Mortgage Modifications… Are they working?

So far, I have not seen any of the mortgage modification programs help home owners in need but I am hopeful that it will eventually work.  However, I’m sure there is a small percentage that actually work.  I’m not sure where the numbers of people being helped come from but they claim millions are being helped. 

In my opinion, the HOPE NOW Modification Program was a flop.  Instead of losing your home, you could modify your loan to the current price it was worth and the bank would take the loss. Basically, a short sale with the current homeowner as the buyer. Banks were given a choice to help out distressed homeowners and in most cases choose not to do so.  If given a choice why would the bank choose to lose money?  Crazy as it sounds, in many cases the bank would rather have the home go to foreclosure and instead lose even more money. 

Now, they are offering the Home Affordable Modification Program (HAMP). This is geared toward homeowners on unemployment who owe less than $729,750 or primary homeowners who owe more than 115% of their current value. To qualify, the home owner’s mortgage on their primary residence needs to exceed 31% of their income.  The incentive to the bank is $2000 from the government for the modification. 

It’s better than the first modification plan because at least there is some incentive but I’m not sure the banks will be any more willing to take the loss.  We bailed out the banks, giving them billions in government money when it might have been better to divide the money amongst homeowners who actually needed the help because the banks do not seem to reciprocate. 

Virginia Gregory, REALTOR®

Harmony Real Estate, Inc.

2 Winnhaven Drive

Hudson, NH 03051

(Office) 603-883-8840 X12

(Cell) 603-620-3428

(Blog)  http://www.virginiagregory.wordpress.com/

(Email)  Virginia@harmony-RE.com

(Website) www.Harmony-RE.com

(Facebook)  www.facebook.com/HarmonyRealEstate

Looking to Buy a Foreclosed Property?

Buying a foreclosed home takes some patience.  A foreclosure occurs when the home owner stops paying the mortgage and the bank takes possession of the home. Some foreclosures are in good shape while others need small to major renovations.  Normally the home will not have the heat or electric on when you view the home. Make sure to bring your flashlight so you can take a look at the whole house.

The home inspection is the most important factor in buying a foreclosed property.  The bank does not give you any property information because they have never occupied the home and most times there is no power or water connected at the house.  Some banks make the buyer pay to de-winterize.  De-winterizing involves calling the electric and water company to have the electric and water turned on at the house and a plumber to turn on the heat and check for leaks. De-winterizing may take days to weeks to get everything turned on and in working order.  In addition, a home inspector can’t check many of the main components of the home (heat, electric, appliances…) to see if they are in good working order unless the home is up and running.          

Dealing with the bank to buy a foreclosure can take some patience. The bank doesn’t always make sense in their thinking but it’s “their way or the highway”.  Along with all the extra forms and paperwork the home will most likely need work.  The home may be in a distressed state and need to be fixed but normally sells for a much lower asking price.  At lower, reduced prices you can get great deals on these homes and resell them for profit, rent them or even live in them.     

If you are looking to buy or sell a home in the Southern New Hampshire area give me a call or better yet stop by and we can discuss your options.                           

Virginia Gregory, REALTOR®

Harmony Real Estate, Inc.

2 Winnhaven Drive

Hudson, NH 03051

(Office) 603-883-8840 X12

(Cell) 603-620-3428

(Blog) www.virginiagregory.wordpress.com

(Email) Virginia@harmony-RE.com

(Website) www.Harmony-RE.com

(Facebook) www.facebook.com/HarmonyRealEstate

Making the Move

Easily moving from home to home takes some advance planning.  If you are going to hire a company to help you should really consider two months advance notice.  Planning ahead, especially in the summer, is essential.  Most people choose to move in the spring or summer in Southern New Hampshire, because it is warmer and there is more buying and selling during those months.  On average, it is easier to find a mover in the winter and in the middle of the month because there is less activity.  Take some time and call to get estimates from moving companies or storage pods to compare pricing before making your decision.  Once you are ready to move you will need to call all your utilities companies, bank accounts, etc… Send in a change of address to the post office and for your state registrations to get your address changed on all of your mail. 

