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 2013 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/Refinance Without Closing Costshttp://realestate.aol.com/blog/2011/01/27/how-to-refinance-without-closing-costs/http://realestate.aol.com/blog/2011/01/27/how-to-refinance-without-closing-costs/http://realestate.aol.com/blog/2011/01/27/how-to-refinance-without-closing-costs/#commentsFiled under: ,

refinance With the housing market on the slow path to recovery, many brokers continue to offer low-cost refinances -- a mortgage payment revamping that covers closing costs -- to sweeten the deal for homeowners.

According to mortgage broker Kirk Tatom of Dallas-based Tatom Lending, a low-cost refinance also referred to as a zero-closing mortgage rate, is essentially a way to finance closing costs. For homeowners who plan to stay in their home, this is advantageous with one overarching caveat: it's beneficial as long as it lowers monthly mortgage payments and there's no change in the loan's balance, maturity date (the final payment date of the loan) or on the terms of the loan.

For those pursuing a low-cost refinance, here's what you need to know and a few tips on how to negotiate the best deal:

1. Pool a group of mortgage lenders for their rates. Akin to buying a car or a home, refinancing a loan necessitates "shopping around" to get a bargain. Through referrals, seek out a handful of reputable mortgage brokers (or contact your current mortgage provider) and request their rates. Tatom suggests asking them specifically for three rates: the lowest possible rate plus origination fees (what is charged by the broker or lender to service the loan); a mortgage rate with no points (a "point" is one percent of the total mortgage and typically used to finance broker's fees); and a mortgage rate that would cover closing costs.

2. Start with the broker with the lowest offered rates. Usually, the broker provides two rates including an interest rate and a APR, an annual percentage rate. The APR is a standardized rate
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that helps consumers compare the cost of loans. If the spread is low between the interest rate and the APR, this means the interest rate has not been inflated with fees, like origination, processing and couriering fees, says Tatom.

3. Negotiate the chosen interest rate. It's possible to bargain with your mortgage broker on rates and fees, especially if she or he has broken out the origination fee, which is similar to a commission. But remember, an origination fee -- typically 1 percent of the loan -- is also a part of the cost.

4. Review the good faith estimate (GFE). After you've selected a interest rate, the servicer of the loan, whether it's a bank or a mortgage broker, is required by law to provide a good faith estimate to the borrower within 3 days of applying for the loan. The three-page document details the fees and costs of the loan. While some of the fees -- insurance, appraisal and title fees are standard, Tatom recommends taking a closer look at the "adjusted origination fees" that are on the second top page of the document. In this section, the broker should spell out the extra fees, including origination fees or other miscellaneous fees accessed by the mortgage firm. If not, borrowers can request to see an itemized list of fees.

5. Beware of the yield spread premium, a bigger commission charged by brokers to offer higher interest rates in exchange for lower upfront costs. It is usually clumped together with origination fees in the form of a rebate and by law, mortgage brokers are required to pay this money back to the borrower at a later point. (Banks, on the other hand, have a fee called service release premium which is not legally required to be returned to the borrower).

But a low-cost refinance covering your closing costs or a large percentage of closing costs is also likely to result in a higher interest rate. Even though current mortgage payments would drop, homeowners eying a zero-closing cost mortgage need to be aware that an elevated interest rate could increase total interest expenses over the course of the loan. In other words, this means a homeowner may pay more in total interest costs after the refinance than before.


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]]>closing costsgood faith estimatehomeownerinterest rateslow cost refinancemortgageorigination feesrefinanceyield spread premiumMegan Mollmann2011-01-27T10:14:00 00:00Kelly Clarkson's Nashville Real Estate Blueshttp://realestate.aol.com/blog/2010/10/27/kelly-clarksons-sad-song-selling-home-at-a-loss/http://realestate.aol.com/blog/2010/10/27/kelly-clarksons-sad-song-selling-home-at-a-loss/http://realestate.aol.com/blog/2010/10/27/kelly-clarksons-sad-song-selling-home-at-a-loss/#commentsFiled under:

Pop sensation Kelly Clarkson was the first winner of "American Idol" to hit major stardom, but she's not the first celeb to take a loss on her home. The Grammy-winning singer recently listed her Nashville manor for $1.45 million, slightly less than the $1.49 million she paid in 2007.

Referring to the asking price of Clarkson's modest-looking stone abode, Perez Hilton writes on his blog, "Would U pay $1.5 million for that?!" Despite its unassuming appearance from the street, Clarkson's 4,900-square-foot-home has five bedrooms and six bathrooms (see the size in a bird's eye view). It's also located in one of Nashville's ritziest enclaves, Belle Meade, where the median sales price is $420,000, according to data from Trulia.com.
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Public records further reveal that Clarkson's asking price isn't that off the mark. In 2009, the market value was accessed at $1,390,800. And since taking possession of the property, the pop star has reportedly made some improvements, such as installing new landscaping and window treatments, adding stainless steel appliances to the kitchen, and tweaking the hue of the hardwood floors. (Read on to see photos.)

But it doesn't appear -- even with a fifth album due out in early 2011 -- that Clarkson will be long for Music City.That's because the starlet makes her full-time residence at a country estate in Fort Worth, Texas when she's not out on the road. Close to the small town where she was raised, Clarkson owns three-story ranch she calls her "sanctuary" that's situated on more than 50 acres.

With her Nashville crash pad of three years, there are fewer sentimental attachments: Clarkson only lived in the Belle Meade manse occasionally (she originally purchased it in the name of her former manager) and moved out before the place hit the selling block.

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]]>American IdolBelle MedeKelly ClarksonMusic CityNashville homePerez HiltonsingerMegan Mollmann2010-10-27T13:19:00 00:00Foreclosure Help: What a Housing Counselor Can Dohttp://realestate.aol.com/blog/2010/10/25/foreclosure-help-what-a-housing-counselor-can-do/http://realestate.aol.com/blog/2010/10/25/foreclosure-help-what-a-housing-counselor-can-do/http://realestate.aol.com/blog/2010/10/25/foreclosure-help-what-a-housing-counselor-can-do/#commentsIn 2010 an estimated 4 million homes will be slapped with foreclosure notices, making it the worst year yet for foreclosures during the housing crisis. And without a strong economic recovery the numbers could continue to escalate, leaving more Americans unable to afford their homes.

One way to turn back the tide is with foreclosure avoidance counseling. For example, at findaforeclosurecounselor.org, struggling homeowners can search for HUD-approved, not-for-profit housing agencies in their area, where they can get help with loan modifications and advice on alternatives to foreclosure -- such as short sales and deeds-in-lieu.

Though a lot depends on individual circumstances -- including your income, monthly mortgage payment, and amount of time you've been delinquent -- here are some of the steps a housing counselor can take to help you save your home from foreclosure:


1. Review your financial standing

After reviewing your income, expenses, and bank statements, the housing counselor will assess whether you're financially able to own the home. Even if you get current on payments, the question is, "Can you stay in this property or not?" says Wisconsin-area certified housing counselor Lisa Arneson. "The bottom line is that if you can't afford the home, you shouldn't stay in it," Arneson says.


2. Explore your options

John Snyder, a foreclosure intervention manager at NeighborWorks America, says it's also the role of the housing counselor to explore all options available to the homeowner."Even if it's early intervention, home preservation may not be possible," he says.

In those circumstances, the most common alternative is a short sale, with the housing counselor acting as an intermediary between real estate agencies, lenders and/or originators of the loan. The housing counselor can also serve as a negotiator, for example, reaching an agreement with lenders to forgive negative equity when a homeowner is underwater in a home.

Another, less routine way to move forward is a "deed in lieu of foreclosure," in which the borrower turns over the property's deed to the lender in exchange for forgiveness of the mortgage debt. Though generally, for this transaction to be a viable route, the borrower's debt cannot exceed the fair value of the home.


3. Advise you on your hardship letter

If your housing counselor deems that you can bankroll your current mortgage through refinancing and/or minimizing expenses, then he or she will guide you in crafting a hardship letter -- a document required by your servicer or lender to receive a loan modification. You write the letter, including a explanation of why the mortgage is past due and what you are going to do to remedy the situation, and the housing counselor reviews it and makes suggestions.

"I'm not going to change any facts," Arneson says. "I'm only going to see what changes can be made to make it better."


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4. Send information to the lender and check in on progress

On your behalf, a housing counselor will compile all the necessary documents (hardship letter, two months of bank statements and pay stubs, W2 forms, most recent tax returns, etc.), get them into the hands of your lender and check in with the lender on a weekly basis to confirm that the application is current.


5. Obtain final approval for the loan modification

Once the housing counselor has done the heavy lifting and made sure your application doesn't get lost in the shuffle, you're one step closer to avoiding foreclosure. But that doesn't mean you've dodged the bullet all together.

"With loan modifications, there's no guarantee," says Arneson. "They won't stop the foreclosure, but they will postpone a sales date."


Is it ever too late to talk to a housing counselor?

With foreclosures, experts stress that the earlier you start taking steps to rectify your standing with the lender, the better. If your mortgage payment is due on the first of the month and you can't pay it, that's the time to make the call for help and guidance. However, with the length of foreclosure proceedings varying from state to state (on average, in most states, it takes about a year from start to finish), housing experts say that you can still try to save your house up until the day it goes to a sheriff's sale.


