Home Inspection for Sellers
Home Inspection for Sellers…
Here is another great video from RealEstate.aol.com
Make Your House FHA-Loan Friendly
Brought to you by the National Association of Realtors®
By: Terry Sheridan
Published 2010-06-02 08:37:43
Know the basics of FHA loan rules and you stand a better chance of selling your house or condo.
Most buyers will expect a home inspection, including a form outlining what the inspection revealed. Image: Library of Congress/ Prints & Photographs Div./FSA-OWI/LC-USF35-629Make your house FHA-friendly, and it will appeal to more homebuyers. Why? Because the Federal Housing Administration is insuring the mortgage loans used by about 30% of today’s homebuyers.
If your house passes the FHA rules, it will appeal to buyers who plan to use an FHA-insured mortgage. If your house doesn’t qualify for an FHA loan, you’re cutting out 30% of potential buyers.
FHA is especially important to first-time homebuyers and those with small downpayments because it allows borrowers with good credit to make a downpayment as low as 3.5% of the purchase price.
Here’s how to make your home appealing to FHA borrowers:
Know the FHA loan limits in your area
Start by checking to see if your home’s listed price falls within FHA lending limits for your area. FHA mortgage limits vary a lot. In San Francisco, FHA will insure a mortgage of up to $729,750 on a single-family home. In the White Mountains of New Hampshire, the loan limit is $271,050.
Home inspections
Most buyers will ask for a home inspection, whether or not they’re using an FHA loan to buy the home. You must give FHA buyers a form explaining what home inspections can reveal, and how inspections differ from appraisals.
How much do you have to repair?
If the home inspection reveals problems, FHA will not give the okay to buy the home until you repair serious defects like roof leaks, mold, structural damage, and pre-1978 interior or exterior paint that could contain lead.
Dealing with FHA appraisers
Help the lender’s appraiser by providing easy access to attics and crawl spaces, which usually must be photographed, says appraiser Frank Gregoire in St. Petersburg, Fla.
Your buyer can hire his own appraiser to evaluate your home. But FHA only relies on reports by its approved appraisers. If the two appraisals conflict, the FHA appraisal preempts the buyer’s appraisal.
Help with FHA closing costs
Most FHA buyers need help with closing costs, says mortgage banker Susan Herman of First Equity Mortgage Bankers in Miami. So a prime way to make your house FHA-friendly is to help with those costs.
FHA currently allows sellers to pay up to 6% of the sales price to help cover closing costs, but is considering lowering that limit to 3% in the fall of 2010.
If you’re selling a condo
FHA also has to approve your condo before a buyer uses an FHA loan to purchase your unit. Be sure your condo is FHA-approved for mortgages. The list has been updated, so if your association was approved a year ago, check again to make sure it’s still on the approved list.
FHA generally won’t insure loans in condo associations if more than 15% percent of the unit owners are late on association fees. Ask your property manager or board of directors for your association’s delinquency rate.
Other rules cover insurances, cash reserves and how many units are owner-occupied and the types of condos that can be purchased with an FHA mortgage.
FHA sometimes issues waivers for healthy condominiums that don’t meet the regular rules. If your condo isn’t FHA-approved, it doesn’t necessarily have to meet every single rule to gain approval. Ask your REALTOR® to consult with local lenders about getting an FHA waiver for your condo if it doesn’t meet all the requirements.
FHA also limits its mortgage exposure in homeowners associations. With some limited exceptions, no more than 50% of the units in an association can be FHA-insured.
FHA loans for planned-unit developments
FHA no longer requires lenders to review budgets and legal documents for planned-unit developments.
More from HouseLogic
Other web resources
Find a State Program to Help Homebuyers Afford Your Home
Terry Sheridan is an award-winning freelance writer who has covered real estate for 20 years, and has owned and sold three homes.
- A Financial Plan for Your Home
- HOAs: What You Need To Know About Rules
- It Pays to Support Responsible Homeownership
Read more: http://buyandsell.houselogic.com/articles/make-your-house-fha-loan-friendly/#ixzz12BSuCP3Q
Should You Move or Remodel?
