Drumming up a fan base on MySpace, LinkedIn, Facebook or Twitter isn’t as simple as sending out friend requests. To find followers, you need to create threads and promote products on social sites. To do so, there are six rules of etiquette you should know.  

For the six rules of social networking, Click Here.

[Comment] It may come as some surprise to many potential home buyers and sellers that at the end of January 2011 there were over 400 pending home sales in Lake, Porter and LaPorte Counties. Most people believe that nothing really sells during the winter here in the land of frigid temperatures and Lake Effect snow bands. But that is not necessarily true.

In fact, the National Association of REALTORS reports that pending home sales rose nationally in December 2010 — up about 2% from November. Pending sales in the Midwest region may have been as high as 8% according to the Association’s Pending Home Sale Index.

One of the factors that may be a force driving pending home sales was the sudden rise in interest rates in December which, according to Bankrate.com, peaked at around 5.23 apr in mid-December ’10 before settling back to between 4.75 and 4.85 in January ’11 for Indiana borrowers.

Both buyers and sellers can benefit from early listings this year. Buyers benefit from interest rates still considered in the historically low range, and lower home prices over all. Sellers benefit from an early buyer pool spurred on by gradually increasing consumer confidence, a gradual loosening of credit restrictions like newer FHA guidelines geared to buyers with less than stellar credit, but with available funds to put down. The new guidelines allow a borrower with a FICO score as low as 500 to borrow up to 90% loan to value. The more traditional FHA guidelines allow a 96.5% loan to value with credit scores over 600 and 3.5% down. Buyers should consult with a loan originator about how these and other programs apply to their specific situation.

I have a good friend who just returned after two weeks in Hawaii. So, since his description of paradise is fresh on my mind, let me use a Hawaiian illustration to make my point. Surf boarders don’t wait until the wave forms to paddle out and assume their positions for a ride. They paddle out ahead of the swell and wait for the wave to meet them. At that point, when they feel the swell, they start paddling to keep up with the momentum of the wave as it begins to break to the shore.

Now, if the “home buying season” comes similarly like a wave, we are probably in the beginning formation of the swell. I say this based on the recent increase in showing requests of homes listed by our office: REALTY EXECUTIVES Premier, in Valparaiso. The real estate wave usually gathers strength and momentum gradually. Like in surfing, those who sit on the beach waxing their boards or sipping pina coladas miss out on the wave. Those who are sitting on their boards in the water and poised to ride will surely be the ones high-fiving when the wave is past.

Of course, there are no guarantees in surfing that a surfer will hit the perfect wave. And with real estate, our best predictions sometimes fizzle, but being poised and ready is certainly key in making the most of the real estate market.

Sellers need to get the paperwork and touch-ups done now so that they are in the driver’s seat as the “wave” swells. Buyers also need to take care of preliminaries like getting lender preapproval, so they can catch the perfect “wave” when it arrives on the horizon.

—————-

Call Scott Morris today to get in early for the coming wave 219-405-4087, or email: scott@scottmorrishomes.com! Getting in early will save you $$$, too! Find out how!  

Copyright 2011, Scott Morris Homes.

• 

  Create a Home Inventory for Insurance

  Create a home inventory before disaster strikes to make filing an insurance claim a smoother process. Read

Visit houselogic.com for more articles like this.

Copyright 2011 NATIONAL ASSOCIATION OF REALTORS ®

The up and down pace of sales that characterized the second half of 2010 appears to be ending on a high note.

The National Association of REALTORS ® reports   that existing home sales during November rose   5.6 percent over the previous month.

Even though November 2010 sales are still 27.9 percent below November 2009 “ the initial deadline for the first-time homebuyer tax credit “ NAR chief economist, Lawrence Yun, notes, œContinuing gains in home sales are encouraging, and the positive impact of steady job creation will more than trump some negative impact from a modest rise in mortgage interest rates, which remain historically favorable.

He adds, œThe relationship recently between mortgage interest rates, home prices and family income has been the most favorable on record for buying a home since we started measuring in 1970.Therefore, the market is recovering and we should trend up to a healthy, sustainable level in 2011.

