Written by Scott Bird    

Today, Fannie Mae expands HomePath® Online Offers nationwide. The system is designed to collect offers and to manage the offer submission process on properties listed on HomePath.com. All offers in every state are now required to be submitted through the HomePath Online Offers system on HomePath.com.

Submit all Fannie Mae offers online at www.homepath.com.

Features

o An easy to use, self-service offer submission system, accessed through HomePath.com
o A transparent offer process that keeps Selling Agents (agents representing buyers) informed of the status of their clients’ offers
o Improved communication between the Selling Agent and the Listing Broker regarding offers

Registration is Required for Selling Agents on HomePath.com

Selling Agents who wish to make an offer on a property are required to have an agent account on HomePath.com. Please refer selling agents to training materials on HomePath Online Offers Resources Page for instructions on submitting their offers or the Online Offers Customer Support Center 1-866-218-4446.

First Look(TM) Initiative

Occupant buyers can have their offers considered before competing with investor offers. You can track the status of the listing period and countdown clock by visiting www.homepath.com. These are the basic guidelines for submitting offers.

o         Listing Days 1-3: No Offers Negotiated
o         Listing Days 4-15: Negotiate only offers from owner occupant, public entity or designated partner of a public entity.
o         Listing Days 16+: First day to enter into negotiations with investors no using public funds.

TIPs for Submitting Complete Offers –

Fannie Mae has strict requirements when negotiating and accepting offers. These tips will help reduce potential problems.

o         The local or state-promulgated contract signed by all buyers.
o         A completed Fannie Mae Real Estate Purchase Addendum signed by all buyers.
o         Prequalification letter required before Fannie Mae can accept the offer, but not required for submission.
o         An earnest money deposit (unless waived for public entities). A copy of the check is sufficient for presentation. (Earnest Money must be 10% minimum for CASH offers)
o         Owner Occupant Certification Form if buyer intends to occupy property as a primary residence. Must be signed by the occupying buyer, selling agent, and listing agent.
o         Fannie Mae does not accept electronic signatures.

Mortgage Prequalification Letter or Proof of Funds

Prequalification includes, but is not limited to, review of:

o         A credit bureau report for credit worthiness
o         Recent bank statements for verification of sufficient funds for down payment and closing costs
o         Most recent paycheck stubs for year-to-date income verification
o         Maximum loan qualification based on monthly-income-to-debt ratios

Earnest Money Deposit

Fannie Mae requires evidence of earnest money, such as a copy of the check, accompany the Offer Package. When determining the appropriate earnest money deposit, consider the following criteria:

o         The amount is reasonable and customary
o         Fannie Mae requires at least 10% (but not less than $1,000) as an earnest money payment on cash transactions.
o         Fannie Mae waives earnest money payments for public entities and only requires $500 from owner occupants utilizing NSP funds.
o         The earnest money deposit must be made payable to the designated Fannie Mae settlement agent. If the settlement agent does not accept earnest money, then the check is made payable to the listing broker.
o         The earnest money is only deposited with a contract fully executed by all parties in accordance to applicable law.
The Utah Real Estate Purchase Contract must include the language-

“Pursuant to Section 28 of the Real Estate Purchase Addendum, this document is subject to all terms and conditions set forth in the Real Estate Purchase Addendum.”

Submit all Fannie Mae offers online at www.homepath.com.

Fannie Mae – Instructions for Submitting Offers

Written by June Holder

What or Who Decides Your Credit Score?

Part 1

Just exactly what or who decides your credit score?  Where does this information come from?  It seems so complicated……

These questions come to mind of all people who start to delve into the credit world.  Sometimes it can be so confusing.  I have found some help through researching many of our different avenues of real estate; and have come up with something that I give out to many of my new clients.  It helps in understanding this credit score thing a little better.  The information below was provided by Fannie Mae Foundation.

