Are you falling behind on mortgage payments? Has your loan been referred to an attorney? Are you receiving lots of junk mail, offering to buy your house? You must act fast to avoid losing your home. The most important step you can take is to start returning phone calls, asking for help from your mortgage lender, servicer, or housing counselor.
Most folks stop answering their phones or opening their mail. You have to become pro-active. Delaying and falling further behind will result in fewer options.
Your mortgage lender doesn't want to foreclose so by finding a solution that avoids foreclosure will be better for you and better for them. Foreclosure destroys your credit and will greatly reduce your ability to borrow money or buy another home in the future.
It is important to be open and honest about your financial situation with your lender or serviceing company. Here are the steps to take to prevent foreclosure:
· Call your lender or loan servicer and discuss your situation; The contact information will be on your monthly mortgage statement or coupon book.
· If you can't reach your lender or servicer or you do not receive help; Call Homeownership Preservation Foundation at 1-888-995-HOPE. Their experienced counselors can help you develop the best plan for your personal financial situation. This is a free service.
· Gather the information you will need. You will be asked to provide:
All correspondence from your lender,including any foreclosure notices
Mortgage statements showing your loan number
Your homeowner's insurance policy
Last two years of tax return for all borrowers named on the mortgage
Pay stubs or unemployment compensation verification
Proof of any other types of income, including child support, alimony, Social Security, or pension
Bank account statements
List of all monthly bills
· Understand all your options: Dependent on your situation, you may have several options which could include the following;
Back end add on; All missed payments are added onto the back side of your original loan. This option is the least desirable as these amounts accumualte interest at a higher interest rate.
Repayment Plan; Your lender may allow you to repay this amount over the remaining period of your loan.
Advance; Mortgage's owned by Fannie Mae may allow you to make an unsecured personal loan through a company such as HomeSaver Advance TM if your missed payments are due to a temporary financial hardship, contact your servicer.
Modification; In some rare cases, mortgage loan terms can be changed on a temporary or permanent basis to make the payment more affordable.
· Avoid foreclosure rescue scams; If there is any kind of fee associated with getting help, stay clear of it. Foreclosure scams will take advantage of your situation.
If your financial situation has changed significantly since you qualified for your home due to unemployment, divorce, job change/relocation, or medical issues, You may just need to sell your home as a result of the changes. Contacting a Realtor is your first step in getting your house sold and/or purchasing a more affordable home.
Pre-foreclosure or Short Sale Specialists work with borrowers to sell the home and use the proceeds to pay off the loan even if the proceeds are not enough to settle the entire balance. They normally will assist you in getting the mortgager to accept a lower price
As you can see there are a number of options available to the home owner who is facing possible foreclosure, but you have to act now and get your head out of the sand. Today the lenders, servicers and mortgage holders understand there are lots of homeowners in trouble and they want to help you prevent foreclosure.
Contact The H Team today to receive your free copy of Preventing Foreclosure.
Monday, September 29, 2008
Thursday, September 25, 2008
Home Buyers Jump In Now Don't Miss Out
Everything is finally coming together for Home Buyers.
Prices are down, Interest Rates are down and the Government Incentives are Up!
What a great time to be a Home Buyer. Now is the time to jump into the market with both feet. This fall will be the time. Most real estate forecasters tell us that the market is finally stabilizing and that house prices are pretty close to the lowest they're going to go. That’s the message that should motivate all potential buyers to get serious about finding that new home.
With interest rates down, which may go lower as the government shores up Freddie Mac and Fannie Mae.
With the current levels of Homes on the market at a 12 year high of about 10.5 months of Inventory, sellers are negotiating to get their properties sold.
And first time home buyers (those that haven't owned a home in two years or more) who have been sitting on the fence can get a $7,500 tax credit next April 15 which should be a big enough incentive for them to get going. And even buyers who won’t owe that much in federal income tax will get the money as a refund.
When you take these factors into considering when to jump in, Now is the time. Contact The H Team and create your own password protected MLS search and receive new listings that meet your criteria via e-mail as soon as they become available.
Prices are down, Interest Rates are down and the Government Incentives are Up!
What a great time to be a Home Buyer. Now is the time to jump into the market with both feet. This fall will be the time. Most real estate forecasters tell us that the market is finally stabilizing and that house prices are pretty close to the lowest they're going to go. That’s the message that should motivate all potential buyers to get serious about finding that new home.
With interest rates down, which may go lower as the government shores up Freddie Mac and Fannie Mae.
With the current levels of Homes on the market at a 12 year high of about 10.5 months of Inventory, sellers are negotiating to get their properties sold.
And first time home buyers (those that haven't owned a home in two years or more) who have been sitting on the fence can get a $7,500 tax credit next April 15 which should be a big enough incentive for them to get going. And even buyers who won’t owe that much in federal income tax will get the money as a refund.
When you take these factors into considering when to jump in, Now is the time. Contact The H Team and create your own password protected MLS search and receive new listings that meet your criteria via e-mail as soon as they become available.
Tuesday, September 23, 2008
How to set your Homes Selling Price
Setting the selling (asking) price of your home involves evaluating a number of various conditions in your market area.
When you're ready to sell your home you'll want to contact a full time Realtor to help you determine the list price of your home. He will create a Comparative Market Analysis that will take into consideration, comparable sales, days on market, square footage, updates, special features, lot size, and market conditions.
After all these factors are calculated your Realtor should be able to provide you with a price range to list your house. If he has done the CMA correctly you should estimate receieving about 95% of the list price in todays real estate market.
Beware of the agent who comes to your home unprepared or who gives you a list price way above what the other comparative homes in your area have been selling for.
Once the list price has been determined you'll want to figure you're net proceeds, you will need to deduct the following items to determine that;
Your current loan payoff
Realtor commission
Prepayment penalties if any
Unpaid property taxes ( You normally pay from the first of the year til escrow date)
Unpaid sewer bills
Closing costs
Inspections and any seller repairs required (normally a negotiated agreement)
As your Realtor of choiceThe H Team will prepare a Comparative Market Analysis and provide all the information you need to determine your homes selling price.
