Real Estate Information Archive

One thing that most homeowners can agree on is that they dread the house cleaning chores. With our busy lifestyles, it can be difficult to find the time to clean the home. Not to mention there are always other things to be done that are much more fun. Hiring a house cleaning service may be the way to give you more free time while giving you the comfort of knowing your home is clean.

What Services Are Offered?

Services can vary from company to company but below are the standard services that most offer:

• Vacuuming
• Dust removal
• Wash floors and baseboards
• Clean window blinds, door knobs and light switches
• Clean entryway windows and doors.
• Make beds, change linens
• Clean and disinfect bathroom
• Clean kitchen
• Empty/Load dishwasher
• Empty trash containers 

The cost for such services vary from each company and are usually priced by the square footage of your home. In addition to the standard services offered above, some companies will also offer speciality services such as carpet cleaning, window washing and garage cleaning.

As with any service where people come into your home, be sure to do your research and always check to make sure they are insured and bonded and obtain references. Try asking for recommendations from friends and/or neighbors who use house cleaning services. Most house cleaning services offer free consultations to help you find the right services that fit what you need.

Homeowners who have found themselves in default now might find some relief. The Obama administration has been trying to keep defaulting owners in their homes and now has a program to help.  In a recent article in the New York Times, a new government program will help to end the foreclosure crisis. This program will allow owners to sell their home for less than they owe.

It is a well known fact that many homeowners are in trouble. In fact more than five million households are behind on their mortgages and risk foreclosure. The government's $75 billion mortgage modification plan has helped only a small slice of them.

Under this new federal program, a lender will use real estate agents to determine the value of a home and thus the minimum to accept. This figure will not be shared with the owner, but if an offer comes in that is equal to or higher than this amount, the lender must take it.

This program will begin to take effect on April 5, and could encourage hundreds of thousands of homeowners in trouble who have not found help thru the loan modification program or thru other programs. In addition, this program will also be a benefit for communities, as it will mean fewer empty foreclosed houses waiting to be sold by banks. 

There has been much recent coverage on solar paneled homes and their benefits. The idea of homes using solar technology has been around since the 1950s, but, it has been increasing in popularity in the last 10 years. Homeowners who install these panels receive numerous benefits such as: lower electric bills, tax credits, less energy used, as well as potentially higher home values. The downside is that these homes typically require installation and maintenance costs, some which can be quite expensive.

As mentioned above, one of the significant benefits to a solar powered home is a lower energy bill. It is however, important to understand that the amount of savings can vary and is dependent on the amount of solar energy that can be produced given the available conditions, and the way in which utilities charge for electricity

A benefit of a solar system that is not always known is that homeowners can sell solar-generated electricity to utility companies. This is when homeowners who have solar paneled homes allow some of the power they produce to be put into the grid to offset the power consumed at other times.

In addition to all of the benefits, having a solar paneled home has the potential to raise the value of the home. Not only for the financial benefit but many homebuyers are interested in "green" houses that are powered by renewable resources.

If you are considering installing a solar powered system in your home,it is important to remember that it is a long-term investment that can be costly. There are however, government incentives that can help to offset the installation costs.

If your kitchen counters need some updating but replacing them is not in your budget you may want to consider countertop resurfacing. This is a much more economical and easier option for homeowners who are wanting a change or are trying to sell their home.

This is a much simpler process than completely replacing the counter tops because you will avoid the mess and time involved with removing and replacing them, not to mention you can save up to 70% off the cost of replacing your kitchen countertops. A refinished countertop is durable and can extend the useful life of your counters for 10-15 years or more with basic care and maintenance. 

The changing of the counter top surface can help to give your kitchen a fresh new, updated appearance that can help your home to sell. Homeowners have many options for materials, from simple laminates to granite and even 'faux' stone.

Kitchen countertops are an important part of a kitchen not only because of their functionality but it also sets the style. Kitchens are an important when selling your home as buyers look for updated and functional kitchens that are move in ready.  

A home warranty might be something to consider if you have just purchased a new home or are going to be buying a new home in the near future. A home warranty guarantees the property against failure of mechanical systems, such as plumbing, electrical, heating and installed appliances. Many first time home buyers go with a home warranty to help protect them against the cost of unexpected covered repairs or replacement on their major systems and appliances.

