Interest rates vary greatly based on loan type, loan size, loan term, and lock-in time, region of the county, world markets, bond prices and many other volatile indexes. These factors have a major impact on the movement of interest rates, but this list does not include the most important factor, the specific borrower’s credit score, LTV, DTI, property type, source of down payment, etc!

The major determining factor of interest rates are the specifics of the borrower who is asking to borrow the money!

Mortgage Lenders quote interest rates as a way to attract customers. There are two trains of thought on this questionable advertising method. And the decision depends on what the ultimate goal is.

1. If the goal is to simply get the phone to ring, then you quote the lowest rate available! This train of thought is what I call “bait and switch” advertising. The lowest interest rates are ONLY available to a small percentage of borrowers. Typically, the borrowers who are eligible for the lowest interest rate in the market on any given day are putting a minimum of 20% down; have credit scores above 720; have done a complete pre-approval so they can lock the rate for 15 days or less and they have no add-ons such as escrow waiver or property type price add-ons or credit score add-ons, etc.

This is the equivalent of a car dealer quoting a price for a stripped down basic car without air conditioning, power brakes or windows, no warranty and they only have 1 at that price and it has no tires!

2. If the goal is to provide a basic interest rate because people want to see daily interest rates, then you quote the most general, average interest rate for any given day. This is the approach I prefer to use when quoting a “generic sample interest rate”. Real estate agents want a daily rate quote and we understand that we need to provide one. I refuse to provide the lowest (bait and switch rate), so I opt for the middle or average interest rate. Unfortunately this tends to offend as many folks who think our rates are too high as it does folks who think our rates are lower than what they got!

Either way, to generally quote an interest rate without having any of the details about the borrower or the property is basically meaningless except for very general purposes.

If you really want an accurate rate quote, have the borrower call the mortgage lender with their specific details, so they get the rate that applies to them. This is the only way a borrower ever gets a true interest rate.

And remember, interest rates are at historic lows. This means that in the past 60 years no matter who the borrower is or what end of the interest rate scale they actually fall under based on their specific profile, they’re getting an interest rate that is lower than they could have gotten at any other time in history. Encourage your potential buyers to buy now and take advantage of historic interest rates.

From the moment a potential buyer steps through the threshold of your home, you want to do everything you can to excite and impress them. As they always say, first impressions are everything, and sellers could lose a potential sale if their entrance isn’t in peak form. With a little effort, you can create a home viewing experience buyers won’t soon forget.

It’s all about the entrance

To buyers, little things go a long way. Adding a dash of color to the front door, replacing the hall mat, baking before an open house and making sure the floor, walls and mirrors are spotless will all ensure your home gets off on the right foot with potential buyers.

Every room counts

When you walk into your home, you can probably see more than just the entranceway. If you have an airy and open space, consider adding common elements that will draw the viewer’s attention from one room to the next – a great way to give your home added continuity.

Clear the clutter

Coat racks are common in most homes, but that doesn’t mean you want to show yours off during an open house. To add size to the front area, lose the hats, shoes, coats and jackets. For furniture, make sure it fits in the space and doesn’t make the room look small and cramped. You may want to clear out the furniture, too!

Upgrade the flooring

Is the laminate in your 70-year-old home a turn-off? Sellers should strive to make the entrance as welcoming as possible, and that includes getting rid of any flooring or materials that dramatically dates your décor. Before listing a property, consider making some minor remodeling upgrades. Because the front hall is normally a smaller space, it may be a good place to invest some extra effort and give it a more modern appeal. Hardwoods or tile are extremely popular nowadays.

Get a handle on it

What’s the first thing a person touches when walking into your home? If your door handle is in need of a polish or needs to be changed, it may be worth hiring a handyman to install a quality piece of hardware. If the front door experiences jams or squeaks, give it some TLC before you throw the welcome sign on the front lawn. A home in disrepair is usually a home that doesn’t sell.

