Check out my website:
http://www.brianrichardhomes.com/
Thursday, January 27, 2011
Saturday, November 6, 2010
Thursday, November 4, 2010
PESKY JUNK SNAIL MAIL
To all my peeps!
I was sick of throwing away all that pesky junk mail so today I brought in all the junk mail and search through each one and went to these websites and opted out. I included the direct links for each one which are included from the 3 major companies below. Let me know if this works for you!
RED PLUM – www.redplum.com -
http://www.valassis.com/1024/Contact/consumersupport.aspx
VAL PAK - www.valpak.com -
http://www.coxtarget.com/mailsuppression/s/DisplayMailSuppressionForm
PENNY SAVER - www.pennysaverusa.com -
http://ecom.pennysaverusa.com/mailinglist/removalform.aspx
This basically means that you are opting out of junk mail which is such a waste of paper! You’ll have to redo this every year… AHHHH
Brian Richard
www.BrianRichardHomes.com
760-533-4244
I was sick of throwing away all that pesky junk mail so today I brought in all the junk mail and search through each one and went to these websites and opted out. I included the direct links for each one which are included from the 3 major companies below. Let me know if this works for you!
RED PLUM – www.redplum.com -
http://www.valassis.com/1024/Contact/consumersupport.aspx
VAL PAK - www.valpak.com -
http://www.coxtarget.com/mailsuppression/s/DisplayMailSuppressionForm
PENNY SAVER - www.pennysaverusa.com -
http://ecom.pennysaverusa.com/mailinglist/removalform.aspx
This basically means that you are opting out of junk mail which is such a waste of paper! You’ll have to redo this every year… AHHHH
Brian Richard
www.BrianRichardHomes.com
760-533-4244
Thursday, January 15, 2009
Successfully Buying a Bank Owned Home - REO
There are an increasing number of bank owned homes available in the real estate market. I am contacted almost daily on my website - http://www.brianrichardhomes.com/ or through my advertising by potential buyers interested in getting a “deal”. What is a deal to you? This is the first question that you need to ask yourself when purchasing a new home. A bank owned property may just be what your looking for but first you need to know exactly what the process is and what you may potentially be getting yourself into.
Do you want to know how to buy bank owned property?
Everyone has seen the late night infomercials about how easy it is to buy real estate from the bank and make a quick buck. The reality is that it is not as easy as they make it sound. There is definitely buying opportunities available but you need to understand how this process works. Learn everything you can so you are prepared.
REO vs. Foreclosure
REO (Real Estate Owned) is a home that the bank takes back from the owner that is not sold at auction. Typically, the bank will work with the home owner to help them cure the default so they can avoid the foreclosure because the bank does not like being in the real estate business. In other words, they do not want to have property on their books. The REO property is typically property that has a mortgage balance equal or greater then the value.
If you plan on attending a bank auction, you will also need to be prepared to not only pay the balance of the mortgage, but typically the bank will add on any other fees or costs that they have incurred up to that point. This could include accrued interest, attorney fees and other costs that have been part of the foreclosure process. The other problem with auctions is that the bank will want you to have cash in hand if you have a winning bid on a property. Banks will not typically give you time to line up financing and this can make it impossible for anyone other then a real estate investor to get in and purchase a home.
One more item that is a big concern: Be aware of what you buy. At an auction, you are not going to have the time needed to research any other liens that may be recorded against the property.
It is common to find most property being offered at an auction, actually have more owed against the home then it is actually worth. Few foreclosures actually end up as a successful sale. If the property does not sell, this is when it goes back to the bank and becomes a Bank Owned Property, REO (Real Estate Owned).
REO Real Estate for SaleIf you are dealing with REO’s, remember that the properties are now owed by the bank and free of any liens. The banks are still going to try and get the most money they can for the property but they are more willing to take a quick loss and move on.
At this point the bank may have to evict the tenant, do some repairs to the property and get it ready for sale. Other items the banks will handle may include removing IRS tax liens and paying off HOA dues. The biggest benefit of buying bank owned property is you will have the opportunity to get title insurance. Title insurance will ensure that you do not have any additional liens recorded against the property. Some of the issues buying property in distress are that you have other liens that have to be satisfied which can make it very difficult to get clear title insurance. Bank owned property will come with clear title.
