Solid Source Family First Realty

Advertising Policies & Procedures for Realtors

2010-02-10T07:15:00.000-08:00

Advertising is an essential part of being a real estate agent and in order to protect your license and your client, it is important to always abide by the rules of your Broker, the North Carolina Real Estate Commission, Americans With Disabilities Act, Fair Housing Standards, Reg. Z, Truth-in-Lending and the Code of Ethics.

This includes, but is not limited to business cards, websites (be sure Broker's name/logo is present),facebook, twitter, crags list, flyers, and emails.

Blind advertising (no Real Estate Company is mentioned in the ad) is NOT permitted under any circumstances!!!

The N-Source

It is Time to Invest the 90 Day Flipping Rule is Lifted

2010-01-19T07:52:00.000-08:00

Good News!

Please read the following article regarding a temporary waiver regarding the 90 day rule and FHA Financing!

This is an excellent opportunity to Invest in Real Estate!

HUD acts to speed foreclosed properties re-sales
WASHINGTON
Fri Jan 15, 2010 6:21pm EST
WASHINGTON (Reuters) - The U.S. government is taking action to speed the resale of foreclosed properties by temporarily expanding access to Federal Housing Administration mortgage insurance, U.S. housing officials said on Friday.

U.S. Housing Market

Effective Feb 1, the Housing and Urban Development Department will waive for one year an FHA rule that prohibits insuring a mortgage on a home owned by the seller for less than 90 days, giving FHA borrowers access to a broader array of recently foreclosed properties.

The move is to allow homes to resell as quickly as possible, helping stabilize real estate prices and revitalize neighborhoods after the U.S. housing market collapse.
"This change in policy is temporary and will have very strict conditions and guidelines to assure that predatory practices are not allowed," HUD Secretary Shaun Donovan said.

FHA research shows acquiring, rehabilitating and reselling foreclosed properties to prospective homeowners often takes less than 90 days, HUD said.
The current rule discourages sellers from signing contracts with FHA buyers because of holding costs and the risks of vandalism from allowing a property to sit vacant more than 90 days, the department said.

"FHA borrowers, because of the restrictions we are now lifting, have often been shut out from buying affordable properties," said FHA Commissioner David Stevens.
The policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties or properties resold through private sales.

http://www.reuters.com/article/idUSTRE60E5YP20100115

Have a Blessed and Prosperous 2010!

The N-Source

2009-11-24T10:07:00.000-08:00

Mortgage Fraud Red Flags, Protect your license!

RED FLAGS!
In 2008, HUD-OIG had 451 residential loan fraud investigations.

WHAT IS MORTGAGE FRAUD?

Any intentional misstatement or omission that the lender, borrower, or anyone else involved in the lending process may have relied upon.

Any intentional using or facilitating the use of any such misstatement in the lending process or receiving any funds from described violations.

Conspiring with another/others to commit the described violations.

Recording any document that contains a misstatement, misrepresentation, or omission.

ELEMENTS OF MORTGAGE FRAUD

A deliberate Lie, misstatement, misrepresentation, or omission.

PASS ALONG THE LIE , Knowingly use or help someone use a lie.

MAKING MONEY OFF THE LIE – Receive any proceeds “or any other funds” from a transaction that you know or suspected involved mortgage fraud.

FILING AT THE COURTHOUSE WHAT YOU KNOW TO BE TAINTED INSTRUMENTS – Documents you know contain a misstatement, misrepresentation, or an omission of fact.

MORE MORTGAGE FRAUD SCHEMES

Borrower does not intend to occupy the property even though Owner-Occupancy is required by the loan.

Falsification of the source of the down payment. Silent second mortgage or undisclosed “family” loan.

Straw Buyers

The Middle Men who take property through a Quit Claim Deed, or sometimes even a Warranty Deed they personally prepare with no title search.

Unusual fees appear on closing statements that are not in the Purchase and Sale Agreement.

