2011 Fall Athletic Registration Reminder Auburn Alabama 36830

Posted August 11, 2011 by scottelangley
Categories: Auburn Activities, Football

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2011 Fall Athletic Registration Reminder

 

Fall Baseball & Softball

Online Registration: July 18 – Aug. 12

www.auburnalabama.org/baseball

***Walk-In Registration: Thursday, August 11***

6 p.m. – 7 p.m.

Dean Road Recreation Center

Flag Football

Online Registration: July 18 – Aug. 12

www.auburnalabama.org/football

***Walk-In Registration: Thursday, August 11***

6 p.m. – 7 p.m.

Dean Road Recreation Center

 

Tackle Football Registration

Online Registration: Aug 1 – Aug 13

www.auburnalabama.org/football

***Walk-In Registration: Saturday, Aug. 13***

10 a.m. – Noon

Dean Road Recreation Center

 

Cheerleading Registration

Walk-In Registration:

Aug. 1 – Aug. 26

Monday – Friday

8 a.m. – 5 p.m.

Dean Road Recreation Center

So what is a HUD home?

Posted June 3, 2011 by scottelangley
Categories: HUD Foreclosures, Real Estate

Tags: , , ,

When a lender must foreclose on, or accept a deed-in-lieu of foreclosure for, an insured FHA loan, they will file an FHA insurance claim for the unpaid balance.  Since the US Department of Housing and Urban Development (HUD) oversees the FHA, the title to the foreclosed property is conveyed to HUD.  Although HUD doesn’t actually foreclose or repossess the home, they are the receiver after the bank files the claim and they then begin the process to sell the homes through various contractors throughout the country.

What is earnest money and contingencies on HUD homes?

Posted June 3, 2011 by scottelangley
Categories: HUD Foreclosures, Real Estate

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The earnest money requirements are usually lower than a typical purchase (usually $500-$1000 depending on price), but there’s a greater risk of losing the money. If you’re an owner-occupant, you can get 100% of the money back for specific reasons with adequate documentation (i.e. unable to obtain financing despite good faith efforts).

Investors should be more cautious. If your an investor and they accept your bid/contract and you decide not to close, you’ll lose all of the earnest money regardless of reason. One exception, if the house is “insurable” and HUD determines you’re an “unacceptable” buyer, then you’ll lose 50% of the EM. Unacceptable means that your lender refuses the loan if financing.

What does “FHA Financing Insurability” mean?

Posted June 3, 2011 by scottelangley
Categories: HUD Foreclosures, Real Estate

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An independent FHA-approved appraisal and inspection are usually completed within two weeks of HUD acquiring the property and the condition will be noted on the listing. These listing condition codes not only describe the condition of the property to a degree but also determine what type of FHA loan may be used by the new purchaser. If the property is “insurable (IN)”, then there’s no obvious repairs needed to qualify for an FHA insured loan and FHA 203(b) financing may be used. If the property is “insured with escrow (IE)”, then for FHA 203(b) financing to be used, certain repairs must be made and an escrow account is established to make sure they are made. The needed repairs will be listed with the property and the cost will be repaid by the borrower. If the property is designated as “uninsurable/uninsured (UI)”, then the property requires extensive repair and cannot be financing with FHA 203(b) financing. If cash or conventional financing is used, then none of this is relevant. Be aware that this gives you an idea of problems that have been found but it’s still recommended that you get your own inspection.

HUD – How to Use FHA 203K Renovation Loans to Create Massive Equity

Posted June 3, 2011 by scottelangley
Categories: 203K, Real Estate

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These days HUD foreclosures are everywhere. They are everywhere because the path to ownership for a lot of these homes was quite low initially. This is good for you because HUD homes represent some of the absolute best bargains on the market these days. Purchasing a HUD home is a little different from purchasing a traditional foreclosure though. That is why it is important you get a good knowledgeable HUD Realtor to help you out. How is it different? First of all, HUD has an automated bidding system, an easily manipulated one at that. HUD’s system, and what you should bid, is based a formula derived from days on market and number of times the price has dropped. A good HUD Realtor can usually get you within a few thousand of the lowest bid that the system will accept in the absence of other bids. This means HUGE discounts for you if you know the right Realtor. When you are perusing HUD listings you need to be aware of some of the caveats and what they mean to you. One of the things you need to pay close attention to when purchasing a HUD home as a primary residence is the FHA insurability. Homes with less than $5000 in repair are usually classified as FHA Insurable. HUD will escrow the repair money in an account for you to fix what the appraiser has noted needs fixing after you close. HUD Houses with over $5000 needed generally are FHA 203K Insurable. This means if you want to buy with traditional FHA financing you can’t, you need a FHA 203K renovation loan (or another type of renovation loan like the Fannie Mae Homestyle). Finally, you will see some homes that are not FHA 203K insurable. These are essentially teardowns.

