How to Buy a House Step 1 "Get Prequalified for Your Loan" - Real Estate Mortgage Prequal

When Buying a Property many people ask, what is the first step, Should I Get Pre-Qualified for a Loan first?




The answer is Definitely Yes! Before you start looking to purchase a new home or condo, you should review your finances, discuss your home loan options, figure out how much you can afford, and get pre-qualified. Getting Pre-qualified is a simple process thatwill put you in a much better position because you will have the confidence to move forward with a purchase and it will give you significantly more negotiating power when purchasing.

What does it take to get pre-qualified for your loan? Not as much as you might think... With a short phone conversation, we can briefly review information about your employment, debts, income, and assets. We can also look at your credit profile, discuss your down payment options, and cover the different loan programs that can work for you.

Once you get pre-qualified, your loan officer will give you what's called a Pre-Qualification Letter. This letter states that, as your loan officer, they have reviewed your finances and can get you qualified for a loan up to a certain amount. The whole process is simple and to the point,the paperwork is kept to a minimum, and generally your loan officer can provide most clients with a "Pre Qual letter" within about 15 minutes.

Once pre-qualified then you can go out and find the home or condo that catches your eye. Once you and you decide on "the one", being pre-qualified for your mortgage will do a couple of things. First, it lets you know in advance how much you can offer. Second, your real estate agent(me) wil submit your mortgage prequalification letter with your offer so that the seller knows that a lender has reviewed your situation and that you can afford the home.

It puts you in the best possible position and gives you the most negotiating power when buying a house, so make sure you get qualified in advance.

Contact me if you have any questions or need any help,

Oliver Graf

Real Estate Expert
http://www.ThinkOG.com

How To Make Sure You Don't Over Pay When Buying A House

Local San Diego Realtor's and National Real Estate Speaker's Oliver Graf and Sam Khorramian reveal the secrets on making sure you don't pay too much when you buy a house or condo.

When buying a home, town house, condo, high rise unit, or an investment property, making sure you don't over pay is key.

Watch this quick video on "How To Make Sure You Don't Over Pay When Buying A House"



Some quick tips on how to make sure making sure you don't over pay when buying a house or condo.

- Be sure to throughly evaluate all the comps. Look at what is active, pending, and sold. Stay within half a mile of the subject property and only look at sold properties 3-6 months back at most.

- Drive the neighborhood and surrounding areas at different times of day so you get a feel for the "location". As they say real estate is all about "location, location, location".

-Find Out How Much the Seller Paid

-Determine the Seller's Mortgage Balance

-Look at how long (how many days) the home has been on the market.

If you have any questions feel free to contact me, Talk to you soon!

Have real estate questions? http://www.thinkog.com/

To your Success,

Oliver Graf

How To Lower Your Real Estate Property Taxes...

How to lower your property taxes

Despite home prices in major urban centers decreasing 31 percent between 2005 and 2009, property taxes across the U.S. increased by nearly 20 percent. There is good news, however; homeowners can fight back.

Making sense of the story

- Homeowners should keep in mind that property taxes do not always correspond with home values, because local governments typically don’t measure values every year and some have limits on annual property-tax increases.

- As a result, current property taxes might reflect the home’s value when the market was healthier. According to the Congressional Budget Office, property-tax adjustments lag behind changes in home prices by an average of three years.

Although homeowners cannot change their property-tax rate, which is set by the local government, homeowners can get their assessment lowered if they appeal to their local assessor.

One key to a successful appeal is fact checking the assessor’s work. About half of all successful appeals come from homeowners pointing out an error in the assessor’s description of the home, according to one property tax expert.

- During the appeal process, which is similar to a less-formal court hearing, homeowners may present their case to several local officials or representatives. The simplest way to convince officials that a property has been incorrectly valued is to provide evidence of the sales price of homes that are comparable to the property being discussed. This should include square footage, amenities, and neighborhood characteristics. Sale documents and photos of the property in question, as well as the comparable properties also should be brought in.

- Homeowners who have made improvements or substantial changes to the property should be cautious about appealing an assessment though, as it could have negative effects and actually increase the property’s value and, in turn, the property taxes.

From Aug 25th, 2011. C.A.R's Market Matters
Reprinted with permission of the CALIFORNIA ASSOCIATION OF REALTORS®


Contact me if you have any questions or need any help with Real Estate,

Oliver Graf

Real Estate Expert
Follow me on Twitter: Twitter.com/OliverGraf360

Senate Bill 458 gives added protection to short-sale hopefuls

On Friday July 15th 2011, Gov. Jerry Brown signed Senate Bill 458 (Corbett) into law. The new law, which contained an urgency clause and became effective upon signing, protects homeowners pursuing short sales by barring first and secondary lien holders from going after sellers for money owed after the short sales close.

Making sense of the story

-- A short sale – a transaction in which the homeowner sells the property for less than is owed on the mortgage – must be approved by the lien holder or lien holders, if there is more than one.

-- Under previous law (SB 931 of 2010), a first mortgage holder could accept an agreed-upon short-sale payment as full payment for the outstanding balance of the loan, but the rule did not apply to junior lien holders. SB 458 extends the protections of SB 931 to junior liens.

-- The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) sponsored the bill and urged lawmakers to pass this much-needed legislation.

