A few years ago, home buyers were qualifying for mortgages who normally wouldn’t qualify for a mortgage. It was easy to get a mortgage because homes were flying off the market before they were even listed for sale. Lenders saw dollar signs, so they found a way to help buyers get a mortgage while throwing lending principles out of the window.
It’s a different story in today’s housing market. Qualifying for a mortgage is harder than it was a few years ago, but it’s not impossible. As a Member of the Top 5 in Real Estate Network®, I advise many clients on how they can qualify for a mortgage in today’s market. Here are some helpful tips:
1. Inspect all three of your credit reports. Pull your credit reports from Equifax, Experian and Transunion. Make sure that all of the information is accurate. If you find an account that doesn’t belong to you, submit the necessary form to all three credit reporting agencies to dispute the account.
2. Improve your FICO score. Unfortunately, mortgage lenders heavily weight your lending eligibility based on a score that doesn’t accurately measure your financial stability. The FICO score only measures your ability to repay a loan. Improve your score by paying down debt, paying all of your credit accounts on time, and keeping open accounts with a zero balance.
3. Save for a bigger down payment. Buying a house with a 10% or more down payment shows you are serious about becoming a homeowner. If you’re looking for a Federal Housing Administration loan, you’ll need at least a 3% down payment.
4. Increase your household income. That’s a tall order in today’s job market, but mortgage lenders want you bringing in enough money to realistically pay for the loan. Two-income families qualify easier than one-income families. Pick up a second job, become a two-income family, or start a home-based business.
5. Choose a realistic budget. The rule of thumb is a mortgage payment that is 25% of your monthly household income. Choose a price range that fits this criteria. If you make $4,000 a month, then choose a price range that gives you a mortgage payment of $1,250. The term “house poor” comes from people that spend the majority of their income on a mortgage payment.
6. Stick with one employer. Mortgage lenders like stability, especially in today’s market. If you can manage to stay with the same employer for more than two years, that will weigh in your favor.
7. Negotiate a price lower than the appraised value. If you negotiated a purchase price that is lower than the appraised value, you can consider it instant equity in the eyes of the mortgage lender. Follow the advice of your real estate agent on how to make the right offer.
Now is the time to buy, but lenders will no longer hand out loans to just anyone. Don’t let this discourage you. Take this time as an opportunity to fine tune your personal finances. For more information on how to qualify for a mortgage, please e-mail me. Also, please forward this email to any of your family or friends who might also be in the market for a mortgage.
Sincerely,
Maria A. Gomes
Maria Gomes
EXIT Exclusive Realty
Top 5 in Real Estate Member
MGomes76@hotmail.com
www.ExitExclusiveRealty.com
Thursday, September 24, 2009
Thursday, September 17, 2009
What You Need to Know About Buying an Urban Property
Whether it’s a waterfront condo or a downtown brownstone, multi-family dwellings like condos and lofts are gaining appeal for those considering downsizing, buying a second or vacation home, or desiring a shorter commute to work. As a Member of the Top 5 in Real Estate Network®, I am often asked for my advice on the best way to go about choosing and buying an urban home. Here are some great tips I’d like to share from Frontdoor.com:
1. Consider co-ops.
In many high-priced cities, like New York and Chicago, cooperatives (co-ops) are the easiest way to break into homeownership. About 80% of the housing stock in Manhattan, for example, is cooperatives (co-ops). Co-ops, however, all have different financial standards. It's important to be upfront with your real estate agent so they know what you're qualified to buy.
If you don't have the cash to make a 20 – 25% down payment, some co-ops will allow you to use gift money, while others will not.
Also, some co-ops require that you have a certain amount of cash reserves after the purchase—sometimes equal to the purchase price. Putting all your financial information on the table can help your agent find a co-op that's perfect for you.
2. Explore emerging neighborhoods.
You might be able to get a deal on an urban property in an up-and-coming area, but make sure the area is well on the upswing before you buy. An emerging neighborhood can take several years to redevelop. To make sure it's a good time to buy, investigate the area—see what stores, restaurants or cultural establishments have recently opened or are planning to open in the area. These are always good indicators of neighborhoods on the rise.
3. Investigate a potential building's financial condition.
When you buy a condo, loft or co-op, you're not just buying a property—you're also buying into the building or community. HOAs govern condo communities, collecting dues and maintaining the common areas. A board of directors takes care of these tasks in a cooperative.
Hire an attorney to research the association's financial stability and its rules before you sign on the dotted line. Your attorney should look at the corporation's yearly financial statements to see how much money it has on hand.
If a building doesn't have a large reserve, they can charge a special assessment fee to cover a big repair. These fees are typically announced fairly far in advance (a year or more is normal), so your attorney should also read the minutes of corporation meetings to see if any fees have been proposed.
You can also do some of your own investigating. Don't forget to find out about the surrounding buildings and their construction plans as well. You don't want to buy a home overlooking the water, then find out the week you move in that someone is building something taller that blocks your view.
4. Don't plan to buy a co-op as an investment property.
Multi-family homes can be great investment properties, but cooperatives (co-ops) have very restrictive rules about renting. While condos are typically much more lenient about rentals, be sure to check the property's covenants, conditions and restrictions (CC&Rs) to make sure you're allowed to lease it to a tenant.
For many, today’s marketplace represents a great opportunity to buy an urban dwelling that may have been out of reach in years past. If you would like more information on purchasing urban properties, please e-mail me—and please feel free to forward these tips to members of your social network who might also find it beneficial.
Sincerely,
Maria
Maria Gomes
EXIT Exclusive Realty
Top 5 in Real Estate Member
MGomes76@hotmail.com
www.ExitExclusiveRealty.com
1. Consider co-ops.
In many high-priced cities, like New York and Chicago, cooperatives (co-ops) are the easiest way to break into homeownership. About 80% of the housing stock in Manhattan, for example, is cooperatives (co-ops). Co-ops, however, all have different financial standards. It's important to be upfront with your real estate agent so they know what you're qualified to buy.
If you don't have the cash to make a 20 – 25% down payment, some co-ops will allow you to use gift money, while others will not.
Also, some co-ops require that you have a certain amount of cash reserves after the purchase—sometimes equal to the purchase price. Putting all your financial information on the table can help your agent find a co-op that's perfect for you.
