Penalties Increase for Borrowers Who Walk Away

Borrowers who consider walking away from their mortgages have yet another reason to think twice.  Fannie Mae has implemented a new policy that penalizes borrowers who walk away even though they had the ability to pay or who did not complete a workout arrangement.  Such borrowers now will be ineligible to obtain a Fannie Mae-backed loan for seven years.  However, borrowers who experience extenuating circumstances may be eligible for a new loan within two to three years depending on the situation.  Fannie Mae is also considering legal action to recoup the outstanding loan debt from borrowers who strategically default on their loans in jurisdictions that allow for deficiency judgments.
Fannie Mae plans to instruct its servicers to monitor delinquent loans facing foreclosure and recommend cases that might warrant the pursuit of deficient judgments.

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

Staging Your Home-Squeaky Stairs

The most common problems that occur in a staircase is that the horizontal surface of the steps (treads) are coming loose and that causes squeaking.  Another common problem are the spindles or balusters coming loose.  If you can get underneath the staircase fixing the treads is easy.  You will need to attach an L-bracket from the underside of the tread to the stringer (the long piece of wood that connects the treads and runs diagonally up the wall).  If you can't get underneath the staircase, you'll have to make the repair from above.  Squeaky stair kits are available that allow you to make this fix even through the carpet.  Otherwise, you can secure the tread to the stringer with a time screw.



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

REAL ESTATE MOVES-TOP MOST FORGOTTEN ITEMS

When you are running around on moving day, here are some items to remember:

A. Copies of family medical records, vet records and prescriptions to transfer to a destination pharmacy.  Also your child's permanent school record and shot records.


B. Anything that you have placed in a hidden spot....like jewelery, wills or other valuables.


C. Check with the dry cleaners to make sure you haven't forgotten to pick up your favorite piece of clothing.


D. Keep your new address handy....you may be so stressed that you can actually forget it.


E.  Leave out cleaning supplies for a final cleaning.  Many of these items mover's won't transport anyway.


F.  Don't pack your garage door openers and appliance instruction manuals.  Put them in the cabinet over the stove with a sign for the movers "Don't Pack" on the doors. Spare house keys, mailbox keys and pool keys should be placed there too.


G. Don't forget your pets.  Make arrangements for their transport....just don't leave them with the house....like so many people are doing these days.


H.  Open a destination bank account about a month before your move so that you will have immediate access to your funds and local bank checks.  This also gives the Title company an account for the transfer of closing funds from the sale of your home.


I.  Collect all the spare keys (from neighbors or other outside hiding places) and leave them in a predetermined spot for the new owners.

FHA Requires Buyer and Seller Signatures to be Live---Not Computerized

In the age of technology, even a signature on a document can be added by a computer program.  HOWEVER, FHA along with many of the large investors requires that the signatures of both buyers and sellers on all initial and final documents such as the contract and final settlement statement be "LIVE" or "WET".  Please keep this requirement in mind, especially when you are dealing with corporate sellers in the case of REO properties.  If you know ahead of time that a live signature is needed, it can help prevent delays to the closing process.

 Information courtesy of Sherri Buttler, Sun American Mortgage, 480-467-1088, Mesa Arizona.