Annette Lane

Open House in Laurel (Anne Arundel County) on Saturday

Annette Lane — Fri, 29 Jan 2010 20:25:00 GMT

Laurel (Anne Arundel County), Anne Arundel County - We invite everyone to visit our open house at 120 Woodridge Place on February 6 from 9:00 AM to 3:00 PM.

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Open House in Laurel (Anne Arundel County) on Sunday

Annette Lane — Fri, 29 Jan 2010 20:24:00 GMT

Laurel (Anne Arundel County), Anne Arundel County - We invite everyone to visit our open house at 120 Woodridge Place on January 31 from 9:00 AM to 3:00 PM.

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SEVEN COSTLY MISTAKES SELLERS MAKE

Annette Lane — Wed, 13 Jan 2010 20:47:00 GMT

There are always appropriate steps to investing in real estate and hopefully, you've garnered many of them right on these pages. However, there are also inappropriate steps sellers can walk down when it comes time to put their house on the market.

For instance, the seller in Virginia, who thought the half bath the builder had located at the front of the house would really be better situated toward the back of the main level (though all the other similar models had the powder room in the same place for the previous 20 years). He got hung up on this detail so much, that he just had to move it -- and did -- for thousands of dollars, just so he could get it on the market the "right way." His hang-up may have settled some deep-seated emotional need for him, but it didn't draw any more buyers, and it drained his bottom line. You might say, that was a costly mistake.

Real estate broker and author Sid Davis has identified in his book "A Survival Guide to Selling a Home," another seven costly mistakes that many sellers make when it comes time to put their home on the market. In my business, I've seen each one of these mistakes played out and it just makes me shake my head as to why, sellers forge ahead with unwise strategies, instead of listening to the voice of an experienced professional.

The seven costly mistakes
Mistake 1: Putting the home on the market before it's ready. Most times this happens because the seller gets impatient or is a procrastinator and has pushed himself up against a moving deadline without getting the pre-sale work done. So it comes on the market with the horrible carpet (that gets replaced during the marketing of the home); or they are painting it while it goes on the market. Presentation is everything -- so get the work done before marketing the property.

Mistake 2: Over improving the home for the neighborhood. This happens with additions, bump outs, and upgrades that make the home stick out from among its competitors so much that it's an anomaly, instead of a nice addition to the community.

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Mistake 3: Pricing the home based on what the seller wants to net. This pricing strategy always ends in failure. Sellers can control the "asking" price, but they don't control the "sales" price. The market does. It doesn't matter what the seller wants, the price is determined by the black-and-white, matter-of-fact reality of the market.

Mistake 4: Hiring an agent based on non-business factors. Make sure you're hiring a professional with a proven track record. It might be nice to hand over your largest asset to your nephew who just got his license -- but make sure he has a mentor to keep your deal from going south.

Mistake 5: Getting emotionally involved in the sale of the home. This is one of the biggest challenges home sellers face when putting their house on the market. Once you decide to sell your house, it's no longer a home, but a commodity. It needs to be prepared as a commodity, marketed as a commodity, and priced as a commodity. It doesn't matter what you "want," only what the market can bear on pricing. People are going to come in to kick the tires, so to speak, and you can't get emotional about how they may or may not appreciate the nuances of your home of seven years.

Mistake 6: Trying to cover up problems, or not disclosing them. Most states have a property disclosure/disclaimer form -- use it wisely. Just because you disclaim doesn't mean you cannot be sued later for the leaky basement, or dilapidated heating/air system that's discovered 30 days after settlement.

Mistake 7: Not getting your ducks lined up before trying to sell. This would involve financing, reading the fine print on your current mortgage to ensure no pre-payment penalties, not listening to the particulars of your local market, etc. If your local market is dictating lower home prices, then lower it early, not later -- it will cost you more. If the local market dictates selling your home first, then buying second, do it in that order, or vice versa.

Avoiding these mistakes is not that difficult. There are plenty of resources (like this publication) and professionals, who are there to help you step over the pitfalls. Do the research early, and listen to that voice in your head (it's probably the whispers of the finance, real estate, insurance person who's warning you of a hole you're about to step into). Sell well.

