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Wednesday, July 3, 2013
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Real Estate Information
Montgomery Real Estate Blog
The Hat Team
Blog
Pages:
Displaying blog entries 1271-1280 of 1998
FHA & VA Assumptions
Tuesday, July 2, 2013
Not many buyers have assumed a mortgage in the past 25 years. Most people think it was because FHA and VA in the late 80’s began to require that buyers qualify for the assumptions. Not having to qualify for a mortgage would certainly benefit certain buyers. 
If a homeowner must qualify for an assumption like a new loan, they'll generally choose the mortgage with the lower interest rate. Over the past 25 years, rates have been trending down but it appears that rates have bottomed out and will gradually increase. As they continue to rise, the lower rates on the FHA and VA loans created in the last few years will appeal to buyers even if they do have to qualify for the assumption.
There are significant advantages to assuming one of these government insured mortgages if the current interest rate on a new loan is higher:
1. Mortgage is further into amortization schedule
2. Lower interest rate loans amortize faster than higher interest rate loans
3. Lower closing costs than a new mortgage
4. Easier to qualify than on a new mortgage
5. No appraisal required
FHA assumptions are only allowed as owner-occupied residents. The borrower must meet current FHA guidelines for borrowers. The total debt ratio including house payment to be assumed cannot exceed 41% of borrowers’ monthly gross income.
VA loans are also assumable with buyer qualification. However, in order for the veteran Seller to have their eligibility reinstated, the buyer must also be a veteran with eligibility.
A 1% difference in the current rates and a lower assumable mortgage rate begins to make it very attractive to assume a mortgage. When the differential becomes even greater, assumptions will become more prevalent than they’ve been in over twenty years.
Search all Montgomery AL Real Estate And Homes For Sale.
Sandra Nickel and the Hat Team have distinguished themselves as leaders in the Montgomery AL real estate market. Sandra assists buyers looking for Montgomery real estate for sale and aggressively markets Montgomery AL homes for sale. Sandra is also an expert in helping families avoid foreclosure through short sales and is committed to helping families in financial hardship find options. For more information you can visit AvoidForeclosureMontgomery.com.
Interested in buying a bank-owned home? Get bank-owned listings alerts FREE!
You can reach Sandra by filling out the online contact form below or give her a call anytime.
Montgomery AL Home For Sale: 1309 S McDonough St
Sunday, June 30, 2013
Montgomery AL Home For Sale:
1309 S McDonough St, Montgomery AL 36104
MLS# 302446
Super Garden District Cottage!
Great 1920,s cottage in the heart of the Garden District. Features nice living-dining space with hardwood floors, heavy plaster walls, barrel ceiling, fireplace, and neat alcove off living room with built in book cases. Kitchen is very functional and has separate laundry attached. Huge pantry area off kitchen will accommodate all your food storage. Two good size bedrooms with lots of closet space and a third room off kitchen can be used as an office or whatever is needed. This home also features a walk down basement which can handle a lot of your storage needs. Large private backyard has access to rear alley if more parking space is desired. Give us or your favorite agent a call today to see this charming home and make it yours.
Search all Montgomery AL Real Estate And Homes For Sale.
Sandra Nickel and the Hat Team have distinguished themselves as leaders in the Montgomery AL real estate market. Sandra assists buyers looking for Montgomery real estate for sale and aggressively markets Montgomery AL homes for sale. Sandra is also an expert in helping families avoid foreclosure through short sales and is committed to helping families in financial hardship find options. For more information you can visit AvoidForeclosureMontgomery.com.
Interested in buying a bank-owned home? Get bank-owned listings alerts FREE!
You can reach Sandra by filling out the online contact form below or give her a call anytime.
Montgomery AL Real Estate: 1655 E Trinity Blvd
Sunday, June 30, 2013
Montgomery AL Real Estate:
1655 E Trinity Blvd, Montgomery AL 36106
MLS# 302436
Great Buy On This Neat Condo!
Great condo, convenient location! End unit that would be perfect for a first time home buyer or someone looking to downsize. Neat fireplace and lots of built-ins in den. Updated kitchen, nice deck and two storage rooms. HOA dues include termite and pest control, trash disposal, water, grounds maintenance, insurance on exterior of condo and exterior maintenance. A great buy, check it out today!
Search all Montgomery AL Real Estate And Homes For Sale.
Sandra Nickel and the Hat Team have distinguished themselves as leaders in the Montgomery AL real estate market. Sandra assists buyers looking for Montgomery real estate for sale and aggressively markets Montgomery AL homes for sale. Sandra is also an expert in helping families avoid foreclosure through short sales and is committed to helping families in financial hardship find options. For more information you can visit AvoidForeclosureMontgomery.com.
Interested in buying a bank-owned home? Get bank-owned listings alerts FREE!
You can reach Sandra by filling out the online contact form below or give her a call anytime.
Montgomery AL Foreclosure Trends - May 2013
Friday, June 28, 2013
There are currently 557 properties in Montgomery, AL that are in some stage of foreclosure (default, auction or bank owned), according to RealtyTrac.com.
