AOL Real Estate - Blog http://realestate.aol.com/blog AOL Real Estate - Blog http://realestate.aol.com/blog/media/feedlogo.gif AOL Real Estate - Blog http://realestate.aol.com/blog en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/How to Avoid Foreclosure: Steps You Can Take to Keep Your Homehttp://realestate.aol.com/blog/2012/04/09/how-to-beat-foreclosure-steps-you-can-take-to-keep-your-home/http://realestate.aol.com/blog/2012/04/09/how-to-beat-foreclosure-steps-you-can-take-to-keep-your-home/http://realestate.aol.com/blog/2012/04/09/how-to-beat-foreclosure-steps-you-can-take-to-keep-your-home/#commentsFiled under:

By Paul Hagey

There are many actions borrowers can take before facing foreclosure. Many find solutions to their difficult situations by short-selling their homes or simply walking away, an option the Obama administration's Making Home Affordable program makes slightly easier by paying $3,000 to borrowers for relocation costs.

Those looking to avoid foreclosure have ample and growing resources, including:
  • The HUD website, which lists various options for different types of homeowners facing foreclosure.
  • The Federal Housing Authority (part of HUD).
  • The Obama administration's Making Home Affordable program, which includes HAMP, Home Affordable Refinance Program (HARP) and Home Affordable Foreclosure Alternatives Program (HAFA).
Bank of America, among other banks, offers advice on its website for consumers seeking to avoid foreclosure.

If homeowners want to stay in their home, there are a variety of options, including: refinancing directly with the bank or with a program like HAMP, the Federal Housing Authority, or the Department of Housing and Urban Development (HUD); and payment forbearance; among several other options.

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If homeowners are open to leaving their home and avoiding foreclosure, homeowners can: participate in a short-sale program or a "deed in lieu," which affects a borrower's credit score but less drastically than a foreclosure likely would, notes the Bank of America site.

Then, there is the more off-the-books approach. Tanya Dennis, who reoccupied her South Berkeley, Calif., home in January 2011 and worked with the bank to modify her loan terms (see related article), is writing a handbook to assist those homeowners who need a loan modification and who are running out of time and options. She shared some of the strategy's key points with Inman News.

First of all, she said, homeowners facing foreclosure have to evaluate their circumstances and decide whether they want to make a stand.

It's grueling and takes a lot of energy to stand up to the banks in a strong way, said Dennis. For that reason, it's critical that homeowners who decide to do so should have a supportive network of family and friends and organizations behind them with knowledge of the process.

Dennis said the negotiation process begins by speaking directly with bank representatives and attempting to negotiate a loan modification that works for you and the bank.

Be proactive when negotiating with banks, she said. Homeowners should draft a presentment letter that states clearly:
  • Who you are.
  • What went wrong.
  • What you want.
It's also crucial, said Dennis, to belong to a public grassroots organization, such as ACCE, which can keep the homeowner in the news and mobilize people to the cause with phone calls, emails and even a physical presence when imminent action is called for.

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Also, it's a good idea to have a forensic loan audit performed on your loan, said Dennis, which can show missed protocol, improper actions, deceptive practices, and in some cases even bank fraud.

For example, noted Dennis, in mid-February San Francisco Assessor-Recorder Phil Ting released the results of a study that audited 382 residential home loans in San Francisco County made between January 2009 and October 2011 -- about 16 percent of all loans from that time period.

The report found that 84 percent of the loans "had at least one clear violation of California's foreclosure laws."

The report, which also noted "irregularities" in 99 percent of the loans audited, prompted House Minority Leader Nancy Pelosi, D-Calif., to send a note to U.S. Attorney General Eric Holder asking him to take the report into account when negotiating the multistate settlement.

Next, it's important for the homeowner to have the guts to stick it out, she said, because it's not easy standing up to banks and their lawyers.

It's a fluid process, said Dennis. At different stages of the game, there are different tactics to use, which become more drastic, like flooding a bank with calls, emails and involving the press, and, if necessary, bringing in a group of friends, family and even strangers to a home to resist eviction as an eviction date approaches.

Read more in Inman News:
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10 Hot Spots for Global Homebuyers
Top 10 markets to invest in

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]]>avoid foreclosurebeat foreclosurefight foreclosureforeclosure actionforeclosure solutionHAMPHAMP foreclosurehow to avoid a foreclosureHUD foreclosureInman News2012-04-09T13:25:00 00:00Top Real Estate Markets for Million-Dollar Homeshttp://realestate.aol.com/blog/2012/03/08/top-10-real-estate-markets-for-million-dollar-homes/http://realestate.aol.com/blog/2012/03/08/top-10-real-estate-markets-for-million-dollar-homes/http://realestate.aol.com/blog/2012/03/08/top-10-real-estate-markets-for-million-dollar-homes/#commentsFiled under:

Long BeachBy Inman News

Real estate markets in Sun Belt states were the most popular among visitors searching recently for homes listed for at least $1 million on Realtor.com.

The Los Angeles-Long Beach, Calif., metro area dominated those online visits, with 16.1 percent of total searches at Realtor.com in January targeting $1 million-plus homes. Neighboring Orange County, Calif., was a distant second, with 6.3 percent of total searches dedicated to $1 million-plus homes, followed by Miami with a 4.8 percent share. The share of total searches devoted to $1 million-plus properties was 2.7 percent in 10th-ranked Naples, Fla.

Outside of Chicago, at No. 4, the top 10 was dominated by metros in the Sun Belt states -- Atlanta, at No. 8, was the farthest north among those nine markets.

The top three metros are in coastal markets: Los Angeles-Long Beach, Orange County and Miami.

No. 2 Orange County had the highest median list price in January on the list, at $425,000. The next most expensive home markets, respectively, on the list were: No. 10 Naples, with a $365,000 median home list price, and No. 5 San Diego, Calif., with a $349,000 median home list price.

Methodology: This list is based on Realtor.com search data for January 2012. The markets are ranked by the largest share of online searches for properties priced at or above $1 million at Realtor.com during that month.

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Read the full report at Inman News: Top 10 real estate markets for $1M-plus home searches.

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Home Price Is 90% Of Sales, from Barbara Corcoran

 

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]]>million dollar homesmillonaires rowmost searched housing marketstop real estate marketsInman News2012-03-08T11:30:00 00:00Dual Agency: How a Real Estate Agent May Be Two-Timing Youhttp://realestate.aol.com/blog/2012/02/28/dual-agency-how-your-real-estate-agent-may-be-two-timing-you/http://realestate.aol.com/blog/2012/02/28/dual-agency-how-your-real-estate-agent-may-be-two-timing-you/http://realestate.aol.com/blog/2012/02/28/dual-agency-how-your-real-estate-agent-may-be-two-timing-you/#commentsFiled under:

fingers crossedBy Matt Carter and
Andrea V. Brambila

Republished with permission from Inman News.

Homebuyers sometimes gripe that their real estate agent seems more interested in closing a sale and collecting a commission check than in helping them find the right home at the right price.

Sellers, too, may feel pressured by their broker to make price reductions or accept an offer that's less than what they'd hoped to receive for their home.

What buyers and sellers alike may not realize is that, in many cases, real estate brokers and agents actually have no legal obligation to look after their best interests.

Laws in 25 states now allow brokers to provide services to buyers and sellers as "transaction brokers" or "facilitators," without traditional fiduciary duties of loyalty and obedience.

All 50 states also provide avenues for brokers to "double end" a deal, working with both the buyer and seller in the same transaction and avoiding the need to split commission income with a cooperating broker. In such instances, neither the buyer nor seller is fully represented, critics say.

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Because they rely on referrals and repeat customers for much of their business, scrupulous real estate brokers and agents strive to provide a high level of service, whether they are representing clients individually in "single agency" relationships or double-ending deals.

But consumers shouldn't assume that their broker or agent is obligated to represent their interests, and their interests alone, until they have seen a written disclosure describing the agency relationship under which services are being provided to them.

Homebuyers and sellers looking to negotiate the best commission rate, obtain the highest level of service, and protect their legal rights in the event of a dispute can start off on the right foot by making sure they understand the form of representation their broker or agent is providing.

Agency Relationships

Agency relationships are created when one person agrees to act on another's behalf, or represent them in dealings with a third party.

Once an agency relationship is established, agents owe their clients "fiduciary duties" of loyalty and obedience. They are typically required to place their clients' interests ahead of their own, providing services with honesty and good faith while avoiding conflicts of interest or "self-dealing."

But the rules governing agency relationships between consumers, real estate brokers and their agents vary from state to state, and all have been rewritten in the last 25 years.

Depending on the laws of the state they are licensed in, brokers can provide services in one of six relationships:

Single agency: A broker or agent represents the interests of the buyer or seller alone in a transaction -- either as the listing agent or as a "buyer's agent." Consumer advocates and agents who work exclusively with buyers say single agency is the best form of representation.

