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HomeRun Homes is a centralized marketplace which helps people Find or Sell a Rent to Own Home, both Nationwide and Globally to the thriving Rent to Own Market. http://www.lease2buy.com

February 28, 2011

Combatting Home Loan Fraud

Hi Folks,
   Hope you had a good weekend, and as always, glad to have you back here today.

   In the wake of the mortgage crisis, today we pose the question, "Is enough being done to combat home loan fraud?".

   Linda Fleischmann, a Certified Mortgage Consultant, who is a mortgage broker that has been doing mortgage loans for over 12 years, says that she has, "seen fraud and I have seen the industries turning a blind eye to it when it was convenient". Currently, however, Fleischmann says that they are verifying more information now because of the previous fraud. and that, "There is an executed 4506T which gives the lender a copy of the taxpayers transcript of their tax return even for those borrowers who are not self employed and are W-2 employees. There are background reports such as Lexis/nexis that is pulled on all borrowers to make sure that they have all of their information, disclosed or not. There is much more investigation into fraud and all I's are dotted and T's crossed with lending today, even now to the extreme".

   Greg Cook, a Mortgage Professional, says that he thinks that lenders are using every tool at their disposal to combat house loan fraud, and he gives such examples as the fact that, "All income documentation is verified through the IRS (form 4506-T), Credit reports now have social security discrepancy warnings, which have to be investigated prior to closing, and All deposits in bank accounts, other than direct deposit paychecks have to be sourced and verified."

   One homeowner that fell victim to the crisis was Chris Moyer, who says that, "I lost a home to foreclosure some years ago. I had PMI and always wondered why it did not cover the outstanding balance on the mortgage. I received a form where I needed to claim the difference in the amount the house sold for and what I owed on the mortgage to claim on my income taxes that year. Could never figure that out?"

   Despite all of the measures, Cook says that, "Occupancy fraud is still the biggest problem, but the "buy and bail" guidelines make it more difficult to do it more than once."

   Is enough truly being done? What are your thoughts on this topic?

Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com


TAGS: #homeloan #foreclosure

February 25, 2011

A Look at Current Home Prices and Home Sales

Hi Folks,

   Hope you've had a great week!

   A few key Housing numbers were released this week, and I'd like to review them with you here today since they deal with two very important factors; Home Prices and Home Sales.

   In terms of Home Prices, both the S&P/Case-Shiller Home Price Indices and the FHFA Monthly House Price Index were released this week. The S&P Indices, which provided data through December 2010, showed that the, "U.S. National Home Price Index declined by 3.9% during the fourth quarter of 2010.", and that the, "National Index is down 4.1% versus the fourth quarter of 2009, which is the lowest annual growth rate since the third quarter of 2009, when prices were falling at an 8.6% annual rate." The FHFA Index didn't fare well, either, with a 0.8 Percent drop in the Fourth Quarter of 2010, as well as a drop of 3.9 percent from the fourth quarter of 2009 to the fourth quarter of 2010.

   Chris "CD" Dowell of RE/MAX Best Associates, says that, "A high percentage of home buyer are investors. They're not worried about list price when making offers. They're looking at market value." Similarly, Paul Gabrail from Select Investment Group, says that many thought that, "because we saw short term leveling of prices a few months ago that the problems were over. Yet, we still have 9%+ unemployment, over leveraged borrowers, and banks are still increasing their foreclosure filings, which lead to lower prices because of oversupply."

   In terms of Home Sales, Existing-Home Sales Rose Again in January, as per the National Association of REALTORS®. Existing-home sales figures, which marks, "the third consecutive month with a pace that is now above year-ago levels". New Residential Sales in January 2011 were 12.6 percent below the revised December rate, and 18.6 percent below the January 2010 estimate.

   In summary, as Gabrail says, "some of these hotter markets are even worse - 13%+ unemployment, one in 10 houses behind on their mortgage and houses sitting empty and on market for over 1 year. It's all supply and demand and there is no demand when unemployment is 9%, so we have both extremes: Low demand and over supply."

   Do you have any comments on the Housing numbers release this past week? We'd love to hear from you.

Have a Great Weekend, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

February 23, 2011

Guidelines For Earnest Money and Down Payments, Part 2 of 2

Hi Folks,

   Welcome back here on this last day of the week.

