Marie Otis's Blog

Here’s a Great Realtor Checklist

Marie Otis (CBSHOME Real Estate) — Sun, 13 Sep 2009 18:20:20 -0700

Bill and Susie are about to sell their biggest investment - their home. They've put several improvements into the property every year. Bill and Susie want to get the best Realtor. Here's what I recommend for the Omaha Metro Area real estate market. Make appointments with 3 top Realtors in your area. Listen to their marketing presentations before making your decision. Here are 6 specific things to look for in a Realtor:

1. First, the Realtor should act enthusiastically about the opportunity to market your home. Enthusiasm is so important. If the Realtor is not eager to get a positive message about your home to the market then don't hire them.

2. The Agent should prepare a report on houses like yours in the area and the final closing prices? This report is critical in assisting you and your Realtor on arriving at a list price for your home. The houses they compare to yours should be like your home. If you live in a 2-Story you don't want to know what Ranches are selling for in your area.

3. Does the Realtor have a prepared marketing plan? The plan must contain more than getting your home listed on the MLS and placing a sign in the yard. Look for a strong blend of effective internet marketing and marketing to a wide pool of area Realtors (regardless of the Company they work for) and community networking.

4. What is the Realtor's area of expertise? If you are selling a condo/townhome then ask to see the Agent's success with selling on condos. Perhaps the Realtor is an expert on your part of town. Perhaps the Realtor is very sensitive to your culture and will make you feel at ease. Find out if their strengths match your needs.

5. The Realtor should prepare a statement showing you what your expenses will be (including the commission) in selling your home for a specific price. A great Realtor will have the tools handy during the interview so they can prepare several of the statements if you haven't settled on a final price.

6. The Realtor should present a clear Communication Plan to you. Do they promise to send you a weekly or monthly activity report? Do they promise to call you after every showing to discuss the Buyer's reactions, likes and dislikes? Will the Realtor promise to return phone calls? Does the Realtor have an email address they check at least once a day?

A lot of Realtors don't want you to have this checklist because they fall short of the mark. Don't make that mistake. Like Bill and Susie, you're risking a lot and need the best choice. When you are ready to make the Realtor appointments I hope I'll be privileged to make a presentation to you. Give me a call at 402-697-4251 or email me at Marie.Otis@cbshome.com.

Staycations” Mean New Trend In Real Estate

Marie Otis (CBSHOME Real Estate) — Sat, 29 Aug 2009 20:55:09 -0700

I have discussed real estate trends in my blog several times but there is a definitely new trend that retailers say are the result of "staycations." When this term first emerged in a big way last year it meant simply not going abroad for a get-away. However, with the deepening of the recession and the uncertainty about job retention staycations have come to mean staying home rather than taking a vacation somewhere else.

Staycations have made an impact on the remodeling industry. According to builder information provider, Hanley Wood, it is projected that in 2016 the home remodeling sector will have grown 62% in a decade. What's interesting here is that people are focusing their remodeling efforts on their backyards.

Just a few years ago people were determined to upgrade their "curb appeal" by landscaping and installing lighting effects in their front yards. The focus now is the backyard where 70% of consumer purchases for outdoor remodeling are being used "customize their outdoor space." People are focusing on their backyards with an eye toward entertaining or being entertained at home.

The recession has prompted a lot of people to consider do-it-yourself kits for special lighting, fancy barbecue kitchens, etc. If you are a d.i.y. expert remember, be certain to install fixtures made of all-weather brass and invest in low-voltage lighting. Your local Home Depot or Lowe's have lots of expertise and can offer lots of good advice.

If you're stuck with a staycation this year consider your own backyard. If you plan to put your home on the market in the next year or two such enhancements could make it easier to sell your home. When you're ready to sell your Omaha home please give me a call at 402-697-4251 or email me at Marie.Otis@cbshome.com.

4 Great Reasons To Buy Now

Marie Otis (CBSHOME Real Estate) — Fri, 21 Aug 2009 20:18:26 -0700

Good news continues to pour in for the Omaha real estate market.

1. Nebraska's housing market is one of "the hottest in the country." According to the National Association of Realtors (NAR), Nebraska ranked 5^th in the nation for gains in existing home sales over the same time last year. Nebraska home sales were up 20.3% in the first quarter of 2009 and 6.4% in the second quarter.

2. The federal tax credit of up to $8,000 is still in effect until the end of November. This tax credit for first-time home buyers has proved to be very popular.

3. Some economists now say that the worst of the housing recession is over. Only history will prove that true but according to the Omaha Board of Realtors number of houses under contract to close is up almost 10% for the year.

4. One of the best signs is a slight increase of sales in higher-priced homes. The starter homes have selling well and now there is movement in the higher-priced market.

It's time to buy folks and I'm here to make certain you find the home of your dreams. Let's get you into a home right now. Give me a call at 402-964-4251 or email me at Marie.Otis@cbshome.com.

