Call me today for more information or to schedule an appointment! 816.289.3032
Showing posts with label re/max state line. Show all posts
Showing posts with label re/max state line. Show all posts
Tuesday, May 17, 2011
Plaza Living Without The Plaza Price Tag
Always wanted to live by the Country Club Plaza? I have just the place for you! This amazing Madrid Studio condo features an updated kitchen, private balcony, large bathroom, walk-in closet and close access to laundry. The Madrid also features a pool & party room available for owners.
Call me today for more information or to schedule an appointment! 816.289.3032
Call me today for more information or to schedule an appointment! 816.289.3032
Wednesday, January 26, 2011
Pre-Sale Renovations - Do's and Don'ts
This is a little long, but has some great information!
Pre-Sale Renovation: Home Seller Do's and Don'ts
By Dan Steward
RISMEDIA, January 25, 2011—You’ve probably seen those depressingly cheery home-themed TV shows: a couple needs to sell their house, they have an outdated kitchen, and a designer comes in and proceeds to convince them to renovate the kitchen into a stainless-steel-clad shrine to culinary greatness—for tens of thousands of dollars. In an ideal real estate market, that would add value, but in today’s market, expensive pre-sale renovations, for the most part, aren’t worth it. The numbers bear this out: In general, a home remodel will cost quite a bit more than you’ll get back when you sell; remodels done in 2010 will only recoup 60% of their price when the house is sold, according to Remodeling magazine's 2010 Remodeling Cost vs. Value survey, done in partnership with the National Association of REALTORS® (NAR).
Two of the areas that potential buyers are often most pressured to remodel before selling are the kitchen and bathroom. Here, we’ll tackle both of those rooms, and let you know what to do—and what to avoid—when considering a pre-sale renovation:
Kitchen
-Don’t put in expensive professional-grade cook’s appliances. You may choose a tricked-out, $10,000 Wolf stove, but the buyer may be a loyalist to Viking. Or, even worse, the potential buyer might be a take-out addict.
-Do, however, service the appliances you have, so that they work perfectly. And, if you have seriously outdated appliances that can be replaced for $1,000 or less (like swapping a dingy old fridge for a basic new one), that’s a good idea. Similarly, if there are any appliances that you lack, which most buyers consider essential, it makes sense to buy one (like a dishwasher—you can get a nice model for under $1,000).
-Don’t replace your cabinetry entirely—even if it’s a little outdated. It’s just too subjective. You might think sleek, white Scandinavian cabinets are the way to go, but you’ll be in a bind if your potential buyer prefers dark wood.
-Do invest in cabinet refacing if your cabinets are extremely outdated. Many refacing companies will give your cabinets a fresh façade for well under $2,000, and it’s a good investment in creating a positive impression of the room without doing a pricey knock-down.
-Don’t go granite crazy. Or marble. Or etched-Murano-glass-accented tile. Spending thousands of dollars on a new countertop and backsplash is downright dangerous, as there are so many different options these days, it’s impossible to find one that will please most people.
-Do hire a professional cleaning company to come in and make what you have sparkle. While this won’t magically make your tile look magazine-spread-worthy, it will certainly make it look a lot better, as discoloration from age often makes tile look even worse.
Bathroom
-Don’t do expensive tub/shower repairs or replacements. Just like with the big-ticket kitchen fixes, this is a matter of taste. If you put in a round jetted tub, what if the buyer wants square? And is an amethyst-crystal steam shower really something everyone will love?
-Do replace dated bath and shower fixtures; this can be done generally quite inexpensively. For instance, if you have a 30-year-old, tiny showerhead, replacing it with a large, rainwater-style model will lend a subtle spa-like quality without costing a lot.
-Don’t replace your smallish vanity with a new, built-in model. A lot of remodelers emphasize the intrinsically relaxing qualities of having all your toiletries, towels and even reading material beautifully organized in one big unit made of high-end wood, marble and chrome. And it is certainly beautiful. But it’s also a risky choice, and a matter of taste.
-Do freshen up the vanity area. Invest in a big mirror and put bright lights over it. And a few hundred dollars spent on a nice faucet is well worth it, as, like the showerhead, it’s a true basic—and updating the basics, in most homes and markets, is all you should be focusing on.
Other tips for redoing your kitchen and bathroom frugally
Kitchen:
-Declutter your counters. A disorganized kitchen is a buyer-deterrent. Clean up the counters and pare down countertop items to the essentials—toaster, microwave, coffee pot and not much more than that.
-Keep your pantry and cabinetry clutter-free too. You don’t have to alphabetize your cereals—just know that potential buyers will probably open those cabinets, so they won’t want a ladle falling out on their head.
-Give your kitchen table or breakfast bar some life. It’s simple—placemats, a colorful vase or two and a tasteful flower arrangement will reinforce the idea that the kitchen is the heart of the home.
Bathroom:
-If you want to add a little life to the wall, try a simple, straight-lined wood or stainless-steel floating shelf with a few candles on it. It’s an elegant, boutique-hotel touch that doesn’t cost much.
-Toss down a colorful floor mat. Bathrooms are often devoid of color; this is a great way to add that color, and a little warmth.
-Again, clear clutter. Even your beauty essentials shouldn’t be on the counter if you’re in the open house stage.
Dan Steward is president of Pillar To Post Professional Home Inspections.
For more information, visit www.pillartopost.com.
RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.
Copyright© 2011 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.
Pre-Sale Renovation: Home Seller Do's and Don'ts
By Dan Steward
RISMEDIA, January 25, 2011—You’ve probably seen those depressingly cheery home-themed TV shows: a couple needs to sell their house, they have an outdated kitchen, and a designer comes in and proceeds to convince them to renovate the kitchen into a stainless-steel-clad shrine to culinary greatness—for tens of thousands of dollars. In an ideal real estate market, that would add value, but in today’s market, expensive pre-sale renovations, for the most part, aren’t worth it. The numbers bear this out: In general, a home remodel will cost quite a bit more than you’ll get back when you sell; remodels done in 2010 will only recoup 60% of their price when the house is sold, according to Remodeling magazine's 2010 Remodeling Cost vs. Value survey, done in partnership with the National Association of REALTORS® (NAR).
Two of the areas that potential buyers are often most pressured to remodel before selling are the kitchen and bathroom. Here, we’ll tackle both of those rooms, and let you know what to do—and what to avoid—when considering a pre-sale renovation:
Kitchen
-Don’t put in expensive professional-grade cook’s appliances. You may choose a tricked-out, $10,000 Wolf stove, but the buyer may be a loyalist to Viking. Or, even worse, the potential buyer might be a take-out addict.
-Do, however, service the appliances you have, so that they work perfectly. And, if you have seriously outdated appliances that can be replaced for $1,000 or less (like swapping a dingy old fridge for a basic new one), that’s a good idea. Similarly, if there are any appliances that you lack, which most buyers consider essential, it makes sense to buy one (like a dishwasher—you can get a nice model for under $1,000).
-Don’t replace your cabinetry entirely—even if it’s a little outdated. It’s just too subjective. You might think sleek, white Scandinavian cabinets are the way to go, but you’ll be in a bind if your potential buyer prefers dark wood.
-Do invest in cabinet refacing if your cabinets are extremely outdated. Many refacing companies will give your cabinets a fresh façade for well under $2,000, and it’s a good investment in creating a positive impression of the room without doing a pricey knock-down.
-Don’t go granite crazy. Or marble. Or etched-Murano-glass-accented tile. Spending thousands of dollars on a new countertop and backsplash is downright dangerous, as there are so many different options these days, it’s impossible to find one that will please most people.
-Do hire a professional cleaning company to come in and make what you have sparkle. While this won’t magically make your tile look magazine-spread-worthy, it will certainly make it look a lot better, as discoloration from age often makes tile look even worse.
Bathroom
-Don’t do expensive tub/shower repairs or replacements. Just like with the big-ticket kitchen fixes, this is a matter of taste. If you put in a round jetted tub, what if the buyer wants square? And is an amethyst-crystal steam shower really something everyone will love?
-Do replace dated bath and shower fixtures; this can be done generally quite inexpensively. For instance, if you have a 30-year-old, tiny showerhead, replacing it with a large, rainwater-style model will lend a subtle spa-like quality without costing a lot.
-Don’t replace your smallish vanity with a new, built-in model. A lot of remodelers emphasize the intrinsically relaxing qualities of having all your toiletries, towels and even reading material beautifully organized in one big unit made of high-end wood, marble and chrome. And it is certainly beautiful. But it’s also a risky choice, and a matter of taste.
-Do freshen up the vanity area. Invest in a big mirror and put bright lights over it. And a few hundred dollars spent on a nice faucet is well worth it, as, like the showerhead, it’s a true basic—and updating the basics, in most homes and markets, is all you should be focusing on.
Other tips for redoing your kitchen and bathroom frugally
Kitchen:
-Declutter your counters. A disorganized kitchen is a buyer-deterrent. Clean up the counters and pare down countertop items to the essentials—toaster, microwave, coffee pot and not much more than that.
-Keep your pantry and cabinetry clutter-free too. You don’t have to alphabetize your cereals—just know that potential buyers will probably open those cabinets, so they won’t want a ladle falling out on their head.
-Give your kitchen table or breakfast bar some life. It’s simple—placemats, a colorful vase or two and a tasteful flower arrangement will reinforce the idea that the kitchen is the heart of the home.
Bathroom:
-If you want to add a little life to the wall, try a simple, straight-lined wood or stainless-steel floating shelf with a few candles on it. It’s an elegant, boutique-hotel touch that doesn’t cost much.