For your FREE CMA contact the H Team today.
When you're ready to sell your home you'll want to contact a full time Realtor to help you determine the list price of your home. He will create a Comparative Market Analysis that will take into consideration, comparable sales, days on market, square footage, updates, special features, lot size, and market conditions.
After all these factors are calculated your Realtor should be able to provide you with a price range to list your house. If he has done the CMA correctly you should estimate receieving about 95% of the list price in todays real estate market.
Beware of the agent who comes to your home unprepared or who gives you a list price way above what the other comparative homes in your area have been selling for.
Once the list price has been determined you'll want to figure you're net proceeds, you will need to deduct the following items to determine that;
Your current loan payoff
Realtor commission
Prepayment penalties if any
Unpaid property taxes ( You normally pay from the first of the year til escrow date)
Unpaid sewer bills
Closing costs
Inspections and any seller repairs required (normally a negotiated agreement)
As your Realtor of choiceThe H Team will prepare a Comparative Market Analysis and provide all the information you need to determine your homes selling price.
For your FREE CMA contact the H Team today.
Sunday, September 21, 2008
What Did It Sell For Week ending September 17, 2008
63011Ballwin, MO.
124 Coral Terrace, $135,500
1366 Marsh Av, $150,000
1104 Miremont Dr, $155,000
400 Wyncrest Dr, $180,000
407 Auber Dr, $210,000
16539 Oak Forest Ct, $220,000
63021 Balwwin, MO
1027 Rose Hill Ln, $110,000
1103 Pocono Trail #B, $117,000
701 Ridgeside Dr #D, $119,000
445 Rosedale Terrace, $130,000
1331 Parkview Estates Dr, $154,000
379 Novara Dr, $160,000
626 Dennison Dr, $171,850
808 Westbrooke Meadows Ct, $185,000
1011 Hollyleaf Ct, $190,000
620 Hickory Knoll Ct, $192,000
895 Totem Woods Ct, $194,500
224 Crowsnest Dr, $199,000
525 Vernal Hill Ct, $204,500
543 Oaktree Crossing Ct, $224,500
1926 Strawberry Ridge Dr, $229,000
1565 Glenn Brooke Woods Circle, $237,500
459 Talbert Ct, $238,500
1702 Carman Valley Rd, $273,000
1344 Richland Meadows Dr, $309,000
839 Mallard Woods Dr, $322,000
535 Coachgate Ct, $384,465
1822 Loehr Estates Ct, $426,000
931 Hanna Bend Ct, $470,561
63026 Fenton, MO
1427 Vadera Ct, $110,000
1946 San Miguel Ct, $155,000
2515 Dimus Dr, $169,500
1266 Green Falls Dr, $171,000
1313 Green Mist Dr, $184,000
1006 Oak Terrace Ct, $198,000
1600 Ivy Chase Ln, $280,500
1534 Flora Del Dr, $384,045
63088 Valley Park, MO.
1025 Big Bend Crossing Dr, $154,900
1057 Big Bend Station Dr, $238,000
15 Big Bend Station Ct, $266,000
St Louis County
63123
4825 Hamburg Av, $40,000
4744 Oldenburg Av, $41,000
8030 Genesta St, $95,000
8281 Morganford Rd, $101,200
10011 Echoridge Ln #D, $104,000
7232 Mackenzie Rd, $109,000
7728 General Sherman Ln, $120,000
11116 Marley Dr, $138,900
8952 Anchor Dr, $140,000
9838 Coventry Ln, $140,000
9842 Ione Ln, $145,000
5337 Staely Av, $150,000
10527 Sonata Dr, $154,900
7135 Valbrook Ln, $157,500
9625 Labette Dr, $166,500
7418 Brightwood Dr, $167,000
10082 Lakeshire Dr, $200,000
9803 Antonia Dr, $217,000
9863 Tiffany Square Parkway, $261,500
63125
9502 Gentry Av, $11,750
234 Morris Av, $32,000
3725 Viking Av, $46,801
617 Weiss Av, $100,000
2763 Clager Rd, $105,885
608 Bellsworth Dr, $113,000
3656 Anita Ln, $121,000
3321 Lan Dr, $129,000
905 Wachtel Av, $129,900
1239 Garden Circle Dr #G, $131,000
3301 Avenue H, $131,000
817 Rainbow Dr, $155,000
2854 Telegraph Rd, $206,000
63126
512 Acorn Dr, $157,500
9512 David Scott Dr, $242,500