Designated agency: One broker designates two of their agents to represent the buyer and seller separately. When states require that brokers implement safeguards to protect clients' confidential information, designated agency is the next best alternative to single agency, academics and consumer advocates say.

Disclosed dual agency: A lone agent provides services to both the buyer and the seller in a limited agency relationship, without an obligation to represent the best interests of either.

In states with no provisions for designated agency, when two agents affiliated with the same broker represent both sides of a transaction, the broker may be considered a dual agent.

Although controversial even among real estate brokers and agents, disclosed dual agency does present opportunities for experienced sellers to negotiate discounted or "variable rate" commissions in advance.

Transaction brokerage: One agent or two agents at the same brokerage may provide services to the buyer, the seller, or both, in a non-agency relationship, owing no fiduciary duties of loyalty and obedience.

In addition to having the same disadvantage as dual agency -- neither the buyer nor seller can expect an agent to represent their interests during negotiations -- consumers served by transaction brokers have little leeway to file claims for professional negligence.

Provision of "ministerial" services to unrepresented "customers": A listing broker may avoid splitting a commission with a cooperating broker by providing limited services to an unrepresented buyer.

Every state in the union provides avenues for brokers and agents to "double dip." Of the eight states that ban dual agency outright, four allow designated agency (Alaska, Colorado, Maryland and Texas), three allow transaction brokerage (Florida, Kansas and Oklahoma), and three allow both (Alaska, Colorado and Texas).

Subagency: The listing broker represents the seller in an agency relationship. "Selling agents" who work with buyers are "subagents" of the listing broker. All of the agents involved in a transaction owe their allegiance to the seller, and buyers are unrepresented.

Although subagency was a standard industry practice for most of the last century, this form of representation has largely fallen out of favor because of legal risks for brokers and sellers.

Click here to view an interactive map of agency laws in every state.

Read the full story at Inman News.

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Your Very Own Magic Kingdom -- For a Price
Top 10 Foreclosure Hot Spots: 9 in California
5 Factors to Weigh Before Renting Out Your Home


What Real Estate Agents Can't Tell You

 

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]]>designated agencydual agencyreal estate agentreal estate brokerreal estate commissionsplit commissionsubagencytransaction brokerageInman News2012-02-28T16:55:00 00:00Top 5 Real Estate Markets to Watch in 2012http://realestate.aol.com/blog/2012/02/03/top-5-real-estate-markets-to-watch-in-2012/http://realestate.aol.com/blog/2012/02/03/top-5-real-estate-markets-to-watch-in-2012/http://realestate.aol.com/blog/2012/02/03/top-5-real-estate-markets-to-watch-in-2012/#commentsFiled under:

housing markets to watchBy Andrea V. Brambila

While national home prices and sales may not recover to their historical levels until 2013 at the earliest, some local housing markets always outperform others in any given year.

In this second annual report (see last year's "Top 10 Markets to Watch in 2011"), Inman News examined housing, economic and demographic data for metropolitan areas nationwide to identify 10 housing markets to watch in 2012.

These markets are showing signs of strength in several key metrics, including above-average price appreciation, a flourishing job market, a high rate of sales in proportion to population, a high level of home affordability, low foreclosure activity, a below-average share of distressed sales, a low vacancy rate, and other characteristics indicating a healthy housing market.

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While real estate markets in the Midwest and Northeast made up the majority of markets on last year's list of 10 markets to watch, this year the Midwest and the South dominated. Two Northeastern markets, both in New York state, also made the list; and no markets in Western states are on the list.

The 10 markets are, in order: Raleigh-Cary, N.C.; Wichita, Kan.; Rochester, N.Y.; Des Moines-West Des Moines, Iowa; Chattanooga, Tenn.-Ga.; Peoria, Ill.; Amarillo, Texas; Binghamton, N.Y.; Waterloo-Cedar Falls, Iowa; and Bloomington-Normal, Ill. The Des Moines and Bloomington-Normal metros are on the list for the second year in a row.

Nationwide, unemployment is high, though trending down; the median price of an existing home fell over 4 percent in 2011; and existing-home sales rose a modest 1.7 percent last year, according to the National Association of Realtors.

A 'Transitional Year'

Stan Humphries, chief economist for Zillow, said 2012 will be a "transitional year" in the housing recovery, with an improvement in home sales and prices anticipated to fall to a long-awaited "bottom."

Zillow identified some markets that are "undervalued" on a historical basis in a chart provided for this report, and Inman News reached out to a range of other real estate research and information companies for their insight on those real estate markets expected to outperform others in the year ahead. Those companies' findings were not considered in the review and selection process of the top 10 markets featured in this report.

"While home values are expected to fall further (another 2 to 4 percent) in 2012 with a definitive bottom probably a year away, encouraging precursors to a true stabilization of home values are falling into place as the new year begins," Humphries said in a forecast Tuesday.

"Home sales will show a more consistent upward trend this year, slowly reducing the amount of vacant housing inventory. This increased demand will eventually start to put a floor under home values later this year."

An Upswing in Foreclosures?

U.S. foreclosure activity hit its lowest level since 2007 last year, though experts largely expect it to ramp up this year, putting downward pressure on home prices.

"There were strong signs in the second half of 2011 that lenders are finally beginning to push through some of the delayed foreclosures in select local markets. We expect that trend to continue this year, boosting foreclosure activity for 2012 higher than it was in 2011, though still below the peak of 2010," said Brandon Moore, CEO of RealtyTrac, in the company's year-end foreclosure report. RealtyTrac also provided a chart for this report.

To compile the list of 10 markets to watch this year, Inman News looked for markets with above-average median sales price growth, a low unemployment rate, a high rate of sales per population, high affordability, low and falling foreclosure activity, a low share of distressed sales, above-average projected job growth, median household income growth, low and falling vacancy rates, growth in the number of building permits issued, above-average population growth, high projected population growth, and a rise in migration from other states.

While no markets on the list fulfilled all of these ideal economic characteristics, they did meet most of them.

Contrary to last year's list, in which most of the resulting markets had populations under 250,000, half of the metros on this year's list had populations above 500,000. This may be partially a result of only considering metros with a population of 150,000 or above, while last year's list did not limit the list by population size.

Among the findings in this report:

o. Three of the 10 markets on this list are state capitals, and both Illinois markets benefit from proximity to that state's capital, Springfield.
o. Four of the markets: Bloomington-Normal and Peoria in Illinois as well as Des Moines-West Des Moines and Waterloo-Cedar Falls in Iowa, are no more than 300 or so miles from each other.
o. Nine of 10 markets had median sales prices below the national median in the third quarter of 2011.
o. Where affordability rankings were available, the markets on the list had no less than 73.6 percent of homes affordable to those households earning the area's median income in the third quarter.
o. All had unemployment, foreclosure, and vacancy rates lower than the national average. None of the markets had unemployment rates higher than 7.9 percent. All had lower shares of distressed sales than the national average.
o. Only two of the markets had populations above 1 million, and three had populations above 500,000. The remainder had populations below that figure, but above a minimum 150,000.
o. As in last year's report, jobs in the public sector as well as the health care industry were major employers in most markets. This year, however, nine out of 10 markets also counted manufacturing companies among primary employers. Technology companies, energy providers, and universities also boosted many markets.

The 10 markets are ranked according to population, sales volume, and median sales price appreciation. Population was weighted most heavily in the rankings, followed by sales volume in proportion to population, and rate of price appreciation.

More from Inman News:
9 Markets with Rising Real Estate Value
A House for the Dogs: See Pooch Palaces
Mortgage Rates Probe New Lows



Barbara Corcoran With Marlo Thomas

 

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]]>housing outlook 2012recovering housing marketsInman News2012-02-03T17:00:00 00:00Mortgage Modification: 6 Steps To Nailing a Loan Modhttp://realestate.aol.com/blog/2012/02/01/mortgage-modification-6-tips-to-nailing-a-loan-mod/http://realestate.aol.com/blog/2012/02/01/mortgage-modification-6-tips-to-nailing-a-loan-mod/http://realestate.aol.com/blog/2012/02/01/mortgage-modification-6-tips-to-nailing-a-loan-mod/#commentsFiled under:

mortgage modificationBy Jack Guttentag for Inman News

Millions of mortgage borrowers who can no longer afford their mortgage payments but can afford a lower payment can avoid foreclosure by getting a modification of their loan contract. While the path to a modification remains torturous, it is not quite as bad as when I addressed the issue in a 2009 column. Here are six steps on the path to getting one.

1. Are you unqualified?

It is not possible for borrowers acting on their own to determine whether they qualify for a modification because they don't have access to all the criteria. Some is kept under wraps by loan servicers. However, borrowers can determine that they are not qualified for a government-supported modification by accessing a questionnaire provided by the U.S. Treasury Department.

