FIRST TIME HOMEBUYERS FACE THE OPPORTUNITY OF A LIFETIME!!!!

First-Time Homebuyers Face the Opportunity of a Lifetime

Today’s first-time homebuyers are presented with the opportunity of a lifetime. Mortgage rates in early December stood near lows last seen during the Truman administration while home prices were well off their peaks of previous years. The combination made housing affordability, as measured by the National Association of REALTORS®, the highest since NAR® launched its Affordability Index in 1973. Housing inventory is also abundant in many markets, enabling first-timers to secure good homes and pave the way to their financial futures. Indeed, homes and their long-term virtues of shelter, wealth-building and personal and civic pride are available at bargain-basement prices that won’t, or can’t, last.
Naturally, first-timers have many questions about home buying, starting with costs. With research and the services of a licensed real estate professional, these consumers can demystify the process and place themselves on the fast track to homeownership.
Knowledge is power – Nine out of every 10 home searches today begin on the Internet. With just a few mouse clicks, you can peruse neighborhoods, search countless online listings and take virtual tours packed with detailed photographs. The process gives you working knowledge of home availability and pricing in your local markets so by the time you sit down with your real estate sales professional you’re well on your way.
Also visit informative websites such as www.ginniemae.gov, www.realtor.com and prudential.com, and check the local newspaper for homebuyer seminars.
Affordability – Costs involved in the purchase of a home – mortgage, down payment and closing expenditures – can be overwhelming to first-time homebuyers. By looking at your income and debt ratio, your real estate professional can help you calculate how much you can afford each month in mortgage payments. But before determining your price range, you should also take into consideration other factors that will affect your monthly budget once you are a homeowner, such as property taxes, insurance, utilities and maintenance. And if your down payment is less than 20 percent of the cost of the home, you will be responsible for private mortgage insurance.
Mortgage payment – In today’s buyers market, you may face competition for your dream home. To establish your spending limit and gain the ability to move quickly on a home, get pre-approved for a loan before you start looking. The fact that your loan has already been approved is of great value to the seller because it shortens the purchase process, and there is less of a chance that the buyer will back out of the sale. This process will also help you identify any credit challenges you must address prior to your purchase.
If you don’t have a specific mortgage lender in mind, ask your sales professional for a recommendation.
Down payment – The down payment amount varies depending on the value of the home you choose and your mortgage lender. First-time homebuyers may also qualify for down-payment assistance programs and grants available through their states and municipalities. Contact your state housing finance authority, county housing and community development office for an application.
Closing costs must be factored in as well. These include origination fees charged by the lender, title and settlement fees, taxes and prepaid items such as homeowners insurance or homeowner association fees. All told, buyers should spend no more than 28% of their income on housing costs, according to Fannie Mae. Your real estate professional will be able to explain your options.
Making offers – Make sure you visit several different homes to get a feel for the marketplace. Visit the ones you like again to see things you might have missed. Work with your real estate professional to get all of your questions answered before making an offer. And remember there are no silly questions. Make sure you understand and are comfortable with every aspect of the transaction.
Indeed, home ownership remains a sound financial decision for most and a key component of long-term financial planning. First-time buyers who seek homes for all the right reasons – a place to raise a family, build for the future and face life’s opportunities and challenges – can secure their dreams and build for their futures at some of the most attractive values in years.

Prudential Fox & Roach is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial

BEAUTIFUL HORSHAM COLONIAL

Great opportunity to live in a desireable community in Horsham. Rare offering!




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AVOID FORECLOSURE WITH A SHORT SALE

A short sale is one of the common alternatives used to avoid a foreclosure. It can be an advantage to a homeowner facing foreclosure and who desires to avoid having a foreclosure on a credit record. Short sales are exactly what the term sounds like. When a home is sold for less than what is owed on it the difference between the amount the home sells for and the mortgage loan amount on the home is called a short sale. Thus, if a home's mortgage amount is $400,000 but is sold in a short sale for $200,000 the amount short is $200,000.Getting approval from a lender involves a process of filling out certain documentation and submitting it to the bank or lender's loss mitigation department for consideration and approval of the short sale. It is the bank that has the final say over whether the short sale is approved rather than the homeowner who is selling the property.

The first decision that should be made by a homeowner considering a short sale is whether a short sale is the best solution? If the homeowner simply wants to walk away from the home a deed in lieu of foreclosure may work better. The homeowner simply deeds the property back to the bank. In many cases the bank, in return for a deed in lieu of foreclosure, will pay the homeowner money called "cash for keys". This process allows the bank to avoid substantial fees and costs that would be involved in a foreclosure and provides the homeowner with money that can be used to assist with moving expenses or to begin to rebuild a financial standing. Follow the guidelines below in order to obtain the best results, if a short sale is determined to be the best solution in resolving a foreclosure problem.

1.GET THE BANK OR LENDER'S SHORT SALE PACKAGE.This can be done by simply going to the lender's website and finding it's criteria for submitting a short sale package. Download the package and fill it out. If the homeowner will be represented by a real estate agent, this function and the rest of the steps in this article will generally be handled by the real estate agent. If the homeowner chooses representation by a real estate agent, the homeowner should ensure that the agent is experienced in handling short sales.

2.SHORT SALE DOCUMENTATION.The short sale package should contain at minimum an authorization to release information authorizing the real estate agent to represent and speak on behalf of the homeowner; a completed financial statement, copies of the homeowner's last two years tax returns; the most recent two months bank deposit statements and a hardship letter written by the homeowner that clearly and accurately explains the homeowners' hardship circumstances that justify an approval for a short sale.Without hardship circumstances justifying a hardship it is unlikely the lender will be motivated to approve a short sale. The bank also generally requires the homeowner to submit an IRS Form 4506T which permits the bank to obtain copies of past tax returns. These documents generally make up the short sale package. Some banks or lenders may require additional documents in which case they should simply be provided.

3. MAKE THE SHORT SALE PACKAGE ATTRACTIVE FOR MAXIMUM RESULTS!Presentation of the short sale package is an important step. Appearance and perception of the package is crucial. The package should be submitted with a cover letter requesting short sale consideration with a table of contents and tabs separating the various documents. This presents a professional appearance and is helpful to the negotiator assigned to review the package and to determine whether to recommend approval or declination of the short sale.Take care to make the negotiator's job as easy as possible and not have to search for information within the package. Tabulation serves this purpose well and will be appreciated by the negotiator.Although not always required, it is also a good idea to wait until there is a bona fide offer from a qualified buyer before submitting the short sale package. The offer should also be accompanied with a HUD-1 statement also. A HUD-1 statement will show the bank what it can likely expect to receive as a final amount resulting in a short sale.An experienced real estate agent will know what to do in submitting these documents. If the homeowner chooses to handle it personally, help should be sought directly from an escrow company or closing agent who will usually be glad to assist in preparation of the HUD-1 in return for the fees in closing or handling the escrow.

4.ESTABLISHING AND MAINTAINING RAPPORT WITH THE SHORT SALE NEGOTIATOR.Once the short sale package is submitted to the bank's loss mitigation department a negotiator will be assigned. It is important to establish a good relationship with this person because the success or failure of the short sale rides on an approval recommendation from the negotiator.Be courteous and professional at all times and provide additional documentation when requested so long as it is reasonable and it makes sense. Most negotiators are professional and courteous and will be helpful when they perceive the same from the homeowner's side.

5.CLOSING THE DEAL AND WALKING AWAY.If all goes well the short sale will be approved. The homeowner will be able to walk away without a foreclosure on the record and to commence rebuilding a favorable financial record.

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I just found a property and wanted to share it with you!

Harleysville Colonial....


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SHORT SALES EXPLAINED...

What is a short sale and why do homeowners prefer it? A short sale happens when the mortgage is more than the value of the property itself. This could be because the value of the properties in the area where the property is located has decline. It could also be because of the condition of the property. Many property owners apply for a short sale because they want to avoid foreclosure. Through this, they can pay off the mortgage and star anew. Before a short sale can take place, the lender has to approve the package presented by the homeowner first. The package presented has to be complete. It should have a hardship letter. This letter will explain to the lender why the homeowner could no longer make his payments. This could be because of unemployment, divorce or death in the family. In addition to that, you will be asked to present an offer from a buyer as well. Ask your lender about the other requirements you need to present. The lender has the right to approve or reject the proposal because he will definitely lose if he agrees to this. However, this maybe a better option for him rather than foreclosing the property. It is not easy to get your lender’s approval. This shy you should be ready. All your requirements have to be complete. Moreover, you should be familiar with your documents so that you can defend your package and explain it thoroughly to your mitigating officer.One of the major reasons why your lender would reject your short sale package is when the value offered is way lower than the value of the property. If this happens, the lender will send a broker to check the property. The broker will determine the value of the property and will recommend it to the lender. If the value is higher than the offer made by the buyer, your short sale package will be rejected. However, you can prevent this. Just make sure that the offer to your property is reasonable. Be there when the broker arrives and walk him through your property. You can also present to him images and documents of the repairs made in your property.If the lender rejects your package, do not be disheartened and try to qualify again. Get a better offer for your home. You can ask your current buyer or you can look for another buyer who will be willing to make a better offer for your property.If you are the buyer, make sure that you make a good offer. See to it that you consider several factors before you make an offer. Check the property as well as the location. Of course, you will offer a discounted value since it is a short sale but be careful not to make a very low offer.Many turn to short sale to prevent foreclosure. However, getting an approval from the lender is not easy. You have to make sure that your requirements are complete and that the offer made is reasonable.