Mirrors and artwork

If your entrance is small, a mirror creates a trick of the eye and will expand the space. An interesting piece of contemporary art can also create a memorable entrance for a purchaser. Whichever you choose, remember the first impression is the one that lasts. Take time to ensure that every potential homebuyer feels welcomed when walking in.

How do you create a welcome feeling at your front entrance?

Many investors are purchasing land across Georgia. Depending on what you plan to do with the land, there are two different courses of action you can take:

Improving the Land

There are many types of land that you can purchase, some of which has been improved and some not. In Georgia, we have a lot of “pipe farms” available, which are pieces of land that have been stopped midway in the process of creating a community. Roads and sewer may have been installed. If you are investor, this may be good or bad. When you purchase a partially developed piece of land, you are most likely committing yourself to finishing the project, which can add more cost and more risk.

Unimproved land, or land in its natural state, can be purchased specifically to be improved and then sold. Improvement usually consists of building some type of structure on the land, whether it is residential or commercial. Building a structure on the land can significantly raise the value, however, like development of a subdivision, can be costly and add risk.

In today’s market, purchase money financing and/or institutional funding is less available to investors, so cash deals are more frequent. Improvements are financed, in great part, based on the strength of a business plan that ties generation of income to the improvement. The investor might consider an improvement to be a good investment, but the lender may not see the tangible means necessary for repayment.

Unimproved Land

Historically, raw or unimproved land values have risen, but like the rest of the real estate market today, buyers can often purchase land at lower than perceived market value. Many investors choose to purchase and hold unimproved land speculating that value and demand will increase within a reasonable timeframe. This strategy doesn’t involve building costs and maintenance is sometimes less expensive. Additionally, ROI from real estate investments has historically exceeded other investment opportunities. This rationale is widely held by speculative real estate investors today.

Land prices can be dirt cheap (pun intended) in rural areas, but growth can be slow depending upon the intended use of the land. The price of land may be higher in more populated areas, but the potential for return greater. Commercial and residential land values vary with location and use.  There is no specific investment rule-of-thumb.

Current land investment opportunities are numerous and vary often providing the buyer with the upper hand. If you have any questions or comments about buying or selling land, be sure to post your thoughts below.

As a Realtor®, vacations are important. You’re constantly required to be “on” 24 hours a day, 7 days a week. Communication is an absolute requirement, and not answering your phone or email can cost you valuable business. So we need to be available, and that means answering an email from a seller at 6am and then following up with a buyer at 7pm, and a ton of to-do items in between. It’s also normal practice to work weekends, since that’s when most buyers and sellers are available.

But when we’re on vacation, we get to RELAX… right? Sadly, this isn’t the case for most agents. I’ve actually had agents answer my calls when on the beach, at a theme park, or even on the ski slopes!

Plus, everyone is now addicted to email. We not only check it on our computers, but on our smartphones and tablets. It doesn’t matter where we are, we’re constantly connected, and that may include vacation time.

In truth, everyone’s hooked on technology, not just Realtors. I’m guilty of ITSO (inability to switch off) too. My smartphone charges on my nightstand, so I usually check my email before I ever get out of bed in the morning and use it to jot down ideas if I wake up during the night.

But I’m not the only one. At a recent conference, I learned that 91% of adults have their mobile device with them at all times. In fact, the average person spends at least 8.5 hours daily in front of a screen of some sort. Think about it…how often do you glance down at your phone at lunch or dinner, in meetings or while watching TV?

We’re nearing technological overload, and it doesn’t help when we don’t disconnect on our vacations.

I recommend that you put down your smartphones and laptops, and promise yourself to chill out! In addition, rather than taking calls on your cell during vacation, find someone to cover for you. It’s easy to do, and you’ll truly appreciate the break!

After a good vacation lacking technology, you’ll find that you’ll be more attentive, your cognition will increase and you’ll be calmer and sharper. For your next vacation, give your brain a recharge and make sure to enjoy yourself.

Where to put your heaps (upon heaps) of clothes can be a problem, especially if you’re planning to buy an older home or a smaller home. In those types of listings, closet space is at a premium. What can you do?