Bear in mind, however, that servicers also offer modifications outside of the government's program. You might qualify for one even if you don't meet the government's requirements.


2. Compiling the information the servicer wants

The single most important step in obtaining a loan modification is providing the servicer with the exact information the servicer needs to make a decision. Each servicer has its own set of forms that must be completed, and its own requirements for the documentation you must provide.

In my first stab at this problem, I placed the information required by each of the major servicers on my website. Now borrowers can access the DMM Document Wizard, provided at my request by Default Mitigation Management LLC, which is a lot better. Based on your answers to the questions it asks, you will be provided with a customized list of forms you must complete and documents you must provide. It is free and will take the guesswork out of what you need.

3. Don't exaggerate your financial shortcomings

Warning: The servicer will examine your statements of income and expenses to determine whether you can afford a reduced payment. Exaggerating your financial weaknesses may open his heart but close his purse, if it makes you appear to be a lost cause.

4. Assuring accuracy

Having the right form is one thing, but filling it out correctly is something else. Some industry executives estimate that about 95 percent of all packages submitted are incomplete or contain errors. A package with obvious errors may fall to the bottom of the pile, or it may lead the servicer to conclude that you do not qualify for a loan modification when, in fact, you do. Remember what you were taught in second grade: Neatness counts!

In addition:

a. Use a cover sheet that identifies all documents in your package.

b. Write your name and loan number on every page.

5. Assuring delivery

Preparing an accurate and complete set of documents is one thing, but delivering the package to the servicer is something else. Servicer systems have been overwhelmed by requests for help, and documents routinely get "lost." You want to minimize the chances of that happening to you.

Using fax or certified mail: Make sure you have the correct contact information. Treasury provides addresses and fax numbers of every mortgage servicer. Certified mail is more reliable than fax, but neither guarantees prompt attention by the servicer, or even that the documents won't subsequently be misplaced or lost.

6. Using the DMM portal: The best way to deliver documents to servicers is to use the DMM portal, available through the DMM Document Wizard by clicking on "Submit," or visit www.dclmwp.com. I have no financial interest in DMM.

Using the portal, your documents are delivered to the servicer electronically, and the portal then becomes a direct communication channel to the servicer. The servicer uses the portal to acknowledge receipt of your documents and to request additional information or documents. You use the portal to make corrections, to send additional information, and to update yourself on what has been completed and what remains to be done.

Questions by you are automatically directed to the specific employee who can answer them. All communications are time-stamped and remain in the portal as a record of borrower/servicer exchanges.

Unfortunately, not every servicer subscribes to the DMM Portal. The list of those that do is shown on the DMM Wizard.

7. Follow up, and then follow up again

Because the process of modifying mortgages remains slow and error-prone, you may need to nudge the servicer. If you faxed your documents, you should follow up to make sure the papers haven't been lost and the case is in an active queue. But even if you use the DMM Portal, you should follow up with the servicer regularly to make sure your application is on track.

My special thanks to Igor Roitburg for assisting in my research for this column.

The writer is professor of finance emeritus at the Wharton School of the University of Pennsylvania. Comments and questions can be left at www.mtgprofessor.com.


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]]>Inman News2012-02-01T08:00:00 00:00Survey: Holidays Are 'Good Time to Sell'http://realestate.aol.com/blog/2011/12/08/survey-holidays-are-good-time-to-sell/http://realestate.aol.com/blog/2011/12/08/survey-holidays-are-good-time-to-sell/http://realestate.aol.com/blog/2011/12/08/survey-holidays-are-good-time-to-sell/#commentsFiled under:



By Inman News

Most real estate professionals always advise sellers to list their homes during the holiday season rather than waiting, citing more serious buyers and less competition among properties, according to a recent survey from Realtor.com.

The property search site's Holiday Home Selling Survey gathered responses from 429 real estate professionals surveyed online between Oct. 26, 2011, and Nov. 8, 2011. The "holiday season" was defined as Nov. 23, 2011 to Jan. 2, 2012.

Among respondents, 60 percent said they would always advise a seller to list a home during the holiday season and agreed that "it's a good time to sell," while 30 percent said they would sometimes advise it if the seller were motivated. Only 1 percent said they would never advise it because "selling during the holiday season is always a bad idea."

The vast majority of respondents, 79 percent, said more serious buyers were one of the biggest benefits of listing during the holidays, while 61 percent said less competition among homes was a plus. Only 17 percent said cold weather making homes look cozy was an advantage.

Indeed, 39 percent of respondents cited winter weather as one of the biggest challenges to putting a home on the market during the holidays. An equal share said buyer vacation and celebration schedules were a problem.

But the biggest challenge, noted by 63 percent of respondents, was keeping a home "open house ready," meaning clean and staged, during this time of year.

Selling a home during the holidays requires employing different strategies from selling a home during other times of the year, according to the survey.

More than eight out of 10 respondents said online listing photos were particularly crucial for homes listed during the holiday season. The main reasons cited were that buyers attend fewer open houses because of busy schedules or winter weather, while sellers also host fewer open houses during this time.

The majority of respondents, 74 percent, said pricing a home to sell was even more important during the holiday season, and 40 percent said staging a home was more important at this time of year. Nearly a third said being flexible with contract terms such as move-in dates and when closing costs were paid was more essential during the holidays.

The way a home is staged during this time of year is also significant, according to the survey. Almost all respondents said they advised sellers to put up some seasonal decorations, though there were differing opinions on the types of decorations.

A 37 percent plurality said homeowners should put up some nonreligious holiday decorations to make a home feel inviting, while 28 percent said sellers should put up all of their holiday decorations, including religious ones, to make their home feel festive, the survey said.

A similar share, 27 percent, said sellers should put up seasonal decor that is not suggestive of specific holidays, while 8 percent of respondents advised sellers to stage their home without any decorations at all.

Eighty percent of respondents said they encourage sellers to light their fireplace when staging a home during the holiday season, while 62 percent said they suggested sellers update outdoor lighting because the buyer is more likely to see the home at night due to shorter days.

Other popular staging advice for sellers included using winter-scented home fragrances before an open house, making the home feel more cozy through reading nooks and blankets on couches and beds, setting the table to showcase holiday entertaining, and playing seasonal music that is not specific to a particular holiday, the survey said.

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]]>holiday home salesHoliday Home Selling Surveyhomehousing marketinmanRealtor.com Holiday Home Selling Surveyselling in the winterselling your home in the winterwinter home salesInman News2011-12-08T14:12:00 00:00Homeowners: Take Advantage of Expiring Tax Deductionshttp://realestate.aol.com/blog/2011/12/01/homeowners-take-advantage-of-expiring-tax-deductions/http://realestate.aol.com/blog/2011/12/01/homeowners-take-advantage-of-expiring-tax-deductions/http://realestate.aol.com/blog/2011/12/01/homeowners-take-advantage-of-expiring-tax-deductions/#commentsFiled under: ,

By Stephen Fishman

There are several tax credits and deductions set to expire at the end of the year, and given the federal deficit problem, there's a good chance they won't be extended. If you want to take advantage of them, you need to act before Jan. 1, 2012.

Mortgage Insurance Premium Deduction

If you itemize deductions, you may deduct the premiums you pay for mortgage insurance, just like you do mortgage interest. However, this deduction is phased out if your income exceeds certain levels. To qualify for the full deduction, a couple or a single taxpayer must have an adjusted gross income of $100,000 or less. The deduction is phased out completely if AGI exceeds $109,000.

This deduction, which was first enacted for 2007, is scheduled to expire at the end of 2011. Thus, your payments are deductible only if you pay them during 2011; a payment after 2011 is not deductible.

Education Expenses Deduction

A deduction of up to $4,000 for qualified education expenses is available for 2011. All or part of the amount you pay can be for classes beginning in 2012. But you must make your payments during 2011, because the deduction expires at the end of the year. This deduction is not available if your modified adjusted gross income is more than $80,000 ($160,000 if filing a joint return). Nor is it available if any of education tax credits are claimed.

Home Energy Credit

First, any homeowner may qualify for an energy credit of up to $500. You can qualify for the credit if you purchase during 2011 solar panels to generate electricity or for water heating, or install wind energy equipment, a geothermal heat pump, or certain types of fuel cells to generate electricity. The credit is up to 30 percent of the amount you spend, up to the $500 limit. This credit is not available for purchases in 2012.

Sales Tax Deduction

If you itemize, you can deduct either your state and local taxes or your sales taxes paid during the year. This deduction is a boon for people who live in states with no or low income taxes. However, the deduction for sales and use taxes instead of state income taxes is scheduled to expire at the end of 2011. To maximize this deduction, you should make any large purchases before the end of the year.

