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Special Circumstances When You're Not a Typical Borrower

Beverly Fast Sinclair CRS, GRI (Keller Williams Realty) — Fri, 21 Aug 2009 14:05:49 -0700

With so many first-time home buyers applying for home loans you might want to konw what to do when you don't fit the mold for a typical buyer. Some thinks that might cause you to break the mold would include: being at your job for less than a year, showing a few late payments on your credit report, or being self-employed.
Here are some tips on dealing with some special mortgage loan situations:

A Problem Appraisal: Sometimes an appraisal comes in lower than you agreed to pay for it. If the appraisal value falls short of the loan amount, you might have to come up with a larger down payment or renegotiate the sale price. You might have to come up with a larger down payment to get your loan price down below the appraisal price.

Buying a condo or townhome: When buying a condo or townhome you usually receive exclusive ownership of the interior space and joint ownership of common areas. Your lender will want to investigate the complex to avoid making a loan on a troubled condominium. The lender will pay particular attention to these details:

Percentage of owner-occupied v. rented units. Most lenders will want 60% or more owner-occupied
Is the construction finished? Most will look for 90% finished
Adequate insurance coverage, including hazard insurance.
Acceptable operating budget
Competent management
Adequate reserves to cover maintenance and major repairs, such as roofing or elevators

Make sure to receive the condo documents, articles of incorporation, and the bylaws of the homeowner's association. This should include notifications of ongoing litigation and special assessments. Read the condo documents carefully and make your approval a condition of the buy.

No-doc or low-doc loans: No-documentation or low-documentation loans are designed for entreprenuers or the self-employed, recent immigrants, and borrowers who cannot reveal information about their incomes. You can pay a slightly higher interest for these loans. To secure one you need a substantial down payment, excellent credit history, and verifiable assets to cover closing costs. For one of these loans, you must have been self employed for at least two years, provide proof of sufficient assets, and have excellent credit.

Flawed Credit: You probably know if you have a problem in your credit history. What if you are taken by surprise, you can get a subprime mortgage with less favorable rates and terms.

Host a Block Party

Beverly Fast Sinclair CRS, GRI (Keller Williams Realty) — Wed, 19 Aug 2009 15:32:37 -0700

If you're like me, then I'm sure you love lounging outside with good friends and a glass of wine on a warm, summer night. For myself, this generally means curling up on my front porch with my husband and a few friends from the neighborhood.I have been blessed to have incredibly close relationships with my neighbors, as they are some of my closest friends, and I have always been a strong believer incamaraderie between those who live near us.Whether or not you spend your weekends with your neighbors, a block party is the perfect opportunity to strengthen your current relationships and to welcome new members into your community.With a few simple preparations and coordination with your neighbors and friends, you can easily pull together a wonderful summer party that every block will surely envy!

Invitation

Why send an invitation in the mail when you can simply hand-deliver?For a creative invite that screams block party, create a door hanger with all the party information, and then place the invitation on your neighbors'front doors. Be sure to create a slogan or a community saying for the front of the doorknocker to give it a personalized touch (we used "Queen Anne Rules" for our Queen Anne neighborhood).

Not only will your friends come home to a surprise on their doorstep, but they will also be even more excited when they discover that the decoration is also an invitation to a fabulous party!

Backyard Picnic

Outdoor tables and chairs felt like a hassle to set up at our block party, but we wanted to keep the party outside.Our solution? Waterproof blankets to create a picnic, family-like atmosphere amongst the group. These fun blankets come in a variety of colors and will leave less of a mess once everyone is done indulging in a delicious meal.Another added bonus for all of us Seattleites - last night's rain will not put a damper on your picnic décor!

Name Game

Hopefully all of the families at your block party are familiar with each other, but remember the possibility of new families and friendships.To spice up your décor or to help your guests with the names of every attendant, create signs with each family's name for the picnic blankets.Attach each sign to a wooden stake and place it in the ground next to the family's assigned seat.The signs will not only add a whimsical feel to your outdoor set-up, but they will also function as outdoor place cards for the backyard oasis!

Barbeque on the Block

Paper plates and cups will leave your backyard in a mess, and plastic utensils are certainly not eco-friendly.As a solution to the problem, we created small picnic baskets for every guest complete with flatware, a container for food and a cookie.We simply grilled meat, vegetables, and seafood, and let each guest create their own kabob to bring back to their blanket with their basket.This scenario was much easier than trying to arrange a potluck or large barbeque.Best of all, we used biodegradable flatware and cleverly buried our forks and knives when we were finished!

Signature Cocktail

I am a firm believer in a signature cocktail for every party, and I felt inspired by fresh-squeezed lemonade to make the perfect, summer drink.For the adults at the party, we made Arnie Palmers, complete with lemonade, iced tea and Finamore Limoncello.For the alternative kid-friendly version, we went with the original Arnold Palmer and simply mixed iced tea and lemonade.To display the cocktails, we used beautiful apothecary jars and created matching labels identifying the two beverages.The little ones had a blast sharing drinks almost identical to their parents!

Entertainment

While the adults may have been content simply chatting the night away, we knew that we needed something fun to keep the little ones occupied.As a solution to their boredom, we rented a sno-cone machine, so the kids could stay cool with their favorite treat.Sno-cone machines are fairly inexpensive to rent for the day, and the money is well spent to keep all the children in a constant state of fun!If a rental is not in your budget, a cheaper version can easily be purchased for less money, but just as much fun!

Takeaway

Even though we incorporated multiple houses for the block party, I still believe that a takeaway is important for a memorable experience.To solidify the new relationships formed at the party, I sent each guest home with a water bottle complete with the same logo as the invitation.As a helpful reminder, I attached a neighborhood watch schedule with the name and phone number of every family who attended.

The guests can easily place the tag on their fridge or bulletin board as a safety precaution for the community, but the note will also remind them of the wonderful time they had!

