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TODAY'S HOTTEST REAL ESTATE BLOG & NEWS ARTICLES!
07/31/10
Smart Strategies For The 'Small Investor'
Book Review: 'How to Invest $50-$5000'
Tara-Nicholle Nelson Inman News
Title: "How to Invest $50-$5000: The Small Investor's Step-by-Step Plan for Low-Risk Investing in Today's Economy"
Author: Nancy Dunnan
Publisher: HarperCollins, 2010; 272 pages; $14.99
We Americans eagerly await any investment tip uttered by Warren Buffett, and voraciously consume information about the strategies used by hedge fund titans and investment bank moguls. But the reality is that the vast majority of those of us who have funds of our own to invest are working with sums closer to $50 than $50 million.
Those oodles of zeroes are tossed around so carelessly in the financial media that many who come across an extra hundred bucks think they're better off using it to de-stress with some retail therapy than to bother trying to "invest" such a small sum.
But according to financial adviser Nancy Dunnan, the author of "How to Invest $50-$5000: The Small Investor's Step-by-Step Plan for Low-Risk Investing in Today's Economy," that just ain't so.
For 2010, Dunnan has published her 10th edition of this uber-usable book at a time when small sums are all most people have, creating both hope for the future and an immediate set of action steps for small investors at all levels to get some mileage out of whatever cash they do happen to have at hand.
In fact, Dunnan's introductory message pervades the book: No amount of money is too little to invest.
Dunnan's mastery of the behavioral and financial elements of personal finance is evidant throughout the book. She insists from the beginning that readers save something -- anything -- from their very next paycheck, if only to get into the habit of saving. She also provides a set of the "10 Dumbest Financial Mistakes People Make," so readers can spot their own "issues" and begin building momentum to correcting them, stat.
The "Mistakes" section and the evergreen yearly financial calendar in the first chapter are, by themselves, worth the cost of the book. Their easy-to-follow, uncomplicated format provide bite-sized, non-scary, crystal-clear action steps of the precise sort that empower even the worst of financial procrastinators to do something different than they've been doing for years.
Move your emergency fund from a bank savings account to a money market account or an online bank one week. Consolidate those 10 different accounts you have all over town into three the next week. Got a windfall you're scared to invest? Break it down and make three smaller investments -- Dunnan tells you where -- over several weeks.
At the $50 level, Dunnan's advice focuses mostly around becoming conscious of bank fees, interest rates and yields, and being more strategic about which "institutional cookie jar" (bank) you select to stash your cash. She also provides primers on credit unions and savings bonds for those trying to do something smart with 50 bucks.
For those at the next level, who have around $500 to invest, Dunnan still focuses on highly liquid, but interest-bearing, accounts, like interest-bearing checking and money market accounts, certificates of deposit (CDs) and mini-investor plans (she gives links!), treasuries and investment clubs.
At the $1,000 level, Dunnan encourages readers to dive into tax-advantaged retirement plans, like IRAs and 401(k)s, the different flavors of which she details in one of the most clear explanations I've ever read (and she gives even more links!).
For those with $2,000 to $5,000 to invest, Dunnan goes all out, providing specific recommendations about classes of stocks and funds that make sense for these largest of the small investors, as well as offering a roadmap to the research resources we need to consult before making such an investment.
Her appendices are mini-treasure chests filled with unique advice on a generous handful of important subjects, like where to get cash in a crunch, how to come up with college funds, and scams to avoid, what to do if you get fired or laid off, and Wall Street-speak translated into plain English.
Selling When Owner Moves To Care Facility
Today's Real Estate News Provided by Inman News
Will Dad qualify for $500,000 tax exemption?
Benny Kass Attorney Washington D.C.
DEAR BENNY: We recently placed my father, who will be 96 in a few weeks, into an assisted living facility nearby. It's a terrible time to sell real estate right now. But if we have to sell the house, I wondered -- since he is living in the care facility, and not in his home -- how would the $500,000 exclusion work for him?
No one is living in his home and it is still in his name, and bills are sent to me but are in his name. My brother stays there when he is visiting the area.
As I understand the $500,000 tax exclusion, he has to have lived there for two of the last five years -- meaning for him he'd have until he's 101 to do this. He's very healthy -- just has dementia -- so he might very well surprise us by living another five years.
Dad doesn't have a huge income but the value of his home (even in this down market) will result in a considerable profit, which I would love to be able to preserve for him. I have his power of attorney and my brother and I are pretty much in agreement on how to handle things and we could use your advice. --Virginia
DEAR VIRGINIA: You are correct that to exclude the gain from the sale of a principal residence there are two tests: (1) ownership and (2) use. You have to have owned and used the house for two out of the last five years. But that does not mean that he has to start living there now.
The five years relates to the date of the sale. In other words, if your Dad lived in the house for many years, and is just now moving to the assisted living facility, if you sell the house now, he would be entitled to the exclusion of gain.
Let's take this example: He moved out in April 2010, but lived in the house for at least two years. If my math is correct, he will be able to claim this tax benefit until March 2013.
But, there's one more wrinkle: Only married couples are eligible to exclude up to $500,000 if they file joint tax returns. If you Dad is now on his own or files a separate tax return, he would be limited to exclude only $250,000 of the profit.
If you believe that there will be a lot of profit -- perhaps over the threshold -- you should talk with an accountant who can try to assist you in determining your gain and even trying legally to reduce it.
DEAR BENNY: I live in a small condominium complex with 52 units. In the late 1970s I was the condominium's first homeowner president and found out the hard way that condominium living isn't the "carefree life" it is touted to be.
There are quite a few of us who were original owners who still live here but many are getting older and feel they have "been there, done that" so it gets harder and harder to find good leadership with a dwindling pool of candidates. If many of the units are second homes or investment property, then the pool gets even smaller.
Condominiums cannot be successful unless owners realize they have an obligation to contribute. The old saying, "If you are not a part of the solution, then you are part of the problem," fits this situation. --Judith
DEAR JUDITH: Service on a board of directors (or on a condominium committee) is a thankless job. The hours are long, and there is no pay.
I have heard board presidents tell me that they have been called by phone night and day. One president was pushed into the association's swimming pool; another board member had molasses poured into his car's gas tank.
