CREEKVIEW LENDING

Creekview Lending is going to build a new subdivision just minutes from downtown McKinney. There are lots available between 1 1/2 t0 5-acre. .

Creekview Lending providing cosy enviroment with all of the conviniance for a big city. The planning, enginiring, and restrictions such that customers are usually have in thei current neighborhood.

All utilities and extras from the roads, internet, cable TV etc. have been put in to place at Creekview Landing.

It is something that you will love.

Auctions

After the is evicted the house is going to the auction. There are two different auctions:

1. Delinquent Mortgages, known as "Trustee Sale".

2. Delinquent Taxes, Known as "Constable Sale".

Whit "Trustee sale" when the entity (county sheriff) auctions a foreclosed property the note holder may set the starting price as the remaining balance on the mortgage loan. However, there are a number of issues that affect how pricing for properties is considered, including bankruptcy rulings. In a weak market the foreclosing party may set the starting price at a lower amount if it believes the real estate securing the loan is worth less than the remaining principal of the loan.

In the case where the remaining mortgage balance is higher than the actual home value the foreclosing party is unlikely to attract auction bids at this price level. Only cash and cashier checks are accepted on the auction.

A house that went through a foreclosure auction and failed to attract any acceptable bids may remain the property of the owner of the mortgage. That inventory is called REO (real estate owned). In these situations the owner/servicer will try to sell it through standard real estate channels. Under this auction is HUD auction as well and the only difference is that a HUD auction is a form of foreclosure auction except the original lender was a federal agency instead of a private lender. The United States Department of Housing and Urban Development (HUD), is the insurer of loans made through a variety of government programs, particularly FHA loans. When a lender forecloses on a government insured loan, HUD takes possession of the property.

The Tax deliquesce auctions are hold bay he counties. Different counties has different rules.
The profitability of Tax Foreclosure Sales is heavily dependent on the property condition, the outstanding liens, and the popularity of the tax sales. In Texas the tax delinquency foreclosure has a redemption, the homeowner has a chance to have his property back with in two years.

30-Year Mortgage Rates Drop

After four weeks in an upward trajectory, Freddie Mac reports that long-term mortgage rates are falling again.

The average interest on a 30-year fixed loan settled at 5.98 percent this week, down 0.03 percent from the prior week. Rates on 15-year fixed mortgages, meanwhile, slipped 0.5 percent for the week to an average of 5.55 percent.

Borrowing costs drifted slightly higher, however, on adjustable-rate products.

Five-year ARMs bumped up 0.04 percent to 5.61 percent, while one-year ARMs moved up 0.06 percent to 5.24 percent.

Source: Chicago Sun-Times (05/23/08)

Real Estate Outlook: Worst is Over

Don't break out the champagne glasses quite yet, but there are more economic signs this week that the worst is over for the three year real estate correction cycle.

One of the country's most prestigious groups of market forecasters, the National Association of Business Economists, says housing and consumer credit conditions will stabilize and begin improving as the year moves on. Equally important, said Ellen Hughes-Cromwick, chief economist at Ford Motor and president of the association: The entire U.S. economy will "slowly return to health" this year.

The housing market offered some immediate hints of that recovery with new home starts up by 8.2 percent last month and building permits up by 5 percent. Even in hard-hit southern California, home sales in April were up 22 percent compared to March, according to DataQuick Information Systems.

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What sellers don't have to forget if they were buyers of their own homes.

Remember that although people can be different in personality they tend to be the same when it comes to expectations at someone else's expense. In other words, a prospective buyer would probably like to see a perfect home from top to bottom, inside and out, when it comes to your home. Try to do as many of the following items as possible to improve the likelihood of an expedient home sell.

On the inside

1) Sweep front walkway.
2) Remove newspapers, toys and bikes.
3) Park extra cars away from the property.
4) Trim back the shrubs.
5) Apply fresh, clean paint throughout.
6) Clean windows and window covering throughout.

7) Keep plumbing and all appliances in working order.
8) Maintain all sealant in good condition.
9) Make sure roof and gutters are clean and in good condition.
10) Mow the lawn frequently and plant flowers.
11) Keep pet areas clean.

On the inside

1) The kitchen and bathroom should shine.
2) Quick once - over with vacuum; carpets should be clean.
3) Place fresh flowers in the main rooms.
4) Put dishes away, unless setting a formal display for decoration.
5) Make all beds and but all clothes away.
6) Open drapes and turn on lights for a brighter feel.
7) Straighten closets.
8) Put toys away.
9) Turn off television.
10) Play soft music on the radio/stereo.
11) Keep pets out of the way and pet areas clean and clean-odor free.
12) Secure jewelry , cash, prescription medication and other valuables.
13) Enhance the spaciousness of the each room.

Auoctions

Foreclosure auctions are arranged to attract a large pool of professional real estate investors who are interested to investment in the foreclosure properties. Foreclosure is the process of selling off a borrower’s property by the lender to accumulate the amount lender to the borrower. According to the legal parameters set by the Federal government, the highest bidder is eligible to buy the property and all the foreclosure taxes and the liens associated to the house should be paid by him. The buyers are required to pay the entire price of the property in cash and the price must be paid on spot. A buyer must be aware about the particular property before purchasing it.

Buying a foreclosure home from the foreclosure auctions is not a job for the initial investors. An investor must have cash as the entire amount needs to be in cash. With a large credit line it is possible to be a part of the foreclosure auctions. There are different investors who keep a track of the auctions. These foreclosure auctions usually occur in the public places. Information about these auctions is provided in the legal newspaper or in the legal section of the local newspapers, community newspapers and tabloids. There are several online information service providers that informs through e-mails and faxes regularly. In case of any specific property it is best to communicate with the lender’s attorney or the trustee.

