WHEN THE GOING GETS TOUGH

February 8, 2012 By Leave a Comment

33 WHEN THE GOING GETS TOUGHThe foreclosure activity in some places like the state of Arizona shows an 18 percent monthly increase. That is one in every 259 units involved receiving a notice. Mortgagors, who are in default facing foreclosure, should consider a short sale. Lenders will generally approve a short sale request if the conditions are met:

  • The lenders are not in favor of foreclosures, but will not accept an offer for much less than the actual value of the property (lenders obtain their own appraisals of  properties);
  • Solid proof that the mortgagor does not have the financial ability to pay the short fall. This can be done with supporting documentation such as: a hardship letter, financial statement, tax returns, pay stubs and bank statements.
  • A signed purchase and sale contract of an approved buyer together with a listing agreement of a real estate agent;
  • The seller will not receive any of the proceeds from the sale. An owner approved under the government’s HAFA program is allowed to receive up to $3,000 at closing;
  • Proposed HUD Settlement Statement. This is to confirm to the lender that costs are reasonable and that nobody is getting funds that could go towards the mortgage.

In the case where foreclosure action already started, legal representation should be obtained while the short sale request is pending. The short sale request can take long (between 3 weeks to 3 months) before it has been either approved or declined.  The lender’s attorney can obtain a judgment of foreclosure in less than two months.

To avoid foreclosure or bankruptcy a short sale is the best option to eliminate the balance of the mortgage. The negative impact e.g. auction signs, effect on one’s credit and judgments can be avoided by a successful short sale.

 

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KEEP THE WORLD SAFE AND GREEN

February 3, 2012 By Leave a Comment

seattle arborist KEEP THE WORLD SAFE AND GREENThe items that homeowners use the most are energy and cleaning products. We are spending so much time on how to survive and fix the economy that we tend to forget about other important things. We have a responsibility in doing our share to make the earth a healthier place. Here are some great tips on how to contribute:

 

  • We use a lot of cleaning products. You can buy earth-friendly cleaning products. You can also use baking soda, vinegar and lemon to clean tiles and other surfaces;
  • Do not leave lights on if not necessary. You can help to save energy;
  • Do not let the water run for longer as what is necessary. Preserve water;
  • Save money by insulating you home. It keeps hot air in when cold and the cold air in when hot;
  • Make sure there are no cracks and openings by the window frames and doors’
  • A laptop uses less energy than a desktop and it also saves you space;
  • Some paints are toxic. Zero-voc paints are safe and cost a little bit more than the traditional paints;
  • If you are not using an appliance then leave it unplugged;
  • Use free and clear laundry detergent;
  • Energy Star rated appliances meet a strict standard of energy usage;
  • Use CFL light bulbs. They last longer and cost a little bit more initially, but can save money on the long run.
  • Wash in cold water and save energy;
  • Most cities have recycling centers and bins. Here you can dump metal, glass, and paper, cardboard and plastic. Do your recycling and save the environment.

 

With a little extra trouble we can all contribute in order to keep the world safe and clean. Every bit helps.

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LIVING BEYOND YOUR MEANS:

January 29, 2012 By 1 Comment

luxury home LIVING BEYOND YOUR MEANS:

Great Cheyenne events not to be missed:

  • Monthly Chamber Luncheon: February 10, 2012; Time: 11:30 AM - 01:00 PM. Mayor or City Manager: What is Best for Cheyenne? Come learn the pros and cons of a Mayoral form of government and a City Planner form of government for Cheyenne. A panel of three experts will discuss the issue and answer your questions: Mark Collins from the University of Wyoming and George Parks from the Wyoming Association of Municipalities (WAM).
  • Don’t miss the Western States Hockey League’s action between the Cheyenne Stampede-versus-Idaho Jr. Steelheads, 11:30AM Sunday the 29th of January 2012 at the Cheyenne Ice and Events Center. Tickets are available on the Teams Website.

The book “The Millionaire Next Door”, written by Dr. Thomas Stanley, stands out because it is a classic in the personal finance world. One of the key principals in the book centers on living below your means (regardless of income level, profession or status). Specifically the author talks about how most millionaires live in modest homes in solid neighborhoods. Using this principle, it is important for a young couple to purchase the most suitable home in order to start their financial life on the right foot.