A. Buy a bigger home, with a bigger closet
B. Call a reality TV show for help with a closet makeover
C. Store your extra stuff in an off-site storage building
D. Throw away or donate stuff you don’t need

Plenty of people pick option A. And they have the oversized utility bills to prove it. However, we hope you picked option D.

The True Cost to Own That Dress

You just bought a summer frock for $200. Summer is three months long. You’ll wear the dress exactly 12 times this year. Next summer, will you bring the dress out? Yes, but it’s likely you’ll wear it half as many times, if at all. The third summer? It will hang in your closet and you’ll never pull it out.

Each wearing cost you $11.11. Was it worth it? Maybe, until you do the math.

Now add in the underclothes ($8), shoes ($10), belts ($4), jewelry ($30), and handbag ($20) and you’ll see that every time you get dressed, you’re amortizing about $2,500 a month, enough to make a monthly payment on a $400,000 home.

If you really want to make yourself sick, go through each item in your closet and write down what you paid for it. If it adds up to a decent down payment on a house, you’re beginning to get the picture.

Take charge because there’s no such thing as investment dressing, because clothes don’t build equity. For every new garment you buy, another becomes obsolete, because you stop wearing it.

Ideas That Can Help

• Create a keep, donate, and throw away pile. If you haven’t had a garment on in two years, donate it. If you find stained, out-of-shape, or otherwise nonwearable clothes, throw them out. If this is too hard, weed your closet alone, and then once again with a sensible friend.
• Keepers should be clothes you love, not sizes you can’t wear.
• Keepers are multi-purpose. They can be dressed up or down, or transition into the next season with a sweater or jacket. They can go over or under other clothes.
• Keepers are classic. They don’t scream last year or fashion victim.
• Try this…Hang all of the clothes in your closet with the hook facing you. Each time you wear something, hang it back with the hook facing away from you. This will tell you how often you wear your clothes, so you can discard items not worn in the last year.
• Go back over your receipts for the past year and add up what you spent on clothing. Vow that at least 75% of that amount this year will go toward a down payment on a home or toward paying your new mortgage down.
• Make a clothing budget for new purchases and stick to it. If you choose 10% of your income, go back and read this article over again.
• Make a new game – how long can you make a good piece of clothing last? How many ways can you wear it?
• Find other ways to get euphoric – like shopping for houses instead of blouses online.
• And when you buy your dream home, treat yourself to a closet organizing system, so you can see what you own – all at one time.

Share your tips for cleaning out your closet below. How long does it normally take you to do this?

Buyer interest is up sharply, evidenced by a 26% increase in contracts pending for 2011 over 2010. More buyers trying to buy fewer listings means fiercer competition for the “good” properties. Sellers are receiving multiple offers, holding “highest and best” bidding contests and instructing their listing agents to keep the property “active” right up until the date of closing. This last item is dirty pool, unethical, illegal and unprofessional.

Of course, the sellers may not be aware that License Law (43-40-25-(b)(2)) and the Code of Ethics (Articles 1, 2 and 12) require that agents not misrepresent the availability of property and to disclose the existence of any accepted offer, but licensees are very aware of these legal requirements. Licensees may not break the law, even if their client requests that they do. 

The most strident complaints against listing agents today center on listing agents failing to correctly display the true status of their listings in the MLS’s. If an offer has been accepted, the listing should be displayed as “Pending Sale”, “Under Contract”, “Pending Lender Approval”, “Contingency – Due Diligence”, “Contingency – Other”, “Contingency with Kickout” or whatever the appropriate status for the relevant MLS is. The MLS’s actually REQUIRE their member brokers to display the correct listing status within 1-3 days of the Binding Agreement Date.

Are you aware that both FMLS and GaMLS have online, anonymous reporting links to let them know about listing violations? The MLS then contacts the broker and requires that the listing in question be updated properly. Too many infractions, and a broker endangers their membership in the MLS. This is a stick brokers respond to. 

How to Report Incorrect Listing Status

FMLS – Login, select “Support” on the left side of the screen, then select “Report a Violation”.

