How does the Short Sale Process Goes in MD

     Many people have asked me about how the process goes as far as how long the short sale takes, what needs to be done, etc. So, I decided to do post on that exactly.

The length of the short sale depends on several factors: When the seller sends back the short sale paperwork in, the time it takes for an offer to come, how long the bank takes to process paperwork, when the bpo is done, the time it takes for approval of buyer loan (if it applies), etc. The timeframe can take anywhere from 90-120 days normally. Here are the actual steps of the short sale:

1. Seller decides to do short sale by signing listing agreement and sending back short sale paperwork to agent/negotiator with proper docs i.e. paystubs, bank statements, tax returns, w2's, hardship letter.

2. Once we receive an offer. The offer is sent to the bank with the short sale paperwork (Bank usually does not start a short sale without an offer first.)

3. Bank assigns short sale case to a representative and the schedule the BPO (Broker Price Opinion). They will access what they believe the value is and send the report back to the bank.

4. Bank decides whether they will accept, counter, or decline the buyers offer. If they counter, then the buyer and bank goes back and forth to agree on a price.

5. Once a price is agreed upon, the bank will send an approval letter based on the terms that was negotiated i.e. price, if rest of balance would be released, relocation assistance, commission, date property has to close by, etc.

6. You go to closing

*It is important that you choose an agent that is familiar with short sales and has a great negotiator on their team. Communication is KEY with everyone involved so it's important to make sure that your agent and negotiator keeps contact with the bank to prevent anything from falling through.


I hope this helps anyone that is looking into this option. Feel free to contact me to get started!!

Til next time,
JC
443-869-1364

Dont Let Them Take Your Home Into Foreclosure

    There are over 21,000 people in the state of Maryland that are going through foreclosure (data from Realty Trac). I often wondered why so many people are allowing the bank to take their home without even putting up a fight and one of my clients told me the answer........ "People just don't know they have other options."

She was one of them.......

She went through one of the trials life tend to throw at us which is being laid off her job. She thought it was only going to be temporary and that she would catch up on her mortgage payment next month once she got another job. But, that didn't happen. She got another job 3 months later and by that time it was a snowball effect and she end up owning over $5,400 in mortgage payments, fees, and other costs. Now, she was able to make payments on her mortgage but not the whole amount. Since she figured she would never catch up with the payments she tried to do loan modification. It got so frustrating because she had to send the paperwork multiple times (the bank kept losing the docs) and after over 6 months of trying; she got denied for loan modification and the foreclosure had started.

Her foreclosure date was 47 days away when she was referred to me. She was frantic about having to move out so soon and I told her about the option to do a short sale; she didnt think she had enough time. I was able to get the foreclosure stopped on her home and 5 months later, we closed on the short sale. Someone else bought her home and she got $10,000 in relocation assistance.

With that money, she was able to move into a new apartment and put some in her savings account.

Just imagine what could have happened if the bank foreclosed on her home. Her home was already underwater and was not worth what she paid for it.

Don't Let Them Take Your Home

For more information, contact me today 443-869-1364

Til next time,
JC

Buy A Newly Built Home and get $10,000

Yes, your eyes were not deceiving you.

     A lot of times people don't even think about purchasing a newly built home because of the costs. You always hear that you have to put money down that isn't refundable, they throw the home together, or it takes too long to build.

Well, you have another option. Not only can you get a newly build home (move in ready), but you will get $10,000 towards closing costs. It's rare that you can get that much money for closing costs from a resale home.

Plus, here is the bonus; if you buy a new home, you will get 15% of my commission paid to you as a thank you. YES MY COMMISSION.

Beazer Homes has move in ready homes in Elkridge, MD, (starting at $399,000) and Owings mills (Starting at $319,000). Just think about how beautiful it would be to be in a new home and say you are the 1st owner.

New more information, Contact me NOW-443-869-1364

Here is just a some pictures of the home for your pleasure

FYI, I have a home in Rosedale on sale right now for $269,900 (wont last long)


Til next time,

JC

She Lost Her Home Because Of Procrastination

Yes, I would like to say it was more that money and hardship, but it was procrastination. This potential client had fell on hard times and fell behind on her mortgage. The last time she paid her mortgage was over a year and a half ago a she needed to sell her home. I advised this client that instead of going into foreclosure and having the bank come after her for the additional amount owed (since her home was underwater), she could short sale her home.