Often, very competitive couples strive to purchase a home in an area with a reputation for great schools. There is nothing inherently wrong with looking for a home in a community with good schools. There is usually a premium to get into the neighborhood. Add to that the right car and the right accessories for the neighborhood. You can continue to add to this list, e.g. highly fertilized grass and slate patios. Not long or the couple is living way beyond their means!

Before you start looking for a home, ask the lender to pre approve you. With your pre approved letter you can show sellers that you are serious about buying. Take your time and calculate in order to make 100% sure you can afford the payment. Or else you can find a cheaper home. Take into account your living expenses e.g. utility bill, groceries, daycare, transport etc. and all your debts that need to get paid on a monthly basis.

So, how do you figure out how to buy the home that is suitable for you so that you can live your dream? Let your Real Estate Agent assist and guide you. A good real estate agent should have the knowledge, expertise and should be in the best situation to guide you into buying the best home that suits you.

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NOW IS A GOOD TIME TO TAKE ACTION!

January 22, 2012 By 1 Comment

nice blue pool NOW IS A GOOD TIME TO TAKE ACTION!If you are eager to buy your home but are waiting for prices to decrease even more, you might take too long and give up a lot of advantages. The federal government is planning on stricter lending guidelines in four different areas:

  • The type of mortgage;
  • The minimum down payment;
  • The debt ratios of the buyer;
  • The FICO score of the purchaser;

The 30 year fix rate mortgages have been scrutinized for some time now. It appears that some in government want to take over the idea of mortgage process of other countries. The Canadian mortgages stretches over 25 years with an interest rate to renegotiate every five years. You will pay less if the interest rates are low and more if the interest rates are high. The fix rate is two percent higher than the going rate at the time of your closing.

Would the same happen in this country? Last week, Housing Wire quoted Janis Bowdler, senior policy analyst at the National Council of La Raza: “Without some form of Fannie Mae and Freddie Mac, replacements to support these popular loans, many first time borrowers will be shut out”. He also said: “Without that guarantee lenders would not offer 30-year fixed-rate mortgages, at least not at rates the average person could afford. Yes, some would be available but not for the average family but for those with a large amount of inherited wealth they can put to a large down payment.”

In order to have sufficient money for living expenses, it is good to have a mortgage at the lowest interest rate and for the longest time possible. The mortgage rates will increase from historic lows, the 30 year fixed rate may disappear and the rents will return to historic norms of 3% annual increases.Now is a good time not to wait, but to take action.

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A HOME CAN GIVE YOU A SENSE OF PRIDE

January 18, 2012 By Leave a Comment

stone kitchen1 A HOME CAN GIVE YOU A SENSE OF PRIDEGeorge Santayana’s famous quote states that the family is one of nature’s masterpieces. It is every family’s desire to own a home. A home provides more than just a structure and a roof. Home is where memories are created. A home gives a sense of pride and accomplishment. Buying a home is exciting and fun. Do thorough research and take your time when buying the home that suits you and your family best.

Your first step is to get pre-approved by the lender:

Assemble the required documents to submit to the loan officer. The documents are usually 2 months recent bank statements; the most recent salary advice and proof of rent payments made over the last year. Draft a list of your monthly expenses. A well-informed loan officer should look at your monthly expenses to calculate for how much you qualify to buy a home. It is advisable to get more than just one quote. Compare the rates and the closing costs.

Find the most suitable home:

Work hand in hand with your Real Estate Agent. Your agent will know the area that you are interested in, best. Make sure you inform your agent to the best of your ability as to what home you have in mind. Be specific about your needs e.g. three bedrooms, fireplace and/or air conditioning etc.

Investigate the area:

Do a little research on your own. When buying a home it is good to keep in mind that you are buying into a neighborhood. Factors to investigate: Where is the nearest good quality school; is there public transport available; how safe is the area; is there noise pollution at certain hours; how accessible are the amenities from this home? Speak to the neighbors and get information about the safety of the neighborhood.

To make certain that your home buying is a joyful experience, your Real Estate Agent will provide you with the best service and advice. You will receive client focused approach, professionalism, market knowledge and experience.

