What is a Reverse Annuity Mortgage (RAM)?

A reverse mortgage is a type of home equity loan that allows you to convert some of the equity in your home into cash while you retain home ownership. RAMs works much like traditional mortgages, only in reverse. Rather than making a payment to your lender each month, the lender pays you. Unlike conventional home equity loans, most RAMs do not require any repayment of principal, interest, or servicing fees for as long as you live in your home. Funds obtained from an RM may be used for any purpose, including meeting housing expenses such as taxes, insurance, fuel, and maintenance costs.

To qualify for an RAM, you must own your home. The RAM funds may be paid to you in a lump sum, in monthly advances, through a line-of-credit, or in a combination of the three, depending on the type of RAM and the lender. The amount you are eligible to borrow generally is based on your age, the equity in your home, and the interest rate the lender is charging.

Because you retain title to your home with an RAM, you also remain responsible for taxes, repairs, and maintenance. Depending on the plan you select, your RAM becomes due with interest either when you permanently move, sell your home, die, or reach the end of the pre-selected loan term. The lender does not take title to your home when you die, but your heirs must pay off the loan. The debt is usually repaid by refinancing the loan into a forward mortgage (if the heirs are eligible) or by using the proceeds from the sale of your home.

If you would like to know more details about RAM’s, Andy Aun, with Aun and McKay Law Firm will be discussing RAM’s in this months Tudor and Tour Seminar.  All seminars are FREE and everyone is welcome.  There will also be food and beverages so please come out and enjoy meeting and talking with each other.  Please find the flyer below to obtain information such as time and location as well as RSVP requests.  If you would like additional information about RAMs or any other type of financing, you need to call Erica West, with New American Mortgage at (803) 528-5019 or visit her Face Book Page at “Mortgage Go To Gal”.

If you are interested in getting your Real Estate License, Appraisal License, Property Management License or Home Inspector License, give us a call at the Real Estate School for Success, (803) 807-9152 or you can register online.  You can receive a 15% discount on those classes by entering the PROMO CODE below when registering on line.

DISCOUNT PROMO CODE IS:  Reverse

January Reverse Mortgage Flyer.jpg (290.78 kb)  Andy Aun Tudor and Tour Seminar Flyer

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WIN A FREE SCHOLARSHIP THIS MORNING!!

Frankie will be giving away a FREE SCHOLARSHIP to the Real Estate School for Success this morning on the Success in Real Estate Radio Show from 8:30am till 9:30am.  Be the first caller at (803) 739-8730 when I announce the give away at 9am and win your Free Real Estate Training with a $400 value.

My guest this morning will be Andy Aun with Aun and McKay Law Firm.  We will be discussing Reverse Annuity Mortgages.  Love to hear your thoughts and comments as well.

One of the top reasons for disciplinary actions against Real Estate Agents is due to failure to disclose.  Although there are many required disclosures for South Carolina Real Estate Agents, the one we discuss today is the requirement to disclose known material defects with a property.  To be clear, Real Estate Agents are not responsible for finding defects, only to disclose them when they become aware of them. 

Real Estate Agents should always practice Risk Reduction when involved with a Real Estate Transaction.  Having a home inspection conducted by a licensed Home Inspector prior to putting the home on the market is a great idea for several reasons.  Often times Real Estate Agents will list a home, spend money marketing the home only to finally get the property under contract and find out from the buyer after their home inspection that problems exists with the home that the seller is not willing or able to fix.  Now we have a listing that we have spent money to market and cannot sell.

Smart Real Estate Agents are learning that the cost of a home inspection to determine if any material defects exist is much cheaper than spending hours of time and money to market and get the house under contract only to learn later, you cannot close.  The inspection report can also be used to show potential buyers.  Buyers feel much better about a home they are interested in if they can see the results a recent inspection.  Property Condition is always a major concern for buyers.  In other words, the home inspection may be the very best marketing tool you can get!

Selecting a good Home Inspector is the next important decision.  We are very fortunate in the Midlands of South Carolina to have several very good home inspectors.  Home Inspectors are not required to take any additional training to further their knowledge after being licensed as a Home Inspector.  The good inspectors take training to stay on top and make it their business to know everything about Home Inspections.  Another question to ask a Home Inspector is if they are members of the Association of Home Inspectors (ASHI).  Members of ASHI are required to attend training and held to a higher standard.  One of the best Home Inspectors in South Carolina is David Dubose with Dubose Home Inspections.  David is a past president of the SC Home Inspectors Association and current instructor at the Real Estate School for Success.

