Facing Foreclosure: What to Do Right Now

If you™re facing foreclosure, don™t panic: Take steps right now to save your home or at least lessen the blow of its loss.

The foreclosure process takes anywhere from two to 12 months, so if you’re in danger of losing your home, you do have time to seek alternatives. Image: Dreampictures/Photodisc/Getty Images

A record high 2.8 million properties were hit with foreclosure notices in 2009. That™s the bad news. The good news: About two-thirds of notices don™t result in actual foreclosures, says Doug Robinson of NeighborWorks, a nonprofit group that offers foreclosure counseling.

Many homeowners find alternatives to foreclosure by negotiating with lenders, often with the help of foreclosure counselors. If you™re facing foreclosure, call your lender right now to determine your options, which can include loan modification, forbearance, or a short sale.

Foreclosure process takes time

The entire foreclosure process can take anywhere from two to 12 months, depending on how fast your lender acts and where you live. Some states allow a nonjudicial process that™s speedier, while others require time-consuming judicial proceedings.

Once you miss at least one mortgage payment, the steps leading up to an actual foreclosure sale can include demand letters, notices of default, a recorded notice of foreclosure, publication of the debt, and the scheduling of a foreclosure auction. Even when an auction is scheduled, however, it may never occur, or it may occur but a qualified buyer doesn™t materialize.

Bottom line: Foreclosure can be a long slog, which gives you enough time to come up with an alternative. Meantime, if your goal is to salvage your home, think about keeping up with payments for homeowners insurance and property taxes. Otherwise, you could compound your problems by getting hit with an uncovered casualty loss or liability suit, or tax liens.

Read the fine print

Start by reviewing all correspondence you™ve received from your lender. The letters”and phone calls”probably began once you were 30 days past due. Also review your mortgage documents, which should outline what steps your lender can take. For instance, is there a œpower of sale clause that authorizes the sale of your home to pay off a mortgage after you miss payments?

Determine the specific foreclosure laws for your state. What™s the timeline? Do you have œright of redemption, essentially a grace period in which you can reverse a foreclosure? Are deficiency judgments that hold you responsible for the difference between what your home sells for and your loan™s outstanding balance allowed? Get answers.

Pick up the phone

Don™t give up because you missed a mortgage payment or two and received a notice of default. Foreclosure isn™t a foregone conclusion, but it™s heading in that direction if you don™t call your lender. Dial the number on your mortgage statement, and ask for the Loss Mitigation Department. You might stay on hold for a while, but don™t hang up. Once you do get someone on the line, take notes and record names.

The next call should be to a foreclosure avoidance counselor approved by the U.S. Department of Housing and Urban Development. One of these counselors can, free of charge, explain your state™s foreclosure laws, discuss alternatives to foreclosure, help you organize financial documents, and even represent you in negotiations with your lender. Be wary of unsolicited offers of help, since foreclosure rescue scams are common.

Be sure to let your lender know that you™re working with a counselor. Not only does it demonstrate your resolve, but according to NeighborWorks, homeowners who receive foreclosure counseling are 1.6 times more likely to avoid losing their homes than those who don™t. Homeowners who receive loan modifications with the help of a counselor also reduce monthly mortgage payments by $454 more than homeowners who receive a modification without the aid of a counselor.

Lender alternatives to foreclosure

Hope Now, an alliance of mortgage companies and housing counselors, can aid homeowners facing foreclosure. A self-assessment tool will give you an idea whether you might be eligible for help from your lender, and there are direct links to HUD-approved counseling agencies and lenders™ foreclosure-prevention programs.

There are alternatives to foreclosure that your lender might accept. The most attractive option that™ll allow you to keep your home is a loan modification that reduces your monthly payment. A modification can entail lowering the interest rate, changing a loan from an adjustable rate to a fixed rate, extending the term of a loan, or eliminating past-due balances. Another option, forbearance, can temporarily suspend payments, though the amount will likely be tacked on to the end of the loan.

If you™re unable to make even reduced payments, and assuming a conventional sale isn™t possible, then it may be best to turn your home over to your lender before a foreclosure is completed. A completed foreclosure can decimate a credit score, which will make it hard not only to purchase another home someday, but also to rent a home in the immediate future.

Your lender can approve a short sale, in which the proceeds are less than what™s still owed on your mortgage. A deed-in-lieu of foreclosure, which amounts to handing over your keys to your lender, is another possibility. The earlier you begin talks with your lender, the more likelihood of success.

Explore government programs

The federal government™s Making Home Affordable program offers two options: loan modification and refinancing. A self-assessment will indicate which option might be right for you, but you need to apply for the program through your lender. A Making Home Affordable loan modification requires a three-month trial period before it can become permanent.

Fannie Mae and Freddie Mac have their own foreclosure-prevention programs as well. Check to determine if either Fannie or Freddie owns your mortgage. Present this information to your lender and your counselor. Fannie and Freddie also have rental programs under which former owners can remain in recently foreclosed homes on a month-to-month basis.

