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The Phoenix Lofts, located at the western edge of the burgeoning Jack London District, is a live/work loft project converted in 200…

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Live/work loft in Jack London Square

Have you ever played the game telephone? You say something to the person directly next to you, they whisper the “same message” in the next person’s ears and so it goes around the circle. By the time the last person receives the message, it’s usually all garbled and funky. Sometimes the message ends up not making any sense.

Perception is in the ears of the listener.

When you are working with a real estate buyer or seller, make sure all parties are present and accounted for when the most important decisions are being made. Letting one person relay information to the other party about big decisions - price negotiations, home inspection repair issues and last-minute closing mishaps - is setting the scene for a game of telephone.

You don’t know what will end up being the final words.

Sometimes, communicating with only one person can’t be avoided. You might have a spouse who is overseas or an in-law who just can’t travel because of health reasons.

Understood.

Here is where the power of the Internet kicks in. If you can’t meet both parties in person during the listing or home finding process, get confirmation online from the person who is M.I.A.

Don’t trust that your game of telephone is going to be successful.

As a Realtor, are you having a hard time broaching the topic with your clients? Think about the grief and misunderstandings that you’ll save your clients by establishing a clear line of communication with both parties.

You don’t want to get vetoed by the missing party after all signs were a “go.” Even presidential elections have absentee ballots.

Posted by Rebecca D. Levinson

Here is the original post:
Perception is in the ears of the listener

You’ve found your dream house and the next few days ’til your appointment, you are pumped up with anticipation. Showing day comes - yahoo! You jump into your car and drive to meet your real estate destiny. Traffic cooperates and everything is zipping right along until you pull up to the curb.

Uh-oh, what is this? The house looks much smaller, the driveway is narrow with big cracks running through the now-gray asphalt, the greenish-brown lawn’s decorative border is weaved with the yellow heads of dandelions and other hearty weeds.

What the ____? The pictures didn’t look like that online. How did this happen? Let’s rewind.

It starts innocently enough. You get a promotion at work and it’s enabled you to afford to buy a house. You go online to view properties and then - bada bing, bada bang - your home-buying quest has become a part-time job. You look online at so many websites, so many photos, dizzying virtual tours and house descriptions.

You’ve done this now for the past month, remaining anonymous and filling out forms with bogus names and phone numbers to be able to get to the good stuff - those coveted listings for sale. You feel you’ve got a good handle for the prices of houses where you’re looking and you’re just waiting for the right buy; the golden ticket in the sea of gold-foiled offerings.

And then one day, you open your email and find the contents beneath the wrapper to be delicious. You call to schedule an appointment to see the house - this could be the one. You make an appointment with the real estate agent and mark the date in your Blackberry.

“Cut!” Rebecca, real estate blogger and director, interrupts the narrator. “OK, let’s rewind, back up and edit this film. Beginning from the scene where you’re filling out forms online. We can bring one of the main characters into this scene right now, a real estate agent. Let’s put the real estate agent at the office on the phone with the home buyer,” she says emphatically.

“OK good. Now let’s add some more lighting and turn off the dimmer switch. Good, now let’s reshoot this scene … places … and … action,” Rebecca commands.

Narrator: ”You’ve done this now for the past month, looked at listings online. You’ve engaged in the assistance of a local real estate agent, who has added you to her real estate listing feed, which is tied directly to the Multiple Listing Service. You are now receiving notification every day in your email of new listings that come onto the market.

“You’ve got a good handle on the price ranges because of the market condition reports delivered to your email inbox each month by your real estate agent. A few listings that have been emailed have recently caught your eye. You also found a listing on a few websites that you’d like to check out. You send them over to your agent, explaining what you like about these real estate listings.”

“Your local real estate agent goes to the houses and previews the listings for you. One of the listings is much smaller than the photos, the dimensions were missing on the description - scratch that off the list. The second listing needs major updates to appeal to your tastebuds - updates you don’t have the money for. The third listing is, well … the agent said the neglect is so prevalent you’d better bring some tissues ’cause you might shed a tear or two.”

Home buyer: “OK, well I guess we’ll keep looking.”

