CRE Sotftware

Commercial real estate software options.

With the Commercial Real Estate Market struggles it is vital to choose the best and lowest cost software for reviewing deals, seeing new listings, finding comparable sales, networking with active brokers, and surviving.

There are many different software options available for real estate professionals, each with its own set of features and costs. Some of the most popular options include:

• LoopNet: LoopNet is a leading online marketplace for commercial real estate listings. It offers a wide range of features, including property search, market data, and lead generation tools. LoopNet's pricing starts at $299 per month.
• CoStar: CoStar is another leading provider of commercial real estate data and analytics. It offers a wide range of features, including property search, market data, and valuation tools. CoStar's pricing starts at $1,495 per month.
• Terrax: Terrax is a newer entrant to the commercial real estate market, but it has quickly gained a reputation for providing accurate and up-to-date information. Terrax offers a wide range of features, including property search, market data, and lead generation tools. Terrax's pricing starts at $99 per month.

The best software option for you will depend on your specific needs and budget. If you are looking for a comprehensive solution with a wide range of features, LoopNet or CoStar may be a good option. If you are looking for a more affordable option with accurate and up-to-date information, Terrax may be a good choice.

Here is a more detailed comparison of the three software options:

LoopNet

• Pros:
  • Wide range of features
  • Large database of listings
  • Easy to use
  • Mobile app available
• Cons:
  • Can be expensive
  • Some features may not be relevant to all users

CoStar

• Pros:
  • Extensive data and analytics
  • Accurate and up-to-date information
  • Wide range of reports and tools
  • Customizable dashboard
• Cons:
  • Can be expensive
  • Some features may be too complex for some users

Terrax

• Pros:
  • Accurate and up-to-date information
  • Affordable pricing
  • Easy to use
  • Mobile app available
• Cons:
  • Limited features
  • Smaller database of listings

Ultimately, the best way to choose the right software for you is to try out a few different options and see which one works best for your needs.

Others:

Accurate info

Ten-X

NAI Elliot

Project Queens

And for crowdfunding:

Realty Mogul

Cadre

Fundrise

Realty Shares

Real Crowd

Peer Street

Crowd Street

Rule Increases mortgage rates for Borrowers with Perfect Credit

 

Fannie Mae and Freddie Mac increasing the pricing for borrowers with higher

FICO scores to incent or give back an eight in pricing towards interest rates for

the lower end deals (those with low to middle FICO scores).

I answered this on Active Rain which has a rather heated discussion

about how Realtors see this as unfair.

here: https://activerain.com/questions/show/78735/can-some-of-our-lenders-please-give-us-their-take-on-the-new-federal-housing-finance-agency-rule-that-goes-into-effect-on-may-1st--and-provide-a-link-to-the-actual-bulletin-of-content-for-the-rule-

I'm of the belief that like MANY times before our government tried

to help low to moderate income borrowers purchase home that this

plan will not prove the numbers that they want to happen.

Giving an eight or sixteenth in fee towards Borrower deals with

lower FICO score may only bump the number of closings in a 

miniscule way. The borrower with a 45 back end ratio needs 

more than a half a point to get that debt to income ratio down 

to 43.

 

Mine government decided that based on studies like this

https://www.federalreserve.gov/econres/notes/feds-notes/are-income-and-credit-scores-highly-correlated-20180813.html

And others

That people with high FICO scores have an unfair advantage in government backed loans. Someone with a 780 FICO has easier access to loans. They also determined that having perfect credit correlates with higher income. 

This is the chicken or the egg?

Having a high paying W-2 job could make it easy to pay your bills on time 

or

Having perfect credit gets you the high paying job when employer does a background check?

So

In order to level the playing field they added or changed Loan Level Pricing Adjustments (LLPA). LLPA are all the ins and outs that a lender reviews to tell a borrower what rate they get: a cash out refinance, higher loan to value, condo, non owner occupied for example has higher bits of pricing adds than a purchase with lower loan to value on a single family owner occupied. Each of the pieces of information determine the risks of default based on historic calculations of past loans gone bad.

