Nelly's Blog

Nice Iron Works in NJ

Nelly Korbut (Franchase) — Thu, 04 Dec 2008 12:09:21 -0600

Once while driving along the countryside in New Jersey, my attention was attracted by an impressive wrought iron gate and fence. They were magnificent – gorgeous, amazing, marvelous. I stopped and even touched them. I felt in love at once and decided to order the same for my own country house.

I asked the owner about the fence and he gave me the address of the company who produces such fences and gates. It was Cacciola Iron Works from New Jersey. I wasn’t disappointed. The service was excellent, the result – incredible. Now I’m proud not only of my house but the gate as well.

Do Staged Homes Sell Five Times Faster?

Nelly Korbut (Franchase) — Wed, 16 Jul 2008 06:43:53 -0500

Staging is the craft of transforming a home listing into a showpiece, removing clutter to make rooms look bigger, cleaning and repairing to give a used residence that new, model-home look. According to Schwarz’s Web site: * Ninety-three percent of homes staged by professionals sell in a month. Professionally staged homes are on the market an average of 33 days, compared to the 161-day average for non-staged homes. * Staging provides at least a 300% return on investment Hence a $3,000 staging fee adds about $12,000 to a home’s price, Schwarz said. Tips for a making your room a winner If you can smell it, you can’t sell it, writes Barb Schwarz in her book, “Home Staging: The winning way to sell your house for more money.” Other home-selling tips: Homes need to be Q-tip clean, not just clean. Wash all windows and make sure they open freely. Clean out the fireplace. Keep curtains and blinds open to let in light when showing a home. And keep soft music playing. But home staging takes more insight than just playing music and baking cookies. Schwarz provided these “simple steps” for staging a room: * Stand in the doorway: This is where buyers stand before deciding to go into a room. If they don’t go in, they won’t buy your house. * Pick a staging point: Stage the round around a focal point. If it’s a bedroom, the staging point usually is the bed. In a music room, it could be the piano. In a living room, it could be the fireplace. * Make a plan: Design the room around the focal point, but change it if the feeling of the room isn’t right. * Clear the clutter: Remove pictures, accessories, mirrors to reveal the room’s bones. * Divide things into piles: Some things go back into the room, others are packed ? or tossed. * Get rid of some of the furniture: Keep the basics, get rid of the extras. Remove furnishings that crowd a room. * Arrange the furniture: Find an arrangement that works. Use less furniture and create more space for a room that looks open, balanced and bigger. * Rebuild with accessories: Find new uses for things, such as making a curtain rod out of a golf club or an oar. Be creative. But don’t over-accessorize. Less is more. * Fine-tune: Stand in the doorway again to see if anything needs to be removed or added. Scan for overlooked details, like tags on pillows or crooked blinds.

Foreclosures Continue to Decrease Value of Homes

Nelly Korbut (Franchase) — Wed, 25 Jun 2008 06:42:16 -0500

In several cities and states across the United States it has been predicted that the housing market will get worse. Some cities are believed to have as much as a 50% drop in the market. Some experts say it could take about four years before the housing market starts to go back up again. Specific cities that will be experiencing the worst housing sales include Sacramento, California and Las Vegas, Nevada.

Sacramento has one of the largest amounts of foreclosures in the country. They continue to suffer with homes selling for less than 35% of their value. It may be a great time to buy but it is the worst time to sell. The loss doesn’t only affect the specific person selling but also all of the homes on the block and in the area. It brings the value of all the homes down. California has other areas such as Riverside and San Diego that have experienced similar problems with a drop of a little more than 25%. In other areas in California, with smaller cities, there are steeper drops that almost hit 40% including Stockton, Modesto, and Bakersfield.

Outside of California there is Phoenix, Arizona and Las Vegas, Nevada that are looking at about a 20% drop in the homes’ worth. Florida has two cities, West Palm Beach and Cape Coral, that are suffering worse than California with at least a 35% drop in the value of homes. They anticipate that percentage to increase to 50%.

This is the worst drop in the housing market to occur during any post-war period in history. We have never experienced such a hard drop so quickly, with relatively no answers, in the history of this country. There needs to be something done to help these cities, towns, and these people. Too many are losing their homes and if they’re not losing their home, they are losing money. Then in turn, everyone around the area gets affected as well. It is a trickle effect that needs to be stopped soon.