Narrator: ”The thing is, you’re looking for a decent house with a moderate price tag. Prices are not cheap in your part of town and even though they’ve come down, you don’t want to stretch yourself thin. You’re almost ready to quit this house-hunting search and wait, and then your real estate agent calls. There’s a new listing that you have the opportunity to look at before it comes on the market. It’s in your price range, has great features and your real estate agent has already previewed it.

“This could be your foil-wrapped golden ticket.

“The next few days ’til your appointment, you are pumped up with anticipation. Showing day comes - yahoo! You jump into your car and drive to meet your real estate destiny. Traffic cooperates and everything is zipping right along. You pull up to the curb, step out of the car and walk up the wide, black-topped driveway, past the cropped green grass bordered by bright yellow daylilies, irises and asters. You open the door, where your agent greets you as you tour the digs that will be your new home.”

Director: ”Cut! That’s a wrap. Everyone take a break and we’ll meet back at 5:15 p.m. for the closing scene of How to kick real estate ass-umptions to the curb. Great job everybody.”

Posted by Rebecca D. Levinson

Continued here:
How to kick real estate ass-umptions to the curb

The difference between a mediocre transaction and a great one is the care that goes into the process. You can be a home buyer and make an offer to purchase, then end up regretting your decision.

You can be a homeowner and accept an offer, only to feel remorse at the day of closing. It’s a business transaction and your mind confirms this … but your heart just won’t cooperate. If it’s such a wise financial move, then why doesn’t your gut feel better about it?

Has real estate lost that loving feeling?

“It used to be that home buyers fell in love with a house. Now it’s a commodity, an investment,” Pat Von Mosch, Connect2Agent member and real estate agent in Anoka Minnesota, shared with me. ”People are more upwardly mobile now. Real estate has become a fax/email deal. Sometimes I never even meet the other real estate agent.”

How very different it is from the coffee table deals of yesterday. It used to be typical for all parties to meet at some point, and almost all offers to the seller were presented from the listing in person to a homeowner. Now a homeowner receives an offer by cell phone, fax, email or text.

In a house purchase, our habits of brevity online won’t always cut it. Here’s how to make a change.

The ability to communicate in a high-touch world should sharpen our senses of communication and free our minds a little more. We can be enabled through words, song and video to make our point at the touch of a “Ctrl” command and a tap of the “Enter” key. As consumers, we are becoming good at expressing ourselves online … but sometimes we fall short when it comes to real estate.

Our habits of brevity and acronyms can leave a large margin of error.

We need to flex our old-school speech skills and become a bit more expansive when we’re talking real estate.

• If you see a listing you like online, do email it to your real estate agent. Make sure to include an explanation as to why it intrigues you.
• When your real estate agent asks what you think your house is worth, do speak up. Don’t just name a price. Explain where you got it from - remodeling in the kitchen, upgrades in the bathroom, your cul-de-sac location, a neighbor’s house down the street, a website online with a house value option, etc.
• Don’t skim the terms of the Purchase Agreement. Do read it word for word before you sign it. Do ask questions if you don’t understand. Don’t make an assumption that something is in there. It might not be.

Has real estate lost that loving feeling? Only if you let it. A real estate transaction’s success rests on communication.

Speak up and get involved.

Posted by Rebecca D. Levinson

Continued here:
Has real estate lost that loving feeling?

Today is the 7th anniversary of 911. Almost a decade later, after the tragic events and strengths that united our country and our nation’s friends, I still remember where I was, how I felt and what I did on that day in 2001.

I remember that my family was in Door County Wisconsin for a family wedding; my cousin had just gotten married the day before. I remember coming into the living room where my brother was fixated on the TV, and then I remember watching the TV as a plane hit the second tower. I remember my dad, a New Yorker, pacing back and forth and saying that it was the “end of the world as we know it.”

I remember being relieved when I found out the day care in one of the Twin Towers had not been occupied that day. I remember worrying about what was next.

I remember the need to hug my children tight. I remember driving home how quiet the ride was, flags were at half mast, there were no planes in the sky. 911 - I remember.

