Thanksgiving is a holiday much like Christmas, where most of the value and most of the importance has been lost! I am as guilty as the next for teasing about "turkey day" rather than trying to find and recognize the importance of our beginnings as a nation. One Nation Under God! Our need to be Thankful!
In reconsidering the plight of the Pilgrims... we could all take a little trip down memory lane and see what events led up to the event. The early pilgrims had bravely crossed the Atlantic and landed near Plymouth Rock in the late fall cold. Over 40 of the original Pilgrims lost their lives due to the elements and not being prepared. Over the next year they learned how to survive from their new found friends. "the Indians" or Natvive Americans It is said that as they survived they huddled together in the extreme cold and sang hymns and Psalms for comfort. The festive occasion happened the next fall after a bountiful crop of pumpkins, corn, and beans even after a horrible drought. They are supposed to have invited their "Indian Friends" and had a joint communal feast of about 90 people to celebrate.
At my household, we will have the thanksgiving "feast" as it is called, although it will be far less than a feast! But it will be no less of a celebration of Thanksgiving. While talking to friends and associates today, many things have come up that we should be most grateful for! Well being! Comfort! Love! The Grace of God! Friends that have stood by you even in the worst of times! Sharings in your family that make you a "Family." Evolving from not such good times to not as bad times.
As the Pilgrims, we all have a pilgrimage that takes us from better times to times that are not so good, and occasionally to good times... but alas, the cycle continues. It does not matter so much where we "are" in our lives right now as much as where we have been and where we are going. We can be thankful for all things... even if it is a bad time in life, thankful that we don't have to dwell there but are in a journey moving past that bad time.
This is the only way that we can hope and exist. If we focus on what is so bad in life, we never realize the blessings and great things in life that are ours for the taking. It is never an easy task. But to be able to survive the coldest of the winter, to go without the nourishment we want, to make life more bearable for each others, and to survive the extreme drought of life, we can be thankful that our journey is continuing... and this too can and will pass!
I feel a need every year to find a way to help someone that has a worse plight than myself. In the good times,it was an easy thing to do. In the bad times, it is not so easy. But our foundation and our lives are built not on being so needy and self centered, but in finding ways to help others who may have a worse situation than we. And then thanking God first of all for our bounty! Then thanking all the others that have touched our lives and made us what we are.
So, my friends and family, Thank you one and all! You have made my life so much better than it would have been without you! Yes, even you (this is supposed to be a comedic attempt to thank those friends and clients that were not optimal friends...LOL) Mr &/or Ms Pessimism. I love you all, and I hope to continue to have you as friends in my life forever! And thank you my Lord and Savior, Jesus Christ. Without Him, I have nothing at all.
Thanks for reading my blog... If I can help you with any of your real estate needs... please don't hesitate to call! 205 229-3013
Pitt
Friday, November 19, 2010
Tuesday, November 9, 2010
A Day for Rememberance from a Grateful Nation
As I try and reflect on life, it is hard to say if I am fortunate in the fact that I never had the privilege to serve my country in the Military or if it is an unfortunate thing. My dad and all his brothers served our great nation in the military... and most of my mom's brothers did as well. Most of my male cousins have served... With that said, only one of our brave family members was killed in action; giving the ultimate sacrifice for his nation and for me and for all others who may read these words.
I was at my Uncle;s Funeral service not long ago. He was a decorated war hero and a "lifer" in the military. The army Sargent gave my aunt an American Flag, and said that he presented it on behalf of "A GRATEFUL NATION." My Grandmother had one of those flags, and several of my aunts have one as well. At each and every service, those precious words were spoken to a surviving family member. It seems ironic that it was the military reminding the family member that our nation was grateful for his sacrifice and devotion for his country!
History tells us that Veteran's Day began at the ending of World War I. I think it was called the war to end all wars... although it was not. Others called it "the Great War" which I am sure it was! Although the treaty was signed much later... the fighting ceased when the Allied forces and the German Army called for a cease fire and signed a document of Treaty. It was to be signed on the Eleventh Hour of the Eleventh Day of November, 1918.
This picture was taken near a church in Stenay, Meuse in France at 10:58 AM just prior to the meeting and the signing of the Armistice Treaty as a declaration of Germany's defeat. The original concept for the celebration was for a day observed with parades and public meetings and a brief suspension of business beginning at 11:00 a.m on the each November 11.
Painting depicting the signature of the armistice in the railway carriage. Behind the table, from right to left, general Weygand, Marshal Foch (standing) and british admiral Rosslyn Wemyss. In the foreground, Matthias Erzberger, general major Detlof von Winterfeldt (with helmet), Alfred von Oberndorff and Ernst Vanselow.
Of course, the Treaty of Versailles was signed on June 28, 1919, several months later. And The United States Congress officially recognized the end of World War I when it passed a concurrent resolution on June 4, 1926, with these words:
Whereas the 11th of November 1918, marked the cessation of the most destructive, sanguinary, and far reaching war in human annals and the resumption by the people of the United States of peaceful relations with other nations, which we hope may never again be severed, and
Whereas it is fitting that the recurring anniversary of this date should be commemorated with thanksgiving and prayer and exercises designed to perpetuate peace through good will and mutual understanding between nations; and
Whereas the legislatures of twenty-seven of our States have already declared November 11 to be a legal holiday: Therefore be it Resolved by the Senate (the House of Representatives concurring), that the President of the United States is requested to issue a proclamation calling upon the officials to display the flag of the United States on all Government buildings on November 11 and inviting the people of the United States to observe the day in schools and churches, or other suitable places, with appropriate ceremonies of friendly relations with all other peoples.
In November 1919, President Wilson proclaimed November 11 as the first commemoration of Armistice Day with the following words: "To us in America, the reflections of Armistice Day will be filled with solemn pride in the heroism of those who died in the country’s service and with gratitude for the victory, both because of the thing from which it has freed us and because of the opportunity it has given America to show her sympathy with peace and justice in the councils of the nations…"
A Grateful nation indeed... But, more wars came and they were just as evil, just as bloody and just as deadly. The Bible teaches us that there will always be wars, and rumors of wars. So, indeed, we need to be a grateful nation. We need to have a military might... and we need heroes that will make the ultimate sacrifice for you and for me. I read some one's note a few days ago that said something like..."Someone in our military service writes a blank check and swears an oath when signing up for service ultimately to die for his country."
At another hero's funeral this year, there were rumors that war protesters were going to be protesting at or near the funeral. I guess trying to make a point. While the fallen hero had died for them and for their right to protest... it just does not seem appropriate for a memorial service to be littered with that kind of action. A Grateful Nation!
I would personally like to say to several members of my family... a warm thank you for serving for me... for the nation. There is no order to my madness, and hopefully I don't miss anyone...
Pete Pittman... Killed in Action, World War II at the battle of the bulge.
CW Pittman... My Dad... served in World War II
Jimmy Kyle Pittman... my Dad's brother... Served after World War II Charlie G Pittman... my Dad's brother... Served after World War II
Billy M. Faulk... my Mom's bother...Served in Korea, Vietnam & more, retired after twenty something years
Robert Williamson ... my cousin... served during the Vietnam War
Jessie Lamar Williamson... my cousin... served during the Vietnam War
Harold Hagler... my cousin... served during the Vietnam War and retired after twenty something years
Johnny Faulk... my cousin... served after the Vietnam War
Mark Pittman... my cousin... served in the Marine Corp
Thanks to you all... proud men and women of our armed services! I hope you know that we are really a Grateful nation!
Thursday, October 7, 2010
Wednesday, October 6, 2010
What Happened To Times Past
They say that when all your references are to your youth, it confirms that your getting old... I guess that is probably true... Its a shame, but I can remember things from 30 to 50 years ago better than some things from yesterday. It is my hopes that you enjoy my old stories as much as I remember them.
I can remember when I was a Little Kid how we would always go over to my grandmother's house. It was sort of the family unity. Everyone went over almost every Sunday... talked about the same things they talked about the week before... and were were a jelled unit of brothers, sisters, cousins, aunts, and uncles... among others. Being kids, it was lots of fun staying over at your grandmother's house... she always made you feel special.
