Written By Broderick Perkins
Provided By Realty Times
Home owners who are "underwater" with their home loan and seek to come up for air by walking away from the debt, could still be gasping for relief years down the road.
There are occasions when walking away from your home -- and down the road to foreclosure -- is your only option, but seldom is it the best alternative.
Mortgages are "underwater" or "upside down" when the property experiences negative equity -- the mortgage is larger than the current value of the property. Negative equity is caused by a decline property value, an increase in mortgage debt or, most likely, both.
The consensus among experts is to consider the alternatives before abandoning your home, talk with your lender and seek counseling from a U.S. Department of Housing and Urban Affairs (HUD) certified counselor.
Don Bisenius, the head of Freddie Mac's home-loan guarantee business, recently asked borrowers to stick it out through the crisis.
Bisenius said foreclosures lead to degraded neighborhoods, more expensive mortgages and reduced home values.
"In the end, borrowers considering a strategic default should recognize the damaging impact their actions can have on others," he wrote.
The Obama Administration's frequently updated and strengthened multi-tiered MakingHomeAffordable.com program and other government efforts offer a good start with a host of options.
• Refinancing, turning in your existing mortgage for a new one, is perhaps the toughest option to accomplish. A refinance requires meeting stiff underwriting requirements -- an excellent credit report, a high credit score of 720 or more, documented career level income and little debt, for starters.
Federal programs, including the Federal Housing Administration's refinance effort, can be a good bet for those who haven't yet faced hardship and can qualify for a new loan.
• A mortgage modification reworks the terms of existing loans to get the payment down to a more affordable level. To add greater affordability, lenders lower the interest rate, lengthen the term of the loan or reduce the principal -- or do some combination of all three. Modifications can be used by qualified home owners who aren't yet struggling as well as those who are in a pinch.
• Short sales
Modifications and short sales can impact your credit, but not necessarily with the force of a foreclosure.
Bottom line, exploring all the options is a better first step than walking away.
I understand feeling financial pressure is difficult and embarrassing, but there is a point at which everyone has time to explore the options. In just about every case, that's much better than doing nothing at all. I strongly feel there is no reason for anyone to get a foreclosure" said Zdenka Mahan, a real estate agent with Intero Real Estate in Los Gatos.
Do you have questions about short sales, mortgage modifications or refinancing? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Monday, July 19, 2010
Friday, July 16, 2010
Entertain With Style
Provided By My Home Ideas
Written By Heather Chadduck
Recipe for Success: "I like to have sit-down dinner parties with several courses. It's a treat for my guests to waited on -- no one my age does that anymore. I always try to invite new people into my group of friends. It makes for good conversation, then guests settle in and hang out."
Recipe for Disaster: "Don't serve something you've never made before. I tried to branch out and make roasted red pepper soup once, but I put too many peppers in the blender and the lid flew off. People were walking through the door and I was wiping soup off the walls."
Old World Chic
When I was looking for a house, one of the criteria was a dining room big enough for my 9-foot-long table -- I can seat 10 people comfortably though the room is only 11 by 14 feet," says Heather.
"As for the chandelier, the bigger the better. The more arms that spread out in a room, the better the light," she says. "I put this one on a dimmer switch."
Written By Heather Chadduck
Recipe for Success: "I like to have sit-down dinner parties with several courses. It's a treat for my guests to waited on -- no one my age does that anymore. I always try to invite new people into my group of friends. It makes for good conversation, then guests settle in and hang out."
Recipe for Disaster: "Don't serve something you've never made before. I tried to branch out and make roasted red pepper soup once, but I put too many peppers in the blender and the lid flew off. People were walking through the door and I was wiping soup off the walls."
Old World Chic
When I was looking for a house, one of the criteria was a dining room big enough for my 9-foot-long table -- I can seat 10 people comfortably though the room is only 11 by 14 feet," says Heather.
"As for the chandelier, the bigger the better. The more arms that spread out in a room, the better the light," she says. "I put this one on a dimmer switch."
Use What You Love
"Everything I own is mismatched," says Heather. "I have a passion for collecting anything that's used for entertaining."
To act as a placecard, she stamped leger paper with a guest's name for each setting.
