Real Estate for Real People!

Market Concerns Produce New Record Low Mortgage Rates

I have said it before and will say it again: When I bought my first house in the 80's, my interest rate was 13%.........................If you can qualify for a loan - NOW is the time to purchase a home!

-- Freddie Mac today released the results of its Primary Mortgage Market Survey, showing mortgage rates continuing to decline with the 30-year fixed averaging 4.32 percent marking a new low for 2011, and the 15-year fixed, 5-year ARM, and 1-year ARM averaging new all-time record lows this week, WOW!

30-year fixed-rate mortgage (FRM) averaged 4.32 percent with an average 0.7 point for the week ending August 11, 2011, down from last week when it averaged 4.39 percent. Last year at this time, the 30-year FRM averaged 4.44 percent.

15-year FRM this week averaged 3.50 percent with an average 0.7 point, down from last week when it also averaged 3.54 percent. A year ago at this time, the 15-year FRM averaged 3.92 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.13 percent this week, with an average 0.5 point, down from last week when it averaged 3.18 percent. A year ago, the 5-year ARM averaged 3.56 percent.

1-year Treasury-indexed ARM averaged 2.89 percent this week with an average 0.5 point, down from last week when it averaged 3.02 percent. At this time last year, the 1-year ARM averaged 3.53 percent.

Frank Nothaft, vice president and chief economist at Freddie Mac, reports, "Renewed market concerns about the European debt markets led investors to shift funds into U.S. Treasuries, pushing long-term yields lower. Further, in its August 9th Federal Open Market Committee statement, the Federal Reserve noted that economic growth so far this year had been considerably slower than it expected and that overall labor market conditions had deteriorated in recent months, leading the Committee to conclude that an exceptionally low federal funds rate should be maintained at least through mid-2013. These developments helped to ease mortgage rates lower this week."

"Lower mortgage rates will help to maintain the high degree of home-buyer affordability in the market. The National Association of Realtors® reported that its affordability index over the past three quarters has indicated the highest affordability since the inception of the index in 1970."

Published: August 12, 2011

Thank you Realty Times for providing the public with such informative information.

If you have any questions regarding the real estate market, what your house is worth, what is available in your area, or your search area, DO NOT HESITATE TO GIVE ME CALL!

Janis L. Francis, Realtor
Re/Max Connection Realtors
(614) 416-2411
Homesbyjanis@insight.rr.com
YOUR REAL ESTATE CONNECTION

Homeownership's Amazing Benefits
February 19, 2011

When I was a 20 something year old (many years ago) I was walking in downtown Columbus, Ohio during my lunch break - WOSU TV was out with cameras and asking people on the street "What is the American Dream?" I remember thinking about it and saying, "What's that?......ya know?" I wonder how many 20 somethings today, realize what the American Dream really is. Do you know what it is?

Since then, I have owned about 6 homes. Did I realize the American Dream of being a homeowner, land owner? The meaning of the American Dream has changed over the course of history, but one thing has remained steadfast - to own your own home!

Homeownership brings with it a host of amazing benefits. It's the American Dream for good reason. From health to wealth, it stands out as a great long-term investment, and that's why 67 percent of American households are owner-occupied.

The National Association of Realtors (NAR) knows a little something about how homeownership affects American lives. And that's why they are getting the word out about why you should be a homeowner. According to NAR:

> Homeowners are happier and healthier and enjoy a greater feeling of control over their lives.

> Homeowners pay 80% to 90% of federal income taxes, contributing to federal programs that benefit all Americans.

> Most homeowners enjoy stable housing costs-a fixed rate mortgage payment might not change for 15 or 30 years while rent typically increases 3% a year.

> Children of homeowners are more likely to participate in organized activities and spend less time in front of the television.

> People who own their own homes volunteer more and contribute more to their neighborhoods.

> Home owners do not move as frequently as renters, providing more neighborhood stability. In turn, this stability helps reduce crime and supports neighborhood upkeep. Children of home owners do better in school, stay in school longer.