2. Explore emerging neighborhoods.
You might be able to get a deal on an urban property in an up-and-coming area, but make sure the area is well on the upswing before you buy. An emerging neighborhood can take several years to redevelop. To make sure it's a good time to buy, investigate the area—see what stores, restaurants or cultural establishments have recently opened or are planning to open in the area. These are always good indicators of neighborhoods on the rise.
3. Investigate a potential building's financial condition.
When you buy a condo, loft or co-op, you're not just buying a property—you're also buying into the building or community. HOAs govern condo communities, collecting dues and maintaining the common areas. A board of directors takes care of these tasks in a cooperative.
Hire an attorney to research the association's financial stability and its rules before you sign on the dotted line. Your attorney should look at the corporation's yearly financial statements to see how much money it has on hand.
If a building doesn't have a large reserve, they can charge a special assessment fee to cover a big repair. These fees are typically announced fairly far in advance (a year or more is normal), so your attorney should also read the minutes of corporation meetings to see if any fees have been proposed.
You can also do some of your own investigating. Don't forget to find out about the surrounding buildings and their construction plans as well. You don't want to buy a home overlooking the water, then find out the week you move in that someone is building something taller that blocks your view.
4. Don't plan to buy a co-op as an investment property.
Multi-family homes can be great investment properties, but cooperatives (co-ops) have very restrictive rules about renting. While condos are typically much more lenient about rentals, be sure to check the property's covenants, conditions and restrictions (CC&Rs) to make sure you're allowed to lease it to a tenant.
For many, today’s marketplace represents a great opportunity to buy an urban dwelling that may have been out of reach in years past. If you would like more information on purchasing urban properties, please e-mail me—and please feel free to forward these tips to members of your social network who might also find it beneficial.
Sincerely,
Maria
Maria Gomes
EXIT Exclusive Realty
Top 5 in Real Estate Member
MGomes76@hotmail.com
www.ExitExclusiveRealty.com
Monday, September 14, 2009
Is a Reverse Mortgage a Good Idea? Top 5 Facts You Need to Know
If you or someone you know is over 62 and a homeowner, you have a unique opportunity to get significant, spendable value from your home, even if you still hold an existing mortgage.
Senior homeowners have spent years, often decades, building up equity in their homes. An increasingly common practice of homeowners over the age of 62 is to obtain a reverse mortgage (also known as a HECM, a home equity conversion mortgage), which gives qualified senior homeowners a proven solution to help fund their retirement needs. In addition, and importantly to most independent seniors, a reverse mortgage allows them to live in their home as long as they wish.
As a Member of the Top 5 in Real Estate Network, people often ask me if reverse mortgages are a good option to consider. For some, it can be, but before moving forward, it's important to fully understand how they work.
Here are five facts you need to know about reverse mortgages:
1. Reverse mortgage candidates must be at least 62 years of age, have significant equity in their property and be looking for a reverse mortgage on their primary residence only.
2. Anyone who intends to apply for a reverse mortgage is required by law to complete a 45-minute counseling session with a HUD (Housing and Urban Development) approved counselor.
3. The sum from a reverse mortgage can be paid to you in a couple of different ways: all at once in a single lump sum of cash; as a regular monthly loan advance; as a credit line that lets you decide how much cash to use and when to use it; or you may have the option to choose a combination of any of these payment plans.
4. The amount of cash you can get from your home's equity is determined by a number of factors including your age, your home's value and location, and current interest rates.
5. Reverse mortgages may have tax consequences, could affect eligibility for assistance under Federal and State programs, and may have an impact on the estate and heirs of the homeowner.
If you would like to look into a reverse mortgage for yourself, a friend or a loved one, please e-mail me and I can assess your particular situation to see if it is indeed a good option. Please also forward this article to anyone else you know who may benefit from a reverse mortgage.
Sincerely,
Maria
Maria Gomes
EXIT Exclusive Realty
Top 5 in Real Estate Member
MGomes76@hotmail.com
www.ExitExclusiveRealty.com
Senior homeowners have spent years, often decades, building up equity in their homes. An increasingly common practice of homeowners over the age of 62 is to obtain a reverse mortgage (also known as a HECM, a home equity conversion mortgage), which gives qualified senior homeowners a proven solution to help fund their retirement needs. In addition, and importantly to most independent seniors, a reverse mortgage allows them to live in their home as long as they wish.
As a Member of the Top 5 in Real Estate Network, people often ask me if reverse mortgages are a good option to consider. For some, it can be, but before moving forward, it's important to fully understand how they work.
Here are five facts you need to know about reverse mortgages:
1. Reverse mortgage candidates must be at least 62 years of age, have significant equity in their property and be looking for a reverse mortgage on their primary residence only.
2. Anyone who intends to apply for a reverse mortgage is required by law to complete a 45-minute counseling session with a HUD (Housing and Urban Development) approved counselor.
3. The sum from a reverse mortgage can be paid to you in a couple of different ways: all at once in a single lump sum of cash; as a regular monthly loan advance; as a credit line that lets you decide how much cash to use and when to use it; or you may have the option to choose a combination of any of these payment plans.
4. The amount of cash you can get from your home's equity is determined by a number of factors including your age, your home's value and location, and current interest rates.
5. Reverse mortgages may have tax consequences, could affect eligibility for assistance under Federal and State programs, and may have an impact on the estate and heirs of the homeowner.
If you would like to look into a reverse mortgage for yourself, a friend or a loved one, please e-mail me and I can assess your particular situation to see if it is indeed a good option. Please also forward this article to anyone else you know who may benefit from a reverse mortgage.
Sincerely,
Maria
Maria Gomes
EXIT Exclusive Realty
Top 5 in Real Estate Member
MGomes76@hotmail.com
www.ExitExclusiveRealty.com
Friday, September 4, 2009
Top 5 Tips for Securing a Loan Modification
Like many Americans, you or someone you know may be behind on your mortgage payments due to a number of possible financial troubles. You're not alone.
As a member of the Top 5 in Real Estate Network, I am often asked if lenders will work with homeowners to modify their mortgage loans. The answer is often yes, but it will take some effort. Here are five tips for working with your lender to expedite a loan modification from top producing broker and real estate consumer advocate Ralph Roberts of Ralph Roberts Realty in Michigan.