Credit scores range between 200 and 800, with scores above 620-660 considered desirable for obtaining a mortgage.  The following factors affect your score:

1. Your payment history:  Did you pay your credit card obligations on time?  If they were late, then how late?  Bankruptcy filing, liens, and collection activity also impact your history.
2. How much you owe:  If you owe a great deal of money on numerous accounts, it can indicate that you are overextended.  However, it’s a good thing if you have a good proportion of balances to total credit limits.
3. The length of your credit history:  In general, the longer you have had accounts opened, the better.  The average consumer’s oldest obligation is 14 years old, indicating that he or she has been managing credit for some time, according to Fair Isaac Corp., and only one in 20 consumers have credit histories shorter than 2 years.
4. How much new credit you have:  New credit, either installment payments or new credit cards, are considered more risky, even if you pay them promptly.
5. The types of credit you use:  Generally, it’s desirable to have more than one type of credit–installment loans, credit cards, and a mortgage, for example.*This information is copyrighted by Fannie Mae Foundation and is used with permission of the Fannie Mae Foundation.  www.homebuyingguide.org

Next month we will learn what we can do to improve our credit scores.  Great advice!!

Written by Laura Wise

Just your luck — you have to sell your home in winter, the slowest and dreariest sales season of all …. According to the National Association of Realtor,

First the holidays and then the weather puts a chill on home shopping, many perspective home buyers are too busy and too cold.  Don’t dismay, just as you have to sell there are those who have to buy.  Make your house the one they buy…. HOW, here are a few pointers:

#1 Call me, Laura Wise, Associate Broker 435-327-1333

#2 Price your home accordingly, If your house is priced right to begin with, it will sell to that buyer who has seen the rest and wants the best.  I will supply you with a current market analysis.

#3 Are you ready? Taking care of needed maintenance and repairs is obligatory in any season. A thorough cleaning and getting rid of clutter are equally essential. Maintaining the yard and exterior appearance will improve the curb appeal which can make the difference between deal or no deal.

#4 Warm and inviting – Keep that thermostat at a reasonable temperature, or make sure your agent turns it on before the buyers arrive.  Staging, it will sell your home.  Both are additional costs, however, cold and empty or warm and inviting, which would you buy?

#5 Clear paths it might seem obvious to keep sidewalks and driveways free and clear of ice, snow and leaves. Many homeowners who have already vacated their houses have moved on, you need to make sure these details are maintained.  It’s important for reasons of safety, aesthetics and, once again, competition. A foreclosed house probably won’t have walks and parking spaces shoveled out.  I can’t tell you how many times I have pulled up to a house with potential buyers, where the walks are covered with debris and the yards are not maintained, and they have said “not interested,” without getting out of the car.

#6 Good lighting, during the winter a home may appear dark due to less daylight.  Fight the gloom. Turn on the lights, keep the electricity on, and open the window coverings, let natural light pour in. Encourage showings during high-daylight hours. Make sure you have enough outside illumination for drive-by visitors in the evening, keep the home well-lit even when you’re not there.

These are the essentials, No need to expose yourself to a high pressure salesman or unwanted obligations; call Laura 435-327-1333 I will give you the specifics and answers to your questions, Always professional; No Hassle; No Obligation; anytime and every time.

Disclaimer: Not intended to solicit  in place listings.

Written by June Holder

We Can Do It!!

A home is more than sticks and siding, more than windows and doors……it has to feel right to the client.

They have to be able to see into the future a little and see themselves actually cooking, playing, entertaining, and growing into this home.  As a realtor, this means so much to me to share in the excitement of “the find”.  I love helping people get through the challenge of making sure which home will suite them best.   That is why I find it so important to return every call that may come into my message machine.  I will be available to help or find someone who can; when people see what they want, they need to jump on it ASAP.

The market is so prime and wonderful at this time with interest rates to compliment in every way.    There are a lot of people who are afraid to make that first step towards purchasing right now, because of the media hype.

What we need to ask ourselves is, “What is the alternative?”   We could wait until the time is right……when ever that is……or taking advantage of the opportunities of low interest rates, low market sales, getting a bigger better home for less money, and being able to pay what people for many years have not been able to afford  with the lowest interest rates for decades.   What could be better?