GaMLS – Login, select “Listing Issues” from the links in the top right corner of the homepage.

Each agent needs to step up and actively report listings which are not displaying the correct status. If they don’t, this will only get worse, driving up the blood pressure of more and more agents and brokers. Agents often complain, but “don’t want to get anyone in trouble”. Sorry, but it can’t be both ways. If the MLS’s are not made aware of the situations, nothing can be done. Please report these incidents when you encounter them. The integrity of the data is only as good as the integrity of the source.

Swimming pools are both beautiful and lots of fun, but you should be ready for the amount of expenses and work it takes to maintain, as well as the increase to your liability. So should you buy a home with a pool or not?

As an outdoors trend, swimming pools have joined the ranks of backyard landscaping, fencing, walkways, decks, weather-proof kitchens, fireplaces, covered and open patios, arbors, ponds, and play areas. Pools are enjoyable, they promote fitness and they’re always a great place to entertain family and friends. Keep in mind though, only you can determine how much you’ll use it and enjoy it.

And although a pool is great fun, there are definitely some negative aspects to pool ownership. There are safety and compliance issues, such as having to put a (not-so-attractive) child-proof fence around the pool in some neighborhoods or counties where it’s required.

There’s required maintenance, which can be monthly and turned over to a pool service if you wish, but that’s yet another bill to pay. Pool water can be considered a living, breathing organism and needs to be constantly monitored for chlorine levels, leaves and to make sure your filters are working. Plus, a swimming pool uses lots of water and chemical treatments to keep it clean, attractive and safe, and it will increase your homeowner’s insurance. These are the costs of pool ownership, and you have to be ready for them.

Pools come in five styles, which I’ve ordered in least to most expensive:

• Above-ground pools are the cheapest construction option, as well as the easiest to build. They are available from a variety of manufacturers, but aren’t allowed in most subdivisions due to restrictive covenants.
• Fiberglass pools are made from fiberglass-reinforced plastic, which has been molded into a basin shape. Because of the material, they can only be up to a certain size. In-ground spas are generally fiberglass models.
• Vinyl-lined in-ground pools are a lot like above-ground pools, structurally. They look more like conventional in-ground designs, but liners need to be replaced every 10 years or so. This is much cheaper than the next two options and is quicker to install, but not as durable.
• Gunite pools are currently the most popular design in much of theUnited States, a highly durable sprayed mixture of cement and sand over a mesh grid. They can be built in any shape and size, and feature a variety of interior finishes.
• Poured-concrete pools are similar to Gunite pools, but they’re a lot harder to build. Instead of spraying concrete material around a rebar framework, concrete is actually poured into conventional wooden forms. Some pool builders feel that poured-concrete is the most durable option, but this is negligible with today’s materials.

So you’re looking at buying a home with a pool. If you’re wondering whether or not a pool is worth what you’re paying as an amenity of the home, consider the following:

• Are pools popular in your area? Is the pool going to be a good or bad thing when you go to sell the home?
• Does the pool complement the home and yard? Was it well-designed, or did it eliminate important space for a play yard?
• Is the pool being maintained as well as the home? Are there any visible cracks, broken tiles, or cloudy water that could possibly mean more expenses to you? How old is the pool and its mechanical components? How soon will they need to be replaced? Have the tile surrounds and concrete walkways need updating?
• Are there additional outdoor features that augment the pool area, such as a cabana, barbeque or outdoor kitchen?
• Something no one ever thinks of is where will people change their clothes and use the bathroom? Is there an outdoor room? Or will they be tracking wet footprints through the house?

Before buying, gather all of the maintenance and repair records the seller might have for the pool, and make sure to include the pool in the home inspection. Have your Realtor® put together comps for homes with and without pools, and obtain recent prices from local pool companies on similar pools to see if you are overpaying for the seller’s pool, especially if it needs updating. Many pool companies will be happy to help in order to possibly get the maintenance, repair, or redesign business from the new owner.

