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Home Buying Tip of the Day - Dealing with Buyer's Remorse
2007-10-24 01:26:00
When you were out looking for your first (or next) home and in hot pursuit of the "American Dream" it was exciting looking for just the right home with the right view and in the perfect neighborhood.Then came the fun stuff, looking at houses knowing that any one could be your new home. You walk through a few of them imagining each as your own with your belonging and touch. Some were to small, others not in the right neighborhood but finally you find your dream home.You sign the contract and anxiously await the answer. Terms are eventually worked out and you have just bought yourself a new home for you and your family.Later that evening you take your family out to dinner to celebrate a new home and new life.HOWEVER....Maybe tomorrow or the day after you start worrying. You wonder if you made the right decision, you wonder if the house that was a little cheaper would have been better, maybe you worry about making the payments and how it will affect your lifestyle, you ask yoursel...
More About: Buying , Home , Remorse , Morse

Why Buy Instead of Rent?
2007-10-21 21:30:00
Buying a home is the biggest investment most people will ever make. So why should someone purchase a home instead of renting?Pride of OwnershipPride of Ownership tends to be the number one reason people purchase a home. It provides a sense of stability and security that typically doesn't come with renting and it is an investment in the future if you intend to stay there for an extended period of time.Equity BuildupAn argument can be made that if you are renting you're throwing money away each and every month. When you own your own home each payment is providing an investment in your future. If home prices are climbing you build equity through appreciation and each payment reduces the principle on the loan.Mortgage Interest DeductionsThe tax system we have in place favors homeowners. The first half of your mortgage is interest heavy, meaning more of your payment is made up of interest than principle. Homeowners are allowed to deduct the interest on their income tax returnPr...
More About: Rent

DOJ going after National Association of Realtors for Antitrust
2007-10-21 18:35:00
I personally love Realtors . OK, maybe I don't "love" them but they do a lot of the work I don't want to when it comes to finding a particular property and they can be worth their weight in gold. There are a few I couldn't live without and, unfortunately, a lot I hope to never hear from again. I have to agree that the traditional fee for services is in need of a serious revamping. Dealing with Realtors daily I know first hand why they are considered probably the most dishonest profession out there today which is unfortunate because there are a lot of outstanding and dedicated Realtors who take their job and clients needs seriously. In a field such as this it is often true that one bad apple ruins the whole bunch. With the low barrier of entry there seems to be to many bad apples and not enough good. While this antitrust suit isn't strictly about the incompetence of to many Realtor's, NAR has to realize that raising the standards for entry into the field would only benefit...
More About: National , Association , National Association of Realtors , Going

Housing Prices Continue To Slump
2007-10-20 00:46:00
According to RealEstateJournal.com housing prices are falling faster than any point during the last 16 years and there is no end in sight.For buyers that should be a good thing. Prices always come back and getting into a home at the bottom is the ideal situation. If you plan on staying in the home for any length of time than getting in now, or soon, is a great opportunity. Prices may be continuing to fall but most analysts and experts are pointing to a recovery, or at least leveling off, to begin in 08.If you, as a buyer looking to purchase a home in an area were you plan on living for the next 5-10 years than the short term down does not need to be an issue for you. Prices have already fallen considerably and will be leveling off soon. Once we get there prices will start going up again. The real estate market has these ups and downs constantly and while more and more people are not buying homes, prices are continuing to sag this is an excellent chance to get the home of your...
More About: Housing , Conti , Slump , Lump

FHASecure Initiative - Not impressed.....
2007-10-16 23:03:00
First, I know that a lot of people are in trouble and a lot more on the verge. All you have to do is look around at the abundance of foreclosures across the nation. A lot of Mortgage Brokers got rich by making loans that NEVER should have been made in the first place. I could share hundreds of stories I have ran across personally that were down right fraudulent and behalf of the application from either the buyer's or loan officer's behalf and sometimes both.Some "highlights" of the FHASecure Initiative follow (from National Association of Realtors site):The mortgage being refinanced must be a non-FHA ARM that has reset. The mortgagor’s payment history on the non-FHA ARM must show that, prior to the reset of the mortgage, the mortgagor was current in making the monthly mortgage payments, i.e., the homeowner’s mortgage payment history during the 6 months prior to the reset showed no instances of making mortgage payments outside the month due. If there is sufficient equi...
More About: Hase , Not I