Open House in Aspen Park on Sunday

Annette Lane — Mon, 11 Jan 2010 16:19:00 GMT

Aspen Park, Pasadena - We invite everyone to visit our open house at 329 Cool Breeze Court on January 17 from 1:00 PM to 4:00 PM.

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Open House in Laurel (Anne Arundel County) on Sunday

Annette Lane — Mon, 11 Jan 2010 16:18:00 GMT

Laurel (Anne Arundel County), Anne Arundel County - We invite everyone to visit our open house at 120 Woodridge Place on January 17 from 12:00 PM to 4:00 PM.

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Colonial For Sale in The Provinces

Annette Lane — Fri, 08 Jan 2010 15:22:00 GMT

Third Party Approval Needed

• 2,508 sq. ft., 3 bath, 4 bdrm colonial - MLS® $350,000 - Priced to Sell!

The Provinces, Severn - Reduced- MUST SELL!! Welcome home to this charming 4 bedroom, 3.5 bath home in the heart of The Provinces! Offered at a great value, this generous colonial is listed as a short sale. Property features include hardwood flooring, new appliances in 2002, finished basement with wet bar, full bath, and new berber carpet. Master suite features walk-in closet, luxury bath (with soaking tub & double vanity)* Upper Level Laundry* 2 Tier Deck* Gas Fireplace* Must See!! Third Party Approval Needed*

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Weekly Mortgage Indicator (Week of October 26, 2009)

Annette Lane — Thu, 29 Oct 2009 13:34:00 GMT

This week’s news is highlighted by the consumer. Today we see Consumer Confidence numbers and Friday we see Consumer Sentiment. Consumer Confidence numbers are based on a survey of consumer attitudes on present economic conditions and expectations of the future. Consumer Sentiment is conducted by the University of Michigan and questions 500 households on their financial conditions and overall feelings about the economy. Consumer Sentiment is directly related to the strength of consumer spending.

New Home Sales will be released Wednesday and based on the Existing Home Sales report last week, this should also be a positive report as well. Supply of new homes has dropped to seven months which is the lowest level in 2 ½ years.

GDP and Jobless claims come out Thursday. The jobs report is always watched closely, but GDP should steal the attention this week as it is expected to show the first positive growth since the second quarter of 2008. The market will be watching very closely how this report plays out and could make Thursday a very busy day.

Rate Watch:

Despite an overall positive week, rates did not improve. 30 year fixed rates are still in the 5% range and unlikely to move much due to the ceiling of resistance I talked about last week. I am still recommending locking in any deals of 30 days or less.

I’ll let you know if anything changes.

Thanks for reading and have a great week!!

Mike

Mike Haeffner, CMPS

Vice President

1st American Trust Mortgage

10270 Old Columbia Road, Suite 150

Columbia, MD 21046

FIRST TIME HOME BUYING TAX CREDIT TO BE EXTENDED!

Annette Lane — Thu, 29 Oct 2009 13:23:00 GMT

Good news! It appears that Senate Democrats have recognized the tremendous value of the First Time Homebuyers Tax Credit and that it will be renewed soon. At this time, it is believed that the credit will allow anyone purchasing (even if the property is not closed) a home by April 30, 2010 to participate and receive the full credit available. The credit will be continued (but reduced by 2% each 90 days) through the end of 2010! The credit will be slightly lessened, but it will be renewed and this extension should allow the market to continue to recover into and through next summer’s selling season. Of course, there’s always the possibility that it could be renewed at that time, as well.

Here’s the text of the story as reported in Bloomberg News today:
Senate Democrats on Board with Credit Extension

Senate Banking Committee Chairman Chris Dodd (D-Conn.) says Senate Democrats have agreed to extend the first-time home buyer tax credit. The latest version extends the program to home sales signed — not closed — by April 30. Purchasers would have another 60 days to close the sale. The credit will also be expanded to include so-called step-up buyers who have lived in their current home for at least five years.

The credit would be cut slightly to a $7,290 cap. Income eligibility for first-time home buyers would stay the same, but it would rise for step-up buyers to $125,000 for individuals and $250,000 for couples.
Source: Bloomberg News, Dawn Kopecki and Ryan Donmoyer (10/27/2009)

Open House in Piney Orchard on Sunday

Annette Lane — Tue, 27 Oct 2009 17:48:00 GMT

Piney Orchard, Odenton - We invite everyone to visit our open house at 704 Dayspring Drive on November 1 from 12:00 PM to 4:00 PM.

