We at Robbi Campbell Properties feel we do a great job in marketing and selling homes but our Happy Satisfied Sellers can say it so much better! Hear what one of our Happy Satisfied Sellers say about us!!!
Robbi Campbell Properties
Sunday, February 28, 2010
Thursday, February 25, 2010
Thinking of Buying a Foreclosure? Some Important Facts to Know Before Purchasing a Foreclosure!
Is Buying a Foreclosure Really a Bargain? What You Need to Know
In today’s tumultuous economy, it’s no surprise that there are foreclosure properties to be found in just about every community across America—even ours. While a terrible hardship for homeowners to endure, foreclosures can present a unique opportunity for first-time home buyers and investors looking to purchase a “bargain-priced home” with the potential for building instant equity.
As experienced real estate professionals, we want to advise you to tread carefully when it comes to foreclosures—they might not be quite the bargain you expect. Here are some important facts you need to know before venturing out into the foreclosure market:
- Homeowners faced with foreclosure are understandably stressed and resentful, which can often lead to neglecting routine maintenance on a home. Sometimes, even deliberate damage is done. Assessing the home’s condition, therefore, is a must.
- Foreclosure properties have often been vacant for an extended period of time. Look for problems caused by damp conditions, such as mold.
- Get a thorough home inspection before bidding on the property. Once the damage/disrepair of the home is assessed, factor this in when bidding on the home.
- Contact a real estate professional—like me, a Member of the Top 5 in Real Estate Network®—or my team, who is well steeped in the community and can provide information about pre-foreclosure properties, that is, homes that have been scheduled for foreclosure but have not yet gone to auction or been sold off. These homes need to be sold quickly as owners are trying to avoid foreclosure and its impact on their credit.
- Last but not least, go to www.hud.gov for information on how to buy homes acquired by the U.S Department of Housing and Urban Development as a result of foreclosure action on an FHA-insured mortgage. The site also has information on special programs and opportunities for teachers, law enforcement officers and others.
While buying a foreclosure property takes patience and research, the results can be well worth your time and effort. For more information, please e-mail our team, and please pass this on to anyone you know who might be interested in exploring a foreclosure purchase.
In today’s tumultuous economy, it’s no surprise that there are foreclosure properties to be found in just about every community across America—even ours. While a terrible hardship for homeowners to endure, foreclosures can present a unique opportunity for first-time home buyers and investors looking to purchase a “bargain-priced home” with the potential for building instant equity.
As experienced real estate professionals, we want to advise you to tread carefully when it comes to foreclosures—they might not be quite the bargain you expect. Here are some important facts you need to know before venturing out into the foreclosure market:
- Homeowners faced with foreclosure are understandably stressed and resentful, which can often lead to neglecting routine maintenance on a home. Sometimes, even deliberate damage is done. Assessing the home’s condition, therefore, is a must.
- Foreclosure properties have often been vacant for an extended period of time. Look for problems caused by damp conditions, such as mold.
- Get a thorough home inspection before bidding on the property. Once the damage/disrepair of the home is assessed, factor this in when bidding on the home.
- Contact a real estate professional—like me, a Member of the Top 5 in Real Estate Network®—or my team, who is well steeped in the community and can provide information about pre-foreclosure properties, that is, homes that have been scheduled for foreclosure but have not yet gone to auction or been sold off. These homes need to be sold quickly as owners are trying to avoid foreclosure and its impact on their credit.
- Last but not least, go to www.hud.gov for information on how to buy homes acquired by the U.S Department of Housing and Urban Development as a result of foreclosure action on an FHA-insured mortgage. The site also has information on special programs and opportunities for teachers, law enforcement officers and others.
While buying a foreclosure property takes patience and research, the results can be well worth your time and effort. For more information, please e-mail our team, and please pass this on to anyone you know who might be interested in exploring a foreclosure purchase.
Tuesday, February 23, 2010
Before You Walk Away From Your Mortgage Payment, Consider the Possible Legal Issues!!
Homeowners who are considering “walking away” from their home to avoid making their mortgage payment need to know that their mortgage company may try to file a lawsuit to recover the amount owed on the home.
In addition, homeowners who sell their home for less than the amount they owe–a process called a short sale—may be sued for the unpaid balance, even after the sale of the home. Finally, homeowners with unpaid home equity loans or second mortgages may also face legal action if they “walk away” from an unpaid mortgage or conclude a short sale.
“My advice is that no homeowner should ever simply ‘walk away’ or ‘turn in the keys’ without receiving a document that absolves them of all liability,” said Frank Alexander, professor of law at Emory University School of Law and a member of the board of directors of Consumer Credit Counseling Service (CCCS) of Greater Atlanta.
“A borrower facing a foreclosure should assume that a post-foreclosure lawsuit is possible,” said Alexander. “In addition, no homeowner should ever participate in a short sale without receiving a signed agreement clarifying that all outstanding debt has been forgiven. The same is true for all deed-in-lieu of foreclosure resolutions.”
