Posts Tagged ‘leucadia homes for sale’

Seller Do’s and Don’ts

Monday, October 18th, 2010

FOR+SALE+SIGN 1 150x150 Seller Do’s and Don’tsIt would be unrealistic to say that the real estate market is utterly rosy right now, but neither is it thorn-fFOR+SALE+SIGN Seller Do’s and Don’tsilled by any means. In fact, things are decidedly looking up: July got some good news, when the National Association of Realtors reported that pending home sales rose 5.2% from downwardly revised June levels, beating economists’ expectations. This is good news for both buyers and sellers.
While challenges still exist—for instance, getting the best price when selling, or securing financing when buying—there are some once-in-a-lifetime opportunities out there, and plenty of happy results can be had for both buyers and sellers. The key for both groups is to remain flexible, adaptable and diligent. To that end, here are some dos and don’ts for sellers:

DO’S:

Be flexible. Often it’s the little things that push a buyer into the “yes” zone. If the buyer goes on and on about how much they love your icemaker, throw it in. If the closing has to be pushed ahead more than you expected, try to be as flexible as possible and pack the moving van a little quicker.
Clean up. One person’s prize doll collection is another person’s cluttered nightmare. Similarly, a living room filled with Beanie Babies could elicit a reaction of fear, rather than “Aw, how cute!” from a buyer. Put away any personal collections that not only cause clutter, but also make it hard for a buyer to see the home as his or hers, rather than yours.
DON’TS?

Don’t be greedy. The market—not your emotions—dictates your home’s price. If comparables in the area, and several trusted real estate agents tell you your home is worth $400,000, you’re not fooling anyone by pricing it at $500,000—and you’re only doing yourself a disservice. Pricing it at market, even a little below, could generate a bidding war, and ultimately get you more money.
Don’t get personal. If you’re selling your house for a certain amount, and someone offers something much lower, don’t take this as a personal affront and refuse to counteroffer. Letting your emotions get in the way can potentially ruin the deal. What’s the harm in making a counteroffer?
Don’t procrastinate. In the current climate, you might be scared to try to sell your home, as you may have to face a lower selling price than you may have gotten before the recession. But remember, the house you buy might be even lower, commensurately. It’s all relative. So if you’re serious about selling, consider doing it now. Also, acting before the cold months come is a good idea, as the winter months are historically harder for home sales.

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Four Reasons Buying A Home Now Presents The Opportunity Of A Lifetime

Friday, October 15th, 2010

If you are looking to take advantage of the opportunity of a lifetime, now is the perfect time to get off the sidelines. Playing by your own terms may be the name of the game today. Ask for price reductions, improvements, closing costs—whatever—and sellers, who seriously want to sell, are very likely to work with you. If all the pieces are in place—you’re qualified to buy a home, the purchase makes sense for your situation and you’re prepared to live in the home for at least five years the following reasons should be motivation enough to get you back in the market.

1. You have a large inventory to choose from?In many places it is taking months to sell a home, which is creating a lot of inventory for those looking to buy. A large selection of homes on the market gives buyers more choices and drives down prices as well.
2. Builders are offering big discounts?Homebuilders are getting even more aggressive with their pricing today. Look at completed new homes first because builders are offering steep discounts. Plus, you’d have a warranty not only on the home itself, but also on the home’s appliances, he said. Walk in with a preapproval for a mortgage and make an offer. Chances are a builder will consider that offer rather than let a potential buyer get away.
3. Mortgage rates are historically low?It’s not just the price of the home that will affect affordability; mortgage terms will also affect your monthly payments. Rates on the popular 30-year fixed-rate mortgage came in at 4.54%; 15-year fixed-rate mortgages were down to 4.00% and 5/1 ARM mortgages were as low as 3.78%. You’ll still need good credit, a substantial down payment and a willingness to document your income in order to qualify for these great rates. In addition, low mortgage rates serve as an equity shock absorber. When buyers borrow at today’s record-low rates, they start building equity as soon as they close. This allows new homeowners to have a little give to absorb any ups and downs as housing market continues to gain traction.
4. Houses are in move-in condition?Many homeowners have decided to wait out to the market and instead stay in their current home and take care of home improvement projects to make the home feel like new again. Because of this, many homes coming onto the market today are in good condition and ready for buyers to move in.