Think Outside the Flower Box
Since Heather's table is extra long, she likes to make several arrangements that all of her guests can enjoy while seated. She created this fuss-free arrangement with items from the grocer's vegetable section. The vases are wrapped in the same ledger paper she used to create place cards.
Add a Personal Touch
For her dinner parties, Heather likes to do the cooking. "My signature dish is vichyssoise," she says. "I make it the day before, put it in julep cups on a tray, and keep it in the fridge all night. When guests walk in, I had them a cup and a spoon and everone has their first course standing up."
Are you wanting a new home so you can start hosting your very own dinner parties? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Wednesday, July 14, 2010
Bathroom Design Trends: Clean and Green
Provided By Realty Times
Written By Jim Adair
Tiles that clean themselves, faucets with no levers, residential urinals and automatic humidity sensing fans – these are some of the design innovations that have started showing up in the bathrooms of upper-end homes during the last few years. Combined with a trend to minimal Asian design, bathroom designs these days can best be designed as clean and green.
Active Clean Air and Antibacterial Ceramic Tiles were introduced to Canada last year by Savoia Canada, a subsidiary of the Italian GranitiFiandre Group. The company says the tiles use titanium dioxide to "clean the air of polluting organic substances when either sunlight or artificial UVA rays shine on the tiles. This process transforms harmful organic and inorganic substances into compounds that are harmless to humans." They are available in about 40 different colours and various sizes.
A set of faucets and showers from American Standard has no levers or faucets, just four electronic control icons on the top surface of the tub filler or the bottom of the shower column. They are operated by regular C type batteries.
Kohler Canada offers waterless residential urinals and toilets with built-in bidet functions including a control for water temperature and flow, a deodorizer function, a heated seat and warm air drying at three speeds.
If you can never remember to turn on the bathroom fan during or after a shower, Broan-Nutone offers Humidity Sensing Fans, which automatically turn on when a rapid rise in humidity is detected in the room.
Waterfall faucets and shower towers that include everything from steam options to waterproof built-in speakers are other popular bathroom features. From an esthetic point of view, Japanese influences are being seen in the clean lines and open spaces in new bathrooms. Hotel-like "floating" vanities and wall-mounted toilets make small rooms look larger.
An American Standard survey in 2008 showed that 88 per cent of people were "doing a lot of things inside their bathrooms besides the obvious." More than one-third read their mail there, while 43 per cent used it to get dressed, 19 per cent listened to music on their radio or I-Pod, 15 per cent talked on the phone and three per cent watched TV.
Most people spent about 30 minutes in the bathroom a day, but 25 per cent of people reported spending at least an hour. Women spent more time there than men, and women with children spent more time in the shower than women without kids.
The biggest bathroom trends are in the "green" categories – conserving water and energy. In Ontario, the provincial government recently announced plans to mandate water-saving toilets. It says Ontarians currently use about 260 litres of water a day, nearly twice as much as people in Germany, the U.K. and the Netherlands. American Standard says Canadians use the second highest amount of water in the world, with 35 per cent of the water used for the shower and the tub, and 30 per cent used by flushing the toilet.
Many municipalities offer incentives to residents to switch from 13-litre toilets to energy efficient six-litre models. For example, Toronto residents can get $60 or $75 for making the move. Kohler Canada offers an interactive map that shows where you can get rebates in municipalities across the country.
In addition to dual-flush and low-flow toilets, water is being conserved in the bathroom with low-flow faucets and showerheads. Changing all three in a bathroom costs as little as $600, but provides long-term financial benefits.
Some other "green" trends include using cleaning materials that are ammonia-free (such as water and vinegar), and installing energy-efficient lighting. Kohler is using recycled and reclaimed materials in some of its cast-iron products.
What’s coming up in future bathroom trends? While white still rules as the dominant fixture colour, other more vibrant colours may be making a comeback. In terms of bathroom design, an aging population is prompting more consideration of accessible features, such as grab bars and curbless and level-access showers.
Are you interested in buying or learning more about "green" homes. Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Written By Jim Adair
Tiles that clean themselves, faucets with no levers, residential urinals and automatic humidity sensing fans – these are some of the design innovations that have started showing up in the bathrooms of upper-end homes during the last few years. Combined with a trend to minimal Asian design, bathroom designs these days can best be designed as clean and green.