You may want to have a garage sale to get rid of excess items, give items to charitable organizations, and post free or for sale items with online sites. Be prepared to start this at the first sign of moving as it will take time to get rid of the items.  Look through your items and see what you can fit into your new home and what you will actually need to bring with you.  Declutter, declutter, declutter!  From experience, if you have had something in the attic since the previous move, “Do you really need to carry it over to the next location?”  Call or stop by your local stores and get boxes for free.  Label all your boxes with items and room names to make it easier to unpack when you get to the new destination. If you have valuable items such as jewelry or electronics make sure you have insurance to cover them or consider moving or carrying these items yourself. Use up all the food items in your cabinets and refrigerator before buying any new items.  The more you buy now the more you will need to move.  Make sure to check all your items once they are delivered to make sure there has been no damage incurred and before signing off on the delivery.  It’s always best to supervise packing and unloading so that all your items are delivered safely if you can.              

If you are looking to buy or sell in the Southern New Hampshire area give me a call or better yet stop on by.    

Virginia Gregory, REALTOR®

Harmony Real Estate, Inc.

2 Winnhaven Drive

Hudson, NH 03051

(Office) 603-883-8840 X12

(Cell) 603-620-3428

(Blog) www.virginiagregory.wordpress.com

(Email) Virginia@harmony-RE.com

(Website) www.Harmony-RE.com

(Facebook) www.facebook.com/HarmonyRealEstate

Get a Short Sale Lawyer

If you’re facing foreclosure on your home a short sale may be a viable option.  A short sale is when the bank allows you to sell the house for less than the current mortgage.  You have similar liability with a short sale and foreclosure but will not have to wait as long to get back on your feet with a short sale.  Typically a short sale will reduce your credit score about one hundred points and it will take about eighteen months before you can get another loan.  In the case of foreclosure, your score will typically decline two hundred to three hundred points leaving you around a three year wait before anyone will give you a loan again.

For a minimal fee you can attain a lawyer and use their expertise to help reduce your liability.  The lawyer fee, commission and other closing fees can be added onto the HUD and paid by the bank at closing. You don’t even need to come up with a penny.  A Purchase & Sales Agreement has to be accepted by the bank and will take approximately four to six months to close but it’s worth the wait. If a short sale can save you the extra year and half in waiting to get another loan it’s worth the time and hassle involved.     

If you are looking to buy or sell a home in the Southern New Hampshire area give me a call or stop on by and we can discuss your options. 

Virginia Gregory, REALTOR®

Harmony Real Estate, Inc.

2 Winnhaven Drive

Hudson, NH 03051

(Office) 603-883-8840 X12

(Cell) 603-620-3428

(Blog) www.virginiagregory.wordpress.com

(Email) Virginia@harmony-RE.com

(Website) www.Harmony-RE.com

(Facebook) www.facebook.com/HarmonyRealEstate

Stage Your Home to Sell

If you’re looking to sell your home fast staging your home will bring you top dollar. Hiring a staging specialist will definitely boost the value of your home. If you don’t have the money upfront read up on DIY staging or see if you can pay the company at closing.  The presentation of your home to potential buyers will definitely boost your value. 

The first step is to make sure the outside of the house looks beautiful by addressing any problems, cleaning up the lanscaping and adding colors with potting plants. Make sure to update your listing by reflecting the changes online, as most buyers will browse the internet before even driving by.  If a buyers drives by your home they want to see something that doesn’t already scream “I NEED HELP”.   If there are any issues that need repair, inside or out, make sure to fix them before showing the house. Squeaky doors, broken windows, leaking faucets, chipped paint, etc… are turn offs. Nothing screams “DON’T BUY ME” more than a house in dire need of repair. 

De-clutter the house of any personal items that may distract buyers.  Any pictures, knickknacks, junk, etc… need to be packed away for your next home.  Scale your furniture and art to fit the room and use it to emphasize focal points such as fireplaces and cathedral ceilings. Make sure to remove any unecessary furniture. Furniture that is old or not scaled to fit the room can impact the buyers perspective.

Basic cleanup is a must to show off the house in its best light and to neutralize any gross odors that may deter potential buyers.  If the carpets are stained get a professional to steam clean or rent one at your nearest hardware store. Old carpets and scratched hardwood can even be made to look better with area rugs.