This would give her the opportunity to see if she can sell her home without having to pay the full balance off (even if it is bought for less than her balance). I wanted to also see if she could get money to move from her home (by way of relocation assistance).

After the process was explained to her she was relieved that there was another option for her (that she could understand) and I sent over a checklist of what was needed to get started. I advised that foreclosure was near and that we needed to get started.

Three months went by and she never returned the information. I sent her reminders and she kept saying she was so busy and she would get to it. I advised that once a foreclosure is scheduled it gets harder to try to combat that with the timeline.

 Well, after about 7 months, she got a foreclosure letter that gave her 30 days to move. Not only that, but, she didn't open the letter (because of fear) until June 4th and the letter was dated May 9th; which means she had to be out of the home by June 9th.

When she called me and said she got all the docs together (in a matter of  24 hours),wanted to proceed, and the foreclosure notice she got, I had to inform her that it was too late. It hurt her and myself because I never want people to be in that position because I know life happens and sometimes things are out of our control.

However, procrastination is not life happening, it is YOU. We have to stop letting fear and procrastination keep us doing what we need to do to move forward or solving a situation which will add more stress.

She will bounce back from this because she has too. This too shall pass


Til next time,
JC

Why Some People Cannot Get Home Loans

     Because it is all in the mindset. I have had so many people tell me that they are not ready to purchase a home because they need to get their credit straight. When I ask them what their credit score is and what they need to do, guess what they say...."I dont know"

See, there is no way you can truly know if you can or cannot buy right now if you don't have a professional look at your credit and tell you what you need to do. Surely you don't enjoy paying $1300 or more for rent when you can get a mortgage in the same are for about $1000 a month. In this day and time we have to work smart not hard.

I used to be the same way, the way I got into my home was joking around with a friend of mine about getting a home and seeing who could get in a home first. We were just joking and competing to see who could buy their home first. I'm a sucker for competition and we both got a home (of course I won lol). The point is he thought his credit was bad and I thought my credit wasn't good either. That was in Nov of 2009 and by March 10, 2010; I was a homeowner.

Don't hold yourself back because of fear (false evidence appearing real). You have down payment programs, closing cost help, and credit repair options to help you get into a home.

Won't it be nice to pay a mortgage and know its going to you owning a home instead of financing someone else's dream?

Rent is overrated, its time to own some land and home a own.

If you need help finding a lender I have some options. As a realtor I'll be there to help you all the way.


Til next time,
JC

How To Purchase Your First Home Mortgage Free

I'm sure that got your attention. That's the same way my audience felt when I went over the details at my first Power up event in Baltimore. I showed them how to make their first home purchase and have the mortgage pay for itself.

Even though it seems like its a hard process, its really not if you just apply yourself and get the knowledge you need to make it a reality.

Their are certain steps you have to take which include the following:
1. Get a pre-approval letter from a lender (I recommend using the bank you have your money in now).
2. Choosing a property that has a lot of equity (usually properties that need repair). Also, I recommend a multi-unit.
3. Find out the value of the property after it has been renovated. (Im a realtor that can help with that)
4. Have a contractor that can help you fix up the property (or I can assist with that).
5. Repair the property after closing and live in one unit and rent out a space for a tenant. (check out the average rents in the area you choose)

So, here is an actual example:

Property on 123 Maine st -Purchase Price- $10,000
Renovation costs                                          $85,000

Total Investment                                         $95,000

Here is how the mortgage will be free- Mortgage for this loan would be about $850 a month. If you rent out a unit in your home for $1000 (ex; a 2bd/1 bath). You can pay the mortgage and save the additional $150.

Also, you can save the money that you would usually use to pay mortgage to put in future investments.

Dont let your fear of not thinking your ready stop you. If you are paying over $900 a month for a mortgage, you are ready. Stop building someone else's residual income and build your own. Stay tuned for the next event.

