When Can A Buyer Purchase After A Short Sale?

Freedigitalphotos.net

Since the turnaround of the housing market began, many buyers are asking how long they have to wait after a short sale to purchase again. Here are the general guidelines broken down by loan type:

• FHA loans: If a borrower is not behind on their mortgage at the time of the short sale (mainly transferees that didn't or don't have a choice) they are eligible to purchase again. Buyers cannot short sell and purchase a similar home in the same area. If the borrower is in default at the time of the short sale, they need to wait 3 years from the short sale close date before buying again. If the short sale property had an FHA mortgage, the 3 year wait period doesn't begin until FHA pays the claim. This date can be provided by a lender.
• FHA exceptions: Exceptions may be made for circumstances that occur beyond the borrowers control such as job loss, a medical emergency, death of the wage earner, etc. The credit before the event needs to be satisfactory. 
• Conventional loans: Wait time for conventional mortgages is dependent upon the down payment. All waiting periods start from the closing date of the short sale. 

         Waiting Period                       Down Payment/LTV requirements (Loan
                                                           to value ratio)
         2 years                                   80% maximum LTV ratios
         4 years                                   90% maximum LTV ratios
         7 years                                   95% maximum LTV ratios
         * All waiting periods must credit score qualify with traditional credit.
         Non-traditional credit isn't accepted.

• Conventional loan exceptions: Similarly to FHA loans, conventional programs can be applied to conventional loans for circumstances that are beyond the borrowers control and that can be documented.  A 2 year waiting period is allowed with a 90% LTV or maximum LTV per conventional matrixes.

Introducing Your Dog To A New Home

Freerangestock.com

• Pack over time: Staying organized and being able to pack everything up gradually over time will allow your dog to deal with the transition better.
• Find a new vet and get new collar tags before the move: Ask your current vet for recommendations or do your homework and research the best vet in your new area. If your new vet is not open 24 hours, find an emergency vet with a 24 hour service as well. Get new collar tags with your new address before you move; many dogs get scared and can run away during a move.
• Inspect the house for pet hazards: Look for possible poisons that can be reached such as household cleaners, medications, paint, houseplants, etc. Look for choking hazards such as small toys that may have been left behind. Search around for appliances and heat sources that have electrical cords. Escape routes should be secured; gates and fences should always be closed and it's a good idea to check for loose or missing window screens as well. 

• Be cautious outside: If your new home is in a new and unfamiliar climate, be aware of new hazards such as extremely cold weather, fire ants in the south, and scorpions in the southwest. If your dog is sensitive to sunlight, be sure to provide plenty of shade for them in their new yard.
• Have fun: Consider giving your dog a new toy for the new home and let them explore to their heart's content. 
• Be consistent: Use your dogs same leash, food and water dish, and dog bed to make the transition smoother. If your dog is experiencing anxiety in the new digs, consider using a crate until they are more comfortable.
• Meet the neighbors: Bring your dog with you when you meet nearby neighbors.
• Show some love: Be sure to show your pooch lot's of love and attention during this stressful time.

10 Most Sought After Home Features

Inman

freerangestock.com

Online real estate site ZipRealty asked about 1,000 home buyers what their list of desired features are in a home; here is a breakdown of the responses:

1. Garage or parking space 86.8%
2. Master suite 78.9%
3. Plenty of storage space 72%
4. Large/walk in closets 66.5%
5. Guest bedroom 66.4%
6. Outdoor entertainment area 64.3%
7. Updated kitchen 60.6%
8. Breakfast room/eat in kitchen 55.8%
9. Large yard 43.2%
10. Wood floors 40.8%

Property Tax Exemptions

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• Homeowner (Homestead) Exemption: Actually living in your home instead of having an investment property or vacation home entitles you to a sizable tax break.
• Senior Citizen Exemption: Senior citizens may be eligible for tax breaks.
• Home Improvement Exemption: If significant improvements are made to your home, the increased value of your home may be temporarily exempt from the assessment. Sometimes the increased value of your home is gradually phased into the assessment over several years so that your property tax bill does not dramatically rise. During the exemption phase, thousands of dollars may be saved in taxes.
• Veteran Exemption: Veterans may be eligible for large tax exemptions and in Illinois, disabled veterans may receive a property tax exemption of up to $70,000 of the assessed value of his or her primary residence. 

Real Estate Ad Terms And Lingo

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4B/2B: 4 bedrooms and 2 bathrooms

Assum.fin.: assumable financing

Closing costs: The entire package of expenses paid by the buyer and the seller when the real estate deal closes. These costs include the brokerage commission, mortgage-related fees, escrow or attorney's settlement charges, transfer taxes, recording fees, title insurance, etc. Closing costs are usually paid through escrow.

CMA: Comparative market analysis. A CMA is a report that shows prices of homes that are comparable to a subject home and that were recently sold, are currently on the market or were on the market, but not sold within the listing period.

Contingency: A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met.

Dk: deck

Expansion pot'l: Expansion potential means that there is extra space on the lot or the possibility of adding a room or an upper level, subject to local zoning restrictions.

Fab pentrm: Fabulous pentroom, a room on top, but under the roof, that has great views.

FDR: Formal dining room

Fixture: Anything of value that is permanently attached to or a part of real property. Examples include light fixtures, window coverings, landscape, etc.

