Staging Your Home-Nail Pops

Nail pops are a annoying and seen in many homes especially in dryer climates.  The term comes from the nails that hold the drywall to the studs actually popping out through the face of the drywall.  This is from either a house settling, poor workmanship (? my opinion) or a home settling thus squeezing the nail out of the wood and pushing it through the drywall.  The fix for this isn't terribly hard but it's tedious because there are up to 32 nails in a 4 foot by 8 foot sheet of drywall.  My suggestion is to pound the nail through the drywall to the stud.  Then just above it place a drywall screw to hold the drywall to the sud and finish it off with a few coats of joint compound.  Finally, seal and paint it.  Many home improvement stores also sell nail pop kits that can make this job easier.


Linda Shank Broker Owner Linda Shank and Company is a 32 year real estate veteran in Phoenix's Southeast Valley.  Contact her at www.ISellAZSunshine.com

Home Closing Process - What Questions to Ask Your Agent Part II

If you are a buyer, these are questions you should be asking your agent:

*What if the seller decides not to sell and a purchase contract is already in force?

*What if the termite, home, roof or other inspections turn up more work than the seller anticipated and the expense for these repairs is much great than expected?

*What if the home suffers major damage in an earthquake, flood, fire or other act of Nature?

*What if liens or encumbrances are discovered which have been placed against the property?  For example, if the seller was handed a large tax lien against the property that had to be paid at or before the closing and the Seller would not have enough money to purchase their new home.  What could happen?

*What if the buyer changes his or her mind at the last minute and decides not to close the transaction for no apparent reason?

 Linda Shank Broker Owner Linda Shank and Company is a 32 year real estate veteran in Phoenix's Southeast Valley.  Contact her at www.ISellAZSunshine.com

Home Closing Process - What Questions to Ask Your Agent Part I

If you are a seller, these are questions you should be asking your agent during the sale process:
*What if the appraisal for the lender who is making the loan for the buyer comes in lower than the sales price and the loan amount is reduced?


*What if, even after an appeal, the lender refuses to raise the loan amount to the amount that the buyer needs to close the transaction?

*What if the sales price is altered due to a low appraisal?  Can the seller negotiate fees that they have agreed to pay such as repairs, inspections, loan fees or commissions?


*What if a buyer though they were pre-qualified does not ultimately qualify for the loan?


*What if the buyer tries to continue to negotiate throughout the closing process?


*What if the buyer, the buyer's agent, the lender, the appraiser, the different inspectors or the repair people are not doing their jobs within the time frames which were projected at the onset of closing and it now appears that these actions are going to delay the closing?


*What if a buyer has a significant change in his or her life before the closing (loses job, divorce or bankruptcy)?

Linda Shank Broker Owner Linda Shank and Company is a 32 year real estate veteran in Phoenix's Southeast Valley.  Contact her at www.ISellAZSunshine.com

Staging Your Home--How to Remove Oil Stains on a Garage Floor

You can remove most of an oil stain with elbow grease and scrubbing.  Start removing the surface oil by sprinkling some cat litter on it to soak it up.  Then clear away the cat litter and concentrate on the stain.  Make a paste of hot water and dry laundry or dishwasher detergent.  Use a stiff bristle scrub brush to scrub the area with the paste.  Hose the area and let it dry.  Another way is to use a product such as Spray 'n Wash on the stain along with the detergent and let it sit for 10 minutes.  If that doesn't do the job then spray on some oven cleaner.  Use just a small amount, wash it down thoroughly and keep children and pets away from it.



Linda Shank Broker Owner Linda Shank and Company is a 32 year real estate veteran in Phoenix's Southeast Valley.  Contact her at www.ISellAZSunshine.com

Staging At Home 101 Part II

Removing clutter is only one aspect of getting a smaller home ready to sell---or just living contentedly in it.  Box up items you don't absolutely need (especially collections) as these tend to distract curious buyers.  Temporarily part with your modern abstract art or country-themed baskets of dried flowers.