The cost for  a home warranty can vary but they are typically inexpensive, usually ranging from $250 to $600 annually, depending on coverage. There are many different plans with different requirements, most tend to operate the same way. If an appliance or item covered breaks or stops working, the home owner calls the home warranty company. The home warranty company calls a provider with which it has an arrangement and they contact the homeowner to come out to fix the problem.  Typically if the problem can be fixed per the contract coverage than the warranty company pays the contractor directly.

Each company is different in what items they cover but below are some typical systems and appliacnces that are covered and what are not typically considered to be included.

 Typically Covered

• Air conditioner system/ Furnace / heating
• Dishwashers
• Doorbells
• Water heater
• Garbage disposals
• Inside plumbing stoppages
• Ceiling fans
• Electrical systems
• Range and oven

Typically not covered

• Outdoor items such as sprinklers, or pool filters/spa systems
• Not all plans pay for refrigerators, washers & dryers or garage door openers
• Spa or pools, unless specific coverage requested

It is important to know that pre-existing conditions are not covered. The home warranty company expects to start with a clean sheet and they require home owners to fix any pre-existing issues before the new policy becomes effective. It is a good idea to get the home inspection done before you sign the contract, so that you have a proof if necessary.

When looking for a new home, the neighborhood that the home is in can be just as important as the actual property. Because each town has several hundred if not thousands of neighborhoods, it can be a very time consuming process to research which area offers what will meet your needs. NeighborhoodScout®is a web based neighborhood search engine that can assist you in your search. It is a useful tool for homebuyers that uses neighborhood statistics to build neighborhood profiles to help them to instantly find the best neighborhoods that fit their criteria in any part of the United States.

NeighborhoodScout uses the largest database of neighborhood statistics and characteristics so that the user can choose exactly what they want in a neighborhood by selecting lifestyle searches and key words. Homebuyers can search for neighborhood profiles that are linked to the local information such as school information and crime statistics for each neighborhood.

NeighborhoodScout uses nearly 200 characteristics to build a neighborhood profile for each and every neighborhood (census tract) in America. These include: school quality, housing costs, crime rates, income levels, the age, size and style of homes, the density of buildings, rental areas versus owner occupied, the proportion of families with children, ethnic and racial makeup, and many other demographics.

NeighborhoodScout reduces the amount of time spent searching  by pinpointing the locations that best meet your specific criteria. This unique search engine also assists by eliminating misguided location searches and reducing financial risks and uncertainties associated with buying real estate.

When you purchase a new home one of the documents you will sign when you go to closing is called a Deed of Trust. Many homeowners typically are unaware of exactly what it is. Below is more information on this important document.

What is a Deed of Trust?

A Deed Of Trust is the security for your loan. It is the document that is recorded in the public records.  A deed of trust contains three parties:

•The Trustor, which is the borrower

•The Trustee, which is an entity that holds "bare or legal" title

•The Beneficiary, which is the lender

The deed of trust identifies the following:

•Original loan amount

•Legal description of the property being used as security for the mortgage

•The parties

•Inception and maturity date of the loan

•Provisions of the mortgage and requirements

•Late fees

•Legal procedures

•Acceleration and alienation clauses

•Riders, if any, regarding such clauses as prepayment penalties or terms of an adjustable rate mortgage

Before you sign a Deed of Trust be sure to read all the fine print and pre-printed portions. It is a good idea to request a blank copy of the deed of trust beforehand to review. When you do go to closing be sure to make sure everything is correct before signing. Things such as the principal balance of the loan, the interest rate, and any pre-payment penalties should be reviewed for accuracy.

In today's current sagging economy, many homeowners are struggling to make the monthly mortgage payment and stay on top of their expenses. Foreclosures are in almost every neighborhood and plunging property values have made it harder to determine the amount of equity homeowners have.

However, the good news is that banks are more willing than ever to help homeowners avoid foreclosure. One of the ways you can do this is to renegotiate your mortgage. By doing this you may be able to get a lower finance rate as well as change your rate from a high fixed-rate mortgages or adjustable-rate.

