Has anyone received any BPO assignments that they want you to drive the comparables so you are more able to compare them and take original pictures of the listings and sales?  Imortgage just sent me an order and they were willing to pay $40 whole dollars for the assignment. These BPO mills do not value our services that is for sure.   On the default cost break down I've seen on some of my short sales I see they are adding anywhere from $150 for valuations, per valuation listed by dates,  plus and additional charge of $300-500 for appraisals.

These servicing companies are really pushing the envelope.  They are wanting everything an appraisal offers and not willing to pay for it. 

Recently I read an article on Inman News stating how we needed to do some housecleaning in real estate.

Basically It boils down to a few areas:  under qualified agents  and big data,

If you really look at things, there is not much we can do about the data part. Consumers have much power and Zillow, et al are here to stay.

We can control ourselves. Much of this is my own take on it.

First lets start at the bottom;

Licenses are fairly easy to get, Just know the state rules and take a test. No college necessary really. No customer services skills at all needed.

What I would change is that you need to be able to describe the parts of a buyer contract or seller contract and be evaluated on it.  Kinda like in a college final when  you take both written and a practicum test and that is just to be licensed.

Maybe clients then wont mind paying us heaps of money and we'll be judged as other professionals: lawyers, doctors, etc

Mandatory 20 hours of CE each year for everyone.  I have to do this every year as a tax preparer.

Secondly you must work under another more experienced Realtor for the first 2 years as an intern and if you close less than 3 deals a year, you must always work for someone else on a team and that means a practicing person with 20 deals or more per year not just the broker who takes their cut.

Customer service - a regular program where an association would hire secret shoppers on ALL listings and evaluate the agent on the timeliness of phone call return, marketing, etc.

We need to stop fooling ourselves that only one thing sells the property :the MLS. No matter how many websites we have, all the marketing we do is self serving really...to get more leads. We need a central MLS nationally  and the ability to promote the property OUR way, not t of the association.

Make selling for family illegal...potential conflicts of interest. banks already do not allow family to list a relative's short sale.. This here will eliminate those who get the license to do the family deal.

Make brokers have a RESPA of sorts.  They have to support their agents directly: their MLS membership, lockbox, color ads or flyers. ETC.  Individual agents are feed to death with almost $1000 per year I have to pay even to operate between MLS fees, Association, state forms, lockbox. They will then earn their cut truly. Of course the  they can hold all agents accountable for their efforts.

Finally, retire NAR. My association models their principles anyway.  Ethics boils down to "DO the RIGHT THING"

So if another agent is doing a poor job with cultivating his listing, why not open it to competition? T Mobile and Sprint are always tempting you to break your contract with ATT and they'll help you do it. Doing the right thing helps the consumer. We hide behind ETHICS but more and more our business is...unethical by nature.

Eliminate double ending by the same agent. Pocket listings are borderline disadvantageous for the client.

I will admit, I am part time and I would be working under another directly but that is how I perfect my craft. As long as the lead agent took no more than 25 % of my commission and let me study their methods, I have no problem with being a secondary agent and as long as I am free to get my own listings and share it back with the agent Im fine with that and that is addition to what the broker gets.

The housing boom may very well be on its way to a bust. As many of you know from news sources the stock market the last couple weeks has been volatile at best. If you step back from the hype and look at the bigger picture, the last couple weeks have resulted in a $2 trillion loss in value. Some analysts are saying that this is a direct result of the collapsing Chinese market. The problem is, many Americans don’t seem to really understand exactly how this will negatively impact local housing prices. Let me explain.

First you need to understand that China is NOT a trusted trading partner, even though that is what you are told from certain politicians. Make no mistake, China is a trading adversary and they are hell bent on one long term goal, the collapse of the American dollar as the World reserve currency. Secondly, you need to remember, China is a Communist country. I will admit, Communism in China doesn’t look like it did 30 years ago but, make no mistake, it’s Communism none the less. This results in a highly controlled, highly secretive and highly manipulated market place where free market principals, and ideas are distorted and twisted. This means, that when China reports it’s losses or gains, they should always be viewed with a speculative eye and with cautious concern towards its legitimacy. Unfortunately, that’s not how we have been doing things the past 10-15 years and as a result, we have lost our place in the World as the most power economy and therefore, we are now at the mercy of less friendly countries. Let’s all not forget, China holds an enormous amount of American debt and has been countering America’s currency devaluation policies by issuing their own version of Quantitative Easing.

Now, with all that being said, I hope I have made it clear that China is no friend of the United States because, if you can’t agree with me on this point, the rest of this article isn’t going to make much sense to you.

China’s market is in a collapse….a big collapse, no matter what American politicians and Chinese government officials are telling the world. We can see the effects of this collapse very clearly by the crazy ups and downs in our own market. The losses our market is sustaining will negatively impact the revenue streams of Americas largest companies. If they aren’t making gains on the market, they are losing a revenue stream that often times is used for growth of products and services. Essentially, those products and services are sold overseas because American companies are so productive, they have to expand to foreign markets because the American market is heavily penetrated. In other words, if these companies want to continue to grow and make money, they have to open or do business in foreign markets. China is the number 1 buyer of American products and services. This means they purchase more of our stuff than any other country and keep in mind, not only are they the largest buyer of our products and services, they are essentially the last major market. In other words, when China stops buying our products and services, American companies who do business in China are going to feel the hit. So, these American companies taking a double whammy, they lose out on the stock market and then they lose out on the shelf at the store on the street corner.

As we all learned from the collapse of our own market in 2007, when companies start feeling the pinch, they start laying off workers and this is where housing prices will be negatively impacted. Simply put, people without jobs can’t pay mortgages and mortgages that don’t get paid go to foreclosure. Large amounts of foreclosed homes drives down prices and people who can still afford to pay their mortgage end up in negative equity, that means they owe more on their home than it’s worth. Now, that doesn’t seem too bad on the surface because you would think that if you just stayed in the home and could pay the mortgage, market will recover in 5 years or so and you would gain your equity back but, don’t forget, mortgages are bundled together and sold on the market as securities. Those securities are held in peoples retirements, no different than the typical diversified funds you likely have at the company who holds your IRA, 401K or whatever group managed retirement account you may have. Then our stock market takes a massive…..some speculate a death blow.

Let’s not forget, we have China in the wings, waiting for the first sign of unrecoverable weakness and like a thief in the night, they sell off all their American debt but, it’s not like when your bank sells your mortgage debt to another bank and equal or greater value, it’s a short sale of our debt….and a massive one at that, to the tune of billions and billions of dollars. They flood the world market with cheap, inexpensive, dollars and over night, maybe even in the same day, hyperinflation takes control over here in America and just like in Russia a few months ago, people swarm the banks, try to pull their money out, just to realize, local banks don’t have enough cash reserves to cover everyone’s withdrawal and before you know it, social and civil unrest ensues.

I want to be crystal clear here, I am no economist or socio-economic international political expert. I am a self taught, self made man who is trying to read the tea leaves. My opinions are my own and should never be considered financial advice however, it’s not hard for an alert American to look around and see the state of affairs we are in. Not just financially but, socially as well. Our country has been on the wrong track for some time and for some time, we have weathered the storms however, this time it will be different. It will be different because our enemies smell blood in the water. Sure, most Americans are too busy pacifying their children with Ipads, Iphones, I”this” or I”that” to stop and recognize that if they don’t take a more active role in the governance of their country by becoming informed and voting, other less informed, less competent and less liberty loving people will. .

