What About Appliances?

What Appliances to Leave  

Before listing your home for sale, one important decision needs to be made concerning what appliances will stay with the home.  It goes without saying that 'built in appliances' like dishwashers and trash compactors will remain with the home.
A little input on the subject of leaving appliances:
1. Do not leave 'old' appliances that have are near the end of their useful life.  They will just become a problem for the buyers.
2. Do not expect 'included appliances' to increase the value of your home.
3. Do not let a request for an appliance to be included become a 'deal killer'.  If the price offered is right, let go of the appliances a buyer requests to remain.
4. If you are including appliance, include the warranties if you have one.
5. Do organize and leave all 'owners manuals' for the buyers and if your have parts for any appliance, identify  them and leave them for the new owners.  They will not do you any good.  The buyers will appreciate your efforts!
6.  Last but not least.  Make sure the movers do not pack the attachments for the central vacume!

Never Assume Your Friends Understand

A couple of nights ago, I was out for dinner with my girlfriends, and though the evening felt like a group hug for my soul, I also learned some important lessons about my business.
1. "I was afraid to ask you to help me find a home because I know you're so busy and I didn't want to burden you."
What?!?  Oh for the love of Pete.  Have I really created the impression that I'm too busy to help out a friend who needs to find a new home?  Yikes, I guess I have.  First of all, I'm not too busy to help anyone.  Secondly, I'm NEVER too busy to help a friend.

Please friends understand I love you, and would NEVER want anyone else to help you find the most important investment you will ever make. I am NEVER too busy for you!!!!

I also want to say, I adore my friends, and what would I do without you? You know who you are....

Can you Buy a House After Having a Foreclosure on Your Property?

If you are one of the millions of families that lost their home in the last couple of years to Foreclosure… you might think…
Been There – Done That
You might not want to own a home again!
But if you’re one of those folks who truly does want to purchase again, here’s some potentially good news.
USDA says that they will allow you to purchase a new home to owner occupy, after foreclosure if you’ve done the following things:

• Wait 3 years from the date of the Foreclosure.
• Re-establish Credit
• Have Credit Scores that meet the guidelines (as of the date I am writing this, that means you need a 620 score.)

Here’s the other part… you need to DOCUMENT what happened, and why you ended up in a Foreclosure.
“FHA insured mortgages are generally not available to borrowers whose property was foreclosed on or given a deed-in-lieu of foreclosure within the previous three years. However, if the foreclosure of the borrower’s main residence was the result of extenuating circumstances, an exception may be granted if they have since established good credit…
This does not include the inability to sell a home when transferring from one area to another.”  So you MIGHT be able to buy after two years. 
My “real life” answer to this question is… in today’s credit environment, it’s going to be HARD to get a Bank to loan you money for a home if you had your home foreclosed upon less than 3 years ago.  I know what the guidelines say, but Bank’s do not have to follow guidelines set by FHA.
FHA does not say you have to have a 620 credit score, but there are VERY few lenders who will allow you to purchase a home without at least a 620 score!  There are some Banks that will not allow you to purchase with FHA if you have ANY lates on ANY accounts in the last 12 months!  That’s not an FHA guideline, that’s a BANK rule, so again – I’d say - you might still be forced to wait 3 years, and have all of your documentation in order!
These guidelines are different from the Fannie Mae / Freddie Mac Conventional Guidelines… And these foreclosure guidelines are changing OFTEN… so I would not rely soly on information you get from an online site. 
Call a loan officer.

Do Not Do These Things If You Are Thinking of Buying a House!!!

1.      Don't change your job before applying for a home loan.
Along with that, now is not the right time to become self-employed or quit your job. You want to show lenders stability, which means you'll be less likely to default on the loan.

2. Don't change banks.
Like your employment, you want your banking history to show stability.

3. Don't buy a car or truck or any other form of transportation that you have to finance.
Buying one increases your debt-to-income ratio and that's something loan officers don't want to see.

