I have always been in search of true happiness. And at the ripe young age of ___, I think I'm really close! There are moments when every thing in life is just clicking as it should and I feel that I am on top of the world, with no problems I can’t handle. Then life throws me a curve! Over the years I’ve learned to turn to my very best friend, her name is Me, Myself and I. And what I know that God lives within Me, so I try not to disappoint Me. When I make a mistake I easily forgive Myself, just as God forgives me. More importantly, I try to learn from my mistakes. Yes, there are times I get upset and mad at Myself, but I keep working on being the best friend that I can be. I often turn to books that are more spiritual in nature because when you really think about it, it’s not really about Me and my ego, but my alignment with God, my inner peace. I say this because I know it to be true, he never disappoints me. Certainly, he does things his own way and on his own time. My faith knows that when I am out of sorts with him because I am out of sorts with life. This only means that I'm in store for a life lesson to bring me back to him, back to self.
So the answer to how I believe one achieves genuine happiness?
1. Study and practice being your best friend while aligning yourself with God.
2. Rid yourself of negative energies, thoughts that you are lacking, missing something or someone in your life and believe it all comes to you at the right time.
3. Consciously work on replacing all negative thoughts with positive thoughts, until it becomes unconscious.
4. Look at others with the attitude of love and appreciation for who they are.
5. Give to others without destroying yourself in the process.
6. Know that God will provide all that you need.
7. Release certain items or others from your demands, for this release will take away its power to disappoint you.
8. Enjoy items or others without having to be in their presence.
9. Own your own home and use me as your realtor or your next speaker on the subject of avoiding costly real estate mistakes. There’s nothing like being able to create your own sanctuary that creates wealth when you've purchased it correctly. ( I had to tie this into real estate some how) (Smile)
Pay Attention to Escrow Accounts
Section 6 of The Real Estate Settlement Procedures Act, also known as RESPA states that, lenders are required to make escrow disbursements on time! I recently experienced the lender not paying my insurance premium on time. I was made aware of this problem in a letter from the insurance company stating, that if I did not make a payment immediately my property would be uninsured. Not willing to take the risk of having to deal with the bureaucracy of a servicing company (this is who collects the money on behalf of the lender) I chose to pay the insurance premium. Then wait for a refund once I got the situation straighten. Here is how this situation could have potentially escalated into a costly mistake had I:
• Not paid attention to my escrow account,
• Read my mail or
• Not been in a financial position to pay the insurance premium.
The lender could have:
• Charged my escrow account with late fees,
• Hit me with a higher insurance premium amount through their own insurance carrier or
• Positioned me to be uninsured during the time a pipe bust costing thousands in repairs.
To take part in the Make No Mistakes™ System email me at Melissa@MakeNoMistakes.com.
• Not paid attention to my escrow account,
• Read my mail or
• Not been in a financial position to pay the insurance premium.
The lender could have:
• Charged my escrow account with late fees,
• Hit me with a higher insurance premium amount through their own insurance carrier or
• Positioned me to be uninsured during the time a pipe bust costing thousands in repairs.
To take part in the Make No Mistakes™ System email me at Melissa@MakeNoMistakes.com.
BUYING A FORECLOSURE AND APPLYING THE S.M.A.R.T. RULES
In Melinda Fulmer of MSN Real Estate article, Buying a foreclosure? Plot your strategy
http://realestate.msn.com/article.aspx?cp-documentid=20508059&pgnew=true#atoolb
She disucusses how Buying a foreclosure property is neither easy nor a guaranteed bargain. In her artcle she gives at least three tips on how beginner’s should approach this complicated part of the market.