My advice is to be ready for pool ownership, and make sure that it’s what you want before buying. If it ends up being the right move, that’s great! I love my pool. It’s great for outdoor entertaining and is perfect for cooling off in theGeorgiaheat.

Do you have any interesting stories about buying a home with a pool or owning a pool? Please comment below!

In the business of real estate sales, it’s especially important that we consciously manage the moments of truth that occur throughout the day. Prospective buyers, sellers and other agents make decisions whether or not to work with a particular agent based upon moments of truth. If a moment of truth is bad, people may choose not to do business with someone. If indifferent, they’ll be just as inclined to do business with someone else. Moments of truth are really “make or break” moments.

Answering the Phone

Consider for a moment the manner in which you answer your phone. Phone calls should always be answered professionally. Far too often, agents answer their phone with a mumbled “hello” leaving the caller wondering if they’ve called the right person. An answer like that creates a bad moment of truth. Instead, your phone should always be answered professionally. Consider this answer: “This is _____________ with _____________. How may I help you?” An answer like this gives the caller a favorable impression of your professionalism… and if it happens to be a friend or family member… you just reminded them that you’re in the business of selling houses.

In the event a caller gets your voicemail, what impression will your greeting make? Voicemail greetings should be professional, as brief as possible without music or other distractions and it should set proper expectations.

Voicemails

How many times have you gotten someone’s voicemail message and they say they’ll “call you right back”? And how many times do they actually “call you right back”? A message like that sets the caller up for disappointment… and a bad moment of truth when they don’t get a return call right away.

Your voicemail greeting should be managed on a daily basis so you can set proper expectations for callers and create positive moments of truth. A greeting like “This is __________ with __________ and today is _____________. I will be on various appointments throughout the day and may not be able to return your call promptly. But please leave a message including your phone number and I’ll return your call at my earliest opportunity. Thank you for calling.”  If you know that you won’t be able to return calls until a particular time frame, indicate that on the message.

What about the messages you leave for others? Do you speak clearly? Do you indicate the reason for your call? Is your message as brief as possible? Do you give your name and phone number slow enough for the receiver to understand without listening to the message again… and again? If not, you create a bad moment of truth and may not get a return call.

Other Moments of Truth

What about the signs in front of your listings? Are they clean, undamaged and straight? Anything less will create a bad moment of truth for you. Do you use flyer boxes? Are they ever empty? That’s another bad moment of truth. 

What about your written correspondence? That includes, but is not limited to, flyers, handwritten notes, typed letters, newsletters and email. All correspondence should have complete sentences (with the possible exception of flyers which can utilize short phrases and bullet points) that are grammatically correct with correct spelling and proper punctuation. Some people don’t care about this but for those who do… it’s a moment of truth.

There are countless other moments of truth throughout the day. Start making a conscious effort to manage them. It’s so hard to win someone’s business… yet so easy to lose it through bad moments of truth.

Before you panic about this bad news… the bottom line is that on a $100,000 FHA base loan amount, the payment will increase less than $7 per month as a result of both MIP premium increases.

The increase will affect only new loans with FHA Case numbers ordered on or after April 1, 2012. There are two types of Mortgage Insurance on FHA loans:

1)     Upfront MIP is calculated by multiplying the loan amount by 1.75% and then adding that amount to the base loan amount. The “Upfront MIP” is financed into the loan.

2)     Annual MIP is calculated by multiplying the loan amount by 1.25% and dividing that total by 12 to equal a monthly amount that is paid as part of the homebuyers total monthly mortgage payment.

This is the fourth increase HUD has made to FHA MIP costs in the last 2 years. These increases have been necessary due to the rapid increase in the number of loans that are insured by HUD under the FHA program.

In 2006, FHA insured about 2% of all loans made for purchasing a home in theU.S.In 2011, that percentage jumped to 18% of all loans used to buy a home. As the number of FHA loans have increased, so have the number of foreclosures resulting in the need for HUD to raise more revenue.

All new FHA loans with case numbers ordered on or after April 1, 2012 are subject to the increased MIP amount. The changes will affect both purchase and refinance loans. Existing FHA-insured homeowners will not be affected by the MIP rate change.