As Americans, we still have that deep down exceptional strength that stems back to the freedoms our ancestors fought and died for; what our troops are still giving their all for.  This is part of those freedoms we are blessed with… being able to own a piece of our home land.   We can rise above the negativity that has surrounded us recently; we can survive, elevating our spirit to save our freedoms.  We Can do it, we will do it!!

Written by Scott Bird

Good news bids over four million borrowers who experienced foreclosure from 2009-2010. As reported in the Washington Post, over 4 Million borrowers will have the opportunity to have their file reviewed for potential

wrongdoing by the Office of the Comptroller of the Currency (OCC).

Do you feel your foreclosure was mishandled or that you experienced wrongdoing by the lender? Requests for a free review must be submitted and received by April 30, 2012.

More information is available at www.IndependentForeclosureReview.com or by calling 1 (888) 952-9105.

You can read the entire article at the Washington Post.

Written by Scott Bird

As many of you know, quite a bit of my work involves bank representation. After a property is foreclosed, the bank hires me to market and sell the home. One of the first things I do is an occupancy inspection. This occupancy inspection involves dogs…mean dogs…so I thought I’d share.

I made the risky attempt to open the gates and walk to the house after being warned by the neighbors of the borrower’s/occupant’s vicious dogs. Nobody has seen movement at this house for weeks. I’ve also never seen any changes to the home since I’ve been checking the occupancy. So I unlock the gate listening for any movement and all I hear is water dripping from the rain gutter. The house is about 50 yards from the fence so if there is a dog coming, there is no way to avoid a dog bite in the butt because I’m not as fast as I once was to out run a dog. I finally got to the house and stepped over all the clutter on the porch and rang the door bell. I hear nothing so I knock. Still nothing until after a few seconds I hear some movement inside by the door and know that someone is watching me through the eye hole in the door. After another minute I ring the door bell again, trying to be as polite as possible…then I see two dogs running to the front yard from the back of the house (I’m thinking the SOB let his dogs out to feed me for breakfast).

As you can imagine my heart rate QUADRUPLED, and I just stood there with fear in my eyes. Luckily the dogs didn’t see me and headed for the front fence. I was hoping that they would leave the property because I left the gate open in case I need a quick exit. Well…dah. I was 50 yards away so it wasn’t going to make any difference. All I could do is stand on the front porch motionless. I range the door bell too about 30 times, hoping the guy inside would have some mercy on me…NOPE. He’s probably inside sitting back enjoying the show. Then, one of the dogs spotted me…probably smelt the urine running down my leg (just kidding, no I did not wet my pants) and slowly walked towards me growling. He was the pit bull type which made it worse. Then the other dog, more of a border collie type saw me. He stared for a minute and then a third dog came out from the back of the house. Now what? Can this madness get any worse? I had no idea what to expect or what I was going to do. I was going to call someone but that wasn’t going to keep me alive. It was just going to get someone else out here to clean up the mess after the attack.

And then God answered my prayers and the second dog approached and started licking me and jumping up on me. Usually I don’t like dogs jumping on my clean clothes but in this case, I really didn’t care. The other two dogs started in on the action and we had a very good moment…I could have cried and I walked slowly away from the home and out the gate.

What I really wanted to do was turn around and laugh at the guy inside but he probably had a shotgun in hand and I didn’t want to make the situation worse.

Life is Good!

Written by Scott Bird

Cedar Highlands offers some of the best views of Cedar City and the surrounding areas. This subdivision towers over the area in a seclude mountain area. Although it is not a private gated community, the drive through traffic is minimal and the privacy enhanced.

Written by stratum

Everything included with this 3bd/2ba move in ready home.  This energy efficient home has ceiling fan in Master Bedroom, including a ceiling fan in living room with dbl pane windows throughout home.

Freshly painted inside and out and includes vaulted ceilings with an open floor plan.  Master has a walk-in closet with master bath-shower combo in master bath, and 1 of 2 guest bedrooms has walk-in closet with guest bath close by.  Compact organized kitchen with pantry for lots of storage; plumbed for a dishwasher but unit not included.  All appliances and most furniture will stay with this immaculate turnkey home.

