1. I’m all alone in this. Nothing could be further from the truth. Our shifting economy has put hundreds of thousands of families at risk of losing their homes and afraid for their financial future. The good news is there are many more resources and options available to you than you even imagined, and with the right short sale specialist on your side, you too can find answers to your questions and an opportunity to regain peace of mind and financial stability.

2. The bank wants my home. The banks do NOT want your home. In fact, in many cases, with the right advocate on your side, they will do everything they can while working in the perimeters of their legal restrictions to help everyone find a solution other than foreclosure that can be a win-win for all involved. Lenders across North America are already overwhelmed and under fire to move the foreclosed properties already in their inventory. They do not want to add yours to the mix. What’s important to note is that every situation, every family, every individual has a unique set of circumstances that needs to be properly diagnosed and “treated” for its unique qualities. A trained, designated short sale specialist can help you sort through your current situation to determine your best course of action.

3. I’ll have to file bankruptcy. While in some cases, depending on the level of debt and distress, bankruptcy is the smartest alternative, it’s certainly not in EVERY short sale case. In fact, many homeowners, once they’ve consulted with a short sale specialist and a team of professionals (including CPA, tax attorneys, etc.) find that their situation is not nearly as dire as they thought. Once again, it’s best to connect with a seasoned, TRAINED professional so that you can truly get a big picture view of what can be done to get your family to a better financial place.

4. It’s going to cost too much to hire a REALTOR®. It doesn’t cost YOU anything to utilize the necessary services of listing your home with a REALTOR® and short sale specialist and you are not obligated to pay for repairs to the home. When the lender approves the sale, they are also approving the costs of the sale, including the agreed upon sales commission and the home is sold “as is.”

5. I can call just any agent. While that’s true – you can – what’s important to know is that just like in any profession, not all agents are created equal. The current economic climate has created such an abundance of short sales and foreclosures that in order to truly get the best possible advice, help and end result for you and your family – you really do need an agent who has had the specialized training, the systems in place and the experience to take you all the way through the process – from diagnosing your particular situation – to negotiating with the lender – to getting your home sold and your family on with your future. Look for agents with special designations such as CDPE or America’s Home Rescue. They’ve put in the time, energy, expense and experience to ensure that they have EVERYTHING a distressed homeowner needs to make the best possible decisions.

If you’re facing tough times and are not sure what your options are let us know.  We have powerful referral sources you can trust to give you the best possible advice and guidance for your situation.  We’re here to help.

Determining Fair Market Value

One of the first things a real estate agent does when helping a homeowner determine list price for their home or to determine if a house a buyer is interested in is priced at fair market value is to use comparables to see what other similar homes in the area have sold for.

It’s not always apples to apples — but experienced agents know that some common sense factors such being in the same neighborhood, school district, house size, property size, age of home, and similar features all play a part in separating the ’good comps’ from the bad.

Other factors play a key role as well. It’s not enough to have similar home — timing plays a big factor in the credibility of the comp. House A and House B may be nearly identical — but if house A sold two years ago or even two months ago in a volatile market — that price point is more than likely not still viable. So a wise agent uses all the tools at their disposal to come up with the closest possible comparison, and determine the fairest market value mapping out factors such as the ones above; plus date sold, number of bedrooms, number of bathrooms, amenities such as pools, fireplaces, etc. all play a role.

One thing agents do have to caution home sellers on when choosing price is the dollar value they put on the improvements they’ve made. Some are wonderful, upgraded kitchens and bigger bathrooms, etc. Some are more individual tastes. Ultimately the market price of a property is determined by the market. What a buyer will pay in that market at that time.

If you want to know what your home is worth – give us a call at 727-787-2299.  We can recommend a real estate professional that can help you right away!

Fair Market Value: In its most basic form – This is the highest price that a buyer, willing but not compelled to buy, would pay and the lowest a seller, willing but not compelled to sell, would accept.

Foreclosure: The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt.

Deed-in-lieu: Short for “deed in lieu of foreclosure,” this conveys title to the lender when the borrower is in default and wants to avoid foreclosure. The lender may or may not cease foreclosure activities if a borrower asks to provide a deed-in-lieu. Regardless of whether the lender accepts the deed-in-lieu, the avoidance and non-repayment of debt will most likely show on a credit history. What a deed-in-lieu may prevent is having the documents preparatory to a foreclosure being recorded and become a matter of public record.

Short Sale: A short sale occurs when a property is sold and the lender agrees to accept a discounted payoff, meaning the lender will release the lien that is secured to the property upon receipt of less money than is actually owed.

Got a real estate or mortgage word or question you’d like to know more about? Call  us today at 727.787.2299!  We’ve got the answers!

While it’s true that this market will make it difficult to get as much for your current home as you would like, the price of that larger home you’ve had your eye on also has gone down. If you consider the price decreases in percentages, NOW is the BEST time to BUY!

For example, if your current home is worth $200,000, and the home you want to buy has a value of $600,000, the difference in value is $400,000. Right?

Not necessarily! With home prices decreasing roughly 10% on average in today’s market, your current home would be worth $180,000, and the home you want to move up to would be worth $540,000. So while your home value has decreased only $20,000, the home you want is now $60,000 less!

