Further legislation to create more transparency in lending goes into effect today. Named the Disclosure Improvement Act, and part of the Housing and Economic Recovery Act (HERA), the new rules mean the days of walk-in walk-out loans are gone. While the new legistlation will act as protection for borrowers, it also has the potential to slow down closing times by up to 30 days.
David Hitchings posts an article writen by Al Hewitt explaining the new legislation:
“Recent federal legislation can impact your closing date. When completing your purchase A=agreement, even if you are prepared to move forward and close quickly, a more conservative timeframe of at least 30-45 days from the time of the contract acceptance would be a more realistic expectation at this time. Listed below is information on two pieces of legislation that stand to impact your closing date, and a few bullet points that explain the reasoning behind and effects of each measure. HERA was designed to ensure that the borrower(s) involved in the transaction are given accurate disclosure information (Truth in Lending Statement pertaining to Annual Percentage Rate or APR) regarding the loan they are applying for and adequate time to re-evaluate their decision to proceed in the event of any changes that would impact their costs to finance.”
Under the new law, any time the interest changes by a predetermined amount, new disclosures must be presented to the borrower. Other factors can also mandate re-disclosure documents. More protection for borrowers will hopefully mean less defaulting loans in the future. But the restrictions add days to a process that is already to long for some.
Click through to read David Hitchings full post.
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More info…RISMEDIA, July 22, 2009-Summer may be the favorite time of year for most people, but it can also cause good nutrition to take an extended vacation. Not only is the season overrun with high-calorie foods and erratic eating opportunities, but the demands on the body are greater as well. …
(Civil judgements) Should You Start Off With A High Sales Price?
More info…Because of the change in real estate market conditions, more sellers are competing for fewer buyers. So once again, it seemed important to challenge a long-standing “myth” of real estate.”The initial listing price isn’t that important because the price can always be adjusted down later.”Many homeowners believe this.It is …
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The U.S. Senate is considering a bill that would severely limit the way you do business as a creative real estate investor and, more importantly, is an inexcusable infringement of the property rights of all Americans.
HR 1728, which you can view in its entirety here, deals with a plethora of mortgage-related issues, mostly around limited …
The Way of the Dreamer
“May heaven describe you as one of those rare people who live to achieve Great Things for the glory of God.”
That’s the closing sentence of Bruce Wilkinson’s The Dream Giver. Read it again slowly.
“May heaven describe you as one of those RARE people who live to achieve Great Things for the glory of God.”
It truly …
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As interest rates on adjustable mortgages continue to increase, the number of homeowners finding themselves in a tight spot also rises. The equity that was supposed to insulate those homeowners from losing their home has been lost as home values decreased rapidly. Although the government, along with many companies and non-profit groups, have reached out to assist these troubled homeowners, there are still loan modification scammers who are willing to take advantage of the situation.(...)
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New home sales for the month of June increased by 11 percent, compared to May. This is the third consecutive month that new home sales have risen. While this is undoubtedly good news for the housing market and the economy as a whole, what is concerning is that roughly a third of all existing-homes sold during June were short sales or foreclosures. These types of sales are bringing down rising inventories, while presenting great opportunities for first-time buyes and investors. But, they also can take a toll on home values.(...)
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Just as a buyer may have unrealistic expectations of the kind of deal they can get on a home, a seller too may believe that their home should be listed for more than their REALTOR® advises. Realtors are in a tight spot when it comes to trying to reason with a seller about the price of their home. They have to be sensitive to not only the monetary investment that was made, but also the emotional investment. But the bottom line is if a home isn’t priced to sell, then it probably won’t.
Michelle Allen asks sellers to get real with their home prices:
“Get real with your home prices… and you will sell your home! There are many homes lingering on the market, causing a decline in values as we all know it. When the home is on the market and it is getting too few showings or no showings at all, it is priced too high, period. When a home is on the market and it has many showings and no offers or offers that are priced well below (even in this market), it is too high, period! Unrealistic expectations are usually the culprit, yet it could be a denial of the market we are in. It is amazing how many sellers I speak to that are shocked in the decrease of the values. We aren’t in the market, we were in in the early to mid 2000s. Many times there is a $$$ figure in mind and to say that ‘I want to get out of it what I’ve put into it’ just isn’t realistic. A question I ask many clients is, ‘When you put that in or installed that, did you do that for your own use and pleasure or for the use and pleasure of the next buyer?’ Let’s just say they thought ahead, ok then, ‘What if the next buyer doesn’t like X, and they decide to get rid of it as soon as they move into the home, how much value is it to them then?’”
