5 Simple Things You Need To Know To Make The Omaha Real Estate
Home Buying Process Easier

In reality, there are only 5 things you need to know and do to make your home buying experience as simple as possible.

1.Get pre-approved for your loan.

If possible, get "pre-approved" for a loan in the amount you're willing to borrow. With this pre-approval, you are in
a stronger position to buy Omaha Real Estate when you're ready - rather than finding your dream home, only to lose it to another
buyer, because you were waiting on the approval.

2.Find a great real estate consultant.

Once you've decided to buy a home, find a great real estate consultant. What you're looking for is a Buyer's Agent. 
This means that the consultant represents YOU as the buyer, rather than the person selling the home. They will have YOUR best interests at heart. Really good consultants know
their markets, and will help you find the best match for your needs and wants. They can also recommend mortgage brokers with whom they've worked in the past.

3.Look before you leap.

Drive around the neighborhood at different times of day.  Get out and walk around and chat with neighbors.  Some people like friendly neighbors, others think of them as nosy.
Drive to the local grocery store, laundry, anywhere that you frequent. Visit nearby schools . The point is to see if this is really the neighborhood you want to live in BEFORE you make an offer.

4.Be prepared.

Make sure your contract has reasonable contingencies included to protect you as a buyer.  Reasonable can be things like -- approval by a home inspector and title clearance. For the long-term investment, make sure that you buy homeowner's insurance, and upgrade it as the value of your new home
and its contents increase.

5.Be reasonable.
No Omaha Property will be without flaws.  Many times it's these flaws that lend character to older homes, but nonetheless, it will take SOME work to personalize any home. Preparing yourself with these 5 simple things: loan approval, a great broker, getting to know the neighborhood,protecting yourself, and
being reasonable - will help make the home buying process easier for you and your family.

Here is a recent chart of Omaha Property Sales in Omaha Ne. As you can see the market is still trending downward but what a great opportunity to buy with super low interest rates. A couple of lenders are rolling out new zero down programs for the purchase of Omaha Real Estate so if interested jot me a note.

For those of you who are first time homebuyers and are thinking of buying Omaha Property, I thought I would update you on the interest rates. This information was passed on to me from Diana Foral with First National Bank of Omaha.

FHA and VA NIFA rates dropped to  5.84% and the NIFA FHA and VA HBA (homebuyers assistance program) dropped  to 6.48%   1 + 3/4%.  

The 5.84% program is a much better deal if there is any way  that you can come up with the down payment for your Omaha Property.  Loans against a 401K and gifts of money from family members are all acceptable.  Also I was told if you have a banking relationship with First National Bank they might receive a discount off closing costs.

If you are interested in buying Omaha Real Estate or a home in the surrounding areas, please contact me direct at 1-800-497-2171 or visit my website at www.housesinomaha.com

P.S. I had a client lock in her FHA interest rate yesterday at 5.5% with no additional hidden fees for a 30 year fixed mortgage. Low home prices and ridiculously low interest rates, now is definitely the time to buy a home...Maybe two

What Determines Interest Rates ? 
This article was written by Perry Dawes of First Mortgage Corp. A local Omaha Real Estate loan officer. If you are in need of a home loan, I would highly recommend you calling Perry..

Interest rates are determined by different investors (we have 9 different ones) that at least once per day "update" their pricing on loans to us based on the rate of return they need to get in relationship to the current market price of government securities...i.e. t-bills, bonds, etc......NOT STOCKS!! The main determining factors that dictate a particular interest rate for a specific borrower, are all based on "credit worthiness" (or risk). Therefore, the most
obvious of these factors are as follows:

1. Credit Score of borrower(s)............the higher the credit score, the lower
interest rate that can be obtained

2. Loan-to-value.................What percentage of the value of the Omaha property is
the loan?......(example...80% LTV means the borrower
is doing a down payment of 20%.........etc) The higher the
LTV, the higher the interest rate, as there is more risk with
a smaller downpayment. The exception to this is when a
borrower pays “mortgage insurance” (PMI), it reduces the
risk to an investor, so the rates are often lower when PMI
is involved in the loan.

3. Length of Time to "lock" the rate..............How long a time period is there between
the date you "lock" the rate (which guarantees a particular
rate for a specific number of days) and the expiration date
of the lock.....(15, 30, 45, 60 days etc.) The longer the time
the rate is guaranteed, the higher the risk to the investor,
thus....shorter time = lower rates.

4. Length of Loan Amortization......The length of time to pay off the loan....(15, 20, 25, 30
years, etc.)......The shorter the repayment period, the lower
the interest rate.......(example....if a 30 yr. Conventional loan
rate is 6.75%, then the 15 year loan would be approx. 6.375%...
usually approx. .375% to .50% difference in RATE...not just price)

5. Additional fees (points, etc.)......Sometimes borrowers pay additional origination fees
and / or discount points to"buydown" the interest rate. These fees are paid at closing...usually as a % of the loan amount. The rates I always quote to my customers are WITHOUT any additional fees....i.e. 0% Origination Fee + 0% Discount Points ("par"). If a particular interest rate desired by the borrower is not available at "par", they may choose to “buy-down” the rate by paying additional fees.