Understanding exactly how the shifting economy affects your buying and selling power is not just my job, it’s my passion. While you might hear a lot of media hype expounding on bad-market syndrome or buyer’s market vs. seller’s market, know that in ANY market, I am here to bring you real information… in real time… with real answers on how you can achieve your real estate goals.

For the most accurate look at how you can best meet your real estate and financial goals in today’s market, please give us a call.  We can connect you with a trusted Realtor and together we can take a look at all of the possibilities and determine the best time and circumstances for you to make a move. I’m here to help!

Interested in buying? When the interest rates are low and prices have bottomed out, you’ll find the very peak time for the best buying deals. Financing is critical, so make sure that you have a handle on that credit score and a history of steady work. We’re happy to help you best understand exactly how much you qualify for and what you’ll need to buy now!

Interested in selling? When home prices are peaking and the market has stabilized, it’s a good time to sell your home. Even in a buyer’s market, it’s a great time for consumers interested in the “move-up” market, or buying the next size home. What you may lose on the sale of one house, you usually more than make up for in the purchase of a new home. Call us today to find out just how much you could sell your home for in today’s market.

Still waiting? Not sure if it’s a good time to move, if you have enough for a down payment, or just want to weigh all your options? No problem. We can help you anytime to better understand where you are in terms of market conditions, price analysis, and buying power.

We’re a resource you can trust!

· Make a list and check it twice. List every credit card you have, the balance owed and the interest rate you’re paying.  That will give you the best snapshot of where you are, and allow you to create a plan for where you want to be in the timeframe that makes the most sense for your family.

· Pick a card – but not just any card. Choose the card with the highest interest rate, and adjust your monthly payments so that you’re paying as much as possible on that card until it is paid off, then re-adjust your payments for the next highest interest rate, and so on.  Also consider moving balances on cards with high interest rates to cards with lower interest rates.

· Weekly vs. Monthly. If you carry a balance on your credit card, and you’re only able to afford paying the minimum monthly amount, pay weekly installments instead of one monthly payment. For example, if you owe $100 per month, pay $25 per week. Very often, credit card companies accrue interest daily on your balance, so paying only once a month can be detrimental. Switch to weekly and you could find yourself saving anywhere from $10-$100 per month.

· Use your savings to pay down debt. Consider that it just doesn’t make sense to earn 1-3% interest on your savings account while paying 12, 15, or 18% interest on credit cards.

· Cut it up. Choose the card with the most favorable rates and terms, and put it in a safe place (other than your wallet.)  Use this card for emergencies and cut the rest up.  It may seem extreme, but it is effective.  You can’t go deeper in debt if you’re not actively charging on your cards!

· Get creative. Consider ways you can reduce your monthly expenses by $10, $20, or even $50 or more a month and put that towards a specific debt. You can reduce your repayment schedule by months or even years.  Some ideas for saving include:  Cancelling magazine subscriptions – many could save you more than $10 per month.   Instead of going out as a family, consider game nights and family picnics as less expensive alternatives. This can save anywhere from $20-$60 per month or more depending on the size of your family.  Check the internet for restaurant and grocery coupons, especially the two-for-one varieties, which can save you another $10-$50 a month or more!

Make this year your year for building wealth and eliminating debt.  Little steps here and there may just help you and your family save in some very big ways!  If you need us – contact us today!  We’re here to help!

Like many people today, you may find “too much month left at the end of your money”—especially during the holidays. Implementing both short- and long-term strategies to strengthen your family’s economic foundation this year makes good cents (and dollars, too!)  Before the clock strikes midnight on New Year’s Eve, here are a few savings strategies your family may want to implement next year!

1. Don’t take your bills at face value. Too often, we assume our credit card bills are accurate and pay them without taking a good look at the detail. It’s a smart idea to spend some time each month ensuring the itemized charges on your bills are legitimate. Many consumers find that they have been double-billed, fraudulently charged or have questionable entries—especially following the holidays. A little investigation up front can save you a lot of money in the long run.

2. Check the fine print. Before moving your high-interest credit card balances to one of the “all new low-interest cards” featured to save you from holiday debt, be sure to check the fine print. Many of these “deals” come with hidden clauses that escalate your interest rates astronomically if you fall behind or are late making even one payment.

3. Know your options. Telephone and cable companies are forever adding to and changing their service options. Routinely contact your service providers to find out what options are available to you. Eliminating services or channels you don’t need could make the savings “connection” you are looking for.

4. Look into refinancing. With today’s low interest rates, mortgage refinancing is on the rise again. Contact me or your mortgage professional to find out how you can save on your monthly mortgage while still building for your financial future.

5. Update insurance policies. Call your auto and homeowner’s insurance agents to find out what policy changes you can make to lower your monthly debt. Raising your auto deductibles on collision to at least $500, especially on older vehicles, may help. For mortgages, make sure you are only insuring your home, not the land, and see if raising your deductibles will help your monthly costs, as well. It’s a good idea to have a credit card set aside to use only for deductible purposes on both your home and your auto.