She only had heat in one room... that was the kitchen. She still cooked on a wood burning stove that was used to heat the room, and cook on. In the winter, you would go to sleep in one of the rooms, and have about 6 or 7 quilts piled on top. It was a small gray line between not being able to breath because of the weight of the quilts and being able to stand the cold. In the morning... when you woke up, you immediately "RAN" to the kitchen to find some warmth... My, how times have changed.
The real estate market is not really different from life. We can remember when... and we can think of how much we "Made" on investments, we can remember the good times. I believe that now is the time for action. Some economists believe that things will begin to turn in the near future. Some believe that after elections, the real estate market will begin its major rebound. Many think that we may already in the rebound process... I certainly hope they are correct.
Thinking about the old times is a good reason to get involved today. Life seems to be in a cyclic mode... and buying at the right time is crucial to making good investments... with interest rates down, home prices even lower... what would be a better time to invest?!
Let me know if you have any questions... www.WilliamPittman.com is my website... Pitt@WilliamPittman.com is my email... and my phone is 205 229-3013.
Thanks
Pitt
I can remember when I was a Little Kid how we would always go over to my grandmother's house. It was sort of the family unity. Everyone went over almost every Sunday... talked about the same things they talked about the week before... and were were a jelled unit of brothers, sisters, cousins, aunts, and uncles... among others. Being kids, it was lots of fun staying over at your grandmother's house... she always made you feel special.
She only had heat in one room... that was the kitchen. She still cooked on a wood burning stove that was used to heat the room, and cook on. In the winter, you would go to sleep in one of the rooms, and have about 6 or 7 quilts piled on top. It was a small gray line between not being able to breath because of the weight of the quilts and being able to stand the cold. In the morning... when you woke up, you immediately "RAN" to the kitchen to find some warmth... My, how times have changed.
The real estate market is not really different from life. We can remember when... and we can think of how much we "Made" on investments, we can remember the good times. I believe that now is the time for action. Some economists believe that things will begin to turn in the near future. Some believe that after elections, the real estate market will begin its major rebound. Many think that we may already in the rebound process... I certainly hope they are correct.
Thinking about the old times is a good reason to get involved today. Life seems to be in a cyclic mode... and buying at the right time is crucial to making good investments... with interest rates down, home prices even lower... what would be a better time to invest?!
Let me know if you have any questions... www.WilliamPittman.com is my website... Pitt@WilliamPittman.com is my email... and my phone is 205 229-3013.
Thanks
Pitt
Wednesday, September 29, 2010
Go ahead and "Jump In"
I can remember when I was a little kid (and I know it's hard for you to believe that I was ever little)... we used to go to a swimming hole in Barbour County Alabama called "Blue Springs." It wasn't very large, maybe 25 or 30 feet across like a small pond or slew that came off a river. In the middle of the swimming hole, there was deep water spring that swirled up and was strong enough that it made the water ripple through out the "pool." It was called Blue Springs because it was a fact that if you got in the water, you would turn blue because it was so cold!
What I remember most about the swimming expeditions is that I would stand on the edge or await my turn swinging out on the rope... trying to muster up the courage to actually jump in. The initial wave of "Cold" would take your breath away... and the near frost bitten experience would almost hurt for the first few seconds. After that, everyone just puddled around turning blue! It was a great experience...
We are economically in a slow period of housing growth... People are scared about their jobs, their retirement accounts, what's going on with Government spending, and the possibly of higher taxes... and the list goes on. A few years back, when gas prices jumped up so high, many people were afraid that they would not be able to buy gas to drive to work. Housing prices have fallen, and many people now owe more than their home is worth. I can understand the "fear" of getting off the shores and/or jumping in to buy a home.
This week I got an email from a mortgage person giving interest rates at a low low amount in the high 3% range. This is as low as I have ever seen interest rates. A person with a 5% interest rate moving it to 4% would save almost $50 a month on a 30 year mortgage payment owing $100,000 on their note. It would cost a couple thousand dollars to refinance... but at $50 a month, it would take a couple years to pay that off and maybe save you some money in the long run... on a $200,000 note, it would actually save you over $110.
Another great thing about this is the payment... I work in a new home community in Calera called Calera Commons Townhomes Community. Prices vary from $87,900 upwards to &107,900. In that community there are some folks that are renting their home and paying upwards to $800 a month. Principal, Interest, Taxes, Insurance and Mortgage Insurance on a $90,000 note at 4% over 30 years would be less than $600 a month... now, go figure. I talked with one of these rental persons a few weeks ago and explained that they could save a couple hundred bucks a month to buy if they wanted to... they were afraid to jump into the water?!
Housing Prices are LOW! Interest rates are LOW! Getting a mortgage is still EZ! There are kinds and types of mortgages out there that are hard to get... but there are many programs out there for you... and they are easy to get into. If you have decent credit... YOU CAN STILL BUY A HOME... AND YOU CAN STILL GET A MORTGAGE! HELLO!!!
Enough preaching... just think about it. Don't throw your money away on rent... don't throw your money away period! If your in a home now, you can sell it; although for a little less than you may think it's worth, and then get an excellent buy on a newer- better- bigger- home!
If your interested... give me a call.... 205 229-3013...
Thanks for reading my blog... check out my website... www.WilliamPittman...
Pitt
http://tinyurl.com/Calera-CommonsTownhomes
http://www.alapark.com/BlueSprings/
What I remember most about the swimming expeditions is that I would stand on the edge or await my turn swinging out on the rope... trying to muster up the courage to actually jump in. The initial wave of "Cold" would take your breath away... and the near frost bitten experience would almost hurt for the first few seconds. After that, everyone just puddled around turning blue! It was a great experience...
We are economically in a slow period of housing growth... People are scared about their jobs, their retirement accounts, what's going on with Government spending, and the possibly of higher taxes... and the list goes on. A few years back, when gas prices jumped up so high, many people were afraid that they would not be able to buy gas to drive to work. Housing prices have fallen, and many people now owe more than their home is worth. I can understand the "fear" of getting off the shores and/or jumping in to buy a home.
This week I got an email from a mortgage person giving interest rates at a low low amount in the high 3% range. This is as low as I have ever seen interest rates. A person with a 5% interest rate moving it to 4% would save almost $50 a month on a 30 year mortgage payment owing $100,000 on their note. It would cost a couple thousand dollars to refinance... but at $50 a month, it would take a couple years to pay that off and maybe save you some money in the long run... on a $200,000 note, it would actually save you over $110.
Another great thing about this is the payment... I work in a new home community in Calera called Calera Commons Townhomes Community. Prices vary from $87,900 upwards to &107,900. In that community there are some folks that are renting their home and paying upwards to $800 a month. Principal, Interest, Taxes, Insurance and Mortgage Insurance on a $90,000 note at 4% over 30 years would be less than $600 a month... now, go figure. I talked with one of these rental persons a few weeks ago and explained that they could save a couple hundred bucks a month to buy if they wanted to... they were afraid to jump into the water?!
Housing Prices are LOW! Interest rates are LOW! Getting a mortgage is still EZ! There are kinds and types of mortgages out there that are hard to get... but there are many programs out there for you... and they are easy to get into. If you have decent credit... YOU CAN STILL BUY A HOME... AND YOU CAN STILL GET A MORTGAGE! HELLO!!!
Enough preaching... just think about it. Don't throw your money away on rent... don't throw your money away period! If your in a home now, you can sell it; although for a little less than you may think it's worth, and then get an excellent buy on a newer- better- bigger- home!
If your interested... give me a call.... 205 229-3013...
Thanks for reading my blog... check out my website... www.WilliamPittman...
Pitt
http://tinyurl.com/Calera-CommonsTownhomes
http://www.alapark.com/BlueSprings/
Wednesday, September 22, 2010
And... Now... How Much Does That Cost?!
What is the old adage... "If you have to ask how much it costs, you can't afford it..." is simply not true. An advertising medium to get people to call about a product is to NOT put the price in... thus the curiosity is stirred and the seller gets the call... hopefully to make the sale!
I am not about to say that Real Estate Agents don't use this ploy... many do. It's a fine line between giving too much information to the public and not giving enough. Years ago, the agents had all the information and the public had very little... so the agent seemed to have the controls. In today's society... the "Information Highway" has created an age of public awareness and knowledge. The public is in the know about everything. Most shoppers have gone online and done research and have shopped the web to find what they want and know how much they should pay for it prior to setting foot in a store.