-Toss down a colorful floor mat. Bathrooms are often devoid of color; this is a great way to add that color, and a little warmth.
-Again, clear clutter. Even your beauty essentials shouldn’t be on the counter if you’re in the open house stage.
Dan Steward is president of Pillar To Post Professional Home Inspections.
For more information, visit www.pillartopost.com.
RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.
Copyright© 2011 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.
Monday, October 25, 2010
10 Ways to Make a Small Room Look Larger
For Your Clients: 10 Ways to Make a Small Room Look Larger
RISMEDIA, October 25, 2010--Most people have one: that room in the house that they wish was just a little larger. What many don't realize is that with a little work and some TLC, they could have exactly what they're looking for.
Here, Lowe's offers 10 designer tricks to help you make any room look larger:
1. For the illusion of a larger room, use a color scheme that is light rather than bright or dark. Pastels, neutrals and white are all color possibilities.
2. Use a monochromatic color scheme on the furniture, rugs and walls. Select different shades and textures of your single color.
3. Lighting is a key element in opening up a space. Recessed spot lighting is visually appealing and is perfect for a small space. A torchiere light is great for bouncing light off of the ceiling and back down on the room.Skylights and solar tubes are natural alternatives for adding light to a room.
4. Limit the number of accessories to avoid the cluttered feeling.
5. The floor and the ceiling are the fifth and sixth walls of every room. A light-colored flooring such as light oak or a light-colored carpet will make the room appear brighter and more open. The same applies to the ceiling—use a light color or white to "open up" the space above.
6. Increase the appearance of the size of the room by adding wall mirrors. They not only reflect images, they reflect light and color. Be a little daring! Use mirror tiles to mirror an entire wall. Your room will appear to double in size.
7. Don't place too many pieces of furniture in a small space. A love seat may work better than a full-size sofa depending on the size and shape of the room. Add two medium-sized chairs or two small wood chairs. Place the chairs closer to the wall and then pull them into the area when additional seating is needed.
8. Add paintings or prints to the walls. One large painting works better than a group of small paintings.
9. The visual balance of a room is also important. A large, brightly colored element can overwhelm a room and decrease the appearance of space.
10. A glass table, whether it is a dining, coffee or end table, will keep the appearance of an open and free space.
RISMEDIA, October 25, 2010--Most people have one: that room in the house that they wish was just a little larger. What many don't realize is that with a little work and some TLC, they could have exactly what they're looking for.
Here, Lowe's offers 10 designer tricks to help you make any room look larger:
1. For the illusion of a larger room, use a color scheme that is light rather than bright or dark. Pastels, neutrals and white are all color possibilities.
2. Use a monochromatic color scheme on the furniture, rugs and walls. Select different shades and textures of your single color.
3. Lighting is a key element in opening up a space. Recessed spot lighting is visually appealing and is perfect for a small space. A torchiere light is great for bouncing light off of the ceiling and back down on the room.Skylights and solar tubes are natural alternatives for adding light to a room.
4. Limit the number of accessories to avoid the cluttered feeling.
5. The floor and the ceiling are the fifth and sixth walls of every room. A light-colored flooring such as light oak or a light-colored carpet will make the room appear brighter and more open. The same applies to the ceiling—use a light color or white to "open up" the space above.
6. Increase the appearance of the size of the room by adding wall mirrors. They not only reflect images, they reflect light and color. Be a little daring! Use mirror tiles to mirror an entire wall. Your room will appear to double in size.
7. Don't place too many pieces of furniture in a small space. A love seat may work better than a full-size sofa depending on the size and shape of the room. Add two medium-sized chairs or two small wood chairs. Place the chairs closer to the wall and then pull them into the area when additional seating is needed.
8. Add paintings or prints to the walls. One large painting works better than a group of small paintings.
9. The visual balance of a room is also important. A large, brightly colored element can overwhelm a room and decrease the appearance of space.
10. A glass table, whether it is a dining, coffee or end table, will keep the appearance of an open and free space.
Thursday, October 7, 2010
Real Estate Auctions
Yesterday we had Nicole Kelley come talk to our office about Real Estate Auctions. It was very informative! Here are a few of the things we learned:
- Just because a house in up for auction, does not mean that the owner is behind on payments or the home is in foreclosure. Many times Auctioned off homes go for market value - it's just a faster way to get to the end result.
- When you list a home in MLS, you list at the highest price and work your way down. In an auction, it's just the opposite. You start low and end up high.
- An Auctioned home is sold "as is, where is, with NO contingencies". Any financing issues or inspections must be done prior to bidding. It is up to the buyer to do their due diligence on the property.
- A 10% buyers premium is typically added to the sales price to pay the auction company and any agents involved.
- An auction is really about turning an asset (home) into money (quickly).
- Auctions are typically marketed for a few weeks before the actual event.
- Most auctions close within 30 days.
- Properties are not giving away, they typically go for market value!
- There are three types of Auctions:
- Absolute Auction - The property is sold to the highest bidder, regardless of the price
- Minimum Bid Auction - The auctioneer will accept bids at or above a published minimum price.
- Reserve Auction - A minimum bid is not published, and the seller reserves the right to accept or reject the highest bid.
Auctions are not for everyone, but there are some sellers that can benefit from them.
- Just because a house in up for auction, does not mean that the owner is behind on payments or the home is in foreclosure. Many times Auctioned off homes go for market value - it's just a faster way to get to the end result.
- When you list a home in MLS, you list at the highest price and work your way down. In an auction, it's just the opposite. You start low and end up high.
- An Auctioned home is sold "as is, where is, with NO contingencies". Any financing issues or inspections must be done prior to bidding. It is up to the buyer to do their due diligence on the property.
- A 10% buyers premium is typically added to the sales price to pay the auction company and any agents involved.
- An auction is really about turning an asset (home) into money (quickly).
- Auctions are typically marketed for a few weeks before the actual event.
- Most auctions close within 30 days.
- Properties are not giving away, they typically go for market value!
- There are three types of Auctions:
- Absolute Auction - The property is sold to the highest bidder, regardless of the price
- Minimum Bid Auction - The auctioneer will accept bids at or above a published minimum price.
- Reserve Auction - A minimum bid is not published, and the seller reserves the right to accept or reject the highest bid.
Auctions are not for everyone, but there are some sellers that can benefit from them.
Thursday, September 30, 2010
Credit Services, Inspection Advice & Aflac
Today was our monthly office sales meeting and we have three informative guests. I wanted to pass along some of the great information that was shared with our office agents.
Donna Perkins - Kansas City Credit Services was our first guest. She spoke with us a few weeks ago. She is a financial consumer advicate. Her job is to pick about your credit report looking for inaccuracies to help you lower your bills. They have a proven success of 75% to 85% removal of misleading, outdated and unverifiable information from most credit reports. They have been in business since 1991 and her team has 35 years experience. They offer a free credit consultation and if they can't help you, they'll find someone who can. To contact Donna - dperkins@kccreditservices.com
Ed Sullivan - Ed Sullivan Inspections was our second guest. Ed talked about the Utility Flue that service your hot water heater and furnace and how it is necessary that this flue has a metal liner to protect you and your home. This liner is necessary because many older homes have older appliances which had 9-12 in flues. Newer appliances have 5 in flues. There are a few different options. One of the less expensive options is to get a diverter for your water heater. You could also get a flexible liner for your flue. Make sure when you get your home inspectied the inspector checks the roof and flue liner. He also mentioned that you need to be careful with gas burning fireplaces that are VENT-FREE. These need to be in large, open rooms.
Seve Sterthman - Aflac was our last speaker. He talked about all the different policies that Aflac offers that give cash back to policy holders for medical bills. Once you pick your policy, your rate never goes unless you switch to a new policy. Their Accident policy covers anything "that comes at you from the outside" - including car accidents, falling from a ladder and even poison ivy. You can have more than one plan/policy and they do not cancel out the other.
Donna Perkins - Kansas City Credit Services was our first guest. She spoke with us a few weeks ago. She is a financial consumer advicate. Her job is to pick about your credit report looking for inaccuracies to help you lower your bills. They have a proven success of 75% to 85% removal of misleading, outdated and unverifiable information from most credit reports. They have been in business since 1991 and her team has 35 years experience. They offer a free credit consultation and if they can't help you, they'll find someone who can. To contact Donna - dperkins@kccreditservices.com
Ed Sullivan - Ed Sullivan Inspections was our second guest. Ed talked about the Utility Flue that service your hot water heater and furnace and how it is necessary that this flue has a metal liner to protect you and your home. This liner is necessary because many older homes have older appliances which had 9-12 in flues. Newer appliances have 5 in flues. There are a few different options. One of the less expensive options is to get a diverter for your water heater. You could also get a flexible liner for your flue. Make sure when you get your home inspectied the inspector checks the roof and flue liner. He also mentioned that you need to be careful with gas burning fireplaces that are VENT-FREE. These need to be in large, open rooms.
Seve Sterthman - Aflac was our last speaker. He talked about all the different policies that Aflac offers that give cash back to policy holders for medical bills. Once you pick your policy, your rate never goes unless you switch to a new policy. Their Accident policy covers anything "that comes at you from the outside" - including car accidents, falling from a ladder and even poison ivy. You can have more than one plan/policy and they do not cancel out the other.
Monday, September 27, 2010
Tips to Getting Your Loan Modification Application
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.
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.
Wednesday, September 15, 2010
How to Choose a Home
For Your Clients: How to Choose a Home - Tips to Make Sure You Don't Settle
By Paige Tepping
RISMEDIA, September 11, 2010--Finding the home that is right for you can be a time-consuming process. The experts at Move.com offer the following tips to help make sure you don’t just settle for a home, but instead find the home that is perfect for you.