9133 Rusticwood Trail, $245,000
63127
181 Floralea Place, $134,900
63128
5459 Cherryview Ln, $157,900
4843 Broad Oak Dr, $250,000
4607 Southridge Pines Dr, $255,000
4608 Southridge Pines Dr, $265,000
63129
452 Golden Valley Dr, $115,000
4100 E. Donaldson Dr, $150,000
3534 Pearson Pointe Ct, $165,000
5899 Westcliffe Dr, $193,000
4335 Meadowgreen Estates Dr, $204,900
5616 Wildbrook Dr, $213,000
106 Grimsley Station Rd, $215,000
2706 China Lake Dr, $231,000
7609 Shadybridge Dr, $241,100
Saint Louis City
63104
1014 Mississippi Av, $30,000
1802 Kennett Place #A, $76,250
2327 Tennessee Av, $96,001
2225-27 Sidney St, $97,500
2757 Shenandoah Av, $130,000
3315 Shenandoah Av, $132,601
3006 Victor St, $160,500
1859 S. 10th St #D, $185,000
1515 Lafayette Av #313, $195,000
1515 Lafayette Av #406, $238,000
1010 Russell Blvd, $240,000
1906 Lasalle St, $325,000
2339 Albion Place, $367,000
63109
5017 S. Kingshighway Blvd, $63,000
5616 S. Kingshighway Blvd, $67,900
6627 Tholozan Av, $98,000
7023 Mardel Av, $109,000
5616 Lansdowne Av, $147,900
5708 Finkman St, $148,000
5715 Nottingham Av, $150,000
4942 Delor St, $154,900
6962 Sutherland Av, $167,500
6721 Itaska St, $186,000
5709 Lindenwood Av, $189,000
6439 Lansdowne Av, $239,900
5239 Mardel Av, $246,000
3816 Linden Tree Ln, $269,520
6475 Devonshire Av, $285,000
6204 Clifton Av, $295,000
7028-32 Jamieson Av, $395,000
63110
4211 Arco Av, $69,001
5005-07 Shaw Blvd, $110,000
3926 Botanical Av, $115,000
4023 Botanical Av, $154,000
2118 Edwards St, $183,000
5009-11 Shaw Blvd, $190,000
2124 Marconi St, $210,000
4033 & 4035 McRee Av, $235,000
4060 Blaine Av, $244,899
3920 Blaine Av, $339,000
63111
7316 Michigan Av, $20,000
4614 Alaska Av, $21,500
621 Walsh St, $44,000
7103 Minnesota Av, $97,000
6318 Alaska Av, $115,000
4402 Pennsylvania Av, $156,766
4540 Ohio Av, $164,000
4642-44 Virginia Av, $185,000
5500 Idaho Av, $215,000
4307-09 S. Compton Av, $320,500
63116
4405 Gannett St, $12,000
4555 Adkins Av, $16,444
4762 Goethe Av, $37,000
3837 Fairview Av, $49,000
4846 Allemania St, $55,000
4046 Humphrey St, $56,900
4119 Hartford St, $59,900
4218 Grace Av, $75,000
4648 Newport Av, $75,000
3634 Neosho St, $76,315
4428 Dewey Av, $83,000
6462 Wanda Av, $85,000
7500 Jeanene Av, $108,800
4262 Juniata St, $109,750
4544 Eichelberger St, $119,500
4850 Germania St, $120,000
4143 Wyoming St, $123,700
3863 Meramec St, $140,000
4040 Miami St, $146,000
4041 Miami St, $147,000
4032 Louis St, $169,000
3809 Fairview Av, $178,000
3844 French Ct, $183,500
63118
3739 Oregon Av, $10,000
3504 Illinois Av, $17,000
3511 Wyoming St, $29,761
2206 Chippewa St, $30,000
3526 S. Compton Av, $33,000
3319 Cherokee St, $34,000
2722 Texas Av, $35,000
3553 Michigan Av, $37,000
3452 Illinois Av, $50,000
3620 Virginia Av, $50,884
3415 Klocke St, $71,000
2719 Lemp Av, $100,000
3133 Oregon Av, $123,500
3735 Louisiana Av, $133,000
3816 Illinois Av, $150,000
2623 Virginia Av, $171,500
3505 Utah St, $208,000
2800 Texas Av, $230,500
3451 Halliday Av, $440,000
63119 Includes Webster Groves, MO.
11 Eldorado Ct, $50,000
324 Eldridge Av, $64,000
734 Yeatman Av, $110,000
321 Madison Av, $126,000
7515 Triwoods Dr #C, $133,000
1415 Cheshire Ln, $135,000
5122 Exeter Av, $155,000
1028 N. Bompart Av, $185,500
9908 Gilbrook Av, $196,000
7318 Whitehall Colonial Ln, $209,900
115 Baker Av, $215,000
529 Newport Av, $248,000
471 Toft Ln, $314,900
7500 Lansdowne Av, $315,000
104 W. Jackson Rd, $560,000
320 S. Gore Av, $612,500
Contact The H Team today to learn what houses in your area sold for.
The H team currently serves the areas South of Highway 40 but able to refer a qualified agent to you in any area of the country.
