http://www.housingmarketfacts.com/
Still on the fence about buying a home? Do you even have a fence? Chances are, if you are a renter, you not only don't have a fence but you don't have a yard.
This website gives some factoids about the benefits of owning a home. One is that, chances are, a home will be your biggest investment and asset. And, for this reason, it is an endeavor not to be taken lightly. Be prepared, if you purchase a home, that you nurture it, love it and make it your own.
That got a bit mushy, but when something becomes personal to you, you are more likely to fight for it.
The above website will address the wherefores and how-to's. Part of my job is to help you find a home, not just a house.
I think I'm gonna cry......
Tuesday, January 22, 2008
Power to the People
http://www.realtor.org/subprime_lending.nsf/Pages/mort_cancellation
This link could save your life, certainly your home. This info is from the NAR, National Association of Realtors. You may have seen ads on TV about this organization. It is a very prestigious organization and insures (in theory) the professionalism of real estate agents. A "realtor" is not the same as a "real estate agent". In order to be a "realtor" you must be a member of the NAR. That is why you see Realtor(r) as a registered trademark. I am a Realtor(r).
Why am I telling you this? Because the above link is real, no pun intended. It is not rumor, it is not spin. So take this info as gospel. If you are behind in your mortgage payments, there is something you can do. The worst thing you can do is nothing. Make a copy of this article and take it to your lender. I'm not saying that your mortgage will go away. But you may be able to catch up or at the very least you may have time to sell before you are foreclosed upon. Foreclosure, as well as bankruptcy, will ruin your credit for a loooonnnngggg time. Especially since the banks are tightening their belts.
So good luck. Take the bull by the horns and do whatever it takes to not let this recession (yes recession) take you down with it.
The deck is stacked against the dwindling middle class. But when the powers that be start feeling the hurt in their pockets, it is time to take advantage of the situation.
Power to the people!
This link could save your life, certainly your home. This info is from the NAR, National Association of Realtors. You may have seen ads on TV about this organization. It is a very prestigious organization and insures (in theory) the professionalism of real estate agents. A "realtor" is not the same as a "real estate agent". In order to be a "realtor" you must be a member of the NAR. That is why you see Realtor(r) as a registered trademark. I am a Realtor(r).
Why am I telling you this? Because the above link is real, no pun intended. It is not rumor, it is not spin. So take this info as gospel. If you are behind in your mortgage payments, there is something you can do. The worst thing you can do is nothing. Make a copy of this article and take it to your lender. I'm not saying that your mortgage will go away. But you may be able to catch up or at the very least you may have time to sell before you are foreclosed upon. Foreclosure, as well as bankruptcy, will ruin your credit for a loooonnnngggg time. Especially since the banks are tightening their belts.
So good luck. Take the bull by the horns and do whatever it takes to not let this recession (yes recession) take you down with it.
The deck is stacked against the dwindling middle class. But when the powers that be start feeling the hurt in their pockets, it is time to take advantage of the situation.
Power to the people!
Wednesday, January 16, 2008
Yesterday
Well, it looks like we'll finally get that piece of crap closed. When you are working with foreclosed properties, you are at the mercy of the whims of the bank. They like to drag their feet, but when they want something, they want it now. My client has bought many homes in this neighborhood. It doesn't look like a bad neighborhood, just a bit run down. However, I did read in the local paper yesterday that someone on that street had been brandishing a gun. Whenever I show my client "homes" in that area he always jokingly but seriously tells me I should stay in the car. But being the curious person that I am, I just plow right into these infested abandoned places just to see what I can see.
Usually all I see is crap. But there is that old house part of me that likes to visualize what this pile of planks and falling plaster used to look like. I like to think about what the neighborhood used to look like, who built the home and who wanted to live in it so bad that first day they opened the door. Reality then sets in and I see bathrooms that have had leaky pipes for who knows how long; rotted walls, stained floors, sagging ceilings. I see the remnants of past owners attempts to "update" the house, then, when the job became too big to handle, it was cast aside. I see bits of original woodwork that has been eaten by termites then "repaired" with something Lowes had thrown in the dumpster behind the store. I see missing foundations, broken windows, worn shingles. It's a shame, really. These older neighborhoods used to be the backbone of Wilmington. But as new was built, old became, not "cheap and cheerful" but just cheap.