Update the look of your home with paint, new lighting fixtures and new furniture.  A gallon or two of paint can go a long way to make the house look better to potential buyers. Neutral colors or always best because buyers need to be able to visualize their belongings in your home before they fall in love with it. 

If you are looking to buy or sell a home in the Southern New Hampshire area give me a call or better yet stop by and we can discuss your options.

Virginia Gregory, REALTOR®

Harmony Real Estate, Inc.

2 Winnhaven Drive

Hudson, NH 03051

(Office) 603-883-8840 X12

(Cell) 603-620-3428

(Blog) www.virginiagregory.wordpress.com

(Email) Virginia@harmony-RE.com

(Website) www.Harmony-RE.com

(Facebook) www.facebook.com/HarmonyRealEstate

Disclose, Disclose, Disclose

At my office we always say “Disclose, disclose, disclose.” It’s better to mention a small or large problem at the onset rather than try to get the buyer on board with the problem after the fact. Owners need to inform potential buyers about the possibility of radon, lead, asbestos, methamphetamines, in addition to heating, plumbing, electrical, roof, and .  Ignorance is not bliss. Some home owners may even have a home inspection done prior to listing the home to address or correct issues that may be problematic whether they have lived in the property or not.  We need to inform our clients of their duty to disclose material defects about a property.  The disclosure process is used to inform buyers about the house and what problems there may or may not be.  This helps the property sell faster and reduces the risks of legal issues down the line. 

If you are looking to buy or sell in the Southern New Hampshire area give me a call or better yet stop by and we can discuss your options.

Virginia Gregory, REALTOR®

Harmony Real Estate, Inc.

2 Winnhaven Drive

Hudson, NH 03051

(Office) 603-883-8840 X12

(Cell) 603-620-3428

(Blog) www.virginiagregory.wordpress.com

(Email) Virginia@harmony-RE.com

(Website) www.Harmony-RE.com

(Facebook) www.facebook.com/HarmonyRealEstate

Tax Credit Extended for First-Time Homebuyers and Repeat Buyers

New Hampshire is great place to call home and with the tax credit incentives extended and enlarged by the government now is the time to take advatage.  The good news is that the $8000 Tax Credit has been extended for First-Time Homebuyers until April 30, 2010.   To clarify, a first time homebuyer is someone who has not owned in a home in the past 3 years.  Originally the deadline was November 30, 2009 and has been extended to buyers signing a Purchase & Sales Agreement by April 30, 2010 and closing by June 30, 2010 who are buying a primary residence.  Military working outside the US may have even longer to sign a Purchase & Sales.   In addition to $8000 credit for First-Time Homebuyers, they have also extended a similar invitation to repeat buyers.  As a repeat buyer, if you have lived in your current home for more than 5 out of the last 8 years, you will be eligible to receive a $6500 tax credit if you buy another home as a primary residence. However, there are restrictions based on age, income, price of the home, number of years you have owned or not, and the house being used as a primary residence.  You must be 18 years of age to qualify and the house must be under$800,000. There is an income limitation of $125,000 for a single person and $250,000 for a couple. Higher incomes may also qualify for a partial credit. 

With house prices down and a great tax credit as incentive why wait another day? If you are looking to buy or sell in the Southern NH area give me a call or stop by and we can discuss your otpions.   

Virginia Gregory, REALTOR®

Harmony Real Estate, Inc.

2 Winnhaven Drive

Hudson, NH 03051

(Office) 603-883-8840 X12

(Cell) 603-620-3428

(Blog) www.virginiagregory.wordpress.com

(Email) Virginia@harmony-RE.com

(Website) www.Harmony-RE.com

(Facebook) www.facebook.com/HarmonyRealEstate

Southern New Hampshire Short Sales

Short Sales in Southern New Hampshire are gaining popularity with many buyers.  They are not the most convenient sales but they sure do get the buyer a great deal in this market. The sales occur when the owner is short on the mortgage due to the bank. Sellers are finding that with a loss of jobs, divorce, deaths, and poor mortgage choices they can no longer afford their homes. They are forced to sell their homes for less than their current value or let the bank foreclose on them.

There are quicker methods to buying a home but short sales definitely bring a reduction in the sales price for the buyer. A short sale is a very, very long and tedious process which needs to be approved by the bank. It can take several months to close once there is an offer in place. There is a stock pile of paperwork that the owner will need to put together for the REALTOR® to send to the bank and a lot of follow up until it closes.