If you would like to get your Home Inspection License, the Real Estate School for Success will be offering this four day class starting January 26^th (Thurs – Sun).  We are offering a huge discount in price.  This class will cost only $450.00!!  Give us a call if you would like to register for this class or you can register online at the Real Estate School for Success.  If you are interested in getting a SC Real Estate License, you can receive a 15% discount on those classes by entering the PROMO CODE below when registering on line.

DISCOUTN PROMO CODE IS:  Inspection

 Click to listen to this weeks Success in Real Estate Show.

How wil property values in South Carolina react to the expected trends in 2012?

Over the last four or five years, SC property values have depreciated in some areas do in large to the large number of bank foreclosures flooding the market.  It has not helped with the large number of property owners attempting to sell their property for a price higher than the current real estate market demands.  When the property is not priced at market value, it will not sell resulting in the large number of homes saturating the market.  This saturation, combined with the large number of foreclosures hitting the market has created one of the largest and longest Buyers market we have experienced in decades.

In the course of a normal real estate year in South Carolina.  You tend to see a buyers market beginning around the end of Fall and through the Winter months.  As spring rolls around, the market will tend to start trending back to a sellers market which last through the Summer months.  The largest number of buyers on the market will normally exists in the Spring and Summer months primarily because buyers with children do not want to buy and move during the school year.  Most will wait until school is out for the Summer or maybe a month or two prior to the school year ending so they do not have to change schools in the middle of the year.  When we have large numbers of buyers shopping at one time, we have Sellers market.  The seller can make higher demands due to the competition between the buyers.  When the school year starts again, buyers with children will likely have already purchased their new home so fewer buyers are available during this time resulting in a buyers market.  We have many more homes for sale than we have buyers willing to buy thus allowing the buyer to make larger demands.

Unfortunately for home sellers, over the last few years, the real estate market has been flooded with so many homes for sale by property owners and with the bank foreclosures.  The result has been many more homes for sell than buyers willing to buy year round.  When a buyers market exists for extended periods of time, you see property values start going down, and in some markets, it may be a drastic reduction in value.

Many experts believe the market is now beginning to balance out again with the large number of foreclosures that have been absorbed by the market.  Additionally, large numbers of potential buyers have been waiting to see what the economy is going to do.  They do not want to buy a house with the fear of losing their jobs and having the home foreclosed.  We now see very positive signs that the economy is getting stronger and growing with unemployments rates beginning to drop.  It appears the property values have also leveled off from the years of decline and interest rates are at record lows.  Our financial expert, Erica West with New American Mortgage, states that 30 year loans are at 3.9% and Erica West can have you a loan and ready to close within 7 days of putting a house under contract!  If you are considering getting a loan for refinance or to buy a home, you owe it to yourself to call Erica West for a quote.

All things considered, 2012 promises to be the year for a real estate rebound.  Buyers will start seeing interest rate going back up and will not want to miss the opportunity to buy before the property values go up as well.  If you have ever thought about getting your SC Real Estate License, now is the time.  We will see many more buyers this Spring than we have seen in the last few years.  Now is the time to get your license and feet wet as the market begins to warm up.  Andy Aun, with Aun and McKay Law Firm, is offering FIVE (5) Scholorships for the Real Estate School for Success.  You now have a chance to take the class to get your license at no charge to you!!  Tune into the Success in Real Estate Radio Show this Saturday morning to learn how you can receive one of these Scholorships.  You can also receive a 15% discount for any class you sign up for on line by entering the PROMO CODE below.

DISCOUNT PROMO CODE:  Value

  Click here to listen to Saturdays Success In Real Estate Show on Property Values

     HAPPY BIRTHDAY JESUS!!

It's hard to beleive it is Christmas Eve again.  Tomorrow we will all celebrate the birth of Jesus Christ and the greatest gift one could ever receive.  As I stare at the beautiful lights on our Christmas tree, which serves as a symbol of the light of the world in Jesus Christ, I can't help but get excited about today and the future.  Regardless of the economy or world events, how wonderful the gift to have piece of mind in the truth of our eternity and great blessings of loving families and great friends.

