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DCHA HOMEOWNERSHIP DOWNPAYMENT ASSISTANCE PROGRAM

The Dane County Housing Authority, (DCHA), offers interest-free, deferred, Down Payment and Closing Cost loans to income-eligible, first-time-home-buyers. Loans are available on a first come, first serve basis as funds are available. The DCHA Down Payment and Closing Cost Loan Program is a gap financing program for income-eligible first time home buyers providing up to $12,000 per transaction in the form of a zero interest, deferred payment loan.

TO QUALIFY
Household must be first time homebuyers purchasing in Dane County, outside the city of Madison. First time homebuyer is defined as never owning a home or not owning in the last three years.

Home must be owner-occupied in the form of a single-family home, ½ duplex, townhome or condominium. Income property is not allowed for this assistance.

Household income may not exceed 80% of County Median Income.

Borrower must bring a minimum of one percent (1%) of the purchase price from their own funds to the transaction.

Maximum purchase price is $223,250.

Processing time is approximately 20 days from the date of commitment.

Household members who will be listed on the mortgage documents that are accessing the DCHA program, will be required to complete homebuyer education and counseling through an approved source. Buyers can either take a DCHA First Time Home Buyer Course or another DCHA-approved program can be substituted as needed.

NON-PARTICIPATING MUNICIPALITIES 
Cities:
Madison, Maple Bluff

Villages:
Cottage Grove, Dane, Mazomanie

For more information, including income limits, please visit their website at:

http://www.dcha.net/housingcenter/down-payment-assistance.php

Need help finding the perfect home? We would love to help! Take a moment to fill out the home buyer questionnaire below:

My Next Home

There is a new trend in the horizons of real estate management that has been blooming in the past years. It’s called virtual assistance. The name “virtual” alone means that a Realtor will have someone working for his or her office through the internet. Virtual assistants, who are not in the office and will work as part of the team to assist with every possible task or position that a Realtor may have.

Real Estate Virtual Assistants can alleviate a Realtor's work load so he or she can focus on their business by taking care of daily tasks such as:

• Buyer Broker & Real Estate Owned Reports – manage the assignment to submission to the bank.

• HOA / Utilities – research and collect all information that is necessary to update the bank.

• Property Preservation – Research and collect all information that is necessary to update the bank. Communicate with contractors to provide safety and security of the bank's asset.

• Accounting - Reimbursements can be a hassle with all all the changing policies.

• Marketing – Assist with registrations so you can start receiving work based on your area and credentials. Can also assist with FSBOs, tax searches, and mailers, etc.

• Transaction Coordinator – Assist with all tasks from Bank assignment to closing.

The use of a Real Estate Virtual Assistant Services such as Pam's VAS you will get a team of professionally trained assistants who can handle all necessary tasks or position that you need. The use of a real estate virtual assistants can make the life of a Realtor easier. The Realtor can focus more on clients and showings and not worry about all the mundane day to day paper work.

Not only can Real Estate Virtual Assistants help you be more productive and achieve your goals, they can save you money thus generating you more income! What are some ways a Real Estate Virtual Assistant can save you money:

• You won't need any additional office space or equipment.

• You won't need to pay employee benefits.

• Virtual Assistants can work on weekends.

• Virtual Assistants are experts in their field which will increase efficiency and productivity.

In the world of a fast pace Real Estate industry, vast technology and the demands of time and outputs, Realtors are faced with the challenge to keep up in order to make it in the industry. Why do it all when there are people who are willing to do it for the Realtor's behalf. The helping hands are just one call or click away! Make your life and business more efficient today!

Fannie Mae recently launched WaysHome, an interactive video to educate homeowners about their options to avoid foreclosure, motivate them to make the right decisions, and encourage them to seek help. WaysHome is part of Fannie Mae's Know Your Options initiative to help today's struggling homeowners. Check it out at: www.KnowYourOptions.com.

Overview
WaysHome, a unique and innovative learning tool, allows homeowners to put themselves in real-life situations facing today's borrowers, make decisions, and see the consequences of their actions. Through WaysHome, homeowners can:      

• Participate in an interactive video simulation.      
• Select a character and go through the simulation "playing" that character.
• Follow characters as they encounter financial hardships and challenges that affect their ability to pay their mortgage.      
• Choose different paths based on real-life situations.
• Experience the positive outcomes or negative consequences of their choices, i.e., if they avoid taking action, foreclosure may be their only option.      
• Learn about options that may be available to help.      
• Discover the right paths to avoid foreclosure, know their options, and find their way home.