In conclusion, the end of 2015 may result in a poor Christmas earnings for American companies due to international market uncertainty. I believe the direct result of a poor Christmas earning season for American companies will be a wave of layoffs 1^st quarter 2016. The sign that will tell me that this is starting to happen is the weekly jobless claims. If we see these numbers rise above 300K for a sustained period of two weeks or more, we are in trouble and housing markets will collapse 2-6 months later.

Jesus "Jesse" D. Gonzalez Broker / Owner TN Lic # 00300859

Liberty House Realty LLC TN Lic # 00262289

1709 Ridgemere Ct. Hermitage Tn 37076

O#: 615-424-0961

C#: 615-424-0961

F#: 615-391-4740

Email: JGonzalez@LHRLLC.com

Alt Email: JGonzalez@RealTracs.com

Web: www.LibertyHouseRealtyLLC.com

Facebook: https://www.facebook.com/LibertyHouseRealty

BBB Accredited / "A" Rated

AngiesList / "A" Rated

EMTAR Grievance, Professional Standards Committee Member

The most prominent question that comes into your mind while choosing a retirement plan is “how much is enough.” George Foreman said, “The question isn’t at what age I want to retire, it’s at what income.” There isn’t any definitive figure that can help you survive through retirement and the best strategy is to build a fund that never ends.

For self-employed professionals and small business owners, investing in real estate with a Solo 401k retirement plan could be the answer. Real estate has always been a safe investment option with minimal management requirements. Solo 401k has gained popularity because of its freedom to invest in real estate and similar investment opportunities. For real estate professionals, investing in real estate is the safest investment choice and Solo 401k retirement plan facilitates it.

The investment landscape of Solo 401k investment plan is not only limited to real estate. One can invest in precious metals, private businesses, tax liens, tax deeds and hard money lending. It is important that every investment made with Solo 401k funds should be withdrawn from the Solo 401k account only. At the same time, the capital gains or interest from any such investments should return to the account only.

How to invest in real estate with Solo 401k?

• Understand the eligible property clause: Before you plan to purchase a commercial or residential property, make sure that the property satisfies the legal regulations. First, neither the investor nor any other disqualified person should be the owner of the property. At the same time, the Solo 401k account owner should not use the property for primary residence or office space, or for any other personal use.
• Open Solo 401k account: Choose a Solo 401k retirement service provider and transfer funds from your existing retirement account into the Solo 401k plan. Keep in mind that any purchase made would be under the name of the Solo 401k account.
• Use non-recourse loan for funding: Real estate transactions require large investments and if you do not have sufficient funds; you can use a nonrecourse loan for funding. A nonrecourse loan does not require personal guarantee and it considers the property as collateral.

Once you have the loan, make sure to consult qualified attorneys for the transaction and follow all the rules. The key to achieve success with real estate investments is to comply with regulations and avoid any tax penalties in the process. 

Adding probates to your portfolio is a smart decision. There is a huge shadow inventory of estate homes that are unlisted, unpublished, unknown. Nearly always, the heirs do not want the house - they want the cash in the house. These motivated seller leads are readily available through courthouse compiled records, and you can capture your share of this low-hanging fruit by reaching out to the executor/administrator that is tasked with liquidating the real estate portion of the estate. But how do you get your message out to them, continue the conversation and build credibility? Now that you have access to probate leads, what do you do with them?

Consider directing the executor/administrator to a site that is dedicated to probate, speaking directly to their challenges in winding down the earthly affairs of their loved one. Being appointed the Personal Representative is both an honor and a burden. During this daunting time, they have more questions than answers. The agent or investor that can build empathy and provide expert guidance in settling the estate will undoubtedly be successful. Many Personal Representatives that would not otherwise pick up the phone would go to a website where they can learn about the murky topic of probate and explore their liquidation options.

To get the creative juices flowing, here are some items to put on a site dedicated to probate.

• Free Reports, such as a probate timeline that delineates the steps in the probate process or executor duties that outlines the "to-do" items that the executor is responsible for, along with other topics that provides education and clarification during this trying time. You can create lead capture forms where the visitor must volunteer their contact details in order to access these free resources. Armed with their information, you can put them on a "drip" campaign of periodic emails over a sustained marketing campaign.
• A short video introduction to introduce yourself in a "fireside" chat expressing your condolences and explaining how you can help the family liquidate the estate in the most efficient and compassionate manner.
• A home valuation page where visitors are prompted to enter the property address of the estate home to determine the estimated value of the estate home if they decide to sell it.
• Glossary of probate terms for those families to learn the vernacular of probate and other pages that cover micro-topics like tax considerations, holding estate sales to dispose of non-real property assets and belongings in a dignified manner, etc.
• Testimonials of clients you have helped settle their estate. Add pazazz with rotating slider widgets or pictures of the clients you have assisted.
• FAQ page that addresses the many questions the executor/administrator have on settling the estate
• A page that is reserved for attorneys, which highlights the benefits of working with you and what value you can add to their clients with the end result of persuading them to add you to their preferred network of real estate professionals.
• A slideshow or other visual depiction of recently sold homes, to convey that you can get the job done and sell quickly.

Of course, this list is not exhaustive, and the possibilities are left only to your imagination. To view a portfolio of other sites we've weaved together, check out some sample sites.

We're often asked what the best vehicle is to make an introduction with executors/administrators that are tasked with liquidating the estate.

Postcards are cheap to print and cheap to mail and they have no barriers to entry - they stare the recipient in the face. But when marketing to probates, in our view, postcards strike as being impersonal or insensitive. The big, glossy "We Buy Houses" postcards are not appropriate for mourning families.

To a lessor extent, I think the same is true for yellow letters that are too informal, again given the gravity of the loss of someone endeared to the family. Our clients have by and large generated a greater response with a professional, computer-generated letter.

As for the content of the letter, it will depend on whether you are an agent or investor, as the messaging will obviously be different. If you are both an agent and an investor - or an agent that works with investors - you have an advantage by offering the dual options of either listing the estate home for top dollar, or selling it in "AS IS" condition for a quick payday, depending on the condition of the estate home and the urgency for liquidity.

Courthouse records will reveal the address of the executor/administrator, and you can pay greater attention to those that live out of state. These people generally do not want to outlay money for repairs, play landlord or travel on their own dime to deal with property maintenance issues and thus, are more motivated by a fast sale to part with the albatross of a vacant home. I know of some investors who have gone so far as to take photos of the estate home if there are issues of deferred maintenance and share those pictures with the out-of-state executor for added incentive to sell the property before any more neglect takes its toll.

Repetition is a key determinant of success in all marketing campaigns, but it's especially important when seeking probate deals. The reality is, the executor/administrator is inundated with many details as they wind down the earthly affairs of the deceased and the timing may not be right at first to sell the estate home immediately after someone has passed. Our experience has shown this is particularly true with a spouse. Diligent court research will bear out the relationship of the executor/administrator to the deceased, and some agents and investors will initially concentrate their outreach efforts on adult children that have been cast in the role of executor/administrator and hold off on contacting the spouse for some time.

To express condolences or not? There are schools of thoughts for and against this. I am of the view that it is a good practice to let the white elephant out of the room in your initial contact, but refrain from mentioning the loss in future correspondence. Inevitably, many families will ask how you found them. A soft sell approach and delicate language is in order, such as, "If your intention is to not sell the estate home, can you keep my information for down the road?" with subsequent touch points inquiring about how settling the estate is going.

Phone numbers of the executor/administrator are sometimes published and if they are not readily available through probate records, certainly there are other means to look up the number and we can delve into phone scripts in future posts and upcoming webinars. 

“Real estate investing, even on a very small scale, remains a tried and true means of building an individual's cash flow and wealth.”