Sellers have to keep in mind that buyers these days have home values at their fingertips and know how much they want to spend. With the amount of information on the Internet about comparable home sales and other market data, buyers are informed and ready to buy if the price is right.
Click through to read the rest of Michelle Allen’s post.
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The U.S. Senate is considering a bill that would severely limit the way you do business as a creative real estate investor and, more importantly, is an inexcusable infringement of the property rights of all Americans.
HR 1728, which you can view in its entirety here, deals with a plethora of mortgage-related issues, mostly around limited …
The Kauai Sessions Day 4: Speed of Implementation
Day 4 :: Kalalau Valley :: Speed of Implementation
real estate gurus
If you are trying to motivate potential clients to stop waiting for the bottom of the market, try using local data to show them local price trends. Remind them that Real Estate is local and what they hear on the news does not necessarily represent their desired location. Also explain to them that the cost of waiting for the bottom could be higher interest rates, which can offset any gains made by a lower price. Waiting for the bottom doesn’t always mean a better deal.
Keith Vermilyea blogs about the cost of waiting and the impact of higher interest rates:
“Some potential homebuyers are sitting on the sidelines waiting for housing prices to hit bottom. It makes sense to buy a house at the lowest price possible, but there are other critical considerations to keep in mind. Trying to time the bottom of any market is always difficult. Also, interest rates are at historic lows, and many homebuyers fail to consider the savings that come with low interest rates, particularly over the life of the loan, or even the partial life of the loan. Mortgage rates are low because of the recession and foreclosures. In addition, the Federal Reserve has moved aggressively to push down mortgage rates by buying as much as $1.75 trillion of housing debt and Treasuries this year. This policy has been successful. Rates on 15-year and 30-year fixed-rate mortgages are hovering at historic lows.What does this mean for you?”
Recently interest rates climbed back towards the 6 percent mark before falling again and settling in the low 5 percent range. This climb was the result of improving economic conditions. The low interest rates are not expected to last long, as the economy makes further improvements. Combining your passion for Real Estate with market data will definitely help you convince would-be buyers to stop trying to time the market.
Click through to read the rest of Keith Vermilyea’s blog.
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Economic difficulties have put many families in tight situations. Some are losing their homes due to unemployment or rising mortgage rates, while others are fighting to keep their investment. But even with the doom and gloom there are still some success stories coming out of the Real Estate world. The silver lining to falling home values are the opportunities that have been created for new buyers.
Erin Attardi shares the story of a VA loan buyer who found a great home with not money down:
“I had to share a success story from a closing I had earlier this month. I represented a buyer for the purchase of a 1910 Midtown Sacramento home. The buyer used a VA loan to make his purchase. Fast forward to the end of the story - he purchased his home for $0 down, and $0 out of pocket…and gets to take advantage of the $8,000 federal tax credit for first-time buyers! What!? This story is so fantastic for a couple reasons…the first reason is that there is a bit of a stigma attached to VA lending programs. Why? Mainly because these loan programs have some terms and conditions that conventional conforming loan programs do not. Listing agents and sellers are under the impression that VA loans take longer to process…there are health and safety considerations that the appraiser must take into account…the property must have a section one pest certification…there are certain fees that the seller must pay for the buyer. The second reason this story is so fantastic, is that my client literally did not spend a dime to purchase this house. VA is one of the few true 100 percent financing programs left.”
Real Estate success stories are out there, but they are getting a lot less attention than the stories of families losing their homes. While it is definitely a tragedy when someone loses their home due to hardship, focusing on one side of the story creates an negative outlook for consumers. REALTORS® have the unique opportunity to be a part of a life-changing experience, and by blogging about it, they can help combat the negative media-driven data.
