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Jobs, jobs, jobs! That’s what we’ll hear from now on through the 2012 election, and rightly so. Although they claim otherwise, Wall Street and the Big Banks are not the essential, indispensable, must-be-bailed-out part of the national economy: it’s people with jobs. Those people account for 70 percent of the economy (the government is 20 percent). As we’ve already seen, those people aren’t spending very much money these days, needing no more time-share condos, full-size SUVs, leather furniture, and flat-screen TVs. Which means there are fewer jobs for the people who were making those things a few years ago.
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Major lenders are spare no expense or manpower to avoid increasing REO inventory by reaching out to homeowners by utilizing extensive loss mitigation efforts. Efforts include utilizing all resources such as HAFA programs including deeds in lieu, cooperative short sales, traditional shorts sales , and loan modifications. I have experienced Nashville Tennessee area homeowners that have not made a mortgage payment in over three years and the lenders still have yet to foreclose. As an advocate for home owners seeking to retain their homes and even those that can't figure a way out with negative equity, job loss, illness, or any reason that is contributing to the inability to maintain mortgage payments, I am here to help. Visit The Nashville Stop Foreclosure Institute by Clicking Here for more information and resources. Or Call Today: 615-562-1766
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A switch in who administers the federal rental-assistance program in
Tennessee could cost more than four dozen state workers their jobs —
unless an outside group succeeds in challenging the change.
READ MORE CLICK HERE
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2011 Monthly Home Sales Chart
| |
JANUARY
| |
Closings |
Median Price |
Inventory |
| Total |
1,101 |
|
20,347 |
| |
|
|
|
| Residential |
918 |
$165,500 |
12,595 |
| Condominium |
117 |
$131,500 |
1,922 |
| Multi-Family |
16 |
|
361 |
| Farms/Land/Lots |
50 |
|
5,469 |
|
Pendings: 1,270
Days On Market: 102
| |
FEBRUARY
| |
Closings |
Median Price |
Inventory |
| Total |
1,134 |
|
20,997 |
| |
|
|
|
| Residential |
951 |
$169,900 |
13,010 |
| Condominium |
112 |
$132,000 |
2,036 |
| Multi-Family |
15 |
|
349 |
| Farms/Land/Lots |
56 |
|
5,602 |
|
Pendings: 1,416
Days On Market: 103
| |
MARCH
| |
Closings |
Median Price |
Inventory |
| Total |
1,673 |
|
21,647 |
| |
|
|
|
| Residential |
1,414 |
$165,000 |
13,465 |
| Condominium |
168 |
$143,000 |
2,122 |
| Multi-Family |
18 |
|
348 |
| Farms/Land/Lots |
73 |
|
5,712 |
|
Pendings: 1,910
Days On Market: 97
APRIL
| |
Closings |
Median Price |
Inventory |
| Total |
1,747 |
|
22,297 |
| |
|
|
|
| Residential |
1,422 |
$159,070 |
13,998 |
| Condominium |
203 |
$148,000 |
2,110 |
| Multi-Family |
24 |
|
353 |
| Farms/Land/Lots |
98 |
|
5,836 |
Pendings: 1,909
Days On Market: 95
MAY
| |
Closings |
Median Price |
Inventory |
| Total |
1,945 |
|
22,514 |
| |
|
|
|
| Residential |
1,595 |
$165,900 |
14,210 |
| Condominium |
209 |
$143,000 |
2,083 |
| Multi-Family |
16 |
|
360 |
| Farms/Land/Lots |
125 |
|
5,861 |
Pendings: 2,023
Days On Market: 93
JUNE
| |
Closings |
Median Price |
Inventory |
| Total |
2,031 |
|
22,043 |
| |
|
|
|
| Residential |
1,708 |
$176,300 |
13,988 |
| Condominium |
225 |
$150,000 |
2,015 |
| Multi-Family |
13 |
|
342 |
| Farms/Land/Lots |
85 |
|
5,698 |
Pendings: 2,130
Days On Market: 89
JULY
| |
Closings |
Median Price |
Inventory |
| Total |
2,021 |
|
21,993 |
| |
|
|
|
| Residential |
1,692 |
$179,900 |
13,891 |
| Condominium |
219 |
$158,000 |
1,982 |
| Multi-Family |
14 |
|
353 |
| Farms/Land/Lots |
96 |
|
5,767 |
Pendings: 1,997
Days On Market: 92
Reggie Woodgett REMAX Elite Nashville Real Estate and Homes For Sale.
