It’s Saturday morning. Joel and Rebecca are walking their dog through a neighborhood in Austin, TX. As they walk, they chat about the movie they saw last night, what they’re going to make for dinner, and the big trip they have planned for next weekend. You wouldn’t know it by listening to their conversation, but the couple is also house hunting.

They cross Brodie Lane when Joel’s cell phone buzzes in his pocket. It’s a text message that reads:

Joel says to Rebecca, “We’ve got a match from our real estate company. It’s only four blocks away. Let’s go see what the house looks like.”

Within minutes, the couple is outside the 714 Longview Rd. home. It happens to be exactly the type of home they wanted, in the exact neighborhood they wanted to live in. They call their real estate agent to set up a viewing.

How did this happen? How was the couple instantly notified of the opportunity, perfectly merging buyer requirements, location and timing? The answer involves a combination of “geo-fencing,” mobile phones and GPS technology.

One of the things mortgage lenders have been very strict with is debt to income ratios. Banks analyze what your monthly housing expense will be vs. your gross (before tax) income and then look at your overall monthly expenses vs. your gross income. This is also known as the front and back end ratios.  Fannie and Freddie, along with most lenders will allow the stretch of these ratios to go up to 50%. However, the FHA is pretty strict with qualifying ratios sticking to a 31 for the housing expense and a 43 to the total monthly debt ratio.

I am sure I have written about ratios before, about a hundred times, so I do not want to repeat myself here. This post is specifically about FHA and how they look at high ratios. The FHA is pretty strict with their 31/43 guidelines. However, they will allow compensating factors to come into play when the ratios are close. I have listed a few key compensating factors the FHA underwriter will look for to allow a loan to be approved.  If you know you are close and want to point some of this stuff out to your mortgage loan officer, sooner is better than later.

Video's are a great way to end the work week! Check out this one!

We hope the search for your dream home doesn't go like this!!

Have a great weekend

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Are you thinking of living in Grand Rapids, Mi

A conversation with Lola Audu, Broker w/ Audu Real Estate ~ Grand Rapids, Michigan

About Grand Rapids, MI

Grand Rapids, MI combines the best in big city sophistication with plenty of green space to spread out and relax. The city, which is sometimes referred to as ‘Michigan’s West Coast’ is located along the banks for the Grand River. It is approximately 30 minutes from Lake Michigan, the fifth largest fresh water lake in the world.

Grand Rapids is part of a larger metropolis of smaller communities commonly referred to as West Michigan. For many years, Grand Rapids was recognized as the ‘furniture capital’ of the world as several of the world’s largest furniture companies including Steelcase and Herman Miller had their headquarters and factories in the area. Today Grand Rapids has a diversified economic base and is a leading center for healthcare and biotechnology in the mid-west.

The city of Grand Rapids is recognized as having the most LEEDS certified buildings per capita of any city within the United States. In 2009, the ArtPrize festival brought thousands of pieces of artwork and sculpture to the area from artists across the world. In addition to spectacular lakeside sunsets and over 2,000 acres of parks & recreational areas, the city has some of Michigan’s finest museums, restaurants and hotels. It’s a great place to visit or come home to.

Listing syndication is a big deal.  Sure, you “get it”.  You know it’s important to get your listings in front of as many potential buyers as possible, in as many places as possible.  You know that your listings are your biggest assets and you want them on as many consumer-search sites as possible.  You’re already syndicating your listings to 40+ places on the web and getting tons of leads. 

Wait a minute!  Are you?

If you’re not currently using a listing syndication service then chances are you’re not advertising in as many places as you could be.

This video is a youtube oldie but goodie! Enjoy it, and enjoy your weekend :)

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Are you thinking of living in Portland, Maine?

A conversation with Nancy Timberlake, RE/MAX by the Bay- Portland ME

Poet Henry Wadsworth Longfellow described his boyhood home in his poem “My Lost Youth”:

“I remember the black wharves and the ships,
And the sea-tides tossing free;
And Spanish sailors with bearded lips,
And the beauty and mystery of the ships,
And the magic of the sea.
And the voice of that wayward song
Is singing and saying still:
"A boy's will is the wind's will,
And the thoughts of youth are long, long thoughts."

The Portland Maine waterfront still offers the same beauty and mystery that captured the imagination of one of the city’s more famous residents. Longfellow’s boyhood home is nestled next to the Maine Historical Society on Congress Street and open for tours from May to October.  You can still wander along the docks off Commercial Street where fishing and lobster boats mingle with yachts and excursion boats. 

Many areas of Portland are a step back in time to the Victorian era with stately mansions and wide, tree-lined streets. Renowned architect, John Calvin Stevens, moved to Portland at the age of two and is responsible for developing the Shingle Style home in the 1880’s.  Portland’s West End offers many fine examples of his work. 

The city of Portland, with a population of 64,000 and metro population of 230,000, is the largest city in Maine.  Only about two hours from Boston by bus, train or auto, Portland is the financial and cultural capital of the state.  The city is served by the Portland International Jetport. 

We got so much feedback on this the first time we decided to do a re-post! Please follow us on twitter @daleonthemove and look out for our book give-away later today!

Top 5 Things You Can't Hide from Your Lender

People forget to tell us the craziest things when they are getting a mortgage these days. When applying for a loan, what you tell the lender in the beginning needs to match what you are doing at the end. In other words, you cannot start finagling your finances before you close. The banks scrutinize loan applications more than ever now and will shake you up all the way to the closing. So, moving money all over, closing accounts, borrowing money, ruining your credit and quitting your job are probably not good things to do right before a closing. Here are five things you cannot hide from your lender...

Bidonthecity.com, the first online real estate trading platform for residential and commercial real estate properties, couldn’t find a more interesting market to launch in than New York City. Conceived before the housing bubble burst,  Bid on the City combines the best of the brokerage and auction worlds, simplifying the process for buyers, sellers, and agents. Bidonthecity.com’s operations are overseen by Manhattan real estate professionals with more than 25 combined years of experience and owners of New York Business Group -- Albert Feinstein, Managing Director Business Development, and Vlad Sapozhnikov, Managing Director, Sales and Rentals.