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]]>aol originalAolOriginaldeed in lieu of foreclosureDeedInLieuOfForeclosureforeclosureforeclosure helpForeclosureHelphardship letterHardshipLetterhousing counselorHousingCounselorloan modificationLoanModificationmortgage paymentMortgagePaymentshort saleShortSaleMegan Mollmann2010-10-25T14:25:00 00:00Online Calculator Answers 'Should I Refinance?' With a Yes or Nohttp://realestate.aol.com/blog/2010/09/16/new-online-calculator-answers-the-should-i-refinance-question/http://realestate.aol.com/blog/2010/09/16/new-online-calculator-answers-the-should-i-refinance-question/http://realestate.aol.com/blog/2010/09/16/new-online-calculator-answers-the-should-i-refinance-question/#commentsFiled under:

Mortgage calculators online are getting smarterAs the economy wavers and mortgage rates inch lower, an increasing number of homeowners are questioning whether or not they should refinance. Even those who locked in lower rates a year or two ago are debating a second go-round. But thanks to a new online refinance calculator, consumers don't have to look any further than the Internet for the answer.

Flooded by e-mail inquiries from consumers looking for refinancing advice, the website Bills.com recently launched a tool that figures out whether refinancing is a prudent option, based on a user's unique situation and homeownership goals.

"People just look at interest rates, they don't know what to look at," says Ethan Ewing, president of Bills.com. "Based on your situation, the calculator gives you a clear 'yes' or 'no' answer."
The way it works is: Consumers input information about their mortgage and home, including their current loan balance and interest rate, as well as their location and home value, and then they select their goals, such as reducing monthly payments, locking in a low fixed-rate or building equity.

If you're a prime candidate to refinance, the calculator churns up real-time feeds that offer homeowners loan rates and closing costs from the site's network of lenders. Results also reveal how much you can save in payments and interest through a refinance.

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But not everyone agrees that the answer to the refinancing question is so simple. Joe Caltabiano, a Chicago-based mortgage broker with Guaranteed Rate, cautions consumers about using online calculators to make mortgage decisions.

"I always tell people to talk to a professional," he says. Caltabiano adds that the problems with online mortgage calculators are that people don't always know what information to input and that it excludes other refinancing options that may be available.

However, Ewing says that one of the things that differentiates the Bills.com product from other online resources is that users don't need any knowledge of the interest rate market.

For example, the refinance calculator at the Bankrate.com site requires consumers to enter their new interest rate and the costs that will be incurred through a credit check, title insurance and lenders fees.

Other sites, like lendingtree.com and the mortgage publishing site, HSH.com, also have more complicated refinancing calculators that require more inputs and a greater understanding of your mortgage.

Though the Bills.com form is easy and clear, the oversimplified logic can also cause some hiccups that Ewing is looking to tackle when he rolls out the next version of the tool in a couple of weeks.

One issue: Choosing a goal of reducing monthly payments will only present users with an option for 5/1 ARM loans. Adjustable-rate loans will give you initially low rates, thus fulfilling the "goal," but will re-adjust to higher rates after a period of time, such as five years. This may not be the best choice for homeowners who plan to stay in a home for 15 or 20 years.

The bottom line? No, you don't have to go further than the Internet for an answer, but it never hurts to get a second opinion.

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]]>bills.comhomeownershipinterest rateloan balancemortgage ratesonline mortgage calculatorrefinance calculatorrefinancingMegan Mollmann2010-09-16T17:02:00 00:00North, South Dakota Weathering Housing Crisis Better Than Mosthttp://realestate.aol.com/blog/2010/09/10/north-south-dakota-weathering-housing-crisis-better-than-most/http://realestate.aol.com/blog/2010/09/10/north-south-dakota-weathering-housing-crisis-better-than-most/http://realestate.aol.com/blog/2010/09/10/north-south-dakota-weathering-housing-crisis-better-than-most/#commentsFiled under: ,

North Dakota and South Dakota are faring well in the housing marketThe Dakotas are commonly knocked as remote places where few live or want to live. But hold the jokes -- new data suggests that the duo of northern Plains states are also more economically stable, with housing markets more steady than in most parts of the U.S.

The region tops the list for having the least-stressed counties with a population over 25,000, according to information compiled by The Associated Press. North Dakota's Ward County is first, followed by another in that state, Burleigh County. In third is South Dakota's Brown County.

The index -- based on unemployment, foreclosure and bankruptcy statistics -- also revealed that North Dakota is the nation's healthiest state, followed by South Dakota. Typically, the healthiest states experiences less stress.

So what's the magic in the less-populated, but land-rich Dakotas?
The Dakotas' economic diversity in agriculture and tourism drove the strong results, even amid the severe economic climate of the country, Rapid City Mayor Allan Hanks told the Rapid City Journal,

Other locals chimed in to say that low rates of unemployment and foreclosure, as well as the liquidity of its financial institutions, are behind the region's elevated economic position.

Pennington County, a region encompassing the Badlands National Park in South Dakota, came in eighth, nationally. The county's unemployment rate is 3.9 percent while national unemployment is at 9.6.

Curt Everson, president of the South Dakota Bankers Association, said the Dakotas avoided the subprime mortgage mess unlike other states with a high rate of foreclosure, such as Arizona or California.

"Good loan underwriting never really went out of style," he told the Rapid City paper. "You didn't have people issuing mortgage loans without verifying employment, income and those kinds of things. There were none of these 'no documentation' loans being made."

And this very well might be the case, judging by the foreclosure numbers.

In the least-stressed district of the U.S., Ward County, there were two foreclosures in July, according to RealtyTrac. Second-place Burleigh County had four. No data was available for third-place Brown County.

With the Dakotas faring better than the rest of the country, they're getting the last laugh.


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]]>Dakotaseconomic stressforeclosuresleast-stressed countiesNorth DakotaSouth Dakotaunemployment rateMegan Mollmann2010-09-10T15:35:00 00:00Staging a Home? Declutter It Firsthttp://realestate.aol.com/blog/2010/09/07/clutter-methods-to-avoid-and-get-rid-of-stuff/http://realestate.aol.com/blog/2010/09/07/clutter-methods-to-avoid-and-get-rid-of-stuff/http://realestate.aol.com/blog/2010/09/07/clutter-methods-to-avoid-and-get-rid-of-stuff/#commentsBack in her days as a pack rat, writer Betsy Talbot gave in to clutter. She let piles of magazines gather dust, printed out too many paper copies of digital photos, and kept hundreds of obsolete CDs from her music collection even though she had upgraded to an iPod. Talbot was reluctant to declutter and get rid of the things she and her husband never used anymore. Sound familiar?

Just because you loathe decluttering and throwing things in the trash doesn't mean you are going to be recruited for the next edition of A&E's series, "Hoarders."

According to Geralin Thomas, a certified professional organizer featured on "Hoarders," there are a couple of key factors that set a clutter-prone, disorganized individual apart from an full-blown obsessive collector. Whether you're decluttering before a home sale or just trying to lead a more organized life, here are some tips to help get you started.

1. Clear out the non-physical clutter

Several professional organizers say that there's a connection between physical and mental clutter. Usually those with a disorganized home overload themselves with too many commitments and struggle with time management. To begin decluttering your schedule -- minimize communication time by limiting the number of ways that people can get in touch with you and setting aside an hour a day to return e-mails or calls.

Another way to declutter the mind is to find a process to deal with incoming paper loads, such as newspapers, magazines and kids' school papers. To deal with the mail, Thomas will sort it with her client, time how long it takes and then advise them to schedule this amount of time each month when bill-paying-day rolls around.


2. Identify problem areas, empty out the space and sort

Karli Vertocchi, a Chicago-based professional organizer who runs Organized With Style, says paper, closets and kitchens are the three most common areas that need decluttering in the household. If your closet looks like it was hit by a tornado, take everything out and sort it into piles: shoes, sweaters, pants and so on. She says that once you can see everything it's easier to make decisions on what to keep, throw out, give away to a friend or donate.


3. If you need, take your time

Talbot understands that for some people it may be overwhelming or scary to throw mounds of possibly prized possessions out at once. She advises taking baby steps to declutter: Start with one drawer or shelf at a time and then build on that success. "You also have to give yourself time to get rid of it or else you are just going to be moving piles around your house," she says.

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4. Put often-used things at eye-level

Vertocchi uses the strategy of placing at eye level the things used on a daily basis, like dishes or cooking ingredients in the kitchen, or positioning work pants and belts front-and-center in your closet. Kitchen utensils, like a slow cooker or a serving dish that are only pulled out on special occasions, can be stored remotely in closets or high cabinets. In the bedroom, declutter by stowing off-season clothes in bins, in the back of closets or under beds.


5. Manage the clutter that comes into your life.

Lorie Marrero, founder of a virtual team of professional organizers, The Clutter Diet, says that it's important to be aware of what causes the clutter and is hindering your way to home improvement. Consider the stuff that you purchase, acquire (gifts, hand-me-downs, things inherited from relatives) or allow (the non-physical clutter).

Before going shopping, Marrero advises that you review what you own, do research and plan. Prior to buying anything, ask questions like "Where will this be stored?" and "Why do I want to buy it?" As for gifts, don't feel like you have to accept, or think about who else might need it or where it could be donated.