Brought to you by the National Association of Realtors®
By: Dona DeZube
Published 2010-08-24 15:17:58
When your house no longer suits you, you can move or remodel. Find out which big change is the right investment of your housing dollars.
Calculate how much your remodel will cost and add it to the value of your house. If the number is more than 10% above your neighbors’ house values, you’re over-improving. Image: MasterfileJust about everything else—remodeling costs, the hassle of living in a construction zone, or the ability to live happily without one more bathroom—is a personal preference. After all, your home isn’t just your largest investment; it’s also the place where your family lives.
1. Will remodeling make your home better than everyone else’s?
To make the right move-or-remodel decision, you have to know:
- Your home’s value. Easy. Just ask a REALTOR® to estimate it and tell you how it compares with the value of the other homes in your immediate neighborhood. Ask her what she thinks your house will be worth after the improvements, too.
- Your neighbors’ home value. Hit some open houses. Seeing the inside of area homes will inspire you; help you make good choices about finishes, room sizes, and how much to spend; and, admit it, entertain you.
- Your remodeling costs. Once you’ve got your renovation vision, get a quote from a home improvement contractor or, if you’re remodeling it yourself, tally the costs of the items on your supplies shopping list.
Then add the remodeling costs to the value of your home. If the number you get is more than 10% above the average value of homes in your neighborhood, you’re over-improving and probably won’t be able to sell for what you put into the remodel.
Here’s why: No one wants to buy the most expensive home on the block (your home) if they can spend the same money to get a similar home on a block of higher-priced homes. Would you pay $200,000 to live on a block where all the other homes are valued at $100,000? We hope not.
Make home improvements that are typical for the neighborhood. Don’t put granite countertops in a trailer, and don’t put laminate countertops in a Trump Tower condo. Your tour of open houses gives you a chance to verify that your planned remodel isn’t an over- or under-improvement for the neighborhood.
2. Do you love where you live?
Want to keep your kids in the same school district, but can’t find or afford a bigger, better house? Love the neighbors? Have an easy commute to work? Stay put. If you’ve soured on the traffic, the neighborhood’s crime rate, or the nosy neighbors, move on.
3. Do you have room to expand?
If your remodeling plans include increasing the overall size of your home, the size of your lot may be the deciding factor in whether to move or remodel. If you live in a 1,500 sq. ft. ranch on a 3,000 sq. ft. lot, you might be able to add a second story to turn it into a 3,000 sq. ft. two-story, but you’re not likely to add 1,500 sq. ft. at ground level. And if you have a septic tank and well, the location of those will limit how and where you add onto your home (or cost you a bundle to move).
4. Can you afford to move?
Consider these moving costs: sale costs for your existing home, shipping your household goods, buying window treatments and possibly furniture for the new house, costs to fix up your existing home before sale, higher utility costs (if your next house is bigger), insurance cost differences, and property taxes.
More from HouseLogic
Q&A: Author Sarah Susanka Talks Budget-Smart Remodeling
Other web resources
Dona DeZube, HouseLogic’s news editor, moved across the same street twice when she remodeled two houses in Columbia, Maryland, before she moved to a house in Clarksville, Maryland. She remodeled that house and then moved back to the same street in Columbia. She despises moving, but her husband loves remodeling.
- A Financial Plan for Your Home
- HOAs: What You Need To Know About Rules
- It Pays to Support Responsible Homeownership
Read more: http://buyandsell.houselogic.com/articles/should-you-move-or-remodel/#ixzz12BIaH0zE
Winterize Your Home
Fall is a great time to winterize your home with the help of HGTVpro.com
Buy a Starter Home
Buy a Starter Home… About.com
A Successful Garage Sale
How to Hold a Successful Garage Sale – from Realtor.org
Garage sales can be a great way to get rid of clutter — and earn a little extra cash — before you sell your home. But make sure the timing is right. Garage sales can take on a life of their own, and it might not be the best use of your energy right before putting your home on the market. Follow these tips for a successful sale.
1. Don’t wait until the last minute. You don’t want to be scrambling to hold a garage sale the week before an open house. Depending on how long you’ve lived in the home and how much stuff you have to sell, planning a garage sale can demand a lot of time and energy.
