K J Mehmood

Single Story For Sale in Melrose

K J Mehmood — Wed, 28 Dec 2011 20:11:00 GMT

• 2,700 sq. ft. single story - MLS® $179,950 - Priced Below Market Value

Melrose, Roanoke - Excellent location for your business. Great corner lot. Currently one side of the building is leased to 2 Brothers Deli. Leased for $1100.00 per month. Other half is vacant . New owner can run own business from the un-rented half. Priced below market value. Bring offers.

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Single Story For Sale in North Roanoke County

K J Mehmood — Sat, 17 Dec 2011 22:44:00 GMT

Home is competitively priced to sell!

• 2 bath, 3 bdrm single story "Single level living at it's best " - MLS® $214,950 - Reduced $10,000

North Roanoke County, Roanoke County - This is the perfect Ranch style Patio home. Single level living at it's best in North Roanoke County 1928 sqft. Beautiful Great Room with a Vaulted Ceiling.Over-sized Master Suite.with a walk-in closet. Very clean home- move-in condition!
Directions: From I581 to Peters Creek Road North. Left onto Barrens Road, Right onto New Barrens Court.

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Bi-Level For Sale in Salem

K J Mehmood — Sat, 17 Dec 2011 22:41:00 GMT

• 2,408 sq. ft., 3 bath, 4 bdrm bi-level "Lower level can be In-Law suite " - MLS® $219,950 - Large Level Lot

Salem, Virginia Beach - Large corner lot, oversize detached garage Salem location.Well-maintained Split-Foyer with possible separate In-Law suite downstairs.Bring offers.
Private Remarks: Pool will pass ''As Is'' Front walkway will be repaired before closing.
Directions: COLORADO TO KIMBALL TO 602 ON LEFT GREAT CORNER LOT.
Call (540) 309-3998 ) OR (540) 309-4023 for personal Tour.

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Ranch For Sale in Blue Ridge

K J Mehmood — Sat, 17 Dec 2011 22:39:00 GMT

33,550 Below Tax Assessment

• 3,518 sq. ft., 4 bath, 4 bdrm ranch "Ranch With Mountain Views" - MLS® $274,950 - Priced 33,550 Below Tax

Blue Ridge, Botetourt County - Lovely, spacious Ranch style home in Botetourt County with an open floor plan and large bedrooms. Also offers eat in kitchen a large family room and dining area. Large 2 car garage, and lots of storage space.The views from the large deck are beautiful. Seller will consider Lease/Purchase option.
Directions: 460 EAST JUST PAST BLUE RIDGE PARKWAY.MAKE ''U'' TURN RIGHT MORNING DOVE LANE SECOND HOUSE ON LEFT

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Price Reduced on 1805 Peters Creek RD NW in Roanoke City

K J Mehmood — Thu, 17 Nov 2011 15:32:00 GMT

Roanoke City, Roanoke - Announcing a price reduction on 1805 Peters Creek RD NW, a 15,832 sq. ft., 2 bath single story. Now MLS® $329,950 - Corner Lot.

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DAILY REAL ESTATE NEWS, FHA, Fannie, Freddie seek new options to offload REO properties

K J Mehmood — Thu, 22 Sep 2011 18:05:00 GMT

By Tom Kelly
Inman News™

Lenders have always viewed real estate investors with a wary eye. It seems all investors are grouped into flip-and-run speculators with little skin in the game, no plan for maintenance and repair, and yet huge expectations for short-term profits.

Lenders even raise interest rates on investment properties, feeling their risk in the deal should be greater than an owner-occupied property. Because the owner does not live there, it's logical to assume the property will receive less care and attention.

Now, the situation apparently has changed -- at least for investors who want to buy groups of foreclosed properties. In fact, they might even be viewed as saviors.

Recently, the Federal Housing Finance Agency (FHFA), the U.S. Treasury Department and the Department of Housing and Urban Development (HUD) announced they would seek new options for selling single-family real estate owned (REO) properties held by Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA).

"While the enterprises (Fannie and Freddie) will continue to market individual REO properties for sale, FHFA and the enterprises seek input on possible pooling of REO properties in situations where such pooling, combined with private management, may reduce enterprise credit losses and help stabilize neighborhoods and home values," said Edward J. DeMarco, FHFA acting director.

"Partnerships involving enterprise properties may reduce taxpayer losses and meet the enterprises' responsibility to bring stability and liquidity to housing markets. We seek input on these important questions."

For years, at least one investor group has encouraged Fannie and Freddie to allocate funds for the rehabilitation of their foreclosed properties, then set aside another pot of cash to help subsidize the financing. That way, they could self-finance their newly refurbished inventory with low down payments, reduced closing costs and quick turn-around times while removing troubled assets.

