Save some real money on Black Friday

Why fight the crowds to get 25% off a $100 item when you can save two or three hundred a month by refinancing.
Rates are the lowest they have been in years.

      Conventional 30 yr Fixed  –  4.375% no points!

          My friend and loan officer Tyler Oden can be reached at:

          SunTrust Mortgage  (850) 425-6716 Tel    (850) 294-6626 Alt215 South Monroe Street Tallahassee, FL  32301

          Click here To See Current Rates

          Barry Bevis, Broker/Realtor
          C-850-491-3600
          F-877-870-9066
          www.BevisRealty.com

          Updated Tallahassee Interest Rates

          Rates November 19th, 2010 

          Conventional 30 yr Fixed  –  4.375% no points
          Conventional 15 yr Fixed  –  3.75% no points
          Conventional 5/1 arm- 2.875% no points
          Jumbo 5/1yr arm  – 3.99%
          FHA 96.5%- 4.25%  – 30 year fixed
          VA 100%- 4.25% – 30 year fixed

          All conventional loan rates are based on a middle credit score of 740
          or higher and a loan amount of $150k or higher on a primary residence
          purchase.  Max loan to value on all conventional loans is 95% due to
          mortgage insurance guidelines. (debt to income ratio is limited for
          mortgage insurance above 90% loan to value)   Allrates based on
          purchase money mortgages for primary residences. Rates are subject to change based on market conditions and are
          intended to be used as a guide only.  For APR and up to the minute
          rates, please call for a rate quote.

          For more information on our loan programs or to make an application,
          please contact: Tyler Oden
          Tyler.oden@suntrust.com
          www.tyleroden.com
          Office:  850 425-6716
          Fax:  850 425-6730
          Mobile: 850 294-6626

          The mortgage business is Complex!

          Do you ever wonder what happens behind the scenes when you take out a mortgage? 

          Sure, you know it gets sold, you make payments, taxes and insurance are paid from escrow and there is that mortgage servicing company.
          But the reality is way more complex!
          Dan Ekstrom, a Reverse Engineering and Failure Analyst,  created this flow chart showing the life of the mortgage on his own home.
          It took a year to create… Any wonder we are in a mess?

          Edstrom_MortgageSecu
          See it full size here:
          Check out Dan’s company Blog here:
          Barry Bevis, Broker/Realtor
          C-850-491-3600
          F-877-870-9066
          www.BevisRealty.com

          Pimping you out for cash…

          There is always some new national group offering to help you sell your house or find a new one.

          Today my wife sent me a email from Overstock that claimed they would help her find a home or sell her home.
          The fine print told the story- The will refer you to a local agent and they charge that agent a fee for your information.
          overstock1
          Another example is Dave Ramsey. I love most of what he has to say. But he has a “Preferred Partner” Referral program as well.
          overstock2
          Dave will let me be his Preferred Partner if I agree to give him 20% of any commission I earn because of his introduction.
          Both of these companies, and many more, treat you as a “LEAD” Your a potential client for someone and they will get in the middle for a little money.
          They are not being helpful or friendly- they are just pimping your trust in them out for cash.
          I love this description of a Sales Lead from Wikipedia:
          “A Sales Lead, is the identity of a human or entity potentially interested in purchasing a product or service, and represents the first stage of a sales process. The lead may have a corporation or business associated with the person(s). Sales leads are generic leads – i.e a person signs up for a type of offer, instead of a particular company or brand. come from either lead generation companies processes such as trade fair|trade shows, direct marketing, advertising, Internet marketing, spam, gimmicks, or from sales person prospecting activities such as cold calling.”
          Thats what you are to them “A human or entity potentially interested in purchasing a product or service”
          Is it legal? Sure. Will they hook you up with an agent? Sure.
          But most of the agents that sign up for these pay for lead services do so because they cant get work any other way.
          Most are just order takers who need customers like a checkout line at Walmart.
          So why should you care?
          The cost of your lead has an impact on the agents performance.
          I had one agent that works referral leads tell me she would not show my listing. She was making so little after paying the referring company and her broker that she would not show my listing to her clients because there was another one down the road that paid a bonus. It didn’t matter that my listing was priced lower and in better condition. She was simply not going to tell her clients about it because she needed to make more money- because the Lead Generation folks were taking too much from her.
          Don’t let someone pimp you out for cash so they can sell your business. If your looking for help in an area ask your friends, the people you know and trust. Get a few names and interview them. Find someone you can trust and you can relate to…
          Let them earn your business. If you don’t think they are working for you, tell them. If they don’t change- FIRE THEM.
          As always-
          I’d love the opportunity to interview and earn your Real Estate Business.
          Barry Bevis, Broker/Realtor
          C-850-491-3600
          F-877-870-9066
          www.BevisRealty.com