Potential Home with Potential

Beverly Fast Sinclair CRS, GRI (Keller Williams Realty) — Thu, 13 Aug 2009 11:29:04 -0700

Home shopping for first-time homebuyers it's an exciting, albeit nerve-wracking, experience. If you're like others in the market for their first home, you probably have in mind exactly how your soon-to-be home will look. But it's important not to fall into the bad decorating, dingy walls and dirt-bare back yard equals bad-home trap. If you don't see past the hideous wallpaper, funky light fixtures and avocado green carpeting, you may miss out on a home with great potential. And, if you're looking for a home in a seller's market where homes are being snatched up as soon as they go on the market, you'll come to realize you can't be choosy if you want to make a competitive offer. One of the first things to do is to get pre-approved for a loan and determine the maximum you can afford to offer for a house. Don't look at homes that are asking for more than 5 percent above your maximum, otherwise you'll be setting yourself up for disappointment if you find the perfect-but outside your budget-home. So what to do? The floor plan of the home is extremely important. If a floor plan isn't quite to your liking, consider rearranging it or adding on. If you're looking at an existing home and will need to remodel or expand to suit your needs, the estimated cost of renovation needs to be considered when making an offer. Also, consider the features of a home:

Walls. While these are among the easiest to remedy, they also make a huge first impression. If the walls need to be painted, are covered in wallpaper or are painted a color you find distasteful, picture them crisp and clean in the color of your choice-that's how they could look after you paint them.
Floors. Like walls, carpet or floor surfaces that are old or outdated can be easily replaced. You could even ask for a carpet allowance in your bid, especially if you're in a buyer's market.
View. Things like old, ugly-even dirty-windows and window treatments can make a view appear less desirable. Those things can be improved, so unless the only view you have is of your neighbor's clunker on the side of the house, don't get hung up on what is surely a fixable view.
Landscaping. Your best bet is a moderately landscaped yard because you can always improve landscaping without spending too much. Worst case, even if you're looking at dirt, landscaping is one of the easier projects to tackle. Plus you get to design it however you'd like if you're starting from scratch.
Closets and garages. You can never have too much storage space, which is why so many newer homes have three-car garages. But if you encounter a converted garage that is now a bedroom or storage room, don't give up. Converted garages can almost always go back to their original purpose without much cost or labor.
Kitchen. The most popular room in the house, many homeowners want their kitchen to be large and have modern appliances. Don't let outdated color schemes deter you because there's nothing like a fresh coat (or two) of paint to make a kitchen your own. Plus, if you like the rest of the house enough to make an offer, you can give the kitchen a minor spruce-up with some new appliances or a major overhaul complete with new countertops, cabinets, and flooring.
The exterior. If the home doesn't have good curb appeal, try to picture it with a fresh coat of paint and revitalized landscaping.
Pools. If you want a pool, buy a home with a pool already built in. Pools are expensive and you will not get a full return on the cost when you go to sell. Let someone else lose the return. The cost of repairing a pool is less than putting one in, so if you're looking at a home with an old pool that looks like it's in bad shape, it's still a better bet than putting one in later.

When making an offer, consider what you can't live without, as well as your budget. Also, be sure you hire a professional home inspector to inspect the house. If the home's systems are in good working order and the house has everything you want except a minor item or two, make an offer accordingly. Most importantly, keep in mind that unless you're building your dream home from scratch, you'll probably never find the perfect home. But seeing past a previous owner's bad decorating choices to the core of the home and its potential for livability will yield you the home you've always wanted. It may take some work, but hey-it's yours.

Frozen Pizza

Beverly Fast Sinclair CRS, GRI (Keller Williams Realty) — Wed, 12 Aug 2009 12:04:05 -0700

This isn't something I usually write about but now that school has started I thought it would be useful to know which frozen pizzas are the best (in my opinion.) Since school is back in session time that was there to cook dinner just doesn't seem to always be there anymore.

Vegetable Pizzas:

365 Mediterranean Pizza ($5, 13.5 oz, Whole Foods) This pizza is loaded with feta cheese, spinach, and kalamata olives.

American Flatbread Sundried Tomato and Mushroom Pizza ($12, 16.2oz) This pie has a light and crunchy crust with a good blend of spices.

Amy's Spinach Pizza ($7, 14oz) This pizza is fresh from the garden (or it tastes that way) I did think it could use a little more cheese.

DiGiorno Crispy Flatbread Pizza Mushroom Medley($6.89, 13oz) Cracker thin crust with "Fresh" mushrooms. This is a winner to any mushroom lover.

Kashi Mediterranean Pizza ($6.29, 12.7oz) This one is full of toppings including: peppers, onions, and spinach.

Frontera Roasted Vegetable Monterey Jack and Poblano Pizza ($7, 12.5oz) This pizza is spicy with a crisp crust but could use more veggies.

Pepperoni Pizzas:

Freschetta Brick Oven Pepperoni Pizza ($6.80, 21.75oz) This pizza has different cheeses (mozzarella and Fontina) which set it apart from the rest.

Red Baron Fire Baked Pepperoni Pizza ($5.60, 19.86oz) This pie has a spicy, smoky, and peppery taste, which is perfect.

Stouffer's Pepperoni French Bread Pizza ($3.30, 11.25oz) This will bring you back to your childhood with a traditional french bread pizza.

365 Everyday Value Uncured Pepperoni Pizza ($5, 13.9oz, Whole Foods) This one is a little too salty and greasy for my tastes.

Weight Watchers Smart Ones Artisan Creations Stone-Fired Pepperoni Pizza ($3.30, 6.11oz) Tons of oregano but a little gummy. Overall not a bad "diet" pizza.

Healthy Choice Pepperoni French Bread Pizza ($1.90-$2.40, 6oz) With the microwave it leaves the dough well doughy. Not a wower in the flavor department either.

South Beach Living Pepperoni Pizza ($3.50, 6.3oz) Mushy crust and bland cheese will not have me coming back to get another one of this pizza.