Update on Omaha Real Estate

Marie Otis (CBSHOME Real Estate) — Fri, 14 Aug 2009 22:26:44 -0700

Metro Omaha real estate has continued to improve in 2009. According to statistics from the Omaha Area Board of Realtors, in the first half of the year, 355 more homes were placed under contract than in the first half of 2008. The $8,000 tax credit the federal government is offering for first-time homebuyers is fueling the increase in buying.

On a national basis existing home sales rose for the fifth straight month. According to the National Association of Realtors that is the longest steak of gains since 2003. In the Omaha area the total of homes placed under contract has increased compared with the same period last year. It has been noted that recovery began in the starter-home market. Nevertheless, the latest housing statistics point to a beginning rebound is starting for higher-priced homes.

The flip side of the coin is that foreclosures are up. Omaha is facing more vacant homes as foreclosures are completed but no buyers found for the houses. Neighbors are beginning to chafe when seeing once well-cared for homes looking run down and neglected. But for buyers even this news means the inventory of available homes is still high.

There are obviously bargains out there. If you are looking for a home in the Omaha Metro area et me help you. If you are in the market I'm ready to help. Give me a call at 402-697-4251 or email me at Marie.Otis@cbshome.com.

Appraisers Recommend 3 Surefire Ways To Improve the Value of Your Home

Marie Otis (CBSHOME Real Estate) — Sat, 18 Jul 2009 08:40:58 -0700

I've written several entries on what a Seller should do to their house if they wish to put it on the market. I thought I would seek out some other authorities on the subject and turned to appraisers. The usual advice of updated paint, carpeting, thorough cleanings and enhanced curb appeal were all mentioned. However, if you have some time before you need to put your home on the market there are some things appraisers suggest for a solid return on your investment.

1. Don't add a pool. If you don't have a pool now don't install one if you are planning to move in a couple of years. The truth is most Buyers do not see a pool as a plus. For Buyers with young children it is a huge safety factor. Other Buyers just see a pool as a lot of additional work and maintenance upkeep they don't want be saddled with after the sale.

2. Add square footage. Finish the basement or add a bathroom and bedroom addition. This will make your home sell more quickly. I can't promise you'll get dollar for dollar when you sell but it will enhance the value of your home.

3. Enlarge the garage. Making your garage bigger, installing taller and wider doors and adding storage space will appeal to many Buyers. Those with trucks and wide vans will be delighted with the additional space. If you add storage space it will be perfect for all that junk the new owner will store in the garage.

You have choices when getting your home ready for the market. Be certain they are the right choices. If you live in the Omaha area please give me call or drop me a line if you have a specific question about a planned home improvement. I can help get you the information you need to make smart choices.

6 Reasons Why I Can’t Agree With You!

Marie Otis (CBSHOME Real Estate) — Sat, 11 Jul 2009 11:06:01 -0700

"It's important we set the price high so we have room to negotiate," the Seller tells me. I hear Sellers say the same thing nearly every time we meet to set the asking price of their home. I don't agree and here are six reasons:

1. Agents sell homes. They are the ones that get Buyers to your home. They are reluctant to show a home they believe is overpriced because it isn't in the best interest of their clients.

2. Competitive prices attract the best Buyers. Serious Buyers have the money needed to buy a good value in their price range. If the house is priced well the Buyer will usually buy now.

3. The longer your home is on the market the more costs you pay before closing. Think of the taxes.

4. Overpricing your home will help the other homes in your neighborhood sell before yours. Why pay a premium for a home when you can get a similar one down the street for less?

5. Many Sellers tell me they will ask the higher price for 2 weeks and then drop it. This is a big mistake. Most of the Buyers will come through during the first 2 weeks of your listing. If you scare them away they rarely return - even if you lower the price.

6. Get the house sold and move on with your life. If you're serious about moving then price your house to sell.

If you're uncertain about how to price and you've discussed the matter with your Realtor consider paying for an appraisal of your home. For $350 to $400 you can get a rock solid opinion on the value of your home. The Buyer will appreciate it because it will alleviate the fear that they may pay too much. Here in the Omaha Metro area I can help you arrange for an appraiser. I will prepare a comparison of like homes recently sold in your neighborhood. I assure you we can get your home priced right in any market.

Celebration and Reflection

Marie Otis (CBSHOME Real Estate) — Fri, 03 Jul 2009 06:14:39 -0700

Happy 4^th of July!!

I've decided to take a break from real estate issues and wish each of you a peaceful, happy Independence Day. Most of all I would like to thank the men and women throughout the past 200+ years who have given up their pursuits to defend our country both here and abroad. To those Americans currently stationed around the globe who are on the front lines of both war and diplomacy please accept my gratitude.

I'm proud to be an American. Our glory and success is that of the common man and woman who strive to do their best and make their lives count. On the 4^th we honor the birth of our nation. Let's all reflect on that between the cookouts, the ball games, fireworks and the family get-togethers.