Many economists have been touting a jobs recovery as the key to the housing recovery, but perhaps it is the other way around.

Recent studies indicate that housing makes up more than 15 percent of our Gross Domestic, and for every home purchased, up to $60,000 is pushed into the economy over time in improvements and furniture.

Additionally, each home sale touches 80 different occupations!

According to the NAR, "America needs jobs. Housing creates jobs. That's one of the many reasons home ownership matters to people, to communities, to America. Strong federal government support of home ownership equals strong support for American jobs. We urge the Obama Administration and the U.S. Congress-as they debate the new federal budget and reform proposals for the nation's mortgage finance system-to continue federal support for home ownership."

To realize YOUR American Dream, do not hesitate to give me a call, or email anytime at all!
Janis L. Francis, Realtor
Your Real Estate Specialist
Homesbyjanis@insight.rr.com
(614) 416-2411

Published: February 17, 2011
Article courtesy of Realty Times and Carla Hill
Thank you

RISMEDIA, January 6, 2011-Many home buyers now and into the foreseeable future will face tight lending standards and will need to improve their credit score to get prequalified or preapproved for mortgages. Be aware of the following steps your prospects can take for some speedy credit repair to gain lender approval and the best possible rates, especially if they are months away from a purchase:

Credit Card Wisdom
-Paying revolving credit cards down is generally more beneficial than, for example, paying down student loans, mortgage or auto loans.
-Always leave a 30% or higher gap between what you owe on the card and the card's limit. Lenders look for this minimum gap.
-Use cards with care even if you pay off balances each month because depending upon statement dates, the lender may see big balances.
-Pay down the cards closest to their limits first for speedier credit repair. The lending bank will then see the "gap" it wants to see.
-Do not ask a creditor to lower credit limits. Generally, carrying smaller balances on several cards is better than one large balance on one card.
-Check your credit card limits to make sure the report is correct. Limits may not be reported on all cards.
-Never make a late payment on credit cards or any loan.

Protesting Items
-Protest any unjust negatives, such as late payments, collections that are not yours, and any items not reported as "paid as agreed," if you paid on time and in full.
-Protest items listed as unpaid that were included in a bankruptcy, and items older than seven years (10 for bankruptcy).
-Focus first on the larger, newer negatives listed on the report.

It is important not to worry about smaller items like incorrect address information or an old employer listed as current. This is, of course, unless there is the possibility of identity theft or the file is mixed with someone else's.

This is certainly not an all-inclusive list of the steps that can be taken to improve a credit score, but it is a great start for clients needing to focus on their scores before attempting to get preapproved and purchase a home through you.

This information is courtesy of - Chris Kaucnik, who is marketing director for Home Warranty of America, Inc.

If your credit scores are not up to where they need to be for you to purchase a home, do NOT get discouraged! You can tackle any issues in your credit with any of the lenders I work with! Interest rates are still so very low, even if it takes 6 months, you are still in good shape to purchase a great home at a great price with a great rate!

Take a look below at the 30 year history of interest rates!

FOR ALL OF YOUR REAL ESTATE NEEDS

I look forward to hearing from you!
Have a good day!

Janis L. Francis, Realtor
Re/Max Connection Realtors
Homesbyjanis@insight.rr.com
(614) 416-2411

Have you wondered how much good the 'First Time Home Buyer Tax Credit" did for you and your home values? According to the National Association of Realtors, it did help! Read below an artical I ran across today while reading my real estate publications. I think you will be some what intrigued by it.

"Calculating how much the home buyer tax credits cost is an inexact science. At least one analytical firm has concluded that home prices would have fallen 10% further without them.

But the cost of propping up prices was significant. The Joint Committee on Taxation estimates that the three credits combined probably resulted in tax revenue losses of about $22 billion through 2019.

According to the U.S. Government Accountability Office, about 1 million buyers claimed $7.3 billion in interest-free loans under the first credit. These loans must be repaid starting in 2011.