In May, the number of properties that received a foreclosure filing in Montgomery, AL was 88% higher than the previous month and 14% higher than the same time last year.
Montgomery AL Foreclosure Activity and 30 Year Interest Rate
Foreclosure activity is based on the total number of properties that receive foreclosure filings – default notice, foreclosure auction notice or bank repossession – each month. Interest rate is based on the average 30-year fixed rate from Freddie Mac Primary Mortgage Market Survey.
Montgomery AL Foreclosure Geographical Comparison
Montgomery AL foreclosure activity was 0.04% higher than national statistics, 0.08% higher than Alabama and 0.01% higher than Montgomery County statistics in May 2013.
Montgomery AL Foreclosure Activity by Month
The number of Bank-Owned properties increased 316.7% compared to April and increased 138.1% compared to May 2012. The number of Auctions decreased 17.3% compared to April and 48.2% from May 2012.
Are you or someone you know behind on mortgage payments and facing a Montgomery foreclosure? You do have options. A short sale may be the answer to saving you, your family and your home. I am a Certified Distressed Property Expert (CDPE) with specialized training in helping families avoid foreclosure. Give me a call for a private consultation.
Search all Montgomery AL Real Estate And Homes For Sale.
Sandra Nickel and the Hat Team have distinguished themselves as leaders in the Montgomery AL real estate market. Sandra assists buyers looking for Montgomery real estate for sale and aggressively markets Montgomery AL homes for sale. Sandra is also an expert in helping families avoid foreclosure through short sales and is committed to helping families in financial hardship find options. For more information you can visit AvoidForeclosureMontgomery.com.
Interested in buying a bank-owned home. Get bank-owned listings alerts FREE!
You can reach Sandra by filling out the online contact form below or give her a call anytime.Debt Relief = Income
Friday, June 28, 2013
Many times a homeowner might feel relieved being out from under the obligation of a mortgage they can’t afford even though the property was lost due to foreclosure or short sale. If a lender cancels or forgives debt, a taxpayer must include the cancelled amount in their income for tax purposes depending on the circumstances. The tax significance could be serious.
Congress enacted the Mortgage Relief Act specifically to help homeowners who might be affected in the housing crisis that started approximately in 2007. The Act expired on 12/31/12 but was temporarily extended by Congress until December 31, 2013.
This relief only applies to a taxpayers’ principal residence which does not include second homes and investment property. The maximum amount is limited to $2 million of mortgage debt forgiveness or $1 million if filing separately.
Another provision is that the debt relief is limited to acquisition indebtedness used to buy, build or improve the property. It excludes cash equity loans whether made separately or in a refinance of the original mortgage.
Due to the serious consequences involved in short sales and foreclosures, it is advised that homeowners faced with this possibility should seek expert advice from their legal and tax professionals.
Montgomery AL Home For Sale: 1701 Mitford Ct
Friday, June 21, 2013
Montgomery AL Home For Sale:
1701 Mitford Ct, Montgomery AL 36106
MLS# 302210
Close To Everything!
Extremely convenient location! This is a great custom built home with tons of upgrades. Open floor plan with hardwood floors, nice crown molding, custom-designed mantle with stone surround and wood burning fireplace with gas starter. Lovely kitchen with travertine floors, tile countertops and back splash. Split floor plan with large master suite, huge walk-in closet and garden tub. 4th bedroom off master is perfect for a computer room, study/office or nursery. Attached 2 car carport and fenced in backyard with patio. Close to everything!
Search all Montgomery AL Real Estate And Homes For Sale.
Sandra Nickel and the Hat Team have distinguished themselves as leaders in the Montgomery AL real estate market. Sandra assists buyers looking for Montgomery real estate for sale and aggressively markets Montgomery AL homes for sale. Sandra is also an expert in helping families avoid foreclosure through short sales and is committed to helping families in financial hardship find options. For more information you can visit AvoidForeclosureMontgomery.com.
Interested in buying a bank-owned home? Get bank-owned listings alerts FREE!
You can reach Sandra by filling out the online contact form.
Midtown Montgomery Real Estate Market Trends - June 2013
Thursday, June 20, 2013
The housing market outlook continues to be optimistic. Research by the National Association of Realtors® reveals that steady job creation and household formation have been helping release pent-up demand. Home prices are primed to rise in 2013 and 2014 due to lagging housing starts and an ongoing inventory shortage. Americans are also feeling confident in the housing recovery. According to a HouseLogic.com article, More than Half of Americans Think Home Prices Will Rise in Year Ahead, Fannie Mae’s April 2013 National Housing Survey revealed 51 percent of Americans now expect home prices to climb within the next year; up from 32 percent at the same time last year.
Take a look at sales figures in our local real estate market for May 2013.