I Love Omaha

Marie Otis (CBSHOME Real Estate) — Sat, 27 Jun 2009 16:38:52 -0700

Another busy weekend here in Omaha. The annual Summer Arts Fair is the place to be. I was at the Farmers' Market this morning down in the Old Market and we could see all the booths set up for the fair. I love the Farmers' Market with its throngs of happy shoppers examining all the gorgeous vegetables, baked goods, plants and flowers. We'll head downtown again later this evening to enjoy the Arts Fair.

Summer is really and truly here in the Big O and the good news keeps coming. Business Week named Omaha as one of the top 5 cities in the nation to make a new start. The article cited location of new technology businesses in Omaha as well as the lively arts scene as the particular draws. Reasonable housing prices were also mentioned as well as low unemployment (5% compared to 9+% nationwide) as reasons to relocate.

Housing values in Omaha grew .4% in Omaha from a year ago. That may not be much but most areas measured had negative values. In fact, the national housing values fell by more than 6%.

If you're considering relocating to Omaha metro area then give me a heads up. I will send you a relocation package from CBSHOME Real Estate that's really great. I can send you information on area schools and even give you a tour of our great city. Omaha is growing and it's on the go. Come join us and we'll get you into a great home.

8 Tips To Check Before Each Showing

Marie Otis (CBSHOME Real Estate) — Fri, 19 Jun 2009 13:14:20 -0700

The house is listed with the Realtor of your choice. All photographs of family and friends and precious collectables have been packed away. The stager has been there and the house is ready for potential Buyers. The call comes from the Realtor to schedule the first showing. Is there anything more the Seller can do to facilitate the showing. Yes. Here is a checklist to complete before leaving the house:

1. Turn on all the lights; even in the daytime. Lighting will make everything look brighter and better.

2. No pets. Take the pets for a walk, place them in the car, leave them with a neighbor or kennel them. Make certain items such as kitty litter are whisked away. No pet food dishes in the kitchen.

3. Don't leave dirty laundry on the floor. Put it in baskets and stack them in a corner.

4. Don't leave dirty dishes in the sink. Make certain the countertops are cleared and wiped down.

5. Remove all prescription medicines from the medicine cabinets. There have been warnings from law enforcement officials stating that these items are easily stolen.

6. Don't lock any rooms or closets. It is okay to lock furniture such as desks, cabinets, etc.

7. Some people like to have soft music playing to make the home seem more welcoming.

8. Make certain the house smells fresh and clean. Nothing turns off Buyers more quickly than a funny or unpleasant odor.

In the Omaha real estate market we tell our Sellers to expect Buyers to use the bathroom. Make certain there are guest towels and toilet paper. Buyers many times will bring their children to a showing. The Realtor can't follow everyone if there is more than one person. Don't have knick-knacks out, put them away.

If the Seller has new carpet or the weather is wet or snowy, ask the Realtor to have Buyers remove their shoes before tracking through the house. Ask the Realtor to make a sign asking people to remove their shoes.

A Seller needs showings if the house is going to sell. It is an inconvenient time but please stay focused on the objective - to get the house sold. If you are in Omaha or moving herer soon please don't hesitate to contact me if you have questions about showings or any other real estate matter. I'm here to help at 402-967-4251 or email me at Marie.Otis@cbshome.com.

What To Expect of a Realtor When Interviewing

Marie Otis (CBSHOME Real Estate) — Fri, 12 Jun 2009 17:23:11 -0700

You are about to sell one of the biggest investments in your lifetime. You've put several improvements into your property every year. For some it's more than a few years, it may be more like 10 or 20 years. Why would you consider hiring anything but the best to market and sell your home?

The National Association of Realtors reports that 80% of Realtors leave the industry within the first year on the job; another 80% leave within 5 years. The average Realtor makes $12,000 a year; only completes 4 to 6 transactions a year and only work part-time. It's the top percentage of Realtors who get the job done.

You want to get the best. Here's what I recommend for the Omaha Metro Area real estate market. Contact 3 top Realtors in your area. Listen to their marketing presentations before making your decision. Here are 8 specific things to look for during that interview:

1. Does the Realtor explain how "Agency" laws work in your State? This is crucial to know. You already know the Agent will represent you but what about other Agents who show your house?

2. Has the Agent prepared a report on houses like yours in the area and the final closing price? The houses they compare to yours should be like your home. If you live in a 2-Story you don't want to know what Ranches are selling for in your area. This report is critical in assisting you and your Realtor on arriving at a list price for your home.

3. Does the Realtor have a prepared marketing plan? The plan must contain more than getting your home listed on the MLS and getting a sign place in the yard. You want to look for a strong blend of colorful flyers with descriptions that make a potential Buyer clamor to see your home, effective internet marketing, marketing to a wide pool of area Realtors (regardless of the Company they work for) and networking.

6. The Realtor should present a Communication Plan to you. Do they promise to send you a weekly or monthly activity report? Do they promise to call you after every showing to discuss the Buyer's reactions, likes and dislikes. Will the Realtor promise to return phone calls? Does the Realtor have an email address they check at least once a day?

7. Being a Realtor is an expensive proposition. The Realtor pays for all the marketing they present to you in their plan. Many effective Realtors offer other important services such as Staging Experts.