2009 Indianapolis Colts

Beverly Fast Sinclair CRS, GRI (Keller Williams Realty) — Tue, 11 Aug 2009 10:24:12 -0700

With a new coach the Indianapolis Colts are gearing up for the kick off of the 2009 season. Here is their preseason and regular season schedule:

Preseason:

8/14 Minnesota 7:30pm

8/20 Philadelphia 8:00pm

8/29 @ Detroit 1:00pm

9/3 @ Cincinnati 7:30pm

Regular Season

9/13 Jacksonville 1:00pm

9/21 @ Miami 8:30pm

9/27 @ Arizona 8:20pm

10/4 Seattle 1:00pm

10/11 @ Tennessee 8:20pm

10/25 @ St. Louis 1:00pm

11/1 San Francisco 1:00pm

11/8 Houston 1:00pm

11/15 New England 8:20pm

11/22 @ Baltimore 1:00pm

11/29 @ Houston 1:00pm

12/6 Tennessee 1:00pm

12/13 Denver 1:00pm

12/17 @ Jacksonville 8:20pm

12/27 New York Jets 4:15pm

1/3 @ Buffalo 1:00pm

House Hunting Tips

Beverly Fast Sinclair CRS, GRI (Keller Williams Realty) — Mon, 10 Aug 2009 11:11:11 -0700

If your buying a home or thinking about buying a home these tips will help make your house hunting experience rewarding.

1) Location, location, location. You've heard it before and it really is true. Location is crucial. How far do you want to commute to work? How are the schools and shopping centers in the possible location?

2) Make a list. Do you know what you really want and need in your new home? You'll save many hours if you have a nice list of things you want to look for ahead of time. Zero in on the features you must have. Have your realtor only show you houses that have want you must have. Start compiling your wish list by thinking about what you like and dislike about your current home.

3) Hit the books. Go surfing on the web and look at market trends, homes on the market, neighborhood statistics, and recent home sales prices. Get educated and become empowered.

4) Get preapproved for a mortgage. Rather than guess or estimate how big of a loan you can get, ask a lender or broker how much you are qualified for. This number might be less than you think.

5) Use a checklist. When looking at multiple homes take notes at each. Turn your priorities into a personalized home-shopping list and use it to track the features of each home.

6) Be prepared to make an offer. House hunting can be frustrating especially if your not really ready emotionally or financially. If your not ready don't put yourself through it. If you are ready, go through a blank purchase contract ahead of time so you'll know what decisions you'll face when you make an offer. Have your buyer's specialist help you with this.

2009 Indiana State Fair

Beverly Fast Sinclair CRS, GRI (Keller Williams Realty) — Fri, 07 Aug 2009 09:55:43 -0700

The Indiana State Fair kicks off today August 7th and continues through Aug 23rd. They have extended the fair this year to a full 17 days. This year is the year of the tomato but there is much more to do than just eat. Here are some highlights:

Band Day: August 7th all day long

Purina Incredible Dog Challenge: August 7-8, Celebration Park. These pooches compete in freestyle flying disc, diving dog, Jack Russell racing, agility and 60 pole weave-pole racing. This is the 12th year and will be televised by ABC/ESPN

Hendrick's Racing Pigs: 11am, 1, 3, 5, and 7 pm daily, Riley Fun Park. Its exactly like it sounds racing pigs. They might not fly yet but they do race.

Break Dance Battle: 5-9pm August 8, WFMS Free Stage. All the classic dance moves will hopefully make an appearance. The format is a 3v3 crew competition, first prize is $300.

Assorted Livestock Competitions: August 7-23. These are the real competitions of the fair as far as tradition goes.

Hispanic/Latino State Fair Salsa Contest: 1-9pm August 9, Celebration Park. Not the kind of salsa that you eat but the kind of dance. Watch 12 hot couples compete for cash.

Spam Open Judging: 11am August 13, Home and Family Arts Main Stage. Contestants will cook up their best spam delights for cash and a trip to the 2010 Waikiki Spam Jam event.

Baton Twirling Competition: 10am-5pm August 14, Farm Bureau Building.

Pumpkin Sculpting Contest: 2pm August 14, Ball State Ag/Hort Building. Watch Chef's Academy folks put pumpkins under the knife and present their works of art.

Traditional Arts Indiana State Fair Fiddle Contest: 9am-3pm August 15, Pioneer Village Opry House. Listen to the best of the best Fiddle players in the state.

4-H Cat Show and Cat Action Demos: 10am-3pm August 10, Farm Bureau Building.

Giant Pumpkin Contest Weigh-off: 10am-12pm(noon) August 15, Tomato Patch Gift Shop. Local celebrity Don Stuck of X103 will join the contendors to see if he grew the largest pumpkin.

Liar's Contest by Storytelling Arts of Indiana: 5pm August 16, Pioneer Village Opry House. Indiana residents get the change to tell the biggest tale they can spin in 3-5min. Registration starts at 4 pm

Viking Fashion Show Judging: 2pm, August 16, Home and Family Arts Mainstage. Judges from Husqvarna and Viking are looking for the complete look.

Rooster Crowing Contest: August 18-20, Poultry and Rabbit Barn. Try your hand at the call of the rooster.

Indiana State Fair Celebrity Tomato Toss Contest: 3pm, August 19, Pioneer Village. You've always wanted to throw a tomato at a celebrity, but this year watch them try to toss them at a bull's-eye.

Celebrity Cow Milking: 11:30 August 19, Livestock Nursery. Watch assorted celebrities work to milk the cow the fastest.

Indiana State Fair Queen Pageant: noon August 23, Pepsi Coliseum. Women under 21 compete for the coveted title of Miss Indiana State Fair.

Watermelon Seed Spitting Contest: 1pm daily, Ball State Ag/Hort Building.

Cricket Spitting: whenever you want. Join Purdue entomology professor Tom Turpina at spitting crickets.

Elvis Impersonator Contest: 1-5pm August 23, Farm Bureau Building/ Watch as contestants get judged for vocals, originality, appearance, and delivery. Cash prize of $2,500. Sign up at elviscontest.com or just swing by a watch.

For more information about the state fair visit their website at : www.indianastatefair.com

Changes for Fannie and Freddie

Beverly Fast Sinclair CRS, GRI (Keller Williams Realty) — Thu, 06 Aug 2009 09:19:35 -0700

The Obama administration is considering an overhaul of Fannie Mae and Freddie Mac that would strip the mortgage finance giants of hundreds of billions of dollars in troubled loans and create a new structure to support the home-loan market, government officials said.

The bad debts the firms own would be placed in new government-backed financial institutions -- so-called bad banks -- that would take responsibility for collecting as much of the outstanding balance as possible. What would be left would be two healthy financial companies with a clean slate.

