The National Association of Realtors have advised that a “comprehensive” reform strategy be put into place. This will better guarantee certainty in the future and prevent a currently recovering housing market from slipping again. NAR President Moe Veissi claims “without a secondary market, mortgage interest rates would be unnecessarily higher and unaffordable for many Americans, and products like the 30-year fixed-rate mortgage would likely be inaccessible for most borrowers”.

Another important attendee of the expo was Federal Housing Finance Agency Acting Director Ed DeMarco. DeMarco agrees that while the market has shown signs of recovery, more action must be taken to ensure progress.

“It is time for policymakers to begin work in earnest on the future housing finance system,” he announced.

DeMarco also emphasized that policymakers should focus on creating a new infrastructure for the secondary mortgage market. Additionally, he said standards should be set up in able to offer a more secure housing finance system, and private capital should be encouraged while government participation in the secondary mortgage market should be cut back.

Since the FHFA assumed conservatorship of Fannie Mae and Freddie Mac in 2008, they have done a great job at providing alternatives to homeowners that are struggling or underwater in their mortgage. “[They] have completed more than 1 million loan modifications since 2008 and helped millions more families avoid foreclosure through a short sale, deed-in-lieu or other alternative”.

The government plays a critical role in a stable future for the housing market. If there isn’t a clear strategy put into place, the market is still at risk. For example, Mark Zandi from Moody’s Analytics points out, “[while] private participation in the market might increase [...], without a government backstop there would be no 30-year fixed-rate mortgage, which most consumers currently use to finance home purchases”.

It’s clear that based on what the expert panel had to say, policymakers will have to illustrate a defined system for housing finance in able to gain the confidence of voters in the upcoming election.

Courtesy of NAR

Closet Organizers

If you own an older home, you’re likely frustrated by a lack of storage space. Furthermore, small closets and pantries can be a deal breaker to potential buyers. Closet organizers are here to save the day! There are many companies selling these handy upgrades, and most of them offer professional installation. Closetmaid.com offers an array of shelving and organizers and will even let you design your own online.

Laminate Wood Flooring

Most people appreciate wood floors because they lend more space to any room and they can add a richer, cleaner look to your home. However, oak and other traditional wood flooring can be a pretty penny. Luckily, there are cheaper laminate versions that look great, are resilient, and are even a cinch to install. They come in many different colors and styles to mimic the variety of real wood species. For top rated brands click here.

Vinyl Stone Flooring

It looks as pretty as the real thing and for a fraction of the cost. A set of 9 12×12 tiles can be purchased for a mere $14. Plus, they’re easy to install! Check out the selection from Home Dynamix and get ready to give your home an entirely new look.

http://www.amazon.com/Madison-Vinyl-Stone-Tiles-Set/dp/B000EZXFTE

Faux Granite

Granite countertops are highly sought after because they are a symbol of a modern, clean kitchen. Fortunately, someone has come up with a way to fake the look for thousands less than it would cost to have real granite put in. Home Improvement expert, Danny Lipford recommends Giani Granite Paint for Countertops because it’s “DIY friendly, [and] can make almost any surface— from plastic laminate and solid surface countertops to mantels and tabletops— look like granite”. One kit costs about $40 and will cover 16 ft of countertop. Watch Danny demonstrate how this brilliant product works…

Courtesy of:

dannylipford.com
bankrate.com
allaboutyou.com

This problem has become even more common over the past few years as foreclosures rates have risen. Houses that are abandoned or bank owned become neglected; the lawn and plants are overgrown, the shutters are falling apart, and there’s trash left all over the yard.

Other cases may involve a neighbor that isn’t keeping up with the maintenance on their home because of a handicap, a financial hardship, stresses like a new job, etc. And in more rare but also more horrific circumstances, a neighbor may deliberately sabotage the sale of your home. According to an article in Realtor Magazine, “a man in Brighton, Colo., was accused of sabotaging his neighbor’s home sale. The man posted warning signs to potential buyers on his recreational vehicle parked outside of his home. He wanted to let would-be buyers know what they could expect if they moved next to him: Loud parties, loud music, and loud cars”. Jeesh!

So how can these potential bad neighbor problems be handled?

If you’re a part of an HOA, it’s worth contacting them about the troubled property. They will often pay for the maintenance of an abandoned and/or unkempt home in the neighborhood. The bank will then have to approve these costs before the property is sold.

Obviously, the situation is more sensitive when dealing with an occupied home that has become an eyesore. The owner may feel embarrassed, offended, or intruded upon by your attempts to get the property looking better, so be as tactful as possible. Approach the situation as an attempt to lend a hand and not as an attack. You can even consider getting your church or local boy scouts den to join in. That way you won’t have to go it alone and it will seem like more of a neighborhood project than directed at one particular property. In some cases, (perhaps if the owner is a senior or is disabled), your attempts may be greatly appreciated.

