Dee Dee Jones Real Estate Blog

If you are a news scanner, like I am, you probably saw that Dr. Frank Ryan (Plastic Surgeon to the stars) was killed on Monday, August 16, 2010 when his car drove over a cliff near his home in Los Angeles. At the time of the first report, the article I read said that Dr. Ryan did not drink or use drugs.  It turns out now, however, that he was Tweeting about his dog at the time of the crash (Heidi Montag Plastic Surgeon Frank Ryan Texting Before Fatal Crash).

It is really hard to know what will get people to change this behavior. While it is very sad that this man died while texting/Tweeting, I hope that the cause of his death will get a lot of publicity. Especially for teens, and even busy executives, who are tied to their Blackberries, iPhones and Droids, the need to be in constant contact is virtually addictive.

The lure of the vibrating phone is one that is hard for all of us to turn away from, but it is critical that we continue to talk about the threat to personal and public safety caused by texting, emailing and tweeting while driving.

As the new school year begins, make a vow (if you haven't already done so) to put down the phone when you drive. If you don't have the will power to at least wait until the next stop light to check it, put it somewhere beyond your reach and make it impossible to check while driving. 

This sad story shows that a person can make other wise health choices and still end up dead because the lure of the instant communication is too great.

Please remember this story the next time you  'just want to see who that email is from.'

Holly Weatherwax, Associate Broker

EcoBroker,Graduate of Realtors Institute,Accredited Buyers Representative,e-pro

If I can assist you with the purchase or sale of property in Northern Virginia, please visit my website: www.greatexperience.net , my blog Real Estate and Reston or email me at hollyweatherwax@mris.com. My direct number is 571-643-4902.

I believe buying or selling real estate should be a GREAT EXPERIENCE!

 

 

More options for the underwater homeowner: FHA Short Refinance to responsible homeowners

Owe more on your home than it's worth AND you're current on your existing mortgage?

FHA considers you as a responsible homeowner, and they're rewarding you for it.

If eligible, you now have additional refinancing options to help keep your home afloat.

It was announced this past Friday, August 6, that responsible homeowners who owe more on their mortgage than the value of their home could qualify for Federal Housing Administration’s Short Refinance option.

“Starting September 7, 2010, FHA will offer certain ‘underwater’ non-FHA borrowers who are current on their existing mortgage and whose lenders agree to write off at least ten percent of the unpaid principal balance of the first mortgage the opportunity to qualify for a new FHA-insured mortgage.”

This program is aimed to help FHA’s efforts to stabilize housing markets through offering 3 to 4 million ‘underwater’ homeowners a second chance through the end of 2012.

To be eligible…

• The homeowner must qualify for the new loan under standard FHA underwriting requirements & have a credit score equal to or greater than 500.
  
• The homeowner must owe more on his/her mortgage than their home is worth.
  
• The homeowner must be current on his/her existing mortgage. The property must be the homeowner’s primary residence.
  
• The borrower’s existing first lien holder must agree to write off at least 10% of their unpaid principal balance, bringing that borrower's combined loan-to-value ratio to no greater than 115%.
  
• The existing loan to be refinanced must not be an FHA-insured loan, and the refinanced FHA-insured first mortgage must have a loan-to-value ratio of no more than 97.75%.
  

Lenders, want to know if you’re eligible?
Participation is completely voluntary. Read FHA’s mortgagee letter for more information. 

 

*******************************************************

If you're thinking of selling your Phoenix-area home, please give us a call. We're here to help you and make the selling process simple and stress free.

Call us today to request your complimentary market analysis to determine how your home compares to others in your area.

Feel free to contact me by phone 602-380-4886 or Email Anna Banana

You can also visit our website for more information on Phoenix and the surrounding areas.

***********************************************************

The Masters Series Anna "Banana" Kruchten was recently chosen as one of 12 Masters of Real Estate by the National Association of REALTORS® at realtor.org. ‘Banana’ has a knack for using unique strategies to market her properties, gain new clients & train her agents how to build a successful real estate practice. Let's Connect!

It sent a chill up my spine just thinking about it: A housing market without FHA.

You see, we're as addicted as any crackhead and we don't even know we're on a high. The world in general believes we're "recovering".

If recovering is taking you off one drug and replacing it with another "more acceptable" drug, then we're recovering. "Government insured" sounds so much better than "liar loans", don't you think?

FHA came along to save the day when 100% loans bit the dust, stated income loans went buh-bye and all the other loan candy out there made our economy sick after a prolonged sugar high.

So we hooked up to FHA life support, and on we went.

Now, a day never passes in the mortgage office that FHA does not:

1. Fill a gap where other lenders dare not tread.
2. Create a buyer out of someone who could otherwise not buy
3. Create a solution to a refinance where there is not enough equity

We can talk all we want about government intervention in the housing market "prolonging the inevitable".

We can talk all we want about FHA being "the new subprime".

Heck, we can even talk about how taxpayers should not be on the hook for FHA loan defaults.

I might even agree. But then that chill starts shooting up my spine because I don't WANT to imagine a world without FHA. 

