Another GREAT Real Estate Information Exchange last night!

It was a terrific turnout – we had 25 people attend.  Thanks for all who came out to be educated!  Here is a synopsis of what was discussed.  Hope to see more of you next time!

Scott MacDonald:

Market Update…builders have said activity and contracts have been up. The summer lull is gone and activity is picking up. Great news for us! In talking to other agents, they are saying the same thing. It’s important to tell your sellers that the market is still price sensitive. There is still activity, but it’s important to get the house priced right to get it sold quickly.  We are still seeing multiple contracts. BPO’s are picking up as well.

Leslie Wish – SunTrust:

Rates continue to be great.  Phones are ringing off the hook with buyers wanting to close by the end of the November.  It is better to close prior to Thanksgiving and not wait.

Lenders are skittish on condo loans because of litigation against the condo association – any litigation no matter who is suing whom, no conventional loans – FHA loans will allow “some” litigation.  Lender questionnaire will bring to light lawsuits and delinquencies.

Scott Mayhew – NuStart Credit Restoration:

Pull credit report to see what issues are with the report.  Typical problem takes 90-120 days.  Process starts with letter writing – it is a must.  The letter must state name, address, loan number, discrepancy, timeframe to correct and expectations of resolution.  Only way to dispute discrepancy is to state the loan is not late or not mine – this is the only way to get it removed.  The letter must be signed in blue ink.  Lender has thirty days to respond with exact amount owed and details of delinquencies.  Consumer must write letter – not company.  Proof of accuracy letter must be returned by lender – if not, need to send another letter stating they have violated.  Paying off credit cards end of month doesn’t give you a great credit score.  Inaccurate data CAN be removed from credit report.  If your mortgage is 30 days late, it will show up on your credit score is 100 point deduction, it used to be 40 points.  Credit rating goes from M1 to M9.  M5 is about a 40 point hit.  Tell short sale clients to have bank say paid in full as agreed and not to rate short sale higher than an M3.  Fee to correct is $395 one person $495 for two.

Keith Barrett – Champion Title

New HUD form is coming out January 1st – you have to be prepared if you want to keep clients happy.  Get caught up on all the changes at 4900 StoneCroft Blvd., Chantilly, VA 20151 on October 28 from 2pm to 4pm.

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