Adoption Credit

A tax credit for adoption expenses (adoption fees, court costs, attorney fees, travel, etc.) has been available for many years. However, an enhanced adoption credit is available for adoptions finalized before 2012. The credit is up to $13,360 of adoption expenses. For 2011, this is a nonrefundable credit, meaning you qualify for it even if it exceeds the amount of your 2011 tax liability. This means that you could qualify for a tax refund even if you did not have federal income tax withheld.


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See celebrity real estate.

 

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]]>Adoption CreditEducation Expenses Deductionenergy tax creditsHome Energy Credithomeowner tax breaksinmanMortgage Insurance Premium Deductionmortgage interest deductionSales Tax Deductiontax creditstax deductionstax seasontaxesInman News2011-12-01T08:00:00 00:00Feds Want Your Feedback on Proposed Mortgage Formshttp://realestate.aol.com/blog/2011/11/11/feds-want-your-feedback-on-proposed-mortgage-forms/http://realestate.aol.com/blog/2011/11/11/feds-want-your-feedback-on-proposed-mortgage-forms/http://realestate.aol.com/blog/2011/11/11/feds-want-your-feedback-on-proposed-mortgage-forms/#commentsFiled under:

Federal regulators are asking for industry input on prototypes for a new, unified settlement disclosure form that will replace the separate HUD-1 Settlement Statement and Truth in Lending disclosure form currently in use.

The Consumer Financial Protection Bureau -- which has also been asking for feedback this year on a unified loan disclosure form that consumers will receive when they apply for a mortgage -- says it plans to test a number of different designs for a new settlement disclosure form over the next few months.

The bureau will accept industry and consumer feedback until Nov. 16 on its initial prototypes for a redesigned settlement disclosure form. Based on that feedback, the bureau will fine-tune the prototypes and seek additional comments.

Consumers currently get two disclosure forms whenever they apply for a mortgage, and two more at the closing table.

One loan disclosure form is aimed at satisfying Truth in Lending Act requirements (the "TILA" form), detailing loan terms like annual percentage rate (APR). The other form -- the good faith estimate, or GFE -- is required by the Real Estate Settlement Procedures Act (RESPA), and is intended to help borrowers evaluate their complete loan package, including closing costs like title insurance.

There's similar duplication at the closing table. Consumers get a TILA disclosure detailing the terms of their mortgage, and a HUD-1 Settlement Statement itemizing additional closing costs.

In passing the Dodd-Frank Wall Street Reform Act, Congress created the Consumer Financial Protection Bureau. One of the tasks lawmakers assigned the new bureau: create unified disclosure forms, for both loan applicants and homebuyers closing a deal, that meet TILA and RESPA requirements.

When the forms' designs have been finalized, consumers will receive a unified loan disclosure form each time they apply for a mortgage, and a unified settlement disclosure form when they purchase a home.

Give the Feds your feedback here.

Also see:
Open Houses of the Week: Veterans Day Special
Candidates Put Housing Crisis at Fannie and Freddie's Doorstep
Viewpoint: Housing Is Ghost Issue in Presidential Race

 

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]]>closing costsdisclosure formsHUD-1 Settlement Statementtruth in lendingInman News2011-11-11T09:00:00 00:00Feeling Presidential? Live in Your Very Own White Househttp://realestate.aol.com/blog/2011/10/25/feeling-presidential-live-in-your-very-own-white-house/http://realestate.aol.com/blog/2011/10/25/feeling-presidential-live-in-your-very-own-white-house/http://realestate.aol.com/blog/2011/10/25/feeling-presidential-live-in-your-very-own-white-house/#commentsFiled under:



By Mary Umberger

Judging by all the recent hollering, finger-pointing and campaigning, it would seem that a goodly number of people aspire to live in the White House -- though, of course, only one of them will get the key to the Oval Office washroom.

For the runners-up, there are some consolation prizes out there: Replicas of the executive mansion not only are surprisingly plentiful, but at least three of them are for sale.

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Granted, "replica" may be too precise a word, given that they display a lot of architectural, umm, latitude. One of them is even blue.

But they bear more than a passing resemblance to the 1600 Pennsylvania Ave. landmark. There's a lookalike private residence in San Antonio. Photos of another -- a massive, detailed White House copy in Atlanta -- was an Internet sensation and drew attention from The New York Times when it was listed for $9.88 million in 2009.

As for the real White House: Zillow estimates the value of the 16-bedroom, 35-bathroom property at about $263.3 million as of today -- down from an estimate of $325.7 million in October 2007.

The Atlanta version of the White House seems to be a bit of a tourist draw, and whenever any house that's perceived to look like the White House displays a "For Sale" sign, it generates a lot of interest.


"I think people are fascinated with the idea that the White House could be for sale," said David Walmsley, an executive with the Robert S. Jordan Co. commercial real estate firm, which earlier this year was marketing the White House-ish former headquarters of the American United Bank in Lawrenceville, Ga.

"(The White House resemblance) projects a certain kind of strength, something a lot of companies are interested in projecting," he said. "It's an iconic image of the strength and power of the United States, and certainly creates an image of something that's going to be around for a long time."

Alas, that idea didn't quite work out for American United Bank -- its headquarters building was for sale because the bank had failed. It was sold for $585,000 to an investor in a Federal Deposit Insurance Corp. auction in July, Walmsley said.

Another White House remake in McLean, Va., however, is being actively marketed. That home's owner meticulously created a 12,000-square-foot homage to the 55,000-square-foot real thing in 1995.

For $4.25 million (reduced from $4.65 million), the buyer of the McLean house could emulate the nation's commander in chief in his or her own Oval Office, Lincoln Bedroom, Truman Balcony, and numerous other re-creations of the White House's iconic rooms.

An Immigrant's Tribute

"The owner is a Vietnamese engineer," said the listing agent, Chu Nguyen, of Fairfax Realty in Annandale, who said the White House styling is a "thank you" to the owner's adoptive country.

"With the fall of Vietnam, the U.S. took him in, and he became successful in an engineering firm. The house is a tribute to American history and culture. He could have just built a big house, but he wanted to pay tribute to America, and he loved the design and layout of the White House," Nguyen said.

The engineer, whom Nguyen described as "publicity-shy," hired an architect to build a home inspired by the original White House floor plans. Nguyen said the design took two years, and the construction required three.

Media attention has rained upon Nguyen since he got the listing earlier this year, helped along by the agent's efforts to market it to the famous and very, very moneyed. He said he emailed Donald Trump about the house but got no response.

Ditto for his efforts to reach Yuri Milner, the Russian billionaire who earlier this year paid $100 million for a mansion overlooking San Francisco Bay.

"I emailed him. I said, 'This house will cost you only 5 percent of that,' " Nguyen said. "You can come to town to see Obama and stay in your own White House."

Not far away, in Charles County, Md., Gisela Gilbert is trying to find a buyer for a home that bears a strong resemblance to the White House -- at least, if you view it from certain angles. (See the listing here.)

The original house, built in 1905, is a large white-framed country estate. In the 1960s, the owners at the time added a portico that's strongly reminiscent of the you-know-what.

"Children who accompany their parents to see it, they say, 'Oh, Mommy, that looks like the White House!' " Gilbert said. "But the adults don't comment on that. They're fascinated with the land. It's the highest elevation in the (area) and the view is undeveloped all around."

Gilbert, an agent with Long & Foster Real Estate in Fort Washington, Md., said the current owners don't know why their predecessors added the distinctive portico.

Inside, it's not much like the White House, though it's decorated in a very upscale, traditional style. It's been listed for 18 months, and Gilbert says that it's a tough sale -- not because of the White House aspect, but because, at $995,000, it's significantly pricier than what houses in the area have sold for recently.

A 'White House' of a Different Color

Slightly less expensive, at $899,900, is a Chicago variation on the White House theme. It has the distinctive two-story portico and columns, and some of its trim has federalist touches.

It's also blue.

Shaunda Brown, an agent for Bradley Myles Realty, has lived in the house in the Chatham neighborhood on the city's South Side for six years and listed it for sale in September 2010.

"I don't know why the builder went for that look, but it was built as a copy of the White House," she said of the original owner, who constructed the home in 1966. "It was in poor condition, so I did a complete rehab."

Brown didn't buy it for the portico, etc., she said.

"I don't know why they picked blue brick," she said. "I wasn't truly crazy about that, but I later found out the bricks had been imported from Italy. I do like the pillars."

She said the house's White House look is both a plus and a minus. For one thing, everybody knows the house. Just recently, she said, she was talking by phone to a help-desk technician who said he was in Kalamazoo, Mich., but had spent time in Chatham in the past.

"He said, 'I remember there was this huge blue, brick house,' " Brown said.

Although that struck her as funny, she'd prefer the house to be less prominent.

"I'm not crazy about the fact that everybody knows the house and wants to know who you are and what you do (if you live in it)," she said.

But as if the White House vibe weren't a singular-enough distinction for the house, many people think that somebody famous -- and not presidents -- used to live there.

"A lot of people think it's Mahalia Jackson's house," she said. "But she used to live in the house across the street."

