Preparing your home to be listed can be an overwhelming task for some. But with “94.6% of Associate Staged Professional (ASP) Staged Homes selling on average in 35 days or less”, according to StagedHomes.com, taking the time to prepare your home for sale is an important task.
Here are some tips to help simplify the process of prepping and staging your home.
De-clutter
De-cluttering your home can be one of the biggest and most challenging aspects of preparing your home to sell, but it can also be helpful and rewarding on moving day. De-cluttering allows you to simplify your rooms and it also helps buyers better understand the size and potential of the space.
Repairs
Now that your home has been de-cluttered, it’s time to check for problem areas that need repaired. Areas can include, but are not limited to…
-Nail holes, dents, scratches or other holes in walls, ceilings and doors.
-Roofs, gutters and spouts.
-Malfunctioning outlets..
-Broken or burnt-out light bulbs and ceiling fans.
-Leaky faucets and rust stains.
-Caulking around tubs and other interior fixtures.
-Exterior fixtures and faucets
*If you are looking to boost the value of your home with repairs and renovations, be sure to consult with an agent to see which improvements increase your selling price.
Cleaning
Once the rooms have been de-cluttered and repairs have been finalized, it’s important to address the task of cleaning. If you’re trying to simplify the cleaning process, it helps to focus on…
-Sweeping, shampooing and washing all floorsDirt, food and pet stains along with crumbs and other debris can leave potential buyers thinking the carpet needs replaced when it really just needs cleaned.
-Washing walls may sound unnecessary, but over time walls can collect dust and cobwebs. They can also appear discolored with age. Simply wipe down walls with a wet cloth followed by a dry cloth to brighten the appearance.
-Dusting all appliances and furnitureThe appearance of a well-kept house is a pleasing sight—especially to potential buyers. This indicates that the house has been well maintained. Dusting will give your space an extra shine, so don’t forget this finishing touch.
-Staging If staging wasn’t an important task, then there wouldn’t be tons of TV shows teaching sellers how to arrange their home in order to attract buyers. Staging your home applies to exterior as well as interior spaces.
Exterior
-Cut the grass.
-Rake leaves.
-Plant flowers.
-Turn on a porch light to help illuminate your home at night.
Interior
-Create a great entrance
-Keep up the energy throughout every room.
-Depersonalize rooms.
-Open curtains and provide an unobstructed view of nature—letting in natural light.
These staging strategies can help you present your home in a warm and welcoming fashion.
So as you prepare your home for sale, good luck and let us know how it goes!
Please contact us if you need a list of professional stagers or any pointers on how to get your home ready to sell in a quick amount of time for the highest dollar amount possible!
Dana M. Garrett - 937-645-6545 - Dana.Garrett@RealLiving.com
Nanie Ingram – 937-645-6542 – Nanie.Ingram@RealLiving.com
Monday, March 30, 2009
Thursday, March 26, 2009
Understanding Closing Statements
You found the home of your dreams and with closing date fast approaching that means paper work time! Before signing by the “X” it is important to be familiar with what you are signing. Here is a breakdown of a settlement statement.
A U.S. Department of Housing and Urban Development (HUD) statement, also known as the settlement or closing statement, is a financial overview of all transactions. It is used by the closing agent to itemize all charges to the borrower (buyer) and the seller during the process.
Section J, Summary of Borrower’s (Buyer’s) Transaction – In Section J, you will find a breakdown of the gross sales price of the property and amounts owed by the buyer.
You will also find entries for funds the buyer will receive at closing such as credits for the amount of earnest money paid, amount of the new loan and miscellaneous items paid by or on behalf of the buyer. Bills that the seller has not yet paid but owes all or a portion of such as real estate taxes will be shown in this section. The total of all items is then added to the buyer’s proceeds.
A summary of the total amount due to the buyer and items paid by or for the buyer is also highlighted in Section J. The bottom line shows how much money the buyer must bring to a closing – a negative number means that the buyer will receive money back at the closing.
Section L, Settlement Charges – The numbers in this section, found on Page 2, are totaled before being brought forward to Page 1. The individual areas under Section L deal with commissions paid to agents, loan fees (which are most often paid from buyer’s funds), charges that the seller requires, escrow funds, title fees, charges such as costs for recording deeds, mortgages and fees for tax stamps, and survey fees and inspections for things such as pests, home warranty, etc.
During the entire home-buying process be sure to be very clear during contract negotiations as to who is going to be paying for what costs, because what is written on the contract is what will be finalized on the settlement statement.
And always, be sure to ask your us if you ever have any questions.
Dana M. Garrett - 937-645-6545 - Dana.Garrett@RealLiving.com
Nanie Ingram – 937-645-6542 – Nanie.Ingram@RealLiving.com
A U.S. Department of Housing and Urban Development (HUD) statement, also known as the settlement or closing statement, is a financial overview of all transactions. It is used by the closing agent to itemize all charges to the borrower (buyer) and the seller during the process.
Section J, Summary of Borrower’s (Buyer’s) Transaction – In Section J, you will find a breakdown of the gross sales price of the property and amounts owed by the buyer.
You will also find entries for funds the buyer will receive at closing such as credits for the amount of earnest money paid, amount of the new loan and miscellaneous items paid by or on behalf of the buyer. Bills that the seller has not yet paid but owes all or a portion of such as real estate taxes will be shown in this section. The total of all items is then added to the buyer’s proceeds.
A summary of the total amount due to the buyer and items paid by or for the buyer is also highlighted in Section J. The bottom line shows how much money the buyer must bring to a closing – a negative number means that the buyer will receive money back at the closing.
Section L, Settlement Charges – The numbers in this section, found on Page 2, are totaled before being brought forward to Page 1. The individual areas under Section L deal with commissions paid to agents, loan fees (which are most often paid from buyer’s funds), charges that the seller requires, escrow funds, title fees, charges such as costs for recording deeds, mortgages and fees for tax stamps, and survey fees and inspections for things such as pests, home warranty, etc.
During the entire home-buying process be sure to be very clear during contract negotiations as to who is going to be paying for what costs, because what is written on the contract is what will be finalized on the settlement statement.
And always, be sure to ask your us if you ever have any questions.
Dana M. Garrett - 937-645-6545 - Dana.Garrett@RealLiving.com
Nanie Ingram – 937-645-6542 – Nanie.Ingram@RealLiving.com
Wednesday, March 25, 2009
Membership Operated Dog Park In Marysville
Union County commissioners are considering a proposal for a membership-operated dog park. It would be located on land next to the Humane Society facility.
Steffen Baldwin, executive director of the Union County Humane Society, Susan Adkinson, board president, and Meg Michel, a board member, approached the commissioners about the land use earlier this month.
"We feel we could offer a whole lot to the community and to the residents of Union County with a membership-run dog park," Baldwin said.
He would like to see a dog park open as early as May, but the commissioners didn't think that was likely.
Baldwin recommended that a member be charged about $120. He said the closest dog park, located in Delaware County, charges $125.
"Our thoughts for this summer, if it would become a reality, would be to start out on a small scale," said Baldwin, "with Friday, Saturday and Sunday operations. That way we could manage it."
With a dog park next to the Humane Society, he said, dog owners would be reminded about rabies shots and dog tags or licenses.
"We could also offer a lot of community benefit programs and enrichment programs," Baldwin said.
Training sessions could be offered at the site, along with an "Ask the Vet" session in which the on-staff veterinarian responds to dog owner questions. Eventually, Baldwin said, training sessions could be offered on dog etiquette and agility classes. He said a concession stand and a restroom could be built.
"We could fence it off with a double L-fence entry," he said, "maybe a small dog and large dog partition."
Baldwin said he and the two board members wanted the commissioners to give them the OK to proceed with developing a plan.
"We wanted your take on it before we invested a whole lot of time to research it," said Adkinson.
