Staging Your Home-Leaky Faucets

Most faucet leaks can easily be fixed with a rubber washer, an O-ring or seals depending on what type of faucet it is.  By fixing the problem yourself, you can save a good bit of money since plumbers can be expensive and will charge you a standard fee even if it takes only 10 minutes to fix the problem.



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-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

Home Showing Hints

Follow these following hints for successful home showings and the Realtors will love you:

Staging - Staging is simply preparing your home as if you were setting a stage for a play.  Make it feel very complete and comfortable for the buyer as they tour the property.


Descriptive Signing - Another specialty technique involves the use of small, professionally printed signs approximately two inches high and two to four inches wide.  The signs can be placed throughout the home pointing out specific highlights of the property.


Should You be there? - It is almost always best that a seller vacates the property when it is being shown.  Many potential buyers feel uncomfortable if the seller is in the home as a buyer will want to look at the property very carefully (ie. storage areas, closets, cabinets, under beds and in the garage).


Children and Pets - If children are present during the showing, you should make every effort to keep them out of certain areas of the home while those portions of the home are being shown.  Also, some buyers are allergic or afraid of pets.  It's a good idea to keep pets out of the home or caged during the showing.


Cards Left at Showings - It is very important for you to provide the listing agent with all of the business cards of agents which have been left each time the property has been shown. The listing agent should receive the information on the cards as soon as possible.  This will allow your agent to make contact with the buyer's agent and receive feedback on the showing. 

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

Fannie Mae Conventional Loans are now requiring a 2nd Credit Report

Lenders must now obtain a 2nd credit report, no earlier than 7 days prior to funding, on all conventional loans.  Any new credit inquiries must be explained, and any new credit obligations must be re-underwritten with those debts included in the qualifying ratios.

Jay Starks @ Bell Mortgage states they will not be required to obtain a new credit score and they will not be charging the borrower for the additional credit report at this time.

Jay further comments that he would not be surprised to see FHA and VA follow this path. And, it is possible that investors may decide this is a great idea and require lenders to do the same on all loan files regardless of what the agencies mandate.

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 

Buyers Beware of a 2nd Credit Report done prior to Closing your Loan

This just in from Jay Starks @ Bell Mortgage:

FNMA and Freddie Mac are on the verge of requiring lenders to pull a 2nd credit report just prior to funding.  When they do, we expect all of our secondary market investors to do the same, and they will probably require us to do so on government loans as well as conventional files.  The ramifications of this are enormous:

 

1)  Small FICO score changes due to something as simple as a slightly higher credit card balance could change a customer's interest rate, or cause the loan to be denied, at the last minute.

 

2)  New debts or obligations could cause a customer to no longer qualify.

 

3)  Recently recorded judgments or collection accounts that were not on the original report could derail a transaction just before funding.

 

 

I know that many of you counsel your clients regarding their use of credit while they are shopping for homes or while they are in escrow, but it will be more important than ever going forward that we all work together to remind them of what can happen.

 

No more moving back in with Mom and living on charge cards while you save up your down payment!

 

Do I have to Sell my Home to Qualifty for the Homebuyer Tax Credit

Here's a question that keeps popping up:

I'm already a homeowner.  If I buy another home ofter Nov. 6, 2009 to use as my principal residence, do I have to sell my home to qualify for the home buyer tax credit?

Answer:

No.  If you meet all of the requirements for the credit, the law does not require you to sell or otherwise dispose of your current principal residence to qualify for a credit up to $6,500 when you buy a replacement home to use as your principal residence.  The requirements are that you must buy, or enter into a binding contract to buy, the replacement principal residence after Nov. 6, 2009 and on or before April 30, 2010 and close on the home by June 30, 2010.  Additionally, you must have lived in the same principal residence for any five-consecutive-year period during the eight-year period that ended on the date the replacement home is purchased.  For example, if you bought a home on November 30, 2009, the eight-year period would run from December 1, 2001 through November 30, 2009.



Information courtesy of Jay Starks, Bell America Mortgage, www.jaystarks.com