From NationalMortgageNews.com: A borrower who goes through a foreclosure must wait at least seven years before getting a new Fannie Mae loan, according to new underwriting guidelines that are being distributed along with an updated version of the GSE's Desktop Underwriter program.
According to a bulletin released to Fannie seller/servicers, the stipulation reads: "The minimum seasoning period after a foreclosure is seven (7) years."
The current minimum is in the range of four years, depending on conditions, said one lender who does Fannie loans. (This figure could not be confirmed. At press time the GSE could not be reached for comment.)
Fannie will release its 8.2 version of DU over the coming weekend. Among the underwriting changes is a requirement for "gift" letters...
Monday, December 13, 2010
Tuesday, December 7, 2010
Mortgage Activity Surges in Florida and New York
RISMEDIA, December 6, 2010—
According to new consumer activity collected by MortgageLoan.com between October 15 and November 15, 2010, the New York City metro area and cities in Florida saw overall increases in mortgage and refinance requests. Requests in Boston, Texas, and the Southwest were mixed.
While the New York City Metro area showed a 17% increase in overall request volume, Florida was the real winner with a 71% increase in refinance requests in Miami and Ft. Lauderdale and a 47% increase in Orlando.
"The dramatic increase in refinance activity in Florida markets suggests that home values may be stabilizing in many areas," says David Coster, residential lending expert at MortgageLoan.com. "Recent home price surveys, which do not look at secondary markets, have shown further value drops. Yet our site activity provides anecdotal evidence that may indicate more positive attitudes among Florida homeowners relative to their refinancing prospects."
The Boston metro area market showed a 32% increase in mortgage purchase activity, yet a 23% drop in refinance activity. "It is suggestive of a situation in which first time homebuyers, in-bound relocated employees, or investors are taking advantage of lowered home values," says Coster. "At the same time, existing homeowners are still struggling with homes that cannot be refinanced due to value, credit, or employment issues."
The Houston, Texas area saw a 17% decrease in overall requests. Other Texas and Southwestern markets also saw declines in refinance activity, including a 38% decrease in Phoenix, Arizona, a 32% decrease in Albuquerque, New Mexico, a 26% decrease in San Antonio Texas, and a 24% decrease in Fort Worth, Texas.
The overall site activity at MortgageLoan.com indicates a housing market that varies from market to market and from month to month. Still, signs of marginal improvement appear to be creeping into the data.
According to new consumer activity collected by MortgageLoan.com between October 15 and November 15, 2010, the New York City metro area and cities in Florida saw overall increases in mortgage and refinance requests. Requests in Boston, Texas, and the Southwest were mixed.
While the New York City Metro area showed a 17% increase in overall request volume, Florida was the real winner with a 71% increase in refinance requests in Miami and Ft. Lauderdale and a 47% increase in Orlando.
"The dramatic increase in refinance activity in Florida markets suggests that home values may be stabilizing in many areas," says David Coster, residential lending expert at MortgageLoan.com. "Recent home price surveys, which do not look at secondary markets, have shown further value drops. Yet our site activity provides anecdotal evidence that may indicate more positive attitudes among Florida homeowners relative to their refinancing prospects."
The Boston metro area market showed a 32% increase in mortgage purchase activity, yet a 23% drop in refinance activity. "It is suggestive of a situation in which first time homebuyers, in-bound relocated employees, or investors are taking advantage of lowered home values," says Coster. "At the same time, existing homeowners are still struggling with homes that cannot be refinanced due to value, credit, or employment issues."
The Houston, Texas area saw a 17% decrease in overall requests. Other Texas and Southwestern markets also saw declines in refinance activity, including a 38% decrease in Phoenix, Arizona, a 32% decrease in Albuquerque, New Mexico, a 26% decrease in San Antonio Texas, and a 24% decrease in Fort Worth, Texas.
The overall site activity at MortgageLoan.com indicates a housing market that varies from market to market and from month to month. Still, signs of marginal improvement appear to be creeping into the data.
Thursday, December 2, 2010
10 Ways to Make a Small Room Look Larger
Most people have one: that room in the house that they wish was just a little larger. What many don't realize is that with a little work and some TLC, they could have exactly what they're looking for.
Lowe's offers 10 designer tricks to help you make any room look larger:
1. For the illusion of a larger room, use a color scheme that is light rather than bright or dark. Pastels, neutrals and white are all color possibilities.
