Wednesday, April 28, 2010

Extending the First Time Home Buyer Tax Credit

As of right now there is very little chatter in DC about extending the credit. So, we basically have 72 hours to have a complete (executed) sales contract. That's not much time, but it's doable. I had the opportunity to speak on ABC news last night about the pending deadline. Here is the link for the short clip:

ABC Nightly News - Clip on Expiring First Time Home Buyer Tax Credit

Of course, you have until June 30th to close and fund on your new contract. There's always the lingering question about finding another house after the April 30th deadline because of repairs or option period reasons.

The 60 days you have close on the house is plenty of time for a fha or conventinal mortgage. Houston FHA loans at Zeus Mortgage are are taking 3 weeks and low rate refinances are taking about the same time.

The Baldest Guy in Houston - Steven Kaufman at Zeus Mortgage.
www.askzeus.com

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Friday, April 23, 2010

HBJ Finalist for 2010 Non-Profit CFO of the Year

Hey RICH Club Fans! (The Realty Investment Club of Houston)

You already know we have the most incredible real estate investment club in Houston and in the country. Yes, I'm a little biased because I've spent a good part of my adult life within this great education providing power house of an organization. In fact, I've spent the last 5/6 years volunteering on the Board of Directors and in other areas.

What's my point? Well... I’m proud to share with you that the Houston Business Journal named me as a 2010 Finalist for the Non-Profit CFO of the Year.

The final determination is May 21st and I look forward to attending and representing our great organization.

The RICH Club is surrounded by many other organizations, such as Lifestyles Unlimited, The Wealth Club, The Newbie Club, Gordon Appleby, and several notable players in the Houston real estate market. Despite the various objectives of all of these organizations, the RICH Club has remained the pillar of single family real estate investing, subject-to, short-sales, owner financing, creative financing, apartment and multi-family property investing, and landlording education in the city of Houston for more than 30 years.

As a company, Zeus Mortgage, has been a vendor of RICH for many years. We've been proud to offer real estate investors, including newbies, non-owner occupied investor long-term loans. They requested hard money lending and rehab loans so we introduced our own hard money loan several years ago. We help home buyers also who need Houston FHA loans and Houston FHA lenders and Houston FHA mortgages to finance their homes. Lastly, we work with jumbo and super jumbo mortgages so investors who really want to buy big.

I hope to find out on May 21st if I'm more than a finalist, but I'm extremely honored either way. The Baldest Guy in Houston!

Here's the link for the story!!!

http://houston.bizjournals.com/houston/stories/2010/04/19/daily24.html?page=2

Wednesday, April 21, 2010

HAFA - Short Sale and Loan Modifications that Work

We've all heard the stories of the family who negotiated with the bank for months on a short sale and the bank makes the buyer and the home owner jump over hundreds of hoops. I was personally involved in one of these about 2 years ago with a Galleria highrise unit that I wanted to purchase. The short version to the story is that the home owner purchased the property for 450k and it was only work 200k. Its funny because I offered the bank 225k (25k more than its worth) and after a year.... 12 months... they finally decided to accept my offer and I had already moved on to greener pastures. The building was an outdated highrise called the Campton on Woodway and Post Oak. Lot's of speculative investors bought in the building after the thing nearly went belly up.

I digress, the Federal government has just finished rolling out the HAFA program which will help families who are trying to sell on a short sale. In an earlier post I mentioned a few of the highlights and I was recently able to share my insights on CBS News with the awesome report Christine Haas. She's interviewed me, on behalf of Zeus Mortgage, for other stories on low rate mortgage, FHA financing, and cash-out refinancing. Here is the recent clip:



http://www.kvue.com/news/Government-program-offers-incentives-to-speed-up-short-sale-process-91699739.html

CBS has an amazing light (camera) guy... obviously, because he shaded the shinny bald head I have. If you haven't heard, I am the "baldest guy in Houston". That's not somethign I'm necessarily proud of but don't you think bald guys look smarter? Okay, not the comb over bald guys, but the shaved bald guys.

Back to short sales... they looks like the first government program in a long time that is designed to actually work and not just pretend to be a solution to a huge problem.

Until next time!

Steven Kaufman
Zeus Mortgage
AskZeus.com

"The Baldest Guy in Houston"

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Thursday, April 15, 2010

Zeus Mortgage Tattoo TV Spot (Ask Zeus)



If you're looking for FHA, VA, and below market interest rates on super jumbo mortgages, 203k, 203(k), cash out refinances, rehab or hard money loans then call the experts.

