Rosanna

Hi, You had mentioned a while back that you had a mortgage person who is licensed in all 50 states? Could you post that or PM me with it? Thanks very much, Rosanna

thanks Stever. jeez that was quick. I didn't think anyone else would be up so late. One more q i forgot to ask. She is asking me how long it usually takes for the t/b to buy the house? I don't have a usually as i have never done this before!what should i say?

hi everyone, I am exchanging emails back and forth with a homeowner and i had told her that my fee is paid by the tenant/buyer so there is no cost to her. She responded back asking me "what is the fee that the buyer pays you to find them a home". How should i answer that? Thanks, Rosanna

Thanks guys!

I had a couple of questions if you don't mind. Just wondering what company you use for background checks? And also who do you use for credit repair? And one more, do you use an escrow company to handle the rental payments every month to ensure that the mortgage gets paid? Thanks so much, Rosanna

Thanks Michael, yes i called both title companies and attorneys. Is there a company that does this type of thing nationwide?

Does anyone know of any good escrow companies? I tried googling and calling around and no one wanted to bother with it. Also, does everyone get their docs notarized when they do all the final paperwork with the t/b? thanks, Rosanna

Hi everyone, I got the following message yesterday from BostonAreia. Thought everyone here should know about it. Thanks, Rosanna Dear REIA Members: The following information is extremely important! HUD has proposed to eliminate ALL seller financing unless the seller lives in the home or becomes a licensed mortgage originator. The proposed HUD Rules interpreting the federal SAFE mortgage act can be viewed at www.regulations.gov Use the search parameter "HUD" and the keyword "safe". Please review and comment regarding the impact of this broad interpretation of the law. "In addition to establishing HUD's responsibilities under the SAFE Act, through this rule, HUD proposes to clarify or interpret certain statutory provisions that pertain to the scope of the SAFE Act licensing requirements, and other requirements that pertain to the implementation, oversight, and enforcement responsibilities of the States. HUD solicits comment on the proposed clarifications and on the regulations proposed to be codified." History: As you may recall, we lobbied hard last year to maintain the right for individuals to make up to five seller financed transactions per year before being subject to mortgage originator licensing, etc... However, that law was passed subject to the Department of Housing and Urban Development's (HUD) approval of the law as "compliant" with the intention of the federal law. If any state does not have a compliant law, the SAFE act allows HUD to implement licensing for the state. HUD has since issued proposed rules. In a nutshell, seller financing would no longer be allowed for non-owner occupied homes. How YOU can help: We learned about the publishing of the rules very late in the process... and the deadline for comment is upon us on February 16. However, we desperately need for thousands of REIA members across the country to go on record with HUD on this issue. We will be working to try to affect this law in other legislative ways, but cannot hope to gain traction unless our members have clearly communicated that they are opposed to this portion of the rules. This is your chance to be counted on this issue. PLEASE SUBMIT YOUR COMMENTS TO HUD! We have less than one week to flood this system with comments. Follow these simple steps: 1. Logon to www.regulations.gov You will see two white boxes for searching 2. On the left box labeled "Document Type", pull the menu down and select "proposed rules" 3. On the right box labeled "Enter keyword or ID", enter "safe mortgage". Then, press search 4. Locate the blue search result "FR-5271-P-01 Safe Mortgage Licensing Act: HUD Responsibilities Under ...." To read the rules, click on this title. You will be taken to another page. You will see "views". You can click on PDF file or another symbol which will show you the rule document online. 5. On the right of the screen, click on "submit comment" 6. Complete the form providing required information and your comments and then submit What do you say? Say what you feel, but say it politely! The message should include that you would like the definitions in the proposed rules to be changed so that private individuals can originate and service loans on properties they personally own. Some ideas from others: · bank loans are not available on some types of properties · the tight lending climate has made bank financing "out of reach" for many · seller financing is an "age old" tradition based on private property rights · these rules would prohibit even partial seller financing - i.e. a "seller second" · according to HUD's "Residential Finance Survey" in 2001, roughly 40% of all non-farm residential properties in the US are owned free and clear · an estimated 6 million Americans own a property other than their own primary residence · an estimated 4.5% of Americans own three or more properties, many purchased solely as investment properties · 40% of non-owner occupied residences are mobile homes which are more difficult to sell with bank financing · approximately 5% of homes in US are for sale or for lease... seller financing may be key to liquidating this inventory The continued success of our industry as we know it is threatened by these proposed regulatory changes. Please do not hesitate to follow the steps above and make your voice heard.

Hi Jonathan, Do you do any cold calling? Rosanna

Thanks Jonathan!

Hi Everyone, I am curious if anyone knows a good source that is reasonable for pre Nod or Nod leads? I'm still learning but from what i understand they are 2 different lists. Thanks, Rosanna

I'd love to have that info! Thanks so much! Rosanna

Thanks Michael!

Hi everyone, Back again with another q. What is the length of time you typically ask for from the seller for the option agreement when you are going to do a CA? Do you ask for a 2 year option agreement? And of course i know to just have the residential lease be for 1 year. Wanted to give the t/b's enough time to be able to purchase the home so i thought a 2 year option would be good. Any thoughts? Thanks, Rosanna

Hi Steve, I have the same concern. I mean if you are selling this to the t/b and they have to come up with one large chunk of money when they sign the option agreement and then they have to come up with the entire downpayment when they exercise the option? How is that realistically going to work for the average person? How do any of these people end up buying the house? How is the whole lease option strategy really that much of an advantage over just renting a reasonable apartment and saving your money and then buying when you are really ready? How has this worked for you in the past Steve? Has the t/b then come up with the entire downpayment when they were ready to purchase? Sorry for all the questions. Thanks, Rosanna