1099 Employee, Independent Contractor and Self Employed Loan Information

Wanting to buy a home?  You need to think about your employment and what kind of employee you are.  Then think about how much you’ve made vs your out pay.  Many people don’t know or understand how lending requirements have really changed and have become a night mare.  From just a resent experience not all loan originators don’t or can’t explain the procedures.  Especially companies who hire representatives to handle client information and obtain under writer requests.  They don’t have that loan experience or just real estate buying procedure experience in general.  They can’t explain or for see something that they’ve never experienced.

Your always learning new things in real estate.  We try to keep up to date but, sometimes we just learn as we go.  Because, there is always something new and something changing.  For example, a VA application asks if your an independent contractor or self employed.  With many new companies emerging and hiring employees.  That question may not be so clear anymore.  A client of mine works for an internet company and even though her pay is set the company doesn’t take out taxes.  Therefore, she is a 1099 employee.  Independent contractors receive a 1099 form at the end of the year as well.  This over sight cost these first time home buyers money that could have been avoided.  Appraisal cost and inspections.  It also, put a horrible strain on the sellers who had moved.

Why?  Anytime your an independent contractor or self employed lenders want and look for two years of tax returns. That isn’t so simple either.  You need to keep in mind of the deductions you use.  We love those deductions around tax time.  They exist and we want to take advantage of them.  However, if you want to buy a house let your CPA know.  Because, to many deductions will decrease your earnings and raise your debt ratio.

When you have done your due diligence tax wise for two years and apply for a loan.  A reputable lender will want to analyze your loan thoroughly and send it through under writing before your pre approved.  This is good.  It’ll save you time, stress and money in the long run.

My suggestion is to stay local with an office when it comes to applying for home loan.  Meeting face to face is a lot more informative initially for you and them.

~Flora Qualls

Perception

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That’s the word for today.  You market something to one group of buyers and they think the price is high, but you market to another group of buyers and they think it’s a great deal.  People’s perceptions is what sells your product.  You know that the price is good, but some people won’t see it.  So, you need to look for the uniqueness and the niche.  Find what’s good about the product and market that goodness.  It’s strange.  I know.  I see it everyday and it still baffles me.

Link

Edmond, Oklahoma market data February 2014

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Edmond, Oklahoma market data February 2014

Market Summary

There are currently 107 properties in Edmond, OK that are in some stage of foreclosure (default, auction or bank owned) while the number of homes listed for sale on RealtyTrac is 739.

In December, the number of properties that received a foreclosure filing in Edmond, OK was 45% lower than the previous month and 49% lower than the same time last year.

Home sales for November 2013 were down 8% compared with the previous month, and down 14% compared with a year ago. The median sales price of a non-distressed home was $190,000. The median sales price of a foreclosure home was $130,000, or 32% lower than non-distressed home sales.

 
-Flora Qualls
Owner/Broker
RealOK
Edmond, Oklahoma
405-361-3098

The Best Overcoming Objection I’ve heard

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A Search Engine Optimization company wants me to hear about how well they will place my website organically on the first page of an internet search.  I really didn’t want to listen or go through the selling pitch or spill, but  they won’t tell you the bottom line a the beginning of a conversation. 

So, I listened for 30 or more minutes.  Answering their questions with a simple yes or no and at some point surfing the internet while listening for key phrases and points that may be important.

When all the while I just want to know “how much?”

We get to the end I hear the price.  I tell him that I think their starting point would be sufficient enough, but the price is too high.

He clears his throat and I hear a little bit of disbelief in his voice and he then proceeds to say

So what your saying is that if you had enough confidence  to build your business, then you’d be interested.

“Huh, no.  If I wanted to pay you an exorbitant fee for six months then I’d be interested.”  Click

Apparently making you feel inadequate is the new sales strategy these days.

 

Sustainable or Sustainable Development-What is it?

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This was taken from an e-newsletter that receive from Mark Sharpton, who’s a county commissioner for Logan County in Oklahoma District 1.

As a county commissioner I am often in regional planning meetings
where I continually hear the word “sustainable” or “sustainable
development.” If you begin to pay attention, you will hear it too, or
read it in news articles and reports generated by government planning
entities. What does the word mean and why is it used so frequently? It
sounds good, but is it? In an effort to educate myself on the subject,
I attended a conference in Tulsa to hear Rosa Koire, a recognized
spokesperson on the topic. I found what she had to say troubling. Here
is some of what she said and encouraged us to share with others….

“Sustainable Development was created and defined by the United Nations
in 1987, and the action plan to implement it was signed onto in 1992
by President Bush and 178 other nations. It was called Agenda 21, the
Agenda for the 21st century. Considered unsustainable under this plan
are middle class lifestyles, single family homes, private vehicles,
meat-eating, air conditioning, appliances, dams and farming.

President Clinton began to implement it in the US in 1993 by giving
the American Planning Association a multi-million dollar grant to
write a land use legislative blueprint for every municipality in the
US. It is called the “Growing Smart Legislative Guidebook with Model
Statutes for Planning and the Management of Change.” This was
completed in 2002 and is being used to train planners in universities,
colleges and government planning offices throughout the nation.
“Growing Smart” is sometimes referred to as Smart Growth.