I personally feel it was a great article stated simply and easy to understand. I added my two cents to to say, "Great article and you are so right. I would also like to add that investors looking to dive into the foreclosure market consider applying the S.M.A.R.T rules to any property to look to purchase. You can find more information on this websites www.MakeNoMistakes.com. It's a website that focuses on Avoiding Costly Mistakes including those when considering purcahsing a foreclosed property or a short sale." Best of Luck!
http://realestate.msn.com/article.aspx?cp-documentid=20508059&pgnew=true#atoolb
She disucusses how Buying a foreclosure property is neither easy nor a guaranteed bargain. In her artcle she gives at least three tips on how beginner’s should approach this complicated part of the market.
I personally feel it was a great article stated simply and easy to understand. I added my two cents to to say, "Great article and you are so right. I would also like to add that investors looking to dive into the foreclosure market consider applying the S.M.A.R.T rules to any property to look to purchase. You can find more information on this websites www.MakeNoMistakes.com. It's a website that focuses on Avoiding Costly Mistakes including those when considering purcahsing a foreclosed property or a short sale." Best of Luck!
GET YOUR $8000 TAX CREDIT UPFRONT - MAY TAKE A LITTLE TIME
An article by Kenneth R. Harney from the Washington Report wrote the article below about the $8,000 Tax Credit - This is good news for first time homebuyers that are looking for ways to come up with their down payment, but when will it really happen?
By Kenneth R. Harney
Home builders and Realtors cheered in Washington last week when HUD Secretary Shaun Donovan announced that FHA will allow lenders and government agencies to “monetize” the $8,000 federal homebuyer tax credit, providing purchasers with downpayment cash upfront, available at closing, rather than waiting for the IRS to mail them a tax credit check.
Speaking at the mid-year conference of the National Association of Realtors, Donovan said HUD supports “bridge loan” programs designed to help first-time buyers come up with needed cash.
Under the bridge loan concept, an FHA-approved private lender, a state or local housing agency, or an FHA-approved nonprofit organization could advance as much as $8,000 for downpayment and closing costs -- in anticipation of receipt of the $8,000 credit months or weeks down the road.
Sanctioning bridge loans could improve the effectiveness of the federal credit program significantly, said Joe Robson, president of the National Association of Home Builders.
Bill Riley, incoming president of the Washington State Realtors Association, estimates that half of all would-be first-time buyers lack the downpayment resources needed to complete a purchase, and therefore aren't making use of the credit.
Donovan said technical instructions to lenders for the bridge loan program would be provided by FHA shortly.
In the meantime, 10 state housing finance agencies already run credit monetization programs on their own. They include the states of Missouri, Colorado, Delaware, New Jersey, Tennessee, Idaho, Ohio, Pennsylvania, New Mexico and Washington.
Most of the programs provide second liens with no interest charges for a period of months, with the expectation they'll be paid off immediately after the homebuyers receive their IRS credit checks.
In some cases the liens turn into second mortgages with 10 year terms and floating interest rates if the buyers choose not to repay the advance with the tax credit check.
In the wake of Donovan's announcement, major mortgage lenders are likely to gear up their own programs, bringing bridge loans for first time buyers to all 50 states, not just the ten that pioneered the idea.
However, anyone who wants to take advantage of all this needs to move fast. Under the federal tax credit rules set by Congress, purchasers must close no later than November 30 to be eligible. They must not have owned a principal residence at any time during the three years preceding their purchase. Buyers can claim the 2009 credit against their 2008 federal tax returns - they just need to file an amendment - or can wait and file next April.
For a detailed Q&A on the credit program, go to www.federalhousingtaxcredit.com.
Published: May 18, 2009
By Kenneth R. Harney
Home builders and Realtors cheered in Washington last week when HUD Secretary Shaun Donovan announced that FHA will allow lenders and government agencies to “monetize” the $8,000 federal homebuyer tax credit, providing purchasers with downpayment cash upfront, available at closing, rather than waiting for the IRS to mail them a tax credit check.
Speaking at the mid-year conference of the National Association of Realtors, Donovan said HUD supports “bridge loan” programs designed to help first-time buyers come up with needed cash.
