There are only three ways to increase your gross commission income.
1. Increase the number of units you sell.
2. Increase the sale price of the units you sell.
3. Increase the fees that you charge.
Read the rest of the story at Realty Times.
Monday, August 31, 2009
How to Increase Your Gross Commission Income
1. Increase the number of units you sell.
2. Increase the sale price of the units you sell.
3. Increase the fees that you charge.
Tuesday, August 4, 2009
SHORT SALE VS FORECLOSURE: WHICH IS BETTER?
Losing a home to foreclosure can be one of the most difficult things a homeowner can ever have to face and the decision on what options the homeowner should take should be examined very carefully.
As 1.8 million more people approach the dreaded default on their mortgage, the question many will face is; what are the consequences of a Foreclosure versus a Short Sale?
The first thing homeowner’s think of when considering the benefits of one over the other is the impact to their FICO score. Contrary to popular belief, a homeowners FICO score takes a similar hit with a Short Sale as it would if the property was foreclosed. However the major difference between Short Sale and Foreclosure is the ability to obtain a loan to repurchase a home in the future.
The effect of a Short Sale versus Foreclosure will in many cases determine how soon in the future a home buyer can purchase another home. According to Fannie Mae Guidelines, there is a minimum of 5 years before a homeowner is able to qualify for a mortgage and only on a primary residence after foreclosure. With a short sale, a homeowner can qualify for a new loan in as few as 2 years under the same guidelines.
Because Fannie Mae is one of the largest purchasers of mortgages in the secondary mortgage market they are also the standard to which most banks and financial institutions abide by. We have listed below the most recent guidelines issued by Fannie Mae and also included a link to their report showing the exact guidelines in detail.
www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0816.pdf
FANNIE MAE (FNMA) GUIDELINES
Fannie Mae Guidelines changes as of June 25, 2008 with Announcement 08-16.
Foreclosure:
· 5 years time period from foreclosure completion date.
· Minimum of 10% down & 680 credit score until 7 years after completion date.
· Principal residences only, no second homes or investment property loans for 7 years.
· 3 year exception for extenuating circumstances.
Short Sale:
· Requires a 2 year waiting period after the sale, with acceptable re-established credit.
· No other requirements necessary
Deed-in-Lieu:
· Minimum waiting period of 4 years.
· Minimum of 10% down required for 7 years.
· 2 year exception for extenuating circumstances.
Bankruptcy:
· Chapter 7 requires a 4 year waiting period, but there is a 2 year exception for extenuating circumstances.
· Chapter 13 is 2 years from discharge date or 4 years if the Chapter 13 is dismissed (not completed).
As 1.8 million more people approach the dreaded default on their mortgage, the question many will face is; what are the consequences of a Foreclosure versus a Short Sale?
The first thing homeowner’s think of when considering the benefits of one over the other is the impact to their FICO score. Contrary to popular belief, a homeowners FICO score takes a similar hit with a Short Sale as it would if the property was foreclosed. However the major difference between Short Sale and Foreclosure is the ability to obtain a loan to repurchase a home in the future.
Why Short Sale Is the Best Option
The effect of a Short Sale versus Foreclosure will in many cases determine how soon in the future a home buyer can purchase another home. According to Fannie Mae Guidelines, there is a minimum of 5 years before a homeowner is able to qualify for a mortgage and only on a primary residence after foreclosure. With a short sale, a homeowner can qualify for a new loan in as few as 2 years under the same guidelines.
Because Fannie Mae is one of the largest purchasers of mortgages in the secondary mortgage market they are also the standard to which most banks and financial institutions abide by. We have listed below the most recent guidelines issued by Fannie Mae and also included a link to their report showing the exact guidelines in detail.
www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0816.pdf
FANNIE MAE (FNMA) GUIDELINES
Fannie Mae Guidelines changes as of June 25, 2008 with Announcement 08-16.
Foreclosure:
· 5 years time period from foreclosure completion date.
· Minimum of 10% down & 680 credit score until 7 years after completion date.
· Principal residences only, no second homes or investment property loans for 7 years.
· 3 year exception for extenuating circumstances.
Short Sale:
· Requires a 2 year waiting period after the sale, with acceptable re-established credit.
· No other requirements necessary
Deed-in-Lieu:
· Minimum waiting period of 4 years.
· Minimum of 10% down required for 7 years.
· 2 year exception for extenuating circumstances.
Bankruptcy:
· Chapter 7 requires a 4 year waiting period, but there is a 2 year exception for extenuating circumstances.
· Chapter 13 is 2 years from discharge date or 4 years if the Chapter 13 is dismissed (not completed).
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