As Is - Where Is

Complimentary First Time Homebuyer Seminar

2011-02-09T17:59:00.000-05:00

Time: Wednesday, March 2 · 7:00pm - 9:00pm

Location: The Savings Bank, 17 Burnham Road, Methuen, MA

I will be participating in this informational session at The Savings Bank's Methuen branch. Find out what you need to know to become an informed buyer. A panel of industry experts will walk you through the process.

Our panel of experts will include:

• Real Estate Broker

• Conveyance Attorney

• Insurance Agent

• Mortgage Officer

• Home Inspector

Sign up today by visiting http://bit.ly/fJZza4 or call 800.246.2009, ext 5368. This is a FREE seminar, but advance registration is required. Space is limited.

'Secret' Way to Lower Mortgage Payments

2011-01-06T13:36:00.000-05:00

Home owners can trim their monthly mortgage payments by “recasting” or “re-amortizing” their loan, without having to refinance and face hefty closing cost fees, experts say.

When recasting, the borrower pays off a lump sum of the loan’s principal and then resets monthly payments at the loan’s original interest rate and terms.

Here’s one scenario: $230,449 is left on a 30-year fixed rate loan for a $300,000 mortgage taken out at 7.93 percent in 1995. The borrower pays $20,000 toward the principal and asks the lender to reamortize their payments over the remaining 15 years of the loan. The monthly payment then drops by $52, from $2,187 to $2,135 per month. ($100,000 toward the lump sum would save $730 a month.)

Since borrowers are not asking for a new loan, they will not have to pay closing costs or submit to another credit check. (Note: “Recasting” is often used in the mortgage industry to refer to interest rate resets on adjustable-rate mortgages. In this case, the interest rate and loan term remain the same.)

“People don’t really know about it, but it’s become more common recently,” Alan Rosenbaum, founder and chief executive of the Guardhill Financial Corporation in New York, said about recasting.

Borrowers who just make extra payments toward the loan’s principal but do not ask the bank to recast the loan will keep monthly payments the same and just shorten the overall time it takes to pay off the loan. Recasting, on the other hand, reduces the principal but then, in turn, lowers monthly payments and interest over the life of the loan.

Some recent buyers may find recasting a good option, particularly when it makes little financial sense to refinance so soon after purchasing a home but are expecting a large sum of money. For example, buyers who expect to receive a tax refund or other substantial money after closing on their property, such as proceeds from the sale of another property or stocks, may want to look into recasting to lower monthly payments, says Edward Ades, the owner of Universal Mortgage in Brooklyn, NY.

Source: “A Little-Known Strategy for Cutting Mortgage Payments,” New York Times (Dec. 30, 2010)

Better Do Your Title Work

2010-10-13T19:16:00.000-04:00


Foreclosure Deed

Buying a foreclosed property (REO or Lender-Owned) can be an excellent investment in today's economic climate. With roughly 8% of all property for sale in Massachusetts being REO, there's plenty from which to choose. Well-capitalized buyers like to pay cash for these properties because many will not qualify for conventional financing due to physical condition and because paying cash will expedite a quick closing. Without a mortgage lender requiring time to perform its due diligence prior to issuing a financing commitment, much of the time need to close can be greatly reduced by paying cash. Well this can be true if one important part of the transaction is in order: the title work.

In Massachusetts, it's the seller's obligation to convey the premises to the buyer with good and clear record and marketable title. Lenders, real estate attorneys and courts are clogged with backlogs of paperwork due to the ongoing foreclosure crisis throughout America. This, inevitably, leads to errors being made somewhere along the chain of title when foreclosing on properties. These errors are usually not uncovered until someone attempts to purchase the property, enters into a purchase agreement and title research is performed.

When a buyer client becomes seriously interested in an REO property, I strongly recommend to have an attorney begin researching the title right away. This will cost the buyer some money upfront and may be seen as wasteful without having a signed purchase contract, but it will save much time and aggravation later in the purchase process.

The last two REO transactions in which I was involved were both cash deals. Both were scheduled to close between two weeks and thirty days of the executed purchase agreements. Both closings were delayed six and three months, respectively, in order to clear the title. Both buyers' earnest money deposits sat in escrow. Both buyers were frustrated.

