Via Tammie White Realtor® Franklin TN Homes For Sale (Benchmark Realty, LLC):

Why Sellers Should Remove Wallpaper

Today I received a call from a home seller in response to an expired letter. Her home had been on the market for over a year. It was easy to see from the photos why her home had not sold.

Several of the rooms were wallpapered. It looked like something my grandmother would have hung in the '80s.

I advised the seller that in this current market, it is important for her home to appeal to the largest number of buyers. The best way to do that would be to remove the wallpaper and paint the walls with a neutral color.

Her response, "That is the most ridiculous thing I've ever heard. You're telling me my home hasn't sold because of the wallpaper?"

Through further questioning, I was able to determine that in a years time, she only had one showing. And that was almost a year ago, when the home first came on the market.

This home is a million dollar listing. Homes at this price point look like something out of a designer magazine. This home is definitely not up to that standard.

Here are the reasons she gave for not removing the wallpaper:

1.  She paid a LOT of money for that beautiful wallpaper!
2.  It's too costly to remove it!

Here are the reasons why sellers SHOULD remove wallpaper:

• Neutral paint colors have a broader appeal to buyers. Wallpaper is an extremely personal choice. That personal choice may not be the same as a buyers. Not everyone is a fan of wallpaper. By removing wallpaper, sellers increase their chances of selling.
  
• The photos displayed in MLS (multiple listing service) have become your first showing. The National Association of REALTORS, reports that 90% of home buyers begin their search on the internet. Buyers determine the homes they want to see by the photos shown in the MLS. If the home doesn't show well in comparison to other homes at the same price, the buyer will simply choose not to see that home. If a home isn't being shown, it's not likely that it will sell.
  
• Removing wallpaper can be costly. That's right. Removing wallpaper usually requires the aid of chemicals or steam. It can be a painstaking process and, in some cases, damage may occur to the walls. If that happens, the walls may require additional repair. Buyers don't want to deal with the additional expense or hassle of removing wallpaper. Especially, in a market when so many homes are picture perfect.

My question to the seller was:

Do you want to limit your buyer pool to a buyer who loves your wallpaper? Her response, "Yes, I do." Obviously, that hasn't worked so far.

I wished her well and said, "If you're not willing to take the advice of a trained professional who looks at homes everyday, then I'm sorry I can't help you sell your home."

Sellers, do you want to limit your buyer pool to a buyer who loves your wallpaper?  Of course not.  In order to sell your home, it must appeal to the largest number of buyers. The only way to do that is remove obstacles that will keep them from buying your home.

Why do I say this? Because I want the same thing you want...to SELL your home.

P. S. If you would like to get other ideas on how to increase the chances of selling your home, contact me today at (615) 495-0752.

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Tammie White, Realtor® in Franklin TN

Cell Phone: (615)495-0752

www.TammieWhite.com

Tammie@TammieWhite.com 
 

This posting and the contents written here are the intellectual property and opinions of Tammie White of Benchmark Realty LLC. Providing real estate services to clients in Franklin, Brentwood, Nolensville, Thompsons Station, Spring Hill, Fairview, Leipers Fork, Nashville and the whole Middle TN area.

 

 

 

Via Bryant Tutas-Tutas Towne Realty, Inc:

Well I'm not convinced it does. Matter that is. Before I give you my opinion let me preface it by stating that I am not an Attorney. Nor do I know the definitive answer to the question. This article is just my thoughts as I try to think this through.

So here goes.

First, can a deficiency even exist if a borrower never owed the entity any money to begin with? Last I checked the debt was with the Lender NOT the Mortgage Insurance Company (MI). How can the MI go after a deficiency on a note they don't own? Hmmmmm......

Secondly, what the heck gives the MI Company the right to ask the borrower for a cash contribution or a note as a condition to approving the short sale? Wasn't the insurance premium paid....for INSURANCE!! Doesn't insurance pay out when a valid claim is made? Why are they requiring their risk to be subsidized. Shouldn't these losses already have been worked into their rates?

My suggestion: Next time a MI Company ask for a contribution from the borrower ask to see the policy. I'm guessing this policy will outline what is covered and what rights the Insurer has. My guess is that we will find that the MI Companies are asking for things that are far beyond the scope of the policy. What say you?

Are you facing foreclosure in Florida?

