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More on AITD's
Seller, Have you Thought About a AITD?
It is happening in Victorville and Hesperia.
It will be coming to Phelan, Apple Valley and the whole high desert. This is the return of the 80's financing.
Yes, in this market, there are alternative ways to creatively sell your home. For those of us who have been in the industry long enough and remember the high rates of the 1980's. Do you remember the Carter years? 18% interest on home loans. Now houses were still sold but buyers used seller financing when the seller owned the property. What did they do when the seller didn't own the property? That's where an AITD comes in. That is an All Inclusive Trust Deed. Simply put an AITD note and deed of trust is a junior financing method which included at least three things: 1) the obligation created in the current transaction, 2) the debts (current financing) of prior note(s) 3) The deed of trust securing the subject property.
If agreed to in the following manner that means that the current note and the AITD are the same amount. A mirror of each other. It is very important when in the future an order for full re-conveyance from a beneficiary is needed but that entity has absolutely no money interest at stake. That being the case that person or entity may refuse to cooperate or the real nightmare be impossible to be found.
If you perform an AITD to acquire a property. You are using the Financing which has been acquired by the current owner. Although not illegal ( except in VA or FHA gov loans- do not AITD them again do not!!! you will get into trouble. you will go to jail or worse.) the bank often reserves the right to enact the Due on Sale clause. The Due on Sale Clause (read the wording in the loan documents) usually means the bank has the right to call the full amount of the loan due now. If you have any qualms about this type of financing- don't do it.
Last idea. Get your own fire/hazard insurance for the property. And do not cancel the current insurance of the persons named in the bank loan. Yes you will carry two policies on the property. Why? Because the policy that the persons named in the bank loan carry is owner occupied insurance. Your policy must reflect what you are doing with the home. Are you renting? Are you Owner Occupied? You get the idea and sequence.
Thanks for reading
Val Exit Desert Ocean Realty
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Thanks for reading.
RE Podcast Recommendations?
Have you listened to any of the free podcasts offered on iTunes?
I recently received an 8 gig ipod. I listened to music and life motivation/inspiration stuff. Then I discovered Ted Kopel and five free pod-casts on America. Then I laughed and thought and cried to the series supported by your sleep number Lake Wobegon with Garrison Keeler(sp). So I typed in the words "Real Estate" and lo and behold, real estate financing, investments, Re-max down loads, Sales info , stuff for being current. I would say the choice was close to 34 different authors/formates all of which I have never heard of. Now itunes is kind enough to show a popularity rating along side the selections, yet that does not give an indication of quality, relevancy- not that I am complaining because it is free.
But Beyond Free. Any recommendations from sites or author you know? I am more than curious. I am practically addicted to my IPOD.
Thanks for reading and responding
Val Rensink Exit Desert Ocean Realty Victor-ville.
World Vision Rocks the world of Children, you can too.
Lowering the Price, and Commission
Just a short one, I have a listing. In this area a 1953 year home is not the most enviable listing. They are moving out of state and need to sell. So for the first time in taking a price reduction, (I have taken many) I had one that was $40,000 in one fell stroke. Wow. My head is spinning and now to see if I can sell it.
Oh yes, I did something that I usually don't do. I lowered my commission from 3 to 2 percent. My excuse?
They are friends, and I will put my clients first even when it costs me.
Thanks for reading
Val Exit Desert Ocean Realty
My Son Daniel supports World Vision
| Company history Tell visitors about your company's history, including location, ownership, personal experiences, and other information that will help people remember you. Keep this information brief but informative. Pool Magic or Money Pit
I Own the American Dream. A Beautifull pool home. My Wife Marcia said, "Val, this is it." We imagined weekends of fun pool parties, evening swims under starry skies. But I should have looked at the high cost of owning a pool. So....
Right now I am looking at six guys, equipment and a pool that will be like NEW in 4 hours.
I have talked with my fellow Realtors at Exit Desert Ocean Realty about Pools. We have one Realtor who likes to focus on Pool Homes. So In the Victorville, Apple Valley area- the high desert, How important is a pool and the value of the pool in real estate?
I believe I got a fair deal from Blue Horizon Pools. Danny asked me for my business over six months ago. We signed contracts in February and we are finishing up the plaster today. Of course there is the completion of the job with mastic around the pool and getting the pool up and running.
Yes, I added color. Light Blue. Yes, I have tile that needed replacement and cleaning. Yes I have a spa. Yes, I bought this home with a pool for my youngest son. He loves to swim and can't wait. Yes my wife is a first grade school teacher who will have 20 students and parents over in one week because all of her students participated in Accelerated Reader. So Yes a pool, a newer looking pool.
Cost? The quote was just under $6000.
So I talked with an appraiser. How much will this increase the value of my home? Answer: not one penny. It might, if you were selling your home, encourage the sale. But putting $6000 into the pool will not increase the value of the home.
Just as a side note, the pool the way it was would probably add about $6000 to the value. But I can't add 6 and 6 and make 12.
In this case 6 plus 6 makes 6. I think that is new math.
Thanks for reading. Don't Take yourself so seriously
Val Exit Desert Ocean Realty. www.myexithome. www.poolcenter.com
www.exitdesertocean.com
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Watch out for Seller Financing and the All Inclusive Trust Deed or Wraps.