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WHEN YOU ARE RELOCATING

January 12, 2012 By Leave a Comment

Relocating WHEN YOU ARE RELOCATINGThere are different reasons why people move to new areas. It is possible that you got transferred to another job or maybe you are looking for an area with more green spaces and better schools. It is a good idea to research the information of that specific area. The Chamber of Commerce can provide the new resident packet. Some of the information you would like to research can include:

  • Future planning developments;
  • Council tax bands and charges;
  • Local jobs and careers information;
  • School admission information;
  • Local parks and recreation areas;
  • Sports facilities;
  • Arts and leisure events and facilities;
  • Facilities for young people.

When you start to plan your move create a file where you can keep all your receipts and relevant information of importance. Do a proper budget for the moving expenses. Documentation you can arrange in the meantime includes:

  • Medical records and dental records;
  • Notify your bank of your new address;
  • Collect copies of financial and legal records you need;
  • Contact your insurance agent and arrange for insurance for your new home;
  • School records must be transferred to the new school;
  • Remember to end membership of health clubs you have joined;
  • Request veterinarian records;
  • Remember to return your library books.

First begin packing the items that you will not need soon. Defrost and clean your refrigerator at least a day before you move. Now is a good time to separate the items that you can do without and donate it to an organization for the needy. Dispose poisons and flammables. If you do not plan on planting your plants immediately once you arrived at your new home, give them away. Pack the essentials for the first day or night in your new home in a separate box and mark it clearly. Make arrangements for childcare on moving day.

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CREATE A CHEERFUL FRONT YARD

January 10, 2012 By Leave a Comment

mother and child in garden CREATE A CHEERFUL FRONT YARDA homeowner can improve the home’s curb appeal and save money in the process. Before you start, the most exciting and important part is to take a “before” photo. You will be surprised once you see how your plants can change and grow.

  • Plan your bedding on paper. This can come in handy when you buy and place your plants;
  • Make a note of how much sun the specific area get and where does the area face;
  • Discuss the plants you have in mind with the local nursery. They can tell you which plants will thrive in this area;
  • Drive through your neighborhood and get ideas from other gardens;
  • Visit more than one nursery and look around for ideas;
  • Decide what is the focal point of your garden;
  • Play around with flower of different colors e.g. azaleas, daffodils, hydrangea, roses and many more;
  • Make sure to read the tags when you buy plants;
  • Allow enough space for your plants. We sometimes forget that the little plants grow big. If the tag tells you the plant will grow 2 meters, allow the space;
  • When buying the plants for the landscape ensure they are native to the climate and location;
  • Make sure that the soil is right for the plants and know when to water the plants. Some plants need watering more often than others.
  • Read the planting instructions and follow the directions when you start planting.

Your landscape can be time consuming at first, but the reward will be great. The landscape will give your home a new curb appeal which can add to the value of the property. Plan your garden with care. Remember to take some “after” photos. You will be so proud of what you accomplished.

DROP A KIND NOTE FOR 2012:

Free eCard is a popular option this time of year for agents who like to drop a kind note to past clients and future prospects. Right now there’s a new free option out there and it Chinese (Simplified) has a little twist… you can send cards in up to 12 different languages! All of the messages are pre-written and expertly translated by the team at Acclaro, a company that translates websites and software into foreign languages. Just visit the eCard creator, drag and drop your messages, select your language, and then enter up to five recipients. It couldn’t be easier.

If you work with international relocations or have clients that might like to share a thoughtful, free eCard with non-English friends and family, this can be a nice way to make a global gesture of goodwill.

Languages (besides English!) include:

  • Dutch
  • German
  • French
  • Italian
  • Japanese
  • Korean
  • Polish
  • Portuguese (Brazil)
  • Russian
  • Spanish

You don’t have to worry about spam or privacy issues with this eCard system, either. The folks at Acclaro only use the email addresses you enter to send the card. Contacts are never emailed

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THE JUDGE OF YOUR CREDIBILITY

January 4, 2012 By Leave a Comment

judges hammer e1325696880582 THE JUDGE OF YOUR CREDIBILITYTo buy a home and borrow money, one has to be credit worthy. It is necessary to have a good understanding about the credit score. A credit score reflects how you pay your debts. If indicates how you make your payments every month. The credit score is the judge of your credibility and also shows your affordability when opening new accounts. The lower your credit score, the higher is the interest rate the lender will charge you.

How does the score count work?