Be aware: REO property may not be right for you. Do your research before making any offers. If you do make an offer and move forward on the purchase, make sure that you are paying a fair price compared to others in the area. Don’t get into a bidding war because the property appears to be a good deal. Many times, people chasing REO or auction property end up paying market value because they get into a biding war. Foreclosures are not always the bargain you may think they will be.
How do banks sell REO property?
Every bank is a little different when it comes to selling REO property but one thing remains the same. They all want the highest price possible and do not want to sell the property cheap. The other item that is similar among all banks is that they usually have a separate department set up to only handle REO property.
Typically, when you make an offer to a bank on an REO property, you can expect to receive a counter offer. Sometimes it will be much higher than expected, but banks do this to show investors that they are attempting to get top dollar for the property. If you really want to buy this home, expect that you will have to make a counter offer to the banks counter offer.
If the offer becomes accepted, you may experience a delay getting a final approval or because the offer may need to be approved by someone else at the bank. Typically, it can take an extra 4-5 days for your offer to get final approval.
What is the condition of the property?
Be prepared to buy the property as is, or make a strong offer to get your repairs made. Banks will always push to sell the property “As Is” to avoid coming out of pocket with additional money. Section 1 termite clearance is typically still covered by the bank but you will have to work hard to have additional items covered. Working with a solid REALTOR can help your negotiations.
The banks always want to sell the property in “as is” condition. Most of them will provide a Section 1 termite clearance but make sure you include this in your offer. In addition, make sure you get a good inspection of the property so you know exactly what you are buying. It is so important to have a good physical inspection of the property.
Most contracts call for a time period to back out of the transaction should you find problems with the home. Make sure you have enough time to back out of the transaction if you need to and do not jeopardize your deposit.
Even though the bank wants to sell the property “As Is”, make sure you try to get the bank to make the needed repairs or provide you with a credit at closing to complete the necessary work. If it really gets tough and you feel that you really want to back out of the deal because of the repairs, the bank may work with you instead of having to go out and find another buyer. This depends a lot on what the current market is doing in your area and how many other buyers the bank may or may not have.
Writing up an offer
Before the offer is made, make sure you contact the agent listing the property so you can ask some of the following questions. It is important that you ask the following:
Are you selling the property “As Is”?
Is the bank willing to do any repairs?
Have any inspections taken place for the property?
If so, can you provide a copy of these inspections?
Has the bank agreed to do any repairs to the home?
How will the offer be delivered to the bank?
How long should I expect the bank to respond to my offer?
The offer is typically sent to the bank. The listing agent will take the originals. At this point you must have a little patience. It can take a few days for you to get a response from the bank. Many Realtors work weekends, but banks do not typically have anyone around after 5pm or on the weekends so you will not get a very quick response.
Make sure you have a pre-approval letter or copy of a loan approval to go along with your offer. This will make the offer more attractive and help the bank make a decision. Make the offer clean and easy to read. Most agents will use a computer based program for generating all of the paperwork.
I hope these tips will help you deal with any banks you may try and buy a home from. Remember that the late night infomercials are not as easy as they appear to be. I would be happy to help you prepare and make an offer on any bank owned property. I have the experience to make it happen.
Brian Richard, GRI, EPRO, ABR
NSDCAR Director 2009 - Carlsbad
Chairman - Habitat for Humanity Carlsbad
Richard Realty Group
6986 El Camino Real Ste. H Carlsbad CA 92009
760 533 4244 Cell 760 603 8773 Fax
Brian@RichardRealtyGroup.com
http://www.brianrichardhomes.com/
Do you want to know how to buy bank owned property?
Everyone has seen the late night infomercials about how easy it is to buy real estate from the bank and make a quick buck. The reality is that it is not as easy as they make it sound. There is definitely buying opportunities available but you need to understand how this process works. Learn everything you can so you are prepared.
REO vs. Foreclosure
REO (Real Estate Owned) is a home that the bank takes back from the owner that is not sold at auction. Typically, the bank will work with the home owner to help them cure the default so they can avoid the foreclosure because the bank does not like being in the real estate business. In other words, they do not want to have property on their books. The REO property is typically property that has a mortgage balance equal or greater then the value.
