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Financing Alternatives If You Have Been Denied

by Samia S. Morgan

It is happening more and more these days to potential home buyers; they find the perfect home at an amazing price but then are turned away because they were not approved for a mortgage loan. The real estate crisis has forced lenders to reevaluate their lending procedures and many guidelines are tighter than ever. It is not just first time home buyers either, even those buyers with good credit are being turned down for a mortgage.  

Don't be discouraged however, you may not have to walk away from owning your own home just because you were not qualified by a mortgage lender. Below are some alternative options that some home buyers are seeking to traditional mortgages. Of course everyone has a different situation but do some research, one of these may work out for you!

 Here are a few ideas:

  • Borrow From Life Insurance: You may have a whole life or other insurance policy that increases in value over time. If you borrow against that cash value, you don’t have to go through standard loan qualification.  Be sure to check with your insurance company about the risks involved
  • Owner/Seller Financing: If the seller is an investor, or if the seller owns the property free and clear, they may offer owner or seller financing options to help move the property. You will still be responsible for principal, interest and scheduled payments through a promissory note, but you probably won’t go through the rigorous qualification process that a bank requires. Typically owner or seller financing also saves mortgage origination fees and other fees tacked on by most lenders.
  • Borrow From An IRA: If you have a self-directed IRA, then you know that you can use the IRA to invest in a number of assets, including mortgages. Although you can’t use your own IRA to buy your personal home, a family member or other investor can use a self-directed IRA as the investment vehicle for your property. Private investors often step in to help with acquisition loans, although you can expect to pay a higher rate for the initial loan.
  • Lease/Purchase Option: Many investment owners are willing to offer a lease/purchase option or rent to own agreement. You are able to rent the property for a specific term, usually with higher payments than the market rate; and your rents go toward the purchase or down payment of the property.

As with any home purchase, do your homework if you are looking at alternative financing methods. Make sure the title to the property is clear and that you meet all the state lending requirements for your financing. A realtor or title company should be able to help you through the process. You also want to be sure that you are able to afford the monthly payment or repayment plan and that the investment in the home you want is sound.

 

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California Senate Bill 931 Bans Deficiency Judgments on First Liens

by Samia S. Morgan

Short sales (when the sale amount is less than the balance owed on the property’s loan) have become a popular option to avoid foreclosure proceedings, especially for home sellers in California. While it was thought to have a better credit outcome for the borrower, short sales in California have NOT been protected from lenders pursuing the original borrowers for the remaining loan balance – until now.

The California Senate has passed Senate Bill 931, without opposition. SB 931 prevents banks from pursuing sellers on ALL first mortgages, including short sale sellers. The bill protects sellers on all first liens, even if the seller has refinanced the loan or taken cash out. This basically nullifies California’s “recourse loan” statutes on short sales.

SB 931 has been passed to Governor Arnold Schwarzenegger’s desk for signature. It prohibits deficiency judgments on properties of 1 to 4 dwelling units, non owner or owner occupied. While some sellers have been able to get lender settlements without recourse, this bill eliminates the need to engage costly attorneys or mediators to make those negotiations.

SB 931 was sponsored by Denise Ducheny, a San Diego Democrat. The implications are huge – many sellers have been reluctant to go through with short sales, which are also time-consuming and complex, because they fear the recourse. With recourse out of the picture, both Realtors who specialize in short sales and their clients have reason to celebrate.

Since the bill went through unopposed, there is no reason to believe that the Governor will not sign 931.  Will other states follow?

 

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Win Lifelong Customers Through Better Marketing

by Samia S. Morgan

The chaos of small business life makes it especially hard to win lifelong customers. I’m talking about those customers who don’t buy from you just once, but who come back over and over again and eventually become megaphones for your company. Consider these tips to win lifelong customers...

Read the rest of the article by visiting Business Week

Samia Morgan is proud to be listed with the Better Business Bureau -
BBB Accredited business since 03/01/1994

Your San Mateo Real Estate Advisor

BBB - TrustBrief - Advancing trust in the marketplace

4 reasons to tell it like it is

by Samia S. Morgan


The best salespeople are honest with customers and prospects and build relationships based on trust and dependability, writes Barry Farber. He says customers generally admire and continue to work with salespeople who have confidence in their product and don't change their beliefs to please a customer or close the sale.

Read the article by visiting Entrepreneur.com

Samia Morgan is proud to be listed with the Better Business Bureau -
BBB Accredited business since 03/01/1994

Your San Mateo Real Estate Advisor

BBB - TrustBrief - Advancing trust in the marketplace

What government proposals mean for small businesses

by Samia S. Morgan


The federal government has proposed several initiatives to try to spur small-business hiring and growth, including eliminating capital gains taxes on small-business investments and raising the maximum guarantee for Small Business Administration loans. But experts say other proposals could hurt growth and hiring, including the expiration of tax cuts for high-income workers and the 1099 provision of the health care law. The Washington Post/Capital Business blog

Samia Morgan is proud to be listed with the Better Business Bureau -
BBB Accredited business since 03/01/1994