For more details visit Fizber.com

10 Red Flags for Home Buyers

Nelly Korbut (Franchase) — Wed, 25 Jun 2008 06:04:51 -0500

The average home buyer views at least 10 homes over an eight week search so it isn’t practical to get a professional inspection of every house they tour. These are top 10 things to look for in your own pre-inspection that will help identify potential problems before calling in the pros.

Top 10 Red Flags for Home Buyers

1) Mass Exodus from the Neighborhood

Don’t let a home’s curb appeal keep you from glancing down the street. Are there several other homes for sale? Are nearby businesses boarded up or vandalized? Get the scoop from the neighbors. If everyone else wants to leave the street, maybe you should, too - before you’re stuck with a bad investment.

2) Mediocre Maintenance

Three layers of roofing and gutters with plants growing in them are signs the owners aren’t big on maintaining their home. What else did they neglect?

Read the rest of this entry »

Top 5 Smart Money Moves

Nelly Korbut (Franchase) — Wed, 28 May 2008 07:29:13 -0500

While there’s no right or wrong time to look after your money, it’s especially important now as the slowing housing market, rising unemployment and soaring food and gas prices threaten to further deplete consumer’s budgets.

Fortunately, there are some preventative measures you can make to protect your finances. Here are four money moves that will help you survive today’s uncertain economy.

1. Create a Budget

Nearly half of American families spend more than they earn each year, according to the Federal Reserve, plunging them further and further into debt. That’s why it’s imperative to create a budget.

Make a list of your fixed costs, like your mortgage or rent payments. Then add that to the total amount you spend per month on such things as utilities and taxes. Together, these expenses shouldn’t surpass 35% of your monthly take-home income, says Lawrence. Meanwhile, car loan and insurance payments, as well as car maintenance costs shouldn’t exceed 24%. Next, add up any regular monthly expenses that regularly fluctuate in price such as a cellphone and grocery bills.

Once you’ve tallied up all of these costs, you’ll know how much money you have left to spend on miscellaneous expenses like dining out and shopping.

2. Build Up Savings

In times of uncertainty, it can be a life saver to have a savings cushion. After all, no one knows when they may be faced with an emergency or the possibility of getting laid off.

To feel confident that you can financially weather anything that comes your way, you should have at least three to six months worth of expenses socked away.

The best way to build up your savings is to pay yourself 10% of your take-home salary each month before you pay your bills. Set up an automatic deposit, which will transfer that amount from your checking to your savings account each payday. That way, you won’t be as tempted to touch the money.

Consider stashing your cash in a high-yield online savings account like those offered by HSBC Direct and Emigrant Direct. Although their interest rates have been dropping — they’re currently 3.05% and 2.75%, respectively — they’re still higher than the rates at most major banks.

High rates can be found at the bricks-and-mortar banks as well, but they’ll come with a slew of restrictions. There are also rewards checking accounts offered by small community banks and credit unions that carry yields as high as 6.26%. But you’ll need to do all of your banking online and you must make a set number of debit transactions each month.

3. Tackle Credit-Card Debt

If you’re not aware of the credit crunch yet, you will be soon. Faced with a growing number of delinquencies, credit-card companies are tightening their lending standards on their delinquent and responsible card holders, subjecting them to decreased credit lines and skyrocketing interest rates. This means that getting out of debt as soon as possible is more crucial than ever.

The most important tip to keep in mind is to not be late or miss any payments. In this economy, credit-card companies won’t hesitate to raise your interest rate if you’re late on just one payment. They may also notify the credit bureaus, which could result in higher interest rates on all of your cards — not to mention any loans you may want to take out in the future like a mortgage.

Start by paying down the balances that are easiest to tackle. You’ll see results faster, and you’ll be motivated to deal with the more challenging cards. Keep in mind that a quick way to pay off some of your debt is by putting any income that’s separate from your salary — like your tax returns or any salary bonus — toward it. You should also call the credit-card companies to negotiate better rates on your credit cards.

