Rosemary's Real Estate Advice

How to Keep Holiday Spending Under Control!

2011-12-03T11:35:00.001-08:00

How to Keep Holiday Spending Under Control

Let’s face it—every dollar earned in today’s economy is a hard-earned one and blowing your budget on holiday spending is just not an option this year. While everyone is tempted to splurge during this festive season, you don’t want to be left paying the price for it in 2012.

According to financial advisor and author Leslie Greenman, the psychology of gift giving isn’t necessarily good for your financial health. The joy of pleasing everyone on your list with the gift of their dreams will quickly fade once you’re confronted with the impact it’s had on your finances.

Greenman offers the following great tips for controlling your holiday spending this year and keeping your finances on track:

Assess your financials in advance. Before you even make your gift list, look at how much you can realistically spend, advises Greenman. If the amount you’re considering has you feeling anxious, then absolutely create a budget that has you spending less. Don’t allow your holiday spending to negatively affect your bigger financial goals.
Eliminate discretionary holiday spending. Increased holiday spending often goes way beyond gifts to a wide range of expenditures, such as cards, wrapping paper, a new outfit for the office party, decorations, etc. These are easy expenses to cut back on, however. If you’re hosting a party, make it pot-luck. Send e-cards instead of expensive printed ones. And remember when it comes to holiday decorations, less is always more.
Don’t shop when you’re down. With the joy of the holidays often comes stress and a dose of the blues. According to Greenman, studies show that we’re willing to spend more when we’re sad, so if you’re down, curl up with a holiday movie or spend time with friends. Save the shopping for when your spirits are brighter.
Give the gift of time together. Chances are, many of those on your holiday gift list would like to cut back on spending, too. So suggest spending valuable time together instead of purchasing gifts this year. Have your parents over for a festive dinner with their grandchildren and plan to meet your best friend for tea and a movie. Not only does this decrease gift spending, it nurtures the true spirit of the holidays—relishing time with loved ones.
Create a shopping plan. When you do head out gift shopping, establish a clear plan in advance: make a gift list and figure out where you need to go for each present; establish how much you will spend on each gift; decide a time you want to finish by; avoid malls/areas that tend to stress you out; try to complete your holiday shopping as far in advance as possible.
Use cash. If you stick to paying with cash, you’ll be less likely to exceed your gift budget. Credit cards give us the false notion that we can spend more than we can really afford. Never make purchases on your credit card unless you can pay them off at the end of the month.
Trade in rewards points for gifts or gift cards. If you have accrued rewards points from credit card use during the year, now is a great time to use them.

Rosemary West

RE/MAX Professionals Select

Office: 815-729-1814

Mobile: 630-807-9700

rosemarywest@remax.net

http://RosemaryWestTeam.com

How to Choose the Right Home for Your Family!

2011-08-03T08:32:00.001-07:00

How to Choose the Right Home for Your Family

You’ve probably heard more than once that today’s perfect storm of low prices, high inventory, and affordable interest rates are making this the right time for you to buy that home you’ve always wanted. As you begin to shop around, however, there are several important criteria to consider in order to make the best choice for you and your family.

Discuss the following with your real estate agent before you begin looking for a home. This will help narrow down the choices and shorten the search process:

Type of home: One-story or two, single-family, duplex or condo? How will paying homeowner dues affect your overall buying power? Will a swimming pool be a bonus or a hindrance? Making these decisions in advance will help you focus on the right types of home to look at.

New or existing: A new home is all shiny and clean, but will carry with it some hefty initial costs such as landscaping and window coverings. Many builders are offering great deals on new homes that aren’t yet in move-in condition. Weigh the potential bargain against the costs involved in completing the home on your own. While these factors don’t come into play with existing homes, you need to assess its general condition, which will also impact your budget.

Features: Weigh the costs of gas vs. electric heating and cooling, the possible need for fencing, etc. How important is a fireplace? Does the home have enough bedrooms and bathrooms to support your family in the coming years?

Ease of maintenance: What is the condition of the roof? The appliances? Will you have to paint the interior or exterior and/or replace the carpeting? Be sure to factor in such costs in your budget and your negotiations.

Location: For many of today’s home buyers, it’s all about lifestyle. Do you want to be in the city or in the country? Nearer to libraries, parks and entertainment or set among tall trees and lakes? What about the need for public transportation? Nearby hospitals and schools?

Crime rate and public schools: Check with local enforcement and local residents to get a feeling for statistics and quality. Your real estate agent should be able to run detailed crime and school reports for your perusal.

Economic stability: Whether an area is growing or not can affect its future property value – as will the economic stability of the area.

Property tax: Examine the annual amount of real estate taxes and other assessments levied in the neighborhoods you are considering.

Copyright© 2011 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission.

Rosemary West
RE/MAX Professionals Select
Office: 815-729-1814
Mobile: 630-807-9700
rosemarywest@remax.net
http://RosemaryWestTeam.com

First-Time Home Buyers: What You Need to Know Before Starting Your Home Search

2010-07-26T08:03:00.000-07:00

First-time Home Buyers: What You Need to Know Before Starting Your Home Search

With historically low interest rates persevering and prices starting to creep back up, more and more renters are grappling with the question of whether to buy now or keep renting.

Based on the countless clients I have helped buy their first home, I can confidently tell you, yes! Now is a very opportune time to purchase your first home.

According to my colleagues in the Top 5 in Real Estate Network®, a national network of leading real estate agents, first-time home buyers across the country have taken advantage of today’s market conditions to go from renter to homeowner. That said, the ability to move into homeownership is very dependent upon the overall health of your finances. Buying a home not only takes having the necessary cash on hand for the deposit and closing costs, but also the financial wherewithal to convince a bank to lend you 80% or more of the purchase price in the form of a long-term mortgage.

Here are some other important points to be aware of before embarking on a home purchase:

1. Having good credit is all important, so put out the bucks to Fair Isaacs’ myFICO.com to get your current scores (about $16 each for reports from Equifax and TransUnion, another $15 at Experian.com). Don’t be surprised if the scores differ somewhat, and check them carefully for errors. Remember that errors must be reported to and corrected by the agencies themselves, which could take weeks or months.

2. Know what you can afford. Aim for a home that costs about two-and-a-half times your gross income – less if you have significant financial debt. In all, your monthly home payments should not exceed 36% of your gross monthly income. Getting pre-approved by a lender should be your signal to start home shopping.

3. Check your cash situation. Whether you are aiming to amass 20% of the home’s price for a conventional loan, or 3% or more for a loan from Fannie Mae, Freddie Mac, FHA or the Department of Veteran’s Affairs, you will also need to cover fees and closing costs, which can run up to 5% of the mortgage amount. First-time buyers may augment their cash by borrowing from an IRA or getting a cash gift from parents, but check with a financial advisor for amounts and tax consequences.

4. And speaking of tax consequences, remember that homeowners, unlike renters, must pay property taxes each year – and pay for any needed repairs or upgrades. Be sure to leave yourself a little financial wiggle room in order to meet these expected – and sometimes unexpected – expenses.

Copyright© 2009 RISMedia’s Top 5 in Real Estate Network, All Rights Reserved. This material may not be republished without permission from RISMedia

Is a Reverse Mortgage a Good Idea? Top 5 Facts You Need to Know!

2010-07-15T11:16:00.000-07:00

Is a Reverse Mortgage a Good Idea? Top 5 Facts You Need to Know

If you or someone you know is over 62 and a homeowner, you have a unique opportunity to get significant, spendable value from your home, even if you still hold an existing mortgage.

Senior homeowners have spent years, often decades, building up equity in their homes. An increasingly common practice of homeowners over the age of 62 is to obtain a reverse mortgage (also known as a HECM, a home equity conversion mortgage), which gives qualified senior homeowners a proven solution to help fund their retirement needs. In addition, and importantly to most independent seniors, a reverse mortgage allows them to live in their home as long as they wish.

As a Member of the Top 5 in Real Estate Network, people often ask me if reverse mortgages are a good option to consider. For some, it can be, but before moving forward, it's important to fully understand how they work.

Here are five facts you need to know about reverse mortgages:

1. Reverse mortgage candidates must be at least 62 years of age, have significant equity in their property and be looking for a reverse mortgage on their primary residence only.

2. Anyone who intends to apply for a reverse mortgage is required by law to complete a 45-minute counseling session with a HUD (Housing and Urban Development) approved counselor.

3. The sum from a reverse mortgage can be paid to you in a couple of different ways: all at once in a single lump sum of cash; as a regular monthly loan advance; as a credit line that lets you decide how much cash to use and when to use it; or you may have the option to choose a combination of any of these payment plans.

4. The amount of cash you can get from your home's equity is determined by a number of factors including your age, your home's value and location, and current interest rates.

5. Reverse mortgages may have tax consequences, could affect eligibility for assistance under Federal and State programs, and may have an impact on the estate and heirs of the homeowner.

If you would like to look into a reverse mortgage for yourself, a friend or a loved one, please e-mail me and I can assess your particular situation to see if it is indeed a good option. Please also forward this article to anyone else you know who may benefit from a reverse mortgage.

Copyright© 2009 RISMedia’s Top 5 in Real Estate Network, All Rights Reserved. This material may not be republished without permission from RISMedia

How Do Homeowners View the Value of Thier Home Today?

2010-07-08T12:41:00.000-07:00

Rosemary West
CRS, CRP, CLHMS, CDPE, ABR
Broker
RE/MAX Realty
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Member, Top 5 in Real Estate
Phone: 815-729-1814
Cell: 630-807-9700
Fax: 815-729-1878
Email Me

How Do Homeowners View the Value of Their Home Today? Survey Takes a Closer Look
This month’s newsletter provides a detailed look at how homeowners view the value of their own homes as the economy makes its slow turnaround. Also this month, an in-depth look at short sales; open house tips, help for first-time buyers and more. Top 5 Members are uniquely qualified to not only help you get educated on these matters, but make them as effortless as possible. Only Top 5 Members can provide you with the kind of exclusive information found here in Real Estate Matters - a monthly look at what's really happening in the housing market. It's a privilege to provide you with this important information. Enjoy this monthly e-newsletter, and as always, your feedback is welcomed - call or email any time!

This Month's Top Story

Homeowner Confidence Rises Nationally, But Western Homeowners Remain Pessimistic

RISMEDIA, July 5, 2010—As some parts of the U.S. housing market work their way out of the housing recession, while the majority of markets continue to decline, homeowners across the country had mixed opinions of the state of their own homes’ values, according to the Zillow Q1 Homeowner Confidence Survey. Nationally, homeowners were overconfident, with half (50%) believing their own home’s value declined in the past year. In reality, 65% of U.S. homes declined in value, according to Zillow’s Q1 Real Estate Market Reports.

More Top Stories
As Millions Struggle with Home Values Dropping Below What They Owe, Important Consumer Protection Tips Now Available
RISMEDIA, July 5, 2010—Today, as millions of homeowners struggle with what to do when the value of their property becomes less than the mortgage they owe—particularly those recently unemployed or unable to make their monthly payments—there is a growing need for clear, unbiased consumer protection information on these vital topics.
10 Tips for a Stand-Out Open House
RISMEDIA, July 5, 2010—When your home is on the market, and your real estate agent schedules an open house, there are several things you can do to make your home – and your open house – stand out from the competition.
5 Ways First-Time Home Buyers Can Save Money
RISMEDIA, July 5, 2010—Those who missed taking advantage of the first-time buyer tax credit but who are still planning the purchase of their first home, continue to have a wealth of opportunities in today’s marketplace. A few smart steps can save first-time buyers thousands of dollars. Here is a look at some of the ways how:
Moving Advice to Make Moving Day Easier
RISMEDIA, July 5, 2010—For millions of Americans, summer is the best time to move – the kids are out of school, the weather is nice, and the home-buying season is at its peak. In fact, 11-13% of all moves occur during summer months as compared to 8% or less during the other months of the year.

Have You Heard About The Top 5 Real Estate Social Networking SystemSM?
Sign up to receive my free, weekly e-Articles - brief, compelling, home-related informational articles that you or your family and friends will find helpful in pursuing your real estate goals! Here are some article samples recently sent out to my Real Estate Social Network:

Top 5: What to Consider When Buying a Home
How to Avoid a Huge HVAC Mistake...and a Big Expense
Top 5: Checklist for Improving Indoor Air Quality
Email me for more information.

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Do You Know What Impacts Your Credit Score? Take This Quiz and Find Out!

2010-07-05T08:47:00.001-07:00

Do You Know What Impacts Your Credit Score? Take This Quiz and Find Out

According to credit experts, 42% of U.S. consumers have credit scores between 550 and 699. As a result, these consumers typically don’t qualify for preferred interest rates and, depending on their overall credit profile, they may not even qualify for certain loans and credit cards.

As a member of the Top 5 in Real Estate Network®, I have worked with many clients throughout my years in the business and have seen first-hand how credit scores can wreak havoc on securing a favorable mortgage. Most clients I work with don’t have a clear picture of what impacts their credit profile and, more importantly, don’t know what steps they can take to help improve it. I find this short quiz, from credit consultants ApprovalGuard.com, to be immensely helpful when it comes to understanding how your credit profile works. Take a few minutes to see if your credit knowledge is up to par.

1. To have the best credit-profile impact, what is the maximum amount of your monthly credit line that should be used?
a) 70%
b) 30%
c) 50%

2. What is the number-one contributing factor to a good credit score?
a) Length of credit history
b) Amounts you owe
c) Payment history

3. If you pay 2% each month on your credit card (typical minimum payment), when will you pay off a $3,000 balance at 10% interest?
a) 18 years
b) 6 years
c) 3 years

4. After paying off a high-interest credit card, you should:
a) Continue using it occasionally
b) Close the account
c) Use the full amount of available credit every month

5. Applying for credit cards in order to just receive a free sign-up gift (t-shirts, mugs, etc.) has no impact on my credit profile?
True or False

6. Rewards points on credit cards are a good deal when:
a) I get cash back
b) I get free airline tickets
c) I carry no balance each month

7. To have a credit score, I must have at least one creditor reporting activity on my credit report for:
a) 12 months
b) 8 months
c) 6 months

8. Credit bureaus that manage your personal credit report data and credit scores are a:
a) Government entity
b) Non-profit agency
c) Regular business corporation

9. Banks and credit card companies think you are creditworthy by how many credit offers you receive by mail?
True or False

10. Credit scores are used by lenders mainly to:
a) Tell how I compare to other consumers
b) Tell if I make my payments on time
c) Predict the likeliness that I will repay my loan on time

Answers: 1 – c, 2 – c, 3 – a, 4 – a, 5 – False, 6 – c, 7 – c, 8 – c, 9 – False, 10 – c

If you find you answered more than half of these questions wrong, you’re not alone, says ApprovalGuard, whose surveys reveal that the majority of consumers do not know the answers to these and similar types of questions. The good news is it’s not too late. With a good understanding and proper guidance of how credit works, consumers can learn how to effectively manage their personal credit profile. For more information, please e-mail me, and please feel free to forward this quiz to others.
Sincerely,

Rosemary West
RE/MAX Realty
Office: 815-729-1814
Mobile: 630-807-9700
rosemarywest@remax.net
http://RosemaryWestTeam.com

This email was sent by RISMedia, Inc. on behalf of Rosemary West.
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What to Consider When Buying a Home

2010-06-28T07:19:00.001-07:00

What to Consider When Buying a Home

Thanks to the perfect storm of low prices, attractive inventory, and affordable interest rates, this continues to be a lucrative time to invest in a home, whether it be a first home, a move-up home, or a second home.