Robert Kiyosaki

Real estate is one of the oldest and most trusted investment options. It offers decent returns and gives the owner a sense of satisfaction. Are you a small business owner? Investing for retirement is a wise decision and Solo 401k is one of the best available retirement plans for self-employed and small business owners.

Solo 401k is a qualified retirement plan that allows investment in real estate, precious metals, private businesses, and also traditional stock and bond investments. One of the upsides of this investment plan is the freedom to choose your investment. It offers higher contribution limits of up to $53,000 in 2015 along with catch up contributions of $6,000 for professionals above 50 years of age.

Why investing in real estate is an excellent choice for small business owners?

You can fund a real estate purchase through your Solo 401k retirement plan and if you do not have sufficient funds in your account, you can always use a nonrecourse loan. In regular transactions, the borrower has to pay a certain down payment and the rest is available through finance.

Real estate investments allow you to diversify your portfolio and look out for other investment opportunities in between. You can generate a continuous income stream by investing in rental properties or similar commercial properties.

Real estate does involve maintenance cost but you can write off wear and tear costs of a commercial property and apply for tax deductions in your income tax returns. In addition to it, you can sell the property through a 1031 exchange and save taxes against any capital gain. It is mentioned in IRS Section 1031 (a) (1):

"No gain or loss shall be recognized on the exchange of property held for productive use in a trade or business or for investment, if such property is exchanged solely for property of like-kind which is to be held either for productive use in a trade or business or for investment."

If you are planning to purchase a property through 1031 Exchange, make sure to consult qualified professionals and make a transaction with their consent.

When investing with a Solo 401k, you may be able to skip this step and still enjoy the tax benefits. All Solo 401k accounts are tax-deferred, so you will not have to pay taxes on the capital gain until years later. Better yet, if the property is purchased with fund from a Roth Solo 401k, all gains are automatically tax-free.

Another reason why you should prefer real estate investments in your Solo 401k portfolio is their limited lookout requirements. You do not have to check the value of real estate investments regularly, especially if you are investing for a prolonged period. 

The below letter was sent to me by a REOPro Default Professionals member evidencing the fact that the REOPro member is writing his State Senator to address issues in the REO market of unfair practices. I thought you all might want to read it yourself. NOTE: I did redact some names and contact information in order to protect others privacy.

Senator David and staff,

The market in Georgia is "on fire," but it is also being completely held back by the CFPB, regulations and the lack of REO/Bank Owned properties coming to market.  Georgia has always been an REO state , and for my 14 year career in real estate, we have always been in the top 5 states in the United States.  Realtors like S*** R****, M*** P*******, M*** B**** and myself have been drastically down in business due to the red tape to foreclose, and the CFPB making banks jump through hoops in order to foreclose.  Some people have filed bankruptcy, have done loan modifications and in some cases have not made a payment in years.  

Housing reports are showing that things are up in value, but that is due to the lack of inventory, lower inventory (due to lack of distress properties & still underwater properties in GA), hedge funds turning everything into a rental and multiple offers on almost every property.  We are about to go into another bubble, due to the aforementioned.   Fannie, Freddie, HUD  keep selling loans to investors (who then rent) under the radar to look profitable to the house and senate.  Frankly, we are getting tired of this.  I drive around Metro Atlanta and see all the vacant, boarded up homes, and houses with bank owned stickers in the window, which have not been introduced to the market.   It is getting ridiculous.  The consumers, neighbors, Realtors and buyers know what is going on.  Wholesalers and there fraudulent deals are back in full force again.  We went through the same thing in 2003-2007.  We are going through the same thing, but nobody wants to talk about it.   The Realtors are tired of it.  Nobody can get a house in the middle-lower class, due to all the hedge funds and "all cash offers."  Buyers in the average-higher level properties are also paying way to much, due to the limited property.  Banks are starting to get pressure form their congressional members about the "millennials" not buying houses.  No Kidding?  Can they get a job?  Pay off their student debt, and are not gun shy after all that happened with the housing market? 

I have been selling REO in Atlanta, GA for 9 years and have been selling real estate full-time since 2001.  I have seen 3 bubbles, and this "recovery" is far from recovery.  It is called manipulation and the selling of loans under the radar and to "non-banks" who do not conform to TARP/HARP and regulations....Ie....Nationstar, Pennymac and Ocwen.  They are taking these homes at a discount, then putting them on their website to make a 3% auction fee, while kicking all agents out an neglecting the house and neighborhood.  Nationstar use to be a good client, but now they have become Ocwen.  They are making millions off their webiste, cutting agents, loan officers and other closing attorneys out of the deal while they make millions and cut jobs.  It is getting old.  I have paid thousands of dollars in taxes over the past 9 years.  I have seen the CFPB get larger and larger.  They are looking to build  a new campus at 335 per/sqft, which his more than Trump Towers.  The #2 guy stepped own.  The #1 guy from Ocwen stepped down.  Can we stop with the red tape?   The CFPB has become Rogue and only flexing their muscles over political agenda.  I pay my mortgage, and I am still under water.  I could do like others and not pay my mortgage, do a loan modification and play all the other games to my advantage, but I have pride and morals. 

My other gripe is that Fannie Mae needs to be more transparent when it comes to procuring agents.  I have been told many times "they are not taking new agents," only to find a new agent in their network.  I have seen agents who have also admitted to "knowing somebody in Fannie Mae."  They then get a lot of business, and have never sold an REO or how to run the task from "cradle to grave" without their staff.  I have numerous accounts of such, and frankly it is getting old.  Our company is LGBT owned, but evidently it won't matter.  Our Realtor network is also tired of the lack of transparency when selecting agents based on experience and results.   Freddie, Fannie and HUD claim they have these "open channels," but they do not.   Do a survey with moth agents and you will see that Fannie, Freddie and HUD contracts are not transparent and they are favored.  I would like my name to remain silent, but i know this to be true.  

Can we please look into the below items.  They are about to cause another bubble and kill our housing market is a few years:

Hedge funds:  they get to buy bulk sales from Fannie, HUD and Freddie.  They then rent them, per the contract.  How does this help home preservation? I thought all the aforementioned were all about "owner occupants."

The CFPB:   They keep suing banks.  Really?  Has it not been since 2007 now?  The stature of limitations in some states is almost over, and some occupants may be able to live in their house for free for the rest of their life.  How is that fair to anybody else??

Selling of mortgages to Ocwen.  Banks keep selling to Ocwen.  They then outsource their work to India, Use their own network and make a ton off their www.HUBZU.com.  Their properties sit on the market forever, due to the price and they do not maintain them. The neighborhood suffers and the bank does not care.  The same will be true with www.homesearch.com 

We need the CFPB and GSE's to stop allowing people to stay in their house for years without making a payment.  Really?  It is not "fair to them for signing up for a loan they did not mean to sign?"  Well, perhaps the GSE's should not have promoted home ownership, backed the banks along with Barney Frank, then blame them for all that happened.  

I am simply voicing my opinion.  We are going back into a bust again soon.  The stock market is overvalued, real estate is overpriced and the GDP and employment is sill low.  People are paying more in rent vs. to own.  The problem is they can't get a loan or see what is going on despite all the "market indicators."   I would be happy to take you or your staff on a tour so you can see what I am talking about.   