Frplc, fplc, FP: Fireplace

Gar: Garage

Grmet kit: Gourmet kitchen

HDW, HWF, Hdwd: Hardwood floors

Hi cells: High ceilings

In-law potential: Potential for a separate apartment, subject to local zoning restrictions.

Listing: An agreement between a Real Estate broker and a homeowner that allows the broker to market and arrange for the sale of the owner's home. Listing is also used to refer to the home for sale itself.

Lo dues: Low homeowner association's dues.

Lock box: Locked key-holding device placed on a home for sale so real estate professionals can gain access to the home after obtaining permission from the listing agent.

Lsd pkg: Leased parking area; may come with an additional cost.

MLS: Muliple listing service. This is a site which collects, compiles, and distributes information about homes listed for sale by its members, who are real estate brokers. Membership is not open to the general public, although selected MLS data may be sold to real estate sites.

nr bst schls: Near the best schools

pot'l: Potential

pvt: Private

Pwdr rm: Half bathroom or powder room

REALTOR: A real estate broker or sales associate who is a member of the National Association of Realtors. Not all real estate agents are realtors.

Title insurance: An insurance policy that protects a lender's or owner's interest in real property from assorted types of unexpected or fraudulent claims of ownership. Usually the buyer pays for the lender's title insurance policy.

upr: Upper floor

vw, vu, vws, vus: View

Preparing To Move

Zillow

     

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Moving to a new home can be a very exciting time, although dealing with packing up your belongings, moving all the boxes, and unpacking everything can be daunting. Here are 8 things you can do to make your move go smoother!

1. De-clutter your house: When going through your belongings, ask yourself questions such as Do I need it?, Do I love it?, Will I use it? , etc. If you cannot honestly answer yes to two of these questions, consider getting rid of it before your big move. Hold a garage sale, sell items online, etc. Having less to move will reduce your moving costs and make your life easier.
2. Storage Unit: If you are selling your home, you may want to consider putting some of your belongings in a storage unit and only keeping items in your current home that may assist with staging.
3. Cut down on your food items: Before you move, start using up your canned goods, frozen food, and other foods that will not travel well. Make an effort to only buy food that will get consumed before the move.
4. Pack items room by room: Pack your boxes according to what room they belong in and label them accordingly. For important necessity items, place those in boxes market open first. These boxes may contain items such as some clothing, toiletries, etc.
5. Put aside your most important items: Things such as medication, passports, checkbooks, etc. should be put aside. Consider not putting them into boxes that will be on a moving truck, just to ensure their safe keeping.
6. Arrange care for your children and pets on moving day: Having your kids and pets away from the home on moving day will ensure their safety and also make moving easier.
7. Don't forget about your utilities: Schedule the disconnection and transfer of your utilities and cable for the day after you move out of your home to make sure that you will have access to them.
8. Pay attention to your home's condition: If you are selling your home, be sure to document the condition of it, noting an damage that was done before the moving crew shows up.

Things To Ignore While House Hunting

msn

freerangestock.com

It can sometimes be easy to focus on the little things you see in a home that you don't particularly care for and to miss the positive attributes of the home.  It can be difficult to envision yourself in a home when you are surrounded by memories of a different family. Here are 9 things you should ignore when touring a home:

1. An older home: Many older homes have been built with quality materials and finishes and have been able to stand the test of time because of that.  You can still make your mark on an older home and there are many simple fixes that can be done to bring an older home up to date.
2. Paint colors: The colors on the walls are very fixable and can be changed quickly and cheaply. It is more important to focus on the actual structure of the room instead of the owner's taste in paint colors.
3. Wallpaper: Even though you may see wallpaper that doesn't fit your style, just remember that it can be taken down or covered up.
4. Kitchen appliances: If the appliances in a home don't meet your standards, just keep in mind that as long as you have room in your budget to replace them or at least a plan to change them out over time, you will be able to have the appliances you wish for.
5. Worn or dirty carpet: Carpets can always be professionally cleaned or replaced with a different flooring option. There are numerous options for flooring now that are both attractive and budget friendly.
6. Unpleasant odors: Giving the home a good cleaning should easily get rid of any odors in the home so unless the odor is due to a serious mold problem, the odor is not a major issue.
7. Lack of curb appeal: If you are not impressed with the outside of a home, don't worry, you can make changes in order to make it your own. Painting the front door a different color, sprucing up a front porch, or adding new landscaping will make a huge difference.
8. Popcorn ceilings: Although these are outdated, they can be scraped off to achieve that smooth look you are after. It is a good idea to do this work before you move in though because it is a messy job.
9. Not enough privacy: A lack of privacy can be remedied by putting up hedges or other trees or bushes.