6. Use a checklist to maintain an organized home

Once your home is in order, the work isn't over. Work will be required to prevent reverting to your old cluttering ways. To maintain the home improvement momentum, Thomas suggests that her clients use a quarterly and yearly checklist of household duties. Quarterly tasks may range from vacuuming under your bed to flipping mattresses, while examples of yearly tasks range from deep-cleaning carpets to checking for leaks in the attic.


7. Get social to stay organized

What? Something fun? Organizational experts say that being social is another way to stay accountable for keeping a decluttered, streamlined home. Thomas recommends holding at least two parties a year and finding what she calls "clutter-buddies"-- a group of friends or couples who help each other clean out their homes' junk and rotate households throughout the year. "It is fun, it goes quickly and it keeps everyone honest," she says.

Removing the clutter and getting your home in good condition not only organizes and simplifies your life, but it also adds value. For example, an improperly fixed drip in the ceiling could escalate into a much bigger structural problem, or the consequences of a leaky window is going to result in skyrocketing gas and electric bills.

Or that value may come in the form of having a home that is staged and ready to sell quickly. Talbot credits decluttering her 1,000-foot storage-deficient Seattle townhouse as the reason it sold. "We are 100 percent positive that we sold so fast, even in this market, because it was clean and minimalist," she says. "People want to envision themselves in your home."

Did home staging help you sell your house? Got tips and advice to share? We want to hear from you! Add your comments in the box below.

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]]>clutterdeclutterdisorganizedDIYhoardershome improvementhome+improvementmaintain a organized homepackratprofessional organizersrenovationMegan Mollmann2010-09-07T13:12:00 00:00Mortgage Applications Plunge 37% as Refinancings Risehttp://realestate.aol.com/blog/2010/09/03/mortgage-applications-plunge-37-as-refinancings-rise/http://realestate.aol.com/blog/2010/09/03/mortgage-applications-plunge-37-as-refinancings-rise/http://realestate.aol.com/blog/2010/09/03/mortgage-applications-plunge-37-as-refinancings-rise/#commentsFiled under: ,

Mortgage loan applications see a 37% drop as refinancing becomes more popularIt's time to find some patience because home sales aren't likely to rebound significantly this selling season, new mortgage data indicates.

The Mortgage Bankers Association reported a 37 percent drop in applications for home loans last week compared to the same week in 2009.

Even though the weekly survey -- an index measuring mortgage volume -- was up a seasonally adjusted 1.8 percent from the previous week, experts warn that the continuing low levels of mortgage applications could mean a prolonged recovery for home sales numbers.

Waning applications is an indicator that home sales are unlikely to increase in August or September, Michael Fratantoni, MBA's vice president of research and economics, said in a press release.

But there's one good piece of news for the consumer: With interest rates historically low (and amazingly falling even lower), buyers are racing to take advantage of refinancing options.


Mortgage refinancing is at 15-month highs and increased 2.8 percent from the previous week, according to the MBA index.

"Lower long-term interest rates have led to a new surge in mortgage refinancing," Paul Ashworth, senior U.S. economist at Capital Economics Ltd. in Toronto, told Bloomberg.

The average rate on a 30-year fixed mortgage dipped to 4.43 percent from 4.55 percent the week before, marking a record-low in data that dates back to 1990.

But Ashworth added that sales data reveals that "the housing market is in free fall again."

Despite the opportunity to benefit from rock-bottom rates, buyers aren't jumping in to buy, following the expiration of the homebuyer tax credit. And dismal reports of demand -- like existing-home sales plummeting in July to their lowest level on record -- have sent jitters to the stock market in anticipation of a double-dip recession.

Without a housing sector recovery, some argue, the economy can't fully turn around.


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]]>home loanshome salesinterest ratesmortgage applicationsmortgage brokers associationMegan Mollmann2010-09-03T11:37:00 00:00Moving Boxes: The Ultimate Guidehttp://realestate.aol.com/blog/2010/08/25/the-ultimate-guide-to-moving-boxes/http://realestate.aol.com/blog/2010/08/25/the-ultimate-guide-to-moving-boxes/http://realestate.aol.com/blog/2010/08/25/the-ultimate-guide-to-moving-boxes/#commentsYou may have not have put much thought into the topic of what moving boxes you'll use for your next move. But it's a bigger decision than you think. The type of moving and storage boxes range in size, materials and construction. And choosing the correct moving boxes for the job could streamline the moving process, save you money, and help dodge moving day disasters.

Typically, moving companies recommend that you have boxes in a variety of sizes and that you put pack lighter objects in the bigger boxes and place heavier things in the small boxes. But there's an assortment of choices in moving and storage boxes.

To narrow it down, here's a guide to the many types of boxes available and what the experts have to say about their advantages and disadvantages:


1. Cardboard boxes

Most of us are accustomed to folding, reliable cardboard boxes from our previous moves. The advantage of going the traditional route is that cardboard boxes can be bought virtually everywhere -- from Amazon to Home Depot to Sam's Club -- or even picked up for free from your local grocery or liquor store. If you underestimate how many boxes you'll need, grabbing a couple of more boxes is a short car ride to the store or a click away on the Internet.

But the downside is that they are usually sold in one-size packs and you may end up with a surplus of unused, wasted boxes. Some online moving supply companies, like directmovingboxes.com and usedcardbordboxes.com, have solved this by selling "moving kits," which include a variety of box sizes and other necessities, such as bubble wrap, packing tape and markers. The benefit of buying a package is that the supplier helps you estimate how many boxes you will need, based on the size of your place.


2. Grocery store boxes

Jill Pollack, an organizational expert, suggests collecting apple boxes, plastic milk crates, and glass or wine boxes to stow small, heavy items for the move. It's a cheap, eco-friendly way to get boxes for your move; however, it requires a little extra work on your part to get chummy with the manager of a local grocery and start accumulating a set of boxes. Restaurants and coffee shops are your best bet for finding plastic milk crates, free of charge.

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3. Banker boxes

Banker boxes, the kind of boxes that usually store paper or legal files, are another way to go. They have handles for easy transport and lift-off lids, which makes the boxes easy to get in and out of. After she moved, Kristen, who authors the blog thefrugalgirl.com, says that one of the perks is recycling these types of boxes, and she uses the banker boxes from her move to store off-season children's clothes.

The standard size of a banker box is roughly a foot wide and high, by 2 feet long. That means it's convenient to pack little or heavy items, such as books, DVDs and cooking utensils, but they aren't sufficient for more massive objects, like your television, computer or other appliances.


4. Wardrobe boxes

Wardrobe boxes, the tall, slender boxes that come with hinged holes and a metal bar, are perfect for lugging clothes (hence the name), but it also works well for light, bulky belongings (pillows, comforters, sleeping bags, etc). But don't get too excited by the box's massive size. If filled to the brim with heavy objects, you or your mover will be unable to lift it and, even worse, the bottom might fall out.


5. Eco-friendly boxes

Instead of recycling old boxes, another green alternative is eco-conscious moving boxes. You can rent these storage boxes for a couple of weeks to pack and move, and then they are picked up once your move is complete. The Costa Mesa, Calif.-based company, rentagreenbox.com, produces moving boxes out of recycled plastic and rents the boxes out for two-week periods. The advantages are that the boxes are durable, come with flip lids, and can easily be stacked.

Though you are doing your part to be a responsible recycler, the downfall is that the eco-box concept can be pricey and has limited service. Prices start at around $129 for 25 boxes, and up to $299 for 100 boxes. (For comparison, a 20-pack of medium cardboard boxes runs from $35 to $45.) The packing, moving and unpacking process, Pollack further points out, cannot take longer than two weeks or else the cost goes up. And rentagreenbox.com is currently only servicing cities in Southern California.

But another firm offering a similar service, movingboxesmadegreen.com, is available for residents in Seattle, Wash. and Chicago, Ill. and a 25-box package goes for a two-week rental price of $75. A check for eco-minded storage and moving boxes in your area will turn up more results.

Finding moving boxes that fits both your needs and budget takes some preparation. It includes assessing what kind of assortment and how many boxes you will need and researching the costs. And being prepared with moving box knowledge saves time - you won't be running out at the last minute to buy more boxes and good organization helps save time during the loading and unloading process for your movers

And don't forget, after the move, compress your boxes, remove the tape, and find place to stash them, like a storage unit or an overhead closet. You will have exactly what you need for the next time move.


Need more tips to help you with your next move? Here are more AOL Real Estate Moving Guides to help:
More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Get property tax help from our experts.


 

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]]>cardboard boxeseco-friendly boxesmoversmovingmoving boxesmoving daypaper boxeswardrobe boxesMegan Mollmann2010-08-25T13:50:00 00:00Real Estate Fraud Rising: Kentucky Man Steals Dead Neighbor's Condohttp://realestate.aol.com/blog/2010/08/24/mortgage-fraud-rising-kentucky-man-steals-dead-neighbors-condo/http://realestate.aol.com/blog/2010/08/24/mortgage-fraud-rising-kentucky-man-steals-dead-neighbors-condo/http://realestate.aol.com/blog/2010/08/24/mortgage-fraud-rising-kentucky-man-steals-dead-neighbors-condo/#commentsA 71-year-old resident of Fisherville, Ky., faces an eight-month jail sentence for mail fraud, which he committed while taking illegal control of a dead man's apartment, reports the Mortgage Fraud Blog.

