Tuesday, January 15, 2008
Build a killer credit score in 2008
Here is a very interesting new article about some of the new changes as to the way they are going to start calculating your credit score. A solid credit score is a very important piece of purchasing a new home, especially since they have really tightened up their lending options and requirements. It is worth it to read this article to help you better understand how things you do will affect your credit score starting in 2008.
Tuesday, December 18, 2007
Short Sales vs. Foreclosure
The word foreclosure alone just scares people. You see and hear it everyday in the newspaper or on television. It has put a scare on the entire market. One of things that you do not hear much about though is short sales.
A short sale is when you are able to sell your home with bank approval for less than you owe. Most of the time we are able to do these for homeowners that have had a change in their income, unexpected bills, and unforeseen hospital costs, divorce, and often even before they start to default on their payments. Sometimes it is after or even to the point of a foreclosure notice being sent. Many times we are able to postpone the foreclosure process with the bank to get your home sold, and avoid foreclosure all together. Don't let it go to auction if you can avoid it.
Some of the benefits are that when approved by the bank your home can sell for a price lower than anything else comparable on the market making your home standout and get sold while others just hang out on the market.
Another benefit is although a short sale will show up on your credit report as a relief of debt; it will not affect your credit score as bad as a foreclosure. Many times we are also able to relieve the tax burdens associated with a relief of debt also shown as income. If you plan to ever own another home a foreclosure is not something you want on your report. Some people after they short sale their home are able to relieve enough financial strain to avoid bankruptcy if they were also going down that path.
The numbers for homes going into foreclosure are staggering, and we at Bagent's Agents are trying to offer a solution that will help homeowners avoid foreclosure.
If you know of anyone that may be going through this and could use some help, or you would just like more information in general, please contact us immediately.
A short sale is when you are able to sell your home with bank approval for less than you owe. Most of the time we are able to do these for homeowners that have had a change in their income, unexpected bills, and unforeseen hospital costs, divorce, and often even before they start to default on their payments. Sometimes it is after or even to the point of a foreclosure notice being sent. Many times we are able to postpone the foreclosure process with the bank to get your home sold, and avoid foreclosure all together. Don't let it go to auction if you can avoid it.
Some of the benefits are that when approved by the bank your home can sell for a price lower than anything else comparable on the market making your home standout and get sold while others just hang out on the market.
Another benefit is although a short sale will show up on your credit report as a relief of debt; it will not affect your credit score as bad as a foreclosure. Many times we are also able to relieve the tax burdens associated with a relief of debt also shown as income. If you plan to ever own another home a foreclosure is not something you want on your report. Some people after they short sale their home are able to relieve enough financial strain to avoid bankruptcy if they were also going down that path.
The numbers for homes going into foreclosure are staggering, and we at Bagent's Agents are trying to offer a solution that will help homeowners avoid foreclosure.
If you know of anyone that may be going through this and could use some help, or you would just like more information in general, please contact us immediately.
Friday, December 14, 2007
Fed to hold Tues meeting on mortgage rule change
WASHINGTON (Reuters) - The Federal Reserve Board said on Friday it has scheduled an open board meeting on December 18 to discuss proposed rule changes on mortgage lending to address unfair and deceptive lending practices.
The 10 a.m. EST meeting will consider proposed amendments to Regulation Z, which implements the Truth in Lending Act and the Home Ownership and Equity Protection Act.
The Fed has been criticized for failing to use its authority under HOEPA to help home loan borrowers with poor credit histories. It is expected to propose limiting prepayment penalties for those subprime mortgages during the low "teaser" rate periods before rates reset to higher levels, according to sources familiar with the proposals.
(Reporting by David Lawder; Editing by James Dalgleish)
Copyright 2007 Reuters
The 10 a.m. EST meeting will consider proposed amendments to Regulation Z, which implements the Truth in Lending Act and the Home Ownership and Equity Protection Act.
The Fed has been criticized for failing to use its authority under HOEPA to help home loan borrowers with poor credit histories. It is expected to propose limiting prepayment penalties for those subprime mortgages during the low "teaser" rate periods before rates reset to higher levels, according to sources familiar with the proposals.
(Reporting by David Lawder; Editing by James Dalgleish)
Copyright 2007 Reuters
Tuesday, October 23, 2007
Talking house
We at Bagent's Agent's are trying to provide our home sellers with unique marketing advantages to sell their home in this slower market. We have started to provide Talking House to our listings.
Talking House is a pre-recorded message about your home that is played on a transponder from the home over the am radio air waves. A sign is put in the front yard of your home, and anyone that passes by may at anytime tune into the am station and listen to the best features your home has to offer.
This is just another way that we are trying to provide the best service to our clients. If you would like to enlist the help of Bagent's Agents to sell your home please contact us so we may meet with you and let you know what we can do to get your home sold fast and for top dollar.
Talking House is a pre-recorded message about your home that is played on a transponder from the home over the am radio air waves. A sign is put in the front yard of your home, and anyone that passes by may at anytime tune into the am station and listen to the best features your home has to offer.
This is just another way that we are trying to provide the best service to our clients. If you would like to enlist the help of Bagent's Agents to sell your home please contact us so we may meet with you and let you know what we can do to get your home sold fast and for top dollar.
How to make your home stand out
You can help your house sell quickly and at a good price -- even in a slow market -- by following these suggestions from readers.
It takes a lot more than sparkling windows, scented candles and chocolate-chip cookies to sell a home in today's market.
But those are among the take-home tips for home sellers from the folks who replied to an MSN Real Estate message board request for advice on making a house stand out.
But those are among the take-home tips for home sellers from the folks who replied to an MSN Real Estate message board request for advice on making a house stand out.