That didn't happen. Now, these government-sponsored entities have less cash and a massive REO portfolio.

Five years ago, Tom DiMercurio, a veteran of 37 years in the foreclosure business, was the first to label and predict a "foreclosure tsunami" for several areas of the country. While he says some markets have yet to hit rock bottom, he also believes this is a great time for long-term investors to begin picking up single-family homes for their portfolios.

However, potential buyers must be genuine players and not speculators, and be prepared to do factual research if they are interested in purchasing an additional piece of real estate in a specific area.

"The residential rental market has been very strong because there have been so many foreclosures," DiMercurio said. "But anybody who wants to buy a property in addition to their primary residence really needs to go back to basics. The value of a piece of real estate must be based on the net income it can produce. If it's sustainable with a modest -- yet realistic -- down payment, then it becomes a viable candidate for investment."

The government is looking for approaches that achieve a reduction in foreclosure volume but also for current renters to become homeowners -- and to assist former homeowners with affordable rentals in a cost-effective manner.

There have been examples that have worked. For example, from 1986 to 1988, one-third of all Fannie Mae's national REO inventory was situated in five Houston-area counties. The sheer volume of localized foreclosures and the severity of the absolute value decline rivaled the worst financial performance in U.S. history.

The Houston slump was brought on by a declining oil industry. The resale market for REOs was challenged by a widely held public view that foreclosed homes were surely the result of a building defect or other shortcoming that made them less desirable than a regular (nonforeclosure) residential property.

Working with Fannie Mae in Washington, D.C., a group conceived a plan to brand "Fannie Mae as the Best Housekeeper in Houston," celebrating the like-new condition of restored Fannie Mae-acquired properties.

Offered with below-market, fixed interest rates, a maximum of a 97 percent loan-to-value for owner-occupants, reduced closing costs, 30-day closings, and refurbishment to a like-new condition, Fannie Mae homes were extremely popular in the Houston residential real estate market for several years.

To accelerate the rehabilitation process, Fannie Mae's Houston office operated like a consolidated real estate disposition and construction company. A contractor/builder partner bought carpet, paint and roofing material by the container load directly from the warehouse, reducing the costs of refurbishing the foreclosed homes.

There are proven methods to improve and sell foreclosed properties. Given the severity of the problem, why has it taken so long for the powers that be to reach out for ideas?

Tom Kelly's new e-book, "Bargains Beyond the Border: Get Past the Blood and Drugs: Mexico's Lower Cost of Living Can Avert a Tearful Retirement," is available online at Apple's iBookstore, Amazon.com, Sony's Reader Store, Barnes & Noble, Kobo, Diesel eBook Store, and Google Editions.

Contact Tom Kelly:
Email	Letter to the Editor

Open House in North Roanoke County on Sunday

K J Mehmood — Fri, 16 Sep 2011 02:33:00 GMT

North Roanoke County, Roanoke County - We invite everyone to visit our open house at 7518 NEW BARRENS CT on September 18 from 2:00 PM to 4:00 PM.

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Open House in Vinton on Sunday

K J Mehmood — Fri, 16 Sep 2011 02:28:00 GMT

Vinton, Roanoke - We invite everyone to visit our open house at 1921 CAMBRIDGE DR on September 18 from 2:00 PM to 4:00 PM.

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Price Reduced on 110 Palmer TRL in Troutville

K J Mehmood — Fri, 12 Aug 2011 14:26:00 GMT

Troutville, Daleville - Announcing a price reduction on 110 Palmer TRL, a 1,248 sq. ft., 2 bath, 3 bdrm ranch. Now MLS® $159,950 - Priced Below Tax Assessme.

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Price Reduced on 1921 CAMBRIDGE DR in Montgomery Village

K J Mehmood — Sat, 23 Jul 2011 20:33:00 GMT

Montgomery Village, Roanoke - Announcing a price reduction on 1921 CAMBRIDGE DR, a 2,220 sq. ft., 2 bath, 4 bdrm bi-level. Now MLS® - PRICED $10,750 BELOW TAX.

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Newlyweds say “I DO” to FHA Bridal Registry Gift Funds.

K J Mehmood — Wed, 29 Jun 2011 19:35:00 GMT

Are you planning to get married and buy a home in Colorado, but wonder where your down payment funds will come from?

FHA has a Bridal Registry program where the money you receive as a wedding present can be used towards your down payment. Just like registering at a specialty or department store, the FHA Bridal Registry program allows you to register with a lender. Then your friends and family are able to make gift payments into an interest bearing account on your behalf.

It's a win win! Not only can your gifts earn interest, but they can be used as a down payment towards an FHA Loan.