In the housing market it is not very different. The basics are the same with shopping for most anything. The key is deciding what you really want and then making a plan to find it. Online research and investigation is the same... Pictures are available for most homes. If you are patient enough and vigorous enough, you can find out prices, how much the previous owner paid for the home, neighborhood price points, and average sales for most any neighborhoods. OR CAN YOU?!
I visited a seminar a few weeks ago, and discovered that this is not always true. In retail markets, it is easy to find pricing, but in real estate... it is not so easy. The speaker in the seminar gave some interesting observations about many of the websites that people use to get information... Realtor.com is the largest website for people that are looking for a home. They get more hits than any other site on the web. But, for those that are already living in their homes and thinking about selling, it is not the premiere site. According to our speaker (which I have not evaluated myself) Trulia.com is the premier website for people who are searching for their home values... both home owners and those who have narrowed their search down.
The speaker explained how Trulia and other sites just did not have the correct information to make the claims that they make. There are many websites that give statistics of sales and pricing throughout the United States, and most of their numbers a eschewed. I recently did a study in a couple neighborhoods in Pelham and discovered that the speaker was right.
So... how much does it cost?! It costs you NOTHING! All my services are free for the most part. If your a buyer wanting to get information about the market... All Buyer Agency is free to the buyer except in special circumstances... and the preliminary search for information is definitely free! If your a seller, you don't pay any fees until your home closes... and you decide if you want to take the offer or contract to sell before you have to pay anything.
Let me know how I can assist you! Thanks Pitt
I am not about to say that Real Estate Agents don't use this ploy... many do. It's a fine line between giving too much information to the public and not giving enough. Years ago, the agents had all the information and the public had very little... so the agent seemed to have the controls. In today's society... the "Information Highway" has created an age of public awareness and knowledge. The public is in the know about everything. Most shoppers have gone online and done research and have shopped the web to find what they want and know how much they should pay for it prior to setting foot in a store.
In the housing market it is not very different. The basics are the same with shopping for most anything. The key is deciding what you really want and then making a plan to find it. Online research and investigation is the same... Pictures are available for most homes. If you are patient enough and vigorous enough, you can find out prices, how much the previous owner paid for the home, neighborhood price points, and average sales for most any neighborhoods. OR CAN YOU?!
I visited a seminar a few weeks ago, and discovered that this is not always true. In retail markets, it is easy to find pricing, but in real estate... it is not so easy. The speaker in the seminar gave some interesting observations about many of the websites that people use to get information... Realtor.com is the largest website for people that are looking for a home. They get more hits than any other site on the web. But, for those that are already living in their homes and thinking about selling, it is not the premiere site. According to our speaker (which I have not evaluated myself) Trulia.com is the premier website for people who are searching for their home values... both home owners and those who have narrowed their search down.
The speaker explained how Trulia and other sites just did not have the correct information to make the claims that they make. There are many websites that give statistics of sales and pricing throughout the United States, and most of their numbers a eschewed. I recently did a study in a couple neighborhoods in Pelham and discovered that the speaker was right.
So... how much does it cost?! It costs you NOTHING! All my services are free for the most part. If your a buyer wanting to get information about the market... All Buyer Agency is free to the buyer except in special circumstances... and the preliminary search for information is definitely free! If your a seller, you don't pay any fees until your home closes... and you decide if you want to take the offer or contract to sell before you have to pay anything.
Thus... if your interested in buying or selling and want to get the "Scoop" on the market, what your home is worth, or what you want to purchase... call me! If you like electronic media... you can text me, email me, or go to my website at www.WilliamPittman.com and leave me a message there. Or, you can just call me!
And don't buy this...
Let me know how I can assist you! Thanks PittThursday, September 16, 2010
Don't Lose Your Home and Credit... A Short Sale May Be The Answer!
In an economy as ours, many people are faced with a potential problem that could really affect their lives for a long time. Getting behind on your payments is not only a hardship emotionally and physically, it also affects your credit, your ability to find work, and basically every avenue of life. The possibility of foreclosure looms overhead and will try to suffocate you. There are alternatives to foreclosure... and if you are behind on your payments, and don't think that you are going to be able to catch everything up... it is time for action.
Don't bury your head in the sand and act as though it will not happen, because it will eventually. You must be proactive in your quest to save your credit and to find an opportunity to resolve the problem... That is where the agent can be a HUGE help.
It is estimated that over half the homeowners in America are in some kind of economical difficulty... and a large portion of those are behind on their payments. Large Mortgage Companies like Bank of America and Wells Fargo are rumored to be on the threshold of foreclosing literally thousands of homes in the near future. Don't be a part of that number.
A short sale is basically the banks agreement with you the homeowner to sell the home for less than what you may owe on it rather than go into foreclosure. I am sure that you see the signs everywhere... Short Sales! The bank thinks that they will spend well over $20,000 for a foreclosure sale, and thinks that it can work with you in a short sale situation and sell the home for less than is owed rather than foreclose...
Check out this short video...
Don't forget to visit my website... http://www.williampittman.com/ if you have any questions about real estate...
Thanks
Don't bury your head in the sand and act as though it will not happen, because it will eventually. You must be proactive in your quest to save your credit and to find an opportunity to resolve the problem... That is where the agent can be a HUGE help.
It is estimated that over half the homeowners in America are in some kind of economical difficulty... and a large portion of those are behind on their payments. Large Mortgage Companies like Bank of America and Wells Fargo are rumored to be on the threshold of foreclosing literally thousands of homes in the near future. Don't be a part of that number.
A short sale is basically the banks agreement with you the homeowner to sell the home for less than what you may owe on it rather than go into foreclosure. I am sure that you see the signs everywhere... Short Sales! The bank thinks that they will spend well over $20,000 for a foreclosure sale, and thinks that it can work with you in a short sale situation and sell the home for less than is owed rather than foreclose...
Check out this short video...
Don't forget to visit my website... http://www.williampittman.com/ if you have any questions about real estate...
Thanks
Wednesday, September 15, 2010
New and Better...
You know the story of the older guy that lived "in the country" had come to town with his son... and saw his first elevator. It was an amazing thing for him to view. He watched in Awe as someone went into that double door contraption and the door closed... then opening a few minutes later and WOW! After many minutes, the older guy turns to his young son and says, "Watch that contraption over there..." and just as he spoke it, an elderly woman stepped into the elevator... in a couple minutes the doors opened and out came a young beautiful blonde... The older guy turns to his son and says..."We got to go home and get your ma... she's got to go through that contraption!"
Is technology not just the greatest of things?! When they work properly at least! I have gotten some things that actually "WOWED" me about innovative ideas for technology over the last few weeks... One thing is my website. It has always been available... but now it is available for mobile technology as well... A customer can drive up to the home, or read about the home in an ad, and put the home's individual URL in his mobile device... presto... chango... the details will appear...
Even better yet... Now with ScanLife technology... a person download a free app for his or her phone and scan any of the printed materials available at a listing. Again... presto... chango... it opens a web page with full details about the listing!
Check it our for your self! My website is www.WilliamPittman.com. Try it out on your mobile phone. Or just as good or better... download the free app to your phone and scan your computer screen on one of these bar codes... and see how EZ it actually is!
Thanks
Pitt
Friday, September 10, 2010
Living in LA
LA (that is Lower Alabama for those of you who are not from around here...) is unique in almost every way! Our greatest fault/asset, which ever it may be, is that we love our College Football. I guess part of the excitement is that it marks the end of the HOT and HUMID months of July and August... and finally a break with cooler fall temperatures, the beauty of all the leaves beginning to turn, the ability to go outside and enjoy outdoors... and the opportunity to do some heavy duty tailgating.
Not everyone gets to the game to start the tailgating. It begins with simple and tried recipes off the grill and indoors. It's not unusual for all the stores to be out of our favorite tailgate items on a Saturday afternoon, and just behooves us to plan ahead. And finally its almost game time... the streets, stores, and community will be barren of people... Everyone is either at the game or in front of the HD TV and ready to see and participate in the excitement of the game.