WHAT CAN I DO?

If anything seems strange concerning the deal, the agent should not go forward with the listing or with the buyer without speaking with a broker. Notify your broker immediately!

If anything seems strange with the deal at the closing table, the agent should not accept the commission at closing. Do not accept the Pay-At-Close or the company check. Ask the attorney to hold it for the brokerage until questions are answered. Notify your broker immediately!
WHAT ARE THE POTENTIAL PENALTIES IF I PARTICIPATE?

Loss of Real Estate License

One to ten years imprisonment and/or a fine of up to $5,000 on the first offense.

If there is a pattern of fraud or conspiracy to defraud, the punishment is three to twenty years imprisonment and/or a fine of up to $100,000

BE CAREFUL!

N-Sourcer

How do you use what you have to get what you want?

2009-04-18T02:57:00.000-07:00

The media and politicians has convinced us that we are in a recession. We can pick up any newspaper, magazine and can see there are definitely some changes going on out there. The newspaper are thin and the magazines are very thin. You must be wondering what is really going on. Well, my thoughts are everyone has bought into the notion of what you don't have instead of what you do have.

Close your eyes and pondering on what you don't have for a minuet only a minuet. How did that second feel. Did it feel scary and dark? Did it send shock waves of panic through your body? My guess is, it probably did. Just think most businesses has pondered for longer than a second and that is why some many business have closed their doors, which includes my fellow Realtors. Let us not forget that many potential homeowners has negated the thought of owning the American dream in the best market life has ever seen due to the pondering on what they don't have to purchase their home. Folks are giving their homes back in masses due to the fact they have caved into their minuet thoughts.

Now, take the next minute and ponder on the thought of having. What do you have right now that can propel your business to the next level? What do you have right now that can put you an a better financial, spiritual and physical position. You will experience many split seconds of the fear of not having, but it only take the next second to reverse those thoughts. Wow, it feels good, safe, and it gives you invigorating power.

I will give you some hints to what you have right now that will not cost you a dime. How about, you just experienced controlling your state of mind and no one has the right to control your mind, certainly not the media or politicians. They did not earn that right to control your mind. How about your eyes, what are you watching daily? Try watching a funny movie, sometimes there are lessons in great movies. How about your ears, who and what are you listening to? Stay away from nay-Sayers. This is the time to make your dreams and goals come true. Everything is cheap right now and you should take advantage of this moment. It is the perfect time to boast your business. The most sensitive organ is your heart. Guard it because the issues of your life flows from your heart. What you plant in your heart will become rooted in your heart. Finally, your tongue is the most vital but the hardest to control. What you speak will manifest into your life.

If your eyes and ears focus on what you don't have it will become rooted in your heart, therefore you will speak and act upon the nasty words RECESSION/DEPRESSION. Trust me, those words are only words unless you make the decision to relinquish your power to those words.

I promise, you will get what you want with what you have when you make the decision to focus only on the what you have. Hey, we have tons of home to sell, we have less Realtors to compete with and those darn interest rates and sales prices are way down.

Have a happy and joyous week

The N-Sourcer

The Resurrection

2009-04-14T07:15:00.000-07:00

The early morning of Easter Sunday I began to ponder what this day truly meant to me.

Resurrection? My thoughts were, will I continue on day to day lugging old, dead and meaningless stuff in my heart. I took sometime to truly feel the grave. It was a cold, deep, dark grave. a grave of unforgiving, guilt, pain and pride. Shucks, I thought I was living a successful life, I thought I had everything I could ever want. Shucks, I felt life is really wonderful for me right now. I started to examine the stuff I was possessing in my grave, and it became apparent to me that not only have I have cheated myself of a life of wholeness.