Under the bridge loan concept, an FHA-approved private lender, a state or local housing agency, or an FHA-approved nonprofit organization could advance as much as $8,000 for downpayment and closing costs -- in anticipation of receipt of the $8,000 credit months or weeks down the road.
Sanctioning bridge loans could improve the effectiveness of the federal credit program significantly, said Joe Robson, president of the National Association of Home Builders.
Bill Riley, incoming president of the Washington State Realtors Association, estimates that half of all would-be first-time buyers lack the downpayment resources needed to complete a purchase, and therefore aren't making use of the credit.
Donovan said technical instructions to lenders for the bridge loan program would be provided by FHA shortly.
In the meantime, 10 state housing finance agencies already run credit monetization programs on their own. They include the states of Missouri, Colorado, Delaware, New Jersey, Tennessee, Idaho, Ohio, Pennsylvania, New Mexico and Washington.
Most of the programs provide second liens with no interest charges for a period of months, with the expectation they'll be paid off immediately after the homebuyers receive their IRS credit checks.
In some cases the liens turn into second mortgages with 10 year terms and floating interest rates if the buyers choose not to repay the advance with the tax credit check.
In the wake of Donovan's announcement, major mortgage lenders are likely to gear up their own programs, bringing bridge loans for first time buyers to all 50 states, not just the ten that pioneered the idea.
However, anyone who wants to take advantage of all this needs to move fast. Under the federal tax credit rules set by Congress, purchasers must close no later than November 30 to be eligible. They must not have owned a principal residence at any time during the three years preceding their purchase. Buyers can claim the 2009 credit against their 2008 federal tax returns - they just need to file an amendment - or can wait and file next April.
For a detailed Q&A on the credit program, go to www.federalhousingtaxcredit.com.
Published: May 18, 2009
Mistake # 1: Buying real estate unprepared because you lack the right knowledge
Mistake # 1: Buying real estate unprepared because you lack the right knowledge
Though we encourage you to seek professional guidance throughout the real estate purchasing process, we’ll also tell you not to depend solely on these professionals. They’re human, and humans make mistakes! By all means, establish a good relationship with a professional, but do your own research too, so you understand what he or she is recommending. You can start by reading this reference guide and noting the real estate mistakes we’ve covered. You might also follow up with a seminar to further educate or refresh your memory on the buying process. It’s not every day you purchase real estate!
Throughout the Make No Mistakes About...Buying Real Estate reference guide you’ll find descriptions and explanations about the mistakes other buyers have made. You’ll also find the tools and checklists to help you Make No Mistakes™ About…Buying Real Estate, even when you work with professionals. We provide this information because it’s our goal to level the playing field between the haves and the have not’s – the people with real estate knowledge and those who have little or none. Here are just a few examples of what you’ll gain from this reference guide:
· Examine your present and future financial goals to ensure you don’t buy too much house even when a loan officer says you can afford more
· Determine which mortgage loan is best for you when you’re presented with more than one option
· Choose the best property based on your budget, “must haves” and desires in a home
· Learn the specific contractual language you should have in your earnest money contract (which isn’t included in the standard contracts)
· Know which elements will help you negotiate the best deal
· Read and understand the HUD-1 (Settlement Statement), which itemizes the financial details at closing
· Know what to do after you close in order to best protect your investment
In reality, YOU are the only one who can truly look out for your best interest. And when the transaction is complete, you are the one who is ultimately responsible for the property and for paying the mortgage loan! Go to www.MakeNoMistakes.com for more info or follow us on http://twitter.com/MakeNoMistakes.
Though we encourage you to seek professional guidance throughout the real estate purchasing process, we’ll also tell you not to depend solely on these professionals. They’re human, and humans make mistakes! By all means, establish a good relationship with a professional, but do your own research too, so you understand what he or she is recommending. You can start by reading this reference guide and noting the real estate mistakes we’ve covered. You might also follow up with a seminar to further educate or refresh your memory on the buying process. It’s not every day you purchase real estate!
