Sandra Jeter’s Blog

I have received multiple phone calls from potential buyers that sound something like this.

“ I am calling on the home located at 111 South Street. I really would like to see it as soon as possible. It is listed for $45,000 and I am really interested”

Me: ” Have you been pre-qualified?”

Caller: ” No I have not talked to any lender but this home is cheap and I think I really can afford it. My credit isn’t that good but the home is cheap and I should be fine”

And here is what I am thinking: The average home price in Fremont County is somewhere in the neighborhood of $145,000, any house listed for $45,000 will need work, I can tell you that for certain. Let’s assume a potential buyer will qualify for a loan the property will most likely not qualify for the loan and I am talking low down loans here. Some lenders don’t lend below $60,000 and properties just like buyers will have to “live up to certain standards” for a bank to lend on. If they do not meet the banks requirements, no loan will be available. When I see a $45,000 listing I am thinking about a legitament Fix and Flip and not about a purchase with immediate occupancy.     

What is HOPE NOW?
HOPE NOW is an alliance between counselors, servicers, investors, and other mortgage market participants to maximize outreach efforts to at-risk homeowners and help them stay in their homes. 

If I can’t pay my mortgage, why should I call my mortgage lender/servicer?
Your mortgage lender can help you identify the options available to you, should you have trouble paying your mortgage.

When should I call my lender?
You should contact your lender as soon as you know you will have difficulty meeting your mortgage payments.  You do not have to wait until your interest rate re-sets, nor do you have to wait until you are already behind in your payments.  In fact, the sooner you call, the more options will be available to you.  No matter what your situation is, CALL TODAY.

What if I don’t want to call my lender?
Call the Homeowners HOPE™ Hotline – 1.888.995.HOPE. This hotline is staffed by HUD-approved credit counselors who can guide you through possible options.

What is a loan workout?
Either a loan modification or a repayment plan.

What is a loan modification?
A modification occurs any time any term of the original loan contract is permanently altered.  This can involved a reduction in the interest rate, forgiveness of a portion of principal or extension of the maturity date of the loan.

What is a repayment plan?
A plan that allows the borrower to become current and catch up on missed payments that are appropriate to the borrower’s circumstances

Are you having trouble paying your mortgage? Nothing is worse than doing nothing. Call the Homeowner’s HOPE Hotline:

1.888.995.HOPE

HOPE NOW Alliance 1001 Pennsylvania Avenue, NW, 7th floor, Washington, DC 20004

HOPE NOW efforts come at no cost to the borrower. Borrowers should be wary of sources that offer help but require a fee.

Wells Fargo has worked on the fast track solution created to help cusumers nationwide

This program is for consumers nationwide with subprime ARM loans resetting by the end of 2009. Those eligable for the streamlined process may receive either a refinance or a 5-year extension of their existing interest rate. All consumers continue to have access to case-by-case solutions which include refinances, modifications, repayment plans, short sales and deeds-in-lieu.

Please click on Dylan’s picture to view video

Congratulations Florence Middle School Wrestlers

Good luck at the First Annual Colorado Middle School State Championships

in Loveland Colorado Saturday April 5th, 2008

Kenny Roberts

Zack Peek

Andrew McDowell

Skylar Camper

Dylan Hodges

Tyler Faoro

Dillon Bellino

So, I just finished writing a “LARGE” check (we are talking house-payment for some) to a newspaper for my print advertising. It is well known in the real estate community that on average a Realtor spends too much on print advertising and not enough on internet marketing. While I budged a great amount of money for my internet marketing I am beginning to question my print ad spending. Of course I track all my calls and know that the internet and previous customers generate many of my phone calls but the phone calls I receive from my print advertisement can be counted on 2 hands (and that’s not good). So here is my dilema. I am thinking about downscaling my personal print advertising, maybe even discontinuing my print advertisement all together. Now I ask you to keep in mind my listings would still be featured in the RE/MAX Times and the Real Estate Preview under RE/MAX but not under my own personal section. I would love to hear your opinion! What do you - the customer- think about my possible decision? Have you ever noticed any of my personal advertisement? Do you think it would have a negative affect? Do you like my advertisement? I want your opinion, let’s start writing!

Sandra

Yes, we are a “wrestling family” and we will be traveling to La Junta on March 29th and 30th to participate in the First annual Middle School Regional Wrestling Championship! 5 children per weight class will advance to the first annual Colorado Middle School Wrestling State Championship and we are hoping to become part of this exiting First State Championship. 

Congratulations to the Florence Middle School Wrestling Team

1st Place

 in Canon City League Tournament!