More from Inman News:
Top 10 Hottest Neighborhoods for Foreclosure Searches
6 Extreme Personality Types You'll See at Open Houses
3 Mortgage Mistakes You Can Avoid

Also see: House of the Day: Role-Play Prez in White House Lookalike

 

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]]>gop nominationluxury homesluxury homes for salepresidential homeswhite housewhite house look-alikesInman News2011-10-25T10:00:00 00:00New Credit Score Will Tell Lenders More About Youhttp://realestate.aol.com/blog/2011/10/21/new-credit-score-will-tell-lenders-more-about-you/http://realestate.aol.com/blog/2011/10/21/new-credit-score-will-tell-lenders-more-about-you/http://realestate.aol.com/blog/2011/10/21/new-credit-score-will-tell-lenders-more-about-you/#commentsFiled under: ,



Mortgage lenders will soon have access to new details about a prospective borrower's past -- such as past rental applications, inquiries to pay-day lenders, and missed child support payments -- that will be factored in to a new credit score.

Real estate and mortgage data aggregator CoreLogic says it's signed an agreement to work with Fair Isaac Corp., the owner of the widely used FICO score, to develop new credit risk scores for the U.S. mortgage industry.

Much of the data CoreLogic collects on consumers hasn't been available from traditional credit reporting agencies but is important to mortgage lenders, the company said.

CoreLogic says it will serve as a "supplemental credit repository," augmenting data provided by TransUnion, Equifax and Experian with property ownership and mortgage obligation records, property legal filings and tax payment status, rental applications and evictions, inquiries and charge-offs from pay-day and online lenders, and consumer-specific bankruptcies, liens, judgments and child support obligations. The Santa Ana, Calif.,-based company will generate a CoreScore Credit Report for lenders to alert them to bad debts that might previously have gone undiscovered. The reports may also help some consumers by identifying previously hidden credit history that reflects well on them, the company said.

CoreScore consumer information will be "instantly merged" with traditional credit report data "in a single, integrated report only available from CoreLogic," the company said in announcing the new reports last week.

At that time, it was unclear whether the CoreScore reports would also be used to calculate borrower's FICO scores.

Today, CoreLogic and Fair Isaac announced that they plan to offer mortgage lenders a "credit scoring solution" that will combine data from CoreScore reports with Fair Isaac's FICO 8 Mortgage Score. That product will serve as the basis for future solutions that "deliver additional loan level insight and support more intelligent and consistent lending decisions," the companies said.

A spokeswoman for CoreLogic told Inman News that the FICO 8 Mortgage Score "will likely be an input" to a new score that will be provided along with the CoreScore Credit Report. There are no plans to update the FICO 8 Mortgage score itself to use the additional CoreLogic data, she said.

So lenders purchasing services from CoreLogic Credco will get back two scores: The score or scores they use for decisions today, such as the FICO 8 Mortgage Score or classic FICO score, plus a new score that uses the value of FICO 8 Mortgage Score and the CoreScore data.

"By blending the unique data from CoreLogic with the analytic expertise of FICO, we will be able to deliver a new and more predictive credit score with our recently launched CoreScore Credit Report," said Tim Grace, senior vice president of Product Management and Analytics for CoreLogic, in a statement. "Together, this new credit report and credit score will provide the mortgage industry with increased visibility into consumer credit behavior and improved credit risk analysis."

More from Inman News:
Top U.S. Areas With Rising Real Estate Prices
Real Estate Reality TV Family Publishes Fictional Novel
Top 6 Reasons Mortgage Applications Are Rejected

More on AOL Real Estate:
How Much Down Payment Do Homebuyers Need?
No-Money-Down Mortgage Can Still Be Found in Small Towns

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]]>CoreLogiccredit reportcredit scoreequifaxexperianfair isaacFair Isaac CorporationFICO scoresTransUnionInman News2011-10-21T08:00:00 00:00Want to Sell Your House? List It on a Fridayhttp://realestate.aol.com/blog/2011/10/20/want-to-sell-your-house-list-it-on-a-friday/http://realestate.aol.com/blog/2011/10/20/want-to-sell-your-house-list-it-on-a-friday/http://realestate.aol.com/blog/2011/10/20/want-to-sell-your-house-list-it-on-a-friday/#commentsFiled under: ,

Sellers should list their home on a Friday for the best chance of selling it, according to Seattle-based brokerage Redfin.

Redfin analyzed data for 1.2 million listings in 16 markets nationwide over the past 21 months. The brokerage found that of all listed homes in those 16 markets, those listed on a Friday were 12 percent more likely to sell within 90 days, and homes listed on a Thursday or Friday sold, on average, for slightly closer to list price: 94.4 percent compared with 93.9 percent when homes are listed on a Sunday or Monday. Put another way, that's a $1,000 difference on a $200,000 home.

Homes listed on a Friday were also 18.8 percent more likely to be toured by Redfin customers. Homes listed on a Sunday or Monday were the least likely to be toured.

"Our theory is that since homebuyers tend to tour homes on the weekends (Saturday and Sunday have 2.5 times more tours per day than weekdays), homes listed on Fridays are the freshest in buyers' minds when they're making their weekend plans. It also seems likely that many homebuyers sort their weekend 'must see' lists by date listed, going to see the freshest homes first so that they have the best chance of getting in on a potential good deal before other buyers," the brokerage said in a blog post about the findings.

"These factors put homes listed on Friday in front of more touring buyers on the weekend (which our touring data bears out). More tours leads to more offers, and more offers leads to a better price and a better chance of selling."

In one respect, Sunday beat out any other day of the week: Homes listed on Sunday attracted slightly more online page-views than the average on Redfin.com.

While the vast majority of homes are listed on weekdays, no one weekday was especially popular, with between 17 percent and 19 percent of homes listed on any given weekday. About 19 percent of homes were listed on a Friday during the time period studied, Redfin reported.

More from Inman News:
Top U.S. Areas With Rising Real Estate Prices
Real Estate Reality TV Family Publishes Fictional Novel
Top 6 Reasons Mortgage Applications Are Rejected

Also see:
Faked You Out! Prop Furniture Finds a Place on Home Stage
Home Sellers Step In Where Banks Fear to Tread

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]]>home saleshome sellingtips for home sellingwhen to list houseInman News2011-10-20T08:00:00 00:00Rod Blagojevich House Hits Market as $1 Million FSBOhttp://realestate.aol.com/blog/2011/10/10/rod-blagojevich-house-hits-market-as-1-million-fsbo/http://realestate.aol.com/blog/2011/10/10/rod-blagojevich-house-hits-market-as-1-million-fsbo/http://realestate.aol.com/blog/2011/10/10/rod-blagojevich-house-hits-market-as-1-million-fsbo/#commentsFiled under: ,



It's a historic home (though by dubious standards), and it's for sale: It's where federal wiretaps recorded the governor of Illinois discussing how to profit from an appointment to President Obama's old Senate seat. It recently went on the market for just over $1 million -- about half a million less than he was purportedly trying to get from supporters of Jesse Jackson Jr., as a bribe in exchange for his appointment of Jackson to the Senate.

The 13-room vintage house on Sunnyside Avenue in Chicago's Ravenswood Manor neighborhood had been unofficially for sale at least since last summer, when a federal judge ordered its owner, former Gov. Rod Blagojevich, to post the house as collateral for bond after his conviction on multiple corruption charges at his second trial in June.

With Blagojevich's sentencing (he's expected to get 10 years, though he's eligible for a far longer term) likely later this fall, his wife, Patti, a real estate broker, officially listed the home through her own River Realty firm on Oct. 2, instantly garnering a blast of local publicity that could make a real estate agent swoon.

"It's not just a house that we're selling, it's our home," Patti told reporters. "It's the only home that our children have known. It's kind of sad."



The home became the governor's de facto headquarters after Blagojevich took office in 2003, generally eschewing workspace in the state capital and the official Governor's Mansion in downstate Springfield.

In an interview with Inman News, Patti Blagojevich described the house as having 3,800 square feet of finished space and a 2,200-square-foot unfinished basement, making it one of the largest in their leafy, affluent neighborhood on the city's North Side.

"It has five bedrooms, in addition to a large first-floor family room, and four baths," she said. "We redid the kitchen when we moved in, in 1999. We were judicious with our finishes -- it was when stainless was just coming on the market, and we have that, and a Viking range, a Thermador hood, and nice granite."

Rod BlagojevichListing photos, which made all the local news broadcasts when the sale became official, depict a Spanish-styled home with large public rooms that feature stained and leaded glass windows and doors, beamed ceilings, and French doors. A red-walled library is filled with floor-to-ceiling bookshelves.

Area real estate agents pronounced the $1.07 million listing at least somewhat overpriced and suggested that the state's former first lady would fare better by having somebody else handle the sale.

A Fool for a Client?