Throughout the Make No Mistakes About...Buying Real Estate reference guide you’ll find descriptions and explanations about the mistakes other buyers have made. You’ll also find the tools and checklists to help you Make No Mistakes™ About…Buying Real Estate, even when you work with professionals. We provide this information because it’s our goal to level the playing field between the haves and the have not’s – the people with real estate knowledge and those who have little or none. Here are just a few examples of what you’ll gain from this reference guide:
· Examine your present and future financial goals to ensure you don’t buy too much house even when a loan officer says you can afford more
· Determine which mortgage loan is best for you when you’re presented with more than one option
· Choose the best property based on your budget, “must haves” and desires in a home
· Learn the specific contractual language you should have in your earnest money contract (which isn’t included in the standard contracts)
· Know which elements will help you negotiate the best deal
· Read and understand the HUD-1 (Settlement Statement), which itemizes the financial details at closing
· Know what to do after you close in order to best protect your investment
In reality, YOU are the only one who can truly look out for your best interest. And when the transaction is complete, you are the one who is ultimately responsible for the property and for paying the mortgage loan! Go to www.MakeNoMistakes.com for more info or follow us on http://twitter.com/MakeNoMistakes.
VA Requirements on Foreclosed Property
More protection for vetern's and the VA. A new rulings on how VA purchasers and sellers must now address home needed repairs has been announced. This a plus for homebuyers on thoses properties that are marketed AS-IS. However, a seller (Bank) could always consider another buyers offer. Read the circular below:
CIRC. 26-09-05: VA APPRAISAL REQUIREMENTS ON FORECLOSED PROPERTIES (03/31/09)
1.
Purpose. This circular reaffirms Department of Veterans Affairs (VA) policy that all properties, including foreclosed properties, must meet minimum property requirements (MPRs) prior to VA Loan Guaranty.
2.
Details. Since there has been an increased interest in the purchase of foreclosed properties, VA believes it is important to reaffirm its policies regarding MPRs. As outlined in the VA Lender’s Handbook (VA Pamphlet 26-7) Chapter 12, VA requires that all properties, including foreclosed properties, be in a condition that meets our MPRs or that there is a reasonable likelihood the property can be repaired to meet the MPRs prior to loan closing. In those cases where repairs are required, the VA appraiser must list on the appraisal report any repairs necessary to meet MPRs and provide an estimate of the fair market value for the property, as if repairs had been completed. The seller is expected to pay for these required repairs since they are included in the estimate of value. It is not allowable to escrow funds from the veteran purchaser for use in making the required repairs. Additionally, to protect both the veteran’s and VA’s interests, lenders selling a “Real Estate Owned” property may not process this case under our Lender Appraisal Processing Program; these cases must be ordered as an “IND” appraisal.
3.
Rescission: This circular is rescinded January 1, 2012.
By Direction of the Under Secretary for Benefits
CIRC. 26-09-05: VA APPRAISAL REQUIREMENTS ON FORECLOSED PROPERTIES (03/31/09)
1.
Purpose. This circular reaffirms Department of Veterans Affairs (VA) policy that all properties, including foreclosed properties, must meet minimum property requirements (MPRs) prior to VA Loan Guaranty.
2.
Details. Since there has been an increased interest in the purchase of foreclosed properties, VA believes it is important to reaffirm its policies regarding MPRs. As outlined in the VA Lender’s Handbook (VA Pamphlet 26-7) Chapter 12, VA requires that all properties, including foreclosed properties, be in a condition that meets our MPRs or that there is a reasonable likelihood the property can be repaired to meet the MPRs prior to loan closing. In those cases where repairs are required, the VA appraiser must list on the appraisal report any repairs necessary to meet MPRs and provide an estimate of the fair market value for the property, as if repairs had been completed. The seller is expected to pay for these required repairs since they are included in the estimate of value. It is not allowable to escrow funds from the veteran purchaser for use in making the required repairs. Additionally, to protect both the veteran’s and VA’s interests, lenders selling a “Real Estate Owned” property may not process this case under our Lender Appraisal Processing Program; these cases must be ordered as an “IND” appraisal.