Nashville TN Homes For Sale. Nashville HUD Homes For Sale. Nashville TN
Foreclosures. Nashville TN Pre-Foreclosures. Brentwood TN Homes For
Sale. Franklin TN Homes For Sale. Spring Hill TN Homes For Sale.
Thompsons Station TN Homes For Sale.
View my homes for sale at Nashville TN Homes For Sale
Reggie Woodgett REMAX Elite 109 Westpark Dr Ste 100 Brentwood TN 37027 615-850-4173
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Home prices in the United States found their floor during the early part of 2010 and are expected to begin trending upward next year, according to a panel of elite economists surveyed by the National Association for Business Economics (NABE) for its October 2010 Outlook.
“The housing recovery is intact, but tepid overall. Home prices have hit bottom,” NABE stated in its report outlining the survey results. The panel anticipated a 1.5 percent drop in residential home values this year, and that decline has already been registered through the first half of 2010, NABE explained. The group of economists is projecting gains in home prices of 1.2 percent over the course of 2011, but they warn that the modest increase will not keep up with the broader measures of inflation. NABE panelists expect any evidence of price weakness post-tax incentive to be temporary. Their assessments of the importance of the government’s recent stimulus measures in the form of tax breaks for homebuyers vary widely. Nearly one-third feel that a persistent relapse will follow the incentives’ expiration, while the remaining two-thirds believe an underlying recovery is in place. When it comes to the distressed side of the business, it’s become clear that the nation’s high level of unemployment is now one of the primary triggers of default among struggling homeowners. Getting more people back to work is key to a recovery in housing and getting a handle on still-rising delinquency numbers. But NABE’s panel warns that labor market conditions will be slow to improve. The economists are forecasting monthly payroll gains to average 150,000 or less until the latter half of 2011, at which time gains will improve to a range of 170,000 to 175,000. The unemployment rate is expected to persist at over 9.5 percent through midyear 2011, before easing only slightly to 9.2 percent by the end of next year. “This will mark the worst post-recession job recovery on record,” NABE said. NABE panelists trimmed their projections on overall economic growth. Those projections now remain sub-par through year-end, the organization explained. “This summer’s slowdown has exposed the economy’s sensitivity to wealth losses, the unwinding of debt, and the reductions in economic stimulus,” said Richard Wobbekind, NABE president-elect and associate dean of the Leeds School of Business at the University of Colorado-Boulder. “Confidence in the expansion’s durability is intact, but recent economic weakness has prompted many panelists to scale back expectations for the year ahead.” The October 2010 NABE Outlook presents the consensus of macroeconomic forecasts from a panel of 46 professional analysts. The group included economists from such firms as Moody’s Analytics, the PMI Group, Fannie Mae, and Goldman Sachs.