2. Get a permit. Most municipalities will require you to obtain a special permit or license in order to hold a garage sale. The permits are often free or very inexpensive, but still require you to register with the city.
3. See if neighbors want to join in. You can turn your garage sale into a block-wide event and lure more shoppers if you team up with neighbors. However, a permit may be necessary for each home owner, even if it’s a group event.
4. Schedule the sale. Sales on Saturdays and Sundays will generate the most traffic, especially if the weather cooperates. Start the sale early, 8 a.m. or 9 a.m. is best, and be prepared for early birds.
5. Advertise. Place an ad in free classified papers and Web sites, and in your local newspapers. Include the dates, time, and address. Let the public know if certain types of items will be sold, such as baby clothes, furniture, or weightlifting equipment. On the day of the sale, balloons and signs with prominent arrows will help to grab the attention of passersby.
6. Price your goods. Lay out everything that you plan to sell, and attach prices with removable stickers. Remember, garage sales are supposed to be bargains, so try to be objective as you set prices. Assign simple prices to your goods: 50 cents, 3 for $1, $5, $10, etc.
7. If it’s really junk, don’t sell it. Decide what’s worth selling and what’s not. If it’s really garbage, then throw it away. Broken appliances, for example, should be tossed. (Know where a nearby electrical outlet is, in case a customer wants to make sure something works.)
8. Check for mistakes. Make sure that items you want to keep don’t accidentally end up in the garage sale pile.
9. Create an organized display. Lay out your items by category, and display neatly so customers don’t have to dig through boxes.
10. Stock up on bags and newspapers. People who buy many small items will appreciate a bag to carry their goods. Newspapers are handy for wrapping fragile items.
11. Manage your money. Make a trip to the bank to get ample change for your cashbox. Throughout the sale, keep a close eye on your cash; never leave the cashbox unattended. It’s smart to have one person who manages the money throughout the day, keeping a tally of what was purchased and for how much. Keep a calculator nearby.
12. Prepare for your home sale. Donate the remaining stuff or sell it to a resale shop. Now that all of your clutter is cleared out, it’s time to focus on preparing your house for a successful sale!
Fall Cleanup Inside & Out
Fall Cleanup Inside & Out from Home Depot…
FREE Homebuyer Workshop
Looking to purchase a home now or in the near future? Come to our FREE Homebuyer Workshop…
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Why You Need a Realtor to Sell Your Home
Why you need a Realtor to sell your home…
Watch this funny You Tube Video -
Fall Gardening
Fall Gardening with HGTV…
Shortlake Snapshots – Flickr.com
Home Buying Dos & Don’ts
Homebuying Do’s & Dont’s from HGTV’s FrontDoor.com
kansasexplorer 3128 ~Flickr.com
Home Inspections – Know What Your Buying
Home Inspections – It Pays to Know What Your Buying ~ from Aol.RealEstate.com
~~~~~~~~~~~~ CLICK to View VIDEO ~~~~~~~~~~~~
It is highly recommended that everyone have a home inspection before purchasing a home. All of my buyers have, even on the purchase of new construction.
Tips for Selling a Home in the Fall
Tips for Selling a Home in the Fall ~
Pink Sherbet Photography ~ Flickr.com
While Fall isn’t the hardest time for selling homes, it also isn’t the easiest. Here are 10 tips from HGTV’s FrontDoor.com
Bad MLS Photos
Came across this today from John Cummins of www.HouseHomeImages.com - almost everyday I come across Bad MLS Photos! Watch this funny video and be sure to see the very last photo!
~~~~~~~~~~~~~ CLICK Here to View You Tube VIDEO ~~~~~~~~~~~~~
This would be considered a BAD MLS Photo!!
