buying: REDUCED PRICE! Spacious Floor Plan and Beautiful Backyard! - 07/26/10 07:45 PM
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buying: REDUCED PRICE! Single Level Living on HUGE Lot! - 07/26/10 07:43 PM
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buying: How Long do Buyers Have to WAIT to Buy After a Foreclosure or Bankruptcy? - 06/24/10 11:27 AM
To deter any kind of a new influx of new foreclosures, Fannie Mae announced a modification to the waiting period that a borrower must wait before being eligible for a new mortgage loan with Fannie Mae loans. Currently, the waiting period that must elapse after a borrower experiences a foreclosure is seven years. However, Fannie Mae allows a shorter time period – five years – if certain additional requirements are met (e.g., minimum down payment and credit score, and occupancy requirements). These requirements are being modified to remove the five year option. Unless the foreclosure was the result of documented extenuating … (4 comments)

buying: What You Need to Know: FHA Upfront Mortgage Insurance Increasing - 03/26/10 08:23 AM
Spring is a time for change; and this spring brings a change in FHA lending. Effective for FHA loans in which the case number is assigned on or after April 5, 2010, FHA will collect an upfront mortgage insurance premium of 2.25 percent. This amount is increased from the current 1.75 percent.
What is “FHA upfront mortgage insurance”? FHA charges what’s called an “upfront mortgage insurance premium” that is financed into the loan to help decrease the monthly mortgage insurance so that FHA borrowers payments are lower.
Can you give me an example? The cost, before April 5th is 1.75% (of … (1 comments)

buying: FHA is Tightening its Standards: Buy Now, or Pay More Later! - 03/01/10 05:09 AM
After the economic freefall of the past few years, banks across the country have been tightening their pursestrings. This summer, the Federal Housing Administration will tighten its lending standards. This is not a "bad" thing but it will make it more difficult for some buyers to purchase a home. Below are some of the changes set to occur:
Better Credit Scores - Borrowers will need a minimum score of 580 to quality for a 3.5% down payment. Borrowers with lower scores will have to make at least a 10% down payment. Higher Insurance Premiums - Buyers who get a FHA insured … (1 comments)

buying: Moving Countdown Part 5: Moving Day! - 02/03/10 09:29 AM
After much anticipation, it's finally arrived: moving day! Here are some tips to make this move a good one:
Strip the beds and put all bedding in a box labeled "Load Last". That way, it's the first to be unloaded and you'll have blankets for the first night in your new home! Make sure to be on hand when the movers arrive. If you're not available, authorize another adult and tell the movers who's in charge for the day. Spend plenty of time with the movers and make sure special instructions are understood. Don't be bossy or condescending - communicate well … (0 comments)

buying: Moving Countdown Part 4: The Week Before - 01/29/10 03:42 AM
We started this series with tips for 6-8 weeks before moving. Now we're up to the week before the big day! Here are some ideas to make it less stressful:
Tie up those loose ends! Make sure you've returned movie rentals, library books, and items borrowed from friends and neighbors. Review moving tips from previous posts to make sure you haven't missed anything. Confirm your travel arrangements. Pack suitcases and check airline and hotel reservations. Keep plans as flexible as possible to accomodate last minute changes. At least one day before your move, empty, defrost, and clean your fridge and freezer. … (1 comments)

buying: Moving Countdown Part 3: 2-3 Weeks Before - 01/21/10 03:35 AM
So far we've covered tips for 6-8 weeks and 4-5 weeks before your move. Here are some ideas for 2-3 weeks before the big day:
Call ahead to schedule utilites to be connected at your new home. This includes electricity, gas, water, phone, cable, internet, etc. Call your bank to change your address or transfer accounts. If you use a local credit union or bank that doesn't have branches in your new area, ask if they have recommendations or "partner" banks. Make final packing decisions and start packing items you don't use very often. Create a staging area in the garage … (1 comments)

buying: Moving Countdown Part 2: 4-5 Weeks Before - 01/12/10 03:51 PM
In the last blog, we covered what to do 6-8 weeks before your move. Here are some tips to follow 4-5 weeks before the big day arrives:
If you live in an apartment or condo, now is the time to talk with your property manager about scheduling your move. There may be date or time restrictions as to when moving can be done. Make sure to abide by any rental or lease agreement you may have to avoid hefty fines. Contact the moving company to schedule your move date and reserve the appropriate sized truck. Notify your insurance company and schedule … (1 comments)

buying: Moving Countdown Part 1: 6-8 Weeks Before - 01/11/10 05:55 PM
Moving. The word can bring up feelings ranging from happiness and excitement to exhaustion and dread. No matter where you fall on the scale, these tips can help your next move be a smooth one.
What to do 6-8 weeks before the big day:
Determine which items you wish to take to your new home. Items you don't need should either be donated to charity or sold at a garage sale. You may consider teaming up with your neighbors who want to sell some of their belongings and hold a "neighborhood sale." If you plan on packing your own items, start … (1 comments)

buying: 7 Things You NEED to Know About the $6500 Tax Credit! - 01/08/10 04:45 AM
Several months ago Congress approved a $6500 tax credit for homebuyers aimed at so-called "move up" buyers. Though it's been law since November, there are still a lot of questions and mis-information floating around. Here are a few things you should know about taking advantage of the tax credit:
To qualify, you must have owned and lived in your current home for a consecutive 5 out of the last 8 years. And your income must be below $125k if you're single, $225k if you're married filing jointly. You may "move up" (buy a more expensive home) or "downsize" (buy a less … (1 comments)