Louisville lawyer Ronald Snyder, brother of the late Kentucky U.S. Rep. Gene Snyder, admitted that he rented out a condominium owned by a deceased man, Robert Cornett, for nearly 12 years, pocketing around $15,000 in rental payments during that time.

But Snyder isn't the only one getting nailed for a scam involving real estate. Earlier this month, a ring of mortgage brokers in Southern Florida was busted for a fraud scheme. A Maryland owner of modular-home construction business was indicted this week for mortgage fraud. And in the foreclosure-plagued state of Arizona, June was the highest month ever for mortgage fraud indictments.

In fact, The Wall Street Journal reports that mortage fraud is on the rise again nationwide. According to data prepared for the news daily by the research firm CoreLogic, mortgage fraud climbed 17 percent last year, after dropping 57 percent over the two previous years from an all-time high in 2006.
From identity theft, to falsifying application information, to manipulating appraisal numbers, the types of fraud schemes are also becoming more complicated. In response, the Federal Bureau of Investigation is widening its net: The number of pending mortgage fraud investigations jumped 71 percent from 2008 to 2009.

For collecting rent payments that he wasn't entitled to, Snyder received a sentence of eight months in jail, was fined $5,000 and ordered to pay $15,000 in restitution. The maximum sentence for the felony charge was 20 years in prison and a $250,000 fine.

The Courier-Journal in Louisville reports that Snyder's lawyer, Charles E. Ricketts Jr., explained his client's actions by saying that no relatives attended the funeral for Cornett, and as a family friend, Snyder maintained the property after Cornett's death. Snyder kept the property in Cornett's name, rented it out and received rental payments from tenants via U.S. mail.

Snyder's wrongdoing, according to the Department of Justice, was that he "knowingly" failed to either locate Cornett's heirs or turn over the property, valued at $91,060 in 2006, to the state of Kentucky. When Snyder attempted to benefit from lower property taxes granted to those over 65 years of age in most states, the Louisville police uncovered his decade-long scheme.

The case is closed on Snyder, but the growing problem of mortgage fraud -- which is projected to cost at least a $14 billion this year --may mean more trouble on the horizon for the already rocky housing market.


Still trying to decide which is right for you? Here are some AOL Real Estate guides to help you no matter whether you choose to buy or rent:
More on AOL Real Estate:
Find out how to calculate mortgage payments.
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Find foreclosures in your area.
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]]>felony chargefisherville kentuckymail fraudmortgage fraudronald snyderstealing condostealing dead mans condostealing rentMegan Mollmann2010-08-24T13:00:00 00:00Movers: Hire Professionals or Do-It-Yourself?http://realestate.aol.com/blog/2010/08/19/movers-hire-professionals-or-do-it-yourself/http://realestate.aol.com/blog/2010/08/19/movers-hire-professionals-or-do-it-yourself/http://realestate.aol.com/blog/2010/08/19/movers-hire-professionals-or-do-it-yourself/#commentsWith only a few belongings, Molly Rankin didn't need movers when she moved into her first Chicago apartment out of college. But the story was different when she relocated to a new apartment last year. Throughout her early 20s, she accumulated more personal belongings, including large furnishings -- like a bed, couch and desk -- and this time around, she thought it was worth the money to hire professional movers.

Many renters face the question of whether to spend the money on moving companies and have a relatively stress-free move or to take on the burden of moving yourself and pocket the change. The answer depends on how far you're moving, the number of moving boxes, the difficulty of moving large pieces of furniture, and, of course, the stress factor.

Our team of experts leads us through the ins and out of hiring a professional mover versus doing it yourself.



Compare Costs

Before you assume that moving yourself is cheaper than hiring a professional mover, certified financial planner Joel Ohman says that you should calculate and compare the costs.

Says David, who blogs at mytwodollars.com: "Many people think that the sign they see on the back of the do-it-yourself moving truck that advertises $19.95/day is all that they are going to have to shell out to move themselves and this couldn't be further from the truth." A look at this deal's fine print will show a whole bunch of hidden costs -- mileage, insurance, taxes, etc. -- that really add up.

For checking on professional movers -- call a couple of local moving companies and get hourly quotes based on the number of boxes and amount of furniture that need to be moved. To tally up the expenses of a do-it-yourself move, be sure to include truck rental fees, gas, packing materials, tolls, insurance for valuables, and lodging (if the distance requires an overnight stay). If you ask your friends to pitch in on the heavy lifting, you also may want to budget for a round of drinks or a pizza to thank them.


The Hidden Costs of Moving Yourself

It's likely that moving yourself, especially if your new pad is around the corner, or just a few blocks away, will be cheaper. But after checking out the estimates, you may want to consider a few other hidden costs of a do-it-yourself move.

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According to David, there's a longer laundry-list of things to consider like mental or physical stress, physical injury, lost wages, injury or damage to your belongings. These types of hassles, inconveniences or risks may not come directly out of your pocketbook, but they may end up in asking favors of friends or family to help, or become a question of the cost of your time, says Ohman.

It's when you figure in the hypothetical price of these additional mental and physical stresses that you have to ask yourself -- is it worth the money saved by not hiring a mover? If the answer is yes, then you've arrived at your decision to do-it-yourself.


The Advantages and Disadvantages of a Do-It-Yourself Move

In addition to being cheaper to move on your own, Kristen of the blog thefrugalgirl.com says that moving yourself can be more convenient. She was able to pack on her own timeline and the extra time served as an opportunity to weed through her old or unused things and toss out the junk. "Having to pack all of your possessions in boxes kind of opens your eyes to the stuff that's just dead weight," she says.

However, there's some common pitfalls that an inexperienced mover might incur that could drive up the price, or the upside, of a self-move. One is renting the wrong size truck. If it's too small for one run it requires more time and mileage (and money). If the truck is too big and you don't properly load the truck, an unbalanced load could cause damage to your things or make it dangerous to drive. For transporting heavy or large items, you may also have to make sure that you and your helpers are strong enough and skilled enough to maneuver pieces in tricky, tight spots.


The Third Option

The third option may be a compromise of hiring movers and doing some of the work yourself. For a long distance move to California, David drove the 300 miles in a rented U-Haul truck, but hired movers for a couple of hours to do the heavy lifting, once he arrived at his new place.

Nationwide companies, such as ABF U-Pack Moving, Broadway Express and SelfMoves USA, provide a similar alternative -- a self-move service. These companies deliver a trailer or van to your home, you load it up, and a professional driver delivers the vehicle at your new address, where you unload.

However, it may be required that you move a certain distance. ABF U-Pack will only drive the trailer if you are moving out of state and more than 500 miles; SelfMoves USA will provide the service if you are moving at least 250 miles; and Broadway Express moves customers any distance.

As Molly discovered, each time you move it's an entirely new situation. Consider all the factors: the distance; you might have more or less to move; it may be an inconvenient or busy time; and you may be less inclined to take on the stress yourself. The decision to hire movers, or plunge into a do-it-yourself job, comes down to comparing costs and weighing the pros and cons of each method, and figuring in how much you are willing to pay to make the process of moving painless.


More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Get property tax help from our experts.


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Want to learn more about home buying and home finance? If so, you won't want to miss
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created by AOL Real Estate in participation with Bank of America Home Loans.
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]]>diy movesdiy movingDiyMovesDiyMovingdo-it-yourself movehidden costshiring moversmoversmovingmoving companiesMovingCompaniesself moveself movingSelfMoveSelfMovingMegan Mollmann2010-08-19T12:10:00 00:00Changing Rentals? Save on Your Next Movehttp://realestate.aol.com/blog/2010/08/13/changing-rentals-tips-to-save-on-your-next-move/http://realestate.aol.com/blog/2010/08/13/changing-rentals-tips-to-save-on-your-next-move/http://realestate.aol.com/blog/2010/08/13/changing-rentals-tips-to-save-on-your-next-move/#comments How renters can save a few bucks when moving apartmentsAccording to the U.S. Census Bureau, renters have much higher rates of moving than homeowners. The website, Costhelper.com, shows that the average cost of hiring a mover for a two-bedroom apartment runs from $300 to $450, and a three-bedroom unit could cost as much as $600 to 900. So it stands to reason that moving every year, or even every couple of years, can multiply into a hefty sum of money.

Over the course of five years, if you were to move each year into a new apartment, you could be spending anywhere from $1,500 to $4,500. And that's not including the money that you'll shell out for packing supplies and other unexpected costs.

So to avoid handing over more money than you care to spend, here are some tips on saving during your next move.



1. Start collecting boxes

Sharman Lawson, a financial consultant and money coach, suggests gathering spare boxes from your local big-box or grocery stores about a month before the move. This will cut down on the money required for supplies. Wine boxes also make convenient carriers for glasses, china and small breakables, and boxes in uniform sizes work best.


2. Get multiple estimates on movers

Before you commit to one mover, get a non-binding estimate in writing from a few services in your area. For local moves that don't cross state lines, you should be charged an hourly rate.


3. Inquire about additional charges

On top of the hourly rate, a lot of moving services tack on extra fees for complications that may occur during the move. A "flight charge" compensates for having to move a heavy object up flights of stairs in a walk-up; a "long haul carry" is a fee applied when boxes have to be moved farther than 75 feet from the rear of the truck. Ask your moving company about additional charges that you might incur, based on the location of both your new and old apartment.


