Grand Rapids Real Estate with Mark Brace

Mortgage Rates Hit ALL Time Low

Thu, 05 Aug 2010 14:26:00 GMT

According to the Associated Press, mortgage rates dropped to the lowest level in decades for the sixth time in seven weeks, offering the most attractive opportunity for those who qualify to refinance or purchase a home.

Government-controlled mortgage buyer Freddie Mac said Thursday that the average rate for 30-year fixed loans this week was 4.49 percent, down from 4.54 percent last week. That's the lowest since Freddie Mac began tracking rates in 1971.

If you're in a position to buy and have been hesitating, now is the time. Mortgage rates will eventually go up and with inflation they could sky rocket. I cannot stress enough that NOW is the time to buy.

Dave Ramsey's Advice on Selling Your House

Fri, 18 Jun 2010 17:01:00 GMT

Dave Ramsey was asked "What are the advantages of using a real estate agent versus going the for-sale-by-owner route when it comes to selling a home?"

His response was this:

I've had a real estate license for 30 years. If I were to put my personal residence on the market today, I'd use an active real estate agent who really knows his or her stuff in the marketplace. I'd gladly pay them their commission, too.

Now, why would I do a for-sale-by-owner, or FSBO, I'm only getting my place in front of buyers I can attract from seeing a newspaper ad, Craigslist and anyone who happens to drive by the house. If you go with a high-octane real estate agent, you will have the advantage of being exposed to his or her entire pool of buyers.

More importantly, you will be in the MLS or Multiple Listing Service, database. There, you will immediately have thousands of potential buyers.

So, who do you think will have the best chance of selling your house? Market exposure is everything in the real estate game.

And think about this: Even if you went the FSBO route every time you moved, you might do three or four of these transactions in a lifetime. A good agent closed three or four deals last week. They will know all the ins and outs of buying and selling a home, and they'll walk you through every step of the process. Research has shown that, between basic mistakes, pricing errors and lack of negotiating skills, you will cost yourself more than the agent's commission by trying to sell it yourself.

Trust me, you will get a much better deal-with a lot less hassle- by using a top-flight real estate agent.

Dealing With IRS Tax Credit Rejections

Fri, 18 Jun 2010 15:41:00 GMT

The IRS has been rejecting first-time home buyer claims from anyone who shows a Form 1098 Mortgage Interest Expense in their prior year files.

In many cases, the applicants are entitled to the credit because their previous mortgage interest deduction is for a timeshare, mobile home, boat, or other recreational property.

If you have a client who is in this unfortunate position, here is some advice from Enrolled Agent Eva Rosenberg, who authors the Web site TaxMama.com.

• Respond to the IRS immediately and tell them why their rejection is wrong. Be prepared to prove that the mortgage the IRS is seeing isn’t on a personal residence. First-time home buyers are entitled to own other types of real estate and still get the home buyers credit, so provide proof that the previous mortgage was on something else.

• Send a letter explaining the situation and providing proof of a previous rental or other non-ownership living situation, including copies of rental contracts for the last three years, an old driver's license showing that address, utility bills, etc.

• Home buyers who believe the IRS may view their situation in this way should be proactive, providing proof that they are a first-time buyer when they initially file for the credit.

• Anyone who is rejected after two attempts to explain the problem to the IRS should call the Taxpayers Advocate Service toll-free, (877) 777-4778, their Congressman, and their Senator, Rosenberg advises.

Source: TaxMama.com, Eva Rosenberg, EA (06/16/2010)

Buying a Builder Home Without Representation

Tue, 01 Jun 2010 12:57:00 GMT

This is a repost from an Agent in Arizona: Joyce Thomas at US Preferred Realty www.DesertSunRealtors.com

Article : Buying a Builder Home Without Representation Can be a Nightmare

Buying a Builder Home Without Representation Can be a Nightmare. This is a scary and unfortunately true story. All names are being protected in this story. Buyers need to take buying a home from a builder very seriously when they enter a builder's sales center and make sure they are fully represented by a Buyer's Agent (Realtor).