If you really want the sweet deal on a HUD Home it is good to find one that has dropped in price once or twice and that needs some repair. It isn’t unusual for us to see 30% discounts to as-is value on these types of properties. Keep in mind to, that if you are going the way of the renovation loan you will be using after-repair value and that you can often sculpt a house that you love with 50% equity the day you move in. Invest in kitchens and bathrooms along with giving the home some curb appeal will generally provide you the best returns and the most instant equity. Don’t let the news media scare you into indecision, savvy home buyers are solidifying their family’s future with the deals available in this market.

Article Source: http://EzineArticles.com/1361394

HUD Escrow Repair Money and How It Works

Posted February 26, 2011 by scottelangley
Categories: HUD Foreclosures, Real Estate

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When a HUD Home is listed as “INSURED-Repair Escrow” it means that one can purchase the property with FHA-Insured Financing BUT it doesn’t meet ALL FHA “Minimum Property Standards” (MPS) and that funds sufficient to fix whatever needs fixing to bring the property up to MPS must be Escrowed by the Lender. The Listing should tell the Lender & prospective Buyer what work needs to be done and the amount of money that needs to be placed in Escrow at Closing to provide for getting the needed work done within 60 days of the Closing!

The amount of money needed for the “Repair Escrow” is ADDED to the Buyer/Borrowers’ loan amount, so the Buyer/Borrower actually pays for the needed repairs. And the Buyer/Borrower–now Homeowner–gets the work done AFTER closing and pays for it out of the “Repair Escrow” Account.

HUD Home purchases are complicated, sometimes confusing, often contradictory! A prospective Buyer/Borrower for a HUD Home  needs an EXPERIENCED REALTOR AND Loan Officer to help him/her “through the maze”! By “experienced” I mean a Real Estate Agent and a Loan Originator who has worked a number of HUD Home sales before–and is familiar with the problems and solutions that may occur  within each transaction with this government agency!

5 keys to escaping a house fire

Posted February 26, 2011 by scottelangley
Categories: Fire

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You’re sound asleep when you hear the wail of your home’s smoke alarm. A fire has started somewhere in your home, smoke begins to fill the rooms, and you have only minutes — maybe seconds — to get everyone out safely.

It’s a scenario that none of us ever want to think about. But it happens with surprising regularity. The U.S. Fire Administration reports that once every minute there’s a fire in an American home that’s severe enough to report to the fire department.

An average of 2,600 people die every year in house fires in the U.S. — that’s one person every three hours — and an average of 13,000 people are injured.

Smoke alarms
Obviously, one of the most important things you can do to protect yourself is to install smoke alarms. They’re inexpensive and easy to install, and no home should be without an adequate number of them.

You should have one outside the door of each room where people sleep, and a minimum of one detector centrally located on each floor of the house. Once installed, be sure the batteries are changed once a year — pick a specific day of the year, and mark it on the calendar!

Plan your escape
Another critically important thing for you and your family is to plan an escape route. This is something for the entire family to be involved with, since it’s the best way to ensure that everyone gets out safely. Here are some tips for devising your escape plan:

Leave immediately: Your home’s contents can be replaced — you can’t. If you’re alerted to a fire in your home, get out immediately. Don’t stop to gather any belongings. Don’t even stop to call 9-1-1 — you can do that with a cell phone from outside, or from a neighbor’s house.

You can’t always depend on the door: You won’t always be able to use the room’s main door to escape during a fire, so take that into consideration when doing your escape planning. Look at two different ways to escape from any room.

If a room has two doors, practice your escape from each of them, in case one is blocked. If there’s only one door, your next means of escape will be a window, so understand how to escape from each of the room’s windows — directly onto the ground, onto an adjacent roof or deck, or with the aid of an escape ladder.