Another 2.3 million people claimed $16.2 billion in tax credits that don't have to be repaid and the IRS is still processing these claims through the 2011 tax filing. "

Source: NAR

Now, if you are wondering what is going on in your Neck of the Woods - give me a call or email and I will be more than happy to complete a Comparative Market Analysis (CMA) for you! If you are not in my general vacinity, let me know where you are and I will find a Real Estate Professional that will meet your specific needs!

Have a great day!
Janis

Janis L. Francis, Realtor
Re/Max Connection Realtors
Homesbyjanis@insight.rr.com
(614) 416-2411

I am sure you have all been reading the papers about the real estate market being real sssssssssllllllllloooooooooowwwwwwwwwww.

Well, it has been, for about 3 years now. I have been working just about 24/7 to keep and secure listings and buyers. Buyers you are savy and educated. These days, choices are so vast that they are taking their time making decisions and the sellers are paying for it, literally! Prices are being drastically reduced, sellers are paying part or all of their buyer's closing costs.

And, it doesn't stop there! Incentives, creative financing, etc., has been prevalent with lenders to get the job done. Nothing above or beyond what is accepted practices though. If you have a very willing seller and a willing buyer, the sale of the home will happen! It's called an arms length transaction.

Sellers don't be discouraged, hang in there, the market will balance eventually, it always does.

Buyers, the interest rates are still at historic lows. Buy!!!!!!!! Put this into your thinking cap, I bought my first house in 1982, my interest rate was 13%, yes that's right, you read correctly - about 13% and I only made about $6.00 per hour, are you doing the math in your head? Check out the attached graph, the interests rates were even higher than that! A year or two before that, they were up to 18%

There is a never ending inventory of homes for sale as well! You have the "regular" market, short sales, foreclosures, bank owned, HUD's. The list goes on and on. I have extensive experience in all of these areas!

I am very interested, if you are a buyer, and holding off, can you contact me and let me know why? Are you waiting for prices to lower even more? Are you waiting on 30 years same as cash? I honestly do not see interest rates lowering.

I work with several very qualified lenders who do a fantastic job fiting my buyers with the perfect mortgage package that fits their specific circumstances.

If an exsiting home is not your cup of tea, I also work with many competent builders representatives that are ready, willing and able to assist you in your home search!

Contact me with any questions and a complete list of the above referenced lenders and builders!

Homesbyjanis@insight.rr.com or give me a call (614) 416-2411

Improve Your Credit Score Before Searching for a Home
(Courtesy of Lowes Realtor Benefits)

RISMEDIA, September 8, 2010--Many prospective homeowners find out the hard way the importance of a good credit score when they apply for a home mortgage, especially after the subprime loan crisis. If you are considering buying a home in the near future, it is a good idea to give your credit score a check-up and then take positive steps to improve your credit score if you find problems. Ideally, it is best to begin working on improving your credit score at least six months before you plan to start shopping for a home.

According to the experts, the following tips will help you improve your credit and should be taken before you begin your home search.

The first critical step in taking care of your credit is to check your credit report. Unfortunately, many people fail to take this all important first step. Instead, they wait until they have applied for a mortgage loan to find out from the lender that there are problems with their credit scores.

By checking your credit score before you apply for a mortgage loan, you gain the opportunity to find out if there are problems which you can correct and discrepancies that need to be removed. When you check your credit report, make sure you check all three of the national credit reporting agencies: Experian, Trans-Union and EquiFax.

Review your credit report carefully for items that may be erroneous. If you believe that an item on your credit report is reported in error, you have the right to contest it. To do so, you will need to contact the credit reporting agency and explain why you believe the item is inaccurate. Supporting documentation such as receipts and cancelled checks can help your claim. Alternatively, you can engage a credit report repair services firm to fix your credit report.

