and still had counters well over $50K over our offer.

Every buyer needs to appreciate that the market today is not logical. It is not just the buyers. The agents seem to forget that they are suppose to facilitate the sale, not be a barrier to it. Short Sales have been a nightmare, but it seems that at least some agents have adopted an all short sale all the time attitude.

Be patient, buyers, we will find you a home. Just don’t think that your going to get an easy bargin.

See this article for more: http://www.realtor.org/RMODaily.nsf/pages/News2009050501?OpenDocument