This new concept will cost the perfect credit customer .125%- .25% more in fees (fees go into the mortgage rate) than the middle to lower credit customer. 

A borrower might never know the difference. It's a way to bump up the lower end deals to be able to qualify and close. 

The difference is tiny but in the overall ocean it will allow more lower FICO borrowers to be able to close.

Here is Fannie Mae's chart of pricing adjustments as they will change.

I know this is lots of numbers and only I love numbers but it gives you the nitty gritty of how this "deal" is supposed to help the lower end deals.

https://reason.com/wp-content/uploads/2023/04/LLPA-Matrix-updated-03-22-23.pdf  

Feel free to ask me questions or call me to explain.

It isn't "fair" but there is an argument that credit reporting isn't fair. I agree that FICO or Vantage can be manipulated. Scores can be improved if a person has enough knowledge, access, and help. 

The tide of our current administration is to find ways to use Federal money for the lower end. Lower end I mean - lower score, lower income, smaller deals. We are all paid commission on the transaction amount. The Fed can't legally give bonuses to lenders for doing more deals for low to moderate income or Americans who often have little access to buying a home.

Every loan we do is tracked by: FICO, income, location, borrower ethnic/race etc and the numbers show that those with higher FICO in higher cost areas get more Fannie and Freddie loans.

This LLPA is not yet added to USDA and VA but I expect that's the next wave after the administration waits to see if Congresspeople or Senators start yelling and screaming.

I firmly believe the system is rigged towards lenders closing the cream of the crop. A w-2 high wage earner with high FICO who knows how to use technology gets a better deal and is easier to deal with so lenders have a bias not to do the "hard ones" that require more time and work.  This is human nature and the system we have which is capitalism. 

This experiment was tried in the past. It would not be the way I would organize or provide incentive for all of us to do more small hard deals.

I proudly serve on several MBA committees namely the MBA Legal. Working on a proposal now.

This does not change Jumbo loans.

Multifamily loans also got a perk like this (units more than 5).

Apr 21, 2023 07:59 AM

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https://www.mpamag.com/us/news/general/mba-urges-fhfa-to-remove-dti-ratio-from-gses-loan-pricing-framework/435443

Meanwhile this does not roll to Jumbo or USDA or VA.

Jumbo is a different pool of loan and often not government backed.

An important tide also happening is the pending failure of Community Banks who

have shuddered their lending departments for fear of making any mistake, and the 

thousands of mortgage companies who filed for bankruptcy.

Will our government bail out all the banks in this depression?

Foreign National Loans

Foreign National Loans

Is a Foreign National same as non-permanent resident alien?

a Foreign National is Not a US citizen.

Can't have a w-2 job in the US without work VISA, cannot work under the radar.

 Could be a student.

 A "Green Card" means they can live here permanently they are foreign national until they become naturalized

 

A foreign national loan for example: 

a Canadian citizen buys non owner property. Get their bank accounts translated if they are in French. Canadian revenue taxes are a little different than the IRS so you wrangle with income, also Canadian credit report not exactly same as our FICO. They transfer funds from CAD to US Dollars at whatever the exchange rate is of the day.

 

Foreign National loan is not for DACA, or people waiting to get DACA approval.

A foreign national might own a primary residence in their home country, find out.

Visitors to US from other countries don’t get visiting VISA’s longer than 90 days.

Foreign national loan therefore is 99% non owner occupied loans.

 

No US tax return needed if they don’t already own rentals here.

They use or file for an ITIN number with the IRS – this is not a social security number.

 

 

CG Barbeau NMLS #324982 Mortgage Advisor Mason-McDuffie Mortgage phone  (949) 784-9699 fax  (833) 736-1120 e cbarbeau@masonmac.com If you have received this email in error please notify the system manager. This message contains confidential information and is intended only for the individual named. If you are not the named addressee you should not disseminate, distribute or copy this e-mail. Please notify the sender immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system. If you are not the intended recipient you are notified that disclosing, copying, distributing or taking any action in reliance on the contents of this information is strictly prohibited.