Commissioner Tom McCarthy asked the group to explain what they meant by a dog park.
"You go and you let the dog race around," said Adkinson. "Sometimes they will get together with other dogs and they will just start playing and people go in, too."
Picnic tables, she said, allow owners to sit and watch their dogs play.
"It's a place for the dogs to just zoom and get some energy out," said Adkinson. "Usually they are divided into small dogs and large dogs and a time-out area."
With the Humane Society right next door, Baldwin said, it would offer more benefits than a city-operated facility.
"We would be able to offer a better experience for the community, because our Top Dog volunteers would be out there to intervene," he said.
Dog fights sometimes occur in common parks, but, Baldwin said, the Humane Society would be able to limit the fights and lower any sort of liabilities or risks.
Through their investigation, Michel said, they discovered there have been numerous requests for dog parks across the country.
The commissioners said about six months ago, a community member talked with them about the need for a dog park.
Michel said it would be easier to train people than having folks surrender their pets.
Baldwin moved to the area from Los Angeles, where there were multiple five- to seven-acre dog parks with at least 30 in the city. Indianapolis has a Humane Society dog park, he said.
McCarthy said long-term demand for space near the Humane Society facility is pretty high and he would like to determine how much land could be set aside, if any.
"What it should encourage us to do is look at that land and the longer-term plans for the campus," he said.
McCarthy and fellow commissioners are concerned that if they carve out space for the dog park and then there is a need to locate a building on the site, the commissioners sitting on the board in 10 to 15 years would have to contend with a "bunch of angry dog owners."
"We need to consider it in the context of the other needs of the county," said McCarthy.
Michel said in about six to eight years, the Humane Society will be looking at expanding.
Commissioner Charles Hall was concerned about maintenance of a possible dog park and the difficulties in mowing and weeding around fencing.
Commissioner Gary Lee asked engineer Jeff Stauch to look into the situation. Stauch said on March 16 that he had not had a chance to contact all parties.
The commissioners didn't deny the group the opportunity to proceed with research, but McCarthy asked the board members and director to give the commissioners time to consider the situation.
From This Week Community Newspapers
March 21, 2009
By CATHY WOGAN
ThisWeek Staff Writer
Steffen Baldwin, executive director of the Union County Humane Society, Susan Adkinson, board president, and Meg Michel, a board member, approached the commissioners about the land use earlier this month.
"We feel we could offer a whole lot to the community and to the residents of Union County with a membership-run dog park," Baldwin said.
He would like to see a dog park open as early as May, but the commissioners didn't think that was likely.
Baldwin recommended that a member be charged about $120. He said the closest dog park, located in Delaware County, charges $125.
"Our thoughts for this summer, if it would become a reality, would be to start out on a small scale," said Baldwin, "with Friday, Saturday and Sunday operations. That way we could manage it."
With a dog park next to the Humane Society, he said, dog owners would be reminded about rabies shots and dog tags or licenses.
"We could also offer a lot of community benefit programs and enrichment programs," Baldwin said.
Training sessions could be offered at the site, along with an "Ask the Vet" session in which the on-staff veterinarian responds to dog owner questions. Eventually, Baldwin said, training sessions could be offered on dog etiquette and agility classes. He said a concession stand and a restroom could be built.
"We could fence it off with a double L-fence entry," he said, "maybe a small dog and large dog partition."
Baldwin said he and the two board members wanted the commissioners to give them the OK to proceed with developing a plan.
"We wanted your take on it before we invested a whole lot of time to research it," said Adkinson.
Commissioner Tom McCarthy asked the group to explain what they meant by a dog park.
"You go and you let the dog race around," said Adkinson. "Sometimes they will get together with other dogs and they will just start playing and people go in, too."
Picnic tables, she said, allow owners to sit and watch their dogs play.
"It's a place for the dogs to just zoom and get some energy out," said Adkinson. "Usually they are divided into small dogs and large dogs and a time-out area."
With the Humane Society right next door, Baldwin said, it would offer more benefits than a city-operated facility.
"We would be able to offer a better experience for the community, because our Top Dog volunteers would be out there to intervene," he said.
Dog fights sometimes occur in common parks, but, Baldwin said, the Humane Society would be able to limit the fights and lower any sort of liabilities or risks.
Through their investigation, Michel said, they discovered there have been numerous requests for dog parks across the country.
The commissioners said about six months ago, a community member talked with them about the need for a dog park.
Michel said it would be easier to train people than having folks surrender their pets.
Baldwin moved to the area from Los Angeles, where there were multiple five- to seven-acre dog parks with at least 30 in the city. Indianapolis has a Humane Society dog park, he said.
McCarthy said long-term demand for space near the Humane Society facility is pretty high and he would like to determine how much land could be set aside, if any.
"What it should encourage us to do is look at that land and the longer-term plans for the campus," he said.
McCarthy and fellow commissioners are concerned that if they carve out space for the dog park and then there is a need to locate a building on the site, the commissioners sitting on the board in 10 to 15 years would have to contend with a "bunch of angry dog owners."
"We need to consider it in the context of the other needs of the county," said McCarthy.
Michel said in about six to eight years, the Humane Society will be looking at expanding.
Commissioner Charles Hall was concerned about maintenance of a possible dog park and the difficulties in mowing and weeding around fencing.
Commissioner Gary Lee asked engineer Jeff Stauch to look into the situation. Stauch said on March 16 that he had not had a chance to contact all parties.
The commissioners didn't deny the group the opportunity to proceed with research, but McCarthy asked the board members and director to give the commissioners time to consider the situation.
From This Week Community Newspapers
March 21, 2009
By CATHY WOGAN
ThisWeek Staff Writer
Monday, March 23, 2009
Protect your home and yourself from water damage
Don’t let roof leaks ruin a relaxing, rainy day. As the wet season approaches, it’s important to make sure your home is protected from roof leaks, rain run-off and more! Read on for helpful ways to combat any soggy situations you may encounter in the coming months.
cleaning gutters and downspouts, it’s important to have the right tools. Take inventory to see if you have a ladder, gloves, a gutter scoop, rags, and a garden hose on hand. A handheld blower can be helpful for removing leaves but only if they are dry. Start the cleaning process at a downspout area. If you run into an area with tightly-packed debris, spray it with water from a garden hose to loosen the mass. After you’ve finished the cleaning process, send a stream of water from the hose through the gutters to make sure everything is flowing efficiently.
One way to prevent gutter buildup is to install protective gutter guards. Plastic or metal guards can be used to keep leaves out. Solid gutter shields allow water in the gutter while forcing leaves and other debris over the side. For more tips on cleaning gutters and downspouts, visit Lowes.com.
Roof LeaksRoof leaks can often end up costing you thousands of dollars, so take some proactive steps to prevent future damages. Leaks frequently occur in areas of intersection—where the roof connects to a chimney, skylight or other object. Joints at these intersections sometimes begin to deteriorate and separate over time, allowing water to seep in. Though some roofing problems can be easy to fix, it is usually a good idea to contact a professional contractor to assess and correct the problem. If you don’t have time to seek professional assistance, keep the problem under control with poly tarps and buckets.
Run-OffsThis is the water that flows off your roof during a rainstorm. Without a proper channeling system, like gutters and splash blocks, this water will begin to pool at the base of your home and can cause serious foundation damage. In order to prevent this damage, water should drain away from the building. One way this can be accomplished is by placing splash blocks at the end of downspouts to help direct water away from the foundation of the home. Installing surface drains is another option, but this typically requires more equipment and probably a little help from a friend or professional.
Flood Safety and PreservationSpring is also known for its severe thunderstorms which can lead to flash and regional floods. Take the time to familiarize yourself with flood safety.
-Seal important documents in a waterproof container
-Seek higher ground
-Keep a battery powered flashlight and radio in a safe space.