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Winter Is Approaching.......Is Your Home Ready...

Autumn winds blow a chilly reminder that winter is fast approaching. Perform the following maintenance tips each fall to protect your property's value and prevent major repairs.

Roof, Gutters and Downspouts Rain, ice, snow and wind can all cause damage to your roof and gutters. Now’s the time to trim back all tree limbs and vegetation away from the roof. You also should remove debris, such as leaves and sticks from your gutters and downspouts. Clogged gutters don’t allow water to properly drain away from the home, which can cause seepage in your ceilings and walls. You can also invest in gutter guards, a screen that prevents debris from entering the gutter and directs the flow of water away from the house and into the ground.

Water Heater You don’t want to find out that your water heater isn’t operating properly when you need it most. So use this time to perform an annual inspection, which includes having your tank’s pressure and temperature relief valve checked. In addition, remove sediment from the bottom of the tank by draining two gallons of water to improve heat transfer and the efficiency of your heater.

Heating and Cooling System If you have a forced warm-air heating system, you should check the exhaust vent and air shutter openings for dirt and dust. Clean any lint and dirt from the blower blades, motor and burner (if you have a gas heater). Vacuum air passages and check and replace, if necessary, fan belts. To prevent airborne dirt from circulating throughout your home, wash out your reusable filter or replace it if it’s disposable. Doors and Windows To help control heating costs, make sure your doors and windows are properly sealed. Now is the time to repair or replace weather stripping around door bottoms and jambs and window frames. Check for loose or missing glazing putty and caulking for deterioration. If you have storm windows, install them.

Water Pipes Frozen or burst pipes can cause major damage to your home and be expensive to remedy. Before frigid weather hits, protect your pipes in unheated areas from freezing by adding insulation, which reduces heat loss from hot-water pipes and condensation on cold water pipes. This can be accomplished by wrapping the pipes with heating tape or blanket insulation and duct tape or by encasing the pipes with preformed plastic foam. In addition, examine your pipes for cracks and leaks.

Fireplace Before you light the logs and get ready to settle in front of a cozy fire, make sure that your fireplace is in good working order. Clean the chimney flue and, if needed, have it inspected and repaired. Check the seal on your flue, which is designed to keep out drafts. Replace the seal if it is loose or damaged.
If you decide to perform the fall maintenance yourself, disconnect the power for any electrical or gas systems. In addition, before inspecting, cleaning or making any repairs refer to your owner’s manual for all equipment for proper instructions, which should be the final authority on any maintenance.

Outdoor Surfaces and Landscaping Fall is also a great time to seal your driveways, wood patios and other hardscape surfaces. In addition, prune tree branches away from your home and electrical wires. Plant spring flower bulbs and move sensitive potted plants indoors.

Although this list is merely a guide, it can help you keep your home in good shape and have a winter free of major repairs.



Prudential Fox & Roach is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company.

A Consumer's Guide To Selling or Buying A Home In PA

Buying or selling a home can be intimidating, even if you've done it before. That's why we recommend using a real estate professional -- a REALTOR® -- to guide you through the process. Even if you elect not to use a REALTOR® and strike out on your own, the more informed you are as a real estate seller or buyer the more pleasant your experience is likely to be. The Pennsylvania Association of REALTORS® (PAR) publishes a number of forms that are designed to help guide the consumer (and your REALTOR®) through the steps of the home buying/selling process.

Legal Stuff
Please keep in mind that this document is only meant to familiarize you with some of the basic elements of a real estate transaction. In no way is it meant to present a comprehensive explanation of all the various laws, regulations and business practices involved in buying or selling a home -- there may be certain things that are not discussed at all, and the explanations that are given are often simplified. Further, this document is not intended to provide legal advice to consumers, and it should not be relied on in place of seeking professional advice from a REALTOR® and/or attorney if you are unsure of any of the terms or concepts involved, or if you have questions about any aspect of the process. Obtaining the services of a REALTOR® and a real estate attorney are always encouraged.

Agency and Business Relationships
Whether you are buying or selling a home, it is important understand what relationships exist -- or can exist -- between you and a real estate professional. Even if you have chosen to go it alone (i.e., buy or sell without the help of a REALTOR®), chances of escaping this experience are pretty slim. Here's why: every real estate licensee that you meet during the course of your transaction (open houses, listing appointments, phone calls to brokerages, etc.) is under a legal obligation to explain to you the various business relationships you can have with him or her -- even if you do not wish to work with them at all. This explanation will come by way of a written Consumer Notice if the meeting is in person, or via an Oral Consumer Notice if it's by telephone. By law, the Notice must be given before you start discussing your real estate needs and, in effect, puts you on notice not to mention anything that might hurt your negotiating position until you know who the real estate licensee works for. The written Notice must be delivered to you at the first personal meeting where a discussion of your needs takes place OR, if the original Notice was given orally, at the first face to face meeting. You'll have to sign the Notice so the real estate licensee has proof that it was presented to you.
Your options for working with the real estate licensee will be limited by two things: whether he or she is already working with the "other side" in the transaction, and the internal policies of the broker that the licensee works for. The full slate of possible relationships are: buyer agency, seller agency, dual agency, designated agency, and transaction licensee.

The Paper Parade: Agency/Employment Contracts
Once you have read the Consumer Notice and have made a decision to work with a REALTOR®, you will be required to reduce your relationship with him or her to writing.
If you are a seller, this will be in the form of a listing contract, where you define your relationship with the REALTOR® and outline the terms under which he or she will market your property, including the fee to be paid to the broker. As a seller, you also are required under Pennsylvania law to fill out a Seller's Property Disclosure Statement. This Statement must be delivered to all prospective buyers before an offer is made.
If you are a buyer, the form you sign will depend on the relationship you choose to create with the REALTOR®. A very common form used for this purpose is the Business Relationship Between Broker and Buyer. This form deals with three types of business relationships. First, if the REALTOR® is already working with the Seller, or as a subagent of the Seller, this form gives you an opportunity to acknowledge Seller Agency, and provides important notices on the back. You will encounter this most often if you are not opting to work with a REALTOR® during your buying process.
Second, if you choose to work with a REALTOR® as a Transaction Licensee, this form allows you to create that relationship; again, the notices on the back come into play.
Finally, if you choose Buyer Agency, an Exclusive Buyer Agency Contract is contained in the form, allowing you to create a relationship with a REALTOR® who will look out for your interests through the entire process of searching for and buying a home. You also have the option to create a Non-Exclusive Buyer Agency relationship, in which you are obligated to work with the broker only if you end up buying a property that he or she showed to you, but not if you purchase a property shown by another broker. You should discuss with your REALTOR® what he or she offers, and what will work best for you.

Dual Agency
As you might expect, there will be occasions when a buyer and seller, represented by the same broker, enter into a transaction together. When this occurs, the broker, having duties to both the buyer and the seller, takes on the role of a dual agent. Most brokers have policies that allow them to serve as both seller and buyer agents in the same transaction. Brokers whose practices include dual agency may designate separate agents to represent the separate interests of the buyer and seller. The designated agent for the seller will continue to act as a seller's agent, advocating on behalf of the seller; similarly, the designated buyer agent will work to serve the buyer in that transaction. As a buyer or seller, you have the right to choose the designated agent with whom you will work. When the same designated agent represents the seller and buyer in the same transaction, he/she will be a dual agent.
Fees
Whether you are buying or selling, you'll probably want to know how your REALTOR® is being compensated. Most fees are usually paid by a seller, and the PAR listing contract contains a provision setting the fees for your broker as either a flat fee or a percentage of the sale price. Most listing brokers have policies under which they will pay a portion of their fee to another broker who brings a buyer to the property; this is also covered in the listing contract.
If you choose to sell your property yourself and are approached by a broker who represents a possible buyer you will probably be asked to fill out a Broker Fee Agreement stating that you will pay a certain fee to the buyer's broker only if his or her client ends up purchasing the property.
Buyers are frequently charged with a "transaction" or "conveyancing" fee by the selling broker (the office working with the buyer). These fees generally are charged in connection with the many miscellaneous services provided to the buyer such as coordinating inspections, assisting with the loan application and placement for the order of title insurance etc. Like any fee imposed by a real estate licensee, it is payable only when it has been agreed to in writing. This rule holds true for sellers as well: no fee can be charged unless you agree to it in writing.