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Open House in Chesapeake Ranch Estates on Sunday

Annette Lane — Tue, 27 Oct 2009 17:47:00 GMT

Chesapeake Ranch Estates, Lusby - We invite everyone to visit our open house at 11510 Palo Alto Road on November 1 from 12:00 PM to 4:00 PM.

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Top 10 Home Buying Tips For Short Sales -

Annette Lane — Tue, 20 Oct 2009 18:03:00 GMT

Guide to Understanding Short Sale Foreclosure Real Estate

Modern homebuyers will inevitably come across one or more properties currently classified as a short sale. A short sale is an attempt by the current owner to sell a home in lieu of the bank taking it back through foreclosure proceedings, thus partially salvaging their credit rating and lifting the burden of heavy mortgage debt.

The entire short sale process hinges on the hope that the bank will take a loss now, approve the sale, and eliminate the costly process of foreclosing, clearing, and reselling a home. Obviously, this is a big hope on behalf of prospective homebuyers as well and they need to understand some things in order to lessen the chance for disappointment of unapproved short sales. This is what they should know:

1) Price is usually set by the agent & seller, not bank - The agent and seller often create a very low asking price in order to attract buyers. The bank is normally unaware of the asking price; however, the bank has the final say in what an acceptable offer will be. Since the bank has the power to ultimately accept or deny offers, their lack of price awareness often leads to the process taking longer than anticipated. The bottom line is that the buyer needs to remain positive and patient throughout the entire process, sometimes even for months.

2) Loans owned by 1 bank usually better than 2 - If the seller has loans owned by two different banks it is a lot more difficult to approve the short sale. This is something the agent or the buyer cannot control; it simply depends on the willingness of the bank or banks involved. While the reasons are beyond the scope of this guide, buyers should know that when the seller only has loan(s) with one bank the short sale often becomes more buyer-friendly. A savvy Realtor can let you know this type of information.

3) Lowball offers get slow or no response - Remember that the bank is typically unaware of the pricing during a short sale. When lowball offers stream into the bank they are often scoffed at and rejected, giving the prospected buyers little or no feedback. Surprisingly, it may also take painstakingly long to hear back even on good offers due to the high volume of transactions lenders are inundated with these days.

4) Agent must check comparables before submitting offer - The agent must be sure to check recent home sales in the area to give buyers a better idea of the properties that are selling. This will give the agent and the seller appropriate grounds for an asking price that will be more likely to be approved by the bank. Checking comparables will also give the buyer a better knowledge of what price homes in the neighborhood are selling for and ultimately make them a more informed homebuyer.

5) Don't hang your hat on the property - Short sales aren't necessarily "short." It can sometimes be a very long process. Don't get your hopes up for just one property, keep your options open and continue to actively look at multiple properties. Buyers must remain optimistic, the right property will come along. In most areas it is completely legal and risk-free to have multiple offers out at any given time with the proper contingencies.

6) Sellers with other properties or too strong of financials may not qualify for short sale and/or may be asked to pay the difference - Sellers that own more than a handful of properties or have an extremely large net worth will probably not be eligible for short sale. In some cases the seller will be asked to pay the difference of the sale. The seller might even need to sign a promissory note stating that they will pay back all or most of the debt. This has virtually no effect on the buyer as long as the seller cooperates.

7) "Approved" prices are quickest - It is important to remember that short sales are not always timely; however, making an offer on an "approved short sale" can be a quicker process. An "approved short sale" has a price that has already been given the green light by the bank. This could be due to the fact that another interested buyer made an offer that was approved, but didn't end up buying the property. These types of short sales are some of the most highly desirable.

8) Some banks look want strongest buyers, some want strongest offers - The bank has all the power in approving short sales. The bank can pick the most appealing buyer, which may mean different things to different banks. Some banks may prefer the buyers with large down payments while others just want the highest price regardless of down payment. Many buyers want to know if they will get a deeper discount for an all cash offer. This is very hard to predict and one will never really know until they make an offer. As long as the buyer is surrounded by a good team we would advise them to do just that.