Moral of the story to REO buyers: Do your title work.

6 Tips for Choosing the Best Offer for Your Home

2010-10-05T14:52:00.000-04:00

Have a plan for reviewing purchase offers so you don't let the best slip through your fingers.

1. Understand the process

All offers are negotiable, as your agent will tell you. When you receive an offer, you can accept it, reject it, or respond by asking that terms be modified, which is called making a counteroffer.

2. Set baselines

Decide in advance what terms are most important to you. For instance, if price is most important, you may need to be flexible on your closing date. Or if you want certainty that the transaction won’t fall apart because the buyer can’t get a mortgage, require a prequalified or cash buyer.

3. Create an offer review process

If you think your home will receive multiple offers, work with your agent to establish a time frame during which buyers must submit offers. That gives your agent time to market your home to as many potential buyers as possible, and you time to review all the offers you receive.

4. Don’t take offers personally

Selling your home can be emotional. But it’s simply a business transaction, and you should treat it that way. If your agent tells you a buyer complained that your kitchen is horribly outdated, justifying a lowball offer, don’t be offended. Consider it a sign the buyer is interested and understand that those comments are a negotiating tactic. Negotiate in kind.

5. Review every term

Carefully evaluate all the terms of each offer. Price is important, but so are other terms. Is the buyer asking for property or fixtures—such as appliances, furniture, or window treatments—to be included in the sale that you plan to take with you?

Is the amount of earnest money the buyer proposes to deposit toward the downpayment sufficient? The lower the earnest money, the less painful it will be for the buyer to forfeit those funds by walking away from the purchase if problems arise.

Have the buyers attached a prequalification or pre-approval letter, which means they’ve already been approved for financing? Or does the offer include a financing or other contingency? If so, the buyers can walk away from the deal if they can't get a mortgage, and they'll take their earnest money back, too. Are you comfortable with that uncertainty?

Is the buyer asking you to make concessions, like covering some closing costs? Are you willing, and can you afford to do that? Does the buyer’s proposed closing date mesh with your timeline?

With each factor, ask yourself: Is this a deal breaker, or can I compromise to achieve my ultimate goal of closing the sale?

6. Be creative

If you’ve received an unacceptable offer through your agent, ask questions to determine what’s most important to the buyer and see if you can meet that need. You may learn the buyer has to move quickly. That may allow you to stand firm on price but offer to close quickly. The key to successfully negotiating the sale is to remain flexible.

About the author: G.M. Filisko is an attorney and award-winning writer who has survived several closings. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics. Published: February 10, 2010

Make Your House FHA-Loan Friendly

2010-09-29T15:35:00.000-04:00

Know the basics of FHA loan rules and you stand a better chance of selling your house or condo.

Make your house FHA-friendly, and it will appeal to more homebuyers. Why? Because the Federal Housing Administration is insuring the mortgage loans used by about 30% of today’s homebuyers.

If your house passes the FHA rules, it will appeal to buyers who plan to use an FHA-insured mortgage. If your house doesn’t qualify for an FHA loan, you’re cutting out 30% of potential buyers.

FHA is especially important to first-time homebuyers and those with small downpayments because it allows borrowers with good credit to make a downpayment as low as 3.5% of the purchase price.

Here’s how to make your home appealing to FHA borrowers:

Know the FHA loan limits in your area

Start by checking to see if your home’s listed price falls within FHA lending limits for your area. FHA mortgage limits vary a lot. In San Francisco, FHA will insure a mortgage of up to $729,750 on a single-family home. In the White Mountains of New Hampshire, the loan limit is $271,050.

Home inspections

Most buyers will ask for a home inspection, whether or not they’re using an FHA loan to buy the home. You must give FHA buyers a form explaining what home inspections can reveal, and how inspections differ from appraisals.

How much do you have to repair?

If the home inspection reveals problems, FHA will not give the okay to buy the home until you repair serious defects like roof leaks, mold, structural damage, and pre-1978 interior or exterior paint that could contain lead.

Dealing with FHA appraisers

Help the lender’s appraiser by providing easy access to attics and crawl spaces, which usually must be photographed, says appraiser Frank Gregoire in St. Petersburg, Fla.