Your San Mateo Real Estate Advisor

BBB - TrustBrief - Advancing trust in the marketplace

Less ambiguity = more change

by Samia S. Morgan

Less ambiguity = more change
When you need your team to implement a change, lofty goals won't do, according to Dan and Chip Heath. Big ideas are ambiguous, and ambiguity breeds fear and aversion. So rather than pushing a vague goal such as "customer service," give your employees a concrete behavioral task -- such as calling for backup whenever two customers are waiting in line. Fast Company (9/2010)

Samia Morgan is proud to be listed with the Better Business Bureau -
BBB Accredited business since 03/01/1994

Your San Mateo Real Estate Advisor

BBB - TrustBrief - Advancing trust in the marketplace

Autumn Festivals In The Bay Area

by Samia S. Morgan

The Bay area is ready for Autum! Eventhough Summer is gone and fall is officially here next week, we are lucky to have many events that we can enjoy to celebrate the changing of the seasons. Make plans now to enjoy the many fall festivals!

Festa Coloniale Italiana 2010
September 25th

Make plans to enjoy this annual festival hosted by the San Francisco Italian Athletic Club. The Festa Coloniale Italiana celebrates the rich Italian and Italian-American heritage that has existed in San Francisco for generations and along Stockton St. between Union and Filbert Sts., there will be continuous live Italian music, pizza-toss demonstration, costumed dancers, mouth-watering calamari, sausages and peppers, cannoli, beer and wine. Specialty vendors will be selling Italian-related products. Inside, the club's main ballroom will be transformed into an Italian piazza complete with a fountain. The festival runs from 11:00 a.m.-6:00 p.m. and there is no admission charge. Location: 1630 Stockton Street,San Francisco, California. For additional information, call (415) 440‑0800 or visit their website at www.sfiac.org/festa.html

The 2nd Annual A Taste of Downtown San Rafael
Wednesday, September 22, 2010
4:00 PM to 8:00 PM, Fourth Street & Surrounding Streets Downtown, San Rafael, CA
 
 
The San Rafael Business Improvement District and Steven Restivo Event Services, LLC would like to invite you to participate in the Second Annual A Taste of Downtown San Rafael on September 22, 2010. The Tasting program will run from 4:00 PM to 8:00 PM.

The Tasting event will be located throughout the Downtown San Rafael area and will include restaurants and merchants offering hors d'oeuvres and wine samples. There will be a free cable car shuttle making designated stops to pick up and drop off attendees during the event times. The event is free to the public. Attendees wishing to participate in the sampling program may purchase a $25 “Tasting Wristband” prior to the event via this website or on-site in the downtown plaza, where they will receive a wine glass and a map with all of the tasting locations. For more information visit the event website.Experience the flavor of downtown San Rafael and don’t miss this unique and affordable event!

Oktoberfest By The Bay

San Francisco morphs into a mini Munich at this annual San Francisco festival, complete with singing, dancing, food and, most importantly, pints and pints of beer. This year, the noted Chico Bavarian Band headlines this San Francisco festival. Admission is $12 for adults, children 12 and under free. The festival runs September 23-26 from 4pm-midnight on Friday and Saturday from 11am-11pm and Sunday from 11am-7pm.

 

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BBB warns job seekers to watch out for scams

by Samia S. Morgan

A tight job market means that more unemployed Americans are at risk of falling into one of the many unemployment scams that target those who are looking for work. A job seeker should never offer up money or personal information or seriously consider companies that say you can make your money at home, warns BBB. ClipSyndicate/KTVI-TV (St. Louis, Mo.) (9/2) , KTVN-TV (Reno, Nev.) (9/2) , The Denver Post (9/7)

Samia Morgan is proud to be listed with the Better Business Bureau -
BBB Accredited business since 03/01/1994

Your San Mateo Real Estate Advisor

BBB - TrustBrief - Advancing trust in the marketplace

Location, location, location

by Samia S. Morgan


Location has always played a key role in real estate, but experts say it's increasingly vital in small-business marketing as well. Jennifer Van Grove reviews five location-based technologies for boosting your business, including social bar codes and group check-in offers. Mashable

Samia Morgan is proud to be listed with the Better Business Bureau -
BBB Accredited business since 03/01/1994

Your San Mateo Real Estate Advisor

BBB - TrustBrief - Advancing trust in the marketplace

4 ways to keep your best people

by Samia S. Morgan


Retaining good employees can be tough, but providing fair compensation and encouraging workers to share suggestions or concerns with you can help, writes Amanda Stillwagon. She also recommends providing ample opportunities for growth along with being flexible and transparent. Small Business CEO

Samia Morgan is proud to be listed with the Better Business Bureau -
BBB Accredited business since 03/01/1994

Your San Mateo Real Estate Advisor

BBB - TrustBrief - Advancing trust in the marketplace

Displaying blog entries 1-10 of 21

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Photo of Samia S. Morgan, Inc. Real Estate
Samia S. Morgan, Inc.
dba Samia Realty Group
BRE# 00967165
San Mateo CA 94403
650-678-3633