Century 21 Presents: The Path Home

SHORT SALE - you're hearing it a lot but what is it?

Real Estate 411 – What is a Short Sale?

What you need to know about a Short Sale

#1 A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the current debtor. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers.

#2 Before you eagerly climb aboard the short sale bandwagon, consider these four statements that determine whether you may qualify for a short sale. If you cannot answer TRUE to all four statements, you may not qualify for a short sale.

· The home’s market value has dropped.

· The mortgage is in or near default status.

· The seller has fallen on hard times.

· The seller has no assets.

#3 The seller must submit a letter of hardship that explains why the seller can not pay the difference due upon sale, including why the seller has or will stop making the monthly payments. Examples of hardship are: unemployment, divorce, medical emergency / sudden illness, bankruptcy, and death

The hardship letter is the beginning of the financial documents process in a short sale package. The items you attach to that letter will ultimately have a great deal of influence on the decision of the lender about whether to approve a short sale or not, and for the amount of the offer they'll accept.

Whether you're the borrower, a real estate agent, or an investor trying to purchase the home in a short sale, everyone involved should be concerned about providing all the documentation that will sway the decision of the lender.

· Financial statements

· Pay stubs

· Bank statements

· Hospital bills

· Divorce decrees

· Credit reports

· Tax returns

It's a game of adding up numbers to show that the borrower is in an impossible situation leading to foreclosure or bankruptcy. It's the opposite of the process to get a loan. Then you're trying to prove you don't need it and that you're prosperous. Now the goal is to prove a hopeless payment situation.

#4 A short sale is dependent on a buyer making an offer to purchase. If you do not receive an offer, you will not qualify for a short sale. So even if you meet all the other criteria, it is possible that no one will buy the short sale. It is also dependent on the lender accepting the buyer's offer. If the lender rejects the offer, a short sale will not take place.

#5 There are tax consequences to a Short Sale. If the lender agrees to the short sale, the lender may possess the right to issue you a 1099 for the shorted difference, due to a provision in the IRS code about debt forgiveness. Many situations are exempt from debt forgiveness, according to the Mortgage Forgiveness Debt Relief Act of 2007. You should speak to a real estate lawyer and a tax accountant to determine the amount of short sale tax consequences, and whether you can afford to pay those taxes, if any.

Contact your CENTURY 21 Judge Fite Real Estate Associate to get started with your real estate transaction.

Call 800-451-8055, or email 411@judgfite.com.

Real Estate 411 Video: What is a Short Sale?

Jim Fite, President of CENTURY 21 Judge Fite Company in Dallas, Texas talks about the "Short Sale" - what it is and what it means to the homeowner. For more information on buying and selling real estate visit www.CENTURY21JudgeFite.com, or call 800-451-8055.

CENTURY 21 Judge Fite Company Presents Legal and Ethics MCE Classes

CENTURY 21 Judge Fite Company is pleased to be providing FREE Legal Update and Ethics classes to C21JFC agents in 2010 through our Real Estate Career Training Division.

Details:
- Classes have limited seating. Please RSVP to reserve your seat.
- Classes may be made available as a cost of $25 per class to agents outside of CENTURY 21 Judge Fite Company.
- The morning class will be the Legal Update and begins promptly at 9 a.m. and continues until 12 p.m.
- The afternoon class will be the Ethics class and begins promptly at 1 p.m. and continues until 4 p.m.

