8/27/24 – Client Experience I spoke with one of my insurance friends last night and asked for a favor to get a file funded today. He went above and beyond to make that happen and came through. We also needed an escrow company to pull some strings, and thank goodness the listing agent has a good Escrow officer who goes above and beyond and responds after hours. I don’t give compliments daily, but working with people who make your job easier is always a pleasure. This Escrow Officer is out of the area, and that is often a recipe for disaster! I had lunch with a hard-working, intelligent real estate agent yesterday, and we took a call from his former buyer’s agent, who learned to be great because of her training, work ethic, brains, and tenacity! I got a few accepted offers yesterday, and one was because I called the agent over the weekend to let him know how stellar the buyers were. He appreciated the call, saying lenders never call to review the buyer’s qualifications. It’s all around us! There are intelligent, successful people who go above and beyond every day and work their tail off for every client! They care about one thing: the result and making everyone happy in a transaction! Surrounding yourself with great people who work hard to make you look good is crucial to building a successful business. Your business will be the same if your team is mediocre, and the client experience could be better. I am obsessed with ensuring my clients have a great experience; we do an excellent job with that, but we also take criticism well and know we can always improve. If you want to be successful, work with others that can take you there. Affiliate yourself with the top escrow officer and the best inspector. Make sure you have a couple of good Insurance agents in your pocket and find the best lender for your clients! Ensure you have a good handyman, painter, plumber, and electrician who will make you look good. Everything is about the client experience. Loans are the most tedious part of a purchase transaction, and letting your clients know why they should choose a reputable, proactive, responsive lender is very important. People want and need guidance, and when you leave them alone, it can turn the whole process into a horrible experience. The client experience continues after a closed transaction; sometimes, we forget that. The top agents are constantly following up with their past clients, building long-term relationships, and building their database and their sphere of influence. It’s not Rocket science; it is simply getting organized, having a system, and following that system. If a part of the system fails, you replace that part with a different part. That’s my 2 cents for today, and this had nothing to do with loans, non-warrantable condos, and everything else. We can all do better with referrals and business-building than being transactional workers. I am available all week if you need anything. Let me know if you have any questions or if someone is interested in buying a property! My cell is 661-714-6258, and my office line is 661-260-2970 ext. 2222. My direct line is 661-291-2222. When you text me, please text (661-714-6258) or email me at Mike@AugustaFinancial.com. But wait, there’s more! Interest rates are looking better again! We are at the lowest levels in almost two years! YAY! Will they go lower? Time will tell! 12-day escrows if your buyer is pre-approved - Conventional / FHA / Jumbo / Bridge We do loans in all states, so call me with anything you need. Government Loans (FHA / VA/ USDA) are in the mid to high 5’s Conventional Loans up to $766,550.00 are in the low to mid 6’s High Balance Loans $766,550.01 – $ 1,149,825.00 are mid to high 6’s Jumbo loans above $1,149,625 are in the mid to high 6’s Bank statement loans - They are available with 10% down again! Starting in the mid-6s. Profit and Loss Statement loans – 20% down – You don’t need bank statements, just a profit and loss statement! No income qualifier – 40% down with reserves! In the 8’s! 0 down loans are in the high 6’s – 620 credit score min right now, up to $1,191,000.00. Private Money lenders - Hard Money Loans – 35% down! No Ratio Loans 30% down DSCR – Debt Service Coverage loans with as little as 15% down Bridge Loans - typically 7.99% with limited fees – and they get you where you need to go! 3/2/1 Buydowns 2/1 Buydowns and 1/0 Buydowns are available at great start rates! Interest rates are subject to change without notice! The above are LA County Loan Limits. Good news on Condos – N/A – LOL! Bad news – Condo Update? 44 and counting! 