"I might have gone $999,000 as a listing price," said Prudential Rubloff Properties agent Eric Rojas, who lives in an adjoining neighborhood. "It's a really beautiful home, but it's not that historic and the finish level is not that great.

"And as a real estate broker, I wouldn't have listed the house myself, especially in their situation," he said. "When I sold my own home, I was the listing agent but my partner did the showings. I never talked to the buyers, and I think it should be more arm's-length."

Some other real estate professionals interviewed for this article concurred. "I think she's making rookie mistakes (in judgment)," said Pamela Ball, a longtime agent with Baird & Warner who lives in a nearby neighborhood.

Blagojevich is not a rookie -- she said she has been licensed for more than 20 years. However, witnesses at the first of her husband's two trials raised questions about the amount of work she performed, suggesting that she was mostly a "ghost-payroller" at the development firm headed by convicted political fundraiser Antonin Rezko, according to Chicago Tribune reports.

Witnesses also suggested that Rezko funneled tens of thousands of dollars to her, though the Blagojevich defense team countered that she worked for all of her commissions.

The $1 Million Ceiling

Ball said that in her professional opinion, "You never (price a home) $70,000 over $1 million. You always go under because there are people who look for homes up to $1 million but would think they could never afford the Blagojevich house."

Ball also said the homeowner-agent probably shouldn't have told reporters that the house's poured-concrete construction made it a "fortress" that could withstand a tornado.

"You should be selling the sizzle, and there is no sizzle to 'tornado,' " Ball said.

She also suggested it would be preferable to handle the sale outside of the family.

"She needs to have someone in between herself and the home inspector. You need that buffer. And if it's priced wrong, the amount of money she's going to have to take off in her price reduction would have paid the agent," Ball said.

But Blagojevich defended the self-listing, saying she'd handled her own sales in the past. And, in the family's current circumstances, the commission matters a lot, she said.

"I've had my license for over 20 years, and every home that we've bought and sold, I've been the Realtor for myself," she said. "What's the point of having a real estate license, especially in this market and when you're not doing many deals? The least you can do is get your own commission.

"If times were different, I would give it to (another) Realtor to do," she said. "But nobody knows the home better than I do."

'I Guess Every Penny Counts'

Suzy Thomas, an agent for Dream Town Realty, lives around the corner from the couple, and has logged considerable Blagojevich media time after being set upon by reporters and photographers because she happened to be walking her dog by the house on the morning in December 2008 when federal agents woke up the governor and arrested him.

And later, news cameras captured and broadcast the moment when, after he had been indicted and was returning home, Thomas offered him a neighborly hug as he approached his house.

"My friends teased me for hugging him," she said. "The guy had had a bad day, what can I say?'

Thomas said she understands the financial urgency of the Blagojevich's for-sale-by-owner approach.

"How else do you save money?" she said. "I guess every penny counts."

But Thomas said that even though she has represented herself in the listing of her own home in the past, "it's a very difficult thing to do.

"I have paid other Realtors to show it for me," she said. "It's difficult not only for you as the owner-listing agent but also for the buyer, because it puts them in a difficult position -- it can be awkward to ask questions about the house."

A Stigmatized House?

Negotiations will be a further complication, Thomas said.

"I always find in the transaction there's a lot of emotion, and a big role that Realtors play is being the go-between to remove the emotions in the transaction," Thomas said. "It's always bad for buyers and sellers to talk directly. Things can erupt, deals can fall apart."

Whether being "the Blagojevich house" is a plus or minus is debatable, the agents said.

"I think it's sort of a stigmatized home, and I'm not sure if (their ownership) is going to help them or hurt them," said Rojas, who said the house has negatives on a more elemental level.

"What's probably going to hurt them is that they have one garage spot and they have a galley kitchen -- some of the other homes (that have sold in the area) have had much larger, nicer kitchens," he said.

Thomas didn't think the name connection was a particular drawback.

"I don't know that it's as stigmatized as when you have something really traumatic, like a murder, in the house," Thomas said. "My gut says it's 50-50 -- some may want to stay away from it, but just as many will be attracted to the celebrity of it."

Blagojevich herself said she's unsure how that angle will play out. To ward off curiosity-seekers, the listing specifies that potential buyers must be pre-qualified for financing, and she won't hold any open houses; she said she had conducted a couple of showings.

"It could go either way, I guess," she said. "We could have moved to the Governor's Mansion (in downstate Springfield) and lived in a 50,000-square-foot mansion with a butler and chefs and the whole deal, but we chose to stay in our home and particularly in this neighborhood -- that says a lot about the house, I think.

"Most people would have taken the mansion," she said, laughing.

This story originally ran on Inman News.

More from Inman News:
Jennifer Lopez Takes on Real Estate Agent Role
State-by-State List of Most-Searched Real Estate Prices
10 For-Sale Homes Near $100,000, From Hawaii to New York

See homes for sale in Chicago and in your area at AOL Real Estate.

Also see:
5 Staging Tricks for a Quick Sale
See the Top 10 Real Estate Listings in America
5 Questions to Ask Before Attempting a FSBO


 

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]]>celebrity real estatefor sale by ownerfsborod BlagojevichInman News2011-10-10T13:00:00 00:00Staying, Not Selling? Consider 'Aging in Place' Upgradeshttp://realestate.aol.com/blog/2011/10/10/staying-not-selling-consider-aging-in-place-upgrades/http://realestate.aol.com/blog/2011/10/10/staying-not-selling-consider-aging-in-place-upgrades/http://realestate.aol.com/blog/2011/10/10/staying-not-selling-consider-aging-in-place-upgrades/#commentsFiled under: ,

By Paul Bianchina

It's something we'd all just as soon avoid, but there's no getting around it: We're all getting older. And that's something worth keeping in mind as you plan and remodel your home. The concept of "aging in place" -- making changes to your home to make it more comfortable and more adapted to your needs as you age -- is one that's been gaining a lot of popularity, especially in these tough economic times.

There are a number of things you can do, large and small, that will help make your home work for you instead of against you as you age. And many manufacturers are taking note of this trend as well, offering a wide range of innovative and attractive products so that your home can also remain every bit as stylish as you'd like.
Doors

Doors can be one of the biggest obstacles to easy movement in the home. Consider opening up smaller doorways to create 34- or 36-inch doorways wherever possible. Another alternative is to use a pair of 18- or even 24-inch pocket doors to make a nice wide opening that's also very attractive. To make doors easier to open, replace doorknobs with levers. Replace exterior steps with simple ramps, or combination step/ramps. With more extensive remodeling projects, also consider making hallways wider -- ideally 48 inches.

Toilets

Many companies are now offering "comfort-height" toilets, which are about 2 inches taller than standard toilets. These are easier to get on and off of, especially for people with sore backs or weaker legs. Wherever possible, plan on more free space in front of and to the sides of the toilet to allow for easier movement, especially for a walker or wheelchair.

Grab bars

Grab bars are a very useful addition in the bathroom: in the tub, shower and around the toilet. For safety and security, they need to be properly anchored to solid wood, so if you're remodeling your bathroom, be sure to install some blocking in the walls; it's a simple and inexpensive thing to do, even if you're not planning on installing grab bars right away.

Don't like the institutional look of chrome grab bars? A growing number of companies are offering them in colors, ranging from bright white to shiny black and everything in between, in both acrylics and powder-coated metal. There are also some sleek new styles available.

Tubs and showers

There are some simple things you can do to make using your tub or shower easier to use. In addition to grab bars, a seat can be a real plus. These can be portable, or one of the fold-up versions that are attached to the wall. There are many different styles available, in everything from plastic to very stylish teak.

Lever-handle controls are easier to grip and turn than ones with smooth knobs. That applies to the sinks as well as shower and tub controls. Think about where you'll be standing -- or sitting -- in the tub or shower, and place the controls at a convenient location. Make sure that you install anti-scald valves, and install hand-held spray heads. Also, install a shelf at a convenient location for soap and shampoo, to prevent dangerous reaching or stooping over.

Barrier-free shower stalls are well worth considering if you're redoing your bathroom. One company I spoke with at the recent Pacific Coast Builders Show was demonstrating a very innovative, dam-free shower pan that's installed on the floor, then sealed in place with a membrane. The entire bathroom floor and pan are then tiled over, creating a seamless, barrier-free installation that's sleek, attractive and anything but institutional. You can check them out at www.designwithoutbarriers.com.

Another innovative idea comes from the folks at Kohler, with their new Elevance bathtub. This truly unique tub has a vertically sliding wall in front. The wall drops down to create a chair-height seat for easy access into the tub. Sit down, swing your legs in, then raise the wall -- it takes only 5 pounds of force to lift. Fill the tub, and the special double seals snap into place to seal the wall against leakage. When you're done enjoying your bath, drain the water, then lower the wall for easy access to get out. You can see it here and also get a link to a video of it in action.