If you plan on attending a bank auction, you will also need to be prepared to not only pay the balance of the mortgage, but typically the bank will add on any other fees or costs that they have incurred up to that point. This could include accrued interest, attorney fees and other costs that have been part of the foreclosure process. The other problem with auctions is that the bank will want you to have cash in hand if you have a winning bid on a property. Banks will not typically give you time to line up financing and this can make it impossible for anyone other then a real estate investor to get in and purchase a home.
One more item that is a big concern: Be aware of what you buy. At an auction, you are not going to have the time needed to research any other liens that may be recorded against the property.
It is common to find most property being offered at an auction, actually have more owed against the home then it is actually worth. Few foreclosures actually end up as a successful sale. If the property does not sell, this is when it goes back to the bank and becomes a Bank Owned Property, REO (Real Estate Owned).
REO Real Estate for SaleIf you are dealing with REO’s, remember that the properties are now owed by the bank and free of any liens. The banks are still going to try and get the most money they can for the property but they are more willing to take a quick loss and move on.
At this point the bank may have to evict the tenant, do some repairs to the property and get it ready for sale. Other items the banks will handle may include removing IRS tax liens and paying off HOA dues. The biggest benefit of buying bank owned property is you will have the opportunity to get title insurance. Title insurance will ensure that you do not have any additional liens recorded against the property. Some of the issues buying property in distress are that you have other liens that have to be satisfied which can make it very difficult to get clear title insurance. Bank owned property will come with clear title.
Be aware: REO property may not be right for you. Do your research before making any offers. If you do make an offer and move forward on the purchase, make sure that you are paying a fair price compared to others in the area. Don’t get into a bidding war because the property appears to be a good deal. Many times, people chasing REO or auction property end up paying market value because they get into a biding war. Foreclosures are not always the bargain you may think they will be.
How do banks sell REO property?
Every bank is a little different when it comes to selling REO property but one thing remains the same. They all want the highest price possible and do not want to sell the property cheap. The other item that is similar among all banks is that they usually have a separate department set up to only handle REO property.
Typically, when you make an offer to a bank on an REO property, you can expect to receive a counter offer. Sometimes it will be much higher than expected, but banks do this to show investors that they are attempting to get top dollar for the property. If you really want to buy this home, expect that you will have to make a counter offer to the banks counter offer.
If the offer becomes accepted, you may experience a delay getting a final approval or because the offer may need to be approved by someone else at the bank. Typically, it can take an extra 4-5 days for your offer to get final approval.
What is the condition of the property?
Be prepared to buy the property as is, or make a strong offer to get your repairs made. Banks will always push to sell the property “As Is” to avoid coming out of pocket with additional money. Section 1 termite clearance is typically still covered by the bank but you will have to work hard to have additional items covered. Working with a solid REALTOR can help your negotiations.
The banks always want to sell the property in “as is” condition. Most of them will provide a Section 1 termite clearance but make sure you include this in your offer. In addition, make sure you get a good inspection of the property so you know exactly what you are buying. It is so important to have a good physical inspection of the property.
Most contracts call for a time period to back out of the transaction should you find problems with the home. Make sure you have enough time to back out of the transaction if you need to and do not jeopardize your deposit.
Even though the bank wants to sell the property “As Is”, make sure you try to get the bank to make the needed repairs or provide you with a credit at closing to complete the necessary work. If it really gets tough and you feel that you really want to back out of the deal because of the repairs, the bank may work with you instead of having to go out and find another buyer. This depends a lot on what the current market is doing in your area and how many other buyers the bank may or may not have.
Writing up an offer
Before the offer is made, make sure you contact the agent listing the property so you can ask some of the following questions. It is important that you ask the following:
Are you selling the property “As Is”?
Is the bank willing to do any repairs?
Have any inspections taken place for the property?
If so, can you provide a copy of these inspections?
Has the bank agreed to do any repairs to the home?
How will the offer be delivered to the bank?
How long should I expect the bank to respond to my offer?
The offer is typically sent to the bank. The listing agent will take the originals. At this point you must have a little patience. It can take a few days for you to get a response from the bank. Many Realtors work weekends, but banks do not typically have anyone around after 5pm or on the weekends so you will not get a very quick response.