Before the current mortgage crisis, mortgage companies did not usually sue homeowners after foreclosure or short sales because many borrowers had little income and few remaining assets, according to Alexander. But the increase in homeowners deciding to “walk away” from their homes means mortgage companies may file more lawsuits to try and recoup their losses. In addition, Alexander says that mortgage companies are often selling promissory notes for the amount owed on the mortgage, at steep discounts, to collection agencies. The collection agencies will likely pursue the former homeowner to collect the amount owed.
Because some borrowers who decide to “walk away” from their homes still have good incomes, Alexander predicts an increase in the number of lawsuits filed by mortgage companies to obtain garnishment of a homeowner’s wages. “Garnishment actions are going to become quite common in late 2010 and throughout 2011 and 2012,” he says.
If a homeowner involved in a foreclosure, a short sale or deed-in-lieu of foreclosure has any questions about this issue, Alexander recommends that they hire an attorney to determine if their mortgage company has any basis for legal action.
For more information, visit www.cccsinc.org.
In addition, homeowners who sell their home for less than the amount they owe–a process called a short sale—may be sued for the unpaid balance, even after the sale of the home. Finally, homeowners with unpaid home equity loans or second mortgages may also face legal action if they “walk away” from an unpaid mortgage or conclude a short sale.
“My advice is that no homeowner should ever simply ‘walk away’ or ‘turn in the keys’ without receiving a document that absolves them of all liability,” said Frank Alexander, professor of law at Emory University School of Law and a member of the board of directors of Consumer Credit Counseling Service (CCCS) of Greater Atlanta.
“A borrower facing a foreclosure should assume that a post-foreclosure lawsuit is possible,” said Alexander. “In addition, no homeowner should ever participate in a short sale without receiving a signed agreement clarifying that all outstanding debt has been forgiven. The same is true for all deed-in-lieu of foreclosure resolutions.”
Before the current mortgage crisis, mortgage companies did not usually sue homeowners after foreclosure or short sales because many borrowers had little income and few remaining assets, according to Alexander. But the increase in homeowners deciding to “walk away” from their homes means mortgage companies may file more lawsuits to try and recoup their losses. In addition, Alexander says that mortgage companies are often selling promissory notes for the amount owed on the mortgage, at steep discounts, to collection agencies. The collection agencies will likely pursue the former homeowner to collect the amount owed.
Because some borrowers who decide to “walk away” from their homes still have good incomes, Alexander predicts an increase in the number of lawsuits filed by mortgage companies to obtain garnishment of a homeowner’s wages. “Garnishment actions are going to become quite common in late 2010 and throughout 2011 and 2012,” he says.
If a homeowner involved in a foreclosure, a short sale or deed-in-lieu of foreclosure has any questions about this issue, Alexander recommends that they hire an attorney to determine if their mortgage company has any basis for legal action.
For more information, visit www.cccsinc.org.
Sunday, February 21, 2010
Friday, February 19, 2010
How To Get Ready Your Home to Show to Buyers!
How to get your home ready to show!
By Joe Cooke, RISMedia Columnist
RISMEDIA, February 18, 2010—When it comes to preparing your home to be seen by buyers, Stephanie Edwards-Musa, a Realtor from Woodlands, Texas says, “Appearance is the most important- if the home is not clean, the buyer’s impression may be that the home is not well-maintained.” That may not sound fair, but it’s true. Once your home is cleaned and staged, you have to keep it that way as long as it is on the market.
While you will typically get a few hours advance warning before prospective buyers come see your home, there may be times when your agent will get a last-minute call from a buyer. If you have the lead time you need, make sure you give your home a quick once-over before every showing.
Here is a pre-showing checklist that you can post to your refrigerator so that it is handy when you get that call from your agent:
Check Exterior Appearance
-Make sure the lawn is tidy, freshly mowed if possible
-Keep hedges and shrubs trimmed
-Weed and edge gardens and flowerbeds
-Sweep walkways, shovel snow and remove ice, if necessary
The Front Door
-Clean porch and foyer
-Sweep or shake-out welcome mats and entry rugs
-Place umbrella stand and boot tray near the entry
Cleaning and Organizing
-Clean and freshen bathrooms, put toilet seat lids down
-Clear off kitchen counters, make sure there are no dishes in the sink
-Pick up toys and clean floors as needed
-Empty all garbage containers
-Make beds neatly
-Shut all closet doors and cabinets
Safety
-Lock jewelry and valuables in a safe or remove from the property
-Place larger valuable property, such as objects of art, vases and figurines out of reach
-Put away cameras, credit cards, ID, medications and other small, easily pocketed items
Create a Buying Mood
-Open windows for 10 minutes to allow fresh air to circulate
-Turn on lights
-Turn on air conditioner/heater
-Open the drapes
-Light the fireplace
-Turn television sets off
-Turn on a radio with soft music at a low volume
-Put pets in a secure place or take them for a walk
Copyright© 2010 RISMedia, The Leader in Real Estate Information Services, All Rights Reserved. This material may not be republished without permission from RISMedia.