The federal Home Affordable Foreclosure Alternatives program, which takes full effect in April 2010, offers lenders financial incentives to approve short sales and deeds-in-lieu of foreclosure. It also provides $3,000 in relocation assistance to borrowers. Again, talk to your lender and counselor.

Jerry DeMuth has written about mortgages and other financial issues for more than two decades for trade publications, major newspapers, and consumer magazines. His writing has received four awards and has been included in eight non-fiction books.

Read more: http://www.houselogic.com/articles/facing-foreclosure-what-do-right-now/#ixzz10TCRUK2z

Enough with the doom and gloom about homeownership.

Sure, maybe there’s more pain to come in the housing market. But when Time magazine starts running covers that declare “Owning a home may no longer make economic sense,” it’s time to say: Enough is enough. This is what “capitulation” looks like. Everyone has given up.

The Sept. 6 cover of Time magazine: This is what capitulation looks like.

After all, at the peak of the bubble five years ago, Time had a different take. “Home Sweet Home,” declared its cover then, as it celebrated the boom and asked: “Will your house make you rich?”

But it’s not enough just to be contrarian. So here are 10 reasons why it’s good to buy a home.

1. You can get a good deal. Especially if you play hardball. This is a buyer’s market. Most of the other buyers have now vanished, as the tax credits on purchases have just expired. We’re four to five years into the biggest housing bust in modern history. And prices have come down a long way“ about 30% from their peak, according to Standard & Poor’s Case-Shiller Index, which tracks home prices in 20 big cities. Yes, it’s mixed. New York is only down 20%. Arizona has halved. Will prices fall further? Sure, they could. You’ll never catch the bottom. It doesn’t really matter so much in the long haul.

Where is fair value? Fund manager Jeremy Grantham at GMO, who predicted the bust with remarkable accuracy, said two years ago that home prices needed to fall another 17% to reach fair value in relation to household incomes. Case-Shiller since then: Down 18%.

Brett Arends discusses why he thinks now is a particularly good time to buy a home.

2. Mortgages are cheap. You can get a 30-year loan for around 4.3%. What’s not to like? These are the lowest rates on record. As recently as two years ago they were about 6.3%. That drop slashes your monthly repayment by a fifth. If inflation picks up, you won’t see these mortgage rates again in your lifetime. And if we get deflation, and rates fall further, you can refi.

3. You’ll save on taxes. You can deduct the mortgage interest from your income taxes. You can deduct your real estate taxes. And you’ll get a tax break on capital gains“if any“when you sell. Sure, you’ll need to do your math. You’ll only get the income tax break if you itemize your deductions, and many people may be better off taking the standard deduction instead. The breaks are more valuable the more you earn, and the bigger your mortgage. But many people will find that these tax breaks mean owning costs them less, often a lot less, than renting.

The June 13, 2005 cover of Time.

4. It’ll be yours. You can have the kitchen and bathrooms you want. You can move the walls, build an extension“zoning permitted“or paint everything bright orange. Few landlords are so indulgent; for renters, these types of changes are often impossible. You’ll feel better about your own place if you own it than if you rent. Many years ago, when I was working for a political campaign in England, I toured a working-class northern town. Mrs. Thatcher had just begun selling off public housing to the tenants. “You can tell the ones that have been bought,” said my local guide. “They’ve painted the front door. It’s the first thing people do when they buy.” It was a small sign that said something big.

5. You’ll get a better home. In many parts of the country it can be really hard to find a good rental. All the best places are sold as condos. Money talks. Once again, this is a case by case issue: In Miami right now there are so many vacant luxury condos that owners will rent them out for a fraction of the cost of owning. But few places are so favored. Generally speaking, if you want the best home in the best neighborhood, you’re better off buying.

6. It offers some inflation protection. No, it’s not perfect. But studies by Professor Karl “Chip” Case (of Case-Shiller), and others, suggest that over the long-term housing has tended to beat inflation by a couple of percentage points a year. That’s valuable inflation insurance, especially if you’re young and raising a family and thinking about the next 30 or 40 years. In the recent past, inflation-protected government bonds, or TIPS, offered an easier form of inflation insurance. But yields there have plummeted of late. That also makes homeownership look a little better by contrast.

Associated Press

A house for sale in Shelby, Ohio.

7. It’s risk capital. No, your home isn’t the stock market and you shouldn’t view it as the way to get rich. But if the economy does surprise us all and start booming, sooner or later real estate prices will head up again, too. One lesson from the last few years is that stocks are incredibly hard for most normal people to own in large quantities“for practical as well as psychological reasons. Equity in a home is another way of linking part of your portfolio to the long-term growth of the economy“if it happens“and still managing to sleep at night.

8. It’s forced savings. If you can rent an apartment for $2,000 month instead of buying one for $2,400 a month, renting may make sense. But will you save that $400 for your future? A lot of people won’t. Most, I dare say. Once again, you have to do your math, but the part of your mortgage payment that goes to principal repayment isn’t a cost. You’re just paying yourself by building equity. As a forced monthly saving, it’s a good discipline.