If all the pieces are in place—you’re qualified to buy a home, the purchase makes sense for your situation and you’re prepared to live in the home for at least five years the following reasons should be motivation enough to get you back in the market.

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The Myths About foreclosure

Thursday, October 14th, 2010

Beware of blanket assumptions about what leads to foreclosure—such as financial mismanagement. Statistics from the National Foreclosure Mitigation Counseling Program, a housing counseling service administered by NeighborWorks America, which supports affordable housing and community revitalization efforts nationwide, paint a picture of foreclosure you might not expect.

Myth: Most people facing foreclosure overextended themselves.

Reality: Only 6% of those counseled by NFMC cited poor budget management skills.

Myth: It’s all the fault of ARMs.

Reality: Only 5% of those counseled by NFMC report an increase in loan payments. And fewer than half of NFMC clients said they held ARMs.
Myth: Greedy people made bad bets on investment properties.

Reality: 82% of foreclosures have been on primary residences, not investment properties, according to a recent Center for Responsible Lending study. In fact, the main reason for default is a change in income due to a job loss, according to 58% of those counseled by NFMC.

Indeed, the loss of job and a reduction in household income are the top causes of personal residence foreclosure, says Austin A. Frye, a certified financial planner in Aventura, Fla., who’s seen such tragedies firsthand.

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Some Ideas To Help With Credit Fitness To Take Advantage Of Low Interest Rates

Monday, October 11th, 2010

Many home buyers now and into the foreseeable future will face tight lending standards and the need to improve their credit score to get pre-qualified or pre-approved for mortgages. START NOW with the following steps for some speedy credit repair to gain lender approval and the best possible rates:

Credit Card Wisdom

-Paying revolving credit cards down is generally more beneficial than, for example, paying down student loans, mortgage or auto loans.

-Always leave a 30% or higher gap between what you owe on the card and the card’s limit. Lenders look for this minimum gap.?-Use cards with care even if you pay off balances each month because depending upon statement dates, the lender may see big balances.

-Pay down the cards closest to their limits first for speedier credit repair. The lending bank will then see the “gap” it wants to see.?-Do not ask a creditor to lower credit limits. Generally, carrying smaller balances on several cards is better than one large balance on one card.

-Check your credit card limits to make sure the report is correct. Limits may not be reported on all cards.?-Never make a late payment on credit cards or any loan.

Protesting Items

-Protest any unjust negatives, such as late payments, collections that are not yours, and any items not reported as “paid as agreed,” if you paid on time and in full.

-Protest items listed as unpaid that were included in a bankruptcy, and items older than seven years (10 for bankruptcy).

-Focus first on the larger, newer negatives listed on the report.
It is important not to worry about smaller items like incorrect address information or an old employer listed as current. This is, of course, unless there is the possibility of identity theft or the file is mixed with someone else’s.
Any increase in credit card balances or other credit purchases (car, motorcycle, RV, boat, furniture, etc.) can change your credit score and will increase your monthly debt. Your total monthly debt is used to determine your ability to qualify for a loan. A higher monthly debt will lower the amount of your loan qualification.

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What Is An Appraisal?

Monday, October 4th, 2010

An appraisal is an experts opinion of the value of the property.

Simply put, an appraisal is an informed estimate of the value of a property. It’s the number lenders refer to when deciding how much money to loan on a specific property.

The seller of a home will probably have a real estate agent, who will use a CMA (Comparative Market Analysis) to determine a realistic asking price for the home. While the information is useful, the lender will look to a specialized, local third-party professional to provide the “official” home valuation report. And that professional is… you guessed it …the appraiser.

Arriving at that final appraisal figure is no easy task — to be accurate, an appraiser needs an educated, trained perspective and understanding of all of factors that have to be carefully weighed with respect to the state of the real estate market in that specific area.
The type of area: Is it part of a development? Or is it stand alone acreage?
The recent sales prices of comparable homes located nearby
The average sales time of this type of property in that area
The proximity to desirable schools and public facilities
The appraiser will tour the home as a potential buyer would tour the home. Clean, updated, well-maintained homes will appeal more to buyers – and chances are, they’ll appeal more to the appraiser as well.

First impressions aside, for his analysis the appraiser will generally consider only permanent fixtures and real property — that is, property that’s permanently dug into, or set upon, land. So, a building is real property — a couch is not. Added touches, like sconces or other added fixtures, are nice but do not count toward the appraiser’s assessment.