The main thing to keep in mind is that the "Realtors" working for the builder are actually "Salespeople". They are trying to meet a quota for the week or month, to get their next plaque on the wall, or win the turkey for Thanksgiving. It is quite unfortunate that Buying a Builder Home Without Representation Can be a Nightmare.

This story starts with a very nice couple in their early 50's (let's call them Bob and Bobbie Buyer) tagging along with their friends while they buy their new home. Once the Salesperson (lets call her Susie Salesperson) working for the builder had sold the community and a new home to their friends, she turns to Bob & Bobbie Buyer and says, "So are you ready to buy a home?". Bob & Bobbie Buyer, who had absolutely no intention of buying a home (new or resale) told Susie Salesperson "no". But Susie (being a top Salesperson in 2006 and having won all kinds of awards for meeting sales quota) continued to use her newly learned sales pitches to pressure them by telling them, "Well let's have you get preapproved through our inhouse mortgage company just to see what you can afford. After all wouldn't you like to live here with your friends in a beautiful new home in this fabulous community?" (Sell, sell, sell Susie Salesperson was doing.)

So you are probably thinking, "Sounds like the typical builder salesperson." Thats what I thought too until they told me what the salesperson told them to do. They didn't qualify for the new home through the inhouse lender, so Susie Salesperson told them that all they had to do was change their tax records so they would qualify (just for the loan of course). I don't know about you, but I think that's ILLEGAL???? When Bob & Bobbie Buyer questioned her, she said, "Oh it's just for the purpose of your loan and then you just do an addendum to your taxes to correct them." Buying a Builder Home Without Representation Can be a Nightmare especially when it is a salesperson such as this one! But this "Salesperson" learned this from somewhere.....hmmmm…maybe the builder taught her to do this? Scary!!

The saddest thing about this story is that Bob & Bobbie truly could not afford this home and never should have been approved for a mortgage. However, the excitement created by Susie Salesperson got them into a home that drained their assets and put them into foreclosure, ruining their credit. They were happy renting a home and never had any intention of buying a home. Unfortunately, they got caught up in the thrill of owning a home (after all they had never owned a home - ever!). Now, they are renting a home again waiting on a buyer to put an offer on their home which is listed as a short sale to try to avoid foreclosure because of this horrible experience of Buying a Builder Home Without Representation Can be a Nightmare.

Any buyers reading this, please beware that you must be represented by a Buyer's Agent (Your Realtor) when buying a home through a builder. The builder's salesperson represents the Builder and is doing everything in their power to get the best deal for the seller (builder). They work just like used care salespersons. They receive a "draw" as income and when they make a sale they pay back their "draw". If they go without making a sale, they could get fired or laid off and owe the builder money for the draws and lack of sales. They are high pressure salespeople. When you buy a home directly through the builder without representation, you give up your right to be professionally and fully represented in the transaction and could end up in a very unfortunate situation like these poor buyers did.

The best thing is that using a Buyer's Agent to help you buy a home costs you absolutely nothing. The seller (builder) always pays the Buyer's Agent - you never pay anything! Buying a Builder Home Without Representation Can be a Nightmare! Make sure you are fully and professionally represented by a Buyer's Agent (a Realtor) before stepping foot into a builder's sales office, even if you are just tagging along with a friend to look at model homes.

A Buyer's Agent as the following fiduciary duties to you. A Buyer's Agent must:

Be loyal and act in your best interest
Obey your lawful instructions
Protect your confidence
Exercise reasonable skill and diligence when answering your questions
Be accountable for handling funds and paperwork
Present all offers in a timely fashion

A Buyer's Agent works for YOU fully. We are Accredited Buyer Representatives (ABR) and recognized through the National Assocation of Realtors. As your Buyer's Agent, we act on your behalf to get you the best deal possible on the purchase of your new home, whether it be through a builder, a bank or a regular resale home. Remember, Buying a Builder Home Without Representation Can be a Nightmare.