By Joe Cooke, RISMedia Columnist
RISMEDIA, February 18, 2010—When it comes to preparing your home to be seen by buyers, Stephanie Edwards-Musa, a Realtor from Woodlands, Texas says, “Appearance is the most important- if the home is not clean, the buyer’s impression may be that the home is not well-maintained.” That may not sound fair, but it’s true. Once your home is cleaned and staged, you have to keep it that way as long as it is on the market.
While you will typically get a few hours advance warning before prospective buyers come see your home, there may be times when your agent will get a last-minute call from a buyer. If you have the lead time you need, make sure you give your home a quick once-over before every showing.
Here is a pre-showing checklist that you can post to your refrigerator so that it is handy when you get that call from your agent:
Check Exterior Appearance
-Make sure the lawn is tidy, freshly mowed if possible
-Keep hedges and shrubs trimmed
-Weed and edge gardens and flowerbeds
-Sweep walkways, shovel snow and remove ice, if necessary
The Front Door
-Clean porch and foyer
-Sweep or shake-out welcome mats and entry rugs
-Place umbrella stand and boot tray near the entry
Cleaning and Organizing
-Clean and freshen bathrooms, put toilet seat lids down
-Clear off kitchen counters, make sure there are no dishes in the sink
-Pick up toys and clean floors as needed
-Empty all garbage containers
-Make beds neatly
-Shut all closet doors and cabinets
Safety
-Lock jewelry and valuables in a safe or remove from the property
-Place larger valuable property, such as objects of art, vases and figurines out of reach
-Put away cameras, credit cards, ID, medications and other small, easily pocketed items
Create a Buying Mood
-Open windows for 10 minutes to allow fresh air to circulate
-Turn on lights
-Turn on air conditioner/heater
-Open the drapes
-Light the fireplace
-Turn television sets off
-Turn on a radio with soft music at a low volume
-Put pets in a secure place or take them for a walk
Copyright© 2010 RISMedia, The Leader in Real Estate Information Services, All Rights Reserved. This material may not be republished without permission from RISMedia.
Thursday, February 18, 2010
Shopping For A Condo? Ask These 4 Questions Before You Buy
Shopping for a Condo? Ask These 4 Questions Before You Buy
Condominium homes have always been, and will likely always be, an efficient and economical route to becoming a first-time homeowner. They can offer the comfort, prestige, and even luxury appointments that apartment living may lack, often at a cost that is not much different than rent. With the current first-time home buyer tax credit and the deadline for the move-up tax credit fast approaching, we advise you move fast on any condo purchase you may be considering.
With my experience as Member of the Top 5 in Real Estate Network®, I, along with my team, am well aware that not all condominiums are the same, however, so make sure you ask the following four questions before you buy:
What will you own? Read the bylaws and be sure you understand what you will be responsible for and what belongs to the condo association. Will you own the boat dock at the back of your unit? Can you elect to build a spa on your patio? Generally, unit owners own and are responsible for the interior of their condos, while costs for outside maintenance including common areas and sewer lines are the association’s responsibility.
Who lives there? Are the majority of residents owners or renters? Owners generally take more interest in proper maintenance and are more willing than renters to serve on the association board and enforce complex rules and regulations–including the regular collection of homeowner dues.
How effective is the homeowner’s association? Do they have legal counsel, reasonable funds and a capable, caring volunteer board? One way to judge is to check with residents about restrictions, oversight and timeliness of repairs and upgrades. Another is to take a hard look at the grounds and be wary of signs of neglect.
What about special assessments? The association should have the power to special assess for needed, one-time large expenditures. Otherwise, things that need to be done may never get done at all, leaving the complex vulnerable to disrepair and lowered property values.
Don’t miss this great opportunity to become a homeowner or to downsize by buying a condo (remember, the move-up tax credit does not require you to move to a larger or more expensive home). Please e-mail our team for more tips on buying a condo and forward this information to any family and friends who may be in the market as well.
Condominium homes have always been, and will likely always be, an efficient and economical route to becoming a first-time homeowner. They can offer the comfort, prestige, and even luxury appointments that apartment living may lack, often at a cost that is not much different than rent. With the current first-time home buyer tax credit and the deadline for the move-up tax credit fast approaching, we advise you move fast on any condo purchase you may be considering.
With my experience as Member of the Top 5 in Real Estate Network®, I, along with my team, am well aware that not all condominiums are the same, however, so make sure you ask the following four questions before you buy:
What will you own? Read the bylaws and be sure you understand what you will be responsible for and what belongs to the condo association. Will you own the boat dock at the back of your unit? Can you elect to build a spa on your patio? Generally, unit owners own and are responsible for the interior of their condos, while costs for outside maintenance including common areas and sewer lines are the association’s responsibility.
Who lives there? Are the majority of residents owners or renters? Owners generally take more interest in proper maintenance and are more willing than renters to serve on the association board and enforce complex rules and regulations–including the regular collection of homeowner dues.
How effective is the homeowner’s association? Do they have legal counsel, reasonable funds and a capable, caring volunteer board? One way to judge is to check with residents about restrictions, oversight and timeliness of repairs and upgrades. Another is to take a hard look at the grounds and be wary of signs of neglect.
