'Tis the Season for Home Buyers

By Gino Blefari President & CEO
Intero Real Estate Services, Inc

It may be the best time of year for traditional retailers who find their bottom lines moving from red to black, but in the housing industry, sales tend to slow down when the yuletide rolls in. Nobody likes to move during the holidays, but if you're in the market to buy and don't mind the timing, you may actually have the best timing of all.

While a recent Fannie Mae survey shows more consumers are more negative now about buying a home, there are still plenty of folks looking for a house to own. And the great news is that deals abound!

Here are three things that home buyers have going for them this holiday season:
Inventory galore: The inventory of homes for sale of course depends on your market, but markets across the nation generally are experiencing high inventory levels. This is not exactly a great thing for the overall health and sustainability of the market and economy, but it is a good thing for those buyers who are ready to make a move.

Historically low interest rates: I can't really stress this enough – the low rates we're seeing on long-term mortgages are incredible! Forget about missing out on the home buyer tax credit earlier this year – these low rates will save you even more cash in the long run than any government incentive so far.

Relaxed competition: With high inventory comes less competition. Again, this isn't great for home sellers or for sustaining values, but as a buyer you'll find that you have more negotiating power. Use it wisely.

Here's what this season's buyers will need to watch out for:

Stellar credit gets the best deal: Sure, rates are incredibly low but you'll need a solid credit score to get the best terms. You'll also need a ton of documentation so it's best to prepare that stuff ahead of time.

Cash needed: This is true now and pretty much always – more cash will enable you to get a better loan and make for an all-around better closing experience.

Local market conditions: Is your market still on the decline? That's no reason to wait to buy, but it's something you should take into account when making your offer.

Bargains abound at all the top stores across the nation. And this year, the "real estate" store is not much different. Buyers indeed have the upper hand in many neighborhoods. Don't let the holidays derail your home hunt entirely – you may just miss the sale of the century! Talk to Team Patereau today about what's available near you.

Pre-Thanksgiving Plumbing Tips

Retail stores aren't the only ones busy on Black Friday
by: Mark Huffman, ConsumerAffairs.com - November 17, 2010

You're probably aware that the day after Thanksgiving Day is the busiest time of the year for the nation's retailers. But did you know that it's also one of the busiest days of the year for the nation's plumbers?

The reason? Big holiday meal preparation and cleanup can lead to a lot of unwanted waste in the kitchen drain and garbage disposal. Also, a house full of holiday guests who require additional clothes washing, showers and toilet flushes puts a strain on household plumbing.

According to residential plumbing repair chain Roto-Rooter, "Black Friday" is, in fact, the day when no one takes a break.

"Often, the case is that a house already has partially clogged drains that go unnoticed, until holiday guests arrive and overwhelm the system," Paul Abrams, a Roto-Rooter representative said. And it's not just Black Friday. Hectic houses full of people and frantic hosts quickly and easily lead to plumbing problems throughout the holiday season. "Even more problematic is that virtually every traditional Thanksgiving dish is a supreme drain clog culprit," Abrams said.

Incoming calls to Roto-Rooter, for kitchen jobs alone, will jump 50 percent above the average Friday. The four-day Thanksgiving weekend averages a 21 percent increase over any other Thursday through Sunday period during the year. Roto-Rooter said it beefs up with additional staff to address the increase in calls and jobs.

The company says Thanksgiving hosts can avoid a visit from their plumber over the holiday weekend by following these clog-preventing tips:

• Never pour fats or cooking oils down drains. They solidify in pipes. Instead, wipe grease from pots with paper towels and throw in trash.
• Avoid putting stringy, fibrous or starchy waste in the garbage disposal. Poultry skins, celery, fruit & potato peels, for example, cannot be sufficiently broken down.
• Make sure the disposal is running when you put food into it. Don't wait until it's full to turn it on.
• For homes hosting weekend guests, it's a good idea to wait ten minutes between showers so slow drains have time to do their job.
• Never flush cotton balls, swabs, hair or facial scrub pads down a toilet. They don't dissolve and will cause clogs.
• Try to address any plumbing problems before the holiday and before guests arrive. However, in holiday emergencies, don't hesitate to ask up front about extra holiday service fees.

As always, know your limits. Often, minor plumbing problems turn into plumbing catastrophes if not handled properly.

Happy Thanksgiving to you and your family!

Non-Judicial Foreclosure Process

from: ForeclosureRadar.com

Contrary to popular belief, banks can't just take back a property when an owner stops making payments. In non-judicial foreclosure states, the right to foreclose and sell the property actually lies with a 3rd party, known as the trustee; who has a fiduciary responsibility to both the lender and the borrower. Read the full story...