1. Come Clean
It can be tempting to bend the truth when you are trying to convince a lender to approve a loan modification. Some homeowners are embarrassed; others try to fudge the numbers. However, only by laying all your cards on the table and disclosing the truth can you begin to attend to the root cause of your financial hardship and then develop and implement solutions that put you back on the path to long-term financial health.
2. Understand Your Lender's Point of View
Regardless of howyou ended up in the situation you're in, blaming the lender or the mortgage broker or loan officer who placed you in your current mortgage does little good, unless you can prove your point in court. Usually, you have a better chance of resolving the problem by understanding your lender's point of view, even if you don't agree with it.
Know that for lenders, it all boils down to money. If you can show them that modifying your loan cost them less than a foreclosure would, and they believe you will honor the terms of the loan modification, they are likely to approve it. If not, then they are likely to reject it. Lenders need to protect their own interests and carefully screen out ineligible applicants, which can often make the process much more difficult and frustrating for homeowners who genuinely suffer financial hardship and need a loan modification.
3. Keep a Cool Head
Understandably, homeowners often become frustrated and angry when seeking assistance from their lender. Unfortunately, anger can result in the following:
- "Accidental" disconnects: The customer service rep you're speaking with may put you on hold permanently or hang up "accidentally."
- Lost files: Your file may get "lost" or "misplaced."
- Rejection: Your lender may decide that you are unreasonable and that foreclosing would be less costly overall.
- A bad offer: Your lender may offer a workout solution that is worse than what you would get had you been nice about it.
If you doubt your own ability to remain calm, cool, and collected during the entire process, consider hiring a professional to represent you.
4. Give Them What They Need
Prior to applying for a loan modification, call your lender or visit its website to obtain an application packet or a list of items you need to submit with your application. Find out exactly which forms you need to fill out and which documents your lender needs to process your application. Label everything clearly and legibly with your name and loan number and provide a checklist of all items you're submitting in your application packet. Arrange the items in the order listed by your lender, so whoever is processing your application does not have to search for items. Include a cover page that lists your name and loan number in large print as well as an items-included list.
5. Ask for What You Want
Before discussing the terms of the loan modification with your lender, you should have a fairly clear idea of what you want and need. Answer the following questions for yourself. This will help you field questions from your lender:
- How much do you owe in late or missed payments?
- Can you catch up on the missed payments?
- Do you need additional time to catch up on missed payments?
- How much can you realistically afford to pay each month?
- Do you really want to keep your home or would you prefer to sell if you could walk away not owing anything?
Remember, an affordable loan modification can enable you to catch up on any missed payments, lower your montly mortgage payment, and keep your house. To find out if you might be eligible for a loan modification, please e-mail me. Please forward this important information on to any family members and friends who may find it useful.
Sincerely,
Maria A. Gomes
Maria A. Gomes
Exit Exclusive Realty
Top 5 in Real Estate Member
MGomes76@hotmail.com
www.ExitExclusiveRealty.com
As a member of the Top 5 in Real Estate Network, I am often asked if lenders will work with homeowners to modify their mortgage loans. The answer is often yes, but it will take some effort. Here are five tips for working with your lender to expedite a loan modification from top producing broker and real estate consumer advocate Ralph Roberts of Ralph Roberts Realty in Michigan.
1. Come Clean
It can be tempting to bend the truth when you are trying to convince a lender to approve a loan modification. Some homeowners are embarrassed; others try to fudge the numbers. However, only by laying all your cards on the table and disclosing the truth can you begin to attend to the root cause of your financial hardship and then develop and implement solutions that put you back on the path to long-term financial health.
2. Understand Your Lender's Point of View
Regardless of howyou ended up in the situation you're in, blaming the lender or the mortgage broker or loan officer who placed you in your current mortgage does little good, unless you can prove your point in court. Usually, you have a better chance of resolving the problem by understanding your lender's point of view, even if you don't agree with it.
Know that for lenders, it all boils down to money. If you can show them that modifying your loan cost them less than a foreclosure would, and they believe you will honor the terms of the loan modification, they are likely to approve it. If not, then they are likely to reject it. Lenders need to protect their own interests and carefully screen out ineligible applicants, which can often make the process much more difficult and frustrating for homeowners who genuinely suffer financial hardship and need a loan modification.
3. Keep a Cool Head
Understandably, homeowners often become frustrated and angry when seeking assistance from their lender. Unfortunately, anger can result in the following:
- "Accidental" disconnects: The customer service rep you're speaking with may put you on hold permanently or hang up "accidentally."
- Lost files: Your file may get "lost" or "misplaced."
- Rejection: Your lender may decide that you are unreasonable and that foreclosing would be less costly overall.
- A bad offer: Your lender may offer a workout solution that is worse than what you would get had you been nice about it.
If you doubt your own ability to remain calm, cool, and collected during the entire process, consider hiring a professional to represent you.
4. Give Them What They Need
Prior to applying for a loan modification, call your lender or visit its website to obtain an application packet or a list of items you need to submit with your application. Find out exactly which forms you need to fill out and which documents your lender needs to process your application. Label everything clearly and legibly with your name and loan number and provide a checklist of all items you're submitting in your application packet. Arrange the items in the order listed by your lender, so whoever is processing your application does not have to search for items. Include a cover page that lists your name and loan number in large print as well as an items-included list.
5. Ask for What You Want
Before discussing the terms of the loan modification with your lender, you should have a fairly clear idea of what you want and need. Answer the following questions for yourself. This will help you field questions from your lender:
- How much do you owe in late or missed payments?
- Can you catch up on the missed payments?
- Do you need additional time to catch up on missed payments?
- How much can you realistically afford to pay each month?
- Do you really want to keep your home or would you prefer to sell if you could walk away not owing anything?
Remember, an affordable loan modification can enable you to catch up on any missed payments, lower your montly mortgage payment, and keep your house. To find out if you might be eligible for a loan modification, please e-mail me. Please forward this important information on to any family members and friends who may find it useful.
Sincerely,
Maria A. Gomes
Maria A. Gomes
Exit Exclusive Realty
Top 5 in Real Estate Member
MGomes76@hotmail.com
www.ExitExclusiveRealty.com
Thursday, August 27, 2009
Pricing Your Home to Sell
Most homeowners have an emotional connection to their home and, understandably, feel it deserves top dollar when sold. But even though everyone wants to get the most money for their home, especially in today’s challenging economic times, decisions made regarding the listing price cannot be made in haste. All too often, listing your home at a price that is too high can cause it to languish on the market and wind up selling at a lower price than would have been realized had it been priced properly in the first place.