The Paper Parade: Committing to Buy or Sell
Offers to purchase real estate must be in writing and generally are submitted to sellers via an Agreement of Sale. Before you get to that point, though, there are a few more forms you might encounter.
All sellers and buyers must receive their estimated closing costs before an Agreement of Sale is signed. Buyers whose deposit is being transferred to another broker (a common practice when the agent taking your check is not the listing broker) must be informed of the transfer generally via a Deposit Money Notice. The buyer also must have received a Seller's Property Disclosure Statement. The buyer and seller have a chance to acknowledge receipt of these and other forms that may be required as they fill out an Agreement of Sale.
Until a written offer is received and accepted (all terms agreed to and acknowledged by signature or initials by both parties), the property is still "on the market." That means that if a second offer is received from another buyer before the first offer is "signed, sealed, and delivered," the seller could very well accept that second offer. The seller is not under an obligation to review offers in the order in which they are received, so if more than one offer comes in during the window of time that seller has for approval, offers can be compared. Sellers should consult their REALTOR® and attorney for guidance if they are receiving multiple offers.
Buyers can put a little pressure on the seller to accept or reject an offer quickly. When an offer is made, the buyer stipulates in the Agreement of Sale how long the seller has to review it. In a competitive situation, the buyer may consider keeping that period short. The buyer's REALTOR® can help determine an advisable time-frame by taking market conditions, desirability of neighborhood, and other factors into account.
All offers and counteroffers should contain a time period for acceptance. If the time period passes with no action, the offer (or counteroffer) dies.
More information is available to potential buyers about the Agreement of Sale in a booklet titled "The Buyer's Guide to the Agreement of Sale." The booklet should be available through your REALTOR® or your local association of REALTORS®.

Inspections, Contingencies, etc.
Buyers can make their offers contingent on the property passing certain inspections. The PAR Agreement of Sale contains pre-printed inspection contingencies for the property in general, for wood boring insect (termite) infestation, for radon, for lead-based paint hazards, for the water service, and for the sewage system. Notices regarding these inspections, and giving other useful information, are found on the backs of most pages of this form. Some of these Notices are required by law, so both the seller and buyer should read them.
Buyers and sellers should be aware that if the property was built before 1978, a federal law regarding lead-paint hazards applies. The seller must disclose any knowledge of lead paint, and the buyer has the right to inspect and/or assess the property for lead. A pamphlet titled "Protect Your Family from Lead in Your Home" must be given to the buyer of pre-1978 properties.
The Agreement of Sale also contains other non-inspection contingencies that may affect the sale of the property. For example, there is a Mortgage Contingency which gives one or both parties the option to cancel the agreement if the buyer is unable to get financing for the purchase. There are also several frequently requested contingencies the most common of which makes the purchase contingent upon the buyer being able to sell his or her current home that can be added to the contract by filling out one of the many available addenda. If you have special conditions that need to be met to make you comfortable with the sale or purchase of a home, talk to your REALTOR® about setting up special contingencies to cover those conditions. Keep in mind that you cannot enforce a promise if it has not been written into the Agreement of Sale, an Addendum (written "add-on" to the Agreement), or an Amendment to the Agreement (usually written sometime after the original Agreement).

When the Offer is Accepted
If you are using a REALTOR®, he or she will assist with the scheduling of any agreed upon inspections and will work with you in meeting the requirements imposed upon you as a buyer or seller. During this time, a title search will be performed to make sure there are no "clouds on the title" (meaning there are no legal impediments to the seller providing the marketable title that buyers and their lenders usually require).
Most buyers have an opportunity for a pre-settlement "walk-through" of the property, where they make sure everything is there that should be there, and where they have an opportunity to check that required repairs were made, etc. It's important that buyers take advantage of this opportunity, so that any outstanding issues can be dealt with properly at settlement. It is also important to remember that the property was bought "as is," or in the condition it was when the Agreement of Sale was executed. Improvements that were not specifically spelled out in the agreement will not have occurred, and normal wear and tear from the time of the agreement to settlement are acceptable.
Settlement
When all contingencies have been fulfilled, title searches completed, and monies secured, settlement can occur. Settlement, or closing, is when the property actually changes hands and the title, or deed, is transferred. In most transactions, sellers are required to be out of the property by settlement and the property is to be in "broom-clean condition." Occasionally, with advanced planning and by special arrangement, sellers may remain in the property after settlement, or buyers may move into the property prior to settlement. When these special circumstances occur, arrangements are made for the payment of security deposits and the payment of appropriate sums in exchange for the privilege of having possession before or after settlement. The Pennsylvania Association of REALTORS® has a form to accommodate those times when the seller will remain in the property after settlement, or to allow the buyer to move in early or to at least gain access to the property to store materials or to prepare it for the buyer's move.

If Something Doesn't Work Out
As a seller, if you find yourself in a Listing Contract with a real estate agent who is just not doing the job you expected, what are your options? Your first act should be to call the broker and or office manager and discuss your dissatisfaction. The broker is responsible for the actions of salespeople in the office and may be able to offer some solutions. If discussions with the broker or manager are unsuccessful, you make seek to be released from the Listing Contract. This requires the agreement of the broker. Some brokers offer a period of time where the seller can walk away from the contract; others will charge the seller a fee for costs incurred marketing the property. Because it is a service contract, you do have the option of canceling the contract, without the broker's consent, but it may not be without some cost to you. If a broker believes that the cancellation was unjust, he/she may seek a legal remedy. And remember, if a buyer who was introduced to the property during the term of the broker's Listing Contract ends up buying the property, you may be liable for the broker's fee.
If you are a buyer in a buyer agency contract with a real estate agent whose style is not suited to your personality, or if you are dissatisfied for some other reasons, you should first call the broker or office manager to give him or her the opportunity to fix the situation. If that doesn't resolve the problem, you may terminate your buyer agency contract. Whether the broker has any remedy will depend upon the reasons for your terminating the Agreement. Remember, though, if you buy a property that you looked at with the agent (or, if you signed an exclusive buyer agency agreement and you buy a property that you looked at during the term of your buyer agency contract), the agent will still be entitled to the agreed upon compensation.
If the buyer or seller has a problem with the other party in the transaction there are always several options available to resolve the problems (informal agreement, mediation, court proceedings, etc.). Near the end of the Agreement of Sale is a contract term giving the buyer and seller the option to mediate any disputes they may have over the transaction instead of taking them directly to court. There is an in-depth Notice explaining this option on the back of the last page of the agreement, but you should discuss with your REALTOR® and/or attorney if you wish to elect this option. You should look upon mediation as a service offered by the local association of REALTORS® as a benefit to the buyer and seller. Though it is the rare occasion when a transaction ends up in a dispute, having the dispute resolved quickly, inexpensively, and out of the courtroom is to everyone's advantage. The mediation system has been working for nearly a decade in Pennsylvania with a high percentage of the cases having been amicably resolved quickly and inexpensively.
As for your relationship with the real estate professionals involved in a transaction, it's important to remember that licensees using the term REALTOR® belong to the NATIONAL ASSOCIATION OF REALTORS® and subscribe to a Code of Ethics that holds their behavior to a higher standard than Pennsylvania law requires of them.



Source: Pennsylvania Association of REALTORS

When the Perfect Home and Price Pop Up.......

Make Your Offer Stand Out




Real estate consumers are realizing that there has rarely been a better time to buy a home. In fact, historically low mortgage rates coupled with lower home prices have even sparked bidding competition in markets around the country.
A good home in a solid location may attract ample attention only hours after being listed. Home buyers can make their offers stand out from the rest through one or more of the following strategies:

Price. Obviously, price tends to be the primary consideration for sellers. When you’re competing for a home, to get an edge, think about adding a clause stating that you will beat the highest offer by “x” dollars up to “x” amount. Cash offers can be more attractive to sellers as well. Although sellers will receive their money at closing whether buyers pay with cash or take out a loan, cash offers don’t require lender approval.

Financing. It’s not enough to be pre-qualified. Pre-qualification only tells how much you can afford. Pre-approval goes a step further. Your lender will thoroughly evaluate your application—including verifying employment information and financial disposition—then clear you for a loan of a determined amount. Having your loan pre-approved gives you a sizeable advantage by putting you on equal footing with cash buyers.

Good Faith Deposit. Buyers offering a larger-than-customary amount of “earnest money,” a deposit that accompanies an offer, may get a seller’s attention. By committing more money up front, buyers demonstrate greater sincerity and motivation to close the transaction. Your real estate professional can guide you as to the appropriate sum for your specific transaction.

Contingencies. Consider minimizing contingencies, those clauses that allow buyers to back out of a contract if certain conditions are not met. For example, it’s common for buyers to make the purchase contingent upon their securing satisfactory financing. Obviously, offers with the fewest conditions tend to be more attractive to sellers.
From a contingency standpoint, first-time buyers are often better prospects for a seller’s home than move-up buyers. That’s because first-time buyers’ offers are not contingent upon the sale of a present home. Even if a move-up buyer has an offer in hand, that buyer’s offer may be contingent on another contingency, and so on down the line. If one transaction derails, they all might.

Relationship. Help the seller get to know and identify with you by looking for ways to connect. Find common interests, such as a shared appreciation of gardening. You can then persuade the seller that her prize roses will be well tended. Share brief family stories. The more the seller gets to know and like you, the better chance your offer will stand out in a competitive environment.

Considerations for Short-sale and Foreclosure Transactions – Bank-owned properties represent a significant portion of today’s housing inventory. Competition can be most keen for these homes as their prices can run 10% to 20% below current market value.