In the event of a fire, if the door to the room you’re in is closed, feel it before opening it. Use the back of your hand, and touch the top of the door or the doorknob to see if it’s hot. If it feels cool, open it slowly and check for smoke. If heat and smoke come in, close the door immediately and use an alternate exit.

Know the route: Whatever exit you use from the room, know where that exit will lead you. No matter how well you know your house, during the heat, smoke, and chaos of a fire it’s easy to become confused and disoriented — especially at night. Everyone in the family needs to know and practice the escape route from each room all the way to the exterior of the house.

Plan on a meeting spot: Decide on a specific, easily recognized meeting spot outside the house where everyone can gather. It might be the end of the driveway, in front of a neighbor’s, or some other location. Be sure that everyone in your family knows the spot, and that they immediately assemble there.

This is the fastest way to know that everyone’s out safely, and to prevent unnecessary injuries from going back into the home to look for someone who’s already out.

Escape ladders
A window is the normal escape route to use if the door to a room is blocked by fire. But if you live in a multistory house, using the window on an upper floor is obviously dangerous without a ladder. So for every upstairs sleeping room, you should have an escape ladder ready in the event of an emergency, and each family member needs to know how to deploy and use it.

The simplest type of ladder is one that hooks over the window sill. Open the window, hook the ladder in place, toss the rungs out of the window, and climb down. Ladders of this type typically cost in the $30 to $50 range.

There’s a couple of disadvantages to this type of ladder, however. Because no one expects to use it, it gets stored away, and has to be found during the chaos of the fire. Also, many of these are single-use ladders, so there’s no opportunity to practice with them.

In my opinion, a much better alternative is a permanently installed escape ladder, such as Werner’s new Built-In Fire Escape Ladder ($99 for a two-story model, $139 for three-story). This type of ladder is installed in a can in the wall, directly under the escape window, so it’s unobtrusive but always in place when you need it.

The Warner escape ladder is very easy to install, and comes with a clear and well-illustrated instruction booklet. It’s basically a matter of cutting hole in the drywall between two studs — the can is designed for mounting between studs on 16-inch centers — and bolting the can in place. The escape ladder folds up and stores in the can, and a wood door, which can be painted or wallpapered to match the room, covers the can.

One distinct advantage to the Werner ladder, in addition to always being where you can find it, is that it’s reusable. This allows each family member the opportunity to practice opening, deploying and climbing down the ladder. The can also can be used as a step to help you get out of the window, and there’s a built-in assist strap, which gives you something to hang onto when you first start the climb.

Where to find what you need
Escape ladders, both permanent and single-use, are available at many home centers, hardware stores and online retailers such as Amazon. Smoke detectors and batteries are available from any home center, hardware store, department store and other retailers, as well as online.

By Paul Bianchina, Friday, February 25, 2011.

Inman News™

What Is A Deed-In-Lieu?

Posted February 5, 2011 by scottelangley
Categories: Forclosures, Real Estate, Short Sales

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There are unprecedented numbers of families faced with the possibility of foreclosure. A foreclosure-in-the-making situation looks something like this: you are financially strapped, have missed consecutive monthly mortgage payments, and have been unsuccessful in trying to sell your home to repay your loan. Email ScottELangley@remax.net for more information.

If you are at the point of being willing to give up your home, but want to avoid foreclosure, you should be aware of two other options: short sale and deed-in-lieu of foreclosure transactions. You will still lose your home and negatively impact your credit rating by implementing either of these options, but they may be less painful than foreclosure.

Short Sale vs Deed-In-Lieu

The difference between a short sale and a deed-in-lieu of foreclosure transaction is determined by who is responsible for selling the property. In a short sale, you will be responsible for selling your house at a fair market value, even if it is less than the amount you owed on the mortgage. In exchange, the lender agrees to forgive the remainder of your loan.

In the deed-in-lieu of foreclosure transaction, you first give ownership of your property to the lender (with the lender’s written consent) and the lender then assumes full responsibility for selling the house. Similar to a short sale, the lender will typically agree to forgive the remainder of your loan.