Low maintenance fully landscaped picture perfect yard with front and back wrap-around driveway and lots of mature trees on .46 acre lot.  The front and back are fully landscaped with low maintenance gravel, and easy watering with a drip system to all trees and shrubs with plenty of gardening room in deep back yard.  Utilities for this home are minimal cost efficient, nice second home option, starter or retirement home.

Included are RV hookups, 2–8’x12′ storage sheds (one with workshop capabilities) and drip system for trees and shrubs. Wonderful views of the mountains and valley around Enoch, 10 minutes to Cedar City or I15; or Southern Utah National Parks.  Great views, great neighborhood, excellent choice.

Written by June Holder

Great Home! 3 bd/2ba/oversized 2car garage on quiet low traffic cul-de-sac in friendly neighborhood.  Large open floor plan w/lots of storage space throughout.  A large kitchen with cabinets galore with nice deep pantry for kitchen needs; a long bar with stool-chairs separates kitchen from dining area.  Living room adjoining kitchen opens to large entertaining living space.  Large Master is large enough for king sized bed with walk-in closet and master bath adjoining with bath/shower combo.  Number two and three bedrooms good sized across hall from guest bath entertaining bath/shower combo.   (View on Realtor.com)

Covered patio off dining area includes a natural gas connection for BBQ; the patio opens to gorgeous view of mountains and valley terrain.  Extending further to the east of the property is a utility shed for tools, etc storage; a garden spot beyond the fully fenced and fully fenced landscaped back yard sporting a horseshoe pitching pit to the east corner.  A 36’x36’corral and 10’x16′ storage-barn are south of the house with mature trees shading the roomy recreation area.   Beyond the fully fenced back yard to the west is a .50 acre lot that is included with the property; the lot has a separate tax ID# and can be sold separately or developed as pasture for animals.  Water is serviced through Enoch water company which supports this gorgeous yard area very well.

This property has an inviting country feel and such a calming atmosphere among the cool shade trees front or back.  Just the place to get away from the noise and hastle of city life, just 10 minutes from Cedar City, or I-15, short drive to St George or many National Parks here in Southern Utah.  Great place to live!

Written by Brandon Schank

Missed mortgage payments, short sales, and foreclosures can all drastically bring down a credit score.

Lenders use credit scores to measure how well a person handles debt. Credit scores range from 300 to 850, with 650 and below considered poor credit. A mortgage makes up a big part of a person’s credit score and often is the most important part of a person’s credit profile.

And just missing a single mortgage payment by 30 days can ruin a credit score, say FICO and VantageScore, which have studied the impact mortgages can have on credit scores. For borrowers, that can be nearly as destructive as a foreclosure to a credit score, according to the companies.

On the other hand, loan modifications, which is when lenders approve new loan terms, have a “very, very minimal” impact to credit scores, possibly dropping the borrower’s score by 10 or 15 points, Sarah Davies, the senior vice president for analytics at VantageScore, told The New York Times.

A good credit score is important not just for financing home purchases, but employers increasingly check credit as well as landlords when seeking rentals. Also, poor credit scores can also mean higher costs on car loans and credit cards.

How a Credit Score Is Affected

FICO evaluated three various scenarios of mortgage holders — a borrower with a great credit score (780), a borrower with good credit (720), and a poor credit borrower (680) — in a study it conducted last month. Here’s the impact FICO found:

? 30 days late on a mortgage payment: The 780 credit score borrower has her credit score fall to 670-690. The 720 credit score borrower has his fall to 630-650. The 680 credit score borrower falls to 600-620.
? Short sale, deed in lieu of foreclosure, or settlement, assuming the balance has been wiped out: The 780 credit score borrower falls to 655-675; the 720 credit score falls to 605-625; and the 680 credit score drops to 610-630.
? Foreclosure, or short sale with a deficiency balance owed: The 780 credit score drops to 620-640; the 720 credit score falls to 570-590; and the 680 credit score decreases to 575-595.