   In part 1 of this 2-part series, we defined and discussed "Earnest Money", and today, we will do the same thing with "Down Payments".

   A Down Payment, as most of you know, is an amount that is "put down" towards the total purchase price of a home. This amount can vary by state, type of loan program, and the type of deal. We'll look at some real-word examples of this today.

   Joetta Talford, a Realtor with Keller Williams Realty in Fort Mill, South Carolina, suggests that you, "Make sure you figure out how much your closing costs will be and if you either have enough for your closing costs or the down payment.", and that, "If you don't have enough for both (i.e. Other house on the market, ask for help with closing costs), Be honest with your agent and they can really try to get it worked out on your behalf." Adam Cowgill, A Sales Associate/Realtor, says that any down payment today, "should be a minimum of 20%; sellers are aware of the present lending crunch and the likelihood that you will get a higher LTV than 80% is gone like the boom of yesterday."

   Jeff Tufford, a Mortgage Consultant, says that down payment amounts will be, "program driven". Most folks put the least amount down allowed, whether that is $0 or 20% for an investment property."

   Down-payments depend on, "whether the deal is lender-financed, or seller-financed", says Patrick E. Hudson, a Commercial Real Estate Attorney in Texas.

   Hudson says that in a lender-financed deal, "the buyer needs just enough of a down payment to persuade the lender to make the kind of loan the buyer desires. My advice is for a buyer is to determine what kind of loan they want, and will be able to get, before they shop for homes, and let that determine the down payment amount. The seller should not care about the down payment amount, as they get paid the same regardless of the source of funds." In a seller-financed deal, "it is essential to get enough money up front to (a) weed out deadbeats; (b) cover the costs of foreclosure; and (c) cover damages that may be caused by a defaulting buyer. This defensive position ensures that if everything goes wrong, the seller has enough money to get the house back and restore it to a good condition."

   In terms of down payment amounts in regards to home home builders, Talford says, "There are certain national residential builders that ask for 3.5% down or more before they begin the process of construction.", and that, "A custom home builder will ask for 10% down before they build. But everything in real estate is negotiable, especially if you have a home to sell or need to pay more for closing costs."

Have a Great Day, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

February 21, 2011

Guidelines For Earnest Money and Down Payments, Part 1 of 2

Hi Folks,

   Happy Monday to you, and a Happy President's Day, as well !

   We are starting a 2-part series covering some basic guidelines on both Earnest Money for Real Estate Deals, as well as Down Payment Money for purchasing a home. For today's installment, we will be examining Earnest Money, what it is, and what the right amount should be based upon.

   As Earnest Money is described on About.com, "It's a good faith deposit but not to be confused with a down payment. When buyers execute a purchase contract, the contract specifies how much money the buyer is initially putting up to secure the contract, to show "good faith," and how much money all together will be deposited as a down payment. The balance is generally financed as a mortgage or a combination of mortgages. An earnest money deposit says to the seller: "Yes, I am serious enough about buying your house that I'm willing to put my money where my mouth is."

   "After 12 years in the Real Estate industry my advice in this economy is this", says Adam Cowgill, A Sales Associate/Realtor; "you should still offer a deposit that is the maximum amount of money you are able to offer in exchange for asking the seller to remove their home from the market while you satisfy your contingencies". Marc Bulandr of Foreclosure and Short Sale Experts Reoassets, Inc., says that, if a buyer wishes to purchase a property, "the more the earnest money, the more favorable the offer will be viewed by the seller."

   Jeff Tufford, a Mortgage Consultant, says that Earnest Money should be, "market driven", and that in his market in Mid-Michigan, "the going amount is typically $500-1000", and the average home price, he says, is $75,000 to $100,000. Joetta Talford, a Realtor with Keller Williams Realty in Fort Mill, South Carolina, agrees that the amount of Earnest Money, depends on the market and the demand for the property". Talford says that typically, "most buyers purchasing a property for $100k or less can offer $500 in earnest monies", and "anything over $100-150k, the buyer should probably offer at least $1,000". Further, Talford says that, "If it is over $200k, the buyer can expect the seller to ask for 1% of the purchase price during negotiations on a resale. If it is a bank owned, HUD or VA property, expect to pay $1000 to 1% in earnest monies no matter what the price." The maximum amount, Talford says, "depends on the bank or government program and what their specific guidelines are.", and says, "HUD and VA have the guidelines for each of their programs on line. Banks do not and each bank is different."