-Understand that your safety is foremost
If you’re looking for a local professional contractor, or for more tips on waterproofing, make sure to visit NAWSRC.org.
cleaning gutters and downspouts, it’s important to have the right tools. Take inventory to see if you have a ladder, gloves, a gutter scoop, rags, and a garden hose on hand. A handheld blower can be helpful for removing leaves but only if they are dry. Start the cleaning process at a downspout area. If you run into an area with tightly-packed debris, spray it with water from a garden hose to loosen the mass. After you’ve finished the cleaning process, send a stream of water from the hose through the gutters to make sure everything is flowing efficiently.
One way to prevent gutter buildup is to install protective gutter guards. Plastic or metal guards can be used to keep leaves out. Solid gutter shields allow water in the gutter while forcing leaves and other debris over the side. For more tips on cleaning gutters and downspouts, visit Lowes.com.
Roof LeaksRoof leaks can often end up costing you thousands of dollars, so take some proactive steps to prevent future damages. Leaks frequently occur in areas of intersection—where the roof connects to a chimney, skylight or other object. Joints at these intersections sometimes begin to deteriorate and separate over time, allowing water to seep in. Though some roofing problems can be easy to fix, it is usually a good idea to contact a professional contractor to assess and correct the problem. If you don’t have time to seek professional assistance, keep the problem under control with poly tarps and buckets.
Run-OffsThis is the water that flows off your roof during a rainstorm. Without a proper channeling system, like gutters and splash blocks, this water will begin to pool at the base of your home and can cause serious foundation damage. In order to prevent this damage, water should drain away from the building. One way this can be accomplished is by placing splash blocks at the end of downspouts to help direct water away from the foundation of the home. Installing surface drains is another option, but this typically requires more equipment and probably a little help from a friend or professional.
Flood Safety and PreservationSpring is also known for its severe thunderstorms which can lead to flash and regional floods. Take the time to familiarize yourself with flood safety.
-Seal important documents in a waterproof container
-Seek higher ground
-Keep a battery powered flashlight and radio in a safe space.
-Understand that your safety is foremost
If you’re looking for a local professional contractor, or for more tips on waterproofing, make sure to visit NAWSRC.org.
Friday, March 20, 2009
Ready for Warmth
As we go about our normal daily routines - get up, get kids ready, go to work, drive home, eat dinner, play for a while, wash up, go to bed - we tend to forget to look around at our surroundings. This week was no different as we went through the motions; however, one little difference put a new twist on our evening routine. We were able to move play time outside! We’ve had a few 60-70 degree days in our neck of the woods and we couldn’t be happier. Being cooped up in the house with two cabin-feverish kids who prefer the outdoors was rough. Spit and fingerprints are evident on our living room windows…they obviously have been trying to claw their way outside for months now. Our entire family loves being outside and here’s a few photos to prove it…
Ok, so Riley is not a person, but she’s still one of our babies!
Outdoor playtime would not be complete without Riley’s dirty, slimy, mulchy green ball. If you say “green ball” and have no intentions of getting it out, you will get the most pathetic dog eyes you have ever seen. For future reference, just call it the “GB”. Riley doesn’t know acronyms.
Stella shows off one of her “cool” finds in our backyard.
Ok, so I don’t think she’s helping. Look at that sly expression…she’s taking the planter cards out of the box! We’ll never remember what we’ve planted now, the little stinker!
Our little world won’t be like this forever…it’s always changing. My husband and I strive to remember to enjoy these fun little moments because soon, we’ll be sending them off to school and we will lose them forever!
Get out and enjoy your world, my friends!!
Jeri Amrine
Photographer
http://www.jeriamrinephotography.com/
jeri@jeriamrinephotography
***Jeri is one of our friends who is an amazing photographer and I always enjoy reading her blog posts. She has graciously allowed us to repost some of her blogs here. If you need a photographer that can capture your families unique and special moments, please contact her! ******
Ok, so Riley is not a person, but she’s still one of our babies!
Outdoor playtime would not be complete without Riley’s dirty, slimy, mulchy green ball. If you say “green ball” and have no intentions of getting it out, you will get the most pathetic dog eyes you have ever seen. For future reference, just call it the “GB”. Riley doesn’t know acronyms.
Stella shows off one of her “cool” finds in our backyard.
Ok, so I don’t think she’s helping. Look at that sly expression…she’s taking the planter cards out of the box! We’ll never remember what we’ve planted now, the little stinker!
Our little world won’t be like this forever…it’s always changing. My husband and I strive to remember to enjoy these fun little moments because soon, we’ll be sending them off to school and we will lose them forever!
Get out and enjoy your world, my friends!!
Jeri Amrine
Photographer
http://www.jeriamrinephotography.com/
jeri@jeriamrinephotography
***Jeri is one of our friends who is an amazing photographer and I always enjoy reading her blog posts. She has graciously allowed us to repost some of her blogs here. If you need a photographer that can capture your families unique and special moments, please contact her! ******
Thursday, March 19, 2009
Use your first time home buyer tax credit for your down payment or closing costs!
Ohio Housing Finance Agency Mortgage Revenue Bond Program
Homebuyer Tax Credit Advantage Program
Effective Date: March 30, 2009
The Homebuyer Tax Credit Advantage Program offers a second mortgage to borrowers who obtain a first mortgage through the OHFA First-Time Homebuyer Program. In order to encourage first-time homebuyers to enter the market in 2009, the program will allow OHFA first-time homebuyers to leverage the benefit of the federal first-time homebuyer tax credit for down payment and/or closing costs. The American Recovery and Reinvestment Act of 2009 amended and extended the first-time homebuyer credit to include purchases closing between January 1 through November 30, 2009. For qualified first-time homebuyers who purchase a home in 2009, the maximum credit is $8,000 and can be claimed on a buyer's 2008 or 2009 federal tax return.
-The loan may be up to three percent of the purchase price. No cash back may be issued to the borrower.
- Principle and interest payments are deferred until July 1, 2010 after which, loans will amortize over 15 years at an interest rate 1% above the first mortgage rate.
-The OHFA application fee will be $300 and can be paid by the buyer, seller or financed in the loan.
-There is an incentive for early repayment of the loan. If the loan is paid in full prior to July 1, 2010, OHFA will forgive $300 of principal.
-Lenders may charge a special processing fee of $75.
-All loans must be recorded as second mortgages using OHFA note and mortgage documents.
-Borrowers must have a minimum 600 credit score.
-Borrowers must complete homebuyer education through a HUD approved counseling agency or through OHFA's streamlined program.
Bruno Capogreco
Home Loan ConsultantCountrywide Bank, FSB
614-306-3980
Bruno_Capogreco@countrywide.com
Contact us to learn more about buying a home with no money down!
Dana M. Garrett - 937-645-6545 - Dana.Garrett@RealLiving.com
Nanie Ingram – 937-645-6542 – Nanie.Ingram@RealLiving.com
Homebuyer Tax Credit Advantage Program
Effective Date: March 30, 2009
The Homebuyer Tax Credit Advantage Program offers a second mortgage to borrowers who obtain a first mortgage through the OHFA First-Time Homebuyer Program. In order to encourage first-time homebuyers to enter the market in 2009, the program will allow OHFA first-time homebuyers to leverage the benefit of the federal first-time homebuyer tax credit for down payment and/or closing costs. The American Recovery and Reinvestment Act of 2009 amended and extended the first-time homebuyer credit to include purchases closing between January 1 through November 30, 2009. For qualified first-time homebuyers who purchase a home in 2009, the maximum credit is $8,000 and can be claimed on a buyer's 2008 or 2009 federal tax return.
-The loan may be up to three percent of the purchase price. No cash back may be issued to the borrower.
- Principle and interest payments are deferred until July 1, 2010 after which, loans will amortize over 15 years at an interest rate 1% above the first mortgage rate.