Choosing a home is no easy process, however, and many factors must be carefully weighed before making your selection. As a member of the Top 5 in Real Estate Network®, I advise my clients to pay careful attention to a few details in particular when considering a home—these important details will significantly impact your long-term happiness in the home as well as the home’s appreciation over time. So, as you begin to consider properties in our neighborhood, here are a few issues to think about that may help you find exactly the right home for you and your family:

Type of home: One-story or two, single-family, duplex or condo? How will paying homeowner dues affect your overall buying power? Will a swimming pool be a bonus or a hindrance? Making these decisions in advance will help you focus on the right types of home to look at.

New or existing: A new home is all shiny and clean, but will carry with it some hefty initial costs such as landscaping and window coverings. An existing home will have many of these things, but repairs or renovations that may need to be made will also impact your budget.

Features: Weigh the costs of gas vs. electric heating and cooling, and the possible need for fencing. How important is a fireplace? Does the home have enough bedrooms and bathrooms to support your family in the coming years?

Ease of maintenance: What is the condition of the roof? The appliances? Will you have to paint the interior or exterior and/or replace the carpeting? Be sure to factor in such costs in your budget and your negotiations.

Location: Do you want to be in the city or in the country? Nearer to libraries, parks and entertainment or set among tall trees and lakes? What about the need for public transportation? Nearby hospitals and schools?

Crime rate and public schools: Check with local enforcement and local residents to get a feeling for statistics and quality. I can also provide you with up-to-date statistics on this information.

Economic stability: Whether an area is growing or not can affect its future property value—as will the economic stability of the area.

Property tax: Examine the annual amount of real estate taxes and other assessments levied in the neighborhoods you are considering.

I can help find the answers to the above concerns as well as provide more suggestions on what to look for in a new home—just e-mail me. Also, please pass this article onto others who may benefit from this information
Sincerely,
Rosemary West
RE/MAX Realty
Office: 815-729-1814
Mobile: 630-807-9700
rosemarywest@remax.net
http://RosemaryWestTeam.com

How to Avoid a Huge HVAC Mistake ...and a Big Expense

2010-06-21T08:50:00.001-07:00

How to Avoid a Huge HVAC Mistake…and a Big Expense

As things heat up in our area, I wanted to take the chance to remind you of the importance of regularly caring for your HVAC system.

Failing to properly maintain your HVAC can cost you thousands of dollars. Unfortunately, I’ve had clients confronted with HVAC nightmares due to lack of consistent maintenance. And as a Member of the Top 5 in Real Estate Network®, I understand how important it is to keep your home’s value intact…especially in today’s market.

The good news is, while the cost to replace an HVAC system can be in the $10,000 range, simple maintenance is not costly at all. A filter is usually less than $10 and replacing it monthly keeps your air cleaner and your house less dusty.

Filters should generally be replaced every month when the system is running. Replace filters with the same kind and size as the original filter. If your filter is not disposable, follow the manufacturer instructions for cleaning. If you're using a high-density filter such as an electrostatic filter, check with your local HVAC expert, who can raise the external static pressure of your system. If the external static pressure exceeds the design criteria of your system, it can negatively impact the performance and life of your equipment.

Your air filter should be located in either the blower compartment of the furnace, in an attached filter case, or in a return air grille in a wall of your home. If you cannot find the air filter, contact your local HVAC dealer for assistance.

Have your local HVAC dealer perform preventative maintenance before the start of a new season. Many companies offer service agreements that may include reduced rates on labor and parts and provide priority response. Service/maintenance agreements may also cover:

-Cleaning indoor and outdoor coils
-Tightening electrical connections
-Checking supply voltage and operating current
-Checking refrigerant charge
-Measuring temperature differential at supply and return registers
-Cleaning blower wheel and motor
-Inspecting and adjusting the burner
-Checking heat exchangers
-Cleaning drain lines and pan
-Checking ductwork for leaks and insulation
-Checking the thermostat

Like many of us, your home is most likely your biggest investment. Simple and regular maintenance will not only preserve your home’s value but help you avoid a potential crisis and unexpected expense. For more information or for a recommendation on a local HVAC expert, please e-mail me. Be sure to forward this email on to your fellow homeowner friends as well!
Sincerely,
Rosemary West
RE/MAX Realty
Office: 815-729-1814
Mobile: 630-807-9700
rosemarywest@remax.net
http://RosemaryWestTeam.com

Checklist for Improving Indoor Air Quality

2010-06-10T09:50:00.001-07:00

Checklist for Improving Indoor Air Quality

June not only marks the commencement of the summer season, but more importantly for homeowners, National Home Safety Month. While our thoughts turn to smoke detectors and child safety locks when considering a safe home, many homeowners often overlook the risks of poor indoor air quality—especially important as the temperature and humidity rise with summer.

As a Member of the Top 5 in Real Estate Network®, I’ve worked with many clients who have suffered from health-related issues due to poor air quality in their homes. Yet rarely do people think about the quality of their indoor air. Service experts recommend using the following checklist to ensure your air is as healthy as possible:
• Do you smoke in your home?
• Do your kitchen, bathroom, and laundry room have ventilation and exhaust fans?
• Do you change your air filters once a month?
• When cleaning or doing laundry, do you use bleach, ammonia, or aerosol spray cans?
• Is your gas fireplace and/or gas stove checked yearly for emissions?
• Was your home built before 1978? If so, has it been checked for lead-based paint?
• Do your bathrooms have carpet where moisture and dust can build up?
If you have answered "yes" to any of these questions, it’s time to consider making some changes. Many of the quick fixes to improve one’s indoor air quality at home can be accomplished through a few simple adjustments to your regular maintenance practices.

Others, like checking for lead paint, can often be handled through local, county or state programs that are partially or wholly subsidized, and heating source emissions checks can often be done through one’s own utility provider.

For more information on home safety or for a referral on companies that can help you with home maintenance, please e-mail me. And feel free to pass this email on to friends and family members who may have concerns regarding their indoor air quality.
Sincerely,
Rosemary West
RE/MAX Realty
Office: 815-729-1814
Mobile: 630-807-9700
rosemarywest@remax.net
http://RosemaryWestTeam.com

The Top 5 Pitfalls of Selling Your Own Home

2010-06-01T14:28:00.001-07:00

The Top 5 Pitfalls of Selling Your Own Home

While it is certainly understandable why some people would like to avoid paying a real estate agent’s commission—especially in today’s economy—homeowners need to be aware of the serious pitfalls that can occur before they embark on the process of selling their own home.

As a member of the Top 5 in Real Estate Network®, I have had many clients enlist my services after losing valuable time and money attempting to sell their own home. What seems like a relatively easy undertaking at first, can become a time-consuming and overwhelming process. I’d like to share with you some of the most significant snags that often occur when selling one’s own home:

1. Ineffective marketing. Most homeowners simply lack the resources necessary to effectively market their own home. Working with a professional real estate agent, such as a member of the Top 5 in Real Estate Network®, however, usually means your home will be marketed to the widest group of potential buyers possible, both through digital and print advertising, virtual tours, and online listing portals.

2. Mispricing your home. In order to sell your home quickly for the best possible price, pricing your home correctly is critical. This very nuanced process of choosing the right listing price, however, is always best left to a real estate professional. Most who sell their own homes price too high, resulting in their home sitting on the market for an extended period of time. And, unfortunately, the longer a home remains on the market, the less desirable it becomes for buyers.

3. Missing documentation. These days, a real estate transaction requires more documentation than ever before. It’s virtually impossible for the average homeowner to be aware of all the forms necessary to complete a real estate deal, and missing paperwork will bring any transaction to a grinding halt.

4. Overlooking legalities. The risk of overlooking important legalities, such as disclosure and compliance regulations that vary from state to state, is high for most homeowners. The average person is, understandably, not well versed in the many laws that govern the sale and purchase of a property.

5. Dealing with unqualified buyers. If you accept an offer from an unqualified buyer, you can delay the sale of your home indefinitely. A professional real estate agent will take the necessary steps to work with a lender to ensure a buyer is qualified before accepting their offer.

In most cases, owners end up exhausting more dollars than they would have paid in commission when attempting to sell their own home. If you would like more information on selling your home, please e-mail me. I also encourage you to forward this email to anyone you know who might be considering taking on the monumental task of selling their own home

Top 5 Ways to Build a Green Home

2010-05-04T08:26:00.001-07:00

Top 5 Ways to Build a Green Home

Most of us know that adopting an environmentally conscious or “green” approach to life can benefit the planet and its future generations. But did you know that greening your home can also benefit your bottom line in terms of energy savings and tax credits?

I’ve learned a lot of the latest green building strategies from clients and home builders I deal with as a Member of the Top 5 in Real Estate Network®. I thought I’d share some innovative green building ideas from the National Association of Home Builders (NAHB, www.nahb.org) in case there’s a remodel or new-home build in your future:
1.The roof. According to NAHB, 75% of new homes use “oriented strand board” (OSB), an engineered wood product that does not require the use of large trees in its production, to sheathe roofs and walls. Additionally, durable roof coverings, such as steel and fiber cement, reduce the need for roof replacement and are a key part of many solar roofing products that lock in heat during winter and help keep homes cool in summer.

2.The windows. Energy-efficient windows that incorporate advanced technologies like low-emittance glass coatings, keep heat inside in winter and outside in summer. “Passive” solar design features like large, south-facing windows, also help heat the home in the winter and allow for abundant natural lighting.

3.The walls. Vinyl siding on exterior walls saves money on installation and maintenance; fiber-cement siding is termite- and water-resistant and warrantied to last 50 years. Increasing the amount and R-value of insulation is a cost-effective way to save energy and help reduce heating and cooling bills, which account for at least half of all energy use in the home.

4.The outside. “Xeriscaping,” or using native plants, can significantly reduce the need for watering, fertilizers and herbicides, and preserving trees on your property reduces energy costs by providing shade in summer and a wind barrier in winter. Also consider a covered entry for your front door, which can help prevent water intrusion and costly repairs.

5.The appliances. According to NAHB, the energy efficiency of refrigerators and freezers has tripled over the last three decades. Front-loading washers use about 40% less water and half the energy of conventional models. New toilets have redesigned bowls and tanks that use less water, while advanced shower and sink faucet aerators provide the same flow regardless of reduced water use.
Please consider the above green building ideas for your next construction project and forward this e-mail to anyone else who may be in construction mode. I’d be happy to answer any questions you may have or point you toward further green resources, so feel free to e-mail me for more information.
Sincerely,
Rosemary West

Office: 815-729-1814
Mobile:630-807-9700

How to Ensure Smooth Moves

2010-04-27T07:46:00.001-07:00

How to Ensure Smooth Moves

If you’re one of the many who have recently taken advantage of the first-time or move-up home buyer tax credit, there’s a happy move in your future. Unfortunately, I’ve seen the stresses of moving cast a cloud over the excitement my clients feel about heading to their new home, making for a nightmarish experience instead of a momentous occasion.

Thanks to my network of leading real estate professionals, the Top 5 in Real Estate Network®, and my relationships with top moving experts, I can offer several tips to make moving a more streamlined, more palatable experience:

• Put your move details in writing.
Use a large notebook or binder to centralize all the important details of your move. It should contain detailed lists, including an inventory of boxes. Supplement this with a computer printout of box contents and e-mail it to yourself and a couple of other trusted sources as a back-up.

• Order boxes and moving supplies as far in advance as possible.
It’s never too early to start packing as we all have items that are not currently in use—think winter clothes, your baseball card collection, holiday decorations. Moving companies may allow you to return unused boxes, so order more than you think you'll need, by 20%. Invest in the right tape to keep boxes securely fastened, some new Sharpie pens, and labels to color-code your move.

• Document your AV details.
Take photos and notes on how your media equipment is set up: television, sound equipment, computer equipment, etc., in order to avoid an AV nightmare in your new home. Label all remotes and wires as well.

• Plan for your pets.
Moving can be particularly stressful for animals. Consider leaving them with a friend or at a reputable pet boarding service.

• Plan for valuables and critical documents.
Most homeowners insurance will not cover property in transit, so consider insuring certain items separately. Take photos for documentation to support loss or damage claims, and carry irreplaceable and legal items, like passports and birth certificates, with you.

• Choose a reputable moving company.
Good companies that can guide you through the process will have a proven track record. Ask your friends and your real estate agent for referrals.

• Keep your moving receipts for income tax deductions.
In many cases, moving expenses are deductible from federal income taxes. If you are moving because of a change in employment, you may be able to claim this deduction even if you do not itemize.

For more information on making your move as painless as possible, please e-mail me—and please feel free to forward these tips to any family and friends with a move in their future.
Sincerely,
Rosemary West

Office: 815-729-1814
Mobile: 630-807-9700

Check Me Out!

2010-04-22T07:38:00.001-07:00

Check Me Out on MSNBC! - Keys to Selling: Presentation, Price, Patience http://www.msnbc.msn.com/id/3032072/ns/business

FHA Lending Changes that Could Impact Real Estate Consumers

2010-04-20T07:35:00.000-07:00

FHA Lending Changes that Could Impact Real Estate Consumers

Did you know that in 2009, the Federal Housing Administration (FHA) insured nearly 30% of the single-family mortgage market and that more than 50% of all first-time home buyers used FHA programs?

In today’s challenging credit climate, many home buyers and homeowners are turning to FHA for insurance, to purchase loans, and for refinancing options to get out of risky ARMs or subprime loans. As a Member of the Top 5 in Real Estate Network®, I have access to information from the National Association of Realtors® (NAR) regarding recent and upcoming changes to FHA’s single-family program that could impact the use of these important programs for consumers in the future. According to Jerome Nagy, senior regulatory policy representative at NAR, in order to replenish its dwindling reserves, FHA has implemented or proposed the following changes:

1. Mortgage Insurance Premium (MIP)
FHA has increased the upfront MIP from 1.75% to 2.25% for borrowers while it awaits legislative authority to increase the annual premium. FHA stated it will decrease the upfront premium when they can increase the annual premium.

2. Credit Score Changes
FHA has proposed that borrowers with a credit score below 580 be required to make at least a 10% down payment. The minimum down payment will remain at 3.5% for all other borrowers.

3. Seller Concessions
FHA intends to propose a rule to decrease allowable seller concessions from 6% to 3%. NAR plans to argue against this decrease since closing costs differ greatly among states, and with fees on services (such as appraisals) increasing, seller concessions can be a vital part of closing the transaction.

4. FHA Loan Limits
Current FHA loan limits are as high as $729,750 in high-cost areas, and are set to expire at the end of the year and revert to lower amounts, potentially putting a damper on a housing market rebound. A decrease of current limits would adversely affect 612 counties in 40 states and the District of Columbia, reports NAR, which is urging passage of legislation to make the loan limits permanent.

5. Condominium Rules
FHA is delaying implementation of “Mortgagee Letter 2009-19” and making temporary enhancements to the policy instead, such as eliminating the owner-occupancy requirement for FHA condo mortgages and reducing the number of units sold prior to FHA’s endorsement of a unit from 50% to 30%.