Some big pieces of furniture won't fit in modestly sized homes.  Look at the scale of your furniture and don't forget depth.  Things can be a lot deeper than you realize and all of a sudden, there's no room to walk because that deep, comfy chair you love comes halfway out into the room.
Sellers remove furniture from rooms that feel overstuffed.  If you have a huge china cabinet in a small dining room remove it or at least take the Hutch off.  Otherwise, it's very distracting.

Chose your color palette carefully.  Bright, loud colors make a space feel smaller because they jump across the room at you.  You want the walls and your furniture to recede.  Don't be matchie matchie.  Eliminate the high contrasts....the same colors should move throughout the house.  Blend colors in more medium tones. Using the same color of carpet or the same hardwood throughout the home to maximizes your perception of space.

Linda Shank Broker Owner Linda Shank and Company is a 32 year real estate veteran in Phoenix's Southeast Valley.  Contact her at www.ISellAZSunshine.com

Staging At Home 101 Part I

Here's a good rule of thumb:  If you don't see it in a model home, then it shouldn't be in your house!
Hide photographs, dishrags, toiletries, garbage cans, newspapers, refrigerator magnets and other items in your home that personalize it.  If that seems a little too much then designate a special place for picture frames like the nightstands and try storing items like toothbrushes in cool leather containers with lids.  You MUST become a master of disguise.  


Furniture can qualify as clutter too so "edit" unnecessary pieces.  Or, rent nice pieces from a Home Stager for a monthly fee to create the look that you want.  Arrange it so there is a clear traffic pattern making it easy to walk from one room to another.


Stick with neutral palettes, painting walls white or warm beige, highlighting baseboards and molding with a slightly darker color than your base.  The ceiling should be the lightest shade which creates a feeling of height.  Use a bold accent color to draw the buyer's eye from one area of the home to another.


Highlight the home's selling points.  Place brightly colored candles on the fireplace mantle or bay windowsill, a bright new dish towel by the stainless steel appliances, a brightly colored bowl with fresh green apples or bright lemons on top of a granite island.  Complimentary colors attraction the buyer's attention too!!!

And, remember the first thing that a prospective buyer should see when they enter your home should be a "WOW" factor or the focal point!!! You need to have something that says "keep coming".


Linda Shank Broker Owner Linda Shank and Company is a 32 year real estate veteran in Phoenix's Southeast Valley.  Contact her at www.ISellAZSunshine.com

FHA Conditions that will Require Automatic Repair for Existing Properties

*Inadequate access/egress from bedrooms to exterior of home
*Leaking or worn out roofs (if 3 or more layers of shingles on leaking or worn out roof, all existing shingles must be removed before re-roofing)
*Evidence of structural problems (such as foundation damage caused by excessive settlement)
*Defective paint surfaces in homes constructed pre-1978
*Defective exterior paint surfaces in homes constructed post-1978 where the finish is otherwise protected.

While not all inclusive, this should give you an idea what issues might concern an FHA appraiser doing an appraisal on your home.


Linda Shank Broker Owner Linda Shank and Company is a 32 year real estate veteran in Phoenix's Southeast Valley.  Contact her at www.ISellAZSunshine.com

Minor Property Conditions that FHA does NOT REQUIRE Automatic Repair

 *Missing Handrails

*Cracked or damaged doors exit doors that are otherwise operable

*Crack Window glass

*Defective paint surfaces in homes constructed post 1978

*Minor plumbing leaks (such as leaky faucets)

*Defective floor finish or covering (worn through the finish, badly soiled      carpeting

*Evidence of previous (non-active) Wood Destroying Insect/Organism damage where there is no evidence of non-repaired structural damage

*Rotten or worn out counter tops

*Damaged plaster, sheet-rock or other wall and ceiling materials in homes constructed post 1978

*Poor workmanship

*Trip hazards (cracked or partially heaving sidewalks, poorly installed 

carpeting)

*Crawl space with debris and trash

*Lack of an all weather driveway surface

While not all inclusive, this should give you an idea what issues might concern an FHA appraiser doing an appraisal on your home.