Rivals will talk the talk all week, bragging rights are considered almost holy, and anticipation will loom over everyone. Regardless of how good or how bad our team plays, it is justified by the circumstances... and the bragging continues! Life with your team is almost a religion... the colors are worn proudly, and game times can get a bit zealous. It is a historical fact that emotions run high... and so do tempers! There are several noted times that family members have gone to blows over the game... and even further than that when someone goes for the weapons! How sad!
What ever is important to us, we want to protect... and we want to think that our "whatever" is better than the next guys "whatever." That said, I would love to be on your team or have you on my team in the Real Estate world. My motto is... "If you want to be a Satisfied Customer... Call Pitt!" I believe that in order to stay in business, you must give premium customer service. I assure you that you would not be dis-satisfied with my services. For more information, please visit my website... www.WilliamPittman.com or email me... Pitt@WilliamPittman.com or text/call me...205 229-3013!
Thanks for reading my blog...
Pitt
Not everyone gets to the game to start the tailgating. It begins with simple and tried recipes off the grill and indoors. It's not unusual for all the stores to be out of our favorite tailgate items on a Saturday afternoon, and just behooves us to plan ahead. And finally its almost game time... the streets, stores, and community will be barren of people... Everyone is either at the game or in front of the HD TV and ready to see and participate in the excitement of the game.
Rivals will talk the talk all week, bragging rights are considered almost holy, and anticipation will loom over everyone. Regardless of how good or how bad our team plays, it is justified by the circumstances... and the bragging continues! Life with your team is almost a religion... the colors are worn proudly, and game times can get a bit zealous. It is a historical fact that emotions run high... and so do tempers! There are several noted times that family members have gone to blows over the game... and even further than that when someone goes for the weapons! How sad!
What ever is important to us, we want to protect... and we want to think that our "whatever" is better than the next guys "whatever." That said, I would love to be on your team or have you on my team in the Real Estate world. My motto is... "If you want to be a Satisfied Customer... Call Pitt!" I believe that in order to stay in business, you must give premium customer service. I assure you that you would not be dis-satisfied with my services. For more information, please visit my website... www.WilliamPittman.com or email me... Pitt@WilliamPittman.com or text/call me...205 229-3013!
Thanks for reading my blog...
Pitt
Wednesday, September 8, 2010
Changing of the times...
Talking with a friend today... about changing times. Dating myself would be the understatement, and with age, it's more fun to think about the old days that it is the present... it seemed much more fun at the time; but alas, as I continue to ponder those "good times" there was always anticipation about the future... Ironic isn't it.
From life without indoor plumbing all the way to the present age has really brought lots of changes. Cooking dinner was to go out to the chicken coop and catch the chicken... get the veggies from the barn where we kept all the "canned" good that were in "jars." The figs were there too... which became dessert with a pile of figs on top of one of those "cat head" biscuits... UMMMMMMM!
We lived in the heat, but didn't know it was hot... the only time it was cool was fall and winter... In the summer, we lived outside ... till the mosquitos were so bad we couldn't stand it... and then we went inside. Life was sweet with sweat I guess...
Such is the life of Real Estate... Contracts came from a single page transaction to now upwards of over 50 pages plus addendums and exhibits. Simple handshakes to seal the deal became multi million dollar law suits over the 50 plus page contract discreprencies. From the simple to the extreme... from the trust... to the dis-trust. Now a contract means less than the handshake of old.
If your thinking of selling or buying a home, it behooves you to get an agent that knows what is going on... An agent can help protect your interests and can advise you in things that are crucial in negotiating a contract and protecting you.
That said... please don't hesitate to call on me at any time for all your real estate needs... Go by my website at http://www.williampittman.com/ and check out all the helps that are there about schools, neighborhoods, etc... I look forward to hearing from you soon! "Want to be a Satisfied Customer... Call Pitt 205 229-3013" Call, text, or email me today!
Thanks
Pitt
From life without indoor plumbing all the way to the present age has really brought lots of changes. Cooking dinner was to go out to the chicken coop and catch the chicken... get the veggies from the barn where we kept all the "canned" good that were in "jars." The figs were there too... which became dessert with a pile of figs on top of one of those "cat head" biscuits... UMMMMMMM!
We lived in the heat, but didn't know it was hot... the only time it was cool was fall and winter... In the summer, we lived outside ... till the mosquitos were so bad we couldn't stand it... and then we went inside. Life was sweet with sweat I guess...
Such is the life of Real Estate... Contracts came from a single page transaction to now upwards of over 50 pages plus addendums and exhibits. Simple handshakes to seal the deal became multi million dollar law suits over the 50 plus page contract discreprencies. From the simple to the extreme... from the trust... to the dis-trust. Now a contract means less than the handshake of old.
If your thinking of selling or buying a home, it behooves you to get an agent that knows what is going on... An agent can help protect your interests and can advise you in things that are crucial in negotiating a contract and protecting you.
That said... please don't hesitate to call on me at any time for all your real estate needs... Go by my website at http://www.williampittman.com/ and check out all the helps that are there about schools, neighborhoods, etc... I look forward to hearing from you soon! "Want to be a Satisfied Customer... Call Pitt 205 229-3013" Call, text, or email me today!
Thanks
Pitt
Tuesday, September 7, 2010
Finding a Real Estate Agent...
Finding a Real Estate Agent should not be a difficult thing... though most folks don't really know what the agent is really all about... nor why they need an agent. Most think that their agent is there to get paid... well, that is partly true; but not all true. What is the agent there for?
Agency was actually created to protect the consumer and not the real estate agent... while agents don't normally get paid unless they sell something, their primary function is to protect their customer... which should actually be their "client." The agent is required by law to act in a fiduciary capacity for their client. Thus, they can not do something that will not be good for their client and good for themselves. Make sure that your agent it working for you...
If you want to know more, or have a question about agency... "Call Pitt... 229-3013"
My website is www.WilliamPittman.com... where you can find all the homes for sale in the greater Birmingham Area... or check the prices of homes in your neighborhood!
Thanks
Pitt
Agency was actually created to protect the consumer and not the real estate agent... while agents don't normally get paid unless they sell something, their primary function is to protect their customer... which should actually be their "client." The agent is required by law to act in a fiduciary capacity for their client. Thus, they can not do something that will not be good for their client and good for themselves. Make sure that your agent it working for you...
If you want to know more, or have a question about agency... "Call Pitt... 229-3013"
My website is www.WilliamPittman.com... where you can find all the homes for sale in the greater Birmingham Area... or check the prices of homes in your neighborhood!
Thanks
Pitt
Tuesday, August 17, 2010
New Laws Affecting Mortgages... "The Problem and the Fix"
As we look at the future for whats going on in our economy... the mortgage programs that are available have changed drastically and continue to do so... There are still many options, but for most, the newer laws bring a real imposition!
To compensate for the former problems, most mortgage programs made drastic changes that really hurt the average Joe from being able to get a conventional mortgage. Fannie Mae and Freddie Mac, the major players in setting rules and regulations for mortgages, went overboard. As usual, the way to offset the problem is to create a different problem!
I am sure that you have seen the air conditioning thermostat move dramatically when it is hot or cold... When the temperature is 78 and the thermostat is set on 80... the average person will move it to 60 because you know that it gets colder quicker when its set lower... If you are waiting on the elevator, you can press the button several times to hurry it to your position. It almost always works...
Those mortgage programs for over 100% LTV (loan to value) are basically a thing of the past. With the economy as it is, the housing prices dropping, and the job market declining... it was probably a good thing. The American Dream can wait a few months till a little savings can be saved for down payment or closing costs.
A conventional 100% LTV is another thing that has gone by the wayside... The same arguments can be made here as the prior. Non Conventional mortgage are still available in some situations and areas for 100%.
Conventional 97% loans are extremely rare as well. Even when one can get this program, their rate and their PMI (Private Mortgage Insurance) will be above the cloud level... probably out of our present atmosphere. FHA does have a program in co-ordination with the State of Alabama, to get a 99.5% loan... and a 97.5% on just FHA alone.
To compensate for the former problems, most mortgage programs made drastic changes that really hurt the average Joe from being able to get a conventional mortgage. Fannie Mae and Freddie Mac, the major players in setting rules and regulations for mortgages, went overboard. As usual, the way to offset the problem is to create a different problem!
