November 27th, 2007 categories: Finances, Mortgages
Even if you’re a fiscally conservative homeowner, you may be feeling the pressure of high housing costs, particularly if you have a mortgage with a rate that’s headed up or if your income has taken a hit. Kiplinger.com offers this advice about what to do if your home is on the line:
Spot trouble early. Assess where you stand, especially if your house payments are rising. For advice on cutting back your spending or increasing your income, consult a fee-only financial planner or a nonprofit credit counselor, such as one certified by the U.S. Department of Housing and Urban Development. Credit-counseling services should be free or low-cost — say, less than $50 for a session.
Try a refi. Rates on 30-year, fixed-rate mortgages are still attractive and are generally lower than fully indexed rates on adjustable-rate loans. If you can’t refinance because your financial prospects are poor, you have no equity in the home or you’re looking at a large prepayment penalty, you may want to try selling your home. If you can’t afford a full-service agent, try one who offers a limited package of services for a flat fee.
Doing it yourself is no easy task — you have to price the property aggressively, make yourself and your home available for showings, and close the deal.
Take advantage of mortgage relief, if it’s available. In Massachusetts, for example, the governor mandated that homeowners in financial trouble be allowed to request extra time to avoid foreclosure. Their cases will be considered individually. In California, legislators have proposed creating a mortgage pool to assist first-time homeowners in trouble. Fannie Mae and Freddie Mac soon will introduce their HomeStay program, which is designed for borrowers with adjustable-rate mortgages who are at risk for payment shock.
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November 27th, 2007 categories: For Fun
Real estate may be all about location, location, location, as the old saying goes, but most rental apartment listings offer very little information on that critical point. A new apartment search website called Hubbuzz hopes to fill that gap by giving rental-hunters a way to get a better feel for neighborhoods and communities.
While most apartment listings provide only the most minimal information about available properties, such as square footage, rent and amenities, the free—and ad-free—service from Colorado-based Collective Intuition lets apartment-hunters search not just by basic criteria but also on neighborhood characteristics. ‘Eclectic,’ ‘trendy,’ ‘hometown vibe’ and ‘kid-friendly’ are among the adjectives users can select for their search, and the results serve up detailed neighborhood profiles, photo galleries, interactive maps, events calendars and even user-generated neighborhood blogs.
Apartment managers pay Hubbuzz $375 for each rental that is made through the site, and Hubbuzz passes $100 of that on to the renter as a reward. The site currently serves Los Angeles, San Diego, Denver, Colorado Springs and Northern Colorado; Chicago, Phoenix, Orange County and Dallas are soon to be added. Hubbuzz is open to partnering arrangements, and the concept is ripe for application in virtually any urban area. Consumers can zero in on what they want more quickly and accurately, while rental managers get contacted only by more informed (and thus more likely to rent) prospects—it’s a win-win for everyone.
Spotted by: Stacie Bogan
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November 26th, 2007 categories: Finances, Mortgages
Recently media attention has been heavily focused on the difficulties home sellers face with the current glut of inventory and the tightening of the sub-prime mortgage market. However, according to a Fall member survey and report released by NAEBA in November 2007, home buyers are also facing new challenges. The report, titled “Under-Reported Home Buying Issues: How home buyers can overcome the latest buying challenges” contains survey results, case histories, and strategies buyers can use to best meet these challenges.
The report highlights many important issues for buyers, but the rising use of buyer agent bonuses and difficulties when buying foreclosed homes were two of the most revealing. “One of the top issues for buyers, in what industry insiders refer to as ‘buyer agent bribes’, is when a seller offers a bonus to the buyer agent to put a full price contract together on their home. A buyer’s agent should be loyal only to the buyer and sometimes buyers don’t find out about these bonuses until the deal is done,” reported Jon Boyd, President of the NAEBA.
The report also includes recommendations buyers should keep in mind when considering a foreclosed property including tactics on contract addenda and contract timing. “A challenge that scored high in the survey was the difficulty associated with buying foreclosures. Awareness of the five tips we offer in the report can make the process of evaluating and purchasing a foreclosure a lot less frustrating,” Boyd said. Full Report
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November 26th, 2007 categories: Design, For Fun
One of LA’s most unusual homes: This pioneering work of vertically interconnected spaces defies domestic convention, using ideas once promoted in The Whole Earth Catalog now staples of architecture and sustainable design. Flexible live-work arrangements are accommodated within the lower levels, illuminated by a dozen skylights, earth sheltered and topped by a green roof for maximum thermal efficiency. The geodesic dome above shelters a vast interior studio volume for meditation, art, rehearsal, performance, or entertaining. Views of the valley and mountains from the house, decks and grounds are panoramic. Interior area totals approximately 1812 square feet on a site of nearly 1/4 acre. Suitable for an individual or couple comfortable in an alternative living environment. See the Listing
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