I am a middle wage earner who pays taxes.  I am tired of the games of the current administration the GSE's and the CFPB.  It is starting to hurt Realtors, attorneys, lenders, asset companies and vendors.   It is hitting our bottom line and we see what is going on.  We know Georgia has/always will have a healthy amount of REO.    Again, ask some of us seasoned Realtors as to what is going on, and you will see the market is way over valued, and we will crash again.  People are paying top dollar at all-time low interest rates.  What happens when they raise a couple points?  CRASH!!!!!!!  Have we not seen this before? 

Something needs to be addressed with the CFPB, as they are not helping, they are hindering.  Dodd/Frank has also killed off lending for the last 7 years.  IF things do not change, we will be back into another housing crisis.    I would be happy to talk to you in further detail.  

thanks,

The below letter was sent to me by a REOPro Default Professionals member evidencing the fact that the REOPro member is writing his State Senator to address issues in the REO market of unfair practices. I thought you all might want to read it yourself. NOTE: I did redact some names and contact information in order to protect others privacy.

Senator David and staff,

The market in Georgia is "on fire," but it is also being completely held back by the CFPB, regulations and the lack of REO/Bank Owned properties coming to market.  Georgia has always been an REO state , and for my 14 year career in real estate, we have always been in the top 5 states in the United States.  Realtors like S*** R****, M*** P*******, M*** B**** and myself have been drastically down in business due to the red tape to foreclose, and the CFPB making banks jump through hoops in order to foreclose.  Some people have filed bankruptcy, have done loan modifications and in some cases have not made a payment in years.  

Housing reports are showing that things are up in value, but that is due to the lack of inventory, lower inventory (due to lack of distress properties & still underwater properties in GA), hedge funds turning everything into a rental and multiple offers on almost every property.  We are about to go into another bubble, due to the aforementioned.   Fannie, Freddie, HUD  keep selling loans to investors (who then rent) under the radar to look profitable to the house and senate.  Frankly, we are getting tired of this.  I drive around Metro Atlanta and see all the vacant, boarded up homes, and houses with bank owned stickers in the window, which have not been introduced to the market.   It is getting ridiculous.  The consumers, neighbors, Realtors and buyers know what is going on.  Wholesalers and there fraudulent deals are back in full force again.  We went through the same thing in 2003-2007.  We are going through the same thing, but nobody wants to talk about it.   The Realtors are tired of it.  Nobody can get a house in the middle-lower class, due to all the hedge funds and "all cash offers."  Buyers in the average-higher level properties are also paying way to much, due to the limited property.  Banks are starting to get pressure form their congressional members about the "millennials" not buying houses.  No Kidding?  Can they get a job?  Pay off their student debt, and are not gun shy after all that happened with the housing market? 

I have been selling REO in Atlanta, GA for 9 years and have been selling real estate full-time since 2001.  I have seen 3 bubbles, and this "recovery" is far from recovery.  It is called manipulation and the selling of loans under the radar and to "non-banks" who do not conform to TARP/HARP and regulations....Ie....Nationstar, Pennymac and Ocwen.  They are taking these homes at a discount, then putting them on their website to make a 3% auction fee, while kicking all agents out an neglecting the house and neighborhood.  Nationstar use to be a good client, but now they have become Ocwen.  They are making millions off their webiste, cutting agents, loan officers and other closing attorneys out of the deal while they make millions and cut jobs.  It is getting old.  I have paid thousands of dollars in taxes over the past 9 years.  I have seen the CFPB get larger and larger.  They are looking to build  a new campus at 335 per/sqft, which his more than Trump Towers.  The #2 guy stepped own.  The #1 guy from Ocwen stepped down.  Can we stop with the red tape?   The CFPB has become Rogue and only flexing their muscles over political agenda.  I pay my mortgage, and I am still under water.  I could do like others and not pay my mortgage, do a loan modification and play all the other games to my advantage, but I have pride and morals. 

My other gripe is that Fannie Mae needs to be more transparent when it comes to procuring agents.  I have been told many times "they are not taking new agents," only to find a new agent in their network.  I have seen agents who have also admitted to "knowing somebody in Fannie Mae."  They then get a lot of business, and have never sold an REO or how to run the task from "cradle to grave" without their staff.  I have numerous accounts of such, and frankly it is getting old.  Our company is LGBT owned, but evidently it won't matter.  Our Realtor network is also tired of the lack of transparency when selecting agents based on experience and results.   Freddie, Fannie and HUD claim they have these "open channels," but they do not.   Do a survey with moth agents and you will see that Fannie, Freddie and HUD contracts are not transparent and they are favored.  I would like my name to remain silent, but i know this to be true.  

Can we please look into the below items.  They are about to cause another bubble and kill our housing market is a few years:

Hedge funds:  they get to buy bulk sales from Fannie, HUD and Freddie.  They then rent them, per the contract.  How does this help home preservation? I thought all the aforementioned were all about "owner occupants."

The CFPB:   They keep suing banks.  Really?  Has it not been since 2007 now?  The stature of limitations in some states is almost over, and some occupants may be able to live in their house for free for the rest of their life.  How is that fair to anybody else??

Selling of mortgages to Ocwen.  Banks keep selling to Ocwen.  They then outsource their work to India, Use their own network and make a ton off their www.HUBZU.com.  Their properties sit on the market forever, due to the price and they do not maintain them. The neighborhood suffers and the bank does not care.  The same will be true with www.homesearch.com 

We need the CFPB and GSE's to stop allowing people to stay in their house for years without making a payment.  Really?  It is not "fair to them for signing up for a loan they did not mean to sign?"  Well, perhaps the GSE's should not have promoted home ownership, backed the banks along with Barney Frank, then blame them for all that happened.  

I am simply voicing my opinion.  We are going back into a bust again soon.  The stock market is overvalued, real estate is overpriced and the GDP and employment is sill low.  People are paying more in rent vs. to own.  The problem is they can't get a loan or see what is going on despite all the "market indicators."   I would be happy to take you or your staff on a tour so you can see what I am talking about.   

I am a middle wage earner who pays taxes.  I am tired of the games of the current administration the GSE's and the CFPB.  It is starting to hurt Realtors, attorneys, lenders, asset companies and vendors.   It is hitting our bottom line and we see what is going on.  We know Georgia has/always will have a healthy amount of REO.    Again, ask some of us seasoned Realtors as to what is going on, and you will see the market is way over valued, and we will crash again.  People are paying top dollar at all-time low interest rates.  What happens when they raise a couple points?  CRASH!!!!!!!  Have we not seen this before? 

Something needs to be addressed with the CFPB, as they are not helping, they are hindering.  Dodd/Frank has also killed off lending for the last 7 years.  IF things do not change, we will be back into another housing crisis.    I would be happy to talk to you in further detail.  

thanks,

In the last post, I introduced probate, a vast shadow inventory of properties that are unlisted, unpublished, unknown. It begs the question, how to you discover these often overlooked opportunities? 

I'm a "recovering leads provider". By that I mean, I'm a firm believer in paddling your own canoe and not buy leads from a guy like me. There's 3,000+ counties nationwide, some records are online, some aren't online. Different processes to verify that real property is attached to the estate. It's better to understand the data nuances in your area, than to hire a so-called leads company. If you are intent on outsourcing this task, it makes more sense to search for a court research company, than a leads company. There are several reputable court researchers that mine all manner of data from courthouses for a variety of purposes, and can efficiently extract a list of probate filings in your locale. They by and large have pretty big clients and don't invest much in marketing - most of their websites are eyesores - so you have to find them. Very nice people, and meticulous. It takes a special kind of person to sit in front of microfilm for hours on end. 

But in my view, it is better to do it yourself, or hire someone that you know and can exert more control over. It can be difficult to manage someone 2,000 miles away. I've had botched jobs, one-day wonders, people that began a project and couldn't deal with the monotony of researching and quit. For that reason, it makes more sense to do it yourself, or at least hire a local person to add a level of accountability that a leads provider does not have. 