Of course as a proud parent I will also have to congratulate my son for a job well done!

Congratulations to Dylan Hodges

1st Place (105 pounds)

Canon City League Tournament

” I didn’t know I had a choice” or ” I thought I get a better deal”……I hear this alot and here is what I have to say to this. NO, NO, NO unless it is my listing of course but seriously, why would somebody do this? If you are calling the agent on the sign, here is what you can expect. Now keep in mind the Listing Agent is probably starting out as a Seller’s Agent working in the best interest for the SELLER. A seller’s agent works solely on behalf of the sellers to promote the interests of the seller with the utmost good faith, loyalty and fidelity. Scenario #1 The Sellers Agent will default into a transaction broker -working to facilitate the closing, not working for the Seller or you.  A transaction -broker assists the buyer or seller or both throughout a real estate transaction by performing terms of any written or oral agreement, fully informing the parties, presenting all offers and assisting the parties. Scenario #2 The Sellers agent will stay a sellers agent and makes you a customer. A customer is a party to a real estate transaction with whom the broker has no brokerage relationship because such party has not engaged or employed the broker, either as the party’s agent or as the party’s transaction-broker.

Is it a good deal to call the agent on the sign? Either way the Selling Agents working relationship was first with the seller and then the buyer. The agent will be more inclined to give reduced commission to the seller rather than giving a buyer a lower price. 

Find a Real Estate Agent you would like to work with, whom you trust and make your real estate experience a great one. Think before you call just anybody!

www.sandrajeter.com      

Every time I open the newspaper or go on the Internet I see headlines such as ” Real Estate Market at a 15 year low”, ” Home prices down 40%”. What are my thoughts on this? THE REAL ESTATE MARKET IS LOCAL….. it is impossible to compare Colorado with California or Florida or any other state, it is equally impossible to compare Fremont County to Denver or even Colorado Springs. My point? I listed a house Thursday (today is Wednesday), the house was priced RIGHT (not overpriced or under-priced) the house is currently under contract after we had received multiple offers!!!!!!! The market in Fremont County IS NOT gloomy, homes are still appreciating in price and multiple offers can happen.

www.sandrajeter.com 

It was 8:45pm in the evening, almost bed time and I hear my son yelling for me ”Mom you need to come see Nikki right now, she is hurt”. I heard fear in his voice and knew  this might not be something I wanted to hear or possibly see. As it turns out my daughter Nikki had a large mirror in her room that had the plastic around the etches missing… basically ONE LARGE SHARP OBJECT. Now combine that with a phone ringing (by the way did you know it is impossible for a teenage girl to have the phone ring more than one time) and you have a accident waiting to happen. Action! - Phone ringing-Sharp Object - Swing around to answer phone - Jam foot (between pinky toe and toe #4) into mirror - break mirror - blood - crying - drama. Did I mention it was the boyfriend calling? Of we went, in true Jeter female fashion, we only took one shoe and wore a t-shirt and shorts on a snowy day without coats. 3 stitches and 4 hours later we returned tired, cold and sore (Nikki) from the emergency room.

So, I received a phone call the other day that went something like this: “We have been pre-approved by a mortgage broker, I can’t remember the name. But we are pre-approved for a loan to purchase a home and pay off our credit cards.”

This person was so exited to be able to get a loan, after all they thought they could never afford a home! I wasn’t as happy as the caller and a number number of things  entered my mind. Let’s just say, welcome to Predatory Lending Schemes. 

• If it sounds too good to be true — it probably is!!
• Before purchasing a home, research information about the prices of homes in neighborhood
• Shop for a lender and compare costs. Beware of lenders who tell you that they are your only chance of getting a loan or owning your own home.
• Beware of mortgage professional who falsely alters information to qualify the consumer for the loan
• Do not let anyone convince you to borrow more money that you can afford to repay
• Do not let anyone persuade you into making a false statement such as overstating your income, the source of your down-payment, or the nature and length of your employment. Lying on a Mortgage Application is FRAUD and my result in criminal penalties.
• Never sign a blank document or a document containibg blanks
• Read and carefully review all loan documents
• Be aware of cost and loan terms at closing that are not what you have agreed to
• Do not sign anything you do not understand

 Was this pre-approval my caller talked about a from a predatory lender? I don’t know but I have my thoughts. 

By the way, did you know that that Mortgage Brokers in Colorado are required to be licensed as of January 1st, 2008, which is good news! Now, let me ask you a question: ”Can a Felon receive a Colorado Mortgage Brokers License?” 

You know the answer!

www.sandrajeter.com