-The OHFA application fee will be $300 and can be paid by the buyer, seller or financed in the loan.
-There is an incentive for early repayment of the loan. If the loan is paid in full prior to July 1, 2010, OHFA will forgive $300 of principal.
-Lenders may charge a special processing fee of $75.
-All loans must be recorded as second mortgages using OHFA note and mortgage documents.
-Borrowers must have a minimum 600 credit score.
-Borrowers must complete homebuyer education through a HUD approved counseling agency or through OHFA's streamlined program.
Bruno Capogreco
Home Loan ConsultantCountrywide Bank, FSB
614-306-3980
Bruno_Capogreco@countrywide.com
Contact us to learn more about buying a home with no money down!
Dana M. Garrett - 937-645-6545 - Dana.Garrett@RealLiving.com
Nanie Ingram – 937-645-6542 – Nanie.Ingram@RealLiving.com
How to purchase a HUD Home
A HUD home is acquired by the US department of Housing and Urban Development (HUD). If a foreclosed home was purchased with a loan insured by the Federal Housing Administration (FHA), the lender files a claim for the balance due on the mortgage. The FHA pays the claim, and then transfers the ownership to HUD, which sells the home.
-You must use a HUD registered real estate broker
-You must be pre-approved for a mortgage
-Owner occupied bidders receive first priority
-HUD offers three types of properties
FHA insurable homes
FHA insurable homes with repair escrow
Homes that are not insurable with and FHA loan
-You do not have to finance a HUD home with FHA financing
-Before making a big, you must provide your HUD registered real estate broker with the appropriate earnest money in the form of a cashiers check or money order
-Your earnest money check should be made payable to the escrow account of your HUD registered real estate broker
Plus if you’re considering buying your first home, 2009 is a great time to buy—and it just got even better! Thanks to the federal government’s stimulus package, first-time buyers are entitled to an $8,000 refundable tax credit (or up to 10% of the purchase price).
Contact us to learn more and get a list of HUD homes!
Dana M. Garrett - 937-645-6545 - Dana.Garrett@RealLiving.com
Nanie Ingram – 937-645-6542 – Nanie.Ingram@RealLiving.com
(information provided by Scott Voelkel Vice President of Strategic Mortgage 614-946-1706)
-You must use a HUD registered real estate broker
-You must be pre-approved for a mortgage
-Owner occupied bidders receive first priority
-HUD offers three types of properties
FHA insurable homes
FHA insurable homes with repair escrow
Homes that are not insurable with and FHA loan
-You do not have to finance a HUD home with FHA financing
-Before making a big, you must provide your HUD registered real estate broker with the appropriate earnest money in the form of a cashiers check or money order
-Your earnest money check should be made payable to the escrow account of your HUD registered real estate broker
Plus if you’re considering buying your first home, 2009 is a great time to buy—and it just got even better! Thanks to the federal government’s stimulus package, first-time buyers are entitled to an $8,000 refundable tax credit (or up to 10% of the purchase price).
Contact us to learn more and get a list of HUD homes!
Dana M. Garrett - 937-645-6545 - Dana.Garrett@RealLiving.com
Nanie Ingram – 937-645-6542 – Nanie.Ingram@RealLiving.com
(information provided by Scott Voelkel Vice President of Strategic Mortgage 614-946-1706)
Housing starts unexpectedly surge
Government report shows construction of new homes jumped 22% in February.
By Ben Rooney, CNNMoney.com staff writer
Last Updated: March 17, 2009: 9:32 AM ET
NEW YORK (CNNMoney.com) -- Initial construction of U.S. homes unexpectedly surged in February, after falling for eight months, according to a government report released Tuesday.
Housing starts rose to a seasonally adjusted annual rate of 583,000 last month, up 22% from a revised 477,000 in January, according to the Commerce Department. It was the first time housing starts increased since June, when they rose 11%.
Economists were expecting housing starts to decline to 450,000, according to consensus estimates compiled by Briefing.com. Still, starts are down more than 47% from February 2008, when over 1.1 million new homes broke ground.
New construction of single-family homes, considered the core of the housing market, increased 1.1% to an annual rate of 357,000 versus 353,000 in January.
February's increase was driven by a nearly 80% increase in construction of multi-family homes. New construction of buildings with 5 or more units increased surged 80% to 212,000 from 118,000 in January.
Applications for building permits, considered a reliable sign of future construction activity, rose 3% to a seasonally adjusted annual rate of 547,000 last month. Economists were expecting permits to fall to 500,000.
While the surge in new construction was a welcome sign for the nation's battered housing market, analysts warned that the increase could be short lived.
"With new home sales still falling and the months' supply at a record, there is no reason for homebuilding to rise," wrote Ian Sheperdson, chief U.S. economist at High Frequency Economics in a research note. "This is a temporary rebound, not a recovery."
New home construction surged in the Northeast, jumping nearly 89% last month. Starts also increased in the Midwest and the South.
In the West, where the housing market was overbuilt in the boom years and where there is a glut of foreclosed homes, starts declined nearly 25% versus the previous month.
http://money.cnn.com/2009/03/17/real_estate/housing_starts/index.htm
By Ben Rooney, CNNMoney.com staff writer
Last Updated: March 17, 2009: 9:32 AM ET
NEW YORK (CNNMoney.com) -- Initial construction of U.S. homes unexpectedly surged in February, after falling for eight months, according to a government report released Tuesday.
Housing starts rose to a seasonally adjusted annual rate of 583,000 last month, up 22% from a revised 477,000 in January, according to the Commerce Department. It was the first time housing starts increased since June, when they rose 11%.
Economists were expecting housing starts to decline to 450,000, according to consensus estimates compiled by Briefing.com. Still, starts are down more than 47% from February 2008, when over 1.1 million new homes broke ground.
New construction of single-family homes, considered the core of the housing market, increased 1.1% to an annual rate of 357,000 versus 353,000 in January.
February's increase was driven by a nearly 80% increase in construction of multi-family homes. New construction of buildings with 5 or more units increased surged 80% to 212,000 from 118,000 in January.
Applications for building permits, considered a reliable sign of future construction activity, rose 3% to a seasonally adjusted annual rate of 547,000 last month. Economists were expecting permits to fall to 500,000.
While the surge in new construction was a welcome sign for the nation's battered housing market, analysts warned that the increase could be short lived.
"With new home sales still falling and the months' supply at a record, there is no reason for homebuilding to rise," wrote Ian Sheperdson, chief U.S. economist at High Frequency Economics in a research note. "This is a temporary rebound, not a recovery."
New home construction surged in the Northeast, jumping nearly 89% last month. Starts also increased in the Midwest and the South.
In the West, where the housing market was overbuilt in the boom years and where there is a glut of foreclosed homes, starts declined nearly 25% versus the previous month.
http://money.cnn.com/2009/03/17/real_estate/housing_starts/index.htm
Monday, March 16, 2009
You can still buy a home with no money down!!!!
Most people think that buying a home with no money down is not possible anymore but here in Union county Ohio there is a great loan program called USDA Rural Developement that provides financing for individuals and families who cannot obtain credit from other sources to purchase homes in rural areas. These loans may be made for up to 100% of appraised value of the site and home plus there are payment assistance programs that can reduce your mortgage payment based on household income!
Here are just a few reasons to finance with Rural Developement
1. No down payment required
2. Closing costs can be financed or gifted
3. Competative 30 year fixed loan rates
4. No monthly mortgage insurance needed
Requirements:
1. You must have adequate and dependable income
2. Must have an adjusted annual household income that does not exceed the moderate income limit established for the area
3. Must have a credit history that indicates a reasonable willingness to meet obligations as they come due
4. Must have repayment ability based on the following ratios: Principle, Interest, Taxes and Insurance divided by gross monthly income must be equal or less than 29%. Total debt divided by gross monthly income must be equal to or less than 41%
So no money down and thanks to the federal government’s stimulus package, first-time buyers are entitled to an $8,000 refundable tax credit (or up to 10% of the purchase price)!
