Housing Remains Highly Affordable for Seventh Consecutive Quarter

RISMEDIA, November 23, 2010—Housing affordability remained near its highest level nationwide for the seventh consecutive quarter as interest rates dipped below 5 percent for the first time since the series was first compiled nearly two decades ago, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) just released.
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Housing Remains Highly Affordable for Seventh Consecutive Quarter

Bankrate: Mortgage Rates Return to Record Low Territory

RISMEDIA, November 9, 2010--Mortgage rates revisited record lows this week, with the average rate on the benchmark conforming 30-year fixed mortgage rate returning to 4.42 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.37 discount and origination points.(full article link below)
Bankrate: Mortgage Rates Return to Record Low Territory

Preparing Your Home for the Cooler Months

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For Your Clients: Preparing Your Home
for the Cooler Months

Boomers See Retirement Slip Further Away

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Boomers See Retirement Slip Further Away

New-home Sales Climb 6.6 Percent in September

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New-home Sales Climb 6.6 Percent in September

For Your Clients: Filing a Damage Claim in the Wake of Severe Storms

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For Your Clients: Filing a Damage Claim in the Wake of Severe Storms

Majority of Americans: Buying a Home Is a Good Decision

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Majority of Americans: Buying a Home Is a Good Decision

CoreLogic Home Price Index Declined for the First Time This Year

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CoreLogic Home Price Index Declined for the First Time This Year

Do Your Buyers Need Help with Their Credit Fitness?

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Do Your Buyers Need Help with Their Credit Fitness? | RISMedia

Mortgages Cheap, But Hard to Get

By Alan J. Heavens

RISMEDIA, October 14, 2010--(MCT)--With fixed mortgage-interest rates at an all-time low, it might seem as if real estate offices should have house hunters lining up, ready to sign on the dotted line. Last week, Freddie Mac announced that the average 30-year rate had fallen to 4.27 percent.

At that rate, a $200,000 mortgage — not including hazard insurance and taxes — would cost $986.22 a month. Add to that the decline in home prices, and it seems like a combination that's hard to resist.

But banks are extra-careful these days about whom they lend money, with the result that many looking to buy houses aren't able to qualify for the lowest interest rates — or for mortgages, period.

Real estate agents and mortgage brokers say they are trying to work with individual buyers to clear obstacles to borrowing created by cautious lenders, who are mindful of a several-year-long track record that, in August alone, produced 245,000 new foreclosures, 3.2 million loans that were more than 60 days delinquent, and 101,000 sales of repossessed houses nationally.

In some cases, the agents and brokers say, such efforts might include providing lenders more income documentation and clearing up borrowers' credit issues.

The situation is complicating a tough sales environment already battered by persistent high unemployment and prospective buyers' expectations that prices will go down even more. Moreover, many would-be sellers, especially those who bought during the 2005-2007 boom years, are dropping their prices only reluctantly. Some simply refuse, agents and brokers say.

To help buyers obtain mortgages, said Philadelphia agent Jeff Block, of Prudential Fox & Roach, he has "had to work closely with lenders ... but almost exclusively because of issues on the lender's end, and not with the buyer's financials."

"Needless to say, this is much more common with Internet and non-local lenders, but I can almost always find a way through it," Block said.

Weichert Financial Service president Steve Madonna said two prospective buyers in 10 cannot qualify for mortgages. "I am seeing people who qualify easily and people who don't qualify at all," he said.

Lenders look for four "tradelines," such as a car loan or credit card, that are at least 12 months old.

"I am finding many young people who are not using any credit cards at all," Madonna said. "They use their debit card 45 times a month, but it is the same as paying cash."

Philadelphia mortgage and real estate broker Fred Glick said that tighter requirements have cut the number qualifying for home loans about 50 percent from a few years ago.

"If they have equity, good credit, full income documentation, and the underwriter isn't taking acid that day, it's not bad," Glick said. Mortgages insured by the FHA and VA are available if buyers don't have sufficient down payments, "but you will have the mortgage-insurance payment or funding fee" that will add to the cost.

Marshal Granor, principal in Granor Price Homes in Horsham, Pa., said a lack of cash for closing costs also means some mortgage applicants won't make the cut.

And Jerome Scarpello, of Leo Mortgage in Ambler, Pa., said even qualified borrowers can be stymied by today's tighter lending rules — increased credit-score requirements, for example.

"If your score is under 700, some private mortgage insurers won't insure you," Scarpello said. "Under 620, you cannot get a competitive-rate loan."

The pendulum has swung so far to the other side, he said, that "good, quality, make-sense people are being told, 'No.' "

Broker Peter Buchsbaum, of Abington Mortgage in Horsham, said 95 percent of the people who contact him can qualify for the lowest interest rate and "the other 5 percent are capable of getting the rate, but maybe not for as much a loan as they are requesting."

He added, however, that the mortgage market is constricting each day, with some underwriting rules making sense and some not.

"My frustration is that the feds keep pushing interest rates as the answer to the real estate puzzle," Buchsbaum said. "Until prices stabilize and the public doesn't waste time trying to get loans from large banks, we'll stay in this rut."

To Narberth, Pa., Realtor John Duffy, it's looking like a return to the days when buyers needed stable employment, decent credit, and equity for a down payment.

"In the long run, that will help everyone," he said.

(c) 2010, The Philadelphia Inquirer.
Distributed by McClatchy-Tribune Information Services.

Remodeling? Choose the Right Vinyl Siding

Remodeling? Choose the Right Vinyl Siding

By Stephanie Andre

RISMEDIA, October 8, 2010--Given its durability, vinyl siding is more popular today than ever before. According to some statistics, approximately 50% of homes now use the material. That said, this is one product that experts say you should not skimp on when looking at quality vs. cost. Cheaper-made siding will fade, warp and sag much quicker than a better quality product.

Here are five tips for homeowners on how to choose high-quality products, courtesy of VinylSiding.net:

Thickness - Vinyl is made from chemical combinations, which vary greatly. Thicker options will be stiffer and more durable. Thinner ones may be low quality and could sag or warp. According to building codes, vinyl siding must be at least 0.035 inch thick. Premium choices are 0.044 to up to 0.055 inch thick.

Fading - Cheap vinyl siding is more likely to fade. Homeowners should find products with UV protection and be sure the exterior can handle direct sunlight. To lessen the appearance of fading, lighter colors can be chosen.

Wind Resistance - Homeowners will want vinyl siding that can resist wind up to 150 mph. Some high-quality options have warranties that cover winds of 180 mph. Homeowners should be aware of wind codes in their area as they do vary.

Installation - The installation is just as important as the materials. Panels are not attached tightly. Rather, they "hang" on the side of a house because the material expands and contracts with heat and cold. When getting vinyl siding estimates, homeowners should ask about the installation process and warranties. Double hem mounting typically provides better attachment than a single hem. If installed too tightly, there will be poor ventilation, which is needed. If installed too loosely, it can be noisy.

Rain Resistance - Vinyl siding also "hangs" on a structure to provide better ventilation by allowing air to flow behind the panels. There are also small holes in the butts of each panel to release water. If poorly installed, it can trap moisture or cause water leaks into the house. To avoid this, the installer must add proper flashings, house felt or builder's wrap.