 

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

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Customer Testimonials

Tutas Towne Realty has already successfully negotiated Short Sales with the following Lenders and Investors.

Chase Short Sale,Sun Trust Short Sale, GMAC Short Sale, Wells Fargo Short Sale,Bank of America Short Sale,USA Bank Short Sale,PNC Bank Short Sale,Citi Short Sale,HomeEq Short Sale,Fifth Third Bank Short Sale,ING Direct Short Sale,GreenTree Short Sale,Capital One Short Sale,ASC Short Sale,First Horizon Short Sale,E-Trade Short Sale,Transland Financial Short Sale,US Bank Short Sale,IBM LBPS Short Sale,
Nationstar Short Sale,BAC Florida Short Sale,Real Time Solutions Short Sale,Fannie Mae Short Sale
FHA Short Sale,Selene Finance Short Sale,DTA Solutions LLC Short sale,Flagstar Short Sale,IndyMac Short Sale

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Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales,  Orlando Florida Short Sales, Celebration Florida Short Sales, Winderemere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.

Via Century 21 First Realty:

If you own a house in Tallahassee and want to move, then read these tips for selling a home and you should be able to reach your goals. Currently, 57% of homeowners who put their house in Tallahassee on the market last year failed to get it sold, and it simply was the result of not understanding a few simple things.

The real estate market is bound by the same sets of rules as any other commodity, and that means supply and demand will rule the movement of values over time. If too little supply is available for buyers, then prices go up. If supply outweighs the demand, then prices decline as sellers work to rid themselves of unwanted inventory. It is no different in real estate, as the highest motivated home sellers right now (banks, asset managers, short sellers, pre-foreclosures) are reducing prices to get homes sold.

If you are trying to sell a house in Tallahassee, then you are competing with these highly motivated sellers. It is important that you understand the competition and then decide whether or not you are serious about selling your house in Tallahassee.

Tips For Selling A House In Tallahassee

Determine Your Motivation Level For Selling A House

Most home sellers begin the process of selling a house in Tallahassee backwards. Their first thoughts revolve about what they need and what they want for a home. The fact is, buyers control the prices in the real estate market, sellers only control whether or not they will sell. The first thought for a seller should be "what can I expect to get from my home, and does that allow me to do what I want to do?"

So you have to understand you own motivation for selling. If you have taken a job in another State and must get rid of the home, then "it is what it is." You will only need to determine how you will handle the consequences of selling a home in Tallahassee. But if you are thinking of up-sizing/down-sizing or just moving across town, you need to find out what your house in Tallahassee is worth and then use this to determine whether or not you should even enter the market.

Study Your Competition

The value of your home is relative to the other homes for sale in the market today. Think about it from the buyer's standpoint. On the day that a homebuyer is going to buy a house in Tallahassee, she examines the complete list of homes for sale in Tallahassee and chooses for viewing the ones that she likes best. That means she most likely will have a certain area she wants, a certain size that she wants, and a list of amenities that she wants. Once her list has been narrowed down from the thousands of houses available, all of the homes on her list will be very similar. At this point, the best one is chosen based upon the needs and wants of the buyers, and value certainly plays its part (as value already helped her narrow down the list).

Hire The Local Company With The Best Internet Marketing Plan

Your ability to get the absolute best price when you sell a house in Tallahassee is based upon two very important factors, exposure and price. We refer to this as targeted exposure, and it is why our CENTURY 21 First Realty Targeted Home Selling Plan works so well in a market that has an incredibly high failure rate.

Exposure is something that is grossly mis-understood in the real estate industry. Pasting your home for sale on a million websites won't hurt, but it won't help either! The key is knowing where "ready buyers" are congregating on the internet, and ensuring that your home is PROPERLY FEATURED there. Notice I did not say that you needed to be on that website, I specifically noted that you needed to be properly featured!

70% of the ready home buyers are using a specific tool to search for homes in Tallahassee. The list includes all of the homes for sale in Tallahassee, but only a select group of homes is featured on this site. If you would like to know more about getting your home featured on this special website, just drop me a note and we can discuss how this is done.

Targeted exposure is about putting a house in Tallahassee in front of the buyers who are ready to make a decision today. It's not about being on the large aggregate sites that have "shoppers," rather it is about being in front of people who are ready to become new homeowners.