This is a re-post with Credit to: Joyce Thomas at US Preferred Realty www.DesertSunRealtors.com

How Long Is My Short Sale Going To Take?

Fri, 30 Apr 2010 11:43:00 GMT

How long do Short Sales take?... quite and interesting question, as there are several variables in play when you are working on a short sale. Things you to understand in regards to short sales, which can complicate the negotiation process.

There can be more than 1 lien on the home (i.e. 80/20 mortgage, HELOC, water) If 2 mortgages they may be with the same bank or different banks, if different it can take longer to get them to agree on the settlement, if they will agree, some will never agree.
Even though the mortgage is serviced by a bank that doesn’t mean the primary investor is that bank they may need to take the negations to another bank to see if they will work with it. (Typically this is how Fannie or Freddie fits in) as they are the primary investors in the majority of loans.
There may be defects in title, or legal disputes such as property lines etc... That may be involved that can hold the process up.
The Realtor or third party negotiator that is working on the file my be very experienced and have connections or not. This can vary the time of a short sale by over a month or two.
From the time you make an offer the short sale times can differ if the sellers have already started the process with the bank, compared to starting at Square one.

I guess what I’m trying to convey to you is that they are very complicated, and can be simplified if things are be handled by professionals. I have had probably close to 40-50 short sales completed in the last 2 years. And they have ranged from 45 days to just over 10 months. I would say a typical short sale should take around 3-4 months. You should look the professionals you are working with to give you an indication of how long you individual situation is going to take, and the variables involved.

Kent County Loses 1.2 Billion in Property Values

Wed, 28 Apr 2010 13:27:00 GMT

View this MLive.com Article regarding the amount of money Kent County has lost in its property values.

http://www.mlive.com/news/grand-rapids/index.ssf/2010/04/kent_county_loses_12_billion_i.html

10 Most Likely Features that Builders will Include in 2010

Mon, 26 Apr 2010 13:57:00 GMT

According to REBAC (Real Estate Buyer's Agent Council, Inc.) there are 10 features that builders will most likely include in 2010 :

1. Walk In Closet in Master Bedroom.

2. Laundry Room

3. Insulated Front Door

4. Great Room

5. Low-e Windows

6. Linen Closet

7. Programmable Thermostat

8. Energy Efficient Appliances and Lighting

9. Separate Shower & Tub in Master Bathroom

10. 9 Foot Ceilings or Higher on 1st Floor

"THE DETAILS" for the Homebuyer Tax Credit Deadline

Tue, 20 Apr 2010 16:48:00 GMT

FIRST TIME HOMEBUYER TAX CREDIT – WHAT IS A “WRITTEN BINDING CONTRACT”

As most REALTORS® are aware, the First‐Time Homebuyers Tax Credit (“ax Credit” expires on May 1, 2010. However, there is an exception for any taxpayer who enters into a written binding contract on or before April 30, 2010 to close on the purchase of a principal residence before July 1, 2010. Two questions have been raised a number of times by REALTORS® with respect to this exception. First, what constitutes a “inding contract”under the terms of the exception? Second, if the terms of a binding contract entered into on or before April 30, 2010 are amended after that date, does the buyer still qualify for the Tax Credit? As a practical matter, the two questions are part and parcel of the same analysis. There is no case law or other documentary analysis of what constitutes a “inding contract”as that term is used in connection with the Tax Credit. However, the phrase was used in a similar provision of the Tax Reform Act of 1986 (the “RA”. In the TRA, a qualifying “ritten binding contract”was determined to be: (1) A contract that is enforceable under state law; AND (2) A contract that does not limit damages for breach of the contract to an amount less than 5% of the contract price; AND (3) A contract in which any contingencies are beyond the reasonable control of the taxpayer. Obviously, the intent was to prevent taxpayers from hastily concocting incomplete “ontracts”before the specified deadline and then negotiating or renegotiating the actual terms and details of the transaction after the deadline.

