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19March

BidSelect targets local buyers with featured properties

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With so many buyers starting their home search online, its critical for listing agents to market properties with a solutions provider that can serve up relevant information to the buying community.  With this in mind, BidSelect has implemented technology so that featured properties displayed on the home page are more relevant to the end user.  In addition, they have expand the number of featured properties providing greater opportunity for sellers to increase traffic to their listings.

Visit www.bidselect.com to see the new home page changes.

23February

HomeTelos and MCS partner to deliver efficient workflow solutions to shared clients

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The integration with Mortgage Contracting Services’ (MCS) automated workflow application will allow for streamlined communication between shared servicer clients and their investors.  The elimination of duplicate entry, combined with real-time submission of bids to investors, provides a more efficient and scalable workflow solution.  For the complete story, see MCS Joins Forces With HomeTelos.

For specific information about HomeTelos integration solutions, please call (214) 306-9099 or send email to sales@hometelos.com.

5February

Embracing Change

Buyers in the market have more tools available than ever before.   One of the tools is a booklet that lenders are required under the Real Estate Settlement Procedures Act (RESPA) to give to buyers within three days of their application for a mortgage loan.

Because purchasing a home is an important financial decision that should be considered carefully, this booklet will assist the buyer to become more familiar with the different layers of the home buyer process. Included are suggestions of the decision making process on whether to purchase or not and the cost involved in owning a home. The Good Faith Estimate (GFE) is explained in detail along with the HUD 1 Settlement Statement that is received at closing.  The information is essential for the buyer as well as to be used as a needed refresher for real estate agents everywhere.  There are explanations of the roles of a real estate broker, choosing an attorney, the terms of the sales contract agreement, affiliated businesses, and incentives from builders.  The booklet then addresses the different types of loans and insurances.  The step by step process of the GFE covers important dates and all the cost involved.  For example what cost cannot increase from what is stated in the GFE, what cost cannot have more than a10% increase at closing from what was stated in the GFE, and what cost/changes that could be different at closing than what was stated in the GFE.   The table below is included in the booklet.

Embracing Change

I applauded the changes with the new HUD1 Settlement Statement as well.  There are now three pages instead of two.  The third page is set in layman’s terms via a comparison chart of the GFE and cost at closing as well as the buyer’s loan document information.  Gone are the days of sitting at the closing table with the buyer’s eyes glazed over with confusion!  I have said it before and I’ll say it again, “Education is power, and when you empower someone with education, you build trust and report”.  I encourage all real estate professionals to become familiar with the GFE and the HUD1.  Dive in, get your feet wet!  Understanding the complexities of real estate and being able to communicate to your audience is one of the keys of a successful real estate professional.   There will always be change, so embrace it, smother yourself and indulge in the learning atmosphere!

15January

Is it time to flush your water heater?

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The flushing of your hot water heater should be part of an annual home maintenance program. Draining water out of the tank flushes out sediments that settle to the bottom of the tank. The flushing helps ensure safe, energy efficient operation of your water heater. Additionally it helps to extend the useful life of the unit. The service can be done professionally or consider it as a do it yourself project with the following recommendations.

To flush the tank:

  1. For electrical water heaters, turn OFF the power at the circuit breaker. For gas water heaters, turn the thermostat on the unit to the PILOT position.
  2. Connect a garden hose to the drain valve at the bottom of the tank, and put the other end either in a 5-gallon bucket, a floor drain, or run the hose outside.
  3. If you have a recirculation pump for your hot water system, then turn this off.
  4. Shut off the supply valve for the cold water inlet to the water heater.
  5. Open a HOT water faucet in a sink closest to your water heater, and open another HOT water faucet in a sink that is at the highest point in your house (NOTE:  Just a little water will flow out, since you have shut the water supply valve to your hot water heater in the step above).
  6. Open the pressure relief valve at the top of the tank (you might want to place a rag or small bowl under the vent pipe to catch any water drops that might come out).
  7. Open the drain valve on you tank and drain 1 to 2 gallons from the tank.  NOTE: The water coming out of the garden hose will be scalding hot so be careful that the water doesn’t splash anywhere except in the bucket, drain, or outside.  As the water begins to drain out, you will probably notice some small scale or sediment in the water.

To re-fill the tank:

  1. Close the drain valve and remove the garden hose.
  2. Close the pressure relief valve at the top of the tank.
  3. Open the valve for the cold water inlet to the tank, and you should start to hear the tank fill with water.
  4. Watch the faucets that you opened in the house.  After you begin to get a steady stream of water from the faucet, shut that faucet.
  5. For electric water heaters, turn the power back on, and for gas models, turn the thermostat on the water heater back to its ON position.
  6. If you have a recirculation pump, then turn it back on.
  7. Double check that the drain valve is tight.