Happy Friday

Financially Smart Home Improvements

houselogic.com

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• Add molding: Crown molding and chair rails can make a room look more polished and can give a space a more expensive look. There are hundreds of options for molding and it can be made to look simple or more detailed. There are even options for using flexible materials such as foam that would make installation much easier. The project is relatively inexpensive as well, costing about $1.50 per square foot if done yourself vs. $8 per square foot if done professionally. 
• Put in quality ceiling fans: Ceiling fans are now available in a wide variety of colors and styles so they can look good as well as help homeowners save money on their cooling bills.
• Add trees: Trees not only look good and can add to the curb appeal of a home, but they also save money on energy costs, lower stress levels, protect a home from the elements, and can prevent erosion from roof runoff.
• Install a patio: Patios are an effective way to add onto your home's square footage without actually doing major construction to the home itself. Homeowners can expect to get back 30%-60% of their investment on a patio. Keep the patio simple and functional; don't add on many high end upgrades such as an outdoor kitchen if yours would be the only one in the neighborhood. 
• Do energy-efficient upgrades: The value of energy-efficient homes continues to rise, so take advantage of completing any energy saving upgrades that are available. One way to save energy in your home is to convert your wood burning fireplace to a gas one. Gas fireplaces have been reported to have energy-efficient ratings as high as 77% while their wood burning counterparts have about a 15% rating. Not only do gas fireplaces save energy, they are also attractive to buyers; about 39% of homebuyers report that a gas fireplace is desirable or necessary in a future home.
• Get creative with storage: Storage is always a good thing so finding ways to add storage in your home is a great feature. Think creatively when adding storage; add storage space in between wall studs by opening up drywall, hang platforms from the ceiling in the garage that hold storage, etc.
• Exterior lighting: Lighting the outside of your home spotlights it, shows off it's features, and can keep burglars away. Not only is exterior lighting attractive to buyers (90% say it's a desired feature) but you can expect to recoup 50% of your investment in hard wired light fixtures.

Upgrading Your Kitchen To Appeal To Buyers

Redfin

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1. Use energy-saving and innovative appliances: Kitchen appliances are important and these days consumers are looking for innovative models that also save on energy costs. For example, some new refrigerators are Wi-Fi enabled and can connect to the internet for recipes and will also email you when it's time to change the water filter. You don't need to necessarily have top of the line appliances, however, when selling your home it's usually best to have appliances less than three years old. If you do buy new appliances before listing your home, make sure to let buyers know about the features of the appliances.
2. Update lighting and plumbing fixtures: If you want to improve your kitchen but are on a limited budget, try swapping out old lighting and plumbing fixtures for newer modern ones. Examples may be taking out that old, fluorescent overhead light in the kitchen and putting in hanging pendant lights or recessed lighting instead or taking out old brass plumbing fixtures and putting in more updated fixtures in their place.
3. Focus on cabinetry: If your cabinets are in good shape but need to be modernized, try re-staining, painting, or getting them refaced with new doors. If your cabinets are just fine but need a little something more, try changing out the hardware on them.  The "less is more" style is ideal in today's kitchens where ornamentation is kept to a minimum and style and lines are focused on instead. 
4. Attention grabbing finishes make a big impact: Choosing the right flooring and counter top is essential in creating a beautiful kitchen. When it comes to counter tops, solid surface choices such as granite, quartz, marble, or slate are great choices. Even  composite counter tops that give the look of granite are good choices. When deciding on flooring, keep in mind that buyers like durable yet attractive materials such as wood and stone which will also be your highest return on investment. Hardwood, travertine, granite, and porcelain tile will give you a higher return than vinyl flooring.
5. Make any necessary repairs: Make sure that all kitchen amenities are in working order and if not, repair them.

Tips To Win A Bidding War

• Speak with a lender beforehand: Many homebuyers speak with a lender while they begin their home search. Instead of doing these things simultaneously, it's best to meet with a lender, choose a loan, and obtain a pre-approval letter before looking at homes so that when you find your dream home, you are prepared to put in an offer.
• Make a quick, personalized offer: If you know you love a home, making an offer as quickly as possible may help you get ahead of the game. Also, make the offer personalized-for example, if your agent finds out that the sellers are motivated to move quickly or that they may want to postpone the closing, state that you can settle on the seller's schedule.
• Have your home inspector on speed dial: While it's vital to have a home inspected, adding a home inspection contingency to an offer may put you behind other offers that do not include this. If possible, have your home inspector come out and look over a home as soon as you know you love it, and if you are satisfied with the report, you won't need a home inspection contingency included with the offer, which may put you ahead of other potential buyers.

5 Reasons You Shouldn't For Sale By Owner

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1. There are too many people to negotiate with: If you sell on your own, you will need to be prepared to negotiate with: the buyer who wants the best deal, the buyer's agent who is only looking out for the buyer's best interest, the buyer's attorney, the home inspection companies, and the appraiser.
2. Exposure to potential buyers: Studies have shown that 88% of buyers look online for a home. Most agents have a comprehensive strategy to promote your home; do you?
3. The internet is vital: How do buyers find the home that they purchase? 43% find their home on the internet, 9% from a yard sign, and 1% from the newspaper. What is your strategy to get your home sold?
4. Selling by owner has become more difficult: The paperwork needed to buy and sell a home has increased in volume in recent years due to industry disclosures and regulations that have become mandatory. This is only one of the reasons that homeowners selling on their own have decreased from 19% to 9% over the last 20 years.
5. You get more money using an agent: Studies have revealed that an average home sold by a homeowner sells for $208,000 while an average home sold by an agent sells for $235,000. Before you decide to sell on your own, sit down with a Realtor to see what they have to offer and ensure you are making an informed decision. 