What about special assessments? The association should have the power to special assess for needed, one-time large expenditures. Otherwise, things that need to be done may never get done at all, leaving the complex vulnerable to disrepair and lowered property values.
Don’t miss this great opportunity to become a homeowner or to downsize by buying a condo (remember, the move-up tax credit does not require you to move to a larger or more expensive home). Please e-mail our team for more tips on buying a condo and forward this information to any family and friends who may be in the market as well.
Wednesday, February 17, 2010
Thinking of Putting Your Home on the Market? Here are Tips on How to Increase the Curb Appeal of Your Home Online!!
Today's News and Features
Curb Appeal in an Online World
By Joe Cooke, RISMedia Columnist
RISMEDIA, February 17, 2010—Curb appeal isn’t just for curbs. It applies just as much to the photos of your home that appear on the Web. Sue Argue of Staged First Impressions, in Hampton, New Hampshire reminds her clients to “clean up before the photo shoot; that is going to be up to you–the homeowner. Don’t expect your agent to do it.”
Here is a quick pre-shoot checklist for curb and Web appeal:
- Don’t leave debris and toys all over the driveway and front entrance. Park your car out of the way and encourage buyers to park where their car won’t block the view.
- Spruce up your landscaping. Trim hedges, weed the flowerbeds and power wash the driveway and walkways.
- Make your entryway inviting. Paint your front door a happy color. It should promise comfort inside and say welcome.
- Make sure everything is clean. This simple fact cannot be emphasized enough.
- Air the house out. Make sure there are no food smells, cigarette smells or other scents that might put a buyer off.
- Put away clutter. Too many appliances on kitchen counters, too many pictures hanging on walls and too many bits and pieces on your tables will stop a buyer seeing their own special things in those places.
- Clear away unnecessary furniture. Go for a minimalist look so buyers can picture their own décor in the home.
- Do a thorough spring-cleaning. Clean out your closets and pack away items you don’t need right now to give a spacious look to your storage areas.
- Clean your carpets, especially if you have animals in the house. The last thing prospective buyers want to do is to smell your dog’s dinner or have your cat’s hair attach itself to their clothes.
- Wash your windows and let the sunshine in. Light affects emotions. Also, turn on the lights when showing your home. Day-like light bulbs enhance happiness and comfort.
- Put flowers and plants throughout the house to brighten it up and make it feel welcoming.
- Get any undone maintenance jobs and do-it-yourself projects completed before you show the house.
- Fix any broken light fixtures or ceiling fans.
- A new coat of paint works wonders. Select warm neutral shades of paint that will appeal to everyone.
Copyright© 2010 RISMedia, The Leader in Real Estate Information Services, All Rights Reserved. This material may not be republished without permission from RISMedia.
Curb Appeal in an Online World
By Joe Cooke, RISMedia Columnist
RISMEDIA, February 17, 2010—Curb appeal isn’t just for curbs. It applies just as much to the photos of your home that appear on the Web. Sue Argue of Staged First Impressions, in Hampton, New Hampshire reminds her clients to “clean up before the photo shoot; that is going to be up to you–the homeowner. Don’t expect your agent to do it.”
Here is a quick pre-shoot checklist for curb and Web appeal:
- Don’t leave debris and toys all over the driveway and front entrance. Park your car out of the way and encourage buyers to park where their car won’t block the view.
- Spruce up your landscaping. Trim hedges, weed the flowerbeds and power wash the driveway and walkways.
- Make your entryway inviting. Paint your front door a happy color. It should promise comfort inside and say welcome.
- Make sure everything is clean. This simple fact cannot be emphasized enough.
- Air the house out. Make sure there are no food smells, cigarette smells or other scents that might put a buyer off.
- Put away clutter. Too many appliances on kitchen counters, too many pictures hanging on walls and too many bits and pieces on your tables will stop a buyer seeing their own special things in those places.
- Clear away unnecessary furniture. Go for a minimalist look so buyers can picture their own décor in the home.
- Do a thorough spring-cleaning. Clean out your closets and pack away items you don’t need right now to give a spacious look to your storage areas.
- Clean your carpets, especially if you have animals in the house. The last thing prospective buyers want to do is to smell your dog’s dinner or have your cat’s hair attach itself to their clothes.
- Wash your windows and let the sunshine in. Light affects emotions. Also, turn on the lights when showing your home. Day-like light bulbs enhance happiness and comfort.
- Put flowers and plants throughout the house to brighten it up and make it feel welcoming.
- Get any undone maintenance jobs and do-it-yourself projects completed before you show the house.
- Fix any broken light fixtures or ceiling fans.
- A new coat of paint works wonders. Select warm neutral shades of paint that will appeal to everyone.
Copyright© 2010 RISMedia, The Leader in Real Estate Information Services, All Rights Reserved. This material may not be republished without permission from RISMedia.