The moves would represent one of the most dramatic reorderings of the badly shattered housing finance system since District-based Fannie Mae was created by Congress to support mortgage lending during the Great Depression. Both Fannie Mae and Freddie Mac, based in McLean, have government charters to buy home loans from banks, which they then repackage and sell to investors. The banks can then use the proceeds to offer more loans to home buyers.

The leviathans became emblematic of the financial crisis when they were effectively nationalized in September amid a market meltdown that revealed much of their holdings to be troubled. The government has since pledged more than $1.5 trillion, including $85 billion in direct aid, to keep the mortgage market working through Fannie Mae and Freddie Mac.

The proposal, which is preliminary and one of several under discussion, is scheduled to be taken up by the White House's National Economic Council on Thursday.

"It should come as no surprise that the administration is thinking through" wholesale changes to these companies, said Andrew Williams, a Treasury Department spokesman. "We are in the preliminary stage of the process, the systematic development of options has not taken place, and no decisions have been made."

‘Good bank, bad bank' structure
Internal discussions over the future of the companies began earlier this year during the regulatory reform planning process and now are entering a more serious phase. National Economic Council Director Lawrence H. Summers has long wanted to overhaul the companies.

The government's efforts so far "have taken the risk out of those two firms," Treasury Secretary Timothy F. Geithner said in a recent interview. "The only question that remains is what form, what structure they ultimately will take."

In an interview Wednesday announcing that he would step down later this month, James B. Lockhart III, the chief regulator of Fannie Mae and Freddie Mac, said there needs to be a "good bank, bad bank" structure.

The "bad bank" would be a depository for Fannie Mae's and Freddie Mac's toxic assets. Then, the government could create new companies, if it chose to do so, that would attract private investment in support of mortgage finance.

Options for the "good banks" include consolidating the firms into one government agency, leaving mortgage finance to private banks or maintaining a hybrid model.

The National Economic Council has looked at the "bad bank" option, among many others, in several internal policy papers. Any final decision would come after talks involving the White House, the Treasury, the Department of Housing and Urban Development and the Federal Housing Finance Agency.

Uncertainty over future losses
A major problem is that the firms own and insure trillions of dollars of existing mortgages. With the economy still in a deep recession, joblessness rising and defaults on home loans expected to continue to go up, there is great uncertainty over the size of future losses at Fannie Mae and Freddie Mac. That, in turn, is likely to drive investors from committing money to the companies.

Fannie Mae and Freddie Mac existed for years as odd hybrids, created by government to support housing but owned by private shareholders. (They are now majority-owned by the government.) Over the years, the unusual status has fed concerns that the firms exploited their quasi-governmental role to borrow money at very low rates and therefore grow far larger than was sustainable. At the same time, they had a duty to shareholders to maximize profits, leading them to take on bigger risks.

Until the future of the firms is worked out, the Obama administration has been using them to carry out its housing recovery program, including restructuring mortgages to avoid foreclosures.

In addition, the Federal Reserve has bought well over $1 trillion worth of mortgage-related securities and debt from Fannie Mae and Freddie Mac. That further helped to lower interest rates on home loans. The government also has pledged up to $400 billion in direct investments in the firms.

Early warnings not headed
Summers has long thought that the old structure of the companies posed a danger to the financial system. In 1999, when he was Treasury secretary, he warned lawmakers that Fannie Mae and Freddie Mac had grown so large that if they stumbled, the damage to the U.S. economy could be staggering.

Few heeded him. Now, once again a leading voice on economic policy, Summers has the platform to restructure the mortgage giants.

The revamping of the firms was almost included in the administration's June white paper that proposed an overhaul to the federal regulation of the financial system. But after determining that they had to craft a careful exit of the government's aid for those companies, Summers and Geithner decided to put the issue off.

9% of Late Home Loans Get Help!

Beverly Fast Sinclair CRS, GRI (Keller Williams Realty) — Tue, 04 Aug 2009 09:56:42 -0700

First report by Obama administration details uneven performance by firms implementing $75 billion mortgage modification program.

Nearly 9% of delinquent borrowers have been placed into a trial modification under the Obama foreclosure prevention plan. This translates into 235,247 loans that were at least 60 days delinquent at the 38 loan service firms participating. The adminsitration says it is on pace to hel up to four million homeowners over the next three years!

Officials want to see 500,000 loan modifications under way by November 1st. By releasing the progress reports, the administration is hoping to hold institutions responsible for their performance. The monthly reports aim to show the public which institutions are lagging on progress.

Saxon Mortgage Services, of Morgan Stanley, put 25% of its delinquent loans into trial modifications. GMAC Mortgage put 20% of its delinquent loans into the trial. Bank of America only put in 5% of its delinquent loans.

Participation in the program is voluntary, though once an institution agrees to participate it must offer trial modifications for those who meet criteria.

The modification plan allows eligible borrowers who are at risk of default to lower their monthly payments to no more than 31% of their pretax income. Adjusting the loan must recover more value than foreclosing on the home for a modification to be offered.

The modifications are permanent after the homeowner makes 3 on-time payments.

The housing market is showing early signs of stabilizing. Pending home sales rose 3.6% in June. There are encouraging signs popping up.

Buy, Sell or Stay Put?

Beverly Fast Sinclair CRS, GRI (Keller Williams Realty) — Mon, 03 Aug 2009 11:37:47 -0700

Tips for sellers

Price it right

Because buyers have lots of homes to choose from these days, it's all about price. A home sells most quickly if it's put on the market at a price that's just a bit lower than the prices of similar homes in the area.

"You have to stay more current than in the past, so your broker should show you the prices of comparable homes that have gone into escrow in the past month, not three months ago," says John Veneris, a real-estate broker in Downers Grove, Ill. And if you don't get an offer in four to six weeks, drop the price 4 to 6 percent, he adds.

Think round numbers

Today about 80 percent of people buying and selling homes get information by searching online multiple-listing sites such as Realtor.com, which is run by the National Association of Realtors. To conduct a search on that site, buyers specify a price range using round numbers. So if you price your home at $350,000, people shopping online for houses from $300,000 to $350,000 will see it and so will those looking for prices between $350,000 and $400,000, says Ron Phipps, a broker in Warwick, R.I.