The Best Ways To Add Value To Your Home

House Logic

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• Steel entry door: A new steel entry door boots both energy efficiency as well as curb appeal. Steel doors come in many different colors and they can also be painted. The average cost is $1,230 and the average ROI is 101.8%. 
• Wood deck: These cost about $30 per square foot and they allow you to enjoy the outdoors for less than the cost of an enclosed addition. The average ROI is 80.5%.
• Attic conversion: If you need more space, finishing your attic provides more living space without changing the footprint of your home. The average cost is $51,696 and the ROI is 77.2%.
• Garage door replacement: A new garage door makes a huge difference in the look of your home and they can be found in a variety of style choices. The average cost for a midrange steel door is $1,595 and the ROI is 88.4%.
• Fiber cement siding: Fiber cement siding is high quality, resistant to moisture, termites, rot, and fire. It also doesn't flex so it doesn't need to be repainted as often as traditional siding. The average cost is $14,014 and the ROI is 84.3%.
• Replacement windows: New windows look good and they also help save money on energy costs. The average cost for 10 midrange vinyl windows is $10,316 and the ROI is 77.5%. The average cost for 10 midrange wood windows is $11,341 with an ROI of 78.8%.
• Vinyl siding: Vinyl is low maintenance, low cost, and lightweight and is the preferred choice for siding. The average cost for midrange vinyl is $12,013 with an ROI of 80.7%.
• Updated kitchen: One of the highest average of returns for home projects over the last 10 years has been a minor kitchen upgrade including new cabinet doors and drawer fronts, new appliances, countertop and flooring. The national average cost is $19,226 with an ROI of 79.3%.

Green Upgrades With Fast Pay Offs

Nerdwallet

Freedigitalphotos.net 

• Compact fluorescent bulbs: These bulbs are affordable and claim to last as long as 10 incandescent bulbs (10 years with about 3 hours of use a day), and will save the homeowner $60. For a home with 25 light bulbs, you can buy new compact fluorescent bulbs for under $15 total and save about $1,500 over the course of about 10 years. Don't forget that these new bulbs contain mercury and can't be thrown out; they need to be brought to a home improvement store to be disposed of.
• Consult with the utility company: Have your utility company come out and look over your home to determine where you can save money. They will be able to give you an estimate of how much major appliances cost a year and may be able to do small jobs such as putting weather stripping around exterior doors.
• Save water: Aside from installing a low-flow toilet, you can also save a considerable amount of money by making changes in your shower. By unscrewing your shower head and installing a flow restrictor, you can conserve water and save money while doing so.
• Insulate the attic: Putting insulation in the attic can pay for itself within a matter of a couple of years. If the attic is small and space is limited, insulation can be blown in.
• Be cautious with windows: Double-paned windows can save you considerable amounts of money and are a good idea if you need to replace a window. Many homeowners wonder if they should go ahead and put double- paned windows throughout the home while they are having to install one anyway. Experts caution against this large investment, about $8,000-$12,000, because if a window is not installed properly, the homeowner will not see the savings.

Credit Scores

realestateloans.com

Freedigitalphotos.net

      

Your credit score plays a large role in the type of financing you will be offered when looking to buy a home. Banks usually decide on the terms of a loan based on the credit score category that you fall in to. It is important to check into your credit score and to ensure that you take any necessary steps to improving your score as much as possible before deciding to finance a home. Here is a quick summary of how banks view your credit score in relation to financing:

• The lower the credit score, the more difficult it is to become approved for a loan and the loans that are obtained with a lower score will typically have a higher interest rate
• In order to qualify for conventional financing, a borrower must have a minimum score of 620; some lenders have raised the minimum score needed for conventional loans through overlays (rule overrides)
• The national average FICO score is 689

Below are the credit tiers according to Fannie/Freddie:

- 760 Plus New Tier 1 A

- 740-759 Old Tier 1 A

- 720-739 Fair Sub A

- 700-719 Fair

- 680-699 Average

- 660-670 Below Average

- 640-659

- 620-639

Happy Friday

5 Features Homebuyers Want

Chicago Agent Magazine

What features should be emphasized when listing your home?

1. Quartz: Quartz is rapidly growing in popularity; the number of times that quartz was mentioned in listings rose 86% in 2014!
2. Smart home features: Smart home features are not extremely common yet, but they are on their way to being a very sought after home feature. Smart home features were mentioned 65% more in listings just last year.
3. Stainless steel appliances: White appliances used to be the popular choice but now the stainless steel option is quickly taking their place. Stainless steel appliances have consistently risen in popularity every year since 2011.
4. Freestanding tubs: Although a shower/tub combination saves space, a freestanding tub is definitely a plus for many homebuyers.  In 2014, listings that mention freestanding tubs rose a whopping 127%!
5. Moving away from exposed brick: Even though exposed brick was a trendy choice in 2013, it is quickly losing its' appeal. Why? Extreme weather is not good to exposed brick and can cause the mortar to fall out-which creates a lot of dust.

5 Things To Think About When Buying Your First Home

remax.com

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1. Growth potential: Look for a home that can accommodate future life changes that may affect the number of bedrooms/bathrooms needed and square footage required to live comfortably. 
2. Get an inspection: Your first home may not be extravagant but the basic components of the home should be in good condition. It is absolutely necessary to have the home inspected by a professional before a purchase is made.
3. Set your priorities: Your first home may not be totally perfect but make sure that it's the right home for you. Find the right home by making a list of your "must haves", "nice to haves", and "not necessary to haves".  For example, having a three car garage may be great, but would you rather have a home with a larger kitchen or in a nicer neighborhood? Only you can determine what assets are important to have in a home.
4. Think about all costs of home ownership: When buying a home, you need to think about the recurring costs you will face as a homeowner, besides just the monthly mortgage payment. Utilities, trash pick up, HOA fees, etc. all need to be factored into your monthly expenses. As a Realtor, I will be able to help you calculate what your monthly costs would be so that you can make an informed decision about what house to buy.
5. Consider the lifespan of things: Aside from finding structural and cosmetic flaws before buying, find out what to expect from the home's components. How much time do you have before you will need to replace the roof, carpet, appliances, or furnace? Everything may be working well right now, but every home will need repairs at some point. Knowing what to expect from your home will help you plan for your future.