In the defense of the city of Wilmington, several years ago they actually put money into these older neighborhoods. Some areas of the city had no curbs, crumbling streets and decaying yards. The city came in and gave these areas a face lift with new streets and plumbing. Yes plumbing! Not too long ago some parts of Wilmington had virtually nothing. And as the city took more pride in their town, so did the residents. Now you can find some really cute little places in the most unusual places. Like my house. I live in one of those old neighborhoods and things have been looking up these last couple years.
But things are not so good in other places. Better, but not quite there. Do I have the answer? Nah, I guess not. I wish I did. But as one realtor told me years ago, while I was shopping for a "fixer upper" for myself, "For every dirty little house, there's a dirty little buyer."
I never quite knew what to do with that one.
Usually all I see is crap. But there is that old house part of me that likes to visualize what this pile of planks and falling plaster used to look like. I like to think about what the neighborhood used to look like, who built the home and who wanted to live in it so bad that first day they opened the door. Reality then sets in and I see bathrooms that have had leaky pipes for who knows how long; rotted walls, stained floors, sagging ceilings. I see the remnants of past owners attempts to "update" the house, then, when the job became too big to handle, it was cast aside. I see bits of original woodwork that has been eaten by termites then "repaired" with something Lowes had thrown in the dumpster behind the store. I see missing foundations, broken windows, worn shingles. It's a shame, really. These older neighborhoods used to be the backbone of Wilmington. But as new was built, old became, not "cheap and cheerful" but just cheap.
In the defense of the city of Wilmington, several years ago they actually put money into these older neighborhoods. Some areas of the city had no curbs, crumbling streets and decaying yards. The city came in and gave these areas a face lift with new streets and plumbing. Yes plumbing! Not too long ago some parts of Wilmington had virtually nothing. And as the city took more pride in their town, so did the residents. Now you can find some really cute little places in the most unusual places. Like my house. I live in one of those old neighborhoods and things have been looking up these last couple years.
But things are not so good in other places. Better, but not quite there. Do I have the answer? Nah, I guess not. I wish I did. But as one realtor told me years ago, while I was shopping for a "fixer upper" for myself, "For every dirty little house, there's a dirty little buyer."
I never quite knew what to do with that one.
Thursday, December 20, 2007
We Can Work it Out
Yesterday, I went on an excursion to look at a piece of crap with a repeat client of mine. And yes, it was a piece of crap. I knew it, he knew it, everybody knew it. But my guy buys lots of pieces of crap, presumably so that someday he will have a whole heaping, steaming pile of crap. Okay, he actually fixes them up and rents them.
My car was being used by my significant other to engage in Christmas shopping. (I had to let him use it or I wouldn't get a Christmas present.) So in order for me to show this property, I had to let my client be the chauffeur. This has happened before, with another client, when my foot was broken. I am not ashamed to admit this, although I should be.
Anyway, my "limo" was a construction van full of 5 gallon buckets, tools, drop clothes and many unidentifiable filthy objects, aka ufo's. My client had to open the heavy sliding door for me, then I, quite ungracefully, hoisted my office clothes clad body unceremoniously into the debris strewn interior. We proceeded to our destination, me in the back, way in the back, of this disastrously decorated vehicle as my client peered confidently through the grease smudged windshield.
Upon arrival, I again hoisted myself up and attempted to gingerly step from the van while visions of another broken ankle danced in my head. As we approached the front door, I realized with horror that I had failed to bring the lock box code with me. Of course, I first blamed my client for misplacing it swearing that I had handed him my papers.