Please feel free to e-mail me for guidance on the above FHA programs and how changes might affect your particular situation. Also, please pass this article on to anyone you know who could be impacted by changes to FHA policy.
Sincerely,
Rosemary West

Office: 815-729-1814
Mobile: 630-807-9700

Fact: All Real Estate Headlines Are Not Local

2010-04-13T08:04:00.001-07:00

Fact: All Real Estate Headlines Are Not Local

None of us are immune to the constant stream of negative news about the real estate market. There’s no denying the fact that the market has suffered, along with our country’s economy, over the past couple of years.

Unfortunately, this has created a serious dilemma as many consumers unwittingly base their real estate decisions on national media reports. Those of us in the industry live by the term “all real estate is local,” and as a consumer, so should you—otherwise, you run the risk of making an irreversible real estate mistake.

The truth, which you won’t find in the national media, is that real estate markets not only vary from region to region but from county to county, neighborhood to neighborhood…even street to street. I know from my national network of leading real estate professionals, The Top 5 in Real Estate Network®, that there is tremendous variation in home sales prices from locality to locality, and that buyers and sellers are often heading into—or worse, avoiding all together—a real estate investment based on misinformation from national media reporting.

Therefore, if you are thinking about buying or selling a home, it’s essential that you talk to a seasoned real estate professional in the areas you’re considering. Keep the following tips in mind when considering a real estate sale or purchase:
1. Consult with a local real estate professional—like a Member of Top 5—for the most up-to-date information on the local market.
2. Ask for statistical reports and trend graphs—the hard facts. Real estate professionals have access to actual data that can be broken down into extremely finite components, such as a particular street or neighborhood.
3. Ask for comparative reports for the last 3-4 months of the current year, versus the previous year. This will reveal the latest market trend and provide you with concrete facts.
4. Media reports can vary widely based on state, city, and neighborhood – read, listen, learn, but always revert to the facts for the specific area in which you are looking, especially if you are relocating to a different state or region.
5. Also take seasonal considerations into account. In vacation-destination areas, the numbers will vary greatly from national and state data.
For many real estate consumers, today’s market is an unbelievable opportunity to buy or move up to a different home. Don’t let the national headlines scare you away. Consult with a local real estate professional to get only the facts that matter to your specific situation and location. Please e-mail me for more information and pass this article along to others who might benefit from the real facts.
Sincerely,
Rosemary West

Office: 815-729-1814
Mobile: 630-807-9700

How to Save Money on Your Homeowners Insurance

2010-03-30T07:17:00.000-07:00

How to Save Money on Your Homeowners Insurance

In today’s economy, homeowners need to save money wherever possible. If you’ve been the victim of damage this winter, thanks to Mother Nature, you may be confronting the not-so-pleasant realities of your homeowners’ insurance policy. From high deductibles to lack of coverage to rising rates, many homeowners have been left to foot a big—unexpected!—bill.

As a member of the Top 5 in Real Estate Network®, I am well versed in some of the ways you can save money when it comes to homeowners insurance. For starters, you may be able to save hundreds of dollars a year by shopping your homeowners’ policy around, so please e-mail me if you need a referral or two. Also, here are some great, money-saving ideas from the Federal Citizen Information Center (www.consumeraction.gov):
•Increasing your deductible is an easy way to save money on a monthly basis. Even raising it by just a few hundred dollars can make a big difference in your premium.
•Ask your insurance agent about discounts. You may be able to get a lower premium if your home has safety features such as dead-bolt locks, smoke detectors, an alarm system, storm shutters or fire-retardant roofing material. Long-term customers and those over age 55 may also be offered discounts.
•Insure your house, not the land under it. After all, your land will still be there even if your home is damaged. If you don't subtract the value of the land when deciding how much homeowner's insurance to buy, you will pay more than you should.
•Don't wait until you have a loss to find out if you have the right type and amount of insurance. Discuss with your insurance agent exactly what types of damage are covered, including natural “acts of God.” Many homeowners are caught offguard by this loophole.
•Purchase enough coverage to replace what is insured. "Replacement" coverage gives you the money to rebuild your home and replace its contents. An "Actual Cash Value" policy is cheaper but pays only what your property is worth at the time of loss - your cost, minus depreciation for age and wear.
•Consider any special coverage you may need for valuable and/or unique items, such as computers, cameras, jewelry, art, antiques, musical instruments, stamp collections, etc.
•Remember that flood damage may not be covered by a standard homeowners’ policy. If you live in an area prone to flooding, take advantage of the National Flood Insurance Program.
Bottom line, make sure you are working with an insurance agent who is experienced and trustworthy. Feel free to e-mail me for further information and please forward this e-mail to family and friends to keep them in the know as well.
Sincerely,
Rosemary West

Office: 815-729-1814
Mobile:630-807-9700

Top 5 Reasons Why Now Is the Best Time to Buy a Second Home

2010-03-23T07:12:00.001-07:00

Top 5 Reasons Why Now Is the Best Time to Buy a Second Home

With all the negative news about the economy and the real estate market, in particular, there’s a good chance you’ve put any ideas of buying a second home on permanent hold.

As a Member of the Top 5 in Real Estate Network®, however, I can tell you that just the opposite is true. The reality is that now is the best possible time to shop for a second home, whether it be the vacation spot you’ve always dreamed of, a retirement home or an investment purchase. Or, if you’ve thought that a second home was not a possibility for you, it just might be now. Here’s why:
1. Just about across the board, prices are down…in some spots, they are actually down to 2001 levels. Those of you who may have been priced out of the market in past years are suddenly back in.
2. Mortgage rates are sticking at about 5%. This won’t last forever, however, especially as the market slowly starts its climb upwards.
3. If you're able to itemize deductions on your tax return, then the interest expense on your second mortgage is tax deductible.
4. If you’re buying in a popular vacation spot—such as on the shore, in the mountains, near a lake, in the city—then you can rest assured that your investment will increase as the market continues to recover.
5. If you’re not ready to retire or take advantage of a second home yet, bear in mind you’re creating an excellent source of additional income in terms of rental revenue…something we can all use in today’s economy. Consider making this purchase now, while conditions are favorable for buyers, rent it out, and then enjoy your home when the time comes.
I’ve seen many a savvy client take advantage of today’s market to make a desired lifestyle change or an investment that will pay dividends when the market picks up. Don’t let the media negativity prevent you from missing this great opportunity to buy a second home. Please e-mail me for more information and pass this article along to friends and family who might also find it helpful.
Sincerely,
Rosemary West

Office: 815-729-1814
Mobile: 630-807-9700

Top 5 Tips for Securing an Accurate Appraisal

2010-03-16T08:25:00.000-07:00

Top 5 Tips for Securing an Accurate Appraisal

When it comes to buying or selling property, a successful outcome often hinges upon an accurate appraisal. Unfortunately, due to unrest in the appraisal industry sparked by government guidelines imposed by the Home Valuation Code of Conduct (HVCC), securing an accurate appraisal can be hard to come by these days. Colleagues have shared many a horror story about an appraisal gone wrong and a client that’s left to pay the price.

As a member of the Top 5 in Real Estate Network®, however, I have learned that there are steps you can take to help ensure an appraisal accurately reflects the home’s value. Consider the following advice:

1. Keep it local. Inaccurate appraisals are often the result of the current practice of using an appraiser who is unfamiliar with your community…sometimes, they’re even coming from another state! Talk to your agent and/or lender and insist that the appraiser involved is local and, therefore, understands home values in your neighborhood.

2. Utilize comps. Make sure your lender and appraiser are accurately leveraging comps (comparable market sales) of local properties sold within the last six months to help appraise your home. Your real estate agent can help in this area.

3. Put your best foot forward. If you are selling your home, make sure it’s in the best possible shape before the appraiser visit. Invest in any necessary repairs and effective cosmetic changes. Consider how your home stacks up against other homes in your neighborhood and let that be your guide.

4. Review carefully. Review the appraisal thoroughly to make sure all the basic facts are correct: square footage, features of the home, number of rooms, etc. If you find mistakes, call the appraiser and ask to have them corrected. If the appraiser refuses to make the corrections, file a complaint with your state’s real estate appraisal board.

5. Don’t settle. You are not bound to accept the appraisal results. Both buyers and sellers can request a new appraisal. There is no guarantee that the bank will accept the new appraisal, but it can be used to challenge the first appraisal.

An honest, accurate appraisal can make all the difference in your real estate transaction. Follow the above steps and please e-mail me for more details. I encourage you to forward this important information to your social network, as well.
Sincerely,
Rosemary West

Office: 815-729-1814
Mobile: 630-807-9700

Looking to Buy a "Fixer-Upper"? The 203k Program Can Help Make It Happen

2010-03-09T07:17:00.001-08:00

Looking to Buy a ‘Fixer-Upper’? The 203k Program Can Help Make It Happen

Today’s real estate market presents a lot of opportunity for interested home buyers—with the growing supply of foreclosure properties and short sales, there are certainly some great deals to be had.

The problem in buying a “distressed” property, however, is that these homes are often damaged due to lack of maintenance or prolonged vacancy. So while the price tag might be right, the investment necessary to make the home livable might just push buyers well beyond their budgets.

As a member of the Top 5 in Real Estate Network®, however, I have access to the latest information on mortgage and financing options. One particular option that is providing hope for many of today’s home buyers is HUD’s FHA 203k program, a loan that enables buyers to not only secure a mortgage, but receive the funds necessary to improve the home as well.

Here are five facts about the 203k program to help you determine if it might be the right fit for you:

1. The FHA Section 203k program was originally introduced by HUD in 1978 as a program to rehabilitate and repair single-family homes. The 203k is a single mortgage loan that provides funds to purchase a home and make repairs and improvements. A simpler version, the Streamline 203k, was introduced in 2005. This version offers less documentation and lower loan fees for renovations that don’t exceed $35,000.

2. In today’s market, conventional financing, which often requires 20% - 25% down on a home and a perfect credit score, is often hard to come by. However, with less-than-perfect credit and as little as 3.5% down, you can get an FHA loan, such as the 203k.

3. The 203k approval process is a little more complicated than a conventional loan. For example, you’re required to secure renovation costs from an established, licensed contractor and deliver a package of the proper paperwork to the lender to secure FHA approval. Make sure you work with an agent—like a member of Top 5—who is well-versed in the 203k program, or who can connect you with a lender that is.

4. The 203k loan is not just for foreclosure or distressed properties. More than 80% of the homes in America were built before 1990—that’s over 100 million homes that are 20 years old or older—and almost every one is in need of some amount of repair and updating. The 203k loan, therefore, offers advantages for almost any home purchase.

5. The 203k loan is not just for home purchases but can be used to finance a home improvement, as well!

For complete details on the HUD 203k program, you can visit www.fhainfo.com/fha203k.htm. Please feel free to e-mail me, too, since this information can be hard to digest and confusing. Be sure to pass this e-mail on to any friends and family who might also be able to take advantage of a 203k loan.
Sincerely,
Rosemary West

Office: 815-729-1814
Mobile: 630-807-9700

Is Buying a Foreclosure Really a Bargain? What You Need to Know

2010-03-02T07:29:00.000-08:00

Is Buying a Foreclosure Really a Bargain? What You Need to Know

In today’s tumultuous economy, it’s no surprise that there are foreclosure properties to be found in just about every community across America—even ours. While a terrible hardship for homeowners to endure, foreclosures can present a unique opportunity for first-time home buyers and investors looking to purchase a “bargain-priced home” with the potential for building instant equity.

As an experienced real estate professional, I want to advise you to tread carefully when it comes to foreclosures—they might not be quite the bargain you expect. Here are some important facts you need to know before venturing out into the foreclosure market:
- Homeowners faced with foreclosure are understandably stressed and resentful, which can often lead to neglecting routine maintenance on a home. Sometimes, even deliberate damage is done. Assessing the home’s condition, therefore, is a must.

- Foreclosure properties have often been vacant for an extended period of time. Look for problems caused by damp conditions, such as mold.

- Get a thorough home inspection before bidding on the property. Once the damage/disrepair of the home is assessed, factor this in when bidding on the home.

- Contact a real estate professional—like me, a Member of the Top 5 in Real Estate Network®—who is well steeped in the community and can provide information about pre-foreclosure properties, that is, homes that have been scheduled for foreclosure but have not yet gone to auction or been sold off. These homes need to be sold quickly as owners are trying to avoid foreclosure and its impact on their credit.

-Last but not least, go to www.hud.gov for information on how to buy homes acquired by the U.S Department of Housing and Urban Development as a result of foreclosure action on an FHA-insured mortgage. The site also has information on special programs and opportunities for teachers, law enforcement officers and others.
While buying a foreclosure property takes patience and research, the results can be well worth your time and effort. For more information, please e-mail me, and please pass this on to anyone you know who might be interested in exploring a foreclosure purchase.
Sincerely,
Rosemary West

Office: 815-729-1814
Mobile: 630-807-9700

Shopping for a Condo? Ask These 4 Questions before You Buy

2010-02-23T10:05:00.001-08:00

Shopping for a Condo? Ask These 4 Questions before You Buy

Condominium homes have always been, and will likely always be, an efficient and economical route to becoming a first-time homeowner. They can offer the comfort, prestige, and even luxury appointments that apartment living may lack, often at a cost that is not much different than rent. With the current first-time home buyer tax credit and the deadline for the move-up tax credit fast approaching, I advise you move fast on any condo purchase you may be considering.

With my experience as Member of the Top 5 in Real Estate Network®, I am well aware that not all condominiums are the same, however, so make sure you ask the following four questions before you buy:

What will you own? Read the bylaws and be sure you understand what you will be responsible for and what belongs to the condo association. Will you own the boat dock at the back of your unit? Can you elect to build a spa on your patio? Generally, unit owners own and are responsible for the interior of their condos, while costs for outside maintenance including common areas and sewer lines are the association’s responsibility.

Who lives there? Are the majority of residents owners or renters? Owners generally take more interest in proper maintenance and are more willing than renters to serve on the association board and enforce complex rules and regulations–including the regular collection of homeowner dues.

How effective is the homeowner’s association? Do they have legal counsel, reasonable funds and a capable, caring volunteer board? One way to judge is to check with residents about restrictions, oversight and timeliness of repairs and upgrades. Another is to take a hard look at the grounds and be wary of signs of neglect.

What about special assessments? The association should have the power to special assess for needed, one-time large expenditures. Otherwise, things that need to be done may never get done at all, leaving the complex vulnerable to disrepair and lowered property values.

Don’t miss this great opportunity to become a homeowner or to downsize by buying a condo (remember, the move-up tax credit does not require you to move to a larger or more expensive home). Please e-mail me for more tips on buying a condo and forward this information to any family and friends who may be in the market as well.
Sincerely,
Rosemary West

Office: 815-729-1814
Mobile: 630-807-9700

The Right Way to Manage Your Credit Cards

2010-02-16T07:26:00.000-08:00

The Right Way to Manage Your Credit Cards

While one in seven Americans has at least 10 credit cards, the average is four, according to a report from Experian. Usage on credit cards has dropped dramatically in the last two years as financially constrained consumers have reduced spending and begun paying off debt. The national average interest rate on credit cards as of November 2009 is 12.64%, which has declined 0.45% from six months earlier.