Surprising Things That Can Add Value To A Home

houselogic.com

Freedigitalphotos.net

1. Surf breaks: Living within a mile of a surf break can add up to $106,000 to a home's value according to the Monterey Institute of International Studies.
2. Parks and open spaces: Being near a well maintained public park or open recreational area can add to the property value of nearby homes by up to 8%-20%. On the flip side, living near a park that is not maintained well can lower the property value of nearby homes.
3. Being near a Walmart: Being near this huge store can make everyday life easier, such as running to get a gallon of milk, and according to the University of Chicago, living within a mile of one can increase property value by 1%-2% and living within a half mile can add an additional 1% on top of that.
4. Solar Photovoltaic Systems: Homes in California equipped with PV systems can sell for a $17,000 premium over homes without them. 
5. Walkability: The ability to walk to stores, restaurants, schools, and parks can increase property value anywhere from $4,000-$34,000, however, the largest boost in value occurs in large and densely populated cities.
6. Professional Sports Arenas: A new pro sports stadium can positively affect home values within a 2.5 mile radius by about $2,214. 
7. Community gardens: Planting a community garden can increase the value of homes within 1,000 feet of the garden by 9.4% within 5 years. 
8. Trees: Having mature trees in the yard: 2%, mature trees on the street: 3%, trees in front yard: 3%-5%, mature trees in high income neighborhoods: 10%-15%.

Staging A Bathroom To Sell

Redfin

Freedigitalphotos.net

• Mold: It's very important to take care of any mold issues that may be present. Surface mold should be cleaned up quickly to avoid a larger problem from occurring. If you suspect that there is a large mold problem, DIY mold testing kits are available at your local home improvement store and can be used to detect mold issues. If a large mold presence is found, consult a professional to take care of the issue.
• Old paint: If the paint in the bathroom is aged and discolored, using a fresh coat of neutral colored paint will go a long way in freshening up the space.
• Stained tiles: Stains can be removed from tiles with a solution of warm water and vinegar. To remove mildew from surfaces, a water and ammonia solution is effective.
• Sufficient lighting: Be sure to have adequate lighting in the bathroom. A dimly lit bathroom can seem dirty and small.
• Keep it neutral: If remodeling a bathroom, try to keep the color palette neutral and the surfaces clean.
• Don't leave used towels and toiletries out
• Keep the toilet clean and the lid down

Home Selling Secrets

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• Half empty closets: Buyers are always looking for plenty of storage so taking half of the items out of your closet and neatly organizing what's left will give the illusion of more storage space.
• Let the light shine: Aside from location, many buyers state that good lighting in a home is important. Clean the windows, change out lampshades and put in higher wattage light bulbs, and trim trees and bushes to let more light into the windows. A light and cheery home is more attractive than a dark home.
• Put the pets away: Not everyone is an animal lover so be sure to put your dog or cat into a pet hotel for the day if you have a lot of showings scheduled. Also be sure to stow away pet beds, litter boxes, dog toys, etc.
• Don't over-upgrade: Quick fixes before putting your house on the market are always a good idea; paint the walls, replace kitchen hardware, invest in new and inexpensive curtains, etc. Doing huge, costly home improvement projects right before selling can backfire-you won't necessarily recoup the money you invested in the project when you sell.
• Always be ready for a showing: You never know when your buyer is going to want to walk through your home; always be prepared for a showing. Keep the kitchen sink clean, make sure your home is dusted and vacuumed, and make sure the bathrooms are clean. You only get one chance to make a first impression on buyers!

Amazing New Listing In Shorewood

24650 W. Park River Lane Shorewood, IL

Choosing The Best Flooring Option

Consumer Reports

Freerangestock.com

• Solid wood: Costs about $5-$10 per square foot. Solid wood is nice because it has a timeless, natural look and it can be refinished many times. On the downside, it does dent easily and it is not easy to install. Solid wood floors can change color due to UV light and can be water damaged easily as well. Bamboo is more costly than solid wood but it does seem to hold up better to wear and tear.
• Engineered wood: Costs about $4-$9 per square foot. The great thing about this flooring is that it does cost less than solid wood but it still looks natural and adds warmth to the home. Using wide planks provides a modern look and it also can make a room look larger. Another positive is that many times, this material can be floated without glue or fasteners. Cons include the fact that engineered wood  still dents fairly easily and can also be damaged by flooding. Also, they usually can't be refinished since they are composed of a veneer over substrate. 
• Laminate: $3-$7 per square foot. Laminate is a very durable flooring option and can appear to be a variety of natural materials. Often times laminate can be floated as well. Many laminate options are stain resistant and also resist UV damage. Cons for laminate: most laminates dent easily and this flooring can't be refinished. 
• Vinyl: $2-$6 per square foot. Vinyl is durable yet still comfortable to walk on. Some vinyls can float and many of them look similar to real wood or stone. If you are installing vinyl yourself, try to choose planks or tiles instead of sheets that need to be precisely cut. Keep in mind that off-gassing may be a concern for homes with young kids and even the best vinyl products still look like vinyl up close.
• Linoleum: $4-$8 per square foot. Linoleum is made to look like stone and other natural flooring and it's made of tree bark and linseed oil. The best linoleum products are very scratch, stain, and fade resistant. Although linoleum is a great option, some vinyl products wear better and can be installed easier for the same price as linoleum. 
• Ceramic tile: $8-$15 per square foot; $5-$8 for products that can be floated. Ceramic tile is a great authentic flooring option and is composed of minerals. Using ceramic tile that can be floated is easier to install and more cost effective. Although ceramic tile can create a very sleek look, it can be cracked easily from dropped items.