2. Use a monochromatic color scheme on the furniture, rugs and walls. Select different shades and textures of your single color.
3. Lighting is a key element in opening up a space. Recessed spot lighting is visually appealing and is perfect for a small space. A torchiere light is great for bouncing light off of the ceiling and back down on the room.Skylights and solar tubes are natural alternatives for adding light to a room.
4. Limit the number of accessories to avoid the cluttered feeling.
5. The floor and the ceiling are the fifth and sixth walls of every room. A light-colored flooring such as light oak or a light-colored carpet will make the room appear brighter and more open. The same applies to the ceiling—use a light color or white to "open up" the space above.
6. Increase the appearance of the size of the room by adding wall mirrors. They not only reflect images, they reflect light and color. Be a little daring! Use mirror tiles to mirror an entire wall. Your room will appear to double in size.
7. Don't place too many pieces of furniture in a small space. A love seat may work better than a full-size sofa depending on the size and shape of the room. Add two medium-sized chairs or two small wood chairs. Place the chairs closer to the wall and then pull them into the area when additional seating is needed.
8. Add paintings or prints to the walls. One large painting works better than a group of small paintings.
9. The visual balance of a room is also important. A large, brightly colored element can overwhelm a room and decrease the appearance of space.
10. A glass table, whether it is a dining, coffee or end table, will keep the appearance of an open and free space.
For more how-to project ideas, visit Lowe's How-To Library at http://www.lowes.com/cd_How+To+Library_615580068_.
Lowe's offers 10 designer tricks to help you make any room look larger:
1. For the illusion of a larger room, use a color scheme that is light rather than bright or dark. Pastels, neutrals and white are all color possibilities.
2. Use a monochromatic color scheme on the furniture, rugs and walls. Select different shades and textures of your single color.
3. Lighting is a key element in opening up a space. Recessed spot lighting is visually appealing and is perfect for a small space. A torchiere light is great for bouncing light off of the ceiling and back down on the room.Skylights and solar tubes are natural alternatives for adding light to a room.
4. Limit the number of accessories to avoid the cluttered feeling.
5. The floor and the ceiling are the fifth and sixth walls of every room. A light-colored flooring such as light oak or a light-colored carpet will make the room appear brighter and more open. The same applies to the ceiling—use a light color or white to "open up" the space above.
6. Increase the appearance of the size of the room by adding wall mirrors. They not only reflect images, they reflect light and color. Be a little daring! Use mirror tiles to mirror an entire wall. Your room will appear to double in size.
7. Don't place too many pieces of furniture in a small space. A love seat may work better than a full-size sofa depending on the size and shape of the room. Add two medium-sized chairs or two small wood chairs. Place the chairs closer to the wall and then pull them into the area when additional seating is needed.
8. Add paintings or prints to the walls. One large painting works better than a group of small paintings.
9. The visual balance of a room is also important. A large, brightly colored element can overwhelm a room and decrease the appearance of space.
10. A glass table, whether it is a dining, coffee or end table, will keep the appearance of an open and free space.
For more how-to project ideas, visit Lowe's How-To Library at http://www.lowes.com/cd_How+To+Library_615580068_.
Wednesday, December 1, 2010
Ten Sure Fire Ways to Distract Buyers from Focusing on Your Home
** This blog has been reposted - original authors are noted at the bottom **
This may seem a bit harsh but it is just plain speaking honest commentary regarding my experience as a buyer's agent. The statements below are taken directly from the comments and behaviors of buyers viewing homes for sale. It not meant to be negative but rather is meant to give sellers a bit of a look into the buyer's head. A chance to see things from the buyer's perspective without the candy coating we agents typically put on things.
10) Leave your "friendly" dog roaming free inside the house when you know we are coming to see it -
Not all buyers are dog people. Many whether they are dog people or not will actually be scared of your dog. I have had clients refuse to go into homes because the dog was out. Or they go in but don't stay long because the dog is either scared of them or overly friendly. It's hard to pay attention to a home when your nether regions are being inspected by Fido. If the buyers are true dog people they are going to focus on the dog not on the house. Trust me I have seen it happen. One way or the other your pet has effectively distracted the buyer from looking at your home.
9) Leave something aromatic cooking in the crock pot for your dinner that night -
Not all buyers are going to be fans of your food choices. In fact if it is particularly aromatic and something the buyer's don't care for, they are likely to ask me if I think the smell will come out or leave quickly because they don't like the smell. They were so focused on your food choice they didn't look at your house.