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By David Oswald
I was thinking the other day about how so many gurus and teachers out there consistently talk about how the key to creating success relies on this phrase of ?taking action immediately.?So if it?s so simple, literally as simple as taking action, then why don?t we do that?I happen to agree that the action step is the most important part of any new process whether you?re learning to become a real estate investor or anything else under the sun.
Recently, I took a little inventory in my own life why there is a challenge for everyone in this particular area.During my lifetime, I?ve been able to consistently take action in my life but I?ve found that there have been certain times for me where I?ve been slow to do something and here?s a few of the reasons why I believe this happens.
1. ?Frankie Fear? ? You hear about FEAR all the time.You may even know in your heart that fear is the reason you refuse to get off your butt.Tony Robbins even calls F.E.A.R ? False Evidence Appearing Real?so you?ve been there, heard that, done it already, right?But fear rears its ugly head over and over again so you need to always be ready to strike it down?.and that takes discipline and guts on your part.So start to recognize it for what it is and simply push forward when you sense it.
2. Uncertainty of What To Do ? Sometimes we aren?t fearful of anything, we simply just don?t know what to do.I?ve found that in 90% of everything I do, the actually ?doing? part wasn?t nearly as difficult as I had imagined but I procrastinated because I didn?t have the roadmap all laid out in front of me.In other words, I didn?t have the ?connect the dots? version of how it should all happen.That being said, I didn?t do anything.Therefore, the solution is to realize that our only job is to gather as much information we can as quickly as we can and then simply make a decision as to whether or not we want to pursue it.Then, TAKE ACTION on it!
3. Lack of Energy or Motivation ? One thing that I am fortunate to be able to drum up consistently is the energy to get something done.I don?t know if that comes from being an athlete most of my life and having to ?psyche myself up? before an event or maybe it?s just the fact that I always get good sleep!Not sure and don?t really care but I do know that when the time comes, I usually find a way to rise to the occasion and make it happen.So if you?re wondering how you can do this, it may just be a function of practice makes perfect.Next time you are not feeling motivated or feel lethargic, change your state.That?s right, find a way to change your state of being?.do some pushups, put on some loud music, go jog a half mile, leave the house?.whatever it takes to change your energy level in that moment, just do it.Make this a constant new habit and you?ll see a change in your results.
So there you have it?.the magic 3 step formula!No, just kidding.Listen, I realize that there are times when doing anything is harder in the moment than just applying some formula.I know that real life takes place and it?s difficult at times but this is the same for all of us.We all live in this fallen world and we all have 24 hours a day to make it happen. How we choose to deal with that is what determines our results. So keep plugging! Remember, doing things different is not always harder ? it?s just different is all.Embrace change?God Bless?DIAMOND, I?m out!
David “The Diamond” Oswald to Speak THIS THURSDAY, April 17 at 7 PM
FOR IMMEDIATE RELEASE
David “The Diamond” Oswald to Host Seminar on Creative Financing in Association with Premier Networking
Parsippany, NJ April 17, 2008 - David “The Diamond” Oswald, a top real estate investor and personality in Middlesex County, NJ announced a networking event that is being held at The Holiday Inn Hotel and Suites at 707 Route 46 East in Parsippany, NJ 07054 on April 17, 2008 at 7 pm until 10 pm on discovering the quickest ways to turn a profit in the world of real estate.
Creating Momentum
I just finished voting this morning and I was able to avoid any lines whatsoever?I guess that?s just another benefit of not having a JOB, right?Now instead of waiting with the rest of the world, you just pick the time you want to do anything and breeze on thru like EZ Pass.Keeps me staying stress free and loving what I do?which brings us to the point of our article here, today?s topic is all about creating momentum in your business.
I am writing specifically about this topic because this entire article came to me yesterday when I was in the shower and it had enough impact on me that I even did a coaching call on the topic of momentum (which you can access under the ?Diamond Media? tab at
www.DavidOswaldOnline.com)Yes, I guess you can say I?m a multi-media type of guy.If you don?t like reading my articles, you can listen to the audio version?hey, I aim to please.