In order to qualify, typically You’ll need at least 10 percent equity in your home. You can easily check the value of your home on sites such as Zillow.com and I can provide you with a free and quick estimate of your home’s worth. Today's lenders typically will require that you have a credit score of at least 720 to qualify for good rates.

Lenders are aware of the many fiscal difficulties borrowers have in making their mortgage payments when hardships arise. However, they typically won't volunteer or advertise their help. So if you are struggling to make your payments on time, it is vital that you take the initiative and contact your lender and give them a heads up on your current financial hardship before you miss payments.  Keep in mind that lenders have more incentive than ever to work with you. Plunging property values mean they’re recovering less now on foreclosures. Plus, many that received cash infusions from the U.S. Treasury are under pressure to show that they’re responding to the housing crisis.

If you are ready to think about listing your home for sale, there are different options that are available for listing agreements. Below are some options for you to consider when selling your home. Consult with your real estate professional with any questions you may have and what agreement is best for your situation.

Open Listing
An open listing is almost like a "for sale by owner" listing. It is a non-exclusive agreement, which allows the owner to execute open listings with more than one real estate broker and pay only the broker who brings an able buyer whose offer the owner accepts. However, no commission is owed if the seller finds a buyer on his own, without any agent's help. The open listing creates competition between the seller and agent(s) to find an willing buyer.

Exclusive Agency Listing
An exclusive agency listing contracts one agent to sell the home. If that agent, or any other licensed cooperating agent finds an acceptable buyer, the seller must pay a sales commission. The owner still reserves the right to sell the property by themselves and thus avoid paying a commission. The broker is free to cooperate with another brokerage, meaning the second brokerage could bring an able buyer whose offer the owner accepts. Typically, the broker is paid a listing commission that is shared with the selling broker, so the owner pays both fees.

Exclusive Right-to-Sell Listing
An exclusive right-to-sell listing is the most common, typically most real estate listings are this type. The listing agent has complete control of the transaction and so even if the seller, the listing agent or a cooperating selling agent finds an acceptable buyer, the listing agent will still earn the sales commission. However, when the listing expires the seller does have the option of finding another agent if they are not satisfied with their performance,

Multiple Listing
An important marketing tool for listing agents is the multiple listing service (MLS). This allows all the listing information as well as photos of the property to be shared on the computer others who are working with potential buyers. In addition, these listings are also available online to potential home buyers who are doing their own research. A MLS number is assigned to each listing, it is a unique number given to homes listed in the Multiple Listing Service (MLS) used by Real Estate professionals.

It is important to understand that a real estate listing contract is a legally binding agreement that sets out the rights and duties of the seller and the agent. It is important to consider your options when making your decision. Keep in mind that all listing contracts have expiration dates and you can change your listing choice when the contract expires.

The Federal Housing Administration (FHA) have announced a set of future changes to the FHA home loan program. These changes are aimed to strengthen the FHA’s capital reserves, while enabling the agency to continue to fulfill its mission to provide access to homeownership for underserved communities. The agency hopes that these changes will help the FHA in a better position to manage its risk while continuing to support the nation’s housing market recovery.

Rising defaults on FHA loans have led to the FHA’s cash reserves falling below federally mandated levels.  FHA officials hope that policy changes will ensure borrowers have a stronger equity position and are less likely to default.

Policy changes include:

Raising the up-front mortgage insurance premium: The premium will rise to 2.25 percent from its current 1.75 percent.  HUD is expected to release a Mortgagee Letter on Jan. 21 making the premium increase effective in the spring.

Raising the minimum credit score requirements: New borrowers will be required to have a minimum FICO score of 580 to qualify for the FHA’s 3.5 percent down payment program.  New borrowers with less than a 580 FICO score will be required to put down at least 10 percent.  FHA expects this to take effect in early summer after it goes through the normal regulatory process.

Reduce allowable seller concessions:  The agency is lowering the maximum permissible level to 3 percent from its current 6 percent limit.  FHA expects this to take effect in early summer after it goes through the normal regulatory process.

In addition to the proposed changes,the FHA is continuing to review its overall response to housing market conditions, and continuing to evaluate its mortgage insurance underwriting standards and its measures to help distressed and underwater borrowers through FHA/HAMP and other FHA initiatives going forward.