So I called the office, hoping that someone could locate the missing papers amongst the other piles of papers on my desk. No luck. So then I attempted to call the listing agent whose cell phone number, luckily, was on the For Sale sign. No luck. Then I called the listing agent's office but was greeted by an answering machine. By now, I was looking quite the fool. Okay, I was looking quite the fool long before that. So I then called the listing agent's team leader because, luckily, he had an easy cell number to remember. I actually reached a human being this time but no, he did not know the lock box combination but promised to make a couple phone calls to find out for me. By the time I got off the phone with him I had a text message from the listing agent with the combo. Yeah! But then I had to call the team leader and tell him that I indeed had the code, was in the house and sorry to have troubled you. Sigh. Red faced and with egg on it too.
Long story short, my guy put an offer in on the piece of crap which was totally overpriced considering the ceiling was caving in, there was little or no foundation on one side of the house, and the bathroom looked like someone had been hosing it down on a regular basis, but not in an effort to sanitize it. Overpriced because the bank who owned the property had the audacity to put a price tag on it at all.
So I am now waiting to hear if the bank will take our offer. I sure hope so. I can't imagine anyone else being brave enough to tackle this "house". I hope for my client's sake and for mine and my broker's sake who, as I informed him this morning, stand to each earn $250.
Not a bad return for all my hard and competent work.
My car was being used by my significant other to engage in Christmas shopping. (I had to let him use it or I wouldn't get a Christmas present.) So in order for me to show this property, I had to let my client be the chauffeur. This has happened before, with another client, when my foot was broken. I am not ashamed to admit this, although I should be.
Anyway, my "limo" was a construction van full of 5 gallon buckets, tools, drop clothes and many unidentifiable filthy objects, aka ufo's. My client had to open the heavy sliding door for me, then I, quite ungracefully, hoisted my office clothes clad body unceremoniously into the debris strewn interior. We proceeded to our destination, me in the back, way in the back, of this disastrously decorated vehicle as my client peered confidently through the grease smudged windshield.
Upon arrival, I again hoisted myself up and attempted to gingerly step from the van while visions of another broken ankle danced in my head. As we approached the front door, I realized with horror that I had failed to bring the lock box code with me. Of course, I first blamed my client for misplacing it swearing that I had handed him my papers.
So I called the office, hoping that someone could locate the missing papers amongst the other piles of papers on my desk. No luck. So then I attempted to call the listing agent whose cell phone number, luckily, was on the For Sale sign. No luck. Then I called the listing agent's office but was greeted by an answering machine. By now, I was looking quite the fool. Okay, I was looking quite the fool long before that. So I then called the listing agent's team leader because, luckily, he had an easy cell number to remember. I actually reached a human being this time but no, he did not know the lock box combination but promised to make a couple phone calls to find out for me. By the time I got off the phone with him I had a text message from the listing agent with the combo. Yeah! But then I had to call the team leader and tell him that I indeed had the code, was in the house and sorry to have troubled you. Sigh. Red faced and with egg on it too.
Long story short, my guy put an offer in on the piece of crap which was totally overpriced considering the ceiling was caving in, there was little or no foundation on one side of the house, and the bathroom looked like someone had been hosing it down on a regular basis, but not in an effort to sanitize it. Overpriced because the bank who owned the property had the audacity to put a price tag on it at all.
So I am now waiting to hear if the bank will take our offer. I sure hope so. I can't imagine anyone else being brave enough to tackle this "house". I hope for my client's sake and for mine and my broker's sake who, as I informed him this morning, stand to each earn $250.
Not a bad return for all my hard and competent work.
A Taste of Honey
Another year is drawing to a close. Things are winding down here at Bennett Realty. Everyone, clients and agents both, is readying themselves for the BIG DAY. Of course, some people are celebrating 8 big days. However you spend your holidays, it should be our priority and is our obligation to help those who are not as fortunate as ourselves. Maybe your year wasn't as fulfilling as you had hoped. Maybe the stocking hung on your mantle is not as full as you had hoped. Maybe you had health issues, or maybe this has just been a sucky year. I always hate the old saw, "When things go bad, remember there is someone out there who has it worse." This is supposed to make you feel better? For one thing, when YOU feel bad, you really don't give a rat's patoot how anyone else is feeling. And for another thing, the idea that there are people who are poorer, sicker, more unhappy is nothing to feel thankful for.