Call us to find out more and see if you qualify!
Dana M. Garrett - 937-645-6545 - Dana.Garrett@RealLiving.com
Nanie Ingram – 937-645-6542 – Nanie.Ingram@RealLiving.com
http://www.rurdev.usda.gov/oh/housing.htm
Friday, March 13, 2009
Real Living Featured on Eye on America
After reviewing many real estate companies, the producers of Eye on America, a nationally syndicated television news magazine hosted by Greg Gumbel, chose Real Living to be featured in an episode as part of the show’s series on Growing Trends in Franchising. Real Living was the only real estate company to be featured in the special!
The segment ran in several cities in Q4 of 2008 and is currently running on the Ohio News Network (ONN) every Saturday in March at 8 a.m.!
Click Here to view video
The segment ran in several cities in Q4 of 2008 and is currently running on the Ohio News Network (ONN) every Saturday in March at 8 a.m.!
Click Here to view video
What's so great about Columbus? Read on....
Money magazine has dubbed Columbus the "Eighth Best City to Live." The U.S. Census Bureau indicates that Columbus has the "Top 10 Shortest Commute Time[s] Among Major Cities in the Country" and Forbes classifies Columbus as the "Eleventh Best City for Singles."
Located within 600 miles of 60 percent of the U.S. population, Columbus has recently emerged as a major Midwestern crossroads, receiving national acclaim for the quality of life it provides its residents.
History
Established at the fork of the Scioto and Olentangy rivers, Columbus was founded in 1812 --nine years after Ohio became a state. By the 1830s, Columbus became a stop on a major water transportation system stretching from the Ohio River to the Erie Canal. Railroads and telegraph lines were put in place during the 1840s and 1850s. During the 1860s, Columbus became the location for a Civil War site -- Camp Chase. A training, parole and prisoner-of-war camp, Camp Chase marked its legacy with a cemetery that's still located on the West Side of Columbus to this day.
By the turn of the 20th century, Columbus's population was growing as much as its reputation. The founding of Ohio State University and Capital University branded Columbus as an educated metropolis, something that still rings true today.
Real Estate
Columbus has undergone incredible growth over the past few decades. In fact, Delaware County (just north of Columbus) is the 13th fastest-growing county in the United States. The National Association of Realtors (NAR) states that Columbus's median house price is 31 percent less than the national average and Conway Data ranks Columbus as among the top 10 lowest-cost real estate markets in the country.
Despite the downswing of national housing markets, Columbus appears to be one of the less affected areas. The PMI Group categorizes Columbus as one of the more stable major housing markets in the United States.
Business
If you haven't heard, 15 Fortune 1000 companies are headquartered in Columbus. Among these internationally recognized corporations are: Bank One, Cardinal Health, Limited Brands, Nationwide, Wendy's and Worthington Industries. Other Columbus-based companies worth noting for their forward-thinking approach to science and engineering are Battelle, Chemical Abstracts Service and Edison Welding Institute. Columbus is also the home of the Online Computer Library Center (OCLC). This internationally operating library system has more than 60,000 client libraries in 112 countries. It complements research-driven institutions such as Ohio State University and other centers of learning in the area. With this much information at our fingertips, it's no surprise Columbus is seen as such an academically well-versed city.
Future
Columbus is rumored to be looking into multimodal transportation systems. James Beasley, director of the Ohio Department of Transportation, is hoping to effectively use railways and waterways for the transport of goods and people. As Columbus continues to grow, it will be important to constantly search for innovative ways to improve the transportation system, making it efficient, inexpensive and environmentally friendly. Plan to see growth in the following years.
For more information on what makes Columbus great, contact your us today.
Dana M. Garrett 937-645-6545 Dana.Garrett@RealLiving.com
Nanie Ingram 937-645-6542 Nanie.Ingram@RealLiving.com
Harley E. Rouda Jr.
CEO of Real Living
One of the nation's fastest-growing real estate companies.
From This Week Community Newspapers
Located within 600 miles of 60 percent of the U.S. population, Columbus has recently emerged as a major Midwestern crossroads, receiving national acclaim for the quality of life it provides its residents.
History
Established at the fork of the Scioto and Olentangy rivers, Columbus was founded in 1812 --nine years after Ohio became a state. By the 1830s, Columbus became a stop on a major water transportation system stretching from the Ohio River to the Erie Canal. Railroads and telegraph lines were put in place during the 1840s and 1850s. During the 1860s, Columbus became the location for a Civil War site -- Camp Chase. A training, parole and prisoner-of-war camp, Camp Chase marked its legacy with a cemetery that's still located on the West Side of Columbus to this day.
By the turn of the 20th century, Columbus's population was growing as much as its reputation. The founding of Ohio State University and Capital University branded Columbus as an educated metropolis, something that still rings true today.
Real Estate
Columbus has undergone incredible growth over the past few decades. In fact, Delaware County (just north of Columbus) is the 13th fastest-growing county in the United States. The National Association of Realtors (NAR) states that Columbus's median house price is 31 percent less than the national average and Conway Data ranks Columbus as among the top 10 lowest-cost real estate markets in the country.
Despite the downswing of national housing markets, Columbus appears to be one of the less affected areas. The PMI Group categorizes Columbus as one of the more stable major housing markets in the United States.
Business
If you haven't heard, 15 Fortune 1000 companies are headquartered in Columbus. Among these internationally recognized corporations are: Bank One, Cardinal Health, Limited Brands, Nationwide, Wendy's and Worthington Industries. Other Columbus-based companies worth noting for their forward-thinking approach to science and engineering are Battelle, Chemical Abstracts Service and Edison Welding Institute. Columbus is also the home of the Online Computer Library Center (OCLC). This internationally operating library system has more than 60,000 client libraries in 112 countries. It complements research-driven institutions such as Ohio State University and other centers of learning in the area. With this much information at our fingertips, it's no surprise Columbus is seen as such an academically well-versed city.
Future
Columbus is rumored to be looking into multimodal transportation systems. James Beasley, director of the Ohio Department of Transportation, is hoping to effectively use railways and waterways for the transport of goods and people. As Columbus continues to grow, it will be important to constantly search for innovative ways to improve the transportation system, making it efficient, inexpensive and environmentally friendly. Plan to see growth in the following years.
For more information on what makes Columbus great, contact your us today.
Dana M. Garrett 937-645-6545 Dana.Garrett@RealLiving.com
Nanie Ingram 937-645-6542 Nanie.Ingram@RealLiving.com
Harley E. Rouda Jr.
CEO of Real Living
One of the nation's fastest-growing real estate companies.
From This Week Community Newspapers
Thursday, March 12, 2009
Home repair funds available for qualified residents
The city of Marysville still has grants and deferred loans available to help residents with housing repairs.
The funds are available to homeowners living in Marysville who qualify based on their income. Funds may be used to repair or replace roofs, update plumbing or electrical systems or replace heating systems.
Homeowners may receive a grant of up to $5,000 to make those repairs.
Homes in need of major rehabilitation may qualify for a forgivable loan for up to $35,000 to repair or replace all major systems in the home including roof, plumbing, electrical and structural and lead-based paint, if present.
The loan is made at zero percent interest and requires no monthly payments.
Some funds are still available for down payment and rehabilitation costs for first-time buyers looking to purchase an existing home within the city limits. To qualify, homes must be valued at less than $144,000 for all programs.
Inspection, bidding the project to qualified contractors and project oversight are managed by program consultants. Residents do not have to hire their own contractor.