Short of filing for bankruptcy, which will delay but not stop foreclosure, a deed-in-lieu of foreclosure may be a good option for getting your finances back on track. A deed-in-lieu of foreclosure allows you sign over legal ownership to your home in exchange for the lender’s agreement not to foreclose and to forgive the remainder of your debt. You may even receive more generous terms from the lender than you would in a formal foreclosure.

Better in the Long Run

A deed-in-lieu of foreclosure also might help your chances of getting another mortgage loan in the future, and it will definitely help avoid the lengthy legal process of foreclosure. Although it has a negative impact on your credit rating, deed-in-lieu of foreclosure is probably less harmful than a foreclosure.

The advantages to the lender include: the ability to receive title to the property immediately instead of having to wait for months for the foreclosure process to complete; significant financial savings on court costs and lawyers’ fees; and, it enables them to resell the property so they can recoup some of their investment.

Before approving a deed-in-lieu of foreclosure transaction, the lender will require that your home be put on the market (listed with a real estate agent) for at least 30 days (three months is typical) and that there are no other liens on the property. Lenders would prefer that you sell the property rather than they assuming responsibility to sell it.

If you foresee, or are experiencing problems making your mortgage payments, contact a nonprofit organization that can help you negotiate with your lending institution.

What Will Happen?

The process for approving a deed-in-lieu foreclosure looks something like this. Both you and the lender will sign two legal documents, an agreement and a deed (warranty, quit claim, or a grant). The agreement describes the terms and conditions of deal including: a promise by the lender not to initiate foreclosure proceedings; a promise to terminate any existing foreclosure proceedings; and a promise to forgive any deficiency (the amount of the loan that isn’t covered by the sale proceeds) that remains after the house is sold. The deed, gives legal ownership of the property to the lender.

The lender then confirms that your loan is “paid in full” and gives you two forms: One states that your debt is canceled; the other refers to the waiver of the right to a deficiency judgment (the lender’s right to ask for the unpaid debt amount if it is not recovered totally by the sale of the property).

Taxable Income?

It is possible that a deed-in-lieu of foreclosure may generate taxable income based on the amount of your “forgiven debt. In other words, you might have to pay income tax on the amount of money remaining on your loan that was forgiven by the lender. 

Here is why: You did not owe taxes on your original load because you were required to repay the loan (it was not a “gift”). However, when you agreed to not repay the entire amount of the loan, and the remainder of the debt was forgiven, the amount that was forgiven becomes “income” on which you owe tax.

The IRS is notified of this when the lender sends it IRS Form 1099C, which reports the forgiven debt as income to you.

However, there may be help. The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.

This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition.

More information, including detailed examples can be found in Publication 4681 (http://www.irs.gov/pub/irs-pdf/p4681.pdf), Canceled Debts, Foreclosures, Repossessions, and Abandonments. Also see IRS news release IR-2008-17 (http://www.irs.gov/irs/article/0,,id=179073,00.html).

This article contains general information.  Individual financial situations are unique; please, consult your financial advisor or tax attorney before following the advice in this article.

FAQs About Buying HUD Homes

Posted February 5, 2011 by scottelangley
Categories: 203K, HUD Foreclosures, Real Estate

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In the current economic environment, there are some incredible deals on HUD homes. This article will answer all your questions on the hows and wherefores of buying a HUD home                                                                                                                                                          
Question 1: What is a “HUD Home”?
Answer: When someone with an FHA insured mortgage can’t meet the payments, the lender forecloses on the home; HUD pays the lender what is owed; and HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim. HUD tries to sell it at market value as quickly as possible.

 

Question 2: Who can buy a HUD home?
Answer: Almost anyone! If you have the cash or can qualify for a mortgage, subject to certain restrictions, you may buy a HUD home. HUD employees and relatives of HUD employees are eligible, but must receive written approval from the Director of HUD’s Office of Single Family Asset Management in order to purchase a HUD-owned single family property. HUD employees should refer to paragraph 10-29C of Handbook 4310.5, REV-2, Property Disposition Handbook-One to Four Family Properties for the exact requirements to purchase a HUD-owned single family property. Other less common restrictions may apply.

 

Question 3: Are HUD Homes meant for people with low incomes?
Answer: HUD homes range in price, but most are affordable for low- and moderate-income Americans.