TEST PRESSURE RELIEF VALVE:  The pressure relief valve is at the top of the tank, with a drain tube extending down from it.  To test the valve, with the water supply valve to your water heater in the open position (i.e., its normal operating position), place a bucket under the vent pipe for the valve, then lift the lever on the valve for a few seconds to let water flush out through the valve.  If little or no water flows out, or if the valve doesn’t shut off, then replace it.  NOTE: The water coming out of the vent pipe will be scalding hot, so be careful that the water doesn’t splash on you.

13January

Short sales in the spotlight

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Finally!  It took a while, but the guidelines issued by the Treasury have placed the spotlight on short sales giving their nod to a viable alternative for homeowners who continue to struggle in this never ending housing crisis.  It comes as no surprise to some.  HomeTelos, who debuted its pre-approved short sale program in 2008, has achieved great success and received positive feedback from homeowners.

A recent article in Managing REO, Treasury Effort May Boost Short Sale Usage, highlights the benefits of these new guidelines for homeowners and servicers alike.  No single decision will undo what has been done, so embracing short sales is a positive sign.

8January

Marketing a house (part 3/3)….

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The Realtor representing the seller will place the house in a Multiple Listing Service (MLS), which allows a network of other local Realtors to pull up properties for sale by certain specifications. In addition to the local MLS, a home may be placed on a variety of websites for maximum exposure, many of which will offer detailed property information and contact information to set up a showing. Although a house may be marketed well, it does not mean that a sale is imminent if the home is overpriced.

1January

There is help for delinquent borrowers

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Majority of borrowers, who are delinquent on their mortgage accounts, are most likely to avoid servicer calls. They probably do so, because they think there is no assistance available to them. “According to the U. S. Treasury, in more than half of the foreclosure cases where the home is lost, the borrower never knew help was available.” (Draper, 2009) In most cases, assistance is available to them to help save their homes or provide them with alternative solutions. To find out potential solutions, it is best to get in contact with the servicer as soon as possible to avoid pitfalls that may hinder the borrower from achieving a positive solution.

Reference: Draper, V. (2009, June). Home retention. Facing the Facts, 36.

25December

It made a difference to that one!

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“Once a man was walking along a beach. The sun was shining and it was a beautiful day. Off in the distance he could see a person going back and forth between the surf’s edge and the beach. Back and forth this person went. As the man approached he could see that there were hundreds of starfish stranded on the sand as the result of the natural action of the tide.

The man was struck by the the apparent futility of the task. There were far too many starfish. Many of them were sure to perish. As he approached, the person continued the task of picking up starfish one by one and throwing them into the surf.

As he came up to the person he said, “You must be crazy. There are thousands of miles of beach covered with starfish. You can’t possibly make a difference.” The person looked at the man. He then stooped down and picked up one more starfish and threw it back into the ocean. He turned back to the man and said, “It sure made a difference to that one!”

I think about this story every day as we walk back and forth along the massive real estate beach looking at all the distressed properties.  There are so many – how can we possibly make a difference with so many people in danger of losing their home to foreclosure or wondering how they can continue to make payments on a property that has thousands of dollars in negative equity? 

I know that we have all talked about volume and waiting for the onslaught of short sales that we know are out there waiting.  But we need to remember that the only way to really help all the distressed homeowners and would-be homeowners out there is one at a time. 

At this holiday season, I am thankful that the HomeTelos LEO program has achieved such resounding success!  We are making a difference – one homeowner at a time.

17December

Home for the Holidays

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It is unfortunate that there will be thousands of families without a home this Christmas. It hits closer to our heart when it is your next door neighbor, the sweet young family from church, or a family member. Yes, we can all say, “That is unfortunate”. But much more important is, what can one do? For the benefit of homeowners who are facing foreclosure, why not put a hold on all evictions during the holidays? I know that this is just a small request yet it has a huge impact on many families that are in a very stressful situation. And so, I am hoping that the spirit of giving will inspire you. I wish for a teachable spirit and warm heart, world peace, that the hungry are fed and that health prevails over illnesses. But one wish I would like to have is that each of us does something for those less fortunate than ourselves this year and continues to give for years to come.

27November

Prepare your home for cold weather

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Fall is upon us and now is a good time to prepare for the winter.  Below are a few items to consider before it’s too late: 

1) Furnace Inspection – Call an HVAC professional to inspect your furnace and clean ducts.

2) Get the Fireplace Ready – If the chimney hasn’t been cleaned for a while, call a chimney sweep to remove soot and creosote.

3) Check the Exterior, Doors and Windows – Use weather-stripping around doors to prevent cold air from entering the home and caulk windows.

4) Prevent Plumbing Freezes – Insulate exposed plumbing pipes.

5) Prepare an Emergency Kit – Store extra bottled water and non-perishable food supplies (including pet food, if you have a pet), blankets and a first-aid kit in a dry and easy-to-access location.