One-Third of Americans Highly Unlikely to Qualify for a Mortgage Today

Analysis: One-Third of Americans Highly Unlikely to Qualify for a Mortgage Today

RISMEDIA, September 28, 2010--Nearly one-third of Americans are unlikely to qualify for a mortgage because their credit scores are too low, making homeownership out of reach for many. This is according to an analysis of more than 25,000 loan quotes and purchase requests on Zillow Mortgage Marketplace during the first half of September.

Borrowers with credit scores under 620 who requested purchase loan quotes for 30-year fixed, conventional loans were unlikely to receive even one loan quote on Zillow Mortgage Marketplace, even if they offered a relatively high down payment of 15 to 25 percent. Nearly one-third of Americans, or 29.3 percent, has a credit score this low, according to data provided by myFICO.com.

Meanwhile, the lowest interest rates went to mortgage borrowers who were among the 47 percent of Americans with excellent credit scores of 720 or above.

In the first half of September, borrowers with credit scores of 720 or above got an average low annual percentage rate (APR) of 4.3 percent for conventional 30-year fixed mortgages. Borrowers with mid-range credit scores between 620 and 719 received APRs between 4.73 and 4.44 percent, with the APR rising as credit score drops. Those with credit scores below 620 received too few loan quotes to calculate average low APR.

For those with mid-range credit scores of 620 to 719, improving one's credit score can mean a significant savings in interest over time. For each 20-point credit score increase, the average low APR declines 0.12 percent, which for a $300,000 home, with a 20 percent down payment, equates to a savings of $6,400 over the life of a 30-year loan.

"We are in an era of historically low mortgage rates, reaching levels not seen in decades. Coupled with four years of home value declines, homes are more affordable than we've seen for years. But the irony here is that so many Americans can't qualify for these low rates, or can't qualify for a mortgage at all," said Zillow Chief Economist Dr. Stan Humphries. "Four years ago, in the era of easy-to-get subprime loans, many borrowers with low scores did buy homes, which in turn helped contribute to a housing bubble. Today's tighter credit is a predictable response by banks after the foreclosure crisis, but also keeps a cap on housing demand, which is important for the greater housing market recovery."

The Right Decisions Can Save Money During a Move

For Your Clients: The Right Decisions Can Save Money During a Move

By Gregory Karp

RISMEDIA, September 25, 2010--(MCT)--Moving a residence is often fraught with high emotions and involves a to-do list a mile long. So, it's tempting to give only passing attention to hiring a mover and the related incidental costs.

That could be a mistake — for your wallet and your peace of mind.

Moving can be quite expensive. A typical full-service interstate move costs about $4,300, while the same in-state move might cost about $2,500, according to the American Moving & Storage Association.

And while the moving industry has many fine companies, it is notorious for fraud and dirty tactics by so-called rogue movers.

Here are tips on making your move with lower costs and less hassle.

CHOOSE A TYPE OF MOVE: You have three basic choices: do-it-yourself, full service and a relatively new hybrid of the two. Going it alone is cheapest, costing the rental price of a truck, gasoline, packing materials and, perhaps, pizza and beer for friends you rope into helping.

With full-service moves, moving within a state is charged by the hour, while moving across state lines is charged by weight and mileage.

With a hybrid move, a mover will drop off a large container at your home for you to pack. It will then load the container onto a truck, drive the belongings to your new location and drop off the container for you to unload. Because you're doing the manual labor of packing and unpacking, it's far less costly than a full-service move.

HIRE A QUALITY MOVER: If you hire help, get at least three price quotes and do homework. Seek recommendations by talking with family and friends, even your Facebook circle. Investigate a company's reputation with the Better Business Bureau (bbb.org), Yelp.com and possibly the paid-membership site Angie's List (angieslist.com). Check a company's complaint history at the federal government site, ProtectYourMove.gov.

"People think a good reputation equals expensive, but that's not true," said Laura McHolm, co-founder of NorthStar Moving in Los Angeles. "You don't get a good reputation by overcharging people."

For interstate moves, a company's ProMover certification with the movers association is a good sign. The organization in January 2009 started screening movers based on seven criteria. It kicked out some 220 of 3,100 members over the past two years because they didn't measure up, said spokesman John Bisney. See "Find a ProMover" at Moving.org.

"The old rubric 'You get what you pay for' is true more often than not," Bisney said.

Look for two things: A full-service mover should visit your home in person, not give a quote over the phone or online, and should provide a written estimate, experts say.

DECLUTTER: No matter what type of move you're making, taking less stuff is cheaper and less hassle. Set up a staging area, perhaps in a garage, with various piles, such as throw out, recycle, donate and sell.

"If you really love those go-go boots from the 1960s but will never wear them again, take a picture of them and get rid of them," McHolm said. For many items, use the rule of thumb, "If you haven't used it in a year, you probably don't need it."

BE FLEXIBLE: Like airline fares, moving rates depend on when you book. The busiest time for movers, and thus the most expensive time for consumers, is summer weekends near the 15th and 30th of the month.

If you have time flexibility, ask what rates would be for different days or seasons. If you have extreme flexibility, ask about moving standby: waiting until the mover has extra space and needs to fill a truck.

SAVE ON BOXES: Buying new boxes from a moving company is the most expensive choice. Ask if you can buy used boxes from your moving company. NorthStar, for example, gives customers 25 percent off used boxes and then refunds 25 percent if they return boxes in usable condition.

Cheaper yet is finding free boxes, ideally from somebody who just moved. Ask your real estate agent to connect you with other clients who recently moved. Or look on Craigslist.org. Specialty boxes, such as wardrobe boxes, might be cheaper to purchase at a do-it-yourself moving store, such as U-Haul, than from your mover.

SAVE ON PACKING MATERIALS: If you're packing yourself, fill suitcases, laundry baskets and plastic containers with unbreakable items. Use pillows, scarves and towels to wrap fragile belongings. And you might as well empty your paper shredder into a box to add cushion.

MAIL BOOKS: If you have many books, pack them yourself and ship them at the postal media mail rate. It might be cheaper than paying a mover. A 70-pound box would cost less than $30. You can't send anything with advertisements, so magazines are out. Search USPS.com for "media mail."

CONSIDER CONSOLIDATION: For long-distance moves, ask about consolidating your stuff on a truck with other people's. Most homeowners can't fill a full-size moving van. You might have to be flexible on delivery dates and times, but consolidation can be cheaper. "Most times it's a huge price difference," McHolm said.

INSURE IT: Check your homeowner's or renter's insurance policy to determine whether it provides coverage for your belongings while in transit. If not, you'll probably want more than the basic free valuation coverage a full-service mover provides. The standard valuation is 60 cents per pound per item. That means breaking a 10-pound, $1,000 stereo system would net you $6. You'll want full replacement-value insurance, which reimburses you what it will cost to replace broken items. But don't necessarily buy that insurance from the moving company. Moving insurance is likely cheaper from a third party, such as MovingInsurance.com, McHolm said.

Be aware that you probably cannot get insurance on boxes you packed yourself. A mover must pack them.

BE PREPARED: Plot out where furniture and boxes will go. The less time movers spend rearranging, the less expensive it will be.

In urban areas, reserve a space or two in front of your new home for the moving truck by parking your own vehicle there ahead of time. If the movers have to park too far away to unload, you could incur a "long carry" surcharge, McHolm said.

STAKE YOUR CLAIM: If you're moving for a job, negotiate the best relocation package you can. Unreimbursed expenses might be tax-deductible. For details, see Publication 521 Moving Expenses at IRS.gov.