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Nashville TN - Most people are shocked to learn that 80% of all loans held by Bank of America are not owned by Bank of America. That means someone else owns those loans. A large majority of these loans are owned or insured by Uncle Sam. They own them outright thru Fannie Mae & Freddie Mac. And they insure the actual owners against loss thru FHA and VA. Discover how other sellers successfully did a short sale and request a free consultation by clicking here. The rest of the loans are owned by Wall Street Firms, Hedge Funds, Pension Funds, and other various investors. So who makes the decision on a short sale? It depends. If the loan is "delegated", then Bank of America can make the decision to approve or deny the short sale. The actual owner of the loan has "delegated" the authority to make a decision to the lender handling the loan. Usually a supervisor at Bank of America will make the final decision. This is an advantage because you are able to get an answer faster on the short sale. A Non Delegated Short Sale can drag out longer. First you have to submit everything to the short sale lender. They look everything over. They will ask you for any missing documents or anything else needed for the file. Then they submit the complete short sale package to the loan owner. The loan owner looks everything over and makes a decision. The first question we ask when negotiating a short sale is, "Are you delegated." I want to know who the decision maker is on the file. This improves the odds of getting the short sale approved. Here are a few guidelines for whether or not a short sale has been delegated. Is the loan one of the following? FHA Loan. Not delegated. The lender assembles a package and submits to FHA for approval. Fannie Mae Loan. Sometimes delegated, but not always. Freddie Mac Loan. Our experience is they usually are not delegated. VA Loan. Not delegated. The lender assembles a package and submits to VA for approval. Sliced and diced loan (Wall Street Owned.) Almost always delegated. Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at nashvilleshortsalepros@gmail.com. I will contact you for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (615) 850-4173. Discover how other sellers successfully completed a short sale and request a free consultation by clicking here. Thinking about a loan modification? Our Nashville Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy. Thanks for reading this, Reggie Woodgett, The Woodgett Group. Reggie is a Real Estate Agent at RE/MAX Elite. Phone: (615) 850-4173. nashvilleshortsalepros@gmail.com. View My homes for sale at www.elitenashvilletnhomes.com Reggie Woodgett and The Woodgett Group specialize in loan modifications and short sales in Nashville Tennessee. Nashville Loan Modification Help. Nashville Short Sales. Nashville Short Sale Realtor. Davidson County Short Sale Realtor. Nashville TN Short Sales. Nashville Realtor. Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Woodgett, The Woodgett Group's personal views and do not reflect the views of RE/MAX Elite. This information on how short sales affect home values in the neighborhood is provided as a courtesy to our viewers to help them make informed decisions. http://NashvilleShortSaleBlog.com
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Dear Homeowner Losing your home to foreclosure due to an inability to keep up with your monthly mortgage payments is one of life’s most unpleasant experiences. It is also an event that keeps on affecting you long after your home is history by devastating your credit score. Regrettably, most people cannot be 100% sure that they will remain safe from foreclosure because they can’t foresee the unexpected. Occurrences such as serious illness, a major accident, divorce or job loss can happen to anyone. So it’s a good idea to understand the available alternatives should the worst occur. Of all available options, foreclosure is the worst The inevitable result of a foreclosure is the lender taking your house. Not only will you lose your house, but the lender can get a judgment against you for the arrearages you owe plus his costs for the foreclosure action. If that isn’t enough, your credit report will be in terminal condition for many years to come, worsening an already bad financial situation and making it very difficult to obtain any other kind of credit. There is no upside to foreclosure. It should be avoided at all costs. Consider a short sale when foreclosure seems inevitable A short sale is a popular option for homeowners mired down with financial problems. In this case, you would sell your home for less than what you owe your lender; the biggest problem you will face is getting your lender to agree to a short sale. In many situations, they will not. Experts advise pursuing this option the minute you realize that you are falling behind in your payments and most likely won’t be able to catch up. The longer you wait and the greater the amount you are in arrears, the less likely it becomes that your lender will even be willing to discuss a short sale. Almost any option is better than foreclosure Simply stated, do everything you can before foreclosure occurs and do it as quickly as humanly possible. Don’t sit back and keep thinking, “What can I do?” Instead, consider that short sale and check with your lender before your options become more limited. The One Best Tip I Can Give You: Don’t Do This Alone We know who to talk to, when to talk to them, and how to handle all the paperwork to get the deal done. You Need An Experienced Short Sale Agent! We Have Buyers That Can Buy Today! So Act Now! We Are Here To Help! Contact Us Today! You Will Be Glad You Did!!! The Woodgett Group of REMAX Elite Loss Mitigation, Short Sale, and REO Specialist 615-850-4173 Direct or 615-661-4400 Office nashvilleshortsalepros@gmail.com www.elitenashvilletnhomes.com
Free Short Sale Information www.NashvilleShortSaleBlog.com
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Foreclosures: How to Buy a Nashville Area HUD Home
NASHVILLE: HUD property is sold only by the Department of Housing and Urban Development.