Pick the right improvements

You might want to update your kitchen or a bathroom for your own comfort, but don't expect to recoup the project's whole cost when you sell your home. In the current market, you might get the best return if you spruce up the outside of your home by adding a wood deck, energy-efficient windows, or new siding, according to a nationwide survey of real-estate professionals by Remodeling magazine.

Consider the type of listing

If you've decided to use a real-estate broker, there are two common ways to list your home, and that decision can affect how much money you'll eventually have when you close the deal. You can designate your home as an exclusive agency listing, which means you have one broker but can sell it yourself and save the commission. If you opt for an exclusive right-to-sell listing, only the broker you designate can offer your home during the listing term (often six to 12 months) and you can't sell it yourself.

Interview more than one agent

Ask around for recommendations and meet with several possible candidates. They should clearly explain how they would market your property and describe how they handle open houses and newspaper and Internet advertising. Ask whether there will be any advertising costs, transaction fees, or other incidentals that you will be expected to pay. Transaction fees, in particular, are negotiable. After you select an agent, make sure that the marketing plan is part of the listing agreement so that if the plan is not followed, you will be able to cancel the listing and take your business to another agent.

Tips for buyers

Get preapproved for a mortgage

Preapproval was always a smart move, but now it is a must. Check several lenders, including commercial banks, mortgage companies, and credit unions. Knowing only what your monthly payment or interest rate will be is not enough. Ask each lender to estimate what you'll pay over the life of the mortgage for the same loan amount, loan term, and type of loan so that you can compare properly.

Also get an estimate of the closing costs and all of the additional fees you'll owe, including loan origination or under¬writing fees, broker fees, and transaction and settlement costs. Many of those fees are negotiable. Ask potential lenders whether they will waive or reduce fees or agree to a lower interest rate.

Check your credit

With foreclosures rising, lenders are examining would-be borrowers far more closely. Your credit score has become a bigger factor in the loan rate you get.

Every 20-point drop in a FICO score can raise your interest rate. For example, if you had recently applied for a $300,000, 30-year fixed loan and your score was 721, you would have received an interest rate of 4.76 percent, for a monthly payment of $1,567. But if your FICO score was 625, your interest rate would have been 6.75 percent and your monthly payment would have been $1,911. Over the 30-year life of the loan, that would be a difference of $123,796.

Don't forget the other costs

Before you make an offer, find out what the current homeowner pays for taxes, heating, cooling, and utilities. Also call your homeowners-insurance company for the potential cost to insure the new home. Home insurers have tightened their belts too.

When buying foreclosures

Though there are a lot of bank-owned properties available now, trying to buy one can be risky. Here's what you need to know:

Skip listings that charge a fee

Most foreclosure Web sites charge for their property listings. But you can get information on foreclosed homes free of charge from local agents.

Banks might put their foreclosed homes up for bidding at auction or simply turn them over to a real-estate broker. If the property has been on the market for less than 30 days, lenders are usually looking for full-price offers. After 30 days, they might be willing to accept a lower price. After 60 days offer even less.

Pay for a detailed home inspection

That is always a good idea when you're buying a home, but especially when you're buying a foreclosed home. Vandals might have stripped fixtures and appliances. What's more, the utilities have probably been shut off, making it impossible to gauge shower pressure or test for leaky pipes. If that's a concern, try to negotiate to have the utilities turned on for inspection before you close on the home. An inspection usually runs from $250 to $400 but can save you much more.

Beware: A "sale" might not be final

Don't rush out to buy furniture. Some states have a redemption period that lets the original homeowner satisfy his or her debt and take back the foreclosed home during a specified period after a foreclosure.

Consider title insurance

Even if you aren't getting a mortgage, you might want to buy title insurance as protection against liens that weren't disclosed or discovered. It also prevents someone from making a successful claim on the home after it's sold, such as an ex-spouse of the previous owner.

Have patience

Banks might take 60 days or more to decide whether to accept your offer on a foreclosed home. "We see a number of these deals fall through because buyers don't want to wait," says John Anderson, a real-estate agent in Minneapolis.

Tips for staying put

Don't over-remodel

If you can afford to renovate, you'll find that there are new rules for remodeling.

Contractors are more available than usual, so they are more willing to negotiate price and can probably give your project their full attention. But that means restraint on your part is even more important.

Homeowners can expect to get back less of the money they invest in renovations than they would have gotten just a few years ago, according to a survey by Remodeling magazine. In 2005, 10 of 22 projects the magazine listed returned more than 90 cents on the dollar. In the past two years, no project did that well.

Instead, it's better to think of remodeling projects as an investment in lifestyle rather than a money-making investment.

-Consumer Reports

Flavors of Fishers!

Beverly Fast Sinclair CRS, GRI (Keller Williams Realty) — Fri, 31 Jul 2009 09:26:14 -0700

The weather is supposed to be near perfect. Here is a great way to spend your Saturday!

When: Saturday August 1, 2009 from Noon to 10p.m.

Where: USA Parkway Circle

What; Events including: local restaurants offering tastes of specialties; healthy food options; performances by Left of Broadmore, David Fleming Variety Act, Silly Safari, Indiana Caledonia Pipe Band, 10th of Never, and Hotel California (An Eagles Tribute Band); free family fun; beer and wine garden

Price: $5 in advance; $7 at the door; Children 12 & Under Free

Tickets sold at: Marsh Supermarkets, Fishers Farmers Market, Fishers Chamber of Commerce Office (Train Station)

No pets or coolers allowed.

Bring chairs and blankets to enjoy a day out in the sun!

Top Seven Return on Investment Remodels

Beverly Fast Sinclair CRS, GRI (Keller Williams Realty) — Fri, 31 Jul 2009 09:18:33 -0700

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Going along with yesterday's blog here are projects that will help you get the most bang for your buck. Homeowners who update their most frequented rooms and those who added on more living space enjoyed the biggest bang for their buck on home improvements. Kitchen and bath remodels along with second-story, bath, family room and master suite additions were rated tops.