So what if your neighbor is just plain difficult and lazy? Unfortunately if a reasonable request to have the property cared for doesn’t work, it may be the type of situation where you must focus only on what you can control. After making sure the outside of your home is looking in top shape, make sure that the views from the inside of your home aren’t offensive. IF your upstairs bedroom has a clear view of the neighbor’s trashed backyard, consider installing plantation shutters. They will block the not-so-pleasant view while still allowing light in. Also, shrubs and ivy are a good addition to outdoor fences and aid in creating a sight barrier.

If you’re considering involving the authorities with a bad neighbor, keep in mind that unless direct threats were made to you or the property is causing a health hazard, there is not a lot they can do. You can also check local municipal codes. Though reading through them can be time consuming, you may find something useful to your dilemma.

“Residents sometimes can lean on municipal laws, administered through the building department, health department or similar entity, to get neighbors to clean up their act, said Neil Garfinkel, a Manhattan real-estate attorney with Abrams Garfinkel Margolis Bergson”.

An eyesore in the neighborhood may have the potential to scare off some buyers and bring down the property value of your home, but to many others, they can be seen as a buying opportunity. Buyers with a more urban outlook, for example, may not be bothered at all by the ugly house down the street. Not all buyers are interested in a conformed looking neighborhood.

Hope this helps!

Courtesy of MSN Real Estate and Realtor Magazine

“Delays in approving short sale requests remain a significant challenge for realtors and consumers and often results in canceled contracts and the property going into foreclosure,” said Moe Veissi, president of the National Association of Realtors.

According to a survey conducted by the California Association of Realtors, 60% of short sale offers last year did not close. It’s unfortunate, yet likely that most of those properties went into foreclosure instead.

But now there’s great news for distressed home owners and real estate agents! The Federal Housing Finance Agency has issued new short sale rules for the banks, with the intent to speed up the entire process. Lenders will be required to respond to short sale requests within 30 days and to provide a final decision within 60 days. Additionally, if the bank is still reviewing the offer after 30 days, they will be required to give a weekly update on the process to the borrower.

The new rules will take effect on June 1st and should prove to be a win-win situation for all parties involved. Homeowners will be more likely to get an approved short sale, avoiding the damage a foreclosure can cause, agents will close more deals, and lenders can benefit financially by avoiding pricey foreclosure costs. Even buyers will end up with a home that’s been taken care of, as opposed to a typically neglected foreclosure property.

Courtesy of CNN Money

*Start with your bedding. Afterall, you are in your bed about 8 hours (hopefully) a day. Plus, let’s be real, many of us sleep with our faces planted in a pillow. If it’s covered in allergens, of course you’re going to wake up with bee-stung eyes. Not a good look for most. There are many allergen-free bedding options available these days, but if you can’t invest in allergy free pillows, matress tops, etc., then make sure to wash your bedding at least once a week in HOT water. There are also HEPA filters available that can help control the air while you sleep. Compare different brands of filters here: www.air-purifiers-america.com That should help control those awful offenders!

*Mold is something we don’t consider as often when we think about seasonal allergies, but it can have a serious affect on your health when you’re already suffering. You can use an exhaust fan to control steam and extra moisture in the air from showering or cooking. Try your best to keep the sinks, tubs and showers in your home clean and dry. Also, make sure plumbing leaks are fixed immediately. If you have a basement in the home, consider installing a dehumidifier. Anywhere moisture can collect in the home needs to be controlled, even if it simply means leaving your delicate laundry outside to dry.

*Dust management!- Hardwood floors and tiling are easiest for controlling dust (something to keep in mind when you’re looking for a home). If you have carpet make sure to vacuum AT LEAST twice a week, especially if you have pets. And of course, wipe down all hard surfaces regularly.

*A quick, common sense way to cut down on allergens in the home: keep windows and doors closed as much as possible. Fresh air is great, but perhaps it should wait until the pollen count goes down.

Here’s a couple things to consider while you’re doing all this cleaning:

*You’ll be stirring up a lot of dust in the process of doing all this cleaning, so wear a mask. You can buy one at a hardware store. You may feel a little silly but really, who’s going see you in the comfort of your own home anyway? You’ll thank yourself afterwards.

*Use green cleaning products. Yes, they can be a little more expensive but they will save you more misery. Inhaling a bunch of chemicals, especially if you’re suseptible to asthma, is NOT what you need right now. Seventh Generation has a great line of green cleaning products that can be purchased at your local Target.