Momentum is something that I battle with in my own business because it has to be re-created on a somewhat regular basis.Just like in the flow of a basketball game you can see the momentum change during the course of one game multiple times, the same happens in the life of an entrepreneur.See, we are dealing with outside forces which can come at us out of nowhere and force us to have to adjust.Whether it?s the ?market? changing or laws changing, the loss of an employee or just our own personal issues, we have to be ready to take back the momentum at a moment?s notice.Here are just some of the things I do on a regular basis to control the momentum in my own favor.
1. Create Lists ? This may sound like the most basic idea and many of you I?m sure do this already but one thing I do is order my list the night before in a way that helps me to wake up and immediately be able to focus on what?s most important.Many of us have lists but they don?t necessarily have the most important things at the top.I knock out the major stuff when my energy level is the highest so I know it gets done.
2. Know What to Avoid ? We live in a society where it?s not uncommon to get bombarded with over 150 contacts per day from emails, text messages, phone calls and traditional mail.You need to be able to determine QUICKLY what matters to you and what doesn?t.If one of your habits involves going thru 100 spam emails per day and spending 20 or 30 minutes to do that, you may want to consider getting a brand new email and starting fresh.Also, if you?re a ?texter? like I am, keep your texts to a minimum (I try to stay below 50 text messages per day).The more time that you spend getting taken away from what matters, the less time you have for FOCUS.
3. Don?t Sabotage Yourself ? One thing that I?ve seen happen with some of my students in the world of real estate is that they start to actually create momentum in their life and it feels good to them!However, they begin to feel a bit uncomfortable when they realize just how much they have going on and they begin to implode and back away from opportunities.Realize this?you are supposed to feel a little uncomfortable and then grow into the NEW YOU.Have faith that the right people and opportunities will take care of themselves as you grow in your business.
So that?s 3 things that I do to stay focused and creating a snowball?s worth of momentum in my life and business.For those of you who haven?t done so already, please visit
www.DavidOswaldOnline.com and sign up for the free newsletter and get a copy of the first 10 pages of my ebook, ?101 Ways to Outsource Your Life and Business? just for doing so (I promise you won?t get annoying daily emails, just when there is something important to say)It?s really to best way to stay on top of what Rivers of Income has going on!Also, stay tuned for our upcoming events including our next 2 day boot camp in December.Look forward to seeing you there!Your World, Your Way!I just finished voting this morning and I was able to avoid any lines whatsoever?I guess that?s just another benefit of not having a JOB, right?Now instead of waiting with the rest of the world, you just pick the time you want to do anything and breeze on thru like EZ Pass.Keeps me staying stress free and loving what I do?which brings us to the point of our article here, today?s topic is all about creating momentum in your business.
I am writing specifically about this topic because this entire article came to me yesterday when I was in the shower and it had enough impact on me that I even did a coaching call on the topic of momentum (which you can access under the ?Diamond Media? tab at
www.DavidOswaldOnline.com)Yes, I guess you can say I?m a multi-media type of guy.If you don?t like reading my articles, you can listen to the audio version?hey, I aim to please.
Momentum is something that I battle with in my own business because it has to be re-created on a somewhat regular basis.Just like in the flow of a basketball game you can see the momentum change during the course of one game multiple times, the same happens in the life of an entrepreneur.See, we are dealing with outside forces which can come at us out of nowhere and force us to have to adjust.Whether it?s the ?market? changing or laws changing, the loss of an employee or just our own personal issues, we have to be ready to take back the momentum at a moment?s notice.Here are just some of the things I do on a regular basis to control the momentum in my own favor.
1. Create Lists ? This may sound like the most basic idea and many of you I?m sure do this already but one thing I do is order my list the night before in a way that helps me to wake up and immediately be able to focus on what?s most important.Many of us have lists but they don?t necessarily have the most important things at the top.I knock out the major stuff when my energy level is the highest so I know it gets done.
2. Know What to Avoid ? We live in a society where it?s not uncommon to get bombarded with over 150 contacts per day from emails, text messages, phone calls and traditional mail.You need to be able to determine QUICKLY what matters to you and what doesn?t.If one of your habits involves going thru 100 spam emails per day and spending 20 or 30 minutes to do that, you may want to consider getting a brand new email and starting fresh.Also, if you?re a ?texter? like I am, keep your texts to a minimum (I try to stay below 50 text messages per day).The more time that you spend getting taken away from what matters, the less time you have for FOCUS.