As a member of the Top 5 in Real Estate Network®, I know that mortgage-seeking clients are always asking for advice on how they can improve their credit profile, such as the number of credit cards they should have. According to the credit experts at ApprovalGuard.com, however, it’s not just the number of credit cards you have, but how you use and manage those cards.

Here are some critical tips for managing your credit cards in order to maximize your credit profile:

1.Use your credit cards regularly, but in small amounts, never exceeding 30% of your entire credit line. For example, if your card limit is $4,000, set a self-imposed limit to keep your balance at $1,200.

2.Even if you pay your bills on time, coming close to your full balance each month affects your credit score negatively. Regularly maxing out your card limit is a bad habit in the eyes of credit-rating firms. It’s better to spread your credit charges out over two or three cards, keeping each balance at or below 30% of your total credit line.

3.Don’t get rid of old cards even if they have higher interest rates than ones you may get on newer cards. Credit rating firms like to see a well-established history, so utilize your old cards every so often for small purchases.

4.On the flip side, avoid getting new cards, if possible. When you add a new credit card, your credit score will likely suffer a temporary drop until you have established a payment history with that card.
Well-managed credit cards will assist you in establishing a stronger credit profile and better credit scores that can potentially lead to lower interest rates and terms when applying for home loans. For more information on shoring up your credit profile, please e-mail me. Feel free to pass this important article along to your friends, colleagues and family. All of us can use some guidance in managing our credit in today’s economic environment.
Sincerely,

Rosemary West

Office: 815-729-1814
Mobile: 815-807-9700

Relocating? Top 5 Reasons to Find the Right Real Estate Agnet

2010-02-09T07:56:00.000-08:00

Relocating? Top 5 Reasons to Find the Right Real Estate Agent

Believe it or not, even though selling and buying a home is one of the most stressful, most important financial and lifestyle investments you’ll ever make, most people spend very little time in selecting a real estate agent to work with. Even worse, most people tend to believe that all real estate agents are the same and possess the same skill sets and capabilities.

As a member of the Top 5 in Real Estate Network®, an elite group of real estate agents that requires members to meet a series of stringent criteria before joining, I know all too well how wrong the above perceptions are. When confronting any real estate decision, especially one that involves relocating to a different region or state, it is critical to select an agent with the necessary skills, experience and proven results.

Here are the top 5 reasons to use a professional real estate agent to handle your relocation:
1. The amount of homework involved. Moving to a new area means conducting a lot of research to learn about school systems, recreational activities, community services, etc. A seasoned, qualified agent will do most of this work for you and will suggest accurate resources for you to search out on your own.

2. The need for sounding boards. A relocation places a fair amount of stress not just on you, but on your entire family. There will be lots of concerns, questions and anxieties involved. A professional real estate agent has dealt with this situation hundreds or thousands of times and will know how to listen and respond with the right information to allay the fears of your entire family.

3. Settling into the new area. Successfully acclimating to the new area means quickly finding access to your favorite sports, hobbies, interests, etc. A professional real estate agent is well-steeped in his or her community and will help get you and your family involved in the things you love to do right away.

4. Gathering the right paper work. From school records to medical information, there is a lot of paperwork that needs to relocate with you. Your real estate agent should be able to provide you with a checklist of all the materials you will need to gather and transport well in advance.

5. A network of professionals. Successfully relocating to a new area requires not just working with a professional real estate agent, but many other credible professionals as well, such as builders, landscapers, handymen, child care providers…the list goes on. The right agent is well entrenched with many proven professionals in all of these fields and more, and can serve as a single hub for great referrals. Top 5 Members have access to a large network of other Top 5 Members across North America, ready to assist in your successful relocation.
Handled correctly, a relocation is a positive, exciting experience—a fresh start, not a painful mistake. If you’d like to learn more about ensuring a smooth and happy relocation, feel free to e-mail me and I’d be happy to share what I know. Please pass this e-mail along to family and friends who might also have a relocation in their future.
Sincerely,
Rosemary West

Email: rosemarywest1@comcast.net
Office: 815-729-1814
Mobile: 630-807-9700

How HAFA Can Help Financially Challenged Homeowners

2010-02-02T07:42:00.001-08:00

How HAFA Can Help Financially Challenged Homeowners

This past November, the Treasury Department released guidelines for its new Home Affordable Foreclosure Alternatives Program (HAFA), designed to help homeowners who are unable to retain their home under the Home Affordable Modification Program (HAMP). Under HAFA, homeowners may be able to avoid foreclosure by completing a short sale or a deed-in-lieu of foreclosure (DIL). If you or someone you know is having trouble making mortgage payments, understanding this new government program is essential.

As a Member of the Top 5 in Real Estate Network(R), I have consulted with many clients faced with a distressed property situation. The good news is HAFA is designed to simplify and streamline the use of short sales and deeds-in-lieu of foreclosure by improving the process. Here’s how:

• Help homeowners who are HAMP eligible but nevertheless unable to keep their home
• Use financial and hardship information already collected in connection with consideration of a loan modification
• Allow borrowers to receive pre-approved short sales terms before listing the property
• Require borrowers to be fully released from future liability for the first mortgage debt and if the subordinate lien holder receives an incentive under HAFA, that debt as well
• Use standard processes, documents, and timeframes/deadlines
• Provide financial incentives: $1,500 for borrower relocation assistance; $1,000 for servicers to cover administrative and processing costs; and up to a $1,000 match for investors for allowing a total of up to $3,000 in short sale proceeds to be distributed to subordinate lien holders

To be eligible for HAFA, homeowners must meet the basic eligibility criteria for HAMP:

• The home must be your principal residence
• The first lien must have originated before 2009
• Mortgage delinquent or default is reasonably foreseeable
• The unpaid principal balance cannot exceed $729,750 (higher limits for 2- to 4-unit dwellings).
• The borrower’s total monthly payment exceeds 31% of gross income

Under HAFA, the forgiven debt due to a short sale will not be taxed if the amount of forgiven debt does not exceed the debt that was used to acquire, construct, or rehabilitate a principal residence. Check with your tax advisor. Please also know that while the debt will be forgiven, the short sale will be reported to credit agencies and have some degree of negative impact on your credit. Short sale agreements must be executed and returned no later than December 31, 2012.

If you think that you or someone you know can benefit from the HAFA program, please e-mail me. You can also visit www.realtor.org/shortsales for links to the guidance, many additional FAQs, and more information about short sales. Please remember to pass this important information along to others. In today’s economy, we all know someone who might need help.
Sincerely,
Rosemary West
RE/MAX of Joliet

Office: 815-729-1814
Mobile: 630-807-9700

How to Help Your Home Stand Out and Sell Faster

2010-01-26T08:23:00.001-08:00

How to Help Your Home Stand Out and Sell Faster

In today’s buyers market, home-selling clients are always asking me what they can do to help their homes stand apart from the competition. As a Member of the Top 5 in Real Estate Network(R), I have seen how effective home staging can make all the difference in not only a quicker sale but a more profitable sale, as well.

First, it’s important to realize that home staging does not refer to the usual steps taken when your home is placed on the market, like painting the front door, taking away personal photos, and baking something in the oven. Staging, rather, is the professional merchandising of your home, which helps create an instant connection with potential buyers as they walk through the door. Just as new homebuilders create a model home for buyers to envision themselves living in, home staging does the same for your existing home.

Here are some important facts to be aware of before embarking on the home-staging process:

1. Make sure your home stager is knowledgeable about real estate and, in particular, your local market. Knowing what other homes in your area sold quickly provides the stager with important clues as to what buyers are attracted to.

2. Real estate agents, especially Top 5 Members like me, are excellent sources for referrals on home stagers in your area. Be sure to ask your neighbors as well.

3. Staging seeks to minimize the furniture in any given room in order to create the right spacing, while displaying as much floor space as possible. Be prepared with a convenient storage solution before you begin the staging process.

4. According to the International Association of Home Staging Professionals (IAHSPR), there is a growing trend toward eco-friendly home staging, where stagers provide specific “green” materials to sellers. This creates unique appeal to today’s environmentally conscious consumers.

5. Home staging is also on the rise among short sale and foreclosure properties where homes might be in need of special care. If you are in a financially challenged situation and need to sell your home, talk to your real estate professional about staging. Certain lenders are working with stagers in order to expedite these types of sales.

In the current real estate climate, homes must be merchandised and marketed wisely. Please e-mail me to find out how staging can make a significant impact on the outcome of your home sale…and please forward this email to anyone else who might be in need of home staging.
Sincerely,
Rosemary West
RE/MAX of Joliet
Office: 815-729-1814
Mobile: 630-807-9700

Refinancing? 10 Appraisal Tips That Will Save You Time and Money

2010-01-21T08:10:00.001-08:00

Refinancing? 10 Appraisal Tips That Will Save You Time and Money

While the housing market is showing many positive signs of stabilization, foreclosures and short sales are still affecting home values and leading to lower appraisals in many neighborhoods. As a Member of the Top 5 in Real Estate Network®, I am often asked for advice on refinancing. If you are considering refinancing your home, there are several steps you should take to help ensure a better appraisal. Heeding these important tips can improve your refinancing options and save you time and money.

1. Continuously research the value of your home and the other homes in your neighborhood. Pay attention to foreclosures in your area as they may drive down the value of your home.

2. Since appraisers use “comps” (comparable market sales) of local properties sold within the last six months to value your home, make sure to work with a great loan officer who will research comps in your area before ordering the appraisal.

3. If you use your own appraiser, research them first and ask your lender to cross check them for any potential issues that may delay the process. Great loan officers will always confirm your appraiser’s credentials.

4. Direct your loan officer to work with local, experienced appraisal companies. Many homes are being inaccurately appraised these days thanks to the use of out-of-region appraisers. Local appraisers have a deeper knowledge of the surrounding neighborhood and should also be more easily available, which will help speed up your appraisal process.

5. The appraisal report is yours to keep. Find out in advance who pays for the appraisal—many times appraisal fees are the homeowner’s responsibility.

6. Many new lending regulations require two appraisals—ask up-front whether you’ll need one or two.

7. Consider choosing your lender before committing to an appraisal. Being comfortable working with your loan officer is imperative. They will often serve as the liaison between you and the appraisal company.

8. Make sure any major repairs are completed before moving forward with your refinance. Structural damages drive your home value down and jeopardize the approval process for today’s popular government-backed FHA loans.

9. Don’t overestimate the value of making cosmetic home improvements. In the appraisal world, only improvements that add square footage will significantly increase home value.

10. Rely on market value rather than tax assessments for a realistic appraisal value—in today’s market, tax value and current market value may differ widely, but your lender can only go by appraisal value.

Your lender or real estate agent should explain the steps for the appraisal process up front. Be sure to ask questions so that you are as informed as possible. Please feel free to e-mail me for more information or for referrals on great appraisers in our area. I encourage you to pass this article on to any family and friends who might be considering a refinance.
Sincerely,
Rosemary West
Top 5 in Real Estate - Individual w Instructions

Office: 815-729-1814
Mobile: 630-807-8700

10 Financial Resolutions for 2010

2010-01-08T10:57:00.001-08:00

10 Financial Resolutions for 2010

As a Member of the Top 5 in Real Estate Network®, home buying clients often ask for advice on the best ways to manage and save money. As the credit card bills from holiday spending start to roll in, here are 10 New Year’s resolutions from bills.com for the year ahead…and beyond:

1. Make a plan. Create a straightforward budget for the year and monitor it monthly or weekly. Each month, review your progress and revise where necessary.

2. Use cash. Move away from credit cards and avoid going into debt, especially for daily, routine and ongoing purchases. Write checks or use automatic bill payments for bills, and withdraw enough cash or use a debit card for other expenses. Track withdrawals diligently to avoid going into overdraft.

3. Pay bills on time. The most important element of good credit is paying bills on time. Keep bills in one location and check that spot weekly. Set up online payments or write due dates on a calendar to stay on track.

4. Save. Your goal should be to save 10% or more of your income, but starting with even a few dollars a week is a great way to develop the habit of saving. You can always add more to your savings at any time. For example, after you pay off a bill, add the amount you would normally pay toward the bill to your savings instead. If you get a raise, bonus, cash gift or other one-time monetary receipt, save it—or at least a portion of it.

5. Practice preventative health. Money cannot buy good health, but in today’s world of skyrocketing medical and insurance costs, getting sick can cost you. Exercise and eat well, get enough sleep and, in these stressful times, take time to pursue relaxation practices, whether that means spiritual practices, meditation, a workout or coffee with a friend.

6. Think twice before spending. Find creative ways to cut back on expenses—take care of household maintenance, barter services or goods with friends or neighbors, and fix up old belongings rather than rushing to buy new ones. Some statistics say that people buy 30% more when shopping with a larger cart, so even a small change like avoiding the store cart when possible could save you money.

7. Participate in a retirement plan. Many believe now is a great time to invest for the long term. Especially if your employer matches contributions, contribute to a business retirement plan. If you are on your own for retirement savings, invest in an Individual IRA, Roth IRA and/or plan for self-employed persons.

8. Have the right insurance. Insurance protects against expenses you cannot

10 Tips for Staying Organized in 2010

2009-12-30T12:26:00.000-08:00

10 Tips for Staying Organized in 2010

If you’re like most people, one thing that always makes your New Year’s resolution list is, “Get more organized.” In today’s hectic and often challenging lifestyle pace, staying organized provides an important sense of control and ensures you stay on track toward important goals.

As a Member of the Top 5 in Real Estate Network®, I know that organization is the key to success, both at home and on the job. So as 2009 draws to a close, here are 10 tips for kicking off a well-organized year:
•Box it up right – Begin by stowing away the holiday décor in well-marked and sorted boxes. Try using empty wine cartons (you can probably get them free from your local liquor store) for fragile ornaments, and buy a few plastic storage cases that can be stacked and stored out of the way.
•Make some lists – Add any new names to your card and gift list, so that you are ready for next year.
•Get a new calendar – first, transfer in all birthdays and other important dates you want to be sure to remember.
•Schedule it – then begin scheduling annual medical, dental and veterinarian appointments for the family and pets, and note any other dates you want to remember, such as car maintenance, registration times, etc.
•Get it on sale – Get a head start on next year by taking advantage of after-holiday sales on wrapping paper, cards and gifts.
•Budget for next year – Take a look at your receipts to see how much you spent this year; then divide by twelve and begin a savings plan to help you get there stress-free.
•Hidden agenda – Designate a private spot for storing gifts you buy when they are on sale during the year. Keep a note in your wallet listing what you buy and for whom.
•Be tax ready – Create a folder or storage box for all receipts, check stubs, and other materials you will need when tax season rolls around. Make this the year you throw everything into the designated file or box.
•Be car ready – Keep a box in your trunk to hold blankets, umbrellas, diapers, flashlight and anything else you may want to have handy in an emergency.
•Check on your resolutions – Keep a written list of what you want to accomplish this year: losing weight, eating better, exercising, or even being more organized. Check the list each month to see how well you are doing.
While it seems impossible at times, staying organized is simpler than you think—and the rewards are tremendous—so forward these great tips to your family and friends. Wishing you a happy and healthy 2010 and be sure to e-mail me for any real estate-related assistance you may need in the New Year.
Sincerely,
Rosemary West

Office: 815-729-1814
Mobile: 630-807-9700
dailynewsfeedback@rismedia.com

5 Ways To Finance a Home Improvement

2009-12-23T14:33:00.001-08:00

5 Ways to Finance a Home Improvement Project

You’ve probably noticed that remodeling projects in our neighborhood have waned as the economy has struggled. But remodeling your home is still one of the best long-term investments you can make. As home prices start to stabilize and slowly start to climb again, completing a remodeling project now can leave your home sitting pretty in terms of value when the market fully recovers.

