There are many rental owners who have extensive equity. Now is a great time for them to consider a Like-for-Like 1031 Exchange. They should consider taking their equity and becoming owners of three rental homes or more. Think about it. You find one prospect and you have generated four transactions and maybe even more sides. […]
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EXPIRED LISTINGS AND FSBOs
Yes, expired listings have a tendency to appear in a Buyer’s Market. You might consider working this field. The internet is alive with recommended scripts. There seems to be four comments from homeowners who have their homes “expired”; #1 – “We are staying with our current agent.” #2 – “We are taking the property off […]
NMLS Deadline for CE Completion
Yes, you might be too busy to complete your MLO CE now, but if you wait until January 1st and haven’t finished, you will have lots of time because you will not be able to work. 2022 Annual CE Deadlines | Your License is Your Business SMART Renewal Deadline: CE course reported to NMLS by […]
WRAP-AROUND MORTGAGES AND ALL INCLUSIVE DEEDS OF TRUSTS
This is a form of seller financing that happens when rates get too high and people do not qualify and sellers have equity. For example, Seller agrees to fund $200,000 and the existing loan is $400,000. A loan is established for $600,000 and it is a combination of the two loans and is recorded as […]
LEASE WITH OPTION TO BUY OR LEASE AND PURCHASE
With the “Option to Buy” term a seller is bound to sell the property under the agreed terms but the buyer can decline at any time. With the “And Purchase” term, both parties are bound to the terms. There is a great discussion of this technique on Rocket Mortgage’s Website at rocketmortgage.com/leasepurchaseagreement.
HOME SALE CONTINGENCY
In a seller’s market many contingencies are waived. Financing, appraisal, and inspection contingencies were not demanded by buyers in the last couple years so their offers would be more desirable. Now you will learn that there are two Home Sale Contingencies that some buyers might request. One is a Settlement Contingency and the other is […]
LISTING CHANGES, REDUCTIONS, EXTENSIONS, ETC.
Terrible words for sellers, associates, and MLOs. This will require new negotiation skills. The first step for you might be to become familiar with the CAR form MT 6/19 version. This is a simple, one page, fits all form. Incidentally the name of the form is for the term Modification of Terms. Good luck out […]
RULES OF CONDUCT FOR MORTGAGE LOAN ORIGINATOR STUDENTS
NMLS is the Federal Agency that monitors all MLO Education. They have many very strict regulations for students and providers. Earlier this year a committee was formed to revise their very strict Rules of Conduct for all approved courses. I would like to note that I (Duane Gomer) was a member of said committee. The […]
SELLERS PIVOT AS REAL ESTATE MARKET COOLS; This is a headline in my local newspaper.
33134132 – home for sale real estate sign in front of beautiful new house. This headline probably compares to some you have seen. In my county the sales last month were down 38% from last year and there are many other conditions changing. The number of homes listed for sales is up in every county. They […]
WANT TO FEEL OLD TODAY? SEAN PENN IS ELIGIBLE FOR REVERSE MORTGAGE!
He turned 62 on August 17th…Seems like it was just yesterday he was Jeff Spicoli in “Fast Times at Ridgemont High” in 1982. Since then he has won two Oscars for best Actor for “Mystic River” and “Milk”, and he was nominated three more times for “Dead Man Walking”, “I am Sam”, and “Sweet and […]