buying: 10 Commandments for Home Buyers - 06/12/09 07:14 PM
1. Thou shalt not change jobs, become self-employed or quit your job. Longer employment time shows stability and a reduced likelyhood of default.
2. Thou shalt not buy a car, truck or van (or you may be
living in it)! This will increase your debt to income ratio.
3. Thou shalt not use charge cards excessively or let your
accounts fall behind. This shows poor money management and an increased risk of default.
4. Thou shalt not spend money you have set aside for closing. It costs money to borrow money - make sure you have enough.
5. Thou shalt not … (13 comments)

buying: 3 Reasons to Say Buh-Bye to Renting - 06/02/09 04:35 AM
Some people really like renting. They love white walls they can't paint, waiting for the landlord to fix a leaky faucet at his convenience, annual rent increases, and sending in a rent check each month with nothing to show for it when they move. If you're like them don't read this post! If, however, you're tired of the rental hamster wheel, read on...
Reason #1: Interest rates are still at historical lows - as low as 5.25%! Not too shabby considering the average interest rate over the past 30 years is more than double that!
Reason #2: Homes are being offered … (4 comments)

buying: It's All Fun and Games Until Someone Loses a House! - 05/04/09 04:53 PM
There is one major draw to Short Sales in today's market. Price. If you look at the current inventory of homes that are available, the Short Sales typically stand out as the best value to be had! When a buyer sees this disparity in price, it can sometimes be very hard to correct their "tunnel vision" regarding these seemingly amazing buys. The following is a list of challenges that I have seen that the Buyer typically wasn't bargaining for:
•·        Pricing strategy: Agents will use a variety of pricing and marketing strategies in order to get an offer from the "collection desk" … (8 comments)

buying: STOP! Don't Buy Your First Home Until You Read This! - 04/24/09 01:29 PM
With the lowest home prices in years, record low mortgage rates and an $8000 tax credit from Uncle Sam NOW really is the perfect time to buy a home! In fact, 50% of today's home buyers are first-time home buyers! As a first-time buyer it's important to understand a few truths about buying, and owning, a home. Here are 10 common pitfalls to avoid:
1. Not knowing how much house you can afford.Many novice homebuyers spend a lot of time researching homes - comparing kitchen layouts and backyard square footage - but very little time researching their financing options. One of … (2 comments)

buying: Wow! I Didn't Know THAT About Real Estate! - 04/23/09 11:14 AM
I was in a seminar this morning led by a very successful and inspirational person - Gary Keller. The guy who puts the "Keller" in Keller Williams Realty, the third largest real estate comapny in North America! You don't reach that level of success by accident so I know he knows what he's talking about! Here are a few nuggets from the seven pages of notes I took:
Economic history always repeats itself - that's why it's called an economic cycle. Economic "down" cycles are 50-70 years apart. We will never see a downturn like this one again in our lifetime! … (3 comments)

buying: We're Gonna Party Like it's 2005! - 04/17/09 06:30 AM
Remember the days of multiple offers? Houses on the market for only a few days? Buyers who were so eager to buy, they were willing to pay more than list price? Seems like just yesterday...
...Beause it was!
I am in my third multiple offer situation in as many weeks! And I had clients recently miss out on a house that sold in two days! I'm not complaining; this is just what we've been wiating for. Lowered home prices, low interest rates and the new $8000 tax credit have worked their magic and have brought wall-flower buyers out on the dance … (6 comments)

buying: New Home Construction is Down - And That's a Good Thing... - 04/14/09 06:03 AM
March saw another decrease in new home construction as builders have started 72% fewer homes than in March of 2008. Only 22 permits to build single-family residences were taken as compared to 78 permits in the same month last year. Since January only 59 homes have been started, compared to 198 homes started in the first quarter of 2008. While this unfortunately means unemployment amongst the building trades, there is some good news with this.
Like all products for sale, homes are subject to the law of supply and demand. As demand increases, supply dwindles; when demand decreases, supplies become too great. … (0 comments)

buying: Mortgage Rates Make Another Decline this Week... - 02/19/09 09:20 AM
Rates for 30-year fixed-rate mortgages averaged 5.04 percent this week, down from last week when it averaged 5.16 percent, said Freddie Mac today. Last year at this time, the 30-year FRM averaged 6.04 percent. The 15-year rate this week averaged 4.68 percent, down from 4.81 percent. A year ago at this time, the 15-year FRM averaged 5.64 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.04 percent this week.Couple this with low prices and motivated sellers and you've got yourself what's known as a Buyer's Market. If you don't buy in a buyer's market, when do you buy? That's right, in … (0 comments)

buying: Ever Wondered Why a Short Sale Takes SOOOOOOO Long to Sell? - 01/22/09 10:32 AM
Negotiating a short sale is quite a bit different than negotiating a typical home sale. And to make it even more *fun* every bank handles them differently! However, there is a basic process that each sale goes through:
1. Determine what stage of foreclosure the seller is in: when the last mortgage payment was made, if a foreclosure date has laready been scheduled, who the lender is, whether there are other liens against the property.
2. Gather information for a comparative market analysis (the price similar homes have sold for recently.)
3. Have the seller sign a letter of authorization allowing … (2 comments)