Banks conduct extensive research to set these prices and generally base them on current market value less the cost of required repairs. Make your offer based on your own check of comparable sales and other due diligence. Banks won’t get offended by a low offer, yet a realistic offer will more likely keep you in the running.

Remember, patience is essential when buying bank-owned property as the process can take up to six months and longer.

Work with a local Realtor to buy your dream home or investment property. His or her knowledge, skill and expertise will help you make sound real estate decisions today or any other time.




Prudential Fox & Roach is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.

Downsize Your Home - wikiHow

Downsize Your Home - wikiHow

Great tips on Downsizing your current home...

Move in Condition Blue Bell Townhouse in the Deer Lake Community

I just found a property and wanted to share it with you!

Home Not Selling....It's Probably Price...

Home sellers face a new reality as they look to move up, down, in or out of their American dream in today’s market. Consumers, particularly those who purchased their homes within the last five years, often find their options limited by a lack of equity. Those who can sell are sometimes numbed by deflated home prices and find it difficult to justify yesterday’s valuations with today’s reality. Many home sellers have dug in on price hoping to lose no additional ground. Others seem to have taken this market personally, letting emotions override analysis when setting price. Buyer sentiment has shifted as well, centered on maximum value with abundant amenities – resulting in stalemates and homes languishing on the market. Both sides should be realistic as comparable sales and local-market dynamics still determine fair-market value. And there are compelling reasons to be realistic and make a move now. Sellers, assuming their objective is to buy another home, can capitalize on some of the lowest mortgage interest rates on record and an inventory of homes at attractive prices. So while they will sell for less, they will also buy for less and with significantly cheaper borrowing costs. Of course, professional sales representation is essential this transitioning market or any other. The Prudential Real Estate Network, recently recognized for “Highest Overall Satisfaction for Home Sellers Among National Full Service Real Estate Firms” in J.D. Power and Associates’ 2010 Home Buyer/Seller StudySM, is composed of true, local-market experts whose experience, analysis and consultation generate results in all market conditions. As the local experts, they’ll help set fair-market prices using factual reference points, such as an appraisal, comparables sales and personal knowledge to help estimate market value. Today, a house priced at or slightly below market value will attract the interest of real estate professionals and buyers, while overpricing chases them away. Even if the sellers adjust their prices later, it’s difficult to recapture buyer interest. Sales professionals develop comprehensive marketing strategies to sell a home. They generally use open houses, yard signs, Internet exposure, MLS, newspaper ads, brochures and other means to market properties. Beyond that, they counsel sellers on other conditions that may keep sellers’ homes on the market, including:

• Condition and appearance. Sellers shouldn’t rely on buyers to use their imagination; they need to capture it. Remember that buyers may see seven or eight homes in a single day. The most memorable home will be the one that seemed the brightest, the most spacious, and the most cheerful. This invariably means rearranging and eliminating furniture, removing excess knickknacks and so on, to create an open, uncluttered look. Outside, do a visual check of the front of the house from across the street. Does it have curb appeal? It should look inviting, with a trimmed lawn and a freshly painted front door. A real estate professional can offer some guidance in this area.

• Terms/conditions. Even if the home is accurately priced, and the buyer is delighted with what he or she sees, if the buyer can’t live with the terms of the sale, he or she may walk away. Keep an open mind on terms and conditions and evaluate how they may affect a potential sale.

• Incentives. Offering incentives can be just the impetus a potential buyer needs a buyer needs to choose your property over others. Consider offering a carpet or paint allowance. If the buyer knows up front there is allowance for the worn carpet or paint, then may overlook those cosmetic flaws. You could pay for a professional home inspection or a home warranty, or pay closing costs.
Indeed, real estate opportunities abound for sellers and buyers who can come to terms with today’s market conditions. A qualified real estate professional will help you navigate the market, protect your interests and keep you moving toward your housing dreams.

Lower Moreland Beautiful Colonial

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Tips for Hiring a Home Remodeling Contractor

10 Tips for Hiring a Home Remodeling Contractor

With the U.S. economy facing the lowest home sale statistics in fifteen years and home values continuing to slide in many regions, it's not surprising to hear that housing trends point towards a large percentage of American homeowners looking to improve and maximize their existing property investment versus buying a new home. When deciding to undertake a remodeling project however, there are several invaluable tips to keep in mind as you discuss your home make-over with potential contractors.Through advice and stories shared by both contractors and consumers, StageofLife.com, a blogging resource for homeowners, discovered 10 important tips on how to find a trustworthy home remodeling contractor to help ensure the right person or company is hired for your next home improvement project.
Tip #1: Does Your Contractor Have Proof of Insurance?Ask the contractor to have his insurance company mail or fax a copy of his current contractor insurance card to you. If the contractor can't do this - stay away. Why? If there is an accident at your home, you are then liable. This also applies to any sub-contractor or employee that the contractor may use - those individuals should have active insurance cards faxed or mailed to you as well.
Tip #2: Did You Check References and See Photos?Ask for at least three references - with two of them being for the same type of project you are planning - and then call the references. Additionally, ask the contractor to provide photos of previous work, especially for the same type of project. If he produces lawn and garden photos and you're planning a bathroom remodel, you may want to check out another contractor.
Tip #3: Does Your Contractor Take Debit or Credit Cards?Besides your ability to earn a few points, bonus miles, or cash back on your project, a good sign that a contractor is financially savvy and has a bank behind his business is his ability to take debit and credit cards. This doesn't just apply to big contracting companies. Many small, one-man shops will take cards if they have a good relationship with their business bank or credit union.
Tip #4: Manners and Appearance?If the contractor drove his vehicle to your home to give you an estimate, take a look at the way he keeps the equipment and vehicle. Are things clean? Neatly arranged? If not - that's a big warning. The way a contractor treats his tools is a direct connection to how he'll treat your home. During the initial meeting, does the contractor present himself in a professional way? Do you feel comfortable around him or his employees? They will be working in your home after all.
Tip #5: Clean Up Policy?Ask about the clean-up policy. For example, if your home improvement is a multi-day project, will the contractor be cleaning up at the end of every day or will he leave the dust, wood chips, and other mess laying there for day #2? The more mess in your home - the more it gets tracked around. Many homeowners find themselves with mouths gaping wide after the contractor has left for the day and their floors and home are dirty and messy around the project area.
Tip #6: Will the Contractor Put It In Writing?Is your contractor willing to put both his bid and the scope of work in writing? If not - walk away immediately. You'll be surprised how many homeowners have been duped by contractors who verbally tell you what's included in their scope of work, but will then, in the middle of everything, require extra money to finish the remodel, thus holding you hostage with an uncompleted home project.
Tip #7: Availability?Can the contractor get the job done in your timeline rather than his timeline? There's nothing more frustrating than if a contractor tells you that a job will be done by a certain date and then it isn't . On the flip side, if you can't find a good contractor that's willing to commit to your timeline, your expectations may be too high and you may need to adjust your timeline.
Tip #8: Does Your Contractor Use "Subs?"Does your contractor plan on doing everything himself? Or will he "sub out" work to the "trades?" For example, if you are remodeling a bathroom, you may need a plumber, electrician, and carpenter. It's okay if the contractor subs work out to these specific trades - it shows he wants the work done right.Also, it's fair to say that you can expect your contractor to make money off the trades, or other sub-contractors, by marking up those quotes for the project. That is a standard practice to help the general contractor recover costs in the time it takes to manage the schedule. If you don't want to spend the extra money on your contractor marking up the trade quotes, then you should prepare to project manage the remodel yourself, but know this may limit your options on contractors willing to work with you.
Tip #9: Quoting & Billing Procedure?Ask the contractor about his quoting procedure. Will it contain general information, or will it be specific? For example - most contractors will charge you for a fuel surcharge, material up-charges, waste removal, labor, etc. Some will show you these exact costs in a line item invoice, but others roll it up into one big bill. How much detail do you want? You should clarify that with your contractor upfront.Also - what is the payment or billing policy? Is money required upfront? If so, go back to #1 and #2 above to make sure you have the contractor's references checked and have a copy of his contractor's insurance.
Tip #10: Did Your Contractor Get the Permits?Ask your contractor to take care of the permits. Although permits cost you money, the inspection process is meant to protect you from poor workmanship and to make sure that everything is being built to code.By following these 10 tips for hiring a home contractor, you'll feel more confident.



RIS Media

Prudential Real Estate Ranks Highest for Seller Satisfaction in J.D. Power and Associates’ 2010 Home Buyer/Seller Study

Prudential Real Estate Ranks Highest for Seller Satisfaction in J.D. Power and Associates’ 2010 Home Buyer/Seller Study

J.D. Power and Associates announced July 28 that the Prudential Real Estate Network ranked “Highest Overall Satisfaction for Home Sellers among National Full Service Real Estate Firms” in J.D. Power and Associates' 2010 Home Buyer/Seller Study. This marks the second time in three years that the Network ranked highest in seller satisfaction.

The annual study measures customer satisfaction of home sellers and buyers with major national real estate companies. Overall satisfaction is determined by examining four factors for the home-selling experience: agent (44%); marketing (30%); office (15%); and services (11%). Among home sellers, Prudential Real Estate scored highest on a 1,000-point scale and received particularly high ratings from customers in the marketing and agent factors.