Active Clean Air and Antibacterial Ceramic Tiles were introduced to Canada last year by Savoia Canada, a subsidiary of the Italian GranitiFiandre Group. The company says the tiles use titanium dioxide to "clean the air of polluting organic substances when either sunlight or artificial UVA rays shine on the tiles. This process transforms harmful organic and inorganic substances into compounds that are harmless to humans." They are available in about 40 different colours and various sizes.
A set of faucets and showers from American Standard has no levers or faucets, just four electronic control icons on the top surface of the tub filler or the bottom of the shower column. They are operated by regular C type batteries.
Kohler Canada offers waterless residential urinals and toilets with built-in bidet functions including a control for water temperature and flow, a deodorizer function, a heated seat and warm air drying at three speeds.
If you can never remember to turn on the bathroom fan during or after a shower, Broan-Nutone offers Humidity Sensing Fans, which automatically turn on when a rapid rise in humidity is detected in the room.
Waterfall faucets and shower towers that include everything from steam options to waterproof built-in speakers are other popular bathroom features. From an esthetic point of view, Japanese influences are being seen in the clean lines and open spaces in new bathrooms. Hotel-like "floating" vanities and wall-mounted toilets make small rooms look larger.
An American Standard survey in 2008 showed that 88 per cent of people were "doing a lot of things inside their bathrooms besides the obvious." More than one-third read their mail there, while 43 per cent used it to get dressed, 19 per cent listened to music on their radio or I-Pod, 15 per cent talked on the phone and three per cent watched TV.
Most people spent about 30 minutes in the bathroom a day, but 25 per cent of people reported spending at least an hour. Women spent more time there than men, and women with children spent more time in the shower than women without kids.
The biggest bathroom trends are in the "green" categories – conserving water and energy. In Ontario, the provincial government recently announced plans to mandate water-saving toilets. It says Ontarians currently use about 260 litres of water a day, nearly twice as much as people in Germany, the U.K. and the Netherlands. American Standard says Canadians use the second highest amount of water in the world, with 35 per cent of the water used for the shower and the tub, and 30 per cent used by flushing the toilet.
Many municipalities offer incentives to residents to switch from 13-litre toilets to energy efficient six-litre models. For example, Toronto residents can get $60 or $75 for making the move. Kohler Canada offers an interactive map that shows where you can get rebates in municipalities across the country.
In addition to dual-flush and low-flow toilets, water is being conserved in the bathroom with low-flow faucets and showerheads. Changing all three in a bathroom costs as little as $600, but provides long-term financial benefits.
Some other "green" trends include using cleaning materials that are ammonia-free (such as water and vinegar), and installing energy-efficient lighting. Kohler is using recycled and reclaimed materials in some of its cast-iron products.
What’s coming up in future bathroom trends? While white still rules as the dominant fixture colour, other more vibrant colours may be making a comeback. In terms of bathroom design, an aging population is prompting more consideration of accessible features, such as grab bars and curbless and level-access showers.
Are you interested in buying or learning more about "green" homes. Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Monday, July 12, 2010
How much home can you afford?
Published By Morris Communications
Provided By Dallas Morning News
Whether you can afford the home you've always wanted will boil down to a simple factor: How much you make versus how much you owe.
Lenders are not eager to extend loans to borrowers who will become overloaded by taking on more debt, so there are some general guidelines to keep in mind when pursuing a home loan.
Determine your monthly gross income, which includes regular monies that can be documented. Remember that income that can't be documented can't be used to qualify for a loan. However, unearned sources, such as alimony and lottery payments, can be used as well as income-producing assets, such as stocks or real estate. If you have questions, ask a loan officer to help you with the rules.
After you've figured how much you make, calculate how much you owe. This is all monthly debt obligations such as credit cards, installment loans, personal debts or other monthly obligations such as alimony or child support. Debts that will be paid off in fewer than six months don't have to be considered.
Although each lender has his or her own formula, generally speaking, monthly housing expenses, including monthly payments for taxes and insurance, shouldn't be in excess of 28 percent of the gross monthly income. Additionally, the proposed monthly housing expense and total debt obligation can't exceed 36 percent of the gross monthly income. If it does, the loan may not be approved.