TIP: Tipping each mover $3 to $5 per hour is customary, said Stephen Coady, marketing manager for Gentle Giant Moving Co. in Somerville, Mass.

For in-depth information on choosing a mover, see the free, downloadable "Make a Smart Move" available at Moving.org.

MOVING RIPOFFS:

—Furniture nabbing. A mover essentially holds your belongings hostage, demanding a higher payment to release them.
—Lowballers. Beware of lowball price quote. They could end up costing you as the mover adds various surcharges.
—Instant quotes. Be wary of phone or Internet estimates. Get written, in-home estimates.
—Large down payment. Be suspicious of carriers seeking large deposits. They might take the money and run. Legitimate movers require no deposit or a small "good faith" down payment.

(c) 2010, Chicago Tribune.
Distributed by McClatchy-Tribune Information Services.

8 Tips to Getting Your Loan Modification Application Reviewed

For Your Clients: 8 Tips to Getting Your Loan Modification Application Reviewed

RISMEDIA, September 25, 2010--Many homeowners seeking a loan modification to lower their monthly mortgage payments and avoid foreclosure continue to find the application process a complex web, often causing them to give up before their application is ever reviewed by their mortgage company.

Certified housing counselors for CredAbility, a national nonprofit credit counseling and education agency, speak daily with hundreds of homeowners seeking a loan modification or other solutions to keep their homes. The organization has several tips for people that will help them increase the chances that their application is reviewed as quickly as possible.

"A homeowner needs to collect and send several documents that tell the mortgage company why you need a modification, and it needs to be done in a timely, organized manner," said Michelle Jones, senior vice president of counseling for CredAbility. "Once a homeowner has submitted these documents, they need to stay in regular contact with the company. With hundreds of thousands of applications under consideration, homeowners must take matters into their own hands to make sure their application gets to the right person at the company."

Here are CredAbility's recommendations for homeowners seeking a loan modification:

Speak With a Nonprofit Housing Counselor to Understand Investor Rules for Your Loan. Every homeowner's mortgage loan is different, so don't rely on information you may have heard from your neighbor or your sister-in-law, even if they received a loan modification. For example, if your 30-year, fixed interest rate loan is owned by one investor, and your neighbor's is owned by another investor, the rules governing a loan modification may be quite different. A certified counselor at a nonprofit credit counseling agency can help you find the investor who owns your mortgage and determine your options.

Submit All Documents That Prove Your Current Income. Income verification is critical, but homeowners sometimes don't provide their mortgage company with recent documents. If you lost a job in June, don't provide pay stubs from March. In addition to recent pay stubs and other traditional income sources, homeowners should also provide a document called a "contribution letter." This letter explains the source of any household income that is not easily verified. For example, a servicer will want to know the total household income of a married couple, even if only one person's name is on the loan. The letter could also include income verifying that you have a roommate that pays rent.

Submit Current Bank Statements. Recent bank statements allow your mortgage company to verify your income and expenses. This information enables the mortgage company to see your monthly expenses for food, utilities and other expenses and determine whether you will have enough money to make your mortgage payment.

Mail Your Documents to the Mortgage Company. Many people prefer to send all of their documents by fax or scan their documents and send them via email. However, postal mail is usually more reliable, especially if it's addressed to the person you spoke with at the mortgage company. Faxes often get lost.

Label Each Page With Your Name and Loan Number. One of the most common complaints among homeowners is that the mortgage company loses their documents. You can help your own cause by writing your name and loan number on each page of every document.

Fully Explain Any Recent or Unique Income Changes. For example, a bank deposit may show various one-time transactions, such as an asset sale, cash gifts from family members or a bonus. Unless you explain this one-time increase in income, the servicer may not understand it and use this information to deny your loan modification.

Include a Timeline in Your Hardship Letter. Every application for a loan modification must include a "hardship letter" that explains the reasons for your request. But the letter must have specific dates explaining when an income loss has occurred. If your spouse lost her job on July 15 and your family income will decrease by $3,000 beginning in August, your letter needs to provide these details.

Call Your Mortgage Company Every Week. Many homeowners work extremely hard to submit all of their paperwork to the servicer - and then wait for weeks before picking up the telephone to call them about the status of their application. This is a mistake for several reasons: the person handling your application may quit; the application may be transferred to another person; the company may need more information. You get the picture.

For Your Clients: 13 Unique Ways to Sell a Home

For Your Clients: 13 Unique Ways to Sell a Home

By Paige Tepping

RISMEDIA, September 16, 2010--In today’s market, it takes more than painting and trimming the bushes to get noticed, to stand out, to make your home memorable. While home sellers across the country are resorting to dropping the price in order to make their home more attractive, it leads to one crucial question: what can I do differently to make my home stand out?

Larry Nusbaum, Resolution Assistance Contractor for the FDIC, offers the following tips for home sellers looking to differentiate their homes from the numerous homes that are on the market today.

1. Get lighted signage that’s illuminated even after dark. This will give prospective buyers extra time to see your home as they don’t have to depend on sunlight.

2. If you or your agent are hosting an open house, be sure to serve light snacks and hand out something that attendees will remember. You want something that will be a positive reminder of your home—seasonal gifts are the perfect way to stay top of mind. Be sure to at least have pens and key chains with your agent's name and contact information on them.

3. Create an informational flyer with all the local conveniences you can find: shopping, schools, universities, hospitals, malls, restaurants, gas stations and attractions in the area, in addition to local police and fire stations, even school bus pick up locations. Assume your open house attendees don’t know the neighborhood.

4. Hand out information pertaining to your home as well as information on the other listed properties in the area showing that your house is the best value.

5. Do some staging to make sure your home looks its best.

6. Be sure to offer incentives. Some examples include a Lowe's gift card, paying for a year’s worth of yard care or a free session with a landscape architect, offering a $1,000 landscape allowance, paying for a years worth of homeowners fees, offering $1,000 for new appliances or any home improvement, offering a new carpet allowance or paying for lawn service for a year—the possibilities are endless.

7. Paint the garage floor (concrete paint). Making the garage look fresh and clean will make the whole house feel newer.

8. Send letters to all the neighbors inviting them to “pick their neighbor,” and be sure to include information about your home and the open house. Give them an incentive to talk about your home with other individuals in their sphere of influence. (i.e. a $200 gift card if they find your buyer).

9. Put up signs in your front yard and be sure to hang up as many directional signs as the neighborhood allows.

10. Put out flyers in surrounding shopping areas.

11. Have your agent create a video of your home and put the virtual tour on the Web.

12. Have your agent post ads on Craigslist and on any other free online listing sites you can find.

13. E-mail HR departments at local companies as many employees prefer to live close to their jobs but don’t make time for the house hunting process. This will make it easy for employees to find your home.

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1.03.01

7 in 10 Americans Optimistic About the Future of Household Finances

RISMEDIA, September 14, 2010--Despite the economy's sluggish recovery, a new national survey from Weber Shandwick with KRC Research found that nearly seven in 10 Americans (69 percent) have an optimistic outlook about their household finances for the next two years. Nearly one quarter (23 percent) are very optimistic.