Once you've settled on a couple of neighborhoods where you would like to live, it's time to pick out a few homes to view. Your wish list can remind you which features are absolute requirements and which amenities you'd like to have if possible. When narrowing down your home search, consider:
-Types of homes
-Home purchase considerations
-Home comparison chart
-What to do when you’ve found the right home for you
Types of homes
In addition to single family homes (one home per lot), there are other forms of home ownership to consider as you begin looking for the next place you will call home:
-Multifamily homes: Some buyers, particularly first-timers, start with multiple family dwellings, so they'll have rental income to help with their costs. Many mortgage plans, including VA and FHA loans, can be used for buildings with up to four units, if the buyer intends to occupy one of them.
-Condominiums: With a condo, you own "from the plaster in" just as you would a single house. You also own a certain percentage of the "common elements"—staircases, sidewalks, roofs and the like. Monthly charges pay your share of taxes and insurance on those elements, as well as repairs and maintenance. A homeowners association administers the development.
-Co-ops: In a few cities, cooperative apartments are common. With those, you purchase shares in a corporation that owns the whole building, and you receive a lease to your own apartment. A board of directors supervises management. Monthly charges include your share of an overall mortgage on the building.
Home purchase considerations
Most buyers' first consideration, after neighborhoods are chosen, is the number of bedrooms. As you begin to view homes, keep the following purchase and resale considerations in mind:
-Weigh your needs, budget and personal tastes in deciding whether you want a home that’s a newly constructed, an older home or a home that requires some work—a ‘fixer-upper.’
-One-bedroom condos are more difficult to resell than two-bedroom condos.
-Two-bedroom/one-bath single houses generally have less appeal than houses with three or more bedrooms, and therefore less appreciation potential.
-Homes with ‘curb appeal,’ (a well-maintained, attractive and charming view-from-the-street appearance) are the easiest to resell.
-When resale is a possibility, don't buy the most expensive house on the street, or anything that is unusual or unique. The best investment potential is traditionally found in a less expensive, more moderately sized home on the street.
Home comparison chart
While house-hunting, it's a good idea to make notes about what you see because viewing several houses at a time can be confusing. Create a comparison chart before you begin looking at homes so you can keep track of your search, organize your thoughts and record your impressions.
When you’ve found the right home
Before you begin the home buying process, resolve to act promptly when you find the right house. Every Realtor has stories to tell about a couple who looked far and wide for their dream home, finally found it, and then revealed that "we always promised my Dad we'd sleep on it, so we'll make an offer tomorrow." Many times the story has a sad ending—someone else came in that evening with an offer that was accepted.
Resolve at this point that you will act decisively when you find the house that’s clearly right for you. This is particularly important after a long search or if the house is newly listed and/or under-priced.
By Paige Tepping
RISMEDIA, September 11, 2010--Finding the home that is right for you can be a time-consuming process. The experts at Move.com offer the following tips to help make sure you don’t just settle for a home, but instead find the home that is perfect for you.
Once you've settled on a couple of neighborhoods where you would like to live, it's time to pick out a few homes to view. Your wish list can remind you which features are absolute requirements and which amenities you'd like to have if possible. When narrowing down your home search, consider:
-Types of homes
-Home purchase considerations
-Home comparison chart
-What to do when you’ve found the right home for you
Types of homes
In addition to single family homes (one home per lot), there are other forms of home ownership to consider as you begin looking for the next place you will call home:
-Multifamily homes: Some buyers, particularly first-timers, start with multiple family dwellings, so they'll have rental income to help with their costs. Many mortgage plans, including VA and FHA loans, can be used for buildings with up to four units, if the buyer intends to occupy one of them.
-Condominiums: With a condo, you own "from the plaster in" just as you would a single house. You also own a certain percentage of the "common elements"—staircases, sidewalks, roofs and the like. Monthly charges pay your share of taxes and insurance on those elements, as well as repairs and maintenance. A homeowners association administers the development.
-Co-ops: In a few cities, cooperative apartments are common. With those, you purchase shares in a corporation that owns the whole building, and you receive a lease to your own apartment. A board of directors supervises management. Monthly charges include your share of an overall mortgage on the building.
Home purchase considerations
Most buyers' first consideration, after neighborhoods are chosen, is the number of bedrooms. As you begin to view homes, keep the following purchase and resale considerations in mind:
-Weigh your needs, budget and personal tastes in deciding whether you want a home that’s a newly constructed, an older home or a home that requires some work—a ‘fixer-upper.’
-One-bedroom condos are more difficult to resell than two-bedroom condos.
-Two-bedroom/one-bath single houses generally have less appeal than houses with three or more bedrooms, and therefore less appreciation potential.
-Homes with ‘curb appeal,’ (a well-maintained, attractive and charming view-from-the-street appearance) are the easiest to resell.
-When resale is a possibility, don't buy the most expensive house on the street, or anything that is unusual or unique. The best investment potential is traditionally found in a less expensive, more moderately sized home on the street.
Home comparison chart
While house-hunting, it's a good idea to make notes about what you see because viewing several houses at a time can be confusing. Create a comparison chart before you begin looking at homes so you can keep track of your search, organize your thoughts and record your impressions.
When you’ve found the right home
Before you begin the home buying process, resolve to act promptly when you find the right house. Every Realtor has stories to tell about a couple who looked far and wide for their dream home, finally found it, and then revealed that "we always promised my Dad we'd sleep on it, so we'll make an offer tomorrow." Many times the story has a sad ending—someone else came in that evening with an offer that was accepted.
Resolve at this point that you will act decisively when you find the house that’s clearly right for you. This is particularly important after a long search or if the house is newly listed and/or under-priced.
Thursday, September 9, 2010
Improve Your Credit Score Before Searching for a Home
We had Kansas City Credit Services come talk to our office lst week about their credit restoration program. They offer some great services (and you don't have to live in the Kansas City area to take advantage of them!)
You can contact them at:
877.655.8001
www.kccreditservices.com
Improve Your Credit Score Before Searching for a Home
By Paige Tepping
RISMEDIA, September 8, 2010--Many prospective homeowners find out the hard way the importance of a good credit score when they apply for a home mortgage, especially after the subprime loan crisis. If you are considering buying a home in the near future, it is a good idea to give your credit score a check-up and then take positive steps to improve your credit score if you find problems. Ideally, it is best to begin working on improving your credit score at least six months before you plan to start shopping for a home.
According to the experts at Buy-and-Sell-House-Fast.com, the following tips will help you improve your credit and should be taken before you begin your home search.
The first critical step in taking care of your credit is to check your credit report. Unfortunately, many people fail to take this all important first step. Instead, they wait until they have applied for a mortgage loan to find out from the lender that there are problems with their credit scores.
By checking your credit score before you apply for a mortgage loan, you gain the opportunity to find out if there are problems which you can correct and discrepancies that need to be removed. When you check your credit report, make sure you check all three of the national credit reporting agencies: Experian, Trans-Union and EquiFax.
Review your credit report carefully for items that may be erroneous. If you believe that an item on your credit report is reported in error, you have the right to contest it. To do so, you will need to contact the credit reporting agency and explain why you believe the item is inaccurate. Supporting documentation such as receipts and cancelled checks can help your claim. Alternatively, you can engage a credit report repair services firm to fix your credit report.
If there are derogatory items on your credit report that are accurate but which could cause problems in your loan application, you cannot have them removed; however, you can take positive steps to counteract them. In the event that you have missed payments in the past, take steps now to get your bills current. Even if it means tapping into money that you might be planning to use for a down payment, it is essential that you get your accounts current and keep them that way. Begin by immediately making your payments on time. There is nothing which can lower your credit score more quickly than late payments. Ideally, make an attempt to begin sending in your payments a few days ahead of time to make sure they arrive on time and you do not have any more late payments on your record. If necessary, begin taking advantage of electronic payments in order to make sure your payments are made on time. Over time, this can make significant difference.
Keep in mind that eradicating all of your credit balances is really not the solution. In fact, credit can be your friend when you are looking to make a big purchase such as a home. The key is to make sure your credit is positive, not negative. Toward that end, avoid actually closing out your accounts. Instead, make an effort to pay down your balances and keep them paid down well below the minimum or completely paid off, but do not close the account. When your lender runs your credit to make a decision on your mortgage application, he or she will want to see that you have had a long credit management history.
After reviewing your credit history, if you see that most, if not all of your credit cards are maxed out or nearly maxed out, it is time to sit down and plan an aggressive strategy for paying some of them down. One of the critical factors that often determine your ability to be approved for a mortgage loan is your debt to income ratio. In addition, high credit card balances can drag down your credit score. Therefore, it is important to look at paying off some of your balances.
It is generally better to begin with your highest-rate balances first. Many consumers are tempted to move around balances when they receive an offer from another bank that is good; however, before you do this, remember that the worst thing you can do when you are trying to make a major purchase is to open new accounts.
By following these guidelines, you can improve your credit score and improve your chances of being approved for your home mortgage loan.
You can contact them at:
877.655.8001
www.kccreditservices.com
Improve Your Credit Score Before Searching for a Home
By Paige Tepping
RISMEDIA, September 8, 2010--Many prospective homeowners find out the hard way the importance of a good credit score when they apply for a home mortgage, especially after the subprime loan crisis. If you are considering buying a home in the near future, it is a good idea to give your credit score a check-up and then take positive steps to improve your credit score if you find problems. Ideally, it is best to begin working on improving your credit score at least six months before you plan to start shopping for a home.