If you have any questions, feel free to comment below.

I think two things come into play here. First, we’ve been conditioned from real estate birth to find out if our prospect qualifies to purchase. Today’s customer is really quite offended by the money conversation right out of the gate. Today’s buyer wants to know if their agent cares about them and can give them the level of service they expect. There’s nothing wrong with having them qualified by a mortgage company, in fact it’s beneficial to everyone, but only after you’ve established a relationship with the customer. Give them a chance to see if the relationship is a good fit for them and for you.

Second, because of the recession and the rising cost of gas and other costs related to real estate, I think many agents tend to panic about how they can afford to work with a customer. You must make this decision prior to accepting a buyer as a new client. Asking for a retainer fee up front or complaining to the customer about how much working with them is going to cost you is really off putting. How would you feel if a waiter asked to check your credit card before you could order your food?

Having said that, there are circumstances where a discussion regarding fees is perfectly acceptable. If a customer wants to engage you to help them find a rental, fees for services rendered is acceptable. Just keep in mind that your conversation should cover what you’ll be doing for the customer and what fees you’d be willing to negotiate with them.

Another instance where you must discuss fees is when you want to refer a person to another broker (through our Relocation Department, of course). The law actually requires that you tell your customer that you will be receiving a referral fee from the referred broker. You don’t have to mention amounts, just that they are being referred and fees will be paid. Metro Brokers has a GAR form that the customer must sign saying they are aware that a referral fee will be paid to Metro Brokers.

The main thing to remember is that you want the customer’s first impression of you to be a positive one.

Photo from movieposter.com

I have a few tips to get you started. Metro Brokers’ Blog has remained successful, with thousands of views each month. In fact, this entry marks its 200th post.

While blogging is definitely a form of social networking, it can help you in ways that Facebook and Twitter can’t. It’s a great outlet for your business knowledge and personal views, and you can go into much greater detail than on other social networking sites.

Just be sure that you have time to dedicate to it.

Getting Started

First, it’s important to find a blogging website that you are comfortable with. There are endless sites available, but we prefer a WordPress blog. WordPress has free blogging available, and can be upgraded with different features. If you’re just starting out, stick with the free one and you’ll be pleased.

Before you start posting your first article, take the time to set up your blog. This will include choosing a name for your blog, picking a theme and other necessary items. When someone visits your blog, you want it to look good, and reflect your topics and personality.

Plus, WordPress has a good interface that makes it easy to create new blog posts and add content. Be sure to familiarize yourself with the interface prior to posting.

Find Topics

Blogs are created for a variety of reasons. It could be a blog about the movies that you recently saw, technology your interested in, or food you ate. It could also be about your own personal commentary on your professional business. Depending on the type of blog that you’re creating, you should go view other blogs to get some ideas.

I might get made fun of for writing this, but I prefer to create a spreadsheet of possible topics. For instance, I’ll first make some broad category’s – Industry News, How To’s, Fun Facts, etc. – and then under each of those category’s state a specific article – ex. Star Trek House article is under Fun Facts. It’s better to go into a blog with a plan and a bunch of ideas, rather than trying to come up with them at the last second.

If you’re creating a professional blog, such as a real estate blog, don’t use it as a means of blatant advertising. Readers will see this for what it is, and stay away. You’re blog is not going to be a success if you’re just advertising a product for sale, or your own services. Present opinions, spread knowledge and news, and make it interesting.

Also, figure out how often you want to create a new post: Daily, weekly or twice a week? Try to post new content at least once a week, or your readers may lose interest.

Share It

How do you find readers for your new blog? You can’t just wait and hope that they find you using Google. You have to let everyone know about it! This has become easier than ever, since we are all connected with Facebook and Twitter. Share new posts with your Facebook friends and with your Twitter followers.

You can also email your contacts to let them know about the new blog and the type of topics to expect. Add it to your email signature, and share it on your marketing (website, flyers, etc).