   Kelsey Lane of The Look Team Realtors in Silicon Valley, says that in their area, "the standard earnest money or good faith deposit is 3%. Almost all contracts we write has this amount.", however, Lanes says that, "the exception to this" was as little as $1000 earnest money., and says that, "It was in 2006. On properties that have been on the market for awhile, or in lower income areas, we see a lower percentage. However, in the in-demand areas, we still have multiple offers and if a buyer doesn't have 3% for their deposit, they aren't considered to be competitive or serious."

   Patrick E. Hudson, a Commercial Real Estate Attorney in Texas, says that, "The guideline on earnest money that I constantly see is 1% of the total purchase price. I see 1% in so many contracts that it must be the norm in our residential market." Interestingly, Hudson also mentions, "option periods" or "free look periods", where he says that the buyer, "can walk the deal and be refunded their full earnest money are typically $10 a day (usually, a 10 day option period for $100)." That sounds like a great option for anyone truly looking for the try-then-buy factor. "I've been a broker focused solely on the sale of foreclosure and short sale properties", says Bulandr, who says that the Earnest Money guidelines are, "fairly rigid on cash offers for foreclosure properties. It's generally 10% (or higher) of the purchase price."

   As for the Earnest Money physical funds, Bulandr says that, "If a contract is being properly represented by the buyer's attorney, earnest money will be protected.", and that, "In most states, earnest money is held in a trust account that can only be released after agreement is reached by both parties. Thus, if in a non-financing situation, I would suggest as much earnest money as down payment, with a minimum of 10%." He says that, "Again, depending on the state, you can stipulate that Earnest Money can be held in an interest bearing account if its a significant amount. As for financed situations, he suggests, "less than $1,000, but frankly, depositing Earnest Money up to the amount of the down payment is suggested."

   As you can see, there are many determining factors for Earnest Money. In part 2, we will be discussing some basic guidelines and rules for down payments. Thoughts? Questions?

Have a Great Day, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

TAGS: #earnestmoney #realestate #foreclosure #shortsales

February 18, 2011

New Residential Construction Breakdown And Analysis

Hi Folks,
   Happy Friday, and glad to be with you today.

   Earlier this week, the New Residential Construction numbers for January 2011 were released, and since these numbers are quite important, we're going to review them today, along with some expert commentary.

   The New Residential Construction numbers are composed of Building Permits, Housing Starts, and Housing Completions. Both Building Permits and Housing Completions were down for both the December 2010 - January 2011 period, as well as the January 2010 - January 2011 period. Privately-Owned Housing Starts, however, were up during the December 2010 - January 2011 period, but down for the January 2010 - January 2011 period.

   Kirk Nace, an active investor since 1981 who has owned hundreds of units, says that, "Like many other Real Estate reports, a monthly snap shot can be greatly misrepresentative of the real underlying situation". Additionally, Nace says that the "December #'s were partially due to builders beating the new codes by submitting applications early".

   David Rice of New Home Star Corp, says that, "While January numbers did come in below what we all may have hoped, it was by a small margin. Given the inclement weather throughout much of the Country, we may feel better about the numbers. I know that, in some of our divisions, builder offices were closed for two or three days. If someone closed a manufacturing plant for two or three days, you wouldn’t be surprised if production was down for the month by 10%, would you?"

   Additionally, Nace says that he has, "spent decades working with the top professionals around the country in and related to the real estate fields", and says that, "from what we see on the streets, we are still several years away from a market bottom. The inconsistencies being reported to Mr/s Average Joe Homebuyer has created more fear and confusion than anything. This fear has led to wide spread paralysis of these potential buyers." In closing, Nace says that, "We don’t see the situation changing until there exists a perceived level of stability and certainty."

   Well, on that sobering note, we have come along way. What are your thoughts on this?

Have a Great Weekend, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

February 16, 2011

Is Now The Right Time To Buy A Second Home?

Hi Folks,
   Today, we have a special guest post from Matthew Read, a home insurance specialist, who will be discussing the topic that a lucky few of us get to ponder; "Is Now The Right Time To Buy A Second Home?"