A credit score ranges from 300 to 900. The score count given to you can be either good or bad. Above 700 is excellent; from 500 – 699 is average and below 500 is poor. If you are in the last category, you can start to change your score.

How do you obtain a sound financial status?

It is easy to maintain a good credit score. You have to be careful with your finances and control it. Here are some guidelines:

  • Avoid opening short term accounts;
  • Pay your accounts every month on time;
  • Check your financial status on the credit report regular and sort out any errors that might occur on you credit report;
  • Multiple credit cards may result into confusion. This can lead to missing a payment.
  • Avoid too much of debts. Keep your debts to a balanced limit.
  • If you paid an account in full, avoid closing the account. This account can add to you credit worthiness.
  • Bankruptcy can harm your credit score tremendously. Avoid this option as far as possible.

Money is an essential point in your daily life and it is crucial to have a good credit score when you plan on buying a home. By monitoring your financial status and being careful not to misbehave when paying your every month instalments, you can maintain a sound financial status.

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HAVE A HAPPY NEW YEAR!

December 29, 2011 By Leave a Comment

fireworks 1024x682 HAVE A HAPPY NEW YEAR!To all my clients, friends and family: I wish you a happy and prosperous 2012!

 

You might want to sell the home in future:

 

When one buys a home you have to keep in mind that you might want to sell it in future. When you are searching for the home that suits your specific needs, there are issues you would want to avoid. G.E. Miller, author of 20somethingfinance.com , said: “When it comes to buying a home, you want to avoid major structural issues that will cost you big money to fix or will diminish your leverage when it’s time to sell if you haven’t fixed them.” Here are some of the tips and issues G.E. Miller shared:

 

  • Walk away from homes with foundation issues. If there are large cracks visible in the outside foundation or basement wall it is advisable to look elsewhere for a home. Take a good look at the walls to see if they are caving in at some spots.
  • To replace a plumbing or electrical system is costly. Inspect these systems.
  • Foundational or roof problems can be reflected by signs of water damage. This can be very expensive to fix.
  • I some areas termites or carpenter ants are common. Make sure there are no signs of infestation.
  • To replace an old furnace is expensive. Homes that have steam radiant heating will cost you a lot of money to heat or replace.
  • A home that makes you feel claustrophobic can be remedied by knocking down a wall. This can be an expensive project.
  • The lifeline of a home is the electrical and plumbing systems. Beware of any problems with regards to the electrical system. It can be very expensive to replace.

 

You can add value and quality to your home:

 

One can change the value of a home by some cheap projects:

 

  • Paint the interior and exterior of the house in earth-tone colors;
  • Change the old light fixtures with modern looking fixtures;
  • Replace old broken tiles and linoleum with new tiles.

 

Do not rush into buying your home. An inspection can save you a lot of money.

 

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A GOOD HOME INSPECTION

December 21, 2011 By 1 Comment

A home inspection can guarantee a sale in selling a home. If you are buying a home an inspection can save you money on repairs. An inspection can give you a good indication of the home repairs that needs to be done and how much it will cost you. Defects can be traced by an inspector before closing on a home. What does the inspector do during the home inspection?

 

  • The condition of the exterior walls;
  • Is there any proof of water damage? Will the downspouts and drainage pipes carry excess water away from the house?
  • The roof and bath ventilation pipe will be inspected to see if it is up to standard;
  • The garage floor, electric doors and walls will be inspected;
  • The brick veneer, driveway, landscape lights and brick veneer will be inspected;
  • Plumbing (inside and outside) will be inspected;
  • The fireplace, furnace, condition of the water heater, chimney and ductwork will be inspected;
  • Electrical home appliances e.g. oven, microwave, dishwasher will be inspected;
  • The electrical system of the house have to be thoroughly inspected, such as the main panel, wiring, circuit breakers, exhaust fans, ceiling fans and receptacles;
  • The interior of the house: faucets, sinks, shower, toilets, garbage disposal, windows and doors.
  • The water pressure should be sufficient when flushing the toilet or turn on the faucets.

 

The inspector can take two to four hours to go through his check list. It depends on the size of the house. It is always a good idea to be present with the inspection in order to get an explanation of the concerns. The report can be expected within five days. In the majority of cases the seller and buyer can come to a solution on fixing the house if needed.

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