Your buyer can hire his own appraiser to evaluate your home. But FHA only relies on reports by its approved appraisers. If the two appraisals conflict, the FHA appraisal preempts the buyer’s appraisal.

Help with FHA closing costs

Most FHA buyers need help with closing costs, says mortgage banker Susan Herman of First Equity Mortgage Bankers in Miami. So a prime way to make your house FHA-friendly is to help with those costs.

FHA currently allows sellers to pay up to 6% of the sales price to help cover closing costs, but is considering lowering that limit to 3% in the fall of 2010.

If you’re selling a condo

FHA also has to approve your condo before a buyer uses an FHA loan to purchase your unit. Be sure your condo is FHA-approved for mortgages. The list has been updated, so if your association was approved a year ago, check again to make sure it’s still on the approved list.

FHA generally won’t insure loans in condo associations if more than 15% percent of the unit owners are late on association fees. Ask your property manager or board of directors for your association’s delinquency rate.

Other rules cover insurances, cash reserves and how many units are owner-occupied and the types of condos that can be purchased with an FHA mortgage.

FHA sometimes issues waivers for healthy condominiums that don’t meet the regular rules. If your condo isn’t FHA-approved, it doesn’t necessarily have to meet every single rule to gain approval. Ask your REALTOR® to consult with local lenders about getting an FHA waiver for your condo if it doesn’t meet all the requirements.

FHA also limits its mortgage exposure in homeowners associations. With some limited exceptions, no more than 50% of the units in an association can be FHA-insured.

FHA loans for planned-unit developments

FHA no longer requires lenders to review budgets and legal documents for planned-unit developments.

More from HouseLogic

Show Your Support for FHA

Other web resources

Why Ask for an FHA Loan?

Find a State Program to Help Homebuyers Afford Your Home

About the author: Terry Sheridan is an award-winning freelance writer who has covered real estate for 20 years, and has owned and sold three homes. Published 2010-06-02 08:37:43

6 Reasons to Reduce Your Home Price

2010-09-21T15:13:00.006-04:00

Home not selling? That could happen for a number of reasons you can’t control, like a unique home layout or having one of the few homes in the neighborhood without a garage. There is one factor you can control: your home price.

These six signs may be telling you it’s time to lower your price.

1. You’re drawing few lookers

You get the most interest in your home right after you put it on the market because buyers want to catch a great new home before anybody else takes it. If your real estate agent reports there have been fewer buyers calling about and asking to tour your home than there have been for other homes in your area, that may be a sign buyers think it’s overpriced and are waiting for the price to fall before viewing it.

2. You’re drawing lots of lookers but have no offers

If you’ve had 30 sets of potential buyers come through your home and not a single one has made an offer, something is off. What are other agents telling your agent about your home? An overly high price may be discouraging buyers from making an offer.

3. Your home’s been on the market longer than similar homes

Ask your real estate agent about the average number of days it takes to sell a home in your market. If the answer is 30 and you’re pushing 45, your price may be affecting buyer interest. When a home sits on the market, buyers can begin to wonder if there’s something wrong with it, which can delay a sale even further. At least consider lowering your asking price.

4. You have a deadline

If you’ve got to sell soon because of a job transfer or you’ve already purchased another home, it may be necessary to generate buyer interest by dropping your price so your home is a little lower priced than comparable homes in your area. Remember: It’s not how much money you need that determines the sale price of your home, it’s how much money a buyer is willing to spend.

5. You can’t make upgrades

Maybe you’re plum out of cash and don’t have the funds to put fresh paint on the walls, clean the carpets, and add curb appeal. But the feedback your agent is reporting from buyers is that your home isn’t as well-appointed as similarly priced homes. When your home has been on the market longer than comparable homes in better condition, it’s time to accept that buyers expect to pay less for a home that doesn’t show as well as others.

6. The competition has changed

If weeks go by with no offers, continue to check out the competition. What have comparable homes sold for and what’s still on the market? What new listings have been added since you listed your home for sale? If comparable home sales or new listings show your price is too steep, consider a price reduction.