124 Coral Terrace, $135,500
1366 Marsh Av, $150,000
1104 Miremont Dr, $155,000
400 Wyncrest Dr, $180,000
407 Auber Dr, $210,000
16539 Oak Forest Ct, $220,000
63021 Balwwin, MO
1027 Rose Hill Ln, $110,000
1103 Pocono Trail #B, $117,000
701 Ridgeside Dr #D, $119,000
445 Rosedale Terrace, $130,000
1331 Parkview Estates Dr, $154,000
379 Novara Dr, $160,000
626 Dennison Dr, $171,850
808 Westbrooke Meadows Ct, $185,000
1011 Hollyleaf Ct, $190,000
620 Hickory Knoll Ct, $192,000
895 Totem Woods Ct, $194,500
224 Crowsnest Dr, $199,000
525 Vernal Hill Ct, $204,500
543 Oaktree Crossing Ct, $224,500
1926 Strawberry Ridge Dr, $229,000
1565 Glenn Brooke Woods Circle, $237,500
459 Talbert Ct, $238,500
1702 Carman Valley Rd, $273,000
1344 Richland Meadows Dr, $309,000
839 Mallard Woods Dr, $322,000
535 Coachgate Ct, $384,465
1822 Loehr Estates Ct, $426,000
931 Hanna Bend Ct, $470,561
63026 Fenton, MO
1427 Vadera Ct, $110,000
1946 San Miguel Ct, $155,000
2515 Dimus Dr, $169,500
1266 Green Falls Dr, $171,000
1313 Green Mist Dr, $184,000
1006 Oak Terrace Ct, $198,000
1600 Ivy Chase Ln, $280,500
1534 Flora Del Dr, $384,045
63088 Valley Park, MO.
1025 Big Bend Crossing Dr, $154,900
1057 Big Bend Station Dr, $238,000
15 Big Bend Station Ct, $266,000
St Louis County
63123
4825 Hamburg Av, $40,000
4744 Oldenburg Av, $41,000
8030 Genesta St, $95,000
8281 Morganford Rd, $101,200
10011 Echoridge Ln #D, $104,000
7232 Mackenzie Rd, $109,000
7728 General Sherman Ln, $120,000
11116 Marley Dr, $138,900
8952 Anchor Dr, $140,000
9838 Coventry Ln, $140,000
9842 Ione Ln, $145,000
5337 Staely Av, $150,000
10527 Sonata Dr, $154,900
7135 Valbrook Ln, $157,500
9625 Labette Dr, $166,500
7418 Brightwood Dr, $167,000
10082 Lakeshire Dr, $200,000
9803 Antonia Dr, $217,000
9863 Tiffany Square Parkway, $261,500
63125
9502 Gentry Av, $11,750
234 Morris Av, $32,000
3725 Viking Av, $46,801
617 Weiss Av, $100,000
2763 Clager Rd, $105,885
608 Bellsworth Dr, $113,000
3656 Anita Ln, $121,000
3321 Lan Dr, $129,000
905 Wachtel Av, $129,900
1239 Garden Circle Dr #G, $131,000
3301 Avenue H, $131,000
817 Rainbow Dr, $155,000
2854 Telegraph Rd, $206,000
63126
512 Acorn Dr, $157,500
9512 David Scott Dr, $242,500
9133 Rusticwood Trail, $245,000
63127
181 Floralea Place, $134,900
63128
5459 Cherryview Ln, $157,900
4843 Broad Oak Dr, $250,000
4607 Southridge Pines Dr, $255,000
4608 Southridge Pines Dr, $265,000
63129
452 Golden Valley Dr, $115,000
4100 E. Donaldson Dr, $150,000
3534 Pearson Pointe Ct, $165,000
5899 Westcliffe Dr, $193,000
4335 Meadowgreen Estates Dr, $204,900
5616 Wildbrook Dr, $213,000
106 Grimsley Station Rd, $215,000
2706 China Lake Dr, $231,000
7609 Shadybridge Dr, $241,100
Saint Louis City
63104
1014 Mississippi Av, $30,000
1802 Kennett Place #A, $76,250
2327 Tennessee Av, $96,001
2225-27 Sidney St, $97,500
2757 Shenandoah Av, $130,000
3315 Shenandoah Av, $132,601
3006 Victor St, $160,500
1859 S. 10th St #D, $185,000
1515 Lafayette Av #313, $195,000
1515 Lafayette Av #406, $238,000
1010 Russell Blvd, $240,000
1906 Lasalle St, $325,000
2339 Albion Place, $367,000
63109
5017 S. Kingshighway Blvd, $63,000
5616 S. Kingshighway Blvd, $67,900
6627 Tholozan Av, $98,000
7023 Mardel Av, $109,000
5616 Lansdowne Av, $147,900
5708 Finkman St, $148,000
5715 Nottingham Av, $150,000
4942 Delor St, $154,900
6962 Sutherland Av, $167,500
6721 Itaska St, $186,000
5709 Lindenwood Av, $189,000
6439 Lansdowne Av, $239,900
5239 Mardel Av, $246,000
3816 Linden Tree Ln, $269,520
6475 Devonshire Av, $285,000
6204 Clifton Av, $295,000
7028-32 Jamieson Av, $395,000
63110
4211 Arco Av, $69,001
5005-07 Shaw Blvd, $110,000
3926 Botanical Av, $115,000
4023 Botanical Av, $154,000
2118 Edwards St, $183,000
5009-11 Shaw Blvd, $190,000
2124 Marconi St, $210,000
4033 & 4035 McRee Av, $235,000
4060 Blaine Av, $244,899
3920 Blaine Av, $339,000
63111
7316 Michigan Av, $20,000
4614 Alaska Av, $21,500
621 Walsh St, $44,000
7103 Minnesota Av, $97,000
6318 Alaska Av, $115,000
4402 Pennsylvania Av, $156,766
4540 Ohio Av, $164,000
4642-44 Virginia Av, $185,000
5500 Idaho Av, $215,000
4307-09 S. Compton Av, $320,500
63116
4405 Gannett St, $12,000
4555 Adkins Av, $16,444
4762 Goethe Av, $37,000
3837 Fairview Av, $49,000
4846 Allemania St, $55,000
4046 Humphrey St, $56,900
4119 Hartford St, $59,900
4218 Grace Av, $75,000
4648 Newport Av, $75,000
3634 Neosho St, $76,315
4428 Dewey Av, $83,000
6462 Wanda Av, $85,000
7500 Jeanene Av, $108,800
4262 Juniata St, $109,750
4544 Eichelberger St, $119,500
4850 Germania St, $120,000
4143 Wyoming St, $123,700
3863 Meramec St, $140,000
4040 Miami St, $146,000
4041 Miami St, $147,000
4032 Louis St, $169,000
3809 Fairview Av, $178,000
3844 French Ct, $183,500
63118
3739 Oregon Av, $10,000
3504 Illinois Av, $17,000
3511 Wyoming St, $29,761
2206 Chippewa St, $30,000
3526 S. Compton Av, $33,000
3319 Cherokee St, $34,000
2722 Texas Av, $35,000
3553 Michigan Av, $37,000
3452 Illinois Av, $50,000
3620 Virginia Av, $50,884
3415 Klocke St, $71,000
2719 Lemp Av, $100,000
3133 Oregon Av, $123,500
3735 Louisiana Av, $133,000
3816 Illinois Av, $150,000
2623 Virginia Av, $171,500
3505 Utah St, $208,000
2800 Texas Av, $230,500
3451 Halliday Av, $440,000
63119 Includes Webster Groves, MO.
11 Eldorado Ct, $50,000
324 Eldridge Av, $64,000
734 Yeatman Av, $110,000
321 Madison Av, $126,000
7515 Triwoods Dr #C, $133,000
1415 Cheshire Ln, $135,000
5122 Exeter Av, $155,000
1028 N. Bompart Av, $185,500
9908 Gilbrook Av, $196,000
7318 Whitehall Colonial Ln, $209,900
115 Baker Av, $215,000
529 Newport Av, $248,000
471 Toft Ln, $314,900
7500 Lansdowne Av, $315,000
104 W. Jackson Rd, $560,000
320 S. Gore Av, $612,500
Contact The H Team today to learn what houses in your area sold for.
The H team currently serves the areas South of Highway 40 but able to refer a qualified agent to you in any area of the country.