One of the most difficult and Far reaching decision a buyer or seller makes is the choice of a Realtor. Most people will choose a Realtor because they know someone or someone who has helped them in a previous transaction. While this may be a good decision, the wrong Realtor for a seller would mean that the house could sit for a while and for a buyer could mean paying more for the house that they should.

BUYERS AGENT:

As a buyers agent, the Realtor will not only help you prequalify for a price range but will also help you find, negotiate and acquire the house. There is a lot more to do after the contract is signed. There is the Inspection to be done and problems negotiated, financing contingency to be resolved, Insurance to be obtained and title and survey to be done in the process of acquiring the title insurance. In addition, there is the financing contingency which includes appraisal. I good Realtor will navigate you through  these processes and do it in a seamless manner. Every transaction has its problems. Most of them can be minimized by Good up front agreements while the contract is being negotiated. It is also important to get an agent who will go to bat for you and get you the best possible price and terms for your purchase. After all every extra dollar you spend on your house gets amortized over 30 years which means you pay for it with interest for 30 years. This itself highlights who a good agent is worth having a agreement with. If you like the agent it is important to get his loyalty as a price for your loyalty. This is achieved by a buyers agreement. I know most buyers thing that they are better off if they stay independent and call the listing Realtor for their purchase or show the house they want to see. Just ask yourself one question though, if the agent already has an agreement with the seller, whose interest is he/she representing. An agent will not be paid till the deal closes and it may get difficult in negotiations if there are a lot of issues to resolve especially after the contract is already signed. In such a situation can you be sure of their neutrality?

SELLERS AGENT:

The sellers agent serves a different purpose that the buyers agent. He is responsible for listing and marketing the house to get the best possible exposure to the property. This is done in a different of ways. The ultimate goal is to sell the house at the best possible price. I have intentionally mentioned the best possible rather than the highest price. Some agents will list the property higher than it should be and then chase the market down over the next few months actually lowering the price on the house in addition to the stigma which may come from the house being on the market for an extended period of time. It is important to know the agents marketing plan and sign off on it because that is what the seller will live by. In a previous posting I have outlined the different things that need to be done to get the property sold and not just have it sit on the market.

Most important is to find someone who you like and can work with and who you feel will be looking after your best interest.

If you want to know more, there is additional information that can be obtained from my website at www.SubashJoshi.com.

Or you can call me or e mail me at 3144358203 or Subash@SubashJoshi.com.

To Short Sell or not to Short Sell, that’s the question  

You have probably heard about the term Short Sale (SS) by now. This is when a seller (usually one who is in a current financial hardship) attempts to sell their home that is worth less than the amount they owe on their mortgage. The bank needs to approve the loss that they are taking as a result of the sale, and once they approve, the SS can close with a new buyer in place.

There are 7+ Million households in trouble today – either this means that the household is either late on their payments, or the foreclosure process of the home is already in effect. The sad part is that for about half of the homes that get foreclosed in this country the owners didn’t do (or know to do) anything about it. Banks today are hurting and NEED to seek alternatives other than foreclosure, and a successful SS has become the preferred process of absorbing the immense amount of distress sales that are mounting throughout the country.

 In a short-sale, the seller remains the owner while negotiations are made with the bank regarding the terms of the sale and how the sale will affect the financial future of the seller. Of course you would be ill-advised to go about this on your own; you would want someone who is experienced and tenacious when dealing with a large financial institution and your financial future on your side.

 I have been successfully negotiating short-sale transactions since 2006 (before most large banks even had SS departments) You don’t become a short-sale expert by taking a weekend class; it comes from experience through the total amount of short sales you have successfully closed and how well the clients ended up after all is said and done. Moreover, owners that are in financial hardship today need to know that there are several options to assist depending on your situation and what you want to accomplish. Many people stick their head in the sand and choose to ignore all the bad stuff that is going on around them and let their home get foreclosed right from underneath them. Foreclosure destroys your credit and is the worst thing you can do to yourself. On the other hand, doing a short-sale is the best thing you can do for yourself assuming that you have researched and tried to seek alternatives to stay in your home. There are government programs for helping with keeping homeowners in their home and people in general need to know that programs like these exist and that they are a viable option. For many homeowners, the hardship is too severe to justify staying in the property no matter how the terms of the loan are readjusted and a Short Sale becomes the most logical and reasonable solution.