What I learned today is that the events of that day are fresh in the minds of many.

I sent an email to my fellow co-workers at Connect2Agent, asking them to ” … answer the question what do you remember, starting each thought with “I remember … ”

Here are their memories of September 11th, 2001:

I remember that I was in my car and the confusion of trying to grasp the initial reports coming across the radio. I remember turning around and heading back to the day care provider with the need to hold my child. I remember the shock of watching the towers fall, it was a feeling that affected every cell of my body. I remember not knowing what to say. -Kristi

I remember the principal of the Christian school where I was teaching walking into my 4th grade classroom and encouraging me to turn on the TV, that “an attack” had taken place in New York. I remember that upon turning on the TV my students and I witnessed a plane flying into the 2nd tower. I remember turning off the TV and asking my students to join me in prayer for the victims of the crash, their families, and for the lost souls of the persons who planned and executed this tragedy.

I remember a new student to our school, in my classroom, wanting to find her mother, who was assisting the teacher in the 1st grade classroom. She explained that her uncle, her mother’s brother, was a New York City fireman. She was in tears. I walked her to the door and was met by her mother, also in tears. I remember finding time to call my oldest daughter, out of state at college, my son, who was home sleeping, and my youngest daughter, who was a freshman in high school.

I remember longing to hug each of them and assure them, and myself, that God was in control, and that I was there to help them in anyway I could. I remember calling my mother and sister, both out of state, later that day, and expressing my love to them. I remember feeling extremely small, powerless and humbled. I remember longing to feel a physical embrace from God. -Sharon

I remember it being such a scary and sad day. I was at work, 7 months pregnant with my son and wondering what kind of world I was bringing him into. I remember having contractions (probably from stress) and being so scared too, thinking - “What’s next?” I remember our office closed mid-day so everyone could go home and be with their families.

The rest of the day, my husband and I sat and watched in horror the devastation in NY. I remember crying as I watched those who could not find their family members and praying for each of them and our country. -Tricia

I remember being at work and the news coming through my desk radio. I remember how everyone stopped what they were doing, and the room fell silent with disbelief. I remember my mother crying with worry over family members who live in the areas where the destruction occurred.

I remember the days that followed, and the shock, dismay and grief that engulfed our country. I remember America rising as the phoenix from the dirt and debris, and forming a united front.

I remember a tragedy that did not break a nation, instead - it made us stronger and brought us together as never before. -Amber

I remember I was checking my email right before going into one of my classes at college, and a friend had sent me an email saying a plane just crashed into the Twin Towers. While I was concerned, the extreme seriousness of the situation did not completely register with me yet. I remember going on to class, where everyone was worried, trying to figure out what was going on, and no one could concentrate.

As I was walking out of the building after my class, I remember a TV in the hallway was on and a lot of students were gathered around, staring at the news. I stopped for a minute, then left and went straight home, where my roommate was glued to the TV.

I remember both of us sitting there in shock, watching everything replay over and over. We had just started working at the same place and had to go to work that afternoon. I remember riding in the car and looking outside at the clear blue sky; it was a beautiful, calm day which was a total contrast to what had just happened. Everything looked peaceful, but felt the opposite. I remember looking up in the sky and wondering if I would see any planes. My sense of security was gone. -Erin

I remember sitting in my vehicle in a parking lot across from one of my classroom buildings at Central Michigan University, studying for an exam because the library was still being constructed. I remember looking up to see hundreds of students pouring out of the building - some heading back to their dorms, others heading to their vehicles. I remember being confused and asking the guy who parked next to me, “What’s going on? Have classes been canceled?” I remember his reply didn’t make sense and at first I thought he was being a smart-assed kid telling me a line of b.s. I remember his facial expression was serious and sad.

I remember starting my vehicle and hearing the radio announcer say, “The World Trade Center is no more.” I remember listening in disbelief as the horror and tragedy of the morning’s events were told. I remember wanting to be with my (then) husband, and headed toward home. I remember crying non-stop on the long hour commute home. I remember holding my husband tightly. I remember feeling helpless. I remember watching the images on TV and my heart aching for the people.