But despite those problems, all of these board members said they were serving to protect their property and financial interests in the association.
And for those naysayers -- those who constantly complain about what is happening (or not happening) in their association -- I tell them that they have but three alternatives: (1) get on the board, (2) put up with the situation, or (3) move out.
DEAR BENNY: I purchased a house in 2005 to be used as rental property. This property is in a community association. In 2007, the association amended its covenants to place restrictions on the leasing of homes within the community. One restriction limited the maximum number of homes in the community that could be leased at any time to 10 percent.
There is a grandfather provision that reads: "Homeowners of record with existing leases on the effective date of this amendment are grandfathered and shall not be restricted in renting their homes by the limit on the maximum number of homes that may be leased until the current tenant vacates the home. Any grandfathered homeowner may lease his home even though the maximum number allowed has been reached."
Last month my tenant received a military transfer out of the area and has vacated the property. The association is stating that since the tenant left, the grandfather status was lost and that the number of rentals in the subcommunity of the rental house exceeds the 10 percent. (The association) also informed me that the only hardship provision that has been accepted by the association is for property owners who are in the military and have been transferred from the area.
My questions are:
(1) Does the written grandfather provision (noted above) appear confusing and contradicting? My understanding was that I would continue to fall under the grandfather provision as long as I owned the property.
(2) Is it the norm for the grandfather provision in leasing restrictions to be temporary (current tenant)?
(3) Can associations apply their own interpretation when there may be ambiguity?
(4) Does the association have a responsibility to keep landlords informed of the status of the rentals in their respective communities so the landlords are not shocked that they can no longer rent the property after their tenant vacates?
(5) What is the recourse when the landlord is coerced into selling his property and he experiences a significant loss from a quick sale and a depressed real estate market? --R.C.
DEAR R.C.: The issue of community associations imposing rental restrictions is something that every association in this country is facing -- especially since the secondary mortgage markets (Fannie Mae, Freddie Mac, VA and FHA) have gotten more strict on enforcing these leasing requirements.
In my opinion, 10 percent is way too low a threshold; even FHA requires only 50 percent. Especially in today's economy where money remains tight and sales are slow, it makes no sense to force a homeowner to sell when the tenant moves out. Boards should have a little heart -- extend the time or grant a temporary hardship.
Answering your questions: (1) Yes, it does appear ambiguous, especially the last sentence, which seems to contradict the first. And in law, any ambiguity will be held against the drafter. (2) there really is no "norm" -- in my experience, different associations enact different kinds of requirements; (3) see my answer to question No. 1 -- a court of law (should you decide to litigate) will make the decision; (4) I don't believe associations have an affirmative obligation to advise owners of the ongoing rental percentage, but it certainly makes sense to do so.
And (5) there is no recourse for the landlord other than to take the matter to court. However, in my opinion, there is significant impact on the association. Property values are lowered, and often the landlord cannot make the monthly association payments until the property is sold, so the association loses out.
Benny L. Kass is a practicing attorney in Washington, D.C., and Maryland. No legal relationship is created by this column. Questions for this column can be submitted to benny@inman.com.
If You Want to Sell Your Home, Don't Make These Mistakes!
by Phoebe Chongchua
I usually write about the things you should do when you want to sell or buy a home. Sometimes there are suggestions mixed in about what not to do and that's the foundation of this week's column. It's pretty easy to get caught up in looking forward to where you're going to relocate next when your home sells. However, let's not put the cart before the horse—Most of the time sellers—need or want to sell their current home in order to make that transition into the new one.
With that in mind, let's take a look at some of the mistakes sellers make when they put their home on the market.
Not Using Experts. This tip really applies not only to selling a home but also to financial investing, building a business, or anything else that requires expertise. Of course, you can sell your own home and some people do; but many times the headaches that go along with it far outweigh the benefits. Frequently, I hear stories from homeowners who attempt to do this, but months later that those same sellers are trying to locate a qualified real estate expert. Their self efforts effectively slowed their sales process and lost time on the market.
As a business owner, I subscribe to the understanding that I need to always be doing the things that are in my highest and best interest. That means that if I am attempting to handle something in a field where I don't have expertise, it will take me longer to do what someone else with years of experience can do better and faster. When I bring in those experts and allow them to help me, this leaves me with more time to focus on the important things that I need to do. It's the basic foundation of good business and it works when selling a home as well. So, at least consult with a real estate expert when you're considering selling your home.
Getting Emotionally Attached. Sounds like I'm talking about a relationship? Well, it kind of is. You've had history with your home—the memories cause you to have an emotional attachment with it. But now, you have to detach and recognize that your emotional attachment will likely not transfer to the buyer—at least not right away.
Buyers will come into your home looking to find out what's wrong hoping to thereby negotiate the price down. They'll be skeptical—checking all around the house to make sure that they're not going to buy the home and end up having to deal with burdens of many flaws later. They won't have the memories of the kids taking their first steps in the living room or the big celebration you had for grandma. Buyers will possibly think about the parties and how their lives can fit into this house if you've removed the items that make it look and feel too much like your home.
When you get emotionally unattached you're allowing yourself to see the home you're listing for sale the way a potential buyer might.
Holding Your Own Open House. This one really goes hand-in-hand with the first "don't do" tip. Some sellers like to be around when their home is on the market. However, I suspect you have better things to do than sit at home while potential buyers explore your house.
Making fish and other smelly foods. Okay, so I'm not saying that you can't cook what you want in your home. The issue is actually not just about food but also things like pet odors and incense or anything else that might have an offensive odor to a potential buyer. I've written about people who use fragrances to create a particular smell when they're showing their home (there are companies that specialize in this). But one reader wrote to tell me that he didn't think that was a good idea…he preferred to not be able to smell anything (or as close to no odor as possible). That can be hard to achieve.
Generally, a pleasant odor is appreciated but there are different types of people and "pleasant" is relative to the individual. So, basically some of the mistakes that you can make are to fry up some fish, let the pets do the wrong thing in the house and then not deodorize, and leave the pets loose to "welcome" the guests in their own ways. For certain, most people won't appreciate those smells.
As for using other fragrances, my personal opinion is that if the smell is subtle and not overwhelming, it probably won't cause any issues with buyers unless they happen to have a particular allergy. However, if there's a repugnant smell, it will get a huge reaction and buyers will flee the home like scurrying ants seeking food and water on a hot summer day.