NASHVILLE AREA HUD is associated with the Federal Housing Administration (FHA). When an FHA-insured property is foreclosed, FHA pays the balance due to the lender and then transfers title of the property to HUD whose responsibility it is to sell the property. Typically, NASHVILLE AREA HUD properties are inexpensive because FHA limits the amount of the loan it will insure. Therefore, there are few NASHVILLE AREA HUD homes in high-cost real estate markets. The property is restricted to residential property (1-4 units). These are the answer to questions you may have about buying a NASHVILLE AREA HUD home: Who can buy a NASHVILLE AREA HUD Home? Anyone with cash or adequate financing can buy a NASHVILLE AREA HUD home. During the initial offer period, sales are restricted to persons who intend to make it their primary residence. If the home is in a designated “revitalization area” law enforcement officers, fire fighters, emergency medical technicians, and teachers are eligible to purchase properties at a 50% discount. Persons displaced by hurricanes Katrina, Rita or Wilma, are eligible for NASHVILLE AREA HUD discounts. If the property remains on the market after the initial offer period, Investors are eligible to purchase NASHVILLE AREA HUD properties. Property not sold within six months may be purchased by non-profit organizations and government agencies to create housing for low-income families. NASHVILLE AREA HUD sells to these approved groups for $1. How is a NASHVILLE Area HUD property priced?
NASHVILLE AREA HUD appraises each property and prices it at the fair market value in its area. If a home needs repair, the price is reduced by the estimated cost of the repairs.
Will HUD make the repairs?
No. NASHVILLE AREA HUD property is sold “as-is”. The buyer is responsible for all repairs and improvements.
Where can I find a NASHVILLE AREA HUD property?
NASHVILLE AREA HUD does not work with individual buyers. You must select a NASHVILLE AREA HUD-approved real estate agent to represent you.
NASHVILLE AREA HUD maintains a website listing all its properties by state so you can search this listing for a property that interests you. If you are not computer literate, ask your real estate agent to search for you.
Once you've located a property, your real estate agent can arrange to show you the property. Remember, this must be a NASHVILLE AREA HUD-approved agent.
How do I make an offer on a NASHVILLE AREA HUD property?
Contact The Woodgett Group to submit a sealed bid. At the end of the original 10-day offer period, NASHVILLE AREA HUD opens all the bids received and generally accepts the one that provides the highest net to NASHVILLE AREA HUD. If no bid is accepted, subsequent bids are reviewed as they are received.
NASHVILLE AREA HUD notifies a member of our team of bid acceptance with settlement date … usually within 30-60 days. You are required to submit a final purchase agreement within 48 hours.
Will NASHVILLE AREA HUD finance the property?
No. Before you make an offer, you should arrange other financing. Once the offer is accepted, you are obligated to close on the date specified or forfeit your earnest money. So submit a bid only after you know you can get the financing within a relatively short period of time.
Will NASHVILLE AREA HUD pay real estate agency fees?
Yes. HUD will pay commissions if the bid specifically includes that provision and the amount of the commission. The amount that NASHVILLE AREA HUD has to pay your agent, however, is subtracted from the value of the bid. So, given two identical price bids, NASHVILLE AREA HUD would accept the one with the lesser or no real estate agency commission.
Should I have a professional inspect a NASHVILLE AREA HUD property?
Yes, definitely. If you are seriously considering bidding on a property, you need to personally inspect the property as well as to hire a professional to inspect it. You cannot accurately estimate the value of the property until you know how much repair work is necessary.
If the property was built before 1978, have the property checked for lead paint. You might also consider whether the property contains asbestos products or other environmental hazards.
Ask one of our team members of The Woodgett Group and you may request of list of qualified licensed inspectors to choose from.
Summary
NASHVILLE AREA HUD property provides an opportunity for buyers to get a reasonably low-cost home at a reasonable price. The process involves little risk: you are allowed to inspect the property, and gain clean title.
