When Can A Buyer Purchase After A Short Sale?

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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

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• 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

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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

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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.