If there are derogatory items on your credit report that are accurate but which could cause problems in your loan application, you cannot have them removed; however, you can take positive steps to counteract them. In the event that you have missed payments in the past, take steps now to get your bills current. Even if it means tapping into money that you might be planning to use for a down payment, it is essential that you get your accounts current and keep them that way. Begin by immediately making your payments on time. There is nothing which can lower your credit score more quickly than late payments. Ideally, make an attempt to begin sending in your payments a few days ahead of time to make sure they arrive on time and you do not have any more late payments on your record. If necessary, begin taking advantage of electronic payments in order to make sure your payments are made on time. Over time, this can make significant difference.

Keep in mind that eradicating all of your credit balances is really not the solution. In fact, credit can be your friend when you are looking to make a big purchase such as a home. The key is to make sure your credit is positive, not negative. Toward that end, avoid actually closing out your accounts. Instead, make an effort to pay down your balances and keep them paid down well below the minimum or completely paid off, but do not close the account. When your lender runs your credit to make a decision on your mortgage application, he or she will want to see that you have had a long credit management history.

After reviewing your credit history, if you see that most, if not all of your credit cards are maxed out or nearly maxed out, it is time to sit down and plan an aggressive strategy for paying some of them down. One of the critical factors that often determine your ability to be approved for a mortgage loan is your debt to income ratio. In addition, high credit card balances can drag down your credit score. Therefore, it is important to look at paying off some of your balances.

It is generally better to begin with your highest-rate balances first. Many consumers are tempted to move around balances when they receive an offer from another bank that is good; however, before you do this, remember that the worst thing you can do when you are trying to make a major purchase is to open new accounts.

By following these guidelines, you can improve your credit score and improve your chances of being approved for your home mortgage loan.

Give me a call and I will hook you up with the finest lenders in town!

Janis L. Francis
Re/Max Connection Realtors
Homesbyjanis@insight.rr.com
(614) 416-2411

* U.S. Homebuyer Tax Credit Extended, Expanded *

The tax credit for U.S. homebuyers has been extended, and a new group of buyers has been made eligible.

The credit of up to $8,000 for first-time buyers, originally due to expire Nov. 30, has been extended into 2010. This is money that never has to be repaid, provided you live in the home for three years.

Homebuyers who owned and lived in their principal residence for five consecutive years of the last eight are eligible for a credit of up to $6,500.

Facts about the Homebuyer Tax Credit:

You must have a signed purchase agreement for your home no later than April 30, 2010, and the transaction must close before July 1.
First-time buyers receive a credit of 10 percent of the purchase price, up to $8,000. You are considered a first-time buyer if neither you nor your spouse has owned a principal residence in the U.S. within the last three years.

Buyers who owned and lived in their principal residence for at least five consecutive years of the last eight can receive credit of up to $6,500 when they contract to purchase a home before April 30, 2010, and close before July 1.

The upper income limit to receive the full credit is raised to $125,000 for individuals and $225,000 for couples.
If the purchase price is more than $800,000, the buyer is not eligible for the credit.

There is no minimum income for claiming the credit. You qualify for the full credit even if you won't owe any taxes for 2009 or 2010.
You can claim the credit when you file your 2009 or 2010 tax return. And you can even apply the credit to your down payment for the purchase of an FHA-insured home.

Call Janis L. Francis, Realtor with RE/MAX Connection Realtors
Homesbyjanis@insight.rr.com
(614) 416-2411
to assist you in your home purchase.

* Thank you Re/Max.com for providing the public with such helpful information

The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after Januray 1, 2009 and before December 1, 2009!

I can provide you with basic information about the tax credit. If you have more specific questions, I strongly encourage you to consult a qualified tax advisor or legal professional with your own particular situation.

FREQUENTLY ASKED QUESTIONS ABOUT THE HOME BUYER TAX CREDIT:

Who is eligible to claim the tax credit?

Who is a first-time home buyer?

How is the amount of the tax credit determined?

How do I claim the tax credit? Is there a form or application?

I purchased a home in early 2009 and already filed to receive the $7,500
on my 2008 tax returns. How can I claim the new $8,000 tax credit instead?

I am not a US citizen, can I claim the tax credit?

