Wednesday, January 23, 2013
Lisa Loper of the Scott Loper Team explains a frequently misunderstood term in the real estate market.
We frequently have buyers asking us about pre-foreclosure homes that they found on the internet. There are many sites that will give consumers this type of information. Most of these homes are not listed for sale, but some buyers want to know if they can still see the property with the possibility of buying it. Pre-foreclosure simply means that a homeowner has fallen behind on their mortgage payments. And while a foreclosure may eventually happen, at the current time, the home is still rightfully owned by the mortgagor (i.e. homeowner). It does NOT mean that the home is available for sale. In fact, that home may never be available for sale. In most cases, a homeowner does NOT want to sell OR lose their home to a foreclosure. The …
Wednesday, January 9, 2013
Lisa Loper of the Scott Loper Team shares an example why sellers need to be careful and not be drawn in by something that sounds too good to be true
There are many ways to sell a house: listing it with a REALTOR©, for sale by owner, the “We Buy Houses” quick sale businesses, real estate auctions, find a friend or relative willing to buy it ... When it comes to selling, there is no magic pill. Time and again, no one is going to pay more than market value for your home but you can be sure, many people will gladly take a home off your hands if they can get it for well below market value. As a seller, it is critical to know the true market value for your home so 1) you don’t end up sitting on it forever waiting for it to sell at an unrealistic price and 2) so you don’t “give it away” by selling it for significantly less than it is worth. Buyers need to be equally as careful so they do …
Wednesday, January 2, 2013
Lisa Loper of the Scott Loper Team discusses trends in home decorating that are popular now and will appeal to home buyers
Everything changes with time and history has a way of repeating itself, the smaller affordable homes of the last few years are giving way to the return of bigger and fancier as homebuyers are feeling more secure with their financial situation and simply worn down from frugal fatigue. “Green” homes are still hugely popular as plastic and other artificial man-made products are taking a back seat to the more luxurious (and expensive) natural woods and stone. The world didn’t end in 2012 but there were certainly enough headlines of human tragedies and natural disasters. A general feel of “life is short” has moved homeowners to really start making a home uniquely theirs and add artwork, statues and fabrics that represent them and their …
Wednesday, December 19, 2012
Lisa Loper of the Scott Loper Team talks about a possible casualty of the Fiscal Cliff negotiations, the average American homeowner and their mortgage interest deduction.
As the Fiscal Cliff approaches, many reports speculate that reducing or eliminating the home mortgage interest deduction could be part of the deal brokered by Congress. This would affect millions of homeowners who currently deduct their mortgage interest payments from their income taxes. The National Association of REALTORS® opposes any change that would harm the housing market. The mortgage interest deduction is vital to the stability of the American housing market and economy. Ben Stein discussed this proposal recently on CBS Sunday Morning and referred to the “wisdom” of eliminating mortgage deduction as "foolish”: “If we could get housing roaring back, that would go a long way towards full recovery for our economy. Obviously, …
Wednesday, December 12, 2012
Lisa Loper of the Scott Loper Team talks about the demands placed on a short sale seller.
Sounds easy to sell a home via a short sale? Think again. When a bank approves a short sale, they want to be assured that the seller is not able to pay the debt owed and forgiving the outstanding debt will be a better business decision than foreclosing on the property. The bank will do whatever makes more economic sense to them. The seller of a short sale will walk away with bad credit instead of the really bad credit associated with a foreclosure. Typically the seller can also get the deficiency waived by the bank but this is not always the case with a short sale. A seller may need to file for bankruptcy after a short sale or foreclosure in order to get the deficiency judgment waived. In rare cases, a bank may give the seller a …
Tuesday, November 27, 2012
As taxes are being weighed in Congress, tax relief on mortgage forgiveness is set to expire at the end of the year
According to the IRS, if you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be considered taxable income. The Mortgage Debt Relief Act of 2007 was enacted to allow taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a short sale or a foreclosure, qualifies for the relief. This Act is set to expire at the end of 2012. As home prices spiraled downward and millions of homeowners became underwater on their mortgages (owing more than their homes were worth) during the housing crisis, this measure was needed so consumers who were already financially devastated could pick up …
Wednesday, October 31, 2012
Lisa Loper of the Scott Loper Team talks about the most famous “haunted house” in America
Most people would NOT want to live in a haunted house but one of the most influential people in the world does exactly that – the President of the United States. We thought it would be fun to share some of the stories about the most famous house in America – The White House and some of the ghosts who reportedly live there. For years, it has been rumored that the White House is haunted. Former presidents, residents, staff members, and visiting heads of state have reported sightings, eerie presences, and unexplained thumps, noises, and chills. A house which holds so much history and powerful figures, the White House would be a likely place to find a few ghosts rattling around. Here are the most commonly reported “ghostly inhabitants.” …
Thursday, October 18, 2012
Lisa Loper of the Scott Loper Team discusses the advantages and disadvantages of Zillow’s Zestimates.
Zillow is a great tool for consumers to gauge home prices in their area or for an area that they are considering moving to. Zillow tracks all the pertinent real estate information regarding listings and sales in the area. They have complex mathematical models that provide an estimated home value for every single house, known as the Zestimate. However, while Zillow is able to access tax record information (such as age, lot size, square footage, number of bedrooms, bathrooms, size of basement, garage, etc), it has no mathematical way of assessing the condition of a home. So a 20 year old 4BR/2.1 bath 3,000 sq ft colonial on one acre of land in Montgomeryville will have the same Zestimate even if one home has all new kitchen, baths, HVAC, …
Wednesday, October 3, 2012
Lisa Loper of the Scott Loper Team discusses a bill currently under consideration by the PA State Senate which affects all homeowners throughout the Commonwealth.
We urge you to contact your state senators and representatives to VOTE YES TO PENNSYLVANIA STATE SB 1495 which is an amendment to the Mechanics’ Lien Law of 1963. This amendment protects homeowners from having liens placed on their property by subcontractors who have not been paid by the general contractor IF the homeowner has in fact paid the general contractor in full. Introduced by 14 members of the PA State Senate May 31st of this year with bi-partisan support, the Senate referred it to Labor and Industry but now it is back before the Senate for consideration. If it passes the Senate, it must also pass the House and then go to the Governor for final approval. Unsuspecting homeowners have mechanics' liens placed on their homes by …
Thursday, September 13, 2012
Lisa Loper of the Scott Loper Team discusses home warranties.
A home warranty is similar to other warranties that you can purchase on something you buy. However, a home warranty covers a variety of potential issues in a home. Most home warranties are good for 1-year and include some deductible ($50-$75) for a service call. If the serviceman can’t fix the problem, then the warranty will cover replacement of that item. Policies can be renewed every year if desired. Coverage varies depending upon what level of coverage you purchase. A basic home warranty will likely include repair or replacement of: › HVAC systems › Ductwork › Plumbing › Whirlpool, motor and pump › Plumbing stoppages › Water heaters › Electrical › Exhaust/Vent/Attic fans › Built-in microwave ovens › Dishwashers › Ranges/Ovens/…
Beth
1:21 pm on Monday, January 14, 2013
I love the new metal prints from www.freshsquared.com. They're modern and trendy and really easy to hang ( no framing required). Thanks, Beth more ›