Tuesday, February 16, 2010
Monday, February 15, 2010
We Are Excited To Introduce Felicia Browne Lewis As The Newest Member Of Our Team, Robbi Campbell Properties!!
Robbi Campbell Properties is very excited to welcome Felicia Browne Lewis to our team! Felicia, an experienced residential agent, will be focusing on working with both sellers and buyers in our North County San Diego market!
(left to right) Felicia Browne Lewis, Brad Fomon, Lynn Mattoon, Robbi Campbell and Deb Hillstrom.
Thinking Of Remodeling Your Home! Here Are Some Ways to Finance It!!!
From Our Team: Top 5 Ways to Finance a Home Improvement Project
5 Ways to Finance a Home Improvement Project
You’ve probably noticed that remodeling projects in our neighborhood have waned as the economy has struggled. But remodeling your home is still one of the best long-term investments you can make. As home prices start to stabilize and slowly start to climb again, completing a remodeling project now can leave your home sitting pretty in terms of value when the market fully recovers.
In today’s tough lending climate, however, financing a home improvement project can be tricky. As a member of the Top 5 in Real Estate Network®, I, along with my team, am often asked, “What’s the best way to fund a remodel?” The National Association of Home Builders (NAHB) says there are several good options. Here are five recommendations we often share, from the simple to the more creative:
Cash
If you have cash in savings to pay for your remodeling project, this may be the best way to finance your home improvements. But be sure to consider the fact that, by paying in cash, you tie up money that could be earning interest in other investments. In other words, you need to look at the interest rate that you would be charged by financing the project and compare this to the interest you could earn by investing these funds.
Also remember that interest payments on a home improvement loan may be tax-deductible, while you can't write off the expenses of a remodeling project paid for in cash. Crunch the numbers and meet with a financial advisor to determine whether paying in cash will really pay off in the long run.
Home Improvement Loan
Two special loans administered through the Federal Housing Administration (FHA) are the Title I and Section 203(k) programs. A Title I loan allows you to borrow up to $25,000 for improvements to a single-family home. These are fixed-rate loans that FHA insures against the risk of default. Loans must be made by an approved Title I lender.
The 203(k) program is not as well known, but if you are looking to purchase a fixer-upper, it is a terrific opportunity. It allows homeowners to receive a single, long-term, fixed or adjustable rate loan that covers both the acquisition and rehabilitation of the property. To obtain a loan under the 203(k) program, you must use an FHA-approved lending institution. Most mortgage lenders are approved to make loans through this program.
Home Equity Line of Credit
A home equity line of credit is a form of revolving credit in which your home serves as collateral. This allows you to tap into these funds whenever you need it. The credit line is usually set at 75 to 80% of the appraised value of your home minus the balance of the first mortgage. Your credit history and ability to pay may also be considered in determining the amount of credit available.
Home equity lines of credit usually carry a variable interest rate that is figured by adding a margin to the current Prime Rate or some other index. Other costs associated with setting up a line of credit may also apply and will vary from lender to lender.
Second Mortgage
If you are not comfortable with the open-ended nature of a line of credit (which requires discipline to ensure that you don't go way over budget), a home equity loan, or second mortgage, may be right for you. This is a fixed-rate, fixed-term loan based on the equity in your house that is paid back in equal monthly installments over a specific period of time.
Cash-Out Refinancing
If interest rates today are significantly less than when you first purchased your house, refinancing your mortgage may be a wise move. This refinancing alternative allows you to use the accumulated equity in your home to take out a new loan to pay off your existing mortgage and then use the remaining funds for your remodeling project.
Make sure you factor in the length of time you plan to live in the house and the number of years left on your current mortgage before you decide to refinance.
Carefully consider the above options to determine what might be best for you or e-mail our team to discuss further. Please forward this e-mail to anyone else who might be considering a remodeling project.
5 Ways to Finance a Home Improvement Project
You’ve probably noticed that remodeling projects in our neighborhood have waned as the economy has struggled. But remodeling your home is still one of the best long-term investments you can make. As home prices start to stabilize and slowly start to climb again, completing a remodeling project now can leave your home sitting pretty in terms of value when the market fully recovers.
In today’s tough lending climate, however, financing a home improvement project can be tricky. As a member of the Top 5 in Real Estate Network®, I, along with my team, am often asked, “What’s the best way to fund a remodel?” The National Association of Home Builders (NAHB) says there are several good options. Here are five recommendations we often share, from the simple to the more creative:
Cash
If you have cash in savings to pay for your remodeling project, this may be the best way to finance your home improvements. But be sure to consider the fact that, by paying in cash, you tie up money that could be earning interest in other investments. In other words, you need to look at the interest rate that you would be charged by financing the project and compare this to the interest you could earn by investing these funds.
Also remember that interest payments on a home improvement loan may be tax-deductible, while you can't write off the expenses of a remodeling project paid for in cash. Crunch the numbers and meet with a financial advisor to determine whether paying in cash will really pay off in the long run.