To help foster maximum profits for your home, here are several suggestions for establishing a fair, competitive and marketable sale price:
- Square Footage - Total square footage is an important consideration when establishing a home's sale price, but this is usually just a starting point for buyers who will use it to narrow down the field, but make an actual purchase decision based on many other factors.
- Location Within the Community - Quiet cul-de sacs, golf or water frontage, lots that offer privacy, etc. are value-adds that can justify a higher sale price over other homes in a community…or be leveraged as an advantage against competing listings.
- Views ... or Lack Thereof - Whether it is the ocean, a downtown skyline, the mountains, water or some other desirable landscape, buyers are willing to pay a premium for views and a home should be priced accordingly. Just be realistic - views that can only be seen from the second-story bathroom window don't count.
- Upgrades and Features - For a home to sell quickly at the desired price, it must be "finished" with as many structural and interior design upgrades as possible. Any functional or beautification enhancement to a home are key considerations in establishing a home's true value and strategic sale price.
- Community Amenities - Guard-gated communities or those with amenities such as a clubhouse, swimming pool or fitness center are elements that raise a home's price per square foot. When pricing a home without these benefits, know whether you are competing against other homes that do offer such value-adds so that you can price your home as aggressively and competitively as possible.
- Comparable Sales - Don't price your home based on price per square footage of other home sales in your community six or more months ago, as these don't offer a realistic portrayal of current market conditions. Focus on prices of active listings to hone a competitive pricing strategy.
- Professional Appraisal - Want to sell the home quickly? Price it at or below the appraised value as buyers are educated, are shopping deals, and will recognize your fair price and be more apt to pay it with less haggling.
- Current Mortgage Conditions - Lenders now require higher credit scores and higher down payments, which can cash-strap buyers holding out for the best deal possible. Savvy sellers will understand the mortgage industry's impact on the buyer and will price accordingly.
There are several other factors involved in choosing the right listing price for your property. Top 5 in Real Estate Members are experienced in reviewing the specifics of a home in order to arrive at the best possible price…a price that maximizes profits and moves your home off the market before price reductions become necessary. Please email me for further details and feel free to forward this article to members of your social network who may also benefit from this information.
Sincerely,
Maria
Maria Gomes
EXIT Exclusive Realty
Top 5 in Real Estate Member
MGomes76@hotmail.com
www.ExitExclusiveRealty.com
To help foster maximum profits for your home, here are several suggestions for establishing a fair, competitive and marketable sale price:
- Square Footage - Total square footage is an important consideration when establishing a home's sale price, but this is usually just a starting point for buyers who will use it to narrow down the field, but make an actual purchase decision based on many other factors.
- Location Within the Community - Quiet cul-de sacs, golf or water frontage, lots that offer privacy, etc. are value-adds that can justify a higher sale price over other homes in a community…or be leveraged as an advantage against competing listings.
- Views ... or Lack Thereof - Whether it is the ocean, a downtown skyline, the mountains, water or some other desirable landscape, buyers are willing to pay a premium for views and a home should be priced accordingly. Just be realistic - views that can only be seen from the second-story bathroom window don't count.
- Upgrades and Features - For a home to sell quickly at the desired price, it must be "finished" with as many structural and interior design upgrades as possible. Any functional or beautification enhancement to a home are key considerations in establishing a home's true value and strategic sale price.
- Community Amenities - Guard-gated communities or those with amenities such as a clubhouse, swimming pool or fitness center are elements that raise a home's price per square foot. When pricing a home without these benefits, know whether you are competing against other homes that do offer such value-adds so that you can price your home as aggressively and competitively as possible.
- Comparable Sales - Don't price your home based on price per square footage of other home sales in your community six or more months ago, as these don't offer a realistic portrayal of current market conditions. Focus on prices of active listings to hone a competitive pricing strategy.
- Professional Appraisal - Want to sell the home quickly? Price it at or below the appraised value as buyers are educated, are shopping deals, and will recognize your fair price and be more apt to pay it with less haggling.
- Current Mortgage Conditions - Lenders now require higher credit scores and higher down payments, which can cash-strap buyers holding out for the best deal possible. Savvy sellers will understand the mortgage industry's impact on the buyer and will price accordingly.
There are several other factors involved in choosing the right listing price for your property. Top 5 in Real Estate Members are experienced in reviewing the specifics of a home in order to arrive at the best possible price…a price that maximizes profits and moves your home off the market before price reductions become necessary. Please email me for further details and feel free to forward this article to members of your social network who may also benefit from this information.
Sincerely,
Maria
Maria Gomes
EXIT Exclusive Realty
Top 5 in Real Estate Member
MGomes76@hotmail.com
www.ExitExclusiveRealty.com
Monday, August 17, 2009
Quick Ways to Make Your Home Stand Out from the Competition
You may be hearing more about “staging” your home before putting it on the market for sale, but according to Melissa Birdsong, vice president for Trend, Design and Brand for Lowe’s (www.lowes.com), “refreshing” your home will really help set it apart from the others—and that’s critically important in today’s buyer’s market.
Buyers look at a lot of homes, so I am frequently asked for ways homeowners can make their home stand apart from the rest on the market. While having a well-staged home is now the rule rather than the exception for a faster sell and a better price, Birdsong suggests thinking beyond the obvious for ways to make your entire home feel updated and inspired. Here are her recommendations for quick ways to refresh:
- A fresh coat of paint on worn walls provides a “wow” factor without excessive cost or effort. While this isn’t new news, something that tends to get overlooked (and can have just as much impact) is painting the trim and other accents that may have gotten scuffed or dingy over the years. Freshly painted trim work is cleaner and a healthy home environment is very appealing to buyers.
- Hardware is a quick fix as well. Switching out knobs and pulls in the kitchen or bath will catch the eye and revive an entire room. Taking it a step further to update faucets, light fixtures and even switch plates can take a space from ordinary to inspiring. Area rugs, lamps and plants are also quick ways to add life and warmth to a room with the convenience of portability. Because they are easily changeable, updating “unattached” items can instantly modernize a space with a fresh style.
- And don’t forget first impressions—exactly how fast are prospective buyers driving past the home? No brake lights? A quick tap and then accelerate? Or do they come to a full stop to get a better look? That fresh, new interior will never be revealed if the curb appeal of the exterior is blasé. Everything from container gardening and clean welcome mats to new storm doors and shutters can pull that buyer into your drive.