Since the downturn two years ago, the vast majority of Americans (81 percent) say they are more responsible with their household's money today than two years ago, with nearly half (46 percent) considering themselves much more responsible. Many indicated they've changed their financial habits, including buying items on sale (80 percent), becoming more concerned about saving money (78 percent) and learning how to budget better (68 percent). In fact, Americans say they are more likely today to be "saving as much as possible" than before the financial downturn (42 percent vs. 33 percent, respectively).

Moreover, six in 10 report they are likely to continue the savings and spending patterns they started when the downturn began as soon as the economy recovers.

Women, on average, are more optimistic than men about their household financial future over the next two years (72 percent vs. 65 percent, respectively), more likely than men to have turned to family for help managing their finances over the past two years (59 percent vs. 50 percent), and more likely than men to feel in more control of their household's financial destiny today compared to two years ago (35 percent vs. 27 percent).

Few Americans relied on the help of an expert over the last two years. The survey found that a small segment leaned more than usual on financial advisors (19 percent) or their banks (17 percent) to help manage their household budget or finances.

"On the second anniversary of the financial collapse, Americans have a mostly positive outlook on their financial futures although many report not feeling in control just yet. Interestingly, few have turned to professional resources for help. This begs the question of what can be done differently by financial institutions, advisors and others to effectively promote the resources available to empower Americans," said Barbara Iverson, president of Weber Shandwick's Financial Services practice group.

Financial services organizations should consider how they can turn their customers' optimism into empowerment by helping them budget better and making financial advisors more available to answer questions. Engaging customers online may be one area for the financial industry to further explore. While only 17 percent of Americans in the survey reported using social media during the past two years to obtain information on managing their finances, the nationwide trend of social media usage is rising exponentially.

"Done well, a social media presence puts a face on an organization and helps engender trust, confidence and a sense of community," Iverson said. "Building a strong following on networks such as Facebook and Twitter can also help financial services organizations address customer dissatisfaction and mistrust. In our survey, nine percent of Americans posted or tweeted comments or complaints about their finances online. While these 'badvocates' represent a small group, their potential to cause damage to their financial institutions could be considerable."

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1.03.01

For Your Clients: 5 Tips for Fall Lawn, Tree and Shrub Care to Prep for Spring

By Stephanie Andre

RISMEDIA, September 10, 2010--Now that fall is fast approaching, it's time to start thinking about preparing your lawn for the winter months and even the spring.

According to TruGreen, it's important that homeowners understand how to care for their lawns, trees and shrubs in fall before the end of the growing season. The experts at TruGreen offer five fall green space tips to homeowners to better prepare their outdoor living rooms for spring's vigorous growth.

ASSESS
Thoroughly walk your property and inspect lawn, trees and shrubs as these plants prepare for dormancy in late fall and early winter. Identify problem areas in need of treatment, pruning or replacement. Note patchy areas, where grass has thinned out or is in need of valuable nutrients and appears as light green. Also look for weed and pest infestations and overgrown shrubs and trees, especially those with the potential for interfering with roof and power lines. Consider a qualified expert, such as TruGreen, to properly gauge your lawn and landscape needs.

AERATE & PRUNE
Help your lawn breathe through fall core aeration to strengthen roots and to prepare for a hardy spring workout. Conduct corrective pruning of trees and shrubs in fall to enhance plant appearance and vigor, and thin rather than top-shear and overgrown shrubs and flowering trees to preserve their overall shape.

REPLACE
Fall's favorable weather conditions, as well as moist and warm soil temperatures, create the ideal opportunity for successful seeding of bare lawn areas and overseeding of healthy grass to improve your lawn thickness and density. Replace dead or floundering plants in fall for a healthier landscape and improved curb appeal in spring.

MOW & MULCH
Mow your lawn into the fall and avoid removing more than one-third of the leaf blades with each cut. Return grass clippings and back to the soil for added lawn nutrients and use tree leaf compost to nourish plants.

FEED
A good fall feeding gives roots of lawns, trees and shrubs the energy needed to prepare for a healthy spring green revival. Keep fertilizer on target to prevent run-off and sweep fertilizer granules that may reach pavement back onto your lawn. Use a trained specialist, such as TruGreen, for insect and disease control measures customized to your region to help trees and shrubs thrive.

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1.03.01

Why do Short Sales Take so Long to Close?

RISMEDIA, September 8, 2010--Real estate professionals know that a short sale transaction can take months for it to be approved and closed.

The reality is that short sales usually take three to four times as much as a regular sale to finally get to the closing. From the time the Realtor actually gets the property under contract to the time the lender approves, it could take anywhere from 30 days to six months, depending on how fast the borrower provides critical information for lender and Investor approval.

Even then, you still have one more variable to account for which is the buyer waiting for all this time to get the contract approved by the lender. For this, setting the expectations is a key factor in any short-sale transaction.

Buyers Expectations
Buyers who make an offer on a short-sale property need to know that lenders have to "reverse underwrite" a short-sale and make sure that they are allowing the sale to happen close to market value. I say "reverse underwrite" because instead of determining affordability, they will look for "un-affordability."

They will check the seller's financials to verify that they can't afford the house anymore and consequently, they will order a price opinion from a broker or certified appraiser, commonly known as BPO (Broker's Price Opinion) to make sure the house is being sold close to market value. If the offer is too low compared to what is owed, it will make more financial sense to the Lender to just foreclose the property and re-sell it as an REO (Bank-Owned Property). All this will happen while the buyer is still waiting for a response so it is very important to set the expectations correctly from the beginning to avoid losing the buyer close to the end of the process.

Seller's Expectations
On the other hand, it is important to also educate the Seller and set the expectations with them from the beginning. They need to understand that the Lender takes its time responding, but when they do, they usually give a 72-hour timeframe to respond or provide the missing documentation. If the documentation is not provided within the specified timeframe, it usually ends up in a closed file and countless work-hours lost. Another common situation that is happening very often is borrowers being served with foreclosure paperwork from either the lender or homeowner's association while the short-sale is being processed. It is crucial to let them know that this might happen so that they are prepared for it and receive the documents knowing that they are in the best hands. Foreclosure and short-sale are parallel processes and one does not cancel the other. Sometimes a short-sale might delay a final sale date, but it will definitely not stop the Lender from starting the foreclosure proceedings.

Closing the Short Sale
Short sale success comes from educating not only the seller but also the buyer and everybody else involved in the transaction. Setting the right expectations is the most crucial part of a short sale. There are many hours involved in processing a short sale and the last thing you want is a seller or buyer walking away because the expectations were not set correctly.

Tips for a Successful Open House

By Paige Tepping

RISMEDIA, August 31, 2010--The Sunday real estate open house is a longstanding ritual in the real estate marketplace, and many homes have been sold on a lazy Sunday afternoon. When used properly, open houses can be a great marketing strategy.

According to the experts at Buy-and-Sell-House-Fast.com, the following steps will help you get the most out of your real estate open house and increase your chances of selling your home for the price you want.

