The new agreement, authorized in 49 states (not Oklahoma), strengthens the review process on loan modifications and foreclosures by requiring application reviews prior to beginning the foreclosure process. Excessive fees, insurance costs, and appraisal rates also received limits, and the agreement also provided avenues for principal reduction for struggling homeowners. This agreement does not apply to any FHA, Freddie Mac or Fannie Mae loans or foreclosures.

Homeowners with a mortgage on their primary home that represent a 20 percent or more reduction on property value with a loan balance of less than $417,000 are targeted for these funds, although eligibility will be determined individually. Homeowners whose mortgage rates are above 5.25 percent may be able to refinance to lower interest rates, and homeowners experiencing unemployment or considering short sales may receive aid, as well.

Contact your lender directly to see if you are eligible or watch for a notification letter from your lender within the next six months. Incentives were provided to lenders who completed settlements within 12 months, and funds must be dispersed within three years. Click here to see actual details of the agreement.

This number is anticipated to continue to rise to five times that rate in the next five years with over 30% of “green” home building being forecasted for 2016. Beyond 2016, builders believe over 90% of their projects will be “green.” Home buyers are seeking earth-friendly features in homes for sale, so home sellers and remodelers should take note of these statistics. Renovation work has also increased in recent years, most likely due to the shifting economy, and builders report that home remodels make up over 60% of their business, according to the recent McGraw-Hill study done in conjunction with National Association of Home Builders and Waste Management.

So, home owners and those looking for new homes with eco-friendly perks, have the “green” light! Almost half of builders (46%) have begun marketing their “green” services and are becoming well-versed in determining the best needs and options for their clients. As builders become more familiar with the processes involved with earth-friendly materials, consumer cost has decreased as well, making it a great time to upgrade your home for sale. Benefits of making these eco-friendly measures can be reduced energy costs, reduced waste, better quality of life, and peace of conscience.

To get more information on the results of the Green Home Builders and Remodelers Study, click here.

Is your home sending the correct messaage?

If not, it may be time to consider hiring a gardener or getting help from family and friends to make some needed changes as soon as possible. The right gardener can transform the most jungle-like backyard into a beautifully manicured area of peace and tranquility, in as little as a day! With all the other tasks associated with selling your home, landscaping is a great project to outsource.

Before hiring a gardener, ask friends or neighbors for referrals. Once you have a few recommendations, ask questions and raise any concerns you may have with the gardeners/landscapers you decide to interview. Some key points to discuss are how often you would like service and what you need included at each visit. Services range from simple mowing to complete care, with reseeding, watering and fertilizing options. Don’t be afraid to ask your new gardener for help with ideas and improvements that could increase your property value and alert your gardener as to the property status, since there may be times when extra special service is needed (such as before an open house). You might even request that any extra cut blooms be left for you to use inside your home.
Keep in mind that a specialty garden is not the same as basic maintenance. If you have special circumstances, you may want to consider sharing written along with any verbal instructions with your chosen landscaper. Of course maintenance and seasonal costs, liability insurance and worker’s compensation coverage are all topics you will want to discuss before entering into any agreement.

Once you have begun your service, inspect the initial work and take time to notice the changes occurring in your landscaping. As you offer feedback to your gardener and become a part of the process, you will see your home evolve into a well-kept, beautifully groomed masterpiece. Your home will create the best impression possible and deliver the message you want to share with potential home buyers.

If you find yourself in a no-win situation regarding your mortgage, it can be helpful to speak with your lender and ask about modifications that can be made in the short term.  You can ask about the short sale process,  too, and see if that may be a viable option for you.  A short sale is when your lender agrees to accept a lower price than is owed on your property as payment in full.  There is a lot of paperwork that accompanies this type of sale and it is helpful to use a real estate agent that has short sale experience with this type of transaction.  In fact, some real estate agents and home buyers specialize in just this type of sale and can be a great help to you!