4. Plan for Retirement

Between putting money into savings and paying down all your debts, it’s easy to see why retirement planning is often put on the back burner. Even if you have just a little money leftover each month, it’s important you start contributing to your 401(k) as early as possible.

Thanks to the power of compounding, contributions made earlier on in your life will have a longer time to grow and multiply. A 25-year-old worker who contributes $300 per month to his 401(k), assuming a 6% return and a company match of up to 6% of his salary, will have $920,142 at age 65. The person who starts at 35 will have just $470,043 by that age.

If you can afford it, your 401(k) contribution should equal the amount required to get your company’s full match. Consider this free money that you should take advantage of no matter what.

To keep your 401(k) properly diversified, you’ll need a mix of both conservative and risky investments. If you feel uncomfortable choosing them on your own, consider signing up for a target-date retirement fund. These mutual funds are specific to each age group and become more conservative, moving from equities to bonds, as the investor nears retirement.

5. Estate Planning

You’ve worked hard to acquire your assets, and you probably plan on passing them down to the people you care about whether that’s your spouse, children, or friends. But if you suddenly pass away without having planned your estate, there’s no guarantee that your assets will be given to the people you intended them for.

That’s why it’s important to start estate planning from the moment you have assets in your name, be it real estate, investment portfolios or cars. Prepare a list of all of your assets, and give it to a professional estate planner who, for around $200, can draw up an estate analysis, which provides an estimate of your assets’ current value. Then, give the estate analysis to your attorney.

As a rule of thumb, individuals with less than $100,000 in assets should opt for a will whereas those with more than $100,000 should go with a trust. With both a will and a trust, you decide who gets which assets and if that person will receive them in a lump sum or in increments over their lifetime. However, with a will, after you die the court will have to determine if it’s valid before your beneficiaries can receive your assets, which can tie the process up for months.

You can see this article at Fizber.com

Lovely house located in JACKSONVILLE

Nelly Korbut (Franchase) — Thu, 06 Mar 2008 10:45:34 -0600

Come take a look at this lovely house located in JACKSONVILLE, TX in a very nice neighborhood. Single family, five bedrooms, five baths. This is a great home in a family oriented neighborhood. Conveniently located near Jisd school district.

Type:	Single Family
Address:	2825 Oak Point, Jacksonville, TX, 75766
Sq footage:	4100
Price/Sqft:	$169.51
Lot size:	1.0
Floors:	2
Bathrooms:	5
Bedrooms:	5
Garage size:	Carport
Year built:	2004
Loan type:	Conventional
Seller flexibility:	Willing to negotiate
Features:	Waterfront, Fireplace, Carpeted Floors, Patio, Wood Floors, Boating, Alarm, Central AC
School district:	Jisd

Price: $ 695,000

5 Bedroom/ 5 Bath Luxury Living on Lake Jacksonville.

Situated on a premium lot with 115' of water frontage overlooking pristine Lake Jacksonville, this incredible 2 story home offers an opportunity to enjoy resort living without leaving home. The impeccable-appointed main house is complimented by 850 sq. ft. of seperate guest quarters overlooking the water. From breath taking views and expansive terraces to the home's outstanding designer interior, this property boast the best of all worlds in one premier package. Situated in a secluded cove, a famous movie star and NFL players have homes here.

Look here for more specific details: http://www.fizber.com/Texas/buy-Single-Family-home-3765173.html

Exceptions to coverage in your title insurance policy

Nelly Korbut (Franchase) — Tue, 18 Dec 2007 15:46:45 -0600

Your title insurance policy will list certain exceptions that will be excluded from coverage. This is a standard practice, but you should be aware of which items are exempted and therefore not covered. Owner's policies usually contain a list of some of the following standard exceptions. These exceptions may include:
1.boundary line disputes
2. easements or claims of easements not show in the public records
3.taxes or special assessments left off the public record
4.claims of people who turn out to be living in the house ( such as a prior owner's tenants) if their being there isn't a matter of public record
5. unrecorded mechanic's liens and mineral and/or water rights.