Til next time,
JC

Power Up Baltimore

It's that time Baltimore. With so much going on (with the election, redevelopments, crime), we have to be apart of the paradigm shift that's happening in Baltimore right now. What am I talking about? I'm talking about the real estate opportunities in Baltimore. There are MAJOR redevelopments happenings i.e. Park Heights, Port Covington, East and West Baltimore.

We need to be apart of this change. I mean, why not invest in Baltimore and make some of the money that the developers are going to make anyway?!?!

The way to do that is education, networking and action. I am having a Power Up Baltimore event this evening that is free. We will talk about real estate opportunities in Baltimore, create an action plan, and get to work. There are properties available at a minimum cost that we can purchase, repair and either sell to increase capital or rent out for residual income.

If you are worried about collateral, this is the place to be. We will talk about financing, opportunities, grant programs, vacant lots, etc.

Please feel free to come tonight:
Orleans Pratt Library (1303 Orleans st)
5:45-8pm
Bring pen and paper

Spring Home Selling Tips

Some of you may know that home-buying season picks up in the spring time. Why you ask? Well, because the weather is nice, there are grants programs out there (the money goes fast), tax refunds come, and its the best time to move.

Now there are certain tips you should abide by if you want to sell your home fast and make the best of your listing:

List your home on a Thursday-Most people like to look at homes on the weekend so they view properties on Thursday, which is the highest online viewing day of the week.

Host an Open House- This is a great way to draw people to your home and get people excited about where they are going to live. Also, is a great way to create competition for people and prevents a lot of procrastinating when writing an offer.

Price your Home Right- A lot of time people have an emotional attachment to their homes and the sellers access the value higher than what it really is. Be realistic in your asking price. If you need assistance, talk to a realtor to get a market analysis.

For more information see:

 https://www.redfin.com/blog/2016/03/spring-home-selling-tips.html?utm_medium=email&utm_campaign=1002267_Conversion+-+Estimate+Spring+Seller+Tips+-+Nonclosed+Clients+-+Copy+of+Conversion+-+Estimate+Spring+Seller+Tips+-+Split+2&utm_source=strongmail


Til next time,

JC

How Is Your Network?

     Networking is one of the biggest factors to gain success (if not the biggest). Think about it; in business you need customers to buy your product or service. How can they do that if they don't know your company even exists?

 You must know where the customers are and how to get to them. Also, you need to know where to find the help you need to move forward. There are so many networking events, workshops, and even mastermind sessions that you can go to build your network; confidence is key. You have to be confident in your business, what you have to offer, and why should anyone care about what you are doing. Now I am not saying that you can do it buy yourself because everyone that is successful; has a team with them that helped make it a success. I once read Robert Kiyosaki say "connect yourself with people who are smarter than you". See, just because you have a great idea, does not mean that you are going to know every aspect about how to move it from just an idea, to a successful enterprise. We ALL need help. Here are some resources to get you started:

www.sba.gov
www.wbenc.org
www.goma.maryland.gov

Go to networking events, talk to people, and discover the endless possibilities to growth for economic development

Til next time,
JC

First Time Home Buyer.....Get Free Money

It amazes me that a lot of first time home buyers are still bringing thousands, if not tens of thousands of dollars to the settlement table to purchase a home....WHY?

Ill tell you why; because they do not know about the free money that is available to first-time home buyers. You can get up to $10,000 to help with closing costs/down payment; that money you save can be used to furnish your home; or even leave it in the bank to save and earn interest on.

The goal is to work smart not hard :).

Here is a program that offer money for first-time home buyers:

Maryland Grandslam Program

FIRST BASE:

An interest rate 0.25% below the regular Maryland Mortgage Program rate - Check today's rates!

SECOND BASE:

$5,000 grant for down payment and closing costs from the State of Maryland

THIRD BASE:

$2,500 grant for down payment and closing cost assistance from the City of Baltimore

HOME PLATE:

Waiver of the State fee for a Maryland HomeCredit, which can save the borrower thousands on their federal taxes over the life of the loan​

CONTACT ME TODAY TO SEE WHAT OTHER PROGRAMS THERE ARE

Til next time,

JC

Invest $59 To Make A Million

 How often do you hear someone tell you that and it turns out not to be what you thought it was????