-Be sure to meet with your agent in advance of the open house. Discuss all the various details about what is involved in holding a successful open house. While many home sellers are comfortable with an open house, others are not. If you choose not to host an open house, there are other ways to sell your home.
-Be certain to go through the entire home with the real estate agent the day before the open house. Take careful notes and follow all of his/her recommendations.
-Try not to become emotionally involved when evaluating the condition of your home prior to the open house. Remember that your real estate agent is trying to make your home more appealing to potential buyers, not criticizing your decorating style or choice of accessories.
-Any needed home repairs should be completed before the open house begins. This includes things like peeling paint, loose stairs, banisters in need of repair and the like. It is crucial that guests see a home that is in immaculate condition.
-Never underestimate the importance of making a good first impression. Many visitors make a decision about the home in the first few seconds. Be sure the entranceway to the home is immaculate, and that the steps leading up to the home are well swept and free of debris.
-Ask the real estate agent to create a professional-looking sign in sheet for all visitors. It is important to get the name and phone number of all attendees to the open house.
-Always discuss the price of the home prior to the open house. This will allow the agent to negotiate the price on the spot if a good prospect attends.
-Be sure to consider unusual ways to market your open house. For instance, if you belong to any special groups or organizations, be sure to market the upcoming open house to the members. For instance, the local garden club may be very interested in attending an open house that includes a beautiful outdoor garden.
-It is a good idea to provide cookies, brownies or other snacks for guests at the open house. A punch bowl is also an attractive addition.
-Pets should be kept away from open house visitors. It may be a good idea to have a friend or family member takes care of your pets until the open house is over.
-Be sure to lock up all medications, both prescription and non-prescription. Also be sure to lock up any cash or valuables in the home prior to the open house.
-Make sure that the home is spotless and free of unpleasant odors prior to the open house. You may want to bake a fresh batch of cookies an hour or two before the open house begins. Not only will the aroma mask any unpleasant smells, but it will create a warm and inviting ambiance as well.
-Be sure the temperature in the home is pleasant. A home that is too hot or too cold can make visitors uncomfortable, and lead them to wonder about the quality of the heating and air conditioning system.
-Play soft music in the background during the open house. Background music helps set a good mood for visitors.
-Always open the curtains and the drapes prior to the open house. This will allow fresh air and sunshine in and help give the impression of a larger space.
-If your home does not have plants, you may want to buy a few before the open house. Plants can provide a warm feel and help make guests at the open house feel more at home.

Following the guidelines outlined above, chances are your public open house will be a big success. Even if the home is not sold at the open house, the prospect contacts gained and the word of mouth exposure may well result in a sale.

It's About the Basics: 7 Tips for Selling Your Home

Tuesday, Aug 24th, 2010
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It's About the Basics: 7 Tips for Selling Your Home By Stephanie Andre RISMEDIA, August 23, 2010—Since the housing boom ended and the market began to shift, the phrase “going back to basics” has been tossed around quite frequently. From the way agents handle their business to the way they communicate with clients, the phrase has gotten quite the workout. But what about consumers? They were caught up in the housing boom as well…with homes selling in a day, sometimes a few hours. Getting back to basics seems like something simple that sellers should look at as well. It might just mean the difference between selling within a month and selling within a year. Here are some basic tips from State Farm on selling a home: Set your price carefully Too high and buyers may not consider it, too low and you're selling yourself short. Agents often give a free home market analysis if you ask. This gives you an idea of how your home compares financially with similar, recently sold homes in your area. The analysis may also include how much you might expect to earn after closing. Don't do major remodeling Don't break the bank preparing your home for sale. Pricey items such as a new roof may be big hits with buyers, but rarely does the buying price end up covering the payout for such costly home improvements. When possible, stick with the simpler (and less expensive) options rather than major remodeling. Make a good first impression Curb appeal is important. Keep your lawn and other landscaping neatly trimmed, weeded and watered. Check the exterior of your home for signs of wear and damage, such as peeling paint, foundation cracks or loose shingles, and fix what is needed. Clean the outside of the house, including windows. Many people suggest giving the front door a fresh coat of paint for that warm, welcome feeling. In addition, adding a few flowers in the spring and summer, or keeping the walks cleared of leaves and snow in the fall and winter can be inviting to potential buyers. Clean! The obvious seller's commandment: thou shalt clean. Remove all clutter from every room, including closets. Organize your basement and attic. Have a garage sale with all the stuff you don't want to move to your next home! Wipe down and paint walls and trim if necessary. Many people advocate repainting with a neutral color palette to appeal to a wider range of potential buyers. Clean all windows, light fixtures and ceiling fans. Bathrooms should always be squeaky clean. Inspect and make any necessary repairs to the plumbing, heating, cooling and electrical systems. Highlight the bath and kitchen by selecting some attractive new towels, curtains or cabinetry knobs. And keep it clean Maintain the new and improved interior and exterior of your home until you successfully sell. It's hard, but it's necessary. A professional cleaning service may be able to help maintain the new clean look with occasional visits. Light it up When showing your house, provide plenty of light and make your home a warm, welcoming place. Open the curtains to let in the sunshine. In the event of an evening showing, make sure you have ample lighting available in all areas. Fresh cut flowers make a nice addition, and a pleasantly scented house is very inviting. Go away Many agents and potential buyers would prefer that the seller not be present during a showing, to avoid limiting the buyers' conversation or making them uncomfortable. Children and pets should also be absent or out of the buyers' way during a showing, if at all possible.

Vacant Homes Pose Insurance Risks

Saturday, Aug 21st, 2010
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Vacant Homes Pose Insurance Risks RISMEDIA, August 21, 2010--As the U.S. housing market struggles to rebound, many homeowners are stuck with hard-to-sell properties longer than expected. Some frustrated home sellers who must relocate for a new job opportunity, want to downsize or simply want to buy a new place have left homes empty. Vacant or unoccupied homes can leave the homeowner exposed to loss and liability that may not be covered by their insurance, according to the National Association of Insurance Commissioners (NAIC). The Pending Home Sales Index, released today by the National Association of Realtors, dropped 2.6 percent to 75.7 based on contracts signed in June from 77.7 in May, and is 18.6 percent below June 2009 - another sign of the stagnant housing market. "In many cases, people who have been trying to sell their homes for awhile have moved forward with their plans regardless, leaving a vacant home on the market," said NAIC President and West Virginia Insurance Commissioner Jane L. Cline. "Having an unoccupied home can create several insurance implications that typically are not covered under a standard homeowners policy." The Added Risks of Vacant Homes Homeowners policies are meant to insure homes that are occupied, so they generally include exclusions for neglect or property abandonment on a home left vacant or unoccupied for a specified number of consecutive days. In insurance terms, a vacant home is one the resident has moved out of and taken his/her belongings with him/her. An unoccupied home is one where the resident is not staying at the home, but the furniture and other belongings remain. Because vacant and unoccupied homes pose a higher risk for damage than occupied homes, insurance companies insure these properties differently and usually at a higher price. These risks include: -- Break-ins: When a home has been unoccupied for awhile, it can show signs that nobody is around - unkempt lawn, full mailbox, no lights on - that can tip off burglars to an easy target. -- No emergency response: Without anyone home to call 911 or respond to emergencies, a manageable problem - such as a small electrical fire - can turn into a much larger, more costly disaster. -- Property liability: There is no one present to prevent others from entering the property or to supervise activity, which could increase the likeliness of an accident on the premises or property damage when the owner is not there. Keeping A Vacant Home Properly Insured The definition of vacancy and unoccupancy can vary from policy to policy. Some insurers may not pay claims if a home is vacant for 60 days or more. Some policies might automatically shift to a different amount of coverage (e.g. liability insurance only) after a specific number of days unoccupied. Many homeowners policies have a "vacancy clause" that can be triggered if the homeowner is gone for an extended period of time. If this happens, the homeowner could violate the terms of their contract and some or all of their coverage may not apply in the event of a loss. "Before you decide to leave a home vacant or unoccupied for a long period of time, talk to your insurance agent or company to learn how they define vacancy and unoccupancy, and whether the company will pay claims if a house is unoccupied," said Cline. "Be honest about your situation, because while an extra policy might cost more, it could save you money down the road should there be an accident or damage to the home." Many insurance companies offer an endorsement that will provide coverage for a dwelling that is unoccupied for an extended period of time. Vacancy policies can also be purchased for different term lengths to cover a few months to a year, depending on the need. The cost of vacancy coverage depends on the company and state in which the property is located, but costs usually are higher than a typical homeowners policy due to the overall increase in risk.