8) Keep photos of your family up throughout the house -
Guess what, buyers are going to look at your family photos to try to figure out who you are, do they know you, how many kids do you have? Guess what they are not doing? Looking at your house.
7) Keep all your knick knacks out -
I know they are precious to you but honestly they are distracting to the buyer. Instead of looking at the fabulous mantle the buyer will be looking at all the items on the mantel. As with family photos, buyers will often comment on these items trying to form opinions on who you, the sellers, are rather than focusing on the home. Pack them up in boxes so you have one less thing to do later on moving day.
6) Make it difficult for me to show your house -
I know selling your home is a pain, that you have a life and the appointment time I'm suggesting might not fit into your schedule. But, hey I have a buyer that wants to look at your house. You want to sell your house right? Know what happens when you can't make that appointment time work? The buyer goes and looks at other houses that are available to see at that time. Do buyers reschedule to see your house at a later date? Often times not. Many buyers find another home that they like or are just not interested in going back to see one they couldn't see right away. I am not saying that you have to turn your life completely upside down and backwards. I am just saying that if our appointment time does not work for you don't be surprised when we don't reschedule. The buyer is likely to have moved on.
5) To continue on the pet theme, leave your cat roaming free throughout the house with a note by the front door stating "Please do not let the cat out" -
You are setting up a stressful rather than relaxing situation for the potential buyer and for me the buyers agent. Buyers are forced to dash in and out of doors rather than wander freely throughout the home and property. They miss out on the opportunity to call back into the house to their spouse or partner that "they have got to come see this garden, bbq area, hot tub etc" because they had to shut the door so the cat didn't get out. If they do get wrapped up in looking at the house and forget to shut doors I have to remind them instead of pointing out the features and benefits of your property. You just made me the nagging hall monitor instead of the helpful agent. When your pet does manage a jail break, as I swear 99% of them do, I am forced to give chase to Houdini the Wonder Kitty. Meanwhile my buyers are cooling their heels either irritated that we are off schedule or more likely worried that you are going to be mad if we don't catch your pet and get them back inside your home. Again the focus has been shifted away from your home.
4) Don't replace burned out light bulbs or use low wattage bulbs -
Yes I know it's only the laundry room, a closet or the spare bedroom you never use but guess what? The buyer wants to see these spaces and when the buyer can't see it they can't form an opinion. Use a good high watt bulb that appropriately lights the space. While the lower wattage bulb will save on your electric bill it will also make for a dark space. Dark spaces do not impress buyers. I will typically bring a flash light to help out when a bulb is out but it is still not the same as having a working bulb with the appropriate wattage to light the room to the best benefit. Buyers will focus on the burned out bulb instead of the space. Is it just the bulb? Is there something wrong with the fixture? If the bulb is dim buyers will focus on how dark the space is instead of how useful it might be. Don't give them a chance to wonder and worry, just replace the bulb and show off the assets of your home in the "best light".
3) Close all the curtains and turn off all the lights -
When we walk into the house instead of immediately noticing the great things about the house we are going to be fumbling around looking for light switches. It is likely that either I or one of the buyers may stub a toe on a hall table trying to find the switch. Buyers are hesitant to enter dark areas. In a home that is dark the buyers tend to follow me around as I turn lights on instead of lingering in various rooms to focus on what they might like about a room. They feel more like they are intruding and less like they are welcome. Instead of paying attention to the homes benefits they worry about whether they remembered to turn a light off as they left a room. They also don't get as much of my attention because instead of being able to answer their questions about whether or not the fridge is included or what the square footage of the lot is I am running around opening and shutting drapes and turning light switches on and off. I know it may not be practical to leave all the drapes open and all the lights on all the time. At least leave the drapes open on the windows with the best views and leave a few lights on so we can find our way around the house. If it was on when we got there I will leave it on when we depart. If it was off I will turn it off. Please at least leave the porch light on. I do carry a flashlight but it is just not the same as pulling up to a home with a welcoming porch light on.
2) Turn the heat down -
I know especially if you have already moved out that you would like to save on that energy bill but if it is colder in your house than it is outside buyers don't want to linger. They don't get a warm cozy feeling from your home. They just feel cold and that feeling transfers to an emotional opinion of your home. If you can't keep the heat all the way up at least keep it at 55 so we are comfortable in our coats and for heaven sake if you are going to turn the heat down don't expect us to take our shoes off, leave some shoe covers. One of the quickest ways to drive a potential buyer out of your house is to make them view a cold house in stocking feet. It is hard to admire the spacious kitchen when your feet are being flash frozen by the cold tile floors.