Well, I guarantee you this will not be the same thing. I have been working, researching, and trying to think of a way to not only create opportunities for myself but, others as well. I recently came across an opportunity where I have a network of investors that are looking to make money however, they need people. When I say they need people, what I mean is that they need someone with that great idea, great product, or great service in order to invest their money into.

Now what does this involve you ask?

Well make no mistake about it, this will be something epic. You will have 3-5 minutes to present your product/service to these investors and they will have 10-15 minutes to be able to ask you questions. This one day workshop that I am working on will happen by the end of October or Early November. Also, the workshop will only be open to 50-60 people. Now with this amount of people, everyone will not be able to pitch their idea. The pitch session will be limited to 20-25 people/businesses. Someone recently told me "this sounds like Shark Tank". Well, in some way it maybe; however, the main focus of this workshop is focused on economic development. We cannot continue to move forward as a people if we do not use our resources to be able pull ourselves up from our own condition.

Final thought: You must make sure you have a solid idea. I don't want someone who's gonna say "Yea man, give me $5,000 and I can flip it to $50,000". NO, these are REAL INVESTORS looking for serious minded people. I will be posting an update very soon with confirmation of the date and cost. This is an opportunity like no other.

Til next time,
JC

They Couldnt Sell My Home

This is what a client told me this morning when talking to her about selling her property. I asked her how was the property marketed and she stated: "she listed it on the realtor website (mls) like everyone does."

Now this is a mistake that a lot of realtors make. Now, although you do have some homes that are so hot; they don't need a lot of marketing. However, there are other homes that need more exposure. This is an area that I know about all to well. There way many other ways to sell your property i.e. open house, social media, networking with other agents, reaching out to your buyers list, reaching out to your fellow agents buyers list, etc.

Here is another idea:

WHY NOT OFFER A REBATE TO YOUR CLIENTS????

Now this is something that most realtors will not do because of two reasons: 1. They cannot offer that through their company, 2. They do not want to reduce their commission.

Now of course everyone would like to get paid what they are worth. However on the other side of it, buyers can get money back so the seller has more of an advantage to go with a company that will attract more buyers.

Here is a video that tell you all about it:
https://youtu.be/XFk0_LZBq7k 

Contact me today to find out how to sell you home fast and attract more buyers. 443-869-1364

Til next time,
JC

INCREASE YOUR CREDIT SCORE TODAY

Now in order to do this, you must be aware of credit and how it affects you.

What is a credit score? It's pretty much a report card for adults that tell companies your ability to pay bills over a period of time i.e. Credit worthiness.

How can you get your credit score/report? You can get your credit score for free at creditkarma.com. You are able to get a credit report once a year for free as well. Go to annualcreditreport.com.

Whats the range in credit scores/Where do you range? There are a few ranges in credit scores:
500 and below (Very poor)- Most likely you will be denied credit or receive costly interest rates
501-600 (Poor)- You may qualify but, you will pay high interest rates
601-650 (Fair)- You can qualify with common interest rates
651-700 (Good)- You can get competitive interest rates
700 and above (Great)- You'll compete for the lowest interest rates on the market

There are 3 different credit companies, which score will companies go by? Companies will go by your middle score. Here is an example:
Transunion- 670
Equifax- 720
Experian- 645
Your middle credit score--670 (This is your credit score)

You should know your credit like you know your favorite song. Mines is Micheal Jackson- Lady of my life :)

Here is a video by one of the top real estate mentors in the business about how to build your credit
https://www.youtube.com/watch?v=OVdt6jzl37k

Til next time,
JC

Rebates On Your New Home (Legally)

Yes, you heard it right....


     Some people think that you cannot get a rebate on your home; that's its illegal, and no agent will offer that to you. Well I'm here to tell you it's possible. I work with a brokerage and guess what's the name of the company........REBATE REALTY (catchy right lol). So many potential homeowners are afraid to move forward to purchase a home because they feel like they will become house poor once they spend their savings on buying a home.