More from HouseLogic

How to ready your home for sale at little cost

How to review offers on your home

Other web resources

Setting the right price

More on setting the right price

About the author: G.M. Filisko is an attorney and award-winning writer who made strategic price reductions that led to the sale of a Wisconsin property. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

Published 2010-03-19 13:10:49

5 Tips to Prepare Your Home for Sale

2010-09-14T13:57:00.000-04:00

Working to get your home ship-shape for showings will increase its value and shorten your sales time.

Many buyers today want move-in-ready homes and will quickly eliminate an otherwise great home by focusing on a few visible flaws. Unless your home shines, you may endure showing after showing and open house after open house-and end up with a lower sales price. Before the first prospect walks through your door, consider some smart options for casting your home in its best light.

1. Have a home inspection

Be proactive by arranging for a pre-sale home inspection. For $250 to $400, an inspector will warn you about troubles that could make potential buyers balk. Make repairs before putting your home on the market. In some states, you may have to disclose what the inspection turns up.

2. Get replacement estimates

If your home inspection uncovers necessary repairs you can't fund, get estimates for the work. The figures will help buyers determine if they can afford the home and the repairs. Also hunt down warranties, guarantees, and user manuals for your furnace, washer and dryer, dishwasher, and any other items you expect to remain with the house.

3. Make minor repairs

Not every repair costs a bundle. Fix as many small problems-sticky doors, torn screens, cracked caulking, dripping faucets-as you can. These may seem trivial, but they'll give buyers the impression your house isn't well maintained.

4. Clear the clutter

Clear your kitchen counters of just about everything. Clean your closets by packing up little-used items like out-of-season clothes and old toys. Install closet organizers to maximize space. Put at least one-third of your furniture in storage, especially large pieces, such as entertainment centers and big televisions. Pack up family photos, knickknacks, and wall hangings to depersonalize your home. Store the items you've packed offsite or in boxes neatly arranged in your garage or basement.

5. Do a thorough cleaning

A clean house makes a strong first impression that your home has been well cared for. If you can afford it, consider hiring a cleaning service.

If not, wash windows and leave them open to air out your rooms. Clean carpeting and drapes to eliminate cooking odors, smoke, and pet smells. Wash light fixtures and baseboards, mop and wax floors, and give your stove and refrigerator a thorough once-over.

Pay attention to details, too. Wash fingerprints from light switch plates, clean inside the cabinets, and polish doorknobs. Don't forget to clean your garage, too.

More from HouseLogic

Develop a Landscape Plan to Fit Your Budget

Spring Cleaning Guide

About the author: G.M. Filisko is an attorney and award-winning writer who has found happiness in a Chicago brownstone with the best curb appeal on the block. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

How to Use Comparable Sales to Price Your Home

2010-09-07T11:32:00.000-04:00

Before you put your home up for sale, use the right comparable sales to find the perfect price.

How much can you sell your home for? Probably about as much as the neighbors got, as long as the neighbors sold their house in recent memory and their home was just like your home.

Knowing how much homes similar to yours, called comparable sales (or in real estate lingo, comps), sold for gives you the best idea of the current estimated value of your home. The trick is finding sales that closely match yours.

WHAT MAKES A GOOD COMPARABLE SALE?

Your best comparable sale is the same model as your house in the same subdivision-and it closed escrow last week. If you can't find that, here are other factors that count:

Location: The closer to your house the better, but don't just use any comparable sale within a mile radius. A good comparable sale is a house in your neighborhood, your subdivision, on the same type of street as your house, and in your school district.

Home type: Try to find comparable sales that are like your home in style, construction material, square footage, number of bedrooms and baths, basement (having one and whether it's finished), finishes, and yard size.

Amenities and upgrades: Is the kitchen new? Does the comparable sale house have full A/C? Is there crown molding, a deck, or a pool? Does your community have the same amenities (pool, workout room, walking trails, etc.) and homeowners association fees?

Date of sale: You may want to use a comparable sale from two years ago when the market was high, but that won't fly. Most buyers use government-guaranteed mortgages, and those lending programs say comparable sales can be no older than 90 days.

Sales sweeteners: Did the comparable-sale sellers give the buyers downpayment assistance, closing costs, or a free television? You have to reduce the value of any comparable sale to account for any deal sweeteners.