9. There is a lot to choose from. There is a glut of homes in most of the country. The National Association of Realtors puts the current inventory at around 4 million homes. That’s below last year’s peak, but well above typical levels, and enough for about a year’s worth of sales. More keeping coming onto the market, too, as the banks slowly unload their inventory of unsold properties. That means great choice, as well as great prices.

10. Sooner or later, the market will clear. Demand and supply will meet. The population is forecast to grow by more than 100 million people over the next 40 years. That means maybe 40 million new households looking for homes. Meanwhile, this housing glut will work itself out. Many of the homes will be bought. But many more will simply be destroyed“either deliberately, or by inaction. This is already happening. Even two years ago, when I toured the housing slump in western Florida, I saw bankrupt condo developments that were fast becoming derelict. And, finally, a lot of the “glut” simply won’t matter: It’s concentrated in a few areas, like Florida and Nevada. Unless you live there, the glut won’t have any long-term impact on housing supply in your town.

Write to Brett Arends at brett.arends@wsj.com  

Essential Heating System Maintenance

Getting your home™s heating system professionally serviced every year will keep it running smoothly and help keep heating costs under control.  Is your air filter doing its job? Home improvement expert Danny Lipford demonstrates what might be leaking through your filter.

œIf it ain™t broke, don™t fix it is usually a good rule”except when it comes to your heating system. Even if it™s humming along just fine, having a technician take it apart once a year to clean the lines and filters and give it a thorough inspection is absolutely essential. Regular servicing reduces the risk of breakdowns and prolongs the unit™s life. Plus, it saves you money: For every year of maintenance you skip, energy bills jump 5% to 10% because of reduced efficiency. Here™s the lowdown on heating system maintenance.

Who does the job?

The simplest way to get the work done is to hire your fuel company to do it. Oil companies and gas utilities usually provide this service, or you can hire the contractor who installed the equipment. Also, some plumbers handle heating systems.

What is involved?

The technician will clean soot and corrosion out of the combustion chamber where the fuel is burned, and check it for leaks or damage. He™ll inspect the flue pipe for open seams, clogs, or corrosion that could cause carbon monoxide to backdraft into the house. He™ll replace the filters on oil and forced-air systems. Finally, he™ll test the exhaust from your cleaned machine and use the information to adjust the burner for maximum efficiency.

How much will it cost?

You™ll pay between $100 and $180 for the service, depending largely on whether you have a gas system, which is easier to maintain, or oil, which requires a fair amount of soot removal. Usually the cost is covered by an annual maintenance contract that also provides 24-hour emergency service. While the technician is there, he should also service your water heater, assuming it has a separate oil or gas burner.

When is the best time to do the work?

Ideally, have your system tuned up in the fall so it™s in top shape for the start of the heating season. Of course, that™s when technicians are the busiest, so if you can™t do it when you want, do it when you can”as long as your system is serviced once a year. And don™t expect your provider to call to remind you that it™s time. Even if you subscribe to an annual service plan, you still need to call to make an appointment. Call in the spring or summer to be sure of getting on the schedule in the fall.

A former carpenter and newspaper reporter, Oliver Marks has been writing about home improvements for 16 years. He™s currently restoring his second fixer-upper with a mix of big hired projects and small do-it-himself jobs.

Video provided by Today™s Homeowner host, Danny Lipford.

Read more: http://www.houselogic.com/articles/essential-heating-system-maintenance/#ixzz0zW4OFGbF

Outdoor Lighting for Curb Appeal and Safety

Well-planned outdoor lighting improves curb appeal, safety, and security for your home.    

Uplighting adds drama to a landscape. Use it in moderation to highlight different features of your home. Image: Kichler Lighting

Think about it: Most of your guests (and if your home is on the market, many would-be buyers) see your home only in the evening, when its best features may be lost in the shadows. Well-executed outdoor lighting enhances architectural detail and plays up landscape features, casting your home in the best possible light and adding an abundance of curb appeal.

Outdoor lighting also adds value. Judith Patriski, an appraiser and owner of Quad Realty Co. near Cleveland, estimates that for upper-bracket homes, an investment in outdoor lighting can yield a 50% return. œWhen you pull into a driveway and see a gorgeous home, you™re going to pay more for it, says Patriski.

And she emphasizes that it™s not only about aesthetics: œIn all price ranges, lighting for security is important”both to protect against intruders and falls. Here are the elements of successful outdoor lighting.

Mimicking moonlight

Much of the success of exterior lighting hinges on its design. Hang around lighting designers long enough and you™ll hear a lot of talk about œmoonlight effect. That™s a naturalistic look that features light no more intense than that of a full moon, but still strong enough to make beautiful shadows and intense highlights.

Other techniques outdoor lighting designers use:

• Highlight trees: Whether illumined from below or given presence by a light mounted in the tree itself, trees make stunning features.