Here are some figures that should give you a general idea of what return you'll get on your improvements:

Home Improvement Job	Cost	Resale Value	Cost Recouped
Minor Kitchen Remodel	$17,928	$15,278	85.20%
Window Replacement (Wood)	$11,040	$9,416	85.30%
Bathroom Remodel	$12,918	$10,970	84.90%
Window Replacement (Vinyl)	$10,160	$8,500	83.70%
Two-story addition	$105,297	$87,654	83.20%
Major Kitchen Remodel	$54,241	$43,603	80.40%
Attic Bedroom Remodel	$44,073	$35,228	79.90%

The psychology of newness and spaciousness translates into top resale value when curb appeal, remodeling to existing standards, quality work, and finding a contractor work together. Hopefully this will help you decide what to remodel when you decide to do something.

Make Money on Improvements

Beverly Fast Sinclair CRS, GRI (Keller Williams Realty) — Thu, 30 Jul 2009 15:42:57 -0700

One of the most important tasks when deciding what to remodel is to choose the one that will bring in the most money. If profit is your goal consider these three guidelines:

Keep up with the Jonese but don't out do them. It might be tempting to one-up your neighbors but it won't bring in extra dough. If your home is definintely more extravagant than your neighbors doing comparasions won't be as accurate and you will probably resell less than it should.

Less is more. Choosing between major and minor home improvements can also make a big difference on your return on investment. Remodels that keep you in the neighborhood averages will yield a higher return. Basic remodels offer nice returns.

Length of stay. Generally speaking, remodeling to maximize returns is a good idea for those who intend to remain in the home only a short time. Before committing to any renovations, develop a good understanding of your financial picture.

Imporvements that pay:

Kitchen and bathrooms still count. These rooms are consistently rated the best places to spend your remodeling dollars.

Don't neglect the rest of the house. If you spend all your money on the kitchen and the rest of the house is falling down around it you won't get your money's worth.

A topical solution. Adding a fresh coat of paint is one of the easiest ways to add value.

Does the kitchen go with these bedrooms? Poorly matched additions can decrease the value of your home.

Square ped, round hole. Avoid too much customization so your potential buyers can envision your home suiting their needs.

No curbing the appeal. The exterior of your home is the first impression so be certain that siding, paint, and landscaping are all up to par.

10 Common Mistakes Made by Home Sellers

Beverly Fast Sinclair CRS, GRI (Keller Williams Realty) — Wed, 29 Jul 2009 13:00:21 -0700

Home prices are still declining in many areas but at a slower pace some are decided to put their home on the market. This gives us more homes to choose from but also more sellers to watch over. Here are some things to watch out for when selling your home.

1) Failing to vet your real estate agent: when shopping for an agent, ask for references, as well as track records with homes in your price range & geographical area. You might also want to know how close their list price is to the sale price.

2) Setting the price too high: to price your home correctly, find out what similar homes in your area are selling for and how long they are on the market. If your list price is significantly different from other comparable homes you might have a problem.

3) Waiting for a market rebound: there have been forecasts saying that the housing market will hit bottom at the end of the year and start a long recovery during 2010. This doesn't mean you should wait until then to sell your home though. If your area is expected to continue to loose value waiting to sell will cost you more money.

4) Skimping on listing photos: the internet is the first stop for many home buyers, put up lots of well staged pictures of your home. Put up as many photos as the website will allow.

5) False advertising: don't misrepresent your house. Don't retouch photos or let your agent either. Altering a photo to add shrubbery to the front yard or make your neighbor's home look farther away than it is really isn't fooling anyone.

6) Failing to incentivize: lowering your asking price ins't the only way to grab attention. Try offering like a decorators allowance or home association dues.

7) Waiting to fix up the place: if you know part of the kitchen needs to be replaced do it now before an open house. Buyers look at repairs like adding to the sales price.

8) Taking offense at lowball offers: home buying is one of the great haggling games in the US. People are testing the market to see what they can get for a great home. Instead of turning your nose up look at it like a way to negotiate.

9) Failing to make sure the buyer can afford the house: any offer you receive make sure you check for a pre-approval for a mortgage big enough to purchase your home.

10) Being inaccessible: make sure its easy for buyers to look at your home. Install a lockbox, and make sure you can be reached for sellers wanting to schedule a showing.

The "New" IND Airport

Beverly Fast Sinclair CRS, GRI (Keller Williams Realty) — Tue, 28 Jul 2009 11:12:18 -0700

This weekend I got my first experience at the 'new' Indianapolis International Airport. Unfortunetly I was just picking up my aunt but her plane was delayed and I was stuck sitting in the airport for 3 hours. It looks gorgeous but my question is where's the rest of it? Indianapolis is supposed to host a Super Bowl in 2012 how are they going to do that with an airport that is only 2 small concourses big? I was there shortly after the Brickyard finished and it was getting busy I can only image how busy and crowed it is going to be during the Super Bowl time frame. Can Indianapolis lose its Super Bowl because of this airport? What are they planing to do, I'm sure I'm not the only one questioning the size of this airport. I think the size is fine for everyday use but when the Indy 500 is here and Brickyard every year it must get super busy and expensive to fly to Indianapolis. How do they plan to deal with this downsize of an airport during the super bowl?

New Home Sales Up in June

Beverly Fast Sinclair CRS, GRI (Keller Williams Realty) — Tue, 28 Jul 2009 10:57:47 -0700

New-home sales in U.S. up 11% in June from May

Price cuts and tax credits provide a boost. Still, 2009 is shaping up to be the worst year for new-home sales since at least 1963

Sales of new single family homes in the U.S. rose 11% in June from sales in May. Buyers were responding to price cuts and tax credits meant to help the massive backlog of unsold homes. Since the jump shares of KB Home rose 54 cents, Lennar Corp. jumped 76 cents, and Pulte Homes Inc. rose an incredible 84 cents.

The increase was higher than many thought it would be. However the rut is so deep it will take many additional months of increase to return to "normal."

June sales were the lowest since 1982 and was 21% below that of last year. If the pace holds 2009 will be the worst year for new home sales since they began tracking them in 1963.

The sharpest increase in June-over-May sales was in the Midwest, which posted a 43% gain. New-home sales in the West were up 23% over May. The Midwest was the only region to sell more new homes in June than in the same month last year, with a 6% gain.