If you are reading this blog, please know you are a special friend and we at the Real Estate School for Success wish you a Very Merry Christmas! 

                 Aun and McKay Law Firm

What a year 2011 has been.  SC Real Estate has seen so many changegs, many are good and some still have question marks.  At the end of the day, or in this case, the end of the year, many SC Real Estate Agents say that 2011 has been the best year they have ever had.  I don't think it is rocket science to figure out why so many agents had a great year in what is suppose to be a "down" year.  SC Real Estate has been down from the 2005 and 2006 years.  As a result a very large number of Real Estate Agents have left the Real Estate Industy.  For those that have endured the down turn, they are getting more business due to the shortage of agents available in South Carolina as compared to four or five years ago.  Obviously, with fewer licensed real estate agents in the market, buyers and sellers have fewer choices giving licensed agents today more business.

Another reason for the Success in Real Estate is due in large to Andy Aun, with Aun and McKay Law Firm.  Andy Aun has provided more to the SC Real Estate Industry than any other person.  Andy Aun is one of the most highly sought after Attorneys in South Carolina.  Andy is not just a closing attorney, Andy is also a trial lawyer.  The significance is that Andy not only provided first rate legal advise, he knows how his advise will play out in a court room.  Andy offers a Tudor and Tour Seminar at least once a month at various locations around the Midlands of South Carolina.  This seminar provides excellent advise and ideas for Real Estate Agents and includes a catered meal and drinks.  The best part of his seminars is that is also creates excellent networking opportunities and the cost is FREE!! 

Andy Aun has also unveiled a Real Estate Professional Development Seminar.  This seminar is also FREE for the asking.  Andy makes this seminar available to all agents and companies in South Carolina.  If you are a licensed real estate agent, you owe it to yourself to schedule an appointment and if you are a Broker-in-charge, you can schedule Andy Aun to come to your office and provide this excellent training at NO CHARGE!

The Real Estate School for Success is so thankful to the students attending classes in 2011.  Thank you all very much for chosing the Real Estate School for Success as your trusted source of excellent real estate training.  We now look forward to 2012 and developing many more relationships and making many great friends  We have a full slate of new classes scheduled for 2012 and invite you to visit our website at www.RealEstateSchoolforSuccess.com for additional information.  Andy Aun has elected to provide FIVE (5) Scholorships in January 2012.  If you or someone you know would like to get their Real Estate License and have your class paid for by Andy Aun, stay tuned and information to get a scholorship will be released in the next blog newsletter.

As we prepare for Christmas this year, let us not forget the reason for the season.  The reason is to celebrate the birth of Jesus who ultimately gave his life so we can have eternal life!  Its a great time of the year as we celebrate the birth of Jesus by giving and sharing with friends and family.  I would ask those that can to remember the children that are not in a home during Christmas and may not receive any gifts.  As Andy Aun mentions on the radio show, he is a sponsor of children at Palmetto Place.  These are children that have been taken into protective custody for various reasons.  If you would be so inclinded to donate or help this children in any manner, please visit their website at www.PalmettoPlaceShelter.org. 

Please have a safe and very Merry Christmas and a Happy New Year from the Real Estate School for Success!!

Click below to listen to this weeks Success In Real Estate Show!! 

Financing can be a significant obstacle for buyers and sellers in South Carolina Real Estate.  If you are wanting to buy a home and cannot get approved for bank financing, there are several alternatives you may consider to accomplish your goal of owning your home.  One of several points discussed on this weeks Success in Real Estate Show was Land Contracts.  This option involves seller financing for about one year.  If the buyer will make twelve payments on time, they can apply for refinancing rather than applying for a new mortgage.  The criteria for refinancing and getting a new mortgage is much different.  Refinancing will allow the home buyer to pay off the seller and just have the new mortgage with the bank.  Win, Win for all parties.

Many home owners find themselves upside down and wanting to sell their home.  In other words, they want to sell but they owe more than they can sell the home for.  Through some of the alternative selling techniques discussed on this show, they can still sell their home and get more than they may have gotten through traditional real estate means.  Our guests on the show are Larry and Chad Jordan with Professional Investors.  Larry and Chad have been helping buyers and sellers accomplish their goals for 27 years.  Earlier this year, they opened a Real Estate Brokerage Company, Palmetto Real Estate Group, where they hire on Real Estate Agnets and train them in the alternative Real Estate techniques.  All techniques are perfectly legal and ethical and provides the licensed Real Estate Agent with additional streams of income.