When you obtain a list of probate filings, the decision maker is the Personal Representative/executor/administrator, the decision maker who has been assigned by the Court to wind down the earthly affairs of the deceased, a task that is both an honor and a burden. Your messaging is one of a solutions provider, that in this difficult time you can help them sell the real property to resolve their obligations and distribute the remaining proceeds to the heirs. Many PR's that would not otherwise warm immediately to a stranger would otherwise go to a website to be educated on their options and learn more about why they should work with a probate real estate expert. > View some sample websites

One of the biggest impediments to selling the estate property is disposing of other, non-real property assets and personal belongings. For this reason, many people that successfully work probate offer additional services in terms of selling or donating items for a tax write off. Indeed, many property preservation companies generate business from a list of probate filings. Still other agents offer a hybrid program of making repairs (mostly cosmetic) to bring the estate property up to tip top shape in order to command the highest price, with the cost of those services to be discharged at escrow. I know of other people that offer a probate loan, to put money into the account fast, again, being paid back when the sale closes. 

There's some debate as to whether or not to market to attorneys, and in my view, it's a huge source of referral business if you are in it for the long haul. Many of those attorneys have their preferred network of real estate agents they recommend to the PR. When contacting the PR, the verbiage that seems to work is, "That's great. You owe it to yourself to interview that agent, and at least two others". When contacting the attorney, you can differentiate yourself from other agents and take a soft sell approach. One strategy is to offer - with their permission - to take photos of the probated property to ascertain the condition of the home, to avoid any deferred maintenance or code violation issues that clearly, would be detrimental to the estate. 

This blog is becoming monsterous, but I haven't even scratched the surface here. Stay tuned for additional insights into the probate space. Till next time, A-B-C. Always be closing!

There is a huge shadow inventory of probated properties that are unlisted, unpublished, and unknown. If you are seeing a lack of inventory in your market, you owe it to yourself to seriously look at the probate niche and reach out to the executors/administrators that are tasked with liquidating their loved one's assets. The numbers are staggering - with an aging boomer population, trillions of dollars will transfer from one generation to the next. 

Many real estate professionals shy away from probate for a couple reasons. One, it is sometimes viewed as "ambulance chasing". This is a myopic view, in my opinion. The family NEEDS to settle the estate, cash out and move on to build memories. This is obviously a difficult time for families, and they MUST dispose of assets in a dignified manner. A compassionate real estate professional that helps them through this trying time is certainly not an ambulance chaser - they are providing a huge value. 

Also, many agents/investors are under the impression that probate is a complex transaction, too arcane to delve into. There are some things to know, yes, but it's not all that different from a traditional sale. 

In the next post, I'll get into the more meatier topic of getting probate leads and how to work them to get more consummated real estate transactions. 

03/19/2014 at 12:10 pm • Posted in Buying a Home, Client Marketing, Dream Blue, Listing Marketing, Marketing, Real Estate Agent, Selling a Home by Blog Team • 0 Comments

Clients Day - Closing Gift Ideas

By Alicia Eisenbise, Social Media Specialist, Twitter: @aliciaATcb

Today is Clients’ Day. In real estate, the way many agents build their business is through referrals given by their past clients. If someone is receiving a referral, it’s probably because they have showed the initial client a superior level of service and attention. The question is, what do successful agents do to make their clients feel extra special and get the referral?

The ballisgroup, a boutique real estate team in Chicago, ensures their clients are satisfied by making sure their clients have direct access to the teams two principal brokers – Elizabeth and Deborah Ballis. ”We truly do whatever it takes to have a successful transaction from the first meeting through and beyond the closing. We help get the inspection items addressed, work with the client to be sure the loan moves along, go to the closing or deal with any after-closing problems that may occur. We do all of that and more.” said Eizabeth Ballis. “One of our ‘extras’ — when working with buyers or sellers in condo transactions is we give the managers and doormen a gift card to ‘thank them in advance’ for helping us and our clients. It definitely makes our clients know we are team players, helping the process move along with a happy support staff that feels appreciated and goes the extra mile, too.”

Lisa Thompson, a Broker Associate in Northwest Indiana, Lake and Porter Counties, finds that an immediate response and continued communication (even after the transaction) is key to building a life-long relationship with a client. Giving an honest opinion and protecting their best interest is also paramount to strengthening the relationship.

Closing gifts are another way to show clients you appreciate their business. What gifts have a real “wow” factor? I asked some agents and the resounding answer was that the gift needs to be personalized to the client. Many also said that sometimes the closing gift is most memorable if it is not given during the closing process because there is so much going on.

Our Favorite Closing Gift Ideas

Personalized Gift Baskets

During the home buying process, it’s likely that an agent will learn a lot about their client(s) – their interests, hobbies, likes, dislikes, etc. Many agents I spoke to on Google+ and from Coldwell Banker Residential Brokerage said they enjoy putting together or having a gift basket full of products that they know their clients will love. Everything from wine country baskets to products from shops in their new neighborhood, this is a great way to personalize a gift.
Gift cards

I know this doesn’t seem personal, but it’s the type of gift card that makes it personal. If the client told the agent that they love DIY projects, they may choose a home improvement store gift card. Or perhaps the client mentioned their favorite salon or spa, restaurant or home goods store? A gift card to that favorite place would be perfect.
Personalized Keepsake

Image via HouseLoveShop on Etsy

Custom Home Illustration | Image via HouseLoveShop on Etsy

Lisa Thompson said her clients love an engraved ornament of their home. Every year the client will be reminded of her and how she helped them find their home. Other great personalized gifts include: a mailbox personalized with the new address, personalized cake carrier with a cake inside, personalized welcome mat, a framed house key engraved with the address and date or a personalized stamp with their new address.

Dinner Delivery During or Right After the Move

No one wants to cook the first night they move into a new home. First of all, who can even find the pots and pans? That’s why I love having a local restaurant deliver a full meal to the client on move-in day or the first week in the home. Of course, the agent has to do a little planning and arrange it with the client, but it’s a memorable and thoughtful gift.

Local Membership

Although it depends entirely on the client, Elizabeth Ballis shared that the ballis group sometimes gives a membership to a local museum for clients who may be new to Chicago. This idea could extend to all sorts of memberships that would help clients explore the local community: the local pool, botanic gardens, children’s museum, etc.

Charitable Donation

If a client is active in a charity, many times an agent will learn about it during the home buying or selling process. What about making a gift to that charity in the clients’ name? It’s a gift the agent and the client can feel good about.

Home Warranty Plans

The gift of a Home Warranty is a generous one and one that may be reserved for very special clientele at a certain price point, but one that can be extremely valuable to a new homeowner. Occasionally a home seller does not provide a home warranty in the sale, in that case, Elizabeth Ballis says it could make the perfect closing gift.

Photo Gift

A real estate professional has access to all sorts of photos of the home they are helping to buy or sell. That makes a photo book or other photo gift a relatively easy project. Or if the agent has an especially beautiful image, then perhaps a canvas or metal print, stationary, photo blankets or other photo gift ideas would fit.

Annual Client Parties

This is the gift that keeps on giving. Many real estate agents have an event annually to encourage their clients to visit them and the client gets something in return. Some ideas are: giving out free pumpkins at Halloween, pictures with the Easter Bunny, holding a charity bowling tournament or hosting a shredding/recycle days.