I had a liquid sunshine moment. I was not fulfilling my obligation to use my gifts and talents to receive exceedingly and abundantly more than I could ever imagine. I challenged myself on the spot to let go and let God. He resurrected Jesus and at that moment I felt instant Resurrection. Something came over me that I have never experienced before and I was up for the challenge. I began to write down, everyone that I needed to call to ask for forgiveness, I released pass guilt and pain. I will work diligently every day to rise above the spirit of pride.

I love the field of Real Estate and what a great blessing to be in this business at this moment. I wrote down how I will maximize my gifts and talents during these turburlent times. I know for sure at that moment I desired to live a life of wholeness. I have risen and I am truly looking forward to each day.

Wholeness is nothing broken and nothing missing in your life and what great joy.

I love you all, and may you receive peace and joy each and every day.

Excited and Grateful !!

2009-03-31T13:55:00.000-07:00

I am so excited and grateful for the past and the present. I was in a market like this one in the 1980"s. I was selling real estate in the state of Colorado. The interest were at 14% and Colorado was tagged Foreclosure Capital of the World due to the Savings and Loan Bust. Real Estate was at a stand still and agents simply stop selling real estate.

This is when I learn "The Art Of Short Sale Negotiations." I am telling you, these were my best years in real estate and I sold tons of homes to worthy homeowners. Buyers could not believe that had the opportunity to own a home. The interest rates were extremely high and the sales price of homes had dipped. This combination allowed their loan amount affordable. Brokers, Buyers there tons of lucrative deals in Charlotte. Take advantage of this opportunity while the market is in this condition.

I am very surprised that Brokers, and buyers are missing out on this opportunity for home ownership. Rates are at a 40-50 year low and homes are at it's lowest along with some 100% down payment programs that are still available.

Please Buyers take advantage of this hot market. Eventually the market will change and rates will rise higher than ever, home sales price will also increase. The banks must make up for their lost some where. My fellow broker, this process is a difficult and frustrating process, but it is well worth it to explore our Short Sale Program. I offer a class free of charge on understanding "The Art of Short Sale Negotiations," and you are invited to attend. Let's start educating the buyers on the joys of the Short Sale program.

Thanks everyone and I pray you have a prosperous week!

The N-Sourcer

Knowledge is Weak, However Applied Knowledge is a Powerful Force

2009-03-23T10:37:00.000-07:00

Our Partners VR-Tech and United Credit Education Services conducted an awesome and informative workshop on Saturday afternoon. It was fun filed hour- power credit education workshop to inform the consumers on the 10 Greatest Myths about Your Credit.

We are now able to apply the knowledge of The Fair Credit Reporting Act of 1971. Consumers if the FCRA of 1971 is incorrectly applied or unfairly used against you, it could cost you the opportunity to purchase your home and or receive ridiculous rates on your mortgage, auto, and credit card loans. It could cause you to pay higher insurance premiums or your Home Owners Insurance could be declined. The majority of Employers are now requiring a credit check before the give you a formal offer for a position with their company. The credit market is changing and the ratings are getting tighter, therefore, your credit rating is very important.

Millions of Home Buyers are not informed of the positive impact this Law should have on their credit rating. Instead Home Buyers accept what the Credit Agencies give them as credit rating and most of the time they are using unfair practices to receive that rating.

I have been in the business for over 20 years and some of the information that was given on Saturday I heard for the first time. I cringed at the thought of how many customers are turned down for home ownership or if given the opportunity to own a home the have taken a higher cost loan and higher interest rate.

Myth #1
Credit agencies are empowered with some kind of governmental authority.
Truth #1
Credit Agencies have no legal authority at all . They are simply private companies who are in the business of selling credit information.

Spread the news and I hope to see you at the next workshop!

The N-Sourcer

How has the state of the economy touched your life?

2009-01-31T05:55:00.000-08:00

What are some of the unusual ways the state of the economy has touched your life. Have you lost your job, started a new career, bought you closer to your family members or has this wicked economy torn your family apart. Have you lost your home, or gained a home. Has it caused you to stop living or have you start living life to its fullest.

