Fort Worth TX real estate listings and homes for sale, home buying, home selling information – Tru Value Realty

My New Blog

Request for Industry Info

March 6th, 2010 12:05 PM

We've added a new resource for you to get all the answers you want about the housing industry!

On our website, you will notice the second button on the left is "Request for Industry Info". Take a peek at what's in store for you!!

Posted by Marty Rankin on March 6th, 2010 12:05 PMPost a Comment (0)

Short Sale and Foreclosure Specialist

March 6th, 2010 11:10 AM

Congratulations to Marty for completing his Short Sale and Foreclosure Resource Certification. This ongoing education is critical in our ever changing market! If you have questions about buying or selling a home that is a Short Sale or Foreclosure contact Marty today for your answers! The SFR certification gives him the framework for understanding how to help both buyers and sellers in the following ways:

Direct distressed sellers to finance, tax, and legal professionals
Qualify sellers for short sales
Develop a short-sale package
Negotiate with lenders
Tap into buyer demand
Limit risk
Protect buyers and sellers

Posted by Marty Rankin on March 6th, 2010 11:10 AMPost a Comment (0)

Short Sales-What does it really mean?

February 24th, 2010 9:58 AM

A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved.

But to be technical, here's a more official definition:

A homeowner is 'short' when the amount owed on his/her property is higher than current market value.
A short sale occurs when a negotiation is entered into with the homeowner's mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then 'sold short' of the total value of the mortgage.

For homeowners to qualify for a short sale, they must fall into any or all of the following circumstances:

Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
Monthly Income Shortfall – In other words: "You have more month than money." A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

If you have questions or feel you may qualify for a short sale, please contact us for a free consultation.

Understanding your options now could mean all the difference in the world.

Posted by Marty Rankin on February 24th, 2010 9:58 AMPost a Comment (0)

Using the Tax Credit for a down payment

June 30th, 2009 2:27 PM

I wanted to let you know that the TDHCA is providing down payment and closing cost assistance for first time homebuyers, using your tax credit as collateral for a short term loan. It's a simple process, you get qualified with an approved lender (I work with one but you have to have a credit score of 620 or above), we find a home, write up the contract, go through closing and TDHCA provides you up to X amount for your down payment and closing costs. Then you file a very simple form amending your 2008 tax return (I've got a copy of the form and it's VERY simple). Once you get your tax credit refund you pay back the TDHCA within 90 days. The government is only using certain entities to provide these short term loans (they are called bridge loans), so that they make sure they are done correctly. It's really a pretty simple process that allows potential homeowners to take advantage of the first time homebuyer credit. I'm so glad that they came up with something, because not many people were able to take advantage of it, and now they can!!

Let me know if you have any questions or if I can assist in any way!

Posted by Marty Rankin on June 30th, 2009 2:27 PMPost a Comment (0)

Investors have pulled out!

August 29th, 2008 9:42 AM

The July blog noted that down payment assistance programs were going away effective January, 2009. Unfortunately, lenders/investors have pulled out sooner. To ensure that all loans close on time and they don't get holding a contract, investors have stated that September 30th is the last day that they will close a loan with down payment assistance. On a typical deal that would mean that the contract must have been written no later than August 30, 2008. Without this down payment assistance program every potential home buyer must have at least 3% of their own money to purchase a home. The 3% is also set to increase in January, 2009.

However, good news is on the horizon. A new house bill is being introduced to help homeowners and to try and salvage a program that will help with down payment assistance. Stay tuned for more information!!!

Happy House Hunting!

-Jackie and Marty-

Posted by Marty Rankin on August 29th, 2008 9:42 AMPost a Comment (0)

Say good bye to down payment assistance!!

July 28th, 2008 6:49 PM

Typically I do not send out e-mails or blog regarding legislation that has or will be passed in our House or Senate. However, H.R. 3221 has a direct impact on many of my clients and potential clients.

If you are a potential buyer that does not have money saved for a down payment, this piece of legislation affects you. There are programs available currently that provide you with down payment assistance, allowing you to get into a home with $0 out of pocket.* However, effective January 1, 2009 these programs will be prohibited and you the buyer, will have to have 3.5% (of the sales price) of your own money to purchase a home. This is an excerpt from the original bill:

• FHA Modernization: Authorizes a $25 million appropriation to improve technology, processes, program performance, eliminate fraud and provide appropriate staffing. Effective January 1, 2009, it also increases the FHA loan limit to the lesser of 115 percent of the local median home price or $625,500 with a floor for lower priced markets of $271,000, establishes a 12-month stay on FHA’s proposal for risk-based premiums, sets the down payment requirement at 3.5 percent and prohibits seller-funded down payment assistance (both direct or through a third party).

What does this mean for you?? If you are a home owner that needs down payment assistance, you need to move quickly (if possible). The home that you choose needs to be under contract by mid-November, at the latest. If this is just not possible, be prepared to save money. For example: On a $100,000 home, you will need $3500 just as a down payment, and this figure doesn't include any closing costs you could incur.

Please let me know if I can answer any questions you might have or assist you in finding the perfect home for you. We still have time, so you'd better get packing!!!

(*on homes that qualify)

Posted by Marty Rankin on July 28th, 2008 6:49 PMPost a Comment (0)