Set A Proper Asking Price For The House

Your home needs to be priced EXACTLY RIGHT. If you price it too high, you most likely will join the list of 57% of homeowners who fail to sell the home. If you price it too low, you risk losing some of the equity that you have. The right price allows you to sell fast, but at the highest dollar possible. Think about it, home values are still dropping, so doesn't selling fast most likely mean that you will get a better price?

If you have studied your competition very closely, then you will have a good idea of the price your home is most likely to fetch in today's market. You should understand that the price that you set on your home will determine whether or not you even get selected for viewing. If you price your home with the rest of the market, most likely you'll be like the 57% of homeowners who failed to sell their house in Tallahassee over the past year! You must study your competition, determine the homes for sale that are most like yours, and then price your home lower than them if you want to attract one of today's few homebuyers.

I hope these four tips for selling a house in Tallahassee have helped you gain a better understanding of how to be successful in today's difficult housing market. While I know the decision is stressful, the process for getting all of it done and getting you moved can be facilitated by our office. We will help you determine the value of your home, help you understand the exact right price to ask, and then get you sold in the next few weeks (for homes in most price ranges).

If you would like more information about selling a house in Tallahassee, please contact our CENTURY 21 office and we will be happy to help you.

Via Steve Mun / San Jose Short Sale Agent (Keller Williams Realty):

Why would banks agree to a short sale when they know they are going to be losing money?  This is the question I get posed to me frequently.  My answer: it costs them less money than to foreclose on a property; lenders’ primary responsibility is to mitigate their losses. Once we understand that, then the concept of a short sale is really not a mystery.

When you speak with short sale negotiators and other people in the industry, it is common knowledge that banks make more money when the sale is completed through a short sale, rather than permitting a property to go into foreclosure.  This was the unspoken truth that everyone acknowledged but no lender published any data to support or deny these truths.  Not having published data can be problematic for bloggers, as  postings are much more credible when there is data to support your contentions, rather than anecdotal evidence.

Today, for the first time, I discovered published data which sheds light into the true disparity between homes that are disposed as short sales vs. those disposed as REOs after returning to the lenders after foreclosures.    Short Sales net the banks between 13-26% more than REO sales according to Clayton Holdings after conducting a 6 month survey conducted between October 2009 – March 2010. (I've heard higher percentages).

13-26% is a nice tidy bag of cash for the lender holding those underwater mortgages; fantastic job of mitigating their loss.   And people still wonder why short sales are approved.

http://www.housingwire.com/2010/06/10/clayton-finds-short-sales-cut-loss-severity-compared-to-reo

 

 

 

Steve Mun, e-PRO®, QSC®, CDPE®, CHS® 
www.stevemungroup.com
www.sanjoseshortsaleagent.com
650-605-3188

Cal Dre#: 01358433

 

Ask me about my Foreclosure Prevention Program

 

 

All information is deemed reliable but is not guaranteed.

Via Brian P. Forrester (Tri-County Mortgage):

I am fond of saying that as mortgage bankers in Tampa Bay we make mortgages, and that doesn't necessarily mean we make sense.

I serve as an intermediary between the home buyer and underwriters who hold the keys to the kingdom. Believe me, I know what they are looking for and I know how to be proactive and alert the buyer as to what the underwriter is going to want.

So basically, if I request something from a buyer it's not because I am just looking to add even more paper to an already bulging file. I just want to get that person to the closing table on schedule with the right mortgage product.

Case in point, a recent closing went way beyond the date that it should have because the borrower was pretty adamant that she knew more about mortgages than I do. And you know what? She didn't and maybe never will. And the irony is she had some complicated things about her file that could have made her ability to get a mortgage just that much more challenging. But by conducting a thorough initial assessment we were able to address any of those things before they became issues; because that's what we do.

The thing that held up the whole show was an undisclosed liability discovered when the credit report was pulled right before closing. Always in the Top Ten Things Not to Do Before You Close on Your Home, whatever happens in that time period between loan pre-approval and the subsequent underwriting process is not only fair game, it could kill your deal.

At the end of the day, don't run with scissors and don't ignore the mortgage professional. We managed to get this loan closed, but you're not going to dodge the Fannie Mae's of the world by thinking you can hide stuff because you know more than I do. Not when it comes to mortgages anyway...

Via Jeff Belonger-The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans ( - FHA Home Loans - Infinity Home Mortgage Company, Inc):

 

FHA first shared these changes on August 4th, after it had been approved by Congress and then the President signed off on it on August 11th. FHA has finally come out with the mortgagee letter, ML 2010-28, which puts it officially in writing now.