I remember realizing the world had changed forever.

I will never forget. -Abbie

I invite readers to share their experience on this post. In the comments section, answer the question “What do you remember about September 11, 2001?” starting each thought with “I remember … ”

Thank you for sharing.

Posted by Rebecca D. Levinson

Continued here:

Last weekend I was out and about in my county, taking a ride to cruise listings. I’m not a licensed real estate agent and I don’t want to waste anyone’s time, since right now I am not in the market to buy a house. But I am naturally curious about real estate - speaking with professionals and blogging day in and day out about that very topic.

My curious mind wanted to know what’s going on outside my back door.

So for the past month or so I have made a point to look through the local papers in the real estate section more than occasionally. I look at listings online and like I said, last weekend I took a drive through the county for four to five hours, looking at the landscape.

The landscape from my view was crowded with turnoffs for home buyers. Let’s talk about a few.

That doesn’t really bother me; I know the market ebbs and flows. But what does bother me is some of the advertising - or lack thereof - I found while driving around. Nine out of 10 signs with flyer boxes had no flyers. Many of the signs in front of the houses had no website address, or the website of their office was listed.

What good does it do me if I go to Company.com if I can’t remember the street address? And if I can’t remember the street address, there is a good chance I can’t remember the name of the real estate agent.

Here was a big curiosity for me. What’s up with all the signs that say “By Appointment Only”? If I was enticed by the curb appeal, this type of sign is certainly a kiss of death. I am a consumer and want and need convenience. ”By Appointment Only” sounds very inconvenient to me.

Goodbye house … on to the next For Sale sign.

If I am a “looky-loo,” I can become a buyer. If I a home buyer, I can be turned off. Don’t be elusive with information about your house. Make sure the house is in its Sunday best and shows well from the outside. Make searching for your house on the Internet easy by advertising the website where your house is listed on the sign in your front yard. Finally …

Don’t play hard to get. If I want to see your house, don’t make it on condition of “By Appointment Only.”

Posted by Rebecca D. Levinson

See the original post here:
How to turn off a home buyer

A couple of weeks ago, I went over to my mom’s house for a family get-together. My Uncle Gary had brought over a DVD of when he and my mom were kids, converted from some old film footage. His family had seen this video a zillion times before, so the living room started to empty when he pressed start on the remote. My brother, sister and I had never seen the DVD before, so we stayed and watched. My mom stayed on for a glimpse of nostalgia.

Lights, camera, roll film.

There I was, watching this silent film of the black, pink and white scenes of my mom and uncle water skiing, playing with the dog and fishing. There were even some priceless shots of my mom twirling and tossing a baton - this woman had skills.

Even more striking to me was the way my mom and her family seemed to congregate together. It wasn’t just my grandmother, grandfather and their kids (my mom, uncle and aunt), but cousins, uncles, aunts, neighbors, friends and co-workers. Most of them would gather outside the house, around the front porch and spill into the lawn like an ant hill colony.

I commented, “Boy, it’s funny how everyone just always seemed to get together back then. I know my neighbors and all, but we don’t hang like that.” My Uncle Gary replied, “People used to hang out on their front porches to get cool - air conditioning killed that. It was because everyone hung outside that people got to know each other. I couldn’t do any wrong in my neighborhood because everyone was watching and someone would tell my parents. Believe me, I tried.”

“MySpace is the new front porch of America,” I blurted out, to the “Oooh, wow” simultaneous reactions of my brother Jake and sister Amanda, both in their 20s.

All three of us have a profile on MySpace, all for different reasons. Amanda - because her friends were bugging her to make a profile, Jake - because he’s a young college student who is getting his band gigs sold out from his presence on MySpace, and me - because I am a blogger and I can socially network with other real estate industry professionals.

MySpace extends my reach much farther than my front porch ever could. Same with Facebook, Twitter, Seesmic, YouTube and countless other social networks. It’s not just for business either. A few months ago, HBO released the documentary Ganja Queen, about a young woman named Schapelle Corby accused of marijuana possession. I was so emotionally moved by this story that I just had to blog it and share, so I went on ActiveRain and did.