8. Finally, the Realtor should act enthusiastically about the opportunity to market your home. Enthusiasm is so important. If your Realtor is not eager to get a positive message about your home to the market then don't hire them.

A lot of Realtors don't want you to have this checklist because they fall short of the mark. Don't you make that mistake. You're risking a lot and you need the best choice. If you live in the Omaha area I hope I'll be privileged to make a presentation to you when you're ready to sell.

I think my home valuation is high, now what?

Marie Otis (CBSHOME Real Estate) — Wed, 03 Jun 2009 08:11:10 -0700

In today's Omaha World-Herald there was an article, "A Guide to home valuation protest" was in the Omaha World-Herald in today. Here is a link for the entire article http://budurl.com/protestvaluation.

If you feel your home valuation is high, there are three things to consider if you are going to file a protest.

1. Condition of Your Home. If you believe your home's condition would cause your valuation to be less that the counties assessed value you will need to provide evidence in the form of photos or repair estimates.

2. Your Neighbor's Valuation is Lower Than Yours. Compare the valuation of your home to other similar homes in your neighborhood. The evidence you will need to provide can be in the form of a private appraisal or information about recent sales in your neighborhood.

3. Inaccurate County Records. If the information on the county records for your home are incorrect you will need to provide evidence in the form of photos, a purchase agreement or private appraisal.

There are important dates to remember. During the month of June you can protest your valuation by completing a form which must be postmarked by June 30th. The county board will vote on protest recommendations during the month of July.

For a property valuation protest form or for a list of comparable sales in your neighborhood please contact me and I will be happy to provide you with information that may assist you in lowering your property valuation.

Why in the World Do I Need Title Insurance?

Marie Otis (CBSHOME Real Estate) — Fri, 29 May 2009 20:44:18 -0700

I tell my Buyers that Title Insurance is the best insurance policy you can buy. You only pay for it once and it protects you from a wide variety of possible ills.

1. Property Titles: First, Title Insurance protects you from human error. Titles to property were kept in book form for most of the history of the United States. The grantors were in one set of books and the grantees in another set. To trace back a title to its source, a human being had to haul out big dusty books. Although most title information is now on computers there is still a lot of room for error because a title search has so many components.

2. Re-conveyances: These are proof that liens and encumbrances are paid off. These can be placed on a home by a variety of entities. You want to make certain everything is settled and paid off before closing.

3. Easements and Right-of-ways that may exist on any given property. These can be from the local public utility companies but can also be private entities.

4. CC&R: stands for "Covenants, Conditions and Restrictions. These can be put on a property by the developer, the builder or a neighborhood association.

5. Title searches also examine marriage records, death certificates and tax sales.

6. They also look for fraud, forgeries, and missing or incorrect signatures.

7. They look for defective record-keeping.

8. Judgments against the property or owners of a property. This comes into play most often when people have judgments regarding alimony or child support. This affects judgments against Buyers as well as Sellers.

These are reasons to buy Title Insurance. It protects you from, or identifies for you, all sorts of issues as stated above. It's best to buy extended title insurance. It can be extended beyond the 2 year limit and it's your best protection against human error. In Omaha real estate, we at CBSHOME trust Nebraska Land, Title & Abstract for title work. They get you to the closing table on time, accurately and work closely with agents and clients to get the job done.

Why didn't my assessed value go down?

Marie Otis (CBSHOME Real Estate) — Sun, 24 May 2009 09:13:05 -0700

"Why didn't my assessed value go down this past year?" Many people may be asking this question in the Omaha area this June. There was an article in the Sunday World-Herald this week about home valuations. Here is the link for the entire article: http://budurl.com/HomeValuation

Assessed values of homes is a topic that often comes up when working with buyers and sellers. The question I get most often is "Why is the list price for the home so much higher than the assessed value?" The answer I provide is not a easy one. The assessed value of the home is not the same as market value.

In a perfect situation the assessed value is should be 92 to 100 percent of market value. The county does the best they can with assigning assessed values to each home but it is a daunting task and it is not perfect.

The article in the Sunday World-Herald states that home valuations may not drop as much as homeowners are expecting. During the month of June you can protest your valuation to your county board. If you believe your assessed value is too high, contact me. I will be happy to provide you with information you can take to your county board.

3 Factors To Consider When Selecting An Escrow Company

Marie Otis (CBSHOME Real Estate) — Wed, 20 May 2009 06:19:59 -0700

An escrow officer is someone who handles all the money, which makes certain the title of the home is clear and gets you to the closing table on time. It is vital that the Buyer chooses a great escrow company. Here are three things to consider when making your selection:

Reputation/Reliability: The escrow officer is the person who makes certain you get to the closing table successfully. There must be a very good relationship between your Realtor and the escrow company. In other words, the escrow company must have a proven record or success, cooperation and communication. A good Realtor will check with the escrow officer frequently to make certain everything is happening on schedule. The escrow company will issue a document of instructions that you and your Realtor must review carefully. Make an outline of all the events, documents etc. that must be satisfied and get the escrow officer what is needed as quickly as possible.