4. Move in the off-season

To possibly get a better rate or to leverage your negotiating power, move during the off-season. June to September is considered the high season. Moves made mid-month or during the work week are also considered off-peak. Kasey, of the website thriftylittleblog.com, advises calling the moving companies for quotes, and then asking what discounts you may be able to get if you offer to switch dates. To get a break on price, you can also offer to move during times that better accommodate the movers.


5. Rent your own van

A do-it-yourself move can help you save hundreds of dollars and this is easily doable if you have some strong, helpful friends who will pitch in. If you go this route, Kasey says to make sure that you rent a truck or trailer that is big enough to make only one trip and limit the number of miles driven by finding a rental location in between the location of your old and new home. Doing both will save time and lower the cost of the rental.


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6. Pre-pack special items

From electronics to art to appliances, some items require more attention to detail in packing and moving. Unhook computers and televisions and pack them using styrofoam blocks or bubble wrap, and buy crates to transport paintings. You don't want to leave this to the last minute and use the movers precious (and expensive) time to package things that you can do on your own.


7. Use a caravan of cars to transport smaller items

Lawson proposes enlisting your family and friends to help you move the more manageable-size things -- clothes, small boxes and valuables -- in advance of moving day (assuming your move is local). Again, there will be less for the movers to transport and time saved loading and unloading their truck.


8. Throw things away before you move

Due to poor planning, movers say that a lot of people have them transport belongings that they wanted to pitch, but didn't have the time to sort through. Clean out extra clutter before you begin the packing process to streamline the job.


9. Attend to the details

To avert any disastrous delays when the movers arrive to unload in your new rental, know where the service entrance is located in your new building and whether you need to reserve elevator banks. Exchange cell phone numbers with the movers in case they get lost. You'll also want to know what forms of payment the moving company accepts, as movers customarily do not take checks or credit cards.


10. Use your own blankets

In case moving blankets are not offered free of charge or you are moving yourself, money-coach Lawson advises using your own blankets and borrowing those of friends and family to protect furniture and more fragile pieces.


11. Deduct the cost of the move from your federal taxes

If you are moving and getting a new job, you may be able to deduct the costs of your move the next time you file your federal income tax. The requirements are that your new job must be at least 50 miles farther from your previous residence; you'll also need to be employed full-time after your move.



From dodging additional moving fees, to negotiating with the moving companies, to pre-packing items, a lot of the tips to budgeting your next move depend on how well you plan and prepare for the relocation and limit the time that it takes the movers to do the rest of the job.

And after this move, see if you can store the moving boxes that are still in good condition -- they might come in handy again this time next year.


More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Get property tax help from our experts.


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Want to learn more about home buying and home finance? If so, you won't want to miss
our online discussion with industry experts,
"What Works Now: Smart Moves When Buying a Home,"
created by AOL Real Estate in participation with Bank of America Home Loans.
Watch it now on AOL Real Estate.

 

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]]>aolorignalapartmentapartmentsbudgetingestimatesfederal taxesmovingmoving companiesmoving tipsoff seasonpackingrentalsU-HaulMegan Mollmann2010-08-13T22:07:00 00:00Home Inspections: What to Expecthttp://realestate.aol.com/blog/2010/08/13/home-inspections-what-to-expect/http://realestate.aol.com/blog/2010/08/13/home-inspections-what-to-expect/http://realestate.aol.com/blog/2010/08/13/home-inspections-what-to-expect/#commentsWhen Amy and Joe Hayek put their Atlanta, Ga. home on the market, the inspection found that the roof was in bad condition. This came as a surprise to them. The roof didn't leak and their family had been living comfortably under it for years.

According to real estate experts, home sellers often have this reaction. Home inspections are a thorough, nitpicky review of the home's condition, and it's likely going to reveal a long list of imperfections that may not affect the day-to-day life of its current owners.

For the potential buyer, an inspection is a win-win. It's a way to evaluate all the systems in the house -- from the foundation, to the roof, to the heating and cooling systems -- and it puts pressure on the seller to fix major problems before the home sale is finalized.

Before you go through the process of an inspection, regardless of whether you are on the buyer or seller side, here are a few things you are going to want to know:


Before the Inspection

  • Cost: The inspection is typically hired through the homebuyer and their real estate agent before the closing. The cost ranges somewhere between $350 and $500, but most brokers agree that this is a minimal expense compared to the magnitude of the potential savings.

  • Timing: The inspection is a one-day affair that takes about three to four hours. It takes place when the buyer and seller have agreed on a price and the contract phase begins. ZipRealty agent Harrison Tulloss, who has represented both buyers and sellers, advises doing this in the very beginning and stipulating that it take place within 10 days. "I want to know quickly before we've gone down the road too far," he says. "Time is valuable."


The Inspection

  • Exterior: This is the visual examination of the home's exterior, in which the home inspector will check the structural components, including the foundation and frame of the home, as well as other outer features, like doors, windows and steps. The inspection of the outside may uncover cracks in the foundation, rotted joists (a building's horizontal support), or missing siding. Using a ladder, the inspector will also look at the roof, its drainage systems, the chimney and the skylights. This part of the inspection will document flaws such as missing or worn-out shingles, and rusted gutters.

  • Plumbing: Plumbing does more than allow you to take a shower or wash the dishes; it also removes wastewater and gases from the interior of the home. In addition to looking for leaky or corroding pipes, the inspection will examine the water supply and drainage, hot-water-heating equipment and the fuel storage system.

  • Electrical: From too many wires in a panel box to a spliced wire, the electrical inspection scrutinizes the wire interior of service panels, the breakers and fuses, and the disconnects. It also checks that your major appliances are functioning properly -- dishwasher, range and oven, washer and dryer -- as well as the smoke detectors.

  • Heating and cooling: To catch a leaking boiler or a disconnected flue pipe (a carbon dioxide hazard), this portion of the inspection examines heating and venting systems, flues and chimneys. If the house has wall air conditioners or central air, the inspector looks at the cooling system's energy source and equipment.

  • Ventilation: The home inspector will examine the home insulation and mechanical ventilation, searching for mold or water in the insulation, loose insulation or an attic without insulation.

  • Interior: The inside inspection covers all the cosmetic blemishes in a house, such as (but not limited to) water stains, a damaged wall, or moldy tile grout.

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  • Radon and termites: Though not included in the traditional home inspection process, Tulloss recommends that potential buyers also conduct separate radon and termite home inspections.


    After the Inspection

    • The critical factors: In an inspection, the things that matter, according to real estate investor Armando Montelango. Listed in order of importance are the home's foundation, plumbing, roof and any mechanical aspects, such as the heating or cooling system. Cosmetic flaws are considered next.

    • The report and a home warranty: When the home inspection concludes, the buyer and seller will get a final report on the condition of the home and any recommendations for improvement. For further protection, Montelango suggests a home warranty, which he says runs around $500, to cover the costs of any breakdown of home systems -- such as air conditioning, electrical or appliances -- after the closing.

    • Negotiation: The inspection is a negotiation process, and usually works in the buyer's favor, say Brendon DeSimone, a broker with Paragon Realty Group. In a dismal economy, sellers are motivated. The sellers are usually either going to fix any serious problems or give a break on the price, or face the alternative that the next buyer may also have the same reservations about the home.

    And this is exactly how things played out with the Hayek family, who were relocating to Columbus, Ohio for a new job opportunity. They knocked $25,000 off their list price, to pay for what the inspection had suggested in roof repairs, and secured the sale.


    More on AOL Real Estate:
    Find out how to calculate mortgage payments.
    Find homes for sale in your area.
    Find foreclosures in your area.
    Get property tax help from our experts.


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]]>electricalexteriorheating and cooling systemHeatingAndCoolingSystemhome buyerhome inspectorhome sellerHomeInspectorinspectionplumbingMegan Mollmann2010-08-13T16:03:00 00:00How to Score Top Dollar for Your Home Salehttp://realestate.aol.com/blog/2010/08/11/how-to-score-top-dollar-for-your-home-sale/http://realestate.aol.com/blog/2010/08/11/how-to-score-top-dollar-for-your-home-sale/http://realestate.aol.com/blog/2010/08/11/how-to-score-top-dollar-for-your-home-sale/#commentsFiled under:

home saleAfter unsuccessfully trying to sell her Chicago condo "For Sale by Owner" for a few months, Sarah Kadlic brought in a real estate agent to help price and market her property.

For many homeowners like Sarah, pricing a piece of real estate is a moving target. There's no magic number for a home sale, real estate experts say, but instead, a price range where your home has a good chance of selling quickly.

The definition of quick, or the length of time it should take for a home sale, depends mostly on the region, says Brendon DeSimone, a broker with Paragon Realty Group. In urban hot spots like New York and San Francisco, the norm is as fast as a couple of weeks, while 30 to 60 days is a healthy selling cycle in smaller cities or more rural areas.

So, before you put your house on the chopping block with a broker, or attempt a home sale on your own, here are five ways to get closer to your spot-on price -- and one that will help your home sell in a timely fashion.

1. Detach emotion from your evaluation

Even though you may think your home is superior to other properties in the area, it's important to take a neutral, unattached approach to pricing your home. That means disregarding that the house next-door is selling for more even though you have a nicer porch and a better view; or overlooking the money, time and sweat you put into remodeling your kitchen. A home sale may not translate dollar for dollar.