Watch out for these mistakes and you'll be ahead of the sellers who are wasting time (and possibly losing buyers) by not seeking expert help, not detaching from the home, showing their own home, and forgetting to deodorize.
Persistence Pays Off In Hunt For Vacation Home
Today's Real Estate News Provided by Inman News
Permit problems teach valuable lesson by Tom Kelly
For some unknown reason, I used to take some time leading up to Father's Day to visit and explore some possible places where kids would enjoy spending vacation time. I did this even before we had kids.
Perhaps the reason was that June was finally here and warmer days were right around the corner. More likely, it was the pursuit of a summer experience that my dad gave to me and my siblings -- wonderful, lazy days for a week or two every year at a waterfront cabin.
I thought about those explorations the other day when my sister and her husband were in town. She mentioned that I often write about second homes, but that there was no way she could ever afford one. She had seen some of the prices in her favorite getaway area and, despite the economy, still would not be able to swing it.
"If you did the research, bought it right and rented it out when you were not using it, you might be surprised at what's possible," I said. "Besides, some sellers have to sell and are willing to carry the financing."
I still believe most consumers underestimate the number of days they could rent out a property they enjoy. If you like it, chances are other people will, too. While the Internet has made the research easier to conduct, there's still no substitute for personal visits and legwork.
For example, more than 30 years ago my wife and I were fascinated by the switchback trails and warm tidal waters of a small beach community. I began visiting various properties in the area during the morning hours before my switch-shift at a newspaper.
I contacted owners of the seemingly cheapest cabins and vacant lots to see if they would consider selling. I tracked down the beach plats at the county courthouse, copied the lot numbers and found the listed owners through tax records. We then wrote letters and got several "maybe" responses.
One local man asked that we contact his attorney about a vacant lot on the east side of a small beach community. It turned out the man had been involved in the original platting of the community and at one time had owned quite a bit of property in the region. He said he thought his beachfront lots had been sold long ago.
His attorney researched the man's holdings and concluded that the man did, indeed, own the vacant lot and would part with it for an agreed-upon amount. We told the attorney we would buy the 50-by-250-foot property contingent upon the approval of all services.
It wasn't waterfront, but it was dollar figure we could afford on a parcel across the one street in the community. There were no problems with power or water.
The only thing that stood between us and a buildable dream lot was an approved septic-system design and percolation test. The lot had the required square footage, but water from the side of the hill periodically made the ground soggy.
While doing property research at the courthouse, I met a registered sewage disposal designer who said the drain-field design, percolation testing and required county paperwork would cost $195. I considered doing the job myself (a designer or engineer was not required), but felt our chances for approval would be better if a professional did the work.
In the end, a health inspector decided the dry area of the lot was too small to adequately accommodate the septic system and she denied us a sewage disposal permit -- an opinion upheld by the district supervisor.
We were stunned. Without a septic permit, we could not build our cabin. Alternative systems were not allowed by the community association. Adding to the sting was the fact that most of the cabins were on lots smaller than the minimum size required for septic approval. They were built when the laws were less stringent.
Should we try to buy the adjacent lot? Maybe with an additional lot we could pass the septic inspection. But the county said the adjacent lot had problems, too.
We decided to walk away from the beach lot. The experience was not worthless. We had found a lot, its owner, history, taxes, neighbors, market value and requirements for building. It did not work out, but at least we knew why it didn't.
A year later, we found a small cabin on a mountain lake by the same method. We continue to share it with another family from the newspaper. The place has appreciated significantly and the family memories are priceless. Scores of people have asked to rent it out.
Before she left, my sister wondered if there would be any merit in visiting a bank-owned view property with beach access once listed for $399,000 and now on the market for $159,000.
"Why not see what's possible?" I replied.
Tom Kelly's book "Cashing In on a Second Home in Mexico: How to Buy, Rent and Profit from Property South of the Border" was written with Mitch Creekmore, senior vice president of Stewart International. The book is available in retail stores, on Amazon.com and on tomkelly.com.
Mortgage Lenders Can't Always Obtain Deficiency Judgments
by Bob Hunt
One of the major concerns facing the millions of homeowners who are currently delinquent on their mortgage and "upside down" in value is that they fear not only losing their homes but also being subsequently pursued for a deficiency judgment.
Different states have different laws regarding foreclosure and deficiencies. Anyone who has the kind of concern noted above should verify those laws in their own particular state.
In California, the threat of a deficiency judgment -- which, technically, may be real – is frequently, for practical purposes, not a serious one. In some situations there is no threat at all. The discussion that follows here pertains to California law.
In the context of this discussion, a deficiency judgment is a judgment that may be entered by a court. Generally, it is the difference between the foreclosure sale price (the successful bid amount) and the amount of debt owed. In order to obtain a deficiency judgment, a lender must apply to the court for the judgment within three months of a judicial foreclosure sale.
In California, a major exception to the deficiency judgment rules is that no deficiency judgment is allowed when the loan is a purchase money loan for owner-occupied residential property from one to four units. Simply put, if the loan was made for the purchase of your home, no deficiency judgment is allowed.
Another major exception to the deficiency judgment rules is that no deficiency judgment can be obtained if the foreclosure is non-judicial. To understand this, we must note that there are two kinds of foreclosure available in California. One – the overwhelmingly most common – is a non-judicial foreclosure, also known as a trustee sale. A non-judicial foreclosure occurs when, pursuant to a deed of trust, the lender notifies the trustee that the borrower is delinquent. The trustee files a public notice of default. Then, in approximately three months, if the delinquency has not been cured, the trustee publishes a notice of sale. Approximately three weeks after that, if there is still no cure of the default, a trustee sale occurs. (At the discretion of the lender, this sale can be postponed.) This foreclosure sale is the "auction at the courthouse steps." There is no court action.
In a non-judicial foreclosure, when a trustee sale occurs, there is no deficiency judgment available. If the property sold for less than the loan amount, that is the lender’s loss. There is no further recovery. (Two minor exceptions to this are: 1. if the loan had been obtained by fraud or 2. if the property had been intentionally damaged by the borrower.)