Location: As I mentioned earlier, lots of contact with the escrow officer is critical to the process. It will be easier if your Realtor or you can meet face-to-face with the escrow officer when necessary. The Realtor's access to the escrow officer is not to be taken lightly. A good Realtor has identified a "go to" escrow company they can depend on. Pay attention to who they recommend.

Costs/Fees: Many fees are mandated by State law and are not negotiable. However, there are fees which can be discussed and compared. Make certain you understand all the fees the escrow company will charge. If an escrow officer is reliable and the fees are reasonable when compared to other companies, then you have a winner.

A little research is always a safe bet. This is a big step for a Buyer and one you want to make with confidence. CBSHOME works with an in-house Title and Escrow Company with an A-one reputation. When it comes to Omaha real estate you can't go wrong with our Team.

7 Reasons for a Professional Home Inspection

Marie Otis (CBSHOME Real Estate) — Sat, 16 May 2009 06:50:22 -0700

"My Uncle is in construction and I want him to do our home inspection. We're watching our up-front expenses and he won't charge us." If I had a nickel for every time a Buyer said that to me I'd be a rich woman. I can't emphasize enough the importance of hiring a professional home inspector when considering a home.

Here are some important tips when considering a home inspector:

A. Is the inspector ASHI Certified (American Society of Home Inspectors)? ASHI is the largest and oldest North American organization of professional home inspectors. They have a rigorous certification process that can be trusted.

B. How many home inspections has the inspector performed? This is probably the single biggest investment of your life. Don't entrust the job to a newbie.

C. Ask to look at an inspection report. It should be detailed. It should have colored pictures or detailed drawings of problem areas. An average report is at least 20 pages or more - many are much longer. The inspection report should cover all the systems of the home, i.e. heating, cooling, electrical, structural, plumbing, roof, etc.

Ask if the inspector charges for a re-inspection. If the inspector has identified needed repairs and the seller has agreed to get them fixed then he should come out later to see if the repairs have been completed satisfactorily. Most reputable inspectors do not charge for a re-inspection.

4 more reasons why a professional home inspector is so important:

1. A home inspection should last approximately 3 hours. You may not have to be there the entire time but it is vital you be there at least 30 minutes with the inspector for a "walk-thru." A good inspector will take you through the house showing you what was inspected and what he has found.

2. A good inspector will also show you how things work in the house. He will explain things such as types and installation of furnace filters, water shut-off valves, etc.

3. A good inspector will recommend you employ other inspectors if he finds something that is suspect such as roofs, heating and air conditioning, etc.

4. A good inspector will tell you which repair items are major and which are minor. This is critical when you are deciding on asking the seller for repairs.

In Omaha, we at CBSHOME Real Estate are adamant that Buyers have good home inspectors. Don't let this most precious of investments be inspected by anyone but the best.

7 Things You Should Do Before Submitting An Offer

Marie Otis (CBSHOME Real Estate) — Fri, 08 May 2009 15:48:17 -0700

You have found a house you really want. Now it's time to make an offer. Good for you! But heed this warning: Be sure you're serious - it will cost you plenty! Here are 7 things you should consider before submitting an offer to a Seller.

Ask your Realtor to make an analysis of what "like" houses are selling in that particular neighborhood. You don't want to pay more than market value for the house.
Figure in all your costs. Your mortgage lender can take the amount you are going to offer (and all the other variables you have already discussed and agree on) and plug the figures into a software program that will spit out a Good Faith Estimate (GFE). It will show all the costs you will be responsible for and how much your monthly payments will be.
The only time you may want to make your offer the highest you can afford is when the market is really hot and you have competition for the house. Then you want to make your offer as sweet as possible for the Seller. In today's market, know your upper limit and base your bid not on the most you can afford but select a lower figure. This way you have room to negotiate.
Expect to negotiate. If you are lucky the Seller may accept the first offer. Experience has shown me that there is usually at least one counteroffer.
Serious offers come with an earnest deposit. I'm often asked how much the earnest deposit should be. There is no set amount but over the years I've learned the rule of thumb is 1% of the amount offered.
Be specific - put everything in writing. Don't count on the goodness of others or assume items will be included. Have your Realtor include all items in the offer that are vital to you.
If your offer is accepted remember you must pay up front for all inspections. Inspections usually have to be completed within 5 business days after acceptance of the contract and both parties have signed. Remember, the payments for all inspections are due the day the inspections are performed. If the inspection is unsatisfactory you don't have to buy the house but you still have to pay the inspector(s).

Research has proven that buying a home is an emotional experience. If you keep that fact in mind, then make certain you are smart and cover all your bases. Follow the steps above and you will usually come out a winner with your dream house. Making an offer on Omaha real estate is taken seriously by all parties and at CBSHOME we can help you make the right choices.