However, there are numerous types of loan programs available, and each one has different guidelines, so don't get discouraged by the process if your first choice doesn't work out. Keep shopping around.
Your down payment can have tremendous impact on your ability to qualify for a loan. The greater percentage of down payment that you can make, the smaller the monthly payment you will pay. Likewise, closing costs, which can vary from 2 to 5 percent of the asking price of the home, also are part of the financial obligation that comes with purchasing a home.
To determine how much you can afford:
-Determine your gross monthly income.
-Calculate your monthly debt obligations.
-Generally, monthly housing cost should not exceed 28 percent of gross monthly income.
-Proposed monthly housing cost and monthly debt obligations combined should not exceed 36 percent of gross monthly income.
-Questions? Ask a qualified loan officer for help.
-How much of a down payment can you afford? The more money down up front, the smaller the monthly mortgage payment.
-Ask about closing costs.
Do you have questions about buying a home, would you like quick and honest answers? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Provided By Dallas Morning News
Whether you can afford the home you've always wanted will boil down to a simple factor: How much you make versus how much you owe.
Lenders are not eager to extend loans to borrowers who will become overloaded by taking on more debt, so there are some general guidelines to keep in mind when pursuing a home loan.
Determine your monthly gross income, which includes regular monies that can be documented. Remember that income that can't be documented can't be used to qualify for a loan. However, unearned sources, such as alimony and lottery payments, can be used as well as income-producing assets, such as stocks or real estate. If you have questions, ask a loan officer to help you with the rules.
After you've figured how much you make, calculate how much you owe. This is all monthly debt obligations such as credit cards, installment loans, personal debts or other monthly obligations such as alimony or child support. Debts that will be paid off in fewer than six months don't have to be considered.
Although each lender has his or her own formula, generally speaking, monthly housing expenses, including monthly payments for taxes and insurance, shouldn't be in excess of 28 percent of the gross monthly income. Additionally, the proposed monthly housing expense and total debt obligation can't exceed 36 percent of the gross monthly income. If it does, the loan may not be approved.
However, there are numerous types of loan programs available, and each one has different guidelines, so don't get discouraged by the process if your first choice doesn't work out. Keep shopping around.
Your down payment can have tremendous impact on your ability to qualify for a loan. The greater percentage of down payment that you can make, the smaller the monthly payment you will pay. Likewise, closing costs, which can vary from 2 to 5 percent of the asking price of the home, also are part of the financial obligation that comes with purchasing a home.
To determine how much you can afford:
-Determine your gross monthly income.
-Calculate your monthly debt obligations.
-Generally, monthly housing cost should not exceed 28 percent of gross monthly income.
-Proposed monthly housing cost and monthly debt obligations combined should not exceed 36 percent of gross monthly income.
-Questions? Ask a qualified loan officer for help.
-How much of a down payment can you afford? The more money down up front, the smaller the monthly mortgage payment.
-Ask about closing costs.
Do you have questions about buying a home, would you like quick and honest answers? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Friday, July 2, 2010
Tips for a Successful Garage Sale
Provided By Realty Times
Written By Carla Hill
Whether you are jump-starting a move, decluttering for a showing, or looking to make some extra cash, a garage sale can be a great way for a homeowner to declutter. Here are some helpful tips to make your next garage sale a success.
1. Plan Ahead: Some cities require that you have a permit or a license to hold a garage sale. These may be free, or they may cost a small fee. After you've gotten a permit, be sure to give yourself plenty of time to organize in preparation for the event. It can take more time than you'd expect to select items, price them, and then move them to your sale area.
2. Group Effort: Ask neighbors in your community if they'd be interested in having a sale the same day! This can be quit a draw to the garage sale crowd. Can't get the neighbors interested? Ask if any friends or family want to bring items over to have a combined sale. Simply use different colored price stickers to keep the profits separate. A block or "multi-family" sale is a great way to draw a crowd.
3. Advertise: There are a ton of great, and free, places to advertise your sale. Most of these are online. Be sure to mention in your add the following items: the neighborhood or area of town you are located in, especially if in a big city; your address; the date and run time; some of the items you are offering (appliances, women's clothing, baby items, etc.) The day of the sale be sure your home is easy to find. Use signs and balloons to direct traffic off of main roadways.