The other kind of foreclosure in California is a judicial foreclosure. This involves filing a lawsuit, to which the borrower may respond. Rather than taking the typical four to five months that a non-judicial foreclosure requires, this may take a year or more. Moreover, being a lawsuit, it can be costly. For reasons of time and money, then, lenders hardly ever file judicial foreclosures. It might make sense to do so in the context of a large commercial loan where a borrower might have significant assets worth pursuing. But it is hard to imagine many circumstances where it would be worthwhile to pursue a judicial foreclosure against a homeowner.
If a homeowner’s loan is not a "purchase money" loan – perhaps it is a subsequent "cash-out" refinance loan – then the borrower does have personal liability for the loan. It would be possible for the lender to seek a deficiency judgment. But to do so, the lender would first have to conduct a judicial foreclosure and, as noted, that is very unlikely.
Finally, we note a slightly different but increasingly common situation where a lender may pursue a borrower personally for liability on a loan secured by real estate. This is the case of a "wiped out" junior lien. Many homeowners have second mortgage loans, some even thirds. If these were loans incurred in order to purchase owner-occupied property, then they are subject to the same rules discussed above. No deficiency judgment is available. But if the junior lien is not purchase money, and if foreclosure by the senior lien (the first mortgage) leaves the junior unpaid, then they may pursue the borrower directly just like any other debt.
Deficiency judgments are certainly something for financially distressed homeowners to be concerned about. But they are not as widely available as is sometimes thought.
Summer Home Maintenance
by Carla L. Davis
Summer is a season full of many activities. Pool-side barbecues, family vacations, and children's backyard campouts are just a few. But there's another activity that sometimes gets overlooked, and that is summer home maintenance.
This season presents some prime opportunities to make sure your home is in good working order. Let's examine a few areas you should add to your activity list.
1. Decks: Even the most well-constructed deck will need to be looked over for loose nails and screws, as well as warping or rotting wood. Replace any pieces that pose a safety risk. For easy cleaning, consider using a power washer. This will get rid of the dirt and grime that naturally collects throughout the year on decks.
2. Roof. Roofs require semi-annual inspections. Wind storms, hail, and regular old wear and tear mean you need to visually inspect your roof each year. Clean debris from your roof and look for missing and loose singles. Trim back branches that overhang onto the roof. And be sure your gutter is still free of debris.
3. Water Heaters. Your tank should be drained once a year. This will help with sediment build-up that is inevitable with water heater use. By draining the water heater you can add years to its lifespan.
4. Change air filters. Filters do their job well, and as such, they need changed often. Filters are part of what keeps your home protected from pollutants and allergens. And since they are inexpensive and easy to change, there is not reason not to add this task to your summer activity list.
5. Recreation. Pools are a popular destination during the summer months. Take this time to be sure that tiles and grout are in good repair, or that linings are free from holes in the case of above ground pools. Check your pool's chemistry often. That means twice a week during the summer. And don't forget to clean the pool skimmers often to make sure you get the best circulation, a must for any healthy pool.
Have fun this summer, and remember to give your home a little TLC.
Repair Rules Complicate Financing For 'AS IS' Deals
Q: I am trying to buy a home with a 5 percent downpayment, and I've been told that the only loan I can use is an FHA loan. I made an offer on a house I really like, but it's a very old house. My offer was to take it "as is"; I thought I would just get a pest inspection and a home inspection to make sure I knew what I was taking on, but the seller was clear up front that he wouldn't be doing any work to the place, so I got the place at a very good discount.
Anyhow, somehow the appraiser saw the pest inspection report and now the bank is saying it won't do my loan unless all the repairs the inspector recommended are done before closing! There's no way the seller or I can afford it, and the seller had other offers from two other buyers who say they'll take it "as is." Do you know of any solutions to this problem?
A: It's one of the strangest but very common things, this real estate version of the "Don't ask, don't tell" policy. If the loan underwriter doesn't know and isn't specifically told that the buyer has obtained a pest inspection, it doesn't require seeing it -- it's simply not a requirement for a loan, even an FHA loan.
(The one exception is in the event the appraiser sees some condition on the property he or she feels might pose a health or safety risk -- the appraiser has the right to recommend that the underwriter require that an inspector or contractor verify the safety of that item in writing, or repair it.)
However, if the underwriter is informed in any way that there is a pest report on the property, he can and almost always will ask to see it. And once he asks to see it, he can and almost always will require the recommended repairs be completed -- before funding the loan.
This is a major glitch on "as is" transactions, where the buyer negotiated a lower price for the property specifically because of the repairs that needed to be done, and planned to do the repairs herself, over time, or in the course of an overall overhaul and remodel of the property.
In these cases, the seller often can't or won't pay to do the repairs -- or even allow the repairs to be done -- before closing. And the buyer often doesn't have the cash to get the repairs done, or was planning to use the cash to do larger, more urgent projects after closing to make the home livable.
There are a number of ways underwriters learn of pest reports. Sometimes it is specifically mentioned in the contract. (This, by the way, is not necessary -- buyer's brokers can preserve their clients' rights to obtain any and all inspections they want to without specifically stating which inspections the buyer plans to obtain.)
Other times, the listing agent has left a disclosure packet, including reports and repair bids, on the kitchen counter or uploaded them into the multiple listing service (MLS) listing, and the appraiser sees them, then alerts the underwriter.
I've even seen underwriters notice a line item on the proposed closing statement that mentions that the buyer was planning to pay an inspector out of escrow funds at closing, and demand to see the inspection report generated before green-lighting the release of mortgage funds.
In any of these events, the underwriter will almost always require to see the report. If the report has active infestations or even dry rot, or wood damage -- no matter how minor or unlikely the problem is to get worse -- the underwriter will require that it be cleared before closing.
Many agents whose clients are buying properties "as is," but obtaining inspections for their information, now simply don't mention any specific inspections in the documents to allow their clients the right to do the work after closing, on their own timetable, or in the course of other changes they have planned to the property.
In terms of workarounds, some underwriters will waive the repairs as long as they see that the buyer has signed an agreement to take the property "as is," and the appraiser gives the opinion that there are no health and safety dangers on the property, and that the repairs recommended do not cause the value of the property to fall below the purchase price.