2. Take your online research with a grain of salt

Many of us have taken a peek at Internet sites to see how much our home or our neighbor's home is worth, but there's been considerable skepticism about the accuracy of these values. Real estate investor Armando Montelango says that online price information could vary 20 to 30 percent from your actual home value, especially amid a housing downturn.


3. Calculate the price per square foot

According to ZipRealty agent Harrison Tulloss, figuring out the average price per square foot of homes in your neighborhood can be a starting point for determining your home value. But he adds that the price of your home could be "plus or minus 10 percent" from this rough estimate.

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4. Walk through some comparable homes in your neighborhood

Tour some home sales in your neighborhood and take note of attributes such as size (number of bedrooms and bathrooms), house materials, land, and amenities (a renovated kitchen, a finished basement, etc.). The pitfall, DeSimone says, is that you don't know the other circumstances in play, such as a motivated seller or the reverse, a seller who won't accept less and has the luxury of letting their place sit unsold.


5. Contact a couple of real estate agents for an estimate

Call up three agents for opinions on the price of your home, and get a comparative market analysis, or a CMA, which tells you the prices of comparable, recently sold homes, on-the-market homes and homes that were on the market that didn't sell. The key, says DeSimone, is having access to the "sold property" information that is only available through a broker. Though it's not an exact science, the CMA is a more precise way to hone in on the range needed to net a home sale.


6. Factor in the days on the market (aka DOM)

Often overlooked, Montelango says, are days on the market, which tells you how fast houses are selling in your neighborhood. If you need to sell your house more quickly than the average DOM, it's going to be necessary that you discount your price below other comparables in your locale, he adds.

Brokers say that homeowners do themselves a disservice by overpricing -- a sky-high number that's not reflective of a home's size and quality will only turn off prospective buyers, and the longer it sits on the market, the more homebuyers question what may be wrong with it. On the other hand, homeowners may feel like they've missed out financially by going on the market with a price that's too low.

Finding a competitive price that's accurate and in step with market conditions, such as the economy, local job market, interest rates and inventory -- is imperative to a home selling. In a healthy housing market, Sarah's correctly priced home yielded results. Her one-bedroom condo sold for its list price.


These AOL Real Estate guides can help, no matter whether you choose to buy or sell:
More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Get property tax help from our experts.


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Want to learn more about home buying and home finance? If so, you won't want to miss
our online discussion with industry experts,
"What Works Now: Smart Moves When Buying a Home,"
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]]>comparable homesComparableHomesComparativeMarketAnalysisdays on the marketDaysOnTheMarkethome salehome valuehomeownersHomeSaleHomeValueprice per square footPricePerSquareFootreal estate agentRealEstateAgentMegan Mollmann2010-08-11T16:08:00 00:00Make Moving Day Easyhttp://realestate.aol.com/blog/2010/08/10/make-moving-day-easy/http://realestate.aol.com/blog/2010/08/10/make-moving-day-easy/http://realestate.aol.com/blog/2010/08/10/make-moving-day-easy/#comments moving day made easyThe night after Liz Kocourek moved into her new Manhattan apartment, she got a call from her bank about erratic charges on one of her credit cards. It was a spare card that she had thrown into a bag with a bunch of other random belongings before her move. When she went looking for her charge card, it was nowhere to be found.

From missing belongings to lost boxes to a lack of organization, moving day can cause all sorts of inconveniences and mishaps. And unfortunately, there's no exact science to complete the laborious task of moving. But there are some things you can do, especially in the planning phase, to make the moving process go easier for you and your movers. (They'll appreciate it, too).

Here are some tips on how to streamline the process and reduce the risk of moving day catastrophes:



Pre-Moving Day Tasks

1) Plan ahead and update records. Los Angeles-based organizational expert Jill Pollack says you should plan your move "like a military operation" and start doing some of the dirty work, such as notifying the Post Office of your relocation and changing your address on utility bills, bank records, magazine subscriptions, etc., about a month in advance.

2) Get rid of your clutter. You don't want to pack up belongings that you are going to throw away or not use at your next apartment, so sift through everything from clothes to kitchen utensils to decide what passes the test.

3) Document your belongings. Before you even start to pack up your things, home improvement author Don Vandervort, suggests taking an inventory of your things by either using a video or still camera to protect yourself against any damage or loss that may occur during the move.


Moving Day Packing

1) Pack out-of-season things first. To solve the perpetual dilemma of where to start, United Van Lines advises beginning with out-of-season items followed by the things you use infrequently. The last belongings you should box up are the things you use day to day.

2) Label boxes and take inventory. If devising an organization system is your downfall, Pollack recommends color coordinating labels for every room and adhering them to each box, as well as writing a quick list of items that are in the box on its outside. Create a more detailed inventory list to place inside the box. And also, make sure you have a master list of all the boxes and their contents for your records.
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3) Pack according to weight. Put heavier items in smaller boxes, and lighter things in bigger boxes or wardrobe boxes, to reduce the chance that boxes will split or get crushed, suggests the Chicago-based moving company, The Moving Experts. It will also make the mover's job easier.

4) Assemble a stash of personal boxes. Important and valuable items, such as jewelry, birth certificates, credit cards, pictures, financial records, computer hard drives and backups, should be packed in boxes or suitcases that you can watch and move personally.

5) Put together a "first-day kit." Depending on the time of day and your energy level, a lot of the unpacking may have to wait until the next day. To take the pressure off and avoid rummaging through packed boxes, Vandervort says to pack a suitcase or box with all the things that you may need in the first couple of days, such as clothes, toiletries, towels, bedding and a few dishes.


Moving Day

1) Do a final look-over of the apartment. After the boxes have been moved out of your place, do a last check of closets, cabinets or where furniture was removed, to make sure nothing has been left behind.

2) Get a signed bill of lading. Vandervort advises getting a signed bill of lading, a document that confirms that items have been moved on board the mover's carrier, that lists all the contents of your boxes. This should match up with the master list you scribed for your own records.

3) Share your contact information. Make sure your movers have your cell phone in case they get lost or have trouble getting to your new apartment. Leave your new address and contact information with your previous landlord so that they can get in touch if needed, for example, if a package comes a for you a couple days later, or to complete the refunding of your security deposit.


For most, the bulk of the work comes in the form of preparing for moving day. But being aptly equipped and organized will only make the dreaded moving day go better, help simplify the unpacking stage, and avert any potential disasters.

For Liz Kocourek, having all of her valuables in her possession on moving day would have preempted the situation of having a lost or stolen. And instead of getting settled in her place on moving day or checking out her new view of the city, she was trying to straighten out fraudulent charges.


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]]>inventorymoversmovingmoving daymoving tipspackingpacking tipsMegan Mollmann2010-08-10T12:53:00 00:00New FHA Credit Requirements Turn the Heat Up on Borrowers -- SPONSORSHIPhttp://realestate.aol.com/blog/2010/08/09/new-fha-credit-requirements-turn-the-heat-up-on-borrowers-spo/http://realestate.aol.com/blog/2010/08/09/new-fha-credit-requirements-turn-the-heat-up-on-borrowers-spo/http://realestate.aol.com/blog/2010/08/09/new-fha-credit-requirements-turn-the-heat-up-on-borrowers-spo/#commentsEver since the housing crisis hit, homeowners unable to secure loans from private lenders -- which have gone back to requiring the traditional 20 percent down payment -- have relied on government-insured loans offered for as little as 3.5 percent down. Now the Federal Housing Administration (FHA) is tightening its belt by making the credit requirements for such loans more stringent.

In 2009, defaults on FHA loans surpassed 9 percent, up from 6.8 percent the year before. As delinquencies on loans rise, the FHA's largess is contracting. According to the Department of Housing and Development's latest quarterly report to Congress, the FHA's reserve funds --used to make up the difference when borrowers default on their loans -- has slumped to $3.5 billion, from $19.3 billion in 2008.

To account for a potential shortfall, the government agency announced some critical changes in January that will impact homeowners with FHA mortgages and for those hoping to qualify.

Some of the most significant changes relate to borrowers' credit profiles. Here's what to expect:


FHA Establishes Credit Score Minimum

In the past, the FHA did not limit borrowers by credit score; instead, that determination was passed along to the lenders underwriting the mortgages. To qualify for the 3.5 percent down bracket, borrowers now will need a credit score of at least 580. For those with credit scores falling somewhere between 500 and 580, the down payment will more than double to 10 percent. No FHA loan will be issued without at least a 500 credit score.

Lenders Get More Cautious

These days, mortgage lenders are keen to avoid the errors of the bubble years. As a result, they are combing applicants' financial records and credit reports with a diligence verging on paranoia. The new FHA credit requirements will only make them more cautious.

It used to be simple for lenders to get their loans insured by the FHA or guaranteed by Fannie Mae. The only instance in which banks would be required to to repurchase a mortgage was in cases of fraud. "Now, if FHA feels the lender didn't follow guidelines, they can refuse to insure and the lender has to pony up the cash to replace the funds on their warehouse line," Greg Cook, a California real estate broker and mortgage banker, told the San Francisco Chronicle. "Multiple buybacks can bankrupt a small lender."

