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Tuesday, 30 March 2010
Yes, it's true, many lenders in recent years have written sub-prime mortgages that could only be expected to default. However, foreclosure is nothing new, and there are a myriad of reasons that a homeowner might be facing dire straits.
Challenges might include economic hardship due to job loss, bad health, divorce, or payments that jumped too high after a rate adjustment, or simply increased cost of living outpacing income.
Whatever the reasons, the best way to avoid foreclosure is to be well educated and prepared before making a home purchase, and anticipating worst-case scenarios before choosing the loan that is right for you.
If default appears inevitable, know that there is help available, with a "short sale" being a possible solution. Such a transaction is called "short," because the home is sold for less than the amount remaining on the mortgage, and the lender accepts the loss.
If you're facing foreclosure, contact your lender's loss mitigation department immediately to see if you qualify for a short sale. While you are in the midst of negotiations, keep a log of all phone calls - the date, time, contact person and the discussion. Lenders are overwhelmed right now, so be patient and don't expect an immediate answer.
Whether it's a loan adjustment or short sale, there is a solution to most of the problems. Your lender and your real estate agent are here to help. Some agents have taken advanced classes and received their Certified Distressed Property Expert (CDPE) designation. These agents have the experience and knowledge to guide you through the short-sale process. Call an expert for help.
Tuesday, 23 March 2010
If any of your friends or family have recently applied for a home loan, you've probably heard that lenders are nervous, with tough new rules and demands for stacks of paperwork. Good mortgages are still out there, but you should be prepared before applying.
First, understand how your credit score impacts the interest rate charged on your loan. If your score is 720 or higher on the scale of 850, you will qualify for the best rates. If it's between 700 and 719, you could expect 0.375% added to that rate, while a score between 680 and 699 might add 0.5%.
Next, determine how much you have available for the down payment, and how that will affect your loan's terms. A "conforming loan" that would be purchased by Fannie Mae or Freddie Mac will require a minimum of 10% down payment.
However, if you don't have that much to put down, you may qualify for a Federal Housing Administration (FHA) or Veterans Administration (VA) loan. These government-backed loans are targeted towards those with lower credit scores and FHA only require a 3.5% down payment and it's possible to get a VA loan with no downpayment.
You'll need to have your employment, banking, and tax records organized, and be patient while overworked lenders review your application. It will certainly be worth your effort when you move into your new home.
Tuesday, 09 March 2010
When facing a mortgage default, most homeowners try to sell their home -- fast. The technique that works in these stressful situations also works for the rest of sellers - namely, aggressive pricing.
As a seller, you control the two factors that determine how quickly your home will sell: condition and price. Let's focus on that last element.
First, be clear about your goals. Can you hold out for the highest price you can get in this market, or do you need to move on quickly? Unfortunately, the fact that you paid more than what homes in your neighborhood are selling for now is irrelevant in today's market.
Forget about salvaging equity, and price your home aggressively against the competition. Overpricing keeps many buyers from even seeing your home in their search criteria. They'll see lower priced homes as a better value, while you'll wait until the lowballers come out of the woodwork.
Start your pricing decision with a Comparative Market Analysis (CMA) performed by your real estate representative. If you're truly motivated to sell quickly, price your home 10% lower than the selling (not asking) prices of other comparable homes in your area.
Now your home becomes a bargain, and it will attract the attention of other agents and their qualified buyers. An attractive price, good condition and savvy marketing will result in offers and ultimately, a sale.
Tuesday, 02 March 2010
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Recent Piqua Area Real Estate Sales
The local Multiple Listing Service lists these Piqua area homes as sold with real estate agents.