***
It might sound crazy to invest money in a second property at the moment, given the instability of the economy, but there are a few positive reasons to do so:

First:
Home prices in many areas of the country are low...very low! According to Zillow.com, the average home price in the U.S. has fallen by around $65,000, as the average price went from $240,000 down to $175,000 since 2006. Although home prices might continue to fall, they are currently at a very appealing level, and so now might be the time to invest in a second home before prices start to rise again.

Second:
Interest rates are very low, meaning that, if you can get a mortgage, now is the time to do so. For those who already own a home, the mortgage rates on a second home would be incredibly appealing at the current time.

Third:
A second home can be a great money earner. Although you might have to spend money on fees, maintenance and second home insurance etc, you could rent out the home or do a rent to buy option, covering the mortgage and making some money on top. With a strong renters market at the moment, this could be a nice little earner for you.

Finally:
It’s better than saving! Interest rates on savings are quite low at the moment, and so you may benefit more in the long run by investing your savings in property than in the bank. Normally it would be the other way around, but with the banking issues at the moment, your money may actually be safer in property investment than bank investment.

Obviously before pursuing anything like this you should talk to the real estate experts, but it is definitely something worth thinking about if you have the spare capital or equity available.

***

Thanks Matthew - hopefully, this info will prove extremely helpful to our readers.

Have a Great Day, and Happy Rent-to-Owning !

Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

February 14, 2011

Chance Encounters - A Valentine's Day Special

Hi Folks,

   Hope you all had a great weekend, and I wish you a very Happy Valentine's Day/Love Day !

   In the spirit of the Holiday, I'd like to talk about chance encounters in life, for example, the people we meet in life, whether it be a potential love interest, a potential business partner, or even a potential friend. We never truly know when we will meet someone that will truly bowl us over and fit one of these categories perfectly.

   Oftentimes, we could be out in a store, in a mall, in an airport, and basically anywhere you go, it could happen. There are many studies that show that the chemistry between two people meeting for the first time can quite often determine the path they will take together (please don't ask which studies - I think we have all heard about these studies).

   It is these chance encounters that make life worth living, and adds a little bit of flavor to our everyday lives. My personal theory is that life is never boring, and it is due to this potential for chance encounters along all three categories that I mentioned above. When you meet someone that falls into one of those categories, you just know...you know if the physical chemistry is there for a new love interest, that the trust and confidence exists for you to feel confident in pursuing a business venture with someone, or just basically someone you genuinely like and feel could be a great friend.

   Chance encounters...Life defined !

   Have a Wonderful day, and be sure to tell those that matter the most exactly how you feel about them !

Have a Great Day, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

February 11, 2011

Tips and Resources For Hiring Contractors

Hi Folks,

   Hope you're having an awesome week !

   If you have ever hired a contractor, you know that it can be quite time-consuming and sometimes quite difficult to find the right person. Today, we will be discussing some tips for hiring a contractor, as well as some resources to find contractors to hire.

   Debra M. Cohen of Home Remedies of NY, Inc. says that you should ask for the names and phone numbers of three to five customers for whom the contractor has completed a similar project in the past two years, as "This will make it more difficult for a contractor to “hand pick” only his best references. Call each reference and ask the homeowner what they liked and didn’t like about the contractor. Ask him if the final cost of the job exceeded his estimate and if he completed the work in a neat and timely fashion. Most importantly, ask them if they would hire the contractor again for another home improvement project."

   Cohen suggests that you contact your county offices to, "research what credentials are required for home improvement contractors in your state and in your county.", as well as ensuring that the contractor has a minimum of $1 million in general liability insurance. Cohen reminds us to, "get a copy of his license and insurance for your records." Allen K. Bahn, President of American Consulting Services, Inc., similarly states that you should, "First check the requirements of the state and local authorities and these include training, Bonding, Workmens Insurance, (and) General liability". Bahn says that many people have been, "duped by unreliable contractors giving them bogus papers. Yes these contractors can and are prosecuted but that does not solve your problems.", and says that, "in fact you have a full and total liability for all the actions undertaken by your contractor and subs."

   Jody Costello, creator of ContractorsFromHell.com, say that it is important for you to, "Conduct background checks that include uncovering relevant lawsuits, any small claims court filings, mechanics lien history, credit standing with suppliers and licensing history if required by your state." Costello also says that you need to conduct a thorough interview, "asking key questions around customer care, problem solving, safety issues, working with city inspectors, knowledge of code compliance, who will supervise your project and how much time they’ll spend, and how they handle unexpected surprises."