Home Improvement Loan
Two special loans administered through the Federal Housing Administration (FHA) are the Title I and Section 203(k) programs. A Title I loan allows you to borrow up to $25,000 for improvements to a single-family home. These are fixed-rate loans that FHA insures against the risk of default. Loans must be made by an approved Title I lender.
The 203(k) program is not as well known, but if you are looking to purchase a fixer-upper, it is a terrific opportunity. It allows homeowners to receive a single, long-term, fixed or adjustable rate loan that covers both the acquisition and rehabilitation of the property. To obtain a loan under the 203(k) program, you must use an FHA-approved lending institution. Most mortgage lenders are approved to make loans through this program.
Home Equity Line of Credit
A home equity line of credit is a form of revolving credit in which your home serves as collateral. This allows you to tap into these funds whenever you need it. The credit line is usually set at 75 to 80% of the appraised value of your home minus the balance of the first mortgage. Your credit history and ability to pay may also be considered in determining the amount of credit available.
Home equity lines of credit usually carry a variable interest rate that is figured by adding a margin to the current Prime Rate or some other index. Other costs associated with setting up a line of credit may also apply and will vary from lender to lender.
Second Mortgage
If you are not comfortable with the open-ended nature of a line of credit (which requires discipline to ensure that you don't go way over budget), a home equity loan, or second mortgage, may be right for you. This is a fixed-rate, fixed-term loan based on the equity in your house that is paid back in equal monthly installments over a specific period of time.
Cash-Out Refinancing
If interest rates today are significantly less than when you first purchased your house, refinancing your mortgage may be a wise move. This refinancing alternative allows you to use the accumulated equity in your home to take out a new loan to pay off your existing mortgage and then use the remaining funds for your remodeling project.
Make sure you factor in the length of time you plan to live in the house and the number of years left on your current mortgage before you decide to refinance.
Carefully consider the above options to determine what might be best for you or e-mail our team to discuss further. Please forward this e-mail to anyone else who might be considering a remodeling project.
Friday, February 12, 2010
Interested in Taking Advantage of the "Move Up" Buyers $6000 Tax Credit?? Read Here For More Info!!
From Our Team: Do You Want to 'Move Up?' The Clock Is Running!
Do you Want to ‘Move-Up’? The Clock Is Running!
While you’ve probably heard a lot in the media about the government’s efforts to rejuvenate the housing market with the first-time home buyer tax credit, you might have missed the fact that the most recent expansion of the legislation also includes a $6,500 credit for current homeowners who want to purchase a new home…commonly referred to as “moving up.”
Our team has worked with many homeowners who have wanted to move to a new home over the past year, but have stayed put due to a lack of confidence in the market. Now, however, thanks to the tax advantages of the Worker, Homeownership, and Business Assistance Act of 2009, these homeowners are moving off the sidelines and purchasing the homes they’ve always wanted.
But the time to act is now—there is only a short window of opportunity! The move-up buyer credit expires in April of 2010, which means you must contract and close on your home purchase by June 30, 2010. As you know, selecting a home is not a simple process, so start your search now so you don’t miss the deadline.
For starters, here are the key facts you need to know about the move-up buyer tax credit:
1. A qualified current homeowner who wishes to move to a different home (a “move-up” buyer) must have owned and resided in their residence for five consecutive years out of the last eight. It’s not enough that you have been homeowners for five years—you must have been in the same home for five consecutive years.
2. Single taxpayers with incomes up to $125,000 and married couples with a joint income up to $225,000 qualify for the full tax credit. According to Goldman Sachs, these income limits make approximately 70% of current homeowners eligible for the credit.
3. The maximum credit amount for current homeowners is $6,500. Under the new legislation, a tax credit may only be issued for homes purchased for $800,000 or less.
4. Even though the term “move-up” is used to describe these buyers, the credit is not predicated on buying a home of higher value than your current home.
5. Move-up buyers are not required to sell their current home to qualify for the credit. They must reside in the new home for at least three years, but they can keep their existing home and either leave it vacated or use it for rental purposes.
These are just a few of the key facts surrounding the move-up buyer tax credit. If you would like to find out more, including whether or not you are eligible for the credit, please e-mail our team. Be sure to forward this email to all your homeowner friends so they can take advantage of this once-in-a-lifetime opportunity.
Do you Want to ‘Move-Up’? The Clock Is Running!
While you’ve probably heard a lot in the media about the government’s efforts to rejuvenate the housing market with the first-time home buyer tax credit, you might have missed the fact that the most recent expansion of the legislation also includes a $6,500 credit for current homeowners who want to purchase a new home…commonly referred to as “moving up.”
Our team has worked with many homeowners who have wanted to move to a new home over the past year, but have stayed put due to a lack of confidence in the market. Now, however, thanks to the tax advantages of the Worker, Homeownership, and Business Assistance Act of 2009, these homeowners are moving off the sidelines and purchasing the homes they’ve always wanted.
But the time to act is now—there is only a short window of opportunity! The move-up buyer credit expires in April of 2010, which means you must contract and close on your home purchase by June 30, 2010. As you know, selecting a home is not a simple process, so start your search now so you don’t miss the deadline.