Thursday, September 18, 2008
Understanding What A Short Sale Is
The Mortgage Bankers Association, tells us that in the next three months, 250,000 new families will enter into foreclosure. Which means that one child in every classroom in the USA is at risk of losing their home, because Mommy and Daddy are behind on the house payment, usually through no fault of their own.. This means one in 200 homes will be foreclosed on. These statistics are alarming to say the least, but it's what is happening in today's real estate market. Fortunately, it can be a win-win for everyone involved: the home seller, the home buyer, the bank and the real estate agent.
This decline in property values has created many challenges for both real estate agents and homeowners, but a “Short Sale” could be the solution to a happy ending. So, what is a Short Sale? A short sale is a loss mitigation solution. The easiest way to explain it is; When an agent goes into a potential seller’s home and asks “how much do you owe on your home?” and the answer is higher than the neignboring com parables show the current value of the home is, that qualifies the home as a potential Short Sale.
When a homeowner falls behind two months on their mortgage payment and can also show that changes in his/her income reduce their ability to stay current with their mortgage could be considered a short sale candidate. The homeowner is considered pre-foreclosure when the bank sends a notice of default or a notice that they’re taking legal action to collect the debt, this is usually sent certified or registered. Contrary to what most homeowners believe, a short sale can still take place during the foreclosure process. Only two reasons would prevent the homeowner from making a short sale;
The foreclosure has already taken place and the home is placed in an auction.
The homeowner files for bankruptcy.
Now that you have some information on what a Short Sale is, you as a home owner must realize the importance of beginning the short sale process immediately. Due to the recent decline in property values it has created many challenges for homeowners. However, the short sale is the answer for all parties involved, and can benefit the home seller, home buyer and the lender.
The nationwide rise of defaulted mortgages and foreclosures is an opportunity for experienced real estate agents to help homeowners, during a very emotional time. Most experienced Realtors who work with Short Sales have a plan that provides everything the bank is looking for to help prove to the bank the property qualifies as a potential short sale and all the documentation the bank is going to want to see.
If you're a homeowner who is behind on their monthly payment or who has had a major change in earnings and considering a short sale contact The H Team today for a free consultation.
This decline in property values has created many challenges for both real estate agents and homeowners, but a “Short Sale” could be the solution to a happy ending. So, what is a Short Sale? A short sale is a loss mitigation solution. The easiest way to explain it is; When an agent goes into a potential seller’s home and asks “how much do you owe on your home?” and the answer is higher than the neignboring com parables show the current value of the home is, that qualifies the home as a potential Short Sale.
When a homeowner falls behind two months on their mortgage payment and can also show that changes in his/her income reduce their ability to stay current with their mortgage could be considered a short sale candidate. The homeowner is considered pre-foreclosure when the bank sends a notice of default or a notice that they’re taking legal action to collect the debt, this is usually sent certified or registered. Contrary to what most homeowners believe, a short sale can still take place during the foreclosure process. Only two reasons would prevent the homeowner from making a short sale;
The foreclosure has already taken place and the home is placed in an auction.
The homeowner files for bankruptcy.
Now that you have some information on what a Short Sale is, you as a home owner must realize the importance of beginning the short sale process immediately. Due to the recent decline in property values it has created many challenges for homeowners. However, the short sale is the answer for all parties involved, and can benefit the home seller, home buyer and the lender.
The nationwide rise of defaulted mortgages and foreclosures is an opportunity for experienced real estate agents to help homeowners, during a very emotional time. Most experienced Realtors who work with Short Sales have a plan that provides everything the bank is looking for to help prove to the bank the property qualifies as a potential short sale and all the documentation the bank is going to want to see.
If you're a homeowner who is behind on their monthly payment or who has had a major change in earnings and considering a short sale contact The H Team today for a free consultation.
Tuesday, September 16, 2008
Top 10 Home Buying Mistakes
Buying a home is the largest investment a person will ever make; yet all too often the decision is made in haste without proper preparation
Using this list may help you avoid any costly mistakes;
1. Love at first sight: Falling in love with the place at first sight. Does it meet your family’s needs and budget? Make a list of all your needs and make sure the house fits into those needs. Check out the neighborhood and the community before you buy.Visit at different times of the day and week to learn about noise and traffic patterns. Park on the street and observe some of your neighbors and their actions. Even if you don’t have children, the local schools will have a lot to do with possible resale value.
2. Failure to be Pre-Approved: Getting pre-approved will give you an idea of how much you can afford to borrow. Being pre-approved means a lender has verified your information and credit rating and agreed to provide you with a specific amount of money. Most savvy home sellers are going to require a pre-approval when your offer to purchase is submitted.
3. Buying Too Much: Even though you can purchase a larger home and make the payments, take a reality check. Figure your actual monthly costs, including medical, groceries, automobile, include everything. Try to stay around 38% including your mortgage. Always figure 3% of the sale price for closing costs and another 1% for moving cost, new drapes and decorating costs.
4. On Your Own: Buying a house can be full of pit falls. make sure you hire a qualified buyer's agent, a lender, and a ASHI qualified home inspector. Request referrals from family and friends.
5. Making A Verbal Offer: Not putting an offer in writing allows for too many miscommunication. Never go by a verbal statement, if something is included in the sale like a refrigerator or stove make sure it's written into the contract. A written agreement always stands up in a court of law.
6. Create Contingencies: The more the better. Using a standard St. Louis Realtor contract provides these contingencies;
A. Financing: Allows the bank to have final say regarding appraisal,inspection and your ability to repay.
B. Title: Insures that any potential liens against the property will not pass with the ownership.
C. Insurance: Guarantees that the property is insurable, including flood and hazard insurance if required.
D. Survey: Insures that no other property is encroaching on your property or that your property is encroaching on a neighbors property.
7. Not Reading Everything You Sign: Always read the fine print and ask questions if you don't understand. Getting all the paperwork a few days in advance will allow you to read everything and have your questions ready.
8. Trust: The recent mortgage Crisis reminds us all to do our research and make sure everyone involved in the transaction knows their responsibility and is acting in your best interest, not his/hers.