9) Repairs are seldom done, credit is more frequent - If there are improvements that need to be made on a home, even if they are necessary to get a loan, it is often unlikely that they will be done. Typically there is some sort of credit issued and the buyer must take the responsibility of fixing anything that is broken.

10) When you get approval, must close on time - During a short sale there is no leniency with the closing escrow date as there often is in a traditional sale. During a short sale, exceptions are rarely made and the buyer must close on time. Because of this, it is important to take care of all loan paperwork immediately after opening escrow. We'd advise buyers to be extra prepared and try to have the loan finalized a few days in advance of the closing date. If there is going to be an issue that will prevent closing on time, a request for an extension will need to be made immediately. If the request is made early enough, many banks will grant an extension but don't just assume it will happen.

Conclusion
Short sales can be a great opportunity to find your new home at a competitive price. A Short sale could also be a major headache that lasts for months. It is important to have a good understanding of the factors that lead to a successful short sale to make it an enjoyable and profitable experience. We hope that these tips will help you to remain positive and optimistic throughout the process.

Weekly Mortgage Indicator (Week of October 19, 2009)

Annette Lane — Tue, 20 Oct 2009 14:07:00 GMT

Interest rates hit a level of resistance last week amid another group of contradicting economic reports. Consumer Sentiment, which measures both current conditions as well as expectations, dropped on both levels. Rebounds in the housing market, as well as strength in the stock market, are holding up consumers’ feelings about current conditions. While continuing job losses are negatively affecting expectations of the future. I think this sums up the current economy rather well.

Speaking of job losses, last week’s jobless claims fell on both the initial and continuing sides. This continues a trend we have seen for the last couple of months. It will be interesting to see how this trends plays out as we approach the holiday season with respect to retail sales.

Retail sales pulled back sharply in September, but were mostly due to a post-“clunkers” drop in auto sales. If you take out the auto component, retail sales were up .5%, following a 1% increase in August. The market consensus was for a .3% increase.

This week is a rather quiet one with the emphasis being on the housing market. Tomorrow we will get Housing Starts, and on Friday we get Existing Home Sales. I expect both numbers to meet expectations, especially with the looming end to the First Time Homebuyer credit, as people rush to take advantage of it before the November 30 deadline. There are rumors it may be extended, but I wouldn’t count on it. The government is looking to diminish its fiscal footprint in this recession because all the money it is spending is hurting the value of the dollar. And since we are getting some signs that the recession is easing, I wouldn’t expect major help from the government much longer. Take advantage of low rates and the credit while you can.

Back to interest rates for a moment. I have mentioned a “ceiling” of resistance in past weeks that rates cannot seem to break through. This ceiling is actually a moving average based upon technical and market factors. Two weeks ago rates had reached a price of 102 (don’t worry about the number itself) but couldn’t go any higher. The higher this number, the lower rates are. Since reaching this number, rates have headed higher, and this ceiling is now at 101. So as the price of rates fall (it now stands at 100.70), rates go up as well. But remember, this ceiling/number is a moving average. So the while the ceiling may have been 102 two weeks ago, it is now at 101 with rates trading on the open market at 100.70. This 100.70 number moves all day long and is the determining factor in the actual cost of rates each day. But the ceiling moves along with it and as the 100.70 number drops, so does the ceiling. While the ceiling number moves every day, the meaning of it stays the same: It is a technical factor that rates have an incredible time breaking though regardless of what the actual number may be.

Since the ceiling of resistance has dropped, and I anticipate the ceiling to stay at or near its current levels, I recommend locking all deals of 30-45 days. We may see instances where rates come close to the ceiling, but I do not think the technical factors are present to allow rates to break through this number and improve all that much. If you want to gamble, go to Vegas or Atlantic City. If you want a rate you can brag to your friends/family about, lock in a rate now and forget about it.

Thanks for reading and I hope you learned something.

Have a great week!

Mike

Mike Haeffner, CMPS

Vice President

1st American Trust Mortgage

10270 Old Columbia Road, Suite 150

Columbia, MD 21046

Will the Home-Buyer Tax Credit Be Extended?