New Mortgage Disclosure Rules

Beverly Fast Sinclair CRS, GRI (Keller Williams Realty) — Mon, 27 Jul 2009 09:58:22 -0700

Fed Pushes New Curbs on Lending Practices- Mortgage Brokers Would See Fees Cut

The Federal Reserve on Thursday unveiled a proposal to curb abusive lending practices by reining in compensation for mortgage brokers and by helping borrowers better understand the terms of loans available to them. The toughest part of the Fed's plan deals with compensation for mortgage brokers. These brokers can be rewarded with extra fees for placing borrowers in higher-rate loans. The proposal works to fix this by barring lenders from offering extra compensation based on the terms of the loan, which includes the rate. Consumer advocates have blamed incentive based pay for helping cause the real estate meltdown.

The broker industry has managed to block similar efforts in the past. Brokers are not driven by these extra fees but by what is best for the consumer. It is also said that higher rate loans are more suitable if a lender will accept higher debt loads or lower credit score.

The proposal aims to help people better understand the mortgages available to them. Lenders will have to provide consumers with a one-page list of key questions to ask when a loan is offered to them. After applying for the loan people will get streamlined information about their mortgage and any risky features. Lenders will have to show how the rate compares with the rates offered to borrowers with great credit.

The plan also addresses borrowers by giving them added protections for giving home-equity lines of credit since home prices have dropped.

Allstate 400 at the Brickyard

Beverly Fast Sinclair CRS, GRI (Keller Williams Realty) — Fri, 24 Jul 2009 10:36:06 -0700

The Allstate 400 at the Brickyard is going on this weekend on the west side of Indianapolis. This Nascar race has been going on in Indy since 1994. Here is a list of what is going on at the track this weekend leading up to the race. If you want more information visit their website at www.allstate400atthebrickyard.com

Fri, Jul 24	CHEVY DAY AT THE BRICKYARD
	Fan Pit Walk (On Display: NASCAR Show Cars, Pace Car, Event Trophy, Red Bull BEAT Car), Pit Lane Between Victory Circle & Gasoline Alley	8-11 a.m.
	Public Gates Open	8 a.m.-6 p.m.
	Temporary Tattoos Available, Pagoda Plaza	8 a.m.-4 p.m.
	Chevrolet Ride And Drive Opportunity (Fans Can View, Test Drive New Chevy Vehicles), MotoGP Road Course Turn 9	8:30 a.m.-4:30 p.m.
	Wristband Distribution for Chevy Autograph Session with Jeff Gordon, Chevy Display, Hall of Fame Museum East Lot (100 wristbands, first-come, first-served, all ages must have wristband to participate)	8:30 a.m.
	Q&A Session with Bill Elliott, Coke Zero Stage	9-9:20 a.m.
	Chevy Golf Shootout, Hole No. 8 Tee Box, Brickyard Crossing	9 a.m.-Noon
	Autograph Session with Bill Elliott, A.J. Allmendinger, Marcos Ambrose, Reed Sorenson, Scott Speed, Michael Waltrip, Pagoda Plaza	9:30-10 a.m.
	Chevy Q&A Session with Jimmie Johnson, Chevy Stage at Chevy Display, Hall of Fame Museum East Lot	9:30 a.m.
	Pros vs. G.I. Joes NASCAR Driver/Troops Guitar Hero Tournament, Coke Zero Stage. Drivers participating (subject to change): Martin Truex Jr., Casey Mears, Joey Logano, Kasey Kahne, Brian Vickers	10-11 a.m.
	Chevy Q&A Session with Richard Childress, Chevy Stage at Chevy Display, Hall of Fame Museum East Lot	11 a.m.
	Live Music by Healing Sixes, Coke Zero Stage	11:30 a.m.-12:30 p.m.
	Chevy Autograph Session with Jeff Gordon (wristband access only)	11:45 a.m.
	Chevy Q&A Session with Tony Stewart, Chevy Stage at Chevy Display, Hall of Fame Museum East Lot	Noon
	NASCAR Sprint Cup Series Practice	2-3 p.m.
	NASCAR Sprint Cup Series Practice	3:30-4:30 p.m.
	Live Music by Corey Cox, Coke Zero Stage	4:30-5:30 p.m.
Sat, Jul 25	QUALIFYING DAY
	Public Gates Open	7 a.m.-6 p.m.
	Chevrolet Ride And Drive Opportunity (Fans Can View, Test Drive New Chevy Vehicles), MotoGP Road Course Turn 9	8:30 a.m.-4:30 p.m.
	"Matt the Balloon Guy" Balloon Artist, Pagoda Plaza	10 a.m.-5 p.m.
	NASCAR Sprint Cup Series Qualifying (Two laps, all positions)	10:10 a.m.
	Live Music by Casey Jamerson, Coke Zero Stage	11:45 a.m.-12:30 p.m.
	Man V. Food Turkey Leg Eating Challenge, Coke Zero Stage	12:45-1 p.m.
	Live Music by The Elms, Coke Zero Stage	1-2 p.m.
	NASCAR Sprint Cup Series Practice	2-3 p.m.
	Live Music by Megan Linville, Coke Zero Stage	3-3:45 p.m.
	NASCAR Sprint Cup Series Final Practice	3:30-4:30 p.m.
	Live Music by Steve Trent and Small Town, Coke Zero Stage	4:30-5:30 p.m.
Sun, Jul 26	RACE DAY
	Public Gates Open	7 a.m.-6 p.m.
	Teen Safe Driving Q&A with Ray Evernham, Coke Zero Stage	10-10:30 a.m.
	Live Music by Saving Abel, Coke Zero Stage	11 a.m.-Noon
	Pre-Race Ceremonies Begin	12:30 p.m.
	NASCAR Sprint Cup Series Driver Introductions	1:30 p.m.
	16th Allstate 400 at the Brickyard (160 laps/400 miles)	2 p.m.

Get the Most from Your Farmer's Market

Beverly Fast Sinclair CRS, GRI (Keller Williams Realty) — Wed, 22 Jul 2009 12:38:53 -0700

Now that you know where and when the farmer's market is learn how to make the most of your trip.

Let the market write you list: choose fruits and vegetables that look most appealing to you. Go with some staples like lettus, tomato, and carrots but then browse and find what is looking the best that week. Maybe one vender has amazing looking watermelon.