However, underwriters have a vast amount of discretion, and many will simply not budge on requiring repairs once they see the reports.
In these cases, buyer and seller might want to discuss splitting the repair costs, or otherwise renegotiating the terms of the sale to allow the repairs to be completed (e.g., increasing the price to cover the repair costs sellers incur to meet the lender's requirements).
Some buyers will find a less expensive contractor to actually complete the repairs, then just have the pest company reinspect and certify that the repairs have been done satisfactorily.
I've also seen mortgage professionals switch the entire transaction to a new lender, presenting them with a totally new contract that doesn't mention the pest report.
This strategy requires major cooperation from the seller and an extension of time to close the deal. Often, sellers prefer to move on to their backup offers in these situations, but it never hurts to ask.
Q: I am trying to buy a home with a 5 percent downpayment, and I've been told that the only loan I can use is an FHA loan. I made an offer on a house I really like, but it's a very old house. My offer was to take it "as is"; I thought I would just get a pest inspection and a home inspection to make sure I knew what I was taking on, but the seller was clear up front that he wouldn't be doing any work to the place, so I got the place at a very good discount.
Anyhow, somehow the appraiser saw the pest inspection report and now the bank is saying it won't do my loan unless all the repairs the inspector recommended are done before closing! There's no way the seller or I can afford it, and the seller had other offers from two other buyers who say they'll take it "as is." Do you know of any solutions to this problem?
A: It's one of the strangest but very common things, this real estate version of the "Don't ask, don't tell" policy. If the loan underwriter doesn't know and isn't specifically told that the buyer has obtained a pest inspection, it doesn't require seeing it -- it's simply not a requirement for a loan, even an FHA loan.
(The one exception is in the event the appraiser sees some condition on the property he or she feels might pose a health or safety risk -- the appraiser has the right to recommend that the underwriter require that an inspector or contractor verify the safety of that item in writing, or repair it.)
However, if the underwriter is informed in any way that there is a pest report on the property, he can and almost always will ask to see it. And once he asks to see it, he can and almost always will require the recommended repairs be completed -- before funding the loan.
This is a major glitch on "as is" transactions, where the buyer negotiated a lower price for the property specifically because of the repairs that needed to be done, and planned to do the repairs herself, over time, or in the course of an overall overhaul and remodel of the property.
In these cases, the seller often can't or won't pay to do the repairs -- or even allow the repairs to be done -- before closing. And the buyer often doesn't have the cash to get the repairs done, or was planning to use the cash to do larger, more urgent projects after closing to make the home livable.
There are a number of ways underwriters learn of pest reports. Sometimes it is specifically mentioned in the contract. (This, by the way, is not necessary -- buyer's brokers can preserve their clients' rights to obtain any and all inspections they want to without specifically stating which inspections the buyer plans to obtain.)
Other times, the listing agent has left a disclosure packet, including reports and repair bids, on the kitchen counter or uploaded them into the multiple listing service (MLS) listing, and the appraiser sees them, then alerts the underwriter.
I've even seen underwriters notice a line item on the proposed closing statement that mentions that the buyer was planning to pay an inspector out of escrow funds at closing, and demand to see the inspection report generated before green-lighting the release of mortgage funds.
In any of these events, the underwriter will almost always require to see the report. If the report has active infestations or even dry rot, or wood damage -- no matter how minor or unlikely the problem is to get worse -- the underwriter will require that it be cleared before closing.
Many agents whose clients are buying properties "as is," but obtaining inspections for their information, now simply don't mention any specific inspections in the documents to allow their clients the right to do the work after closing, on their own timetable, or in the course of other changes they have planned to the property.
In terms of workarounds, some underwriters will waive the repairs as long as they see that the buyer has signed an agreement to take the property "as is," and the appraiser gives the opinion that there are no health and safety dangers on the property, and that the repairs recommended do not cause the value of the property to fall below the purchase price.
However, underwriters have a vast amount of discretion, and many will simply not budge on requiring repairs once they see the reports.
In these cases, buyer and seller might want to discuss splitting the repair costs, or otherwise renegotiating the terms of the sale to allow the repairs to be completed (e.g., increasing the price to cover the repair costs sellers incur to meet the lender's requirements).
Some buyers will find a less expensive contractor to actually complete the repairs, then just have the pest company reinspect and certify that the repairs have been done satisfactorily.
I've also seen mortgage professionals switch the entire transaction to a new lender, presenting them with a totally new contract that doesn't mention the pest report.
This strategy requires major cooperation from the seller and an extension of time to close the deal. Often, sellers prefer to move on to their backup offers in these situations, but it never hurts to ask.
5 Key Changes In Boomers' Post-Work Plans
Survey Reveals New Expectations For Homes, Finances
Mary Umberger Inman News
It's not your father's retirement scenario -- that's for sure.
And for many aging baby boomers, "retirement" won't even amount to a real cessation of work, because many of the generation of 76 million babies born between 1945 and 1964 are now saying they plan to keep on working, whether from enjoyment or because they must.
Del Webb, a builder that specializes in housing developments for residents 55 and over, has conducted 10 extensive opinion surveys on the boomers since 1996, and says the famous population cohort has changed significantly over the years. The 2010 Del Webb Baby Boomer Survey found them considerably less interested these days in heading for the traditional Arizona/Florida locales -- if they'll move at all. And their reasoning for pulling up stakes has changed, too.
Five things to know about boomers' retirement plans:
1. The last day on the job is going to hit later than it used to. The younger boomers, who are turning 50 soon, plan to retire a median of four years later than 50-year-olds who responded to the survey in 1996 -- at age 67 versus 63.
Their reasons for the change are mixed, according to Webb spokesman Valerie Dolenga, who says the survey found plenty of people who like to work and want to continue, whether in the same kinds of jobs, as consultants, or some other field, part time or full time. Then there are those who just have to work.
"I was looking at the comments of those who answered the survey," she said. "I was really surprised to see that it's pure enjoyment for some of these folks.
"Then there are those who say, 'Yeah, I need to work because my 401(k) has been hit so hard,' or they can't sell their homes," she said. "Clearly, those factors are working in tandem."
And then there's this sobering admission: Boomers who are turning 50 this year are three times as likely to think they'll never be financially prepared for retirement compared to older boomers -- 41 percent today vs. 15 percent who said that in the 1996 survey.