5 Tips For Single Homebuyers

Freerangestock.com

1. Stay within your budget- Buy a home well within your means and ensure that you can afford it even during lapses in employment that you may experience.

2. Be aware of maintenance- If you are concerned about lawn care and other exterior maintenance, you may want to lean towards a home with a smaller yard or even in a newer community with homes requiring less up keep. If you are not interested in lawn manicuring or outdoor fixes you should look into a town home or a condominium.

3. Security- Being single means your home will be unoccupied more often than not and you want to ensure that you are in a safe neighborhood with a low crime rate so you can lock down your home before you leave and not have to worry about it.

4. Think about resale value- You may find yourself moving after a few years due to a job relocation or life change so when you are shopping for a home-keep the resale value in mind so that if you ever find yourself wanting to sell, you can do so easily.

5. Buy for the future- Although you are single now and may not need much room, plan for the future when you may add a spouse and children to your home. If you can afford it, it's a good idea to buy a home with an extra bedroom or two to spare.

5 Reasons To Buy A House In The Next 4 Months

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1. Home prices are climbing but not at the highs of a few years ago: Although home prices are rising from the lows of 2008, they are still not as high as the 2006 market. A market in recovery can mean significant appreciation over the next few years for homebuyers making a purchase during this time.
2. Interest rates are slowly rising: 2015 is the time to take advantage of these low rates being offered.
3. Rental rates are increasing: There is always the ongoing debate over whether it's better to buy or rent and renting may be the right choice for someone who needs to be mobile or is expecting a job transfer soon. If you want to put down roots and rental rates are increasing in your area, it may be time to buy. 
4. Buying power: Americans have been steadily lowering their debt to income ratio, and maybe you are part of that trend as well. The lower your debt, the more buying power that comes along with it.
5. Lower debt means a higher credit score: Higher credit scores mean better mortgage rates and terms.

Happy Friday!

Winter Lawn Care For A Great Spring Lawn

House Logic

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• Aeration: Aeration gives your lawn room to breathe in the fall and makes room for new grass to spread in the spring without competing with weeds. If kids or pets play on your lawn frequently then plan on aerating twice a year; once in the spring and once in the fall. If your lawn is mostly for show, aerate once a year. The cost for professionals aeration runs about $150.
• Seeding: During the fall when the soil temperature is about 55 degrees is the best time to seed your lawn. Inexpensive seed ($35 for 15 pounds) often times has weed seed, hollow husks, and annual rye grass seed which grows until the first frost and then dies. Go for the quality seed ($55 for 15 pounds) because it resists drought, disease, and insects. Once you seed, water every day for 10-20 days until it germinates. 
• Fertilizing: Fertilizing in late fall before the first frost helps the grass to make it through the winter and grow lush and green in the spring. Choose a product that is high (10% to 15%) in phosphorous which helps tremendously with root growth. 
• Mulching: Instead of raking leaves, run over the leaves with your mower a few times to shred them into mulch. The mulched leaves will protect the lawn from the harsh winter wind and will decompose into organic matter to feed the grass roots. 

What Do You Need To Apply For A Mortgage?

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• Full tax returns from the past two years-you can request copies by filling out the form "Request for Copy or Transcript of Tax Form" from the IRS.
• Two most recent pay stubs from your employer-if you haven't saved them, you can request them from the human resources department of your employer.
• Financial statements from the previous two months-these can be requested from your bank or if you have access to online banking you may be able to print them yourself.
• Photo ID for each person listed on the loan
• Signed sale contract-not necessary for pre-approval, just needed when an accepted offer is made on a property.
• Proof of homeowner's insurance
• Written proof of your position and salary-this should be on company letterhead and dated. The lender may contact your employer during the underwriting process to ensure that you still work there and haven't lost your job since applying for the loan.
• Cancelled rent or utility checks may be requested for first time buyers to indicate a history of timely payments.
• Gift letters-If you are receiving money from family or friends in order to cover the closing costs or down payment, a letter needs to be written from the donor stating the gift amount and that the money doesn't need to be paid back.
• 1099 forms-If you are self-employed, you will need to provide copies of the 1099 forms from your clients.

Making Your New House Feel Like Home

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• Steam clean: Carpets can accumulate a lot of dirt and dust so steam cleaning any carpets in your new home will help to allow you to create a fresh start in the space.
• Personal touches: Make your new home a place familiar to you; put your favorite flowers in a vase on your kitchen table, put a wreath on your front door that you brought from your old house, create a gallery wall or entryway display using photos of family and friends, etc.
• Re-arrange: Rethink your furniture and other belongings by trying them in new rooms or spaces. Maybe that chair that has always been in your living room looks great in the reading nook in your new bedroom, or maybe that picture collage that always graced a wall in the family room looks awesome in your new entryway. 
• Create space: Making room to do the things you love will really help you to feel at home in your new house. Love to craft? Think about re-purposing that spare bedroom into a craft den. Do you love to cook? Try putting a countertop height table in the breakfast nook to use as a prep space for preparing meals.
• Host friends and family: You may feel like you need your new home totally put together before having people over, but welcoming your family and friends into your new home will allow you to start building memories and will make you feel at home in no time.
• Don't be a hermit: For many people, moving into a new home in an unfamiliar area may make them feel like staying inside to nest. Try going outside your comfort zone and getting out there to explore your new neighborhood and community. Doing so will make you feel more secure both inside your home and out.

