How Soon Can I Buy?

Waiting Periods for Foreclosure, BK, and Shortsale:

Answer for Fannie Mae:

Foreclosure:  7 years

Short Sale:     4 years
BK:                  4 years from discharge

  

Answer for Freddie Mac:

Foreclosure:   7 years

Short Sales:    not allowed

BK:                   4 years

  

Answer for FHA:

Foreclosure:          3 years

Chapter  7 BK:       2 years from discharge

Chapter 13 BK:      1 year from payout period

Consumer Credit:  1 year from payout period

Short Sale:             Not eligible if pursued on principal residence simply to take advantage of declining market & purchase a similar or superior property 

Answer for VA:

Foreclosure:          2 years

Chapter  7 BK:       2 years from discharge

Chapter 13 BK:      1 year from payout period

Consumer Credit: 1 year from payout period

Short Sale:              2  years

Answer for USDA:

Foreclosure:          3  years

Chapter  7 BK:       3 years  from discharge

Chapter 13 BK:      3 year from payout period

Short Sale:              3 years

'When can I start the loan process after a derogatory event?'

Below please find some helpful guidance on what can be done in the loan process after a short sale (SS) or foreclosure (FC).

FHA
Measure by recording date of SS/FC to the date of the new note/case number: 3 years

When can I start? Nothing can start before the case number is ordered, which cannot occur until the 3 years seasoning has passed. Since a case number cannot be ordered without an application, neither can the application be taken prior to the seasoning met.

VA
Measure by recording date of SS/FC to the date of the new note: 2 years

When can I start? Nothing can start before the date of the initial application.

FNMA
Measure by recording date of SS/FC to the date of the new note : 4 Years for SS/ 7 years for FC

When can I start? Contract can be signed/ loan can be locked/ application and credit can be taken before the waiting period is up- cannot draw the loan before the seasoning period has elapsed.

FREDDIE MAC

Measure by Recording date of SS/FC to the date of the initial application = 7 years for FC. SS allowed if we get an Accept/ eligible.

When can I start? LPA evaluates Significant Derogatory Credit (SS/FC)- if LPA issues an 'Accept/eligible', the seasoning is deemed to have been met and the transaction can move forward.

USDA
Measure from the date of the short sale or foreclosure to the loan application- 3 years.

When can I start? Only the contract can be signed prior to the three year seasoning (No credit pulled prior 3 year seasoning)

Call to Action

What is a Call to Action?

A call to action is meant to provoke a reaction from the target audience. It is a non-demanding request made by a marketer. The most effective marketing strategies combine several CTAs creating a behavioral pattern that is easy for the audience to follow. CTAs are essential parts of permission marketing as well as inbound marketing and are often used in websites. The aim of incorporating them is to turn visitors to the website to clients.

An effective call to action should reduce or completely eradicate the risk to the audience. In some cases this is by giving the potential client a chance to sample the product for free for a specified period before they can start purchasing.  CTA should also direct the audience on what they are to do. It could be to click a specific button or choose a color. Effective CTAs should also encourage an immediate reaction instead of giving the people to sit back and think about it as they might find alternative products and services.

The call to action should be preceded by properly laid groundwork that involves helping the customer recognize their need for your product. It should offer something extra in order to entice the customer to respond to it. An effective CTA communicates urgency as is indicated by expiry dates for offers or rewards for immediate action. A CTA should use a different color from the general theme color so as to ensure it stands out and captures attention.

Having a call to action on a website is essential and this is not limited to ecommerce sites .It helps the audience focus the attention to the site and also provides you as the owner of the website, a way to measure the effectiveness of your site. But also of importance, a call to action gives the customers directions helping them get the most from you while giving you their contacts so you can reach them in the future especially in mail marketing. A call of action, such as asking the customers to sign up for the newsletter also ensures the customers will always be updated on the new products and services, giving you an avenue to interest them even more and hopefully, change them into paying customers.

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Facebook Live Feature

Definition

Facebook live is a product from Facebook that allows one to share different perspectives and experiences in real-time to friends and family or to fans. Since these live videos are exciting and captivating to the audience, more people are able to tune in and engage with the broadcasters directly at that moment. The concept was developed to capture a larger audience as live videos are watched more than those videos that are not. The platform is now accessible to android users as well as the iPhone users and is therefore accessible by more people in the United States. It is very easy to use as all one need to do is choose the audience and then start broadcasting. You are able to see the number of people viewing and can respond to the comments. The video is saved to the timeline allowing you to keep it or delete it.