The community responded and it was a featured post in Duane’s ThemThem Group. I’ve had many views and hope it’s making others aware of Corby’s story.

I’ve exchanged ideas, had conversations, blogged, watched video, participated in polls and discussions online. I’ve felt others’ triumphs and struggles, felt happiness, anger and everything in between, all from dialogues online. I am a Gen X’er but I have exchanged words with 20-year-olds, 30-year-olds, 40-year-olds and 50-year-olds on up.

I value my time offline too and have encouraged people to get off their gadgets and remember to engage in offline conversations as well.

But at one a.m. or on a rainy or snowy weekend day, you’ll find me on my laptop, pounding away at my keyboard and engaging with my Internet neighbors.

The new front porches of America are online.

Posted by Rebecca D. Levinson

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The new front porches of America are online

“You gotta know when to hold ‘em, know when to fold ‘em, know when to walk away, and know when to run” -Kenny Rogers

I was first introduced to this song by my parents at the age of seven and 27 years later, this refrain popped back into my head. I was thinking about successful real estate stories … the ones you don’t often hear about because the foreclosure and short sale stories are all the rage. Before the downturn of real estate, there were investors who flipped houses and made a killing. During the downturn, there were home buyers who traded spaces for something bigger and better for less than in years past.

Want proof? I don’t even have to get out my excavating gear and dig up fossils from the past. I am going to serve up two real-life examples and prove that real estate survivors are not extinct. I’ll do it effortlessly.

I won’t even have to dance around the issue and break a sweat. Watch me now.

If you’ve been a longtime reader of my blog, you will know that I sold my house on a short sale due to a divorce. My ex-husband and I had been through a bankruptcy due to a layoff he went through a few years after we purchased our house. Though we tried to recover, we were still feeling the after-effects of a loss in finances for a period of more than seven months.

The impending divorce left neither one of us in a position where we could carry our mortgage payments on one income and we were behind, so we sold on a short sale.

The short sale transaction closed in spring 2005 and by winter 2006, my ex-husband was able to contract on a new construction house. He had gained new employment, thereby increasing his income, and had paid down some debt in order to raise his credit score.

Even with his bankruptcy and short sale on file, he was approved for a mortgage. The builder, anxious to get the rest of his houses sold after a recent downturn in the marketplace, gave my ex-husband a deal on the sales price and some upgrades as incentive.

My ex-husband closed on his new house in spring 2007.

The next real estate survivor story that is at the top of my mind was relayed to me by Connect2Agent member Janell Hunter, who sells real estate in St. Charles County Missouri. A year ago, she was showing a house to a younger couple who became entranced with a house that was $350,000.

Having crunched some numbers, Hunter felt the home price was too high of a financial commitment for this young couple, and told them so. In the end, they really wanted the house and still ended up writing an offer to purchase on it.

The home inspection report came in and there were a few repairs that needed to be made. The seller refused to do anything and the deal fell apart. The real estate buyers, through Hunter’s help, ended up finding a great house and purchasing for $200,000. The house ended up being a perfect fit for this couple and they were enthralled with their end result. It was right next door to an elementary school where Mrs. Home Buyer was going to be working.

Hunter spoke with this young home buying couple recently and asked them if they were happy with their decision. Considering the shift in the market, the couple was extremely happy they ended up on the positive side of their housing equation.

Easy said and easy done. Real estate survivors are not extinct.

Posted by Rebecca D. Levinson

Excerpted from:
Real estate survivors are not extinct

What is affordable housing and does it exist? The answer to this question should not be of blanket conformity because each homeowner’s goals, wallets and spending habits are unique to their situations. Much like the winter snowflakes that fall to the ground, we tend to take a cursory glance and forget that home buyers are all different. If you take a deeper look beyond the twinkle of homeownership hope in a home buyer’s eyes, you’ll see that no two home buyers are alike.

The key to successful homeowners is that they choose a custom-built lifestyle.