   Cohen also points to that fact that it is important to see how your personalities mix, since, as she questions, "Are you the type of person who likes to be involved in every decision or do you prefer to “leave your job to the experts”?". Cohen says that your contractor’s personality can make or break the success of your project.", as there are some contractors that, "prefer not to be micromanaged and others who want the homeowner’s input on every aspect of the job."

   When it comes time for an agreement, make sure that you get it in writing, says Cohen. "If your contractor is hesitant to put the details of your job in writing, I would be concerned.", says Cohen. She also suggests that you ask the contractor to, "document details about the type of materials he plans to use, his anticipated start date, project schedule and completion date." Bahn also suggests an, "exit clause for you.", so you can be in charge and protect yourself. Costello says that you need it in writing that, "you require Lien Releases at the time of each payment (in writing as part of the contract) from all subs/suppliers for work performed and material supplied to date." She also suggests having the following in writing: thoroughly written specifications sheet, start and stop dates, hours of working time on your project, days- Monday through Friday, hours such as 7am – 3:30pm.

   Cohen says that most contractors, "will request a down payment ranging from 10-30%. The remaining balance will be paid in increments in stages throughout the remodel and a 10% balance should be held until the final details of the project are completed to your satisfaction."

   Additionally, Bahn advises that, "the inspectors come when only when you are there. Many an city inspectors take bribes overlook violations. Even if they are punished ,you as the owner are liable for the problem."

   Now that you have been armed with how to weed out and find the right contractor for your project, where can you find them?

   Costello refers to hiring the right home renovation contractor as an “inside job”, and one that requires, "thoughtful research on the part of the homeowner. Doing the “behind the scenes” work before you even think about finding a contractor is key to a successful remodeling project and a positive working relationship with your contractor."

   Cohen suggests using a referral from a local "Homeowner Referral Network (HRN) business", since they refer a. "full stable of contractors from painters, plumbers and electricians to General Contractors, moving companies and architects. HRN's verify each contractor's license and insurance based on state and county requirements, check contractor references, work only with well-established contractors, and follow through every referral until project completion. Referrals are provided free of charge to local homeowners and contractors can't pay a fee to be listed or referred. There are currently more than 300 HRN's operating nationwide." She also says that, "When looking for a contractor, many homeowners ask their friends and family for recommendations but in my experience, getting a contractor referral from another trades person is far more reliable."

   Costello says that, "The fact is that home improvement has consistently ranked at the top for consumer dissatisfaction and fraud according to various consumer agencies. With little accountability on the part of the home improvement industry, it becomes the homeowners’ responsibility to get educated and informed so they don’t become a victim of an unscrupulous contractor."

   Hopefully, these have been some helpful tips for you. A great place to find a contractor is in our Home Services section, and you can offer your Home Services there as well.

Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

TAGS: #contractor #HRM

February 9, 2011

What Are The Hottest Real Estate Internet Trends?

Hi Everyone,
   Glad you could make it back with us today.

   Today, I'd like to discuss some of the hottest Real Estate trends on the Internet. Some of them will be familiar to you, and some of them will be new ones that will surely become a part of the mainstream for Real Estate on the Web.

   The first "trend", if we can even call it that, since it has become super-mainstream, is Social Media, such as Facebook, Twitter, YouTube, etc. Earl Miller of 5Star Investment Group, feels, "that the hottest Internet real estate trends are social media", and says that, "Studies have shown that 90% of all buyers that are looking for a home will start their search on the Internet.", and that, "The old way of doing showings on properties with a Realtor are really fast becoming outdated. People want to see more of the property in a smaller amount of time before they actually drive out to see it." One of the many services that capitalizes on the soaring popularity of Social Media is "Tweetlister.com", which, "takes MLS listings and turns them into tweets, then allows agents/brokers to schedule them to tweet to selected Twitter account", as explained to us by Lloyd Chrein, an individual that is familiar with the service. There are numerous other utilities and services that piggy-back on Social Media, but that would encompass an entire Blog post by itself.

