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Archive for November, 2007

Becoming a Tech-Savvy Real Estate Agent
Special Contribution By Lou Lynch

In today’s world of instant messaging and global marketing, it’s often real estate agents who get to try new technology first. Real estate agents work with everyone of a certain income level and savings, which makes their industry a fertile market for new products. Real estate is also a good starting point for developers who want to learn more about how their technology will be used. For example, most online mapping applications launched in recent years have been created with real estate in mind - whether it’s finding an innovative approach to display home for sale listings, or creating realistic 3-D renderings of buildings, these new tools go the extra mile to make agents and their clients happy.

Real estate professionals who don’t make use of the latest technologies might be missing a big opportunity to expand their business. Every new product targeted at real estate represents a chance for brokers and agents to tap into a new market, and improve relations with their existing clients. And for those agents who still aren’t informed about basic Internet and email strategies, now’s the time to learn.

The best part about becoming a tech-savvy real estate agent is how easy it can be. If you’re well-versed in real estate law, how to properly list and negotiate a home sale, and what makes the local market tick, you’ve already done the hard part. Becoming tech-savvy is simply the process of taking your years of experience and knowledge and plugging it into a new system. Technology developers don’t expect real estate agents to know how to program software or even know html - all you have to do is stay current on what’s out there.

The best real estate news sites provide regular features on new technology. Here you can learn about the latest tools available, like database-driven real estate evaluation tools, and voice recognition software allowing agents to update the local MLS from their phone. Many real estate blogs also offer daily tech news, while real estate forums provide a place to discuss and learn more about technology trends.

If you’re an agent or broker with a successful website, staying informed on new technology can help boost your web presence. You’ll learn how to drive up traffic to your site through search engine optimization and new software, and how to protect your web presence from competition and copyright infringement. Many online agents and brokers use duplicate content detection software to keep their sites unique.

Real estate and technology have always fed off one another, but the relationship has become especially apparent in recent years. As developers continue to target the real estate market, many agents and brokers are doing away with old marketing strategies, like telemarketing, cold calling, and door knocking. New strategies for tech savvy real estate pros are being created every day.

Lou Lynch is a tech savvy Ulster County, New York real estate professional, working with a large, dedicated staff. Visit Lou’s professionally optimized website for more information on the latest property marketing strategies, and details on the Ulster County real estate area.

Article Source: http://EzineArticles.com/?expert=Lou_Lynch

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 As part of my efforts to help grow your business, EdNailor.com is sponsoring Single Property Websites for real estate agents in the Charlotte NC area. There is also a Phone Based Website included for web-enabled cell phones! Add unlimited properties with unlimited text, photos and documents! All properties are submitted to major real estate search engines and included on EdNailor.com in the Featured Homes section. All properties are also posted foir you to Craigslist twice a week! Much more than a website… its a complete marketing system. Sell more homes and get more listings!

Charlotte, NC is one of my favorite places this time of year. With the seasons changing and the holidays approaching, the southern charm of Charlotte just stands out! The friendliness of the people really comes to life!

As you drive around Charlotte you will see the holiday spirit coming to life. Lights are going up, decorations are being put in place and trees are getting trimmed for the holidays. And with such a diverse mix of cultures in the area, you are bound to see an interesting mix of holiday celebrations. And while the holiday shopping season is beginning as well, folks in Charlotte seem to have a smile on their face. The southern charm of this city already makes it a wonderful place to live, but add the holiday spirit on top of that and you just can’t help but make new friends!

While many people will be traveling all over this great country over the next few weeks, I will be happy to stay right here. Charlotte is a great place to be around the holidays! I hope you can get out and enjoy the festivities too!

Here are a few things to take in this holiday season:

• Visit a few of the local malls for your holiday shopping:
  • Concord Mills
  • Carolina Place Mall
  • Northlake Mall
  • South Park Mall
  • Eastland Mall
  • Carolina Mall
  • Gaston Mall
  • Monroe Mall
• Go to the Tree Lighting at South Park Mall on Wed November 21st at 8:00 pm.
• Drive through McAdenville (Christmas Town USA) and enjoy the lights.

• Enjoy the Leonard Bearstein Symphony Orchestra at Founders Hall for free!