4. Don't buy furniture on credit before buying your house.
Like financing a car, charging big-ticket items increases your debt-to-income ratio and now is not the time.

5. Don't be late on your credit card payments or charge excessively.
You need a track record of responsibility and show that you can manage your money.

6. Don't make large deposits into your bank accounts.
Lenders like the money that will be your down payment to be sitting in your account for at least two months - what they call "seasoning" - so that the funds don't just appear out of the ether.

7. Don't lie on your loan application.
Sounds simple, right? But don't leave out any debts or liabilities you have or fudge your income. It's fraud.

8. Don't co-sign a loan for anyone.
Even if you're not the one making the payments on that loan, it increases your debt-to-income ratio.

9. Don't have inquiries made into your credit.
Looking for new credit translates into higher risk for lenders. If your inquiries are related to your mortgage search, it usually doesn't affect your credit score because the assumption is you're rate shopping. But opening credit accounts within a short period of time represents some risk and your credit could take a hit. It's probably not a huge factor in your calculating your ability to repay a loan but why take a chance at this juncture?

10. Don't spend your money for closing costs.
Part of the price of financing a loan is the closing costs and you'll likely have some responsibility for paying them. Make sure you have enough for your share of the obligation.

Sales Tax on Real Estate

Many people have asked me about the 3.8% sales tax on the sale of real estate that sneaked into the Health Care Bill. The rumor is that starting in 2012, anyone that sales their home will be charged a 3.8% tax off the top of the sales price. I heard it as well. I went snoping to see if I could find out the truth. I found this. I hope you will read the whole thing, then you will understand the truth of the situation. It is not as bad as we thought, but I still disagree with it. My stand is that our homes are ours. We worked hard to buy them, pay for them, keep them, and then live on the money later if we need to. Social Security can not take us into our retirement and keep us there in a lifestyle that is far above poverty. The equity we have worked for is ours. We payed taxes on the money we earned, payed for our houses with after tax money. Now they want that too! I will not go there with this. I just wanted to share the information I did find out. I am assuming that this is true. I will pass it to you. If I find out anything else I will pass it as well. This is the link to get it. Good Reading....

http://www.snopes.com/politics/taxes/realestate.asp

Karen Jordan

Requests for Referrals. Thanks, please read if you are my friend....

January 18, 2011

Dear Friend,

I hope your New Year has started well. I know that this coming year is going to be full of fun and happiness for us all. I know that you know the real estate business has been off, but I have decided to make this year different. I am going to start it off by asking for your help.

Real estate has always been a referral business. I am now, asking for your referrals of anyone you know that may be in the market to buy, sell, or rent a home, or commercial building. I have always relied on your referrals, but with the market being as it is, it is even more important to remind my friends that I am need of you sending me business. I ask you to think of me when you hear someone talking real estate. Give me a call or give them one of my cards and ask them to call me.

I have been in this industry for 28 years. I am a professional. I make it my business to be informed of the market and your interests. So you can assure I will take care of your referrals as if they are you.

Thanks so much for your help. The greatest compliment I can receive is your trust with your family and friends.

Sincerely,

Karen McAlister Jordan

Hardy Realty

770-547-2492

karenjordan144@comcast.net

www.karenmcalister.com

WHY?

I have just been shocked by someone I love. They are about to handle something very tough. Why them, Lord? They are so in love with God. Why them? He is the one I look to, and now him. Why him?

I really believe that God is working in the world to wake us up!!!!! We just move in and out of days and nothing matters. Wake us up Lord. But why him?

Be with him O God. I believe that You are who You say You are. And I believe that You can do what You say You can do. So here we go!!!!

This is going to turn us upside down. Just use it Lord. Use it to show us Who You Are!!! I know that You can turn this town upside down. Now be with him, and keep him under the shadow of Your wings!!!! Give him the strength he needs to lead us in the days that he needs us to be there for him.

You know who I am talking about, God. Everyone else, just pray for someone I love very much. God will know who you are praying for. He is awesome like that.....