Comparison shop: walk through once just browsing then walk through again knowing the other prices and where the produce looks the best. This way you don't buy something early and then find at the end a better looking, better priced item.

Buy from all food groups: they carry more than just produce at the farmers market. Look for fresh meats, cheeses, eggs and other local products. Don't pass up foods unique to your area.

Choose a mix of old and new: don't buy only new things then get home and have no clue how to prepare any of it. Buy some staples and maybe one or two new items and ask the farmers how to prepare them.

Buy at the peak and save: when local crops are at their peak buy you can buy them at a much lower price than out of season. Plus they often taste much better.

Share the harvest: if you go wild at the market and can't possibly eat everything you bought share it with your friends and family, they will definitley appreciate it.

Help!

Beverly Fast Sinclair CRS, GRI (Keller Williams Realty) — Tue, 21 Jul 2009 13:27:58 -0700

I am trying to start a new expired listing campaign but I don't want to send letters, I want to send emails. I just can't figure out how to get the email addresses of expire listings. Does anyone have any ideas on how to do this?

Dillon Park

Beverly Fast Sinclair CRS, GRI (Keller Williams Realty) — Tue, 21 Jul 2009 11:48:06 -0700

Dillon Park showed up a couple of years ago in what I like to call the Tri-City Area, Carmel, Westfield and Noblesville. I think technically it is in Noblesville but its at 146th and Hazel Dell Parkway. From the street it doesn't look like there is a lot going on there just a field and a little (and I mean SMALL) trail. If you follow the trail it leads you to a field which has frisbee golf course. The only other frisbee golf is out near Morse Lake in Noblesville. I think frisbee golf is great fun and it doesn't really matter how much talent you have. Stand in a concrete square and throw a frisbee at a bird feeder looking thing. Its great for a cheap date or family outing.

Another fun thing to do with small children is go to the spray park. The spray park like everything else at the park is FREE! They have all sorts of different contraptions that water comes out of and is fun for all ages. Its on from 8am to 9pm May to September weather permitting.

This park is a cute little way to spend a day. Its just behind the Kroger so have a family picnic. After enjoying your day outside go to Handle's Ice Cream just west on 146th Street before US 31.

Plus they have a free summer concert series from 7pm-9pm.

-July 30, Living Proof
-August 6, Endless Summer

Find the Best Place for You to Live

Beverly Fast Sinclair CRS, GRI (Keller Williams Realty) — Mon, 20 Jul 2009 10:10:15 -0700

You know what the top cities are to live but which one is right for you? Is one right for you or do you need something else. Before you choose a town consider whether a home there will be a solid investment. This past year has shown how dramatically markets can vary from one part of the country to another. However markets vary between different parts of large cities and suburbs too. If your looking for a home within commuting distance of where you work you want to find one that will hold its value no matter what the market might do next. Real estate experts conclude that areas where homes retain value best have certain common threats including:

Proximity to the city: Towns more than 40 miles away from the city's center have seen home prices fall the most dramatically. Look up typical commute times on zillow.com and if the time is longer than other cities red flag that area. If you have time clock the drive yourself during the time you would typically be traveling (like rush hour).

Great schools: Parents will go to almost any length to help their child's college prospects. For this reason towns with great public schools had housing prices hold up well during the downturn. Even if you don't have any children the cities are still great investment places. To find out go to schoolmatters.com or schooldatadirect.org and find test scores and graduation rates for schools in town. Remember you are looking for cities with consistent performance over multiple years.

Strict limits on new construction: Towns withe zoning regulations made it tought to build have seen less of a price drop than towns with huge booms in new construction. A good sign to look for is towns nestles against barriers such as large lakes or protected wetlands. Call the towns planning office and ask how many acres of vacant land are in the town and how much is zoned residential.

Plenty of commerce: Towns with stores, banks, and movie theaters are betterb ets than those that are strictly residential. People like to live near common services and they give a strong tax base for the town. Call the county assessor's office and ask what percentage of the town's tax receipts are from individual residences and how much is from businesses. Look for towns where 25-35% come from businesses.

Lots of flower boxes: If the lawns look well cared for and parks are well maintained the town will most likely do better. The value of your home is affected by the value of surrounding homes. If there are noticeably vacant lots that are overgrown that area probably isn't the best bet. Check the rate of new foreclosure listings for the town at realtytrac.com Look for places where the rate is lowest. Use your own judgement too. Drive around and see what you can find.

Today in History: July 17

Beverly Fast Sinclair CRS, GRI (Keller Williams Realty) — Fri, 17 Jul 2009 15:00:33 -0700

Today in History:

1955 Disneyland Opened! Built on 160 acres in Anaheim, California. Today Disneyland gets more than 14 million visitors a year.

Indianapolis International Film Festival

Beverly Fast Sinclair CRS, GRI (Keller Williams Realty) — Fri, 17 Jul 2009 09:44:19 -0700

The Indianapolis International Film Festival is in full swing this weekend. It runs July 15-July 25 and is offering many different kinds of films to watch. It takes place at the Indianapolis Museum of Art located at 400 Michigan, Indianapolis. You can purchase an All-Access Pass for $150 or a bundle of 10 Tickets for $80 or just one ticket at a time for about $10. For more information visit their website at www.indyfilmfest.org

Sign Change

Beverly Fast Sinclair CRS, GRI (Keller Williams Realty) — Thu, 16 Jul 2009 13:03:16 -0700

Noblesville sign change is a step in the right direction

Officials in Noblesville have loosened the real estate sign restrictions to try to strengthen housing sales. Throughout the rest of the year the City Council is allowing signs directing people to open houses. Only one directional sign can be placed at the entrance of the neighborhood from 1 hour before to 1 hour after the scheduled open house. This is a change from before where signs could only be posted at the house being sold. The council will vote in December to decide if the change should be permanent.

It can be tricky to find open houses especially in larger more complicated neighborhoods and more signs would help reduce confusion. South Harbour can be accessed through many different entrances only allowing one sign can easily lead potential buyers astray.

Fishers and Westfield are also considering changing their open house sign policies. Carmel bans directional signs all together. City Councilman Brian Ayer says it is unlikely Noblesville will further loosen its restrictions.