Distress Homes Multiply on Market, but Buyers Find No Easy Sales

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Distress Homes Multiply on Market, but Buyers Find No Easy Sales By David Bracken RISMEDIA, August 20, 2010--(MCT)--When Josh and Amanda Brandt began looking for their first house this year, they wanted what every buyer wants. "What we really wanted was a good deal," Josh Brandt said. The first house they found was in Fuquay-Varina, N.C. It was a short-sale, meaning the owner was trying to sell it for less than the amount owed to the bank. After the Brandts submitted a low-ball offer of $120,000, the owner of the house asked them to increase their offer to $129,000. They did. Then they kept house-hunting because their real estate agent, Millicent Williams of Century 21 Vicki Berry Realty, warned them that they needed a back-up plan in case the bank rejected their offer or simply took too long to get back to them. Three weeks later, just as the Brandts were about to close on a brand-new house in Angier, N.C., the bank accepted their offer. "We got pretty lucky," said Josh Brandt, 24. Among the byproducts of the housing bust has been a dramatic rise in the number of distressed homes on the market. Many buyers assume these properties are can't-miss deals, but the reality is that purchasing a distressed property is often fraught with uncertainty and risk. The numbers of foreclosures and short-sales have increased as the act of losing one's home has lost the stigma it once carried. "Foreclosures are actually getting artificially inflated to a point because people are willing to walk away," said Mike Golden, broker in charge with Century 21 Vicki Berry Realty. "Especially by people who don't have any equity because they bought in and got 100 percent financing." Buying a house out of foreclosure or in a short-sale is not for everyone. Most of the homes will require some work, but unlike with a normal sale, negotiating repairs is often not an option, said Jeanna Reeves, a Re/Max United agent in Raleigh who has offered foreclosure tours for buyers in the past. "They are sold as is," Reeves said. Earlier this year, Reeves took one of her clients, Meg Lavoie, to look at a townhouse in North Raleigh that Fannie Mae had foreclosed on in February. Lavoie is hoping to buy a foreclosed property that she can turn into a rental. The North Raleigh townhouse had ratty carpeting, and it was clear the previous owner had owned a dog. Lavoie wasn't impressed. "I don't want a big hole that I'm throwing money in," she said. "I don't know. It just doesn't speak to me." Lavoie is in no hurry to buy, which makes a foreclosure or a short-sale a good fit. Any buyer putting an offer on a house being sold as a short-sale should be willing to wait at least two months without knowing whether the bank will accept the offer, said Dave Jezierski, a real estate agent with Homes in the Triangle. Jezierski said it's crucial that the agent listing the property is familiar with short-sales and knows what he or she is doing, otherwise the process can drag out even longer. As for the perception that a buyer will be able to get a property for a huge discount in a short sale, Jezierski said that's largely not true. When a bank agrees to sell a house in a short sale, it usually does its own appraisal. Jezierski said the bank isn't likely to accept an offer that is significantly below what the appraisal says the house is worth. "Unless the house is just pretty well trashed, it's going to be within 5 percent of market value," Jezierski said. (c) 2010, The News & Observer (Raleigh, N.C.). Distributed by McClatchy-Tribune Information Services.

Is Your Deck Safe for Labor Day Revelry?

Tuesday, Aug 17th, 2010
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Is Your Deck Safe for Labor Day Revelry? By Debbie Arrington RISMEDIA, August 17, 2010--(MCT)--Is your deck, balcony or patio ready to party this upcoming Labor Day? According to the Home Safety Council, 83 percent of all American homes have some sort of outdoor living space such as deck, porch, patio or balcony. But an estimated 20 million decks nationwide may be in danger of collapse. In the last 15 years, more than 900 people have been injured, and at least 20 people killed by deck disasters in the United States, the nonprofit council reports. Here are five signs that your deck may need attention: 1. Missing connections: Most decks are designed to last 10 to 15 years, and nails alone won't hold them up forever. Check the metal supports and connections to ensure they're strong and in place, especially along the ledger — where the deck connects to the house. 2. Loose connections: Are the railings wobbly? Any stairs loose? They should be repaired immediately. 3. Rust: Metal hardware such as connectors, nails and screws may corrode over time. Look for rust spots and replace corroded hardware. 4. Rot: Soft wood — a sign of rot — won't hold under stress. If you can push a screwdriver into a board, replace the board. 5. Cracks: Wood often cracks over time and weakens the structure. Deck boards or posts that develop large cracks should be replaced. For more tips, click on www.homesafetycouncil.org or www.safestronghome.com. (c) 2010, The Sacramento Bee (Sacramento, Calif.). Distributed by McClatchy-Tribune Information Services.

5 Great Tips to Close the Deal

Sunday, Aug 15th, 2010
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For Your Clients: 5 Great Tips to Close the Deal By Paige Tepping RISMEDIA, August 14, 2010--In a tough real estate market where competition for buyers is high, sometimes the seller has to ‘sweeten the pot’ to get the deal done. Here are five creative ideas from Realtor Vicki Walker to help close the deal. 1. Offer a Decorating Allowance There may be a buyer that likes your home but just has different decorating tastes. To seal the deal, offer a decorating allowance (for painting, new carpets or wallpaper). You can offer cash at closing, or put money in escrow to reimburse decorating and remodeling expenses made within 90 days of closing, up to a maximum amount. 2. Do a Pre-Sale Inspection This actually works for both the seller and the buyer. By having a whole house inspection done before listing the house, you get a chance to address any issues before prospects see the home. That means you increase the homes saleability. Display the report during open houses and highlight the repairs that have already been addressed. It's like seeing the repair history when you buy a used car; it makes you feel better about making an offer because you know the car is in good shape and exactly what has been repaired in the past. By having the home inspected before listing it, people don't have to guess what kind of condition it is in, they can see it in writing. 3. Offer a Home Warranty A home warranty reassures the buyer that the property is in top condition and gives them comfort knowing that certain future repairs will be covered by insurance. Buyers fear that as soon as they buy the house the dishwasher, dryer, or stove will go on the fritz. A home warranty is an inexpensive way to offer peace of mind to the buyer. 4. Cover Closing Costs Sometimes it takes a little nudge to close the deal. You can offer to pay the buyers half of title and escrow fees, or pre-paid interest charges. Paying the points on the loan may also be a tax deduction for you. Many lenders may limit how much of the closing costs you can pay, but if the buyer is short of cash, offering to pay some closing costs can make a difference. 5. Offer Seller Financing There are many ways to offer seller financing. Options include putting funds in escrow to cover several months of mortgage payments, buying down the mortgage rate, or carrying a second mortgage to cover the down payment. It is wise not to offer seller financing unless you have consulted a real estate attorney and your real estate agent. Make sure that the buyer has good credit. Although this is the least attractive option to the seller to get a deal closed, sometimes it takes creativity and going the extra mile to get your home sold.