   Another hot trend is the Housing Search experience on the Internet. Paul Gleger, Director of Communications Office for HotPads.com, says that he is seeing a, "Particular emphasis on creating a granular and personalized housing search experience.", which he says is being done through, "interactive map technologies, neighborhood search filters, integrating the social graph into the search process, and there is an especially strong growth in mobile tools." Along the same theme, Sam Debord, a Managing Broker/Realtor with Coldwell Banker Danforth, says that one of the biggest Internet trends in Real Estate are, "tying in localized services to MLS listings.", and that, "Every web site has home listings with photos, but the more advanced real estate sites have a suite of features from multiple vendors/providers all on one page." Debord says that, "Users shouldn't have to click around to find these features, they're all on one page.", and he gives examples such as map search, area maps, Google street view, walk score, census data, school data, and pricing history. As Debord says, "Many different data sources, but no need to search around."

   Video Tutorials are also becoming increasingly more popular, and as Christine Schwalm, an Interior Designer that specializes in home staging for Realtors says, the videos she creates are, "Nothing fancy." Schwalm says that she shoots it, "with a flip camera and don't do much to edit the footage." She informs us that she does, "A one take video that lasts several minutes that follows the realtor around the space as he/she explains the property. Home buyers know that it is fairly easy to manipulate pictures, so the videos do a more accurate job of selling the property--and featuring the realtor."

   The final trend leans more toward the lending side of the industry, and Dave Galanter, President of freeMortgageFix.com calls it, "DIY Mortgage Modification". Galanter says this is a free online utility to assist homeowners in, "preparing a Mortgage Modification Application which complies with HAMP guidelines as well as individual lender's own programs. It works in a way that is very similar to Turbo Tax, with helpful hints and prompts.", and says that he is, "quite sure it is the best assistance for the DIY Mortgage Modification Applicant on the web."

   There are some exciting trends on the Internet for those of us in the Real Estate industry. I hope these have been helpful. I'm sure we missed a few and we'd love to hear about them from you.

Have a Great Day, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com


TAGS: #realestate #socialmedia

February 7, 2011

HomeRun Homes And U.S. Legal Forms Announce A Strategic Alliance



Hello Again,


   This is just a quick note to announce some great news:

"HomeRun Homes And U.S. Legal Forms Announce A Strategic Alliance"

For the full details of this new partnership with "America's One Stop Shop for legal forms & documents", the full Press Release is featured below:

*******************************************************

For Immediate Release:

Robert Eisenstein
HomeRun Homes
(631) 676-3609
(631) 574-2420
http://www.Lease2Buy.com

HomeRun Homes And U.S. Legal Forms Announce A Strategic Alliance

Ronkonkoma, New York, February 7, 2011 - HomeRun Homes (www.Lease2Buy.com), the long-standing marketplace for Rent to Own Homes, has formed a strategic alliance with the legal forms and documents mega site, U.S. Legal Forms (www.USLegalForms.com)

A Partnership Based on Necessity - Legal Forms For Rent to Own Deals.

U.S. Legal Forms, which is referred to as "America's One Stop Shop for legal forms & documents", has been in business since 1997, and carries over 36,000 state-specific legal forms. Robert Eisenstein, the CEO & Founder of HomeRun Homes, points to the fact that visitors to HomeRun Homes, "are here to find or sell a Rent to Own Home, and they need the proper forms to complete these deals.", and, "since U.S. Legal Forms has been rated '#1 Legal Forms Product' 6 straight years 2006-2011, we evaluated them and thought it would be a great fit for our customers."

Eisenstein says that as a result of this joint venture, visitors can now browse and select the forms that they need via a link on the home page of his website, as well as in the Log In User Control Panel, which is provided to those placing Ads on HomeRun Homes. Some of the forms that would be of particular interest to those working on a Rent to Own deal would be the Landlord Tenant Forms, Deed Forms, Home Sales Forms, Owner Finance Agreement, Purchase Contracts, as well as many others that are offered by U.S. Legal Forms.

HomeRun Homes is working towards a very productive and helpful year for it's visitors and customers, and Eisenstein is hoping that this year is even busier than 2010. Last year, the company celebrated their 8th anniversary, launched a website for foreclosure assistance via Rent to Own, and spent a large amount of time and budget in complying with the new Government Standards for Web Security Compliance, referred to as PCI/DSS.