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Upcoming Classes:

February 5, 2010: Gerald Crow, Instructor
CENTURY 21 Judge Fite Company, Frisco at The Shops at Starwood
6959 Lebanon Road, Suite 201, Frisco, TX 75045
972-596-5574

February 18, 2010: Pete Geisler, Instructor
CENTURY 21 Judge Fite Company, Mesquite
2601 Gus Thomasson, Suite 300, Mesquite, TX 75150
972-270-2100

March 4, 2010: Richard Long, Instructor
CENTURY 21 Judge Fite Company, Weatherford
1105 Santa Fe Drive, Suite 107, Weatherford, TX 76086
817-596-9446

March 26, 2010: Jan Fite Miller, Instructor
CENTURY 21 Judge Fite Company, Waxahachie
507 North Highway 77, Suite 210, Waxahachie, TX 75165
972-938-3636

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Questions?
Contact Bill Steddum
817-842-1243
BillSteddum@JudgeFite.com

Sign Up Now via email at Training@JudgeFite.com

Real Estate 411: Why buy or sell real estate NOW?

These 3 Market Conditions make this a successful environment to buy or sell real estate NOW:

#1 The Extended Homebuyer’s Tax Credit is available for first-time homebuyers (up to $8,000) as well as existing homeowners (up to $6,500). The tax credit expires on June 30, 2010, so NOW is the time to find your dream home and get it under contract (by April 30, 2010).

#2 Mortgage rates are at an all time low, but they won’t stay that way long. Since the Wall Street financial panic, mortgage rates have stayed low, but Freddie Mac announced recently that they will go up. It could cost you if you wait, nail down your financing NOW while rates are still low.

#3 Home prices are up nationwide by six tenths of a percent. Experts predict continued growth so NOW is the time to take advantage of the lower prices.

Contact your CENTURY 21 Judge Fite Real Estate Associate to get started with your real estate transaction. Call 800-451-8055, or email 411@judgfite.com.

A Legacy of Service

When real estate pioneer Judge B. Fite founded his real estate, mortgage and insurance company in 1937, he launched a tradition that spans over 73 years of service and commitment to the Dallas/Ft. Worth Metroplex. Throughout its rich history of growth, expansion, mergers and acquisitions, the Judge Fite Company has remained consistently true to its founding ideals. Today, at the helm of the company are Judge Fite’s children, Jim Fite, President, and Jan Fite Miller, Executive Vice President, both who are equally committed to the legacy of service and integrity that was established 73 years ago by Dene and Judge Fite.

Jan Fite Miller has been compelled to leave her mark on the industry and to support and encourage higher ethical standards in every real estate transaction since she first joined the company in 1969. From the marketing of the property to closing the loan, Jan will insist on the proper handling of every aspect of the real estate transaction from the company’s many associates as well as its partners. This is part of the edge that CENTURY 21 Judge Fite offers its clients and the communities it serves. “We train our associates to carefully perform their duties being fair and honest with all parties, giving full disclosure of all pertinent facts, and strict adherence to agency guidelines. It is in this manner that I work to maintain a continual improvement of professional standards in the real estate industry.”

Serving as the spokesperson for CENTURY 21 Judge Fite Company since 1977, Jim Fite has seen his father’s company grow from one office with eight associates to a diversified firm of 21 offices and more than 800 associates and staff. Like his sister, Jim Fite is passionate about his responsibility to not only his clients, but the real estate industry as a whole. His high profile in professional leadership through the years has held his company in good standing by providing
an opportunity to develop leaders and successful systems during some of real estate’s toughest times. Still, his motivation comes from serving people.

“What wakes me up every morning and gets me going is the responsibility to the thousands of people who depend on us to provide an environment for them to flourish and succeed”, states Fite. “And not just the people who are part of our organization, but the individuals in our industry – from the buyer’s agent to the escrow officer; the appraiser to the mortgage counselor, I want to make a difference. Judge Fite has the opportunity to be a catalyst for success at the center of every real estate transaction we are a part of, and I don’t take that lightly.”

With an unparalleled commitment to heart-driven service, this first family of DFW real estate has continued to thrive and expand when many others failed, and continued in its tireless dedication to serve the Metroplex real estate market with new products, technology, and services. The success attitude of its leadership, shored up by unmatched business acumen, has propelled CENTURY 21 Judge Fite to continue broadening its horizons, both geographically and with the kinds of products and services it incorporates to meet the needs of a continually changing marketplace.

http://www.century21judgefite.com/

Working with Mobile Real Estate Technology

Going online for real estate information is a fun and new way to go house hunting and locate information about neighborhoods, school, parks, communities…and more! Just imagine putting that information into the palm of your hands via your BlackBerry, iPhone or other “smart” phone? It’s possible now with the new mobile technologies that are available in the real estate market.

