John Beckett's Real Estate Blog

1. Is your house in a high-traffic area? While many are advertised in the newspaper, on the Internet and in fliers, it’s still drive-by and foot traffic that brings most open-house visitors. Amanda Staines, a sales director from Atlanta and a former agent, says she plans to hold an open house every weekend until her newly renovated two-bedroom townhome sells. The reason? “Location, location, location. My house is off a major road, so the signage can really pull” people in, she says.

2. Does it have special features or was it recently renovated? An especially beautiful house can make buyers out of the most casual visitors.

3. What’s your home’s sale price? Many real estate agents say they no longer hold open houses for high-end homes, because they consider them a draw for thieves and gawkers. They prefer to schedule private tours.

4. How much time and money am I willing to invest in an open house? In some markets, much of the competition is using stagers and investing in costly upgrades such as painting and landscaping. If you aren’t wiling to spruce things up, an open house might not be worth it.

5. Is my real estate agent behind the idea? If they don’t think it’s a good idea for your home, or are unenthusiastic about it, it might not do much for you.

Read at: http://realestate.msn.com/article.aspx?cp-documentid=13108453

It’s Monday morning, it’s time for work, and you’re finding it hard to get moving. In fact, building up enough motivation to head to the office is a constant challenge. Although you don’t hate your job, you don’t love it either — a far cry from when you started the position and looked forward to all the opportunities and challenges ahead of you. It can be easy to fall into a career rut, sometimes, you may not even notice until you’ve been in one for a while and getting out is often difficult. The Following are three common career ruts and strategies for overcoming them:

1. You’re burned out

The recent recession put many workers to the test. “Doing more with less” was the theme at your company, and you were asked to work longer hours and take on additional job responsibilities. Even if you found the challenge rewarding at first, the extra work took its toll eventually. Now, you’re burned out and tired of the constant grind. Rather than trying to grin and bear it, talk to your boss. Your manager may be just as busy as you are and not even be aware that you’re running on empty. By talking to your supervisor about your workload and solutions for reducing it, you may find that some of your work gets reassigned or postponed and that you leave with advice that helps ease your stress.

2. Your job seems to be going nowhere

You’ve been working in your position for a while but just can’t seem to move up the corporate ladder. You think you’ve distinguished yourself, but your colleagues are the only ones given high-profile projects and promotions. In this type of situation, it’s wise to perform a self-assessment to better understand potential roadblocks that may be preventing you from advancing professionally. For example, do you possess the right skills to assume more responsibility, or could you stand to improve certain key abilities? Do you have a positive reputation at the firm, or have there been instances when you failed to meet expectations or clashed with colleagues? Has your manager alerted you to weaknesses in your skill set, and have you taken steps to overcome them? The answers to these questions can help you figure out the next step. You may also want to meet with your boss to express your interest in advancing and seek tips on what you need to do so.

3. Your line of work doesn’t inspire you anymore

You work as an executive assistant and used to love the varied assignments and fast pace. But now the idea of coding another invoice, distributing even one more memo or taking what seems like the millionth message has you rolling your eyes. When it’s the work itself you no longer enjoy, it can be difficult to know what to do next. A good place to start is to make a list of the aspects of your job that give you the greatest satisfaction. For instance, if you who love planning events, consider whether there are other opportunities to apply those skills within the company. Getting involved in the organization of the firm’s annual employee picnic, for instance, might boost your spirits and renew your enthusiasm for your career. Also consider volunteer work outside of your employer that taps into your expertise. Applying your talents in new and interesting ways may help you return to the office with a fresh perspective. Above all, remember that a career rut may not be entirely negative. In fact, reaching a professional plateau can often serve as catalyst for positive change, bringing about greater job satisfaction. By considering your interests and taking action to find more fulfillment in your work, you may even start looking forward to Mondays.

