Staging – Five Rules for Effective Staging a Home for Sale

 
Correct staging is not only helpful, but crucial in timely home sale, especially in buyer market.
Let me point out that the purpose of staging is NOT to camouflage any hidden defects – that would be very unethical, dishonest, and most likely would be discovered by home inspection. Every home buyer is always recommended to order a home [...]

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New FHA Guidelines for Condo Buyers – Effective December 8, 2009

The Federal Housing Administration issued new condo-loan guidelines which took effect December 8, 2009.
The new guidelines will make it easier for condo buyers to qualify for FHA loan.
Under previous guidelines, half of the units in a new condo development had to be sold before the FHA would underwrite a mortgage in the complex. New guidelines [...]

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Loan Modifications are Not a Legal Entitlement – Legal Right to Loan Modifications Denied in Minnesota Case

U.S. District Court in Minnesota determined that borrowers do not have a right to loan modifications.
The decision came in response to a lawsuit by Minnesota home owners that maintained that borrowers had a right to loan modifications. The lawsuit sought class-action status.
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The lawsuit alleged that the Obama administration’s foreclosure prevention plan violated borrowers’ constitutional rights [...]

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Interest Rates on Long-Term Mortgages Near Record Low during 2009

Thirty-year, fixed-rate mortgages moved closer to the all-time low of 4.82 percent reached in May 2009, falling to 4.87 percent the last week of September 2009, according to Freddie Mac.
Home owners who refinance have an opportunity to reduce their payment on a 30-year, fixed-rate loan for $200,000 by nearly $134 a month from a year ago, [...]

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4 Tips to Getting a Loan by Home Buyers – Down Payment, Credit Scores, Documented Income

These days one of the biggest impediments to closing a real estate sale can be the buyer’s ability to get a mortgage.
Here are some tips for anyone who hopes to land a loan:

Turn to the government. The biggest source of loans these days is the Federal Housing Administration (FHA) and the Veterans Administration (VA). These [...]

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Luxury Homes Share the Housing Market Pain – Jumbo Mortgages in Shortage

  
Luxury homes used to be immune to market downturns, but this recession is different. The housing market is volatile at all price levels.
 
While low and moderately-priced housing markets have taken off in many parts of the country, the higher-end market is still struggling. Sales are slow and more price declines are imminent.
The problem in the [...]

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Americans Believe in Home Ownership Despite the Housing Bust – Real Estate as Inflation Hedge

The last few years were not kind to homeownership.
However, despite all of the bad news in the media and websites like Zillow.com about homeownership and mortgages, most Americans still believe buying a home is a great investment, according to a new study by Bankrate.com.
Among the findings from the study:

92 percent say that a home [...]

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Renters Want Air Conditioning, In-Unit Laundry – 2009 Survey by Apartments.com

Apartments.com conducted a survey to determine what renters want most and concluded that the five most-desired amenities by renters in 2009 were:

Air conditioning
 Balcony, deck, patio, porch or yard
 On-site swimming Pool
 In-unit washer and dryer
 Internet access

 
More than 45 percent said they have decided against renting an apartment because it lacked an in-unit laundry and/or air conditioning.
More than [...]

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Foreclosure and Depression Go Together – Learn and Live, at Whose Expense?

 
Nearly half the people going through the foreclosure process reported symptoms of depression and 37 percent met screening criteria for major depression, according to a study at the University of Pennsylvania School of Medicine.
“The foreclosure crisis is also a health crisis,” said lead author Dr. Craig E. Pollack, an internist at Penn University.
“We need to [...]

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Men are from Mars and Women are from Venus – Gender and Home Shopping

When it comes to buying a home, women tend to be more intuitive and safety conscious, and and men tend to be more analytical, according to a national survey for Coldwell Banker Real Estate that delved into the homebuying psyche.
Coldwell Banker wanted to understand the difference between men and women in the homebuying process so [...]

