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Record low interest rates, combined with deeply discounted home prices, have bottom fishers swimming frantically, in search of the perfect deal on the perfect home.  But, before you strike, beware.  Read our 5 Tips to Avoid Getting Hooked in a bad way.

1. 1.  Think Long Term:  This is a market for smart bottom fishers, not flippers.  In this market, our advice is that you should plan to buy a home to live in, then hold it for 3-5 years, at the minimum.  Our reasoning, first, prices have not fully stabilized at these levels.  Secondly, there is no indication that prices will rise any time soon.  Last of all, we are still facing a rise in foreclosures in 2010, which will keep downward pressure on the market. 
2. It’s All About the Local Market:  We have all heard the golden rule of successful real estate investing…Location, Location, Location.  In other words, if you have a choice between a bigger home in an ‘iffy’ area, or a smaller home in a better one, always pick the the Good Location.  Remember, when comparing locations, real estate markets are entirely a Local matter.  There are big differences within neighborhoods, zipcodes, school systems and suburban towns.  Focus on the hottest area’s and the ones that are conveniently located near major employment centers.  In rough sea’s, these area’s will always rebound the fastest and appreciate the most. 
3. Be Wary of Foreclosures:  While some foreclosures may be a great buy, many of these properties are “cheap” for good reasons.  Many of the homes weren’t great to begin with and most have been terribly neglected.   Carefully look for mold, water penetration, structural problems, missing appliances, soiled carpets and flooring underlayments, broken windows and glass, strange odors and any evidence of illegal drug trade.  Also, never get emotionally attached to a foreclosure home.  Banks are notoriously hard to deal with and they can take forever to respond to offers.  Some buyer’s report a wait of several months before the bank approved an offer, or not.
4. Get Pre-Qualified for a Loan:  Submit your letter of loan approval with any offer you make on a home.  Banks always require a letter of pre-qualification before considering a bid, as will any serious seller.  With proof of funds in hand, you will be taken much more seriously by all seller’s, and you will in the end, get a much better deal on the house.   Getting Pre-Approved for financing is no lose proposition.
5. Don’t Take Chances.  Buyer’s are in the drivers seat and a lot of great values are available, but please don’t overspend.  The job market and general ecomony are uncertain.  Make sure you can afford the property, even if you find yourself in a bad or unexpected situation.  Even the perfect property can turn into a nightmare, if you can’t reasonably afford it. 

Thank you for visiting InfoTube.net homes for sale and rent website.  Property Owners can place free listings on InfoTube.net.  Buyers can search the site in complete privacy (no registration) for great deals seen no where else without pesky popups and dead links.

Low Appraisals and Appraisal problems are causing a lot of headaches for sellers, buyers and agents.  For a look at one customer’s problem with an appraisal and some practical solutions to solve the matter, CLICK HERE.

Thank you for visiting InfoTube.net.  We invite you to place a Free Property Listing or Search for some great deals on our site.  We have listings seen no where else and we have NO dead links or come on ad’s.

If you are selling a home that qualifies for FHA financing, you are required to complete a Transfer Disclosure Statement (TDS), before the buyer’s loan can close.  With closings taking up to 90 days to happen, it is imperitive that you don’t hold up your sale.   See the criteria below to determine if you need to complete this form.

1. If the home qualifies for FHA financing, and you occupy the home, you MUST complete this form in order to sell your property.
2. If you are advertising your home as a “short sell” and live in the home, you MUST complete this form in order to sell your property.
3. For those homes listed by an agent or broker, the agent only has to request the form from the seller 3 times and they are off the hook.
4. This form is not required for non-owner occupied housing (ie: foreclosures and bank owned).

With the first time buyer tax credit expiring in a couple of months, you don’t want to lose a sale because you have not completed this simple form.  Make sure you complete it and provide it to all buyer’s.

Thank you for visiting InfoTube.net.  We are here to help you buy and sell real estate.  Post a Free Ad on our website or Search our database, in complete privacy, for some great deals on houses.  Home sales are definitely picking up, don’t let the end of the selling season pass you by.   Have a great weekend and happy selling!!

Low home appraisals are becoming a huge obstacle for homeowners and sellers. 

After years of succumbing to pressure to inflate appraisals for greedy lenders, anxious to make loans, it seems that appraisers have done an “about face”.  Now, the biggest obstacle to selling a home or refinancing one is the appraisal.   Like with all back lashes, it seems that the recently lax appraiser has now “over corrected” the problem to the determent of the housing market.

To read more about how to address low appraisal issues, Click HERE.

Thank you for visiting InfoTube.nethomes for sale website.   Property owners can place a Free Property Listing on our site and Buyers can search for thousands of homes seen no where else on the web.  Check it out today!