The purpose of all these gadgets, when it comes to real estate, is to provide the customer with streamlined information so that you can make a more informed decision. It also enables your real estate agent to provide you with almost immediate service and answers to questions, before and throughout the transaction. Here are a few helpful hints to get you started using mobile technology.

• Buy the perfect phone – choose the phone that has all the options you want and more
• Get connected – make sure your mobile service has a broad network with GPS
• Learn to text – subscribe to a generous “texting” package with your mobile network provider
• Visit iTunes.com to browse, purchase and download real estate applications from the “Apps” store
• Set up accounts for your real estate apps so you can easily log in, browse homes, save them, and make notations
• Trulia’s iPhone app is a great real estate application where you will quickly learn how to “house hunt” using your iPhone

When you are ready to buy or sell your property, engage a mobile real estate agent who is connected through a lead router service and will be able to receive your online inquiries and emails instantly and respond with the answers you need!

How do I use the new real estate mobile apps?

Real Estate 411 – The MOBILE Real Estate Agent

Mobile technology enters the real estate market to make house hunting convenient and put the information in the palm of your hand!

With the rise of the second smartphone generation (iPhone, Android, and BB touch screen), people are using their mobile phones in completely new ways. The most significant trend is the usage of mobile applications or “apps”, led by the game changing iTunes App Store. Applications are easy to find and download to mobile device, making the user experience both rewarding and entertaining. With the availability of real estate apps, consumers now have access to property information in the palm of their hand and know where to find homes in an area they want to be in.

Fact: With GPS available on your cell phone, you can navigate applications to search for a home in your location, view photos and details of the property, and contact an agent or an office.

Fact: Through mobile lead routing technology, the mobile real estate agent can receive your inquiry about a property within minutes and respond. You will soon be touring the home of your dreams. Mobile real estate technology also has the power to push your listings out across multiple mobile apps to be seen by thousands of potential homebuyers.

Fact: Using a mobile application is better than browsing the mobile web. It is much faster! It takes only one second to launch a mobile application versus up to several minutes for a mobile web in a bad reception area. Your smartphone goes with you wherever you go and can get reception where your mobile web cannot. You can even house-hunt when you are sitting at a football game!

Contact your CENTURY 21 Judge Fite Company MOBILE real estate agent today! Call 800-451-8055, or email 411@judgfite.com.

Insurance and the Internet

We hear the statistics all the time. “9 out of 10 homebuyers start on the Internet.” “75% of Americans use the Internet.” While these statistics are true, a vast majority of these “internet shoppers” end up working with a licensed real estate agent at some point during the process, either to show them homes, help them negotiate, assist with the paperwork, or just be there to guide them. Most people recognize that when it comes to making one of the most important financial decisions of their life, they need an expert who can offer advice and keep the process moving along to the closing table.

When it comes to purchasing insurance for your home, auto or business, the same concept applies. Insurance is a very complicated business, just like real estate. Each person, family and business has different exposures and therefore has different needs when it comes to insurance. Carriers offer so many different options to meet people’s individual needs. When a person buys their insurance from a website, there is no way to know for sure that all of their exposures are covered. More often than not, policies that are purchased online by consumers are stripped down, have limited coverage, or are underinsuring the risk. While the premium might be attractive (which is the primary selling point of these online offerings), coverage can suffer tremendously. When a claim occurs, there can be severe consequences in terms of limited or no coverage or a reduced payment on the claim. Most Internet insurance shoppers don’t realize this at the time they purchase the policy.