What’s the Difference? Mortgage Loan Pre-Approval vs. Pre-Qualification

Marie Otis (CBSHOME Real Estate) — Wed, 29 Apr 2009 21:51:40 -0700

Most of my clients can't afford to pay cash and so it's imperative to learn their spending limit and how the house payment will impact their budget. The first thing I tell my Buyers is to visit with a mortgage loan officer (or 2) to determine how much they can spend on a property.

I encourage my Buyers to obtain a Pre-Qualification Letter rather than a Pre-Approval. What's the difference?

Pre-Qualification means the information you provide to the mortgage officer has been verified with the appropriate documents and a credit check.

Pre-Approval is usually just talking for 20-30 minutes with a mortgage officer with no proof of income, credit score, etc. With the limited information and with no verification the lender gives his/her "best guess" of what the Buyer can afford.

I believe the first choice, Pre-Qualification, is the only choice for 3 important reasons.

The most important reason is the Buyer can have the peace of mind they need when looking for and buying a home. The Buyer now knows his/her top limit. If the Buyer's top limit is $150,000 they can look for a home up to $130,000. That way they have plenty of cushion to pay fees, moving charges and closing costs.
The Realtor will be able to concentrate on finding homes in the real price range. It's a waste of everyone's time and effort for a Realtor to show a Buyer houses for $250,000 if their real limit is $150,000.
When an offer is made on a home the Seller will know they have a serious Buyer if the Buyer is Pre-Qualified. That makes a huge difference in the ever important negotiation process.

I urge Buyers to see a mortgage lender first before looking at homes for sale. This is a vital first step.

Foreclosure Help

Marie Otis (CBSHOME Real Estate) — Sun, 26 Apr 2009 19:20:17 -0700

"Where can I get foreclosure help?" If you find yourself asking this question, below is a list of programs that have the U.S Government approval or are programs operated by the U.S. government. Remember to contact your mortgage lender as well. Your lender would much rather help you keep your home than take it back.

To find a counselor, contact the U.S. Department of Housing and Urban Development (HUD) at (800) 569-4287 or (877) 483-1515, or go to www.hud.gov/offices/hsg/sfh/hcc/hccprof14.cfm

Call (888) 995-HOPE, the Homeowner's HOPE Hotline to reach a nonprofit, HUD-approved counselor through HOPE NOW, a cooperative effort of mortgage counselors and lenders to assist homeowners.

Visit NeighborWorks America's Web site at www.nw.org/network/home.asp

Go to this Web site for information on federal mortgage modification and refinancing programs: www.makinghomeaffordable.gov

The Controller of the Currency's consumer information site for banking-related questions is www.helpwithmybank.gov

OCC Customer Assistance Group and consumer assistance site: www.occ.gov/customer.htm

Federal Trade Commission: www.ftc.gov/bcp/edu/pubs/consumer/homes/rea04.shtm

Federal Reserve Board: www.federalreserve.gov/pubs/foreclosurescamtips/default.htm

NeighborWorks America: http://www.nw.org

HOPE NOW: www.hopenow.com

Source: Controller of the Currency (04/21/2009)

For other seller's tips, please visit www.MarieOtis.com

Credit Scores – Ignorance Can Cost You in a Big Way

Marie Otis (CBSHOME Real Estate) — Mon, 20 Apr 2009 14:09:12 -0700

Risk? Simply put, banks and creditors need to know how likely you are to pay back the money you owe. The more likely you are to meet your obligations the lower percentage rate you will pay. If you have a low credit score instead of denying you a loan or a credit card banks will charge you a higher rate of interest. However, if your credit score is really low they won't risk doing business with you.

Why is Your Credit Score so important? Why do credit bureaus exist and why do they keep score of your credit usage and history? Here are three reasons that directly affect us all:

Credit Cards - banks could not issue these without knowing their RISK
Debit Cards - banks could not issue these without knowing their RISK
Checks - stores could not accept checks without knowing their RISK

For mortgage or car loans your credit score makes a huge difference in what you pay every month. There is a fabulous chart at http://www.myfico.com/Default.aspx .

It gives you a real life example of what you will pay for a mortgage or car payment with your current credit score.

A person with a credit score range of 760 to 850 will pay $750 dollars a month in principle and interest for a $150,000 mortgage.
A person with a credit score range of 620 to 639 will pay $905 a month for the same $150,000 mortgage. This is a dramatic difference and can make the difference of living the American dream of owning a home or not.

Get smart. Clean up your credit score. You deserve to get ahead in this life. This is an important step in getting your life on track.

3 Important Tips For Getting Best Mortgage Interest Rate

Marie Otis (CBSHOME Real Estate) — Tue, 14 Apr 2009 14:01:44 -0700

Most Buyers ask me how to get the best rate when shopping for a mortgage. My advice seems to differ from most of the Internet gurus I read on-line. I have assisted so many people buy homes and have leaned some really important realities when looking for a mortgage.