9. Buy Low Sell High: Purchasing the highest priced home in the area can backfire on you, when the lower priced homes are sold. looking at the amount of foreclosure's on today's markets reminds us that markets can change.
10. Remorse: Don't worry about it. Everything will be fine. Buyers remorse almost always happens after such a large commitment. You've found the perfect house, now enjoy it.
The 'H" Team can assist you as a buyer's agent. Contact Us Today for your free buyers guide.
Using this list may help you avoid any costly mistakes;
1. Love at first sight: Falling in love with the place at first sight. Does it meet your family’s needs and budget? Make a list of all your needs and make sure the house fits into those needs. Check out the neighborhood and the community before you buy.Visit at different times of the day and week to learn about noise and traffic patterns. Park on the street and observe some of your neighbors and their actions. Even if you don’t have children, the local schools will have a lot to do with possible resale value.
2. Failure to be Pre-Approved: Getting pre-approved will give you an idea of how much you can afford to borrow. Being pre-approved means a lender has verified your information and credit rating and agreed to provide you with a specific amount of money. Most savvy home sellers are going to require a pre-approval when your offer to purchase is submitted.
3. Buying Too Much: Even though you can purchase a larger home and make the payments, take a reality check. Figure your actual monthly costs, including medical, groceries, automobile, include everything. Try to stay around 38% including your mortgage. Always figure 3% of the sale price for closing costs and another 1% for moving cost, new drapes and decorating costs.
4. On Your Own: Buying a house can be full of pit falls. make sure you hire a qualified buyer's agent, a lender, and a ASHI qualified home inspector. Request referrals from family and friends.
5. Making A Verbal Offer: Not putting an offer in writing allows for too many miscommunication. Never go by a verbal statement, if something is included in the sale like a refrigerator or stove make sure it's written into the contract. A written agreement always stands up in a court of law.
6. Create Contingencies: The more the better. Using a standard St. Louis Realtor contract provides these contingencies;
A. Financing: Allows the bank to have final say regarding appraisal,inspection and your ability to repay.
B. Title: Insures that any potential liens against the property will not pass with the ownership.
C. Insurance: Guarantees that the property is insurable, including flood and hazard insurance if required.
D. Survey: Insures that no other property is encroaching on your property or that your property is encroaching on a neighbors property.
7. Not Reading Everything You Sign: Always read the fine print and ask questions if you don't understand. Getting all the paperwork a few days in advance will allow you to read everything and have your questions ready.
8. Trust: The recent mortgage Crisis reminds us all to do our research and make sure everyone involved in the transaction knows their responsibility and is acting in your best interest, not his/hers.
9. Buy Low Sell High: Purchasing the highest priced home in the area can backfire on you, when the lower priced homes are sold. looking at the amount of foreclosure's on today's markets reminds us that markets can change.
10. Remorse: Don't worry about it. Everything will be fine. Buyers remorse almost always happens after such a large commitment. You've found the perfect house, now enjoy it.
The 'H" Team can assist you as a buyer's agent. Contact Us Today for your free buyers guide.
Thursday, September 11, 2008
Is there Radon Gas in Your New Home
You're getting ready to make a real estate purchase in St. Louis, MO. and have scheduled all of your inspections. But have you scheduled them all. Radon is known as the secret killer.
It is the number 2 cause of lung cancer and orderless. It has become easier to test for Radon and you can remove it pretty easily too.
From Consumer Reports, here are some steps to making your home radon-free:
Measurement: The first thing to know is that radon is measured in picocuries per liter (PCi/L). The national average indoor level is 1.3. Anything above 2, the EPA suggests remediation. Above 4 is the recommended level to take immediate action.
What is your risk: Throughout Missouri our levels are higher than others, radon levels vary from home to home and even street to street. The only way to determine radon levels in your house, for sure, is to test.
Inspector: A licensed Inspector will charge you around $175.00. He installs a meter in the lower level of the home for a period of 48 hours and provides you a printed report of the Radon levels. This is our recommended type inspection.
Radon test kits: Are accurate and in-expensive. Purchasing the long-term kit provides better accuracy. These kits take sampling levels for 90 days or more and will give you a better reading on average radon levels than a short-term kit. A long-term kit costs about $40. If you do need faster results, one accurate short-term kit to use is the RTCA charcoal canister. It costs about $20. But its results should still be confirmed with a long-term kit just to be on the safe side.
If you discover your home contains radon, call a professional. A radon-removal kit can cut levels to below 2 PCi/L. They will cost from a low of $800 to as much as $2,500 if you live in a two story type home. For an average house, the cost is about $1,200. Contact the EPA to locate a trained professional in your area or contact The "H" Team for a local radon contractor.
It is the number 2 cause of lung cancer and orderless. It has become easier to test for Radon and you can remove it pretty easily too.
From Consumer Reports, here are some steps to making your home radon-free:
Measurement: The first thing to know is that radon is measured in picocuries per liter (PCi/L). The national average indoor level is 1.3. Anything above 2, the EPA suggests remediation. Above 4 is the recommended level to take immediate action.
What is your risk: Throughout Missouri our levels are higher than others, radon levels vary from home to home and even street to street. The only way to determine radon levels in your house, for sure, is to test.
Inspector: A licensed Inspector will charge you around $175.00. He installs a meter in the lower level of the home for a period of 48 hours and provides you a printed report of the Radon levels. This is our recommended type inspection.
Radon test kits: Are accurate and in-expensive. Purchasing the long-term kit provides better accuracy. These kits take sampling levels for 90 days or more and will give you a better reading on average radon levels than a short-term kit. A long-term kit costs about $40. If you do need faster results, one accurate short-term kit to use is the RTCA charcoal canister. It costs about $20. But its results should still be confirmed with a long-term kit just to be on the safe side.
If you discover your home contains radon, call a professional. A radon-removal kit can cut levels to below 2 PCi/L. They will cost from a low of $800 to as much as $2,500 if you live in a two story type home. For an average house, the cost is about $1,200. Contact the EPA to locate a trained professional in your area or contact The "H" Team for a local radon contractor.