According to the experts at Buy-and-Sell-House-Fast.com, the following tips will help you improve your credit and should be taken before you begin your home search.
The first critical step in taking care of your credit is to check your credit report. Unfortunately, many people fail to take this all important first step. Instead, they wait until they have applied for a mortgage loan to find out from the lender that there are problems with their credit scores.
By checking your credit score before you apply for a mortgage loan, you gain the opportunity to find out if there are problems which you can correct and discrepancies that need to be removed. When you check your credit report, make sure you check all three of the national credit reporting agencies: Experian, Trans-Union and EquiFax.
Review your credit report carefully for items that may be erroneous. If you believe that an item on your credit report is reported in error, you have the right to contest it. To do so, you will need to contact the credit reporting agency and explain why you believe the item is inaccurate. Supporting documentation such as receipts and cancelled checks can help your claim. Alternatively, you can engage a credit report repair services firm to fix your credit report.
If there are derogatory items on your credit report that are accurate but which could cause problems in your loan application, you cannot have them removed; however, you can take positive steps to counteract them. In the event that you have missed payments in the past, take steps now to get your bills current. Even if it means tapping into money that you might be planning to use for a down payment, it is essential that you get your accounts current and keep them that way. Begin by immediately making your payments on time. There is nothing which can lower your credit score more quickly than late payments. Ideally, make an attempt to begin sending in your payments a few days ahead of time to make sure they arrive on time and you do not have any more late payments on your record. If necessary, begin taking advantage of electronic payments in order to make sure your payments are made on time. Over time, this can make significant difference.
Keep in mind that eradicating all of your credit balances is really not the solution. In fact, credit can be your friend when you are looking to make a big purchase such as a home. The key is to make sure your credit is positive, not negative. Toward that end, avoid actually closing out your accounts. Instead, make an effort to pay down your balances and keep them paid down well below the minimum or completely paid off, but do not close the account. When your lender runs your credit to make a decision on your mortgage application, he or she will want to see that you have had a long credit management history.
After reviewing your credit history, if you see that most, if not all of your credit cards are maxed out or nearly maxed out, it is time to sit down and plan an aggressive strategy for paying some of them down. One of the critical factors that often determine your ability to be approved for a mortgage loan is your debt to income ratio. In addition, high credit card balances can drag down your credit score. Therefore, it is important to look at paying off some of your balances.
It is generally better to begin with your highest-rate balances first. Many consumers are tempted to move around balances when they receive an offer from another bank that is good; however, before you do this, remember that the worst thing you can do when you are trying to make a major purchase is to open new accounts.
By following these guidelines, you can improve your credit score and improve your chances of being approved for your home mortgage loan.
Monday, August 30, 2010
Painting 101
Painting is a quick and fairly inexpensive fix that can give your home a new look. Here is a great article on DIY Painting!
For Your Clients: DIY Painting 101
By Stephanie Andre
RISMEDIA, August 28, 2010—Looking to spruce up your home, but don’t know where to start?
From molding to choice of color, there’s a lot to consider before dipping your brush in the paint. Does a room really look smaller with a darker color on the walls? Should your ceilings be white? Do you want to add an accent wall?
Here are some tips from Lowe’s on how to getting started:
Getting Started
• Size up your room. How you use color depends on where you use color. Each room has its own unique elements and function. First think about the structure of the room. Consider its shape and size. A lighter color can make a small room feel more spacious, while a darker color can help an immense room seem cozier.
• Take into account any architectural details, such as molding, trim, columns, and brackets. What's attractive and what's not? Varied intensities and hues can complement architecture, furnishings, and art. Remember, paint can accentuate a room's features or hide them.
• Your choice of color also depends largely on function. Will the main purpose of the room be eating, sleeping, working, entertaining, or something else entirely? A warm hue in the living room gives a more comfortable and inviting atmosphere for guests than a cooler color.
Selecting Interior Paint
• Before choosing your paint, think about where your room fits into the scheme of things. Where is it situated in relation to other rooms? Is it a high- or low-traffic area? Flat paint, for instance, is best suited for ceilings, walls, surface imperfections, and anywhere else that a muted low-reflecting surface is desired. Because it takes more effort to remove stains from this type of paint, a flat finish is best suited for the low-traffic areas of your home.
• Use low-luster, satin, and eggshell paint on areas where a sheen is desired. These paints are easier to clean than flat paint and hold up better under repeated washings. They withstand the wear and tear of high-traffic areas-hallways, woodwork, kitchens, baths, children's rooms, and playrooms-more easily than other finishes.
• Semigloss and high-gloss paint and enamel are best suited for banisters, railings, shelves, kitchen cabinets, furniture, doorjambs, windowsills, and any other surface you wish to accentuate. But be careful-the higher the gloss, the more it emphasizes any surface imperfections.
Choosing a Palette
• Having trouble deciding on your paint palette? Choose a design direction. If you've already chosen an interior décor or if you're working with a room that's already furnished, focus on a favorite fabric color, piece of art or furniture, or other object. If you still can't settle on a color you like, we offer free computerized paint matching and custom color mixing.
• Have color confidence-don't be afraid to paint bold and bright. If your room is unfurnished, a vibrant color can fill it until you can.
• Consider yourself above all. Paint color should reflect your mood and personality. What are your favorite colors? If you're having trouble selecting a color, try looking in your closet. The colors you enjoy wearing are the ones that make you feel good. You are the one who has to live with the color so live with the shades you love.
Making Your Purchase
• Water versus oil. When selecting an interior finish, try choosing a water-based enamel instead of an oil-based gloss paint. Water-based gloss enamels have less odor than conventional oil-based paints. They are much easier to clean up after, and they wear better over time.
• Don't purchase low-quality paint. High-quality paint performs better for a longer period of time. It's less prone to yellow as it ages, goes on smoother, and won't leave brush marks. It is also easier to wash and dirt resistant.
• Purchase test quarts to review your color and finish selections at home. Paint a piece of scrap material such as cardboard, or even a portion of your wall, to study the effects of various light conditions.
For Your Clients: DIY Painting 101
By Stephanie Andre
RISMEDIA, August 28, 2010—Looking to spruce up your home, but don’t know where to start?
From molding to choice of color, there’s a lot to consider before dipping your brush in the paint. Does a room really look smaller with a darker color on the walls? Should your ceilings be white? Do you want to add an accent wall?
Here are some tips from Lowe’s on how to getting started:
Getting Started
• Size up your room. How you use color depends on where you use color. Each room has its own unique elements and function. First think about the structure of the room. Consider its shape and size. A lighter color can make a small room feel more spacious, while a darker color can help an immense room seem cozier.
• Take into account any architectural details, such as molding, trim, columns, and brackets. What's attractive and what's not? Varied intensities and hues can complement architecture, furnishings, and art. Remember, paint can accentuate a room's features or hide them.
• Your choice of color also depends largely on function. Will the main purpose of the room be eating, sleeping, working, entertaining, or something else entirely? A warm hue in the living room gives a more comfortable and inviting atmosphere for guests than a cooler color.
Selecting Interior Paint
• Before choosing your paint, think about where your room fits into the scheme of things. Where is it situated in relation to other rooms? Is it a high- or low-traffic area? Flat paint, for instance, is best suited for ceilings, walls, surface imperfections, and anywhere else that a muted low-reflecting surface is desired. Because it takes more effort to remove stains from this type of paint, a flat finish is best suited for the low-traffic areas of your home.
• Use low-luster, satin, and eggshell paint on areas where a sheen is desired. These paints are easier to clean than flat paint and hold up better under repeated washings. They withstand the wear and tear of high-traffic areas-hallways, woodwork, kitchens, baths, children's rooms, and playrooms-more easily than other finishes.
• Semigloss and high-gloss paint and enamel are best suited for banisters, railings, shelves, kitchen cabinets, furniture, doorjambs, windowsills, and any other surface you wish to accentuate. But be careful-the higher the gloss, the more it emphasizes any surface imperfections.
Choosing a Palette
• Having trouble deciding on your paint palette? Choose a design direction. If you've already chosen an interior décor or if you're working with a room that's already furnished, focus on a favorite fabric color, piece of art or furniture, or other object. If you still can't settle on a color you like, we offer free computerized paint matching and custom color mixing.
• Have color confidence-don't be afraid to paint bold and bright. If your room is unfurnished, a vibrant color can fill it until you can.
• Consider yourself above all. Paint color should reflect your mood and personality. What are your favorite colors? If you're having trouble selecting a color, try looking in your closet. The colors you enjoy wearing are the ones that make you feel good. You are the one who has to live with the color so live with the shades you love.
Making Your Purchase
• Water versus oil. When selecting an interior finish, try choosing a water-based enamel instead of an oil-based gloss paint. Water-based gloss enamels have less odor than conventional oil-based paints. They are much easier to clean up after, and they wear better over time.
• Don't purchase low-quality paint. High-quality paint performs better for a longer period of time. It's less prone to yellow as it ages, goes on smoother, and won't leave brush marks. It is also easier to wash and dirt resistant.
• Purchase test quarts to review your color and finish selections at home. Paint a piece of scrap material such as cardboard, or even a portion of your wall, to study the effects of various light conditions.