On Thursday, the government announced two programs that may help thousands of homeowners that are sinking in debt avoid foreclosure.

Treasury Secretary, Tim Geithner, said “Today we are announcing a new program component to help homeowners obtain modifications in areas suffering from price declines.  If a modification is not possible, we are announcing steps to encourage the quick private sale or voluntary transfer of property, which will save homeowners money and protect their financial future.”  Geithner went on to say that, “These are critical steps in stemming the foreclosure crisis and stabilizing the housing market, both of which are critical to your economic recovery”

The Program in a Nutshell:

1. Foreclosure Alternatives:  The program increases the odds of closing a short sale by streamlining the process and offering incentives to lenders for participation.  The program is designed for homeowners who are eligible for a loan modification, but can not qualify for one.  Under the new program, lenders may receive compensation up to $1000 for completing a short sale.  Borrower’s may receive up to $1500 for relocation expenses.  Holders of 2nd mortgages will receive up to $1000, if they agree to the terms of a short sale.

Why This New Program May Help:

1. A short sale is the last step before foreclosure, and is far less costly for lenders and borrowers.   Selling short is less damaging to the homeowners credit and they are less costly for banks and lenders.   Survey results show that losses from short sales average 19 percent versus losses of 40 percent in the case of foreclosure.
2. Currently, more than 75 percent of short sale contracts fall apart, despite sometimes heroic efforts on the part of the borrower.  Lenders have for the most part been uncooperative when responding to offers on short sales, which means the properties sit vacant and pull down values in the entire area.
3. The new program may provide a much needed boost to the current Making a Home Affordable program.  Despite good intentions, the program has only helped 55,000 homeowner’s modify their loans.   In comparison, there were 342,000 foreclosure filings in the month of April, alone.

  Stop The Sinking Feeling.   If you are struggling to pay your mortgage or you are falling behind on your payments…CALL YOUR LENDER TODAY!!   Don’t procrastinate, the problem will only become larger if you wait.   You may also waste valuable time in stopping a foreclosure on your property, which is the worst case scenario for borrower and lender alike.

Thank you for visiting InfoTube.net.  Since 1988, our business has been helping owners  market and sell their property.  If we can assist you or answer any questions, please use the comment link below.  All comments are anonymous and your privacy is assured.

In a bad economy, housing con’s, scams and fraud are on the rise.   The increase in real estate related scams is up so much this year that the Obama administration is involved, and promises “We will shut down fraudulent companies more quickly”.

Here are some of the most common scams seen in the housing industry and tips about how to protect yourself and your family.

Promise to Stall or Halt Foreclosure

Foreclosure scammers are the worst of the worst.  Like vultures, they swope down to pick at the flesh and bones of weak and vulnerable.   These companies promise to stall, avert or stop the foreclosure process.  Many families which are facing the loss of their homes interupt their “pitch” as an answered prayer.   Don’t Fall for It. 

Homeowner’s can identify these companies because they always ask for an upfront fee for their service.   In addition to losing thousands of dollars to these con men, the victims also waste precious time in working with their lenders, which means that this scam can actually speed up the foreclosure process.

Homeowner’s are advised to check with the Better Business Bureau, their lender and the Hope Now organization, before doing business with any company promising the stop a Foreclosure.  

Loan Modificiation

The state of California issued permits to real estate agents for loan modifications.  The state now has almost 600 Realtors, so far, that can collect upfront fee’s for negotiating loan modifications and short sales with lenders on behalf of the homeowner.

We have heard reports that some of these companies charge $2500-$3000 to negotiate with lenders, saying they provide more service and expertise than overworked non-profits do.

Consumers should ALWAYS be on High Alert if they are ask to pay upfront fee’s to anyone, especially when the service provider can not guarantee results.   There are a lot of starving real estate agents out there, so beware and always verify credentials before paying for any upfront service.

Where to go for Real Help.

1. Homeowner Preservation Foundation.  1-888-995-4673 
2. Hope Now    Website Link
3. Making Home Affordable. gov   Website Link
4. Your Lender
5. Beware:  Don’t be fooled into working with companies because they have official sounding names and copy cat websites.  The government recently shut down 5 companies and issued warning letters to 71 others who are operating under names that sound legit, but aren’t. 

Thank for for visiting InfoTube.net homes for Sale and Rent Website.  The website where Property Owners can place a Free Listing and Home Shoppers can Find thousands of properties seen no where else on the web.

People who are gainfully employed, with solid credit, and have a down payment can buy a lot more house these days, thanks to record low interest rates and home prices.