4. Price Items: When you price items, keep in mind that you are marketing to a customer that wants a deal. Be realistic about what an item is worth. Pricing items ahead of time can speed up the buying process.
5. Set Up Shop: Arrange items by type. Put furniture together, glassware on a table, and have clothes hanging. Also provide access to an electrical outlet for customers who want to turn on appliances and electronics to verify their condition.
6. Plenty of Change: Visit the bank the day before the sale to have lots of change. There will be buyers who use twenties, and will use of lots of your smaller bills. Stock up on ones, fives, tens, and lots of small change.
7. Take Care: If you have extra newspapers and plastic bags on hand, then keep them by your cash desk during the sale. Use the newspaper to wrap breakables. And use the plastic bags to help customer get small items conveniently to their car.
8. Eagle Eye. Be sure to keep an eye on your cash box! Never leave the box unattended.
9. Salvation Army: There will be items that don't sell. To expediate your clutter cleanse, look up local donation centers ahead of time to find out about donation pickup and drop-offs.
10. Free box: For items that need cleansed, but you aren't worry about making any money on, consider setting up a free box. You'll be surprised what other people will consider "treasure"!
11. Emily Post Touches: If morning weather is chilly, consider having small cups of coffee for sale. In summertime, have the kids set up a cookie and lemonade stand!
12. Have fun. A garage sale can be a stressful event, but if you stay committed to making it a positive and fun experience, it will be just that.
Good luck with your sale!
Done with decluttering your home and are now ready to sell? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Written By Carla Hill
Whether you are jump-starting a move, decluttering for a showing, or looking to make some extra cash, a garage sale can be a great way for a homeowner to declutter. Here are some helpful tips to make your next garage sale a success.
1. Plan Ahead: Some cities require that you have a permit or a license to hold a garage sale. These may be free, or they may cost a small fee. After you've gotten a permit, be sure to give yourself plenty of time to organize in preparation for the event. It can take more time than you'd expect to select items, price them, and then move them to your sale area.
2. Group Effort: Ask neighbors in your community if they'd be interested in having a sale the same day! This can be quit a draw to the garage sale crowd. Can't get the neighbors interested? Ask if any friends or family want to bring items over to have a combined sale. Simply use different colored price stickers to keep the profits separate. A block or "multi-family" sale is a great way to draw a crowd.
3. Advertise: There are a ton of great, and free, places to advertise your sale. Most of these are online. Be sure to mention in your add the following items: the neighborhood or area of town you are located in, especially if in a big city; your address; the date and run time; some of the items you are offering (appliances, women's clothing, baby items, etc.) The day of the sale be sure your home is easy to find. Use signs and balloons to direct traffic off of main roadways.
4. Price Items: When you price items, keep in mind that you are marketing to a customer that wants a deal. Be realistic about what an item is worth. Pricing items ahead of time can speed up the buying process.
5. Set Up Shop: Arrange items by type. Put furniture together, glassware on a table, and have clothes hanging. Also provide access to an electrical outlet for customers who want to turn on appliances and electronics to verify their condition.
6. Plenty of Change: Visit the bank the day before the sale to have lots of change. There will be buyers who use twenties, and will use of lots of your smaller bills. Stock up on ones, fives, tens, and lots of small change.
7. Take Care: If you have extra newspapers and plastic bags on hand, then keep them by your cash desk during the sale. Use the newspaper to wrap breakables. And use the plastic bags to help customer get small items conveniently to their car.
8. Eagle Eye. Be sure to keep an eye on your cash box! Never leave the box unattended.
9. Salvation Army: There will be items that don't sell. To expediate your clutter cleanse, look up local donation centers ahead of time to find out about donation pickup and drop-offs.
10. Free box: For items that need cleansed, but you aren't worry about making any money on, consider setting up a free box. You'll be surprised what other people will consider "treasure"!
11. Emily Post Touches: If morning weather is chilly, consider having small cups of coffee for sale. In summertime, have the kids set up a cookie and lemonade stand!
12. Have fun. A garage sale can be a stressful event, but if you stay committed to making it a positive and fun experience, it will be just that.
Good luck with your sale!
Done with decluttering your home and are now ready to sell? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
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