Seller finance takes many forms--- one that is coming back is All inclusive Trust Deed, Wrap Around Deed. These are forms of Seller Financing. So many terms. But to the point Seller Financing in this market is very important and powerful. So I would like to write about Being a WRAPPER!. But First don't do this if you have any questions or hesitations about it. This article is not about why you should be a wrapper.
Why should you use and when should you use an All inclusive Trust Deed(? which commonly is often known as a Wrap Around Deed.) With the creative mortgages of the last few years having disappeared into the thin air. It is easy to predict that AITD's will resurface and be used widely.
What is an All Inclusive Trust Deed? It is like a grant deed which conveys the ownership of real estate from one person to another. It is junior or subordinate to other liens of record. It could be a Mirror AITD which means the aitd matches the numbers of the financing exactly.
What are the sellers responsiblefor? 1) responsible for any call on the note- acceleration- enacting of the due on sale clause. 2) responsible for payments, even when a collection (third party intermediary) is set up. 3) Responsible for prepayment penalties, Rate adjustments, balloon etc if any on the loan- therefore read the loan documents very carefully. 4) Responsible for any due date of the underlying loan wherein they fall due prior to the due date of the wrap.
What are the buyers responsibilities? 1 Maintain property within the guidelines of the agreement. If you cannot change the building on the property under the provisions of the wrap-then you can't. However, if you have purchased this property and disclosured you intention of higher and better use- then you can. 2) Pay insurance- additional to the insurance carried by the person named on the loan. Since you own the property, your insurance should cover the issue of fire or other applicable distruction. 3) Pay taxes, if these are set up in a impound account and included with the payment fine. 4) Make payments on time as directed by beneficiary(seller)- It is a good idea to have a third party make the payment notifying both seller and buyer that the same has been sent in a timely manner.
What are the Potention Hazards or Problems?: First) the Due on sale provisions- allowed by the contract there is a might/may enact the due on sale clause. The lender does not have to enact them. However the acceleration clause of the contract gives the Lender the right to call the full amount of the remaining part of the loan due with in thirty days. Acceleration is a demand payment of the total outstanding balance and is closely related to the idea of alienation clause because the property have 2) Interest rates higher on the underlying loan.- it is typical to charge a point additional on the wrap as profit to the seller. 3) Prepayment penalties, Balloon payments, Additional principal pay-downs and/or adjustable rates on underlying loans 4) No payments are made through escrow!! 5) Make sure insurance stays in the sellers name and get your own insurance to cover in the case of disaster. Then it is your policy that is affected since you are the owner of the property. 6) Seller does not make the underlying payments and forgets to tell you and the property goes into foreclosure and you are not aware of it. 7) Tax impounds
How do you put some safeguards into this situation? First REQUEST for Notice of Default for ALL Loans both the underlying and the wrap itself for benefit of both the buyer/borrower and the seller/beneficiary. 2) put together a collection account for payments. Due on Sale clauses are not normally built into most AITD and Deeds of Trust. Do not presume that one does or does not belong. Ask questions and get instructions as to whether or not the parties agree to a Due-on-sale provision.
Now to the part we all want--- What are the Advantages to both the buyer and the sellen in the use of the All inclusive financing??
Look for my next article on that. If you have read this far you are a hero and a star
I will be using this approach to making more deal in the High desert, and most recently I am looking to do this in the city of Hesperia.
Val Rensink Exit Desert Ocean Realty ExitDOR.
| Customer testimonials What do your customers have to say? Consider using some space to tell the story of the business through your customers' voices. Their word is more powerful than anything you can say for yourself. Iowa, Northwest Corner, Orange City and area
Are you From this part of the country? I would like to know what is going on.
How is real estate. is the price of an acre about $2500 or closer to $4000. How have the Crops Been?
How is the Water? Anything else , Drop me a note.
DO you Ever do tax sales or liens. Do you buy them?
Do you rent?
I lived in northwest Iowa between 1972-1976. Talk to me give me some news. Thanks
Val At Exit Desert Ocean In Victorville California.
Reach 10,000 kids through world Vision
SpotLight On Cheryl Ballestracci Let Me introduce you To Cheryl Ballestracci. First, A Year for a Day should be the theme. How do you made a Day memorable to outside Businesses and Entrepreneur's? She is a Woman with a drive. She serves consistently and with a tireless reserve of determination. She has a way of speaking that attracts the attention of those around her. In her own way she is fearless. She stepped into the role of President of High Desert Opportunity 2007. A major organization event for broadcasting the Opportunity of the High Desert. As the president of the 26th annual HDO event she took the position and opportunity very seriously. Her preparation came from many different aspects of her life, however in the recent past she served at chairperson of the Exhibit Booths. It takes a gifted person to pull together the high octane talents that are pulled into making the 2007 HDO a Success. Her oversight covered such items as chairing the many meeting, concerns and direction for the Opportunity Theater, a full Schedule of events, photo shots with exhibitors and leading speakers for the day. Then cast an eye in the direction of the Brokers Bus Tour, and the experts in areas of Demographics, Labor, Education, Transportation. Along with the many duties of HDO that she gave her time and energy, Cheryl also spends her career time in investing. She believes in looking for the Highest and Best use of a property. She believes in creating and enhancing equity. She believes in doing what ever she touches with a thoroughness that would make most of us blush. She is a Realtor with the Keller Williams Realty Victor Valley Market Center under the leadership of Broker Brad Bodell, Operating Principal, Cindy Bostick, Team Leader. Well there is always much more that could be said. Thanks For reading. Val Exit Desert Ocean Realty |
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