I am sure that you have seen the air conditioning thermostat move dramatically when it is hot or cold... When the temperature is 78 and the thermostat is set on 80... the average person will move it to 60 because you know that it gets colder quicker when its set lower... If you are waiting on the elevator, you can press the button several times to hurry it to your position. It almost always works...
Those mortgage programs for over 100% LTV (loan to value) are basically a thing of the past. With the economy as it is, the housing prices dropping, and the job market declining... it was probably a good thing. The American Dream can wait a few months till a little savings can be saved for down payment or closing costs.
A conventional 100% LTV is another thing that has gone by the wayside... The same arguments can be made here as the prior. Non Conventional mortgage are still available in some situations and areas for 100%.
Conventional 97% loans are extremely rare as well. Even when one can get this program, their rate and their PMI (Private Mortgage Insurance) will be above the cloud level... probably out of our present atmosphere. FHA does have a program in co-ordination with the State of Alabama, to get a 99.5% loan... and a 97.5% on just FHA alone.Conventional 95% mortgages are available if your credit score is high enough, but again, the PMI and interest rate is going to be a bit higher... 90% and below conventional mortgages are still available but interest rates and PMI are based on credit scores not solely on the down payment.
The next edition will talk about short sales and foreclosures... stay tuned
Thursday, February 11, 2010
Get the Bread and Milk... There is Snow Coming!
Over the years, I have changed hats or at least worn many different hats. Although, the majority of my life I have been in sales, I have often pilfered around in other things as well. A large portion of my adult life was set in working as a Paramedic and worked mostly as a volunteer for a small “rescue squad” in my home town and county. For about 15 years I was on call and ready to go at an impulse to jump into an ambulance and go anywhere at anytime and for as long as it seemed to take. It was toll taking at times, but exceedingly rewarding!
In later years I moved to the Birmingham Area and went to work with an ambulance company there as a paid provider. It was not nearly as much “fun” or as meaningful, but we were able to help lots of people for several years just the same.
One year, we had the typical central Alabama weather forecast that said we were “gonna get snow.” Since I was from south Alabama, I could only remember one time that we got “real snow.” That was in 1971 and late in February. I remember the first night of the blizzard, we decided to move our cars away from near the roadway so that we would not have to worry about people sliding around on the road and hitting our cars. We promptly moved them to the back yard.
My parents owned a small 7 unit motel out in the middle of nowhere… and we were booked full in no time at all. The “No Vacancy” sign did still work, although it had been used very few times over the years. And we had guests from all over. We even invited a few to come in to our living quarters to make room for people who were stranded or feared being stranded. On morning, we had no water, but had over a foot of snow on the ground and drifts that covered all the cars in the drive and parking area. I went out back to see the snow, and saw that there was a solid sheet of white with big mounds of white where our cars were.
A friendly guy in room 8 came down and asked about the water. We told him that we had a deep well (about 360 feet deep) and that the water was frozen. He proceeded to explain to us how we could remedy that problem, and with a 100 watt bulb and a tarp, we had water in just a few minutes. It was a winter to remember forever. (I just wish I could remember other things so well).
So in Birmingham, in the late 1990s, we had a grave forecast of snow! Everyone went to the grocery to get their stock pile of bread and milk. That seems to be the Alabama way of dealing with unusual weather. And low and behold the snow began to come down.
I went to work at 6 AM that morning and three days later, I was given the OK to go home. We worked around the clock mostly, and were given times to get a couple hours sleeping before we were put back on our trucks and off again. The first night of the storm, we were ordered to go to a downtown hotel and to take 4 hours for sleep and then to get back out. It was about 2 or 3 in the morning, and things were quieting down a bit.
We arrived at the hotel, given our room with one double bed, and told to be back ready by 6. When we arrived, there was limited power in the building, so our first quest was to make our way up the icy stairs to the second floor to our room. Our small bed (I am not a small fellow by the way) was there in the middle of the room and was very inviting. (Sarcasm) Luckily we had our “Mag Light” flashlights and made it to the restroom, and had a gift pack with soap, shampoo, a toothbrush, and toothpaste. The room was almost as cold inside as it was outside. The huge window in the room was leaking in the cold at a good pace.
Our next thing was to get a quick “Hot” shower and get some “shut-eye.” Guess what… no hot water. And of course, no heat! There were two blankets in the room, and several in our Ambulance. So again, down the icy steps and back up with our blankets from the ambulance. A really fun night, a quick nap, and then back on the street.
In Birmingham, ice and snow is a total show stopper, as well as a city stopper. Our average call was probably about five to six miles to get to the patient. It would take sometimes an hour to get there, another hour to get to the patient and get them in the ambulance, and then as much as two hours trip to the hospital, depending on which one we needed use. We had lots of rock salt, and a few of the units had chains… but mainly it was slow going. Another great thing about Birmingham is the hills or mountains I guess may be a better word. Thus, many of the homes were either in valley, or on a hillside. By the time the Ambulance would get as close as we could to the scene, we would then take all our equipment and place it on the stretcher and push it sometimes blocks in order to get to the residence or scene. Many times we would have a fire truck on the scene with five or six fire fighters to assist us to carry everything in and out and then try to roll the cot with a patient on board down driveways and streets that were iced and snowed over.
So, what happened? We got the forecast… and we got the snow… and everyone knew what was happening, but something happened! The answer… “People!”
Ok, here is an illustration of what really happened, and this had nothing to do with the 1% or 2% of the calls that were normal medical emergencies such as heart attacks, strokes, and the like. Why we were so busy all day for three days is because of pure ignorance.
Case in point… a sixty year old gentleman decides to go outside on the snow and ice and take a look around. He puts on his “slippers” and walks outside his back door and does what… slips! Then tries again if he is fortunate enough to do so, and what happens, he slips again! Most of these unfortunate events really caused problems. The snow is soft, but the ice is hard. There were many concussions, and fractures and a few people actually broke their necks and died because of their desire to “get out in it.”
Other brilliant people had to get out and drive around to see the sights! People who had seen very little snow and even less ice on streets and bridges were out playing tag with their cars on the street. Our ambulance came down one hill out in the county and actually twirled around three times before we reached the bottom of the hill… and yes it was lots of fun!
So what about the forecast. My wife is looking forward to having a possible day off from having to go to work. My daughter is thinking that she won’t have to go to school even though she will probably have to make up the day later. And I am worried about how to meet people for appointments! What will we all do?
The Answer… Hopefully we will NOT do something stupid that will interrupt our lives for more than a day. Take the forecast… take the weather… enjoy the change of seasons, but don’t do anything really dumb. You don’t want to find yourself on the “America’s Funniest Home Videos” television show. Nor do you want to want to be on the “Cops” show with all of America laughing at you! Enjoy! Relax! Have Fun!!!
In later years I moved to the Birmingham Area and went to work with an ambulance company there as a paid provider. It was not nearly as much “fun” or as meaningful, but we were able to help lots of people for several years just the same.
One year, we had the typical central Alabama weather forecast that said we were “gonna get snow.” Since I was from south Alabama, I could only remember one time that we got “real snow.” That was in 1971 and late in February. I remember the first night of the blizzard, we decided to move our cars away from near the roadway so that we would not have to worry about people sliding around on the road and hitting our cars. We promptly moved them to the back yard.
My parents owned a small 7 unit motel out in the middle of nowhere… and we were booked full in no time at all. The “No Vacancy” sign did still work, although it had been used very few times over the years. And we had guests from all over. We even invited a few to come in to our living quarters to make room for people who were stranded or feared being stranded. On morning, we had no water, but had over a foot of snow on the ground and drifts that covered all the cars in the drive and parking area. I went out back to see the snow, and saw that there was a solid sheet of white with big mounds of white where our cars were.
A friendly guy in room 8 came down and asked about the water. We told him that we had a deep well (about 360 feet deep) and that the water was frozen. He proceeded to explain to us how we could remedy that problem, and with a 100 watt bulb and a tarp, we had water in just a few minutes. It was a winter to remember forever. (I just wish I could remember other things so well).
So in Birmingham, in the late 1990s, we had a grave forecast of snow! Everyone went to the grocery to get their stock pile of bread and milk. That seems to be the Alabama way of dealing with unusual weather. And low and behold the snow began to come down.