AGENTS CAN HELP ADJUST PRICE BASED ON INSIDER INSIGHTS

Even if you live in a subdivision, your home will always be different from your neighbors'. Evaluating those differences-like the fact that your home has one more bedroom than the comparables or a basement office-is one of the ways real estate agents add value.

An active agent has been inside a lot of homes in your neighborhood and knows all sorts of details about comparable sales. She has read the comments the selling agent put into the MLS, seen the ugly wallpaper, and heard what other REALTORS®, lenders, closing agents, and appraisers said about the comparable sale.

MORE WAYS TO PICK A HOME LISTING PRICE

If you're still having trouble picking out a listing price for your home, look at the current competition. Ask your real estate agent to be honest about your home and the other homes on the market (and then listen to her without taking the criticism personally).

Next, put your comparable sales into two piles: more expensive and less expensive. What makes your home more valuable than the cheaper comparable sales and less valuable than the pricier comparable sales?

ARE FORECLOSURES AND SHORT SALES COMPARABLES?

If one or more of your comparable sales was a foreclosed home or a short sale (a home that sold for less money than the owners owed on the mortgage), ask your real estate agent how to treat those comps.
A foreclosed home is usually in poor condition because owners who can't pay their mortgage can't afford to pay for upkeep. Your home is in great shape, so the foreclosure should be priced lower than your home.

Short sales are typically in good condition, although they are still distressed sales. The owners usually have to sell because they're divorcing, or their employer is moving them to Kansas.
How much short sales are discounted from their market value varies among local markets. The average short-sale home in Omaha in recent years was discounted by 8.5%, according to a University of Nebraska at Omaha study. In suburban Washington, D.C., sellers typically discount short-sale homes by 3% to 5% to get them quickly sold, real estate agents report. In other markets, sellers price short sales the same as other homes in the neighborhood.

So you have to rely on your REALTOR's® knowledge of the local market to use a short sale as a comparable sale.

MORE FROM HOUSELOGIC

What You Must Know About Home Appraisals(http://buyandsell.houselogic.com/articles/what-you-must-know-home-appraisals/)

6 Reasons to Reduce Your Home Price(http://buyandsell.houselogic.com/articles/6-Reasons-To-Reduce-Your-Home-Price/)

OTHER WEB RESOURCES

New York State: "How Estimates of Market Value are Determined for Residential Properties"(http://www.orps.state.ny.us/pamphlet/mv_estimates.htm)

What's the Value of a View? Research from Texas Christian University(http://www.sbuweb.tcu.edu/mrodriguez/research/viewppr.pdf)
Carl Vogel, a freelance writer and former editor of The Neighborhood Works magazine, lives in a home in Chicago that is not typical of those nearby, so he appreciates a savvy comp.

Reprinted from HouseLogic (houselogic.com) with permission of the NATIONAL ASSOCIATION OF REALTORS (R).
Copyright 2010. All rights reserved.

MA Economic & Real Estate Market Watch Report - 2nd Quarter of 2010

2010-08-19T14:07:00.001-04:00

Click here to read the report.

Luxury 2-BR, 2-Bath Methuen Condo for Rent

2010-08-18T18:03:00.002-04:00

Top Floor, Corner, Luxury 2-BR, 2-Bath Condo w/ 2 assigned parking spaces at Spicket Commons; Granite & Stainless Kitchen; Full Size Washer & Dryer in Unit; Deck w/ private views; In-Ground Swimming Pool; Professional Landscaping; Building has Keyed Access; Clubhouse, Cyber Cafe & Fitness Center on Site. Conveniently Located near Tax-Free Salem, NH, I-93, I-495, The Loop & the newly renovated Merrimack Valley Golf Club.

Call Mark today at (978) 771-6266 for a private showing. Click here for more information.

FHA LAUNCHES SHORT REFI OPPORTUNITY FOR UNDERWATER HOMEOWNERS

2010-08-18T12:00:00.000-04:00

Effort designed to encourage principal write-downs for responsible borrowers

WASHINGTON - In an effort to help responsible homeowners who owe more on their mortgage than the value of their property, the U.S. Department of Housing and Urban Development today provided details on the adjustment to its refinance program which was announced earlier this year that will enable lenders to provide additional refinancing options to homeowners who owe more than their home is worth. Starting September 7, 2010, the Federal Housing Administration (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.