Thursday, August 26, 2010
Real Estate Auction
I've already heard about Real Estate Auctions but had never been to one. That all changed on Tuesday!! One of my co-workers got asked to help write-up and read over contracts at a REDC Real Estate Auction that was going to be in Kansas City. They needed additional Realtors so I signed up. Not only was it a great experience, they paid us! :)
There were about 40+ homes that were being auctioned off mostly in the Kansas City area. REDC is a national company that travels from city to city auctioning off bank owned properties (mainly Fannie Mae). I'd like sometime to sit in the main room and see the properties and the actual auction process. I did get to take a quick peak at the begining while we were waiting for buyers to come into the back and sign contracts. Since there were about 10 of us and a little more than half of the properties sold, I only ended up writing up two contracts. REDC had this process completely streamlined and we did not even get the buyer until their financing (or bank statement since many of these were cash only) was approved. Once the buyers got to our tables, we filled out the contract and had them sign/inital where needed. There was no going over the contract - it was available online ahead of time - which definitely sped up the contract writing process a lot.
It was crazy how cheap some of these homes were being auctioned for! Many of the properties had been previously listed and the bank had refused higher offers! Of course all contracts we wrote as still subject to bank approval but the first buyer I helped may have saved an additional $10,000 from his highest dollar he would have offered the bank previously!
It was a great experience and I'm glad I got to be a part of it. I would definitely help out again (but bring things to do and have a fully charged cell phone since there was a lot of down time!) and hope to maybe help a client purchase cheap property to rehab!!
There were about 40+ homes that were being auctioned off mostly in the Kansas City area. REDC is a national company that travels from city to city auctioning off bank owned properties (mainly Fannie Mae). I'd like sometime to sit in the main room and see the properties and the actual auction process. I did get to take a quick peak at the begining while we were waiting for buyers to come into the back and sign contracts. Since there were about 10 of us and a little more than half of the properties sold, I only ended up writing up two contracts. REDC had this process completely streamlined and we did not even get the buyer until their financing (or bank statement since many of these were cash only) was approved. Once the buyers got to our tables, we filled out the contract and had them sign/inital where needed. There was no going over the contract - it was available online ahead of time - which definitely sped up the contract writing process a lot.
It was crazy how cheap some of these homes were being auctioned for! Many of the properties had been previously listed and the bank had refused higher offers! Of course all contracts we wrote as still subject to bank approval but the first buyer I helped may have saved an additional $10,000 from his highest dollar he would have offered the bank previously!
It was a great experience and I'm glad I got to be a part of it. I would definitely help out again (but bring things to do and have a fully charged cell phone since there was a lot of down time!) and hope to maybe help a client purchase cheap property to rehab!!
Tuesday, August 24, 2010
As many of you know, I LOVE social media! That includes facebook & twitter among others. I have a lot of my accounts "streamlined" so that I'm not retyping the same thing in a bunch of places. A few people see things double, but I have different friends/followers on facebook & twitter so it's worth it. Some days I'm not as good about catching up on my twitter feed as other days. I currently use tweetdeck to rtack my accounts (yes, I said accounts! I tweet for myself, 1154 Lill Kansas City and my office. I have heard good things about hootsuite but had issues last week setting it up so I'll have to try again. For now, I'm happy with tweetdeck.
Here is an article I got from Lowe's (again, one of my favorite emails of the day!!). It gives you another way to track your favorite tweets! There ARE companies out there that send deals via twitter!!
4 Twitter Tips that Will Keep You Texting
By Stephanie Andre
RISMEDIA, August 24, 2010—As a real estate professional, you’re on the go all the time. As such, things like SMS text messaging have probably become second nature to you. So why not use this same technology to keep up with Twitter too.
Here are four texting tips from Twitter on how to maximize its technology and your use of SMS:
Fast Follow. Anyone in the U.S. can receive Tweets on their phone even if they haven’t signed up for Twitter. This is a simple way for people to get information they care about in real-time. For example, let’s say you want to get Tweets from New York City’s office of emergency management (@NotifyNYC). Just text ‘follow NotifyNYC’ to 40404 in the US.
Try it out the next time you see a Twitter @username at a restaurant or store, on a billboard or on TV, or if you hear one mentioned on the radio. If you want to appear in a user’s followers list or start to get followers, you’ll need to create a Twitter account. You can SMS by texting ‘signup’ to Twitter at 40404.
Fast Following without creating an account is currently available only in the U.S., but we're working with carriers to bring it to other countries.
Set SMS alerts: From your computer, wherever you see a user on Twitter.com, you can hover over their name or avatar, and click on the phone icon that appears in the hovercard. Whenever they tweet, you'll get it as an SMS message on your phone.
It's just as easy to set alerts from your phone. Send ‘on [username]’ or ‘off [username]’ to 40404 in the U.S.
Tell Twitter to be quiet. Turn text messages on or off by sending ‘on’ or ‘off’ to Twitter. You can also go to our settings page if you want to turn off text message updates during a certain time period.
Keep up with the latest Tweet. If you text 'Get [username]’, that user’s most recent Tweet will be sent to your phone, even if you don’t follow them. There are a bunch of other fun commands you can use with Twitter on your phone.
Here is an article I got from Lowe's (again, one of my favorite emails of the day!!). It gives you another way to track your favorite tweets! There ARE companies out there that send deals via twitter!!
4 Twitter Tips that Will Keep You Texting
By Stephanie Andre
RISMEDIA, August 24, 2010—As a real estate professional, you’re on the go all the time. As such, things like SMS text messaging have probably become second nature to you. So why not use this same technology to keep up with Twitter too.
Here are four texting tips from Twitter on how to maximize its technology and your use of SMS:
Fast Follow. Anyone in the U.S. can receive Tweets on their phone even if they haven’t signed up for Twitter. This is a simple way for people to get information they care about in real-time. For example, let’s say you want to get Tweets from New York City’s office of emergency management (@NotifyNYC). Just text ‘follow NotifyNYC’ to 40404 in the US.
Try it out the next time you see a Twitter @username at a restaurant or store, on a billboard or on TV, or if you hear one mentioned on the radio. If you want to appear in a user’s followers list or start to get followers, you’ll need to create a Twitter account. You can SMS by texting ‘signup’ to Twitter at 40404.
Fast Following without creating an account is currently available only in the U.S., but we're working with carriers to bring it to other countries.
Set SMS alerts: From your computer, wherever you see a user on Twitter.com, you can hover over their name or avatar, and click on the phone icon that appears in the hovercard. Whenever they tweet, you'll get it as an SMS message on your phone.
It's just as easy to set alerts from your phone. Send ‘on [username]’ or ‘off [username]’ to 40404 in the U.S.
Tell Twitter to be quiet. Turn text messages on or off by sending ‘on’ or ‘off’ to Twitter. You can also go to our settings page if you want to turn off text message updates during a certain time period.
Keep up with the latest Tweet. If you text 'Get [username]’, that user’s most recent Tweet will be sent to your phone, even if you don’t follow them. There are a bunch of other fun commands you can use with Twitter on your phone.
Monday, August 23, 2010
Tips for Selling Your Home
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.
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.
Monday, August 9, 2010
FHA Launches Short Refi Opportunity for Underwater Homeowners
Have I mentioned lately how much great information I get from the Lowe's Daily Real Estate News?? This could be GREAT for home owners!!!
FHA Launches Short Refi Opportunity for Underwater Homeowners
RISMEDIA, August 9, 2010--In an effort to help responsible homeowners who owe more on their mortgage than the value of their property, the U.S. Department of Housing and Urban Development provided details on the adjustment to its refinance program which was announced earlier this year that will enable lenders to provide additional refinancing options to homeowners who owe more than their home is worth. Starting September 7, 2010, the Federal Housing Administration (FHA) will offer certain ‘underwater’ non-FHA borrowers who are current on their existing mortgage and whose lenders agree to write off at least ten percent of the unpaid principal balance of the first mortgage, the opportunity to qualify for a new FHA-insured mortgage.
The FHA Short Refinance option is targeted to help people who owe more on their mortgage than their home is worth – or ‘underwater’ – because their local markets saw large declines in home values. Originally announced in March, these changes and other programs that have been put in place will help the Administration meet its goal of stabilizing housing markets by offering a second chance to up to 3 to 4 million struggling homeowners through the end of 2012.
“We’re throwing a life line out to those families who are current on their mortgage and are experiencing financial hardships because property values in their community have declined,” said FHA Commissioner David H. Stevens. “This is another tool to help overcome the negative equity problem facing many responsible homeowners who are looking to refinance into a safer, more secure mortgage product.”
FHA published a mortgagee letter to provide guidance to lenders on how to implement this new enhancement. Participation in FHA’s refinance program is voluntary and requires the consent of all lien holders. To be eligible for a new loan, the homeowner must owe more on their mortgage than their home is worth and be current on their existing mortgage. The homeowner must qualify for the new loan under standard FHA underwriting requirements and have a credit score equal to or greater than 500. The property must be the homeowner’s primary residence. And the borrower’s existing first lien holder must agree to write off at least 10% of their unpaid principal balance, bringing that borrower’s combined loan-to-value ratio to no greater than 115%.
In addition, the existing loan to be refinanced must not be an FHA-insured loan, and the refinanced FHA-insured first mortgage must have a loan-to-value ratio of no more than 97.75 percent. Interested homeowners should contact their lenders to determine if they are eligible and whether the lender agrees the write down a portion of the unpaid principal.
To facilitate the refinancing of new FHA-insured loans under this program, the U.S. Department of Treasury will provide incentives to existing second lien holders who agree to full or partial extinguishment of the liens. To be eligible, servicers must execute a Servicer Participation Agreement (SPA) with Fannie Mae, in its capacity as financial agent for the United States, on or before October 3, 2010.