For additional information on the topic, "HomeRun Homes And U.S. Legal Forms Announce A Strategic Alliance", please visit http://www.Lease2Buy.com

ABOUT HOMERUN HOMES

Founded in 2002, HomeRun Homes is a Centralized Marketplace which helps people Buy or Sell a Rent to Own Home, a Commercial Property, or to offer Home Services nationwide and globally to the thriving Rent to Own market

- END -
*******************************************************

Thanks again, and have a great week !

Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

TAGS: #renttoown #landlord #ownerfinance

How Much is Too Much Government Involvement With Home Owners?

Hi Everyone,

   Hope you had a nice and relaxing weekend.

   Ever since the economic crisis exploded on the scene, there has been much debate on the topic of the Government's involvement in our every day lives, from the big bank bailouts on Wall Street, on down to homeowner bailouts/modifications on Main Street. How much is too much?

   We put out this question, and we received the strongest response from Pablo Solomon, who resides in Texas. "I grew up in Houston.", says Solomon, where, "The city had codes for every board and wire, and yet would let developers build entire neighborhoods in a flood plain. The same was true for the Gulf Coast. You had to have every detail permitted while allowing you to build on a sandy barrier island that was certain to wash away with the first hurricane. How crazy is that?".

   Solomon also provided his comments on the tax credits for homeowners and the bailout of homeowners, and he says that, "'social justice through redistribution of the wealth' has created more problems than it has solved.", and as far as bailing out homeowners, he says, "what is good--or bad--for the Wall Street Goose should apply to the local homeowner Ganders.", and Solomon says that he is, "amazed that many who see evil in bailing out mismanaged businesses, see good in bailing out mismanaged households."

   Solomon also sees the housing bubble as much due to, "Main Street people taking advantage of the easy loan situation as were Wall Street crooks.", and says that, "There are dirty hands at every level."

   In some final comments, Solomon, an artist known primarily for drawings and sculptures of dancers, muses, "Can socialized housing be far behind?". He questions the following; "Why should taxes payers have to borrow money from the Chinese to rescue either businesses or home owners who made stupid decisions. Even if sad situations result from sad circumstances--that happens. Nature has no bailouts and yet things eventually level out."

   Obviously, these opinions are those expressed by Mr. Solomon, however, I'm sure there are some opposing opinions. Do you care to share with us?

Have a Great Day, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com


TAGS: #bailout #modification #taxcredit #housing

February 5, 2011

Finding Lease Options for a House

Hi Everyone,
  
   Yes, it is Saturday, and this is a quick check in to let you know about an article we were mentioned in on EHow.com, for a story titled, "How to Find Lease Options for a House", written by Ray Cole.

   The excerpt that we are mentioned in is the following:
"Visit websites such as Rental Houses or HomeRun Homes to find lease options for a house"
(As you know, HomeRun Homes is http://www.Lease2Buy.com)

   It's always great to be mentioned on such a well-respected website such as EHow, and I am flattered and very grateful for this surprise inclusion !

Enjoy your weekend !
HomeRun Homes Blog http://blogging.lease2buy.com

HomeRun Homes Website http://www.lease2buy.com
 
 

February 4, 2011

Real Estate Market Forecast For 2011

Hi Folks,

   Happy Friday. How was your week? Did you meet all of your goals?

   The question for today is: "Where Do You See The Real Estate Market Headed in 2011 ?" In order for us to gain the proper perspective, we spoke with professionals from 3 pieces of the Real Estate "Pie": A Real Estate Advisor, A Real Estate Investor, and A Real Estate Attorney.

   The Real Estate Advisor that we spoke with is John Rymer, of Rymer Strategies in Tampa. Rymer discusses the continuous, "downward pressure in the form of added supply from foreclosures and banks finally disposing of long-distressed condominiums in many sunbelt locations", as well as the, "tightening of credit standards" from the, "GSE's (Freddie and Fannie) and overly zealous overlays from the major mortgage banks that have made mortgage approval the most difficult in generations."

   Rymer tells us that, "As any renter will tell you, patience has been well rewarded in this downturn and strategic buyers who jumped in during 2008 - 2009 have been penalized are now gun shy about putting more money, or recommending to other to put money into real estate.". In addition, Rymer reminds us that the, "affordability of homeownership is at a 50 year record.", and warns that, "Sooner or later greed always overcomes fear". "Will 2011 be the year that we see a significant uptick in housing?", questions Rymer, rhetorically, "and replies, "Perhaps not until late in the year, but headlines seem to focus on the negative, so look for any good news to be buried on page 6."