2. The still-at-work decision will affect whether they'll move, she said.
Among the older baby boomers (who started turning 50 in 1995), one-third plan to move in retirement; more than 50 percent plan to move to a different state, 25 percent to a different city within the same state, and fewer than 20 percent within the same town.
Younger boomers now are more interested in moving than their similarly aged predecessors were in the 1996 survey. About 42 percent of those turning 50 this year say they want to move in retirement, compared with 36 percent of 50-year-olds in the earlier survey.
3. But the ones who are planning to move some distance are changing the rules, the survey found.
"Florida has slid off the map," Dolenga said. In the survey, the top two destination preferences were North and South Carolina.
The boomers still are lured by the promise of warmer weather, but the Carolinas, with occasional glimpses of the climate Northerners have left behind, offer a compromise, she said. The "halfback" phenomenon -- retirees who have wearied of Florida for whatever reason and moved back up the Atlantic coast to the Carolinas -- is real, she said.
A major influence: cost of living, according to the survey.
4. What they want once they get there has changed significantly, also, Dolenga said.
Boomers aren't seeking some armchair idyll -- they're drawn to urban amenities such as shopping, restaurants and cultural amenities. And access to health care ranks very high for them now.
Another attitude adjustment: The almost folkloric belief within the housing industry that baby boomers will retire to some spot that's close to their relatives has gotten the heave-ho, according to the survey. Being close to grandchildren ranked second to last among their decisions about where to live.
5. The houses they'll live in are changing, too, Dolenga said.
Reflecting what they've seen in the economy in the past couple of years, boomer consumers are more accepting of less square footage and are more interested in spaces that can handle multiple uses.
And builders who cater to them have changed tactics somewhat, with less of an "everything is included" approach in order to appeal to financially chastened boomers who are interested in a simpler, less luxurious house to start with and may add some of the fancier features as they go along, she said.
But Dolenga is starting to suspect that despite their loudly expressed financial worries, home-shopping baby boomers just recently have begun to display a little more willingness to crack open their wallets.
"I think we're seeing some frugality fatigue, people weary of trying to save every single penny," she said. Her company, which tracks the number of visitors to its developments, says traffic is up.
"We're starting to see people out there again," she said. "They're out there. They're shopping."
Mary Umberger is a freelance writer in Chicago.
Top 10 Places for New Grads to Live and Work
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)
Dotting i and crossing t in 'tax credit'
Today's Real Estate News Provided by Inman News
Home Sale Hindsight
Tara-Nicholle Nelson Inman News
Q: How does one get information on what forms to fill out when buying a new home? It's my understanding that a form needs to be completed within seven days after the close of a property. I was eligible last year and did not know I needed a form to complete and submit for a certificate.
So I have two questions:
1. Am I solely responsible to know the process, or does my agent have a responsibility to guide me through this?
2. Is there any way I can get this credit based on my purchase last year? I closed on March 15, 2009.
A: Let me state up front that I'm assuming you are referring to the federal first-time homebuyer tax credit. The tax credit is a tax issue, and real estate agents are actually advisers on real estate issues, not tax issues.
With everything in real estate, it is your responsibility to investigate and educate yourself regarding your rights and obligations, but many, many real estate agents do offer basic information about the various tax credits that are available to homebuyers -- almost always with the caveat that homebuyers who are interested or think they might qualify should contact a tax adviser, like a certified public accountant or an enrolled agent, for more information.
In terms of educating yourself, these matters can be pretty self-service -- though actually completing the paperwork and any strategic decision-making on real estate-related tax matters can and should be done with the advice or help of a tax professional.
The Internal Revenue Service website has detailed pages detailing the tax credit and eligibility requirements, and the National Association of Realtors has some very simple comparison charts and user-friendly guides to help you understand them, too.
There have been various versions of this credit over the last few years, so your closing date does matter. For an escrow closing on March 15, 2009, your federal first-time homebuyer credit would have been up to $8,000, and there was no limit on the purchase price of your home.
For that particular credit which applies to your closing date, you are eligible only if you had no ownership interest in a home for at least three years prior to buying your new home. There were income limits, though: $75,000 for a single homebuyer and $125,000 for married homebuyers filing jointly (although, if you made more in calendar year 2009 and are otherwise eligible for the credit, you might be eligible for a reduced amount of the credit).
The revision of the tax credit that went into place late in 2009 does have an anti-fraud provision that requires buyers to submit their HUD-1 settlement statement -- which every seller and buyer of a home in America receives at or immediately after closing without completing any forms -- to the IRS along with their tax return claiming the tax credit.
For your March 15, 2009, close of escrow date, you are not required to submit that statement or any other certificate with your tax return. However, it is advisable that you do so -- there are reports that about one in five taxpayers being audited these days is someone claiming the tax credit.
Those who submit their HUD-1 settlement statement, which looks like a balance sheet with credits and debits in columns down the right-hand side, to the IRS are less likely to be audited and more likely to get their credit and refund quickly.
If you don't know where your HUD-1 settlement statement is, drop an e-mail to your agent or your escrow closing officer or attorney. They'll probably have a PDF version they can e-mail you quickly. Even if you've already filed your 2009 tax return, you are able to file a simple amended return claiming the credit, minimizing your liability and/or boosting your refund.
Tara-Nicholle Nelson is author of "The Savvy Woman's Homebuying Handbook" and "Trillion Dollar Women
Avoid Home Improvement Gimmicks That Hammer Resale Value
Should Sellers Repaint, Re-Side or Sell 'As Is'?
Paul Bianchina
Inman News
Q: We are considering listing our vacation home, and I have a question for you on whether it would be worth it to invest the money putting siding on it or selling it as is? The home is located on (a) golf course and has a magnificent view of the first hole and surrounding lakes and mountains.
We had the house exterior coated in "liquid siding" about six years ago and it was supposed to offer lifetime protection from the elements (at a cost of $6,000). Unfortunately it did not and the company has gone bankrupt. We had some bad spots patched and repainted but now they look bad again and we are not sure what would be best.
We could do a better patch job and have the exterior primed and painted (hopefully the paint will "stick" to the liquid siding), or we could have vinyl siding put up, or we could sell the house "as is." The interior of the house is in good shape; we just had new Pella windows and doors installed within the past year. What do you think?