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Keller Williams Realty Ranked First in Home Buyer Satisfaction and Second in Home Seller Satisfaction for 2009

Keller Williams Realty ranked first on the customer-service rankings among home buyers and Coldwell Banker scored highest among home sellers in the annual J.D Power and Associates 2009 Home Buyer/Seller study.
The study measures customer satisfaction with the largest national real estate companies. The most significant factor is the buyer/seller experience with the practitioner. Other factors [...]

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Virginia Real Estate Agents Must Call Miss Utility Prior to Installing a For Sale Sign or Pay $2,500 Fine

REALTORS love their job – there is never a dull moment and there is not much room for ignorance.
The law called Underground Utility Damage Prevention Act requires that Realtors® (and others) must call the Virginia Utility Protection Service — aka Miss Utility — before putting up any sign that involves sticking something in the dirt, other than [...]

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Real Estate Tax Assessments and Current Market Value – Arlington County, Fairfax County, Fauquier County, Loudoun County, Prince William County

Real property tax assessments and current market values are NOT the same thing.
There is a tendency for some home sellers to assume that their home is worth what the tax assessment indicates, which can be a problem in a declining market.
Likewise, home buyers often are erroneously suspicious when the property has a higher listing price than tax [...]

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Volunteer Sign Collection Program in Loudoun County – Public Hearing July 20, 2009

The Loudoun County Board of Supervisors has called for a public input session on the extension of volunteer sign collection program on Monday, July 20th, 2009 at 6:30 p.m. at the Loudoun County Government Center, 1 Harrison Street, SE, first floor, Leesburg, VA.
All potential Home Sellers and Home Buyers are encouraged to attend and voice your [...]

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Home Affordable Refinance Program – Loan-To-Value, LTV, increased to 125%

Home Affordable Refinance Program Expanded to Up to 125% LTV
On July 1, 2009, Secretary of Housing and Urban Development, Shaun Donovan, announced expansion of the Home Affordable Refinance Program to permit refinancing of existing Fannie Mae and Freddie Mac loans with LTVs up to 125 percent (up from the current LTV limit of 105 percent).
 
The [...]

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The Obama Making Home Affordable Program is Not Available to All Homeowners Willing to Refinance or Modify Their Loan

Borrowers Struggle to Get Help
According to a report from foreclosure-prevention counselor NeighborWorks America, getting help through the Obama administration’s mortgage-assistance program has been an impossible challenge for thousands of applicants, reported USA Today.
Home owners who apply for mortgage modifications can expect to wait 45 to 60 days before hearing anything from their mortgage service company.
To [...]

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What To Do if Loan Servicer is Not Following the Making Home Affordable Program Guidelines

Many homeowners looking to refinance or modify their mortgage are frustrated by unwillingness of some lenders to cooperate. It needs to be remembered here that Making Home Affordable Refinance Program applies ONLY to Fannie Mae and Freddie Mac sponsored loans.  In addition, those loans must meet criteria for refinancing or modification.
 
Here are the recommended steps to [...]

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State Farm Auto Insurance Eye Opener – Welcome to the Insurance World

 Homeowners insurance is a very important part of the contract to purchase a home, or other real estate, for that matter. 
Lenders require the borrower to acquire the fire hazard insurance before taking the title to the property as a protection against damages caused by a fire, severe storms, or other natural hazards.
It is very important for [...]

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Homeowners Can Fight Foreclosure by Using “Produce the Note” Strategy to Force the Lenders to Prove They Can Legally Foreclose on the House

 
The Consumer Warning Network website offers an advice that homeowners can put pressure on lenders who refuse to cooperate with homeowners willing to keep their homes and instead lenders choose to foreclose on the house.   
According to The Consumer Warning Network, homeowners who believe  they have been treated unfairly can fight back by using the “Produce [...]

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National Association of REALTORS Seeks Capitol Hill Action on Foreclosure Scams

 Scammers Target Troubled Borrowers  -  See blog, March, 2009
Foreclosure rescue scams and other predatory and irresponsible lending practices have been on the rise, negatively impacting families, communities, and the housing market.
The NATIONAL ASSOCIATION OF REALTORS® testified May 6, 2009 on the importance of protecting home owners from these anti-consumer practices.
“Foreclosures lead to families losing their homes and their savings, [...]

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