After taking stock of the real property, the appraiser estimates the square footage of the home. GLA (Gross Living Area) is calculated by measuring the exterior of the home. The appraiser will note the GLA and then will look to calculate actual living area space. So that means he deducts the measurements of non-living areas, such as garages or covered porches. (Although, surprisingly, finished basements are calculated separately from the above-ground GLA.)

All said and done, depending on the size of the property, an appraisal should take anywhere from 15 minutes to 2 hours. Buyers (and lenders) can typically expect a report within a few business days.

And who pays for the appraisal? Although the Lender arranges for the Appraisal, the buyer pays the bill. For an average home, that’s usually around $300 to $500.

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Reverse Mortgages Yeahs and Nays

Thursday, September 30th, 2010

Some parents are warning their kids not to bank on inheriting the homestead. Why? Because some parents are considering a reverse mortgage. Such mortgages may not be beneficial for everyone, but their popularity is definitely on the rise.
Reverse mortgages are based on the home’s current value, borrower’s age and existing interest rates. Borrowers can choose to receive loan proceeds in a single, lump-sum payment, as periodic predetermined payments, a line of credit or both.

Possible YEAHS of a Reverse Mortgage
•A reverse mortgage has no fixed due date.
• No repayment is required as long as the home remains the borrower’s principal residence.
• Loans become payable upon death, sale, ceasing to live in the home or failure to keep taxes, insurance or maintenance current.
• Borrowers cannot be foreclosed on.
• Reverse mortgages are nonrecourse loans. The amount owed can never exceed the selling price.
• Borrowers continue to hold title to the property.
• There are flexible payment options.
• Loan proceeds are not taxable.
• Underwriting and approval do not depend on the borrower’s current income or employment status.
• Would-be borrowers are required to meet with an independent financial counselor prior to getting a loan.
• The lender’s lien on the property is removed if the lender fails to make loan advances according to the agreement.

Possible NAYS of a Reverse Mortgage
• Homeowners must be at least 62 years old, own their home outright or have high home equity.
• Reverse mortgages provide around 65 percent of the home’s value. Loan-to-value ratios as high as 80 percent may be available to older homeowners, but higher closing costs and fees and shorter life expectancy offset some of this advantage.
• When the borrower dies, the loan and all accrued interest and costs become due and payable, typically necessitating the sale of the home. Heirs wanting the house must repay the entire amount due, which could be greater than the home’s value at the time. Inheritance planning is tricky.
• Relatively high up-front costs mean borrowers need to stay in the home longer (at least ten years) to make the loan financially attractive. This disadvantage has been offset by some lenders eliminating origination fees, setting aside service fees or both.
• Borrowers are responsible for all other ownership costs.
• Homes can be foreclosed on if borrowers cease to live in them for 12 consecutive months or default on any obligation, such as maintenance, taxes or insurance.
• Borrowers may be targets for aggressive sales pitches for other expensive and potentially inappropriate products or services.
• Reverse mortgages are fundamentally different than forward purchase mortgages or home equity loans. Generally, reverse mortgages have more complicated terms and conditions.

Before making any decision regarding a reverse mortgage talk to a qualified and trusted mortgage and tax advisor.

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Happy 4th Of July!

Sunday, July 4th, 2010

Happy 4th Of July! There’s nothing like to celebrating the day of our Independence with family and friends. Here’s some facts about the 4th from the US Census Bureau -

1. Thirty places nationwide have “liberty” in their name.

2. Eleven places have “independence” in their name.

3. Five places adopted the name “freedom.”

4. There is one place named “patriot” — Patriot, Indiana.

5. There are five places called America.

6. There’s a 1-in-6 chance the beef on your backyard grill came from Texas. The Lone Star State is the leader in the production of cattle and calves.

7. The Lettuce in your salad or on your hamburger probably was grown in California, which accounts for nearly three-quarters of USA lettuce production.

8. The value of fireworks imported from China is $128.8 million, representing the bulk of all U.S. fireworks imports ($135.6 million).

9. “The British are coming! The British are coming!” These days, this cry applies to tourists rather than “redcoats.” Nearly 5 million tourists from the UK visited the United States in a recent year, more than from any other country except Japan.

10. The dollar volume of trade last year between the United States and the United Kingdom was $74 billion, making the U.K. our sixth-leading trading partner today.