Assuming the Internal Revenue Service would apply the same test for a written “binding contract” for purposes of the Tax Credit as it did under the TRA, then there are at least two (2) areas of risk which REALTORS® should be aware of in preparing purchase agreements which are intended to qualify for the Tax Credit. First, most inspection clauses in purchase agreement forms used throughout the State simply permit the buyers to accept or reject the results of an inspection within their sole discretion. It certainly could be argued that such an inspection contingency is not beyond the reasonable control of the buyer/taxpayer but, instead, is under the total control of the taxpayer/buyer. There would appear to be two alternative solutions to this problem. First, the buyer could complete and/or waive any inspection contingencies on or before April 30, 2010. Second, the inspection contingency could be amended to establish conditions by which the buyer would be permitted to terminate the transaction based upon inspection results, for example, the buyer could only terminate the contract if the inspection uncovers defects or damage in excess of $10,000. While normally we do not recommend the use of such a provision as it leads to all types of controversy as to the existence and extent of a defect, the benefit of the Tax Credit to the buyer may outweigh this concern. Second, many forms of purchase agreements throughout the State call for a buyer to make an earnest money deposit (“EMD”) upon the making of the offer or upon seller’s acceptance of the offer. If the provision in the purchase agreement provides that upon the buyer’s default, the seller’s sole remedy is to keep the EMD and the EMD is less than five (5%) percent of the purchase price, then the purchase agreement may not constitute a written “binding contract” for purposes of the Tax Credit. On the other hand, if

the provision in the purchase agreement provides the seller with the option of either accepting the EMD as liquidated damages or pursuing other legal remedies (
i.e., suing for the amount of her damage by reason of the breach of contract), then there should not be a problem with qualifying the purchase agreement as a written “binding contract” for purposes of the Tax Credit. Many REALTORS® have inquired as to whether an amendment to a purchase agreement that would otherwise qualify as a written “binding contract” under the Tax Credit made after April 30, 2010 will render the transaction ineligible for the Tax Credit. If we look to Michigan law, the answer would clearly be “no.” In Michigan, a contract must contain the “essential elements of a contract with sufficient certainty and definiteness regarding the parties, property, consideration, terms and time of performance.” The Michigan Statute of Frauds, MCL 566.1 (the “Statute of Frauds”) provides that such contracts can be modified without new consideration provided that “the agreement changing, modifying, or discharging such contract, obligation, lease, mortgage or security interest shall not be valid or binding unless it shall be in writing and signed by the party against whom it is sought to enforce the change, modification, or discharge.” The Statute of Frauds demonstrates that subsequent modifications to the terms of a purchase agreement are just that, modifications, rather than an entirely new and distinct contract. Thus, there is no reason to believe that the date the purchase agreement was “entered into” would not endure even where amendments are made after April 30, 2010 in accordance with the Statute of Frauds.
There is authority in other contexts, however, for the proposition that at some point the IRS may view an amendment to a contract as being so substantial that the final contract “is a wholly different instrument from the original document.” In this situation, the IRS could take the position that the amended purchase contract does not qualify for the Tax Credit. In order to avoid an argument as to qualification for the Tax Credit, REALTORS® should avoid writing purchase agreements that include vague or broad future conditions or contingencies and avoid making significant or substantial changes to the essential terms of the purchase agreement after April 30, 2010. Finally, it is not difficult to imagine that some zealous sellers or buyers may try to induce their REALTOR® to fudge the date when the contract was entered into,
e.g. a contract signed on May 3, 2010 would provide that it was entered into “as of April 30, 2010.” Similarly, zealous sellers or buyers may wish their REALTOR® to prepare a purchase agreement dated on or before April 30, 2010 which is signed by a “straw” buyer and which will later be assigned to a new buyer and close before July 1, 2010. Obviously, there are any number of ways to attempt to perpetrate a fraud in order to obtain the Tax Credit. REALTORS® should run away as fast as they can if any seller or buyer attempts to induce them to participate in such activity. Under 26 USC § 7206(2), any person who “willfully aids or assists in, or procures, counsels or advises the preparation or presentation under, or in connection with any matter arising under the Internal Revenue laws, of a return . . or other document which is fraudulent or is false as to any material matter, shall be guilty of a felony and, upon conviction thereof shall be imprisoned not more than 3 years or fined not more than
© 2010 by the Michigan Association of REALTORS®

$250,000 for individuals ($500,000 for corporations) or both, together with cost of prosecution.” Finally, it should go without saying that if there are any issues as to whether a proposed purchase agreement will constitute a written “binding contract” for purposes of the Tax Credit, REALTORS® are urged to send their buyers to an attorney or accountant knowledge in the application of the Tax Credit.