For starters, here are the key facts you need to know about the move-up buyer tax credit:
1. A qualified current homeowner who wishes to move to a different home (a “move-up” buyer) must have owned and resided in their residence for five consecutive years out of the last eight. It’s not enough that you have been homeowners for five years—you must have been in the same home for five consecutive years.
2. Single taxpayers with incomes up to $125,000 and married couples with a joint income up to $225,000 qualify for the full tax credit. According to Goldman Sachs, these income limits make approximately 70% of current homeowners eligible for the credit.
3. The maximum credit amount for current homeowners is $6,500. Under the new legislation, a tax credit may only be issued for homes purchased for $800,000 or less.
4. Even though the term “move-up” is used to describe these buyers, the credit is not predicated on buying a home of higher value than your current home.
5. Move-up buyers are not required to sell their current home to qualify for the credit. They must reside in the new home for at least three years, but they can keep their existing home and either leave it vacated or use it for rental purposes.
These are just a few of the key facts surrounding the move-up buyer tax credit. If you would like to find out more, including whether or not you are eligible for the credit, please e-mail our team. Be sure to forward this email to all your homeowner friends so they can take advantage of this once-in-a-lifetime opportunity.
Thursday, February 11, 2010
Right Way to Manage Your Credit Cards!
The Right Way to Manage Your Credit Cards
While one in seven Americans has at least 10 credit cards, the average is four, according to a report from Experian. Usage on credit cards has dropped dramatically in the last two years as financially constrained consumers have reduced spending and begun paying off debt. The national average interest rate on credit cards as of November 2009 is 12.64%, which has declined 0.45% from six months earlier.
As a member of the Top 5 in Real Estate Network®, I, along with my team, know that mortgage-seeking clients are always asking for advice on how they can improve their credit profile, such as the number of credit cards they should have. According to the credit experts at ApprovalGuard.com, however, it’s not just the number of credit cards you have, but how you use and manage those cards.
Here are some critical tips for managing your credit cards in order to maximize your credit profile:
1.Use your credit cards regularly, but in small amounts, never exceeding 30% of your entire credit line. For example, if your card limit is $4,000, set a self-imposed limit to keep your balance at $1,200.
2.Even if you pay your bills on time, coming close to your full balance each month affects your credit score negatively. Regularly maxing out your card limit is a bad habit in the eyes of credit-rating firms. It’s better to spread your credit charges out over two or three cards, keeping each balance at or below 30% of your total credit line.
3.Don’t get rid of old cards even if they have higher interest rates than ones you may get on newer cards. Credit rating firms like to see a well-established history, so utilize your old cards every so often for small purchases.
4.On the flip side, avoid getting new cards, if possible. When you add a new credit card, your credit score will likely suffer a temporary drop until you have established a payment history with that card.
Well-managed credit cards will assist you in establishing a stronger credit profile and better credit scores that can potentially lead to lower interest rates and terms when applying for home loans. For more information on shoring up your credit profile, please e-mail our team. Feel free to pass this important article along to your friends, colleagues and family. All of us can use some guidance in managing our credit in today’s economic environment.
While one in seven Americans has at least 10 credit cards, the average is four, according to a report from Experian. Usage on credit cards has dropped dramatically in the last two years as financially constrained consumers have reduced spending and begun paying off debt. The national average interest rate on credit cards as of November 2009 is 12.64%, which has declined 0.45% from six months earlier.
As a member of the Top 5 in Real Estate Network®, I, along with my team, know that mortgage-seeking clients are always asking for advice on how they can improve their credit profile, such as the number of credit cards they should have. According to the credit experts at ApprovalGuard.com, however, it’s not just the number of credit cards you have, but how you use and manage those cards.
Here are some critical tips for managing your credit cards in order to maximize your credit profile:
1.Use your credit cards regularly, but in small amounts, never exceeding 30% of your entire credit line. For example, if your card limit is $4,000, set a self-imposed limit to keep your balance at $1,200.
2.Even if you pay your bills on time, coming close to your full balance each month affects your credit score negatively. Regularly maxing out your card limit is a bad habit in the eyes of credit-rating firms. It’s better to spread your credit charges out over two or three cards, keeping each balance at or below 30% of your total credit line.
3.Don’t get rid of old cards even if they have higher interest rates than ones you may get on newer cards. Credit rating firms like to see a well-established history, so utilize your old cards every so often for small purchases.
4.On the flip side, avoid getting new cards, if possible. When you add a new credit card, your credit score will likely suffer a temporary drop until you have established a payment history with that card.
Well-managed credit cards will assist you in establishing a stronger credit profile and better credit scores that can potentially lead to lower interest rates and terms when applying for home loans. For more information on shoring up your credit profile, please e-mail our team. Feel free to pass this important article along to your friends, colleagues and family. All of us can use some guidance in managing our credit in today’s economic environment.
Thinking of Relocating?? Here is Why You Should Use Robbi Campbell Properties Team!!