This article appeared originally on Inman News.

Copyright 2011 Paul Bianchina

Also see:
10 Home Improvements That Pay You Back
Home Renovation: Tips for Thrifty Upgrades
Home Improvements: Do It Yourself or Hire a Contractor?

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]]>aging in placehome improvementpaul bianchinauniversal designInman News2011-10-10T10:00:00 00:00Cat Houses: A Trend That Gives Us Pausehttp://realestate.aol.com/blog/2011/09/26/cat-houses-a-trend-that-gives-us-pause/http://realestate.aol.com/blog/2011/09/26/cat-houses-a-trend-that-gives-us-pause/http://realestate.aol.com/blog/2011/09/26/cat-houses-a-trend-that-gives-us-pause/#commentsFiled under: ,

cat houses

Responding to Japan's love of pets, several architects have established a new, niche trend within their industry: pet-friendly home design.

With the world's lowest birthrate -- an estimated 7.3 births for every 1,000 people -- Japan is home to many young couples who choose pets in lieu of children. Additionally, many older couples in Japan revere dogs and cats.

"For people who have pets, they're like family," said Akira Koyama, the owner and representative director of Tokyo-based Key Operation Inc., an architecture firm.
cat houses

And there is a market for pet-focused design, said Koyama, who designed a residence dubbed "House Taishido," or "Cat House."

Located in a densely populated urban district west of Tokyo, the three-story, 30-square-meter home features stepping-stone-like shelves that allow the home's feline resident to navigate vertically in and out of the main living room via small openings.

The small openings in the wall lead to other rooms on the first floor.

The cat can also access the second floor of the unit by walking up the shelves and slipping through a slot that functions as a cat-only portal. Freeing up the unit's staircase from cat traffic allows the space to double as a home library, with bookcases and space for reading.

To read the full story and see more photos, go to Inman News.


Also see:
Newest Home Staging Trend: Placement Pets
Foreclosure's Other Victims: Abandoned Pets
Guide to Pet-Friendly Living

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]]>cat-friendly designCatsHouse TaishidoJapanKey Operation Inc.pet-friendly designInman News2011-09-26T08:00:00 00:00Man Makes Marriage Proposal at Mortgage Lender's Officehttp://realestate.aol.com/blog/2011/09/12/man-makes-marriage-proposal-at-mortgage-lenders-office/http://realestate.aol.com/blog/2011/09/12/man-makes-marriage-proposal-at-mortgage-lenders-office/http://realestate.aol.com/blog/2011/09/12/man-makes-marriage-proposal-at-mortgage-lenders-office/#commentsFiled under:

marriage proposalClosings and beginnings...

Whatever happened to a romantic evening under the stars as the logical setting to pop the question? Chase Bank mortgage officer Greg Valentino was working on the title paperwork with a couple of homebuyers in Columbus, Ohio, when he asked them if he should list the owners as "single man" and "single woman," according to The Columbus Dispatch.

At that moment, 43-year-old David Brant pulled out a ring and proposed to 31-year-old Cathy Rosenberg, according to the story. She said yes, and they plan to marry Sept. 29.
The loan officer said the experience was a first for him, but there's at least one other real estate precedent: Clifton, N.J., Coldwell Banker agent Grace Iosco told the Clifton Journal that she was in the midst of a closing in July when one of her clients interrupted the proceedings to -- well -- you know....

"My client thought that would be a wonderful 'closing gift' for his girlfriend," Iosco told the paper.

Paying People To Move To Detroit

A program run by the Jewish Federation of Metropolitan Detroit is raising funds to provide rent subsidies for people who will live in the city of Detroit, according to the Detroit News.

CommunityNext, an arm of the federation, aims to attract and retain young talent in the area. The rent subsidies will be in the form of $250 a month, up to $3,000 a year, and recipients must host one community event a month, part of a push to add to the quality of life in the city, according to the report.

Read the full real estate roundup at Inman News.

More from Inman News:
Will Obama's Jobs Plan Work?
Creating a Cardboard Cathedral
The Top Earning Real Estate Agents in the U.S.

Also see:
History at Auction: Site of John Brown's Execution Up for Sale
Woman Faces Foreclosure on Home She Bought for $1

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]]>detroit real estateinman newsmarriage proposalmortgage lender marriage proposalmortgage lendersunique marriage proposalInman News2011-09-12T17:35:00 00:00Foreclosed Properties Selling at Even Steeper Discountshttp://realestate.aol.com/blog/2011/08/26/foreclosed-properties-selling-at-even-steeper-discounts/http://realestate.aol.com/blog/2011/08/26/foreclosed-properties-selling-at-even-steeper-discounts/http://realestate.aol.com/blog/2011/08/26/foreclosed-properties-selling-at-even-steeper-discounts/#commentsFiled under: ,,,

foreclosed propertiesThe share of bank-owned homes and homes in some stage of foreclosure dropped 5 percent from the first quarter to the second quarter of 2011, falling from 36 percent to 31 percent, but was up from 24 percent in second-quarter 2010, according to a report released today by foreclosure data provider RealtyTrac.

And distressed properties are selling at a larger discount these days, RealtyTrac reported:
  • The average sales price of a bank-owned (also known as real estate owned or REO) home was $145,211 in the second quarter, which was about 40 percent below the average sales price of a non-foreclosure home. That compares with a 36 percent discount in first-quarter 2011 and a 34 percent discount in second-quarter 2010.

  • The average sales price of a pre-foreclosure home (pre-foreclosures, which are homes in default or scheduled for sale at public auction, are often sold in a short-sale process) was $192,129 in the second quarter, which is 21 percent below the average sales price of a non-foreclosure home. That compares with a 17 percent discount in first-quarter 2011 and a 14 percent discount in second-quarter 2010.
There were 162,680 sales of bank-owned homes to third parties in the second quarter, RealtyTrac also reported -- roughly flat, compared with the 162,900 reported in the first quarter and down 10 percent from second-quarter 2010. REO sales accounted for 19 percent of home sales in the second quarter, compared with 23 percent in the first quarter and 15 percent in second-quarter 2010.

See the top 10 states with the most foreclosure sales.

There were 102,407 sales of preforeclosure homes to third parties in the second quarter of this year, up 19 percent from the first quarter but down 12 percent compared to second-quarter 2010. These sales accounted for 12 percent of sales in the second quarter of this year, flat with the first quarter and up 10 percent compared to second-quarter 2010.
The jump in pre-foreclosure sales volume, coupled with bigger discounts on pre-foreclosures and a shorter average time to sell pre-foreclosures, all point to a housing market that is starting to focus on more efficiently clearing distressed inventory through more streamlined short sales -- at least in some areas," said James Saccacio, RealtyTrac CEO, in a statement.

"This gives distressed homeowners who do not qualify for loan modification or refinancing -- or who are not interested in those options and want to sell -- a better chance of completing a short sale to avoid foreclosure." Expedited short sales, he added, "also give lenders the opportunity to more pre-emptively purge non-performing loans from their portfolios," and avoid a lengthy foreclosure and REO process.

See the top 10 states with the biggest foreclosure discounts.

Among those metro areas with at least 100 foreclosure-related sales in the second quarter, Louisville, Ky., had the largest average foreclosure discount -- 54 percent below the average sales price of non-foreclosure homes. Florida's Sebastian-Vero Beach metro area was second on the list with an average foreclosure discount of 53 percent, followed by Milwaukee (51 percent), Pittsburgh (51 percent), and Kalamazoo, Mich. (50 percent), RealtyTrac reported.

Also see:
How to Buy Foreclosures
See Foreclosure Listings Near You

More from Inman News:
Hollywood's Spookiest Real Estate
MGM seeks to demolish unfinished Las Vegas tower
Deducting a loss on a real estate sale

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]]>foreclosed propertiesforeclosure listingsForeclosureshousing crisishousing marketrealtytracInman News2011-08-26T16:55:00 00:00The 10 Best and Worst Real Estate Practiceshttp://realestate.aol.com/blog/2011/08/24/the-10-best-and-worst-real-estate-practices/http://realestate.aol.com/blog/2011/08/24/the-10-best-and-worst-real-estate-practices/http://realestate.aol.com/blog/2011/08/24/the-10-best-and-worst-real-estate-practices/#commentsFiled under:

real estate practicesReal estate agents representing properties in states where they are not licensed, lying about other interested buyers or offers pending on a property, or failing to identify themselves as agents in their marketing and advertising efforts are among the practices that are most objectionable to real estate practitioners, according to an Inman News survey.

Agents who continue to market already-sold properties in order to attract new clients, and agents who do not identify themselves as agents in online conversations also top the list in drawing opposition from fellow real estate professionals, the survey found.

The good news: Real estate professionals say that such practices are not the norm.