• 

  (New!)

  Pet Odor Can Chase Away Buyers

  Don’t let pet odors derail your home sale. Read

Visit houselogic.com for more articles like this.

Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®

ForclosureGate's Impact on Recovery

We're now deep into a widespread foreclosure investigation – in fact, it has reached "gate" status. ForeclosureGate is upon us.

Last week, I discussed why this foreclosure news was a big deal– not because it could mean millions of people were falsely foreclosed upon (remember, this is likely not the case), but because it presents a major hurdle on the road to housing recovery...

...Read the full article here.

Team Patereau Has RENTALS!

7 Steps to a Stress-free Home Closing

By: G. M. Filisko

By doing homework in advance, you’ll understand what you’re asked to sign when you close the sale of your home.

1. Set a closing date

Your real estate agent will work with the seller’s agent and title company to schedule your closing date. Be sure it meshes with the end of your lease or the sale of your existing home and a time when you’ll able to play hooky from work. If you’re tight on cash, schedule your closing for the end of the month because that’s when you’ll have to pay the least amount of interest at the closing table.

2. Gather your funds

You may be required to bring funds to the closing. If they’re not easily accessible, arrange early to transfer them to a liquid account to avoid last-minute problems. If the title company requires the funds in the form of a cashier’s check, also leave time to stop by the bank and pick one up.

3. Purchase title insurance

Title insurance protects the policyholder against trouble with a home’s title. Your lender will insist that you purchase a policy to protect it. You should also consider purchasing what’s called an owner’s title policy from the same insurer, which protects you from fraudulent claims against your ownership and errors in earlier sales. In some areas, sellers traditionally pay for the buyer’s title policy. Shop online at Closing.com, EasyTitleQuote.com, and FreeTitleQuote.com. If your home has been sold within the past few years, ask the prior owner’s insurance company for a reissue discount.

4. Line up homeowners insurance

Get quotes and compare policies to be sure coverage will be in effect by your closing date. An annual policy should run $500-$1,000, depending on your home’s size, age, and amenities. If you live in an area where natural disasters occur, like earthquakes, floods, or hurricanes, you’ll need separate insurance to protect your home.

5. Review your good-faith estimate and HUD-1 settlement sheet

Your lender must provide a good-faith estimate of your closing fees. Some of those fees can’t change, and others can rise by 10%. Before you go to the closing, read your good-faith estimate, compare it with your HUD-1 settlement statement, and question any fees that increased.

6. Do a walk-through

Schedule an appointment to walk through the home one last time just before your closing. Make sure repairs you requested have been made, no major changes have occurred since you last viewed the property, and that the sellers left anything they agreed to leave and took all their belongings.

Also test electronics and appliances, such as the doorbell, dishwasher, washer and dryer, and oven, to ensure they’re functioning properly. Do the same with the hot water heater and heating and air conditioning systems. Walk the yard to be sure no plants or shrubs have been removed.

7. Resolve issues identified in your walk-through

If your walk-through uncovers problems, you can delay the closing until the seller corrects them. But that’s often not feasible because your lease is probably over and you’ve already scheduled movers. Another option is to negotiate a discount to your sales price to cover the cost of the work needed. If the air conditioning is on the fritz and a contractor says the repair will cost $500, ask that the sales price be reduced by that amount. If you make that request at closing, however, be ready for a delay while the title company redoes the paperwork.

A third option: Have the title company hold a portion of the seller’s proceeds in escrow until the dispute is resolved. Once that happens, the funds will be released to you or the seller, depending on the outcome.

G.M. Filisko is an attorney and award-winning writer who has endured several property closings, but the easiest was done through the mail. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

What’s the Next Big Solution for Housing?

As expected, the countdown to the final closing days of the homebuyer tax credit has brought on more debate. Should the government create more programs aimed at boosting home sales or just stay out of it and let the market correct itself? Gino Blefari, CEO of Intero Real Estate, weighs in on this topic. Read his full article here.

REO News Reports on Bill that sets 45-day deadline on lender short sale decisions

REO Insider, Insight for the REO Professional published the following article today:

Real estate brokers who have long complained about the time it takes to complete a short sale now have two U.S. congressmen in their corner who are sponsoring a bill that would require lenders to respond to consumer short sale requests within 45 days.

Real estate brokers — and homeowners – have long complained about the length of time it takes to get a short sale done....

...“The short sale, which requires lender approval, is an important instrument for homeowners who owe more than their home is worth,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said in a news release. “While the lending community has worked to improve the size and training of their short sales staffs, they still have a long way to go on improving response times.”

Read the rest of the story here.