In today’s tough lending climate, however, financing a home improvement project can be tricky. As a member of the Top 5 in Real Estate Network®, I am often asked, “What’s the best way to fund a remodel?” The National Association of Home Builders (NAHB) says there are several good options. Here are five recommendations I often share, from the simple to the more creative:

Cash
If you have cash in savings to pay for your remodeling project, this may be the best way to finance your home improvements. But be sure to consider the fact that, by paying in cash, you tie up money that could be earning interest in other investments. In other words, you need to look at the interest rate that you would be charged by financing the project and compare this to the interest you could earn by investing these funds.

Also remember that interest payments on a home improvement loan may be tax-deductible, while you can't write off the expenses of a remodeling project paid for in cash. Crunch the numbers and meet with a financial advisor to determine whether paying in cash will really pay off in the long run.

Home Improvement Loan
Two special loans administered through the Federal Housing Administration (FHA) are the Title I and Section 203(k) programs. A Title I loan allows you to borrow up to $25,000 for improvements to a single-family home. These are fixed-rate loans that FHA insures against the risk of default. Loans must be made by an approved Title I lender.

The 203(k) program is not as well known, but if you are looking to purchase a fixer-upper, it is a terrific opportunity. It allows homeowners to receive a single, long-term, fixed or adjustable rate loan that covers both the acquisition and rehabilitation of the property. To obtain a loan under the 203(k) program, you must use an FHA-approved lending institution. Most mortgage lenders are approved to make loans through this program.

Home Equity Line of Credit
A home equity line of credit is a form of revolving credit in which your home serves as collateral. This allows you to tap into these funds whenever you need it. The credit line is usually set at 75 to 80% of the appraised value of your home minus the balance of the first mortgage. Your credit history and ability to pay may also be considered in determining the amount of credit available.

Home equity lines of credit usually carry a variable interest rate that is figured by adding a margin to the current Prime Rate or some other index. Other costs associated with setting up a line of credit may also apply and will vary from lender to lender.

Second Mortgage
If you are not comfortable with the open-ended nature of a line of credit (which requires discipline to ensure that you don't go way over budget), a home equity loan, or second mortgage, may be right for you. This is a fixed-rate, fixed-term loan based on the equity in your house that is paid back in equal monthly installments over a specific period of time.

Cash-Out Refinancing
If interest rates today are significantly less than when you first purchased your house, refinancing your mortgage may be a wise move. This refinancing alternative allows you to use the accumulated equity in your home to take out a new loan to pay off your existing mortgage and then use the remaining funds for your remodeling project.

Make sure you factor in the length of time you plan to live in the house and the number of years left on your current mortgage before you decide to refinance.

Carefully consider the above options to determine what might be best for you or e-mail me to discuss further. Please forward this e-mail to anyone else who might be considering a remodeling project.
Sincerely,
Rosemary West

Office: 815-729-1814
Mobile: 630-807-9700
dailynewsfeedback@rismedia.com

Do you Want to ‘Move-Up’? The Clock Is Running!

2009-12-21T11:09:00.000-08:00

Do you Want to ‘Move-Up’? The Clock Is Running!

While you’ve probably heard a lot in the media about the government’s efforts to rejuvenate the housing market with the first-time home buyer tax credit, you might have missed the fact that the most recent expansion of the legislation also includes a $6,500 credit for current homeowners who want to purchase a new home…commonly referred to as “moving up.”

As a Member of the Top 5 in Real Estate Network®, I’ve worked with many homeowners who have wanted to move to a new home over the past year, but have stayed put due to a lack of confidence in the market. Now, however, thanks to the tax advantages of the Worker, Homeownership, and Business Assistance Act of 2009, these homeowners are moving off the sidelines and purchasing the homes they’ve always wanted.

But the time to act is now—there is only a short window of opportunity! The move-up buyer credit expires in April of 2010, which means you must contract and close on your home purchase by June 30, 2010. As you know, selecting a home is not a simple process, so start your search now so you don’t miss the deadline.

For starters, here are the key facts you need to know about the move-up buyer tax credit:
1. A qualified current homeowner who wishes to move to a different home (a “move-up” buyer) must have owned and resided in their residence for five consecutive years out of the last eight. It’s not enough that you have been homeowners for five years—you must have been in the same home for five consecutive years.
2. Single taxpayers with incomes up to $125,000 and married couples with a joint income up to $225,000 qualify for the full tax credit. According to Goldman Sachs, these income limits make approximately 70% of current homeowners eligible for the credit.

3. The maximum credit amount for current homeowners is $6,500. Under the new legislation, a tax credit may only be issued for homes purchased for $800,000 or less.

4. Even though the term “move-up” is used to describe these buyers, the credit is not predicated on buying a home of higher value than your current home.

5. Move-up buyers are not required to sell their current home to qualify for the credit. They must reside in the new home for at least three years, but they can keep their existing home and either leave it vacated or use it for rental purposes.
These are just a few of the key facts surrounding the move-up buyer tax credit. If you would like to find out more, including whether or not you are eligible for the credit, please e-mail me. Be sure to forward this email to all your homeowner friends so they can take advantage of this once-in-a-lifetime opportunity.
Sincerely,
Rosemary West
Top 5 in Real Estate - Individual w Instructions

Office: 815-729-1814
Mobile: 630-807-9700
dailynewsfeedback@rismedia.com

10 Time Saving Tip to Take the Stress out of Moving!

2009-12-11T12:04:00.000-08:00

10 Time-Saving Tips to Take the Stress Out of Moving

When it comes to moving, a little preparation goes a long way. As a member of the Top 5 in Real Estate Network®, my experience tells me that tons of time and energy can be saved by planning ahead, staying organized and focusing on details. Here are 10 great, time-saving tips to make moving fast and efficient, courtesy of HGTV’s FrontDoor.com:1. Make a moving schedule. Starting 60 days before the move, use a week-by-week checklist to keep the process on track. The tasks to accomplish further from moving day might seem trivial at first, but staying on schedule will prevent last-minute headaches. 2. Hire a quality moving company. Resist the temptation to hire a company that offers a too-good-to-be-true rate. An unreliable mover will cost time and money in the long run if items are lost or broken. Check out moving company credentials with the Better Business Bureau and the Federal Motor Carrier Safety Administration.3. Pare down your possessions. If an item won’t be used in the new home, don’t waste time packing it. Notorious clutter items—unread books, unfinished projects and half-empty cleaning products—are prime targets to leave behind. 4. Pack like a pro. Come up with a packing system so all boxes end up in the right rooms when they get to the new home. One option is to buy a set of magic markers and create a “color code” system for the movers—red-labeled boxes for the living room, blue for the kitchen, etc. On moving day, draw a floor plan of the new place with each room labeled and give it to the movers.5. Make the house move-out ready. Most movers won’t disconnect anything that’s hard-wired, so unplug all the appliances and lighting fixtures that go. Make sure all paths are clear from the house to the moving truck. Speed up the process by knowing the ground rules for what movers will and won’t do.6. Stock up on packing supplies. Don’t run out of packing tape the morning of the move; have plenty of supplies on hand. Early on in the moving process, start gathering boxes, tape, bubble wrap, newsprint, box cutters and markers. Try to save time and the environment by packing with materials you already have. Load up suitcases and plastic containers and use pillows, scarves and towels to “wrap” fragile items.7. Pack a moving survival kit. Don’t throw everyday essentials like ID and medicine in with other belongings, only to have to dig through boxes later. Instead, pack a “last-to-go” box with all of the necessities—toiletries, snacks, important documents—and keep it with you instead of packing it in moving truck.8. Spruce up the new home before moving in belongings. It’s easier to clean, paint and make improvements while the new home is still empty. Before hauling in all the furniture and boxes, be sure to vacuum, dust baseboards and wash the kitchen and bathroom floors.9. Map out the new floor plan. Decide how to arrange the furniture before moving it into the new place. The best way to do this is to make paper cutouts of the furniture. Measure the dimensions of the piece and tape together newspaper pages to match the “footprint” of the furniture. It’s much easier to reshuffle newspaper than all that heavy furniture.10. Change the address and notify companies before the move. Completing a change-of-address form before you head out can prevent hassles such as past-due bills, service lapses and even identity theft. Schedule dates in advance to discontinue utilities, phone, cable and Internet, and arrange for these services at the new address. From start to finish, the moving process can be very stressful. Why not make it easier by following a few, simple steps. If you would like to receive more tips, such as these, please e-mail me, and be sure to pass this article along to your friends, family and colleagues.

Sincerely,

Rosemary West
RE/MAX of Joliet

Top 5 in Real Estate Office: 815-729-1814Mobile: 630-807-9700
dailynewsfeedback@rismedia.com

Rosemary's Christmas Flyer

2009-12-11T11:47:00.000-08:00

Rosemary is going GREEN this year if you recieved a calander last year and would like a free insert please feel free to email your Name, Address, Phone Number, Email, and if applicable Subdivison to www.RosemaryWest5@comcast.net -

Four Ways to Optimize Your Credit Profile

2009-12-04T12:37:00.000-08:00

Four Ways to Optimize Your Credit Profile

Whether you’re looking for ways to dig out of your financial hole or ways to avoid getting into one, the importance of actively managing your credit and debt profile has never been greater. Americans have become well-versed in asset management but not necessarily liability management. Until recently, easy access to credit has made our current generation feel immune to the real risks of overextending your credit.

In today’s difficult economic environment, as banks get more restrictive about who gets approved for credit and which consumers get the preferred rates, as a member of The Top 5 in Real Estate Network(R), I am advising all my clients to spend more time analyzing the types of credit they have and how it is used. The reality is, we all need to change our behaviors and adapt to the realities of the current environment. When it comes to liability management, here are some simple first steps to take from credit consultants, Approvalguard.com:

1. Understand How Credit Works. Now is not the time to be content with understanding 80% of what you need to know about your credit. Ninety-four percent of consumers are challenged with understanding the basics of how personal credit works. In most cases, they build credit over a lifetime of trial and error. Invest some time in researching and understanding the current credit climate and/or contact your financial advisor or a trained credit professional.

2. Continually Evaluate and Monitor Your Current Credit Profile. The second step is to evaluate your current credit and debt profile and establish a plan based on your short- and long-term credit needs. Continually monitoring your credit report and profile is no different or less important today than getting a physical exam by your doctor.

3. Optimize Your Credit. Each of your debts should be periodically reviewed and analyzed. Are there options you can take to improve your overall credit profile so that you’re more desirable to creditors for their preferred interest rates? Should you consolidate some of your debt? Once you strengthen your credit and debt profile, do you have options on your home, auto and credit cards to negotiate lower interest rates and terms that would save you money monthly?

4. Rethink New Purchases. Excellent credit is like an insurance policy. When you need to use it, you want to qualify for the preferred interest rates and terms. Maintaining your credit “insurance policy” is critical for special purchases like a home, car or major appliances when needed. Don’t wait until there’s an immediate need because your chance of making a material change in your profile overnight is very difficult.

Remember, the credit environment just isn’t what it used to be. There has never been a more critical time to build, optimize and manage your personal credit and debt profile. If you would like to learn more, please e-mail me , and be sure to pass this article along to your friends, family and colleagues. We can all benefit from this important information.

Sincerely,

Rosemary West

RE/MAX of Joliet

Top 5 in Real Estate

Office: 815-729-1814
Mobile: 630-807-9700

Lower Your 2009 Tax Debt

2009-11-23T12:08:00.001-08:00

Lower Your 2009 Tax Debt

As a Top 5 in Real Estate Member, I counsel many clients on a wide range of financial concerns, not just their real estate investments. As 2009 comes to a close, I wanted to alert you to some important information that could save you money come tax time.

In addition to the $8,000 tax break for first-time home buyers and the newly expanded tax credit that includes move-up buyers, new tax-relief bills passed in 2008 provide for a number of other tax breaks that may lower your 2009 tax debt. Plan now and review these breaks with your accountant to see if they could help reduce your tax liability in 2009 and beyond:

• Payroll Tax Credit. For 2009 and 2010, Congress gave workers a 6.2% credit on earned income, applied as lower income tax withholding (there are caps based on income). Recipients of Social Security, Railroad Retirement benefits or Supplemental Security Income, some federal workers, and veterans with disability pensions will get a one-time $250 check. Self-employed workers may be able to reduce quarterly estimated payments to get advance benefits.
• Larger Personal Exemptions. For 2009, each personal exemption you can claim is worth $3,650—up by $150 over 2008.
• Higher Standard Deductions. The standard deduction for married couples filing jointly rises to $11,400 up by $500 from 2008. For singles, the amount increases to $5,700—up by $250 over last year, and heads of households can claim $8,350, a jump of $350.
• Tax Credit for College Tuition. For 2009 and 2010, the Hope credit is replaced by a new credit of up to $2,500 per student a year for four years of college, not just the first two years. It now also covers the cost of books, but begins to phase out based on higher incomes.
• Child Tax Credit. If the credit exceeds the filer’s tax liability, all or part of the credit will be refunded if the filer earns more than $3,000 – down from $12,550 in 2008. (Also, for families with three or more children, the maximum earned income tax credit for 2009 and 2010 rises by $628.50)

Other changes that could affect you include higher income limits for deductible IRAs and Roth IRAs, higher estate tax and gift tax exemptions, credit for energy-saving home improvements, and partial exclusion of unemployment benefits.

To understand how the new tax breaks could save you money, consult with your financial advisor or e-mail me for more information. Be sure to pass this email along to your family and friends—in these tough economic times, we could all use a tax break!

Sincerely,

Rosemary

Rosemary West
RE/MAX of Joliet

2009-11-16T14:47:00.000-08:00

NAR Conference

2009-11-13T15:27:00.000-08:00

Rosemary West will be speaking at the NAR Conference this Saturday from 1:30-3 pm at the San Diego Convention Center. Will be speaking about staying up in a down market, short sales, and price reductions. Don’t Miss Out!

Start Early - Teaching Your Kids About Credit

2009-11-13T10:50:00.001-08:00

Start ’Em Early — Teaching Your Kids About Credit

As a Member of the Top 5 in Real Estate Network®, I am often asked by my clients about how to improve credit and also how to help them educate their own children about avoiding the pitfalls and temptations that early accessibility to credit can bring.

Many parents have learned how to build and manage their credit and money through trial and error. As a result, in many cases, their credit has either been damaged or not optimized in the process. Parents can find a number of easy ways to get educated on more effective ways to manage their money and credit. Here are some important, age-specific tips that parents can use to help their children learn the value of money and, consequently, credit from ApprovalGuard.com:

1. Start Young—Young children are sponges for new information and can learn valuable money management lessons through their interaction and activities with parents. Use daily errand activities like going to the supermarket or bank to teach kids lessons about budgeting and money. Consider having them “pay” for rent, food, and other things with toy money for a week. Let them learn on their own at first and then go back and help them make a budget. Once your children are ready, consider a weekly allowance that is tied to household responsibilities and some form of budgeting and saving. Additionally, explain the difference between “wants” and “needs” to your children.

