Archive for April, 2009

These tips will help you avoid any problems when getting a <A HREF=”http://www.vegasbestmortgage.com/las-vegas-mortgage-advice-for-you-mistakes-to-avoid
/”> mortgage</A>.

Don’t buy a new car or trade-up to a bigger lease.
Don’t quit your job to change industries
Don’t switch from a salaried job to a heavily-commissioned job
Don’t transfer large sums of money between bank accounts
Don’t forget to pay your bills — even the ones in dispute
Don’t open new credit cards — even if you’re getting 20% off
Don’t accept a cash gift without filing the proper “gift” paperwork
Don’t make random, undocumented deposits into your bank account

In the past mortgage brokers were able to order appraisals, and in doing so they appraiser and the mortgage broker formed a special relationship. This relationship can be use for good and it can be use for evil. In this post, I will summarize my thoughts on the issue.

The good that is from the mortgage broker and appraiser relationship is the need for speed. For example, if you can to us after being turned down by another company or if you were unhappy in any way with the other mortgage company performance. I could call my trusted appraiser and request a favor on your behalf. This a favor could be a simple evaluation of the value of the property or a full aprraisal in a very timely manner.

As a result of the timely appraisal, I would be able to get you a mortgage approval in as little as 1 days. Yes, the last mortgage loan that we were able to secure for a client was 24 hrs. This would have been impossible if the appraisal was order through the lender. At the end of the day you get your loan in a speedy manner and you are super happy with our service.

Now let’s look at the other side of this picture, when the appraisal is order by the lender the appraiser and the mortgage broker does not have any business relationship. The appraiser will not care if the customer has ordered the rental truck, their landlord is kicking them out at the end of the month, and friends and family have requested time off from work to help with the move. This is especially true at these larger appraisal management company, where they will que the orders received. This result in a long wait and many head aches for the customer.

Regarding the negative side of this relationship, the special relationship that is formed between the mortgage broker and the appraiser can lead to undue influence by some mortgage brokers on appraisers. This influence can be use to push the value of a property up, but the appraiser has an ethical obligation to correctly value the property with supporting comps of recently sold house in the area,too bad this is not always done. But ultimately it will be up to the lender to place the final value on the property. Shouldn’t the buck stop there?

Technorati Tags: appraisal, mortgage broker

Las Vegas Mortgage Special Report-

If you’re looking at buying or selling a home in this market you should definitely know about a short sale. Short sale is when the bank will accept less than the current balance for a full payoff. Most of the time the banks ok this because the alternative would be dealing with a foreclosure. Not ever short sale request is granted, but it takes patience and a little knowledge to get your success rate up.

A few people know the correct way to approach lenders and ask them for a Las Vegas short sale. Many homeowners and investor think that all it takes is to send in a offer and wait for a reply, but the truth is it takes for than that to get an approval.

It is important to have a plan. This plan will help convince the lender to accept the short sale.

The following steps will help you succeed at getting a short sale.

The first step is to understand the situation and know all the background information. This way when you are asked the tough questions why the lender; you will have the answers handy. Know your gross income, monthly payments for all debt, housing market in your area, recently sold comparables for yours house, and any other negative information that would cast a negative picture in favor of the short sale.

Secondly, if the initial answer is no, then find out why. There must be a reason that the answer is no. Maybe next time you have to talk to an manager or offer a higher short sale price. Find out what the lender is try to recoup out of the deal. What did they get for a broker’s price opinion (BPO)?
By knowing all of this, you will approach the lender again with a better chance of getting an approval.

Here’s a story of a recently short sale.

John’s company informed him that they needed to cut back his hours because of the slow down in business. Rather then waiting, John called his lender and asked then for a short sale. At first they did not approved his requested.

He then found out why, went to an real estate agent, got comparables sold homes and other market info, and reproached the lender. The lender look over the newly provided data and realized that if they did not approve the short sale, they could end up losing a lot more in a foreclosure sale.

He went on to sell his home and “save” about $50,000. He was success because he did not accept the initial denial, but instead used that info to succeed in his short sale. He wasn’t even behind on his mortgage payments.

This situation is common and you must realized that it can be done. Be prepare with the right knowledge and data to back up your claim that it’s a “bad market here” and “payments are a burden” . The lender will ok your deal. Hopefully you learned something from this article. We wish you the best.

Technorati Tags: short sale