Read at: http://msn.careerbuilder.com/Article/MSN-2331-Career-Growth-and-Change-3-Common-Career-Ruts-and-How-to-Get-Out-of-Them/?sc_extcmp=JS_2331_home1&SiteId=cbmsnhp42331&ArticleID=2331&gt1=35000&cbRecursionCnt=1&cbsid=0288ca924175426ea5b320e858ffdd75-334431207-R6-4

Before deciding to move to that new location, make sure you know how much it will really cost you to live their. Residents fed up with high property taxes or expensive housing may be tempted to relocate to a home in a lower-cost region. People who fail to do their homework may get burned. Whether you are moving by choice or by necessity, you should evaluate all the costs of relocating because costs vary a lot even within a metropolitan area. Before you move, weigh the following costs:

Transportation

After housing, transportation is the second-biggest expense for most households, according to the Center for Neighborhood Technology in Chicago. Costs can be high whether residents drive their own cars or use public transportation. The first calculation when it comes to choosing a place to live should be this: You don’t live your life in your home, you live it outside your home. While homeowners generally are urged to keep housing costs to no more than 31% of income, the combined costs of housing and transportation should not exceed 45% of income. Many home shoppers budgeting for a new home weigh their monthly payment, taxes and insurance, but they don’t always estimate their transportation costs. It’s a mistake to think of transportation costs purely in terms of commuting. For every five miles that the average person drives, only one mile is for commuting. People need to think about the compactness of their neighborhood, how far they need to drive to reach places like the grocery store, school and medical offices.

Taxes

Taxes are especially important when comparing the overall cost of living in one area to another. Property taxes will be estimated on each home listing, but everyone should also review sales taxes and state and local income taxes. Some states also have personal property taxes on items such as cars and boats, which can add to the cost of living.

Insurance and utilities

It is recommended that people contact their insurance agent to receive an estimate of the costs of car insurance and homeowners insurance in the new location. People moving to a flood-prone or tornado-prone area may find they need additional hazard insurance. Car insurance costs depend not only on the car and driver, but also regional theft and accident rates. Utility costs also can vary from region to region. Utility costs have a lot to do with the size of the property and the energy efficiency of the design and the systems. The best way to estimate them is to get copies of the utility bills from the owners.

Other costs

Even the cost of basic groceries and medicines can vary from place to place. For example, someone earning $200,000 in Washington, D.C., would need 30% more income to maintain his or her lifestyle in New York City. By contrast, that same D.C. resident could earn 33% less in Dallas and still maintain the same lifestyle. It’s very important for people to know what the fees are and what they cover in terms of amenities and maintenance. You need to look at the association’s finances and ask about the rate of increase in fees. Of course, costs are not the only factor in deciding whether or not to relocate. I think the primary consideration should be quality of life.  As long as they can afford to live there and still save for retirement, people should choose where they want to live.

Read at: http://realestate.msn.com/article.aspx?cp-documentid=24764498&GT1=35005

Many people have either gone through foreclosure, a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership of the property, or know someone who has. RealtyTrac released its U.S. Foreclosure Market Report on April 15 for the first quarter of 2010. The report calculates foreclosure filings, including default notices, scheduled auctions and bank repossessions, and showed that 932,234 properties were involved in the first quarter. That was a 7% increase from the last quarter of 2009 and a 16% increase from the first quarter of 2009. An astonishing one in every 138 U.S. housing units received a foreclosure filing during the quarter. If you or a loved one are facing foreclosure, make sure you understand the process. While it varies from state to state, there are normally six phases of a foreclosure.

Phase 1: Payment default

A payment default occurs when a borrower has missed at least one mortgage payment. The lender will send a missed-payment notice indicating that it has not yet received that month’s payment. Typically, mortgage payments are due on the first day of each month, and many lenders offer a grace period until the 15th. After that, the lender may charge a late-payment fee and send the missed payment notice. After two payments are missed, the lender may send a “demand letter.” This is more serious than a missed-payment notice; however, at this point the lender is probably still willing to work with the borrower to make arrangements for catching up on payments. The borrower would normally have to remit the late payments within 30 days of receiving the letter.

Phase 2: Notice of default (NOD)
A notice of default is sent after 90 days of missed payments. In some states, the notice is placed prominently on the home. At this point, the loan will be handed over to the lender’s foreclosure department in the same county where the property is located. The borrower is informed that the notice will be recorded. The lender will typically give the borrower another 90 days to settle the payments and reinstate the loan. This is referred to as the reinstatement period.

Phase 3: Notice of trustee’s sale
If the loan has not been brought up-to-date within the 90 days after the notice of default, a notice of trustee’s sale will be recorded in the county where the property is located. The lender must also publish a notice in the local newspaper for three weeks indicating that the property will be available at public auction. All owners’ names will be printed in the notice and in the newspaper, along with a legal description of the property, the property address and when and where the sale will take place.