What are your favorite client gifts you’ve ever received (or given)?

pinterest58x58 See even more closing gift ideas on our Pinterest Pinboard here.

share...Share on FacebookShare on LinkedInTweet about this on TwitterPin on PinterestEmail this to someone

About
Latest Posts

Follow me
Blog Team

Contributions to this blog come from our dedicated Coldwell Banker Residential Brokerage real estate professionals and our regional service center staff. We welcome your comments and questions!

Small business owners and self-employed individuals face multiple problems every day and the biggest one is the lack of time. It is quite common among these individual to outsource their business and personal finance responsibilities.

If you are a small business owner with a Solo 401k retirement plan, it is equally important to monitor your retirement plan, as it is to contribute. It could be lack of time or limited understanding of the investment landscape out of which, self-employed individuals let their Solo 401k provider handle everything.

Here are five signs that indicate that it is time to reevaluate your investments and hire a new Solo 401k plan provider.

Your Solo 401k Provider doesn’t offer fee disclosures

According to the Department of Labor (DOL), every single retirement plan provider charging more than $1,000 for retirement plan is bound to provide complete fee disclosures. If you never received these disclosures from your retirement plan provider, ask for them. In case the provider denies your request for fee disclosures, you can contact the DOL and fire that provider immediately.

Your retirement plan provider is overcharging for services

It is important that you pay only for the services you receive and that too within a reasonable limit. Service charges may vary depending upon the quality of service. The best way to identify the right fees is to benchmark your current services against the ones provided by the other Solo 401k providers.

You are not satisfied with administration services of your provider

For small business owners with several employees, it is important to devise an optimal retirement strategy for the company and its employees. If your retirement service provider does not help you with the strategy or provides only vague answers, it is time to look for a new provider. A well-qualified retirement plan provider dedicated towards the job would help you avoid critical planning errors and build sufficient retirement savings.

You only hear from your retirement plan provider during quarterly fee collection period

Does it sound surprising? Well, many third party administrators (TPAs) only visit their clients while collecting their quarterly fees. The problem with these TPAs is that they do not keep track of the changes in regulations governing retirement plans and things might go south for the clients. They inform only when something has already gone wrong. It is best to replace such service providers and choose a company that works proactively.

You came to know about multiple errors through an IRS audit

Solo 401k providers that lack the competence to do their job end up with several plan mistakes and unless you conduct an independent plan review, you will hear about them from the IRS only. Such mistakes can cost you thousands of dollars in penalties and taxes. It is all right to make a few mistakes but the provider must take the responsibility for the same. If your provider always has an excuse for his/her mistakes, it is time to hire a new retirement plan provider. 

If you are someone seeking to buy a new home but you don’t have a huge budget, you should consider buying a REO property. Buying a REO property has various perks and is a great way to make your home-buying dream come true without breaking the bank!

What is a REO property?

REO stands for Real Estate Owned property, also known as a bank-owned property.

What does that mean?

A real estate owned, or bank-owned property, means that it is a property that has reverted to the mortgage lender after a failed attempt to sell it during a foreclosure auction.

Still not sure what that means?

When consumers fail to pay the mortgage on their home, they may end up in default and can lose their house to foreclosure. When foreclosure happens, the ownership of the property will revert to the lender who is the official title holder of the property. The property gains the title of being real estate owned after all the legal stages of foreclosure are completed and the lender becomes the sole owner.

What are the pros of buying a REO property?

Get a Great Deal!

Because banks and other financial institutions are in the business of money, not real estate, they typically slash the asking price of a property when their books are laden with REO properties. They do this to remain competitive against properties being sold by private sellers and to move the property quickly off the market. Often, lenders will offer their properties at substantial discounts ranging from 25% to 30% off of the fair market value. These below-market-prices are quite enticing to bargain-hungry consumers!

Clean titles, paid taxes, and no liens!

Generally, REO properties come with clean titles, paid taxes, and no liens. Lenders typically will expunge all second and third liens, as well as delinquent taxes, HOA, and mechanics’ liens. It’s a much better feeling to buy a home with no outstanding taxes. But, you should never just assume that this is the case and therefore, be sure to get a title check before making any purchase.

Vacant properties can mean easier home inspections

REO properties are usually vacant which is a huge benefit. Investors can save a good amount of time, energy, and money because the eviction process has already been taken care of by the bank. Since the homes are generally vacant, you should always request to inspect the home before a final closing on a deal. REOs are usually distressed properties left behind by previous owners so home inspections are highly recommended.

No homeowners means you deal directly with the bank

Vacant homes mean not having to deal with emotional homeowners, no personal and emotional ties to the home, to reluctant owners, no lawsuits, and more. It’s just one less stressful aspect of buying a home that you wouldn't have to worry about.

The potential for lesser down payments and lower interest rates

Lenders may be willing to waive some closing costs or possibly offer lower interest rates or a lesser down payment. Don’t be afraid to ask!

More room for negotiation

Just because the banks want to shorten their list of properties doesn’t always mean that the properties will always be a steal. The nice thing is that banks are eager and motivated sellers and therefore, you should always consider submitting a lower offer. When asking for a lesser price, you should undoubtedly substantiate the reduced price in writing and keep your case documented for your own good. Providing photographs and cost estimates for repairs will help in supporting your lower offer amount. You should also consider negotiating the home warranty, concessions, and other buyer benefits.

Potentially better opportunities for financing

If you have good credit, many banks will often loan the full price of the foreclosed property or even more. Only a 10% down payment will usually be required for a foreclosure that is intended to be used as a rental. As for foreclosure investors, if they have a large amount of equity in another home, they may obtain a line of credit from the bank to purchase a foreclosure. When that line of credit is converted to a mortgage, no down payment may be required. Be sure to check with your bank for their full details.

But, of Course there are Some Cons to Buying REO Too….

Don’t expect much sprucing up to be done to a REO property. In order to minimize their losses, banks have a tendency to invest very little when it comes to fixing up a property which is why they are sold in “as is” condition.

Additional paperwork and strict underwriting procedures may be required in regards to the loan because banks want to avoid regaining ownership of the property for a second time.

Obtaining disclosures in regards to the history or condition of a REO property is not a guarantee which can certainly pose as a challenge.

Due to the “as is” condition of many REO homes, the cost of repairs can definitely add up so be sure to buy wisely. You don’t want to end up spending more on fixing up a property than what it’s worth.

Other Tips to Keep in Mind When Buying a REO Property

Shop around! Be sure to compare the asking price of the bank with the prices of other comparable homes in the area. This is will help you gage what you should be spending on that property.
Title checks are very important. Do a thorough search of public records for any liens or outstanding taxes. As mentioned earlier, many REO properties come with a clean slate when it comes to property taxes and liens but, it’s should never be expected. You can perform a preliminary title check on sites like RealtyTrac and then hire a professional title company to run a full and insured title search before closing on a deal. If any common liens are placed on a property due to unpaid loans borrowed against the property, taxes, or unpaid mechanics liens, you may have to pay off the liens on the foreclosure that you are attempting to purchase, although you are not the only who failed to pay the property taxes.
Always be smart about your money!
If you’re seriously interested in buying a home, you should get pre-qualified for a loan. Getting pre-approved by the lender that owns the property may help you stand out better as a good candidate for buying the property.
If you are a REO investor or just a home buyer that is considering a significantly damaged home, keep in mind that your financing options may be limited. For example, VA loans can be more difficult to get if the property isn’t in move-in condition.
Do your homework before you make any offers.
Be sure to add in the costs of any repairs and renovations in your offer price.
Be prepared to be patient! When placing an offer for a REO home, it can take weeks to get a response. REO offers are typically reviewed by several individuals and companies which takes time.
See a REO professional!