1) Stay in your home while we are showing it -
This is the BEST most SURE FIRE way to make a large majority of buyers uncomfortable. Buyers don't even come close to paying attention to the features and benefits of a home if you are there. They are so nervous about offending you and so uncomfortable looking at your home while you sit in your living room or worse follow them around that they rush through. They will tell you thanks for letting them look and dash out. Upon leaving they can't begin to tell me if they noticed what colors the wall were, if there was carpet in the living room or if they liked the kitchen or not. What they do tell me is "That was uncomfortable", "I don't like looking at homes when the seller is there" and "Can you make sure the seller will be gone at the next one, if they are there I don't want to see it". Leave, even if you go sit in your car, take a walk around the block or dash over to your neighbors, just leave. The buyer will stay longer and pay more attention to your home then if you are there. If they are interested in your home and have questions I will call your agent and ask. Think about it. Would you feel comfortable wandering through someone's master bedroom and checking out the closet space while they were sitting in the living room? If the buyers fall in love with you home and decide to make an offer there will likely come a time where they will want to meet you and discuss your home at length and in detail with you. Typically buyer's and seller's agents are more than happy to set up this meeting. It is just not the first time the buyers are viewing your home.
Again, please keep in mind these statements are meant to be helpful to sellers and give them a chance to look at things from the buyer's perspective. These are just some of the things that may not typically be thought of as a big deal but do in fact distract buyers focus.
Noelle Blazevich
John L. Scott - North Bend
This may seem a bit harsh but it is just plain speaking honest commentary regarding my experience as a buyer's agent. The statements below are taken directly from the comments and behaviors of buyers viewing homes for sale. It not meant to be negative but rather is meant to give sellers a bit of a look into the buyer's head. A chance to see things from the buyer's perspective without the candy coating we agents typically put on things.
10) Leave your "friendly" dog roaming free inside the house when you know we are coming to see it -
Not all buyers are dog people. Many whether they are dog people or not will actually be scared of your dog. I have had clients refuse to go into homes because the dog was out. Or they go in but don't stay long because the dog is either scared of them or overly friendly. It's hard to pay attention to a home when your nether regions are being inspected by Fido. If the buyers are true dog people they are going to focus on the dog not on the house. Trust me I have seen it happen. One way or the other your pet has effectively distracted the buyer from looking at your home.
9) Leave something aromatic cooking in the crock pot for your dinner that night -
Not all buyers are going to be fans of your food choices. In fact if it is particularly aromatic and something the buyer's don't care for, they are likely to ask me if I think the smell will come out or leave quickly because they don't like the smell. They were so focused on your food choice they didn't look at your house.
8) Keep photos of your family up throughout the house -
Guess what, buyers are going to look at your family photos to try to figure out who you are, do they know you, how many kids do you have? Guess what they are not doing? Looking at your house.
7) Keep all your knick knacks out -
I know they are precious to you but honestly they are distracting to the buyer. Instead of looking at the fabulous mantle the buyer will be looking at all the items on the mantel. As with family photos, buyers will often comment on these items trying to form opinions on who you, the sellers, are rather than focusing on the home. Pack them up in boxes so you have one less thing to do later on moving day.
6) Make it difficult for me to show your house -
I know selling your home is a pain, that you have a life and the appointment time I'm suggesting might not fit into your schedule. But, hey I have a buyer that wants to look at your house. You want to sell your house right? Know what happens when you can't make that appointment time work? The buyer goes and looks at other houses that are available to see at that time. Do buyers reschedule to see your house at a later date? Often times not. Many buyers find another home that they like or are just not interested in going back to see one they couldn't see right away. I am not saying that you have to turn your life completely upside down and backwards. I am just saying that if our appointment time does not work for you don't be surprised when we don't reschedule. The buyer is likely to have moved on.
