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March 2008
• Mar. 18, 2008 - SELLERS: How To Easily Increase The Value Of Your House
Whether you just want your house to look better or you are serious about getting your house ready for potential buyers to start viewing your house to purchase, Here are 38 valuable tips to get you on your way:
EXTERIOR:
1. Paint the exterior of your home to make it look cleaner and years younger. If your home has been painted within the last few months, have the trim painted again. The fresh smell of paint to the buyer shows that the seller has put forth effort to prepare the home for sale.
2. Trim shrubs, especially around walkways.
3. Park extra cars down the street.
4. Sweep debris from sidewalks, patios, and the front walkway.
5. Put away all toys, skateboards and bicycles.
6. Remove rusted swing sets and worn out patio furniture.
7. Move firewood off the ground and away from the house. On a termite inspection, firewood stacked next to the house might be listed as conducive to termite infestation.
8. Make sure the roof is in good condition.
9. Mow the lawn frequently. Weed and plant flowers.
10. Clean all windows and repair any broken panes.
11. Keep pets out of the way.
12. Clean up oil stains on the driveway.
13. Water yard only in the early morning or late evening to avoid water being tracked inside the home.
14. Move trashcans from out front of the house and out of walkways.
15. Clean the gutters.
16. Repair sprinkler heads so that the yard doesn't develop brown spots.
INTERIOR:
17. Put away all dishes, toasters, blenders, etc. from kitchen counters to create the illusion of spaciousness.
18. Organize the laundry room. Clean all clothing or keep it neatly in baskets or hampers.
19. Bathrooms should sparkle. Clean the faucets. If the shower curtain is worn, buy a new one.
20. All flooring should be cleaned and vacuumed.
21. Make the beds.
22. Remove all clothes from chairs or floors.
23. Remove unnecessary furniture items to create space. This will make your rooms appear larger.
24. Keep appliances, air conditioner and heater in perfect working order.
25. Seal or calk windows, tubs, showers and sinks.
26. Clean ashes from the fireplace.
27. Open drapes and blinds, and turn on all the lights.
28. Store away extra clothes and shoes so closets appear larger.
29. Remove knickknacks that look cluttered.
30. Remove potentially offensive posters or paintings.
31. Put toys away in the kids' bedrooms.
32. Move any valuable figurines or artwork that could accidentally get knocked over.
33. Place fresh flowers and plants throughout the home.
34. Keep pet areas clean and odor free.
35. Secure jewelry, cash, and prescription medication out of sight and out of reach.
36. Remove any extension cords or phone cords that might present a walking hazard.
37. Make sure that the temperature inside your home is comfortable during showings.
38. Be sure to place jewelry or any other valuables in a safe deposit box.
Choosing Your Agent Wisely:
Any agent will show enthusiasm and will want to list your house for sale but choose your agent based upon
A. Experience at listing and marketing houses for sale.
B. Ability to use technology to market your house world wide to buyers 24/7.
C. Reviewing with you a comprehensive Marketing Analysis of home sales in your area.
D. Ability to offer a written detailed.
MARKETING PLAN that will get your house sold at the highest possible price.Working with a full-time professional real estate agent is a must. Choose your agent by asking questions of him or her. Find out how knowledgeable they are about houses currently for sale in your price range and also of houses that have recently sold. Can your agent recommend a good lender that has the reputation of excellent customer service and low rates to assist your new buyer with financing? A good listing agent can get your house sold quickly at TOP DOLLAR and help you find a new home.Have questions.
Need advice you can count on or just want to discuss this further? Don't waste any more time; pick up the phone and call us now! we're here to help! 800-585-4011.
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• Mar. 11, 2008 - SELF EMPLOYED BUYERS: The Best Way To Get A Mortgage
Self-employed borrowers present one of the most challenging areas of mortgage underwriting. Qualifying self-employed people often requires time, energy, and patience. A fair and honest qualification requires a special set of skills.
Most mortgage companies underwrite their loans based on guidelines established by the Federal National Mortgage Association (Fannie Mae), the Federal Housing Administration (FHA), or the Veterans Administration (VA). These organizations share similar underwriting guidelines for self-employed borrowers. Additionally, some lending institutions have non-standard sources to draw upon for the purpose of making loans available to those who do not fit into specific guidelines.
Generally, there is a standard set of guidelines that pertain to employment and income. They include:
1. Two or more years of self-employment.
2. Owning 25 percent or more in a business.
3. A two-year minimum average income. This is done to even out fluctuations common to self-employed borrowers.
4. A positive overall economic outlook in the area for the particular business you own.
5. No significant decline in income over the period analyzed.
Self-employed borrowers are generally evaluated along similar guidelines that salaried borrowers are by determining if the borrower has sufficient income to support the mortgage payment and a willingness to repay all debt provided on a credit report. However, the methods used in the analysis of the self-employed borrower's income are different.