Artistic staging can showcase the best features in a home. But in today’s market, take a refreshing approach—go that extra mile and look for ways to make the home memorable to a potential buyer.
As a member of the Top 5 in Real Estate Network®, I can consult with you to uncover other ways to refresh your particular home. I can also recommend credible, professional stagers to work—just e-mail me for more information. If you feel this information can be helpful to others you may know, I encourage you to forward this information to them.
Sincerely,
Maria
Maria Gomes
EXIT Exclusive Realty
Top 5 in Real Estate Member
MGomes76@hotmail.com
www.ExitExclusiveRealty.com
Buyers look at a lot of homes, so I am frequently asked for ways homeowners can make their home stand apart from the rest on the market. While having a well-staged home is now the rule rather than the exception for a faster sell and a better price, Birdsong suggests thinking beyond the obvious for ways to make your entire home feel updated and inspired. Here are her recommendations for quick ways to refresh:
- A fresh coat of paint on worn walls provides a “wow” factor without excessive cost or effort. While this isn’t new news, something that tends to get overlooked (and can have just as much impact) is painting the trim and other accents that may have gotten scuffed or dingy over the years. Freshly painted trim work is cleaner and a healthy home environment is very appealing to buyers.
- Hardware is a quick fix as well. Switching out knobs and pulls in the kitchen or bath will catch the eye and revive an entire room. Taking it a step further to update faucets, light fixtures and even switch plates can take a space from ordinary to inspiring. Area rugs, lamps and plants are also quick ways to add life and warmth to a room with the convenience of portability. Because they are easily changeable, updating “unattached” items can instantly modernize a space with a fresh style.
- And don’t forget first impressions—exactly how fast are prospective buyers driving past the home? No brake lights? A quick tap and then accelerate? Or do they come to a full stop to get a better look? That fresh, new interior will never be revealed if the curb appeal of the exterior is blasé. Everything from container gardening and clean welcome mats to new storm doors and shutters can pull that buyer into your drive.
Artistic staging can showcase the best features in a home. But in today’s market, take a refreshing approach—go that extra mile and look for ways to make the home memorable to a potential buyer.
As a member of the Top 5 in Real Estate Network®, I can consult with you to uncover other ways to refresh your particular home. I can also recommend credible, professional stagers to work—just e-mail me for more information. If you feel this information can be helpful to others you may know, I encourage you to forward this information to them.
Sincerely,
Maria
Maria Gomes
EXIT Exclusive Realty
Top 5 in Real Estate Member
MGomes76@hotmail.com
www.ExitExclusiveRealty.com
Friday, August 7, 2009
How to Lower Your Property Taxes
Thanks to recent declines in home values, it’s 60% more likely that your property taxes are too high, says the American Homeowners Association (AHA). The problem stems from the fact that property values have fallen unevenly across neighborhoods, towns and regions. As a result, you may be receiving an unfairly high assessment compared to other homes in your area.
As a Member of the Top 5 in Real Estate Network®, I am often asked if property taxes can be lowered. Fortunately, there are ways to find out if you are being overcharged and steps you can take to get your property taxes lowered. Here are some steps to follow:
1. To make sure you’re paying the right amount, get your detailed property tax assessment record online or from your assessor’s office. It’s possible your entire neighborhood has been overassessed.
2. To that end, check with a real estate agent to get a solid understanding of what homes are currently selling for in your community. I can provide you with a detailed analysis of recent and comparable sales.
3. Also check the accuracy of the details about your home used in your tax assessment. Determine if your property’s size and description are accurate. There’s a good chance that errors were made in transferring data from paper to online.
4. Make sure details like the number of bedrooms and bathrooms are correct on your assessment and that any defects that could affect the value of your home—such as a leaky roof or cracked wall—are noted.
5. If errors have made your assessment higher than it should be, try working informally with the assessor rather than going through a formal appeal process.
6. If the correction cannot be made informally, you’ll need to make a formal appeal. There may even be a process for appealing your taxes online. Keep in mind that there is usually a narrow window of opportunity in which to file an appeal. Some jurisdictions set aside a time every year to hear appeals, while others only consider appeals for a few months after your house has been reassessed, which is often not every year. Find out exactly how much time you have to prepare your case.
7. Make sure you file good documentation, such as an appraisal or letter from the original assessor. Without this, the likelihood of your appeal being considered is slim.
8. Depending on your municipality, you might also be eligible for property-tax exemptions, which range from senior citizen and active-duty military exemptions to ones for those who own livestock.
Please e-mail me for more information on appealing your property taxes. I can provide important insight into current property values in our area and help you determine if you are potentially being overcharged. If you feel this information might also be of use to your family, friends and colleagues, please forward this to them.
Sincerely,
Maria
Maria Gomes
EXIT Exclusive Realty
Top 5 in Real Estate Member
MGomes76@hotmail.com
www.ExitExclusiveRealty.com
As a Member of the Top 5 in Real Estate Network®, I am often asked if property taxes can be lowered. Fortunately, there are ways to find out if you are being overcharged and steps you can take to get your property taxes lowered. Here are some steps to follow:
1. To make sure you’re paying the right amount, get your detailed property tax assessment record online or from your assessor’s office. It’s possible your entire neighborhood has been overassessed.
2. To that end, check with a real estate agent to get a solid understanding of what homes are currently selling for in your community. I can provide you with a detailed analysis of recent and comparable sales.
3. Also check the accuracy of the details about your home used in your tax assessment. Determine if your property’s size and description are accurate. There’s a good chance that errors were made in transferring data from paper to online.
4. Make sure details like the number of bedrooms and bathrooms are correct on your assessment and that any defects that could affect the value of your home—such as a leaky roof or cracked wall—are noted.
5. If errors have made your assessment higher than it should be, try working informally with the assessor rather than going through a formal appeal process.
6. If the correction cannot be made informally, you’ll need to make a formal appeal. There may even be a process for appealing your taxes online. Keep in mind that there is usually a narrow window of opportunity in which to file an appeal. Some jurisdictions set aside a time every year to hear appeals, while others only consider appeals for a few months after your house has been reassessed, which is often not every year. Find out exactly how much time you have to prepare your case.