Ask Zeus. We're Smarter.

The Baldest Guy In Houston - The Steven Kaufman

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Funny Real Estate Jokes and Terms

Funny Real Estate Terms

In real estate advertising, as in any other, misleading statements abound. Some realtors try to put positive spins on home features that are somewhat less than positive. Please don’t misunderstand me. A conveniently located, cozy and charming home with easy highway access that needs a little TLC might be a great starter home for a family with a little bit of paint. Sadly, too many realtors use these words in other ways.

In fact, a leading real estate trainer actually promotes using “the term cozy instead of small” and “charming instead of old” as a method of attracting buyers. This practice is called ‘puffing.’ The following is a list of some of the best examples of inappropriately used words.

·Cozy – One of my favorite terms. It means the home is too small for human habitation. Remember the 19th Century when a family of six could live in a single room home? This is the home for them.

·Intimate – The only home smaller than ‘cozy.’ These homes are perfect if you’re roughly the size of a garden gnome.

·Charming – If you’re used to living without indoor plumbing, this home is perfect for you. It comes complete with old woodwork, wide molding, and kitchen cabinets that date before the Great Depression. The cobwebs are an added bonus.

·Conveniently Located – It is located at a busy intersection, where the traffic noise is so heavy, you’ll have to sleep with ear plugs.

Easy Highway Access – This is actually worse than “Conveniently Located”. Here you’ll have to sleep with pillows duct taped to your head.

·Country Living – We hope you like spending a lot of time driving because this home is located so far from civilization that you may have to raise your own animals in order to survive.

·City Living- Lock the doors with all three deadbolts because it’s not safe to go outside.

·Needs Some TLC – Beware. You might fall through the floor.

·Water View – If you stand on a ladder in the corner bedroom of the second floor and lean out the window, you might be able to see it.

·Water Front - Located in a flood zone.

·Not a Drive-By – Because the exterior is so hideous, you’re likely to drive by without stopping. You might even look over your shoulder to see if condemned signs have been placed in the yard yet.

·Must See The Inside – This is a variation of “Not a Drive-By.” The outside looks like it’s been decorated for Halloween, but it’s currently March. The Addams Family actually turned this home down.

·Handyman Special – So special that not even the walls are solid. The home is probably ready to collapse.

·Unique – This home is so unique that it will only appeal to a small percentage of the population. In fact, the number of buyers who would appreciate the architecture is so small that we’re still hoping some weird person from southern California takes a job relocation and moves to the area.

·Easy to Show – The prior owners vacated the home as soon as they heard the gunfire down the street. The doors don’t shut properly, so pretty much anyone can go in anytime they’d like.

·Only One Owner – And he didn’t make an update since the day he built the home forty-seven years ago.

·Freshly Painted – With a single coat of cheap paint.

·Cul-de-sac Living – A fancy way to say you’ll be living at a ‘dead-end.’

·Friendly Neighborhood – In fact, several busy bodies will watch your every move and the creepy guy across the street has a telescope trained on this home at all times.

(Excerpt from Loren Keim's Book - "Life Lessons... from the back seat of my car")

From the Baldest Guy in Houston - The Steven Kaufman

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Monday, April 12, 2010

Short Sales and the Home Affordable Foreclosure Alternatives (HAFA)

Below is a brief write-up on the Home Affordable Foreclosure Alternatives Program offered by the US Treasury through mortgage services still under their control by way of receiving TARP or other bailout funds.

Home Affordable Foreclosure Alternatives Program (HAFA)

A list of servicers (lenders) participating in HAMP (including HAFA) is available at: www.makinghomeaffordable.com/contact_servicer.html.

Key HAFA Provisions

*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 the property (including the minimum acceptable net proceeds).

*Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed).

*Uses standard processes, documents, and timeframes/deadlines.

*Servicer is required to provide a decision on a short sale price within 10 days.

*Provides the following financial incentives:

a. $3,000 for borrower relocation assistance;

b. $1,500 for servicers to cover administrative and processing costs;

c. Up to $2,000 for investors who allow a total of up to $6,000 in short sale proceeds to be distributed to subordinate lien holders, on a one-for-three matching basis.

For a complete list of the documents and disclosures for the program then please visit: https://www.hmpadmin.com/portal/programs/foreclosure_alternatives.html.

The website for generic information, but is the best place to start is: www.makinghomeaffordable.gov.

Program is effective April 5th, 2010

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