To qualify for the repair program, a family of four must make less than $34,250 per year. To qualify for the rehabilitation or down payment program, a family of four must make less than $54,800.
Applicants are required to provide documentation for all household income and the determination is made on gross annual income.
Self-employed applicants are allowed to deduct business-related expenses.
Funding for these programs is provided by the Ohio Department of Development. All funds must be spent by Aug. 31.
For more information, call (937) 645-1046.
This program is administered by the city of Marysville and the Mid-Ohio Regional Planning Commission. The city is an equal housing lender.
From This Week Community Newspapers
March 7, 2009
The funds are available to homeowners living in Marysville who qualify based on their income. Funds may be used to repair or replace roofs, update plumbing or electrical systems or replace heating systems.
Homeowners may receive a grant of up to $5,000 to make those repairs.
Homes in need of major rehabilitation may qualify for a forgivable loan for up to $35,000 to repair or replace all major systems in the home including roof, plumbing, electrical and structural and lead-based paint, if present.
The loan is made at zero percent interest and requires no monthly payments.
Some funds are still available for down payment and rehabilitation costs for first-time buyers looking to purchase an existing home within the city limits. To qualify, homes must be valued at less than $144,000 for all programs.
Inspection, bidding the project to qualified contractors and project oversight are managed by program consultants. Residents do not have to hire their own contractor.
To qualify for the repair program, a family of four must make less than $34,250 per year. To qualify for the rehabilitation or down payment program, a family of four must make less than $54,800.
Applicants are required to provide documentation for all household income and the determination is made on gross annual income.
Self-employed applicants are allowed to deduct business-related expenses.
Funding for these programs is provided by the Ohio Department of Development. All funds must be spent by Aug. 31.
For more information, call (937) 645-1046.
This program is administered by the city of Marysville and the Mid-Ohio Regional Planning Commission. The city is an equal housing lender.
From This Week Community Newspapers
March 7, 2009
Wednesday, March 11, 2009
Should I Invest in Real Estate????
"Buying real estate is not only the best way, the quickest way, the safest way, but the only way to become wealthy." -Marshall Field (1835-1906)
It’s a Buyer’s Market!
So what does that mean for you? While it may sound like you’ll be in the driver’s seat, calling the shots remember that the seller of your dream home is only going to budge so far. The best way to find out if a house is priced correctly is to obtain a comparative market analysis (CMA). This will help show you the average selling price of homes in your area over the past year. Also, remember that prices are negotiable, and as Real Living agents, we can help you with all the details. Contact us today!
Sell in a Buyer’s Market!
It’s a buyer’s market. While that’s great news for all home buyers, it seems to leave little hope for home sellers. But, fear not sellers – all is not lost. There are still some great tips to help give you a selling edge:
Prepare yourself – you have to accept what the market is and make the most of it.
Get ready for picky buyers – curb appeal and other details are vital to entice a buyer into your home.
Get educated about your neighborhood’s real estate market.
Hire an inspector – they can impartially let you know what needs to be fixed before your home is on the market.
As a Real Living agent, we can help you prepare for every step of the home selling process. Simply contact us today to get started!
Dana M Garrett
937-645-6545
Dana.Garrett@RealLiving.com
Nanie Ingram
937-645-6542
Nanie.Ingram@RealLiving.com
It’s a Buyer’s Market!
So what does that mean for you? While it may sound like you’ll be in the driver’s seat, calling the shots remember that the seller of your dream home is only going to budge so far. The best way to find out if a house is priced correctly is to obtain a comparative market analysis (CMA). This will help show you the average selling price of homes in your area over the past year. Also, remember that prices are negotiable, and as Real Living agents, we can help you with all the details. Contact us today!
Sell in a Buyer’s Market!
It’s a buyer’s market. While that’s great news for all home buyers, it seems to leave little hope for home sellers. But, fear not sellers – all is not lost. There are still some great tips to help give you a selling edge:
Prepare yourself – you have to accept what the market is and make the most of it.
Get ready for picky buyers – curb appeal and other details are vital to entice a buyer into your home.
Get educated about your neighborhood’s real estate market.
Hire an inspector – they can impartially let you know what needs to be fixed before your home is on the market.
As a Real Living agent, we can help you prepare for every step of the home selling process. Simply contact us today to get started!
Dana M Garrett
937-645-6545
Dana.Garrett@RealLiving.com
Nanie Ingram
937-645-6542
Nanie.Ingram@RealLiving.com
Tuesday, March 10, 2009
Our Core Values
To always…
...Live by the “Get by Giving” Philosophy
...Make our client’s #1 goal, our #1 goal
...Live up to our standards, despite temptations to lower them
...Be willing to work toward a common good
...Do what we say we’ll do, sometimes more, just never less
...Live by the “Get by Giving” Philosophy
...Make our client’s #1 goal, our #1 goal
...Live up to our standards, despite temptations to lower them
...Be willing to work toward a common good
...Do what we say we’ll do, sometimes more, just never less
To experience the difference great Realtors can make - just give us a call.
Dana M. Garrett 937-645-6545 Dana.Garrett@RealLiving.com
Nanie Ingram 937-645-6542 Nanie.Ingram@RealLiving.com
Monday, March 9, 2009
GUIDE TO PURCHASING A FORECLOSED HOME
Are you interested in purchasing a home that’s possibly below market value? Well no time is better than the present to purchase a foreclosure. It’s important to know the facts before you invest your money in a foreclosed home, so make sure to contact your Realtor® and do your research.
There’s No Such Thing as Too Much Research
Experts agree that if you’re interested in purchasing a foreclosed home, it’s important to do research on foreclosed homes in the area as well as the foreclosure process. Start by searching public records for a lis pendens, also known as a “lawsuit pending”. This is where you can begin to follow the long foreclosure process. It’s also important to research foreclosure methods and procedures since it varies from state to state. Florida, New York, Ohio and Pennsylvania all require judicial foreclosures--when a lender takes a borrower to court. In other states, the foreclosure process can take place outside the court. Each state is different For information on your specific state, check out United States Foreclosure Laws.
HUD Housing
A Housing and Urban Development (HUD) home is a residence acquired by the U.S. Department of Housing and Urban Development due to a foreclosure on a Federal Housing Administration (FHA) mortgage. Once acquired by HUD, the home is sold in an attempt to recover foreclosure losses. If you’re interested in purchasing a HUD home, check out the National Home Management Solutions (NHMS) for a listing of HUD homes in your state.
Bank-Owned and REO Homes
Bank-owned and real estate-owned (REO) homes come into the possession of a lender—in this case, the bank—during the foreclosure process. An REO home is a type of bank-owned home that has been through an unsuccessful auction. If you’re interested in purchasing a bank-owned or REO home, search for a listing of homes at Bank Owned Properties.
Inspections
If you’re interested in purchasing a HUD or bank-owned home, it’s important to get the home inspected. These homes are sold as they are—with no extra compensation or repairs. Paying for a portion of a foreclosed home in cash is typically a great option; however, there are HUD homes that do qualify for FHA (Federal Housing Administration) loans.
For more information about purchasing a foreclosed home, contact Dana M. Garrett 937-645-6545 or Nanie Ingram 937-645-6542 today!
(From Real Living Blog February 23, 2009)
There’s No Such Thing as Too Much Research
Experts agree that if you’re interested in purchasing a foreclosed home, it’s important to do research on foreclosed homes in the area as well as the foreclosure process. Start by searching public records for a lis pendens, also known as a “lawsuit pending”. This is where you can begin to follow the long foreclosure process. It’s also important to research foreclosure methods and procedures since it varies from state to state. Florida, New York, Ohio and Pennsylvania all require judicial foreclosures--when a lender takes a borrower to court. In other states, the foreclosure process can take place outside the court. Each state is different For information on your specific state, check out United States Foreclosure Laws.