Have a Happy, fun and safe 4th of July!

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Any Good News Regarding Short Sales?

Thursday, June 17th, 2010

Any Good News Regarding Short Sales?

Any Good News Regarding Short Sales?  Just a year ago, when pre-foreclosure and foreclosure properties were entering the market in unimaginable numbers, many real estate agents were estimating six to 10 months at best to complete a short sale. Now, some are beginning to see closings in as few as 10 weeks. That’s good news for sellers, the housing market and the U.S. economy.

The improvement is a product of a few key developments creating momentum in the lending industry. First, banks are starting to adjust to the market and becoming more proactive in creating systems and solutions for homeowners in distress. Second, and arguably more important, the U.S. Treasury has enhanced the guidelines and incentives for banks that are committed to improving the loan modification and short sale processes.

The Home Affordable Foreclosure Alternatives (HAFA) program, announced in November 2009 and fully implemented April 5, is the government’s answer to the problem. It’s a supplement to the February 2009 Home Affordable Modification Program (HAMP) that outlines a separate set of criteria for short sales or deeds-in-lieu to address the group of homeowners who are facing foreclosure because loan modification hasn’t worked out.

HAFA provides that missing next step for homeowners who are not approved for modifications. Now, they can pursue a short sale in a more timely and orderly manner. Here are some of the ways the HAFA program is already improving the process (For more details on the program, you can visit realtor.org and search “HAFA”):

-Standardizes paperwork and timelines?-Requires lender response on an offer within 10 days?-Allows for preapproval on pricing of a short sale?-Eliminates deficiency judgments on first mortgages?-Offers $3,000 in relocation assistance?-Pays servicers $1,500 toward administrative costs

In today’s real estate market there are many, many ways to buy and sell residential real estate. Contact me at rob@robdennyhomes.com so we can discuss the best solution for you or search over 20,000 homes for sale at http://robdennyhomes.com.

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North County Coastal Housing Market Remains Hot

Monday, June 14th, 2010

Sales of Detached and Attached homes in the North County Coastal area (Carlsbad to Del Mar) continued to climb over same period last year. Average Detached home sales were up 22% for May this year compared to May last year. Prices were slightly down at 8% and Days On Market (DOM) remained roughly the same (one day shorter at 58 this year). Attached home sales for May were up 28% over same period last year. Prices increased 8% while DOM dropped from an average of 56 days to 40. All time low interest rates, lightened bank regulations and better pricing are leading the way in todays market. If you would like a particular zip code(s) broken down and/or to learn more about what the best price you can sell or buy a home in todays market, visit www.robdennyhomes.com or email me at rob@robdennyhomes.com.

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Mortgage Rates Close in on Record Lows But For How Long?

Wednesday, June 2nd, 2010

According to Freddie Mac’s Primary Mortgage Market Survey, the 30-year fixed-rate mortgage averaged 4.78 percent for the week ending May 27, down from the week earlier when it averaged 4.84 percent.

Last year at this time, the 30-year rate averaged 4.91 percent. Rates have not been lower since the week ending December 3, 2009, when it averaged 4.71 percent.

“These low rates will help to elevate home-buyer affordability and soften the effects of the sunset of the home-buyer tax credit,” Frank Nothaft, Freddie Mac vice president and chief economist, said in a statement. “The credit substantially propelled home sales, as reflected in the strength of the April existing and new home sales, which were up 7.6 percent and 14.8 percent, respectively.”

However, Signs of improving economic conditions could lead Federal Reserve Chair Ben Bernanke to raise key interest rates, driving up mortgages, said Stephen Stanley, chief economist at Pierpont Securities LLC. The evidence includes more consumers are paying their bills on time. Past-due accounts at American Express declined 34 percent compared to a year ago, and Target Corp. reported its lowest delinquency rate in two years during the second quarter. In another sign of economic improvement, fewer banks reported tightening lending standards this month, one reason consumer borrowing rose for the second time in three months. “If lending standards start to stabilize, that’ll be another reason to remove the emergency measures, including the zero rate,” said Jay Bryson, a senior global economist at Wells Fargo Securities LLC in Charlotte, North Carolina, who formerly worked at the Fed in Washington.

How’s the market in North County San Diego? Go to my website http://RobDennyHomes.com and click on market trend charts. If you would like a detailed report for anywhere in San Diego County, please email me at RDennyHomes@gmail.com

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