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Monday, Aug 2nd, 2010
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For Your Clients: Avoid Decorating Faux Pas by Featuring Space Properly By Mary Madden RISMEDIA, August 2, 2010--(MCT)--One of the mysteries of space — we're talking real-world living space, not the cosmos — is that perfectly sound logic often leads to an illogical aesthetic. We all occasionally make cringe-worthy decorating mistakes. (I once purchased a sofa, custom-ordered from a tiny swatch, that more closely resembled neon green than the crisp, fresh celadon I had envisioned.) Three common design mistakes involving scale, balance and proportion come to mind. Fortunately, they have quick and easy fixes. Draperies flush to windows: Hanging draperies flush with the top of the window seems logical, but the effect is that it gives the appearance of shortening the window and lowering the ceiling. Just as a well-tailored pair of slacks can give your legs a longer, leaner look, draperies hung closer to the ceiling can add height to your room. Just like those slacks, draperies should be long enough to brush the floor — an inch longer if you prefer a slightly more relaxed look. Hanging draperies flush with the sides of the windows is similarly limiting. By extending the rod past the window, you allow the drapery panel to cover more wall than window. This creates a widening effect to the room while allowing for more natural light. Even if you are like most homeowners, who will seldom, if ever, close the drapery, be sure to purchase enough fabric to make the panels at least appear to be full enough. It's important that the side panels are in proportion to the width of the window. I also feel it is always best to have lined draperies, unless you're going for a sheer look. Lining gives the drapery more volume and a more custom, finished look. Floating artwork: Although it seems to make sense to center artwork on the wall, pieces hung too high are difficult to view and make a room look off balance. Artwork placed at eye level (generally 50 to 57 inches above the floor) creates a more pleasing balance. It serves as a visual anchor for other objects along the same wall, giving the whole area a cohesive look. Artwork, unless it is a commanding piece that deserves exclusive space, looks best with a foundation beneath it. The foundation can be a sofa, sideboard, chair or mantel. In general, 6 inches from the top of a surface is a good place to start. In a room with a soaring ceiling, artwork may need to be up to one foot above the back of a sofa to maintain proper balance in the room. In one of those great little areas where you sit to read, for example, a piece can be tucked into a spot much lower than you would consider your eye level. Remember to consider whether you're walking through the room or sitting in the room when determining eye level. The scale of the artwork should also be considered. For example, a postage stamp in the middle of a large wall creates visual disharmony. It is better to incorporate smaller pieces into a grouping, and treat the grouping as a single piece of art. Undersized rug: Never underestimate the power of a rug — and remember that size matters. A rug offers practical, as well as decorative, possibilities. Your rug creates the footprint and defines the living space for an entire room, so avoid the common mistake of choosing an undersized one. A room-size rug should allow for a maximum of 10 to 18 inches of floor space from the edge of the rug to each wall or to the end of the room's area. Smaller rugs placed beneath furniture, such as coffee tables, should be large enough to allow gracious space extending out beneath at least the front legs of all furniture in the grouping. For a rug beneath a dining table, make sure it is large enough to extend at least two feet past the table on all sides so that the chairs stay on the rug when diners pull away from the table. For example, you would need a rug of at least 8 by 10 feet for a 4-by-6-foot dining table. (c) 2010, The Kansas City Star.

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Frank Gleason
Southern Homes Realty
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8 Tips to Getting Your Loan Modification Application Reviewed

Wednesday, Jul 28th, 2010
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For Your Clients: 8 Tips to Getting Your Loan Modification Application Reviewed RISMEDIA, July 28, 2010--Many homeowners seeking a loan modification to lower their monthly mortgage payments and avoid foreclosure continue to find the application process a complex web, often causing them to give up before their application is ever reviewed by their mortgage company. Certified housing counselors for CredAbility, a national nonprofit credit counseling and education agency, speak daily with hundreds of homeowners seeking a loan modification or other solutions to keep their homes. The organization has several tips for people that will help them increase the chances that their application is reviewed as quickly as possible. "A homeowner needs to collect and send several documents that tell the mortgage company why you need a modification, and it needs to be done in a timely, organized manner," said Michelle Jones, senior vice president of counseling for CredAbility. "Once a homeowner has submitted these documents, they need to stay in regular contact with the company. With hundreds of thousands of applications under consideration, homeowners must take matters into their own hands to make sure their application gets to the right person at the company." Here are CredAbility's recommendations for homeowners seeking a loan modification: Speak With a Nonprofit Housing Counselor to Understand Investor Rules for Your Loan. Every homeowner's mortgage loan is different, so don't rely on information you may have heard from your neighbor or your sister-in-law, even if they received a loan modification. For example, if your 30-year, fixed interest rate loan is owned by one investor, and your neighbor's is owned by another investor, the rules governing a loan modification may be quite different. A certified counselor at a nonprofit credit counseling agency can help you find the investor who owns your mortgage and determine your options. Submit All Documents That Prove Your Current Income. Income verification is critical, but homeowners sometimes don't provide their mortgage company with recent documents. If you lost a job in June, don't provide pay stubs from March. In addition to recent pay stubs and other traditional income sources, homeowners should also provide a document called a "contribution letter." This letter explains the source of any household income that is not easily verified. For example, a servicer will want to know the total household income of a married couple, even if only one person's name is on the loan. The letter could also include income verifying that you have a roommate that pays rent. Submit Current Bank Statements. Recent bank statements allow your mortgage company to verify your income and expenses. This information enables the mortgage company to see your monthly expenses for food, utilities and other expenses and determine whether you will have enough money to make your mortgage payment. Mail Your Documents to the Mortgage Company. Many people prefer to send all of their documents by fax or scan their documents and send them via email. However, postal mail is usually more reliable, especially if it's addressed to the person you spoke with at the mortgage company. Faxes often get lost. Label Each Page With Your Name and Loan Number. One of the most common complaints among homeowners is that the mortgage company loses their documents. You can help your own cause by writing your name and loan number on each page of every document. Fully Explain Any Recent or Unique Income Changes. For example, a bank deposit may show various one-time transactions, such as an asset sale, cash gifts from family members or a bonus. Unless you explain this one-time increase in income, the servicer may not understand it and use this information to deny your loan modification. Include a Timeline in Your Hardship Letter. Every application for a loan modification must include a "hardship letter" that explains the reasons for your request. But the letter must have specific dates explaining when an income loss has occurred. If your spouse lost her job on July 15 and your family income will decrease by $3,000 beginning in August, your letter needs to provide these details. Call Your Mortgage Company Every Week. Many homeowners work extremely hard to submit all of their paperwork to the servicer - and then wait for weeks before picking up the telephone to call them about the status of their application. This is a mistake for several reasons: the person handling your application may quit; the application may be transferred to another person; the company may need more information. You get the picture.

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STOP SITTING ON THE FENCE

"DON'T LET YOUR LISTING OUTLIVE YOU, DON'T PAY TOO MUCH" Knowing up to date market conditions will help you make the best decision. Before you sell or buy, let me help you by giving you a FREE MARKET ANALYSIS . Information 30 days old is not acceptable in this current ever changing real estate market.

STRESS TOO HIGH? GIVE IT A FEW YEARS.......