A salaried borrower's gross salary is used for qualification most of the time. This method is not adequate for the self-employed because the daily operation of the business must be supported by gross receipts along with income to the owner. This requires analyzing the borrower's federal income tax returns and other schedules, depending on the type of business, to determine net income.The growth, viability, and stability of the business field are also taken into account in determining the ability of the borrower to meet ongoing obligations. The length of self-employment time and overall experience in the field must also be considered. Because of the subjective nature of underwriting these loans, it is important for the borrower and the lender to put together a narrative along with documentation to support the income claim needed for the transaction.
There are several new loan programs available today for the self-employed. Lenders do their best to qualify people with the lowest rates and lowest down payments. They also
attempt to complete the transaction with the fewest verification documents. Most loan programs have the same requirements for different types of self-employment. Programs are available for first-time buyers, move-up buyers, or investors regardless of their employment. However, some loan programs will be stricter for self-employed individuals.
If a borrower can't qualify because tax write-offs decrease his new income too much, a problem common among self-employed borrowers, lenders will then look to see if the borrower has enough independent income to pay the mortgage and other debt obligations. They will carefully inspect tax returns and check to see any possible way to get a self-employed businessman into a new home. Generally, two years of tax return history will be analyzed to account for fluctuations and track income patterns. Simple common sense is often a prevailing factor when reviewing these documents.
As for newly self-employed applicants, they represent a special situation. Verifying previous employment history to determine a track record of skills, length of employment and work environment can be taken into account. Previous income helps establish the financial history, as well as indicates whether the move to self-employment represents a logical process or a complete departure from an established profession. There are some things to keep in mind. If the borrower recently had a bad year but had previous successful years, qualification is still possible. One bad year may be the result of a divorce, death, or medical illness. Provided the business had been previously successful, don't assume that you can't be qualified.
As a self-employed borrower, you must be willing to spend the time to work with an agent and a mortgage consultant specific to your situation. Careful scrutiny of tax returns will be necessary and meetings will be done person-to-person - not over the phone. The process may be a little more involved than a typical home loan, but the extra work will ultimately result in the most important part of the purchase - getting you into a new home.
Choose your agent wisely. Working with a full-time professional real estate agent is a must. Ask questions of your agent. Find out how knowledgeable he or she is about houses currently for sale in your price range and also of houses that have recently sold. Can your agent recommend a good lender that has the reputation of excellent customer service and low rates? Does your agent ask questions of you to have a full understanding of what you are looking for to help you get the most home for the money?
Have questions, need advice you can count on or just want to discuss this further? Don't waste any more time; pick up the phone and call us now! we're here to help! 800-585-4011
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• Mar. 4, 2008 - 10 Important Tips to Successful Real Estate Investing
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Be a Real Estate Investor - 10 Important Secrets
When it comes to investing, everybody has certain goals and
aspirations. However, we have found that there are certain guidelines
every aspiring real estate investor needs to know:
1. Compare Property Values and Rents
Financial statistics only go so far; the best measure of a property's
market value is often the sale prices of nearby properties. The same
holds true for area rents. A low price can often be justified by a
reasonable rent; renters who can afford a high rent can afford to buy
instead, so reasonably priced rent is a need.
2. Be Careful - Tax Laws May Change
Don't base your tax investment on current tax laws. The tax code is
constantly changing, and a good investment is a good investment
regardless of the tax code. The right property with the right
financing is what you should look for as an investor.
3. Specialize In Something You Know
Start in a market segment you know. Whether you focus on fixer-uppers,
foreclosures, starter homes, low-down payment properties,
condominiums, or small apartment buildings, you'll benefit from
experience by specializing in one aspect of investment real estate
properties.
4. Know The Costs Going In!
Know the financial statements inside out. What are operating expenses?
What are loan payments? Vacancy costs? Taxes? What does the cash flow
statement look like? These are key issues that must be addressed
before making a solid investment.
5. Know Where Your Tenants Are Coming From
If the last rent increase was recent, your tenants may be considering
a move. If tenants have a short-term lease, they may be living there
simply to attract unsuspecting buyers. It is also important to collect
the tenants' security deposits at closing.
6. Assess The Tax Situation
Taxes are an integral part of successful real estate investing, and
they often make the difference between a positive cash flow and a
negative one. Know the tax situation, and see how it can be
manipulated to your advantage. It may be a good idea to consult a
tax advisor.
7. Investigate Insurance Coverage
If seller's coverage is based on lower-than-current replacement value,
your insurance cost may increase when you pay a higher purchase price.
8. Confirm Utility Costs
Ask the local utilities to verify recent utility expenses, especially
if any of these costs are included in your tenant's rent.
9. Consult Your Accountant
Taxation is a key element of successful real estate investing, so be
sure to find an accountant who is well-versed with the constantly
evolving tax code.
10. Inspect!
Make sure that you always perform a thorough inspection of the
property before buying it. Never, ever buy any property without at
least examining the site. In some cases, hiring professional
inspectors to examine the structural mechanical system may be a sound
investment.
Have questions, need advice you can count on or just want to discuss this further? Don't waste any more time; pick up the phone and call us now! we're here to help! 800-585-4011
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