The unfortunate thing about donating to food pantries, clothing drives, or the Salvation Army is the fact that we need these institutions at all. So many people don't make a living wage or work two jobs or have an absent spouse when there are children to feed. These are not the exceptions; the numbers are rising.
For example, in the Wilmington News Journal, a local columnist Bill Horne, a professor of economics at Southern State Community College recently submitted an editorial entitled "Everything going up but wages". In this article he sites the November issue of Farm World. In essence, for the last 22 years, the cost of a Thanksgiving turkey dinner has either increased at the rate of inflation or actually dropped in cost from one year to the next. This year, however, the cost of that same turkey dinner went up 11%. Also, our energy costs have climbed from 26% of our income to 47% of a workers income. Mr. Horne also speaks of the American worker's share of total income (as opposed to management, independently wealthy, business owners, etc, I assume). The first year that a 'total share of income' stat was taken was in 1929 as we were going into the Great Depression. In 2006, the American worker received the smallest share of the nation's wealth since the Depression. Depressing, huh.
So, I hope that you can see what is wrong with the big picture. We make less, our expenses are more. In this nation of wealth, the majority of Americans are missing their portion of the turkey dinner. But at the same time, they are helping those who are missing even more of the turkey dinner. Should we help others? Absolutely! Should we have to help others? Absolutely not!
Merry Christmas, Happy Hanuka, Good Festivus, Happy New Year to all!
Tuesday, December 11, 2007
Run For Your Life
Well, it sure has been nice working here at Bennett Realty. I do wonder, as I have mentioned previously, why I am able to keep this job that I love. My latest endeavor is to humiliate most of the realtors in my office. I purchased a new super duper camera recently. I took it to work to play with and started taking pictures of everyone. Well, with a 10x optical zoom and 8 megapixels, you can get up close and personal with your subject without physically getting in their face. Of course, people were getting a wee bit irritated because I was clicking away at them, although without a flash. It is amazing how you can actually capture the essence of someone after they start getting a bit p.o'd.
After I had harrassed my fellow realtors sufficiently, I down loaded my photos to the computer and tweaked and cropped them to my satisfaction. As a sidebar, I highly recommend the Fuji FinePix camera. Please, please, please don't let anyone talk you into a Kodak Easyshare. There is nothing "easy" about "sharing" photos when it comes to that camera or the software that comes with it. (I have lost count how many times I've been asked to help people "get those pictures off" their camera.) For one thing, you have to download your photos using the software that comes with the camera. You don't even need special software to download photos from any camera. Just plug in the USB cable and a window pops up and either a "wizard" opens or a dialog box that will walk you through it. However, the Fuji FinePix has very nice software that doesn't supercede the computer's own system. It is user friendly and has great editing capabilities. It's not Photoshop but it is the closest thing to having a dark room in your basement that I have found. Especially when used in conjuction with my new SLR style S800. With the manual as well as automatic settings, I can do anything for real estate or for personal use.
Which brings me back to harassing my fellow beings. After I assembled all of my loverly black and white photos, I ordered a calendar online using said photos and put silly captions underneath. I will then give it as a present to the broker and his wife, my supervisor.
So, it's been nice talking to you............
After I had harrassed my fellow realtors sufficiently, I down loaded my photos to the computer and tweaked and cropped them to my satisfaction. As a sidebar, I highly recommend the Fuji FinePix camera. Please, please, please don't let anyone talk you into a Kodak Easyshare. There is nothing "easy" about "sharing" photos when it comes to that camera or the software that comes with it. (I have lost count how many times I've been asked to help people "get those pictures off" their camera.) For one thing, you have to download your photos using the software that comes with the camera. You don't even need special software to download photos from any camera. Just plug in the USB cable and a window pops up and either a "wizard" opens or a dialog box that will walk you through it. However, the Fuji FinePix has very nice software that doesn't supercede the computer's own system. It is user friendly and has great editing capabilities. It's not Photoshop but it is the closest thing to having a dark room in your basement that I have found. Especially when used in conjuction with my new SLR style S800. With the manual as well as automatic settings, I can do anything for real estate or for personal use.