Make sure you have a pre-approval letter or copy of a loan approval to go along with your offer. This will make the offer more attractive and help the bank make a decision. Make the offer clean and easy to read. Most agents will use a computer based program for generating all of the paperwork.
I hope these tips will help you deal with any banks you may try and buy a home from. Remember that the late night infomercials are not as easy as they appear to be. I would be happy to help you prepare and make an offer on any bank owned property. I have the experience to make it happen.
Brian Richard, GRI, EPRO, ABR
NSDCAR Director 2009 - Carlsbad
Chairman - Habitat for Humanity Carlsbad
Richard Realty Group
6986 El Camino Real Ste. H Carlsbad CA 92009
760 533 4244 Cell 760 603 8773 Fax
Brian@RichardRealtyGroup.com
http://www.brianrichardhomes.com/
My Blog
I am using this Blog as a way to publish my thoughts and experiences while working in Real Estate. As of Novemeber 1st, 2008 my family newly formed company has been in business for 1 year. We started with 5 Realtors, and now we are over 85 agents strong, and we are growing everyday. I recently read online that agents are moving away from the larger Real Estate companies to a more “mom and pop” feel. We started this company out of necessity and had a feeling the market would be very tough during this next year. This is a company of companies in which we encourage and support each agent and group with a support system and staff. I could go on and on about what we do and what our beliefs are but, bottom line - we are here because of our clients. I will always strive to be 100% honest and look out for my clients best interest and uphold my fiduciary responsibility. There are too many “bad agents” out there and I would never point out anything about someone else I can only be true to myself and my personal integrity. Click here for a link to the REALTOR Code of Ethics.
Over this past year I took it upon myself to strive for further education and training. I have the honor to hold these cetifications and distinctions:
GRI - Graduate Real Estate Institute
ABR - Accedited Buyers Representative
ePRO - Electronic Professional
RDCPro™ - REO Default Certified Professional -The REO Default Certified Professional (RDCPro™) is a unique designation recognized among REO Clients as an exclusive and distinguished accomplishment within our niche of the real estate industry. RDCPro™ designation is all about being competent and capable to deal with a unique kind of property assignment – REO.
NVSI - BPO Certification
Also, I have had the great honor to be elected by my peers of District 4 (Carlsbad ,92008,92009,92010,92011, 92013, 92018) of the North San Diego County Association of Realtors to be the Director for 2009. I am very appreciative of this responsibility and look forward to serving on the Board of Directors.
What I most proud of is serving as the Chairman for the NSDCAR Realtor Project with Habitat for Humanity. We helped with framing, digging trenches and supporting the volunteers through this long process of building homes for deserving families as a way to give back to the community. The project I am the Chairman for is located in Carlsbad off Carlsbad Village Dr, on Roosevelt.
I am beginning this online journey and welcome your thoughts and comments.
I am at your service,
Brian Richard, e-PRO, GRI, ABR
RDCPro, NVSI-BPO
Richard Realty Group, Inc.
6986 El Camino Real Ste H
Carlsbad, CA 92009
Mobile - 760.533.4244
Office - 760.603.8377
Fax- 760.603.8773
http://www.BrianRichardHomes.com/
mailto:Brian@RichardRealtyGroup.com
Over this past year I took it upon myself to strive for further education and training. I have the honor to hold these cetifications and distinctions:
GRI - Graduate Real Estate Institute
ABR - Accedited Buyers Representative
ePRO - Electronic Professional
RDCPro™ - REO Default Certified Professional -The REO Default Certified Professional (RDCPro™) is a unique designation recognized among REO Clients as an exclusive and distinguished accomplishment within our niche of the real estate industry. RDCPro™ designation is all about being competent and capable to deal with a unique kind of property assignment – REO.
NVSI - BPO Certification
Also, I have had the great honor to be elected by my peers of District 4 (Carlsbad ,92008,92009,92010,92011, 92013, 92018) of the North San Diego County Association of Realtors to be the Director for 2009. I am very appreciative of this responsibility and look forward to serving on the Board of Directors.
What I most proud of is serving as the Chairman for the NSDCAR Realtor Project with Habitat for Humanity. We helped with framing, digging trenches and supporting the volunteers through this long process of building homes for deserving families as a way to give back to the community. The project I am the Chairman for is located in Carlsbad off Carlsbad Village Dr, on Roosevelt.