• Visit the Daniel Stowe Botanical Gardens

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Ed Nailor
Home Loans in Charlotte

1st Metropolitan Mortgage
10801 Johnston Rd Suite 213
Charlotte, NC 28226

704-248-8694 Phone or visit http://carolinamortgageconnection.foundbydesign.net/

Get preapproved to buy a home in Charlotte NC today 

THE SKY IS FALLING!

THE HOUSING MARKET IS DEAD!

NO ONE CAN GET A HOME LOAN!

FORECLOSURES OVERTAKE SALES!

BUYING A HOME IS THE WORST IDEA EVER!

Pretty dramatic huh? I am waiting for these headlines to be on the front page of the paper soon. Take a look at your local news paper… The headlines usually are this dramatic aren’t they?

The truth (if you can find it) is usually buried 5 sections in and on the 4th or 5th page of that! For example…

A few months ago, the Charlotte Observer ran story after story about how Foreclosures were up, the market was hurting and mortgages were getting hard to get. These all were front page headline stories. People that read the paper saw this and read the articles. But since it was the BOLD headline on the front page, even those that do not read the paper were able to form opinions and get sacred about making a move.

However, during those months, there was good news. If you actually read the paper, usually the Saturday morning New Home and At Home sections, you will see these articles. For example, 2 months ago there was an article stating that foreclosures were not that bad in Charlotte, and that our market was still a strong one. But, the headline wasn’t as big as the front page ones are, and you had to actually look several sections back to find it.

Today, in the New Home section (thats Section H) on page 6, there is an article on how most homeowners are still ahead on equity gains. The subtitle states “Sad stories aren’t the rule.” Imagine that! But did that make the front page? Heck no! That won’t sell no papers! Besides, the fact that the mountains got snow and people can ski is much more important and get’s the front page!

My point is this… people are being force fed the negative while they have to search for the positive. We in this business really need to get together and with one solid VOICE let people know that the sky is not falling, that housing is not dead, that home loans are still available and rates are great, that foreclosures may be up slightly but not the rule and that buyng a home is still the best investment of their lives!

Anyone with me? Let’s let them know!

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Ed Nailor
1st Metropolitan Mortgage
10801 Johnston Rd Suite 213
Charlotte, NC 28226

704-248-8694 Phone
or visit www.EdNailor.com

home mortgage loans in Charlotte

According to federal guidelines, lenders are required to provide mortgage loan applicants with certain documents within 3 days of application. Some of these basic documents include a Good Faith Estimate and a Truth in Lending Statement. These forms are to disclose to the potential borrower estimated costs and rates associated with that lender’s program.

The question is, when is this required? When does an application actually become an application?

Calling a lender and giving name, address and social security number is not an application. In order for an application to be made and considered, a lender must be able to make a decision… in other words, they need all the information. Personal information like the name, address and social security number of the borrower; Financial information like work history, income documents (such as W2’s and paystubs) and bank / investment statements; credit information like a credit report or alternative credit if needed… these are just the basics. Oh.. there is one more very important item needed… a house.

If you are refinaning a mortgage and have submitted the other items needed, then this is an application. However, if you are thinking of buying a home, you will need a offer to purchase to complete your application. At this point, your lender will be required to provide you the disclosures required by law.

This being said… if you, as the borrower, would like this information earlier in the process, simply ask for it. If your lender has enough information to have a good idea as to the direction of your loan, they should be able to give something to you. If your lender does not have enough information yet, they can tell you what is still needed in order to provide this.

Beware of lenders that give Good Faith Estimates and Truth in Lending statements with limited information. Without the proper information, a lender can not give you solid information on which to base any decision. What they give you with limited information will be just as limited in its reality.

So how do you know if they are being straight with you? The bottom line is this… talk to your lender. Actually talk and feel them out. If you are not feeling secure in them after the conversation, try another lender. Even in todays world of technology, talking to someone will still tell you what you need to know… if you will listen.

As many people have heard, Bank of America has decided to exit the wholesale marketplace to pursue a stronger retail presence in the mortgage industry. This is not considered to be a major blow to wholesale. While BOA is a big name bank, their presence in the wholesale market was very small. Many of the brokers I know and have spoken to that were signed up with BOA rarely used them because they were finding better rates with other lenders!