2. The Teen Years—Teen spending makes up a great deal of the economy and, if you are not careful, it can inadvertently cost you a good portion of your salary as well. Work with your teenagers to teach them the importance balance between spending and saving as well as budgeting. Help prepare them to appropriately begin building their own credit.

3. College Bound—Many young adults will begin receiving offers for credit cards (although this will soon change with the new Credit Card Act of 2009) and quickly find themselves with debt they cannot pay. College can be treacherous for students with credit cards. If you haven’t built the foundation of educating your children on effective credit management by the time they’ve entered college, it is not too late. It is critically important to start educating them on the best practices noted above and lead them by example through effectively managing your own credit. The key is to not procrastinate any longer. Various educational resources exist as referenced in this column to help minimize any anxiety you may have regarding your own subject matter expertise.

The road to good credit doesn’t have to be a rocky one. Educating your children about money and credit from an early age will help them build a positive future. For more tips on credit, please e-mail me—I can point you in the right direction. Please also forward this important information to your social network; it just might help someone you know.

Sincerely,

Rosemary

Rosemary West
RE/MAX of Joliet
Rosemary's Assistant
rosemarywest5@comcast.net

Overcoming Common Foreclosure Fears

2009-11-06T10:47:00.001-08:00

Overcoming Common Foreclosure Fears

As foreclosure numbers continue to rise, you might be one of the many homeowners worried about losing your home. The truth is, foreclosure can be prevented, however, most homeowners are too confused or afraid to confront their mortgage problems and, therefore, neglect taking the necessary steps to potentially save their homes. As a member of the Top 5 in Real Estate Network®, I have helped put many financially-challenged clients on the path toward avoiding foreclosure. The first and biggest step is always overcoming their fears.

Here are six of the most common foreclosure fears the Consumer Credit Counseling Service (www.cccsinc.org) encounters, along with the steps homeowners can take to overcome them and start taking action to save their homes.

Fear: Homeowners are afraid to let the mortgage company know they are having a problem because they think it will speed up the foreclosure process.

Contacting your lender must be the first step as it gives you a chance to explain why you have fallen behind on your payments and what steps you are taking to get back on track. Most lenders have a financial interest in keeping you in your home and may be willing to alter the terms of your loan or devise a repayment plan.

Fear: Homeowners believe that if their mortgage company has already turned them down for a loan modification, there is no point in contacting a counseling agency.

Many homeowners are turned down for a loan modification because the information they provide to their lender indicates that their expenses exceed their income or that they have not provided accurate documentation and information about their loan. A housing counselor may be able to suggest alternatives that better suit your current financial situation or help you make adjustments that make you a better candidate for a loan modification with your lender.

Fear: Homeowners fear being judged by others for seeking help.

These are challenging financial times. While it may feel like you are the only one struggling, the reality is that many of your friends and neighbors are also finding it difficult to stay afloat.

Fear: Homeowners think it is better to use all of their financial resources before seeking help.

Many homeowners try to ride out the financial storm, using their savings and depleting their retirement accounts before seeking help. By the time they do seek help, they are in an even more desperate financial situation and they have spent the resources that may have given them more options in dealing with their mortgage crisis.

Fear: Homeowners facing foreclosure fear that their situation is hopeless.

While for some, seeking help may mean saving their home, it is inevitable that some homeowners will end up in foreclosure. A certified housing counselor or real estate professional can help homeowners work through the foreclosure and build a new path for long-term financial success.

Fear: Companies claiming they can save your home charge large, up-front fees.

You can receive counseling from a reputable, nonprofit housing counseling agency at no charge. While there are unscrupulous businesses looking to take advantage of homeowners, there are also many HUD-approved housing counseling agencies that offer help for struggling consumers.

Please don’t let fear stand in the way of saving your home. Feel free to e-mail me <mailto:rosemarywest5@comcast.net?subject=Top 5 RE Social Networking System Inquiry> for guidance on your specific situation and please pass this along to any friends and family members who may also need to confront these fears and get proactive.

Sincerely,

Rosemary

Rosemary West

RE/MAX of Joliet

Rosemary's Assistant

rosemarywest5@comcast.net

<http:www.RosemaryWestTeam.com//>

How to Expedite the Loan Modification Process

2009-10-30T11:03:00.001-07:00

How to Expedite the Loan Modification Process

As a Member of the Top 5 in Real Estate Network®, I am frequently asked these days for my advice on loan modification…specifically, how quickly new loan terms can be arranged. Waiting to find out if your application for loan modification has been accepted can be a nerve-wracking and frustrating experience—especially if you’re still receiving late payment notices and creditor calls. Here are some important insights into the loan modification process from consumer advocate and author Ralph R.

Roberts.

1. The loan modification process typically takes 30 to 90 days, depending mostly on your lender. The loan modification timeline, however, is not set in stone. The more complex your situation, the longer the process takes. Borrowers with a lot of collateral issues can see their loans take longer than what has become the typical 30- to 90-day timeframe.

2. A professional can often reduce the amount of time required by processing your paperwork efficiently, presenting your application exactly the way the lender wants it, and knowing from past experience what the lender is able and typically willing to agree to. Find out how long the process is likely to take and mark the dates on your calendar.

3. Refer all matters to the professional who is representing your loan modification. Anything you say to the lender could confuse things or compromise your representative’s ability to negotiate the best deal on your behalf.

4. Log all phone calls and correspondence between you and your lender or representative. Keep track of important dates. Consistent follow up is paramount to a successful modification.

5. Explore other options. If the lender denies your request for a loan modification or presents an offer that you cannot accept, you will need a plan B. Consult a real estate agent about listing your home for sale.

Talk to a mortgage broker or loan officer about refinancing. Speak with a bankruptcy attorney to find out whether filing bankruptcy would be a better choice.

6. You might continue to receive delinquency notices or late payment phone calls. Push to have all default and foreclosure actions put on hold while your workout attempts are underway.

The loan modification process can be long and trying, but doing your part to keep the process on track by remaining informed can increase your chances of a positive outcome and reduce stress. For more advice on loan modification, please e-mail me <mailto:rosemarywest5@comcast.net?subject=Top 5 RE Social Networking System Inquiry> —I can point you in the right direction. Please also forward this important information to your social network; it just might help someone you know.

Sincerely,

Rosemary

Rosemary West

RE/MAX of Joliet

Rosemary's Assistant

rosemarywest5@comcast.net <mailto:rosemarywest5@comcast.net>

<http:RosemaryWestTeam.com//>

Fast Ways to Update Your Kitchen, Increase Value

2009-10-23T11:12:00.001-07:00

Fast Ways to Update Your Kitchen, Increase Value

While there are many different variables that contribute to selling a home, during the course of my real estate career, I have witnessed one constant: the kitchen.

Today, the kitchen has become more of a multi-functional space than ever before, where cooking happens alongside bill paying and homework, not to mention the kitchen’s role as social hub for family and friends. That’s why it’s more important than ever to buyers and sellers alike that this key room be fresh and inviting.

While home improvement experts report that kitchen remodels provide anywhere from an 80-100% return on investment, based on my years of experience working with homeowners, I have found that just by updating certain aspects, the entire look and feel of the kitchen can be refreshed and modernized—and your home’s value increased in the process.

As design expert Melissa Birdsong, vice president for Trend, Design & Brand at Lowe’s Companies, Inc. (www.lowes.com), says, if the kitchen is outdated and tired, the whole house can feel that way; a few simple updates can make all the difference in getting the green light on the buying decision. So whether you want to update your kitchen for your own lifestyle enhancement or to help move it off the market, try these tips from Birdsong:

1. Color and light are the easiest, most cost-efficient elements to add personality and ambience to the kitchen. Use your vegetable bin and spice cabinet for inspiration! A scheme of natural greens, yellows, mustards and russets washed with dimmable overhead and under-cabinet lighting can add energy as well as create a level of calm.

2. If the existing cabinets are sturdy but the finish is sending out a distress signal, a well-executed paint job can turn it around. Mismatched appliances and worn flooring are other leading visual cues, so if the budget permits, replace them.

3. Last but not least, add sparkle and a new point of view to the kitchen by replacing the metals palette--cabinet hardware, faucet, lighting and outlet covers. A few thoughtfully chosen, simple finish updates can seal the deal.

As a Member of the Top 5 in Real Estate Network(R), I have access to more great ideas for improving your kitchen as well as all areas of your home…both for your own lifestyle enjoyment and to increase your home’s value. Please e-mail me to discuss other ways to improve your home’s value and please forward this email to your social network who may also find it helpful.

Sincerely,

Rosemary

Rosemary West
RE/MAX of Joliet
Rosemary's Assistant
rosemarywest5@comcast.net

Top 5 Steps Toward Imporving Your Credit Score

2009-10-16T10:52:00.000-07:00

Top 5 Steps Toward Improving Your Credit Score

Home prices and interest rates are down, and your desire to buy a home is high. But many of my clients worry that their credit score just isn’t good enough for lenders to see them as a worthy credit risk, especially in light of today’s tougher credit and lending standards.

As a member of the Top 5 in Real Estate Network®, I am often asked if there is anything that can be done to improve your credit score. There are, in fact, several steps you can take. Here are five great suggestions from Bankrate.com:

1. Order your credit reports. You can do it for free once a year at annualcreditreport.com. If you've been denied credit, you are entitled to a copy of your report from the reporting agency. The company you applied to must supply the contact information and you have 60 days after denial to request a copy.

2. Examine your credit reports. Creditors do not necessarily report to each agency, so you may find differences in reports—and credit bureaus do not verify the information they get from creditors. Note any errors, such as incomplete or outdated information or inaccurate account histories. If you find errors, such as a paid-up account that was not reported or a difference in the amount owed, proceed to step number three.

3. Dispute and document. Complete the dispute form that came with the credit report or write a letter identifying each mistake and stating why it is wrong. Include a copy of the report with errors circled and copies of any supporting documents. Keep copies of everything you send. The credit bureau must investigate disputes within 30 days of receiving your letter. Items not verified as accurate by a creditor are removed and you will be sent a free, updated report.

4. Fix negatives. Call your creditors and ask for reduced monthly payments to help you keep current. See if the repayment schedule for fixed-rate loans can be extended. This may end up costing you more, but may keep you from being reported as delinquent. Arrange to pay off accounts in collection. Slowly close out unused credit accounts. Don’t cancel them all at once, as this may negatively affect your score. Remember, cutting up a card is not the same as closing the account.

5. Add positives. If you have a good credit history from a company that does not report to a credit bureau, ask them to do so. Apply for a secured credit card and build a solid payment history. Open a savings account to show creditors you are working to save and have reserves to help pay down debt.

Remember that your credit score is not always set in stone. There are actions you can take immediately to raise your score both in the short term and long term. If you would like more information on other ways to change your credit score, please e-mail me <mailto:rosemarywest5@comcast.net?subject=Top 5 RE Social Networking System Inquiry> ; and please also be sure to forward this important article to others who may be caught in the credit-score crunch.

Sincerely,

Rosemary

Rosemary West
RE/MAX of Joliet
Rosemary's Assistant
rosemarywest5@comcast.net
<http:RosemaryWestTeam.com//>

6 Ways to Attract Great Residents to Your Rental Home!

2009-10-09T11:56:00.000-07:00

6 Ways to Attract Great Residents to Your Rental Home

These days, many homeowners are turning into landlords. Whether you have relocated and are still waiting for your previous home to sell or whether you are trying to increase income by renting a vacation or second home, you might suddenly find yourself in need of a renter.

Of course, we’ve all heard nightmare stories about bad tenants destroying properties and causing prolonged evictions. As a Member of the Top 5 in Real Estate Network®, I’ve learned of a few simple guidelines for finding serious renters and thereby, preventing most bad occupancies:

1. Location - There is no question that the more desirable a neighborhood, the lower the risks of having a bad resident apply. It is also worth noting that the higher the rent, the lower the risk.

2. Condition - A very vital but controllable influence for attracting desirable residents is the home's condition. The formula is simple. Make it look like everything was just completely redone. Exterior property condition is very important as well.

3. Pricing - Don’t be afraid to price a property slightly below what the market dictates. For every 2½ weeks a vacancy sits on the market, the annual rent could have been lowered by 5%.

4. Signage - A prospect calling from a yard sign should be treated as a serious lead. They have seen the exterior of the property and know its precise location.

5. Response Time - Rapid response time can make all the difference. Use cell phones or text messaging to allow prospects to quickly reach someone who can show the property or answer any questions.

6. Screening - Despite all of the above, screening is still vital. Be sure to adhere to a written tenant selection plan that is in compliance with all Federal, State and Local Fair Housing Laws and the Federal Fair Credit Reporting Act.

Great renters and increased income can be found by following these simple but effective steps. For more information on finding the right renters for your home, please e-mail me <mailto:rosemarywest5@comcast.net?subject=Top 5 RE Social Networking System Inquiry> . And be sure to forward this article to members of your social network who may also find it helpful.

Sincerely,

Rosemary

Rosemary West
RE/MAX of Joliet
Rosemary's Assistant
rosemarywest5@comcast.net
<http:RosemaryWestTeam.com//>

2009-10-02T13:18:00.001-07:00

Want to Refinance? Heed These 10 Appraisal Tips

Refinancing in today’s credit-crunched market can be challenging at best. A successful refinance all begins with the appraisal, used to set the maximum amount you’re allowed to borrow against your home. The problem is, in today’s market, sinking home values are often lowering appraisals as well. If you are considering refinancing your home, heeding these important tips on appraisals before proceeding can improve your refinancing options and save you time and money:

1. Continuously research the value of your home and the other homes in your neighborhood; pay attention to foreclosures in your area as they may drive down the value of your home. As a member of the Top 5 in Real Estate Network®, I am well-equipped to provide you with a detailed assessment of the current value of your home.

2. Since appraisers use “comps” (comparable market sales) of local properties sold within the last six months to value your home, make sure your loan officer leverages their knowledge to research comps in your area, before ordering the appraisal.

3. If you use your own appraiser, research them first and ask your lender to cross check them for any potential issues that may delay the process. Great loan officers will always confirm your appraiser’s credentials. I can also recommend a credible appraiser to work with.

4. Direct your loan officer to work with local, experienced appraisal companies. Local appraisers have a deeper knowledge of the surrounding neighborhood and will likely be more readily available for the home inspection to speed your appraisal process.

5. The appraisal report is yours to keep. Find out in advance who pays for the appraisal—many times appraisal fees are the homeowner’s responsibility and have to be paid up front.

6. New lending regulations require two appraisals in some situations—ask at the beginning whether you’ll need one or two.

7. Commit to your lender before committing to an appraisal. Being comfortable working with your loan officer is imperative. They often will be the liaison between you and the appraisal company.

8. Make sure any major repairs are completed before moving forward with your refinance. Structural damages drive your home value down and jeopardize the approval process for today’s popular government-backed FHA loans.

9. Don’t overestimate the value of making cosmetic home improvements. The expense is rarely justified because in the appraisal world, only improvements that add square footage will significantly increase home value.

10. Rely on market value rather than tax assessments for a realistic appraisal value—in today’s market, tax value and current market value may differ widely, but your lender can only go by appraisal value.