FHA Launches Short Refi Opportunity for Underwater Homeowners
RISMEDIA, August 9, 2010--In an effort to help responsible homeowners who owe more on their mortgage than the value of their property, the U.S. Department of Housing and Urban Development provided details on the adjustment to its refinance program which was announced earlier this year that will enable lenders to provide additional refinancing options to homeowners who owe more than their home is worth. Starting September 7, 2010, the Federal Housing Administration (FHA) will offer certain ‘underwater’ non-FHA borrowers who are current on their existing mortgage and whose lenders agree to write off at least ten percent of the unpaid principal balance of the first mortgage, the opportunity to qualify for a new FHA-insured mortgage.
The FHA Short Refinance option is targeted to help people who owe more on their mortgage than their home is worth – or ‘underwater’ – because their local markets saw large declines in home values. Originally announced in March, these changes and other programs that have been put in place will help the Administration meet its goal of stabilizing housing markets by offering a second chance to up to 3 to 4 million struggling homeowners through the end of 2012.
“We’re throwing a life line out to those families who are current on their mortgage and are experiencing financial hardships because property values in their community have declined,” said FHA Commissioner David H. Stevens. “This is another tool to help overcome the negative equity problem facing many responsible homeowners who are looking to refinance into a safer, more secure mortgage product.”
FHA published a mortgagee letter to provide guidance to lenders on how to implement this new enhancement. Participation in FHA’s refinance program is voluntary and requires the consent of all lien holders. To be eligible for a new loan, the homeowner must owe more on their mortgage than their home is worth and be current on their existing mortgage. The homeowner must qualify for the new loan under standard FHA underwriting requirements and have a credit score equal to or greater than 500. The property must be the homeowner’s primary residence. And the borrower’s existing first lien holder must agree to write off at least 10% of their unpaid principal balance, bringing that borrower’s combined loan-to-value ratio to no greater than 115%.
In addition, the existing loan to be refinanced must not be an FHA-insured loan, and the refinanced FHA-insured first mortgage must have a loan-to-value ratio of no more than 97.75 percent. Interested homeowners should contact their lenders to determine if they are eligible and whether the lender agrees the write down a portion of the unpaid principal.
To facilitate the refinancing of new FHA-insured loans under this program, the U.S. Department of Treasury will provide incentives to existing second lien holders who agree to full or partial extinguishment of the liens. To be eligible, servicers must execute a Servicer Participation Agreement (SPA) with Fannie Mae, in its capacity as financial agent for the United States, on or before October 3, 2010.
2010 Susan G. Komen Race for the Cure
Yesterday was the Kansas City Susan G. Komen Race for the Cure! What an amazing event!! Thousands of Kansas Citians (and I'm sure a few out-of-towners) come out for this great event to benefit Breast Cancer Awareness.
For the second year in a row, I helped out on the teams committee. It's not a big time comitment, but it does make me feel good to help in some way. My friend Miranda decided to join Carolyn, Paula, Alana (and her girls) and I this year. I'm so glad she joined. She recently lost a good friend to Breast Cancer. I am lucky to say that my grandma is a SURVIVOR along with a few other people I know.
I can't wait for next years event!
Friday, August 6, 2010
It's still a great time for first-time buyers!
Marketing Homes to First-Time Buyers - Show Them What's Important
By Paige Tepping
RISMEDIA, August 6, 2010--In spite of all the frenzy over selling to first-time buyers this past year, many are still hesitating. While some first-timers aren’t ready to own a home, others would be wise to invest now.
Many first-time buyers want to own a home and can afford to own a home, but they're worried that the market is going to continue to decline and the home won't be worth what they paid for it. However, short-term future value should not matter if the other circumstances are right.
Here are some points from Marte Cliff, a copywriter who specializes in writing for real estate and related industries, that you can use when talking with first-time buyers or when writing prospecting letters.
-First-time buyers aren't investors. They're buying to own a home for themselves to live in and enjoy. If the home falls in market value a little, so what? They aren't planning to sell.
-Money paid for rent buys a house for someone else to own.
-Rents do rise with supply and demand.
-Homes in most areas are now so inexpensive that first-time buyers may be able to make their payments and set aside a few dollars for maintenance for less than their current rent.
-Interest rates are still low, making inexpensive homes even more affordable.
-With interest rates so low, a few extra dollars per month on a 30-year mortgage could mean a first-time buyer could own the house free and clear within 15-20 years.
-Hesitation could cost big dollars. Just a 1% rise in interest rates will add several hundred dollars per year to even a moderately-priced home. And interest rates are expected to rise.
-This tide will turn, and homes will begin appreciating in value. That trend has already begun in some markets and will begin in others as the foreclosures and short sales are sold.
-Over time, first-time buyers will be earning more while their house payment will remain stable.
Once a first-time buyer has determined that they are ready to take on the responsibility of homeownership, their primary concerns should be:
-Their desire to remain in the home for several years.
-Their ability to make the payments and take care of maintenance without having to give up everything else they now enjoy.
By Paige Tepping
RISMEDIA, August 6, 2010--In spite of all the frenzy over selling to first-time buyers this past year, many are still hesitating. While some first-timers aren’t ready to own a home, others would be wise to invest now.
Many first-time buyers want to own a home and can afford to own a home, but they're worried that the market is going to continue to decline and the home won't be worth what they paid for it. However, short-term future value should not matter if the other circumstances are right.
Here are some points from Marte Cliff, a copywriter who specializes in writing for real estate and related industries, that you can use when talking with first-time buyers or when writing prospecting letters.
-First-time buyers aren't investors. They're buying to own a home for themselves to live in and enjoy. If the home falls in market value a little, so what? They aren't planning to sell.
-Money paid for rent buys a house for someone else to own.
-Rents do rise with supply and demand.
-Homes in most areas are now so inexpensive that first-time buyers may be able to make their payments and set aside a few dollars for maintenance for less than their current rent.
-Interest rates are still low, making inexpensive homes even more affordable.
-With interest rates so low, a few extra dollars per month on a 30-year mortgage could mean a first-time buyer could own the house free and clear within 15-20 years.
-Hesitation could cost big dollars. Just a 1% rise in interest rates will add several hundred dollars per year to even a moderately-priced home. And interest rates are expected to rise.
-This tide will turn, and homes will begin appreciating in value. That trend has already begun in some markets and will begin in others as the foreclosures and short sales are sold.
-Over time, first-time buyers will be earning more while their house payment will remain stable.
Once a first-time buyer has determined that they are ready to take on the responsibility of homeownership, their primary concerns should be:
-Their desire to remain in the home for several years.
-Their ability to make the payments and take care of maintenance without having to give up everything else they now enjoy.
Wednesday, August 4, 2010
Keeping Your Home Cooler
6 Tips to Keeping Your Home Cooler
By Stephanie Andre
RISMEDIA, August 3, 2010--Wow, it's hot outside! The summer's in full swing with no signs of cooling. And while you may be tempted to crank up the A/C, remember - you won't be nearly as excited to see that electric bill next month.
To save some money -- and, don't forget, energy! -- here are six tips that might just help.
1.Avoid heat build-up in your home – The best way to keep your home cool is to keep the heat out. This can be done by closing the drapes on windows facing the sun (east-facing windows in the morning and west-facing windows in the afternoon). You should also try to avoid heat-generating activities, such as cooking, on hot days or during the hottest part of the day. If you are cooking, use your range fan to vent the hot air out of your house. By reducing the amount of heat in your home, you will have to use less energy to cool it.
2.Use ventilation and circulation to cool your home – Instead of automatically turning on the air conditioner on hot days, try cooling your home with window and ceiling fans. Circulating air can make your home feel cool and comfortable in a much more efficient way than air conditioning. There is also the option of a whole house fan (a large ventilating fan installed in you attic that expels hot air out of your home) which can circulate air throughout your entire home.
3.Keep air conditioning efficient and to a minimum – When you do have to use air conditioning, there are ways to make it more efficient. First of all, turn up the temperature setting on your air conditioner by a couple of degrees. Most people keep the temperature setting lower than it needs to be, hence using more energy than is needed to keep your home cool. It is recommended that you keep the temperature at about 25° C (77° F). Also, remember to turn off your air conditioner once your home has reached a comfortable temperature. By coupling minimum air conditioning with reducing the amount of heat entering your home, you can keep it cool without using excess energy. It isn’t recommended that you leave your air conditioner on when you leave your house, but if you’re going to do so, turn the temperature setting up a few more degrees while you’re gone to about 28° C (82° F). Also, remember to turn off your air conditioner if you’re going to be away from your home for more than a day. It is also important to make sure your cooling vents aren’t blocked so that the energy being used is going towards actually cooling your home and not being wasted. Furthermore, keep rooms that don't need cooling, such as closets, closed off when you're air conditioning.
4.Make sure your home isn’t losing cool air – By weather-stripping and caulking around windows, doors and electrical outlets on outer walls, you can prevent losing cool air from your home and prevent hot air from getting in. Improve your home’s insulation on outer walls, again to keep cool air in, and hot air out. You should also consider installing storm doors for the same reasons if your home doesn’t already have them. If you have a fireplace, keep the flue closed. These provide an extra barrier against the escape of cool air. All of these options will make cooling your home more efficient and will save you money on your energy bill.
5.Select energy-efficient cooling systems – If you’re in the market for a new cooling system, there are many new technologies that are much more efficient than older versions. As with other appliances, you should look for the Energy Star logo and compare the amount of electricity each uses.
6.Use the coolest parts of your home – On hot days, parts of your house will naturally stay cooler than others. For example, if you have a basement it will remain cool even during the hottest part of the day (this is because the cool air in your home will sink down to your basement). One way you can reduce the amount of energy used to cool your home is to do more in cooler areas of your home. This way, you won't have to use energy to stay cool.
By Stephanie Andre
RISMEDIA, August 3, 2010--Wow, it's hot outside! The summer's in full swing with no signs of cooling. And while you may be tempted to crank up the A/C, remember - you won't be nearly as excited to see that electric bill next month.
