Updates from September, 2009 Toggle Comment Threads | Keyboard Shortcuts

  • Steve Young 5:59 PM on September 30, 2009 Permalink | Reply  

    After several testimonials this year fro… 

    lion_lznp-r0162After several testimonials this year from realtor’s and prospective buyers, and again yesterday another horror story, makes the picture I’ve chosen apropos (does the word “predatory lending” mean anything?).

    Here it is: Buyer’s hire an agent to represent them in finding and purchasing a home. The professional agents will get the buyer pre-qualified with a reputable lender, usually one the agent has done business with and knows the lender and mortgage officer to have a good track record of not only knowing their business but being honest as well, and in this case, did just that.  Lender tells buyer that at this time they can not obtain a loan based on credit, job history or maybe both. Buyer wants a home so they go out and, are you going to be surprised at this?…they are able to find a lender (many times it’s over the Internet) that tells the buyer, why yes, we can do the loan for you.

    Understandably the potential purchaser is very excited, figures the first lender and the Realtor don’t know what they are talking about, and proceeds with the contract to purchase the home they’ve picked out. In this last case, as with most of the others I’ve been hearing, the buyers now have an accepted contract, they pay the lender another $65-80.00 for loan application, put up earnest money-lets say $1,000, they paid the seller $100.00 option fee, paid approx. $350.00 for their inspections and had already paid the appraisal fee of $350.00. Then one week (most of time it’s several days) before the scheduled close, lender says oops, sorry, can’t do your loan. All this could have been avoided if they would have done a little more homework. At least get the opinion of another local lender that came highly recommended.

    Call or email me for the article on predatory lending. I’ll be glad to send it to you. My work #817-276-5149 & email is steve@steveyoung.pro\

    Mortgage lending is complicated and confusing and that is why historically Realtors and honest mortgage lenders have always worked together. A professional Realtorwho holds the lender accountable to working in your best interest is always a great defense against the Predatory Lender. Not all buyer’s who are turned down for a loan are the victims of predatory lending. It is the ones who are promised a loan when chances are the lender knew all along they could not do the loan but were glad to take the buyer’s money upfront and hope that it somehow might work.Also check out Lonnie Coffey’s blogs on the mortgage industry!

  • Steve Young 4:45 PM on September 28, 2009 Permalink | Reply
    Tags: Arlington Fort Worth Burleson Tarrant Johnson Counties real estate   

    New rules… 

    RE/MAX-Childrens Miracle Network

    RE/MAX-Childrens Miracle Network

    Mortgage lending, appraisals, longer closing dates, tenants renting a home that just got foreclosed, short sales, etc. http://texasrealestate.com/What’s really going on with TX RE?

    And the changes go on and on. In my opinion, and not just because I’m in the business, whether your selling or buying, better have representation to guide you through the new maze! Things have been changing so fast that myself along with the mortgage, title, appraisers, etc. that I use are constantly trying to keep up.

    The pros will do this, the part timers in this industry will not. So when you are looking for an agent to represent you, better do some quality background checking! I don’t always have ALL the answers but I do align myself with other experts in their field, IE. mortgage, insurance, title, etc.

    Call me to discuss your real estate needs or just to get some answers that you might have. 817-276-5149 or Steve Young.pro

  • Steve Young 3:50 PM on September 28, 2009 Permalink | Reply  

    Monday stuff 

    According to the Real Estate Center at TexasA&M http://recenter.tamu.edu/,  The Texas economy is predicted to begin a slow, steady recovery in 2010, according to BBVA Compass’ U.S. Regional Watch third-quarter report. You may click on th link for full report and how Texas cities fared in August ’09.  

    The National Association of Realtors® http://www.realtor.org  is calling upon its 1.2 million members to urge Congress to extend the successful homebuyer tax credit into next year. 

    Realtors®, the leading advocates for homeownership and housing issues, will be writing to their Senators and Representatives to tell them of the successes with the tax credit thus far and to press them to extend and expand it now. 

    Call Steve Young with RE/MAX Associates or email steve@steveyoung.pro regarding your specific neighborhood or areas you might have an interest in.

  • Steve Young 4:17 PM on September 26, 2009 Permalink | Reply  

    Tools ‹ Stevesellsdfw’s Blog — WordPress 

  • Steve Young 3:32 PM on September 26, 2009 Permalink | Reply
    Tags: Childrens Miracle Network, Cook Childrens Hospital, Cystic Fibrosis Foundation   

    Adding Cara’s pic reminds me that her f… 

    Adding Cara’s pic reminds me that her friend Haley passed away this last week. Lung transplant lasted about 3 yrs I believe. Like Haley said…it was worth it to know how it feels to breath like normal folks.

  • Steve Young 3:06 PM on September 26, 2009 Permalink | Reply
    Tags: Arlington Mansfield Burleson Ft Worth homes for sale   

    Gorgeous day to ride both bikes and even… 

    Gorgeous day to ride both bikes and even a little real estate wk in between…I said a little. OK, real estate talk…if have to!!…interest rates staying between 4.5%-5.5%. Best deals-some foreclosures and especially where the builder has gotten foreclosed on and has a new or fairly new home built in the $250,000-$700,000 price ranges

  • Steve Young 8:11 PM on September 25, 2009 Permalink | Reply  

    Howdy from Texas 

    The rockettttt

    The rockettttt

    Welcome to Steve Young’s blog. Just getting started at this but guess it’s like writing articles for my monthly newsletters or local newspaper. Anyway, I do have blog updates on my web site under “profile” link.  Since I used the R1 pic maybe should change from discussing real estate to what is the fastest sport bike out now. This is an ’04 with 26,000 miles but you can still ride it hard, put it up wet, and go again…to borrow from an old cowboy & rodeo phrase.  A really good site for motorcycle shopping is  http://www.motorcycle-superstore.com/ Ck out been using them for 6-7 years. http://www.steveyoung.pro

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