Finally, homeowners should expect their lender to clearly explain the appraisal process and all of the steps for refinancing up front. I can also assist you in the refinance process and help point you in the right direction—just e-mail me <mailto:rosemarywest5@comcast.net?subject=Top 5 RE Social Networking System Inquiry> with your questions. If you believe this information may be valuable to your social network, please feel free to forward this email.

Sincerely,

Rosemary

Rosemary West
RE/MAX of Joliet
Rosemary's Assistant
rosemarywest5@comcast.net <mailto:rosemarywest5@comcast.net>
<http:www.RosemaryWestTeam.com//>

7 Ways to Qualify for a Mortgage!

2009-09-28T12:43:00.000-07:00

7 Ways to Qualify for a Mortgage

A few years ago, home buyers were qualifying for mortgages who normally wouldn't qualify for a mortgage. It was easy to get a mortgage because homes were flying off the market before they were even listed for sale. Lenders saw dollar signs, so they found a way to help buyers get a mortgage while throwing lending principles out of the window.

It's a different story in today's housing market. Qualifying for a mortgage is harder than it was a few years ago, but it's not impossible. As a Member of the Top 5 in Real Estate NetworkR, I advise many clients on how they can qualify for a mortgage in today's market. Here are some helpful tips:

1. Inspect all three of your credit reports. Pull your credit reports from Equifax, Experian and Transunion. Make sure that all of the information is accurate. If you find an account that doesn't belong to you, submit the necessary form to all three credit reporting agencies to dispute the account.

2. Improve your FICO score. Unfortunately, mortgage lenders heavily weight your lending eligibility based on a score that doesn't accurately measure your financial stability. The FICO score only measures your ability to repay a loan. Improve your score by paying down debt, paying all of your credit accounts on time, and keeping open accounts with a zero balance.

3. Save for a bigger down payment. Buying a house with a 10% or more down payment shows you are serious about becoming a homeowner. If you're looking for a Federal Housing Administration loan, you'll need at least a 3% down payment.

4. Increase your household income. That's a tall order in today's job market, but mortgage lenders want you bringing in enough money to realistically pay for the loan. Two-income families qualify easier than one-income families. Pick up a second job, become a two-income family, or start a home-based business.

5. Choose a realistic budget. The rule of thumb is a mortgage payment that is 25% of your monthly household income. Choose a price range that fits this criteria. If you make $4,000 a month, then choose a price range that gives you a mortgage payment of $1,250. The term "house poor" comes from people that spend the majority of their income on a mortgage payment.

6. Stick with one employer. Mortgage lenders like stability, especially in today's market. If you can manage to stay with the same employer for more than two years, that will weigh in your favor.

7. Negotiate a price lower than the appraised value. If you negotiated a purchase price that is lower than the appraised value, you can consider it instant equity in the eyes of the mortgage lender. Follow the advice of your real estate agent on how to make the right offer.

Now is the time to buy, but lenders will no longer hand out loans to just anyone. Don't let this discourage you. Take this time as an opportunity to fine tune your personal finances. For more information on how to qualify for a mortgage, please e-mail me <mailto:rosemarywest5@comcast.net?subject=Top 5 RE Social Networking System Inquiry>. Also, please forward this email to any of your family or friends who might also be in the market for a mortgage.

Sincerely,

Rosemary

Rosemary West
RE/MAX of Joliet
Rosemary's Assistant
rosemarywest5@comcast.net
<http:RosemaryWestTeam.com//>

What Every Buyer Needs to Look for in a Home

2009-09-18T13:07:00.000-07:00

What You Need to Know About Buying an Urban Property

Whether it’s a waterfront condo or a downtown brownstone, multi-family dwellings like condos and lofts are gaining appeal for those considering downsizing, buying a second or vacation home, or desiring a shorter commute to work. As a Member of the Top 5 in Real Estate Network®, I am often asked for my advice on the best way to go about choosing and buying an urban home. Here are some great tips I’d like to share from Frontdoor.com:

1. Consider co-ops.
In many high-priced cities, like New York and Chicago, cooperatives (co-ops) are the easiest way to break into homeownership. About 80% of the housing stock in Manhattan, for example, is cooperatives (co-ops). Co-ops, however, all have different financial standards. It's important to be upfront with your real estate agent so they know what you're qualified to buy. If you don't have the cash to make a 20 – 25% down payment, some co-ops will allow you to use gift money, while others will not. Also, some co-ops require that you have a certain amount of cash reserves after the purchase—sometimes equal to the purchase price. Putting all your financial information on the table can help your agent find a co-op that's perfect for you.

2. Explore emerging neighborhoods.
You might be able to get a deal on an urban property in an up-and-coming area, but make sure the area is well on the upswing before you buy. An emerging neighborhood can take several years to redevelop. To make sure it's a good time to buy, investigate the area—see what stores, restaurants or cultural establishments have recently opened or are planning to open in the area. These are always good indicators of neighborhoods on the rise.

3. Investigate a potential building's financial condition.

When you buy a condo, loft or co-op, you're not just buying a property—you're also buying into the building or community. HOAs govern condo communities, collecting dues and maintaining the common areas. A board of directors takes care of these tasks in a cooperative. Hire an attorney to research the association's financial stability and its rules before you sign on the dotted line. Your attorney should look at the corporation's yearly financial statements to see how much money it has on hand. If a building doesn't have a large reserve, they can charge a special assessment fee to cover a big repair. These fees are typically announced fairly far in advance (a year or more is normal), so your attorney should also read the minutes of corporation meetings to see if any fees have been proposed. You can also do some of your own investigating. Don't forget to find out about the surrounding buildings and their construction plans as well. You don't want to buy a home overlooking the water, then find out the week you move in that someone is building something taller that blocks your view.

4. Don't plan to buy a co-op as an investment property.
Multi-family homes can be great investment properties, but cooperatives (co-ops) have very restrictive rules about renting. While condos are typically much more lenient about rentals, be sure to check the property's covenants, conditions and restrictions (CC&Rs) to make sure you're allowed to lease it to a tenant. For many, today’s marketplace represents a great opportunity to buy an urban dwelling that may have been out of reach in years past. If you would like more information on purchasing urban properties, please e-mail me—and please feel free to forward these tips to members of your social network who might also find it beneficial.
Sincerely,

Rosemary

Rosemary West
RE/MAX of Joliet
Rosemary's Assistant
rosemarywest5@comcast.net

What Every Buyer Needs to Look for in a Home

2009-09-16T12:44:00.001-07:00

As a leader in real estate, I am repeatedly asked specific questions about today's market - especially in today's economy. In an effort to provide more information to my community, I am sending you this Top 5 Real Estate Social Networking Systemsm “e-Article,” in which I provide useful real estate information to my real estate networks. If you find the enclosed information beneficial to your family and friends, I encourage you to forward it to your “social network" as well.

What Every Buyer Needs to Look for in a Home

Aspiring home buyers can often get carried away by "love at first sight" when they walk into what they believe might be the home of their dreams. After all, it’s easy to amplify all the things you love about the place – the sunset views from the back yard, the proximity to your job, the great wraparound porch…

But as a Member of the Top 5 in Real Estate Network, I strongly advise buyers to hunt for the potential flaws in a home as well, which can often be much harder to recognize. No home is perfect and it’s important to have a good understanding of both the pros and cons up front.

The American Society of Home Inspectors (ASHI), recommends that from the moment you drive up to a home, ask yourself:

- Is the home well maintained?
- Are the exterior walls straight or out of line?
- What is the condition of the paint, especially on the south and west sides, where sun exposure is greatest?
- Is the ground sloped away from the home for adequate drainage?
- What about the roof? Are composition shingles curling and lifting?
- Check out window and door frames; is the glazing putty dried and shrunken, allowing water and air to seep in? Is the wood decayed?

Once you get inside the home, ask yourself:
- Are there any signs of leaks, such as water stains?
- Are walls and ceilings straight and level?
- Do doors and windows open easily?
- Turn on the upstairs shower and the bathroom sink faucet, then flush the toilet. Does the flow from the shower lessen noticeably?
- Check the oil/gas/electric heating equipment. How old is it and has it been maintained?
- Look for evidence of termites on basement wood structure. Is there wood or paper debris? Do you see termite tubes or tunnels?

Becoming aware of potential flaws right away will save you frustration and money down the road as you can work with the homeowner on how to best resolve these issues. I would be happy to provide you with more insight into what you should look for when buying a home—just e-mail me <mailto:rosemarywest5@comcast.net?subject=Top 5 RE Social Networking System Inquiry> . If you have friends and family members who are considering buying a home, be sure to forward this email to them so that they, too, can be prepared to ask the right questions.

Sincerely,

Rosemary

Rosemary West
RE/MAX of Joliet
Rosemary's Assistant
rosemarywest5@comcast.net
<http:www.RosemaryWestTeam.com//>

Is a Reverse Mortgage a Good Idea? Top 5 You Need to Know

2009-09-11T13:07:00.000-07:00

If you or someone you know is over 62 and a homeowner, you have a uniquie opportunity to get significant, spendable value from your home, even if you still hold an existing mortgage.

Senior homeowners have spent years, often decades, building up equity in their homes. An increasingly common practice of homeowners over the age of 62 is to obtain a reverse mortgage(also known as a HECM, a home equilty conversion mortgage), which gives qualified senior homeowners a proven solution to help fund their retirement needs. In addition, and importantly to most independent Seniors, a reverse mortgage allows them to live in their home as long as they wish.

As a member of the Top 5 in Real Estate Network, people often ask me if reverse mortgages are a good option to consider. For some, it can be, but before moving forward, it's important to fully understand how they work.

Here are five facts you need to know about reverse mortgages:

1. Reverse mortgage candidates must be at least 62 years of age, have significant equity in their property and be looking for a reverse mortgage on their primary residence only.

2. Anyone who intends to apply for a reverse mortgage is required by law to complete a 45-minute counseling session with a HUD (Housing and Urban Development) approved counselor.

3. The sum from a reverse mortgage can be paid to you in a couple of different ways: all at once in a single lump sum of cash; as a regular monthly loan advance; as a credit line that lets you decide how much cash to use and when to use it; or you may have the option to choose a combination of any of these payment plans.

4. The amount of cash you can get from your home's equity is determined by a number of factors including your age, your home's value and location, and current intrest rates.

5. Reverse mortgages may have tax consequences, could affect eligibilty for assistance under Federal and State Programs, and may have an impact on the estate and heirs of the homeowner.

If you would like to look into a reverse mortgage for yourself, a friend or a loved one, please e-mail me and I can asses your particular situation to see if it is indeed a good option. Please also forward this article to anyone else you know who may benefit from a reverse mortgage.

Copyright 2009 RIS Media's Top 5 in Real Estate Network, All Rights Reserved. This material may not be republished withou permission from RIS Media.

Sincerely,

Rosemary

Rosemary West
RE/MAX of Joliet
Rosemary's Assistant
rosemarywest5@comcast.net

Top 5 Tips for Securing a Loan Modification

2009-09-04T14:02:00.000-07:00

Like many Americans, you or someone you know may be behind on your mortgage payments due to a number of possible financial troubles. You're not alone.

As a member of the Top 5 in Real Estate Network, I am often asked if lenders will work with homeowners to modify their mortgage loans. The answer is often yes, but it will take some effort. Here are five tips for working with your lender to expedite a loan modification from top producing broker and real estate consumer advocate Ralph Roberts of Ralph Roberts Realty in Michigan.

1. Come Clean
It can be tempting to bend the truth when you are trying to convince a lender to approve a loan modification. Some homeowners are embarrassed; others try to fudge the numbers. However, only by laying all your cards on the table and disclosing the truth can you begin to attend to the root cause of your financial hardship and then develop and implement solutions that put you back on the path to long-term financial health.

2. Understand Your Lender's Point of View
Regardless of how you ended up in the situation you're in, blaming the lender or the mortgage broker or loan officer who placed you in your current mortgage does little good, unless you can prove your point in court. Usually, you have a better chance of resolving the problem by understanding your lender's point of view, even if you don't agree with it.

Know that for lenders, it all boils down to money. If you can show them that modifying your loan cost them less than a foreclosure would, and they believe you will honor the terms of the loan modification, they are likely to approve it. If not, then they are likely to reject it. Lenders need to protect their own interests and carefully screen out ineligible applicants, which can often make the process much more difficult and frustrating for homeowners who genuinely suffer financial hardship and need a loan modification.

3. Keep a Cool Head
Understandably, homeowners often become frustrated and angry when seeking assistance from their lender. Unfortunately, anger can result in the following:

-"Accidental" disconnects: The customer service rep you're speaking with may put you on hold permanently or hang up"accidentally."
-Lost files: Your file may get "lost" or "misplaced."
-Rejection: Your lender may decide that you are unreasonable and that foreclosing would be less costly overall.
-A bad offer: Your lender may offer a workout solution that is worse than what you would get had you been nice about it.

If you doubt your own ability to remain calm, cool, and collected during the entire process, consider hiring a professonal to represent you.

4. Give Them What They Need
Prior to applying for a loan modification with your lender, you should have a fairly clear idea of what you want and need. Answer the following questions for yourself. This will help you field questions from your lender:

-How much do you owe in late or missed payments?
-Can you catch up on the missed payments?
-How much can you realistically afford to pay each month?
-Do you really want to keep your home or would you prefer to sell if you could walk away not owing anything?

Remember, an affordable loan modification can enable you to catch up on any missed payments, lower your monthly mortgage payment, and keep your house. To find out if you might be eligible for a loan modification, please e-mail me. Please also forward this important information on to any family members and friends who may find it useful.

Sincerely,

Rosemary

Rosemary West
RE/MAX of Joliet
Rosemary's Assistant
rosemarywest5@comcast.net

Pricing Your Home To Sell

2009-08-28T12:22:00.001-07:00

Pricing Your Home to Sell

Most homeowners have an emotional connection to their home and, understandably, feel it deserves top dollar when sold. But even though everyone wants to get the most money for their home, especially in today's challenging economic times, decisions made regarding the listing price cannot be made in haste. All too often, listing your home at a price that is too high can cause it to languish on the market and wind up selling at a lower price than would have been realized had it been priced properly in the first place.

To help foster maximum profits for your home, here are several suggestions for establishing a fair, competitive and marketable sale price:

- Square footage - Total square footage is an important consideration when establishing a home's sale price, but this is usually just a starting point for buyers who will use it to narrow down the field, but make an actual purchase decision based on many other factors.

- Location within the community - Quiet cul-de sacs, golf or water frontage, lots that offer privacy, etc. are value-adds that can justify a higher sale price over other homes in a community.or be leveraged as an advantage against competing listings.

- Views ... or lack thereof - Whether it is the ocean, a downtown skyline, the mountains, water or some other desirable landscape, buyers are willing to pay a premium for views and a home should be priced accordingly. Just be realistic - views that can only be seen from the second-story bathroom window don't count.

- Upgrades and features - For a home to sell quickly at the desired price, it must be "finished" with as many structural and interior design upgrades as possible. Any functional or beautification enhancement to a home are key considerations in establishing a home's true value and strategic sale price.

- Community amenities - Guard-gated communities or those with amenities such as a clubhouse, swimming pool or fitness center are elements that raise a home's price per square foot. When pricing a home without these benefits, know whether you are competing against other homes that do offer such value-adds so that you can price your home as aggressively and competitively as possible.

- Comparable sales - Don't price your home based on price per square footage of other home sales in your community six or more months ago, as these don't offer a realistic portrayal of current market conditions. Focus on prices of active listings to hone a competitive pricing strategy.