5) To continue on the pet theme, leave your cat roaming free throughout the house with a note by the front door stating "Please do not let the cat out" -
You are setting up a stressful rather than relaxing situation for the potential buyer and for me the buyers agent. Buyers are forced to dash in and out of doors rather than wander freely throughout the home and property. They miss out on the opportunity to call back into the house to their spouse or partner that "they have got to come see this garden, bbq area, hot tub etc" because they had to shut the door so the cat didn't get out. If they do get wrapped up in looking at the house and forget to shut doors I have to remind them instead of pointing out the features and benefits of your property. You just made me the nagging hall monitor instead of the helpful agent. When your pet does manage a jail break, as I swear 99% of them do, I am forced to give chase to Houdini the Wonder Kitty. Meanwhile my buyers are cooling their heels either irritated that we are off schedule or more likely worried that you are going to be mad if we don't catch your pet and get them back inside your home. Again the focus has been shifted away from your home.
4) Don't replace burned out light bulbs or use low wattage bulbs -
Yes I know it's only the laundry room, a closet or the spare bedroom you never use but guess what? The buyer wants to see these spaces and when the buyer can't see it they can't form an opinion. Use a good high watt bulb that appropriately lights the space. While the lower wattage bulb will save on your electric bill it will also make for a dark space. Dark spaces do not impress buyers. I will typically bring a flash light to help out when a bulb is out but it is still not the same as having a working bulb with the appropriate wattage to light the room to the best benefit. Buyers will focus on the burned out bulb instead of the space. Is it just the bulb? Is there something wrong with the fixture? If the bulb is dim buyers will focus on how dark the space is instead of how useful it might be. Don't give them a chance to wonder and worry, just replace the bulb and show off the assets of your home in the "best light".
3) Close all the curtains and turn off all the lights -
When we walk into the house instead of immediately noticing the great things about the house we are going to be fumbling around looking for light switches. It is likely that either I or one of the buyers may stub a toe on a hall table trying to find the switch. Buyers are hesitant to enter dark areas. In a home that is dark the buyers tend to follow me around as I turn lights on instead of lingering in various rooms to focus on what they might like about a room. They feel more like they are intruding and less like they are welcome. Instead of paying attention to the homes benefits they worry about whether they remembered to turn a light off as they left a room. They also don't get as much of my attention because instead of being able to answer their questions about whether or not the fridge is included or what the square footage of the lot is I am running around opening and shutting drapes and turning light switches on and off. I know it may not be practical to leave all the drapes open and all the lights on all the time. At least leave the drapes open on the windows with the best views and leave a few lights on so we can find our way around the house. If it was on when we got there I will leave it on when we depart. If it was off I will turn it off. Please at least leave the porch light on. I do carry a flashlight but it is just not the same as pulling up to a home with a welcoming porch light on.
2) Turn the heat down -
I know especially if you have already moved out that you would like to save on that energy bill but if it is colder in your house than it is outside buyers don't want to linger. They don't get a warm cozy feeling from your home. They just feel cold and that feeling transfers to an emotional opinion of your home. If you can't keep the heat all the way up at least keep it at 55 so we are comfortable in our coats and for heaven sake if you are going to turn the heat down don't expect us to take our shoes off, leave some shoe covers. One of the quickest ways to drive a potential buyer out of your house is to make them view a cold house in stocking feet. It is hard to admire the spacious kitchen when your feet are being flash frozen by the cold tile floors.
1) Stay in your home while we are showing it -
This is the BEST most SURE FIRE way to make a large majority of buyers uncomfortable. Buyers don't even come close to paying attention to the features and benefits of a home if you are there. They are so nervous about offending you and so uncomfortable looking at your home while you sit in your living room or worse follow them around that they rush through. They will tell you thanks for letting them look and dash out. Upon leaving they can't begin to tell me if they noticed what colors the wall were, if there was carpet in the living room or if they liked the kitchen or not. What they do tell me is "That was uncomfortable", "I don't like looking at homes when the seller is there" and "Can you make sure the seller will be gone at the next one, if they are there I don't want to see it". Leave, even if you go sit in your car, take a walk around the block or dash over to your neighbors, just leave. The buyer will stay longer and pay more attention to your home then if you are there. If they are interested in your home and have questions I will call your agent and ask. Think about it. Would you feel comfortable wandering through someone's master bedroom and checking out the closet space while they were sitting in the living room? If the buyers fall in love with you home and decide to make an offer there will likely come a time where they will want to meet you and discuss your home at length and in detail with you. Typically buyer's and seller's agents are more than happy to set up this meeting. It is just not the first time the buyers are viewing your home.
Again, please keep in mind these statements are meant to be helpful to sellers and give them a chance to look at things from the buyer's perspective. These are just some of the things that may not typically be thought of as a big deal but do in fact distract buyers focus.
Noelle Blazevich
John L. Scott - North Bend
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