Bridal Registry Guidelines

Bridal Registry Accounts were originally introduced in 1996, but still remain a little known fact when it comes to down payment assistance. The misunderstanding of how this program works might be the fact that it was originally only allowed by banks. Soon after, FHA modified the program and offered new flexible options and the opportunity for the newlywed to set up the account at any bank. Plus, newlyweds are now able to make deposits on their own from the gifts they receive.

Here's how it works in 3 simple steps:

You will open a savings account at your bank prior to the wedding
Friends and family will be given the banking information where the gifts will be deposited
All of the gift funds can go towards the FHA required 3.5% down payment
Anyone with an interest in the purchase cannot be party to the gift funds (i.e. realtor)
There is no requirement that you be married prior to closing on your new home

Another huge advantage is that there are no gift letters or other documentation required other than proof of your savings account named "bridal registry account." It's that simple!

5200 Salem Turnpike in Mason Creek

K J Mehmood — Wed, 29 Jun 2011 13:59:00 GMT

Mason Creek, Roanoke - Announcing a price reduction on 5200 Salem Turnpike, a other. Now MLS® $75,000 - Great development opportu.

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Improve Your Credit Score Before Searching for a Home

K J Mehmood — Tue, 21 Sep 2010 15:12:00 GMT

Improve Your Credit Score Before Searching for a Home

By Paige Tepping

RISMEDIA, September 8, 2010--Many prospective homeowners find out the hard way the importance of a good credit score when they apply for a home mortgage, especially after the subprime loan crisis. If you are considering buying a home in the near future, it is a good idea to give your credit score a check-up and then take positive steps to improve your credit score if you find problems. Ideally, it is best to begin working on improving your credit score at least six months before you plan to start shopping for a home.

According to the experts at Buy-and-Sell-House-Fast.com, the following tips will help you improve your credit and should be taken before you begin your home search.

The first critical step in taking care of your credit is to check your credit report. Unfortunately, many people fail to take this all important first step. Instead, they wait until they have applied for a mortgage loan to find out from the lender that there are problems with their credit scores.

By checking your credit score before you apply for a mortgage loan, you gain the opportunity to find out if there are problems which you can correct and discrepancies that need to be removed. When you check your credit report, make sure you check all three of the national credit reporting agencies: Experian, Trans-Union and EquiFax.

Review your credit report carefully for items that may be erroneous. If you believe that an item on your credit report is reported in error, you have the right to contest it. To do so, you will need to contact the credit reporting agency and explain why you believe the item is inaccurate. Supporting documentation such as receipts and cancelled checks can help your claim. Alternatively, you can engage a credit report repair services firm to fix your credit report.

If there are derogatory items on your credit report that are accurate but which could cause problems in your loan application, you cannot have them removed; however, you can take positive steps to counteract them. In the event that you have missed payments in the past, take steps now to get your bills current. Even if it means tapping into money that you might be planning to use for a down payment, it is essential that you get your accounts current and keep them that way. Begin by immediately making your payments on time. There is nothing which can lower your credit score more quickly than late payments. Ideally, make an attempt to begin sending in your payments a few days ahead of time to make sure they arrive on time and you do not have any more late payments on your record. If necessary, begin taking advantage of electronic payments in order to make sure your payments are made on time. Over time, this can make significant difference.

Keep in mind that eradicating all of your credit balances is really not the solution. In fact, credit can be your friend when you are looking to make a big purchase such as a home. The key is to make sure your credit is positive, not negative. Toward that end, avoid actually closing out your accounts. Instead, make an effort to pay down your balances and keep them paid down well below the minimum or completely paid off, but do not close the account. When your lender runs your credit to make a decision on your mortgage application, he or she will want to see that you have had a long credit management history.

After reviewing your credit history, if you see that most, if not all of your credit cards are maxed out or nearly maxed out, it is time to sit down and plan an aggressive strategy for paying some of them down. One of the critical factors that often determine your ability to be approved for a mortgage loan is your debt to income ratio. In addition, high credit card balances can drag down your credit score. Therefore, it is important to look at paying off some of your balances.

It is generally better to begin with your highest-rate balances first. Many consumers are tempted to move around balances when they receive an offer from another bank that is good; however, before you do this, remember that the worst thing you can do when you are trying to make a major purchase is to open new accounts.

By following these guidelines, you can improve your credit score and improve your chances of being approved for your home mortgage loan.

stop foreclosure get foreclosure help

K J Mehmood — Fri, 03 Sep 2010 15:24:00 GMT

Click a Top 14 question below to read the answer:

Abrupt Pause in Home-Upgrade Program Leaves Projects Incomplete

K J Mehmood — Sun, 29 Aug 2010 02:51:00 GMT

Abrupt Pause in Home-Upgrade Program Leaves Projects Incomplete

By Tiffany Hsu

RISMEDIA, August 27, 2010--(MCT)--A popular program that allows homeowners to tap low-interest government financing to install energy-efficient solar panels, windows and insulation has stalled, leaving tens of thousands of green improvement projects across the country in limbo.