Annette Lane — Tue, 20 Oct 2009 14:04:00 GMT

Time may not be running out after all for buyers seeking to take advantage of the $8,000 first-time home-buyer tax credit. The incentive is set to expire on Nov. 30, 2009. But persuading Congress to extend the incentive into 2010, raise the tax credit's upper limit to $15,000 and loosen some of the income limits are the top agenda items for the legislative arm (aka the lobbyists) of the Mortgage Bankers Association, according to a recent report from Marketwatch.

The NAR and National Association of Home Builders support the extension, naturally, as their members have much to gain from the uptick in business the tax credit provides. According to NAR Regional Vice President Joseph L. Canfora, a broker-owner with Century 21 Selmar Realty in East Islip, N.Y., the $8,000 tax credit triggered between 355,000 and 400,000 real-estate transactions and helped decrease the number of homes for sale.

In a normal market, there are six to seven months of housing inventory for sale. When the tax credit was enacted in February 2009, inventory was at 9.1 months, according to Canfora. As of August 2009, inventory was at 8.2 months, the first move toward "normal" since 2007.

Fewer homes for sale, low interest rates and other positive news about the real-estate market certainly buoy the spirits of real-estate professionals and home sellers. However, is it time to let this $15 billion program "die with dignity," as Martha C. White wrote recently in The Washington Post? She has plenty to say about why extending the tax credit, let alone increasing it to $15,000 and opening it to a wider array of home buyers, is a bad idea. According to White, the real cost to taxpayers is more like $43,000 per first-time home buyer, not just $8,000.

White goes on to say, "The credit also artificially inflates the value of eligible homes sold by up to $8,000, leaving the buyer with a debt that's greater than the value of the property." Hmmm... sounds like a familiar scenario that didn't end well the last time it played out.

According to White, another looming issue, should Congress extend the tax credit and raise the limit to $15,000, is that buyers will overextend themselves to buy more house than they can comfortably afford. That could eventually trigger The Great Foreclosure Wave, Part 2, though mortgage lenders are certainly taking a harder look at mortgage applications, buyers' employment histories, credit ratings and annual income.

The Federal Reserve has kept mortgage rates extremely low, and that's one of the strongest assists the government can give the housing market. Ending the home-buyer tax credit on Nov. 30 will hurt in the short term, says White, but without pain, there can be no long-term gain.

-- Valerie Patterson oversees all online and print marketing efforts at Kurfiss Sotheby's International Realty, a privately-owned real-estate firm based in the Philadelphia area. Prior to joining Kurfiss, she was the producer of The Wall Street Journal's free real-estate site, RealEstateJournal.com.

Weekly Mortgage Indicator (Week of October 12, 2009)

Annette Lane — Mon, 12 Oct 2009 17:44:00 GMT

Last week’s jobless claims exceeded expectations and pointed to some encouraging news for the economy’s outlook. Initial claims fell significantly, down 33,000, in the week of October 3. The four week average is at 539,750, down 9,000 from the previous week. Continuing claims also fell by a robust 72,000 to 6.040 million. This was one of the better weeks of employment news we have seen recently.

Most of the Treasury auctions I wrote about last week were well received. And we had a ton of them going on every day. But Thursday’s 30 yr bond auction did not fare so well. By definition, Treasury notes are sold at regularly scheduled public auctions. The competitive bids at the auctions determine the interest rate paid on each note issued. Dealers can hold, resell or trade the securities with other firms. Before 2009, the 30 yr auctions were held quarterly. This year the Treasury added more auctions that occur almost on a monthly basis and help fund the expanding federal deficit. This auction fared much worse than the last one in September, and reflects a lack of enthusiasm for holding long term government debt. And rates took it on the chin Friday as a result.

This week brings us a couple of big reports to watch out for. Mainly, Retail Sales on Wednesday and Friday’s Consumer Sentiment. Both these reports will give us a glimpse into the hearts of consumers as we approach what could be a tough holiday season. Since consumer spending makes up nearly 70% of the economy, both of these reports will be heavily watched.