 

Question 4: Is it true I can get a HUD Home for a dollar?
Answer: No. HUD sells homes at market value – that means that the price is set based on the price of similar homes sold in the area.

 

Question 5: If the HUD Home needs repairs, will HUD make them?
Answer: HUD Homes are sold “as-is,” without warranty. That means that HUD will not pay to correct any problems. But even if a HUD Home needs fixing up – and not all of them do – it can be a real bargain! For example, HUD’s asking price on the home will reflect the fact that the buyer will have to invest money to make improvements. HUD might offer special incentives such as an allowance to upgrade the property, a moving expense allowance, or a bonus for closing the sale early. And keep in mind that on most sales, the buyer can request HUD to pay all or a portion of the financing and closing costs. Your real estate agent will have details. We encourage you to get the home professionally inspected before you make an offer so you will know what repairs you may have to make BEFORE you submit your bid.
 

Question 6: How do I buy a HUD home?
Answer: Start by finding a participating real estate agent. Your real estate agent must submit your bid for you. Normally, HUD Homes are sold in an “Offer Period.” At the end of the Offer Period, all offers are opened and, basically, the highest reasonable bid is accepted. If the home isn’t sold in the initial Offer Period, you can submit a bid until the home is sold. Bids can be submitted any day of the week, including weekends and holidays. They will be opened the next business day. If your bid is acceptable to HUD, your real estate agent will be notified, usually within 48 hours.
Question 7: If my bid is accepted, what happens next?                                                                                                                                       Answer: Your real estate agent will help you through the paperwork process. You’ll be given a settlement date, normally within 30-60 days, by which you need to arrange financing and close the sale, or forfeit your earnest money deposit, or pay for an extension of your sales contract. We have an excellent booklet to help you understand the settlement process: “Buying Your Home – Settlement Costs and Helpful Information. When you buy a HUD Home, the selling agent’s commission will be paid by HUD but only if you make this a condition of your offer. The listing agent’s commission is always paid by HUD. HUD will pay a total sales commission of up to 6%.
 
Question 8: How can I find out what HUD Homes are for sale?
Answer: Right here! We update our lists of HUD Homes for sale every day. If you see one that interests you, contact ScottELangley@remax.net I can help you from there.
 
Question 9: How can I get a loan to buy a HUD Home?
Answer: HUD doesn’t make loans directly. But we do have a number of mortgage insurance programs that could help you buy a home. You can read about those programs. Then contact a HUD approved lender, who will take you through the steps and actually make the loan. For information on how to qualify for an FHA Loan, see this article
 
Question 10: Can I buy a HUD Home as an investment?
Answer: Most HUD Homes are initially offered on a priority basis to owner occupant purchasers (people who are buying the home as their primary residence). Following the priority period, unsold properties are then available to all buyers, including investors.
 
 
Question 11: Is there anything else I should know about HUD Homes?
Answer: We encourage every homebuyer and homeowner to be a wise consumer, so be sure to read our consumer information. Houses built before 1978 may have lead-based paint, which can cause harm to your family; so be sure to read about this hazard and about what you would need to do to correct it. Teachers and law enforcement officers qualify for 50% discounts in certain situations.
Attention: Nonprofits and Government Agencies!
HUD has a special sales program under which approved nonprofit organizations and government agencies may purchase properties at discounted prices for use in local housing or homeless programs.

HUD Foreclosure for sale 2805 Edgemont Opelika Alabama 113k

Posted February 2, 2011 by scottelangley
Categories: Forclosures, Real Estate

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Play VisualTour
REMARKS: THIS IS A THREE BEDROOM, TWO BATH, ONE CAR GARAGE, HOME IN A GREAT LOCATION. ONLY FIVE MINUTES FROM TIGER TOWN AND INTERSTATE 85. CALL TODAY FOR YOUR PRIVATE SHOWING.

AGENT REMARKS: THIS IS A HUD HOME, SOLD AS. WHERE IS. Info taken from tax records. To place offer www.bidselect.com or www.hudhomestore.com email ScottELangley@remax.net if you need help.

DIRECTIONS: FROM THE INTERSTATE GO SOUTH ON MARVYN PKWY TO BALLARD AVE.(BLOSSMAN GAS),TURN LEFT, NEXT STREET ON LEFT IS EDGEMONT.

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