6. Loan Amount………Investors who purchase the loans originated by mortgage bankers,
banks, credit unions, etc. make a portion of their profit based on a small percentage of the total loan amount. Therefore, with a higher loan amount, the investor may have a few more dollars to work with, but still needs to make a profit to stay in business. So, a
higher loan amount can sometimes produce a slightly lower interest
rate for a borrower.

7. Type of Loan………The type of loan will also help determine the interest rate available
for a borrower. For example, an FHA or VA loan usually has lower rates than a conventional loan, and rates for a loan such as a NIFA, (a “bond” loan) is set by the organization responsible for that program. Another factor is whether the loan is a fixed-rate or an
adjustable-rate program. A fixed-rate loan will usually have slightly
higher interest rates than an adjustable-rate loan.
There are sometimes other factors that can influence the interest rate that is available to a borrower, but the ones mentioned above are the ones that usually determine the rate of
interest for the borrower.


Here is an example of “extending the lock when buying your Omaha Real Estate” and how that affects rates (using a 710 credit score)

FHA 97% LTV (Loan of $200,000) (These are the rates for this loan if I "locked" today)
60 Day Lock.......... Rate = 6.50%......... Fees = NONE
45 Day Lock.......... Rate = 6.375%...... Fees = .75%
30 Day Lock.......... Rate = 6.375%...... Fees = .625%
15 Day Lock......... Rate = 6.375%....... Fees = .50%

Conventional 95% LTV (Loan of $200,000)
60 Day Lock.......... Rate = 7.0%......... Fees = NONE
45 Day Lock.......... Rate = 6.875%....... Fees = NONE
30 Day Lock......... Rate = 6.75%....... Fees = .50%
15 Day Lock......... Rate = 6.75%...... Fees = .375%



Here is an example of “buying down” the current “par” rate (using a 710 credit score)

FHA 97% LTV (Loan of $200,000) (using a 30 day lock period)
Par Rate………….. 6.5% Fees = NONE
Desired Rate…….. 6.375% Fees = .625%
Desired Rate…….. 6.25% Fees = .875%
Desired Rate…….. 6.125% Fees = 1.25%

Conventional 95% LTV (Loan of $200,000) (using a 30 day lock period)
Par Rate………….. 6.875% Fees = NONE
Desired Rate…….. 6.75% Fees = .50%
Desired Rate…….. 6.625% Fees = .75%
Desired Rate…….. 6.50% Fees = 1.125%



Also, for the last 8-10 months, interest rates for FHA loans have been between .250%
and .325% LOWER than conventional loans of similar LTV (95% - 97%)

I hope this helps you understand how complex the rate pricing is, and when comparing different mortgage companies, make sure you are comparing “apples to apples”, i.e. whether there are any additional fees required for a particular interest rate. (buying down the rate, etc.). Always obtain a Good Faith Estimate that shows all the costs associated with a particular loan and interest rate. I also understand that different mortgage companies have different rates, but most of them are always very close to the others in pricing, as many of the same investors buy loans from each organization. Whenever I hear that someone is getting quoted an interest rate substantially below the market conditions, I always tell them to make sure of what the "closing costs" are.....any additional fees, etc.???..........because usually that is where the difference lies.


Perry Dawes Mortgage Consultant First Mortgage Co. Office: (402) 431-4343 Cell: (402) 690-7979 pdawes@firstmortgageco.com

Please visit my website at www.housesinomaha.com for all your Omaha Property needs

Who makes the difference between Listing Omaha property

and SELLING Omaha property?

Mark Ciochon

When the time is right for you to move, you don't want to merely offer your Omaha property for sale, you want to actually sell it.

Since so many Omaha properties are expiring off the market unsold, you may have already experienced what happens when you choose a Realtor who lacks the commitment, the expertise and the marketing know-how to get the job done. It isn't fun.

Mark has the commitment, the expertise, the experience in selling Omaha property, and the marketing system to sell your house quickly, and for top dollar.

As you read this page, you'll see why Mark is confident he can sell your Omaha Real Estate - and why he can make this promise:

I will sell your Omaha Real Estate within 90 days,

or I'll make your payment.

________________________________________________________________________

Hi, I'm Mark Ciochon,

…and I'd like to help you get moving toward life's next great adventure - by providing a buyer for your Omaha real estate.

You may have listed it before, and been sorely disappointed with the service and the results. I'd like to see to it that you never feel that way again.

In fact, I'd like to become your "Realtor for Life," by giving you service far beyond your expectations.

Here are just a few of the tools I'll use:

· Market knowledge: I stay on top of everything going on in the Omaha Real Estate market, so the Market Analysis I prepare for you is based on the most recent Omaha property sales, and based on homes which most closely match your home for sale.

· Area knowledge: I've lived in Omaha for 40 years and can answer your buyer's questions about everything from taxes, to zoning, to shopping, to medical care, to schools, to recreation, and much more.

· Experience: I have been successfully matching Omaha home sellers with buyers since 1998. I'll match the right buyer to YOUR home.

