Let Us Help You Buy or Sell Your Home!

"Hello, My Name is... "

New FHA Rule Regarding Purchase After Foreclosure or Short Sale

The Federal Housing Administration (FHA) recently announced a significant mortgage rule change that will allow some borrowers to get a new (FHA) Loan just one year after a foreclosure, short sale, deed-in-lieu or bankruptcy as part of the new "Back to Work - Extenuating Circumstances" program.

To be eligible for the program, borrowers must be able to prove that a major economic event such as a job loss or severe reduction in income (20 percent for at least six months) was the main catalyst in losing their home. In addition, borrowers will need to show that their income has since fully recovered, and their credit score must be satisfactory. Finally, potential borrowers will need to complete a one-hour one-on-one housing counseling session. Borrowers will need to meet all other FHA eligibility criteria.

To be deemed with “satisfactory credit,” borrowers will need to meet the following guidelines for a minimum of 12 months:

• No history of delinquency on rental housing payment.
• No more than one 30-day late payment due to other creditors.
• No collection accounts/court records reporting (other than medical and/or identity theft).

Prior to the major economic event, the borrower’s credit must have been satisfactory and in good standing.

However, even with the new rules, whether a particular borrower actually gets financing is ultimately at the discretion of individual lenders — even if the FHA rules say they can lend, individual lender rules could be significantly tighter, prohibiting them from lending below certain preset standards.

Click Here for more information... 

Your Residential Listing Agent...

What's in a name?

What's in a name?  Well, I decided to change the name of the my brokerage to Tri Coastal Realty.  It wasn't any dream I had.  It wasn't an epiphany.  It was just something I needed to do in order to build my my business and try to recruit the best and most talented Real Estate agents looking for a career change.

Changing the name in no way will change the way we do business or keep us from providing the same level of excellent customer service we always have.  If you or anyone you know is looking to Buy or Sell, Residential Real Estate, Commercial Real Estate or in need of a Commercial Real Estate Loan, we are the popular choice.

Aaron L. Roberts

CA Dept. of Real Estate-Broker Lic. #01172649

9107 Wilshire Blvd., Ste 450
Beverly Hills, CA 90210

www.NiceHomes4Sale.com

877-536-1700 Office

323-216-0165 Cell

310-933-4147 Fax

Follow Me: Facebook

Follow Me: Twitter

Follow Me: Google+

Join Me: LinkedIn

Pre-Qualified or Pre-Approved?

Having been a Loan officer for several years, this is a little something I do know about.  Many Buyers really don't know the difference between being Pre-Qualified and Pre-Approved.  Let me be the first to tell you, the differences are tremendous and may be the between getting your offer accepted on your dream home or losing out on it.

A Pre-Qualification can come in many ways, and whether you are buying a car or buying a house it means the same thing.  This means that based on what you TELL the Lender, and based on the Lender's guidelines, you are PRE-QUALIFIED to receive a loan.  This Pre-Qual letter means NADA! and may cause your offer for that coveted home to be brushed aside and will never be taken seriously by a Seller or their Agent.

What every buyer needs BEFORE they begin their home search, is to be PRE-APPROVED by a Lender.  The difference is, a Lender will request, at the bare minimum, 1 month's worth of check stubs, 2 months bank statements (Showing your Down Payment, Closing Cost monies and Reserves, if needed), and your W2's for the last two years.  The Lender will also request your approval to run your credit.  This process, and only this process is how you are PRE-APPROVED for a home loan.  This PRE-APPROVAL, which in most cases, last for roughly 90 days, will give you, the buyer, a range of a purchase price as well as give you an idea of how much you can afford.  Many buyers have an idea of how much they think they can afford or want to pay per month, but sometimes their wants may not coincide with the Lender.

Please take a few moments before you search for your home and get PRE-APPROVED by a Lender.  If you need help locating a Lender, Aaron Roberts and Associates will be glad to assist you.


As always, we know you have a choice when it comes to Broker representation, but we hope you choose Aaron Roberts and Associates for your next Real Estate Sale or Purchase.

Aaron L. Roberts

CA Dept. of Real Estate-Broker Lic. #01172649

 

9107 Wilshire Blvd., Ste 450
Beverly Hills, CA 90210

www.NiceHomes4Sale.com

877-536-1700 Office

323-216-0165 Cell

310-933-4147 Fax

Follow Me: Facebook

Follow Me: Twitter

Follow Me: Google+

Join Me: LinkedIn

Should I Use a Buyer's Agent?

This question brings up a very sticky issue.  Should you use your own Agent when making an offer on a property or should you just go directly to the Listing Agent?

When wanting to present an offer on a home, there is one constant, there will be a Listing Agent ready to receive it.  But as a Listing Agent, his/her first allegiance is to the Seller and it is in his/her power to do everything which is in the their client's best interest.  Agents walk a thin line when trying to represent the Buyer and Seller (Dual Agency), in a Real Estate transaction.

Some Buyers believe they will get a better deal or have a better chance when using the Listing Agent to present their offer to the Seller.  This is not necessarily so, and may put the Buyer at risk to an Agent bent on collecting a Double Sided Commission and not doing what's best for ALL parties involved.

As a Buyer, do your homework and make the best choice you can, for there is no right or wrong answer to this Age-Old question.

As always, we know you have a choice when it comes to Broker representation, but we hope you choose Aaron Roberts and Associates for your next Real Estate Sale or Purchase.

Aaron L. Roberts

CA Dept. of Real Estate-Broker Lic. #01172649

 

9107 Wilshire Blvd., Ste 450
Beverly Hills, CA 90210

www.NiceHomes4Sale.com

877-536-1700 Office

323-216-0165 Cell

310-933-4147 Fax

Follow Me: Facebook

Follow Me: Twitter

Follow Me: Google+

Join Me: LinkedIn

Pricing Your Home For Sale

Each of us have something we love, which if we had to part with, could not put a Price Tag on it.  One of those items is our home.

Many homeowners put a great deal of time, money and love into their homes, and when it comes time to sell, whether by Short Sale or Standard Sale, they sometimes demand a price which cannot be obtained.  Selling a home is much different than any other sales or negotiating process and pricing a home right the first time is key to a quick sale.  If a property is priced too high, many potential buyers and Agents who are searching for a home for their clients will be put off and never consider the property.  Pricing a home too high can also cause a home to sit stale and that is never a good thing.  It's never a good thing to price a property Higher than the going Market Rate with the expectations you can negotiate down if need be.

If you are a potential Seller and are curious to the Value of Your Home, please check with your Real Estate Broker.

For Information on Buying or Selling a home, please feel free to contact me.

Aaron L. Roberts

CA Dept. of Real Estate-Broker Lic. #01172649

 

9107 Wilshire Blvd., Ste 450
Beverly Hills, CA 90210

www.NiceHomes4Sale.com

877-536-1700 Office

323-216-0165 Cell

310-933-4147 Fax

Follow Me: Facebook

Follow Me: Twitter

Follow Me: Google+

Join Me: LinkedIn