500 Beverly, Piqua, 4 bed, 1 bath, 1323 sq ft, original list price $92,900, list price at sale $88,900, sale price $83,000, 78 days on market
3004 Chinook, Piqua, 3 bed, 2 bath, 1500 sq ft, list price $157,900, sale price $148,000, 68 days on market
1015 North, Piqua, 4 bed, 1 bath, 1694 sq ft, original list price $54,900, list price at sale $49,900, sale price $47,500, 81 days on market
901 Red Deer, Piqua, 3 bed, 2 bath, 2313 sq ft, original list price $152,000, list price at sale $139,900, sale price $142,000, 96 days on market
104 Second, Piqua, 3 bed, 1 bath, 925 sq ft, original list price $40,000, list price at sale $28,000, sale price $25,000, 122 days on market
223 South, Piqua, 3 bed, 1 bath, 870 sq ft, list price $45,000, sale price $41,000, 87 days on market
928 Greene, Piqua, 3 bed, 1 bath, 1080 sq ft, original list price $74,900, list price at sale $69,900, sale price $66,000, 212 days on market
1580 Wedgewood, Piqua, 3 bed, 3 bath, 2566 sq ft, list price $399,900, sale price $390,000, 43 days on market
1533 Garfield, Piqua, 3 bed, 1 bath, 816 sq ft, list price $70,000, sale price $68,000, 135 days on market
1513 Amesbury, Piqua, 3 bed, 1 bath, 1124 sq ft, list price $77,500, sale price $75,500, 83 days on market
1240 Severs, Piqua, 3 bed, 1 bath, 1512 sq ft, original list price $84,900, list price at sale $59,900, sale price $45,000, 103 days on market
Keep in mind that the seller may have paid for the buyer's closing costs which reflect in the sales price. For more information on these Piqua homes or any homes in Miami or Shelby counties, please contact Kathy Henne at 937-778-3961 or Kathy@KathyHenneTeam.com
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Tuesday, 02 March 2010
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Real Estate For Sale In Piqua Area
Homes For Sale Piqua
251 E Main, Piqua, 3 bed, 2 bath, 1200 sq ft, $50,000
1115 Lincoln, Piqua, 2 bed, 1 bath 1076 sq ft, $70,000
923 Caldwell, Piqua, 3 bed, 1 bath, 1267 sq ft, $42,000
1307 Severs, Piqua, 2 bed, 1 bath, 725 sq ft, $60,000
315 Riverside, Piqua, 3 bed, 1 bath, 2394 sq ft, $65,000
1377 Skylark, Troy, 3 bed, 1 bath, 999 sq ft, $65,000
738 Gordon, Piqua, 3 bed, 1 bath, 1188 sq ft $69,900
603 Bellaire, Tipp City, 3 bed 1.5 bath, 1547 sq ft, $130,000
902 Grant, Piqua, 3 bed, 1 bath, 1444 sq ft, $62,000
601 First, Piqua, 2 bed, 1 bath, 861 sq ft, $55,000
For more information about these homes or any homes in Miami or Shelby counties, please contact Kathy Henne at 937-778-3961 or Kathy@KathyHenneTeam.com
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Tuesday, 02 March 2010
While falling values are not good indicators for sellers, they're great news for buyers, lifting affordability to historically high levels. With the lowest interest rates we've seen in forty years, now is an opportune time to lock in a rate on a fixed loan. Rates are incredible right now, but show signs of rising, and waiting too long could negatively affect your ability to secure the home of your dreams.
In addition to rising interest rates, the fees on loan applications may also start increasing. This is because lenders have reassessed their risk to reward ratios in light of all the recent loan defaults. Around the corner, we might expect higher mortgage insurance premiums and closing costs, not to mention tougher and tougher terms for qualification.
With interest rates and loan fees still at very affordable levels, now is the time to make your move and secure your financial stability through home ownership. Homeowners see appreciation over the long term and soon discover they're built themselves quite a nice "nest egg." And besides that, they've chosen a wonderful place to call "home."
Don't let all the negative stories about real estate blind you to the many positive factors for buyers in today's market. Don't miss out on this opportunity to secure your future.
If you know somebody who is having trouble making their house payment, have them call the Kathy Henne Team. Kathy has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed training in foreclosure avoidance and short sales. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.
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