A: In general, in a down real estate market such as we now have, I think the more a seller can do to make their home attractive the better their chances are of finding a buyer. It's also important that the house shows that it has been well maintained, which is another reason to make whatever repairs are necessary before listing. In my personal opinion, selling a house "as is" should always be the last option, unless personal finances make that the only option.
That being said, it's difficult to advise you on whether to repair and paint the existing siding or have the house completely re-sided. This is where your own research and the assistance of an experienced real estate agent come into play.
You need to take a walk or a drive around your immediate area, and see what comparable houses right on the golf course look like -- especially any that are up for sale. This will give you a good indication of what buyers will expect to see in the neighborhood. Your real estate agent can call up comparable listings and sales for the area, so you can better understand what a realistic sales price will be.
If it costs a certain amount to have the house re-sided, and if you can realistically expect to recoup that investment in a higher sales price and a faster sale, then that's the way to go. If you can patch and paint for a lot less money, and that's what all the other homes in the area have done, then that might be the better option. All in all, I would probably lean toward painting, but be sure to verify that the "liquid siding" can be painted over.
You also mention using vinyl siding, which appeals to some people and doesn't appeal to others. So before taking that route be sure that a vinyl-sided house is in keeping with what others in the area have done. Also, make sure that it's allowed by your homeowners association.
One final thing, and this is directed at other readers, not at you (since I suspect you've already learned your lesson). Please don't fall for these miracle products such as "liquid siding"! Stick with reputable, proven products from reputable, proven suppliers and installers.
Q: My bathroom is very small but does have one west-facing window that allows in natural light. Any ideas to make this room appear larger?
A: There are a few tricks you can utilize to your advantage to make a small room seem larger:
First of all, stick with light colors on the walls and ceilings. That doesn't mean you need to be limited to just white, but stay light and neutral.
Paint the trim a lighter color than the walls. This is a visual trick that makes the walls appear to recede somewhat.
The use of mirrors is always a good idea to make a room look larger. If possible, position the mirror so that it reflects the light coming from the window. If you can't do that because of where the mirror needs to be positioned in relation to the sink, then instead of a mirror you might consider some sort of shallow wall hanging that is bright enough to reflect light.
Avoid window coverings that extend into the room. If you need a window covering for privacy, use a thin, light-colored blind or shade that mounts inside the window surround.
Add a light tube. This is an acrylic dome mounted on the roof, along with a tube that extends down to the ceiling. The dome lets in natural light, and the tube directs it to the room.
National Association of Realtors President
To: OAR Members
From: Doug McCloud, OAR 2010 president
RE: Tax Credit/Expansion status
Date: Friday, April 09, 2010
OAR has received numerous inquiries from its members asking what's the chance that Congress will, once again, extend the Homebuyer Tax Credit/Expansion program. Unfortunately, according to NAR President, Vicki Cox Golder, not very likely.
Below is a letter that Vicki sent last week to all State Association presidents explaining the situation and elaborating on what NAR is now focused on...
From: Vicki Cox Golder, 2010 NAR President
Date: March 24, 2010
Re: NAR Update: Tax Credit
Dear fellow association leader:
As you know the deadline for the Homebuyer Tax Credit is fast approaching.
Buyers must have a contract in place by April 30, 2010 with a closing date no
later than June 30, 2010 to claim the credit.
We expect that REALTORS will be asking you what the NAR is doing to extend the tax credit. NAR has had extensive discussions with our congressional allies and concluded that an additional extension of the tax credit is unlikely. While lawmakers recognize that the tax credit helped stabilize the market, it appears that much of the benefit has been realized.
NAR is now focused on working with our REALTOR Party champions to improve the availability of financing, which continues to be an issue. Specifically, we are working with Congress to strengthen FHA and to help develop a new business model for the secondary mortgage market giants Fannie Mae and Freddie Mac. You can follow our efforts on both fronts at www.Realtor.org/GovernmentAffairs.
Please encourage your members to use the resources available through NAR to help prospective buyers take advantage of the credit before the deadline. You can find those resources at www.Realtor.org/RightTools or www.Realtor.org/Store.
On behalf of the NAR Leadership Team and staff, I thank you for your support, as we help to keep real estate and our members "On the Rise."
Sincerely
Vicki Cox Golder, CRB
2010 NAR President
"IT AIN'T OVER TIL IT'S OVER." Yogi Berra. And whether you find those words deeply wise or simply puzzling...The Fed has told us repeatedly that their massive purchasing program of Mortgage Backed Securities is just about over - and this translates to home loan rates rising in the near future.
As you can see in the chart below, the amounts of Mortgage Backed Securities the Fed is purchasing are slowly dwindling, as the program is set to wrap up by March 31st, and are clearly trying to ration out the remaining portion. Last week, the Fed purchased $11 Billion in Mortgage Backed Securities, which leaves them with $66 Billion to spend out of their original $1.25 Trillion allotment. So about 95% of the total has already been spent and has purchased about 3 out of every 4 home loans during the past year. When such a large buyer leaves the market, it is very likely that prices on Mortgage Money will worsen.
This is very important because as the Fed has less money to last through the remaining months of the program, their ability to keep home loan rates low via their purchasing power will wane. And those who can take advantage of currently low home loan rates do not wait, as the clock on these historically low rates is ticking.
-----------------------
Chart: The Fed's Purchase of MBS (By Month)
Also last week, Fed Chairman Ben Bernanke provided a speech on a number of topics, perhaps the most important of these being switching the Fed's benchmark from the commonly watched and monitored Fed Funds Rate, to a new benchmark of "interest paid on excess reserves". Banks are required to keep money on reserve with the Fed and may, from time to time, have an excess in those reserves, which the Fed can pay interest on.
Since the Fed Funds Rate is only a "target rate", banks can still lend money to other bank overnight at their own negotiated rate. Sometimes near the end of the trading day, banks have been lending their excess reserves out overnight for a rate that differs from the Fed Funds Rate, but is higher than interest on those reserves from The Fed. This undermines the Fed's ability to set a reliable benchmark.