Monday, Jul 12th, 2010
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Stress Too High? Give it a Few Years By Warren Wolfe RISMEDIA, July 12, 2010--(MCT)--Feeling dissatisfied with your life as you approach middle age? A little worried about life at 50? Here's the good news from a recent study: You've probably hit bottom and you're headed up — possibly to new heights. An analysis of a 2008 Gallup poll, which surveyed more than 340,000 adults aged 18 to 85, suggests an antidote to feelings of stress and worry. It's not a new car or a new spouse. It's age. Here's what to expect as you get older: In general, feelings of well-being are pretty high among older teenagers, but fall sharply through age 25, meander a bit for 10 years, then drop off again until about age 50. That's when things start looking up. By age 75, you may be feeling like a teenager again, at least in your sense of well-being. It keeps getting better until at least age 85, the study says. To researchers' surprise, the pattern wasn't much affected by unemployment, lack of a partner, children at home or gender — although women tended to score a little lower than men. Researchers also found that stress and anger declined steeply from the early 20s, worry built until middle age and then dropped, and sadness was fairly steady throughout adulthood. But feelings of enjoyment and happiness dropped slightly until the mid 50s, rose to previous highs around age 70 and pretty much stayed there. The study was conducted by the Department of Psychiatry and Behavioral Science at Stony Brook University in New York and published by the National Academy of Sciences. "Why are older people, on average, happier and less stressed then younger people?" the researchers wondered. At this point, they guess, maybe older people gain "increased 'wisdom' and emotional intelligence ... (and) are more effective at regulating their emotions than younger people." Lead researcher Prof. Arthur Stone said the answers may lie in our environment, psychology and biology — how we live, what we think about it and how our chemistry responds to that. (c) 2010, Star Tribune (Minneapolis) Distributed by McClatchy-Tribune Information Services.

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IS A REVERSE MORTGAGE RIGHT FOR YOU?

ASK A PROFESSIONAL....

RICKY BRUNI,  REVERSE MORTGAGE SPECIALIST  BANK OF AMERICA  WEBSITE

10 REASONS TO HIRE YOUR OWN PROFFESSIONAL REALTOR

We have heard the question, “Why should we hire a real estate agent?” If you are asking yourself this question, you should know some people do just fine without a real estate agent, many don’t. Before you enter into one of the largest transaction of your life, take two minutes to read the 10 reasons to use a real estate agent. It could save you from losing thousands of dollars.

1. Agents Filter out the Speculators and Bargain Hunters
A good Realtor will protect you from parties who are not always savory characters. At showings and home visits the Realtor will act as a buffer between you and the other party preventing over eagerness or any kind of intimidation. Speculators may try to take advantage of those who don’t have much experience with real estate transactions through the price, delaying closing offer, expensive terms, and not honestly prorating the escrow. If you bought a new home, your agent will keep the builder’s agent at bay. If you’re selling your home, your Realtor will try to target serious buyers only. The real estate agent weeds out the fluff and offers protection. Like a good doctor a stand-up Realtor should fight for your best interests and offer guidance through one of your largest transactions in your life.

2. Experience/Education
Using a Realtor will save you time. It takes a very dedicated, experienced, educated, agent to get your home sold today. You shouldn’t need to know everything about Real Estate if you hire a professional. It can be tough to find the right agent. For the most part they should all be similar in price. Why not hire the one with the more education and experience than you? Hiring a real estate agent will save you time.

3. Knowledge of Your Neighborhood
A Realtor can give you valuable insight into neighborhoods. If you are purchasing a home you know you’re not just purchasing a home but a neighborhood as well. A real estate agent can associate comparable sales and relay the details to you, besides pointing you in the right direction so you can find more facts on schools, crime, occupations, education level, and income. Realtor estate agents will also know of future developments and home sale info that isn’t available to the public.

4. Price Guidance
A Realtor will guide you through the process of setting a price. When you are selling your house it is crucial you choose the right price. Pricing it too low may encourage people to think something is seriously wrong with your house or losing money. If the price is too high it won’t attract buyers. A good Realtor will give you a very accurate price range for your home, based on recent real estate activity in the neighborhood, market conditions, and of course, the state of your home. The Realtor does not set the price of the home, contrary to what some people believe. However, the agent will guide you so that you can make the right decisions.

5. Current Market Condition Info
A Realtor knows the market conditions and can give you a better angle when buying or selling a home. Data such as average DoM (days on market), median and average sales price, the square foot cost of similar houses, number of houses on the market and more. The data can be overwhelming to sort through, even those starting in real estate investment often pay too much in their initial investment due to the lack of knowledge in estimating the current market value of the property. There is no one source or web page online for the info. There is no blue book value for houses. Each home is unique. The current market value of a property is a very effective tool a Realtor possess and you probably won’t.

6. Network
A Realtor can often get quicker sales and notify you of new listings. Let’s face it, Realtor are dedicated to building and maintaining professional relationships and when it comes to real estate, you probably don’t have the same size and quality of network. Because of their professional relationships, real estate agents can also be a powerful asset when choosing companies or individuals. Agents can provide background information and references allowing you to make an educated decision. Because of their network a good real estate agency will be able to notify immediately after new listings are on the market.

7. Trained in Negotiation Skills
A good Realtor will be a skilled negotiator. Owners may not be prepared to negotiate price, terms, amenities, and the personal items that will or won’t be included in the sale, especially if their emotional attachments get in the way. A good Realtor will be a skilled negotiator. They are trained to present their client’s listing in the best light.

8. Save You Time and Headache
A Realtor can help you with a lot of difficult paperwork. Unless you like handling volumes of paperwork, federally mandated disclosures and purchase agreements, the paperwork can be daunting. A real estate agent will guide you through the process. Making a mistake on the paperwork could cost you money or you could end up in court. In some states lawyers handle the disclosure.

9. Provide Guidance After the Sale
A Realtor is a life long asset even after the sale. After a closing complications can arise. Even the smoothest transactions that close without complications can come back to disturb.

10. Marketing
A Realtor will get your listing more exposure. When you are buying or selling you want to spread the word. Realtor estate agencies have many marketing tools in place to deliver your listing to strategic parties. Realtors not only market your listing to the public but also to other real estate agents. In markets across the nation, a little over 50% of real estate sales are cooperative, a real estate agent other than the one you selected finds the buyer. So in essence the Realtor acts as a marketing coordinator by entering your listing into the MLS (Multiple Listing Service) .
Author Resource:- Jeff Torf
Article From Real Estate Pro Articles

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Frank Gleason
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The Current Reverse Mortgage For the Senior Age 62 or Older

It has come to my attention over the past month that the negative connotations associated with a Reverse Mortgages deserves another look.

Most people don't realize you can actually purchase a new home with a Reverse Mortgage product. It is an FHA loan Federally insured and has very similar features to a normal FHA loan. The huge difference is a Reverse Mortgage it is not a credit or income based loan.

Closing Costs are similar to a normal FHA loan. It can be an adjustable rate or fixed rate. The net proceeds can be taken as a lump sum or monthly payment or a combination at closing.

The clients age and the FHA property appraisal will determine the down payment required, the older the client, the less will be required.

This purchase will have to be the primary residence of the client. It allows them to keep the bulk of their savings and investments in place while giving them an extra income from the loan proceeds.Best of all they have No house payments on their Reverse Mortgage purchase ever.

Please contact me through my profile link if you'd like me to help you learn more about the Reverse Mortgage process.