When you are in need of financing, Erica West, with New American Mortgage, is the first person you should talk to.  Erica will prove her diligence to you immediately by determing you exact needs and recommend the perfect loan for you.  Erica is also an expert in assisting clients so they can receive down payment assistance from the SC Housing Authority.  The best news of all is that Erica West will have you cleared to close in 7 to 10 days!!.  No more worrying about financing in the last couple of days before closing!!  Call Erica today to determine what she can do for you.  Call Erica at 803-528-5019

Now that we are coming to an end of 2011, you may be thinking of starting your own career and business or just looking for part time income.  If so, Real Estate could be just what you are looking for.  The SC Real Estate Industy is on the rebound and now is a great time to consider this fasinating career.  If you or anyone you know would have any interest, give us a call at the Real Estate School for Success and we will gladly answer all questions and educate you on the requirements to be a SC Real Estate Professional.  Please visit our website at www.RealEstateSchoolforSuccess.com for course dates and information.  We now have a very user friendly cell phone website you can visit if you are not near a computer.  Anyone can look for classes, dates and prices from your cell phone and even register for classes from you cell phone.  Just go to www.RealEstateSchoolforSuccess.com/mobile.  You can also receive a 15% DISCOUNT from any class by entering the DISCOUNT CODE below when registering.

DISCOUNT CODE is:  Alternative

  Click here to listen to the Success in Real Estate Show!

South Carolina Real Estate is not in such a negative environment as you hear on the evening news about other states.  But that does not mean we do not have a large number of foreclosures in South Carolina and certainly here in Columbia SC and the midlands.  Defaulting home owners using FHA Financing will fall under the Housing and Urban Development (HUD).  As bad as it is to lose a home to HUD foreclosure or any other form of foreclosure, it is the only way for the market to correct itself from over inflated home prices and get home owners back to reality and purchas homes that we can afford.  Obviously, losing a home to foreclosure will leave one in a desparate situation until they can get back on their feet and recover from a very difficult time.  On the bright side, home prices are dropping to more realistic prices and allowing others to purchase a home at a very affordable price.

One consideration of many home buyers today are HUD Foreclosures.  Many of these homes can be purchased with significant equity and little repairs necessary.  Purchasing a HUD home is very different, and for the better, if I may say so myself.  To start with, home buyers must use a HUD approved Real Estate Broker, such as myself or my guest on this weeks show, Sherman Jones with ERA Wilder Realty.  Upon finding an approved Broker, all offers must be made on line through the HUD website, www.HUDHomeStore.com.  HUD will respond within 48 hours with an approval or rejection of your offer.  Sherman Jones has a personal website to visit for his contact information, www.jonescorealty.com. 

Even if one buys a HUD Foreclosure in need of repairs, the repair costs can be financed in the purchase price by using the FHA 203k loan.  There is another program that will allow you to purchase the home with just $100 as a down payment.  There are many other loans and programs available to buy a HUD home or any other home you may desire.  To make sure you get the right program for you and your needs and objectives, I highly recommend you speak to Erica West with New American Mortgage.  Erica has been putting the right program together for her clients for many years and she will help you get off on the right foot also.  Erica does not charge any Origination Fees and can have your loan complete and ready to close with seven (7) days!!  Contact Erica by email at Erica.West@newamerican.com or by phone at (803) 528-5019.

With so much going on in the South Carolina Real Estate market today, what a great time to get your SC Real Estate License and begin a new career or just to make some extra money throughout the year.  We can help you achieve the level of Success you desire at the Real Estate School for Success.  Please check out our website at www.RealEstateSchoolforSuccess.com.  for class dates and contact information.  Use the following discount code below to receive a 15% DISCOUNT on any class you register for from our website.

DISCOUNT CODE is:  HUD

   Click Here to listen to the HUD Foreclosure Radio Show

The number one question I get on the radio or just meeting people around South Carolina is, are the banks loaning money to buy a house yet?  You certainly here it on the evening news every night.  Banks are not loaning money to those that need it.  As a Real Estate Agent myself, I would be the first to say that many buyers are having a hard time getting approved for a loan.  As much as I want to see buyers get a loan so I can help them purchase a home, we have to consider the banks point of view.