To learn more about the process, go to the NASHVILLE AREA HUD website (http://www.HUD.gov).
Get at phone consultation today!
Contact us at 615-562-1766 or visit us online: The Woodgett Group Sells NASHVILLE AREA HUD Homes
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The Mortgage Bankers Association’s (MBA) index of loan applications for home purchases jumped 9.3 percent last week as mortgage interest rates dropped again.
It’s the highest reading for purchase activity observed in the trade group’s survey since the expiration of the homebuyer tax credit, and could signal a rebound in home sales ahead. MBA Chief Economist Jay Brinkmann explained that the increase in the purchase index was led by a 17.2 percent upsurge in Federal Housing Administration (FHA) loan applications, but conventional purchase applications also increased by 3.6 percent. “This is the second straight weekly increase in purchase applications,” Brinkmann said. “One possible driver of last week’s big increase in FHA applications was a desire by borrowers to get applications in before new FHA requirements took effect October 4th, which included somewhat higher credit score and down payment requirements.” While purchases applications got a healthy boost, MBA’s refinance index dropped 2.5 percent for the week ending October 1. With refinances accounting for 78.9 percent of home loan applications, that pushed MBA’s measurement of total application volume down a slight 0.2 percent compared to the previous week. MBA also reported that the average contract interest rate for 30-year fixed-rate mortgages decreased to 4.25 percent last week, down from 4.38 percent. Rates for 15-year fixed-rate mortgages also fell, from 3.77 percent to 3.73 percent.
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Wells Fargo will no longer delay foreclosure proceedings in hopes that a short sale deal will come through. According to an American Banker report, the bank has stopped granting extensions for distressed homeowners to complete short sales. The paper, citing a memo Wells emailed to short sale vendors, said the lender will no longer postpone foreclosure sales for borrowers who do not close on short sales by the date quoted in their approval letter. The move will allow the bank’s foreclosure proceedings to advance, even if a short sale is already in negotiation. Wells says it changed its policy at the request of investors it services mortgages for, including the GSEs, according to American Banker. Last month, Fannie Mae announced an initiative to crack down on servicers for letting delinquent loans languish too long without action. The GSE issued a notice alerting servicers that it is monitoring all delinquent loans in its portfolio and mortgage-backed securities (MBS) pools, and will conduct on-site reviews and assess fines for poor servicer performance when it comes to completing foreclosures in a timely manner.
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Pending home sales have increased for the second month in a row, according to the Pending Home Sales Index (PHSI)released Monday by the National Association of Realtors (NAR). The index is a forward-looking indicator, and rose 4.3 percent in August to 82.3 percent. The calculation is based on contracts signed in August. Lawrence Yun, NAR chief economist, says a continuing rise is to be expected from favorable affordability conditions and possible job creation, but says a sudden rise in mortgage rates could stall the recovery. “Current low consumer price inflation has helped keep mortgage interest rates very attractive this year. However, recent rising trends in producer prices at the intermediate and early stages of production, along with very high commodity prices, are raising concerns about future inflation and future mortgage interest rates,” he said. “In the meantime, housing affordability is hovering near record highs.” But Paul Dales, an economist at Capital Economics, warns that these numbers do not necessarily mean a recovery is in sight. “The increase in the US pending home sales index in August all-but confirms that housing activity is finally beyond its post-tax credit floor. But with underlying economic conditions still so weak, a robust housing recovery remains highly unlikely,” he said, adding “high unemployment, modest income growth, widespread negative equity and a desire to reduce existing debts are preventing households from taking advantage of record low mortgage rates. Households are simply unable to, or do not want to, buy a home. The problem is not the level of borrowing costs, meaning that more quantitative easing by the Fed is unlikely to make much difference. The upshot is that housing activity will remain weak for a number of years yet.” Though the PHSI for the U.S. increased, the index’s numbers are still somewhat off-putting. In the Northeast the PHSI actually declined 2.9 percent in August and now sits at 28.8 percent below the index for August 2009. The Midwest saw its index rise 2.1 percent but it is still 26.5 percent below its 2009 index. In the South sales are 13.1 percent below August 2009 sales despite a 6.7 percent increase in August. The Pending Home Sales Index is an indicator based on pending sales of existing homes. A sale is listed as pending when the transaction has not yet closed but the contract has been signed. The sale is usually finalized within one or two months of signing. The index is based on a large national sample. The PHSI is released monthly by the Chicago, Illinois-based NAR.