I am beginning this online journey and welcome your thoughts and comments.
I am at your service,
Brian Richard, e-PRO, GRI, ABR
RDCPro, NVSI-BPO
Richard Realty Group, Inc.
6986 El Camino Real Ste H
Carlsbad, CA 92009
Mobile - 760.533.4244
Office - 760.603.8377
Fax- 760.603.8773
http://www.BrianRichardHomes.com/
mailto:Brian@RichardRealtyGroup.com
Wanna Buy a Home? Knowledge is POWER! What is your comfort level?
Prequalifying Helps Determine How Much House You Can Afford
Before you start your house hunting in earnest, the real estate professional with whom you are working likely will “prequalify” you to determine a price range you can afford. According to Brian Richard, ABR®, prequalification is a necessary part of the home buying process that helps save you time and money.
“Don’t be shy or withhold information about your income or credit status. Your real estate professional isn’t trying to pry. Rather, he or she must know all details related to your ability to obtain a mortgage,” Brian Richard, ABR,GRI,ePRO of the Richard Realty Groups says.
“By candidly discussing your financial situation, you’ll give the agent the information necessary to show you homes you can afford, Richard notes. “If you don’t open up, you are placing the real estate professional in the role of a tour guide, not someone who can help you find a home within your budget. You’ll wind up wasting your time and that of the seller,” Richard says.
Once you have signed a contract to purchase a home, you must choose a lending institution or mortgage company from which to obtain your home loan. Your loan application will request financial data including your place of employment, assets, and liabilities (including recurring debts such as credit card bills and car payments).
Here are two important tips on loan qualification from Brian Richard, 1) Do not borrow the down payment without disclosing the loan, submit fake letters-of-credit or gift letters, or make secret financial arrangements. 2) Accurately list your income and assets, all debts and the approximate amounts you owe.
You’ll most likely be charged a credit report fee by the lender, which will cover the cost of having your credit history examined. Credit reporting agencies compile credit reports on consumers, including bill payment history, as well as whether you have been sued or filed for bankruptcy among other information.
Federal credit reporting laws do not give you the right to inspect the actual credit report at the reporting agency or to receive an exact duplicate of the report. But, you are entitled to a summary containing the sources of the report’s information.
If your ability to obtain a mortgage is adversely affected by the credit report, you have the right to challenge its accuracy and seek corrections.
“The credit report is part of the information the lender uses to determine if you qualify for a loan. It is not a mechanism to prevent you from buying. Remember, lenders want to make loans, not turn them down,” Richard says.
Brian Richard is one of more than 40,000 members of the Real Estate BUYERS AGENT Council (REBAC) of the NATIONAL ASSOCIATION OF REALTORS®, who have attained the ABR®, Accredited Buyer Representative, designation. As the world’s largest association of real estate professionals focusing specifically on representing the real estate buyer, REBAC is “The Voice for Buyer Representation,” with more than 44,000 active real estate professional members of the organization throughout the world.
If you have a question about Buying a Home or Selling check out my website - http://www.brianrichardhomes.com/ or email me anytime - Brian@RichardRealtyGroup.com. Real Estate is my livelihood and it supports my famliy. This is not a charity I treat it as a business. I look forward to the opportunity to work with you or if there is someone you know of right now who would like more information about Real Estate in North San Diego County have call me - 760.533.4244. I am at your service…
Brian Richard ePRO, GRI, ABR, RDCPro, NVSI
NSDCAR Director - District 4
Chairman - Habitat for Humanity
Friday, October 31, 2008
New addition to the family!
This morning a new addition to my family arrived. My wife, Jasmin and I got a brand new puppy. He is a French bulldog. I will be posting pictures soon but today all I could do is play with him and make sure he wasn't peeing everywhere!
We have named him Bentley and love his bully nature, playful spirit and curious attitude. The greatest part about this is that my sister and brother in law got his sister, lilly, and are raising her 5 doors down from us!
I can't wait to write about our adventures...
-brian
We have named him Bentley and love his bully nature, playful spirit and curious attitude. The greatest part about this is that my sister and brother in law got his sister, lilly, and are raising her 5 doors down from us!
I can't wait to write about our adventures...
-brian
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