To save some money -- and, don't forget, energy! -- here are six tips that might just help.
1.Avoid heat build-up in your home – The best way to keep your home cool is to keep the heat out. This can be done by closing the drapes on windows facing the sun (east-facing windows in the morning and west-facing windows in the afternoon). You should also try to avoid heat-generating activities, such as cooking, on hot days or during the hottest part of the day. If you are cooking, use your range fan to vent the hot air out of your house. By reducing the amount of heat in your home, you will have to use less energy to cool it.
2.Use ventilation and circulation to cool your home – Instead of automatically turning on the air conditioner on hot days, try cooling your home with window and ceiling fans. Circulating air can make your home feel cool and comfortable in a much more efficient way than air conditioning. There is also the option of a whole house fan (a large ventilating fan installed in you attic that expels hot air out of your home) which can circulate air throughout your entire home.
3.Keep air conditioning efficient and to a minimum – When you do have to use air conditioning, there are ways to make it more efficient. First of all, turn up the temperature setting on your air conditioner by a couple of degrees. Most people keep the temperature setting lower than it needs to be, hence using more energy than is needed to keep your home cool. It is recommended that you keep the temperature at about 25° C (77° F). Also, remember to turn off your air conditioner once your home has reached a comfortable temperature. By coupling minimum air conditioning with reducing the amount of heat entering your home, you can keep it cool without using excess energy. It isn’t recommended that you leave your air conditioner on when you leave your house, but if you’re going to do so, turn the temperature setting up a few more degrees while you’re gone to about 28° C (82° F). Also, remember to turn off your air conditioner if you’re going to be away from your home for more than a day. It is also important to make sure your cooling vents aren’t blocked so that the energy being used is going towards actually cooling your home and not being wasted. Furthermore, keep rooms that don't need cooling, such as closets, closed off when you're air conditioning.
4.Make sure your home isn’t losing cool air – By weather-stripping and caulking around windows, doors and electrical outlets on outer walls, you can prevent losing cool air from your home and prevent hot air from getting in. Improve your home’s insulation on outer walls, again to keep cool air in, and hot air out. You should also consider installing storm doors for the same reasons if your home doesn’t already have them. If you have a fireplace, keep the flue closed. These provide an extra barrier against the escape of cool air. All of these options will make cooling your home more efficient and will save you money on your energy bill.
5.Select energy-efficient cooling systems – If you’re in the market for a new cooling system, there are many new technologies that are much more efficient than older versions. As with other appliances, you should look for the Energy Star logo and compare the amount of electricity each uses.
6.Use the coolest parts of your home – On hot days, parts of your house will naturally stay cooler than others. For example, if you have a basement it will remain cool even during the hottest part of the day (this is because the cool air in your home will sink down to your basement). One way you can reduce the amount of energy used to cool your home is to do more in cooler areas of your home. This way, you won't have to use energy to stay cool.
Tuesday, August 3, 2010
Keep Close Tabs on Your Credit Score
For Your Clients: Keep Close Tabs on Your Credit Score
By Dan Serra
RISMEDIA, August 3, 2010--(MCT)--With banks tightening their grip on loans, getting one is requiring more work and vigilance on the borrower's part. Even people with excellent credit are jumping through hoops to verify everything and avoiding nicks that could give the appearance of being a risky borrower. There are a few strategies to employ that could improve the chances of not only getting a loan but getting a better rate.
One of the obvious ones, beyond paying bills on time, is to not be overextended on credit. Lenders look at how credit is managed, so someone with $10,000 credit limit but owes $9,000 won't appear as good a borrower as someone who owes only $1,000 of the $10,000 limit. Therefore, it is important to pay down credit before applying for a loan. This can help raise your credit score and get a better rate.
When you do pay down the debt, such as on a credit card, keep the account open to show lenders you have a long credit history and you are responsible by not maxing out every loan you get. Be wary, however, of some creditors who have started reducing credit limits as amounts are paid off. You may need to ask for the limit to be raised, or switch to a new credit card.
Next, verify your credit score every year, or right before you apply for a large loan such as a mortgage, to make sure there is nothing on the report that is inaccurate. While other credit report requests could harm your score, because it indicates you are looking for help often, requesting your own report does no damage to your record. There are three credit bureaus that maintain reports. Request them all through www.annualcreditreport.com. Reports are free once a year. Nearly eight in 10 reports have an error, according to the U.S. Public Interest Research Groups. Be wary of firms that offer free credit reports only after you sign up for another service with a monthly fee.
If you do see a mistake, follow the instructions to dispute the charge. If the mistake was caused by a certain circumstance you feel was not common, also dispute it.
The importance of good credit in our changing economy cannot be overemphasized. Those neglecting their credit are positioning themselves to be shut out of the economy, and at risk of not having a lifeline when times are tough. In addition, those with poor credit also face higher expenses as interest rates, insurance premiums, and rental rates can be higher for those without excellent credit, not to mention employers may shun applicants that do not demonstrate responsible money management.
Make it a point to audit your credit at least once a year and make managing it a priority in your life. Doing so will eliminate chances of financial disasters.
(c) 2010, McClatchy-Tribune Information Services.
By Dan Serra
RISMEDIA, August 3, 2010--(MCT)--With banks tightening their grip on loans, getting one is requiring more work and vigilance on the borrower's part. Even people with excellent credit are jumping through hoops to verify everything and avoiding nicks that could give the appearance of being a risky borrower. There are a few strategies to employ that could improve the chances of not only getting a loan but getting a better rate.
One of the obvious ones, beyond paying bills on time, is to not be overextended on credit. Lenders look at how credit is managed, so someone with $10,000 credit limit but owes $9,000 won't appear as good a borrower as someone who owes only $1,000 of the $10,000 limit. Therefore, it is important to pay down credit before applying for a loan. This can help raise your credit score and get a better rate.
When you do pay down the debt, such as on a credit card, keep the account open to show lenders you have a long credit history and you are responsible by not maxing out every loan you get. Be wary, however, of some creditors who have started reducing credit limits as amounts are paid off. You may need to ask for the limit to be raised, or switch to a new credit card.
Next, verify your credit score every year, or right before you apply for a large loan such as a mortgage, to make sure there is nothing on the report that is inaccurate. While other credit report requests could harm your score, because it indicates you are looking for help often, requesting your own report does no damage to your record. There are three credit bureaus that maintain reports. Request them all through www.annualcreditreport.com. Reports are free once a year. Nearly eight in 10 reports have an error, according to the U.S. Public Interest Research Groups. Be wary of firms that offer free credit reports only after you sign up for another service with a monthly fee.
If you do see a mistake, follow the instructions to dispute the charge. If the mistake was caused by a certain circumstance you feel was not common, also dispute it.
The importance of good credit in our changing economy cannot be overemphasized. Those neglecting their credit are positioning themselves to be shut out of the economy, and at risk of not having a lifeline when times are tough. In addition, those with poor credit also face higher expenses as interest rates, insurance premiums, and rental rates can be higher for those without excellent credit, not to mention employers may shun applicants that do not demonstrate responsible money management.
Make it a point to audit your credit at least once a year and make managing it a priority in your life. Doing so will eliminate chances of financial disasters.
(c) 2010, McClatchy-Tribune Information Services.
Saturday, July 31, 2010
Five Smart Reasons to Buy a Home Now
For Your Clients: Five Smart Reasons to Buy a Home Now
RISMEDIA, July 30, 2010--The economy is stabilizing. Home prices are holding. It's not just as good a time as ever to buy a house. It's one of the best times ever.
ForSaleByOwner.com presents five overlooked reasons why now is a great time to buy a house.
1. Low mortgage rates serve as an equity shock absorber. When buyers borrow at today's record-low rates, they start building equity as soon as they close. That means they have a little give to absorb a few ups and downs as the still-recovering housing market gains traction.
2. Houses are in move-in condition. Homeowners have continued to spend on maintenance and repair, according to the Harvard Joint Center on Housing. Homeowners who have been holding back kept their houses in good shape while they waited. As those houses enter the market, they are in marked contrast to tattered foreclosures.
3. Terrific houses are coming on the market. Foreclosures are finally starting to clear the system – and this is just the opportunity that owners of many desirable properties have been waiting for.
4. Appraisal regulations are finally aligned with market realities. Fannie Mae has adjusted its appraisal guidelines...again. Now that appraisers have more flexibility to set values that reflect the current market, today's deals will make it over the finish line.
5. Plenty of programs. Homes are more affordable than they have been for years, but communities have stuck by "workforce housing" programs that encourage middle-class families to buy houses. Buyers who qualify can get a big boost by combining one of these programs with today's low mortgage rates.
RISMEDIA, July 30, 2010--The economy is stabilizing. Home prices are holding. It's not just as good a time as ever to buy a house. It's one of the best times ever.
ForSaleByOwner.com presents five overlooked reasons why now is a great time to buy a house.
1. Low mortgage rates serve as an equity shock absorber. When buyers borrow at today's record-low rates, they start building equity as soon as they close. That means they have a little give to absorb a few ups and downs as the still-recovering housing market gains traction.
2. Houses are in move-in condition. Homeowners have continued to spend on maintenance and repair, according to the Harvard Joint Center on Housing. Homeowners who have been holding back kept their houses in good shape while they waited. As those houses enter the market, they are in marked contrast to tattered foreclosures.
3. Terrific houses are coming on the market. Foreclosures are finally starting to clear the system – and this is just the opportunity that owners of many desirable properties have been waiting for.