• Use uplights: Uplighting is dramatic because we expect light to shine downward. Used in moderation, it™s a great way to highlight architectural and landscaping features.

• Have a focus: The entryway is often center stage, a way of saying, œWelcome, this way in.

• Combine beauty and function: For example, adding lighting to plantings along a pathway breaks up the œrunway look of too many lights strung alongside a walk.

• Vary the fixtures: While the workhorses are spots and floods, designers turn to a wide range of fixtures, area lights, step lights, and bollards or post lights.

• Stick to warm light: A rainbow of colors are possible, but most designers avoid anything but warm white light, preferring to showcase the house and its landscape rather than create a light show.

• Orchestrate: A timer, with confirmation from a photocell, brings the display to life as the sun sets. At midnight it shuts shut down everything but security lighting. Some homeowners even set the timer to light things up an hour or so before dawn.

Adding safety and security

Falls are the foremost cause of home injury, according to the Home Safety Council. Outdoors, stair and pathway lighting help eliminate such hazards.

Often safety and security can be combined. For example, motion-detecting security lighting mounted near the garage provides illumination when you get out of your car at night; the same function deters intruders. Motion detecting switches can also be applied to landscape lighting to illumine shadowy areas should anyone walk nearby.

Even the moonlight effect has a security function: Soft, overall landscape lighting eliminates dark areas that might hide an intruder, exposing any movement on your property. Overly bright lights actually have a negative effect, creating undesirable pockets of deep shadow.

Switching to LEDs

Once disparaged for their high cost and cold bluish glow, LEDs are now the light source of choice for lighting designers. œThey™ve come down in price and now have that warm light people love in incandescent bulbs, says Paul Gosselin, owner of Night Scenes Landscape Lighting Professionals in Kingsland, Texas. œWe haven™t installed anything but LEDs for the last year.

Although LED fixtures remain twice as expensive as incandescents, installation is simpler because they use low-voltage wiring. œAll in all, LEDs cost only about 25% more to install, Gosselin says. œAnd they™ll save about 75% on your electricity bill.

Another advantage is long life. LEDs last at least 40,000 hours, or about 18 years of nighttime service. With that kind of longevity, œwhy should a fixture have only a two-year warranty? asks Gosselin. He advises buying only fixtures with a 15-year warranty, proof that the fixture™s housing is designed to live as long as the LED bulbs inside.

Innovations

The growing popularity of exterior lighting has led to innovative fixtures. Here are some bright new ideas:

• Solar lighting: When first introduced, solar pathway lights produced a dull glow that rarely made it through the night. They do much better now that they are equipped with electricity-sipping LEDs, more efficient photovoltaic cells, and better batteries. Still, they have yet to measure up to hard-wired systems.

• Hybrids: Porch lights now come equipped with LED lighting for all night use, and a motion sensor that clicks on an incandescent bulb to provide extra illumination as you approach the front door. Hybrids use about 5% of the power a solely incandescent fixture requires.

• Barbecue light: Tired of grilling steaks by flash light? Now you can buy a gooseneck outdoor light, ideal for an outdoor kitchen.

Estimating the cost

Total outdoor lighting costs will vary according to the size of your home and the complexity of your lighting scheme. Expect to pay about $325 for each installed LED fixture. LEDs also require a transformer to step the power down from 120 volts to 12 volts, running about $400 installed.

A motion detector security light costs about $150 installed. Porch lights and sconces range from $100 to $250 installed, depending the fixture and whether running new cable is necessary.

Contractor-installed outdoor lighting for an average, two-story, 2,200 sq. ft. house might add up as follows:

• 7 fixtures to cover 100 feet of LED pathway lighting: $2,275

• Transformer: $400

• 4 LED uplights to dramatize the front of the house: $1,300

• 2 LED area lights for plantings: $650

• 2 motion detector security lights: $300

Total cost: $4,925

Dave Toht has written or edited more than 60 books on home repair and remodeling, including titles for The Home Depot, Lowe™s, Better Homes & Gardens, Sunset, and Reader™s Digest. A former contractor, Dave was editor of Remodeling Ideas magazine and continues to contribute to numerous how-to publications.

Read more: http://www.houselogic.com/articles/outdoor-lighting-curb-appeal-and-safety/#ixzz0wnFSPt00

http://www.youtube.com/watch?v=mb65dIG6m80

6  Homeowner Tax Advantages

When you™re evaluating how much home you can afford, make sure you factor in the tax advantages of homeownership.

You can claim some tax deductions if you work from home, but be sure you’re entitled to them before taking them.

Owning your home not only allows you to build wealth through appreciation, but it can also reduce the amount of income tax you pay every year.

Here are six tax benefits for homeowners.

1. Deductions for loan fees

Typically, you can deduct the œprepaid interest you paid when you got your mortgage loan. That includes points, loan origination fees, and loan discount fees listed on your settlement statement, even if the seller paid those fees for you. Each time you refinance your home, you can deduct prepaid interest fees.