Read the rest of the article.

1991 Methuen Condex for only $149,500!

2010-08-02T09:36:00.002-04:00

Lender-owned 3 BR/1.5 Bath Condex at the end of residential cul-de-sac. Call Mark today at (978) 771-6266 for a private showing. Click here for more information.

Luxury 1-Bedroom Methuen Condo for Rent

2010-07-05T10:18:00.001-04:00

Top Floor, Luxury 1-Bedroom, 1-Bath Condominium for rent at Methuen's prestigious Spicket Commons for $975.

Fully-Applianced Kitchen; Full Size Washer & Dryer in Unit; Recently Remodeled with Numerous Upgrades including Brand New Carpeting; Deck overlooking In-Ground Swimming Pool; Professional Landscaping; Elevator Building with Keyed Access; Clubhouse & Fitness Center on Site. Conveniently Located near Tax-Free Salem, NH, I-93, I-495, Rte 213 (The Loop Connector) & the newly renovated Merrimack Valley Golf Club.

Call Mark today at (978) 771-6266 for a private showing. Click here for more information.

House Approves Tax Credit Extension

2010-06-30T15:58:00.000-04:00

http://bit.ly/csb3bn

Senate OKs New Tax Credit Closing Deadline

2010-06-24T17:46:00.000-04:00

http://bit.ly/9fDZaW

Tricks to Keep Your House Cool this Summer

2010-06-18T12:53:00.000-04:00

As the temperatures continue to rise this summer, so does the cost of keeping your home cool. While homeowners across the country come to depend on air conditioners to keep the temperature down during the warm summer months, there are other options that will keep you cool while keeping your energy bill low.

Fans and ceiling fans
-If you’re looking for ways to beat the heat, a ceiling fan can be a great investment for your home. This one appliance can make a room feel 6 or 7 degrees cooler, and even the most power-hungry fan costs less than $10 a month to use if you keep it on for 12 hours a day. Good fans make it possible for you to raise your thermostat setting and save on air-conditioning costs. Fans don’t use much energy, but when air is circulating, it feels much cooler. Ceiling fans are best, but a good portable fan can be very effective as well.

-You should remember that even mild air movement of 1 mph can make you feel three or four degrees cooler. Also, make sure your ceiling fan is turned for summer – you should feel the air blown downward.

Shades, drapes or blinds
-Install white window shades, drapes or blinds to reflect heat away from the house. Close blinds, shades and draperies facing the sun (east-facing windows in the morning and west-facing windows in the afternoon) to keep the sun’s heat out and help fans or air conditioners cool more efficiently. Always remember that the best way to keep your home cool is to keep the heat out.

Internal Heat
-The most common sources of internal heat gain are; appliances, electronic devices and lighting. Be aware of devices in your home that are generating heat and if you have air conditioning, use it wisely.

Don’t put lamps, televisions or other heat-generating appliances next to your air-conditioning thermostat, because the heat from these appliances will cause the air conditioner to run longer. The heat they produce will make the thermostat think your house is warmer than it really is, and your system will run harder than it needs to.

-Unless you absolutely need them, turn off incandescent lights and heat-generating appliances. Replace incandescent bulbs with compact fluorescents; they produce the same light but use a fifth the energy and heat.

-You should also try to avoid heat-generating activities such as cooking on hot days or during the hottest part of the day. If you are cooking, use your range fan to vent the hot air out of your house. By reducing the amount of heat in your home, you will use less energy to cool it.

Plants
-Plant trees or shrubs to shade air conditioning units, but not block the airflow. A unit operating in the shade uses less electricity. Deciduous trees planted on the south and west sides will keep your house cool in the summer and allow the sunlight to warm the house during the winter.

Roof and Walls
-Paint your roof white – If you’ve got a flat roof, paint it with a specially formulated reflective paint or just paint it white. The reflective effect will help to keep the rooms under the flat roof much cooler.

Other things to remember
-Humidity makes room air feel warmer, so reduce indoor humidity. Minimize mid-day washing and drying clothes, showering and cooking. When you must do these things, turn on ventilating fans to help extract warm, moist air.

