Brainerd Lakes Real Estate News

Hey All,

 

We all know that the tax credit is over for new buyers....except Military!

It was a great "reason" to advertise, AND gave us something to talk about....

 

But did you know........that if you were under contract prior to April for the credit, that your rate was around 5.125%

 

With rates today in the MID 4's, a buyer can basically buy about $30,000 MORE house?

 

All WE need to do is change our advertising and get back to WHY it's a great time to buy.

Kellie Morrissey, MA, CRS, GRI, CDPE

The City & Mountains Group

Real Estate Broker

Cell 303.877.2813

Fax 720.266.6479

Keller Williams Realty Success,

LLC 10026 W. San Juan Way Suite 200 

Littleton, Colorado 80127

We would be honored if you visited our website to find 'just the right' home: www.CityandMtnsGroup.com

FORECLOSURE VS. SHORT SALE
HOMEOWNER CONSEQUENCES

---

FORECLOSURE CONSEQUENCES FOR THE FOLLOWING

SECURITY CLEARANCES= may be revoked and position may be terminated
CURRENT EMPLOYMENT= may result in reassignment or termination
FUTURE EMPLOYMENT= in most cases will challenge employment
DEFICIENCY JUDGMENT= 100% of the bank in states where they can may pursuer a deficiency
DEFICIENCY JUDGMENT (amount)= If sold at auction at a low price may result in a higher deficiency judgment
FUTURE FANNIE MAE LOAN-PRIMARY RESIDENCE= 5 years to get a FM loan
FUTURE FANNIE MAE LOAN-NON PRIMARY= 7 years to get a FM loan
FUTURE LOAN WITH ANY MORTGAGE COMPANY= Buyer has to answer YES on question C Section VII of the standard 1003
CREDIT SCORE= lower credit score of 250 to 300 for 3 years
CREDIT HISTORY= 10 years on public record

SHORT SALE

SECURITY CLEARANCES= Will not challenge most security clearances
CURRENT EMPLOYMENT= Not a challenge to employment
FUTURE EMPLOYMENT= Not a challenge to employment
DEFICIENCY JUDGMENT= some successful short sales it it possible to convince the lender to give up right to pursuit
DEFICIENCY JUDGMENT (amount)= In most case the amount is lower
FUTURE FANNIE MAE LOAN-PRIMARY RESIDENCE= 2 Years for FM
FUTURE FANNIE MAE LOAN-NON PRIMARY= 2 Years for FM
FUTURE LOAN WITH ANY MORTGAGE COMPANY= No question about Short Sales
CREDIT SCORE= 50 points and 12 to 18 months
CREDIT HISTORY= Not reported on a credit history

I hope this helps you talk to your customers about Foreclosure VS. Short Sale

We would love your comments!

Kellie Morrissey, MA, CRS, GRI, CDPE

The City & Mountains Group

Real Estate Broker

Cell 303.877.2813

Fax 720.266.6479

Keller Williams Realty Success,

LLC 10026 W. San Juan Way Suite 200 

Littleton, Colorado 80127

We would be honored if you visited our website to find 'just the right' home: www.CityandMtnsGroup.com

There were some very strong opinions in the comments of a recent blog post concerning how a particular home was "staged". Each table was set for dinner (even incorrectly as pointed out by some).  As a Professional Home Stager  in the Los Angeles and Ventura County areas, some Clients and Realtors are even asking us to "set" the tables when we are Staging.  It is in my humble opinion that this can be very contrived and over-done if not done properly which prompted this post to maybe be of inspiration to others in alternatives to "setting" the tables when preparing a home for sale.

 

 

First, let me start by saying that "setting" the table really depends on the home. Personally, I like to minimally set a table in a smaller home to add color and interest.  In large homes that might have a formal dining room AND a breakfast nook, we will minimally "set" the table in the breakfast nook, but not both.

 

 

 

 

 

If there is an eat-in counter in the kitchen and a dining area, again we will set one or the other, but not both.

WHY? Because I like to leave a space for YOU as the Realtor to be able to sit down with your Clients and write an OFFER!  How awkward would it be to have to move everything on a table that is set to the nines, to review a contract or write and sign an offer? - It doesn't make for a very comfortable "setting": pardon the pun.

 

 

 

These are examples of tables that we did NOT "set" with plates, napkins, etc but still added interest, color and instead  set a mood. 

Plates and napkins may have been found in other places of the homes, but not in dining rooms where it would be extremely overwhelming to see plates, napkins, water & wine glasses, utensils, etc for where 8-12 people could sit. 

 

 

 

 

 

I actually blogged about this very topic over 2 years ago, and if you would like to get more inspiration and photos, click here.

If you are in the Ventura or Los Angeles County areas and would like to speak to a professional Home Stager to prepare your home for sale: call the ONLY Interior Design Company in Southern CA that is endorsed by Pottery Barn - Platinum Home Staging, Inc.  805.553.9952

 

***********************************************************************************

•  Connie Tebyani 
• Principal Designer / Owner Platinum Home Staging, Inc. 
• Platinum Home Staging, Inc. 
• (805) 553~9952
• Preferred Interior Designer for Pottery Barn
• Member of the Real Estate Staging Association
• W         ar

Exterior painting can really help sell a house quicker and for more money!

How much more value do you Real Estate Professionals think this paint job adds to the home below?