1. Most Internet sites advise you to "shop around:"

It's vital to have two (2) lenders give you an offer. One lender should be a recommendation from someone you trust - for example, your family, friends or Realtor. The second offer should come from the bank where you do business. Be certain to STAY LOCAL wiath your mortgage lender. Stay away from long-distance or Internet lenders. Why? Because when you have a problem (and problems are inevitable) it's vital to have someone local you can talk to face-to-face. Also, it's important to understand all the charges on the mortgage Good Faith Estimate. As a Buyer it's not possible to know your Internet lenders' concept of ethics; whereas you have plenty of sources to learn a local company's ethical practices. Finally, Internet lenders pull your credit information so many times it actually lowers your credit score.

2. Know how credit bureaus figure your credit score:

Here's a good rule of thumb to remember about how credit scores are figured.

Payment history - 35%

Total Amounts Owed - 15%

New Credit - 10%

Type of Credit in Use - 10% (This is a wild card factor such as the types of credit lines you have.

3. Therefore, being forewarned is forearmed. It's important to always:

Pay bills on time

If mistakes occur on your credit report - get them fixed!

Pay down your credit cards. Lenders want you to own less than 50% of the credit limit.

Be careful applying for new credit when actively shopping for a loan

To sum up my advice, use only a reputable local lender and clean up that credit report so you can get the bst rate on your mortgage loan. You can help yourself to get the best rate and the best deal.

Nebraska - "The Happiest State"

Marie Otis (CBSHOME Real Estate) — Mon, 06 Apr 2009 12:56:53 -0700

Great News! There was a segment on Good Morning America that named Nebraska the "Happiest State" based on a study done my Mainstreet.com. The study looked at the unemployment rate, the number of foreclosures and mortgage information. Here is the link to view the segment - Enjoy!

http://abcnews.go.com/GMA/story?id=7264863&page=1

Build A Deck - A Wise Investment

Marie Otis (CBSHOME Real Estate) — Wed, 01 Apr 2009 13:57:52 -0700

Hey guys, it's Springtime! Roll up those shirtsleeves and get to work. Many homeowners are looking for great projects designed to enhance their lives as well as their homes. One of the best improvements I can recommend is adding a deck. this is a terrific way to increase the living space and the value of your home. In these beautiful warm months a deck is a place to enjoy nature, entertain family and friends and work on that tan.

A deck also dramatically improves the appearance of your home and increase its value at the same time. For approximately $10,000+ most homewoners saw an 85% return on the total cost of their deck projects. Begin by doing some vial planning. Ask yourself a few questions: Whre are you going to build the deck? How larage is it going to be? What materials will you use? Are you going to do the job yourself or hire someone?

Please check with local authorities to determine what permits and safety inspections may be required when building a deck. Having complied with all local requirements becomes of paramount importance when you go to sell your home in thte future. Hiring a reputable contractor can save you hours of research. they are usually equipped with the right tools, information and contacts to get the job done right.

This is my favoarite time of year. I feel so energized and ready to tackle those tasks I've left undone during the cold winter months. I hope you feel the same way - let's flex those muscles!

Building A Basement Bedroom? 6 Things You Should Know

Marie Otis (CBSHOME Real Estate) — Fri, 27 Mar 2009 21:29:41 -0700

I run into this situation almost every day. There are so many homeowners who wish to advertise they have an extra bedroom in the basement. Many are so disappointed when their realtor explains the finished room can NOT be counted as a bedroom. According to local law, a bedroom must have 2 main items - a closet and an egress window. The egress window seems to be the most difficult to get right.

Egress windows have several requirements.

1. It must be located on an exterior wall.

2. It must open directly to the outside. It can not open into another room. An

individual must be able to get directly to the yard, street, alley, or court.

3. The actual opening must be 5.7 square feet. It was explained to me that a fully

equipped fireman must be able to get into through the window. That means the

frame cannot be just 5.7 square feet but the actual opening must be that size.

4. The space from floor to sill must be no higher than 44 inches.

5. The window must be easy to open from the inside. An individual should NOT

need any special equipment or instructions to operate the window so escape is

possible.

6. It is vital that you check with your local authorities to make certain you know

all the requirements before you remodel the basement.

Oh, by the way, I tell all my Buyers the defintion of a bedroom. I'm cetain other realtors do as well. An extra bedroom can add a lot of value to a home. Make certain the room you create can qualify as a bedroom. Don't throw away your precious remodeling dollars.

Top 10 Ways to Save on Home Insurance

Marie Otis (CBSHOME Real Estate) — Mon, 16 Mar 2009 08:18:02 -0700

It is my pleasure to introduce you to a business associate of mine, Kevin Capece, with Farmers' Insurance. I've known Kevin for some time now and know him to be an excellent agent who is always looking for ways to protect his clients. Kevin has agreed to let me share with you his Top 10 Ways to Save on Home Insurance. Kevin can be reached at kcapece@farmersagent.com.

1). Age of Home - If you have a newer home, you may be eligible to pay lower premiums. Also, if you have recently renovated your home and updated your heater, plumbing, wiring and roof, your insurer may now consider your homes age to be only as old as the most recent update on your home. Call your agent for the details.