I went to work at 6 AM that morning and three days later, I was given the OK to go home. We worked around the clock mostly, and were given times to get a couple hours sleeping before we were put back on our trucks and off again. The first night of the storm, we were ordered to go to a downtown hotel and to take 4 hours for sleep and then to get back out. It was about 2 or 3 in the morning, and things were quieting down a bit.
We arrived at the hotel, given our room with one double bed, and told to be back ready by 6. When we arrived, there was limited power in the building, so our first quest was to make our way up the icy stairs to the second floor to our room. Our small bed (I am not a small fellow by the way) was there in the middle of the room and was very inviting. (Sarcasm) Luckily we had our “Mag Light” flashlights and made it to the restroom, and had a gift pack with soap, shampoo, a toothbrush, and toothpaste. The room was almost as cold inside as it was outside. The huge window in the room was leaking in the cold at a good pace.
Our next thing was to get a quick “Hot” shower and get some “shut-eye.” Guess what… no hot water. And of course, no heat! There were two blankets in the room, and several in our Ambulance. So again, down the icy steps and back up with our blankets from the ambulance. A really fun night, a quick nap, and then back on the street.
In Birmingham, ice and snow is a total show stopper, as well as a city stopper. Our average call was probably about five to six miles to get to the patient. It would take sometimes an hour to get there, another hour to get to the patient and get them in the ambulance, and then as much as two hours trip to the hospital, depending on which one we needed use. We had lots of rock salt, and a few of the units had chains… but mainly it was slow going. Another great thing about Birmingham is the hills or mountains I guess may be a better word. Thus, many of the homes were either in valley, or on a hillside. By the time the Ambulance would get as close as we could to the scene, we would then take all our equipment and place it on the stretcher and push it sometimes blocks in order to get to the residence or scene. Many times we would have a fire truck on the scene with five or six fire fighters to assist us to carry everything in and out and then try to roll the cot with a patient on board down driveways and streets that were iced and snowed over.
So, what happened? We got the forecast… and we got the snow… and everyone knew what was happening, but something happened! The answer… “People!”
Ok, here is an illustration of what really happened, and this had nothing to do with the 1% or 2% of the calls that were normal medical emergencies such as heart attacks, strokes, and the like. Why we were so busy all day for three days is because of pure ignorance.
Case in point… a sixty year old gentleman decides to go outside on the snow and ice and take a look around. He puts on his “slippers” and walks outside his back door and does what… slips! Then tries again if he is fortunate enough to do so, and what happens, he slips again! Most of these unfortunate events really caused problems. The snow is soft, but the ice is hard. There were many concussions, and fractures and a few people actually broke their necks and died because of their desire to “get out in it.”
Other brilliant people had to get out and drive around to see the sights! People who had seen very little snow and even less ice on streets and bridges were out playing tag with their cars on the street. Our ambulance came down one hill out in the county and actually twirled around three times before we reached the bottom of the hill… and yes it was lots of fun!
So what about the forecast. My wife is looking forward to having a possible day off from having to go to work. My daughter is thinking that she won’t have to go to school even though she will probably have to make up the day later. And I am worried about how to meet people for appointments! What will we all do?
The Answer… Hopefully we will NOT do something stupid that will interrupt our lives for more than a day. Take the forecast… take the weather… enjoy the change of seasons, but don’t do anything really dumb. You don’t want to find yourself on the “America’s Funniest Home Videos” television show. Nor do you want to want to be on the “Cops” show with all of America laughing at you! Enjoy! Relax! Have Fun!!!
Sunday, February 7, 2010
How Much Should I Do???
Many of my clients have asked me over the years… “Should I do this?” or “Will I get my money back if I do this?” Or maybe they will tell me… “I am going to do this… it should raise the value of my home by thousands.”
What is the answer to those great ideas? Is there really and answer? To be honest with you, I don’t know if anyone knows the real answer here. But a few stories from personal examples may bring some light into it.
In 1976, I bought an old home that had been built in 1899. It was a mixture of Victorian and Colonial style… and was absolutely beautiful; or at least it was to me. We had another home to live in, and so I began the long and enduring challenge of “fixing it up.” It had 16 foot ceilings; the windows were about 12 feet tall, a wrap around front porch with huge columns. The supports (I guess it could be called a foundation) were in pretty good condition, but the inside needed a major overhaul. It was not a project to make money so much as to move in and live there “for the rest of my life… ha ha)!
Weekends and nights were the hours of operation, and soon, it began taking shape. I had the Living Room and Dining Room completed… and was about to start on the kitchen… a major undertaking! Along this time, my wife decided that we just HAD to move into it. After much delay, I finally succumbed to her pressure and decided that after the kitchen was finished, we would move in.
It was a disaster. We got moved in and then the work stopped… Each evening, I would have to move everything to work, then put it back… and finally decided to cosmetically cover the rest of the home and sell it. It was too much… and I now hated the home!
The emphasis that I have not made is that of the work itself. When we started the work, we uncovered more work. Each project brought on even more projects. A few bucks here and there became a major undertaking of expensive trials. When all said and done, it was definitely not worth the expense to “Fix up and Sell!”
A friend of mine in Iowa is remodeling his home. He has found major work when trying to remodel or remedy small problems that he has found. Not that this is a bad thing, but it seems to be a never ending problem of details. Almost daily we chat and he has new and better stories to tell me each day.
I have read publications that indicate that if you spend money on your home, you can expect to get about 10% of your expense back on your home. If it is Kitchen remodel or adding a bath, the estimates go up a good deal. But painting, hardwoods, tile, and other amenities that make the home a lot nicer, usually have very little impact on the sales price of your home… although it will definitely make it more sellable.
Most “do it yourselfers” often get stared in a project and don’t have the skills or knowledge to finish it, especially when you find things or uncover things that need to be corrected as you go. Thus brings about an even greater challenge of paying someone to finish or sometimes “Fix” what you have done.
Major repairs such as electrical and or plumbing on older homes can become expensive because they need to be brought up to meet the current code rather than just “fix” them. Again, these items can get really expensive.
My answer? I still don’t have one. If you want to make changes in your home that you know you can do… and want to do them for your own enjoyment, and then do so! If you want to do them to make the home more sellable, then do so! But if you’re trying to raise the value of your home… find out what the market conditions for your neighborhood. See how your home’s “worth” stacks up with the rest of the neighborhood. Then do the research and find out how much it will cost do the things you want to do. If you can justify them, then by all means do so. It’s been my experience over the years though, if your thinking of selling do the least amount of “expense” work that is possible to make it look as good as you can and move it out.
Give me a call if I can help you with your real estate needs... I am only a phone call away... 205 229-3013
What is the answer to those great ideas? Is there really and answer? To be honest with you, I don’t know if anyone knows the real answer here. But a few stories from personal examples may bring some light into it.
In 1976, I bought an old home that had been built in 1899. It was a mixture of Victorian and Colonial style… and was absolutely beautiful; or at least it was to me. We had another home to live in, and so I began the long and enduring challenge of “fixing it up.” It had 16 foot ceilings; the windows were about 12 feet tall, a wrap around front porch with huge columns. The supports (I guess it could be called a foundation) were in pretty good condition, but the inside needed a major overhaul. It was not a project to make money so much as to move in and live there “for the rest of my life… ha ha)!
Weekends and nights were the hours of operation, and soon, it began taking shape. I had the Living Room and Dining Room completed… and was about to start on the kitchen… a major undertaking! Along this time, my wife decided that we just HAD to move into it. After much delay, I finally succumbed to her pressure and decided that after the kitchen was finished, we would move in.
It was a disaster. We got moved in and then the work stopped… Each evening, I would have to move everything to work, then put it back… and finally decided to cosmetically cover the rest of the home and sell it. It was too much… and I now hated the home!
The emphasis that I have not made is that of the work itself. When we started the work, we uncovered more work. Each project brought on even more projects. A few bucks here and there became a major undertaking of expensive trials. When all said and done, it was definitely not worth the expense to “Fix up and Sell!”
A friend of mine in Iowa is remodeling his home. He has found major work when trying to remodel or remedy small problems that he has found. Not that this is a bad thing, but it seems to be a never ending problem of details. Almost daily we chat and he has new and better stories to tell me each day.