 Doing a short-sale can be really easy, but for many people it’s a lengthy and stressful process. They used to be near impossible to do because there was no set precedent on how to deal with them just a few short years ago. Nowadays, every bank has dealt with Short Sales, and most have beefed-up teams of personnel dedicated to the processing of these short-sale files. As a result, the more Short Sales that get approved and closed, the more regular the process is, and the majority of all banks will do them in a similar manner, making it easier for the agents to setup files for success upon the initiation of a SS.

 It goes without saying, but a Short Sale will affect your credit and can have significant tax and legal ramifications. Your agent should be advising that you speak to the necessary professionals to get you informed on where you stand and what your risk is in terms of the consequences you may realize if you go the SS route. In my experience the majority of my clients are better off doing a SS. Its seldom that they are actually better off doing a foreclosure. Your situation will be determined based on the history of your loan (did you refinance?), and the status of occupancy of the home in question (are you an owner-occupied or investor?), among other things. Depending on the state that you live in, these determining factors change how the banks can or may go after you, so you want to make sure that you are making the right decision from the onset.

Most people will benefit from the short-sale, and my best advice is to find someone that has dealt with banks a lot. If your Realtor is a friend but doesn’t know the first thing about Short Sales, pardon the relationship and go with a pro unless you want to risk losing your friendship because they did you wrong in negotiating and communicating with the banks. The banks are keen on what they can carve out of you throughout the process and a less-experienced agent may cost their clients a lot of money, whereas an agent like me rarely, if ever, sees a seller contribution required in order to get short-sale approval.

 Nowadays, the government has rolled out a short-sale program that is the program you will want to opt for initially with your agent, because if you can qualify, it’s the best deal in town. The Home Affordable Foreclosure Alternative (HAFA) program is the government sponsored program that has been implemented this year to assist distressed homeowners to short sale their home quickly without legal consequences and with some cash in their pocket for move out expenses. This is by far the most promising and beneficial program to date and this is only getting more pervasive as more and more homeowners find out that they have options. With this program, not only can you gracefully remove yourself from your home and mortgage obligation, you will do so without any legal recourse from the bank. In other words, the bank cannot come after you after the short-sale no matter what, and they will give you $3000 for move out costs after everything is said and done. This is a big departure from a regular short-sale in which the bank wants to see absolutely nothing going to the homeowner (and it makes sense because the bank is taking a substantial loss – so they figure why should the owner walk away with any money?) With HAFA, all the potential bad stuff that can happen from a short-sale essentially goes away (not including the hit on your credit) and you end up with cash in hand; that’s why this is the best program I’ve seen to date.

Why does the bank agree to this? A short-sale is the best alternative for a bank because they typically net more money with this process rather than a foreclosure. From the numbers I have seen, on average the bank nets 10% more value by doing a short-sale compared to a foreclosure. In a short-sale the real estate agent and seller essentially find the buyer for the property and all the bank needs to do is push the button to approve. Contrast this with a foreclosure where the bank’s mounting foreclosure costs, legal fees, holding costs, maintenance and repair, property taxes and paying out a full commission to a real estate broker to list the foreclosure, and you can see why going the short-sale route is a win-win for the bank and borrower alike.

 2011 will be a year where the short-sale takes up a majority share of the market. It also creates the most opportune time for someone to do a SS that could desperately benefit from one. For more information about the short-sale process and for some helpful links to get educated about the government programs out there, check out my website at michaeljwolf.net and click on the “short-sale” button in the top-middle of the page. If you don’t have a professional in your area that can help, or if you don’t know someone who can help guide you through the SS process, we can find you a great Realtor referral by clicking on the Buying tab from the main page and then “find a Realtor”.

No matter what your future holds, my aim is to help you take control of your financial destiny in order to put you in the most advantageous position to succeed. I hope that this information was helpful in getting you clued in on the short-sale market today. Be an advocate for yourself, get educated and take action today. Best of luck!