4 DIY Tips To Improve Curb Appeal

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1. Clean up:  A well manicured lawn shows potential buyers that you take pride in your home and that you have taken care of it. Having a unkempt lawn may scare off buyers before they even step through the door. If you have a power washer, use it to clean off the driveway, walkways, garage door, fences, etc. Spend time cleaning the windows on both sides; this will make the outside sparkle and allow the most natural light possible into your home.  If any of the window trim or siding is missing or damaged, consider repairing or replacing it. 
2. Take the time to plant: Plant flowers and low maintenance ground cover. If parts of the lawn are dead, put down new sod or if time allows, reseed. Trim any shrubs and weed the garden. Mulching the planting beds will prevent weeds and encourage growth. To create instant curb appeal, try putting in window boxes. They come in a huge variety of colors, styles, and materials, so they don't have to cost a lot and they can be low maintenance. Another trick to boost curb appeal is to put potted plants in highly visible areas; just be careful not to overdo it. Having too many plants and flowers can create a cluttered look.
3. Focus on the entryway: An entrance should be welcoming to buyers, encouraging them to come in and stay for awhile. Start by looking at the entry floor material; if it's wood and there are any loose boards make the necessary repairs. If the floor is concrete, fill in any cracked areas and repair crumbled corners and edges. Put out a new simple and attractive doormat and consider replacing the storm door, any light fixtures, knobs, knockers, or kickplates if they are worn. Another tip to consider is installing a new mailbox and house numbers since they are the first and last part of your home that potential buyers see. 
4. Choose a palette: The exterior color of a home is very important and is a large part of a buyer's first impression of your home. It is usually best to stick with traditional colors such as classic white, off-white, light blue, warm taupe, blue-gray, or pale yellow. If you are unsure of what hue to go with, take a look at what color neighboring homes are. It is usually best to blend in rather than stand out.

Enjoy your Labor Day!

5 Ways To Lower Your Mortgage Payment

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1. Get rid of your PMI: PMI is the lender's protection in case you default on your loan and cannot make your payments. Typically borrowers that can't put down at least 20% are required to have PMI since they are seen as a riskier investment. If you live in an area that has seen rising home prices and have been in your home for at least 2 years, speak with your lender about dropping your PMI. This can save you an average of $195 a month for a $200,000 loan.
2. Lower your PMI: In January 2015 the government announced lower PMI rates for buyers with FHA loans. New homebuyers will be able to take advantage of these lower rates and existing homeowners may be able to refinance and lower their PMI rate.
3. Refinance: Refinancing to lower your PMI is not the only way to refinance your loan. Taking advantage of lower mortgage rates or switching from a 15 year loan to a 30 year loan can save you thousands of dollars. Speak with your lender to discuss options available to you.
4. Buy down your rate: If you are purchasing a home, speak with your lender about the possibility of buying down your rate. If you are able to, putting down more money initially to buy a lower interest rate can save you a substantial amount of money over the course of the loan. 
5. Find a tenant: If your home has an extra room, especially with a private entrance, consider taking on a tenant. 

Happy Friday

Can You Finance A Home After A Short Sale?

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Are you thinking of financing a home this year? Have you been through a short sale? Pay close attention to your credit report; it can make or break your new mortgage. Lenders are required to accurately report the true circumstances surrounding a delinquency.  Normally for a short sale, your credit report will read "settled for less than full balance."  Typically your new lender will want to see this versus a foreclosure on your report. Although the lender is required to report accurately, that doesn't mean they always do. They may report "settled for less than full balance, chapter 9."  This would indicate a foreclosure as would any mention of chapters 5 or 8 as well. Having a foreclosure on your report can make it very difficult for you to get a mortgage as you otherwise would two years after a short sale. Are you out of luck at that point? Maybe not-here are some ways to challenge those marks on your credit report:
1. Write to the creditor.
2. Send a copy of the final settlement statement indicating that your previous property was in fact a short sale and also include a copy of the grant deed transferring the property from you to the buyer.
3. Let the creditor know that there is an error on your report (chapters 5, 8, or 9) and that it must be removed in order to indicate the short sale.
4.Wait for a confirmation letter which may take about 60 days to receive.
5.Re-apply for the new mortgage.