HUD Housing
A Housing and Urban Development (HUD) home is a residence acquired by the U.S. Department of Housing and Urban Development due to a foreclosure on a Federal Housing Administration (FHA) mortgage. Once acquired by HUD, the home is sold in an attempt to recover foreclosure losses. If you’re interested in purchasing a HUD home, check out the National Home Management Solutions (NHMS) for a listing of HUD homes in your state.
Bank-Owned and REO Homes
Bank-owned and real estate-owned (REO) homes come into the possession of a lender—in this case, the bank—during the foreclosure process. An REO home is a type of bank-owned home that has been through an unsuccessful auction. If you’re interested in purchasing a bank-owned or REO home, search for a listing of homes at Bank Owned Properties.
Inspections
If you’re interested in purchasing a HUD or bank-owned home, it’s important to get the home inspected. These homes are sold as they are—with no extra compensation or repairs. Paying for a portion of a foreclosed home in cash is typically a great option; however, there are HUD homes that do qualify for FHA (Federal Housing Administration) loans.
For more information about purchasing a foreclosed home, contact Dana M. Garrett 937-645-6545 or Nanie Ingram 937-645-6542 today!
(From Real Living Blog February 23, 2009)
Saturday, March 7, 2009
Spring Forward!
It's Daylight Saving Time and that means it's time to spring forward. Don't forget to set your clocks ahead one hour this weekend!
Friday, March 6, 2009
Real Estate Terms
Just like any other business, real estate has its own lingo and for many consumers this can be overwhelming. To help you better understand the home buying process, here is a glossary full of real estate terms.
A
Adjustable Rate Mortgage (ARM) – A loan for which the interest rate is subject to change on a periodic basis (i.e. every 1, 3, or 5 years).
Appraisal – An evaluation to determine the price for which a property would sell in the current marketplace.
Assessment – A tax levied on a property or a value placed on the worth of a property by a taxing authority.
B
Broker – A real estate professional who has a higher level of training than an agent. A broker is the legal representative and/or manager of the office. The term may also refer to the brokerage under which an agent is licensed.
Buyer-agency – A relationship between an agency and a buyer in which the agent represents the interests of the buyer, not the seller. The primary duty of a buyer’s agent is to obtain the best deal for his/her client.
Buyer Representation – Historically, an agent represented only the seller in a real estate transaction. Buyers today have the opportunity to be fully represented by an agent and brokerage firm.
C
Closing Costs – Charges paid at closing for obtaining a mortgage loan and transferring a real estate title.
Commission – The fee paid to a real estate agent/broker for services rendered during the sale or purchase of a home. Usually a percentage of the property’s sale price, averaging 6 to 7 percent on home sales.
Comparative Market Analysis (CMA) – A survey of attributes and selling prices of comparable houses listed for sale, recently sold or expired from the market; used to help determine correct pricing strategy for a seller's property.
Cooperate – A standard of practice in real estate in which brokers/agents agree to work together with other brokers/agents, but only in their client's best interest. Under a cooperative arrangement, there is no obligation to share commissions or fees.
Counteroffer – An offer made in response to an offer received. Essentially it rejects the original offer.
D
Debt-To-Income Ratio – A comparison of gross income to expenses (both housing and non-housing).
Deed – Legal document that formally conveys ownership of property from seller to buyer.
Deed Restrictions – Legally binding rules for the building and maintenance of homes and properties.
Discount Points – A fee paid to a mortgage lender by a borrower to get a lower interest rate on the mortgage loan. One point equals one percent of the loan amount.
Due–On–Sale – A clause in a mortgage contract requiring the borrower to pay the entire outstanding balance upon sale or transfer of the property.
E
Easement – The right-of-way granted to a person or company authorizing access to the owner's land; for example, a utility company may be granted an easement to install pipes or wires. An owner may voluntarily grant an easement, or can be ordered to grant one by a local jurisdiction.
Equity – The difference between the value of a home and what is owed on it.
Escrow – The handling of funds or documents by a third party on behalf of the buyer and/or seller.
Exclusive Agency Agreement – A contract that gives a real estate agency the right to market and sell a home.
F
FHA – The Federal Housing Administration. It insures loans made by an approved lender, as long as the loan is in accordance with FHA regulations.
G
Grace Period – A specified amount of time during which a loan payment may be made after its due date without incurring a late penalty. Each mortgage lender sets its own grace period policies.
H
Home Equity Loan – A loan secured by the equity built up in a home. Such a loan is often used to pay for repairs and home improvements. This can be a fixed or variable loan rate.
L
List Price – Also called the asking price. The price of the home as determined by the seller and his/her agent. The list price is often negotiable.
Listing Contract – Agreement whereby an owner engages a real estate company for a specified period to market a property for which (upon sale) the broker receives a commission.
M
Mortgage Broker – A broker who represents numerous lenders and helps consumers find affordable mortgages, the broker charges a fee only if the consumer finds a loan
Mortgage Loan – A contract in which the borrower's property is pledged as collateral. It is repaid in installments. The mortgagor (buyer) promises to repay principal and interest, keep the home insured, pay all taxes and keep the property in good condition.
Multiple Listing Service (MLS) – A system that provides its members with detailed information about properties for sale.
N
National Association of Realtors (NAR) – A national trade organization of more than one million real estate agents and brokers. Members may call themselves Realtors®.
O
Origination Fee – A charge for the work involved in preparing and servicing a mortgage application (usually one percent of the loan amount).
P
P.I.T.I – Principal, interest, taxes, and insurance—the four major components of monthly housing payments.
Pre-Approval – A mortgage approval obtained before negotiating a contract on a specific home.
Pre–Qualification – An informal estimate of how much financing a potential borrower might expect to obtain.
Purchase Agreement – Also called a sales agreement, a purchase agreement is a contract for the sale of a home between a buyer and a seller. It outlines the price, terms and conditions of the transaction.
R
Recording Fee – A charge for recording the transfer of a property, paid to a city, county, or other appropriate branch of government.
S
Second Mortgage – A loan that uses the equity in a home as collateral.
T
Title – Evidence (usually in the form of a certificate or deed) of a person's legal right to ownership of a property.
Title Insurance – Provides coverage against losses resulting from a defect in the title.
W
Walk–Through – A final inspection of a home before title transfer to search for problems that need to be corrected before ownership changes.
Z
Zoning – Regulations established by local governments regarding the location and use for any given piece of property within a specific area.
Hopefully these definitions help you feel more comfortable and at ease with the home buying experience. If you have any ever come across a real estate term you aren't familiar with or have any other real estate question. Please contact us! Dana 937-645-6545 dana.garrett@realliving.com or Nanie 937-645-6542 nanie.ingram@realliving.com
A
Adjustable Rate Mortgage (ARM) – A loan for which the interest rate is subject to change on a periodic basis (i.e. every 1, 3, or 5 years).
Appraisal – An evaluation to determine the price for which a property would sell in the current marketplace.
Assessment – A tax levied on a property or a value placed on the worth of a property by a taxing authority.
B
Broker – A real estate professional who has a higher level of training than an agent. A broker is the legal representative and/or manager of the office. The term may also refer to the brokerage under which an agent is licensed.
Buyer-agency – A relationship between an agency and a buyer in which the agent represents the interests of the buyer, not the seller. The primary duty of a buyer’s agent is to obtain the best deal for his/her client.
Buyer Representation – Historically, an agent represented only the seller in a real estate transaction. Buyers today have the opportunity to be fully represented by an agent and brokerage firm.
C
Closing Costs – Charges paid at closing for obtaining a mortgage loan and transferring a real estate title.
Commission – The fee paid to a real estate agent/broker for services rendered during the sale or purchase of a home. Usually a percentage of the property’s sale price, averaging 6 to 7 percent on home sales.