Thursday, September 04, 2008
Purchasing A Home in St. Louis, MO
MOST IMPORTANT - Get Pre Approved BEFORE you shop
Getting pre-approved will save you from looking at houses you can't afford and put you in a better position to make a offer when you do find the right house. Sellers expect a pre-approval when your contract is submitted.Pre-approval is quite different from pre-qualification. Pre-qualification is merely a cursory review of your finances, pre-approval is based on your actual income, debt and credit history. There is no fee to get pre approved.
Good credit will get you a better interest rate.
Since most people need to get a mortgage to buy a home, you must keep your credit history as clean as possible. Six months before you seriously begin house hunting, get a copy of your credit report. Make sure everything is correct. Should any problems appear, handle them quickly by contacting the credit reporting agency.
Although lenders like to see 10 to 20% as your down payment, don't worry if you only have 5 to 8%. These loans do carry slightly higher interest rates, but they can be great for first time home buyers who anticipate increasing income potential and equity increases. Although credit has tightened up the last few months there are plenty of programs out there.
Your new home should be in a good school district, even if you don't have children, because when it comes time to sell, a good school district will increase your homes value.
Real Estate Professionals. Hire an Experienced Realtor who understands the home buying process. Interview at least 3 buyers agents before deciding. Look at their experience, education, knowledge and ask for references.
When you find the perfect home, move quick. Your buyers agent should be able to provide comparables of houses that sold in the same area that are pretty much the same in age, square footage, and amenities. Based on the average sale price of these comparables will allow you to reach an offer price. Always leave room to negotiate. If you really want the house, don't low ball, it may upset the seller.
By researching the comparables and knowing the neighborhood you should be able to offer a fair purchase price for the house. In a buyers market you have the advantage while in a sellers market the seller has the advantage. Look around the neighborhood, are there a lot of for sale signs or very few?
Once you agree on a purchase price, your buyer's agent will draw up a sales contract offering to purchase the house which will includes the closing date. A good buyers agent will make the purchase contingent on a few things:
1. Financing, that you can get a loan with rates and terms you agree with
2. A satisfactory building inspection by a licensed home inspector
3. The home is insurable
4. The title is clear of any liens or claims
5. An acceptable closing date normally 30 -60 days after submission
Two days before the closing you will receive a HUD 1 Settlement Statement from your title company that lists all the charges you can expect to pay at closing. Normally you can figure those costs at 2-3% of the purchase price.
On your scheduled day of closing you will go to the Title Company to sign the documents. Normally the closing is attended by your lender, your buyers agent and the title company employee. Once all the paperwork is completed and signed your Realtor will hand you the keys to your new home.
Getting pre-approved will save you from looking at houses you can't afford and put you in a better position to make a offer when you do find the right house. Sellers expect a pre-approval when your contract is submitted.Pre-approval is quite different from pre-qualification. Pre-qualification is merely a cursory review of your finances, pre-approval is based on your actual income, debt and credit history. There is no fee to get pre approved.
Good credit will get you a better interest rate.
Since most people need to get a mortgage to buy a home, you must keep your credit history as clean as possible. Six months before you seriously begin house hunting, get a copy of your credit report. Make sure everything is correct. Should any problems appear, handle them quickly by contacting the credit reporting agency.
Although lenders like to see 10 to 20% as your down payment, don't worry if you only have 5 to 8%. These loans do carry slightly higher interest rates, but they can be great for first time home buyers who anticipate increasing income potential and equity increases. Although credit has tightened up the last few months there are plenty of programs out there.
Your new home should be in a good school district, even if you don't have children, because when it comes time to sell, a good school district will increase your homes value.
Real Estate Professionals. Hire an Experienced Realtor who understands the home buying process. Interview at least 3 buyers agents before deciding. Look at their experience, education, knowledge and ask for references.
When you find the perfect home, move quick. Your buyers agent should be able to provide comparables of houses that sold in the same area that are pretty much the same in age, square footage, and amenities. Based on the average sale price of these comparables will allow you to reach an offer price. Always leave room to negotiate. If you really want the house, don't low ball, it may upset the seller.
By researching the comparables and knowing the neighborhood you should be able to offer a fair purchase price for the house. In a buyers market you have the advantage while in a sellers market the seller has the advantage. Look around the neighborhood, are there a lot of for sale signs or very few?
Once you agree on a purchase price, your buyer's agent will draw up a sales contract offering to purchase the house which will includes the closing date. A good buyers agent will make the purchase contingent on a few things:
1. Financing, that you can get a loan with rates and terms you agree with
2. A satisfactory building inspection by a licensed home inspector
3. The home is insurable
4. The title is clear of any liens or claims
5. An acceptable closing date normally 30 -60 days after submission
Two days before the closing you will receive a HUD 1 Settlement Statement from your title company that lists all the charges you can expect to pay at closing. Normally you can figure those costs at 2-3% of the purchase price.
On your scheduled day of closing you will go to the Title Company to sign the documents. Normally the closing is attended by your lender, your buyers agent and the title company employee. Once all the paperwork is completed and signed your Realtor will hand you the keys to your new home.
Cleaning and Repairing Your Concrete Driveway
Cleaning and sealing your concrete driveway can make it look new again, almost. If a good cleaning is needed for your concrete driveway, plan to rent or buy a power washer.
After a thorough power washing, you can remove any deeper stains, seal cracks, and then roll on a coat of translucent masonry sealer, available at your local home improvement center.
Remaing grease or oil stains can be soaked up using cat litter, fine sawdust, hydrated lime, or cement powder, and then sweeping away the residue.
For older, deeper type stains, try a commercial degreaser, emulsifier, or 1 to4 bleach-water mixture. You may find that some stains cannot be removed but can be lightened.
Next,seal any hairline or surface cracks in the driveway with concrete patching compound, normally applied using a caulking gun. For any crack wider than 1/4 inch, widen the crack with a mason's hammer and cold chisel,removing any loose concrete, sweep out the crack and blow out any dust or fine pieces of concrete and trowel on a concrete-patching compound, again available at your local home improvement center.