PRERS Chairman Jim Mallozzi said the award speaks for the quality and consistency of the Prudential Real Estate Network. “Affiliate to affiliate, our sales professionals are the local-market experts who market and price homes right, while providing attentive service,” Mallozzi said.

Make One Final Inspection

Make One Final Inspection

In the sales contract, the sellers of your new home agreed to leave the custom blinds, refrigerator, built-in entertainment system and those fine cabinets and workbench in the garage. But when you show up on moving day, all of those amenities are long gone. Moreover, the lock on the back door is broken; there is a huge gouge in the drywall near the front bathroom.
Although these circumstances are extreme, they could happen, which is why it is important to have a final inspection of the home you are purchasing before the closing. A pre-closing inspection gives you, one last opportunity to verify that you are getting all that was promised in the sales contract. Although buyers still have legal recourse if they discover—even after closing—that the condition of the home is not as it should be. Of course, the best time to identify problems is before closing when the seller will be motivated to correct any deficiencies to close the transaction.
Typically, a buyer takes possession of a property one to three months after signing the sales agreement. And a lot can happen before the actual move-in. Appliances and fixtures can break, and walls, carpets and doors can be damaged during the seller’s final weeks in the house, particularly during move-out. Sometimes the seller will simply have forgotten that he or she has agreed to leave the refrigerator or window coverings with the house. Whatever the reason, problems identified before the closing have the best chance of being remedied.
If possible, schedule the inspection right before the closing, such as the day before. Ask your real estate professional to attend the inspection with you. Here’s what to do:
Using a copy of the sales contract as a checklist, first make sure that all items that should be in place (appliances, built-in furniture, window coverings, fixtures, etc.) are there.
Test each appliance to make sure they work properly. Bring along an electrical clock or radio to test each electrical outlet. Test all electrical switches and the garage door opener. Run the garbage disposal and turn on every water faucet, checking under the sinks for leaks. Flush the toilets. Inspect the floors, carpets, walls and doors for recent damage.
If you discover that something is damaged or missing, make a note of it and inform your real estate professional immediately. In most cases, the seller is usually able to take care of small problems immediately, either by making a needed repair or offering compensation to handle it. And, if there are major problems, the seller can even sign a statement acknowledging the deficiency and agree to correct it. Although pre-closing inspections take time and may be inconvenient, they are important and well worth the buyer’s time.

I just found a property and wanted to share it with you!

Ambler Move in Condition......




I just found a property and wanted to share it with you!

Pre-Settlement Walk-Through

Final Walk-Through Tips


There will come a time during your home buying process when you'll need to do a final walk-through of the home before closing.
Around a week before you close, take the time to visit your "new" home again. When you're there, check to be sure that the terms of your contract have been met, and that the condition of the property has not changed significantly since talks began.
As your reference guide, be sure to bring your purchase contract with you for this walk-through. This will help you look for little details, without having to remember each item.
What are things you should be on the lookout for?
1. Major appliances: Be sure that any items that were to remain in the home are still there, and that they are in good working order.
2. Major systems: Do the air conditioning, heat, and plumbing still function?
3. Walls and floors: Has any damage occurred to the floors or walls during the sellers move? Were rugs, artwork, or carpets covering water damage that was not disclosed?
4. Repairs: As part of your purchase contract, the seller may have been required to make specific repairs. Be sure that these have been completed, or that the seller has a written timeline for when the repairs will be done.
5. Screens and Storm Windows: If it is the season for these items to be in storage, be sure they have been left behind and that they are in good shape.
6. Remotes: Garage doors, alarms, sound systems, and the like all use remotes, some of which can be very expensive. If any of these components were part of your agreement, be sure they have been kept with the house.
7. Cleanliness: The home should have been cleaned and all debris removed. You don't want to spend the first week living in your new home cleaning up other people's junk.
8. Landscaping: It may seem ridiculous, but yes, some sellers may try to run off with your shrubs and plants. Refer back to your contract to see what should have stayed. If plants were taken, let your agent handle the situation.
9. Fixtures: Light fixtures, curtains, and other items that were agreed upon should still be in the home. If they are not, let your agent address the conflict.
10. Exterior: Has there been any damage to the home since your inspection or first visit? If there have been storm with high winds or hail, be sure to visually inspect the exterior of the house for damage. Once you have signed on that dotted line, the house is yours. Hail damage and all.
Closing time can be very hectic. Be sure to make time for your final walk-through. It's a smart way to bring to completion a long, but joyous, process.





© Copyright 2010 Realty Times.

Real Estate For Sale in North Wales PA, Joanne Genesio Prudential Fox & Roach REALTORS Homes for Sale in Horsham PA. Hatboro Horhsham Schools, Montgomery County. Search MLS

Victorian for Sale in Horsham.....



Real Estate For Sale in North Wales PA, Joanne Genesio Prudential Fox & Roach REALTORS Homes for Sale in Horsham PA. Hatboro Horhsham Schools, Montgomery County. Search MLS

Does Moving Up Make Sense?

Does Moving Up Make Sense?

These questions will help you decide whether you’re ready for a home that’s larger or in a more desirable location. If you answer yes to most of the questions, it’s a sign that you may be ready to move.

1. Have you built substantial equity in your current home? Look at your annual mortgage statement or call your lender to find out. Usually, you don’t build up much equity in the first few years of your mortgage, as monthly payments are mostly interest, but if you’ve owned your home for five or more years, you may have significant, unrealized gains.

2. Has your income or financial situation improved? If you’re making more money, you may be able to afford higher mortgage payments and cover the costs of moving.

3. Have you outgrown your neighborhood? The neighborhood you pick for your first home might not be the same neighborhood you want to settle down in for good. For example, you may have realized that you’d like to be closer to your job or live in a better school district.

4. Are there reasons why you can’t remodel or add on? Sometimes you can create a bigger home by adding a new room or building up. But if your property isn’t large enough, your municipality doesn’t allow it, or you’re simply not interested in remodeling, then moving to a bigger home may be your best option.

5. Are you comfortable moving in the current housing market? If your market is hot, your home may sell quickly and for top dollar, but the home you buy also will be more expensive. If your market is slow, finding a buyer may take longer, but you’ll have more selection and better pricing as you seek your new home.

6. Are interest rates attractive? A low rate not only helps you buy a larger home, but also makes it easier to find a buyer.

EXPIRED REAL ESTATE LISTINGS

What Should You Do If Your Listing Has Expired?

Sellers find it difficult to be optimistic after a listing has expired. Most are excited and nervous when that listing agreement is first signed, hoping that the home sells quickly and for a big profit. It's frustrating to wait week after week for a purchase offer when that offer never arrives.
Regardless of the length of listing -- whether the agreement was for a term of 90 days, 180 days or a year -- when the listing has expired, the broker / seller relationship has come to an end (more or less). This is when sellers often ask whose fault is it that the home isn't selling?

Check Motivation
The first step is to review your reasons to sell. If you are not motivated to sell, you are not a seller. You're a home owner with a sign in the yard. Without motivation, you've got about as much hope for selling as an owner with a sign that reads, "Keep Off the Grass."

Review Marketing
Where is the business plan to sell your home? Review the marketing with your agent, step-by-step. Did your agent drop the ball? Did you? What worked, what didn't pull ad calls or showings? Did you have a virtual tour, send out direct mail, put a lockbox on the property?

Consider Condition
Go out and look at other homes on the market to determine if your home is in the same condition as those actively for sale. Perhaps you need to do repairs before selling. Maybe your home needs to be staged. Does your home scream curb appeal?

Look Again at Buyer Objections
What have buyers said about your home? Review buyer feedback, which your agent should have obtained for you when your home first went on the market. Is there validity to what buyers were saying? How can you compensate for those objections?

Discount Sudden Activity
You won't have to look too far to find agents because they'll all come crawling out of the woodwork when your listing expires. Realtors are prevented from soliciting a seller when the listing is active in MLS. But you're fair game when the listing has expired.
You may wonder why your listing, now that it has expired, is so popular. Many agents specialize in contacting expired listings because they want the listing. Period. Moreover, realize that some agents will take an overpriced listing just to get signage.

Contact Several Listing Agents
Interview agents. Ask the hard questions to determine if the agents are giving you the right answers. Find out what another agent might do differently. If another agent offers substantially more service than your existing agent, list with that agent.

Talk to Your Existing Agent About Why the Listing Expired
If your agent has fulfilled the marketing plan, worked diligently to sell your home, and the market is not answering the ring to your dinner bell, then you might need to conform to the market. This means a price reduction. Ask your existing agent to prepare another comparative market analysis to determine if your home is priced to sell.
If you respect and value your agent, relist with that agent. Adjust your price accordingly and follow your agent's suggestions, even if it means making repairs or improvements you'd rather not do. If your agent is spending money on your listing through advertising, aggressive marketing and networking that listing, that agent deserves your loyalty.