However, you must meet certain requirements to take the prepaid interest deductions when you purchase or refinance your home. Check with your accountant to be sure you™re following the rules.

2. Property tax deductions

In the year you purchase your home, you™re entitled to deduct the real estate taxes you paid at the closing table. You can continue to deduct the property taxes you pay each year.

3. The mortgage interest deduction

Every year, you can deduct the amount of interest and late charges you pay on your mortgage and home equity loans, though there are limitations. If you™re required to purchase private mortgage insurance (PMI) because you made a downpayment of less than 20% on your home, you can also deduct those premiums as mortgage interest expenses.

4. Home office expenses

If you have a home office you use only for business, you may be eligible to deduct the prorated costs of your mortgage, insurance, and other expenses related to that space. The government scrutinizes home-office deductions closely. Be sure you™re entitled to the deductions before claiming them.

5. The costs of selling your home

In the year you sell your home, you can deduct the costs of selling it, including real estate commissions, title insurance, legal fees, advertising, administrative costs, and inspection fees. You can also deduct decorating or repair costs you incur in the 90 days before you sell your home.

6. The gain on your home

If you lived in your home for at least two of the previous five years before you sell it, the government lets you to take up to $250,000 of profit on the sale of your home tax free. That amount is doubled for married couples. This deduction isn™t available on rental or second homes.

The government also allows you to subtract from your home sale profit any amounts you spend on improvements, such as window replacement, siding, or a kitchen remodel. Those deductions are in addition to the tax credits you can receive in 2010 for making energy-saving upgrades. Money invested for routine maintenance and repairs doesn™t count.

This article includes general information about tax laws and consequences, but is not intended to be relied upon as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice; tax laws vary by jurisdiction.

source – HouseLogic

Read more: http://buyandsell.houselogic.com/articles/7-homeowner-tax-advantages/#ixzz0vqU0GMuG

Rock Hill Real Estate – The Stephen Cooley Team

Choose your Realtor carefully and do some research on their experience and testimonials from past clients.   We are proud to showcase testimonials from our  clients received this past week on each of our Buyer Specialists, during one of the most difficult real estate markets in history.  

Catch up on  what people like you  had to say about their experience with our team members: Amy Faulkenberry, Dale Loftis, Stephen Heath and  Susan  Stroud.      

The  nature of our business is such that personal relationships and professional services are an absolute MUST for success.   Referrals and raving fans spreading the word fuels our business and we are thankful for our clients and their comments.    I am  proud to have the best Team  in the Carolinas!

Amy Faulkenberry, Buyer Specialist

“Dear Stephen,
We have recently concluded the purchase of a home after about 18 months of service by two of your team members, Susan Stroud and Amy Bigham Faulkenberry.   We would like to comment on our experience which was very rewarding.

First of all, I would like to say that they listened to our requirements and paid close attention to our dreams, wishes, and priorities.   The on-line service was designed to forward properties that met our criteria.   Susan and Amy did their best to define our requirements and send us only properties that were, for the most part, good candidates for our review.

Even though our criteria were difficult, Susan and Amy  never waivered in their support and encouragement that we should continue our quest until we found what we wanted.   They were always hopeful and pleasant; they never gave up even when we turned down countless properties for almost 18 months!

For part of the time, we signed a Buyer’s Agency agreement, but we made it clear that we were also looking at FSBO’s.   Even with that as a condition, we never sensed any resentment or pressure from your team.   It was as if they knew from the start that the outstanding array of services provided by The Cooley Team would convince us to use them in the end.   That is exactly what happened!   Most of my home purchase in the past have been without the benefit of a real estate professional.   Never again.   Amy professionally demonstrated every aspect and reason that one should choose a real estate professional to serve as their agent in the process.

During showings, when I was too detailed, unrealistic, or analytical, Amy responded politely, tactfully, and professoinally to my comments.   She recognized my concerns and never made me feel like I was being unreasonable.   Instead, she tactfully advised me using her vast knowledge and experience and politely steered me in the right direction, always with a smile and a re-assuring remark to keep the process hopeful and positive.   I so much appreciate her technique.   She is as much a psychologist and counselor as she is a real estate agent!

When it came time to negotiate, it was clear that she had only our best interest at heart.   Again, when I went in a direction that was not in our best interest (out of ignorance), Amy found a tactful and professional way to suggest another path that might produce a better result.   And id did!   Frankly, it saved us thousands.

With a signed contract in hand, Amy continued to follow the process daily, even during her vacation, to ensure that we were well-informed that each step of the process was proceeding as planned.   She answered every communication promptly and attended to every minute detail.     Her many resources with service providers came in very handy.

At the last minute the day before closing, when I got angry about the status of a repair, she used every ounce of her professionalism to politely calm me down and assure me that all would be handled to meet my expectations.   Then she followed through to ensure that it all happened as promised.