Americans and the American Economy is still reeling from the Real Estate Bubble Bursting just 3 or 4 years ago.  One of the major problems was that banks were loaning money to buyers that could not afford the house and ultimately resulted in foreclosure.  Although Sourh Carolina Real Estate was not hit as hard as other parts of the country, we have taken a tuff blow from all the fallout.  My hope now is that we have learned our lessons.  Banks cannot loan money to those that cannot pay the money back.  As individuals, we must accept responsibility for our actions, learn from our mistakes, pick our pants up off the floor and move on with life. 

The reality is that one must have money to buy a house today in most cases.  In other words, Americans must learn to save money before they buy rather than buy now and figure out how to pay later.  Most loan originators today have much to lose if they underwrite a loan and the buyer defaults.  The loan originator not only has to pay back the commission they earned on the loan, they have to pay back two and a half times the commission earned.  Everyone is now having to act responsibly when it come to borrowing money.  I must suggest to anyone considering borrowing money today to purchase a home or to refinance their current home, you should speak to Erica West with New American Mortgage.  Erica is one of the most knowledgeable individuals I have spoken to when it comes to financing.  She knows where to get consumers any assistance they need to include several thousand dollars in down payment assistance that you may not even have to pay back.

New American Mortgage is unlike any bank I have ever worked with.  New American Mortgage will  have your loan approved and ready to close in SEVEN (7) Days!!  When have you ever seen a lending institution work so fast and diliently on the publics behalf?  Erica West will study your specific needs and recommend the perfect loan scenario for your financial situations and long term goals.  You can contact Erica at (803) 528-5019.  Call Erica today to recieve vital information about borrowing money to purchase a home in South Carolina or to refinance your current home.

If you or anyone you know would be interest in starting a career in Real Estate, Appraisal, Home Inspector, Property Manager or any other form of South Carolina Real Estate, we want to help you get started and build a SUCCESSFUL career.  The Real Estate School for Success is where you need to get started.  We offer financing for classes if needed and can help those that are unemployed or Military Spouses actually take the class at no charge.  Give us a call today at the Real Estate School for Success and we will answer all your questions.  Anyone registering for a class on line can enter the discount code below and receive a BIG DISCOUNT off the offered price!!

DISCOUNT CODE IS:  mortgage

  Click here to listen to the Radio Show!

Moving may be the one thing in life that most people hate to do most.  It can be a long tedius process from wrapping breakables, packing boxes and loading on a truck.  Once you get everthing moved from one house to the new house, we do it all over again by unpacking everything we own and putting it away.  Just the thought alone keeps me in the house I currently live.  This is the way most people think about moving, but it can be made so easy.

Nilson Van and Storage will Deliver The Difference for anyone needing to move.  Why should you stress over moving?  Let professionals pack your breakables the right way, load everything on one truck, and take it to you new home.  The professionals can now unpack everything and put it away for you.  Nilson Van and Storage has been moving homes for so long and seen so many houses, they just know how to place your furniture in your new home.  Honestly, all there is to moving for you is to plan a day of golf or shopping and let Nilson Van and Storgage take care of everything else. 

How great would it feel to come home to your NEW HOME and all your furniture and belongings are already moved in and set up?  Its like you never missed a minute of life by trying to complete this back breaking job yourself.  Nilson Van and Storage is completely bonded and insured and the most trusted and reputable moving coming in the world today.  Call Jack Jacobs with Nilson Van and Storgage and they can come to your home and tell you what it will cost to move you from your old home to your new home.

Accredited Buyers Representative (ABR) Course - November 14-15, 2011

If you are one of those Real Estate Agents wondering where all the Home Buyers are, you need to take this class.  This is a two day class that will teach you how to be an expert in Buyer Representation.  You will learn how to attract buyers to you and earn the Professional ABR Designation.  With this designation, you will have something to market yourself with.  Simply advertising that you are a Real Estate Agent does not work.  Showing that you are an expert in Buyer Representation will get incredable attention in greating increase your business!  You can register for this class on line at the Real Estate School for Success.

Many other real estate classes are also available at the Real Estate School for Success.  If you would like to get your Real Estate License, upgrade you provisional license by taking Final Sales or even get your Real Estate Brokers License, register today and receive a DISCOUNT by using the DISCOUNT CODE below.

DISCOUNT CODE is:  Moving