Oxford, AL Real Estate News

By Greg DeCristofaro
(Keller Williams Realty)
Can HAFA help me with a short sale in Oxford, Alabama?   In 2009, the Treasury Department introduced the HAFA program to provide a viable option for homeowners who are unable to keep their homes through the existing Home Affordable Modification Program (HAMP).   How can HAFA help with my short sale in Oxford, AL? HAFA provides incentives in connection with a short sale or a deed-in-lieu of foreclosure.   HAFA offers the following: * Complements HAMP by providing a viable alternative for borrowers (the current homeowners) who are HAMP eligible but nevertheless unable to keep their home. * Uses borrower financial and hardship information already collected in connection with consideration of a loan modification. * Allows borrowers to receive pre-approved short sales terms before listing th...
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By Tim & Linda Kaylor
(East Central AL Homes | Keller Williams Realty Group)
Swift Short Sales Swift short sales is almost a misnomer. I mean after all, who has ever heard of a swift short sale.  Yet, it is possible. Short sales are one the most underutilized processes in dealing with the disposition of a property that has begun to sink below the surface on it's way to being "underwater". Why is the short sale process so underutilized? It's probably because the property owner doesn't see the need for one or the agent doesn't know enough about short sales to talk to their client about it.   Truth is...it can be an efficient and swift process, if eveyone involved is kept well informed, educated, and trained.  There has to be a plan in play and that plan must be executed with precision to simplify this process. When all of these facets are brought together a proces...
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By Barry (Lynn) Miller Jr.
Lease purchase is a great alternative to home ownership if you tired of paying rent with no resolve or chance of ownering the property then you owe it to yourself to give me a call or visit my website.   Below you will find a link to Lease Purchase Homes for Sale if you need to contact me about a lease purchase or have questions about a lease purchase transaction you can reach me at 205-338-5555 or send me an e-mail at miller.exec@gmail.com   There are hundreds of Lease purchase property located in the Birmingham Metro area.  If you can find what your looking for give me a call.   FIND LEASE PURCHASE PROPERTY    
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Save Money and Energy Using energy wisely not only saves you money, it helps lower emissions and conserve resources. If you're looking for ways to lower your electric bill by improving your home or changing habits, start here.      Energy-Saving TipsIt's amazing what you can do and how much you can save. Find out how.    Energy Efficiency HouseTour our virtual house and get money-saving advice room by room.    Energy Check-UpTell us about your home and receive custom energy-saving recommendations and information.    Energy LibraryThe Energy Library offers home energy information using easy to understand terms and illustrations.      Energy Efficient Heating and CoolingLearn about efficient home heating and air conditioning.    ENERGY STAR®Find information on products and energy-efficie...
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By Barry (Lynn) Miller Jr.
CONNECT WITH ME ON LINKEDIN     Most Real Estate Agents are missing the boat when it comes to this little tool.  I invited an agent who I had done business with in the past too join Linkedin so we could stay in touch and she sent me a response that my emails were unwanted.  That makes no sense to me does she not understand that Real Estate is Listing a house and selling it.  You first have to build the relationships with fellow Real Estate agents and with you Clients.  For those of you that are refussing to imbrass the changes to the way Real Estate is done you will be left out in the Cold. Some people say yeah I'll get around to it but a year goes by and you have done nothing-   I have closed 5 deals using my Social Networks in 2009 and I hope to triple that in 2010.   P.S. I accept a...
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This morning's jobs report is causing mortgage rates to rise, cappinga week during which rates have already jumped 3/8 percent off all-time lows. The government's November Non-Farm Payrolls report reinforced the notion that the recession is nearly over, if not over already. Just 11,000 jobs were lost last month -- much fewer than analysts had expected -- as the Unemployment Rate fell to 10.0%. If it seems strange to be talking economic recovery while Americans are still losing jobs -- 7.2 million since 2008 --  remember that data always needs context. See, analysts view employment figures as a lagging indicator for the economy.  This is because business owners tend to make hiring decisions based on how business has been -- not on how it will be at some point in the future. The jobs rep...