4. Appraisal regulations are finally aligned with market realities. Fannie Mae has adjusted its appraisal guidelines...again. Now that appraisers have more flexibility to set values that reflect the current market, today's deals will make it over the finish line.
5. Plenty of programs. Homes are more affordable than they have been for years, but communities have stuck by "workforce housing" programs that encourage middle-class families to buy houses. Buyers who qualify can get a big boost by combining one of these programs with today's low mortgage rates.
Tuesday, July 20, 2010
Getting Ready for Your Home Appraisal
Great information on appraisals. I know I had some issues earlier this year with one!
For Your Clients: Getting Ready for Your Home Appraisal
By Paige Tepping
RISMEDIA, July 16, 2010--Home appraisals are a necessary step in the process of selling or refinancing your home. While many homes today aren’t worth as much as they were when they were bought, it is crucial for homeowners to be realistic when it comes to getting their home appraised.
If you are in the process of getting your home ready to be put on the market or interested in refinancing, the experts at Equity Mortgage Lending offer the following things to keep in mind as you prepare for your home appraisal.
•The appraiser will need approximately 30 minutes to one hour to complete the inspection phase of the appraisal process, which includes: exterior photos of the front and rear of the home and a photo of the street in front of the property; measurements of the exterior of the home, garage and any outbuildings; a walk-through inspection of all rooms and levels of the interior of the home including the basement.
•Get organized. Put together a checklist that will help you get ready for your appraisal and get the results you're looking for.
•Be flexible when scheduling the appointment.
•Have a copy of your home’s blueprint to help verify measurements and lot size.
•Provide a list of improvements made to the property since the purchase. Improvements that should be noted include adding a pool, patio, updating your kitchen or bathroom and any room additions, etc.
•Allow your appraiser access to the entire property, including access to any crawl space or attic areas.
•Keep in mind that a clean home makes a good impression. Be sure to trim the lawn, clean the pool and garage, repair cracked windows or torn screens, check for leaky faucets and secure gutters and down spouts before your appraisal.
•Point out any amenities that may not be obvious to the appraiser: sprinkler systems, patios, pools, security systems, built in vacuum, etc.
•Provide a copy of last year's tax assessment information.
•Know what year the house was built and when improvements were made.
•The first thing appraisers look for is comparables, so be prepared and have a list of recent sales of similar properties in the immediate neighborhood.
For Your Clients: Getting Ready for Your Home Appraisal
By Paige Tepping
RISMEDIA, July 16, 2010--Home appraisals are a necessary step in the process of selling or refinancing your home. While many homes today aren’t worth as much as they were when they were bought, it is crucial for homeowners to be realistic when it comes to getting their home appraised.
If you are in the process of getting your home ready to be put on the market or interested in refinancing, the experts at Equity Mortgage Lending offer the following things to keep in mind as you prepare for your home appraisal.
•The appraiser will need approximately 30 minutes to one hour to complete the inspection phase of the appraisal process, which includes: exterior photos of the front and rear of the home and a photo of the street in front of the property; measurements of the exterior of the home, garage and any outbuildings; a walk-through inspection of all rooms and levels of the interior of the home including the basement.
•Get organized. Put together a checklist that will help you get ready for your appraisal and get the results you're looking for.
•Be flexible when scheduling the appointment.
•Have a copy of your home’s blueprint to help verify measurements and lot size.
•Provide a list of improvements made to the property since the purchase. Improvements that should be noted include adding a pool, patio, updating your kitchen or bathroom and any room additions, etc.
•Allow your appraiser access to the entire property, including access to any crawl space or attic areas.
•Keep in mind that a clean home makes a good impression. Be sure to trim the lawn, clean the pool and garage, repair cracked windows or torn screens, check for leaky faucets and secure gutters and down spouts before your appraisal.
•Point out any amenities that may not be obvious to the appraiser: sprinkler systems, patios, pools, security systems, built in vacuum, etc.
•Provide a copy of last year's tax assessment information.
•Know what year the house was built and when improvements were made.
•The first thing appraisers look for is comparables, so be prepared and have a list of recent sales of similar properties in the immediate neighborhood.
Eight Ways To Get More Out of Your Day
Here are some GREAT ways to get more out of your day. I LOVE the "don't reinvent the wheel" one and always say (and try to follow) that one! I think in this day and age, we should use each other as resources and NOT competition. I also did #1 just last week! I had a past client who is wanting/needing to sell and it's going to end up being a short sale. I'm not as knowledgeable about short sales, but there is an agent in my office who is. I sent the referral to her and I feel happy knowing my client is going to get the BEST service possible!!
Eight Ways To Get More Out of Your Day
By Lisa Kanarek
RISMEDIA, July 17, 2010--As a business professional, you undoubtedly wear many hats—from that of juggler (of yours and others' projects) to firefighter, putting out the fires (crises) you face each day. Ideally you should be able to walk into your office each morning, cross everything off your to-do list and go home with a sense of accomplishment. In reality, that's not always possible. Your day is filled with tasks and interruptions that devour your time, talents and energy. There are several ways to make each minute count, starting with these tips.
1. Before you agree to handle a task from a client, make sure that you're the most qualified person to handle it. If a client wants to hire you for something outside of your field of knowledge, rather than jeopardize your reputation, recommend someone else who could handle the task better. Don't be surprised if several months later, the same client calls you again to utilize your expertise.
2. Throughout the day, ask yourself if what you are doing is the best use of your time. You may not be working on an activity you enjoy, yet if it is a top priority, continue doing it.
3. Don't assume; ask questions. When a client asks you to do something, don't do it automatically. Ask questions to ensure that you understand what your client wants and in what form. If you complete a task then realize that it wasn't what your client had in mind, you'll waste more time and energy redoing your work. Get a clear understanding of the request, then start to work on it.
4. Don't reinvent the wheel. If your client asks you to do something that you or someone else has done previously, let him or her know. Your client may have forgotten that the same project was completed the year before. There is no sense in replicating something that has been done already.
5. Get off the phone as soon as possible. When a caller keeps you on the phone longer than necessary, gently prompt him to end the call. You could tell them that you have another call, that you are on a tight deadline or, if they have requested something, tell them that you want to get started on it immediately.
6. Make your environment conducive to working. This covers two areas: your actual work space and the area surrounding it. If your office is disorganized, you will waste time throughout the day searching for files, replacing lost information and "running in place." Take the time to clear your desk of any distractions, from magazines to knick-knacks, that could be placed on your credenza or shelf near your desk. If you only use an item on your desk every few months, move it to a space that is not in the main flow of your office.
7. In retail they say, "Location, location, location." The same is true in a home office. A desk located in a high-traffic area is as welcome as a marching band in a library. If your desk is in the kitchen, you will soon notice a few of your office supplies missing. If possible, move to a new location that is away from the flow of traffic but not so far away that you feel isolated.
8. Stay focused on the activity at hand. When you're tired of working on something, move on to something else, but avoid jumping from project to project.
Home office expert Lisa Kanarek is the founder of HomeOfficeLife.com and the author of Organizing Your Home Office For Success (Blakely Press) and 101 Home Office Success Secrets (Career Press).
Eight Ways To Get More Out of Your Day
By Lisa Kanarek
RISMEDIA, July 17, 2010--As a business professional, you undoubtedly wear many hats—from that of juggler (of yours and others' projects) to firefighter, putting out the fires (crises) you face each day. Ideally you should be able to walk into your office each morning, cross everything off your to-do list and go home with a sense of accomplishment. In reality, that's not always possible. Your day is filled with tasks and interruptions that devour your time, talents and energy. There are several ways to make each minute count, starting with these tips.
1. Before you agree to handle a task from a client, make sure that you're the most qualified person to handle it. If a client wants to hire you for something outside of your field of knowledge, rather than jeopardize your reputation, recommend someone else who could handle the task better. Don't be surprised if several months later, the same client calls you again to utilize your expertise.
2. Throughout the day, ask yourself if what you are doing is the best use of your time. You may not be working on an activity you enjoy, yet if it is a top priority, continue doing it.
3. Don't assume; ask questions. When a client asks you to do something, don't do it automatically. Ask questions to ensure that you understand what your client wants and in what form. If you complete a task then realize that it wasn't what your client had in mind, you'll waste more time and energy redoing your work. Get a clear understanding of the request, then start to work on it.
4. Don't reinvent the wheel. If your client asks you to do something that you or someone else has done previously, let him or her know. Your client may have forgotten that the same project was completed the year before. There is no sense in replicating something that has been done already.
5. Get off the phone as soon as possible. When a caller keeps you on the phone longer than necessary, gently prompt him to end the call. You could tell them that you have another call, that you are on a tight deadline or, if they have requested something, tell them that you want to get started on it immediately.
6. Make your environment conducive to working. This covers two areas: your actual work space and the area surrounding it. If your office is disorganized, you will waste time throughout the day searching for files, replacing lost information and "running in place." Take the time to clear your desk of any distractions, from magazines to knick-knacks, that could be placed on your credenza or shelf near your desk. If you only use an item on your desk every few months, move it to a space that is not in the main flow of your office.
7. In retail they say, "Location, location, location." The same is true in a home office. A desk located in a high-traffic area is as welcome as a marching band in a library. If your desk is in the kitchen, you will soon notice a few of your office supplies missing. If possible, move to a new location that is away from the flow of traffic but not so far away that you feel isolated.
8. Stay focused on the activity at hand. When you're tired of working on something, move on to something else, but avoid jumping from project to project.
Home office expert Lisa Kanarek is the founder of HomeOfficeLife.com and the author of Organizing Your Home Office For Success (Blakely Press) and 101 Home Office Success Secrets (Career Press).
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