“Growing Smart” is in planning departments and its principles are in
city and regional plans right now. In addition, there is “The Local
Agenda 21 Planning Guide” put out by the United Nations and the
International Council for Local Environmental Initiatives (ICLEI).
Urban areas are being consolidated and rural areas emptied of people
through restrictive land use policies, gasoline costs, loss of rural
road maintenance, closure of rural schools, closure of rural post
offices, water well monitoring, smart meters and regionalization
pressures. “Smart Growth” is not just the preferred building style for
UN Agenda 21/Sustainable Development; it is the ideology. Moving
people into centralized urban areas in high density housing creates
the perfect opportunity for domestic surveillance. This ideology is
being used as the justification to radically change every city in the
US and to impose regulations dictated by unelected regional boards and
commissions. It is remaking government. This affects private property
rights and extends to every facet of our lives: education, energy,
food, housing and transportation.”

As a county commissioner, I can assure you that I have seen efforts
underway to implement “sustainability.” It is occurring at various
levels of government. On Friday, May 24, 9:30 am to 4:00 pm, Kevin St.
Jacques, part of the National Complete Streets Speakers Bureau will be
in Guthrie to present a workshop which I believe is related to this
issue. A public form is scheduled the same day at 6:00 pm at Guthrie
City Hall Council Chambers. Specific information about this event is
posted at www.commissiondistrict1.com.  Additional information about
“sustainability” is available at http://americanpolicy.org/agenda21/.

If I Was The Queen Of Real Estate

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English: Manufactured home built and ready for...

English: Manufactured home built and ready for shipment to your site (Photo credit: Wikipedia)

If I was the queen of real estate I would require all mobile/manufactured home sellers to disclose what type of foundation they have.  This would keep a lot of buyers from wasting time and money on whether or not a lender will actually loan on the manufactured home.

Mobile/manufactured homes are a big question mark to lenders and they don’t like loaning money to people to buy them. However, if the foundation is set according to HUD regulations along with age verification of the home, it could qualify for a USDA, FHA and or VA loan types.

How do you find out?  The seller would know and if they truly don’t know then it’s up to the buyer to pay a structural engineer to inspect the foundation to let them know.  How frustrating is that?

Seriously, the seller would know.  I say if they don’t, Walk away.  unless you have a good friend or relative who’s a structural engineer who will check it out for you.

Lessons Learned

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What was the one experience that completely changed your life? What happened? How did it change your life?

I was only 30 years old when My first husband passed away from a brain tumor.  My son was 11 months old. The responsibility to take care of my husband and my son was overwhelming, but manageable. Or at least I thought it was.

We dealt with all kinds of doctors an specialists.  When I look back at that experience I remember that we were told to do and to do that and that is what we did.  I had never been in a situation where I was a care giver to someone who was terminally ill. 

When I look at the experience now, I think I am not believing anything doctors tell me. I realize that we have choices but,  that only through experience will we learn that.

We experience and learn.  We live and learn.  So when someone offers advise with something that your going through, they may know something that you don’t.  The advise could be helpful.

I wouldn’t change the experience for anything. It taught me a lot. I don’t regret or resent anyone or anything.  I’m still learning. Through mistakes and experience, I learn.

 

HUD announces changes to FHA

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HUD Announces Changes to FHA
On January 30, 2013, the Federal Housing Administration’s (FHA) Commissioner Carol Galante announced a series of changes to be issued this week that manage risk and further strengthen the heath of FHA’s Mutual Mortgage Insurance Fund (MMI Fund). Highlights of some of these changes are below. For more information, click here.Consolidation of the Standard Fixed-Rate Home Equity Conversion Mortgage (HECM) and Saver Fixed Rate HECM pricing options.
The annual mortgage insurance premium (MIP) for most new mortgages will increase by 10 basis points, or by 0.10 percent.  Premiums on jumbo mortgages ($625,000 or larger) will increase by 5 basis points, or 0.05 percent.  These premium increases exclude certain streamline refinance transactions.
FHA will require most FHA borrowers to continue paying annual premiums for the life of their mortgage loan.
Downpayment requirements for mortgages with original principle balances above $625,500 will be raised from 3.5% to 5%.  

OKC Foreclosure Rates Up

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Real estate notes | NewsOK.com.

OKC foreclosure rates up:

Foreclosure rates in the Oklahoma City area increased in September compared with September 2011, according to Santa Ana, Calif.-based CoreLogic. Data shows the rate of foreclosures among outstanding mortgage loans was 2.44 percent, compared with 2.19 percent the same month the year before. Foreclosure activity in Oklahoma City was lower than the national rate, which was 3.25 percent in September.

Mortgage arranged for:

 

Dallas-based Metropolitan Capital Advisors has arranged a $63-million permanent fixed-rate mortgage for the new Boeing Corp. regional headquarters, 6001 S Air Depot Blvd. The non-recourse loan represented a 70-percent loan to value. Senior directors Todd McNeill and Sunny Sajnani arranged 10-year financing at a fixed interest rate of 4.85 percent. The deal has one year of interest-only payments and 30-year amortization.

 

photo - A ceremony is held June 7 for the opening of Boeing’s newest office building. Photo by STEVE SISNEY,  THE OKLAHOMAN ARCHIVES

Proceeds were used to retire debt, fund tenant improvements, fund closing costs and provide equity to the sponsor. Oklahoma City’s Gardner Tanenbaum Group designed and built the Boeing properties, a four-story building in 2007 and a larger six-story building that opened in June to accommodate many of Boeing’s workers being relocated from the West Coast and Kansas.
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