If you want to stay in your home, rather than sell, programs such as the Home Affordable Refinance Program (HARP), Home Affordable Modification Program (HAMP) , or the Home Affordable Foreclosure Alternative (HAFA)  offered by Freddie Mac may all be options.  Fannie Mae and your individual lender may have other programs that can assist you as well.  Please click here to view a variety of tools on how to avoid foreclosure.  Remember that you have options, if you are willing, able, and have the time necessary to explore them.  Don’t give up!

Valentine’s Day is fast approaching and love is in the air. Share a little extra love with your home for sale this week and you may find a buyer sooner than you thought!  Buying a home is largely an emotional decision.  Buyers may try to rationalize, set limits, make T-charts, and even compromise when searching for a home, however typically the sale is made when a potential buyer falls in love with your home for sale.

As a home seller, you may feel challenged in trying to anticipate what you can do to make your home more inviting and attractive to a prospective buyer. However, the following easy steps can welcome your buyer instantly and help them to feel as though they are coming home when they enter your property, so read on.

First, look out your windows. Are they clean and inviting? Do you have a pleasant view or can you camouflage it with some temporary plants just outside the window? Whenever you leave or anticipate a home showing, remember to leave the window coverings open so natural lighting can show off your property. The more light the better, so evaluate whether additional room lighting should be left on, as well. If the weather is nice and the outside noise quiet, consider leaving a window open to create a slight breeze.

Is your home comfortable looking? Is the temperature moderate and the ambiance set without being overdone? Soft music, flowing water from a fountain, or fresh flowers can leave a lasting impression about the feel of a home.

Your goal is to intrigue the senses throughout your home. Whether it’s a soft blanket or an antique desk; if you have an unusual and beautiful showpiece, show it off. Creating a lasting impression through touch or evoking a memory, since these are often reasons later given for why a particular home was chosen. The sense of smell is very powerful, too, so keep in mind that baking cookies REALLY can help in the sale of your home. If you do have the smell of baked good lingering in your home, please make sure the cookies are available for potential buyers so disappointment does not cloud their view of your property.

Lastly, leave the house. That’s right – let the potential buyer have a chance to feel that the house is theirs – if even for 15 minutes. Your home buyer needs to feel as if they are in their new home. For this reason, many professional home stagers recommend eliminating personal effects and photos when a home is being shown.  Remember, your main job as a home seller is to prepare your home so potential home buyers feel a sense of ownership and an urgency to make it theirs before they leave.

Any major purchase requires analysis and thought, and home buying isn’t any different. Specifications on location, bedroom and bathroom quantity, and yard size may come more quickly to mind, but there are many other considerations to be aware of, as well. Did you know that you can compare prices on mortgage rates and lender options? That’s right – not every broker will offer the same programs – and you can save a lot of money through a little comparison shopping.

The last five weeks have brought mortgage rates to historic lows according to Freddie Mac, with many averaging below 4%. That means more buying and bargaining power for you, the home buyer. In fact, according to last Thursday’s Primary Mortgage Market survey by Freddie Mac, the average rate for a 15 year mortgage was 3.16% with fees and points averaging .8 and the average rate for a 30 year mortgage was 3.89% with fees and points of .7.

Keeping those stats in mind, it’s always wise to do your homework and ask your lender for a list of current rates and determine if those are lowest for that day or week and if the rate is fixed or adjustable, as that answer will affect your payment significantly. Keep in mind that the APR (annual percentage rate) considers all fees, including points and other charges such as origination, underwriting, or closing costs fees, so it may be advantageous to use in comparisons. In a constantly evolving real estate market, it’s always wise to educate yourself and shop around, listen up, and be ready to make the best deal you can on your home purchase and your lending costs.

Click here to view the embedded video.

Now contact me at 586-246-6606 or tom@lipinskiteam.com for a FREE consultation and to get a list of investment properties currently available in your area.

• Bank of America would rather do a short sale than foreclose or accept a deed in lieu of foreclosure.
• Bank of America has increased their short sale staff from 250 in 2009 to 3000 in 2011.
• The process from initiation to closing has shortened dramatically.
• Excellent customer service is extremely important to Bank of America.
• Communication between Bank of America, the borrower (homeowner) and real estate agent is critical to successfully closing short sales.
• Processes are in place to answer questions and solve problems.