A custom-built lifestyle involves assessing your homeownership wants and needs, then comparing them against your current spending habits. You may realize when you put pen to paper that you are not willing to forgo those salon appointments or dinners out, but keeping the status quo won’t pay the new mortgage bill for your dream home. At this point in your assessment, you have the option of scaling back, supplementing your income or downsizing your dream house from the big castle to a luxury cottage.

This lifestyle assessment is critical to your homeownership success.

Any home buyer can have difficulty keeping their finances under a checks and balance system when it comes to buying their dream home. Combine a home buyer’s inner turmoil with the mixed signals within the mortgage industry, which are willing to give money to a buyer based upon income, debt, assets and credit, and the big picture of homeownership can become a work of abstract art.

“A bank will give you a pre-approval based on debt ratio, but this is not a true measure of what a buyer can afford. … Banks don’t look at the money you spend to put gas in your car, to pay babysitting bills, to get your hair done, to buy school clothes or to pay your electric bill.”

- Sara White, Connect2Agent member and real estate agent in Huntersville North Carolina.

As real estate markets across the U.S. declined in house sales - many starting in 2006-07 - the public learned it was not just first-time home buyers extending themselves beyond their means.

Move-up buyers who desired a 90210 lifestyle took the ride of their life and exited swaying and trying to get more solid footing.

Home buyers crushed by increasing mortgage payments and life circumstances walked away; it seemed their housing dreams had turned into housing duds.

Homeownership can be set up for success from the get-go. White’s mission is to feed people information on what it really takes to be a homeowner. She encourages home buyers to write down all their bills - food, electric, gas, movie tickets, clothes, shopping, etc. If they currently have a $700 monthly rental payment and their mortgage payment will be $1100, she asks them to put $400 a month in savings. If a home buyer ends up dipping into that savings, they are not ready for an $1100 mortgage payment.

At this point White suggests the home buyer look at houses with a lower mortgage payment.

If downpayment assistance goes down the drain on October 1st and mortgage lenders continue to tighten up on their qualifications, home buyers will have to check their spending habits at the door.

“Many people haven’t saved up three percent and on October first, it won’t be able to be borrowed or gifted. If home buyers can’t afford to pay three percent, they need to think about whether you can afford the house. It used to be that you could walk away from a house without losing your own money. You can’t do this now, which is a good thing. It will make people accountable to their investment.”

- Cheryl Walker

So draw up a lifestyle assessment and take a trip through the looking glass. This might be the right time for you to move up - because the price range in your area has come down and is now truly affordable, you might be able to become a first-time home buyer and pay less to own than to rent. You might have been working on your credit and savings and can now afford to make a move. You have done your homework and your gut feeling should be your final test.

Homeowners who budget wisely, assess their finances, choose a trusted real estate advisor and aren’t swayed by the slick figures that say “you can afford it” when they really can’t will win every time. 

The secret of successful homeowners is that they choose a custom-built lifestyle.

Posted by Rebecca D. Levinson

The rest is here:

I’ve got government assistance on my mind this week. Whatever camp you choose when it comes to the government stepping in to help homeowners and home buyers, the programs keep rolling out and the issues are alive and kicking.

What if the funds from the $7500 tax credit the government passed were reallocated for a higher purpose? Say what? Let me rephrase. What if the government took the money it has allotted for tax credits (loans) and poured it back into the local economies to help stimulate a more natural home buying process? Could this money be used to build stronger communities, thereby increasing the wealth of all homeowners - current and future?

I am talking about housing assistance with a shelf life.

I recently spoke with Ashley Radke, a Connect2Agent member who sells real estate in Chesterfield, O’Fallon and St. Charles MO, who clued me in as to the different ways government assistance can strengthen the housing market. When I asked Radke if she felt the $7500 tax credit, the new refinancing options and the elimination of downpayment assistance would help the real estate industry, this is what she had to say.

On the new housing bill to assist homeowners in refinancing their high-interest-rate loans:

“If people can’t afford their homes, there are usually reasons. Usually a workout program will want you to catch up on what you owe. Sellers need to be proactive in becoming a part of the solution.”

On downpayment assistance being eliminated October 1st:

“I feel the new bill wiped out 200 to 300,000 buyers. It won’t be a good thing.”