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Taking for granted the "curb appeal" of your home

When you're preparing your house for sale, remember the importance of first impressions. A buyer's first impression can make or break whether they even want to go inside for a look . It estimated that more than half of all houses are sold before the buyers even get out of their cars. With that in mind, be sure to stand outside of your home, and take a realistic "fresh look and then ask yourself what can be done to make the "curb appeal" improve. Also ask your Realtor opinion as to how to improve the curb appeal. It could make a huge difference in your final sales price.

Be upfront and disclose to your Realtor any problems with the property. The problems are going to be discovered anyway. A decade ago , health and safety issue were really a part of most sales contacts. Moreover, in many states as Texas, the seller must disclose t the buyer any knowledge o existing property problems. In many cases, these issues have been or can be factored in to the home,s listing price. Do not try brake a deal because after the inspection some structural problems were found (foundation, roof etc.), because regarding the law in TX you need to disclose it anyway. Your Realtor is the person who needs to walk you trough the negotiating the inspection issues. Negotiating process is where Realtors needs to earn their fee. A good negotiator could net you as much as 10% more and bad negotiator could cost you as much as 10% less, it could be as much as 20% spread.

The foreclosure process

The foreclosure process is not very difficult to understand. There are several stages during which the homeowner has an opportunity to bring the loan current and avoid foreclosure.

There are several stages during which the homeowner has an opportunity to bring the loan current and avoid foreclosure. In Texas the usual time is three months of default. After the third month of default your lender evokes the acceleration clause in your mortgage and requires you to pay the entire amount... immediately.

In this letter they give you notice that you have 20 days to cure the delinquency before foreclosure will begin. At this point they're not fooling around and your alternatives drop significantly...not to mention the fact that your credit is seriously damaged.

The next step after 20 days of no payments or contact from you in the foreclosure process, your lender will then publish a legal notice of the pending foreclosure auction (sale) to be held at least 21 days later - on the first Tuesday of the following month on the county court house steps.

Your lender also files a notice with the county clerk and mails a certified copy of the notice to you – called a Notice of Default (N.O.D.).

This is when the dreaded FORECLOSURE PROCESS technically begins

Once the Notice of Default is filed, the foreclosure is imminent.

Then the auction date arrives. This is often called an auction, sheriff's sale or foreclosure sale. The auction is literally held on the county courthouse steps and anyone can bid. Anyone who can pay cash (or cashier's check) that is.

During the process homeowner has fore options.

1. Declare bankruptcy.

2. Reinstate the loan.

3. Sell the property (Short sale)

4. Let the property go to auction.

40% of homeowners choose #4!

Of the remaining 60% here is what they do:

55% choose to declare bankruptcy

5% go after reinstating the loan

40% choose to sell the property

Realty Viewpoint: Why Buy Now? Media Is Wrong About Housing Slump

I want to share with you an article in Realty Times focusing on why the public should buy now and the media’s inaccuracies about the current real estate market. The article emphasizes that real estate consumers are not getting the full picture and how housing indexes can be very misleading. Enjoy reading.

Why buy a house now? You've been getting bad information. Here's why.

The financial press is worried that they might have gone too far -- paralyzing the nation into recession by piling on housing. So they're finally beginning to question the indexes where they get their data, and whether the news is really as bad as it seems. Slowly but surely, headlines are changing from Don't Buy A Home Now to Is It Time To Buy?
We said it here first on Realty Times -- that consumers aren't getting the full story. Indexes can be misleading because of the locations, prices, types of housing, and rates of increase they track.

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Complacent marketing when selling a home

When selling your home there are no guarantees that the ultimate buyer of your home will simply walked through the front door. In many cases you have to bring your home to the buyer. Effective marketing will help ensure that your property receives maximum exposure to attract a ready, willing and able buyer in the shortest period of time.

Years ago the signs were the best broker's lead generator, today Internet has become the lead generator number one for them. Over 80% of the buyers start their search on Internet and they will know every thing about the area, schools and properties before contact a broker. When you are interviewing Realtors ask what is going to be the Internet exposure of your home. A lot of sellers still emphasise on news paper advertising but according the National Association of Realtors statistics only 5% of the buyers bought their home through printing add.

Moreover ask if your home will be posted on Realtor.com as a showcase enhanced listing which will allow your home to be exposed with more photos and description. Today's buyer wants to see as many photos as possible before a personal inspection. If your home will be displayed as a Featured, it will be seen 20 times more often than those that are non - featured.

Deed of trust

Texas is a Deed of trust state. Lets talk about the deed of trust do understand the foreclosure process better. There are three parties involved in deed of trust - Borrower, Lender and Trustee.

A mortgage is the pledging of a property to a lender as a security for a mortgage loan. While a mortgage in itself is not a debt, it is evidence of a debt. It is a transfer of an interest in land, from the owner to the mortgage lender, on the condition that this interest will be returned to the owner of the real estate when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security for the loan that the lender makes to the borrower.

The term comes from the Old French "dead pledge," apparently meaning that the pledge ends (dies) either when the obligation is fulfilled or the property is taken through foreclosure.

In most jurisdictions mortgages are strongly associated with loans secured on real estate rather than other property (such as ships) and in some cases only land may be mortgaged. Arranging a mortgage is seen as the standard method by which individuals and businesses can purchase residential and commercial real estate without the need to pay the full value immediately. See mortgage loan for residential mortgage lending, and commercial mortgage for lending against commercial property.

In many countries it is normal for home purchases to be funded by a mortgage. In countries where the demand for home ownership is highest, strong domestic markets have developed, notably in Spain, the United Kingdom and the United States.