-Avoid landscaping with lots of unshaded rock, cement, or asphalt on the south or west sides of your home because it increases the temperature around the house and radiates heat to the house after the sun has set.

-If the attic isn’t already insulated or is under-insulated, insulate it now. Upgrading from 3 inches to 12 inches can cut cooling costs by 10%.

By Paige Tepping, RISMEDIA, June 17, 2010

Building a Home Is a Bargain These Days

2010-06-04T13:07:00.001-04:00

Builders, designers, and architects say now is a great time to build a new custom home or remodel an existing one.

Not only are there plenty of unemployed and under-employed workers available, but also property is for sale at bargain prices and construction materials are at bargain levels.

"It makes a lot of sense right now," said Stephen Melman, director of economic services for the National Association of Home Builders. "People are available to do the work. They are going to bid competitively so I'm sure that will drive the price down."

The only problem could be financing, which can be hard to arrange.

Source: Investor’s Business Daily, Marilyn Alva (05/27/2010)

What Not to Pack

2010-05-24T16:38:00.000-04:00

RISMEDIA, May 24, 2010--When you're packing up your belongings for moving day, sometimes it's best to leave it to the professionals - or leave it behind entirely. These moving/packing tips will help you discern what not to pack.

Items that Require Disassembly or Special Packaging
Items requiring professional disassembly and/or crating (such as slate pool tables, chandeliers, or large glass table tops) are best left to the professionals.

Heat-Sensitive Items
Do not pack heat-sensitive items like candles, CDs, computer peripherals, etc. If you must take these items to your new home, bring them with you in your climate-controlled car or truck.

Irreplaceable Papers and Objects
Don't pack any irreplaceable items. Whether these items have significant monetary value, are financial/personal in nature, or have sentimental value, you'll probably want to keep these items on your person or have them shipped via a trackable shipping service:
• Address books
• Financial papers
• Cameras
• Car keys
• Cash
• Computer software and disks
• Jewelry
• Letters, personal papers and diaries
• Medical records
• Photos and photo albums

Hazardous, Flammable and Spillable Items
Don't put yourself and your family in danger. Leave hazardous items behind when you move. Ask your neighbors if they can use these items; otherwise, dispose of them properly with assistance from your recycling company or the EPA. Plan to purchase new items once you arrive at your new home.
• Flammable, corrosive or explosive items
• Lamp oil
• Aerosols
• Motor oil
• Ammonia
• Paint thinner
• Nail polish remover
• Car batteries
• Paints
• Charcoal
• Pesticides
• Charcoal lighter fluid
• Poisons
• Cleaning solvents
• Pool chemicals
• Fertilizer
• Gasoline
• Sterno
• Kerosene
• Weed killer

Short Sale Myths De-Bunked

2010-05-22T10:00:00.000-04:00

RISMEDIA, May 22, 2010—With short sales making up almost 35% of home sales in March and the country with a national foreclosure problem, I Short Sale, Inc., one of the largest short sale firms in the U.S., sets the record straight on common short sale myths.

1. You must be default on your mortgage to negotiate a short sale. Short sales are not a function of default status on a mortgage. They are the result of the bank mitigating a potential default situation that, in the long run, will cost more money to the investors. We have completed many short sales in instances when the borrower was not in a default situation.

2. Listing my home as a short sale is embarrassing. Anytime we get ourselves into a tough financial situation it can cause some embarrassing feelings. It is important to remember that those feelings will not help us get back onto stable financial ground. We need to overcome our feelings and do what is right to protect our financial futures.

3. Buyers aren't interested in short sale properties. Short Sale properties are often times available at a competitive price to other properties on the market. In many cases, short sale properties are very well cared for and have not had to endure the deferred maintenance of a REO property. Short Sale properties are in great demand in the marketplace.

4. There's not enough time to negotiate a short sale before foreclosure. A good negotiator takes into account the timeline affiliated with a foreclosure. There is always a chance that a short sale can be negotiated. However, the only way to know for sure is to try.