Collier County FL “ Here is another common loan modification mistake that many homeowners make. They accept a very short term payment agreement that is not a loan modification.

They could have gotten a real modification, but settled for whatever the lender recommended to them.  They settled for what is called forbearance. Here™s how it works.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

A forbearance does not reduce your payments. It doesn™t reduce your back payments, or reduces them very little. The lender just allows you to catch up on all the debt over a set time period.

You start paying your normal payments again. In addition, you also have to pay extra every month to catch up the back payments.

Many homeowners are so desperate to keep their home that they agree to this. It is the first thing recommended by their lender and they just accept it.

In most cases, the homeowner could have received a real loan modification with genuine relief.  In some cases this is good for the homeowner.

They didn™t experience a big drop in income and can afford the payment.  But, if their income was reduced, then they are setting themselves up for failure. Why?

Many lenders have a policy that they won™t negotiate a loan modification with someone who has already defaulted on a forbearance or loan modification.

No, they won™t admit this in public. And it usually isn™t a written policy. They just simply put people asking for a new modification on the back burner.

The bottom line: Don™t accept a forbearance unless you can afford the payments.  If you do accept it and later default, then you are putting yourself at a much higher risk of losing your home.

We offer a loan modification guide to consumers.  Here is what we cover in the Stop Foreclosure Institute™s Loan Modification Insider Secrets Guide.

* An easy to understand, Step By Step Guidebook.

* How to write a Hardship Letter that gets your loan modification approved.

* Three big loan modification mistakes and how to avoid them.

* Loan Modification from the lenders point of view.

* How the Making Home Affordable Program can help you.

* What not to do so you don™t risk being carted off to jail.

* How to calculate your budget properly to increase your chance of success.

To request this kit,  please click here to request a copy.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at  Don@DonBreen.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (239) 821-6047

Discover how other sellers successfully completed a short sale and request a free consultation by  clicking here.

Thanks for reading this, Don Breen.

Don is a Real Estate Agent at Premiere Plus Realty.

Phone: (239) 821-6047.  Don@DonBreen.com.

Exceeding the Clients Expectations

View My homes for sale at  www.DonBreen.com.

Don Breen specializes in loan modification assistance and short sales in Collier County Florida.Naples Short Sale Help, Naples Foreclosure Help, Marco Island Short Sale Help, Naples Realtor, Collier County Loan Modification Help, Collier County Short Sales, Collier County Short Sale Realtor. Short Sale Realtor. Collier County FL Short Sales. Collier County Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Don Breen™s personal views and do not reflect the views of Premiere Plus Realty.

This information on Collier County Short Sales: A 2nd Common Loan Modification Mistake and How to Avoid It is provided as a courtesy to our viewers to help them make informed decisions.

If you’re selling your home, there are a number of things you can do to improve your property’s potential value and appeal.   Creating curb appeal is one of the most effective and easy ways to accomplish this and to increase the interest of potential buyers in your home.   Here are some simple and inexpensive ways you can increase your home’s curb appeal.

Use Color Effectively

Color can be a power tool in attracting people to your home.   If the exterior of your home could use a fresh coat of paint or a new door, this is a great opportunity to add some points of interest to your property.   Always remember, however, more is less-choose colors that are similar to other homes in the area.   You can infuse more vibrant and interesting colors through accent features and flowers or plants.  

Create an Inviting Entrance

Making the entrance to your home attractive and inviting will give potential buyers an instant sense of welcome the moment they walk through the door.   Make the door the focal point of the exterior of your home, and think about elements such as lighting and color to make it as attractive as possible.   Also think about details such as including a nice welcome mat on your front step, some flowers in attractive pots or urns flanking the entrance, and even consider adding a chair with a small table if you have a larger porch area.

Landscaping Is A Must!

Making your lawn and yard attractive, free of clutter and debris and nicely landscaped can really make all the difference in adding curb appeal.   First remove all weeds, fix any areas on your lawn that need repair, and mow it carefully.   If you have any unsightly items or clutter in the yard, remove it and replace it with well-placed flowers and plants.   If you have a large front yard with no trees, consider planting one or two to add interest and value to the property.  