This mortgagee letter is effective on FHA loans in which the case number is assigned on or after October 4th, 2010. This policy will increase the monthly mortgage insurance and decrease the mortgage insurance premiums for purchase money and refinance transactions, to include FHA streamline refinances.

 

 

 

So what are the major FHA changes regarding mortgagee letter 2010-28? - For terms greater than 15 years -

• LTV's <= 95% will increase the monthly fee to 85 bps  >> Old monthly fee was .50 bps
  

• LTV's >   95% will increase the monthly fee to 90 bps  >> Old monthly fee was .55 bps 

 

And lastly, it will reduce the Upfront Mortgage Insurance Premium, UFMIP, from 225 basis points to 100 basis points.

 

 

How will this affect new homebuyers?

3 quick examples (these examples are putting the minimum down payment of 3.5%)

• On a $275,000 mortgage – the change in payment would be about $70 higher a month

• On a $200,000 mortgage – the change in payment would be about $45 higher a month

• On a $125,000 mortgage – the change in payment would be about $27 higher a month

 

Buyers Beware - If you have your eye set on a specific home, or are negotiating on a property, or are very serious about buying soon, you will have 31 days to make a mortgage application before these new changes take place.

 

 

FYI in regards to Charlie Ragonesi's  comment, #4 - I still don't think that this will move buyers from FHA loans to conventional loanss.  Here is my reason why... please read : FHA loans vs conventional loans  - The buyer's buying power will only decrease by about $10,000 or so. 

 

 

These 2 posts I wrote previously below go into more details about the changes and showing more detailed figures.

 

• Bill H.R. 5981 passes - FHA Mortgages to increase it's annual mortgage insurance premium

• STOP TAXATION? - The new changes for FHA loans are being called : The New Homebuyer Tax

 

 

 

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For more information on FHA loans, please go to this link. The FHA Expert

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags!

For information about FHA myths & FHA rumors, please read : FHA Myths & Rumors

 

Copyright © 2010 by Jeff Belonger of Infinity Home Mortgage Company, Inc

 

Via Manhattan Beach CA/ e-PRO..... Kaye Thomas... (Real Estate West):

 

 

 

Many of Laurie's friends have been chatting and realized that if we all sent flowers to her service in New York or to her Memorial Gathering in Long Beach there wouldn't be much room for people.  We have set up a Laurie Manny Memorial Fund for those who would like to make a donation.  I know there will be tons of flowers at her services in New York and we will be providing flowers in Long Beach so we thought that perhaps her friends might like to donate to a fund that will go to her family.  Your donation will not be tax deductible as you are sending a gift to a friend.

 We had thought we would be able to set it up with a national bank but the paperwork was more then seemed necessary.  Marlene Bridges is at her home in Palm Springs this week and was kind enough to inquire at a local bank and set up the account there.

Make Checks Payable to:   Laurie Manny Memorial Fund

Mail to:  

Attn: Tellers

El Paseo Bank

The Market Place

39580 Washington Street

Palm Desert, CA  92211

We plan to close the account on October 1 and distribute the money to the family at that time.   We will also have a place where you can make a donation at the Memorial Gathering in Long Beach for those who will be there.

If you have questions you can contact Kaye Thomas, Lynda Eisenmann or Marlene Bridges .  We hope to see you next Thursday iin Long Beach!

 

Via Christine Bohn, Gainesville, FL Residential Realtor® (RE/MAX Professionals, Inc.):

We tend to jump through lots of hoops to please a customer.  This morning I got a "TEXT" message on my phone that read:

               "We have selected another Realtor to sell our house. Thank you for your presentation"

Flashback to 2 weeks ago.

I had a call from a prospective client wanting to interview Realtor(s) about selling their home.   He was pressed for time and had to meet me at 9am the next morning, before he left town.   I got my research done, and was prepared.  

During our meeting at his home, his phone rang twice.  Both calls were from other Realtors®.   That confirmed that I was not the only agent he was interviewing, and I was not the last on his long list.

           **  He was not happy with the market statistics.

           ** He was not happy with my suggested list price.

           ** He wanted me to understand that his home was the best                              home in the neighborhood.

At the end of our meeting he asked if I would like to change my suggested list price on my presentation?  I told him that I would not make promises that I could not keep, and couldn't deliver a buyer at his high price goal.