Here’s to a healthier allergy season!

The $25 billion  settlement to resolve the abusive foreclosure acts of five major banks was officially filed in court in Washington today.  Although the settlement had already been put into action (the announcement by President Obama was made a month ago), it had to be approved by a federal judge.  The case is being called the “largest federal-state civil settlement in the nation’s history”.  It’s been a year since attorney generals from all 50 different states first went after the big lenders in a major investigation into faulty foreclosure and lending practices.  Oklahoma was the only state not included in the federal deal, but they have instead reached a separate settlement with the banks in the amount of $18.6 million.

The financial relief will go to benefit those who are currently distressed homeowners, those who were wrongly foreclosed on within the past three years, and those who would benefit from refinancing.  If you’d like to know if the settlement will apply to you contact your lender (or the lender you were with when your home was foreclosed on) and visit http://www.nationalmortgagesettlement.com/ for more information.

Related post: http://www.myshortsaleangel.com/2012/02/future-promises-serious-foreclosure-relief/

Courtesy of CNN Money and Bloomberg News

The beautiful weather of spring has finally arrived!  What better reason to get out and enjoy 2nd Saturday in Midtown this Saturday?  This month Angel Lynn Realty is hosting the art work of the 5th graders at Westlake Charter school.  Their artistic talents are sure to blow you away!  Each piece is being sold to benefit their 4 day outdoor education trip to Westminster Woods.  Plus, we’ll be serving up complimentary sangria (for the big kids, of course)!  So stop by, show your support and say hello!

Saturday, March 10th

6 to 9pm

Angel Lynn Realty

1913 Capitol Ave. Ste C

1. I used the term ‘under-decorating’ because a major part of the staging process is to seriously reduce clutter in your home.  Especially, if the clutter consists of many personal items.  Think: model home .  This may be a sad process for some people, but not only does reducing clutter make the home look more appealing overall, it also allows the potential buyer to better imagine themselves in the home.  Some decorative pieces are OK (a nice plant or a strategically placed piece of art), if they add to the home but put all extraneous items, family photos, and sentimental items that block the view of your home’s attributes into storage.  All that stuff on your fridge?  Take it down!

2. Once all of the extra clutter is removed, organize what’s left over.  If you can’t afford to buy necessary shelving etc., buy some big plastic storage containers for the things you want to keep, label, and store them out of site, like in the garage or storage shed- not your closets!  Buyers will want to open the closets, too.   This process will not only up the curb appeal of your home, but also help you out a bunch when it comes time to move out.

3.  Determine the focal point of each room.  Walk through each room and hallway and figure out where your eye is initially drawn.  An off-putting collection of nail holes in the wall?  Patch them up and paint over!  How is the furniture arranged in each room?  You may find that extra recliner functional, but it’s blocking the view of your lovely fireplace.  Get the idea?  Again, you don’t have to get rid of things entirely, but either get them out of the house or find a location that better serves it’s appearance.  You may be on a budget but updating an outdated eye sore of a bedspread may make all the difference in the world.

4.  Clean!  And I don’t mean your routine weekend cleaning.  It needs to look immaculate.  If this seems too daunting, there are many affordable home cleaning services.  Shop around and schedule the cleaning close to the date of your open house or before a scheduled showing to a serious buyer.  Or, simply pay for a deep cleaning and make sure to maintain it on a daily basis.  Yes you’re a busy person, but the maintainence will pay off!

5.  Create an inviting ambiance that stimulates the potential buyer’s senses.  Invest in fresh flowers (most are affordable and pleasing to the eye) and some warm scented candles like vanilla or sugar cookie.  Also, never under estimate the affect of fresh air.  If you’re not already, get in the habit of opening up some windows a few times throughout the day.  No amount of scented candles can cover up a stuffy or foul (yuck!) smelling home.  You should also consider the lighting throughout the house.  If you’ve been too lazy to upgrade to higher quality lighting, now’s the time!  Nature always comes in handy in this arena, too.  Open up curtains and blinds to let in the sunlight.  It will work wonders!

6.  Don’t forget the great outdoors!  Again, you don’t need to spend a fortune on updates, but at the least make sure the landscaping is tidy and pick up any unnecessary objects such as the kids’ toys, tools, etc. If you do have a little extra money to spend on staging your outdoor areas, buy a nice patio set or bench for the front porch.  Again, the key is to give the potential buyer a visual of what’s to come; of how the home will function nicely for them.

Courtesy of:

http://www.stagingdiva.com/freehomestagingtips.html

http://realtytimes.com/rtpages/20120216_staging.htm