The closing was pleasant.   All the service providers that Amy recommended lived up to expectations and we were never in doubt about a positive outcome (except for which of the 30 keys might fit the entrance door, ha ha)!

Now, days, and weeks after closing, we continue to hear from Amy with her offers to assist us in any way possible.   I’m almost expecting her to come and help us unpack !

It must be such a relief for Amy and Susan to see us finally get the home we wanted and for them to know that they are responsible for making it happen from start to finish.   We owe them a debt of gratitude for listening to our needs, their persistence in searching and their dedication and commitment to seeing us satisfied, without regard to the amount of effort it took on their part.   We are grateful for, and admire, their skills and consummate professionalism in every aspect of the process.

We enjoyed every minute spent with Susan and Amy; their sincere dedication to our satisfaction has sparked a friendship that we know will last a long time into the future.  

Please congratulate these two members of The Cooley Team on a job not just well-done, but done to professional perfection!”

Kind Regards,
Rob and Sepideh

Dale Loftis, Buyer Specialist

“To Whom It May Concern,
I was put in touch with Dale via my friend in Atlanta who is also a Keller Williams agent!   I can’t begin to tell you how terrific Dale & his team were to work with!   I was currently living in Philadelphia & looking for a home in South Carolina.  

Dale helped me through every step of the buying process.   He was constantly emailing, texting or calling me with the latest information!   I felt that Dale was working for me and got me an “Amazing” deal on my 140 year old home.  

Please know that Dale & his team will provide you with top notch service & results that will make you a believer in people who make your dreams come true!

In this world of uncertainty, you can be certain that you have found an agent who really cares about your goal of finding that perfect home!”

Sincerely yours,
RJ

Stephen Heath, Buyer Specialist

“Dear Stephen,
Over the past month or so, I have been working on buying my first property, and Stephen Heath has been my Realtor.   I should be closing any day now and greatly look forward to my move.   As such I am currently covered in dust whilst packing up my home here in Arizona, readying for my move to South Carolina.   Despite pushing a deadline of having movers and needing to purge and pack, I wanted to take a moment to write to you and let you know what an overwhelmingly positive experience I have had with Stephen Heath.

I  do not think I can be complimentary enough of Stephen in all of my interactions with him.   He has been professional, timely, courteous, effective, helpful, understanding and so pleasant to deal with.   As a first time home-buyer, I am new to this process.   He has been patient in explaining the process to me, and helpful in pointing me in the right direction for those matters that someone else needs to attend to.   i especially appreciate how patient Stephen was with me in going to view properties and giving me the time to make a decision.   As I was only in Rock Hill for less than a week, Stephen has been such an asset in helping to navigate the buying-from-long-distance process.   Across the board through each step of this process he has been Aces.   What a welcome to my new home!

In these past weeks I have told many friends and family members of my positive experience with Stephen, and everyone has countered with a horror story of his or her own, or at least a story of how little a Realtor did to help, with special notes that no one has enjoyed the process of buying a home as much as I have.   This experience has been so wonderful – and what else could one hope for in buying a home?   I wanted to let you know how highly I think of Stephen, and what a great help he has been to me, and the overall positive experience I have had with The Stephen Cooley Team.

In a few short weeks I’ll be joining the faculty at Winthrop University.   I plan on singing the praises of The Stephen Cooley Team, and Stephen in particular, to anyone who will listen (and probably to some who won’t).   In all seriousness, I will eagerly recommend The Stephen Cooley Team.   Thanks for making this such a positive experience.”

Warmly,
Dr. Laura

Source:   Stephen Cooley’s Mailbox

For service guaranteed to make a lasting impression and save you thousands – call our team today!   We’ve got additional talents too: Psychologist, Dream Maker and Ace.   What a  great way to start the day with incredible letters from satisfied clients!

Smart Options: Kitchen Flooring

Choose kitchen flooring that marries your priorities”durability, sustainability, low maintenance, or an open floor plan”with the options.

View Photo GalleryChoosing flooring for your kitchen remodeling project is a critical design decision, one that unites all the elements of your kitchen. Not only that, kitchen flooring must perform extremely well, providing low maintenance, durability, and good looks without breaking your budget. With so many flooring options available, how can you be sure you™re getting a product that provides the right combination of price and style”one that will provide years of satisfaction? Weigh the options based on your lifestyle and how you™ll use your kitchen.

Chef™s choice: Comfort and low maintenance

Top-quality sheet vinyl flooring is ideal for busy cooks. It™s a snap to clean up, plus it™s completely waterproof and stain-proof. There are few seams to trap dirt or let moisture through to the subfloor, and installations for kitchens less than 12 feet wide (the width of standard sheet vinyl) are seamless. Sheet vinyl requires no ongoing maintenance, so you can spend more time cooking.

Sheet vinyl belongs to a group of flooring products called resilient flooring, which have flexibility and are slightly soft under foot. This characteristic eases muscle fatigue”a plus if you spend a lot of time in your kitchen. Also, resilient floorings are much more forgiving of accidentally dropped glasses and bowls.