Midtown Montgomery real estate sales statistics for May 2013 show the number of homes sold decreased by 21% when compared to May 2012. The average sales price increased by 18% to $ 149,493 for the month. The median sales prices decreased by 13%, and market times remained consistent with May 2012. The highest selling home price increased by 43%, and the lowest selling home price increased by 40% from May 2012.
| Midtown Montgomery | May 2013 | May 2012 |
| Homes Sold | 35 | 44 |
| Average Selling Price | $ 149,493 | $ 122,453 |
| Median Selling Price | $ 105,000 | $ 121,000 |
| Days On The Market | 139 | 139 |
| Highest Selling Price | $ 665,000 | $ 380,000 |
| Lowest Selling Price | $ 17,000 | $ 10,200 |
For the latest Midtown Montgomery real estate market conditions in your area, please call me at 800-HAT-LADY or visit HomesForSaleInMontgomeryAlabama.com.
Information is provided by the Montgomery Area Association of Realtors and is deemed accurate but not guaranteed.
Get Your Offer Accepted
Wednesday, June 19, 2013
The Montgomery AL real estate inventory is dramatically shrinking and it is commonplace in many markets to have multiple offers on a home. While the sellers would prefer to be able to choose the best offer for them, it can be incredibly frustrating for the buyers who might consider the following tips to get their offer accepted.
1. Remove the uncertainty that you may not be approved for a mortgage by having a pre-approval letter from your mortgage company.
2. Show your sincerity by increasing the normal amount of earnest money customary for the area and price of the home. The earnest money will be applied toward your down payment and closing costs. Consider placing even more money in escrow when the contingencies have been met.
3. Specify a closing date in the contract but acknowledge that you can be flexible to accommodate the sellers moving date. If it becomes an issue, it still must be mutually agreed upon.
4. Make the contingency periods shorter if possible to make the seller feel that they’ll know sooner that the offer is solid.
5. If the contingency really isn’t important to you, leave it out of the offer. The more contingencies included in a contract, the more the seller will feel might happen to keep it from actually closing.
6. Write a personal note to the seller explaining why you like and want their home. Consider including a picture of your family and pets.
7. Physically sign the offer with a felt tip pen of contrasting color. You’d be surprised how this adds a personal touch to the offer.
Offer a fair price for the property in your initial purchase agreement. It shows sincerity and good faith that you’re actually trying to purchase the home and not trying to take advantage of the seller. The old adage that you can always go up later may never happen if there are multiple offers on the property in the beginning.
Search all Montgomery AL Real Estate And Homes For Sale.
Sandra Nickel and the Hat Team have distinguished themselves as leaders in the Montgomery AL real estate market. Sandra assists buyers looking for Montgomery real estate for sale and aggressively markets Montgomery AL homes for sale. Sandra is also an expert in helping families avoid foreclosure through short sales and is committed to helping families in financial hardship find options. For more information you can visit AvoidForeclosureMontgomery.com.
Interested in buying a bank-owned home? Get bank-owned listings alerts FREE!
You can reach Sandra by filling out the online contact form below or give her a call anytime.
Economic Factors to Consider When Relocating
Friday, June 14, 2013
Whether you are thinking about leaving your Montgomery AL home because of employment, health, a desire for a change of scenery, retirement, etc., a move to a new location is not to be undertaken lightly and requires research on your part to be successful. While most potential transplants are aware of the need to check out housing costs, .jpg)
air quality, job market prospects, available health care, specific amenities, and school ratings, not all fully comprehend the economic impact relocation may have on their lives.
Areas worth investigating:
- Moving expenses: Inquire about an employee relocation package which covers all or part of the costs of your move. Even if your new employer doesn’t offer any financial assistance, you might be eligible for partial reimbursement at tax time, which can definitely ease some of your financial stress. (Click here to see which expenses qualify.) Remember to include the cost of your travel from your Montgomery AL home, lodging, and food in addition to the cost of moving your possessions as you calculate expenses. (Take advantage of sites such as www.Upack.com or Moving Guru.com to assist you.)
- Job market: While you may have secured a well-paying job, what are the prospects for your spouse? What is the salary range for that field?
- Transportation: What is the cost of public transportation, fuel, tolls, and parking? Will you require a second car? What is the personal property tax rate for autos in your new location?
- Municipal fees: Are there additional costs particular to your new municipality? What is the average rate of utilities? Are parks, playgrounds, and museums free? Contact the Chamber of Commerce in your new city for this type of information.
- Overall cost of living: Since you will need to compare the average cost of living you had in your Montgomery AL home with that of your new surroundings, you will want to take advantage of sites such as Best Places for actual facts and figures related to food, housing, utilities, transportation, health costs, and salaries in each location. For even more detailed information about these categories, you can’t go wrong with that supplied by Numbeo.com.
Search all Montgomery AL Real Estate And Homes For Sale.
Sandra Nickel and the Hat Team have distinguished themselves as leaders in the Montgomery AL real estate market. Sandra assists buyers looking for Montgomery real estate for sale and aggressively markets Montgomery AL homes for sale. Sandra is also an expert in helping families avoid foreclosure through short sales and is committed to helping families in financial hardship find options. For more information you can visit AvoidForeclosureMontgomery.com.
Interested in buying a bank-owned home? Get bank-owned listings alerts FREE!
You can reach Sandra by filling out the online contact form below or give her a call anytime.
Pages:
Displaying blog entries 1271-1280 of 1998