I invite you to share some of your experiences on how the state of the economy has touched your life. We might find that we are not alone in our experiences. We all could grow from sharing.

Be Blessed!

The N-Sourcer

Happy New Year!

2009-01-05T16:24:00.000-08:00

I have prayed that everyone has made it through the year "2008" and are ready to embrace the the New Year. How many of you made 2009 resolutions? I applaud you if you have made the choice to make a change and it's okay if you have decided to take one day at a time and not make any promises that are hard to keep. I have some suggestions of course, if you want my input. How about by your first home or restore and increase your credit scores. How about increasing your income or becoming debt free.

This is the year to conquer every small battle you have encountered last year. Interest rates are at an all time low in 50 years and it is a great time to negotiate with the banks on all your collection accounts. The banks need money too!

Don't make excuses to stay in your past circumstances, move forward and take advantage of the moment.

God Bless
The N-Source

“Excuses are nails that will build a house of failure”.
“Dr. Creflo Dollar”

THE GIFT THAT KEEPS ON GIVING

2008-12-28T11:18:00.000-08:00

Some of you are in the process of making your 2009 New Year's Resolutions and most of you are feeling guilty for spending Gazillion of dollars on meaningless Christmas gifts for your loved ones. I am still trying to figure out why so many of us buy into the media frenzy of we must blow our budget for the year to celebrate one holiday, but we block out what the media is saying regarding intrerest. Interest rates are at an all time low in 5o years and most of you will not purchase not one piece of real estate that will cost less than renting a 2 bedroom apartment.

We had 17 families contract to purchase homes in the month of December. They made the choice to give the gift that keeps on giving. They decided to purchase a piece of legacy that can be passed down through many generations. What a glorious way to build family wealth, and what a joyous way to celebrate the Christmas holiday.

Some of you may be thinking how do I purchase a home or you might be saying to yourself, "my credit is shot and there is no way I can purchase." That is not true, check out the website; http://www.creditspruceup.com/ . This is your first step to get a true snap shot of what it will take to restore your credit. The Credit Education Services will enable you to take the necessary steps to restore your credit rating, and It's painless!

It is cheap in many ways to own a home. The money is cheap and home values has dropped. It has been reported that most area are experiencing up to a 30% decrease in value. This time listen to the Media, take their advice. BUY, BUY, BUY!!!!

The great John Paul Getty said, "If it appreciates, buy it. If it depreciates, lease it" Eventually the real estate market will bounce back. John Paul Getty is right real estate always finds itself appreciating. Don't make the choice to continue to pay for your landlords property by renting from him or her you can only appreciate his wealth. Most Christmas gifts you have bought this holiday season will fall into the depreciation category. Make a 2009 resolution to give the gift that keeps on giving. Give the precious gift of home ownership to yourself or your loved ones. I believe Real Estate is the safest purchase in America and it is the gift of LOVE.

The N-Sourcer
12/28/2009

Relief for Homeowners fromThe IRS

2008-12-22T05:56:00.000-08:00

Yeah! finally relief from The IRS. They are in the spirt of giving and it is good news for Homeowners. I can't tell you how many homeowners Real Estate Agents can not help due to the tax liens the homeowner have on their real property. This is good news for homowners not only can the homeowners appeal to The IRS for subordination, refinance, short sell or restructuring their loan The IRS will work to speed the proceess due to the economic downturn in the market place. Good looking out for the Homeowners IRS it is greatly appreciated!

Stay Tuned
The N-Sourcer

The Values of Homes are Falling

2008-12-17T06:52:00.001-08:00

Reports are revealing that the average Home values has fell two trillion dollars this year, and most likely it will continue to fall until 2011. My question to homeowners is will you cut your losses now and get out while you can or do you continue to hold on and take the wait and see approach.