Well you don't to. We offer a rebate as a simple "thank you" for using our service. That's just it. I purchased a home 5 years and I wish I would have had this back then. "That in itself is a no brainer. Couple the rebate with expert service, customer care, and extreme knowledge, and we can not only help the buyer find the right home at the right price, but get the buyer the most favorable interest rate." (Rebate Realty). Here is an example of getting a home with a rebate:

Purchase Price: $250,000
Agents Commission: 2.5% = $6250
Your Rebate: $1250

Couldn't you use $1250 to move in and buy that patio set or even put it back into your savings???? Of course you can.....

Here is a video that explains it all https://youtu.be/XFk0_LZBq7k

Til next time,
JC

Stop Throwing Money Away, Prepare Now Before Tax Time

Stop Throwing Money Away, Prepare Now Before Tax Time

Ask yourself: How much do you pay in rent every month?

For the rent that I pay, how much space do I have?

Am I truly happy giving someone money every month without seeing a return?

If you do not like the response to these questions, its time to make a change now. Do you know that every year people get thousands of dollars in tax refund money and in 3-4months they do not know where that money went? I know because I used to be one of those people. So, what did I do...I made a change. Its time to spend your money more wisely.

How do you start doing so? The first step is to understand your credit score.

In this day and time, if you do not understand your FICO score, you do not understand your money. FICO stands for Fair Isaac Corporation; which is the company that created the credit score over 50 years ago. The credit score is a 3 digit number that will determine the interest rate that you will pay for a credit card, auto loan, or any other debt that you are looking to incur. These scores range anywhere from 300-850 in which you should strive to be above 700.

Here is 5 parts of a formula you can use to keep your score as high as possible:

1. Make payments on time. This makes up 35% of your score and is the most important part (Don't buy things you cant afford)

2. Amount owed: Its not about how much debt you have, but about how you owe compared to how much you have been authorized to borrow. Its a debt-to-credit ratio. This is 30% of your score

3. Length of credit history: How long have you had ongoing debts? That's why its important that before you close a credit card, think really hard because that track record is important to you credit reputation. This is 15% of your score.

4. Mix of Credit: This determines if you are responsible for  different types of debt. 10% of your score.

5. Application for new credit: Making an unusual amount of applications in a short period of time is a red flag. This is 10% of your score. (Susan Orman, 2014)

FICO is as important to you as your SAT score when trying to get into college.

KNOW IT AND PROTECT IT

Contact me today to meet about your options and make plans to spend  your tax money right his year.

Til next time,
JC
Jay Cooper
New Realty
443-869-1364

Who Wouldn't Want a Kitchen Like This?????????????

Don't you loveeeeee this kitchen???? This kitchen belongs to 2 new homeowners that closed on their property this morning. Being a homeowner is feeling beyond measure. I can remember purchasing my home like it was yesterday. It was March of 2010. I was 27 years old and scared out of my mind because I thought "What in the world am I getting myself into? I'm too young, I don't know how to maintain a home my myself, I'm no handy-woman......" What I realized in time is that you don't have to be a Ms. Fix it to own a home, you just have to get to know someone that is. Being a homeowner is a wonderful feeling and I have to tell you a secret.......There are people out there that will help you along the way. Within 3 weeks of owning my home, my grass was starting to grow and I was thinking "darn, i forgot about that, i have to find someone to do that." My brother had two jobs and you can imagine how long it would take to get a family member to cut my grass; I would have a forest by then lol. Luckily a neighbor came to my door the following day and told me he cuts grass in the neighbor for a small fee. How did I respond.....you guessed it, I told him to get started right away. So, trust me when I tell you, maintaining a home does not have to be a one person job. 

Want to own a home? Contact me today Jay Cooper (New Realty) 443-869-1364. Need a lender??? Let me know because I also can refer you.

Til next time,
JC

Economy Picks Up Steam; Housing Recovery, Consumer Spending, and Manufacturing Pave the Way

Economic growth continues to gain momentum in the second half of the year, as expected, despite the slow start at the beginning of 2013. Fannie Mae’s Economic & Strategic Research Group’s full-year forecast for both the economy and housing market remains on track, with GDP expected to come in at approximately 2.0 percent in 2013 and to accelerate to 2.6 percent in 2014. Fiscal drag is waning, the housing recovery continues, and manufacturing and business investment are rebounding, helping to boost growth.