I have read publications that indicate that if you spend money on your home, you can expect to get about 10% of your expense back on your home. If it is Kitchen remodel or adding a bath, the estimates go up a good deal. But painting, hardwoods, tile, and other amenities that make the home a lot nicer, usually have very little impact on the sales price of your home… although it will definitely make it more sellable.
Most “do it yourselfers” often get stared in a project and don’t have the skills or knowledge to finish it, especially when you find things or uncover things that need to be corrected as you go. Thus brings about an even greater challenge of paying someone to finish or sometimes “Fix” what you have done.
Major repairs such as electrical and or plumbing on older homes can become expensive because they need to be brought up to meet the current code rather than just “fix” them. Again, these items can get really expensive.
My answer? I still don’t have one. If you want to make changes in your home that you know you can do… and want to do them for your own enjoyment, and then do so! If you want to do them to make the home more sellable, then do so! But if you’re trying to raise the value of your home… find out what the market conditions for your neighborhood. See how your home’s “worth” stacks up with the rest of the neighborhood. Then do the research and find out how much it will cost do the things you want to do. If you can justify them, then by all means do so. It’s been my experience over the years though, if your thinking of selling do the least amount of “expense” work that is possible to make it look as good as you can and move it out.
Give me a call if I can help you with your real estate needs... I am only a phone call away... 205 229-3013
Sunday, January 31, 2010
New Laws for FHA Loans...
It appears that this week we had another turn in the Mortgage Lending industry. Over the last year or so, there have been many changes that have made it extremely hard for many purchasers to buy a home. Most of these changes have come from the "Conventional" mortgages, but the FHA or HUD guidlines had only changed slightly.
Most people that I have talked with don't understand the differences in all the loan programs. Most have thought of FHA as a type of "Lower Class" loan and were somewhat "cautious" about taking the FHA in stead of a Conventional type mortgage. But alas, after explaining the differences, when applicable, the FHA loan would win out. It requires less "Down Payment" and has a lower mortgage insurnace rate than the conventional mortgages do.
Over the past year, many changes in conventional lending have made it extremely hard if not impossible for the standard comsumer. Mortgage insurance is based off your credit score and if you put down less than 10% the mortgage insurance alone could make the payment much more. On top of that, your credit score would have to be much higher in order to get the conventional loan.
HUD says that a buyer can get an FHA loan with a down payment of only 3 & 1/2% if your credit score is 580 or more. If the purchasers credit score is lower than 580, it would require a 10% down payment. Mortgage companies rely on investors to buy their loans, and I don't know of any mortgage companies that have an investor that will buy a loan with a credit score less than 620; thus, the 580 and lower is almost an obsolete rule. There are a few mortgage companies that will give a purchaser a loan with a 580 score, but the interest rate and "origination fee" (a fee that the mortgage companies charge to underwrite most loans) would be higher than normal. This is a vanishing breed of companies as well.
In a conventional loan, mortgage insurance is referred to as PMI or Private Mortgage Insurance. In and FHA loan, it is referred to as MIP or Mortgage Insurance Protection. FHA has 2 types of MIP the first is an upfront fee and the second is an annual fee. FHA uses the up front fees to fund the interest payments that are needed to pay on HUD homes (those homes that have been financed with FHA loans) that have been foreclosed. Typically, when you sell your home financed as an FHA loan, you might qualify to get a portion of this money back. It depends on how many foreclosures there are, and how long you own your home. There is no perfect way to say if you will or won't get any of that money back, but it stands as a possibility.
Another HUD change is that of the amount of mortgage insurance for the loan. The old rules stated that in an FHA loan, the purchaser would have an "up front" fee of 1 & 3/4% of the loan amount. The new rule will raise the up front fees to 2 & 1/4%. This up front fee can and is usually added to the loan amount. As an example... if the purchaser borrowed $100,000, the up front MIP would have been $1,750. The new rule would make that up front fee $2,250.00, adding $500 to the amount of up front fees and adding $500 to the mortgage as well. This $500 would raise the payment an average of only about $3.00 - $4.00 in the monthly payment.
Hud is now considering changing their annual MIP fees as well. The annual fee is divided by 12 and is added to your payment each month as is PMI. In the update that is attatched and dated January 21, 2010, they had not yet determined if they will make a change to this amount or not.
Finally, a change that could make a lot of difference is that of seller consessions. Previously, a seller could contribute up to 6% of the sales price to pay part or all the purchasers portion of "Closing Costs" and Pre-Paids" for the purchaser.
The Closing Costs are the costs that are incurred from taking the mortgage and loan. The fees are varied and costs are different in each situation and for each individual mortgage comapny. These fees are mostly mortgage company generated such as Apraisal, Underwiting Fees, Origniation Fees, and many more. A few of of the closing cost fees that are not driven by the mortgage companies are such as recording the deed and mortgage with the county, getting a survey, having inspections done, and other things that are either necessary or wanted when purchasing a home.
Pre-Paids are the costs that are associated with the loan by setting up an "escrow" account in your loan to have your taxes paid for you each year and also to have your homeowners insurance paid for you each year. In times past, these were not mandatory, but more and more they are. I don't know of any "primary" mortgage that does not require your escrows drawn. Thus, in your monthly payments, 1/12 of the homeowners insurance and 1/12 of the taxes are collected each month. Your taxes are fickle in that some of the taxes are paid in arrears and some are paid up front. The homeowners fees are paid in advance.
To set up an escrow account, the mortgage company will collect up to 3 months of homeowners insurance payments, and 3 months of tax payments at closing. Plus, they will collect for 1 full year of homeowners insurance at closing. A third fee that is collected at closing for your escrow is that of interest. A daily interest fee is collected from the day of closing to the end of the month. Thus, if you close on the 15th of March, there would be 17 days of interest that would be collected at closing. Again, on a loan for $100,000 with an interest rate of 5%, your daily interest would be about $14.00 per day. The mortgage company will then use a computer software program to gauge exactly how much money will be needed in your account and give you an aggregate adjustment and subtract any funds that would have over funded the escrow.
The old rule said that the seller could pay up to 6% of the contract price in the purchasers portion of closing and prepaid costs. The new rule will cut that amount to 3%. The new rule could cause the purchaser to need more money up front; although, in most cases, it will make hardly any differnce. It is uncommon for these costs to run much if any over the 3% rule.
In summary, the FHA loan is still the best way to mortgage your home if your loan amount is within the guidlines of FHA. It is cheaper on up front fees, it is cheaper in mortgage insurnace, and generally it is almost the same in interest rate. Typically the house payment will be lower as well. HUD says that the changes are designed to promote conventional mortgages and to make conventional financing and HUD financing more on an equal level.
Please don't hesitate to give me a call if you have any questions at all... 205 229-3013.
http://su.pr/1yPaPV Click Here to see the HUD statement that was posted.
Most people that I have talked with don't understand the differences in all the loan programs. Most have thought of FHA as a type of "Lower Class" loan and were somewhat "cautious" about taking the FHA in stead of a Conventional type mortgage. But alas, after explaining the differences, when applicable, the FHA loan would win out. It requires less "Down Payment" and has a lower mortgage insurnace rate than the conventional mortgages do.
Over the past year, many changes in conventional lending have made it extremely hard if not impossible for the standard comsumer. Mortgage insurance is based off your credit score and if you put down less than 10% the mortgage insurance alone could make the payment much more. On top of that, your credit score would have to be much higher in order to get the conventional loan.
HUD says that a buyer can get an FHA loan with a down payment of only 3 & 1/2% if your credit score is 580 or more. If the purchasers credit score is lower than 580, it would require a 10% down payment. Mortgage companies rely on investors to buy their loans, and I don't know of any mortgage companies that have an investor that will buy a loan with a credit score less than 620; thus, the 580 and lower is almost an obsolete rule. There are a few mortgage companies that will give a purchaser a loan with a 580 score, but the interest rate and "origination fee" (a fee that the mortgage companies charge to underwrite most loans) would be higher than normal. This is a vanishing breed of companies as well.