On the mortgage side, we are starting to hear some unsettling rumblings coming from FHA. As you know, both Fannie Mae and Freddie Mac are now effectively run by the government due to horrific losses from mortgages gone bad. FHA took up the slack for what used to be considered Subprime loans. Subprime loans were made to people with less than perfect credit. As Fannie and Freddie increased their mortgage guidelines to unheard of and ridiculous standards, FHA became the place to get a mortgage. FHA doesn’t originate loans, but it does guarantee the loans through the mortgage company that originates the loan. And FHA issues its own mortgage insurance, instead of going to outside private companies. And these private insurers are more difficult to get approvals from than Fannie/Freddie!! Here is an example. There are currently over 10,000 zip codes in the US where you cannot get private mortgage insurance at all. That is almost 25% of all the zip codes in the country! So what that means to a consumer is that unless you put down 20% or more you would have no choice but to use FHA.

As recent as one year ago, if you have a 580 credit score you could get an FHA mortgage. Now the minimum is 620 and rising fast. Lenders now impose a pricing or interest rate adjustment on scores below 660. FHA is still the way to go mainly because of its mortgage insurance and 3.5% down payment (versus 10% down for Fannie/Freddie, mainly due to the difficulty in getting private insurance). But FHA is now starting to have the same problems that Fannie and Freddie did with underperforming loans. If FHA’s problems continue, we could see higher credit score requirements and a higher minimum down payment. If you are looking to buy a home and are waiting for prices and/or rates to drop, you may wait yourself out of a mortgage entirely. I do not see an end to these high mortgage guidelines any time soon. And I actually expect them to get more strict for at least another year.

Interest rates hit a wall Friday and I don’t see rates getting much lower. We are seeing technical factors keeping rates from getting better. In other words, there is a “ceiling of resistance”, or a price that rates reach and are unable to break through. When they do not break through, they fall (raising rates) and then start the climb back towards the ceiling of resistance all over again. Sometimes rates break through this ceiling and we see incredible rates for a period of time. This could be for a couple of days, hours, or even sometimes only for a couple of minutes. Our current ceiling has been one we have not broken through, and Friday rates really took a hit as they bounced against this ceiling and fell hard. We may see rates come back this week some, but I am recommending locking all loans that are 30-45 days out.

Thanks for reading and I hope you learned something.

Have a great week!

Mike

Mike Haeffner, CMPS

Vice President

1st American Trust Mortgage

10270 Old Columbia Road, Suite 150

Columbia, MD 21046

Weekly Mortgage Indicator (Week of September 14, 2009)

Annette Lane — Mon, 21 Sep 2009 13:28:00 GMT

Last week finally gave us a little good news on the job front. Both initial and continuing claims fell by substantial numbers for the week ending September 5. Initial claims showed the best numbers of 2009, and continuing claims fell by 159,000. Let's hope we see the same when the number are released this Thursday.

Another pleasant surprise came in the way of consumer sentiment, which showed a nice increase for the first part of the month. Which, by the way, continued the strong showing for the later part of August. Consumers will be the catalyst for ending the recession once and for all since consumer spending makes up 70% of GDP. We haven't seen this confidence translate into major increases in retail spending yet. But the markets are looking for positive trends and this has potential to show exactly that.

We have a busy, busy week of news ahead of us. Nothing of note was released yesterday but that will not be the case today. Starting off our Tuesday morning, we get the Producer Price Index (PPI) and Retail Sales. Remember the PPI is the inflation index at the wholesale level before being passed on to consumers, and this was down in July. August's numbers may be a little higher due to higher energy (gas) costs, but the core index shouldn't show much change. No inflation is good for interest rates :) Retail sales is the one to watch today. The market consensus is a minor increase from July to August, but if it comes in negative or less than expected, it could be a market mover.

The Consumer Price Index (CPI) will be released tomorrow and this will probably show a slight increase due to rising energy costs in August. But the year over year numbers are still very good and bode well for the rest of the year.

Housing Starts will be released Thursday and this has increased for five consecutive months, especially the all important single-family component. This report will could surprise though, because there is still a large inventory of existing homes, so this is a biggie to watch. And then of course, we get Jobless Claims. Look for a continuing of positive numbers here, regardless of how small.

I am still feeling positive about rates, though I am a little worried about a market correction. But I feel the positives outweight the negatives for the time being. Rates improved slightly last week (hovering around 5%), and I recommend floating all deals of 30 days or less.

Thanks for reading and I'll let you know if anything changes.

Have a great week!

Mike

Mike Haeffner
Certified Mortgage Planner
1st Preference Mortgage Corp.
Cell (410) 375-3868
Fax (301) 363-8510