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If you are looking for an ideal
residential destination for purchasing a budget priced property, searching
through Nashville foreclosure listings will certainly help you in identifying
some great real estate deals. With their highly affordable asking prices,
promising real estate value as well as some of the best residential
opportunities on offer, home buyers are sure to make a sound investment by
buying a foreclosed home in the vibrant city of Nashville.
Exclusive benefits of purchasing a
property through Nashville foreclosure listings
Located in the state of Tennessee,
the city of Nashville offers its residents a great life quality which is an
eclectic balance of excellent employment as well as business opportunities
along with a rich and dynamic culture. Some of the exclusive features that can
be availed by home buyers by purchasing a property through Nashville foreclosed
homes are discussed below:
• Exceptional
housing options - One of the most unique features of purchasing a property
through Nashville foreclosed homes is the availability of a wide range of
exceptional properties which range from single family units to estates and
luxury homes located in neighborhoods like that of Brentwood, Frank Ville and
Gallatin all of which come at highly reduced asking rates.
• Thriving
business hub - Being the largest metropolitan area in the state, the city has
the maximum number of counties which include the most flourishing business hubs
of as Davidson, Williamson, Wilson, Sumner, Cannon, Hickman, Rutherford, Smith
and Trousdale.
• Sound
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this region has a good appreciating value which makes buying a bargain priced
property through Nashville foreclosed homes a great investment opportunity for
home buyers as well as real estate investors.
• Country
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• Rich
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State Capitol which is one of the visited landmarks in the country.
• Amazing
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state Museum and many more interesting weekend attractions home buyers can
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great bargain price in this city.
The above mentioned exclusive
features thereby ascertain the fact that buying a property using Nashville
foreclosure listings make for a very sound investment deal as well as a great
residential option for home buyers on the whole.
Get your Free List Of Foreclosures
Here
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Lobbying for change in your homeowners association’s rules requires procedure, compromise, and perhaps joining the board.
Progress H C K
Value Added Med $1,067 ($197,600 avg home value)
Effort Med 24-48 hrs/yr (serve on board)
Investment Low $420/yr (in dues)
* 1Comment
Added to Binder
alt tag
Homeowners associations have broad legal powers to collect fines and fees and regulate activities.
If you live in a newer Nashville area suburban community or planned unit development, you—like some 59.5 million other Americans, according to the Community Associations Institute—are probably a member of a homeowners association. It’s also a good bet that you haven’t given your HOA much thought until you have a problem. Since HOAs make and enforce the community rules, it’s smart to understand what you can do if you can’t or don’t want to follow them.
HOA facts
Each HOA, a volunteer group of neighbors who manage common areas of a subdivision, creates its own covenants, conditions, and restrictions. These CC&Rs cover resident behavior (no glass containers around the pool), property management (no fences higher than 8 feet) and common responsibilities (fee schedules and fines for non-compliance).
Average annual dues for a homeowners association is $420, according to the U.S. Census Bureau. And there’s value in the fee. A 2005 study, which appeared in the Cato Institute’s Regulation magazine, compared a group of Washington, D.C., area HOA properties with similar homes without community benefits—a total of about 12,000 homes. The HOA house values were found to be 5.4% higher. That’s $1,067 on the average U.S. home value of $197,600.
When you don’t like the rules
Some boards can impose what some homeowners believe are invasive, silly, or elitist rules. In 2008, some news outlets reported on a homeowner in an upscale gated community in Frisco, Texas, who was threatened with fines for parking his new Ford F-150 series truck in his driveway overnight. The board made exceptions for several luxury brands, but his mid-range truck was ruled “not classy enough.”