Why an Agent like Myself is Your Best Choice When Buying REO

I am a real estate agent that sells all types of home in different price ranges, conditions, and areas. I know all that there is to know about selling privately-owned homes and I also specialize in REO and Short Sale properties. I have gone through extensive training to get to where I am in the REO industry. I have worked with countless REO professionals and agencies. I have qualifications, certifications, and numerous memberships in the REO industry. I can help you become well-informed on REO and non-REO properties and help you make the best decision possible for your home-buying needs. Not all agents have the knowledge and experience that I have of both REO and privately-owned homes. I have worked hard to be able to be the best agent possible for potential home buyers of all sorts of properties.

Be sure to contact me for any of your home buying questions or inquiries. I am here to help!

Deciding to purchase a home for the first time can come along with many fears, hesitations, and uncertainties.

As a first-time home buyer, you may have a myriad of questions for yourself such as; Am I ready? Am I doing the right thing? What am I getting myself into? How will this benefit me? Do I have enough money for this? How will this affect me financially and emotionally? And many more…

Buying a home is a huge step in life and therefore, all of those questions are completely normal and acceptable. If anything, it wouldn’t be normal to not have those types of questions and concerns! When making such a huge step in life, you may have many concerns, hesitations, and doubts. If you simply take some time to realize what brought you to this place in life, you will be reassured about your decisions. Sometimes it just takes a little bit of inspiration to help you take that leap!

All of those concerns and feelings that come along with deciding to buy a house are natural but, don't let them hinder you!

Think of all of the wonderful benefits of being a home-owner (see my other blog post for a full list of benefits) such as privacy, making an investment, starting a family, a place to call your own and to decorate as you'd like, and much more!

It's essential to fill your mind with positive thoughts when making such a big decision. Don't let all of the small doubts prevent you from doing something that you know that you are capable of accomplishing. Buying a home has countless positives and you are just as worthy as anyone else. It's just up to you to be prepared, ask questions, accept guidance, and stay positive and motivated!

It’s up to you to take that leap and make the first step and it’s up to expert realtors like me to help guide you step by step along the entire process of buying your first home.

Contact me to be your agent and to help guide you through this big decision and I promise to make your first-time home-buying process one to help inspire others with!

Southeastern Wisconsin is the perfect place to live for multiple reasons which, makes me very excited as an agent to cover this region. My Southeastern Wisconsin region includes the wonderful counties of: Milwaukee, Racine, Washington, Ozaukee, Jefferson, and Waukesha. I love being able to help my buyers find their perfect home in Southeastern Wisconsin. This region encompasses something for everybody, whether it is nature, great school systems, restaurants, businesses, agriculture, shopping, entertainment, adventure, and much more!

Milwaukee county has plenty to offer everyone. It has a beautiful blend of neoclassical, Victorian, and art deco-inspired architecture throughout the city and an old vintage feel in places like the Third Ward. Nestled along Lake Michigan, Milwaukee is a stunning city filled with popular food spots such as Sobleman’s which, is known for its extravagant bloody marys and burgers, Harbor House which, has a gorgeous view from its patio, and Sanford which is owned by the James Beard Award-Winning Chef Sandy D’Amato. There’s always something going on in Milwaukee, especially during the Spring and Summer times. You simply cannot miss Summerfest, an 11-day event that Milwaukee dubs as the “World’s Largest Outdoor Music Festival” and is always loaded with the most popular musicians and bands. Milwaukee is also known for its many cultural festivals like Festa! Italiana, Polish Fest, German Fest, and Mexican Fiesta. The Wisconsin State Fair is located in Milwaukee and is such a fun place to indulge in tasty foods like deep-fried oreos, chocolate covered bacon, krispy kreme donut burgers, fried cheese curds, root beer flavored milk, and its famous cream puffs! To work off those extra calories from such delicious foods, Milwaukee’s lakefront is the perfect place to do so. The outdoor activities are endless in Milwaukee including: boating, paddle-boarding, canoeing, rollerblading, biking, hiking the Lakefront Trail, exploring the Milwaukee River Walk, ice-skating in the winter, swimming at Bradford Beach, kayaking down the river, golfing at one of Milwaukee’s 16 county parks, and much more. Milwaukee is a city rich in art and culture. Check out its many museums and shows such as the famous Milwaukee Art Museum, Broadway shows, the Grohmann Museum, and the Harley Davidson Museum. There are countless things for families with children to do such as the Betty Brynn Children’s Museum, the Children’s Theatre, Discovery World, and more. Sports lovers are always fulfilled with the amount of sporting events throughout Milwaukee. Learn the art of tailgating and experience an exciting Brewers baseball game at Miller Park, Bucks or Admirals game at the Bradley Center, or follow our successful Golden Eagles and UW- Milwaukee Panthers university teams. Don’t forget your green and gold when you cheer on the Green Bay Packers at Lambeau Field in the city of Green Bay which is only 119 miles north of Milwaukee. A large part of Milwaukee’s economy relies on education and business.

Milwaukee is home to many outstanding schools including Marquette University, UW-Milwaukee, and the Milwaukee Institute of Art and Design, as well as numerous other top-notch schools throughout. Milwaukee is also home to several top hospitals like the Children’s Hospital of Wisconsin, the Medical College of Wisconsin, the Ronald McDonald House, and Wheaton Franciscan St. Joseph’s Hospital. You can’t live in Milwaukee and not enjoy its delicious beers. Go on a brewery tour, learn about the history of beer, or hang out in a local pub and sip on some craft beers. Speaking of beer, Milwaukee’s nightlife is beyond promising. Enjoy a night out while bar hopping on Brady Street or dress up in your favorite dress and sip a martini in the swanky Pfister Hotel lounge. Milwaukee has a lively nightlife and a supportive LGBT community, so there’s fun for all! Feeling lucky? Stop by Potowatomi Casino and gamble away! If you want a weekend getaway, just drive two hours south to Chicago or head up north to Wisconsin Dells for some fun in the sun. If you feel like going further away, Milwaukee’s Mitchell International Airport is convenient for all of your travel plans. To learn more about visiting and living in Milwaukee visit http://www.visitmilwaukee.org/

If you want to live near Milwaukee but not in it, there are many surrounding counties with a lot to offer of their own.  Waukesha county offers a perfect blend of urban, suburban and rural living and is only minutes away from downtown Milwaukee. Waukesha was ranked 50th on Money Magazine’s 2010 list of “100 Best Places to Live” (mymove.com). Waukesha’s northern section is called “Lake Country” and is the perfect place for outdoor adventures. Kettle Moriane State Forest is great for hiking, biking, camping, and horseback riding. To learn more about visiting and living in Waukesha county visit http://www.visitwaukeshacounty.com/

On the west shore of Lake Michigan lays Racine county. Racine is speckled with interesting buildings designed by Frank Lloyd Wright and now has a new beautiful harbor that attracts numerous tourists every year. Learn more about visiting and living in Racine county by visiting http://realracine.com/

Washington county is known for its manufacturing industries and due to its convenient location along US Highway 45 and US Highway 41, Washington county is an ideal location for trade, business, and retail. Thanks to glacial carving, the beautiful landscape is one for the eye to see. Visit the historical landmark of Holy Hill and experience the lively community of families, businesses, and industry. Washington county is home to UW- Washington County and Moraine Park Technical College. “Washington County places its faith in the community and assists in whatever way possible to nurture, develop, and dream for the future” states its county clerk Brenda Jaszewski. To learn more about visiting and living in Washington county, visit http://www.co.washington.wi.us/ Like Milwaukee county,