My thoughts are it is the perfect time to purchase your dream home. The equity that you lose when selling your home; will see a realized gain on the buying side. Interest rates are at it's all time low and values are dropping. That sounds like a great recipe for purchasing your perfect dream home. I would suggest not to attempt this process without an Real Estate Agent. Hire a qualified Real Estate Agent to help you through this process of selling and/or purchasing your next home. The most valuable asset your Agent should have is excellent negotiating skills. You will definitely come out a winner in this great market.

In 2009 I will be revealing a unique selling process that can be used to buy or sell your home. You will receive the highest possible value for your home in minuets.

Stay Tuned!!
The N-Sourcer

"HOPE for Homeowners" Federal Mortgage Program

2008-12-08T06:09:00.000-08:00

"News Clues"

Solid Source Family First Realty

Today's "News Clues" is about the "Hope for Homeowners" Federal Mortgage Program. Protect your client and your commission.

There was a program passed into law this summer for homeowners trying to renegotiate their mortgages named "HOPE for Homeowners," and nicknamed H4H. The intent is to keep owners from defaulting on their loans and going into foreclosure. If you are assisting with loan modification for a client, there are a few things you need to know about the H4H program.

Federal guidelines include:

The law requires participating lenders to agree to refinance and reduce a loan to 90% of the current apprasied value of the home. The new loan must be a 30 year fixed rate mortgage.

The Federal Government (FHA acts as an investment partner in the equity of the property for as long as the owner owns the home. When the house sells, the owner relinquishes or splits any equity in the home with FHA at closing, even if the H$H loan is no longer in force.

Refianacing or paying off the loan does not remove the requirement of the agreement to split the equity with FHA.

There is a sliding scale of the percentage due to FHA at closing, based on the length of the period of ownership after refinace. Less than one year after the refiance, FHA gets 100% of the equity at closing if the home sells. The precentage goes down approximately 10% per year thereafter, with a bottom split of 50% of the home's equity to FHA due at closing.

The holder of a H$h loan will never pay less than 50% of the home's equity at closing to FHA for as long as they own the home.

If the property mortgaged with a H4H loan increases in value after the refinance, the percentage due to FHA remains the same, and applies to the full amount of equity at closing.

Some costs will be considered a reduction of equity. The precentage split will nt apply to closing costs or the cost of improvements made during ownership. However, costs of matenace(roof replacement, painting, etc.) will not be expempt.

There is a much higher FHA Mortgage Insurance Premium (MIP) on this loan. There is a 3% up front MIP payment to obtain the laon, and a 1.5% annual premium is added to the monthly payments. The new premiums are much high than the previous MIP, which is 2.125% upfront fee and a .5% annual MIP.

There are many issues connected with the "HOPE for Homeowners" loan program. Your clients must ask themselves is it worth it. Please advise your clients to get all of the details in writing, and have it explained to them by their lender. They should also compare it with all other otpitons available to them. The equity split will take half of the owner's accumulated wealth in their home.

Stay Tuned

The N-Sourcer

Solid Source Family First Realty's Open House- "Cruise On Us!!"

2008-10-15T06:57:00.000-07:00

ATTENION REALTORS!!!

On October 24, between the hours of 11am-3pm Solid Source Family First Realty is having an open House. I would love for you to attend the welcoming party at the office for our new sponsors. Join us at the Solid Source Family for a day of fun, food, and gifts. Morris, Hardwick and Schneider have paid for a cruise to the Bahamas for someone to win. The cruise is a 4 days, 3 nights for two!! We all could use a break. Please invite any agent and bring them along with you to the party.

For more information Please email info@ssrnc.com

7005 Shannon Willow Road
Suite 100
Charlotte, NC 28226

Welcome to our Site!

2008-03-13T12:48:00.001-07:00

Welcome,

We have officially created the Solid Source Family First Realty website. Please browse the site and let us know if there is anything we can do to faciltitate your hopes and dreams...

D. "Frankie" Lyles