5. The bank would rather foreclose than complete a short sale. Banks do not want to foreclose on property. It is expensive and carries a high level of liability once the bank owns that property as an REO. Wherever possible, banks are seeking other loss mitigation options before foreclosure.

6. Short sales are impossible and never get approved. Short sales are complicated, but not impossible. We negotiate short sale approvals every day.

Repair Rules Complicate Financing for 'As-Is' Deals

2010-05-21T10:41:00.000-04:00

Good article from Tara-Nicholle Nelson of Inman News http://bit.ly/9ahJ98

Remodel Your Home For Free? Sort Of...

2010-05-14T12:56:00.000-04:00

A new online tool helps consumers test out remodeling ideas, or just dream about their home's possibilities -- for free. MarketWatch's Amy Hoak reports.

Q1 2010 Housing Data for Massachusetts

2010-05-13T18:30:00.000-04:00

Economic and Market Watch Report: 1st Quarter, 2010

Haverhill to Host Open House for New Loan Program for First-Time Buyers

2010-05-07T08:31:00.004-04:00

Working with the City of Haverhill and Haverhill Bank, and thanks to funding from the state's Neighborhood Stabilization Program (NSP), MassHousing is helping homebuyers purchase and rehabilitate properties in need of repairs in designated neighborhoods in Haverhill.

Click here to learn more!

Top 10 Places for New Grads to Live and Work

2010-05-06T16:46:00.003-04:00

Apartments.com and CareerRookie.com, CareerBuilder’s college job search site, have identified the 10 best cities for recent college graduates to both find a job and an affordable apartment.

The list was compiled by identifying the top U.S. cities with the highest concentration of young adults, the largest inventory of jobs requiring less than one year of experience, and the most apartments affordable on a median new graduate’s salary.

Here’s the list of selected cities and the cost of renting a one-bedroom apartment:

1. Atlanta, $723
2. Phoenix, $669
3. Denver, $779
4. Dallas, $740
5. Boston, $1,275
6. Philadelphia, $938
7. New York, $1,366
8. Cincinnati, $613
9. Baltimore, $1,041
10. Los Angeles, $1,319

Source: CareerRookie.com and Apartments.com (05/05/2010)

This Memorial Day, Fix Those Gutters

2010-05-04T13:20:00.001-04:00

The flurry of Memorial Day sales at home-improvement retailers offers the perfect occasion to remind sellers to pick up the materials they need to fix any issues, like gutter problems, which could deter buyers.

Buyers are drawn like magnets to well-maintained homes. A sagging gutter here, a gutter with plants sprouting out of it there, and the sellers’ first impression is nothing but a missed opportunity.

For tips you can share with sellers on repairing common gutter problems, head to the REALTOR^® Content Resource, the new tool powered by HouseLogic, where your NAR membership entitles you to download free homeownership content in your consumer Web site, blog, or e-newsletter. Here are just a few of the tips available now at REALTOR^® Content Resource:

• Clear clogged gutters: Sellers can tackle the most common problem of all if they’re comfortable on a ladder, don’t mind getting wet and dirty, and don’t have an extremely tall house. It’s a matter of clearing the muck from gutters and then flushing them with a garden hose to make sure the water drains properly. To really impress potential buyers, sellers can even have gutter covers installed.

• Straighten sagging gutters: Replacing faulty or missing hangers, which secure gutters to a home, is an inexpensive fix. Hangers can deteriorate over time or they can be spaced too far apart to support the gutters’ weight. Sellers can pick up hangers for $10 or less and fasteners for about $1 each.

• Plug leaks: Sealing leaky gutter joints requires only caulking with a $5 tube of gutter sealant.
Demonstrate your knowledge as an expert on home value by using these tips to educate sellers about these relatively easy — but visually critical — fixes to gutter glitches. If sellers have no gutter worries, they’re bound to be able to benefit from tips on saving energy on water heaters, inspecting and maintaining their garage, and improving curb appeal and safety with outdoor lighting, all of which are also available now at REALTOR^® Content Resource.

The REALTOR® Content Resource, powered by HouseLogic, is an exclusive, free benefit for NAR members. HouseLogic is the National Association of REALTORS’^® no-topic-left-uncovered consumer Web site geared to helping home owners make smart decisions to maintain, protect, and increase the value of their home.