Because the number of houses sold would go into a death spiral. Real estate prices would plummet.  The effect would reverberate throughout the entire economy.

Something bigger than I want to imagine might come crashing down. On me.

Scary.

If you don't think ease of financing has anything to do with the number of houses sold and the prices of houses, then you better consider the addiction they have going on over in the car business.

Ever wonder why car ads only advertise lease payments? Because leasing requires so little cash down.

Ever wonder why a salvage title car has only half the value? Because there is NO financing available for a salvage title.

Ever wonder why the auto industry is addicted to large rebates? Because people who don't have cash use the rebate for their down payment.

We are an economy strapped for cash, and likely to be more strapped by higher taxes and lower wages as the future unfolds. We are homeowners strapped for equity. Our credit is somewhat bruised, and our employment situation is uncertain.

But still we want to buy. We hold on tight to the dream.

How many millions of people would lose their ability to buy if FHA went away? Remember rates can go to 1% and it won't matter without the ABILITY to buy.

And even though addictions aren't good, weaning yourself from an addiction can be pure hell.

Is the housing market strong enough to stand the HELL of withdrawal?

Not yet. 

From my trusted home inspector.

Dear Lane 
 
The first step in proper home maintenance is to make sure small problems do not turn into big headaches.  Below is some valuable information for any homeowner and especially anyone selling a home right now.
 
The following maintenance items can typically be performed by the homeowner for less than $25 each, but will save far more than that down the road. Home maintenance should not be a mystery, and if homeowners follow a simple maintenance checklist on a regular basis, they can keep their home in working order for many years to come.

1)  Clean the gutters. A clear passageway for rain runoff improves roof drainage and helps avoid expensive water damage to the house and its structures.

 

2)  Extend or install downspouts or splash blocks. This helps divert water away from the house to avoid basement leaks, flooding and soil erosion.

 

3)  Caulk exterior trim, windows and doors. Water finds its way into many crevices. Keep it out by sealing up small spaces.  

 

4)  Apply deck preservative regularly. Avoid premature wear and tear by protecting the wood from the elements.

 

5)  Trim trees near house and roof.  Falling branches and wind-blown limbs can damage the roof and siding and be an invitation for wood destroying insects.

 

6)  Seal roof flashings or replace missing roof shingles.  This simple weekend project helps avoid the little roof leaks that, over time can create expensive damage to the roof and underlying elements. 

 

7)  Regrout the bathroom/bathtub tile.  This prevents water seepage behind the tile which can lead to costly problems down the road. 

 

8)  Clean or replace your kitchen exhaust fan. A grease buildup will tax the fan and increases the potential for a fire.

 

9)  Clean out your clothes dryer vent. Clogged reduce the efficiency of the system and is considered a fire hazard.

 

10)  Keep an eye out for termite tubes or carpenter ants. A regular, visual check of your home's structure will give you a chance to treat the infestation before and reduce the potential for costly structural damage.

 

11)  Regularly change your furnace and air conditioning filter. Clogged filters reduce efficiency and will reduce the useful life of the appliance. 

 

12)  Fill in low spots at foundation with soil. Addressing these gaps will help prevent basement leaks and flooding down the road.

 

13)  Move stored firewood away from the foundation to reduce the potential of wood destroying insect infestation.

 

14)  Clean sluggish drains to reduce potential of leakage, pipe damage or overflow.

 

15)  Check toilet for cracks in bowl or tank cover and verify the toilet is properly secured to the floor. 

 

16)  Clean debris from exterior A/C unit.  Unlike most systems in your home your Central A/C system is generally housed on the exterior of the home.  Keep free of debris at all times so the system is properly vented...

 

17)  Check for proper venting in attic and soffits.

 

18)  Make sure all exterior drains are free and clear of debris and are draining properly.  Water that does not drain properly can cause seepage into lower level or basement.

 

19) Test Ground Fault Circuit Interrupters; special outlets designed to reduce the potential for electrical shock.  

 

20)  Seal asphalt driveways to reduce water related deterioration.

 

21)  Test Auto retract feature of garage doors to ensure they stop/reverse immediately if something blocks their movement.

 

22)   Remove vegetation growing along the foundation.  Overgrown vegetation is an invitation to rodents, insects and moisture.  In addition large roots can cause pressure on the foundation.

 

23)  Flush out water heater through the drain valve to flush out sediment and allow gas or oil water heater to operate more efficiently and safely.

 

24)  Check interior and exterior stairs for any possible tripping hazards.  Also make sure all handrails are properly secured.

 

25)  Apply deck preservative to wood decks to reduce potential rot and deterioration.

 
A little regular attention every year can help increase the enjoyment of your home, reduce the potential for major repairs and protect the value of your home.  . Remember, these tips are only general guidelines. Since each situation is different, contact a professional if you have questions about a specific issue. More home safety and maintenance information is available online at www.housemaster.com .  Or call us at 804-745-4588.

         

Lane A. Midgett

Associate Broker, ABR®, e-PRO®

Stay in touch with me

Subscribe to my feed    

    All content copyright © 2010 Lane Midgett and 1776 Real Estate Group