Elizabeth Weintraub, About.com

Eleven Reasons to Use a Real Estate Sales Professional When Buying a Brand-New Home

Existing and potential homeowners are looking at real estate from all angles as the U.S. economy and local housing markets continue their recovery. For many, there is strong appeal in buying brand-new homes as myriad builder incentives and low interest rates create significant value.
Today’s new homes boast exciting floor plans and designs tailored for specific lifestyles, complete with a huge array of features and appointments. They include energy efficient products and building techniques, reducing buyers’ utility bills. Of course, new-home consumers love that their properties, from roofs to appliances, will not need replacement for many years.
It might not seem necessary to involve a real estate professional in a transaction where a buyer can deal directly with a builder. Yet by using a real estate professional you gain a skilled professional to protect your interests and guide you along the right path.
Here are 11 advantages to using a real estate professional when buying a newly constructed home.
1. Just as a real estate professional calls on experience and knowledge of an area to help buyers locate pre-owned homes in a community, he or she can also direct buyers interested in newly built homes to developments and communities that match client specifications.

2. A sales professional can suggest builders with reputations for delivering a high-quality product, responding quickly to issues, and being financially sound.

3. A sales professional may be familiar with how a builder prices his products and where there may be room to negotiate price or upgrades.

4. Without representation, you are one buyer purchasing only one home. But a sales professional can significantly impact a builder’s bottom line by providing a steady supply of customers. This leverage may work in your favor at the negotiating table. [Note: The builder may require your sales professional to accompany you on your first visit to the site. Check with the builder.]

5. The lender approval process may go smoother if a sales professional schedules visits, accompanies you to lenders, and helps expedite required documents.

6. What may seem like a simple transaction can grow legally complex and risky. A sales professional is familiar with those complexities and risks inherent in the homebuying process. When such questions arise, we can steer you to the right advisors and services you may require.

7. If your contract includes a contingency to sell an existing home your real estate sales professional assuredly can help, though your sales professional will explain that buying before selling isn’t always in your best interest as it can undermine your bargaining.

8. When relocating to a new area, sales professionals can be particularly valuable resources. In addition to providing local area information regarding schools, day care or elder care services, public transportation, proposed development, and so on, once construction is under way, they can periodically stop by the work site, supply you with progress reports, and photograph or videotape phases of the construction.

9. A sales professional can assist you as you face hundreds of design choices and consider which upgrades could potentially add value to the home when it comes time to sell.

10. A sales professional can accompany you at the site while you okay the plumbing and electrical locations prior to dry walling, as well as on the walk-through or builder orientation.

11. Lastly, most often the builder pays the sales professional’s commission. You enjoy individual attention and support at no cost to you.

Builder incentives and heightened affordability have many real estate consumers considering brand-new homes. Rather than rely on builders’ agents – who are paid by the builders – savvy shoppers are hiring real estate sales professionals to help them through the buying process and on to the American dream.




Prudential Fox & Roach is an independently owned and operated member of Prudential Real Estate Affiliates, Inc.

Why Isn't My Home Selling?

Price is the No. 1 culprit


If your answer is price, you’ll be right a good majority of the time. If your home isn’t selling, buyers think the value of your house is less than the price you want.
For all the time and effort that goes into buying and selling, the economics of the process is relatively simple. Anything is only worth what a buyer is willing to pay and a seller willing to accept. This is the same whether it’s a pack of baseball cards or a $1 million house.
Although the economics may be simple, arriving at that magic price is difficult. Just think of the cost, time and energy that companies put into pricing a product so it succeeds in the marketplace. It’s no different in real estate.

If you’ve taken the time to educate yourself on the local market and are diligent in hiring a professional agent, and are willing to listen to her, you can get a lot closer to the magic number. But you are setting yourself up for disaster if you don’t do your homework and go with what you “feel” your house is worth. Worse yet, is interviewing agents and choosing one solely because she says she can get you more than what the other agents think the house will sell for.
These are some of the most common mistakes sellers make when setting a price:


Price based on need
What you want to make from selling your home means absolutely nothing to buyers or the marketplace. So setting a price based on what you want so you can retire, move up, start a business, etc. will almost certainly fail.


Price based on ego
Your neighbor sold for $200,000 last year so you want $210,000 because you “know” your house is better. Regardless that the market dropped five percent since your neighbor sold. Nearly every owner thinks their house is the best on the block, or at least better than any of the ones that have recently sold or are on the market. Unfortunately for sellers, your opinion doesn’t carry any weight with buyers. Only their opinion matters.


Price based on greed
Even if it’s been shown that your house will likely sell for around $250,000, you insist on listing it for $275,000 because “you never know, someone could come along who just has to have it. Besides, if we don’t get any bites we can always lower the price later.” The problem is it won’t take long for buyers to realize your price is unrealistic and think you are, too, and won’t want to deal with you unless the house is “a steal.” The listing languishes, so you drop the price, but not enough, it sits even longer and pretty soon you have a listing that’s been on the market so long buyers decide there is something wrong and steer clear.


The solution is to get the price right. This is done by using what is called a Competitive Market Analysis (CMA). If you’ve hired the right agent, this is the first folder out of their briefcase when you meet to list your home. A CMA breaks down the sales price of homes that are similar to yours in location, size, age and condition.


Your agent will also consider the listing prices of homes on the market, but these are used more to identify the competition. Even with a strong agent and CMA, your price may not be on target. That’s because the market is always changing and your agent should be updating your CMA whenever anything comparable to your property sells.

Not every reason your home isn’t selling will be the price, although they will be related to it. Here we have that value vs. price issue. If buyers perceive imperfections in your listing, they will want a discount, so if they’re not buying, your price is not discounted enough for buyers to believe the value to them at least equals that of your price.

For example, if your lawn is brown and the landscaping worn, buyers will want a discount. The problem is that a seller will not consider this a major issue and attach a much lower discount than a buyer will accept.

This is why it is imperative that sellers do everything they can to eliminate any issues buyers may have with their house before listing. Obviously, you can’t do anything about a bad location, such as being near railroad tracks, or that you have just one bathroom. But you and your agent should have factored these drawbacks into the listing price.

Here are some of the most common reasons buyers are turned off by a particular house, so make sure these are addressed before lopping thousands of dollars off the asking price:

Put on a good show
This is the second biggest reason a home isn’t selling. Buyers often talk of “connecting” to a house. This is not likely to happen if your house is not company-coming-over clean and ready to show like a model. This goes for the outside as well. If you don’t want to put the effort into doing this, then you’d better adjust your price to compensate because buyers will only consider your house because it’s a good deal, not because it “speaks to them.”

Can’t buy what they can’t see
If you make it difficult for people to see your property, then chances of a sale at the price you want drops considerably. Selling can be a nuisance, but it’s a necessary one. If you don’t allow a lockbox or require appointment-only showings, you are the culprit to the house not selling.

Out of your hands
It’s not always the seller’s fault that a house isn’t selling. Sometimes the market changes and buyers disappear. Maybe a new home development has opened nearby and they are “stealing” the customers. Or maybe you’ve received bad advice from your agent. Any of these can affect whether your house sells, which means you need to consider the reasons and make the necessary adjustments.




Great article by...
Copyright © by Move, Inc. By Diana Lundin

Shredding Event

SHREDDING EVENT

Shred all those old documents that have been accumulating quickly and dispose of sensitive papers safely - while you watch!

MAY 22, 2010 10am-12pm

Prudential Fox & Roach
1600 North Bethlehem Pike Suite 100
Lower Gwynedd, PA 19002

Buy or Sell First????

Consumers Are Returning to the Real Estate Market with an Age-old Question: Buy or Sell First?





Residential real estate is gaining stability in concert with the recovering U.S. economy. Consumers, drawn by one of the most attractive buyers’ markets on record marked by historically low interest rates and lower home prices in many areas, are returning to the market to move up, trade down, improve location and otherwise enhance their share of the American Dream.


When it comes to home buying, the ideal situation would be to find a new home, just as you receive an offer on your existing home. You would then be able to close concurrently and move into your new home a few days prior to closing on your previous home. This does happen more often than not, but anyone looking to buy a new home needs to consider all the possible scenarios.


Should you buy or sell first? There are many schools of thought on this subject. Ultimately, it depends on you and your situation. For instance, can you afford to pay two mortgages in the event your previous home does not sell by the time you move? Would you consider a bridge loan (a short-term, high-interest loan that lets you borrow against the value of your old home to covers the bills until you secure the new, larger loan)? Are you willing to move twice to find the home of your dreams if you sell first and can't find the dream home fast enough?


This is where the advice of a real estate sales professional is invaluable. Real estate sales professionals know the current market conditions. They are trained and experienced in working with home buyers and sellers to determine an ideal time to buy and sell.


It is generally less stressful to sell your home first, because you won't have to worry about owning two homes at one time. The market will dictate how long it will take for your home to sell, as will the property’s location and the time of year. As a rule of thumb, it is a good idea to put your home of the market as far in advance as possible when purchasing a new one. But, since interest rates are low and confidence is returning to the market, there’s a good change your home will sell faster if priced properly. (Again, your real estate professional’s advice is critically important here.) In that case, you may want to purchase a new home first.


What if your present home sells before you find a new one, putting pressure on you to find the right house more quickly? You may then decide to make an interim move or request to rent back your home for a specified amount of time as you continue to look for your new home. Those may be worthwhile options if you have your heart set on a specific location or type of home or if you are purchasing a home that is under construction.