7. Make sure you file good documentation, such as an appraisal or letter from the original assessor. Without this, the likelihood of your appeal being considered is slim.
8. Depending on your municipality, you might also be eligible for property-tax exemptions, which range from senior citizen and active-duty military exemptions to ones for those who own livestock.
Please e-mail me for more information on appealing your property taxes. I can provide important insight into current property values in our area and help you determine if you are potentially being overcharged. If you feel this information might also be of use to your family, friends and colleagues, please forward this to them.
Sincerely,
Maria
Maria Gomes
EXIT Exclusive Realty
Top 5 in Real Estate Member
MGomes76@hotmail.com
www.ExitExclusiveRealty.com
Friday, July 31, 2009
10 Ways to Protect Yourself from Mortgage Fraud
Many of the challenges homeowners and home buyers are confronting today are the result of unscrupulous mortgages extended over the past several years. Help protect yourself during the home buying process with these tips from the American Homeowners Foundation and the American Homeowners Grassroots Alliance, www.AmericanHomeowners.org, or in Canada, with tips found at www.genworth.ca:
1. Deal only with reputable mortgage bankers or mortgage brokers. Get recommendations from neighbors and friends who dealt with them as customers. Check on the mortgagor's record with the local Better Business Bureau and state licensing authority. As a Member of the Top 5 in Real Estate Network®, I can also provide you with many credible mortgage resources.
2. Ask how long they have been in the business, and be wary of working with someone with less than five years experience, no matter how reputable their employer may be.
3. Unlike professional real estate agents like myself, mortgagors owe you no fiduciary duty. While it is in the long-term interest of mortgage lenders and brokers to treat consumers fairly, for many, that doesn't stand in the way of charging higher fees or interest rates. Always get quotes from at least three mortgage lenders and/or brokers, and make sure each one knows you are doing so.
4. Since you'll be providing them the most comprehensive personal financial information you'll ever provide any company, ask the lender to describe their data security policies, both online and offline.
5. To reduce the likelihood of overpaying for a home, make sure that you review recent selling prices similar homes in the same neighborhood before you make an offer. I can provide you with a detailed analysis of the homes in our communities.
6. Set aside some extra money for closing costs. One of the vexations of real estate financing are the differences in estimated settlement costs on the Good Faith Estimate (GFE) forms, and the actual settlement costs, which very often include several hundred additional dollars worth of previously undisclosed and creatively named fees.
7. Pick the right kind of mortgage. Interest rates are higher on 30 year fixed rate loans than on 15 year fixed rate loans. Adjustable rate mortgages are always a gamble. You may well save money over the first few years if interest rates are dropping, but predicting their direction further out is very speculative. Prepayment penalties can more than offset any savings if the rates go up after that and you want to refinance.
8. Get pre-approved for your loan. Even though there is a glut of homes for sale in most areas right now, a mortgage loan pre-approval is essential to many sellers, and gives a big negotiating advantage to buyers in almost all cases.
9. It is important to review loan documents in advance and understand all the terms. Don’t be afraid to ask questions. Try to avoid loans with prepayment penalties if at all possible.
10. Save all the copies of all documents you receive and/or provide mortgage lenders or brokers.
For more advice on how to secure the best mortgage in today’s challenging economic times, please e-mail me directly. I can help you make sense of the current mortgage landscape and the ever-changing credit standards. Also, if this information can be of benefit to your friends and family members, please feel free to forward this email to them.
Sincerely,
Maria A. Gomes
Maria Gomes
EXIT Exclusive Realty
Top 5 in Real Estate Member
MGomes76@hotmail.com
www.ExitExclusiveRealty.com
1. Deal only with reputable mortgage bankers or mortgage brokers. Get recommendations from neighbors and friends who dealt with them as customers. Check on the mortgagor's record with the local Better Business Bureau and state licensing authority. As a Member of the Top 5 in Real Estate Network®, I can also provide you with many credible mortgage resources.
2. Ask how long they have been in the business, and be wary of working with someone with less than five years experience, no matter how reputable their employer may be.
3. Unlike professional real estate agents like myself, mortgagors owe you no fiduciary duty. While it is in the long-term interest of mortgage lenders and brokers to treat consumers fairly, for many, that doesn't stand in the way of charging higher fees or interest rates. Always get quotes from at least three mortgage lenders and/or brokers, and make sure each one knows you are doing so.
4. Since you'll be providing them the most comprehensive personal financial information you'll ever provide any company, ask the lender to describe their data security policies, both online and offline.
5. To reduce the likelihood of overpaying for a home, make sure that you review recent selling prices similar homes in the same neighborhood before you make an offer. I can provide you with a detailed analysis of the homes in our communities.
6. Set aside some extra money for closing costs. One of the vexations of real estate financing are the differences in estimated settlement costs on the Good Faith Estimate (GFE) forms, and the actual settlement costs, which very often include several hundred additional dollars worth of previously undisclosed and creatively named fees.
7. Pick the right kind of mortgage. Interest rates are higher on 30 year fixed rate loans than on 15 year fixed rate loans. Adjustable rate mortgages are always a gamble. You may well save money over the first few years if interest rates are dropping, but predicting their direction further out is very speculative. Prepayment penalties can more than offset any savings if the rates go up after that and you want to refinance.
8. Get pre-approved for your loan. Even though there is a glut of homes for sale in most areas right now, a mortgage loan pre-approval is essential to many sellers, and gives a big negotiating advantage to buyers in almost all cases.
9. It is important to review loan documents in advance and understand all the terms. Don’t be afraid to ask questions. Try to avoid loans with prepayment penalties if at all possible.
10. Save all the copies of all documents you receive and/or provide mortgage lenders or brokers.
For more advice on how to secure the best mortgage in today’s challenging economic times, please e-mail me directly. I can help you make sense of the current mortgage landscape and the ever-changing credit standards. Also, if this information can be of benefit to your friends and family members, please feel free to forward this email to them.
Sincerely,
Maria A. Gomes
Maria Gomes
EXIT Exclusive Realty
Top 5 in Real Estate Member
MGomes76@hotmail.com
www.ExitExclusiveRealty.com
Friday, July 24, 2009
Top Remodeling Projects for Boosting Your Home's Value
Whether you are thinking about putting your home on the market or you are concerned about increasing your home's equity in a time of depreciating house values, knowing which remodeling projects yields the best return on investment, is critical.