          Local Rates are still very low

          SunTrust Rates  November 12 th , 2010

          Conventional 30 yr Fixed  –  4.375% no points

          Conventional 15 yr Fixed  –  3.75% no points

          Conventional 5/1 arm 2.99% no points

          Jumbo 5/1yr arm  – 4.125%

          FHA 96.5%- 4.25%  – 30 year fixed  (4.00% for first time home buyer)

          VA 100%- 4.25% – 30 year fixed (4.00% for first time home buyer)

          All conventional loan rates are based on a middle credit score of 740 or higher and a loan amount of $150k or higher on a primary residence purchase.  Max loan to value on all conventional loans is 95% due to mortgage insurance guidelines. (debt to income ratio is limited for mortgage insurance above 90% loan to value)   All rates based on purchase money mortgages for primary residences.

          Rates are subject to change based on market conditions and are intended to be used as a guide only.  For APR and up to the minute rates, please call for a rate quote.

           

          For more information on our loan programs or to make an application, please contact:

           

          Tyler Oden

          Tyler.oden@suntrust.com

          www.tyleroden.com

          Office:  850 425-6716

          Mobile: 850 294-6626

          Fax:  850 425-6730

                  

          Mortgage rates lowest since 1971!

          The average rate on 15-year fixed loans, a popular choice for refinancing, fell to 3.57 percent from 3.63 percent, Freddie Mac said — the lowest since the survey began in 1991. The average rate for 30-year fixed loans fell to 4.17 percent from 4.24 percent last week. That’s the lowest on records dating to 1971.

          http://www.boston.com/realestate/news/articles/2010/11/12/mortgage_rates_continue_record_slide/

          Barry Bevis, Broker/Realtor
          C-850-491-3600
          F-877-870-9066
          www.BevisRealty.com

          Reflections on Short Sales and value

          A Short Sale is worth less than any other house in the same neighborhood. 

          It may sound like a bold statement but its simple supply and demand economics

          What is a short sale? A short sale is an attempt by a seller to get
          the bank/lien-holder to accept less than they owe on the home and
          still settle the mortgage. Its a simple idea. I owe $100K but my house
          is only worth $75. I ask the bank to take the $75 now instead of
          spending $10K – $30K Foreclosing on me. The bank saves a ton of money
          and time. The bad loan is off their books quickly and everyone is a
          little happier.

          But there are problems. And they are so big it’s like the house is
          marked with a Scarlet S! – Most banks make the short sale process so difficult and time
          consuming that a buyer wont stick around to close.
          If there is more than one bank involved it multiplies the issues. A
          SHORT short sale process is 3 months. Many go on for 9 or more months.
          Usually in that time the buyer finds a Bigger Better Deal and moves on

          – They get little buyer traffic. Realtors don’t like to show their
          clients short sales. They hate them because they usually spend months
          on a deal without getting paid a dime. Then their buyer finds
          something else and they start all over again. – Most sellers are having financial problems so there have been months
          or years of neglect. They do not have the money to pay their mortgage
          so they are not not having their HVAC serviced or the Roof maintained.
          Expect to pay for repairs and cleanup. Many banks will not lend on a
          distressed home until some repairs are made. That means you may have
          to come out of pocket before closing.

          – Finally, many Realtors list Short Sale homes at unrealistically low
          prices to elicit an offer. But the bank rarely agrees to the initial
          list price. This is becoming more common because the banks wont tell
          the owner what they will agree to so they just throw a low price out
          there to stir up an offer. I have one client that offered over list
          price on a Short Sale. Waited three months and then was told the bank
          wanted $35K more than list. Ultimately this just frustrates the buyer
          and most wont look at another short sale. Here is the real deal…
          Because of the hassle factor, uncertainty of closing, long time lines,
          lack of maintenance short sales are worth less than an identical home
          on the general market.
          There is a high supply and the headaches of the process push prices down.

          Short sales are not for every buyer- but if you have cash and are
          patient you can get a great deal! Barry Bevis, Broker/Realtor
          C-850-491-3600
          F-877-870-9066
          www.BevisRealty.com