If you buy a home before selling your present home, you may end up with two mortgages. Under those circumstances, you may be able to apply for a bridge loan to assist you in making two mortgage payments until you sell your first home. Your real estate sales professional can assist you in finding a lender.


So should you buy or sell first? This is a challenging question regardless of real estate cycles, yet your own circumstances and a knowledgeable real estate professional will help you make the right decision.





Prudential Fox & Roach is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.

Find Out the Difference in a Buyers Agent and a Sellers Agent

Find Out the Difference in a Buyers Agent and a Sellers Agent

In every real estate transaction - whether the transaction involves condos or other starter homes, luxury properties, or even commercial properties - there are buyers and sellers as well as real estate professional who represent them throughout the transaction. These are the buyers agent and the sellers agent - and each play a very different role throughout the sale.

Clearly, a buyers agent is the real estate professional who works with the buyers. These agents will focus on listening to what a buyer is looking for in a home, identifying the buyer's budget, providing information about different neighborhoods and school systems, and searching through lists of available properties that will meet their clients' needs. Buyers agents can work with their clients to find financing for their home purchase and will schedule times when the buyers they are working with can see available properties for themselves. Finally, the buyers agent will help to negotiate the price of the home and work to complete the transaction.

Similarly, the sellers agent - as you might expect - works with property owners who need to sell a home that they own. Whether the seller is looking for a larger or smaller home, leaving the area for the sake of a job, or is responsible for selling a home that was left to them as a part of a loved one's estate, the sellers agent takes the lead during the sale process. From helping the seller understand what's involved in selling a home to staging the property before prospective buyers see it to negotiating the final sales agreement, the sellers agent will focus on making sure the transaction goes smoothly for the seller.

Though the buyers agent and sellers agent will work together, each represents a very different interest throughout the property.










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TOP TEN TIPS FOR STAGING A HOME

Top 10 Tips for Staging a Home

April 15, 2010 -- Realty Times Feature Article by Broderick Perkins


Provided your home-for-sale has the curb appeal to get potential buyers inside, keeping them inside for a further look requires a staging strategy that sticks the deal.

HGTV's FrontDoor.com offers what it considers the Top 10 tips that can turn a languishing listing to a multiple offer attraction.

• Reclaim the yard. First impressions rule. Spruce up curb appeal by maintaining a clean yard, adding plants for a splash of color and applying a fresh coat of paint to the front door.

• Let the foyer flourish. The home portal sets the tone for the entire home. Make the space up-to-date, well-maintained and eye catching -- top to bottom.

• Back off beige. Don't let neutral colored walls dominate a room. Splashes of color liven up boring spaces. Throw pillows, artwork and fresh flowers add pops of color and personality.

• Cure kitchen craziness. Consistency pleases. All countertops and cabinets should match. New hardware, a new backsplash and a thorough cleaning can transform a bleak kitchen into one with smiles.

• Denude the dining room. De-cluttering and depersonalizing is the first rule of home staging. Homebuyers can have trouble envisioning themselves living in a home that's full of the seller's personal items.

• Avoid focal point faux-pas. Highlight the great features in a home by positioning furniture to highlight them. Windows, fireplaces and other architectural details will be noticed by a buyer if they are emphasized in the home correctly.

• Perk up the patio. The outdoor space is an extension of the home. Capture a higher selling price by cleaning and adding style to any outdoor space with furniture, lighting and accessories.

• Master the master suite. The best approach to staging is often working with existing accessories. Using what is already in the room and repositioning the furniture will highlight the room's best features.

• Cure bathroom blues. Older vanities and dreadful wallpaper will make any bathroom feel outdated. Apply a fresh coat of neutral-hued paint and new hardware to modernize and brighten.

• Repurpose extra rooms. The value of a space decreases when homebuyers see a room without direction (think part office, part playroom, part home gym). Though almost every homeowner is guilty of having a "junk room," take sure to stage each room with a clear purpose before putting the home on the market.



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Getting Your Property Ready For A Warmer Market...

Ah, Spring … Make Sure Your Property Is Ready for a Warmer Market



Spring is a season of renewal – this year in particular. Just as the birds are chirping and flowers are starting to bloom, the U.S. economy is moving forward with real estate sales percolating in many markets. Indeed, the days grow longer in spring, allowing more time for consumers – especially those motivated by current, historically low interest rates and attractive home prices – to shop for their American dream.

If you’re considering selling your property this spring, now's a good time to complete some spring maintenance to make sure your home is in tip-top shape. Even if you aren't planning to sell your home, you should still add these chores to your list to help preserve your home's value and help avoid major repairs later on.

Walk Around the Outside

Check for any damage caused by winter's cold weather. Look for those sagging or loose gutters, window frames or siding. Is your roof missing any shingles, or is there any water damage under the eaves? Promptly schedule repairs for those items you can't do yourself.

Over the fall and winter, leaves, mud and debris may have accumulated in your gutters. Check your gutters for clogging and damage and schedule an appointment for cleaning.

Walk around your yard as if you were a first-time visitor. What impression does your home make? Be sure to clear away fallen branches and leaves. Loosen the soil around perennials, plant annuals or a vegetable garden. Prune shrubs and trees.

If your water supply has been off for the winter, turn it back on. Test your automatic sprinkler system or connect your water hose and check for cracks and leaks. Replace old washers or sprinkler heads.

Don't forget the backyard! Is it time to condition your deck? Be sure to hammer in any loose nails, or replace them with galvanized deck screws. Replace any broken boards or rails. Consider renting a power washer to clean dirt and mildew from the wood, and then apply an all-weather sealer or stain. Then dust off that patio furniture you kept protected over the winter.

Repair any broken fence boards and paint or seal them as needed. Clean the pool if it has been covered all winter. Wash windows, screens and windowsills; repair any winter damage.

Take a Tour Inside

Start making a list of things to do in each room. Then go to work. Dust walls and ceilings to remove cobwebs and wash any grimy areas. Wash window curtains or remove drapes for dry cleaning. Deep clean rugs and carpets. Dust and polish wood or laminate floors.

Clean fan blades using mild soapy water. Check the central air-conditioning unit for debris and obstructions; vacuum the main condenser coil on top of the unit. Check the operating condition of window air-conditioning units; remove and wash filters in mild soapy water.

Make sure all exhaust fans and vents are clean and clear. Don't forget to remove the lint buildup from the clothes dryer vent.

One often-overlooked area is the fireplace. Be sure to sweep ashes carefully into your fireplace's ash pit or into a dustpan. Clean and lightly oil fireplace tools. Remember it's springtime, so you may want to decorate the fireplace or wood stove with a large silk flower arrangement.

Look around for clutter. Are there items you don't use any longer? If you are planning on moving, what items will you not need? Consider having a garage sale and then either donate or trash the remaining items.

And lastly, don't forget to replace batteries in smoke and carbon monoxide detectors. A good time to change them is when you change your clock for daylight savings.

Although performing these spring chores may be dreaded task, they go a long way in maintaining and even enhancing the attractiveness and quality your home. With more buyers out and about, you must be sure your property is ready for its next new owner!

How to Successfully Buy a Home

When you are ready to buy a house, make a list of all the features that you would like to have in your new home. Consider things like a garage, basement, the number of bedrooms and bathrooms, central air conditioning, ranch style or a home with two or three stories. Do you want large bedrooms with walk in closets? Is the size of the kitchen important to you? Do you want a separate utility room or pantry? Would you like to have a large yard? Your list can be quite long, but realize that it is not likely that you will find all of the features you want in one house, although, if you find one with most of your wants, you may be able to make some minor changes so that it will suit you. When you start viewing houses for sale, bring the list with you and note which features each home has and what changes you could make so the house will meet your needs and desires. For instance, if you need four bedrooms but the house has only three, does it have a den that could be converted to a bedroom?

After you have a good idea about the type of house you would like to purchase, contact a real estate agent in the area that you are considering for your home purchase, and share your ideas with him or her. A professional real estate agent will know about the houses that are available in the area and can set up appointments for viewing the properties. He or she will be familiar with the homes for sale and the features of each one and can save you a lot of time in your search for the right house.

When you are ready to make a decision and give an offer for a house, you will probably need to get a real estate loan to finance your purchase. Your real estate agent can give you advice about the best lending agencies to consider for this major step. If you have a bank account or an account at a credit union, ask a real estate loan officer about their rates and terms for home loans. Inquire about fixed rates and adjustable rates to determine which mortgage type would be best for you. The rate would be lower for a 15-year loan, but your payments would be higher. A 30-year loan may be more affordable, but you will pay more interest over the life of the loan. Compare the rates and terms of several different lending institutions before selecting the one that offers the arrangements that will be the most satisfactory for your situation.

If you are a first time home buyer, you may qualify for an 8,000 tax credit, and if this will not be your first home purchase, you may still be eligible for a 6,500 tax credit. Ask your lender or real estate agent for the details regarding tax credits – or you can find more information about them on the Internet.





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I just found a property and wanted to share it with you! Immaculate Warrington Colonial....