Which brings me back to harassing my fellow beings. After I assembled all of my loverly black and white photos, I ordered a calendar online using said photos and put silly captions underneath. I will then give it as a present to the broker and his wife, my supervisor.
So, it's been nice talking to you............
Thursday, December 6, 2007
The End
Finally, my last installment on the road to Renovation Lending.
Here are the various programs offered for Renovation Lending:
FHA 203(k)
FHA 203(k) Streamline
FNMA (Fannie Mae) Homestyle
FNMA Community Homestyle
Construction to Perm/One time Close Renovation Loan
In an effort to cut short the suffering my readers have endured over the 203(k), I will give only sight overviews of a couple of the 203(k) mortgage programs.
The first one, a first time homebuyer may have accidently come across it and not fully understood the purpose of it. (Unfortunately, there are lenders out there who do not speak in "people".) The HUD FHA 203(k) (almost sounds like a 1940's phone number) covers the mortgage plus there has to be a minimum of $5,000 in repairs. These repairs are required to eliminate health and safety issues such as roofing, energy conservation, site improvement and handicap accessibility. These are not decorating dollars.
The 203(k) Streamline allows up to $35,000 for repairs and upgrades. It is "Streamline" because it is "streamlined". No consultant needed, no structural repairs, no financing of mortgage payments which all results in lower fees. This mortgage would perhaps serve the non novice when it comes to home repairs and remodeling.
In all of these mortgages, self-help, or sweat-equity, may be discouraged but not entirely ruled out. If you can do the work and can demonstrate in some way that you indeed can do the work, then you might be able to stretch your dollars a bit further.
Well, I think I have totally exhausted this topic. Well, I guess not totally. There is obviously a lot more to know about this topic which is why I say, don't take my word for it. Do some legwork, call a bunch of lenders and get as much info as possible. If someone tells you there is no such thing as getting money based on what the home will be worth in the future, just smile knowingly and head for the door.
Countrywide Home Loans offers this type of mortgage, but I am sure they are not the only ones. Please do not let Countrywide's checkered past sway you too much. This is not preditory lending. But if a lender tries to pressure you into borrowing more money than you know you can afford, just smile knowingly and head for the door.
Now, go out there and RENOVATE!
Th--th--- th---That's all folks!
Here are the various programs offered for Renovation Lending:
FHA 203(k)
FHA 203(k) Streamline
FNMA (Fannie Mae) Homestyle
FNMA Community Homestyle
Construction to Perm/One time Close Renovation Loan
In an effort to cut short the suffering my readers have endured over the 203(k), I will give only sight overviews of a couple of the 203(k) mortgage programs.
The first one, a first time homebuyer may have accidently come across it and not fully understood the purpose of it. (Unfortunately, there are lenders out there who do not speak in "people".) The HUD FHA 203(k) (almost sounds like a 1940's phone number) covers the mortgage plus there has to be a minimum of $5,000 in repairs. These repairs are required to eliminate health and safety issues such as roofing, energy conservation, site improvement and handicap accessibility. These are not decorating dollars.
The 203(k) Streamline allows up to $35,000 for repairs and upgrades. It is "Streamline" because it is "streamlined". No consultant needed, no structural repairs, no financing of mortgage payments which all results in lower fees. This mortgage would perhaps serve the non novice when it comes to home repairs and remodeling.
In all of these mortgages, self-help, or sweat-equity, may be discouraged but not entirely ruled out. If you can do the work and can demonstrate in some way that you indeed can do the work, then you might be able to stretch your dollars a bit further.
Well, I think I have totally exhausted this topic. Well, I guess not totally. There is obviously a lot more to know about this topic which is why I say, don't take my word for it. Do some legwork, call a bunch of lenders and get as much info as possible. If someone tells you there is no such thing as getting money based on what the home will be worth in the future, just smile knowingly and head for the door.
Countrywide Home Loans offers this type of mortgage, but I am sure they are not the only ones. Please do not let Countrywide's checkered past sway you too much. This is not preditory lending. But if a lender tries to pressure you into borrowing more money than you know you can afford, just smile knowingly and head for the door.
Now, go out there and RENOVATE!
Th--th--- th---That's all folks!
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