Dealing With the Stress of Still Having a Job!

There's often survivor's guilt for having survived all the job cuts as well as exhaustion from the work overload. Then there's the fear of "when will you be next?"http://ping.fm/vIVOm

How a Short Sale or a Foreclosure Affects Your Credit

There's so much misinformation about what a short sale or foreclosure will do to one's credit. I think that the rules will have to change in the future to help those individuals who always had good credit histories and just got caught in the sunami of our current economic crisis.http://ping.fm/W7pXN

New home appraisal rules stir industry backlash

Here's another example of fixing one problem and then causing another. We certainly needed stricter rules for appraising homes but not so rigid that we now have another reason why homes aren't selling and stalling the recovery of the whole economy! New home appraisal rules stir industry backlash Dallas Real Estate News News for Dallas, Texas Dallas Morning News

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Has the Economy Bottomed Out?

Has the economy hit bottom? I think so but check out this article...http://ping.fm/azAwp

Why There Will Always Be Realtors

Even in this technology geared world, the human factor will always be needed for some purchases, and real estate is one of them! The internet has certainly made Buyers more informed when purchasing, but they still need the skills and services of a good agent. Real Estate’s Best Days are Ahead

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Rising Home Sales

I can't say the real estate market has turned around, but any bit of positive news is great for everyone. From showing over 40 houses this past two days to a transferee that had to purchase a home in those two days, the choices of great move in condition homes was slim. It appears that many Sellers who would normally put their homes on the market are afraid of the depressed value of their homes and are not listing them. When in reality, the value might be better than they thought, if the house has been updated.



http://rismedia.com/2009-07-01/pending-home-sales-record-fourth-straight-monthly-gain/%22%3EPending Home Sales Record Fourth Straight Monthly Gain RISMediaPending Home Sales Record Fourth Straight Monthly Gain RISMedia

A Great Reason to Live & Work in Birmingham

Birmingham Farmers Market - Local & Regionally Grown!

Unless you grow it yourself, it doesn’t get much fresher than the Birmingham Farmers Market. The market operates every Sunday through October from 9 a.m. to 2 p.m. in City Park Lot #6, North Old Woodward Ave., north of Harmon street.

Over 30 booths feature locally and regionally grown produce, garden plants, organics, fresh prepared foods, hand crafted items and more.

Patrons can enjoy the live music performances offered every week and this year’s “Kid Zone” promises an enjoyable arts & crafts experience for the little farmers.

It’s easy to leave with a hearty arm full of wholesome and healthy goods!

Where: Municipal Parking Lot 6

When: Every Sunday, June 7-October 25, 9 a.m. to 2 p.m.

Contact: Birmingham Principal Shopping District at 248-530-1200

Home Buyer Tips

Here are some cool new ways to use the internet to finds homes. You still need a good realtor to represent your interests as well as find and consumate the deal!
http://money.cnn.com/galleries/2009/real_estate/0906/gallery.New_homebuying_tools/index.html

Can you afford to buy a home?

5 HOME PURCHASE QUALIFICATION QUESTIONS

1. How much of your target purchase price have you saved for a down payment?

a) Less than 5%

b) Between 10% and 20%

c) 20% or more

2. What percentage of your pre-tax income will you need to pay to cover mortgage, property taxes and homeowner’s insurance on a home in your target price range?

a) 35% or more

b) Between 28% and 35%

c) Less than 28%

In general, no more than 28 percent of your pre-tax income should go toward your mortgage, property taxes and homeowner’s insurance.

3. What is your employment status?

a) I recently started a new career

b) I am self-employed or work on commission

c) I’ve been on salary at the same company for several years

Lenders like to see at least two years of employment stability,

4. What other debts do you have?

a) I have a substantial amount of debt (such as a car loan, student loan and large credit card balance

b) I have a small amount of debt (such as a small car loan and a credit card balance that I usually pay off every month)

c) I am virtually debt-free

The rule of thumb is that no more than 36 percent of your pre-tax income should go to paying off debt, including the 28 percent maximum for mortgage, taxes and insurance.

5. What is your credit score?

a) Below 620

b) Between 620 and 720

c) Over 720

The interest rate you obtain on your mortgage will be closely tied to your credit score. And a low credit score may affect your ability to get a loan. A score over 720 should get you a favorable rate.

Adding up your score:

Give yourself zero points for every question that you answered with an A, one point for every B and two points if you chose C. 8 to 10: Congratulations! You’re well-positioned to become a homeowner. You’re in good financial shape and are well prepared to start shopping for a loan.
6 to 7: You may be able to purchase a modest house, however, you may find it a struggle to meet your mortgage payments. It may be wise to save more for a down payment and / or raise your credit score. Within a year or two you should be well on your way to your first home. 5 or less: Your financial situation needs to improve before you buy a house. Spending the next few years improving your credit, paying off debt, building your savings and establishing a stable employment record will bring you much closer to achieving your dream of owning a home.

CLOSING COSTS – WHO PAYS FOR WHAT?

The various fees associated with buying or selling a home are called closing costs. Buyers and sellers both pay closing costs but who pays what costs varies from area to area.

Buyers typically pay the following closing costs:

1. Fees charged for obtaining a mortgage
2. Inspection fees
3. Homeowner's insurance (must be prepaid for one year at closing)
4, Doc stamps on the mortgage
5, Title insurance and escrow fees (depending on the location)
6, Attorney's fees (where attorneys are involved in the transaction).

Sellers' closing costs typically include:

1. Loan payoff fees
2. Real estate brokerage fee for service
3, Title insurance
4. Transfer taxes (doc stamps on the deed)
5. Escrow fees,
6. Attorney's fees where applicable