 

Ok…all you smart peeps! This is a fuzzy grey area in my mind with regard to mortgage loans.

 

Hoping for some education here!

 

A Foreign National is not always a Non-Permanent Resident…is that correct?

 

A Foreign National may be here with a Passport only, not having any type of Visa…am I still correct?

 

So…when lenders say they do loans for Foreign Nationals…will they need a valid Visa?

 

Foreign National Program requires 12 months of reserves to be held in a U.S. FDIC-insured bank, and the money can be used for condominiums, non-warrantable condos, planned unit developments (PUDs), and two- to four-unit multi-families. Assets for closing must be seasoned in a U.S. depository for at least 30 days prior to the close.

 

 Deephaven’s Non-QM guidelines on residency eligibility and everything regarding non-permanent residents requires a Visa. Can a Foreign National buy here without a VISA?

YES A foreign national (by lender definition) won’t have a visa.  So no visa required…but can only do non-owner occ or 2^nd home.

 

A student gets a longer VISA like 6 months or a year. They get a F-1 They can work on campus at a college.

F-2 for spouse or children

F-3 for Canada or Mexico passport holders

There is also a M for vocational schools

and a J-1 for cultural exchanges – teachers/ au-pairs

I-94 form generally can get 6 months then ask for 45 days extension

 

Work VISAS they apply with USCIS  - employer for a needed rare job can sponsor. I’ve sponsored two people for these and it takes months to get them for a one year period. Someone with special skills that there are few US citizens who can do a job can apply. Think French baker, famous musician, someone who works on a cruise ship                  (ships rarely are US registered). 

Someone in tech may work for a multinational company that moves them to a US office.

 

The Department of State does the interview and they do background checks…

 

The problem with a work VISA that is short term is Underwriter will read the date they need to leave the US. Immigration law is not fast. If they have to leave in the end of the month, they cannot do an owner occupied loan…

 

As LO get the copy of their VISA and read it

Department of Homeland Security is at the top.

Identification needs to match.

.

 

Here are some samples of what the forms look like:

f-1 blank VISA - Bing images

 

115 Mountain View Santa Cruz health and safety hazards

This Santa Cruz California house has never had a permit for the installation of the: water heater, house gas heater, jacuzzi, ADU building, outdoor gas fireplace, decks, stairs, hardscape, removal of garage, changing garage to living space without permits to name a few. I spot twenty eight code violations. First one is they have mosquito larvae in the jacuzzi.

Can you name in the comments the twenty eight other code violations? 

115 Mountain View is a cute tiny house with many dangerous remodeling and 

DIY additions. There is a reason why permits are required to change structural

items in a house- sometimes a handyman has no idea about safety hazards.

Owned by Sung Kim

 

1. Stairs and handrails: Stairs and handrails must be structurally sound and properly maintained to prevent falls and injuries. Common violations include loose or missing handrails, uneven or worn steps, and inadequate lighting.

2. Water heaters: Water heaters must be properly installed and maintained to prevent carbon monoxide poisoning, fires, and explosions. Common violations include improper installation, lack of ventilation, and inadequate clearance from combustible materials.

3. Lead paint: Lead-based paint was commonly used in homes built before 1978 and can be hazardous to health, especially for young children. Common violations include chipping or peeling paint, failure to disclose the presence of lead paint, and failure to properly remediate lead paint hazards.

4. Gas vents: Gas appliances, such as furnaces and water heaters, must be properly vented to prevent carbon monoxide poisoning and fires. Common violations include blocked or damaged vents, improper installation, and lack of proper maintenance.

If you suspect that your home has health and safety code violations related to these areas, you should contact your local housing authority or code enforcement agency to request an inspection. They will be able to provide you with specific information on the violations and the steps you need to take to correct them.