Relocating? Top 5 Reasons to Find the Right Real Estate Agent Team
Believe it or not, even though selling and buying a home is one of the most stressful, most important financial and lifestyle investments you’ll ever make, most people spend very little time in selecting a real estate agent or team to work with. Even worse, most people tend to believe that all real estate agents and teams are the same and possess the same skill sets and capabilities.
As a member of the Top 5 in Real Estate Network®, an elite group of real estate agents that requires members to meet a series of stringent criteria before joining, I, along with my team, know all too well how wrong the above perceptions are. When confronting any real estate decision, especially one that involves relocating to a different region or state, it is critical to select an agent team with the necessary skills, experience and proven results.
Here are the top 5 reasons to use a professional real estate agent team to handle your relocation:
1. The amount of homework involved. Moving to a new area means conducting a lot of research to learn about school systems, recreational activities, community services, etc. A seasoned, qualified agent team will do most of this work for you and will suggest accurate resources for you to search out on your own.
2. The need for sounding boards. A relocation places a fair amount of stress not just on you, but on your entire family. There will be lots of concerns, questions and anxieties involved. A professional real estate agent team has dealt with this situation hundreds or thousands of times and will know how to listen and respond with the right information to allay the fears of your entire family.
3. Settling into the new area. Successfully acclimating to the new area means quickly finding access to your favorite sports, hobbies, interests, etc. A professional real estate agent team is well-steeped in his or her community and will help get you and your family involved in the things you love to do right away.
4. Gathering the right paper work. From school records to medical information, there is a lot of paperwork that needs to relocate with you. Your real estate agent team should be able to provide you with a checklist of all the materials you will need to gather and transport well in advance.
5. A network of professionals. Successfully relocating to a new area requires not just working with a professional real estate agent team, but many other credible professionals as well, such as builders, landscapers, handymen, child care providers…the list goes on. The right agent team is well entrenched with many proven professionals in all of these fields and more, and can serve as a single hub for great referrals. Top 5 Members have access to a large network of other Top 5 Members across North America, ready to assist in your successful relocation.
Handled correctly, a relocation is a positive, exciting experience—a fresh start, not a painful mistake. If you’d like to learn more about ensuring a smooth and happy relocation, feel free to e-mail our team and I’d be happy to share what I know. Please pass this e-mail along to family and friends who might also have a relocation in their future.
Believe it or not, even though selling and buying a home is one of the most stressful, most important financial and lifestyle investments you’ll ever make, most people spend very little time in selecting a real estate agent or team to work with. Even worse, most people tend to believe that all real estate agents and teams are the same and possess the same skill sets and capabilities.
As a member of the Top 5 in Real Estate Network®, an elite group of real estate agents that requires members to meet a series of stringent criteria before joining, I, along with my team, know all too well how wrong the above perceptions are. When confronting any real estate decision, especially one that involves relocating to a different region or state, it is critical to select an agent team with the necessary skills, experience and proven results.
Here are the top 5 reasons to use a professional real estate agent team to handle your relocation:
1. The amount of homework involved. Moving to a new area means conducting a lot of research to learn about school systems, recreational activities, community services, etc. A seasoned, qualified agent team will do most of this work for you and will suggest accurate resources for you to search out on your own.
2. The need for sounding boards. A relocation places a fair amount of stress not just on you, but on your entire family. There will be lots of concerns, questions and anxieties involved. A professional real estate agent team has dealt with this situation hundreds or thousands of times and will know how to listen and respond with the right information to allay the fears of your entire family.
3. Settling into the new area. Successfully acclimating to the new area means quickly finding access to your favorite sports, hobbies, interests, etc. A professional real estate agent team is well-steeped in his or her community and will help get you and your family involved in the things you love to do right away.
4. Gathering the right paper work. From school records to medical information, there is a lot of paperwork that needs to relocate with you. Your real estate agent team should be able to provide you with a checklist of all the materials you will need to gather and transport well in advance.
5. A network of professionals. Successfully relocating to a new area requires not just working with a professional real estate agent team, but many other credible professionals as well, such as builders, landscapers, handymen, child care providers…the list goes on. The right agent team is well entrenched with many proven professionals in all of these fields and more, and can serve as a single hub for great referrals. Top 5 Members have access to a large network of other Top 5 Members across North America, ready to assist in your successful relocation.
Handled correctly, a relocation is a positive, exciting experience—a fresh start, not a painful mistake. If you’d like to learn more about ensuring a smooth and happy relocation, feel free to e-mail our team and I’d be happy to share what I know. Please pass this e-mail along to family and friends who might also have a relocation in their future.
Friday, February 5, 2010
Top 9 Reverse Mortgage Myths - Separating Fact from Fiction!
Top 9 Reverse Mortgage Myths – Separating Fact from Fiction
RISMEDIA, February 5, 2010—Recent headlines pointing to the detriments of reverse mortgages aren’t getting the story straight. One of the nation’s leading reverse mortgage lenders, Generation Mortgage Company, wants to separate fact from fiction. For the full article, click on this link!
http://manage.top5inrealestate.com/media/news/0/id/14105
Subscribe to:
Posts (Atom)