- Professional appraisal - Want to sell the home quickly? Price it at or below the appraised value as buyers are educated, are shopping deals, and will recognize your fair price and be more apt to pay it with less haggling.

- Current mortgage conditions - Lenders now require higher credit scores and higher down payments, which can cash-strap buyers holding out for the best deal possible. Savvy sellers will understand the mortgage industry's impact on the buyer and will price accordingly.

There are several other factors involved in choosing the right listing price for your property. Top 5 in Real Estate Members are experienced in reviewing the specifics of a home in order to arrive at the best possible price. A price that maximizes profits and moves your home off the market before price reductions become necessary. Please click here <mailto:rosemarywest1@comcast.net?subject=Top 5 RE Social Networking System
Inquiry> to email for further details and feel free to forward this
Inquiry> article
to members of your social network who may also benefit from this information.

Sincerely,

Rosemary

Rosemary West
RE/MAX of Joliet
Rosemary's Assistant
rosemarywest5@comcast.net
<http:www.rosemarywestteam.com//>

How to Lower Your Property Taxes!

2009-08-20T12:18:00.000-07:00

As a leader in real estate, I am repeatedly asked specific questions about today's market - especially in today's economy. In an effort to provide more information to my community, I am sending you this Top 5 Real Estate Social Networking Systemsm “e-Article,” in which I provide useful real estate information to my real estate networks. If you find the enclosed information beneficial to your family and friends, I encourage you to forward it to your “social network" as well.

How to Lower Your Property Taxes

Thanks to recent declines in home values, it’s 60% more likely that your property taxes are too high, says the American Homeowners Association (AHA). The problem stems from the fact that property values have fallen unevenly across neighborhoods, towns and regions. As a result, you may be receiving an unfairly high assessment compared to other homes in your area.
As a Member of the Top 5 in Real Estate Network®, I am often asked if property taxes can be lowered. Fortunately, there are ways to find out if you are being overcharged and steps you can take to get your property taxes lowered. Here are some steps to follow:
1. To make sure, you’re paying the right amount, get your detailed property tax assessment record online or from your assessor’s office. It’s possible your entire neighborhood has been over assessed.
2. To that end, check with a real estate agent to get a solid understanding of what homes are currently selling for in your community. I can provide you with a detailed analysis of recent and comparable sales.
3. Also check the accuracy of the details about your home used in your tax assessment. Determine if your property’s size and description are accurate. There’s a good chance that errors were made in transferring data from paper to online.
4. Make sure details like the number of bedrooms and bathrooms are correct on your assessment and that any defects that could affect the value of your home—such as a leaky roof or cracked wall—are noted.
5. If errors have made your assessment higher than it should be, try working informally with the assessor rather than going through a formal appeal process.
6. If the correction cannot be made informally, you’ll need to make a formal appeal. There may even be a process for appealing your taxes online. Keep in mind that there is usually a narrow window of opportunity in which to file an appeal. Some jurisdictions set aside a time every year to hear appeals, while others only consider appeals for a few months after your house has been reassessed, which is often not every year. Find out exactly how much time you have to prepare your case.
7. Make sure you file good documentation, such as an appraisal or letter from the original assessor. Without this, the likelihood of your appeal being considered is slim.
8. Depending on your municipality, you might also be eligible for property-tax exemptions, which range from senior citizen and active-duty military exemptions to ones for those who own livestock.
Please email me for more information on appealing your property taxes. I can provide important insight into current property values in our area and help you determine if you are potentially being overcharged. Also, if you feel this information might also be of use to your family, friends and colleagues, please forward this email to them.
Sincerely,

Rosemary

Rosemary West
RE/MAX of Joliet
Rosemarywest1@comcast.net
www.RosemaryWestTeam.com

Leadership Conference

2009-08-18T09:25:00.000-07:00

Rosemary West Earns Prestigious Designation to Help Homeowners in Danger of Foreclosure

2009-08-18T09:24:00.000-07:00

Rosemary West Earns Prestigious Designation to Help Homeowners in Danger of Foreclosure

DuPage, Grundy, Will and Kendall Counties- August 18,2009- Rosemary West of RE/MAX across th Western Suburb of Chicago has earned the prestigious Certified Distressed Property Expert® (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. At a time when millions of homeowners are struggling with the possibility of foreclosure, the skills and education accumulated by West will help benefit Western Suburbs of Chicago area communities.
Short sales allow the distressed homeowner to repay the mortgage at the price that the home sells for, even if it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.
In the Chicago Land Markey Place, thousands of homes are in danger of foreclosure. It is happening across all price ranges, and the fastest-growing category of homes entering foreclosure is luxury homes in excess of $1 million.
“The CDPE designation has been invaluable as I work with homeowners and lenders on complicated short sales,” said West. “It is so rewarding to be able to help families save their homes from foreclosure.”
Alex Charfen, co-founder and CEO of the Distressed Property Institute in Austin, Texas, said that agents such as Rosemary West with the CDPE Designation have valuable training in short sales that can offer the homeowner much better alternatives to foreclosure, which can virtually destroy a credit rating. “These experts also better understand market conditions and can help sellers through the emotional experience,” he said.
The Distressed Property Institute provides live and online courses to train real estate professionals how to help homeowners in distress, with a particular emphasis on handling short sales.
“Our goal is to help as many homeowners as possible, by educating as many real estate professionals as possible,” Charfen said. “Rosemary West has demonstrated a commitment to the struggling homeowners in the Chicago Land Area, and will provide much-needed assistance in stabilizing the community.”
For more information about CDPE Designation, visit www.cdpe.com, or www.RosemaryWestTeam.com for information about possible options for homeowners in distress.
Rosemary West
RE/MAX of Joliet
Email: RosemaryWest1@Comcast.net
Website: www.RosemaryWestTeam.com
Facebook : http://www.facebook.com/home.php?#/rosemary.west

Quick Ways to Make Your Home Stand Out From the Competition

2009-08-14T07:42:00.000-07:00

Quick Ways to Make Your Home Stand Out from the Competition

You may be hearing more about “staging” your home before putting it on the market for sale, but according to Melissa Birdsong, vice president for Trend, Design and Brand for Lowe’s (www.lowes.com), “refreshing” your home will really help set it apart from the others—and that’s critically important in today’s buyer’s market.

Buyers look at a lot of homes, so I am frequently asked for ways homeowners can make their home stand apart from the rest on the market. While having a well-staged home is now the rule rather than the exception for a faster sell and a better price, Birdsong suggests thinking beyond the obvious for ways to make your entire home feel updated and inspired. Here are her recommendations for quick ways to refresh:

- A fresh coat of paint on worn walls provides a “wow” factor without excessive cost or effort. While this isn’t new news, something that tends to get overlooked (and can have just as much impact) is painting the trim and other accents that may have gotten scuffed or dingy over the years. Freshly painted trim work is cleaner and a healthy home environment is very appealing to buyers.

- Hardware is a quick fix as well. Switching out knobs and pulls in the kitchen or bath will catch the eye and revive an entire room. Taking it a step further to update faucets, light fixtures and even switch plates can take a space from ordinary to inspiring. Area rugs, lamps and plants are also quick ways to add life and warmth to a room with the convenience of portability. Because they are easily changeable, updating “unattached” items can instantly modernize a space with a fresh style.

- And don’t forget first impressions—exactly how fast are prospective buyers driving past the home? No brake lights? A quick tap and then accelerate? Or do they come to a full stop to get a better look? That fresh, new interior will never be revealed if the curb appeal of the exterior is blasé. Everything from container gardening and clean welcome mats to new storm doors and shutters can pull that buyer into your drive.

Artistic staging can showcase the best features in a home. But in today’s market, take a refreshing approach—go that extra mile and look for ways to make the home memorable to a potential buyer.

As a member of the Top 5 in Real Estate Network®, I can consult with you to uncover other ways to refresh your particular home. I can also recommend credible, professional stagers to work—just e-mail me for more information. If you feel this information can be helpful to others you may know, I encourage you to forward this information to them.

Sincerely,

Rosemary

Rosemary West
RE/MAX of Joliet
Rosemary's Assistant
rosemarywest5@comcast.net

Is Your Home Merchandised To Sell? Top 5 Ways To Find Out!

2009-08-07T09:32:00.001-07:00

Is Your Home Merchandised to Sell? Top 5 Ways to Find Out

You have probably noticed that it is taking most homes a lot longer to sell in today’s buyer’s market. As a Member of the Top 5 in Real Estate Network®, I am constantly asked, “What can I do to make my home sell faster and at a better price?” The answer? Proper merchandising.

The right merchandising is critical to the effective sale of your home—in a reasonable time frame and at a price point you are happy with. Merchandising is often referred to as property preparation or staging—but true merchandising goes far beyond that. If the agent you are considering working with can only offer obvious suggestions like, “empty the closets, de-clutter, paint the front door, cut the grass, and remove personal items,” then it’s all the more important that you ask any agent you are interviewing the following questions:

1. Please explain the difference between marketing and merchandising. (If they say they’re the same thing, that’s a red flag).

2. What are the things we can do, at no additional expense, to add greater value to our home?

3. What investments in merchandising could we make that would generate a significantly greater return?

4. Are we in a marketplace that - because of the supply-and-demand ratios, how the market is trending and the number of days on the market - lends itself to merchandising our home?

5. What concerns might prospective buyers have about our home? Is there anything that can be done to address these concerns through effective merchandising?

Also be sure to ask the agent for examples of other properties in your area that he or she helped merchandise and how that merchandising influenced the results. Asking these questions will allow you to determine if the agent you are considering has a deeper understanding of merchandising in order to secure a successful outcome for the sale of your home. These questions will also provide insight as to the agent’s own feelings about your property.

If you—or any of your friends and family—would like more information on how to select the best possible real estate agent to handle the sale of your home, please e-mail me for a free copy of the Top 5 publication, What Every Home Seller Should Demand…of Their Real Estate Agent.

Remember, your home only has one chance to make a first impression, so it is crucial that your real estate agent possesses the techniques to get your home looking its best. If you believe that this information can be beneficial to others, please forward this e-mail to them.

Sincerely,

Rosemary

Rosemary West
RE/MAX of Joliet
Rosemarywest1@comcast.net
Rosemarywestteam.com

10 Ways To Protect Yourself From Mortgage Fraud

2009-07-30T14:37:00.000-07:00

10 Ways to Protect Yourself from Mortgage Fraud

Many of the challenges homeowners and home buyers are confronting today are the result of unscrupulous mortgages extended over the past several years. Help protect yourself during the home buying process with these tips from the American Homeowners Foundation and the American Homeowners Grassroots Alliance, www.AmericanHomeowners.org, or in Canada, with tips found at www.genworth.ca:

1. Deal only with reputable mortgage bankers or mortgage brokers. Get recommendations from neighbors and friends who dealt with them as customers. Check on the mortgagor’s record with the local Better Business Bureau and state licensing authority. As a Member of the Top 5 in Real Estate Network®, I can also provide you with many credible mortgage resources.

2. Ask how long they have been in the business, and be wary of working with someone with less than five years experience, no matter how reputable their employer may be.

3. Unlike professional real estate agents like myself, mortgagors owe you no fiduciary duty. While it is in the long-term interest of mortgage lenders and brokers to treat consumers fairly, for many, that doesn’t stand in the way of charging higher fees or interest rates. Always get quotes from at least three mortgage lenders and/or brokers, and make sure each one knows you are doing so.

4. Since you’ll be providing them the most comprehensive personal financial information you’ll ever provide any company, ask the lender to describe their data security policies, both online and offline.

5. To reduce the likelihood of overpaying for a home, make sure that you review recent selling prices for similar homes in the same neighborhood before you make an offer. I can provide you with a detailed analysis of the homes in our communities.

6. Set aside some extra money for closing costs. One of the vexations of real estate financing are the differences in estimated settlement costs on the Good Faith Estimate (GFE) forms, and the actual settlement costs, which very often include several hundred additional dollars worth of previously undisclosed and creatively named fees.

7. Pick the right kind of mortgage. Interest rates are higher on 30 year fixed rate loans than on 15 year fixed rate loans. Adjustable rate mortgages are always a gamble. You may well save money over the first few years if interest rates are dropping, but predicting their direction further out is very speculative. Prepayment penalties can more than offset any savings if the rates go up after that and you want to refinance.

8. Get pre-approved for your loan. Even though there is a glut of homes for sale in most areas right now, a mortgage loan pre-approval is essential to many sellers, and gives a big negotiating advantage to buyers in almost all cases.

9. It is important to review loan documents in advance and understand all the terms. Don’t be afraid to ask questions. Try to avoid loans with prepayment penalties if at all possible.

10. Save all the copies of all documents you receive and/or provide mortgage lenders or brokers.

For more advice on how to secure the best mortgage in today’s challenging economic times, please e-mail me <mailto:rosemarywest5@comcast.net?subject=Top 5 RE Social Networking System Inquiry> directly. I can help you make sense of the current mortgage landscape and the ever-changing credit standards. Also, if this information can be of benefit to your friends and family members, please feel free to forward this email to them.

Sincerely,

Rosemary

Rosemary West

RE/MAX of Joliet

Rosemary's Assistant

rosemarywest5@comcast.net

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Top 7 Reasons Why Buying Is Better Than Renting

2009-07-30T09:41:00.000-07:00

RISMEDIA, July 30, 2009-Christine Van Tuyl and Margaret La Grange, an award-winning mother-daughter team with Prudential California Realty in Coronado, have compiled their latest list, the “Top 7 Reasons Why it’s Better to Buy then Rent in 2009.”

“Many renters are realizing that the increase in affordability- combined with low interest rates and tax incentives- are tipping the scales away from renting and towards homeownership,” said Christine Van Tuyl, agent with Prudential California Realty. “Simply put, some renters are finding that they can get a bigger bang for their buck if they buy.”

Following are the top 7 reasons why it’s better to buy than rent in 2009

1. Buying doesn’t always cost much more than renting. According to a recent study by the Associated Press, the gap between monthly mortgage payments on a median-priced home and the median rent has decreased from $777 to just $221 in the last three years.

2. Affordability is at an all-time high. In markets across the nation, including the inland areas of California, prices have declined by nearly 40%.

3. Buyers can take advantage of tax benefits of home ownership. Perhaps the biggest tax break is reflected in the house payment homeowners make each month. For most, the bulk of that payment goes towards interest. All interest is deductible, unless the amount is more than $1 million. Property taxes are also deductible.

4. Buyers can purchase homes with little or no down payment. Qualified first-time buyers may be eligible for loans insured by the Veterans Administration (VA), which does not require a down payment. Another loan product gaining popularity are those insured by the Federal Housing Administration (FHA), which require only a down payment of 3.5%.

5. The Tax Credit. First time homebuyers-defined as anyone who hasn’t owned a home in the last three years- are entitled to an $8,000 tax credit. (Ownership of a vacation property or a rental property doesn’t disqualify homebuyers from this program.) No repayment is required for homes sold after 36 months of occupancy and ownership.

6. Mortgage rates are at all-time lows. Take advantage of low 30 year fixed rates. We haven’t seen rates this low in the last 3 decades.

7. It’s yours. It feels good to own your own home. After all, you can paint it any color you want, make improvements, and plant a little garden.