Now here is where my ears perked up, because Radke offered an alternate solution when we discussed the $7500 tax credit, which she feels will ” … hurt mainstream homeowners.” I am offering it here verbatim from her lips to my ears and then to this post, as it could just be her line of thinking and others’ that could change the landscape of homeownership:

“There are other ways the government could spend the money that’s been allotted for the 7500 dollar tax credit. In my local market, they are shutting down a major highway. Why not take this opportunity to build a mass transit system? The money could be spent on renewable energy also. They could give farmers a credit to put up wind tunnels to help bring electrical costs down.”

Is government money the only way to bring real estate back? Radke believes homeowners need to almost start over again by living within a budget and planning for the future by saving money. Homeowners in St. Charles Missouri can take a more proactive role by increasing public awareness of their community and helping promote relocation to the city.

During the last four years, Radke has been campaigning to get her local communities in St. Charles County listed in the top 100 places to live. It made the list for CNN Money in 2006 and 2008. By bringing national public awareness to her area, it promotes more growth, thereby stimulating the local economy and real estate.

If you reside in St. Charles County and are interested in this proactive approach, Radke would be happy to hear from you.

Do you have any ideas for housing stimulation? I’d love to hear ‘em. Please share by commenting below.

Posted by Rebecca D. Levinson

Go here to see the original:
Housing assistance with a shelf life

If you yearn to be a home buyer but have been turned down by mortgage companies in the past … read this post. If you have a good income but haven’t been so great with paying your bills on time or have overextended yourself on credit cards … read this post. If you have a yearning for knowledge and like to learn … read this post.

Today’s post is a little inspiration for aspiring home buyers with bad credit and debt.

Downpayment assistance doesn’t have to be the only ticket to homeownership. A good plan and a steady hand can help to set you on track and get you to the closing table. “It used to be you tried to save three percent to put down on a house,” Diana Glasier, Senior Loan Officer at National City Mortgage, informed me.

During the last five years or more, it has become increasingly popular for home buyers to get downpayment assistance from grants or first-time home buyer programs like AmeriDream and Nehemiah.  Now that those programs are going away, does this squelch homeownership for real estate buyers? Glasier believes it will take some people out of the market, but there are other options.

Glasier serves the Virginia Beach real estate market and its surrounding areas. She informed me that in her local area, there is a program available through the Virginia Development Housing Authority (VHDA) for low- to moderate-income home buyers. It is an FHA loan and it does allow home buyers to have a second mortgage. “It’s a good option for some home buyers, but some loan officers might not offer this loan program because it pays out a lower commission,” Glasier said.

Another option is to actually save money for a downpayment on your house. Glasier recommends consumers make a plan prior to homeownership efforts. “Take the next three months and put one thousand dollars aside,” she tells the clients she consults. “Call me in the next three months and by that time you should have three thousand dollars saved.”

Why does Glasier recommend this savings strategy? “If a home buyer has money vested in their house, it’s much harder for them to walk away,” she said.

If you have experienced credit problems, it’s not an over-the-hill situation. “A consumer with a low credit score - 400 to 500 - can turn around their credit in 6 to 12 months. Even if you feel that consumer credit counseling is your only option, it’s not the worst. You need to know that you won’t be able to get a loan for 12 months because the mortgage company will want to see that you have been paying the loan back,” Glasier said.

Can you become a homeowner after bankruptcy? Glasier assured me if you pay everything in a timely manner after your bankruptcy, within 2.5 to 3 years you can come return to homeownership. In 7 to 10 years, the bankruptcy is removed from your credit. As for repeat offenders, Glasier said once in awhile, she has had people come to her with more than one bankruptcy. If you have extenuating circumstances - a death, a layoff where the industry shuts down in your town - then you’ve got a chance of consideration for a loan approval.

These aren’t pretty and they aren’t picture-perfect situations in real estate, but they are happening and information on the Internet can be scarce. Talk to a loan officer who knows the local loan programs in your market and the national programs being offered.

Don’t despair - just get educated and then take action.

Posted by Rebecca D. Levinson

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Inspiration for aspiring home buyers with debt and bad credit

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