Agent benefits:
Our research shows that many homeowners still don't know about or understand their options to avoid foreclosure, and many homeowners who are seriously delinquent or in foreclosure have little to no contact with their mortgage company. WaysHome is designed to encourage homeowners to take action before it's too late.  

If you or your clients have questions or would like to order free copies of the WaysHome DVD, email ways_home@fanniemae.com.  

MARKET REPORT

This fall promises to be very good for me in real estate. The media may indicate that things look bad, but since August, some of my oldest prospects (3 yrs+/-) have decided to get serious about purchasing their first home. Pricing in the Southern California area continues to struggle to climb and does so ever gradually. The bulk of my deals are related to short sales in some form and banks apparently still take an inordinate time to approve things. I can tell you that GMAC is fairly quick since I have a listing with them as the sr lien holder, but for my buyer interested in a US Bank...the listing agent told me it would be several months for an answer. Bank of America and Chase seem to promise more speed, about a month of wait time each or so I am told. We will see if I close a couple this month.

Adding to the fuel here is the continued bidding war that easily discourages my buyers. I really think we need more inventory on the market as there are several buyers that are presently renters that would love a chance to own.

Reopro's Direction

My Realtor association currently has a program funded by realtors for first buyers that will GRANT up to $7000 for a home provided that they a) can qualify for a loan and b) buy in the association service area, subject to available funds. Last year they paid $225,000 in assistance. There are other requirements as well but I think we could promote ourselves by giving back to the community. Make this plan universal. Secondly since REOpro is given a referral when we obtain business here, a great member benefit would be free Realty Pilot since it is required to receive work. I had to drop Realty Pilot due to no work but would bring it back if I received work from it. I have to sell this to the CFO in my family...my wife and she is very keen on money leaks. She hit the roof when I recently told her how much I spend on lead generation. I have also considered too making a future donation as I close deals this fall.

Code of ethics

And now for the cutting stuff!

I still notice that the REO agents in my area, particularly the market dominator or two still insist that they run the show but sometimes they falter. So here it goes

• Be accurate with your listings: if there is a potential FHA issue, please tell me in the listing remarks. Don't tell me that my offer was rejected due to type of financing if it has foundation or other problems. You just wasted my and my clients time.
• Please put your OWN phone number if you use a combo box to get the combo. Or use the Supra box which is better. Don't just put the office number because they go home at 5 and I show property at 6 pm.You might actually get an offer.
• Stop asking for cross approvals! My loan officer says that everytime we do that it injures my buyer's score, because they pull credit again. If what Jesse says is right about our size, the banks will know that we are a force and they will not be able to dictate terms. Side item: This invites corruption as somehow the deals that are financed by the REO lender are the ones that get accepted.
• Have you noticed your property has code violations? Saw a REO that had a city notice posted a few weeks earlier...was now fading on the front door. Cities want all of your REO's registered at city hall. They have to keep the neighborhood to standard. I know I would be personally inspecting my inventory at least once a week.
• Please give me a number that I can contact YOU....not some vague email that answers all questions supposedly. Yes I do want to know how many offers you have as my client wants to have a chance at buying it. I may have to also advise you of wasp nests or bee hives that need rapid attention. Maybe I need to know a little about the house you are selling.
• By the way I really do want to thank you for a pleasurable transaction when all is said and done. Actually had a listing agent/investor tell me that he could not wait to get into escrow withme again because I was easy to get in touch with....does anyone want to move to Pomona or Chino? I can make it happen for your client! Imagine what would happen to our profession if listing agents hugged buyer's agents? Ok , I will settle for Starbuck's!

Anyway good night everyone...hope to hear from you soon.

John Accornero in the Whittier/La Mirada area

Re-blogged by 1 agent

• I posted this blog on some public websites and ws surprised at how many people were unaware of this option for distressed homeowners that is quick, clean, and relatively hassle free.

An Interesting Alternative to Foreclosure: A Deed in Lieu of Foreclosure (edit/delete)

I think this is a good option for banks and homeowners. Wouldn't you enjoy not having to kick someone out of their home?