The Equity Holding Trust™ Transfer System - In Detail
2007-10-16 02:27:00
The Title-Holding Land Trust that underpins the Equity Holding Trust Transfer System (often referred to as the "Illinois Land Trust", a "land trust", or a "nominee trust") is accepted in form, substance and enforceability, throughout the U.S. This too-often overlooked real estate ownership vehicle is slowly but surely gaining recognition as arguably the best possible means of real property ownership and asset protection.The land trust within itself is considered unique in that a property's legal and equitable title(s) are vested in the trustee, rather than in the owner of record. However, the land trust's beneficiaries remain fully in control of the property and over the actions of the appointed trustee. As a result of this beneficiary-directed, third-party trusteeship, any property so held is effectively hidden from public view, and thereby shielded against legal actions by lawyers and creditors.As a matter of fact...when there are multiple (unrelated) beneficiaries in a title...
More About: Stem

Seller-Carry Financing in General
2007-10-16 01:35:00
Before reviewing the NARS Equity Holding Trust™ transfer system (NEHTrust™), let's take a look at some older, time-worn seller-financing concepts and their many pitfalls and downsides.Straight Lease - A rental for a specific period of time. No benefits other than use and occupancy. Always at the landlords whims and mercy. Far more costly than owning due to absence of income tax deductions and equity build-upLease Option (L/O) - A unilateral agreement to buy at some future time, under pre-arrangedd terms if the tenant has the money and credit wherewithal to do so at the exercise date.So what's wrong with a L/O? They've been done for years. The L/O violates a lender's due-on-sale admonitions (See. 12USC1701-j-3). An unscrupulous optioner can change the terms on a whim relative to the option price and rent credits, requiring extensive legal action to rectify. If the Optionis recorded, the lender's due-on-sale admonitions are brought to ber and the house and th...
More About: Financing , General , Seller , Carry

Why Acquire My Home via an Equity Holding Trust&#0153 Transfer?
2007-10-16 01:25:00
Very good question! Below are some of the major benefits of acquiring your next home with an EHTrust (Equity Holding Trust) Transfer .Minimal Up-Front Cash RequirementNo Credit QualifyingNo Loan Application or Approval NeededA Lender's "Due-on-Sale" Clause Avoided (i.e., A lender's demand for full loan payoff due to prohibited title transfer)Legal Protection, Privacy and SafetyEase of Transfer, Especially When There is to be No New LoanIncome Tax DeductionAsset ProtectionShielding from Litigation, Creditor Judgment, Tax Lien and/or ProbateThere are many other reasons one may wish to obtain their home via and EHTrust Transfer as opposed to getting a traditional loan. One may not be able to qualify for a new loan but can afford the home or maybe they have a bankruptcy or foreclosure on their record. None of that needs to impact your ability to get into a new home and obtain all the benefits of homeownership such as the income tax deductions mentioned above.
More About: Home , Acquire

What is it that I do?
2007-10-14 05:01:00
Starting Monday, Oct. 15th I am going to be posting a few times a day as I run across interesting tidbits of information, post about the details of a transaction I am currently working on, tips for buyers and sellers, info for real estate professionals (Realtors, Mortgage Brokers, and so on) and my thoughts on Real Estate and related areas. However, I thought it would only be appropriate to give a description of what it is I do exactly so, lets get on with it already!All-State Housing Solutions is based in Davison, MI. We work with buyers, sellers, Realtors, Mortgage Brokers, investors and others in the Real Estate field throughout the U.S. however. Where we excel is putting together transactions when a seller needs his property out of his hair sooner rather than later and would-be buyers who either can't or don't want to get traditional financing.We are willing to give a seller Full Price (or More!) for his property if he is willing to hold any equity he may have in it for a c...

Who am I?
2007-10-12 07:18:00
Fair question.My name is Eric West and work with buyers, sellers and real estate professionals. My passion is to show would-be homeowners who feel they are resigned to never obtaining the American Dream of homeownership that everyone is capable of it.The lending industry has been tightening up for some time now and if the buyer doesn't have squeaky clean credit, a large down payment and solid job history you might as well forget about obtaining a traditional mortgage. There are better options available however and that is where my expertise is. The goal of this blog is to show you that your credit or past need not have any bearing on your dreams of homeownership even if it contains a bankruptcy or foreclosure.I will be providing daily posts consisting of information for buyers, sellers and real estate professionals as well as my own personal observations.Please check back, it is bound to be informative and maybe even a little bit fun!