How to Stage a Home Yourself
How to Stage a Home Yourself…
~~~~~~~~~~~~ CLICK Here to View ~~~~~~~~~~~~
Another great post from www.ReatEstate.aol.com
Home Staging for Every Season
Home Staging for Every Season…
~~~~~~~~~~~~ CLICK Here to View ~~~~~~~~~~~
A great post from www.realestate.aol.com
Airplane Turned Into a Home
Airplane Turned Into a Home…
From www.PowerSiteBlog.com -
Inside the Mind of an Appraiser
Inside the Mind of an Appraiser – a Video from ~ RealEstate.AOL.com
Free Homebuyer Workshop
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Decorate with White Decor
Decorate with White Decor from Home Made Simple
Outdoor Home Improvements
Outdoor Home Improvements from HGTV…..
Speedy Cleaning Tips
From About.com : Housekeeping – Speedy Cleaning Tips
Whether your entertaining and running late – or your home is up for sale and you have a last-minute request for a showing – here are some great – quick clean-up tips from About.com…
My Life as a Realtor – Day 259
My Life as a Realtor ~
Day 259:
Another busy – busy – busy day!
One of my listing – adorable!
My Life as a Realtor – Day 229
My Life as a Realtor ~
Day 229:
Sunday! Jonathan went to the Danbury Fair Mall yesterday with friends and finally got a much needed hair cut. He slept over one of his friend’s house and came home this morning. I snapped the pic of him while gushing over his new hair doo…
Then, back to work – an Open House on one of my listings ~ 2A Hudson Drive – New Fairfield CT ~ **CLICK to VIEW** . My sellers have renovated the 2nd floor and it looks fantastic!
2nd Bedroom….
Office area….
It was such a beautiful warm day and I could start to see that some of the frozen water views of Ball Pond had started to thaw…
Decorating with the Color Green
Decorating with the Color Green from FineLiving.com…
Clearly Ambiguous – Flickr.com
~~~~~~~~~~~~ CLICK to View Photos ~~~~~~~~~~~~
What does the color GREEN mean? View The Color Wheel Pro
Decorating with the Color Yellow
Decorating with the Color Yellow – from FineLiving.com…
~~~~~~~~~~~~ CLICK to View Photos ~~~~~~~~~~~~
See the meaning of YELLOW on the ColorWheelPro.com
Now is the Time to Buy a Home
Betsy Stark on abc News - If you can buy a home, now is the time…
GETTING TO KNOW ME
As a full time REALTOR in Westchester, Putnam and Dutchess counties in NEW YORK – and Fairfield and parts of Litchfield counties in CONNECTICUT , I am very pleased to have the opportunity to share my passions on REAL ESTATE, FAMILY, PETS, anything and everything in and around a HOME – including COOKING, MOVIES, MUSIC and more!
I have been married for 25+ years to my wonderful husband Joe. We have 5 children – Melissa, David, Amanda, Sara and Jonathan. After waiting anxiously – for almost 17 years, being home with my kids for 10 and a Nursery school teacher for 7 years – I FINALLY became a Licensed Realtor – first in Connecticut - where my family and I live – and then in New York – where my office, Century 21 V.J.F. Realty is located.
I was born and raised in Mt. Vernon, New York. My parents, who came to the US from Portugal, were extremely hard working – with even stronger ethics on being good to everyone – everywhere – period! “Faz bem, nao olhes a quem.” This has been instilled in me all my life, which has made me the mother, wife, daughter, sister, friend and the REALTOR I am today. Thank You Ma and Papa. 
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HouseLogic
Brought to you by the National Association of Realtors®
Live Better. Own Smarter. Here is How.
HouseLogic
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Should You Move or Remodel?
When your house no longer suits you, you can move or remodel. Find out which big change is the right investment of your housing dollars. Read
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Fielding a Lowball Purchase Offer on Your Home
Consider before you ignore or outright refuse a very low purchase offer for your home. A counteroffer and negotiation could turn that low purchase offer into a sale. Read
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Make Your House FHA-Loan Friendly
Know the basics of FHA loan rules and you stand a better chance of selling your house or condo. Read
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Keep Your Home Sale from Falling Apart
After finding a buyer, all you have to do to make it to closing is to avoid these five traps. Read
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5 Tips for Buying a Foreclosure
Get prequalified for a loan and set aside funds, and you’ll be ready to purchase a foreclosed home. Read
Visit houselogic.com for more articles like this.
Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®
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