In a conventional loan, mortgage insurance is referred to as PMI or Private Mortgage Insurance. In and FHA loan, it is referred to as MIP or Mortgage Insurance Protection. FHA has 2 types of MIP the first is an upfront fee and the second is an annual fee. FHA uses the up front fees to fund the interest payments that are needed to pay on HUD homes (those homes that have been financed with FHA loans) that have been foreclosed. Typically, when you sell your home financed as an FHA loan, you might qualify to get a portion of this money back. It depends on how many foreclosures there are, and how long you own your home. There is no perfect way to say if you will or won't get any of that money back, but it stands as a possibility.
Another HUD change is that of the amount of mortgage insurance for the loan. The old rules stated that in an FHA loan, the purchaser would have an "up front" fee of 1 & 3/4% of the loan amount. The new rule will raise the up front fees to 2 & 1/4%. This up front fee can and is usually added to the loan amount. As an example... if the purchaser borrowed $100,000, the up front MIP would have been $1,750. The new rule would make that up front fee $2,250.00, adding $500 to the amount of up front fees and adding $500 to the mortgage as well. This $500 would raise the payment an average of only about $3.00 - $4.00 in the monthly payment.
Hud is now considering changing their annual MIP fees as well. The annual fee is divided by 12 and is added to your payment each month as is PMI. In the update that is attatched and dated January 21, 2010, they had not yet determined if they will make a change to this amount or not.
Finally, a change that could make a lot of difference is that of seller consessions. Previously, a seller could contribute up to 6% of the sales price to pay part or all the purchasers portion of "Closing Costs" and Pre-Paids" for the purchaser.
The Closing Costs are the costs that are incurred from taking the mortgage and loan. The fees are varied and costs are different in each situation and for each individual mortgage comapny. These fees are mostly mortgage company generated such as Apraisal, Underwiting Fees, Origniation Fees, and many more. A few of of the closing cost fees that are not driven by the mortgage companies are such as recording the deed and mortgage with the county, getting a survey, having inspections done, and other things that are either necessary or wanted when purchasing a home.
Pre-Paids are the costs that are associated with the loan by setting up an "escrow" account in your loan to have your taxes paid for you each year and also to have your homeowners insurance paid for you each year. In times past, these were not mandatory, but more and more they are. I don't know of any "primary" mortgage that does not require your escrows drawn. Thus, in your monthly payments, 1/12 of the homeowners insurance and 1/12 of the taxes are collected each month. Your taxes are fickle in that some of the taxes are paid in arrears and some are paid up front. The homeowners fees are paid in advance.
To set up an escrow account, the mortgage company will collect up to 3 months of homeowners insurance payments, and 3 months of tax payments at closing. Plus, they will collect for 1 full year of homeowners insurance at closing. A third fee that is collected at closing for your escrow is that of interest. A daily interest fee is collected from the day of closing to the end of the month. Thus, if you close on the 15th of March, there would be 17 days of interest that would be collected at closing. Again, on a loan for $100,000 with an interest rate of 5%, your daily interest would be about $14.00 per day. The mortgage company will then use a computer software program to gauge exactly how much money will be needed in your account and give you an aggregate adjustment and subtract any funds that would have over funded the escrow.
The old rule said that the seller could pay up to 6% of the contract price in the purchasers portion of closing and prepaid costs. The new rule will cut that amount to 3%. The new rule could cause the purchaser to need more money up front; although, in most cases, it will make hardly any differnce. It is uncommon for these costs to run much if any over the 3% rule.
In summary, the FHA loan is still the best way to mortgage your home if your loan amount is within the guidlines of FHA. It is cheaper on up front fees, it is cheaper in mortgage insurnace, and generally it is almost the same in interest rate. Typically the house payment will be lower as well. HUD says that the changes are designed to promote conventional mortgages and to make conventional financing and HUD financing more on an equal level.
Please don't hesitate to give me a call if you have any questions at all... 205 229-3013.
http://su.pr/1yPaPV Click Here to see the HUD statement that was posted.
Sunday, January 24, 2010
Musings on a Sunday Morning
In LA (that is Lower Alabama for all who don't live in the Deep South) life doesn't move too fast. But on a Sunday Morning, things slow way down! I guess it's in our natural Southern Heritage to love it that way! So getting up early this morning to make that early appointment was especially hard.
To top off the Sunday morning madness, it was raining "cats and dogs" (another phrase that is used meaning a real downpour). I had looked at the forecast on Saturday and knew what was in store... had even called the early morning client to be sure that they still wanted to peruse the homes selected. It was a unanimous YES!
So let the madness begin... up before light, hit the scales (for another blog someday... another daily drudgery while trying to lose weight), then finally to the shower to awaken myself! After a good cleasning of cobwebs in the brain and body, I find my way to the toothbrush and razor. Now, I am ready to get out and get soaked in the windy cold rain!
Breakfast is next (if you can call what i am eating on my diet real breakfast) and then finally settling down to check the email and daily MLS postings and AHA! A new found client that has been perusing my website has been promted to finally ask questions about a home. What great joy to come on such a dreadful day! On to Facebook, and all my friends seem to be living better than usual lives.
Just as the day was seemingly getting better and better, the phone buzzes in a text message. Just as I had thought... "The weather is bad, and we need to postphone our outing to search for a home today." Now that is just "peachy" (another Southern idiom that means that life is absolutely fabulous). My schizophrenia is now working overtime... am I sad or happy? Best bet is that I am absolutely happy that I don't have to get out in the wet world quite so early, but am sad that I am up on this lazy Sunday morning!
Such is life. The mixture of sweet perfume and pungent odors! The happiness of having a client who is wanting to buy a home, and the sadness of having to be prepared to meet the daily duty to do so. The graciousness of a cool drink of water on a parching hot August day, but the cold stinging of a wind forced rain on a January morning! All in all, life is great! As the song says... "What a wonderful world" we live in; too much to be thankful for to become a person who dwells on the negativiy of the what can happen to you. Someone wrote a simple thing once, and I regret that I can not remember who.... "we wake up in the morning and make a choice... today I may choose to be happy or sad... to be negative or positive... to be helpful or hurtful...
Today I choose to be Thankful to a great and gracious God who has blessed me and my family with rich rewards even now! I choose to be positive and helpful and happy!!! Today will bring forth Great Things!!!
Thanks for reading my blog...
To top off the Sunday morning madness, it was raining "cats and dogs" (another phrase that is used meaning a real downpour). I had looked at the forecast on Saturday and knew what was in store... had even called the early morning client to be sure that they still wanted to peruse the homes selected. It was a unanimous YES!
So let the madness begin... up before light, hit the scales (for another blog someday... another daily drudgery while trying to lose weight), then finally to the shower to awaken myself! After a good cleasning of cobwebs in the brain and body, I find my way to the toothbrush and razor. Now, I am ready to get out and get soaked in the windy cold rain!
Breakfast is next (if you can call what i am eating on my diet real breakfast) and then finally settling down to check the email and daily MLS postings and AHA! A new found client that has been perusing my website has been promted to finally ask questions about a home. What great joy to come on such a dreadful day! On to Facebook, and all my friends seem to be living better than usual lives.
Just as the day was seemingly getting better and better, the phone buzzes in a text message. Just as I had thought... "The weather is bad, and we need to postphone our outing to search for a home today." Now that is just "peachy" (another Southern idiom that means that life is absolutely fabulous). My schizophrenia is now working overtime... am I sad or happy? Best bet is that I am absolutely happy that I don't have to get out in the wet world quite so early, but am sad that I am up on this lazy Sunday morning!
Such is life. The mixture of sweet perfume and pungent odors! The happiness of having a client who is wanting to buy a home, and the sadness of having to be prepared to meet the daily duty to do so. The graciousness of a cool drink of water on a parching hot August day, but the cold stinging of a wind forced rain on a January morning! All in all, life is great! As the song says... "What a wonderful world" we live in; too much to be thankful for to become a person who dwells on the negativiy of the what can happen to you. Someone wrote a simple thing once, and I regret that I can not remember who.... "we wake up in the morning and make a choice... today I may choose to be happy or sad... to be negative or positive... to be helpful or hurtful...
Today I choose to be Thankful to a great and gracious God who has blessed me and my family with rich rewards even now! I choose to be positive and helpful and happy!!! Today will bring forth Great Things!!!
Thanks for reading my blog...
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