Not all home remodeling projects are equal in terms of ROI, however. Here are the National Association of Home Builder's suggestions for the best ways to add value to your home:
* A Home Office Remodel *
With more and more people telecommuting in today's difficult business climate, home offices are becoming less of a luxury and more of a necessity. Creating a state-of-the-art space for potential teleworkers is a surefire way to increase your home's value.
* Renovate or Add a Family Room *
A family room is an excellent way to make existing homes more like new construction. Take into account what homes in your area are like. People like to purchase homes that blend with other homes around them.
* Replace the Roof *
The roof is one of the first impressions people have of a home. Replace an old roof or change the character of your home by looking into architecturally styled roofing tiles.
* Landscape Your Yard *
Landscaping is also an integral part of your home's first impression. A professionaly landscaped yard adds value to your home and increases your living space.
* Replace Old Windows *
Thirty percent of a home's energy is lost through its windows. Replacing old windows with energy-efficient ones ups the overal quality of the house and saves you money on monthly utility bills.
* Remodel Your Basement *
Do you have space that serves as a black hole of unused items ... like your basement? Remodeled basements make excellent game rooms or guest suites, adding value to your home without adding space.
* Paint, Paint, Paint *
It's been said over and over but can't be emphasized enough. Hire a professional if you need help and keep the colors neutral if you're looking to sell.
* Remodel Your Kitchen *
Kitchens sell a home, and in this case, size does matter. But a kitchen remodel is a long-term investment; you'll see payback 10 years down the road. Sometimes doing it yourself can save money, but always bring in a professional for the big jobs.
* Remodel or Add a Bathroom *
A bathroom remodel can mean making the most of your current space by upgrading fixtures, flooring and lighting. Or add a bathroom and automatically increase the value of your home.
For more information on adding value to your home, visit http://www.nahb.org/remodel, or in Canada, http://www.chba.ca.
As a Member of the Top 5 in Real Estate Network, I am happy to provide specific remodeling suggestions based on your individual needs and home values in your neighborhood. Please e-mail me at mgomes76@hotmail.com for more information or to receive a complimentary copy of Top 5's Home Improvement Q & A Guide. Also, if you feel this article can be of benefit to your family and friends, please feel free to forward this to them.
Sincerely,
Maria A. Gomes
Not all home remodeling projects are equal in terms of ROI, however. Here are the National Association of Home Builder's suggestions for the best ways to add value to your home:
* A Home Office Remodel *
With more and more people telecommuting in today's difficult business climate, home offices are becoming less of a luxury and more of a necessity. Creating a state-of-the-art space for potential teleworkers is a surefire way to increase your home's value.
* Renovate or Add a Family Room *
A family room is an excellent way to make existing homes more like new construction. Take into account what homes in your area are like. People like to purchase homes that blend with other homes around them.
* Replace the Roof *
The roof is one of the first impressions people have of a home. Replace an old roof or change the character of your home by looking into architecturally styled roofing tiles.
* Landscape Your Yard *
Landscaping is also an integral part of your home's first impression. A professionaly landscaped yard adds value to your home and increases your living space.
* Replace Old Windows *
Thirty percent of a home's energy is lost through its windows. Replacing old windows with energy-efficient ones ups the overal quality of the house and saves you money on monthly utility bills.
* Remodel Your Basement *
Do you have space that serves as a black hole of unused items ... like your basement? Remodeled basements make excellent game rooms or guest suites, adding value to your home without adding space.
* Paint, Paint, Paint *
It's been said over and over but can't be emphasized enough. Hire a professional if you need help and keep the colors neutral if you're looking to sell.
* Remodel Your Kitchen *
Kitchens sell a home, and in this case, size does matter. But a kitchen remodel is a long-term investment; you'll see payback 10 years down the road. Sometimes doing it yourself can save money, but always bring in a professional for the big jobs.
* Remodel or Add a Bathroom *
A bathroom remodel can mean making the most of your current space by upgrading fixtures, flooring and lighting. Or add a bathroom and automatically increase the value of your home.
For more information on adding value to your home, visit http://www.nahb.org/remodel, or in Canada, http://www.chba.ca.
As a Member of the Top 5 in Real Estate Network, I am happy to provide specific remodeling suggestions based on your individual needs and home values in your neighborhood. Please e-mail me at mgomes76@hotmail.com for more information or to receive a complimentary copy of Top 5's Home Improvement Q & A Guide. Also, if you feel this article can be of benefit to your family and friends, please feel free to forward this to them.
Sincerely,
Maria A. Gomes
Friday, July 17, 2009
Do You Qualify for the Expanded Home Refinance Program?
The Home Affordable Refinance Progrram, or HARP, established by the Obama Adminstration, has been expanded, raising the maximum loan-to-value ratio from 105% to 125%. As a Member of the Top 5 in Real Estate Network, many clients are asking me if they qualify for the HARP program. If you can answer "yes" to the following questions, you may be eligible:
- Are you the owner of one - to - four unit home?
- Do you have a loan owned or guaranteed by Fannie Mae or Freddic Mac?
("Current" mean that you haven't been more than 30-days late on your mortgage payment in the last 12 months.)
- Do you believe that the amount you owe on your first mortgage is about the same or less than the current value of your house?
Open to homeowners whose loans are owned or guaranteed by Fannie Mae or Freddie Mac, and covering first mortgags only, the HARP expansion means that na eligible homeowner with a $375,000 mortgage loan may now refinance if the house is worth at least $300,000.
The expansion is aimed at making refinancing available to more people whose homes are now worth less than the amount of their mortgages. As always, the borrower must meet income requirements and be able to afford the loan. Homeowners must also be current on their mortgage payments.
As a homeowner, you may be eligible if:
1. You obtained your mortgage before January 1, 2009.
2. The home is owner occupied.
3. The primary mortgage is less than $729,500.
According to the Federal Housing Financing Agency, the higher loan-to-value refinancing will allow more homeowners to strengthen their finances by taking advantage of lower mortgage rates. HARP borrowers will be able to combine a lower mortgage rate with a faster amortization schedule, which will enable them t o get "above water" on their mortgages more quickly.
The program also provides borrowers with an incentive to reducre the term of their loan from 30 years to a shorter-term, fixed-rate mortgage, enabling them to pay down the principal more quickly and reduce lifetime interest payments.
