Journal entry

Selling a home in today's market

Beverly Fast Sinclair — Tue, 24 Aug 2010 16:23:46 +0000

Seller's in today's market have challenges. The biggest one in central Indiana is competing with bank owned homes or short sales. If you are a seller, I know what you're thinking: the foreclosures are torn up and not like my house at all! While it is true that many bank owned homes are in terrible shape, not all of them are. I've seen some that were in very good condition. However, condition alone doesn't determine value. Appraisers do, and they will put a value on a house, based on comparable sales. Appraisers have certain guidelines they must abide by. One is the timeliness of the comparable sale. If a sale is over 12 months old (some banks want 6 months or less), it is not considered an accurate reflection of value in today's market. So, your neighbor's house that is like yours that sold for a good price in the spring of 2009 won't be acceptable as a comparable sale. Sometimes, the bank owned homes are the most recent, and/or the only comparable's the appraiser can find, especially when dealing with unique properties.

2010 foreclosures top the 1 million mark!

Beverly Fast Sinclair — Tue, 24 Aug 2010 16:08:38 +0000

Our nation is on track to have over 1,000,000 homes foreclosed on this year. According to RealtyTrac, there were over 92,000 homes foreclosed on in July alone. That's up nine percent from June. What does that mean for buyers and sellers? If you are thinking of selling, price your home for sale, not competition. Houses that sell the quickest (and for ultimately more money) are priced just under what their competition is. If you are thinking of purchasing a home, there isn't a better time to buy than now. There is a three factor "perfect storm" that makes this so: 1) there is an over-supply of homes; 2) money is cheap to borrow and 3) housing prices have declined, influenced heavily by REO's and short sales. If you are thinking of investing, do it now! Just get pre-qualified for a loan first. Need to find more info about foreclosing? Go to www.AvoidIndyForeclosure.com or www.IndyHouseFinder.com. You could also call me, toll free, at 888/456-FAST (3278)

The federal government looking to change benefits of homeownership?

Beverly Fast Sinclair — Fri, 13 Aug 2010 12:31:47 +0000

USA Today reports potential changes the federal government is reviewing to getting a loan, as well as re-vamping benefits current mortgage holders have.

"Housing prices started crumbling in 2007, panicking financial markets, forcing the government to seize mortgage giants Fannie Mae and Freddie Mac, and pushing the economy into the worst recession since the 1930s. Homeownership has fallen below 67%.

Now, Washington is preparing to rebuild the national mortgage market atop the ruins of Fannie and Freddie. The proposal, due early next year from the Obama administration, could make it harder to buy a home by reducing available credit or requiring bigger down pay-ments. Low-income renters might get more government help."

In looking at revamping Freddie and Fannie, the fed's are also looking at the mortgage interest deduction and the tax exemption of most capital gains from home sales. Deleting these benefits would be a disaster to middle America. The mortgage interest deduction is one of the last remaining boosts to property owners. I urge every reader to contact their congressman and ask them to protect the interest deduction and tax exemption.

Easy closing- part X

Beverly Fast Sinclair — Thu, 12 Aug 2010 16:34:06 +0000

Be comfortable and familiar with your lender. When making the time of closing, double check the buisness hours of the lender and that a time zone change is not going to be a problem.

Presented by: F irst American Title Insurance Company

Easy closing- part IX

Beverly Fast Sinclair — Thu, 12 Aug 2010 15:41:53 +0000

All expenses to be paid during closing must be in the form of guaranteed funds. Cash, credit cards, and personal checks are not accepted. Usually, methods of payment that required a signature are not accepted forms.

Cashier's Checks and wired money to the closing agent are accepted. Cashier's checks must be made payable to you or the closing company. If the closing does not take place on that day, the cashier's check will need to be canceled and your bank will require more paperwork to be completed based on the failed transaction.

Presented by: First American Title Insurance Company

Easy closing- part VIII

Beverly Fast Sinclair — Thu, 12 Aug 2010 15:39:52 +0000

Before closing, tell the closing agent when the last mortgage payment was paid and for how much. Also include any information about taxes, prepaid or postpaid, and proof of any paid leans on the house.

Presented by: First American Title Insurance Company

Easy closing- part VII

Beverly Fast Sinclair — Thu, 12 Aug 2010 15:38:13 +0000

One of the first things a closing agent will ask from you is a VALID GOVERNMENT ISSUED ID. If one person in the party does not have a government issued valid for of identification, the closing cannot take place.

Presented by: First American Title Insurance Company

Easy closing- part VI

Beverly Fast Sinclair — Thu, 12 Aug 2010 15:35:28 +0000

Reread all documents for mistakes, errors, and typos that may still be in print. Notify the closing agent of any and all errors. Please read every document and make sure you understand it before you sign anything. Most realtors will meet with clients before a closing to cover all documents they will be signing. Do not expect there to be time during closing to read and comprehend.

Presented by: First American Title Insurance Company

Easy closing- part V

Beverly Fast Sinclair — Thu, 12 Aug 2010 15:29:32 +0000

If possible, help avoid easy mistakes by scheduling closing on a day the closing agent isn't booked. Ask the company what day would work best for them if closing isn't an emergency.

First American Title says that the best days are between the 4th and 24th of each month, and especially at the end of December.

Presented by: First American Title Insurance Company

Easy closing- part IV

Beverly Fast Sinclair — Thu, 12 Aug 2010 15:24:50 +0000

You have the right to a private closing. If you want to keep your loan, record, and other personal information private, the realtors and other party do not have to be in the same room as you when you read and sign the documents.

Contact your closing agent 5 buisness days before the date of closing and they will help accommodate you.

Presented by: First American Title Insurance Company