What Every Homeowner Needs To Know About Home Insurance

Fox Business

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• What it covers: An average policy will pay for damage to your property and possessions due to certain storms, fire, theft, or vandalism. Similar to renter's insurance, it can also provide liability coverage if someone gets injured on your property and decides to sue. Your policy also covers shelter costs in the event that you are temporarily displaced from your home. Homeowner's insurance can also protect items outside of the home, such as items stolen from your car; auto insurance won't cover it but your homeowner's policy probably will.
• What it doesn't cover: A standard policy does have some exclusions; earth movements such as landslides, earthquakes, and sinkholes, power failure, war, nuclear hazard, government action, faulty zoning, bad repair or workmanship, defective maintenance and flooding. Wind storms are usually covered, including tornadoes, however some companies don't include tornadoes and hurricanes in high risk areas. Water damage can be hard; normally water from above (rainwater or a burst pipe) is covered but water from below (such as backed up sewers) usually isn't covered.
• Shop around: Don't just shop for a great policy; make sure you find an agent that you trust.
• Actions to reduce premiums: Having a working smoke detector may help lower premiums as will simply having a deadbolt on your door or having a burglar alarm system. A deadbolt can reduce a premium by about 5% and an alarm system can create a 15%-20% premium reduction.
• Replacement coverage vs. market value: Replacement cost covers repairing or replacing your entire home; market value is how much someone would pay for your home and the accompanying land in it's current (damaged) condition. 
• Don't wait to file a claim: When looking into policies, be sure to ask about time limits for reporting claims and then stick to them!
• Write everything down: To avoid any issues, be sure to write everything down about a loss-document it as best as you can. Keep all receipts, contracts, appraisals, and also document phone calls by writing down who you spoke to and when.

6 New Home Trends

Realtor.org

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• Super Kitchens: Kitchens are no longer just for cooking; they are an entertainment space and the center of the home. Kitchens are now being built open to other rooms and islands are being used as a divider between rooms instead of walls. As kitchens are becoming more open, pantries are getting bigger to provide more storage.
• Outdoor/Indoor spaces merge: Indoor spaces are built to flow into outdoor areas so that homeowners can easily go between both spaces. Another note about outdoor areas; the once traditional public backyard is becoming less popular. Having a private backyard oasis is becoming more important to homeowners so builders are starting to position homes so that the backyard is more private.
• Bigger garages: Not only do homeowners want more space for their cars, they also want to be able to use their garage for hobbies, work spaces, and more storage.
• Home office: Home office spaces are increasingly in demand and they may not be placed off of the entry of the home like many have been. Many people want their office to be closer to both the kitchen and the family room.
• Tech spaces: Technology use is widespread so builders are beginning to build small "server" rooms since many homes are now using smart technology. 
• Dual homes: More people are living under one roof due to adults living with their parents longer, older parents moving in, and cultural preferences. Multi-generational homes are emerging that offer features such as separate main entrances and attached suites that serve as private residences. 

Illuminating The Heart Of The Home

Chicago Tribune Homes

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Lighting your kitchen properly is so important, not only for practical reasons, but also to help create a beautiful space. Ideally, a kitchen will have four types of lighting: general, task, accent, and decorative.

General Lighting: This type of lighting illuminates the whole room and allows you to navigate the space safely. The most common type of general lighting are overhead fluorescent fixtures on the ceiling. Can lights can achieve the same look but more attractively.

Task Lighting: This variety of lighting shines directly on work surfaces. Both under-counter lighting and  strip halogen lighting under cabinets are popular and effective choices. Under-counter lights are practical and they help to create a gorgeous space. Task lighting should be installed anywhere you chop, slice, or read recipes. Don't forget task lighting in the pantry too!

Accent Lighting: This showcases any architectural feature or decorative accessory. Accent lighting may be used to shed light on a piece of artwork on the kitchen wall or other unique detail in the room and can create a beautiful ambiance and dramatic effect. Pendant lights are a popular choice for accent lighting although spotlights and up lights can be used too.

Decorative Lighting: This can be a great addition to a kitchen, but it can be overdone. When choosing a decorative light, keep the size of your kitchen in mind. For large kitchens, a chandelier may be appropriate; for smaller spaces a pendant light may be just right. Decorative lighting is important but it can be expensive. Even if you can't afford to put in a light at this time, plan on installing one in the future and have junction boxes put in where you plant to put a light. This allows you to install the lighting without a lot of effort once you are ready to make the investment.

How To Choose A Contractor

Consumer Reports

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• Don't completely rely on reviews: Not all online reviews are impartial so you need to be careful about not just going off reviews. Ask for referrals from people that you know and trust.
• Use word of mouth: It's always a good idea to get recommendations from people that you know and to inspect the job in person to see how it is holding up. Before selecting a contractor, check with the Better Business Bureau and the state's attorney general's office for any complaints that may have been made.
• Beware of the lowball: Although a contractor may have not given a low estimate as a way to manipulate, underestimating the cost of the job means that they will need to make up that difference somewhere-possibly on the installation.
• Shop around: Interview several contractors to find out what the going rate is for your project. Conducting interviews will also help you find someone that you trust and have good communication with.
• Steer clear of allowances: Allowances are open ended amounts in the contract that could end up costing a fortune. Stay with the budget once the work begins.
• Get everything in writing: Obtaining a contract for the job that includes what the project entails, all costs, and an approximate completion date is very important. 
• Don't apply for your own permits: Applying for permits should be the contractor's responsibility so beware of being asked to obtain them yourself. That could mean the contractor is in trouble with the local building department.
• Look into paperwork: Make sure that the contractor's license, insurance, and workers comp policies are up to date. Check contractors-license.org for more information.
• No cash: Many fraudulent contractors will ask for cash up front and then take the money and run. Most legitimate contractors will accept a check made out to the contracting company or a credit card.
• Use a payment schedule: Often times, 30% will be put down upon the delivery of materials. The remainder of the payment should only be made after the job is completed and you are happy with the work.