3.
Rescission: This circular is rescinded January 1, 2012.
By Direction of the Under Secretary for Benefits
VA Taking Steps to Reduce Mortgage Fraud
In order to reduce mortgage fraud the VA is implementing certain guidelines. Someone up there is doing there homwork. :-)
The Secretary of Benefits department has released CIRC. 26-09-03: AGREEMENT OF SALE / SALES CONTRACT TO BE PROVIDED TO THE FEE APPRAISER (03/27/09)
1.
Purpose. The purpose of this circular is to announce the Department of Veterans Affairs (VA) requirement that a copy of the agreement of sale or sales contract be provided to the fee appraiser by the requester of the VA appraisal immediately upon assignment.
2.
Background. When the value opinion to be developed is market value, Uniform Standards of Professional Appraisal Practice requires an appraiser to analyze all agreements of sale, options, or listings of the subject property, current as of the effective date of the appraisal, if such information is available to the appraiser in the normal course of business.
3.
Details. VA believes that the fee appraiser must have access to such information to ensure that the estimate of value represents a proper value, which includes consideration of financing data, sales concessions, or property conditions typically contained in the agreement of sale. Furthermore, for VA loan origination purposes, VA expects that the agreement of sale is available, or would be available, to the requester of a VA appraisal.
4.
Actions. Effective immediately, the requester of a VA appraisal must provide a copy of the agreement of sale and all addenda to the appraiser immediately upon assignment, but not later than 1 business day after the date of assignment. If the agreement of sale is amended during the process, the requester must provide the updated contract to the appraiser. The assigned VA appraiser will analyze the agreement of sale and consider that analysis in establishing the fair market value of the property and any affect on VA minimum property requirement repairs. Should the requester fail to provide the agreement of sale to the appraiser, the appraiser will, upon notice to the requester, hold the assignment and notify VA of the delay.
5.
Rescission: This circular is rescinded January 1, 2012.
The Secretary of Benefits department has released CIRC. 26-09-03: AGREEMENT OF SALE / SALES CONTRACT TO BE PROVIDED TO THE FEE APPRAISER (03/27/09)
1.
Purpose. The purpose of this circular is to announce the Department of Veterans Affairs (VA) requirement that a copy of the agreement of sale or sales contract be provided to the fee appraiser by the requester of the VA appraisal immediately upon assignment.
2.
Background. When the value opinion to be developed is market value, Uniform Standards of Professional Appraisal Practice requires an appraiser to analyze all agreements of sale, options, or listings of the subject property, current as of the effective date of the appraisal, if such information is available to the appraiser in the normal course of business.
3.
Details. VA believes that the fee appraiser must have access to such information to ensure that the estimate of value represents a proper value, which includes consideration of financing data, sales concessions, or property conditions typically contained in the agreement of sale. Furthermore, for VA loan origination purposes, VA expects that the agreement of sale is available, or would be available, to the requester of a VA appraisal.
4.
Actions. Effective immediately, the requester of a VA appraisal must provide a copy of the agreement of sale and all addenda to the appraiser immediately upon assignment, but not later than 1 business day after the date of assignment. If the agreement of sale is amended during the process, the requester must provide the updated contract to the appraiser. The assigned VA appraiser will analyze the agreement of sale and consider that analysis in establishing the fair market value of the property and any affect on VA minimum property requirement repairs. Should the requester fail to provide the agreement of sale to the appraiser, the appraiser will, upon notice to the requester, hold the assignment and notify VA of the delay.
5.
Rescission: This circular is rescinded January 1, 2012.
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