Among the five practices listed above, which at least 85 percent of all respondents agreed are "unacceptable," none was selected as "common" by more than one-third of survey participants.
About 31.8 percent of respondents said it's "common" for a listing agent in their market area to tell buyers "that there are other buyers interested or other offers pending on the property when there are not," for example, with an additional 31 percent of respondents stating that this practice is "infrequent."

The online survey of over 500 real estate professionals, "Real Estate: Behind the Curtain," was conducted from April 2011 to May 2011 and featured a series of about three dozen multiple-choice questions on the acceptability of a variety of real estate practices and a parallel set of questions about the frequency of those practices. The survey response rate ranged from 348 to 504 per question.

A majority of respondents agreed that two real estate industry practices are both "unacceptable" and "common":
  • 50.2 percent of respondents said it's unacceptable for clients or prospective clients "to be unaware of a real estate agent's previous real estate licensing violations, suspensions, etc.," and a whopping 70.7 percent of respondents said this occurrence is "common," with an additional 16.2 percent stating that it is "infrequent."
  • 63.5 percent of respondents said it is unacceptable for an agent or broker to make "vague or unsubstantiated claims about market share," such as claiming to be a "top agent" or "No. 1 agent." About 56.1 percent of respondents said this practice is common.

A majority of respondents said that following four real estate practices were either "acceptable" or "desirable":
  • Listing agent is from the same office as the buyer's agent in the same real estate transaction (67.1 percent "acceptable," 7.6 percent "desirable").
  • Major listing brokers in the same market area choose to offer the same commission rate or roughly the same rate to cooperating brokers on the buyside of the transaction (40 percent acceptable, 16.2 percent desirable).
  • Agent is personally engaged in buying or selling homes while working with clients who are also buying or selling homes (49.4 percent acceptable, 5.8 percent desirable).
  • Major listing brokers in the same market area choose to charge the same rate or roughly the same rate for services (41 percent acceptable, 12.6 percent desirable).

And at least half of survey respondents agreed on three practices that are "rare" or "never" occur:
  • Listing agent agrees to represent properties located in a state where the agent is not licensed (45.5 percent "rare," 41.6 percent "never").
  • Listing agent offers different level of compensation to buyer's agent based on that agent's brokerage company, fee structure or business model (34.7 percent rare, 22.4 percent never).
  • Buyer's agent shares client's maximum purchase price with listing agent (40.4 percent rare, 9.6 percent never).
Among the five practices listed above, which at least 85 percent of all respondents agreed are "unacceptable," none was selected as "common" by more than one-third of survey participants.

About 31.8 percent of respondents said it's "common" for a listing agent in their market area to tell buyers "that there are other buyers interested or other offers pending on the property when there are not," for example, with an additional 31 percent of respondents stating that this practice is "infrequent."

The online survey of over 500 real estate professionals, "Real Estate: Behind the Curtain," was conducted from April 2011 to May 2011 and featured a series of about three dozen multiple-choice questions about the acceptability of a variety of real estate practices and a parallel set of questions about the frequency of those practices. The survey response rate ranged from 348 to 504 per question.

To read the full report, click over to Inman News.

Also see:
Realtors' Latest Challenge: A Surge of Squatters
How to Choose a Realtor
Top Questions to Ask a Real Estate Agent
How to Negotiate a Real Estate Commission


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]]>best real estate practiceschoosing a real estate agenthow to choose a real estate agentReal estate agentsreal estate practicesrealtorsworst real estate practicesInman News2011-08-24T16:30:00 00:00The 11 Markets Where Homes Sell Fastesthttp://realestate.aol.com/blog/2011/08/23/the-11-markets-where-homes-sell-fastest/http://realestate.aol.com/blog/2011/08/23/the-11-markets-where-homes-sell-fastest/http://realestate.aol.com/blog/2011/08/23/the-11-markets-where-homes-sell-fastest/#commentsFiled under:

California metros dominated a list of 11 fast-moving real estate markets in July, reported property search site Realtor.com.

Realtor.com released a list of metros with the lowest median age of inventory at the site -- a measurement of how long a property from a given metro area typically spends on the site.

Denver, which topped the list in June, once again had the lowest median age of inventory among metros, at a median 32 days. That's a 38.5 percent drop in the median year-over-year -- the biggest drop among the 11 most active markets. (See homes for sale in Denver.)

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Six California metros made the list, with Oakland the fastest-moving among the six. Oakland's median age of inventory was 46 days. (See homes for sale in Oakland.)

The six metros include a mix of markets hit hard by foreclosures -- Fresno, Bakersfield, Stockton-Lodi -- and relatively high-cost metros in the San Francisco Bay Area -- Oakland, San Jose and San Francisco. (See homes for sale in San Francisco.)

Florida markets dominated a list of metros with the slowest-moving real estate. Naples, Fla., posted the highest median age of inventory, 153 days -- a 5.5 percent rise from July 2010. (See homes for sale in Naples.)

While seven of the 11 fastest-moving markets saw their median age of inventory drop year-over-year in July, eight of the 10 slowest markets saw their median rise year-over-year.

For the full list of the fastest-selling markets, see Inman News.

More from Inman News:
IRS' top 10 tax tips for home sellers
Top iPhone, iPad apps to manage your budget
Rentals hold key to real estate market's future

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]]>Bakersfield, CaliforniaDenverfastest-selling marketsFinanceFresno, CaliforniaNaplesNational Association of Realtorsrealtor.comSan FranciscoSan Francisco Bay AreaSan Jose, CaliforniaInman News2011-08-23T17:30:00 00:00Market Turmoil Makes Homebuyers Think Twicehttp://realestate.aol.com/blog/2011/08/15/market-turmoil-makes-homebuyers-think-twice/http://realestate.aol.com/blog/2011/08/15/market-turmoil-makes-homebuyers-think-twice/http://realestate.aol.com/blog/2011/08/15/market-turmoil-makes-homebuyers-think-twice/#commentsFiled under:

Real estate agents and brokers say turmoil in financial markets is planting doubts in the minds of some would-be homebuyers even as it signals opportunity for others.

Plunging stock prices initially sparked by the downgrade of the U.S.'s long-term debt rating and reinforced by lingering fears of a European debt crisis don't necessarily signal that the U.S. is headed into a "double dip" recession.

So far, investor flight to the relative safety of bonds and mortgage-backed securities that fund most home loans has pushed the cost of borrowing down -- a boon for both homebuyers and homeowners looking to refinance.
But recent revisions to previous Commerce Department reports on economic growth show the depth of the recession was worse than previously known, and that growth has been more anemic this year than previously reported.

If that trend worsens, and unemployment rises as the workforce grows faster than new jobs are created, that could undermine home prices in some markets, making it harder to get buyers off the fence.

"We had gained quite a bit of positive momentum over the last several months," said Hinsdale, Ill.-based broker Brian S. Hickey of Teardowns.com. "We seem to be giving up that confidence at the moment, with buyers taking a wait-and-see attitude for today, anyway."

Read the full story at Inman News.

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]]>debt downgradehomebuyingstock marketstock marketsInman News2011-08-15T14:00:00 00:00Unemployed to Get Year's Break on Paying Some Mortgageshttp://realestate.aol.com/blog/2011/07/08/unemployed-to-get-years-break-on-paying-some-mortgages/http://realestate.aol.com/blog/2011/07/08/unemployed-to-get-years-break-on-paying-some-mortgages/http://realestate.aol.com/blog/2011/07/08/unemployed-to-get-years-break-on-paying-some-mortgages/#commentsFiled under:

Loan servicers collecting payments on FHA-backed loans must allow qualified borrowers who lose their jobs to miss up to a year of mortgage payments before starting foreclosure proceedings against them, the Obama administration announced Thursday.

The FHA's current three to four months of required unemployment forbearance is "inadequate for the majority of unemployed borrowers," Housing Secretary Shaun Donovan said in announcing the change.

"Today, 60 percent of the unemployed have been out of work for more than three months and 45 percent have been out of work for more than six," Donovan said. "Providing the option for a year of forbearance will give struggling homeowners a substantially greater chance of finding employment before they lose their home."Although not all borrowers will qualify for the special forbearance program, the administration said that it's removing upfront hurdles to qualification. Servicers must provide any borrowers who are denied forbearance with the reason for denial, and allow the borrower at least seven calendar days to submit additional information that may change the servicer's evaluation.

All FHA-approved servicers must participate in FHA's loss mitigation program, which includes the special forbearance program.

The administration said that it hopes that the changes will "set a standard for the mortgage industry to provide more robust assistance to unemployed homeowners in the economic downturn."

All servicers participating in the Making Home Affordable Program will also be required to extend the minimum forbearance period to 12 months "wherever possible" under regulator and investor guidelines.

Originally posted on Inman News.

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HUD: Help on the Way for Unemployed Homeowners
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]]>inman newsmortgage paymentsmortgage reliefunemploymentInman News2011-07-08T14:11:00 00:00