Phase 4: Trustee’s sale
The property is placed for public auction and will be awarded to the highest bidder who meets all of the necessary requirements. The lender, or firm representing the lender, will calculate an opening bid based on the value of the outstanding loan, any liens and unpaid taxes, and any costs associated with the sale. Once the highest bidder has been confirmed and the trustee’s sale is completed, a “trustee’s deed upon sale” will be provided to the winning bidder. The property is then owned by the purchaser, who is entitled to immediate possession.

Phase 5: Real-estate owned (REO)

If the property is not sold during the public auction, the lender will become the owner and will attempt to sell the property on its own, through a broker or with the assistance of an REO asset manager. These properties are often referred to as “bank-owned.” The lender may remove some of the liens and other expenses in an attempt to make the property more attractive.

Phase 6: Eviction
The borrower can often stay in the home until it has been sold either through a public auction or later as an REO property. At this point, an eviction notice is sent demanding that any people vacate the premises immediately. Several days may be provided to allow the occupants sufficient time to remove any personal belongings, and then typically the local sheriff will visit the property and remove the people and any remaining belongings. Belongings may be placed in storage and retrieved later for a fee.

The bottom line
Throughout the foreclosure process, many lenders will attempt to make arrangements for the borrower to get caught up on the loan and avoid a foreclosure. The obvious problem is that when a borrower cannot meet one payment, it becomes increasingly difficult to catch up on multiple payments. If there is a chance that you can catch up on payments — for instance, you just started a new job after a period of unemployment — it is worth speaking with your lender. If a foreclosure is unavoidable, knowing what to expect throughout the process can help prepare you.

Read at: http://realestate.msn.com/article.aspx?cp-documentid=24721210

Americans who are brave enough to buy a home despite persistent predictions of a double dip in housing may want to contact the federal government, as the recession and financial crisis have turned Uncle Sam into one of the largest owners of real estate in the United States.

Rising foreclosures

The housing bust has led to an unprecedented number of foreclosures in the U.S. In May, 322,920 foreclosure notices were filed against homeowners, and more than 3 million homes have been seized over the last five years from delinquent borrowers. While most homebuyers may assume that banks are the only source of foreclosures, the U.S. government also owns many residential properties because of its role in buying and guaranteeing mortgages. Many of these properties are held because of the conservatorship established in 2008 over the government-sponsored enterprises popularly known as Freddie Mac and Fannie Mae.

Freddie Mac

The Federal Home Loan Corp., or Freddie Mac, owned approximately 45,000 multifamily and single-family homes at the end of 2009. The company put a gross value on these properties of $5.13 billion. Freddie Mac obtained these properties by being the highest bidder at foreclosure auctions when the properties were used as collateral for loans owned by the company, or when owners just transferred the property to Freddie Mac without going through foreclosure. Freddie Mac is furiously attempting to dispose of these homes, and has been fairly successful; the company’s average holding period for real estate is less than one year. The company markets the homes through HomeSteps, where buyers can search by state and city.

Fannie Mae

The Federal National Mortgage Association, or Fannie Mae, is also a large owner of foreclosed property. The company owned more than 86,000 single-family homes at the end of 2009, with a value of $8.5 billion. These homes are concentrated in states that were ground zero of the housing bust, with 28% of its inventory in California, Nevada, Arizona and Florida. Fannie Mae also markets these homes intensively, and sold 123,000 in 2009. The company’s official website to sell homes is called HomePath, where buyers can look up inventory near their location.

Other agencies

Another source of homes owned by the government is the Department of Housing and Urban Development. HUD obtains its properties through foreclosure auctions on Federal Housing Administration-insured loans. HUD has a website at hud.gov/homes. Next up is the Federal Deposit Insurance Corp., which owns its inventory through its role in seizing failed banks. The FDIC owns single-family homes but also has a large number of other properties, including industrial and commercial properties and raw land. The Veterans Affairs Department and the Agriculture Department also play roles in financing and guaranteeing home loans, so both own single-family home and other properties. Buyers can look for their dream home through these agencies as well.

Buyer beware

Buyers shopping for homes from the government should be aware of the disadvantages of the process.  Many agencies offer properties “as is,” with no warranties on their condition. There is also little flexibility on negotiating the terms of the contract if the government accepts your offer. Fannie Mae, for example, does not accept offers for houses that are contingent on a buyer selling a currently owned home.

Read at: http://realestate.msn.com/article.aspx?cp-documentid=24796144