Regardless of that, the mortgage industry is still plugging along strong. While news media and the internet continue to pour out their “the sky is falling” coverage, mortgage rates are still near all time lows and despite the subprime industry woes, there are still plenty of programs out there to service your first time home buyers, low to moderate income borrowers and even those with credit issues! And with the selection of homes available, your message to people on the fence is to jump in NOW!

Rates right now are still hovering in the lower 6% range (have seen them vary between 6.25-6.5% all week) and with programs like My Community Mortgage, House America, as well as the FHA government programs, there is no reason not to have a hot holiday season!

The soft market is the result of fear my friend. With the news media coverage of the “worst collapse in the mortgage market”, people have held still because they are afraid they can not buy. While the news media in my opinion is no longer really news, they are competing for advertising dollars, so big scary headlines help capture audiences. I doubt they will let this go for quite some time… even after all the dust clears, there will be continuing coverage of all the players that caused it to begin with.

Our job as professionals is to let people know that now is one of the best times EVER to buy a home. You can negotiate more than ever, buy more home for the money and RATES ARE STILL AMAZING!

If there is anything I can do to help you achieve this goal, please let me know. I honestly want to be a partner in your success!

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Ed Nailor
Mortgage Specialist
1st Metropolitan Mortgage
10801 Johnston Rd Suite 213
Charlotte, NC 28226

704-248-8694 Phone
704-644-0258 Fax

Visit www.EdNailor.com

Special Contribution Article

If you closed on your mortgage loan with National Mortgage in May of 2005 or May of 2003 - you are probably going to get a call from me in the next week.

It’s time to consider refinancing your home, because your mortgage will reset in the next 60 days.  WHAT DOES THAT MEAN??  When your mortgage resets it means that the payment is going to change.  If you have a 4.5 percent interest rate (and many of the 3 and 5 year arms had those start rates) the mortgage holder will take your Index and add the Margin and then calculate the new payment.

Many of the loans we made have 2 percent caps on the payment adjustment, meaning your 4.5 percent loan will likely go to 6.5 percent for the next year. PLEASE CHECK because some of the loans we made through Wells Fargo have 5/2/5 caps.  THIS MEANS that your First Year Adjustment could go up as much as 5 percent!!

Most of the loans we made have LIBOR as the base Index.  Unfortunately, it has not gone down in recent months. THIRTY YEAR fixed rates, however, are near 5.5 percent!  All of the bad news for the economy is working in YOUR FAVOR!

The other thing to consider is legislation pending in the Senate.  The new Predatory Lending Legislation has a provision that PROHIBITS no cost refinances…

So - when I call be ready to talk about what your new payment is going to be and let’s see if it’s time to refinance!

Time to Refinance? was written by a mortgage loan professional or mortgage blog site and is included to provide you with more information and opinion about mortgages and how they relate to the local Charlotte real estate market. The views and opinions expressed in this article are not necessarily those of The Carolina Mortgage Connection. You may visit the contributing website or rss feed at http://activerain.com/blogs/eleanor/rss

I love to watch the experts tell everyone how its going to be down the road. They bring in all their data and details and paint the picture. That was the case today with the Fed Reserve Board Chairman, Ben Bernanke. He made comments that the economy will slow this quarter and that will be due largely to housing. However, once this financial crunch shakes out, we should be looking better by spring.

I will give Mr. Bernanke  credit and throw him a thank you. This is one of the first voices that has said that this is coming to an end. I hope he is right.

Personally, the past 2 weeks I have seen a marked increase in activity. More people are looking to get qualified to buy a home. If this keeps up, December may be the best month of the year! So what has caused the change?

I think the increase in activity has alot to do with the media’s decrease of mortage related headlines. Over the summer, every news media on the planet could not go a day without big headline stories about foreclosures, bank closings, mortgage fraud and every othet possible negative thing they could find. Even our beloved Charlotte Observer played into it, placing every negative headline it had on the front page, while burying news stating it wasn’t as bad in Charlotte about 5 sections in.