· A powerful track record: I close an Omaha property about every 9 days.

· A Commitment to Communication: I keep my cell phone handy, and on those rare occasions when I'm not available, I return phone calls and e-mails in a timely manner. That means you're never left feeling frustrated or ignored - and your potential buyers are always contacted quickly.

In addition, I'll give you feedback after every showing .

· An Assistant: I have full time office staff that keep busy processing paperwork, creating flyers, and freeing up my time for SELLING your Omaha Real Estate.

· A Marketing System: I have an extensive marketing system designed to sell your Omaha home in the least possible time for the best possible price.

· Buyers Waiting: At any given time, I have about 2,200 buyers who are waiting for the perfect Omaha property to be listed for sale. When I list your home, they'll be notified immediately.

· Negotiation Skills: While some Realtors allow you to be intimidated, or "bulldozed over" by the other side, I have the market knowledge and insight into human behavior that gives you the edge in negotiations.

· Designations: GRI, ABR, and CRS designations mean that I have taken the time to gain EXTRA education and knowledge. Only 3% of all U.S. Realtors have all of these designations.Why did I bother? So I could do a better job for YOU.

· A Written Satisfaction Guarantee: If you are unhappy with my service at any time prior to the acceptance of an offer to purchase, you may cancel your listing with no cost or obligation.

I keep my listing clients by serving them well, not by legal obligation.

· A Written Selling Guarantee: If I cannot sell your Omaha home within 90 days of listing, I will make your house payment. details…

As you see, I've removed all the risk from listing your Omaha home for sale with me. I can only do this because I know the market well, and I market my listings aggressively. While some Realtors will simply hang a sign and enter the minimum of information in MLS, in hopes that some other Realtor will sell your home - I'll get busy working to find the buyer.

Please look over my marketing plan, and compare it to the work done by your previous Realtor. I think you'll find a big difference.

You'll also find a big difference in communications. Many of my listing clients have told me that the only time they heard from their previous Realtor was when it was time to renew the listing.

When you list with me you'll get regular updates, including feedback from showings. If buyers or other agents voice concerns, I'll bring them to you so we can address them together.

If you're ready to offer your Omaha home for sale, or if you're in the thinking stages and just want to ask some questions, call me at 402-596-1234 or e-mail me today.

I'll be glad to talk with you on the phone, or sit down in person.

I look forward to helping you,

Mark Ciochon

Mark Ciochon, Realtor

ABR, GRI, CRS

402-596-1234

mark@housesinomaha.com

Whew, I have been showing homes like a wild fire burns in California lately. Ahh isnt the internet wonderful for the consumer... Actually it seems that too much information is not always good. If you are looking for Omaha Real Estate you have twice the amount of homes to look at then you did four years ago. So if you want to make the process a smooth and enjoyable one, start with the end in mind. IE if you are a buyer who wants a "Deal" than what are you willing to give up to get the deal?  If you are a buyer looking for the right fit for your family are you willing to forego the very best price? I guess what I am saying is have a fairly good idea of what your expectations are before shopping for a home. Set a budget and try to stick to it. Keep the price range kind of narrow too. If you look for a home in the 280k range then it probably is pretty unrealistic to think that you are going to get the same amenities in a 220k home. Location, Location, Condition, Amenities and Price.

Home Sellers.... It is amazing how many homes are not ready for the market. I showed homes today and immediately when I walked up to one home (225k price range) there were windows that were rotten at the brick molding. Wow, that tells me these folks only maintain when something breaks! Walking up to the porch, I noticed the porch was poured after all the wood moldings were installed at the front door with no sign of caulking. Hmm probably a lot of woodrot at that front door? I mean if the windows are rotten what else has not been maintained. After that, my buyers spent most of there time looking for defects. Needless to say this home did not make the top three.

What else did we see in this price range? Shoddy finished basements but priced like it was professionally done. Horrible paint schemes! Folks there are too many nice homes with neutral decor to think that pink and blue bedrooms with maroon kitchens will sell. Yes its true that paint is cheap, so lets paint. Even though there is a tremendous amount of homes for sale, buyers are looking for model home touches. It might be a good idea to visit new homes in your competing price range to see what buyers are expecting in there next home. If the new homes you are competing with have neutral paint colors then lets paint like a model home, etc. etc.

Greetings from Omaha NE. Currently 64 Degrees and overcast skies.

Quick update on the current omaha real estate market conditions from the April 2007 stats.

• Currently there are -5997- residential listings in the Omaha mls for-sale. Up 9 percent from this time last year. 
• Homes under contract  -1009- down 1 percent from last year.

• Residential listings closed in April were 828 which is down 1 percent as well from last year

The average market time was up 20 percent from last year from 62 to 75 days.

What this information shows, is still some downward pressure on home prices and longer market times. I have sold a couple of homes in the past weeks. One for 100 percent of list price and another for 98.5 percent of list price. So homes are definately selling. The ones that are not are either not in Top Shelf Condition and or Not Priced Correctly. You may find out more at www.markitsoldteam.com 

Regards from Omaha NE

Mark Ciochon