Go over your title policy carefully to see what is included and which items are to be excluded from coverage. If you find items of concern, discuss these with your escrow agent or closing attorney. Any changes to the policy of title insurance should be made before the close of escrow. It is possible to remove exceptions by means of special endorsements, but the title company must be aware of any special requests as soon as possible. Keep in mind that title insurance gives you coverage only up to a certain point in time for all events which took place during a previous point in time. A lien that is recorded after title insurance is issued, will not be insured against a claim. Some areas provide for your title company to issue inflation coverage. This is an optional coverage item, is relatively inexpensive and may be worth considering.

The difference between a title theory and a lien theory state

Nelly Korbut (Franchase) — Tue, 18 Dec 2007 15:44:54 -0600

When financing is involved in a real estate purchase, it is important to understand if you will be subject to the title or lien theory of mortgages. The way in which a state will interpret how mortgage law is followed will be determined by which type of theory is practiced in your state. Each type of theory has special considerations on who will hold title and how foreclosure proceedings would take place if they were to become necessary. In title theory states, the borrower does not actually keep title to the property during the loan term. The seller gives the buyer/borrower a deed to the property but when the borrower signs the mortgage for the loan the borrower gives the title back to the mortgage holder. The lender then holds title to the property, as security only, until all loan payments have been made. During that time the borrower has the right to possession of the property, and the lender delivers the deed back to the borrower only after the loan obligation has been satisfied.

There is another type of mortgage custom which is referred to as the Deed of Trust theory. Under a Deed of Trust, the seller gives title to the buyer, and the buyer then signs a Deed of Trust which makes the lender the beneficiary in the Deed of Trust. A third-party trustee typically holds the title to the property in trust, with the power to foreclose on the buyer if there is a default. The buyer owns the property and has all rights of ownership and possession, subject only to the conditions in the deed of trust. When the loan has been paid off, the lender will give clear the title by way of recording a Deed of Reconveyance. The Deed of Reconveyance removes the lender's interest in the property.

Some states have modified the title and lien theories, and these states are referred to as "intermediary theory" states. In these states, the title remains with the borrower, but the lender may take back title to the property if the borrower defaults on the loan. Be sure to check with your title officer at the time of your purchase or sale to verify the current practice in your state.

Abusive Trusts

Nelly Korbut (Franchase) — Tue, 18 Dec 2007 15:43:17 -0600

Promoters of abusive trust arrangements typically claim to have found "loopholes" in the U.S. tax code that can be easily exploited by the average taxpayer. They often promote their ideas at seminars in exotic locations under the guise of "estate planning" or "unique investment opportunities." Essentially, these trusts mask the true ownership of assets or the substance of transactions in an attempt to render income received tax-free or to convert nondeductible personal expenses to tax-deductible expenses. It is not uncommon to find multiple-trust arrangements - some that involve one or more foreign trusts - that make it more difficult to "trace the flow of money."

The trusts considered to be abusive by the IRS include the following:
1. so-called "business trusts" that attempt to reduce or eliminate self-employment taxes. These arrangements are often used in conjunction with equipment or service trusts that are formed to hold equipment that is rented to the business trust at inflated rates. The business trust, in turn, claims rental deductions that significantly reduce or eliminate its federal taxable income.
2. Family residence trusts that attempt to provide depreciation deductions for a personal residence and furnishings. Here, a homeowner transfers his or her residence in trust, continuing to occupy the property. The trust then rents the home back to its original owner, although little or no rent is actually paid. The trust claims depreciation deductions, while the owner and his family claim to be caretakers of the home in an attempt to legitimize the scheme.
3. Charitable trusts that attempt to secure deductions for contributions to the trust or for amounts paid by the trusts where trust payments are for the grantor's or family member's personal expenses (e.g., a child's college tuition).

The scams highlighted in the IRS' notice cannot fulfill their promise of tax reduction or avoidance, since they violate several well-established legal doctrines (e.g., "substance-over-form" controls the tax result of a transaction). The IRS has undertaken a nationally coordinated initiative to identify and shut down abusive trust arrangements - imposing penalties and seeking criminal sanctions where indicated. Despite these warnings, however, the IRS continues to recognize the legitimate use of trusts in family wealth planning. If you have any questions about the viability of an estate planning strategy using trusts, consult your financial advisor.