6. Become a savvy grocery shopper. Even if you are not a “coupon clipper,” you can save on your weekly grocery bill by planning ahead and making a list. Take some time this month to learn about the grocery stores in your area, and tap into the ones that offer great “two-for-one” specials or bonuses such as “$10 off your next purchase of $75 or more.” Make your list, check it twice, and stock your freezer with “two-for-ones!”

7. Do a home energy check. Check your home for energy savers such as setting your thermostat at 78 degrees, setting your water heater to 120-140 degrees, setting your refrigerator at 38 degrees, and setting your freezer at 10 degrees. Also have your home checked for the proper insulation.  A small investment in the right insulation now will save you thousands in air conditioning and heating costs over the lifetime of your home.

Just a few great ideas to put a few more dollars in your family’s pockets and head into the new year with some powerful savings strategies!  Don’t forget to give us a shout should you want to take a good look at whether refinancing your home mortgage is the right step for you!

Take care and Happy Holidays!

Even in today’s volatile market, many homeowners choose to try to sell their homes themselves.   As a mortgage professional and former REALTOR, I can certainly understand that and have worked with many, many folks just like you who have felt that way.  Above anything else, I am a passionate advocate for the consumer, and helping you get best protect yourself in what can sometimes get to be difficult situations.

So when I speak to people selling their homes themselves I share with them that one of the first jobs that has to be done when selling a home is to “separate the lookers from the buyers.” That way, no one’s time is wasted, and more importantly, no one is locked into a legally binding contract that can’t be taken all the way through closing.

I invite you to take a few moments to learn some of the key questions I’ve asked in the past, and our valued real estate friends use today to help ensure that selling a home is a win/win for everyone involved. Remember, there’s a very real difference between selling and closing, so keep these important FOUR QUESTIONS handy every time you speak with a potential buyer. They will help you determine how motivated that “buyer” is as well as whether or not they have the financial ability to even purchase your home.

Buyer name: _______________________________

1. Do you have a property to sell first?
2. Are you pre-qualified?
3. Who pre-qualified you?
4. How much do you pre-qualify for?

Many homeowners just like you find themselves with
questions of their own:

What do the answers above mean to my bottom line?

How do I effectively negotiate when I get a low offer?

How can I protect my family legally when selling a home?

Is my price too high or too low?

The bottom line is this. You want to get the most from your home, the best for your family and protect your financial interests.  That’s just smart in today’s world.  If you find yourself with questions – please give me a call.  I can refer you to a smart, savvy, qualified real estate professional who can make sure you’ve got everything you need to get your home sold faster, for more money and WAY fewer headaches.  Call me today!

Savvy Consumer Tips for Choosing a Mortgage Company

By Marlene Crawford

1. Not all mortgage professionals are created equally. As with any industry, there are advocates for the consumer and there are those who are not as careful with their client’s best interests as they should be.  Before you choose a mortgage professional, check out their reputation, ask around, get a referral, check with the Better Business Bureau, and simply call and get a feel for who they are.

2. Service is key. Call to see what services, rates and differentiators each mortgage officer offers.  Are they flexible?  Will they work with you?  Are they friendly?  Do they have tools that can help you make the right decisions for your family?  Are they willing to sit one on one with you to determine what the best loan, rates and terms are for your situation?   A great mortgage company works with a variety of lenders and has the experience and knowledge base to work with you to customize a loan you and your family can be comfortable with.

3.  They don’t stop at the loan. Great mortgage professionals don’t stop with JUST offering you a great loan.  They work hard to get you the best rate and terms, but they go beyond that.  They stay in touch.  They provide valuable resources to help you monitor your investment.  They are there for you when you need a referral for a friend or even advice about who to turn to for other professional services such as attorneys, accountants and home service professionals.  They care about their relationship with you more than just closing the deal.

If you are in the market for a mortgage loan, shop around and don’t be afraid to pick up the phone and talk to the staff.  For most people the purchase and refinancing of their homes are some of the biggest investments they’ll ever make. You want to be sure you’re in great hands.

Call us anytime.  We’re here to help.

The advantages of using these trained advocates are many:

• Knowledge of the neighborhoods, schools and condition of the local real estate market. If they don’t have first-hand knowledge of an area then they probably know a fellow real estate professional who does
• The ability to negotiate on your behalf while protecting your best interests
• By working with one-on-one with you, these professionals will know how to best match the market inventory, interest rates and loans that will work best for your family
• Professionals can help you focus on your needs and bottom line buying ability and not let you get sidetracked by amenities that don’t add value to your purchase
• These professional have working relationships with appraisers, inspectors, lenders, title insurers, movers, attorneys, etc. These relationships make the entire buying
  process much smoother than it would if you had to find all these resources yourself
• Can deliver to you a CMA (Comparative Market Analysis) so you know what comparable homes in the area are selling for
• A great resource of information throughout the searching, offering, closing process and after you move into your new home
• Always up-to-date on the flurry of changes happening constantly in today’s shifting market

As professionals, we’re thoroughly versed in all phases of the home buying process, be sure to use that experience to your advantage.   We’re here to help.