13801 Hoyt Village LLC – 26 units and 14 are owned by one entity! Briarcrest – 12720 Burbank Blvd Valley Village – Insurance and repairs Magnolia Manor – 12416 Magnolia – Insurance and repairs. Condo / Townhome – issues we know of now. Properties can be financed with 10% down and are considered NON-WARRANTABLE: American Beauty Condos - The brown ones - Insurance: 50 Million in coverage for 748 units is not nearly enough! American Beauty Gardens: 19% delinquency on special assessments due. 19% are 60 days or more late! We can do with 5% down, but others can’t! American Beauty Village West: On Fannie’s List. Per Fannie, this project needs critical repairs and may have conditions such as material deficiencies and significant deferred maintenance. This project’s master insurance policy deductible exceeds the allowable limit. Bella Ventana – $50,000 deductible per unit is naughty. Bouquet Canyon Village – $50K deductible per unit is naughty! Briarcrest – 12720 Burbank Blvd Valley Village – Insurance and repairs Bridgewater, Emeryville - On Fannie’s list! Insufficient Insurance Brookside Walk – Insufficient Insurance Cabrini Villas, Burbank - On Fannie’s list! Insufficient Insurance Calla and Rowan – 27513 Illumination – Fannie Mae Approval expired – New Construction. See Blog on 5/7/2024 Cameo Woods HOA - Per the litigation disclosure, the association is being sued by a homeowner for water heater damage and discrimination, and the damage is still ongoing. We received confirmation that the HOA’s insurance agency is not covering the lawsuit, and the claim was denied due to the nature of the complaint. Canyon Village – Reserves and 10% of the dues not going to reserves! Canyon Oaks – Insurance On Fannie’s list! Casa Marabella – 13951 Sherman Way, Van Nuys -On Fannie’s list! Cassia and Jasmine – 26949 Winding Trail Court – Fannie Mae Approval Expired. See Blog on 5/7/2024 Cimmaron Oaks – Castaic – Insurance is too low! Cornerstone – Insurance -On Fannie’s list! Creekside – Insufficient insurance District Community Association – Northridge – Fannie Denied – Insufficient Insurance Encino Oaks – 5460 White Oak Ave – On Fannie’s list! Heather Ridge – Deductible too high! not enough insurance – Fannie Naughty List! Liberty Canyon HOA – 27409 Country Glen Road, Agoura Hills, CA- On Fannie’s list! Madison at Towne Center – Litigation – We can do with 5% down, but others can’t! Magnolia Manor – 12416 Magnolia – Lots of issues from insurance to repairs. Mariposa: On Fannies List. Per Fannie Mae – This project’s master insurance policy coverage does not meet the requirements. Market Street Community – Corona – No Wildfire coverage Mesa Vista North Townhomes – San Juan Capistrano – 50K deductible per unit is naughty! Orchid at Valencia – 27033 Open Sky Place – Fannie Mae Approval Expired. See Blog on 5/7/2024 Penn Court HOA – 4201 Pennsylvania Ave La Crescenta On Fannie’s list! Princessa Estates – insufficient reserves Rainbow Sierra Terrace – On Fannie’s Naughty List – This project’s master insurance policy is not written to Replacement Cost Value. See Selling Guide Sec. B7-3-03, Master Property Insurance Requirements for Project Developments. Scenic Hills – Insurance – On Fannie’s list! This project’s master insurance policy coverage does not meet the requirements in Selling Guide Sec. B7-3-03, Master Property Insurance Requirements for Project Developments. Shadow Ridge – Oak Park – Insurance -On Fannie’s list! Sherman Way Condos – 17900 Sherman Way Reseda – On Fannie’s list! Tyler Villas – Sylmar – Coverage is good, but non-warrantable for delinquencies The District Community Association – 19533 Cardigan Dr, Northridge – On Fannie’s list! Treana - Stevenson Ranch: On Fannie’s list! Per Fannie, this project needs critical repairs and may have conditions such as material deficiencies and significant deferred maintenance. Valle Di Oro is on Fannie’s list! Per Fannie Mae, this project contains timeshare, fractional, segmented, or split ownership units or other arrangements (such as mandatory rental pooling, shared interest apartments, or community apartments) restricting the unit owner’s ability to occupy the unit. Village Park Condo – It’s over the max deductible with that 50k per unit. Vista Del Canon – Insurance is too low, UGH! Walnut Gardens II – 7320 Lennox Ave Van Nuys CA – On Fannie’s list! Warner Center Condos – 5515 Canoga Ave, Woodland Hills, CA – On Fannie’s list! West Creek Condos and Townhomes: On Fannie’s List. Per Fannie, this project’s master insurance policy coverage does not meet the requirements in the Selling Guide! 13801 Hoyt Village LLC – 26 units and 14 are owned by one entity! Please let me know if you hear anything new on condos or townhouses. I am still available all week if you need anything. Let me know if you have any questions or if someone is interested in buying a property! My cell is 661-714-6258, and my office line is 661-260-2970 ext. 2222. My direct line is 661-291-2222. When you text me, please text (661-714-6258) or email me at Mike@AugustaFinancial.com. Have a great day and an even better tomorrow! Please call me when you have a client who needs to borrow! Mike Meena President | Loan Officer Click to Call or Text: (661) 714-6258 This entry has 0 replies Comments are closed.