Find Out Crime Statistics in Neighborhoods Before you Move

Thu, 01 Apr 2010 14:09:00 GMT

CrimeMapping.com is a website designed to help you find out the recent crime activity that has been happening in your neighborhood or a neighborhood you're looking to move to. The website has been developed by a goup that works with law enforcement agencies thoughout the US to provide the public with accurate statisitics of crime in all neighborhoods. The goal of the website is to lower crime rates by assisiting local police departments through a better informed society. This website is a great tool to use if you're looking to move or are planning on putting your home on the market.

Buyers Who Wait May Lose a Lot

Thu, 11 Mar 2010 21:42:00 GMT

Potential home buyers who delay have a lot to lose.

First-time home buyer and move-up tax credits worth $8,000 and $6,500, respectively, expire April 30. Buyers who qualify get a dollar-for-dollar reduction in taxes or a cash payment if they don’t pay enough taxes to cover the credit. (Like a Rebate Check)

Other factors that should spur buyers:

Low mortgage rates. If the Federal Reserve stops buying mortgage-backed securities at the end of March, 30-year rates will almost certainly rise to more than 6 percent.

Rising prices. About 30 percent of markets are already experiencing price increases. Prices are falling in 12 percent of markets, says Fiserv (but that only helps if you want to live there).

Source: Money Magazine, Beth Braverman (03/02/2010)

The 4 Types of Personalities Women Home Buyers Have!

Wed, 03 Mar 2010 16:29:00 GMT

According to research done by Design Basics, LLC of Omaha, Nebraska-there are 4 different types of personalities Realtors need to cater to when working with a female home-buyer. They have come up with names to characterize these 4 different personalities:Margo-wants to "wow" others with her unique home, Elise-tends to prefer traditional, Claire-is so detailed she might bring a black light to spotlight all of a home's imperfections and Maggie-well, keeping her focus long enough on the home will be a Realtor's biggest challenge. Why so much focus on what women want? Well, according to Realtor Magazine, single women alone compromise 20% of buyers, up from 14% in 1995 and when a woman is shopping for a home with her significant other or family members it is often she who has the biggest influence over the final decision. Although these 4 personalities may not characterize every female buyer its important to decide which personality is closest to you so that you can have a better idea of what you're looking for. Choose from the more detailed list below:

Margo-"My Home is Unique" Her ideal home: Modern design and clean lines draw her eye. She likes geometric shapes and unusual features and she prefers edgy, European-influenced trends. A work area, library, or inspiration room is also desirable since she’s work-oriented.

Elise-"My Home is my Haven" Her ideal home: Function trumps aesthetics for this traditional, family-oriented buyer. She wants a home that’s easy to clean, low maintenance, and durable. She looks at a home from the family’s perspective, and wants plenty of storage, a large laundry room, and a floor plan that comfortably fits her family lifestyle. She’s more likely to go with a traditional design, such as a country kitchen.

Claire-"My Home Makes a Statement" Her ideal home: This status-driven buyer is drawn to brand names and quality products, such as nice fabrics and crown molding. Claire appreciates symmetry in design and wants polished, sophisticated spaces for formal entertaining. She’s also drawn to arched openings, columns, and a gourmet kitchen.

Maggie-"My Home is Carefree" Her ideal home: This adventurous and spontaneous buyer is the least connected to a home’s appearance. She’s drawn to comfort and function and tends to want less square footage because it means less upkeep. She also tends to prefer "green" design and low-maintenance products since she’s always on the go. Maggie is casual when it comes to a home’s design and desires flexible spaces that she can tailor to accommodate her hobbies.