2). Blanket Endorsement for Jewelry - Insuring jewelry can be expensive if you list each item individually on your policy. Consider a blanket endorsement on your policy that will cover many items of jewelry up to a specified limit on the policy. Often there will be a specific limit per piece of jewelry in addition to the total amount covered. For example, the policy may insure all jewelry in the home up to $10,000 but no more than $2500 for any one piece of jewelry. Contact your agent for more details.

3). Claim-Free - To be eligible for this discount you must be claim free for a period of time - Usually 3 or 5 years.

4). Credit - Your credit plays a major role in determining what your final policy premium will be. Many insurers can no longer give you an accurate quote for a policy until they actually check it out. Insurers used to look at things like your loss or claims history and a few other factors to determine your rate. However, in recent years, insurers have added your credit as a major tool in evaluating what your final premium will be. Generally with these companies, a good insurance score (or good credit score) means a more favorable rate. This practice has gone on in the banking industry for as long as most folks can remember. The philosophy is that a group of risks with good credit in the same area will have fewer losses than a similar group in the same area with bad credit. In today's insurance marketplace, good credit can mean lower policy premiums.

5). Dwelling Coverage Amount - Review the dwelling coverage amount on your homeowners' policy. You could be over-insured. Many insurers base this amount of coverage on the purchase price of the home. If the home is completely destroyed and must be replaced, the land will still be there and the insurer will be rebuilding from the ground up. The land value is often a big part of the purchase price of a home. Also, obtain the exterior square footage of your home, and call your agent to have he or she assess the correct replacement cost of your home. The insurer often obtains the square footage from you and if it is not accurate, your home could be over insured or even worse, underinsured. You want it to be just right. You bear the ultimate responsibility for insuring your home to the proper amount. The dwelling coverage amount is the single most important area of your policy to review with your agent. Call today. (402) 932-9630.

6). Have Your Policy Re-Written - Many insurance companies periodically develop different rating plans and premiums for the same policies. If your policy was re-written with the exact same coverage in the new plan, your rate would likely be different in this newer rating plan. You could pay more or less in the new rating plan. Also, most companies will charge an extra premium for a claim and will continue to charge you until the end of the policy term. This could mean that you could pay significantly more than necessary if you had your policy re-written after the loss is over 3 to 5 years old. Often, there may be some disadvantages to having your policy re-written so check with your agent.

7). Increase Your Deductible - Many policies carry a standard $500 deductible, but you can request a higher deductible such as $750, $1000 or higher and often save a substantial amount of money. By agreeing to be responsible for a bigger part of the total amount of the claim, the insurer will reward you with a lower premium. For many, this is one of the best ways to save money over time. Call your agent for all of your options.

8). Rate Territory - Most insurers develop rating territories or areas to help determine what premiums to charge you. You would expect to pay more if you live in a big city than if you live outside the city is an example of this. Check with your agent to make sure that you are being properly rated for the territory that you live in. Often, many rating territories have more than one zip code and even though your policy shows the correct zip code, you could be rated in the wrong county and paying the wrong premium! Call your agent today to explore this often over-looked option.

9). Roof Type - Depending on what type of roof you have, you may qualify for different types of policies from the insurer. For example, if you have a flat roof on your home you may not qualify for the same type of policy as you would if the roof was pitched or an "A" shaped roof. Your roofing material could also be considered as well.

10). Security System - If you purchase a security system for your home, almost every insurer will give you a discount. If your home alarm system is capable of notifying the police and/or the fire department directly should either be triggered, you will generally get a bigger discount for having both. Having either will generally give you a discount as well.

Daylight Saving "Spring Forward" Checklist

Marie Otis (CBSHOME Real Estate) — Tue, 10 Mar 2009 09:58:12 -0700

March is the month we welcome Spring and Daylight Savings Time. Now that you've set your clocks forward it's time to consider the following home maintenance checklist.

1. Carbon monoxide detectors and fire alarms need fresh batteries from time to time. This is a good time to change the batteries. These devices working properly can mean the difference between life and death for you and your family.

2. Check your fire extinguishers. They must be properly pressurized. You can do this by looking at the gauge and making certain the needle is in the green section. If you get any other reading it's time to replace the extinguisher. It may be less expensive to get the extinguisher serviced. Find a dealer near you.

3. This is a great time of year for interior painting. Pick out a room that needs updating and get to work. With your imagination and a good quality paint you can transform that tired room into whatever strikes your fancy.

4. It is also a good idea to check out the gutters. They are probably full of winter-time debris. We are heading into the time of year for those gushing Spring rains so you want things flowing well.

5. Check out your garden. Protect the tender young perennials that may be peeking out of the ground in your flower beds. The nice weather may get you inspired to do some additional yard clean-up. Just keep in mind that the City of Omaha will not begin collecting yard waste until the week of April 6, 2009.

6. Don't forget to celebrate St. Patrick's Day. My Mom used to tint all our food green when I was a kid. She was incredibly creative and came up with fantastically fun food. For the adults why not put a drop of green into a glass of beer. Cheers!

Finally, just enjoy March. The days are longer and the smell of earth fills the air. It's a terrific month.