The reality is that the news media is now just media. Nicloe Richie and Paris Hilton have become CNN’s favorite topics… since when did teen girls acting stupid become national news? Its not… it’s entertainment. It sells ad slots and ad space. So keep that in mind when you read or watch all the gloom and doom… are they giving you news, or trying to get your attention so you will stick around for the ads?

Today is the best time to buy a home. Yes, the market is soft, supply is great and sellers are willing to negotiate. The news that its impossible to get financing is false! There are still many options to buy a home with no money down, and you don’t need perfect credit to do so! If you have been on the fence waiting to see what happens, you need to make your move now. Waiting till Spring could cost you not only the home you wanted, but also a price that would surprise you!

How do I know all of this? I asked the Magic 8 Ball of course!

Call Ed at 704-248-8694

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So you have saved at least a month’s worth of income. You are ready in case some quick emergency comes up. That is awesome! Now it’s time to attack!

It’s time to say goodbye to that debt!

While creating your savings, you found extra money somewhere. Its time to use that extra money to pay off the debt. But first you have to devise a plan of attack. Most “experts” agree that you should go after the highest rate card first. Again, I disagree with that. Don’t worry about the rate right now. I want you to focus on the amounts you owe.

Grab up all your bills. Sort them out…. let’s start with the revolving ones first. You know them best as credit cards. Today, we plan our attack on them. Right now I want you to list out the names and balances on a sheet of paper. Once you have done that, I want you to rank them in order starting with the SMALLEST BALANCE. That one will be #1. If you have 2 cards with the same amount, then focus on the one with the largest payment. That one would go before the other one.

Once you have numbered your order of attack, take the extra money you have been using to create your savings (not your savings itself!) and apply that money on top of your normal payment to work at paying off this first card. Once you have paid off that card, add the payment you had been making to that card and apply to card #2. Repeat until all are gone.

This is the best approach because it does 2 things. With every card you pay off, you feel a sense of accomplishment and hope that you will make it out. And, if something does come up that pauses your efforts, you will have less payments to make in a shorter period of time so you still feel like you are getting somewhere, even when you have to focus on savings again.

One note. When you pay off these cards, do not close the accounts. We will talk about what is next, but you will need them open. If you must put them up so you are not tempted to use them, that is fine. You can even cut the physical card, but do not call them to close any open accounts. You will see why soon.

I am excited for you in your plan of attack. Be patient. You did not get here overnight, and it will take time to dig out. But with a good plan of atack, you will get there faster than you think!

This is for the majority of us that live paycheck to paycheck, have little or no real savings and are in debt.

If you have a large IRA and major investments, you already know how to manage this thing we call money. If missing 2 weeks of work might cause your power bill to go out, you are not managing money well, even if you always make your payments. You are hanging on.

Many “experts” tell you to hurry up and pay down your debt now! I disagree. If you do not have a savings set up, paying off your debt first will become something that will defeat you long term. Consider this… You have $5000 on a credit card and bust your tail to pay if down. You finally get the balance paid down to only $2,500 and feeling great! Then the car needs repairs and since you have no savings, you need to use the credit card. Right back to $5000 and you feel defeated! All that work and you are right back to where you started!

If you had saved $5000 first, when the repairs were needed you would have had the cash to pay for them. Sure you may have had to put the debt reduction on hold until you rebuilt your savings, but knowing you only owe $2500 on that card still offers a mental reward. Add to that the fact that your minimum monthly payment on that credit card is half of what it once was, you can boost the saving up quicker and the go back to attcking your debt!

 In my new blog series “Adjusting to Life in Charlotte”, I will try my best to help those either new to any area become comfortable with their new environment.  Please chime in with comments if you have any suggestions like “please, no more blogging. Your writing is so awful that you’re the direct result of 5 comas yesterday.”

Being new to any medium to large city (Charlotte is the 21st largest city in the U.S. and the largest in North Carolina), its important that you get out and get involved in a group or two.  In my last post, I mentioned that church is always a good place to start but maybe you’ve been tossed out of every church in town - what then?  Well, Charlotte is a unique city because of the overwhelming number of folks who have been moving here from other states (50,000+ a year).  Consider it the San Diego of the south.  Read the rest of this entry »