Even if you disagree with the rules, keep paying your dues. HOAs have broad legal powers to collect fines and fees and regulate activities. If you don’t respond to letters from the board, property manager, or a collection agency, the HOA can and will turn to small claims court or file a lien against your property.
You can handle some issues, if they don’t affect the CC&Rs, with a phone call. For example, adding recycling to the garbage collection route is a budget, not a rules, issue. Call the board member who oversees trash collection to find out if there’s leeway in the budget. Also, the board might find a way to add a service by cutting back on something else.
If you want to do something that’s against the rules—like flying the American flag in your yard—start by making a written request for variance, using the appropriate HOA form in your CC&R documents. A variance gives you permission to be the exception to the rule. Submit your request to the board and property management company.
Help your cause by seeking a compromise: That you’d like to fly the American flag, but only on national holidays.
Don’t expect a quick solution
Some HOA boards meet as little as twice a year. If the board decides the issue is worth pursuing, it may require a community vote. If it passes a majority, the board will adopt it. Board members also may consult the HOA attorney to see if there’s a legal liability if they rule against you.
If you don’t get a timely response, request a hearing and resubmit your request for variance with as much support for your cause as possible.
If the board rules against you without a community vote, you can appeal the ruling with a petition signed by a majority of other homeowners.
But if you fly your flag without permission, expect to get fined. Fines can range from a nominal $25 to a painful $100 or more depending on the issue. Your CC&Rs will indicate the fine schedule—per day, per incident, etc. Interest for nonpayment can accrue, and the HOA can sue you in small claims court.
If you feel the ruling or the fines are unjust, the last resort is to hire an attorney and sue the HOA, as a flag-flying couple did in 1999. They battled their HOA in court for nine years before the case was settled in their favor.
Become the rule-maker
If you don’t like the rules, the best way to change them is to become part of the process.
1. Know your CC&Rs, annual budget, and employee contracts. Do you see areas where expenses can be cut? Are service providers doing their jobs?
2. Volunteer for a committee or task. If the board needs to enforce parking rules, for instance, you can volunteer to gather license plate numbers of residents’ vehicles. In addition, put your professional expertise to work: Assist the board with data entry, accounting, or website design.
3. Stand for election to the board. When a position becomes open, the board notifies the members, and you can put your name forward. New board members are elected at the annual meeting by member majority vote. Many boards are three to nine members large, with terms of one to two years.
Involvement drawbacks
As a board member, be prepared to spend two to four hours a month reviewing property management reports, monitoring budgets, or talking to other board members and residents. Most boards meet quarterly; small boards only meet twice a year, for a couple of hours.
Accept that you might become less popular if homeowners don’t like your decisions. In the worst case, you could be sued, along with the rest of the association.
Involvement benefits
But their are rewards. You’ll feel more in control of your community’s fate. You may find that some rules you didn’t support have merit after all. But most of all, you’ll know you’re doing all you can to protect your quality of life and your home’s value. Linda Epes is an award-winning journalist with more than 20 years’ experience in real estate consumer advocacy. She is the author of three books. Linda owns a townhome in Nashville and is on the committee of her homeowners association.
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Article From BuyAndSell.HouseLogic.com
By: Carl Vogel
Published: August 05, 2010
Before you put your home up for sale, use the right comparable sales to find the perfect price.
How much can you sell your home for? Probably about as much as the
neighbors got, as long as the neighbors sold their house in recent
memory and their home was just like your home.
Knowing how much homes similar to yours, called comparable sales (or
in real estate lingo, comps), sold for gives you the best idea of the
current estimated value of your home. The trick is finding sales that
closely match yours.
What makes a good comparable sale?
Your best comparable sale is the same model as your house in the same
subdivision-and it closed escrow last week. If you can’t find that,
here are other factors that count:
Location: The closer to your house the better, but
don’t just use any comparable sale within a mile radius. A good
comparable sale is a house in your neighborhood, your subdivision, on
the same type of street as your house, and in your school district.