     Furthermore, consumer spending and the employment sector appear to be growing sustainably, which may help to offset downside risks from the expected tapering of the Federal Reserve’s securities purchases.

“Our macroeconomic and housing forecast shows very little change from July, and the steady pickup during the past few months validates our expectations for the second half of the year,” says Fannie Mae Chief Economist Doug Duncan. “The biggest risk to this forecast is the expected reduction in the Federal Reserve’s asset purchases, which would likely put additional upward pressure on interest rates and lead to some volatility in capital markets. Although the nature and timing of the tapering are still to be determined, we continue to expect the Fed will scale back its asset purchases and end the program by spring. In addition, we may see some fiscal tightening this fall as the debate over federal spending and the debt ceiling takes place.”

The housing recovery appears to have weathered some of the uncertainty, although additional growth is expected to be modest rather than robust while the market awaits an easing of credit conditions in the presence of rising interest rates. The rise in mortgage rates has led to a drop-off in refinance activity but does not appear to have had much impact on home purchase activity to this point. Home prices are expected to continue to climb, although the pace should slow significantly from the dramatic levels seen during the past 12 months.

2013 RISMedia

The best time to buy a home is now, before rates get any higher. Contact me today 443-869-1364

Til next time,

JC

So Your Ready To Move.............

Get Your Move On

Figure out how much help you need with your move
Depending on how much you have and how far you’re going, you may want to consider hiring a mover. Your three basic options are:

·         doing all the packing and moving yourself with the help of some willing friends - pizza, anyone?

·         you handle packing up the boxes, but the movers load, move and unload the truck for you - this is a great option if you’re moving to a completely new area and need a little muscle for your belongings!

·         the moving company handles the whole move from the packing of boxes down to unloading your stuff at your new home - this is obviously more expensive, but great if you’re physically unable to load and unload, if you’re going far, if you have a lot of fragile items or if you’re in a big rush

Read more about these different moving options by checking out our post on preparing to move out of your home and compare moving companies to figure out whose prices and services meet your needs.
Get your utilities up and running
Do a little research on your service providers, so you can get your utilities set up right before you move. Compare different service providers to make sure you get the best deal for your new neighborhood.
Set up mail forwarding
It’s totally easy to set up mail forwarding, so you can have all your mail rerouted to your new home - just request a change of address with the United States Post Office.

Make It Your Own

One of the most exciting things about becoming a homeowner is finally having a place that’s yours and that you can personalize any way you want! That’s right, no more ugly wood paneling or blank white walls (unless that’s your thing).
Take it a step (and a room!) at a time. Whether you’re an expert DIYer, or just want to do a few simple things to your new home to show off your personal style, there are loads of ideas out there to get you started! Find a project you like that fits in your budget, and enjoy creating a home that’s all your own.

Stay in the Know

Keep track of tax deductions.
Make sure you’re up-to-speed about tax deductions you’re entitled to as a homeowner, such as your mortgage interest payments. Get educated on your property taxes and what tax breaks you qualify for.
Keep an eye on your neighborhood
Now that you have a real vested interest in your local market, stay on top of nearby property values by using ZipRealty's Watch This Home tool. By “watching” your home, you’ll get weekly updates about what’s happening with the real estate around you.
We hope these tips make your move a stress-free and smooth one – enjoy settling into your new home!


See more at: http://www.ziprealty.com/blog/smooth-move-how-make-your-move-new-home-easy-possible#sthash.WRbreGDm.dpuf

Til next time,

JC

EXTRA, EXTRA, Read All About It

Check out this press released for JDC Investments




http://www.pr.com/press-release/493453


Til next time,

JC

Report Shows Housing Recovering Accelerating

This is what everyone has been waiting for; buyers should act now.

I have been telling people (especially buyers) that if there is anytime to buy a home; it is now. Properties are the lowest as I have ever seen them and this is not going to last for too much longer. Seller have been suffering because they are not receiving market value for their home, which means that this is a buyers market. On the contrary, home prices are starting to rise which is great news for sellers.

Check out this article:

http://rismedia.com/2013-05-15/april-realtor-com-report-shows-housing-recovery-accelerating/



Til next time,
JC