The best solution, both in terms of having adequate coverage and peace of mind, is to use a licensed insurance agent. A good insurance agent can never be replaced by a website, just like a good real estate agent can never be replaced by a website. Your agent knows the right questions to ask to identify your risks. He or she can answer your questions with knowledge and expertise. When you have a problem, he or she is there for you, to assist you and stand up for you, if need be. They are there to look at your exposures and suggest solutions that fit your needs. Your agent is there to make sure you are not underinsured. As long as your agent is an independent agent, he or she is there to look across the rates of several carriers to make sure you are getting the best rate available. Your agent is there at renewal time to shop your policy, ensuring you get the best rate every year. Show me a website that can do all of that.

The bottom line is this: Even though they usually start on the Internet, consumers hire a real estate agent to assist them through the process of buying or selling real property because of the agent’s expertise and skill. When it comes to protecting that real property or other assets from unforeseen events, consumers should work with a licensed insurance agent, preferably an independent agent, so that they have peace of mind in knowing that their assets are properly insured.

For more information about insurance for your home, investments, vehicles, or business, contact Judge Fite Insurance today at insurance@judgefite.com or 214-446-2571. We are here to serve you!

The GREEN Home - What is SEER? EER? and HSPF?

Seasonal Energy Efficiency Ratio (SEER) is most commonly used to measure the efficiency of a central air conditioner. The higher the SEER, the more efficient the system. SEER measures how efficiently a cooling system will operate over an entire season. In technical terms, SEER is a measure of equipment the total cooling of a central air conditioner or heat pump (in Btu) during the normal cooling season as compared to the total electric energy input (in watt-hours) consumed during the same period.

Energy Efficiency Ratio (EER) is a measure of how efficiently a cooling system will operate when the outdoor temperature is at a specific level (95oF). The higher the EER, the more efficient the system. In technical terms, EER is the steady-state rate of heat energy removal (i.e. cooling capacity) by the product measured in Btuh divided by the steady-state rate of energy input to the product measured in watts. This ratio is expressed in Btuh/watt.

Both SEER and EER are included in the ENERGY STAR specification because each rating indicates the energy efficiency of the product under different operating modes. SEER rating more accurately reflects overall system efficiency on a seasonal basis and EER reflects the system’s energy efficiency at peak day operations. Both ratings are important when choosing a product.

Heat Seasonal Performance Factor (HSPF) is the most commonly used measure of a heat pumps heating efficiency. The higher the HSPF, the more efficient the heat pump.In technical term, HSPF represents the total heating output of a heat pump (including supplementary electric heat) during the normal heating season (in Btu) as compared to the total electricity consumed (in watt-hours) during the same period. HSPF is based on tests performed in accordance with AHRI 210/240 (formerly ARI Standard 210/240)1.

*Source energystar.gov/taxcredits

For more information on going GREEN, visit the Green Home Guide.

Contact CENTURY 21 Judge Fite Company to find your GREEN agent! 800-451-8055, or visit www.CENTURY21JudgeFite.com.

The GREEN Home - 6 Things You Can Do NOW!

"Going Green" is no longer just a slogan, it's becoming a strategic imperative for those who are concerned about what energy means for our future and our environment. Most companies and households are looking for ways to reduce their energy consumption, while seeking suppliers/products that offer energy-efficient solutions to the environmental impact of their energy needs.

Too often we think that it is too expensive, but going green doesn't have to break the bank! There are baby-steps you can take in your existing home that will make a difference. Here are 6 AFFORDABLE things you can do NOW to reduce your energy consumption starting at home:

1 - Change your air filter – A clogged filter blocks airflow, preventing the air you’ve already paid to heat or cool from reaching you, which means your system must work harder to reach your desired temperature. Replace your filters monthly during peak seasons.

2 - Check for leaks – You could be losing 25% of your homes air through leaks and holes. Why spend money heating or cooling your attic? In the summer, check for leaks by feeling around ductwork with you’re A/C on. If you feel cold air, seal the leak with aluminum tape (not fabric duct tape, which will rot). Pay special attention to duct connections around junctions and any dampers installed by previous homeowners.