These are just a few of the many ways in which, with a little effort and a small amount of money, you can increase interest in your home.

Forrest W. Pettengill

Your Local Real Estate Expert for Greater Nashua and Southern NH

Providing Comprehensive Real Estate Services to Home Buyers and Sellers

www.GreaterNashuaHomes.com

fpettengill.homesinnashuanh.com

What many prospective borrowers don™t realize is that the pricing of mortgages and other loans is based in part on their credit-worthiness.   Consumers need to be aware of how their credit is evaluated by lenders, and how they can work to avoid so-called œbruised credit “ people with a lower credit score can find themselves paying a higher interest rate, or even denied access to certain types of loans.   A credit report is a detailed history of how consistently you meet your financial obligations, and provides a picture of your financial health based on your past behaviour.   A credit score is a three-digit number, usually between 300 and 900, representing your overall credit-worthiness, based on personal information from your credit report and other sources.   Both your credit report and score are important.   When deciding whether or not to grant a mortgage loan, lenders refer to an applicant™s credit report and score, along with a range of other factors such as income, employment history, and size of down payment.   The higher your score the more likely you are to be approved for a mortgage and receive favourable rates because the lender considers you to be a better credit risk.   Several factors are used by the two main credit agencies in Canada (Equifax Canada and TransUnion Canada) to calculate credit scores:

• Debt payment history.
• Amounts owed compared to your current credit limits with lenders.  
• How often you seek new credit.
• Length of time you have had credit accounts.
• Type of credit, such as car loans, lines of credit, credit cards.

The California housing market responded to evidence of a weaker than expected economic recovery in October. Statewide sales dropped 3.5 percent month-to-month to 450,360 homes. Sales continued to lag last year™s pace, declining 19.6 percent from 560,390 sales a year ago. The median price rose 2.3 percent over last year from $297,500 to $304,220, the smallest year-to-year gain in 12 months, while decreasing 1.8 percent from the September median of $309,720. Inventory levels crept up to 6.5 months in October, up from 6.1 months in September and 4.2 months last October, although still below the long-run average of about 7 months.There is a barrage of news stories and statistics about where the housing market is headed. But national headlines do not necessarily reflect what is actually happening in your own backyard. REALTORS ® can demonstrate their knowledge of both local market conditions as well as an ability to place them into the context of the general market and economy. In recent months, this column has largely focused on how market conditions should be interpreted from the buyer™s perspective. However, sellers must also consider current market conditions when working with their REALTOR ® to price their home. It is extremely important to price it right or face unrealistic expectations of how long the home will remain on the market.

The most fundamental piece of information clients want from their REALTOR ® is the true value of the home they are selling, most commonly found in an appraisal or REALTORS ®™ Comparative Market Analysis (CMA). But the CMA must be viewed in the context of overall market and economic conditions along with other forces that may be affecting conditions in the neighborhood as well as the value of the property. By using aggregate statistics, a REALTOR ® can explain how overall market conditions add to or take away from the value of the property based on the CMA.

Consider a situation in which you have a CMA that shows a list price somewhat below the price the seller was hoping for and this seller™s price point is in the upper price tier of $750,000 to $1 million range. Even though the statewide unsold inventory index was recently reported to be 6.5 months, indicative of a balanced or lean market and stable or rising prices, this aggregate statistic does not necessarily reflect what is going on in this particular price tier. For example, in the month of October, inventory in the state of California was at just 6 months in the lower price tiers ($300,000 and below), however the $750,000 to $1 million price tier showed 8.2 months of supply, and the $1 million plus tier showed inventory exceeding 10 months of supply. In this case the additional aggregate market information on inventory levels helps guide the would-be seller to a more realistic price point. This is one example of how various market segments are and how differently they can behave.

                                          Click on Graph for Larger View
 

Inventory is an important aggregate indicator to determine how heated the market is or isn™t. In addition, looking at the more granular level inventory picture can help bring expectations inline with reality. By accounting for inventory levels along with a REALTORS ®™ CMA, the home will be better priced to sell in a timely fashion, less likely to go through a string of price discounts, will save you time, and likely result in greater satisfaction with the outcome.