New Craigslist Scam!!

Tue, 23 Feb 2010 16:54:00 GMT

WARNING: Scammers may try to steal your account by sending an official-looking email with a link to a fake craigslist login page, hoping you'll type in your username and password.

Look carefully at the web address near the top of your browser to make sure you are on the real craigslist login page, https://accounts.craigslist.org. If the URL is different from this one in anyway DO NOT Login.

The safest way to login is go to the craigslist homepage directly by typing in the web address, and then clicking on the 'my account' link.

Craigslist Scam for Renters in GR

Tue, 16 Feb 2010 14:08:00 GMT

It appears that someone is pulling the addresses, property descriptions, and listing comments from listed properties and adding erroneous “homes for rent” advertisements to Craigslist. The person posting the ads is offering an email address for inquiries and then sends the following response to those inquiries: Our family has relocated to South Africa and are willing to rent our home in Grand Rapids. Please complete the attached application and we will have someone meet you at the property for a showing. This is apparently an attempt to gain consumers’ personal identification and information, and is also causing headaches and confusion for the true listing agents and property owners, since they too are starting to get calls from interested renters. If this happens to you, please report the incident to the FTC at 877-382-4357 or fill out an online complaint form.

Worlds Largest Sound Stage opens in Grand Rapids

Sat, 13 Feb 2010 10:39:00 GMT

From WZZM13.com

The world’s largest sound stage is now open, right here in West Michigan. Hanger42 Studios is ready for business in Walker, Michigan in the former Lear plant. Walker is northern suburb of Grand Rapids, Michigan

You can find out about future job possibilities at Hanger42 Studio’s website. Operators of Hangar42 Studios announced Thursday that they will be opening a 500,000 square-foot, full-service film production studio in the old structure.

The film tax incentives have brought hundreds of millions of dollars in productions to Michigan. Hanger42 Studios is an example of a permanent structure, to draw more movies to West Michigan.

They made airplanes in the building during World War II. They will make movies here in the 21st century.

The former manufacturing plant on Alpine Avenue is now known as Hanger42 Studios. Hanger because of the airplane origins and 42 because it was built in 1942.

The building has already been used to film movies such as “The Gun” starring Val Kilmer and 50 Cent.

Rick Hert of the West Michigan Film Office says Hanger42 is open and ready for business. He says, “Because of the size of this space we have the opportunity to have 3, 4, 5, 6
projects going in here at a time.”

Learn How to Reduce Property Taxes

Tue, 02 Feb 2010 13:35:00 GMT

There is one last opportunity on Wednesday, February 3, 2010 from 6:00 – 9:00 p.m., to take the RPOA-REI detailed class on fighting inaccurate tax assessments. The class will:

Provide a detailed look at the property tax assessment process.
Explain the assessment appeal process.
Explain and provide examples of the paperwork necessary to file an appeal.
Explain the methodology of determining a correct assessed value and proving it.
Offer information on resources to help appeal your property tax assessments.

Also, Feb 12,2010 is the last day to file your property tax assesment appeal!! Don't throw away your money!! Take action now!!

10 Home Features Buyers Want

Tue, 02 Feb 2010 13:15:00 GMT

Home designers and builders speaking at the recent International Builders Show in Las Vegas say that buyers are seeking cost-effective features and rejecting things that don’t have lasting value.

“It's all about family togetherness – casual living, entertaining and flexible spaces," says Carol Lavender, president of the Lavender Design Group in San Antonio.