3. Don?t Sabotage Yourself ? One thing that I?ve seen happen with some of my students in the world of real estate is that they start to actually create momentum in their life and it feels good to them!However, they begin to feel a bit uncomfortable when they realize just how much they have going on and they begin to implode and back away from opportunities.Realize this?you are supposed to feel a little uncomfortable and then grow into the NEW YOU.Have faith that the right people and opportunities will take care of themselves as you grow in your business.
So that?s 3 things that I do to stay focused and creating a snowball?s worth of momentum in my life and business.For those of you who haven?t done so already, please visit
www.DavidOswaldOnline.com and sign up for the free newsletter and get a copy of the first 10 pages of my ebook, ?101 Ways to Outsource Your Life and Business? just for doing so (I promise you won?t get annoying daily emails, just when there is something important to say)It?s really to best way to stay on top of what Rivers of Income has going on!Also, stay tuned for our upcoming events including our next 2 day boot camp in December.Look forward to seeing you there!Your World, Your Way!
I just finished voting this morning and I was able to avoid any lines whatsoever?I guess that?s just another benefit of not having a JOB, right?Now instead of waiting with the rest of the world, you just pick the time you want to do anything and breeze on thru like EZ Pass.Keeps me staying stress free and loving what I do?which brings us to the point of our article here, today?s topic is all about creating momentum in your business.
I am writing specifically about this topic because this entire article came to me yesterday when I was in the shower and it had enough impact on me that I even did a coaching call on the topic of momentum (which you can access under the ?Diamond Media? tab at
www.DavidOswaldOnline.com)Yes, I guess you can say I?m a multi-media type of guy.If you don?t like reading my articles, you can listen to the audio version?hey, I aim to please.
Momentum is something that I battle with in my own business because it has to be re-created on a somewhat regular basis.Just like in the flow of a basketball game you can see the momentum change during the course of one game multiple times, the same happens in the life of an entrepreneur.See, we are dealing with outside forces which can come at us out of nowhere and force us to have to adjust.Whether it?s the ?market? changing or laws changing, the loss of an employee or just our own personal issues, we have to be ready to take back the momentum at a moment?s notice.Here are just some of the things I do on a regular basis to control the momentum in my own favor.
1. Create Lists ? This may sound like the most basic idea and many of you I?m sure do this already but one thing I do is order my list the night before in a way that helps me to wake up and immediately be able to focus on what?s most important.Many of us have lists but they don?t necessarily have the most important things at the top.I knock out the major stuff when my energy level is the highest so I know it gets done.
2. Know What to Avoid ? We live in a society where it?s not uncommon to get bombarded with over 150 contacts per day from emails, text messages, phone calls and traditional mail.You need to be able to determine QUICKLY what matters to you and what doesn?t.If one of your habits involves going thru 100 spam emails per day and spending 20 or 30 minutes to do that, you may want to consider getting a brand new email and starting fresh.Also, if you?re a ?texter? like I am, keep your texts to a minimum (I try to stay below 50 text messages per day).The more time that you spend getting taken away from what matters, the less time you have for FOCUS.
3. Don?t Sabotage Yourself ? One thing that I?ve seen happen with some of my students in the world of real estate is that they start to actually create momentum in their life and it feels good to them!However, they begin to feel a bit uncomfortable when they realize just how much they have going on and they begin to implode and back away from opportunities.Realize this?you are supposed to feel a little uncomfortable and then grow into the NEW YOU.Have faith that the right people and opportunities will take care of themselves as you grow in your business.
So that?s 3 things that I do to stay focused and creating a snowball?s worth of momentum in my life and business.For those of you who haven?t done so already, please visit
www.DavidOswaldOnline.com and sign up for the free newsletter and get a copy of the first 10 pages of my ebook, ?101 Ways to Outsource Your Life and Business? just for doing so (I promise you won?t get annoying daily emails, just when there is something important to say)It?s really to best way to stay on top of what Rivers of Income has going on!Also, stay tuned for our upcoming events including our next 2 day boot camp in December.Look forward to seeing you there!Your World, Your Way!
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