On average, the bank takes about 6 weeks to review each step in the process. It takes at least 6 weeks just to get to a negotiator. The negotiator reviews the initial offer and then it takes another 6 weeks for the bank to respond to the offer. If there are any complications along the way it can take the bank an additional 6 weeks to review them. Once there is response to the offer, it takes 6 weeks more to close on the offer.

I have recently completed a short sale and was glad to see it go through for my seller and for the buyer. There were several times when it seemed like the bank would back out of the deal but persistence paid off in the end. After 5 months of dealing with the bank the deal is finally closed!!!

If you are looking to buy or sell in the Southern New Hampshire area give me a call or better yet stop by and we can discuss your options.

Virginia Gregory, REALTOR®

Harmony Real Estate, Inc.

2 Winnhaven Drive

Hudson, NH 03051

(Office) 603-883-8840 X12

(Cell) 603-620-3428

(Blog) www.virginiagregory.wordpress.com

(Email) Virginia@harmony-RE.com

(Website) www.Harmony-RE.com

(Facebook) www.facebook.com/HarmonyRealEstate

Power Outage

Power outages in Southern NH are through the roof this year, in the hundreds of thousands. I have heard that some communities will not receive their power back for weeks to come, but I am still holding out hope that it will be sooner. This is one of the longest and largest outages I can remember. It definitely brings out bad in some people, as my neighbors generator was stolen during the night, while they were sleeping. It also brings out the best in people, as many open their homes to neighbors, family and friends without power.  I am very grateful for those who have been so generous and dismayed by those who are taking advantage of others at this time. The lack of power has not been fun, but I have found that it brings family and friends closer together and makes time to do things with them that you otherwise might not have had the time for.  I managed to get all my presents wrapped and spend some quality time with my daughter for the 1st full day with no electricity. We busy ourselves so much in our daily routine that we barely have time to just sit back with friends and family. Times like these make you appreciate the simple things in life, like a shower and a warm meal. I am hopeful for all in New England that the electricity is turned back on at your home in time for the Holidays. One way or the other, we all need to make sure to enjoy the Holiday with loved ones and find the time to relax and have fun! 

 

If you are looking to buy or sell in the Southern New Hampshire area give me a call or stop by and we can discuss your options. 

 

 

Virginia Gregory, REALTOR®

Harmony Real Estate, Inc.

2 Winnhaven Drive

Hudson, NH 03051

(Office) 603-883-8840 X12

(Cell) 603-620-3428

(Blog) www.virginiagregory.wordpress.com

(Email) Virginia@harmony-RE.com

(Website) www.Harmony-RE.com

(Facebook) www.facebook.com/HarmonyRealEstate

Southern NH Christmas

Christmas is always the best time of year in New Hampshire!!! Normally, by Christmas, there is a dusting or two of snow in NH, decorations and lights on many houses. Along with Christmas comes the need to buy many gifts and the stress that goes along with it. Finding the money, the time and the energy for everything that needs to get done can be very overwhelming.  Times have changed so much in the past 25 years. Growing up in a large family, a couple hundred dollars went a long way. I always looked forward to spending time with my family, attending Church and eating a wonderful meal on Christmas, along with giving and receiving a few gifts. Now we spend the same amount on one child and it feels as though it’s not enough. Where did the sentiment of Christmas go? We need to analyze Christmas and make sure we’re emphasizing the right things. Kids need to know that this holiday is about something much bigger than presents. Let’s get back to the basics and give our children a year to remember without having to spend our life savings. Schedule time to make cookies, build a snowman, make crafts for Christmas gifts or just for fun, decorate or just spend time with your kids and make memories that will last forever.

If you are looking to buy or sell in the Southern New Hampshire area give me a call or stop by and we can discuss your options.

 

Virginia Gregory, REALTOR®

Harmony Real Estate, Inc.

2 Winnhaven Drive

Hudson, NH 03051

(Office) 603-883-8840 X12

(Cell) 603-620-3428

(Blog) www.virginiagregory.wordpress.com

(Email) Virginia@harmony-RE.com

(Website) www.Harmony-RE.com

(Facebook) www.facebook.com/HarmonyRealEstate