Then there™s cushioned vinyl, which is backed with a layer of foam”regular sheet vinyl uses felt backing”providing an extra measure of comfort. But its added thickness and flexibility makes it difficult to create seams that stay tightly bonded over time. When your flooring dealer measures your kitchen, be sure to ask if your configuration requires seams. If the answer is yes, consider regular felt-backed vinyl.
 
You™ll find sheet vinyl flooring in many of colors and patterns. Thicker vinyl can feature a textured surface, and some types do an excellent job of mimicking the appearance of ceramic tile and real stone. Textured vinyl provides traction and is a good idea for kitchens where floor surfaces occasionally get wet.

Vinyl flooring includes a œwear layer on its top surface that helps resist scratches and scuff marks. The trade-off for low maintenance is that the wear layer eventually dulls and you™ll likely want to replace it. The best brands offer guarantees on the wear layer of 10-15 years, but good quality vinyl should last 20 years.

Cost: At $1 to $5 per sq.ft., sheet vinyl is one of the least expensive options for kitchen flooring. Installation adds $1 to $2 per sq.ft., depending on the complexity of the project. For a 12 x 16 foot kitchen, you™ll spend about $1,000. In general, the thicker the vinyl, the higher the quality and the cost of the product. It™s widely available at home improvement centers and flooring stores.

When durability is important

Porcelain flooring tile, a version of common ceramic tile, is the durability champ. It™s fired at high temperatures that produce an extremely hard, durable, stain-resistant tile impervious to moisture. In fact, it™s so tough it can be used outdoors in virtually any climate.

Like common ceramic tile, porcelain tile comes either unglazed or glazed. The unglazed versions take on the color of their clay mixture, so they have naturally earthy tones. Glazed tiles have a glass-like coating that can be made in virtually any color, and can mimic the look and texture of real stone at a much lower cost than stone. For kitchens, choose porcelain tiles certified as slip-resistant by the Americans with Disabilities Act”the designation should be visible on product literature or packing materials.

Cost: Averages from $1 to $20 per sq.ft.; installation, $5 to $10 per sq.ft. Porcelain tile is widely available at home improvement centers and flooring stores.

Your best green option

Cork is made from tree bark that™s harvested every eight to 10 years; it™s a sustainable material, meaning the bark grows back and can be harvested repeatedly. Countries that produce cork are careful to regulate harvesting practices to ensure future supplies.

Cork has a unique cellular structure that™s waterproof and compressible, which makes it a comfortable, moisture-resistant choice. It comes in 12 x 12-inch tiles and 1 x 3-foot planks, each with a unique grain pattern of swirls and speckles. The surface is naturally textured, so cork is slip-resistant as well.

Most cork flooring products come pre-finished. However, they should be resealed every 3 to 4 years to help guard against scratches and prevent moisture from entering the seams between tiles. Both natural wax and polyurethane are good sealers for cork. Choose water-based polyurethane that™s non-toxic or has low volatile organic compound content.

Cost: $2-$6 per sq.ft.; installation, $5-$10 per sq.ft.

Hardwood unites an open floor plan

Hardwood flooring, with its unmatched warmth and visual appeal, is a great choice if you have an open floor plan and prefer a single flooring style that creates visual continuity beyond the kitchen. In the kitchen, hardwood provides durability and low-maintenance. Prefinished hardwood is moisture-resistant, although spills should be wiped up immediately.

Hardwood flooring is either solid wood strips or engineered wood planks. Engineered wood has a veneer of real wood backed by layers of less expensive plywood. This construction provides dimensional stability that makes the flooring less susceptible to movement caused by changes in humidity and temperature”a good idea for kitchens.

Increasingly popular bamboo, like hardwood, is glued together to form solid strips or engineered planks. But technically it isn™t a hardwood, it™s a grass. Bamboo is tough, durable, and green. It can be re-grown quickly and easily. If the environment is a factor in your choice of bamboo flooring, look for products made without urea formaldehyde glues. Costs are comparable to hardwood.

Cost: $3-$8 per sq.ft., although exotic varieties of wood may run as high as $12 per sq.ft. Installation, $5-$12 per sq.ft., depending on the complexity of the job.

John Riha has written six books on home improvement and hundreds of articles on home-related topics. Heís been a residential builder, the editorial director of the Black & Decker Home Improvement Library, and the executive editor of Better Homes and Gardens magazine. His standard 1968 suburban house has been an ongoing source of maintenance experience.

Source:   HouseLogic

For local connections and resources to help you with your flooring project – please contact The Stephen Cooley Team at 803-985-1240.  

7 Tips for a Profitable Home Closing

Be sure you™re walking away with all the money you™re entitled to from the sale of your home.

Make sure to check the math on all documents before closing. Anyone can make a mistake. Image: Purestock/Getty Images

When you™re ready to close on the sale of your home and move to your new home, you may be so close to the finish line that you coast, thinking there™s nothing left for you to do. Not so fast. It™s easy to waste a few dollars here and for mistakes to creep into your closing documents there, all adding up to a bundle of lost profit. Spot money-losing problems with these seven tips.