Credit Reports Receive Closer Scrutiny

The general rules about managing your credit profile prior to a purchase still apply, only now borrowers must be hyper-vigilant. Just because you've been pre-approved doesn't mean you can rest easy. In response to FHA's stricter requirements, many borrowers are demanding clients write letters for all credit inquiries that show up after they apply for a mortgage; the loan will not close unless the client can prove they have taken no new debt related to those inquiries.

In addition, lenders are rechecking borrowers' credit reports right before closing, to make sure no significant changes have occurred since the application was opened. Because of the new FHA credit-score minimums, mortgage applicants should pay off any credit balance immediately, even if it's just a bag of groceries.


All of these modifications are way for the FHA to ensure that their borrowers are more responsible homeowners. In turn, FHA's plan is designed to help the agency to reduce their risks, lower their costs, and sustain the government-subsidized loan program for the long term. With careful planning, qualified borrowers can benefit from the FHA changes, too.

 

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]]>credit scoresfederal housing authorityFHA borrowersFHA loansgovernment insured loansinsurance premiumsMegan Mollmann2010-08-09T23:56:00 00:00Open House: When It's Worth It -- or Nothttp://realestate.aol.com/blog/2010/08/09/open-house-when-its-worth-it-or-not/http://realestate.aol.com/blog/2010/08/09/open-house-when-its-worth-it-or-not/http://realestate.aol.com/blog/2010/08/09/open-house-when-its-worth-it-or-not/#commentsTo help sell her Austin, Texas condo, Tara Akins held a series of weekend open houses. Despite the fact that they were "well attended," according to her real estate agent, the eventual buyer came not from one of the open houses but through a private showing.

For many sellers, that's how the home-selling process unfolds. Open houses help to market the property and pull in viewers, but the buyer ultimately comes through another avenue, leading some real estate experts to question the effectiveness of the home tours.

If you're thinking about whether or not to hold an open house to help sell your property, here's how to weigh the advantages and disadvantages, as well as tips for getting the most out of this home-selling tool.
Open-house pros and cons

One of the biggest advantages is that serious buyers overwhelmingly use open houses in their research. According to Geoff Walsh, an agent with Weichert Realtors in Dallas-Fort Worth, 95 percent of people looking to buy a home visit an open house within three months of buying.

The biggest problem is that open houses also draw a large number of lookers who aren't intending to purchase in the near future. So the open house "usually doesn't sell the house," says Matthew Coates, a Phoenix real estate agent with West USA Realty Revelation.

But even non-buyers can provide valuable information, offering their reactions on everything from the price, to the layout, to the number of bathrooms--and especially about the features of the house that they don't like. "The open house provides feedback from the general public to the seller to correct those things," Coates says.

The bottom line: While an open house may not always yield a buyer, increased foot traffic and feedback can't hurt. Brendon DeSimone, a San Fransciso-based broker with Paragon Real Estate Group, estimates that about one-third of the time, open houses lead to the sale of a home. "It's a staple of real estate," he says. "You have to do them."


Secrets of a successful open house

The key to a productive open house, experts say, is scheduling it so that it's convenient for potential buyers. Typically open houses are held on the weekends, so that working professionals and busy parents can have the opportunity to attend.

Open houses also should be held with regular frequency, even if only for a small window of time each weekend, so that buyers who missed it or were viewing other properties can come back the following Sunday to get a peek.

According to DeSimone, there are only a few situations when he skips the open house: when the property is a fixer-upper and it's dangerous to be inside; if tenants are living in the home; or if it's a high-end property and the owners have concerns about privacy, theft or damage.

How an open house is conducted is also a factor in its success. Walsh stresses the need to have a real estate agent on-site who is not only welcoming and friendly but also has expert knowledge about the construction of the house, its location and the dynamics of the local real estate market.


When not to hold an open house

Sometimes a house's location, style or condition can make it a bad candidate for an open house. For example, a remote or hard-to-access location can sabotage the benefits of drive-by traffic, says Coates, or it can discourage potential buyers from showing up altogether. If you're more than two or three turns away from a major intersection, think twice about holding an open house, he advises.

In addition, Coates points out, condos and townhomes don't pull in as much traffic as single-family homes. It's harder to be enticed by a condo from the street, and a bigger hassle to locate and get to the unit within the building. Putting up signs outside the building, as well informing the doorman or leaving instructions for how to find the unit, are good proactive measures.

An even bigger challenge is dealing with flaws with the house that buyers only perceive when they arrive in person, such as odors from pets and smokers, or neighborhood issues like a nearby railroad, electrical tower or another home built too close. In that case, says Walsh, the seller may have no choice but to make compromises on the price of the property.


Fighting the "Internet factor"

Unlike pre-Internet days, buyers' expectations today are skewed by what they've already seen of your house online. "It used to be the first impression was the drive-by," says DeSimone. "Now the first impression is hitting the Internet."

How sellers represent their homes online has a big impact on the success of an open house. If potential buyers like what they see online, then they'll want to verify it in person.

In addition to listing through a real estate agent, sellers can stand out online by using search engine optimization, photos, virtual tours, videos, and even creating a website for the house with its own Web address. Brokers advise providing a photo or two of each room to entice buyers, but not to reveal everything. "You want to leave something for when they get there," says DeSimone.

Ultimately it was the online listing rather than an open house that snagged the buyer for Tara Akins' condo, though Akins says that she felt lucky to have so much traffic through the place. After seeing the house online and via two in-person visits, the buyers made an offer a little more than a month later.

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]]>home buyershome salehome sellersmlsopen houseopen housesreal estate agentserious buyersMegan Mollmann2010-08-09T13:57:00 00:00Home Improvements That Get Your House Soldhttp://realestate.aol.com/blog/2010/08/05/home-improvements-that-get-your-house-sold/http://realestate.aol.com/blog/2010/08/05/home-improvements-that-get-your-house-sold/http://realestate.aol.com/blog/2010/08/05/home-improvements-that-get-your-house-sold/#comments
It took James Peterson only six days to sell his house for the full asking price. He did it, says Dallas-Fort Worth real estate agent Geoff Walsh, by making some strategic improvements that were key to getting the house sold. Walsh -- Peterson's neighbor as well as his agent -- advised him to upgrade the appliances and countertops in the kitchen, replace worn carpet and tile, and add some simple landscaping.

In Peterson's neighborhood, where comparable homes sell in the $400,000 range, the investment paid off in a quick and profitable sale.

How much money a homeowner should put into enhancing a property for sale is a thorny issue. You don't want to spend too much, because you're unlikely to get it back. But you also need to make upgrades that will help your property compete in a crowded market.

When determining how much to spend, consider price range, region, and what comparable homes for sale in the neighborhood are offering. "You can overdo it for the neighborhood, and your home is not going to command a higher price as a result of [the home improvements]," says Matthew Coates, a Phoenix, Arizona agent with West USA Realty Revelation.

Coates suggests spending around 1 to 2 percent of your home's value for home improvement costs. That means, for a $200,000 condo, a seller would spend between $2,000 to $4,000 on pre-sale upgrades.

Sometimes the hardest part is knowing where to start, so here are eight home improvement ideas that can help get your home ready for the market for a minimal amount of money:
Transform unfinished space into storage: Walsh, an agent with Weichert Realtors, says that most buyers are looking for ample storage room that's also pleasant to use. If you have an unfinished attic or basement, consider installing some flooring to augment the amount of closet and storage space in your place.

Turn a closet into an office: Pat Conley, a Chicago-area home stager, says it's a fairly easy task to revamp closets into offices by adding an electrical outlet and installing shelves and a desk. (She's also turned closets into a wet bar, and remodeled unused open space for yoga and meditation.)
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Replace toilets and clean grout: A rusty toilet or black grout can give the appearance that your bathroom is dirty and old. Instead of footing the bill to remodel the entire bathroom, try some quick fixes for improvement, such as buying a new toilet, cleaning the grout, replacing the shower head, or installing a surface-mounted medicine cabinet or shelves for more storage.

Update light fixtures and ceiling fans: Brass light fixtures and '70s-era ceiling fans can make a place look dated. One cost-effective home improvement idea, Coates says, is to spend a few hundred dollars at a Lowe's or Home Depot, and replace old lights with either brushed nickel or bronze fixtures, track lighting or recessed lighting.

Paint your walls and consider moldings: "A good coat of paint can go a long way," says Brendon DeSimone, a real estate agent with Paragon Real Estate Group. Most buyers prefer neutral colors, such as off-white or beige (plain white is too stark, and dark colors can make the interior look smaller than its actual size). Another home improvement is base or crown moldings. If painted in the same color as the walls, they can visually elongate the height of the room.

Get new interior doors: Nothing screams cheap like featherweight doors, which are often plywood and hollow, so think about upgrading to heavier, solid doors made by manufacturers like Simpson, TruStile and Jeld-Wen.

Stain cabinets and upgrade the kitchen island countertop: Instead of ripping out cabinetry, a less expensive improvement is to change the appearance by stripping and re-staining the cabinets. Older, out-of-style oak cabinets can be concealed with white paint or an antiqued faux finish. For properties priced at $400,000 and above, granite is usually expected, Walsh says. That's an expensive upgrade, but you can reduce the cost by sourcing materials directly from a stone yard.