Ozaukee county has something to offer to everyone. Ozaukee county is only a 15 minute drive north of downtown Milwaukee and is on the way to Green Bay, Door County, and other destinations in Northern Wisconsin. You can enjoy everything from camping, museums, and art fairs, to golf courses, wineries, and fishing and charter clubs in Ozaukee county. There are also several beautiful parks and animal conservations throughout the county to explore, appreciate, and support. Ozaukee is home to many great senior centers and assisted living facilities. Learn more about living in Ozaukee county by visiting http://www.co.ozaukee.wi.us/

Jefferson county is located midway between Milwaukee and Madison and has fascinating topography. Jefferson county is located in the glaciated portion of Wisconsin and its Rock River basin is diversified in landforms including drumlins, end moraines, kettle moraines, lakes, and eskers. Agriculture is a vital contributor to the county’s economy. If you love the country side, nature, agriculture, smaller towns, and tranquility, you would enjoy living in Jefferson county. Learn more about visiting and living in Jefferson county by visiting http://enjoyjeffersoncounty.com/

If you’re thinking about moving to or within Wisconsin, consider Southeastern Wisconsin because of its many remarkable counties that are filled with a little bit of everything. If you have any questions about moving or if you are interested in moving, be sure to contact me. I am an expert in my region and I am here to help with your home buying and selling process!

Another milestone reached by the mortgage industry reform: the end of the  disclosure forms confusion! Provided to those applying for a mortgage, these forms were originally created based on two separate federal statutes: Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA). The duplicate information as well as erratic language of these two separate documents, lead to an immense amount of confusion. Apart from those two documents, there were also two sets of disclosures: one provided when applying for a mortgage, and the other provided at the closing or just prior to closing on the loan. The consumers weren’t the only ones confused -even the lenders had a difficult time completing the forms. Basically, if the lenders weren’t even able to understand the verbiage, how could they possibly explain the documents to the consumers? 

[Update: The Consumer Financial Protection Bureau announced a proposal to delay the effective date of the TILA-RESPA Integrated Disclosure rule until Oct. 1.Click here to read more.]

The resolve (hopefully) . . two new, straight-forward disclosure forms. This change will apply to all consumer mortgage applications received on or after August 1, 2015. The change is currently being referred to as “TRID,” for TILA-RESPA Integrated Disclosure.

The changes . . In a Nutshell

♦ With TILA, lenders use a uniform system for disclosures, including the same credit terminology.

♦ The Real Estate Settlement Procedures Act (RESPA) applies to any federally related mortgage loan, generally including any loan secured by a first or subordinate lien on family residential property (1-4 units).

♦ CFPB was responsible for integrating the existing disclosure requirements with the new amended requirements by combining the RESPA and TILA disclosures.

♦ The integrated mortgage disclosures use language that is designed to help consumers better understand the mortgage loan closing transaction.

♦ The new “Loan Estimate” form integrates and replaces the existing RESPA Good Faith Estimate (GFE) and the initial Truth in Lending forms.

♦ The new “Closing Disclosure” form integrates and replaces the existing RESPA HUD-1 and the final Truth in Lending forms.

♦ The integrated disclosure rule does not apply to HELs, reverse mortgages, mobile homes and dwellings not attached to real property, or for those making 5 or less mortgage loans per year.

♦ The definition of an “application” has been changed; now, an application consists of six pieces of information which are submitted.

♦  Consumers can’t be charged for fees until after they’ve been given the Loan Estimate form and consumers have agreed to proceed with the transaction.

♦ The Loan Estimate is provided to the consumer within 3 business days after submitting a mortgage loan application.

♦ There are only six legitimate reasons for revisions to a Loan Estimate form.

♦ The Closing Disclosure form integrates and replaces the existing RESPA HUD-1 and the final Truth in Lending disclosure forms.

♦ A Closing Disclosure is provided to the consumer so that they have a 3 business day waiting period before closing on the mortgage loan.

♦ There is now a three business day requirement once the consumer has received the Closing Disclosure, representing a waiting period for the consumer to review the disclosure.

♦ The lender now has all the liability for preparation and delivery of the Closing Disclosure form, even if they allow the escrow company to do it.

♦ The new Integrated Disclosures must be provided by a lender or mortgage broker that receives an applicationfrom a consumer for a closed-end credit transaction secured by real property on or after August 1, 2015.

♦ For a Loan Estimate, a “business day” is a day on which the lender’s offices are open to the public for carrying out business functions.

♦ For a Closing Disclosure, a “business day” includes all calendar days except Sundays and legal holidays.

♦ The Loan Estimate must be delivered or placed in the mail no later than the 3rd business day from receipt of the mortgage loan application.

♦ The Closing Disclosure must be placed in the mail no later than the 7thbusiness day before consummation of the loan.

♦ The “Your Home Loan Toolkit: A Step-by-Step Guide” replaces the HUD Settlement Cost Booklet.

Key Points derived from The CE Shop “RESPA/TILA Changes: Are you Ready?” course. Right now the course is completely free when you use the promotional code (respafree) at check out. No credit card info is required.

THIS IS NOT AN ADVERTISEMENT AND FSI-VAS WAS NOT PAID FOR THIS POST. WE SIMPLY JUST WANTED TO SHARE THIS AWESOME OPPORTUNITY WITH ALL OF YOU. DON’T FORGET TO FOLLOW US ACROSS ALL OF THE SOCIAL MEDIA PLATFORMS AS WELL AS SUBSCRIBE TO OUR MONTHLY NEWSLETTER!

-Team FSI-VAS

“Be slow in choosing a friend,

Slower in changing.”

Benjamin Franklin

How does this quote relate to your retirement plan? Well, a retirement plan is the only thing that will get you through your golden years and you don’t want to put your these years in the hands of someone who wouldn’t care for your best interest.

Choosing a retirement plan is an important decision for self-employed and regular employees alike. For entrepreneurs or small business owners, it takes a lot of convincing to prioritize retirement planning over the current business needs. If you are ready to start a Solo 401k plan for your retirement, it is equally important to choose a Solo 401k provider carefully. One of the key features of Solo 401k is the freedom to invest and you want all the expertise that you can get to make the right decision.

5 Factors to Consider When Choosing a Solo 401k Provider

You are going to invest and stay invested in your retirement plan for several years to come. Here are 5 important factors that you should review periodically to ensure the competency of your retirement plan provider.

1. Investment Options: Solo 401k allows investment in real estate, private businesses, precious metals, tax liens, and several other options. However, these options differ from one provider to another and you need to inquire about these investment options upfront. At the same time, it is best to have someone who can offer appropriate investment advice and has the qualification to do so.
2. Service Level: Just like there are two types of customers, one seeking the lowest fee and the other seeking the best service, service providers follow the same rule. If you are a business owner or self-employed individual, managing all the paperwork could get difficult. It will help to choose a provider who can take care of these matters and keep you posted accordingly.
3. Plan Administration: There could be very few things worse than being chased by the IRS for breaking any regulations. Always look for a service provider that could perform due regulatory diligence and help you understand your responsibilities as the plan owners.
4. Recordkeeping service: You are going to invest in different areas generating multiple transactions every time. If you are choosing a Solo 401k plan, always have a recordkeeping service to keep record of your transactions and choose one that offers on-demand reporting.
5. Fees Disclosure: Unlike regular one-time business transactions, your retirement plan will accumulate substantial wealth and a single decimal change in provider fees will have a huge impact. Make sure that you choose a Solo 401k provider that discloses every relevant fee upfront with no hidden clauses.