Above is an the beggining of an article that is written with quotes from home sellers. It covers a lot and there are some good ideas. Just click on the above title for the complete story.
Friday, October 19, 2007
New Commercials
One of our new added features includes us making web commercials for all of our listings. With this power we not only have them available to view on our blog and website but we also send them out in our email signature for every email we send out. You may view some samples here by just clicking on their picture.
This increases the exposure of our listings tremendously, and is very helpful in today's market. In the market today with so many houses, the buyers have options and a lot of houses to choose from. We try and get our homes in front of as many people as possible and this just adds another value that we can bring.
We are offering these commercials to any of our listings along with virtual tours on all listings, professionally created color flyers, and loads of other things to help our listings stand out so our home sellers realize their dreams of selling their home quickly, for top dollar, and being able to make their transition to their next home.
If you would like to discuss what we could do for you, please feel free to contact any of us at the numbers provided.
Thursday, October 18, 2007
Inventory of county homes for sale grows
If you think you're seeing more "For Sale" signs around Clark County, you're right.
The inventory of homes for sale here is the highest in at least five years, according to new figures. A year of sluggish sales contributed to a 12-month inventory of new and pre-owned homes on the market in September, the biggest backlog since records started being kept in 2002, according to RMLS, the regional listing service.
It would take 12 months to sell an estimated 4,595 homes for sale countywide in September if no new listings were added. In August, the supply was 7.7 months; it was 6.4 months in September 2006.
The figures reflect a standoff between sellers and buyers, according to local real estate agents.
"Buyers are in no hurry," said Mike Lamb, an associate broker with Windermere Real Estate/Stellar Group in Vancouver. "Their expectation is that prices will go down."
So far it hasn't happened. The median sale price in September increased to $267,500, compared with $266,000 during the same month last year.
Sellers are waiting it out as well, and some are "holding onto a false sense of appreciation that may not be justified in this market," said Kathy Rylander, also a Windermere associate broker.
New homes account for much of the excess inventory, a situation that has caused a dramatic slowdown in new home building. Locally, the county has issued 1,024 permits for construction of single-family homes through September, a 20.3 percent decline from last year.
"Builders are having a rational reaction to the marketplace," Lamb said. "As things slow down, they're building fewer homes. We're going to have to work the inventory down."
Home construction represents a $350 million piece of the local economy and supports several thousand jobs in construction and related services.
The situation locally mirrors nationwide trends. In September, housing starts fell to the lowest level since 1993, dropping by 7.3 percent to 1.2 million units, according to the U.S. Commerce Department.
New home sales are projected to fall to 805,000 nationally this year, down 23 percent from 1.05 million last year, the National Association of Realtors said last week.
Lamb predicted the Clark County market would stabilize, driven by the area's high rate of employment. Countywide unemployment rates have hovered between 4 percent and 6 percent for the year, near the target of 5 percent considered full employment by economists.
"People have jobs," Lamb said. "There aren't reasons for a really big real estate bust here."
In the meantime, local builders are focusing more than ever before on sales and marketing, said Matt Lewis, acquisition and planning manager for Vancouver-based Pacific Lifestyle Homes.
The sector barely kept up with demand two years ago.
"Now, we're fighting for every sale out there," Lewis said. "It means you need to be at the top of your game. That's what we're trying to do with attractive, well-priced homes in good areas."
The inventory of homes for sale here is the highest in at least five years, according to new figures. A year of sluggish sales contributed to a 12-month inventory of new and pre-owned homes on the market in September, the biggest backlog since records started being kept in 2002, according to RMLS, the regional listing service.
It would take 12 months to sell an estimated 4,595 homes for sale countywide in September if no new listings were added. In August, the supply was 7.7 months; it was 6.4 months in September 2006.
The figures reflect a standoff between sellers and buyers, according to local real estate agents.
"Buyers are in no hurry," said Mike Lamb, an associate broker with Windermere Real Estate/Stellar Group in Vancouver. "Their expectation is that prices will go down."
So far it hasn't happened. The median sale price in September increased to $267,500, compared with $266,000 during the same month last year.
Sellers are waiting it out as well, and some are "holding onto a false sense of appreciation that may not be justified in this market," said Kathy Rylander, also a Windermere associate broker.
New homes account for much of the excess inventory, a situation that has caused a dramatic slowdown in new home building. Locally, the county has issued 1,024 permits for construction of single-family homes through September, a 20.3 percent decline from last year.
"Builders are having a rational reaction to the marketplace," Lamb said. "As things slow down, they're building fewer homes. We're going to have to work the inventory down."
Home construction represents a $350 million piece of the local economy and supports several thousand jobs in construction and related services.
The situation locally mirrors nationwide trends. In September, housing starts fell to the lowest level since 1993, dropping by 7.3 percent to 1.2 million units, according to the U.S. Commerce Department.
New home sales are projected to fall to 805,000 nationally this year, down 23 percent from 1.05 million last year, the National Association of Realtors said last week.
Lamb predicted the Clark County market would stabilize, driven by the area's high rate of employment. Countywide unemployment rates have hovered between 4 percent and 6 percent for the year, near the target of 5 percent considered full employment by economists.
"People have jobs," Lamb said. "There aren't reasons for a really big real estate bust here."
In the meantime, local builders are focusing more than ever before on sales and marketing, said Matt Lewis, acquisition and planning manager for Vancouver-based Pacific Lifestyle Homes.
The sector barely kept up with demand two years ago.
"Now, we're fighting for every sale out there," Lewis said. "It means you need to be at the top of your game. That's what we're trying to do with attractive, well-priced homes in good areas."
Subscribe to:
Posts (Atom)