3 - Dial it up or down a few degrees – Each degree you raise your thermostat above 78º in the summer or below 70º in the winter can make a difference in your energy bill. To dial in the perfect temp, try placing a piece of tape over the temperature readout on your thermostat, then keep adjusting until you’re comfortable. You’ll likely find you can stand it a few degrees warmer or cooler than you thought. (Fix any leaks in your home first so you’re not wasting air.)

4 - Install a ceiling fan – A ceiling fan doesn’t actually change the temperature of a room, but it does make it feel hotter or cooler by moving the air around, creating a windchill effect in the summer and circulating rising warm air in the winter.

5 - Balance your airflow – If one room seems consistently warmer or cooler than others, try keeping all your interior doors open so air can move freely around rather than constantly adjusting your thermostat. If you want an advanced project, install manual duct dampers to change the airflow to certain rooms. Just cut the duct, insert the damper, and tape it in place. Put them close to junctions and in easy-to-access locations.

6 - Manage your windows – Close curtains or blinds of south-and west-facing windows in the summer to reduce solar heating and keep your home cooler. Open them in the winter for the opposite effect. For windows without curtains or blinds, consider installing sunshades or reflective film to achieve a similar effect. And check your windows for leaks: missing or damaged weather-stripping can have you air-conditioning the countryside!

For help on "going GREEN" in your home, contact a real estate professional at http://www.century21judgefite.com/.

Everything but skiing in Dallas/Fort Worth!

Jim Fite talks about the diverse real estate market and the many property types available - just about everything you could want...except skiing!

Finding the right house is about more than bricks and mortar, it’s about choosing a lifestyle!

A home and a neighborhood tailored to your personality
One of the joys of owning a home is the creative aspect of tailoring your new environment to your personality, your lifestyle, and your needs. From decorating and painting to landscaping to location, your home tells a story about you! The variety of home types in Dallas Fort Worth supports a highly diverse Metroplex of retail and business professionals, craftsman and artisans, teachers, health professionals and civil servants. There is not just one housing answer! Maybe that’s why DFW is one of the most sought after markets and job growth centers in the nation – there is something here for everyone.

Here is a list of things to think about when choosing your DFW real estate lifestyle:

Personality type – City-goer or country lover? Quiet or party lover?
Work requirements – work in an office downtown? From your home? What is the commute?
Family – Do you have kids? Is your family active in sports? Weekend activities? Weeknight activities?
Entertainment – love the movies? Like to listen to live music? How far are you willing to drive for your fun needs?
Hobbies – Do you need a hobby room? Place for a garden? Pool or gym access? Golf?
Physical limitations – are you physically limited? Do you want stairs? Need easy access?
Schools/Church/Shopping – Involved in PTA? Teach Sunday School? Do you want shopping easily assessable?
Time Management – How much driving do you want to do? Can you handle traffic? Do you have daycare time requirements?
Budget – what can you afford? What area can you afford? How dependable is your car? Gas mileage? School? Taxes?

Think about these things, discuss them with your partner if you are buying a home with someone else. Write down the answers and use this as a guide to start your search for the perfect real estate lifestyle you will enjoy for years!

To find a real estate professional who can help you get started with your real estate transaction, contact CENTURY 21 Judge Fite Company today! Call 800-451-8055, or email 411@judgfite.com.

Let's talk about why you need a Realtor

Jim Fite talks about "Why use a REALTOR"?

Century 21 launches new iPhone app for real estate

Why SELL Now?

Why now is a good time to sell you home:

- more buyers because of $8000 tax credit for first time homebuyers

- historically low interest rates

- more inventory to choose from for your next home

Think about it, you can upgrade for less!

Contact CENTURY 21 Judge Fite Company to help you prepare to sell your home and get you into your dream home!