For more information on the HARP program, visit http://www.makinghomeaffordable.gov or e-mail me @ mgomes76@hotmail.com
Sincerely,
Maria A. Gomes
- Are you the owner of one - to - four unit home?
- Do you have a loan owned or guaranteed by Fannie Mae or Freddic Mac?
("Current" mean that you haven't been more than 30-days late on your mortgage payment in the last 12 months.)
- Do you believe that the amount you owe on your first mortgage is about the same or less than the current value of your house?
Open to homeowners whose loans are owned or guaranteed by Fannie Mae or Freddie Mac, and covering first mortgags only, the HARP expansion means that na eligible homeowner with a $375,000 mortgage loan may now refinance if the house is worth at least $300,000.
The expansion is aimed at making refinancing available to more people whose homes are now worth less than the amount of their mortgages. As always, the borrower must meet income requirements and be able to afford the loan. Homeowners must also be current on their mortgage payments.
As a homeowner, you may be eligible if:
1. You obtained your mortgage before January 1, 2009.
2. The home is owner occupied.
3. The primary mortgage is less than $729,500.
According to the Federal Housing Financing Agency, the higher loan-to-value refinancing will allow more homeowners to strengthen their finances by taking advantage of lower mortgage rates. HARP borrowers will be able to combine a lower mortgage rate with a faster amortization schedule, which will enable them t o get "above water" on their mortgages more quickly.
The program also provides borrowers with an incentive to reducre the term of their loan from 30 years to a shorter-term, fixed-rate mortgage, enabling them to pay down the principal more quickly and reduce lifetime interest payments.
For more information on the HARP program, visit http://www.makinghomeaffordable.gov or e-mail me @ mgomes76@hotmail.com
Sincerely,
Maria A. Gomes
Friday, June 26, 2009
Don't Wait - Increase Your Home's Value Now
In today's climate of dwindling home values, I am often asked, "How do I make my home worth more without spending a lot?"
To elevate the value of your home, a detailed and specific assessment of your home, and the homes against which it will compete in the market, is necessary. A professional home inspection - especially for those who are not planning to sell their home soon - can go a long way towards increasing the value and creating demand for your home, and can help you plan for expenses if there is work to be done.
As a Member of the Top 5 in Real Estate Network, I am committed to maximizing the potential of my clients' homes. Having your home professionally inspected well before putting it on the market - or when you're not even planning to put it on the market - has a number of advantages:
1. For a relatively minor investment, you will have the opportunity to review an objectively prepared assessment of the condition of your home's structure, systems and amenities.
2. Everything else being equal, your inspection report should be consistent with the report prepared by your buyer's inspector, virtually eliminating stressful surprises when your home is on the market one day.
3. You will have the opportunity to decide whether to do the work yourself or to have the work contracted while time is on your side.
4. The greatest value of proactive inspection is that the decision to repair vs. replace will be yours alone. A buyer may use the replacement of the air conditioner or the roof as a negotiating gambit when a proactive, high quality repair would have been completely satisfactory. Armed with the facts, you have the alternative of making a completely professional and perfectly functional repair of the roof rather than deducting the expense of replacement from the price. This places you in a much stronger negotiating position.
5. Finally, you will be able to enjoy the new roof, live worry free with the new water heater or use your new air conditioner and enjoy its higher energy efficiency. When you and your family are ready to move up, relocate, downsize or retire, you can put your home on the market with peace of mind, and concentrate on moving forward rather than looking back upon the costly repairs that you should have made.
Not only will buyers associate a specific value based on your home's "move-in" condition, but by addressing major repair/replacement issues, you will diminish competition from newer and better maintained homes on the market. Also, you will not have to worry about inspection issues arising at the last minute that could stop your transaction cold ... especially when this stress could have been avoided. For more information about home inspection, visit http://www.ashi.org/, the website of the American Society of Home Inspectors, or, in Canada, http://www.cahpi.ca/, the Canadian Association of Home & Property Inspectors.
If you would like my recommendation for an experienced, local home inspector, I would be glad to help. Just e-mail me. And if you have a relative, friend or colleague who would also find this information valuable, please feel free to forward this e-mail to them.
Sincerely,
Maria
To elevate the value of your home, a detailed and specific assessment of your home, and the homes against which it will compete in the market, is necessary. A professional home inspection - especially for those who are not planning to sell their home soon - can go a long way towards increasing the value and creating demand for your home, and can help you plan for expenses if there is work to be done.
As a Member of the Top 5 in Real Estate Network, I am committed to maximizing the potential of my clients' homes. Having your home professionally inspected well before putting it on the market - or when you're not even planning to put it on the market - has a number of advantages:
1. For a relatively minor investment, you will have the opportunity to review an objectively prepared assessment of the condition of your home's structure, systems and amenities.
2. Everything else being equal, your inspection report should be consistent with the report prepared by your buyer's inspector, virtually eliminating stressful surprises when your home is on the market one day.
3. You will have the opportunity to decide whether to do the work yourself or to have the work contracted while time is on your side.
4. The greatest value of proactive inspection is that the decision to repair vs. replace will be yours alone. A buyer may use the replacement of the air conditioner or the roof as a negotiating gambit when a proactive, high quality repair would have been completely satisfactory. Armed with the facts, you have the alternative of making a completely professional and perfectly functional repair of the roof rather than deducting the expense of replacement from the price. This places you in a much stronger negotiating position.
5. Finally, you will be able to enjoy the new roof, live worry free with the new water heater or use your new air conditioner and enjoy its higher energy efficiency. When you and your family are ready to move up, relocate, downsize or retire, you can put your home on the market with peace of mind, and concentrate on moving forward rather than looking back upon the costly repairs that you should have made.
Not only will buyers associate a specific value based on your home's "move-in" condition, but by addressing major repair/replacement issues, you will diminish competition from newer and better maintained homes on the market. Also, you will not have to worry about inspection issues arising at the last minute that could stop your transaction cold ... especially when this stress could have been avoided. For more information about home inspection, visit http://www.ashi.org/, the website of the American Society of Home Inspectors, or, in Canada, http://www.cahpi.ca/, the Canadian Association of Home & Property Inspectors.
If you would like my recommendation for an experienced, local home inspector, I would be glad to help. Just e-mail me. And if you have a relative, friend or colleague who would also find this information valuable, please feel free to forward this e-mail to them.
Sincerely,
Maria
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