I won't mislead my clients about the market, or the comparable sales that were used in my presentation.  I explained the issues with our buyers market.   A well informed "SELLER" is more important to me that just getting a listing.  Buyers want the biggest bang for their buck. As a  professional service, I rely on the Three P Approach: Price, Presentation, Promotion.  We want the buyers to want his home, and not one of the other 10 homes for sale in the same neighborhood.

                                    The market is what it is....not what we wish it to be.   

   

 

Let’s connect on these great social networks:

 

If you're looking for a home in the Gainesville area, you can visit my primary Gainesville FL Real Estate website at www.ehomesgainesville.com.  Thanks!

 

 

Via Jeff Belonger-The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans ( - FHA Home Loans - Infinity Home Mortgage Company, Inc):

 

FHA first proposed the monthly mortgage insurance changes in the beginning of 2010. Bill H.R. 5981 was first passed by the House in the spring and was just passed by the Senate the other day.  What does this bill do for FHA mortgages? They have projected that it will yield approximately $300 million per month to the FHA insurance fund.

So what are the new FHA changes? - For terms greater than 15 years -

LTV's <= 95% will increase the monthly fee by 85 bps

LTV's >   95% will increase the monthly fee by 90 bps

And lastly, it will reduce the Upfront Mortgage Insurance Premium, UFMIP, from 225 basis points to 100 basis points.

The plan is to go into effect by September 7th, 2010 on all FHA case numbers. FHA gives it's reasons to this new plan. FHA letter from David H. Stevens

 

 

 

So what do the actual changes mean to the average borrower that will rely on FHA loans when purchasing a new home or refinancing?

                - The Old Plan -

LTV's <= 95% will increase the monthly fee by 50 bps

LTV's >   95% will increase the monthly fee by 55 bps

 

 

Example of the changes regarding the FHA monthly mortgage insurance known as MMI or annual mortgage insurance premium and the FHA upfront mortgage insurance premium known as UFMIP.

 

 

 

 

 

 

 

 

 

 

 

 

As you can see, it would be much cheaper monthly with the old plan, even though you pay $3,317 more upfront, on top of your loan. This can also be a tax write off since it's included in your principal. You break even point on this type of scenario is 47 months, which is roughly 3.9 years. After this break even point, you would have started to spend more money in reality. This is how FHA will increase it's mortgage fund. As you can see, it won't be increased as quickly upfront, but over a longer period of time. So if you held onto this mortgage for 7 years, you would have spent approximately $2,522.

Now, there are several other factors to consider when reviewing this kind of information.  Just for the fact that your original balance on the loan will be $3,317 lower and in 7 years, still be that much lower. And as I mentioned, you would have a little more of a tax advantage on the higher balance though.

All I wanted to do was to present the basics of FHA loans and not get into the extreme details on how one could show either side. What could this do to a potential home buyer?  It could reduce your purchasing power. In this scenario, if you had originally qualified for a $275,000 loan with qualifying ratios of 31/43, what would your new purchase price be.

 

 

- New Purchasing Power after September 6th, 2010 -

With the new FHA monthly mortgage insurance and the FHA upfront mortgage insurance premium changes, your purchasing value would drop approximately $10,000, a purchase price of $265,000. Now, these are just averages, because this will all be based on the actual purchase price. Meaning if values are higher or lower, the total amount could change some. But this should give you a good understanding of what changes lie ahead for FHA mortgages in the near future.

 

 

UPDATE : Travis Newton did a similar post, using a $200,000 purchase price and as you can see, the mortgage payment inceased by $45.29/month.   Notice *** FHA Changes

 

 

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                                                                                                           FOLLOW ME ON FACEBOOK

 

 

- FHA Loans - USDA Loans - VA Loans -

- Energy Efficient Mortgages - 

- Conventional Loans - 203 k loans -

- FHA Home Loans - Mortgages -

 

Experience & Knowledge at its BEST !!!

 

 

Follow me on:

 

 

_____________________________________________________________________________________________________

For more information on FHA loans, please go to this link. The FHA Expert

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags!

For information about FHA myths & FHA rumors, please read : FHA Myths & Rumors

 

Copyright © 2010 by Jeff Belonger of Infinity Home Mortgage Company, Inc