The Fed wants to fix this by using the amount of interest they pay as the new benchmark, since the Fed has total control of this rate, which should be right at or just under the Fed Funds Rate.
There is one major take-away from this discussion - it appears that the Fed is getting their ducks in a row as they prepare to push interest rates higher. And when they do increase rates, the Fed does not want any obstacles that may undermine their plan.
AND SPEAKING OF OBSTACLES THAT COULD CAUSE PROBLEMS...WATER DAMAGE CAN WREAK HAVOC ON YOUR HOME AND YOUR FINANCES, AND IS ESPECIALLY IMPORTANT TO WATCH OUT FOR DURING COLD WINTER MONTHS. CHECK OUT THE MORTGAGE MARKET VIEW ARTICLE BELOW FOR TIPS ON PROTECTING YOUR HOME!
Keeping Your Home Safe from Water Damage
Preventing water damage in your home is important at any time of year, but particularly in the winter when the cold weather can wreak havoc on plumbing. Here are some tips to make sure your water bill is as low as it should be...and that your home is as safe and dry as it needs to be:
Pay attention to your bill: Major fluctuations in water usage from one month to the next could mean that you have a problem. Taking just a few minutes to look at your bill each month could make a big difference in your wallet!
Inspect appliances: While much of your home's plumbing can be hidden behind walls and cabinets, most of your appliances that use water can be easily inspected for potential leaks. Each month, take the time to inspect areas around your water heater, dishwasher, refrigerator, washing machine, sinks, and toilets. If any hoses or seals appear old or damaged, replace them. Also, inspect and repair obvious caulking and tile grout damage. It's a small price to pay for what could be expensive repairs later.
Inspect the sewer line: Clear away build-up and roots from around your sewer line. Obstructions in this area could create major plumbing problems in the future.
Check your water pressure annually: This is easier than it sounds. Simply purchase a pressure gauge and attach it to the hose faucet. Normal results should range from 45 to 65 pounds per square inch (psi). A reading above 65 psi is considered high and could lead to problems down the line.
Find and fix leaks quickly: Make a habit of checking the main fixtures regularly so that when something out of the ordinary occurs you will notice it and take action immediately. Sometimes, however, slow water leaks aren't very obvious. A great way to discover hidden leaks is to look for stains in areas where water is often used. For example, if you see even small stains on the cabinet floors beneath the sink in the kitchen or bathrooms, you could have a problem. Warm spots in the floor or tiles could also be an indication of hidden water damage.
Before a vacation: The worst thing to come home to after a great vacation is major water damage. Consider turning off your water while you're gone. For many homeowners there is a separate shut-off valve for the home that doesn't affect your irrigation system.
The bottom line is that a little time and effort can make a big difference when it comes to keeping your home safe and dry, and your expenses at a minimum!
3 Factors to Take Into Consideration Before Jumping Into Housing Market
3 Factors to Take Into Consideration Before Jumping Into Housing Market
By Jim Gallagher Print Article
RISMEDIA, February 6, 2010—(MCT)—If you have a good job and good credit, the next few months might be a good time to go house hunting. Fence-sitters take the risk that Congress may let a rich tax credit expire, and that interest rates may rise. Buyers and sellers should consider the following factors as they consider jumping into the housing market.
-Mortgage rates are blissfully low, and that may not last. The rate on a 30-year mortgage averaged 5% last week, according to Freddie Mac. Rates are low in part because the Federal Reserve has been buying up about $3 trillion in mortgage-backed securities and mortgage agency debt. The aim is to hold down interest rates and keep mortgages available. But the Fed is slowly removing that financial crutch as the economy improves. It has no plans to buy any more past March 30, 2010. The likely result is an uptick in rates. Meanwhile, the recovering economy by itself should raise rates as the year goes on. Economists at the Mortgage Bankers Association expect to see a 6.1% rate by year end. Such a rise would add about $104 to the monthly payment on a $150,000 mortgage
-The home buyer tax credit expires on April 30, 2010 and no one knows if Congress will renew it a second time. Expect a clash between the real estate lobby and fiscal conservatives worried about the $1.35 trillion federal deficit. To qualify for the credit, you must sign a purchase contract by April 30, 2010 and close by July 1, 2010. First-time buyers get up to $8,000. “First-time” is defined as someone who hasn’t owned a home in three years. Move-up buyers get up to $6,500 when they purchase a new primary residence. To get the credit, you have to have lived in the old home for at least five out of the last eight years. The credits start phasing out at $125,000 in adjusted gross income for singles and $225,000 for joint filers.
-There are indications that home prices are near a bottom in some areas and may actually be rising a bit. That statement is dicey, because conditions vary by neighborhood and the data can be tricky.
Things might look different if you’re a seller though. Do you want to put your house on the market near the bottom of a price cycle? Homeowners who have a choice in the matter—those who can still pay their mortgages—are largely saying no. Inventories of homes for sale are down about 10% from this time last year, and 30% from the mid-decade peak of the housing boom, says Kevin Cottrell, chief economist at Kelsey Cottrell Realty Group. On the other hand, if you’re planning to move up to something grander, you might find a bigger bargain when you buy. And that $6,500 tax credit could swing a close decision.
Home sales peaked in some areas October and November, as buyers raced the expiration date of the original first-time home buyer’s credit. Congress later extended and expanded it. That rush satisfied some pent-up demand, but real estate agents are hoping for another rush around April. “People will wait to the very last second,” said Mike Travaglini, a vice president of Coldwell Banker Gundaker’s office in south St. Louis County.
Mortgage lenders have been tightening credit standards, which means fewer eligible buyers, says John Frank, president of Paramount Mortgage in Creve Coeur. Mo. “It’s getting tighter and tighter,” he said.
Lenders are insisting on credit scores of 640 to 660 for loans sold to Fannie Mae, Freddie Mac and 620 for FHA guaranteed loans. Those standards are higher than the federal agencies themselves insist on. FHA—which guarantees loans for people with low down-payments—has been raising its own insurance charges to borrowers and demanding higher premiums from people with poor credit scores.
(c) 2010, St. Louis Post-Dispatch.
Distributed by McClatchy-Tribune Information Services.
Feds Giving Mortgage Modifications Additional Boost
Feds Giving Mortgage Modifications Additional Boost
by Broderick Perkins
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