Bonnie Fagoh
June 1999
Buyin' or Sellin'....Call Bonnie Helen! (Fagoh)(813) 390-7606
Copyright © 1999 Realty TimesAll Rights Reserved.
Lender Secret NowLeaking Out There's something lenders don't want to tell you, a little secret that can save homeowners thousands of dollars. It works like this: Rates have fallen and you want to refinance a fixed-rate loan. You contact your lender and discover that because you're a great and wonderful person and all your payments have been full and timely, you're qualified to refinance. New papers will be required, and that will mean a new closing, legal fees, survey, appraisal, and perhaps a bunch of taxes. What lenders don't say is this: You may be able to refinance without the need to fill out 900 forms or pay big closing costs. For instance, several years ago rates were down and I needed to refinance an investment property. I called the lender and said, "let's modify the loan."
Mortgage RatesNational averages as of May 28, 1999:
30 yr. fixed: 7.14%15 yr. fixed: 6.79%1 yr. adj: 5.75%
Get today's rates
I exchanged letters with the lender setting out the new terms. My attorney looked at the letter, the lender accepted, and that was it. Total cost: about $35. What really happened was this: The property was not refinanced. Instead, the loan terms were modified. Because the terms of an existing loan were changed, there was no need to record a new loan.
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Wondering What Your Home Is Worth?Let me show you.
When Is the Best Time to Move Your Children? Companies are relocating more employees today than at any time in history. In fact, in many of the nation's firms, new employees begin their careers with the understanding -- either overt or implied -- that they could at some point in the future be asked to relocate. And in today's competitive corporate environment, as top companies vie for prospective applicants with the high-tech skills they demand, corporations have determined that dangling certain benefits are necessary in order to sweeten the pot, so to speak. Companies have moved beyond merely paying the moving expenses of new hires and current employees relocating to another branch office. Recognizing the national movement to strike a balance between work and family, employers are helping the spouses of transferring employees find jobs, helping their children locate quality education, and offering other benefits to help ease the transition and keep employees' job satisfaction at a high level.
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Ten Low-cost Ideas to Make Your Home More Saleable It's the little things as well as the big things that count when you are selling your home. You never know what will capture a buyer's fancy and what will turn them off. Most buyers predictably respond to the same things - clean, clutter-free homes in good repair. Your agent may have already suggested that you paint the house, or that you do some major repairs. Those are big ticket items, but what can you do on a small scale to get your home ready to compete on the market? There are a few time-honored tricks you can use to make sure your buyer sees what you want them to see, and overlook what you want them to overlook. Keeping your home in tip-top shape for showings will insure that your buyer will offer a higher amount than for a home that isn't showtime-ready. Always look at a home from the buyer's perspective. Be objective and honest with yourself. If something bothers you about your home, chances are good it will bother the buyer, too. Do what you can to get rid of the problem. You want to keep objections about your home to a minimum. Preparing a home for market means you'll be putting some elbow grease into it, so get ready.
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Is There Any Room To Haggle With The Builder? Is everything truly negotiable in real estate? You can "make your best deal" on a car, and you can counter offer on a re-sale (used) home, but what gives these days on new homes? Is there any room to haggle with the builder? How often are offers on newly constructed homes entertained or even tolerated in a market like this? To be honest, not often. But I guess what goes around comes around. I can clearly recall the days of huge buyer incentives (a free swimming pool with a home purchase?!), no lot premiums, and sales people saying things like "If you could make a commitment to buy this home today, what would it take to make a deal?" And that market lasted, and lasted, and lasted. Today the tables are turned and, of course, no one knows if this "seller's market" will last as long as the "buyer's market" did. All new home builders know is the usual "supply and demand" thing. Factors such as land costs, material costs and labor costs are skyrocketing, so negotiation is all but out of the question in many new home communities. For builders, turning a profit isn't a bad idea, either, after such a long draught. So what are the exceptions to the rule, and what can you do to make a "sweeter deal" in a market like this?
CONTINUED >>>Local Market Conditions
Daily News and Advice -->Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.
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Bonnie Fagoh E-mail: bonniefagoh@century21beggins.comWeb: http://bonniefagoh.mfr.mlxchange.com813-390-7606
Century 21 Beggins Enterprises813-390-76066542 U. S. Hwy. 41 N.Apollo Beach, FL 33572
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