Jeanne's Blog

New Home Buyers - Be Prepared to Wait After September 1, 2011

AccountMgr — Thu, 28 Jul 2011 23:09:39 +0000

Effective September 1, 2011, appraisals just may take longer to accomplish due to new Fannie Mae/Freddie Mac requirements that go into effect that date. The conventional mortgage world will be turned upside down then as they implement new appraisal standards. Appraiser and appraisal software providers are scrambling to master software that is totally new and foreign to the field and that produces appraisals that allow lenders to “mine the data” but make them totally unintelligible to the consumer. Instead of terms like “Quality - Average,” the consumer will now see “Q3.” Instead of FB1HB1 for 1 full bath and 1 half bath, the consumer will now see 1.1. So you could have a box that now reads. Q31.1. Agents will now have to tell the appraiser that a basement is a “WU” (walk-up), “WO” (walk-out) or “IN”(interior only access). Agents don’t always give this kind of information when listing a home, so the appraiser will have to call and speak with them to find out (they are not allowed to guess). And the appraiser has to provide this information not only on the house you are buying but also the 3+ comparables used in their report. Appraisers will also have to provide detailed information about any kitchen or bathroom improvements made in the last year: what they were and when they were made. Another call to the listing agents. Unless you are a buyer or seller, listing agents don’t exactly return calls quickly (after all, unless you are buying or selling, they are not going to be making any money on talking to you!). So it is going to take more time for appraisers to gather the data they must have to complete their report. All this new information is strictly formatted. One missing period, semi-colon, comma, etc., will cause the software to reject the report. More and more areas of the report are now closed for any appraiser direct typing of information. Instead the computer fills in the fields based upon questions answered by the appraiser. And how the computer fills in those fields is not always reliable (at least at this writing), wreaking more havoc on and lengthening the process of filling out the report. To top it all off, once the appraiser has made it though all these obstacles and submitted their report, it must make it through a “portal” with its own set of checks that can bounce the report back to the appraiser. All of this, and more, is going to make for some interesting delays in settling a home come September 1!!

Social Security Isn’t What You Thought

AccountMgr — Sat, 08 May 2010 17:15:57 +0000

Your Social Security … Just in case some of you young whippersnappers (& some older ones) didn’t know this. It’s easy to check out, if you don’t believe it. Be sure and show it to your kids. They need a little history lesson on what’s what and it doesn’t matter whether you are Democrat or Republican. Facts are Facts!!!

Franklin Roosevelt, a Democrat, introduced the Social Security (FICA) Program. He promised:

1.) That participation in the Program would be completely voluntary. It is no longer voluntary
2.) That the participants would only have to pay 1% of the first $1,400 of their annual incomes into the Program. We now pay 7.65%

3.) That the money the participants elected to put into the Program would be deductible from their income for tax purposes each year. It is no longer tax deductible.

4.) That the money from the participants would be put into the independent ‘Trust Fund’ rather than into the general operating fund, and therefore, would only be used to fund the Social Security Retirement Program, and no other Government program. Under Johnson the money was moved to The General Fund and spent.

5.) That the annuity payments to the retirees would never be taxed as income. Under Clinton & Gore up to 85% of your Social Security can be taxed. Since many of us have paid into FICA for years and are now receiving a Social Security check every month –
and then finding that we are getting taxed on 85% of the money we paid to the Federal government to ‘put away’ — you may be interested in the following:

Q: Which Political Party took Social Security from the independent ‘Trust Fund’ and put it into the general fund so that Congress could spend it?

A: It was Lyndon Johnson and the democratically controlled House and Senate.

Q: Which Political Party eliminated the income tax deduction for Social Security (FICA) withholding?

A: The Democratic Party.

Q: Which Political Party started taxing Social Security annuities?

A: The Democratic Party, with Al Gore casting the ‘tie-breaking’ deciding vote as President of the Senate, while he was Vice President of the US

Q: Which Political Party decided to start giving annuity payments to immigrants?