When the compound starts to set, using a wet trowel, smooth over the patch so it is even with the surrounding concrete. Moisten the patch with water throughout the week to ensure the concrete dries slowly.
After the compound dries apply a clear or stain type concrete sealer to increase your driveway's beauty.
As Realtors, we have developed a list of qualified contractors in the St. Louis, MO area. Locate a Local Contractor Here
After a thorough power washing, you can remove any deeper stains, seal cracks, and then roll on a coat of translucent masonry sealer, available at your local home improvement center.
Remaing grease or oil stains can be soaked up using cat litter, fine sawdust, hydrated lime, or cement powder, and then sweeping away the residue.
For older, deeper type stains, try a commercial degreaser, emulsifier, or 1 to4 bleach-water mixture. You may find that some stains cannot be removed but can be lightened.
Next,seal any hairline or surface cracks in the driveway with concrete patching compound, normally applied using a caulking gun. For any crack wider than 1/4 inch, widen the crack with a mason's hammer and cold chisel,removing any loose concrete, sweep out the crack and blow out any dust or fine pieces of concrete and trowel on a concrete-patching compound, again available at your local home improvement center.
When the compound starts to set, using a wet trowel, smooth over the patch so it is even with the surrounding concrete. Moisten the patch with water throughout the week to ensure the concrete dries slowly.
After the compound dries apply a clear or stain type concrete sealer to increase your driveway's beauty.
As Realtors, we have developed a list of qualified contractors in the St. Louis, MO area. Locate a Local Contractor Here
Tuesday, September 02, 2008
Getting Your Home Sold
1. The First Offer is Always the Best Offer; “If you get an offer in today’s market, attempt to make the best of it and live with it if you can, because there usually isn’t another one waiting. In today's market multiple offers are few and far apart.
2. Be Realistic About Price; Most homes go onto the market over priced. Buyers are not going to pay for an overpriced house. Overpricing a home reduces your showings and with fewer showings you get fewer offers. Your going to end up reducing the price eventually, reduce it before listing to insure lots of attention from the get go.
3. Listen to the Experts; You're paying a Real Estate agent for their advice, don't disregard it. They know and understand the market of today.
4. Beware of Getting Stale; The longer a house is on the market, the less attractive it appears. By listing the home and then reducing the price isn't going to fool anyone. You have to price it right.
5. Go For the HGTV look; First time home buyers expect the moon and the stars. You have to make some updates and clean up and de-clutter. Remove excessive family pictures, remove overstuffed furniture, set the kitchen table, paint the walls with something with some color. Let the light in.
6. Understand Buyer's Fear; Sellers are under the impression that buyers are being greedy, But in reality buyers are afraid. Afraid they're going to buy a house with the possibility that the home will loose value and they won't be able to sell it. By properly pricing the property better than the neighboring competition it becomes very attractive to them.
7.Buyers are not going to Renovate; Of course there are plenty of do it yourselvers who enjoy painting, laying tile, building a deck, installing some new fixtures. But most just want to move in, unpack and relax.Fixer-uppers attract limited offers because people just don’t have the time and those that do expect a reasonably priced fixer upper.
8. Play on Your Home’s Pluses; Private Yard, Large Deck, Side Entry Garage, Finished Lower Level, Main Level Master. Highlighting those pluses will make the home much more attractive to a buyer.
Frank J. Helderle
2. Be Realistic About Price; Most homes go onto the market over priced. Buyers are not going to pay for an overpriced house. Overpricing a home reduces your showings and with fewer showings you get fewer offers. Your going to end up reducing the price eventually, reduce it before listing to insure lots of attention from the get go.
3. Listen to the Experts; You're paying a Real Estate agent for their advice, don't disregard it. They know and understand the market of today.
4. Beware of Getting Stale; The longer a house is on the market, the less attractive it appears. By listing the home and then reducing the price isn't going to fool anyone. You have to price it right.
5. Go For the HGTV look; First time home buyers expect the moon and the stars. You have to make some updates and clean up and de-clutter. Remove excessive family pictures, remove overstuffed furniture, set the kitchen table, paint the walls with something with some color. Let the light in.
6. Understand Buyer's Fear; Sellers are under the impression that buyers are being greedy, But in reality buyers are afraid. Afraid they're going to buy a house with the possibility that the home will loose value and they won't be able to sell it. By properly pricing the property better than the neighboring competition it becomes very attractive to them.
7.Buyers are not going to Renovate; Of course there are plenty of do it yourselvers who enjoy painting, laying tile, building a deck, installing some new fixtures. But most just want to move in, unpack and relax.Fixer-uppers attract limited offers because people just don’t have the time and those that do expect a reasonably priced fixer upper.
8. Play on Your Home’s Pluses; Private Yard, Large Deck, Side Entry Garage, Finished Lower Level, Main Level Master. Highlighting those pluses will make the home much more attractive to a buyer.
Frank J. Helderle
Monday, September 01, 2008
South County Mo. Italian Restaurants
Italian Food
Bartolino's South 5914 S. Lindbergh Blvd. 314-487-4545
Cusanelli's Restaurant 705 Lemay Ferry Rd 314-631-7686
Gianino's Restaurant & Bar 3735 South Lindbergh Blvd 314-821-4140
Rizzo's 4460 Lemay Ferry Road 314-487-4242
Rich & Charlies 4487 Lemay Ferry Road 314-894-1600
Pasta House 6214 South Lindbergh314-894-9161
Our Favorite
Trattoria Giuseppe 5436 Old Highway 21 636-942-2405
Bartolino's South 5914 S. Lindbergh Blvd. 314-487-4545
Cusanelli's Restaurant 705 Lemay Ferry Rd 314-631-7686
Gianino's Restaurant & Bar 3735 South Lindbergh Blvd 314-821-4140
Rizzo's 4460 Lemay Ferry Road 314-487-4242
Rich & Charlies 4487 Lemay Ferry Road 314-894-1600
Pasta House 6214 South Lindbergh314-894-9161
Our Favorite
Trattoria Giuseppe 5436 Old Highway 21 636-942-2405
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