1. Take services out of your name

Avoid a dispute with the buyers after closing over things like fees for the cable service you forgot to discontinue. Contact every utility and service provider to end or transfer service to your new address as of the closing date.

If you™re on an automatic-fill schedule for heating oil or propane, don™t pay for a pre-closing refill that provides free fuel for the new owner. Contact your insurer to terminate coverage on your old home, get coverage on your new home, and ask whether you™re entitled to a refund of prepaid premium.

2. Spread the word on your change of address

Provide the post office with your forwarding address two to four weeks before the closing. Also notify credit card companies, publication subscription departments, friends and family, and your financial institutions of your new address.

3. Manage the movers

Scrutinize your moving company™s estimate. If you™re making a long-distance move, which is often billed according to weight, note the weight of your property and watch so the movers don™t use excessive padding to boost the weight. Also check with your homeowners insurer about coverage for your move. Usually movers cover only what they pack.

4. Do the settlement math

Title company employees are only human, so they can make mistakes. The day before your closing, check the math on your HUD-1 Settlement Statement.

5. Review charges on your settlement statement

Are all mortgages being paid off, and are the payoff amounts correct? If your real estate agent promised you extras”such as a discounted commission or a home warranty policy”make sure that™s included. Also check whether your real estate agent or title company added fees that weren™t disclosed earlier. If any party suggests leaving items off the settlement statement, consult a lawyer about whether that might expose you to legal risk.

6. Search for missing credits

Be sure the settlement company properly credited you for prepaid expenses, such as property taxes and homeowners association fees, if applicable. If you™ve prepaid taxes for the year, you™re entitled to a credit for the time you no longer own the home. Have you been credited for heating oil or propane left in the tank?

7. Don™t leave money in escrow

End your home sale closing with nothing unresolved. Make sure the title company releases money already held in escrow for you, and avoid leaving sales proceeds in a new escrow to be dickered over later.

Source: HouseLogic

Let one of our experienced Buyer Agents ensure these items don’t go overlooked!   Contact The Stephen Cooley Team today at 803-985-1240.

http://www.StephenCooley.com
York County Real Estate

Negotiate Your Best House Buy

Keep your emotions in check and your eyes on the goal, and you™ll pay less when purchasing a home.

When negotiating a house sale, for every concession you make, ask for something in return.

Buying a home can be emotional, but negotiating the price shouldn™t be. The key to saving money when purchasing a home is sticking to a plan during the turbulence of high-stakes negotiations. A real estate agent who represents you can guide you and offer you advice, but you are the one who must make the final decision during each round of offers and counter offers.

Here are six tips for negotiating the best price on a home.

1. Get prequalified for a mortgage

Getting prequalified for a mortgage proves to sellers that you™re serious about buying and capable of affording their home. That will push you to the head of the pack when sellers choose among offers; they™ll go with buyers who are a sure financial bet, not those whose financing could flop.

2. Ask questions

Ask your agent for information to help you understand the sellers™ financial position and motivation. Are they facing foreclosure or a short sale? Have they already purchased a home or relocated, which may make them eager to accept a lower price to avoid paying two mortgages? Has the home been on the market for a long time, or was it just listed? Have there been other offers? If so, why did they fall through? The more signs that sellers are eager to sell, the lower your offer can reasonably go.

3. Work back from a final price to determine your initial offer

Know in advance the most you™re willing to pay, and with your agent work back from that number to determine your initial offer, which can set the tone for the entire negotiation. A too-low bid may offend sellers emotionally invested in the sales price; a too-high bid may lead you to spend more than necessary to close the sale.

Work with your agent to evaluate the sellers™ motivation and comparable home sales to arrive at an initial offer that engages the sellers yet keeps money in your wallet.

4. Avoid contingencies

Sellers favor offers that leave little to chance. Keep your bid free of complicated contingencies, such as making the purchase conditional on the sale of your current home. Do keep contingencies for mortgage approval, home inspection, and environmental checks typical in your area, like radon.

5. Remain unemotional

Buying a home is a business transaction, and treating it that way helps you save money. Consider any movement by the sellers, however slight, a sign of interest, and keep negotiating.

Each time you make a concession, ask for one in return. If the sellers ask you to boost your price, ask them to contribute to closing costs or pay for a home warranty. If sellers won™t budge, make it clear you™re willing to walk away; they may get nervous and accept your offer.

6. Don™t let competition change your plan

Great homes and those competitively priced can draw multiple offers in any market. Don™t let competition propel you to go beyond your predetermined price or agree to concessions”such as waiving an inspection”that aren™t in your best interest.

Source:   HouseLogic

We are here ready to help you navigate and NEGOTIATE through your home purchase!  
Contact our experienced team today at 803-985-1240.

The Stephen Cooley Team
Rock Hill Real Estate