Please update your database to reflect my updated email address as

rob.mehta

I will be making a company change at the end of this week and this current email address will no longer be valid.

Thank You,

Rob

Rob Mehta
763.746.0900
www.linkedin.com/in/robmehta | www.facebook.com/robmehta | www.twitter.com/robmehta

What’s the best smartphone on the market?

This is one of the most common questions fielded by NAR Chief Technology Officer Mark Lesswing. He, along with Keith Garner, vice president of NAR’s Information Technology Services, Chris McKeever, managing director, Center for REALTOR® Technology (CRT), and Rob Mehta, 2011 Liaison for Technology, presented the latest technological advanced NAR is offering members at the 2010 Leadership Summit Geek Speak and Gadget Review panel in Chicago Thursday.

The crimes are often complex, involving several parties and occurring over multiple transactions. To protect you and your clients, educate yourself about mortgage fraud and be on guard for any warning signs in a transaction. Read more here.

home sales

The move by Senate Majority Leader Harry Reid would give buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000. Under the current terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale. Read more by clicking the link below.

Senate approves home tax credit extension – Politics- msnbc.com.

A great New York Times article about our adopted homeland of Phuket.

A decade ago, Thailand drastically overhauled its banking policies. It had too: the popping of a Thai real estate bubble triggered the catastrophic financial meltdown of the Asian Crisis.

But the prudent policies of Thailand’s banks has paid off. Thailand’s property sector can now wisely shake its head as Dubai’s real-estate sand castle gets swept away. Meanwhile, its own market is shrugging off the downturn and already showing a revival.

The area of Thai property with the greatest immunity to the global slowdown is probably Bangkok’s condo market.

Here a positive trend is partly propelled by the upcoming completion of new skytrain stations and a rail link to Suvarnabhumi airport, which promise big capital gains to astute real estate investors.

Not that Bangkok is currently lacking in terms of lifestyle. The city is consistently ranked at the top of international living surveys – and justly so, says Cyrille Hareux of Company Vauban, a Bangkok-based real estate company.

‘Foreign visitors tend to be really surprised at the quality of life in Bangkok,’ he says.

‘Before the sky train was built, the city probably deserved a reputation for traffic and stress. But now it’s pretty much the best of both worlds – all the character of a fascinating Asian city along with first-world convenience.’

Athip Pichanon, President of the Thai Condominium Association, has told the Pattaya Mail that Thailand is set to continue to appeal to foreign investors for top value for money. By square metre, a high-end condominium in Bangkok costs one-quarter of its equivalent in Singapore.

He added that about half of Thailand’s top-end condos are bought as investments, but that fewer people are buying luxury condos purely for profit speculation.

Meanwhile, Thongma Vijitpongpun, president and CEO of Preuksa Real Estate, has told the Nation newspaper that Thailand’s real estate market will grow by 5-10% next fiscal year.

According to HUD, the “bottom line” numbers is what the consumers care about. This section of the Good Faith Estimate must be the same (ie. Zero Tolerance for differences) and borrowers can expect them to be the same on the HUD-1 settlement statement – if the terms and conditions of the loan are the same. Should there be a difference, HUD considers this Breached Tolerance and this breach will be cured with a credit at the closing table or writing a check to the borrower within 30 days of closing. This brings Lenders to more accountability towards the accuracy of their good faith estimates to their clients. It is a good thing. Other considerations could be expected should there be changed circumstances on these No Tolerance items above (ie. Lender charges). A changed circumstance may include acts of God, war, disaster, new information not known by the Lender, other information found not to be inaccurate. There are other charges associated in purchasing the property. These items are found as part of “B” on page 2 of the GFE. The similar lump & dump concept for Title charges in Section 3, 4, 5 and 6. These charges can deviate up to 10% on the HUD-1 statement – assuming that the borrowers services identified by the Lender. The total of these charges of page 2 on the GFE constitutes the “B” total. Along with the “A” total and “B” total, these costs add up to make the Total Estimated Settlement/ Closing Costs. However, this is NOT to be confused with Cash Needed for Settlement. Items A and B DOES NOT account for Seller’s concessions, property tax and HOA prorations, etc. Page 3 of the Good Faith Estimate is also known as the “finishing touches” for the loan. It gives borrowers instructions on what cannot be increased at settlement, what may increase up to 10% and what could potentially subject to change. There is also a tradeoff table for borrowers to see the various choices as provided by the same lender. Same loan with lower settlement charges or same loan with lower interest rates.

Last but not least, the GFE also provides a section to allow borrowers to compare various loan offers in the Shopping Chart section. The use of the form is MANDATORY. In the past, lenders have created their own formats and some not providing one at all. The new rules as directed by RESPA must be furnished to borrowers: * Within 3 days of loan application. A loan application is deemed taken by a lender with the borrowers’ names, social security numbers, incomes, estimate purchase value, loan amount, other information deemed necessary by lender and property address. This form must only be utilized if there is a specific property address. While home buyers have used the GFE to shop for lenders, they could no longer do that. Without a property address, the industry believes that lenders will come up with “preliminary” GFEs without the actual property address. * Without 10 days of GFE issuance. The GFE will be good for 10 days after the borrower receives it. The borrower MUST express an intent to proceed with the terms and conditions of the loan based on the GFE provided within 10 days business. After 10 business days, the lender is no longer bound by the issued GFE. This is HUD’s effort in facilitating consumer comparison shopping of Lenders. It is not the most perfect version out there but it is a much simpler method for an average consumer to understand. What this new GFE does not address is it does not specify the loan product (FHA, Conventional, VA, etc.) and it also does not inform the borrower the actual monthly payments in Principal, Interest, Property Taxes and Home Insurance (PITI). It only addresses the Principal, Interest and Mortgage Insurance (if applicable). The lender may furnish these information on other documents.

From ActiveRain.com