Finally, go out and comment on other blogs. Don’t just invite them to read your blog, make sure that your comments are meaningful and add to the conversation. A lot of times this is how bloggers are recognized and really catch on.

Keep Blogging!

Most importantly, once you get started, don’t stop! Like working out on a regular basis, it’s easy to stop blogging because you don’t have time or just don’t feel like it. Make a commitment to blog on a regular basis and stick to it! Otherwise, you’ll quickly lose readers and your blog will fall into obscurity.

If you have a blog already, share your tips below and include a link to your blog!

Named Antilia, the exterior features a very modern design with asymmetric stacks of glass, steel and tiles. There’s also a four-story hanging garden, health club with gym and dance studio, at least one swimming pool, a 50-seat cinema, 3 helipads and a 160-car parking garage on property.

Just think, the home is just for Ambani, his wife and their three children! The family quarters are on the top floors – above the ballroom and many guest rooms – and include incredible views of Mumbai and the Arabian Sea.

I keep thinking you could purchase 1,000 million dollar houses for the cost of this one home. Incredible!

If you were building the most expensive home in the world, what would you build and where would it be?

According to a recent survey by Trulia of 1,000 single people, more than a third of women and 18% of men stated that they’d rather date a homeowner than a renter.

It all goes downhill for renters from there. Only 2% of women surveyed preferred to date a man that rents, and only 3% of men choose women who rent over one that owns her home. The survey also found that both sexes prefer it when no roommate is in the picture by a wide margin; 62% of men and women prefer to date singles who live alone.

What if you’re one of the many single men or women who chose to move back in with their parents? Sadly, it’s going to be tough finding love from anyone but your own mom and pops. This was the only other group that had it worse than renters; less than 5% of singles surveyed said they’d date someone living in their childhood homes.

What is it about owning a home that is so appealing in a relationship? Does it show stability? Is the drive required to own a house appealing? Sound off below!

It happens all too often. Buyers aren’t aware of how different REO’s are from typical homeowner re-sales. Here are some things to keep in mind:

1. The bank rules. They’ll dictate how the process will go from offer to closing.
2. The bank looks at offers based on their offer process. Don’t be surprised if they won’t look at an offer while another is being negotiated. If they decide to look at your offer in the midst of another offer’s negotiating stage, be prepared to be asked for your “highest and best offer”. 
3. If there is an agent listing the property on behalf of the bank, listen to them! They know the ins and outs of the process, and will be able to give you a head’s up on how things are moving along.
4. Real estate professionals should have ALL addendums and documentation, such as the Lender Approval Letter. Keep in mind, many banks will require that you’re approved by their lender prior to making an offer. They’ll also require proof of funds.
5. Follow their instructions to the letter. 
6. Be sure to read the contract carefully… especially when it comes to earnest money and phrases like “seller can unilaterally terminate for any reason”. Banks can and will do what’s in their best interest.
7. Pay close attention to any time sensitive items regarding the contract.
8. You’ll need to keep on top of every step from offer to closing. If issues arise such as lender required repairs, let the bank know immediately.
9. Have a cash reserve ready as foreclosures may have up-front costs, such as utility turn on and other miscellaneous items. You won’t be refunded any out of pocket expenses used during the process.

Foreclosures are not for the faint of heart. While the road may be a bit rough at times, it can really pay off (big time) for you if you have patience and determination. Good luck!

Do you have any foreclosure tips to share? Sound off below!

The transformation took more than 10 years, and it included hand-crafted furniture, reworked walls, a command console, a transporter room, voice-activated lighting system and more. The level of detail is absolutely incredible… Alleyne really outdid himself.

Sadly, the apartment isn’t going to last much longer. Due to recent divorce filings, Alleyne is being forced to move and since the work is embedded into the home, it will all need to be destroyed. The cost to rebuild the Starship home? Alleyne estimates about $150K.

Now, Alleyne is offering his services to other Trekkies around the world. You can see his work at 24thcid.com, and even contact him to start the interior design of your Star Trek dream home.

After seeing this, I wonder what a Star Wars home would look like!

What’s your ideal geek dream house?