Bankruptcy…by just saying it some people feel ashamed. But did you know that in some circumstances bankruptcy can stall a foreclosure on your property? It can even be used if you owe more than what the property is worth. Of course, each state has its own set of laws with regards to foreclosure, but bankruptcy is federal — it’s rule is universal in each of the 50 states. I’m going to give you some information in regards to how some of my clients…even how some of my family and friends — have used bankruptcy to stall the foreclosure of their property.
If you’ve remotely watched or read any news since 2008, you’ve probably heard bits and pieces about Fannie Mae & Freddie Mac. And if you’re one of those people that have heard bits & pieces about them, you might not know exactly what they do. Both Fannie Mae & Freddie Mac are government sponsored enterprises, or GSE. Fannie and Freddie actually played — and still play — a key role in obtaining an affordable home mortgage.
No one can really tell you with absolute certainty what mortgage rates are going to be, but everyone’s going to try. Instead of listening to the media and every different news article try to make their predictions, how about I show you a simple way to determine where *SHORT* term rates are likely going?
When it comes to how to purchase a home, most people don’t know how they start looking, what the process is, or even which inspectors to hire. I’m going to answer these questions along with many others you may have as I explain from start to finish the steps needed to buy a home.
A large percentage of people when purchasing a home usually do so by obtaining financing. The common misconception is that you need at least 20% down on the home that you’re going to purchase. Even though this will obviously save you money on your mortgage, you can actually put down as little as 3.5% and still buy a home. Although I personally recommend putting down 5 or 10%, anywhere between 3.5% to 20% is completely acceptable.
One word you’ll hear thrown around a lot in the property buying process is the word contingency. The American Heritage Dictionary defines the word “contingency” as “An event that may occur but that is not likely or intended”….this might actually get you MORE confused AFTER you’ve discovered what the literal definition is, so let me give you a simple way to think of it. When you’re buying a property, think of it as a race. The start of the race is when your offer is accepted. The end of the race is when the deal is done. Money is exchanged and the deed is swapped. Whenever you buy a property, you practically always put a deposit with a third party escrow or title company. This deposit is refundable, so long as you have contingencies in place.
A large percentage of people when purchasing a home usually do so by obtaining financing. The common practice is to save up for a home and put down 20%…right? Well, not necessarily. Although there is conventional financing done by most banks that can help buyers with only 10 or 5%, what about those with a little less than perfect credit or just a little less down?? How do we help those people get a loan? That is where most buyers turn to the Federal Housing Administration, or FHA.
Hi…my name is Davide Pio, and I’m a real estate broker. I love what I do, and I love helping my clients. My specialty is commercial and investment real estate. By this I mean I help my clients – who are usually investors – find properties that match their needs. The thing I love most about my job is the chance to enlighten my clients by showing them possibilities they never knew existed. And if my clients did know these possibilities existed, they were usually unaware of all the details and how best to capitalize on them.
One of the biggest positive factors when buying real estate is all the tax benefits you are able to realize. Real estate is actually one of the most tax-friendly investment vehicles. You can write off practically everything — mortgage payments, expenses,…even the property itself in most cases! Of course there’s multiple ways of structuring a real estate sale as well to defer tax payments.
A large percentage of people when purchasing a home usually do so by obtaining financing. In doing so, the most common first step is getting preapproved with a bank or lender. The preapproval process is fairly straightforward. First, you have to decide if you want to go to a bank – such as Bank of America or Wells Fargo — or a mortgage broker. Although there are a few minor differences between the two, there’s really one major one that I explain to my clients. That is that when you go to a bank such as Wells Fargo, they’re going to give you Wells Fargo rates. If you go with a Mortgage Broker, they can give you ANYONE’s rates…which in turn may be cheaper.
One of the most common questions asked of me is if a buyer can get a better deal by buying a foreclosure rather than a short sale or regular sale. The immediate response to my buyer is if they know what the difference between all three of them are? …usually they don’t – which is completely ok. People hear things repeatedly in the media and it’s hard to sift through what’s true and not true. I’m going to clarify the difference for you once and for all so you know the EXACT difference between all three.
One of the first choices you’re going to have to make when you decide to buy a home, is what TYPE of home you want to purchase?? Do you want to buy a condo or co-op? A townhome? A detached home? As I explained in my “Home Buying Process” video, this is going to be one of the first choices you’re going to have to make. I can’t make the decision for you, but I can help with explaining the difference so you can make a choice that works for you.
In my opinion, credit scores are one of the most obscure and methodical concepts to a client. I’ve actually had clients tell me something they swore would help their credit, when in fact it was the complete opposite. One of the many examples I have is when I had a client tell me that he never fully paid off his credit cards because paying interest helped him get a better credit score. I’m going to explain to you what determines your credit score, the best way to get and keep a high score, and some common myths about your FICO score.