Mitra Karimi

Fannie Mae and Freddie Mac – Who Are They and Why Do We Need Them?

The National Association of Realtors has a message it would like to get across and that message is that "America needs Fannie and Freddie." Who are these people that we have been hearing a lot about in the news lately? They are Fannie Mae and Freddie Mac.

According to Realtor Frances Martinez who was the speaker representative at a House Financial Services Subcommittee hearing on June 3, 2009, "Fannie Mae and Freddie Mac serve an important role in expanding homeownership and providing a solid foundation for our nation's housing financial system…Unlike private secondary market investors, Fannie and Freddie remain active in housing markets during downturns, using their federal ties to facilitate mortgage finance and support homeownership opportunities for all qualified borrowers."

Fannie and Freddie are government sponsored organizations that basically insure the success of our nation's housing system, the cornerstone of our economy. Fannie and Freddie work to make sure that all Americans have and will continue to have access to the fair and affordable mortgages. Just think, without Fannie and Freddie, when the market crashed, there would have been no alternative and all housing sales would have essentially come to a dead stop and this would have thrown our country into a deeper economic crisis.

All in all, Fannie and Freddie basically guarantee that there will be a secondary mortgage markets where people can safely and securely buy their homes and achieve the American dream. Getting a mortgage can be a scary thing. Thankfully, we have a country, a government and a system in place to make sure that the days of predatory lending and fraudulent behaviors in the lending industry are behind us.

Mitra Karimi, President
Crestico Realty
http://www.crestico.com

Short Sale Real Estate Agents – A Tall Order

The state of today's housing market leaves us all with something to be desired… but what we crave most is a GOOD DEAL. Whether you are a current homeowner, a former homeowner or a future homeowner; knowing what a short sale is and how you can make it work for you can help you save and make tons of money!

Now, if you're a homeowner facing foreclosure, this may be a great way for you to save yourself from the pain and drama of going through a foreclosure. If you're a buyer – you're in luck! Buying a short sale may save you tens of thousands of dollars on your dream home! If you're a current homeowner, not facing foreclosure, buying a short sale may just be that second home (and extra income) you can use to help you retire sooner!

To get started, you will need an agent. But not just ANY agent will do. You will need a specialist. Not just any agent can be a short sale specialist, although many will call themselves just that. You need an agent who is an EXPERT negotiator to deal with a short sale.

First, let's explain what exactly, this type of transaction is. Basically imagine a homeowner owes $500,000 on his home but can no longer make the payments and foreclosure is around the corner. You, as a buyer, can make an offer to the Lender that owns the bank for $400,000 and if you get approved, you've save the homeowner from foreclosure and pocketed a nice $100,000 savings! Extending yourself to distressed homeowners is a great way to be most successful at securing an approval. We have found that homeowners who are more than three payments behind on their mortgages are generally more amenable to such a transaction (and so are their lenders!).

Your agent will be KEY in getting an approval from the bank for you, which is why you must pick the right one! The agent handles negotiations with the bank and make sure that you are truly getting your money's worth.

For more information on how to find the best agent for you, click on the link below!

Mitra Karimi, President
Crestico Realty
http://www.crestico.com

Is Your Real Estate Agent Right For You?

Right Agent?

Your agent will play an important role in helping you, the buyer, find and get into your dream home. Many agents hold themselves out to be “Buyer’s Agents” but they may not be. Here, you will find some tips and information on how to tell whether your agent is really right for you.

A good agent will be clear. This means you will know clearly and concisely what services he/she will be providing you, what his/her relationship is to you and he/she will be getting paid. A good agent is unbiased. This means that you will never feel pressured into approving or disapproving any one specific property you are shown, especially because it may affect your agent’s compensation.

A good agent is meticulous. This means that your agent will spend time and effort determining a fair and reasonable price on the property you are considering. Your agent should review comparable sales in light of inventory levels and the economic environment as well as considering your individual property’s attributes. This also means that all your documents (whether being submitted or received by you) will be proofread and reviewed to insure against errors and omissions.

A good agent is a good negotiator. This means that you will not feel alone and abandoned when it comes time to negotiate with the seller and his/her agent.

A good agent uses his/her resources. This means that your agent, who is more knowledgeable about the real estate industry than you are, will use his/her resources to help you get the best value in home inspectors, appraisers, repairmen, decorators or any other “expert” advice and opinions you may need.

We at Crestico pledge our commitment to you as being some of the best Buyer’s Agents around. Not only do we do all of the above for you, but we take that commitment even further. We have networks of professionals in related industries from financing to decorating to make sure that when you work with a Crestico Agent, you are taken care of from start to finish. Call us today for a consultation so we can show you the Crestico advantage.

We truly are your ONE STOP SHOP for all your home-buying needs.

For more information please visit www.crestico.com or call (818) 784-2929