Home type: Try to find comparable sales that are
like your home in style, construction material, square footage, number
of bedrooms and baths, basement (having one and whether it’s finished),
finishes, and yard size.
Amenities and upgrades: Is the kitchen new? Does the
comparable sale house have full A/C? Is there crown molding, a deck, or
a pool? Does your community have the same amenities (pool, workout
room, walking trails, etc.) and homeowners association
fees?
Date of sale: You may want to use a comparable sale
from two years ago when the market was high, but that won’t fly. Most
buyers use government-guaranteed mortgages, and those lending programs
say comparable sales can be no older than 90 days.
Sales sweeteners: Did the comparable-sale sellers
give the buyers downpayment assistance, closing costs, or a free television? You have
to reduce the value of any comparable sale to account for any deal
sweeteners.
Agents can help adjust price based on insider insights
Even if you live in a subdivision, your home will always be different
from your neighbors’. Evaluating those differences-like the fact that
your home has one more bedroom than the comparables or a basement
office-is one of the ways real estate agents add value.
An active agent has been inside a lot of homes in your neighborhood
and knows all sorts of details about comparable sales. She has read the
comments the selling agent put into the MLS, seen the ugly wallpaper,
and heard what other REALTORS®, lenders, closing agents, and appraisers
said about the comparable sale.
More ways to pick a home listing price
If you’re still having trouble picking out a listing price for your
home, look at the current competition. Ask your real estate agent to be
honest about your home and the other homes on the market (and then
listen to her without taking the criticism personally).
Next, put your comparable sales into two piles: more expensive and
less expensive. What makes your home more valuable than the cheaper
comparable sales and less valuable than the pricier comparable sales?
If one or more of your comparable sales was a foreclosed home or a
short sale (a home that sold for less money than the owners owed on the
mortgage), ask your real estate agent how to treat those comps.
A foreclosed home is usually in poor condition because owners who
can’t pay their mortgage can’t afford to pay for upkeep. Your home is in
great shape, so the foreclosure should be priced lower than your home.
Short sales are typically in good condition, although they are still
distressed sales. The owners usually have to sell because they’re
divorcing, or their employer is moving them to Kansas.
How much short sales are discounted from their market value varies among local markets. The
average short-sale home in Omaha in recent years was discounted by
8.5%, according to a University of Nebraska
at Omaha study. In suburban Washington, D.C.,
sellers typically discount short-sale homes by 3% to 5% to get them
quickly sold, real estate agents report. In other markets, sellers price
short sales the same as other homes in the neighborhood.
So you have to rely on your REALTOR’s® knowledge of the local market
to use a short sale as a comparable sale.
More from HouseLogic
What You Must Know About Home Appraisals http://buyandsell.houselogic.com/article…)
6 Reasons to Reduce Your Home Price http://buyandsell.houselogic.com/article…)
Other web resources
New York State: “How Estimates of Market
Value are Determined for Residential Properties” http://www.orps.state.ny.us/pamphlet/mv_…)
Visit houselogic.com for more
articles like this. Reprinted from HouseLogic with permission of the
NATIONAL ASSOCIATION OF REALTORS®
Copyright 2010. All rights
reserved.
If you have any questions feel free to call or email
Have a great day,
Reggie Woodgett
CDPE, CSSA, CSP, HRC, RDCPro
REMAX Elite Phone:(615) 850-4173
Efax:(615) 296-9685
Email: Reggie at rwoodgett@realtracs.com
www.elitenashvilletnhomes.com
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Great Buy In Spring Hill! Foreclosure
Overview
Maps
Photos
Description
Neighborhood
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| $59,000 |
Single Family Home
For Sale |
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Main Features
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4 Bedrooms
3 Bathrooms
2 Units
Interior: 2000 sqft
Lot: 0.42 acre(s)
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Location
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806 Old Military Rd
Spring Hill, TN 37174
USA
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Reggie Woodgett RDCPro,CDPE,CSP, CSSA,HRC
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