Comparative Market Analysis (CMA) – A survey of attributes and selling prices of comparable houses listed for sale, recently sold or expired from the market; used to help determine correct pricing strategy for a seller's property.
Cooperate – A standard of practice in real estate in which brokers/agents agree to work together with other brokers/agents, but only in their client's best interest. Under a cooperative arrangement, there is no obligation to share commissions or fees.
Counteroffer – An offer made in response to an offer received. Essentially it rejects the original offer.
D
Debt-To-Income Ratio – A comparison of gross income to expenses (both housing and non-housing).
Deed – Legal document that formally conveys ownership of property from seller to buyer.
Deed Restrictions – Legally binding rules for the building and maintenance of homes and properties.
Discount Points – A fee paid to a mortgage lender by a borrower to get a lower interest rate on the mortgage loan. One point equals one percent of the loan amount.
Due–On–Sale – A clause in a mortgage contract requiring the borrower to pay the entire outstanding balance upon sale or transfer of the property.
E
Easement – The right-of-way granted to a person or company authorizing access to the owner's land; for example, a utility company may be granted an easement to install pipes or wires. An owner may voluntarily grant an easement, or can be ordered to grant one by a local jurisdiction.
Equity – The difference between the value of a home and what is owed on it.
Escrow – The handling of funds or documents by a third party on behalf of the buyer and/or seller.
Exclusive Agency Agreement – A contract that gives a real estate agency the right to market and sell a home.
F
FHA – The Federal Housing Administration. It insures loans made by an approved lender, as long as the loan is in accordance with FHA regulations.
G
Grace Period – A specified amount of time during which a loan payment may be made after its due date without incurring a late penalty. Each mortgage lender sets its own grace period policies.
H
Home Equity Loan – A loan secured by the equity built up in a home. Such a loan is often used to pay for repairs and home improvements. This can be a fixed or variable loan rate.
L
List Price – Also called the asking price. The price of the home as determined by the seller and his/her agent. The list price is often negotiable.
Listing Contract – Agreement whereby an owner engages a real estate company for a specified period to market a property for which (upon sale) the broker receives a commission.
M
Mortgage Broker – A broker who represents numerous lenders and helps consumers find affordable mortgages, the broker charges a fee only if the consumer finds a loan
Mortgage Loan – A contract in which the borrower's property is pledged as collateral. It is repaid in installments. The mortgagor (buyer) promises to repay principal and interest, keep the home insured, pay all taxes and keep the property in good condition.
Multiple Listing Service (MLS) – A system that provides its members with detailed information about properties for sale.
N
National Association of Realtors (NAR) – A national trade organization of more than one million real estate agents and brokers. Members may call themselves Realtors®.
O
Origination Fee – A charge for the work involved in preparing and servicing a mortgage application (usually one percent of the loan amount).
P
P.I.T.I – Principal, interest, taxes, and insurance—the four major components of monthly housing payments.
Pre-Approval – A mortgage approval obtained before negotiating a contract on a specific home.
Pre–Qualification – An informal estimate of how much financing a potential borrower might expect to obtain.
Purchase Agreement – Also called a sales agreement, a purchase agreement is a contract for the sale of a home between a buyer and a seller. It outlines the price, terms and conditions of the transaction.
R
Recording Fee – A charge for recording the transfer of a property, paid to a city, county, or other appropriate branch of government.
S
Second Mortgage – A loan that uses the equity in a home as collateral.
T
Title – Evidence (usually in the form of a certificate or deed) of a person's legal right to ownership of a property.
Title Insurance – Provides coverage against losses resulting from a defect in the title.
W
Walk–Through – A final inspection of a home before title transfer to search for problems that need to be corrected before ownership changes.
Z
Zoning – Regulations established by local governments regarding the location and use for any given piece of property within a specific area.
Hopefully these definitions help you feel more comfortable and at ease with the home buying experience. If you have any ever come across a real estate term you aren't familiar with or have any other real estate question. Please contact us! Dana 937-645-6545 dana.garrett@realliving.com or Nanie 937-645-6542 nanie.ingram@realliving.com
Thursday, March 5, 2009
HOMEBUYERS: Get a Tax Credit when you purchase a home!
$8000 first time home buyer tax credit!!!
If you’re considering buying your first home, it’s a great time to buy—and it just got even better! Thanks to the federal government’s stimulus package, first-time buyers are entitled to a tax credit lesser of 10% of the cost of the home or $8,000.
Facts
The new credit is an $8,000 refundable tax credit (or up to 10% of the purchase price). Refundable means that if your total tax liability in the given year is less than $8,000, the IRS will send a refund check for the balance.
Examples
If you owe $5,000 in taxes, the credit eliminates your tax liability, and you’ll receive $3,000 back (assuming you bought a house worth more than $80,000; it is 10% of the purchase price up to $8,000).
If you have no tax liability, you get $8,000.
If you are due a refund of $1,000, you get $9,000 total back. Please consult your tax advisor regarding your specific situations.
If If you utilize revenue bond financing, you can use the tax credit.
If There’s no repayment as long as you don’t sell the home within three years of purchase. If you choose to do so, the entire amount of credit is due back to the government at the time of sale.
If You cannot buy your home from a close relative such as a spouse, parent, grandparent, child or grandchild.
If It can be claimed on your 2008 Tax Return (to be filed by April 15, 2009), an amended 2008 Tax Return, or your 2009 Tax Return.Qualifications
You must be a first-time homebuyer. If you (and your spouse, if filing jointly) haven’t owned a principal residence in the past 3 years, you qualify.
You must purchase a single-family home that will be your primary residence (meaning you spend 50% or more of your time there) between Jan. 1 and Dec. 1, 2009. This includes condos, townhouses and co-ops.
It must also be in the U.S.
The full amount of credit is available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). It begins phasing out after those numbers and completely disappears at income levels of $95,000 and $170,000 on a joint return.Now is a great time to buy! Consult a tax advisor to see how the credit impacts you personally.
Call Dana M. Garrett or Nanie Ingram to learn more about the tax credit. 937-645-6545
If you’re considering buying your first home, it’s a great time to buy—and it just got even better! Thanks to the federal government’s stimulus package, first-time buyers are entitled to a tax credit lesser of 10% of the cost of the home or $8,000.
Facts
The new credit is an $8,000 refundable tax credit (or up to 10% of the purchase price). Refundable means that if your total tax liability in the given year is less than $8,000, the IRS will send a refund check for the balance.
Examples
If you owe $5,000 in taxes, the credit eliminates your tax liability, and you’ll receive $3,000 back (assuming you bought a house worth more than $80,000; it is 10% of the purchase price up to $8,000).
If you have no tax liability, you get $8,000.
If you are due a refund of $1,000, you get $9,000 total back. Please consult your tax advisor regarding your specific situations.
If If you utilize revenue bond financing, you can use the tax credit.
If There’s no repayment as long as you don’t sell the home within three years of purchase. If you choose to do so, the entire amount of credit is due back to the government at the time of sale.
If You cannot buy your home from a close relative such as a spouse, parent, grandparent, child or grandchild.
If It can be claimed on your 2008 Tax Return (to be filed by April 15, 2009), an amended 2008 Tax Return, or your 2009 Tax Return.Qualifications
You must be a first-time homebuyer. If you (and your spouse, if filing jointly) haven’t owned a principal residence in the past 3 years, you qualify.
You must purchase a single-family home that will be your primary residence (meaning you spend 50% or more of your time there) between Jan. 1 and Dec. 1, 2009. This includes condos, townhouses and co-ops.
It must also be in the U.S.
The full amount of credit is available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). It begins phasing out after those numbers and completely disappears at income levels of $95,000 and $170,000 on a joint return.Now is a great time to buy! Consult a tax advisor to see how the credit impacts you personally.
Call Dana M. Garrett or Nanie Ingram to learn more about the tax credit. 937-645-6545
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