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HOW TO CHOOSE A MOVER FOR YOUR LOCAL MOVE

HOW TO CHOOSE A MOVER FOR YOUR LOCAL MOVE


Avoid Extra Charges!


Take extra charges, for example. Internet is full of stories how people were ripped of by unfair moving companies. General rule of thumb: if the price sounds too good to be true, you will end up paying two times more than the original quote, and if you refuse to pay additional charges, chances are you will not see your belongings until you take care of outstanding bill.

I cannot stress this too much: never hire a moving company that has shrink wrap, blanket, overtime and over charges of this kind. This is the fastest way to overpay.

Let's say someone offers you a rate of $80 per hour for a crew of 2 movers and a truck with no extra charges for packing supplies for your furniture. Another company will offer you $70 per hour, but will charge you $5 per item that needs to be shrink wrapped. Guess what!

Although many people will opt for a mover who charges less per hour (sounds like a better value), most likely you will end up paying more than with the first moving company. It's very simple: every piece of your furniture will have to be wrapped with shrink wrap simply to minimize the chances of your belongings to be damaged during transition.

So, if you have just 10 pieces of furniture, it will add up to extra $50 on your bill. If your move takes 3 hours, you will end up paying $70 x 3 + $50 = $260, while if you took the first offer, you would get away with $80 x 3 = $240. And this is just if you have 10 pieces of furniture! (most people have way more than that)

My strong suggestion and general rule of thumb is: always go with a moving company that offers the simplest, uncluttered and most clear pricing structure, even if the hourly rate is a little higher. Do you really want to be counting the pieces that needed to be wrapped? Do you really care? Not only simple pricing structure will save you a headache and make your move more pleasant, 99% of the time it will also save you money at the end of the day.

Ideally, you should choose a moving company that offers hourly charge with no extra or hidden charges (mileage, shrink wrap, blankets and other) as opposed to a company that charges for these items, even if the hourly rate is a little higher. Simplicity and clarity is the key not only to save money, but also to ensure you have a pleasant moving experience!







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Make Sure Your Home Stands Tall in a Competitive Market

Make Sure Your Home Stands Tall in a Competitive Market



Home sellers today must convince a new era of buyers returning to the market that their homes stand for value and quality.

You only have one chance to make a first impression. Here are several ways to make your property shine, inside and out.

Start with the outside. Do a visual check of the front of the house from across the street. Does your property have curb appeal? It should look inviting, with a trimmed lawn and flowerbed and a freshly painted front door. Polish door handles and knockers and replace worn items such as a rusty doorbell. Consider adding a new doormat and flowering plants at the entrance. Don’t forget to wash your windows and clean any oil or rust spots from the driveway.

Be sure to inspect the side and back yards. Add some flowering plants to the back as well. Clean and rearrange the outdoor furniture to look inviting. Put away gardening tools, and tidy around the grill area.

Now focus on the inside of the home where cleanliness, space, smell and lighting are vital. First get your house in tip-top condition by cleaning and clearing away clutter. Steam clean and vacuum the carpet. Make sure your floors are waxed and shiny. Touch up nicks on walls and make sure the porcelain sinks and tubs and metallic fixtures shine.

Be conscious of any lingering odors such as smoke, pets or strong-smelling foods. You may need to air out your home prior to your open house event. Consider grinding fresh lemons in the garbage disposal. And don’t forget to empty all trash containers.

Look at your countertops in the kitchen and bathrooms and the tops of your bureaus. Do they seem cluttered? Clear away and store as much as possible. You want your home to seem spacious.

Next, set the mood. Let your prospective buyers picture your home as their own. Rearrange the furniture so that rooms look more spacious, or consider removing furniture and accessories.

Lighting is also important to creating a desirable atmosphere. Bright lights provide a cheerful environment and make a small space appear larger. Pull back all the drapes and open the blinds. Turn on all the lights. Make sure all light sockets have fresh bulbs. Use softer lights for rooms in which you want a warm, cozy feeling.

Don’t forget little touches such as fresh flowers, lighted candles in the bathrooms, new logs in the fireplace, or a bowl of fresh fruit on the kitchen counter. You may even want to set your dining-room table with color-coordinated table settings.

Home buying is steeped in emotion. Sellers shouldn’t rely on buyers to use their imagination; they must capture buyers’ imagination. Remember that buyers may see seven or eight homes in a single day. The most memorable home will be the one that seemed the brightest, the most spacious and the most cheerful.

SHORT SALES EXPLAINED

What is a short sale and why do homeowners prefer it? A short sale happens when the mortgage is more than the value of the property itself. This could be because the value of the properties in the area where the property is located has decline. It could also be because of the condition of the property. Many property owners apply for a short sale because they want to avoid foreclosure. Through this, they can pay off the mortgage and star anew.

Before a short sale can take place, the lender has to approve the package presented by the homeowner first. The package presented has to be complete. It should have a hardship letter. This letter will explain to the lender why the homeowner could no longer make his payments. This could be because of unemployment, divorce or death in the family. In addition to that, you will be asked to present an offer from a buyer as well. Ask your lender about the other requirements you need to present.

The lender has the right to approve or reject the proposal because he will definitely lose if he agrees to this. However, this maybe a better option for him rather than foreclosing the property. It is not easy to get your lender’s approval. This shy you should be ready. All your requirements have to be complete. Moreover, you should be familiar with your documents so that you can defend your package and explain it thoroughly to your mitigating officer.

One of the major reasons why your lender would reject your short sale package is when the value offered is way lower than the value of the property. If this happens, the lender will send a broker to check the property. The broker will determine the value of the property and will recommend it to the lender. If the value is higher than the offer made by the buyer, your short sale package will be rejected. However, you can prevent this. Just make sure that the offer to your property is reasonable. Be there when the broker arrives and walk him through your property. You can also present to him images and documents of the repairs made in your property.

If the lender rejects your package, do not be disheartened and try to qualify again. Get a better offer for your home. You can ask your current buyer or you can look for another buyer who will be willing to make a better offer for your property.

If you are the buyer, make sure that you make a good offer. See to it that you consider several factors before you make an offer. Check the property as well as the location. Of course, you will offer a discounted value since it is a short sale but be careful not to make a very low offer.

Many turn to short sale to prevent foreclosure. However, getting an approval from the lender is not easy. You have to make sure that your requirements are complete and that the offer made is reasonable.





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UPPER DUBLIN FIRST TIME HOMEBUYER DRESHER WOODS TOWNHOUSE.

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It’s a Buyers’ Market for Real Estate Investors, too

By Joanne Genesio
Prudential Fox & Roach

Turn on any financial news program and at some point you’ll hear the experts extolling the virtues of diversification. Real estate, even through the market downturn, has long been considered a conservative, long-term strategy to growing wealth.

In fact, that very downturn has created a historic buying opportunity for potential homebuyers and investors alike. The combination of lower home prices across American and historically low mortgage rates, two essential factors that usually don’t trend in the same direction, have triggered a buyer’s market in many areas of the country. For real estate investors who want to rent their properties, this can make the difference in achieving positive cash flow sooner or right off the bat.

While some seasoned real estate investors make it look easy, to be successful, beginners should follow some basic principles.

Learn all you can. Before committing your cash, you should have a fundamental understanding of real estate. For example, be aware that, in general, investment properties are not liquid investments. Barring exceptional circumstances, real estate does not sell at a moment’s notice. It could take days or months to sell a property, depending on the strength of the market in a particular region.
Consider cash flow. You’ll need to have enough capital on hand to cover any short-term losses due to vacancies between tenants.

Start small. Look into buying a condominium, single-family home or a duplex. Leave large apartment buildings and commercial properties to the pros.
Inquire at the local Chamber of Commerce about companies relocating into or out of the area. Company movement is one indicator of demand for rental and/or office space.

Find a property that will be in demand. Look for a moderately priced home with three or four bedrooms, two bathrooms, and a garage that sits on a quiet street.
Research the property. The most common way first-time investors lose is by failing to investigate a property thoroughly. Look beyond the front door. Investigate the reputation of the school district, the crime rate, and plans for expanding a nearby highway or developing vacant land. Ask a local real estate professional about the area, its history, and how fast (or slow) properties are moving.

Inspect the home you’re considering for signs of water damage, such as stains on the ceiling and crinkling or gathering wallpaper; open and close every door and window; and check all electrical sockets by plugging in an appliance. Get an independent home inspection, roof inspection and termite inspection. Unexpected repair costs can eat away your cash flow. Because even the best inspection can’t always predict problems, try to set aside some of the rental income for unexpected repairs.

Spend time driving the streets of the neighborhood noting the condition of other properties. Are lawns maintained? Are roofs in good shape? Are homes kept up?
Be ready to make fixes quickly and respond to the renter’s needs. If you’re not prepared to be a hands-on landlord, consider hiring a property management firm.
See your tax advisor for related planning and laws that can affect your investment decisions.

Remember, investing in a property is much different than living in one, and while emotion and attachment can be prime motivators when it comes to homes, it is return on investment that counts when investing in real estate.
Joanne Genesio can be reached at (215) 641-2413. Prudential Fox & Roach is an independently owned and operated member of The Prudential Real Estate and Relocation Services, a Prudential company. Equal Housing Opportunity.