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  Mortgage markets worsened last week on a mixed bag of economic data. Inflation data came in soft, but so did the start of the holiday shopping season. For the first time in a month, mortgage rates worsened last week, adding roughly 0.125 percent on conforming fixed-rate products, and a little bit more on ARMs. Despite rates worsening, there was still some good news for home buyers and would-be refinancers. Mortgage rate volatility was markedly lower than in recent weeks.  You could shop for mortgage rate last week and actually take your time about it. This is in stark contrast to the last month or so over which mortgage rates changed every few hours, on average. This week, though, because a heavy data calendar is combining with a holiday-shortened trading week, rates aren't likely to...
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For today's home buyers and homeowners that can manage the higher monthly payments, 15-year fixed rate mortgage rates look attractive as compared to comparable 30-year products. The 15-year/30-year interest rate spread is near its 5-year high. Despite lower rates, however, homeowners opting for a 15-year fixed mortgage should be prepared for its higher monthly payments.  This is because the principal balance of a 15-year fixed is repaid in half the years as with a standard, 30-year amortizing product. As compared to 30-year terms, 15-year products repay 3 times as much principal each month. Versus a 30-year, 15-year fixed mortgages have a few downsides worth noting.  The first is that, because 15-year mortgages are heavy on principal and light on interest, homeowners who itemize tax re...
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A "Housing Start" is a home on which construction has started and, for the 4th straight month, national single-family housing starts held steady last month.  When the demand for homes grows faster than the number of homes for sale, prices increase.  As recent home sales data confirms, buyers currently outpace sellers and one consequence of this is an increase in multiple-offer situations this year.  It's no wonder home prices are up across so many neighborhoods. October's Housing Starts report is yet another piece of housing data foreshadowing rising home prices into 2010. Building Permits were also down in October, a potential demand-to-supply imbalance magnifier. Without permits, there's no future construction. This drains supply. Meanwhile, tax breaks and low rates tend to stimulate...
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By Barry (Lynn) Miller Jr.
A conforming mortgage is one that, quite literally, conforms to the mortgage guidelines set forth by Fannie Mae or Freddie Mac. Each year, the government sets the maximum allowable loan size for a conforming mortgage, based on "typical" housing costs nationwide.  Loans in excess of this amount are typically called "jumbo". While home prices increased from 1980 to 2006, so did conforming loan limits.  Since then, however, as home prices have dipped, the conforming loan limit has held. Now, in 2010, for the 5th consecutive year, the government set $417,000 as the nation's conforming mortgage loan limit. The 2010 conforming loan limits, as released by the government, are: 1-unit properties : $417,000 2-unit properties : $533,850 3-unit properties : $645,300 4-unit properties : $801,950 Bu...
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By Barry (Lynn) Miller Jr.
  Matthew Chap 18 24 And when he had begun to reckon, one was brought unto him, which owed him ten thousand talents. 25 But forasmuch as he had not to pay, his lord commanded him to be sold, and his wife, and children, and all that he had, and payment to be made. 26 The servant therefore fell down, and worshipped him, saying, Lord, have patience with me, and I will pay thee all. 27 Then the lord of that servant was moved with compassion, and loosed him, and forgave him the debt. 28 But the same servant went out, and found one of his fellowservants, which owed him an hundred pence: and he laid hands on him, and took him by the throat, saying, Pay me that thou owest. 29 And his fellowservant fell down at his feet, and besought him, saying, Have patience with me, and I will pay thee all. 3...
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Mortgage markets improved last week as foreign buyers of mortgage debt helped to push mortgage rates to a 4-week low. It marked the 3rd consecutive week that rates improved, breathing extra life into this year's ongoing Refi Boom. Fixed-rate, conforming mortgage rates fell about 0.125 percent on the week. ARMs did about the same. There wasn't much data to move mortgage rates last week; investors worked mostly on momentum and trends. However, the Friday University of Michigan Consumer Sentiment survey release garnered some attention.  After worsening in August and September, consumer sentiment fell for the third straight month in October.  Analysts worry about what it could mean to the economy.  Holiday Shopping season is here and consumer spending fuels the economy.  If households hold...
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By Barry (Lynn) Miller Jr.