Linda Shank Broker Owner Linda Shank and Company is a 32 year real estate veteran in Phoenix's Southeast Valley.  Contact her at www.ISellAZSunshine.com

FHA APPRAISAL REQUIREMENTS - GENERAL RULES TO REMEMBER

Think of Safety and Soundness as best describing the FHA Appraisal Requirements as listed below:

Safety - FHA underwriting guidelines require that lenders review the appraisal to see if the appraiser has made note of property conditions that will affect the health and safety of the occupants.

Soundness - FHA underwriting guidelines require that lenders review the appraisal to see if the appraiser has made note of property conditions that jeopardize the soundness and structural integrity of the home.

When an FHA appraisers do an appraisal they are making sure that their aren't any safety hazards and that home is structurally sound. 


Linda Shank Broker Owner Linda Shank and Company is a 32 year real estate veteran in Phoenix's Southeast Valley.  Contact her at www.ISellAZSunshine.com

Are You Eligible for HAMP-Home Affordable Modification Program?

In order to be considered for a loan modification under HAMP, you must meet the following basic criteria:

1. Primary Residence -This must be your primary residence.
2. Date - The loan must be dated prior to January 1, 2009.
3. Size Limit - The loan must be equal to or less than $729,750.
4. Hardship - Borrower must demonstrate a hardship or change in circumstances which make it more difficult to pay the loan such as a reduction in household income, increase in necessary medical bills or a significant increase in the monthly loan payment due to an interest rate increase.
5. Debt to Income Ratio - First loan payment which includes principal, interest, taxes, insurance and HOA dues equals more than 31% of the borrower's current gross income.
6. Current Income - Borrower must show adequate current income to make the reduced payment if the modification is allowed.


Lender loan modifications can be a forbearance agreement, interest rate reductions, conversion of ARM's to fixed rate loans, deferral of past due payments and in rare instances even principal reductions.

Unfortunately, negative equity is not sufficient grounds for a modification!!!!  So it's best to explore other options (with a lawyer or real estate broker) such as a short sale before walking away from a home and letting it go into Foreclosure.




Linda Shank Broker Owner Linda Shank and Company is a 32 year real estate veteran in Phoenix's Southeast Valley.  Contact her at www.ISellAZSunshine.com

Do this first before you Buy a Home

You found your dream home and are ready to make an offer.  Do these four investigative measures before you sign on the dotted line.

1.  Talk to would-be neighbors.  Ask how they like the area, how are the schools or if there are any problem activity nearby.


2.  Check your commute.  Drive from your possible new home to work during rush hour to see how long it will really take.  If you use the bus, then take the daily bus you would use to commute.


3.  Check crime data and sex offender databases.  For crime statistics go to faxnet1.org or search the internet for your local crime statistics link.  For sex offenders go to azsexoffender.org or search the internet for your local sex offender database line.


 4.  Read up.  Investigate the location of nearby dairy farms, jails or proposed freeway developments or alignments.  Call local Planning and Zoning for additional proposed developments.

5.  Make multiple offers on multiple properties.  You can make sellers compete for your business.  Just make sure the Realtor provides the correct verbiage so that you don't end up buying several properties. This won't always work but in the current Seller's market it's worth a shot.





Linda Shank is a local real estate broker in the Southeast Phoenix Valley.  She can be reached on her website www.ISellAZSunshine.com or on this blog.   

Unforeseen Tax Issues Triggered by Foreclosures & Short Sales

SURPRISE! SURPRISE! SURPRISE!  Individual homeowner's facing foreclosure, short sale or a Deed in Lieu of Foreclosure would be wise to check with their income tax professional to determine what income tax impact they might face down the road.  There are two tax situations (which can get quite involved...Principal residence? Business or Investment Property?, Recourse or Nonrecourse debt?) to review when looking at giving back a property to cancel or release debt.  


(1)  Recognition of gain or loss on the transaction


(2)  Recognition of cancellation of debt income (COD)



Only your tax professional can really determine how this affects you personally so spend a few dollars up front to determine your course of action.  It's like adding insult to injury...first you
lose your home and then you get zapped with an unexpected tax bill.


Linda Shank is a Broker/Owner & Certified Residential Specialist in the Southeast Phoenix Valley who has been selling real estate since 1978.  She is experiencing her third down market cycle.  Contact her at her website www.ISellAZSunshine.com