What a difference a little paint can make. Check out these Before and After photos of a Melbourne, Florida exterior repaint. After we pressure washed this Melbourne home we repaired all of the staircase stucco cracks, applied a clear sealer (due to chalkyness), and applied two coats of Sherwin Williams A100 satin exterior paint.

Before Pressure washing and exterior painting of soffits and stucco walls:

After Pressure washing and exterior painting of soffits and stucco walls:

 

Before Pressure washing, concrete staining  and exterior painting:

After Pressure washing, concrete staining  and exterior painting:

(Lots of iron from the water sprinklers) Before Pressure washing and exterior painting:

 

(Lots of iron from the water sprinklers) After Pressure washing, exterior priming and painting:

 Melbourne, Fl  Before exterior painting:

 Melbourne, Fl  After exterior painting:

     

www.PeckPainting.com     www.PeckDrywall.com

Peck Drywall and Painting serving all of Brevard County and  surrounding areas: Melbourne-Melbourne Beach-Indialantic-Indian Harbour Beach- Cocoa Beach-Satellite Beach-Viera-Rockledge-Merrit Island- Cape Canaveral- Port St. John-Cocoa-Titusville-Palm Bay

 

Don't let one of these dangerous myths land you and your family in foreclosure ...

A short sale can be an excellent solution for homeowners who must sell and owe more on their homes than they are worth. Unfortunately, a number of myths about short sales have developed, and it is important to understand the reality of this process should you find it meets your current needs.

Myth #1 - The Bank Would Rather Foreclose than Bother with a Short Sale
This is one of the most common misconceptions. The reality is that banks do not want to foreclose on your property because the foreclosure process is incredibly costly. Banks, investors, and even the federal government have all publicly stated that if a person is qualified for a short sale, the deal needs to be considered. Overwhelmingly, banks receive more on their investment through a short sale than a foreclosure. The qualifications for a short sale include:

1. Financial Hardship - There is a situation causing you to have trouble affording your mortgage.

2. Monthly Income Shortfall - "You have more month than money." A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.

3. Insolvency - The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

Myth #2 - You Must Be Behind on Your Mortgage to Negotiate a Short Sale
While this may have previously been the case, today lenders are looking for verifiable hardship, monthly cash flow shortfall, or pending shortfall and insolvency. If you meet these three requirements and believe that you soon may be unable to afford your mortgage, act immediately. Any delay could limit your options. Do not wait until the countdown clock to foreclosure has started and you have even less time left.

Myth #3 - There is Not Enough Time to Negotiate a Short Sale Before My Foreclosure
This is a myth that probably hurts homeowners the most. Many do not realize that foreclosure is a process, and that there is time to make decisions that may result in better outcomes. The foreclosing party-in most cases a lender-can stall a foreclosure up to the final day of the process. Today, many lenders will stall a foreclosure with as little as a phone call from you explaining that you are trying to sell, and almost all lenders will stall a foreclosure with a legitimate contract. For real estate professionals who understand foreclosures and short sales, there is time available until the foreclosure process is complete.

Myth #4 - Listing My Home as a Short Sale is an Embarrassment
It is understandable to have reservations about letting the world know that you owe more on your home than it is worth. However, according to recent estimates, more than one out of eight homeowners in the U.S. is in the same situation. You are to be congratulated for admitting you need help, taking action, and finding a professional who can work with you toward a solution. With recent estimates showing 40-60% of U.S. sales will be short sales or foreclosures, you are not alone.

Myth #5 - Short Sales are Impossible and Never Get Approved
This is a complete falsehood. Are short sales more difficult to execute? Yes. Do you, as a homeowner, need to learn about a new process? Yes. Are they impossible? Absolutely not. For example, agents with the Certified Distressed Property Expert® (CDPE) Designation receive thousands of short sale approvals on a monthly basis. These professionals have undergone extensive training in methods to help homeowners in distress and process short sales. While there are no guarantees in any transaction, more and more short sales are being approved regularly. This is far from an impossible process.

Myth #6 - Banks are Waiting on a Bailout and Not Accepting Short Sales
You may have heard this, but the reality is that banks (and the U.S. government) are trying to do anything they can, within reason, to avoid foreclosing on properties. It is preposterous to believe they would deny a short sale in hopes that some future legislation would pass and pay them for losses. Today, more banks are aggressively pursuing short sales and working with agents who understand how to process them. Freddie Mac recently hosted a national training Webinar for real estate agents where they expressly stated the organizational goal of "eliminating distressed assets through modification or short sale."

Myth #7 - Buyers are Not Interested in Short Sale Properties
This is a myth that potential sellers hear all the time. Thankfully, this is just not true. In fact, many agents are getting calls from buyers who say they only want to look at foreclosure and short sales. For buyers, short sales and foreclosures have become synonymous with "good deals." More specifically, international buyers are targeting these properties. Listing with an experienced agent who is educated in the short sale process will provide you with a great chance of quickly seeing a contract on your property.

If you are in financial distress, help is just a phone call away.

Donn Rasch
Real Estate Broker
CDPE (Certified Distressed Property Expert)
RE/MAX Equity Group, Inc.
9200 SE Sunnybrook Blvd., Suite 100
Clackamas, Oregon 97015
503-658-5000
http://www.equitygroup.com/drasch
Donn's Real Estate Blog
Clackamas River Front Home Tour Link

Myths courtesy of the CDPE organization.