Most local and state governments stopped providing the funds after federal regulators warned that the so-called Property Assessed Clean Energy program, or PACE, posed "unusual and difficult" financial risk and that homeowners who participate in the program may by violating their mortgage terms and face foreclosure.

The quagmire has left many green-oriented home improvement companies in a lurch, causing them to scrap projects that they say could have created thousands of jobs and helped draw investors. Some have simply given up on the program altogether.

"The way it shut down was really painful for us, because we lost a lot of business we had been counting on," said Matt Golden, president of Recurve Inc. of San Francisco. "We don't have the jobs to put these people to work, and that's a calamity in the long run."

More than a dozen Recurve home projects worth more than a quarter of a million dollars are at risk, now that the city of San Francisco's program is on hold. Golden had to give up plans to hire up to four people a month.

"It resulted in one of the worst months we have ever had," he said.

Homeowners Evelyne Michaut, 36, and Leel Peesapati, 39, had finalized preparations to retrofit their 1950s San Francisco home when PACE — and their $50,000 funding package — came to a standstill. They had to scale back plans for a floor heating system, garage-to-attic insulation and top-notch energy-efficient windows.

Michaut and Peesapati reluctantly settled on the only other financing option they could find: a second mortgage.

"We were counting on the money, but had the rug pulled out from under us," Peesapati said. "Had we known that this would have fallen through, we would have gone down a completely different path."

When it was launched, the program was hailed as an innovative way to create jobs and bolster environmentally friendly home improvements.

Vice President Joe Biden heralded the program in April and announced that the federal government would pump $452 million in stimulus funds for eco-friendly building upgrades.

PACE, according to supporters, could create thousands of jobs while saving homeowners thousands of dollars in energy savings.

The California Energy Commission funneled $110 million in federal stimulus funds into PACE and similar programs.

Thousands of properties have used tens of millions of dollars for improvements since Cisco DeVries, then an assistant to the mayor of Berkeley, Calif., conceived the program there in 2006.

Most of the energy-efficiency upgrades are financed using bonds issued by local governments and are paid back through tax assessments on the property, sometimes over two decades. The liens are attached to the house, not the borrower.

But critics said PACE's financing mechanism is better suited for building sewage networks, underground power lines and other public infrastructure projects that benefit entire communities.

The program also raised red flags for the Federal Housing Finance Agency, which said in July that PACE was too risky, especially in a shaky housing market.

Lenders were alarmed by a provision that required PACE funds to be paid back before a mortgage in a foreclosure.

The agency told lenders that they could tighten lending standards for entire communities that continued to sign up for PACE, which could require borrowers to make higher down payments and make it more difficult to get a mortgage.

The agency regulates mortgage finance giants Fannie Mae and Freddie Mac, which were seized by the federal government after the economic meltdown in 2008.

Now, PACE advocates are scrambling to keep the momentum going for eco-friendly upgrades but are torn about whether to do it by reviving PACE or moving on to other funding alternatives.

"Virtually all the (PACE) programs around the country have ground to a complete stop," said DeVries, now president of Renewable Funding of Oakland, Calif., which helps set up energy-efficiency programs. "There are other financing solutions, but PACE was uniquely powerful in getting people over the mental hurdle and into the door."

Several lawsuits have been filed against the federal housing agency, and Congress is considering legislation that would force the agency to support the program.

Some governments, such as California's Sonoma County, are pressing ahead with the PACE program despite the potential backlash from lenders.

This month the California Energy Commission began considering new ways to fund home energy improvements after it canceled plans to pump an additional $30 million into PACE statewide.

Several cities and counties around California had programs in progress, and at least another dozen — including Los Angeles and San Diego counties — were poised to launch projects that are now on hold.

"The FHFA statement was a mistake, and the timing was damaging," said Karen Douglas, chairwoman of the state's energy commission. "But if we didn't move forward then financing would continue to be a barrier to energy upgrades for Californians."

One option could be following the lead of Portland, Ore., which recently launched a 500-home pilot program that allows homeowners to pay off green home improvements in installments through their utility bills.

"PACE had administrative challenges and was really kind of cumbersome," said Aaron Berg, chief financial officer of Clean Energy Works Oregon Inc., which is administering the city's energy efficiency projects. "We need to continue to innovate here."

(c) 2010, Los Angeles Times.
Distributed by McClatchy-Tribune Information Services.