Match your kitchen appliances: If comparable homes in your price bracket and neighborhood don't have stainless steel and state-of-the-art appliances, then it might be a waste to upgrade, says Coates. However, he notes that buyers like appliances to be color-coordinated -- for example, all white or silver.

Invest in landscaping: Because curb appeal is what reels in potential buyers, it's important to make the outside of your home look attractive, too. A few low-cost ideas are to pull out weeds, mow the lawn, and cut back overgrown trees or shrubs. Other home improvements include adding fresh mulch, planting a couple of rose bushes in your front flower garden, or lining the entryway with a colorful assortment of flowers in pots.

Whether it's replacing the carpet or painting your walls, your home improvement strategy should be uniquely tailored to what your home needs to be competitive. To sell his home at the desired price, Peterson was advised to make some considerable enhancements to his property or resort to unloading it for less.

But some homeowners may find that no matter how much they invest, they will be unable to realize those gains in terms of a sale price. "You are going to reach a point of dimishing returns," says Walsh."If you spend $7,000, you may not get $7,000 back. But you have to put your best foot forward with the amount of inventory out there."


Trying to decide which home improvements to make? Here are some AOL Real Estate guides to help:


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]]>DIYhome improvementhome investmenthome valuehome+improvementHomeImprovementHomeInvestmentHomeValueremodelrenovationstorage spaceStorageSpaceMegan Mollmann2010-08-05T08:42:00 00:00Pending Home Sales: Decline Highlights High-Inventory Problemhttp://realestate.aol.com/blog/2010/08/04/pending-home-sales-decline-highlights-high-inventory-problem/http://realestate.aol.com/blog/2010/08/04/pending-home-sales-decline-highlights-high-inventory-problem/http://realestate.aol.com/blog/2010/08/04/pending-home-sales-decline-highlights-high-inventory-problem/#commentsFiled under: ,

Pending homes sales declines suggests high inventory problemForget that home prices are stabilizing and new-home sales are rising, it's the amassing inventory of homes that could mire the housing market's recovery.

According to The Wall Street Journal, the decline in the pending-home-sales index indicates that inventory is rising, meaning there are too many houses and too few buyers.

Pending sales -- signed contracts on the purchase of new homes -- had fallen 3 percent in June compared to the previous month, according to data released Tuesday by the National Association of Realtors. That's a further decline from May, when the index sank 30 percent on the heels of the April 30 deadline for the homebuyer tax credit.

If fewer homes are being bought and developers continue to build, then a smaller piece of the backlog of vacant homes (about 2.5 million nationwide) are being consumed. So the question is, if unemployment and economic conditions remain stagnant, how long will the inventory last?
Given no change in the economic climate, Standard and Poor's estimates that it could take three years to clear the backlog of homes. Most experts arrive at this calculation by considering that, on average, the U.S. grows by 1.4 million households per year, and there were approximately 550,000 new housing starts in 2010. That means that each year 850,000 units might be filled out of 2.5 million existing and vacant properties (850,000 times three is just over 2.5 million).

But if the inventory problem worsens, economists say, it will only take longer, and further delay an overall economic recovery.

A larger glut of homes will further push prices downward, which in turn depreciates values for homeowners, and increases delinquencies for homeowners. Meanwhile, greater supply lowers the demand for homes, which threatens the profits of builders and the jobs of their employees, as well as those who work in the housing service industry, such as real estate agents and mortgage brokers.

Prospective homeowners, however, can continue to reap the benefits of bargain prices and a buyer's market, but then again, none of us are impervious to the effects of a lackluster economy.


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]]>delinquencieshome priceshousing markethousing market recoveryinventorynew home salespending home salesunemploymentMegan Mollmann2010-08-04T17:15:00 00:00Sink Maintenance: How to Defeat Smelly, Clogged Drainshttp://realestate.aol.com/blog/2010/08/03/sink-maintenance-how-to-defeat-smelly-clogged-drains/http://realestate.aol.com/blog/2010/08/03/sink-maintenance-how-to-defeat-smelly-clogged-drains/http://realestate.aol.com/blog/2010/08/03/sink-maintenance-how-to-defeat-smelly-clogged-drains/#commentsFiled under: ,

Ways to prevent a clogged sink or bathtubKitchen sinks that smell and induce nose-holding fits -- and showers clogged with huge clumps of hair -- are reoccurring problems for most small spaces. And bringing roommates into the mix only escalates these domestic messes, not to mention feeds the drama.

So, before you drone on about how the stench of unwashed dishes is ruining your quality of life, and you start to seek out apartment ads for a new studio -- breathe! It might be something else causing the foul waft of air.

Typically, if water is not properly flowing down through your drains, then air is stuck, too, and this is what creates what you and your roommates are calling "the funkiest smell ever."

Check out these no-hassle tips on how to remove, as well as prevent, buildup in your drains, and in turn, keep your sink smelling rosy.


Remove hair routinely. While picking up the amassing hairball in the bathtub seems so simple, none of us can ever seen to get around to this mindless chore. But removing hair regularly from the drain before it begins to block up the shower is one easy trick to keeping the water moving smoothly. To further help the situation, try running hot water down the drain after a shower to rinse away soap remnants that can build in the drain opening.

Use liquid body washes. Liquid soaps produce less residue than your old-fashioned bar of soap, which will help keep the drainway free and clear over the long term.

Put the toilet plunger to work. If a couple of inches of water is backing up in your bathtub or shower, take the toilet plunger and place its head over the drain hole. Pump a few times to clear the passage way. The water draining is a sign that the blockage has been dislodged.

Turn to baking soda. For both kitchen or bathroom, a simple baking soda concoction can create a chemical reaction that will dissolve fatty acids or grime collecting in your drains, and prevent those nasty scents from permeating throughout your house. First, measure about four tablespoons of baking soda and dump it into your drain. Next, take 3/4 of a cup of white vinegar and slowly pour it down your sink. Then, finish by flushing out with warm water. This remedy can even be used as a preventative measure -- before your drain clogs -- by repeating it in either your bathroom or kitchen sink every three months.

Clean strainers or stoppers. Muck sticking to parts of your drain may even be contributing to the blockage. Consider unfastening the screws of the strainer, and loosen to cleanse thoroughly. If you have a stopper, unplug it and clean, along with wiping down the base of the drain.

Don't put food scraps or cooking fat down the sink. A garbage disposal will break down any pesty pieces of small food that missed the trashcan. If you don't have one, see if your landlord would be open to installing one, or use a drain filter to trap any food waste that gets into the sink. For cooking fat, try storing it in old tin cans and disposing via the trash. At the very least, cooking fats should be diluted with boiling water before going down the drain.

Clean out your P-traps. P-traps are the u-shaped pipe under your kitchen or bathroom sink. They can be unscrewed and rinsed out. If your kitchen or bathroom sink is missing this type of pipe, this could be the root cause of the stench. Let your landlord know and see if one can be installed.

And even if you have to end up calling a plumber, don't think all this work has gone to waste -- showing a little bit of effort on the home front just may help you and your roommates maintain that amicable relationship.


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]]>baking sodaclogged sinksp-trapsremoving hairsmelly sinksstoppersstrainerstoilet plungerunclogging sinksMegan Mollmann2010-08-03T16:55:00 00:00Times Square Bomber's Home Auction Fizzleshttp://realestate.aol.com/blog/2010/08/03/times-square-bombers-home-auction-flops/http://realestate.aol.com/blog/2010/08/03/times-square-bombers-home-auction-flops/http://realestate.aol.com/blog/2010/08/03/times-square-bombers-home-auction-flops/#commentsFiled under: ,

Lender wins auction of Faisal Shahzad's Connecticut home Confessed Times Square bomber Faisal Shahzad may be infamous for an attempt to detonate a car bomb in Manhattan's busiest plaza, but the foreclosure sale of his former Connecticut home ended like most auctions these days -- back in the hands of the bank.

At this past weekend's foreclosure auction, no one countered the $227,400 bid by Shahzad's lender, Chase Home Finance LLC, for the three-bedroom Shelton, Conn. residence, reports Bloomberg.

The home went into foreclosure after Shahzad, who is in jail with five felony charges, failed to repay the $213,000 owed by July 31.The confessed bomber stopped making his mortgage payments in June of last year, around the time federal authorities say he traveled to Pakistan to visit a terrorism training camp.

But the interested bidders said the fact a terrorist once lived in the house didn't dissuade them.


Faisal Shahzad faces 10 terrorism-related charges will be sentenced Oct. 5 Instead, the three interested parties who showed up to the public auction told New Haven Register that the price of the foreclosure was too high.

In 2004, Shahzad bought the 1,356-square-foot colonial home, which he shared with his wife and two children, for $273,000. It was appraised at $243,000.

According to authorities, the bomb was made at a rented apartment in Bridgeport, Conn., about nine miles southwest of Shelton, where Shahzad lived after returning to the U.S. last February.

This is where he's believed to have loaded a homemade bomb, which was made of easily purchased items, such as alarm clocks, gas canisters, fireworks and gasoline, into a 1993 Nissan Pathfinder, and drove the car into Manhattan on May 1.

Shahzad, who plead guilty to 10 terrorism-related charges last month, will be sentenced Oct. 5.


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]]>auctionbombFaisal Shahzadforeclosurepakistansheltonterrorismtimes square bomberMegan Mollmann2010-08-03T14:26:00 00:00