   For the perspective from a Real Estate Investor, we spoke with Marc Sherby, the "Sheriff Sale Guru", who believes that foreclosures will continue to be one of the, "hottest segments of the market in 2011, in spite of the robo-signing incident." Sherby has seen a drop-off in foreclosures at the end of Q4 in 2010 due to banks, "checking and rechecking their paperwork.", but says that, "as the lenders get their paperwork houses in order and as the continued sales are carried out, and as new properties are coming up for sale there will most likely be a deluge of housing on the market. That is why I see the market headed to another record year in foreclosures, as do most experts."

   Sherby says that for those who are educated in purchasing foreclosures, "the buys will be extremely good to great as banks chop prices even further to move product from their non-performing assets inventory.", and says that while retail prices are still dropping in some markets, some others are stabilizing.

   Troy Doucet a Real Estate Attorney, provides our Real Estate Attorney perspective, and says that he sees the Real Estate market, "continuing to stagnate this year into next.", and states that, "as the pressure of debt continues to grow on state and local governments, we will begin to see interest rates rise. As interest rates rise in the bond markets, rates will rise for homebuyers, meaning buying a home will become more expensive and will discourage buyers." Just as our other commentators have said in this article, Doucet also points to the number of foreclosures and the, "lender's shadow inventories of homes" as major contributors to the, "market's stagnation."

   How about your point of view? What do you think about the 2011 Real Estate Market? We'd love to hear your comments.

Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com
 

TAGS: #realestate #foreclosure # shortsale
 
 

February 2, 2011

How Do you Handle Tenants?

Hi Folks,

   Hope you're having a great week. If you're getting hit by this huge ice storm, please drive carefully today !

   A great deal of any business in the Real Estate industry deals with tenants. Today, we're going to take a look at some tips for handling and managing tenants; easy tenants and difficult tenants.

   Let's start out with a personal favorite, the "Easy Tenant". According to Jacob J. Gabrie, a Commercial Shopping Center Manager and a Broker and CEO of Town Center Realty Group in California, "They deserve lots of respect", since, "these are those that I don't have to constantly contact to remind to pay rent, they don't complain and really are the reason why a job like mine is as fantastic as it is". As Beth VanStory says, "With good tenants, I think the most important thing to do is be responsive and address issues promptly"

   Now, for the flip side, the "Difficult Tenant". Gabrie says that he deals with this group firmly and "head on", and says that they lie regarding when the rent is coming, about providing a certificate of insurance, etc. Basically, as he describes it, "You give them an inch they take a mile- but that is the nature of these type of group."

   VanStory tells us that she recently had a, "very challenging experience and learned two valuable lessons". The first lesson is to "Always thoroughly screen your applicants.", for example, as she says, "insist on speaking with previous landlords or property managers.", "Insist on a credit report.", and "If the law in your state allows, ask to see a bank statement.". VanStory points to her bad experience, where she failed to do this as she was in a rush, and says, "If I had done a thorough check I would have found out that my tenant had grossly misrepresented himself. I would not have rented to him had I done a thorough background check."

   The second lesson mentioned by VanStory is to, "Use the law", and at the sign of the first problem, "begin to engage in every legal process available to you.", and, "Make sure you thoroughly understand the law." She said that with her bad experience, since she, "wanted to "get off on the right foot" and "be a nice landlord."", it cost her money.

   VanStory says that, "It's not about being nice, it's about protecting your asset and it's a business. If the rent is late by whatever grace period you define (ours is days), immediately issue a "Pay or quit" and start all the legal documentation you will possibly need should you have to move to eviction." Similarly, Gabrie says that he maintains, "experienced collection and risk management executive on my staff who helps me keep this group in line as well- something that is not common in the industry."

   Ultimately, it boils down to how much of a risk do you want to take? With less due diligence, your risk remains high, so if you have the means and resources to dig deep within the confines of the local laws, then definitely do so.

Have a Great Day, and Happy Rent-to-Owning !

Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com





TAGS: #tenant #landlord #creditcheck