    The other day after the tax credit was approved I was brainstorming on how to help a friend of mine sale a property he has that he of course owes more than its worth well it hit me find out was his bottom line is reduce my commission some and then sale it short by $6500 let him take out a loan to cover the difference and when he gets his tax credit pay off the note.  He could then move on and buy another house in which I make the buyers agent commission it’s a win win situation but is it really.   Yes and No   Yes it helps that client move on and sale a property that has been listed on and off for 2 plus years. It helps me make a commission on two transactions but lets look at what could negatively happen to this area, if I thought of it then so did somebody else. Let’s say there ar...
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By Barry (Lynn) Miller Jr.
Big news over the last couple of days and the number 1 question I am being asked “Is the USDA Rural Development out of funds?” and “Can I close on my Loan?”   Well “YES” and “NO”   “YES” USDA has issued notice and gossip is that purchase funds may be exhausted on or about October 27th 2009 However if your lender did their job properly, they should have already reserved your funds so your closings should be ok.  Going forward might be a different story but at some point they will release funds again and Start funding.  What most people don’t understand is that this happens every year.  This year is different because more and more people are doing this type of loan.     “NO”   They are not out of funds they are just so we say on hold.  The solution to this problem is simple, there are a ...
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By Barry (Lynn) Miller Jr.
I'd like to invite you to join the Financial Fitness 180 family. Please either go to this link: http://ff180.com/cgi-bin/aff.cgi?a=133&offercode=biglynn   And sign up.   Or you can go to the FF180.com web site and when signing up please enter the promo code: biglynn   That will save you $10 on the already low price of $189.00  In todays market you need the highest score possiable if you have great credit with a 660 score you will still loose money because there is a pricing hit (your rate will be higher) for any mortgage customer with a credit score below 680.   Please visit the website if you have any questions and you may call me at anytime.  
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By Barry (Lynn) Miller Jr.
Oxford Alabama is still going strong according to CNN money (see information below) The numbers are a little misleading because they are incorporating both Anniston and Oxford and Anniston in my opinion is not as desirable as Oxford is so that being said if you are located in Oxford and wish to buy or sell you should be OK compared to the other cities around the country.  Luckily for all of Alabama is varying pretty well considering the shape that the country is in.  If you are selling look for people to try and low ball because of all the bad press that bleeding over from everywhere else and if your buying don't get discouraged if a seller doesn't seem to be willing to give the property away. The forcast for the area according to CNN is slightly lower for 2009 compared to 2008 but all ...
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By Barry (Lynn) Miller Jr.
It may be your budget, or the thrill of doing it all yourself, but you are in the market for a diamond in the rough. But just how rough can a house be before a lender decides not to take the risk on a mortgage?   When you negotiate the contract, make sure that you include a provision for a home inspection for structural integrity, defects and potential problems. This isn't part of the appraisal, it is a separate detail. A home inspection ascertains the health of the house you are buying. Whether it is a bad roof, leaky plumbing or termite damage, a professional inspector will find all of the major problems. As part of your report, you will receive a list of what needs to be repaired or replaced, the time frame and the potential costs. If you are buying a fixer-upper, you may find that y...
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The numbers do not lie if you buy now it will cost you less thease numbers are based on saving over 700 per month and who can do that these days. Information About You and the Home You Wish to Buy Expected Period in House If You Buy Now 30 years Estimated Property Appreciation Rate 4.00% per year Income Tax Bracket 27% Pre-tax Rate of Interest on Savings 5.00% After-tax Rate of Interest on Savings 3.65% Number of Months You Rent Before You Buy 48 months Current Monthly Rent $650 Monthly Real Estate Taxes $55 per month Monthly Home Owners Insurance $65 per month Monthly Rental Insurance $35 per month Loan Information Buy Now Save First Purchase Price $200,000 $233,972 Down Payment $7,000 $46,794 Loan Amount $193,000 $187,178 Interest Rate 6.000% 6.500% Loan Term (in years) 30 years 30 ye...
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Special Investment programs available If you have looking for a safer way to invest and don't know where to begin give me a call and I would love to discuss options.High lights* Earn 10%-17% on your money* Short term investment 9-18 months and some others for only 90days* Exit strategy in place* Investment backed by individual properties* Minimums as little as $30,000* Principle Owner involved on all sides of the transaction to insure exit plan* No large deals so $100k will be backed by 2-4 properties verses 1 * Use your IRA or 401k funds Give me a call or send an e-mail for more details and full program high lights.
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