Paul Cardis, CEO of Avid Ratings, which conducts an annual survey of buyer preferences, identified these must-haves in new homes:

Large kitchens with islands
Energy efficiency, including energy-efficient appliances, super insulation, and high-efficiency windows.
Home offices
Main-floor master suite
Outdoor living space
Ceiling fans
Soaking tub in the master suite and/or an oversize shower with a seating area
Stone and brick exteriors rather than stucco or vinyl
Community walking paths and playgrounds
Two-car garages, but three-car garages are even more desirable

Source: Realtor Magazine

Cirque Dreams Illumination Comes to Grand Rapids

Tue, 26 Jan 2010 16:22:00 GMT

Cirque De Soleil is known for putting on wacky, zany and mysifying acrobatic shows. They are usually performed in large Metro areas such as Las Vegas, Chicago and NYC however, we who live in Grand Rapids are getting the chance to see one of the Cirque shows starting tonight (1/26) at DeVos Performance Hall. In Cirque Dreams Illumination city dwellers collect objects that are balanced beyond belief, linemen delicately walk wires, daredevils leap tall buildings and flyers redefine the risks of flight. Everyday occurrences are transformed into astounding feats performed by an international cast of acrobatic urbanites, flexible fanatics, world-class athletes, musicians and more. This action packed Cirque Dream is enhanced with over 100 inventive costumes and set in a fantastical cityscape of dimension and special effects. Cirque Dreams Illumination will surpass its "jaw dropping, family friendly spectacle" proclamation by the Los Angeles Times and exhilarate audiences of all ages. To get tickets visit www.broadwaygrandrapids.org.

10 Big Impact, Low-Cost Remodeling Tips

Thu, 21 Jan 2010 14:53:00 GMT

According to Realtor Magazine there are 10 ways you can update your home for sale without breaking the bank. These ideas are all proven to make an impact on potential buyers without making a huge impact on your wallet. Check out the ideas below:

1. Tidy-Up Kitchen Cabinets-Potential buyers do typically open up cabinets and peek inside. An easy way to make them look better is by organizing with baskets or roll-out organizing trays.

2. Add or Replace Tile-By adding new tile inexpensively you can make a space look much brighter and cleaner than it was. Many stores offer tile for $1-$2 and under. This is an easy way to update bathrooms as well.

3. Add a Breakfast Bar-When a wall separates a family room from a kitchen, cutting out an opening to create a breakfast bar is a low cost upgrade that adds value to the home. This can be done for around $500.

4. Install Granite Tiles instead of a Granite Slab-Granite counter tops are an extremely hot commodity in the home buyer's market, but a granite slab can go for more than $3000. An easy alternative is installing granite tiles, which gives the feel of granite counter tops for around 1/10 of the cost!

5. Freshen Up a Bathroom-Add new light fixtures, updated hardware, a new medicine cabinet and re-grout existing tile. All of these are low-cost ways to improve and freshen up a bathroom.

6. Freshen up the Basement-Even if you don't have a finished basement, there are ways to freshen it up. If you have poured concrete walls, have a contractor fill the cracks with cement and paint with a waterproofing paint. After the waterproofing paint you can add a top coat to add color. You can also paint the basement floor with a good floor paint.

7. Add a Room- Look for large spaces that can be enclosed to create a bedroom for just the cost of creating a wall. Adding rooms adds value.

8. Spruce up Cabinet Fronts-Recondition old wood cabinets or even paint them. Both of these are less expensive than re-facing or replacing.

9. Replace Light Fixtures-Replacing light fixtures is the easiest way to update a home.

10. Tech up the Garage- The easiest way is to replace the garage door opener with a remote touch-pad entry system. The cost is low, but makes it look like you have a high-tech garage-opening system.

100 Days Left for Home Buyer $8000 Tax Credit

Wed, 20 Jan 2010 12:29:00 GMT

Get your pre-approval NOW! We only have 100 days to have an accepted PA to qualify for the federal tax credit.

Also, we are expected to have an announcement from FHA this week. They are going to raise the up front mortgage insurance premium from 1.75% to 2.25%and reduce the maximum seller paid costs from 6% to 3% (which means more money out of pocket and higher payments).

Get your rate locked in before these changes occur. More to follow.

Important Staging Tips for Sellers

Tue, 19 Jan 2010 12:19:00 GMT

Click to visit my activerain blog and important staging tips for sale.

http://activerain.com/blogsview/1441858/a-staging-technique-that-neutralizes-those-personal-photos-no-more-distracted-buyers-