-- “The signing of this bill is a victory for California homeowners who have been forced to short sell their home, only to find that the lender will pursue them after the short sale closes and demand an additional payment to subsidize the difference,” said C.A.R. President Beth L. Peerce. “SB 458 brings closure and certainty to the short-sale process and ensures that once a lender has agreed to accept a short-sale payment on a property, all lienholders – those in first position and in junior positions – will consider the outstanding balance as paid in full, and the homeowner will not be held responsible for any additional payments on the property.”

From July 21, 2011. C.A.R's Market Matters
Reprinted with permission of the CALIFORNIA ASSOCIATION OF REALTORS®



Contact me if you have any questions or need any help,

Oliver Graf

Real Estate Expert
Follow me on Twitter: Twitter.com/OliverGraf360

Short Sale News for Homeowners: Treasury expands HAFA short sales program for vacant properties

The Treasury department recently announced several changes to the Home Affordable Foreclosure Alternatives (HAFA) program to make the program accessible to more borrowers and properties. With the lackluster numbers on permanent HAMP modifications and other widely reported problems, HAFA and short sales may become a bigger focus for policy makers, loan servicers, and REALTORS® in 2011.

One particularly notable change announced relates to HAFA eligibility of vacant properties. Previously, only properties which were vacant for 90 days due to employment-related moves of more than 100 miles were typically eligible. Under the new HAFA guidelines, previously owner-occupied properties which have been vacant or rented for up to 12 months are eligible as long as, among other things, the seller has not purchased another property in the interim.

The new guidelines are effective Feb. 1, 2011, and are not applicable for, among others, loans owned or guaranteed by government owned or sponsored entities including Fannie Mae, Freddie Mac, FHA and VA.

From January 26th, 2011. Market Matters Weekly Advisory
Reprinted with permission of the CALIFORNIA ASSOCIATION OF REALTORS®



Contact me if you have any questions or need any help,

Oliver Graf

Real Estate Expert
Follow me on Twitter: Twitter.com/OliverGraf360

How to Get More Real Estate Deals Tip 1: Legal Notices and Notice of Defaults

Legal Notices / Notice of Defaults

You can start to look for legal notices in small papers usually on weekdays. There are also legal newspapers in many communities that most of the general public is unaware of. Do a little research in your local community to find where you can find these free postings to prospect.

The County Records/Courthouse is another place to find these lists for free. Sometimes they can be a bit tricky to find so I'd recommend asking for help as soon as you get there.

The best place to go for the lists is the County Recorder’s Office or the County Clerk. Usually, there will be a computer or filing system that you can use to pull the most current recordings of default.

Purchasing NOD Lists: There are a lot of companies out there that can help you pull the list for you every day. These companies are great and they make your job a lot easier by pulling all the NODs for you as well as doing a reverse look up to find their numbers as well. Depending on the city of your choice you can find prices anywhere from $20-$140 per month.

If you decide to purchase these NOD lists it is important that they are selling you CURRENT filings. You do not want to be calling on NODs that are a month old. You also want to make sure that they include the Homeowner’s phone number. Some companies will sell you these lists without phone numbers. This is a big waste of time. Also, make sure they will send out new lists daily. You want to do your best to be the very first person to call the Homeowner. The early bird gets the worm. You will want this information as fast as possible every day.

For optimum results, combine your phone prospecting efforts with your mailing campaigns. Think about it... how powerful would it be to call or door knock a prospect AFTER they have already received a few of your marketing pieces. It will get you the deal every time and chances are no one else is doing it!

Make sure you track your NOD lists by date so that when you follow up on your mailings with a phone call or a door knock it is all organized in a manner to make your follow up easier. Write out your marketing plan for you list in advance and then follow it.

Remember...it can take up to 7 touches before you get the deal. Don’t stop short, keep calling, mailing and knocking your list.... The fortune is in the follow up!

Good luck, now go out there and get more deals.


To your success,

Oliver Graf
Real Estate Expert

Understanding the Real Estate Foreclosure Process (3 Steps)

In this market, housing values are declining as unemployment is increasing. For a homeowner, that means that the value of the house will be “upside-down”, and the market value of the home is actually less than the loan amount. Due to high unemployment we have seen a rise of foreclosures, where the bank takes back the property.

Foreclosure is the proceeding in which a bank or other secured creditor sells or repossesses a real property after the Homeowner has failed to comply with an agreement between the lender and the borrower (a mortgage or a deed of trust).

This happens when a property owner stops making their mortgage payments. After consistently missing payments the lender will usually consider the loan in default and begin with the foreclosure proceedings. The Lender at this point has the right to sell the property or even call the loan due.

All short sale / foreclosures have 3 steps in the timeline towards the property being sold.

1. Notice of Default (NOD):
A Notice of Default is a public notice given to the homeowner. In some states the notice is posted on the window or door. When a borrower is in default, or behind in mortgage payments, the lender will seize the home. In California lenders usually do not file an NOD until the homeowner is at least 90 days behind in payments.

2. Notice of Trustee Sale (NOTS):
A Notice of Trustee Sale is a public notice, published in a newspaper communicating a date for auction. This is also generally posted on the door; it will be a minimum of 21 days before the sale takes place.

3. Auction:
An auction is a public place where properties are auctioned to the highest bidder.



To your success,

Oliver Graf
Real Estate Expert