The average interest rate for a 30 year fixed-rate mortgage fell to 4.79 percent on Wednesday, after the Fed announced that it would begin buying up bonds and mortgage-backed securities.

The real estate market has recently seen a pick up in activity due to the $8000 tax credit for first-time buyers. And, the huge drop in lending rates yesterday, put a huge layer of icing on the cake for home seller’s. When people, who can qualify for a loan to buy a home, see the combination of tax incentives, low interest rates and dramatic price drops, the ones that are sitting on the fence, jump in and buy. Urgency to buy and refinance is also important when rates fall this low, as often the drop is temporary, as it was in January 2009.

The convergence of ecomonic stimulus does benefit some Americans more than others, however. People who do not have a down payment or good credit are less likely to benefit from the postive news, as are the 14 million Americans who are upside down (owe more on their home than it is worth) or face foreclosure. More than 13,000 struggling homeowner’s are calling the Homeownership Perservation Foundation each day. The hotline for help number is 1-888-995-HOPE.

Thank you for visiting InfoTube. net homes for sale website. Spring is here. Rates are Low. House Prices are Fantastic. Tax Incentives Abound. Buyers, Get off the Fence and Lock in the Deal of Your Lifetime. The fact is you have to live somewhere, and if renting was so great, ask yourself why your landlord owns??

The Obama administration has given lenders the “Go Ahead” to begin modifying mortgage loans for homeowner’s facing financial hardships.   The Foreclosure Prevention Plan program is designed to ease the downward pressure on home prices, keep qualified people in their homes and prevent more foreclosures.

The Guidelines for Qualifying for this Program are as follows:

Eligiblity and Qualification:

1. Loans must be originated on or before January 1, 2009.
2. $729,750 is the maximum loan balance.
3. The property must be Owner Occupied.  Investor-owned, Vacant and Condemned properties are Excluded.
4. Borrowers must FULLY document income by providing their last 2 paycheck stubs, tax returns, and must sign an affidavit of financial hardship.
5. Owner occupancy status will be verified through credit reports and other documentation.
6. Incentives will be given to lenders who modify loans for risky borrowers, who have not missed payments yet.
7. Loans can be modified only once.

Loan Terms and Procedures:

1. The modified monthly mortgage payment can not exceed 38 percent of the borrower’s gross (Earnings before taxes) monthly income. 
2. Lenders must follow steps to reduce montly payments to 30 percent of gross income.  First, the initial interest rate can be lowered to a floor of 2 percent;  Second, the lender can stretch the loan term to a maximum of 40 years;  Then, principal debt can be forgiven, but only if the lender agree’s to do so.
3. Monthly Payment Calculations must include principal, interest, taxes, insurance, flood insurance and homeowner’s or condo dues.
4. Monthly Income includes wages, salary, overtime, fees, commissions, tips, social security, pensions and other sources of taxable income.

Incentive Payments to Lenders and Borrowers:

1. Lenders will receive $1000 for each loan they modify.  They will also receive $1000 per year on performing modified loans.
2. Homeowners who pay their modified loan on time will receive a yearly $1000 principal reduction for 5 years.
3. The lender receive a one-tine bonus of $1500 on each loan they modifiy for borrowers who are current on their mortgage payments.
4. Similar incentives and bonuses will be paid to Hope for Homeowner refinances.
5. Incentives will be given to lenders who extinguish 2nd mortgages on modified loans.

Accountability and Loan Transparency:  No More Liar Loans

1. Measures to prevent and detect fraud, such as documentation and auditing requirements, are a central point of the program.
2. Lenders are required to collect, maintain and share records for verification and review.  Records include borrower eligibility, underwriting, property verification and other documentation.
3. In some cases, property appraisal will not be required. 

To verify eligibility or check requirements, the goverment has a question and answer website.  Visit Financial Stability to learn more about qualifying.

Thank you for visiting a href=”http://www.infotube.net”>InfoTube.net homes for sale website.   Go to InfoTube.net to place a Free Property Listing, or Search our database for thousands of great homes for sale.

Homeowners:  If you have received a notice of foreclosure on your property, there may be a easy and legal way to stall the lender.  

Recent reports have shown that some homeowner’s have been successful in delaying a foreclosure sale, by simply requesting that their lender provide copies of their original paperwork for the loan.  It seems that some of our banks and lender’s are often unable to locate the actual paperwork securing the loan against the property.  Opps!

Ask your attorney to demand a copy of your original loan documents.  If the bank can’t come up with them, they can’t foreclose on your loan until they do.   

Thank you for visiting InfoTube.net homes for sale website.   We appreciate any comments or questions that may assist other’s in the housing market.