AND MY FAVORITE:

A: That’s right! Jimmy Carter and the Democratic Party. Immigrants moved into this country, and at age 65, begin to receive Social Security payments! The Democratic Party gave these payments to them, even though they never paid a dime into it!

Then, after violating the original contract (FICA), the Democrats turn around and tell you that the Republicans want to take your Social Security away!

And the worst part about it is uninformed citizens believe it! If enough people receive this, maybe a seed of awareness will be planted and maybe changes will evolve. Maybe not. Some Democrats are awfully sure of what isn’t so. But it’s worth a try. Actions speak louder than bumper stickers.

AND CONGRESS GIVES THEMSELVES 100% RETIREMENT FOR ONLY SERVING ONE TERM!!!

“A government big enough to give you everything you want, is strong enough to take everything you have.”

-Thomas Jefferson

Maryland GOP Spring Convention

AccountMgr — Mon, 03 May 2010 16:27:15 +0000

WOW! I just returned from the Maryland State Republican Convention in Ocean City and was it great!!! Bob Ehrlich made it clear he is out to turn this state around and get some sense in State government again. So many fine new candidates were there, supercharged to take back our government and our lives. We should thank all new candidates because they often have to sacrifice their careers to get out there and campaign day after day after day. It is not an easy job. But they are committed to righting the wrongs that our “representatives” have perpetrated upon us and to instilling conservative values in our way of governing. Maybe you can’t give up your job to run for an office, but you can help. Get the word out that we need sense put back in our government and that everyone needs to vote in November. We can take back control but the only way to do that is to vote for candidates with conservative values! If you want to help, contact me at jeanne.turnock@gmail.com and I will find a job you can do!

$8,000 Downpayment Assistance NOW!

AccountMgr — Tue, 12 May 2009 23:54:19 +0000

Tax Credit Can Be Used for Down Payment

Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.

Previously, most buyers wouldn’t receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change.

“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan says. His remarks came in an address to several thousand REALTORS® gathered Tuesday morning at “The Real Estate Summit: Advancing the U.S. Economy,” at the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo in Washington, D.C..

He says FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

Now, what does this mean in plain English? It means, until December 1, first time homebuyers can buy a home and get credit for $8,000 towards their down payment if they are using an FHA-insured mortgage. At settlement, they would sign a document establishing a short-term bridge loan for the $8,000 which would then be paid off the following year when they file their 2009 tax return and claim the credit. Or, depending upon individual circumstances, they might be able to file an amended return for 2008 and get the $8,000 now.

So, if you are NOT a first time home buyer, THINK hard about who you know who wants to buy but doesn’t have any money. Then have them call me (or another similarly well-qualified Realtor you may know) right away‼‼

Foreclosure Status

AccountMgr — Sun, 22 Feb 2009 14:54:55 +0000

Ever wonder why it takes forever to get an answer after submitting an offer on a foreclosure property? It might be that the lender offering the property for sale does not yet have the legal right and/or ownership. Just how can you find out the status of ownership? First go to the State of Maryland Real Property Search (http://www.dat.state.md.us ) to see who is shown as the current owner. If the owner is a lender, you have your answer. If not, write down the name of the owner and go to the Maryland Judiciary Case Search website (http://casesearch.courts.state.md.us ). Here you can search by owner name. The first foreclosure action usually shown is a request to the court to change the name of the trustee. The last foreclosure action is usually the court ratification of the foreclosure sale. Another useful site is http://www.MdLandRec.net . Here you can access copies of deeds and mortgages. All this research may take time, but it is well worth the effort. Using these tools a listing agent can determine who is the legal owner of the property and should be signing the listing documents. A buyer’s agent can use this information to assist their buyer in determining an offer price and negotiating. So, if you are not getting answers after an offer is submitted, maybe it is because the lender doesn’t own the property yet and doesn’t have the legal right to sign the documents????