Impact of Facebook Live on Business

Facebook live though initially verified for public figures is now available to all verified pages on the platform. It was initially made available to the elite with the hope of controlling the demand on bandwidth and set a higher standard on video streaming.  With social marketing being of great importance to marketing, Facebook live cannot be underestimated in value. I real estate especially, Facebook live can help create greater levels of awareness as properties are show cased and the video features the interior and the exterior allowing customers to get a more complete picture. Live videos are also shared more and the clients can view the products and still return to the news feed to review the video if they need clarification. This also allows them to share the links with friends in order to get a second opinion before purchase.

Facebook Live’s Impact on Open Houses

Open houses in the real estate business are important as they allow clients to view the product without having booked an appointment. Agents can use Facebook live to let more people know about the event in advance. The news feed can be to the public but it is important to create a large following in order to increase the number of people reached. As people are watching the video, the agent can invite them to subscribe and whenever the agent is live, they would get notified. By enabling Follower, you are able to get an even larger audience. On the day of the open house, it would also be prudent to post another live video showing the event as it progresses and featuring the different aspects of the house indoors and outdoors. Ensure the videos are saved on the timeline so that the followers can access them later. The increased traffic to the Facebook page would mean more potential clients who can then become home owners. Those unable to attend the event due to distance or previous commitments would also experience the open house and hopefully book an appointment later.

Marketing a prelisting

Prelisting packages are meant to foster a relationship with the sellers, so that they are confident the real estate agent would do their best to get the best price within the shortest time possible. Facebook live would allow the agent to make a live video showing the houses they have already sold. If the previous seller is willing, he or she can be part of the video, recommending the agent as the best at what she or he does.

Virtual Tour

Agents could take advantage of Facebook live by posting virtual tours of the properties they are listing. The videos should be given a catchy title and made of the best possible quality so that customers can see the properties in the best light. The virtual tours should also be archived once they have been broadcasted until the property is no longer available. This would allow the agent to reach even those far from the location of the property allowing them to make a decision and only come in for a final viewing before purchase.

What is a Mortgage Broker?

A mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses. They go between the borrower and the lender (usually a lender backed by Fannie and Freddie) and negotiate on your behalf so it’s hassle and stress free.

Traditionally, banks and other lending institutions have sold their own products. However, as markets for mortgages have become more competitive, the role of the mortgage broker has become more popular as personal relationship outshine 800's . Today most mortgage brokers are the largest sellers of mortgage products for lenders.

Mortgage brokers exist to find a bank or a direct lender that an individual seeks with a specific loan the individual is seeking.

The majority of mortgage brokers are regulated to ensure compliance with banking and or finance laws in the jurisdiction of the consumer; however, the extent of the regulation depends on the jurisdiction.

Locally operating in Coastal Delaware since 2005 my focus is individualization of the right program for your particular needs when buying or refinancing. 

If looking to buying or refinancing take the action now:

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Periscope Open House Trends & Ideas

Definition

Periscope is a live video streaming App that was launched in March 2016. It was acquired by twitter before it was publicly launched. Four months after its launch, the app already had over ten million active accounts in it. The app has been adopted by both android and apple users. Periscope users have the option of tweeting out a link to their live stream and can choose who views the video.

Importance of Periscope to Businesses

Periscope brings a different aspect to marketing as buyers who are away can watch the video stream and those who are close by can be enticed to join in the event. Furthermore, the connection of periscope to twitter means that the business reach is quadrupled. By building the number of clients who follow your account on twitter, Facebook and other social media sites, your reach as a business is immerse. Periscope can be used when launching a product, showcasing the current merchandise with more focus on the features and even just to show other events that the business participates in such as CSR. With the beach being close by, periscope offer those in Delaware a chance to participate in the event from a far.

Periscope’s Impact on Open Houses

Open Houses are important occasions in real estate as they allow prospective buyers to view the house without having to book an appointment. Not only can periscope be used to create awareness of the open house and invite more buyers to show up, it can also be used to market to those who can’t attend as they watch the different aspects of the house and decide to book an appointment later. By linking the video to twitter and other sites, the video of the open house could be watched by customers in different parts of the country and they could repost it giving your business more views. It would allow you to make sales to clients you are yet to meet.

Marketing a prelisting on Periscope

A prelisting package aims to ensure sellers are aware of who you are as a real estate agent, the agency you represent and what you can do to make the sale of their house quick and get them the best possible price. Periscope would help real estate agents with this as they could easily make videos of themselves and what they do then post them on social media. They could also link different videos of open houses or other related events they have participated in and the clients can see how they work and how successful they are. With the ability to offer feedback and answer questions, periscope offers a new way to connect and communicate.

Virtual Tours

Another feature in marketing that real estate agents could take advantage of is the virtual tours that they can make then post on periscope. The videos taken would capture the different features of the properties and at different angles so that potential buyers can get a more rounded experience. The virtual tour video could be accompanied by a voice over that would give more information on the best aspects of the property. This video when posted on periscope has a higher viewing and is more effective as a marketing tool.

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