I bought a home in 2008, do I qualify for this credit?

I have the answers to these questions and many more, taken from the federal housing credit website that I would gladly fax or mail to you if any of these may pertain to you.

There is no better time to purchase a home! Inventory is grand, interest rates are still at historic lows! If you have been on the fence, take the leap and give me a call!

Homesbyjanis@insight.rr.com

(614) 416-2411

This information is provided above (First Time Home Buyer Tax Credit) for general guidance purposes only. The information on this site does not constitute the provision of legal advice, tax advice, accounting services, investment advice or professional consulting of any kind, nor should it be construed as such.

Below is taken in part from my newest Realtor magazine. It addresses the challenges and concerns of making a short sale. Is a short sale the right thing for you? You may not be behind in your payments if a seller. If a buyer, can you be patient and wait, perhaps up to 90 days to get an answer for the home of your dreams? Read on and let me know your thoughts:

The Basics: Short Sales

Due to current economic conditions, the number of short sale properties on the market is rising. The increasing number of short sales on the market presents challenges for REALTORS®. Below you'll find more information on: short sales and their challenges, the government's efforts to address these challenges, and tools to help you navigate the short sale process.

Coming soon: In late August 2009, the Obama Administration will release short sales guidelines and standard forms through the Making Home Affordable Short Sales Program.

Latest news:

Improvements in Short Sales Procedures Coming Soon (Video)

Freddie Mac Issues Written Short Sales Commissions Policy (PDF: 128 KB)

Fannie Mae Confirms Short Sales Commissions Policy and Establishes Appeals Process.

What is a short sale?

A short sale is a transaction in which the lender, or lenders, agree to accept less than the mortgage amount owed by the current homeowner. In some cases, the difference is forgiven by the lender, and in others the homeowner must make arrangements with the lender to settle the remainder of the debt.

Why is the number of short sales rising?

Due to the recent economic crisis, including rising unemployment, and drops in home prices in communities across the nation, the number of short sales is increasing. Since a short sale generally costs the lender less than a foreclosure, it can be a viable way for a lender to minimize its losses.

A short sale can also be the best option for a homeowners who are "upside down" on mortgages because a short sale may not hurt their credit history as much as a foreclosure. As a result, homeowners may qualify for another mortgage sooner once they get back on their feet financially.

What challenges have short sales presented for REALTORS®?

The rapid increase in the number of short sales, and the short sales process itself present a number of challenges for REALTORS®. Major challenges include:

Limited experience

Many REALTORS® are new to the short sales process; a difficulty which is compounded by many lenders' lack of sufficient and experienced staff to process short sales. Even if the REALTORS® are experienced, most servicers are under-staffed and still not adequately trained, making negotiating a short sale particularly difficult.

Absence of a uniform process and application:

Currently, both short-sales documents and processes are lender-specific, making it very difficult and time-consuming for REALTORS® to become knowledgeable and efficient in facilitating these transactions. I have dealt with many lenders in the past few years and have become quite familiar with them. Knowing how to communicate with these lenders is key and I am happy to report that I am quite experienced in this area!

Multiple lenders

When more than one lender is involved, the negotiations are much more difficult. Second lien holders often hold up the transaction to exert the largest possible payment, in exchange for releasing their lien, even though in foreclosure they will get nothing. It does not make sense, I know, however, throw logic out the window. In my opinion, they are upset that they loaned money (a second mortgage) sometimes up to 125% of the home's value when it clearly was not worth it! This is not happening any longer, but it did in the past and this is what the rest of us are dealing with currently.

As a result of these challenges realtors have reported difficulties with: unresponsive lenders; lost documents that require multiple submissions, inaccurate or unrealistic home value assessments, and long processing delays, which cause buyers to walk away.

What is being done to address or eliminate these challenges?

On May 14, 2009, the Obama Administration announced its upcoming Foreclosure Alternatives Program. Among other things, the new program:

Establishes financial incentives for servicers, sellers, and second lien holders to encourage the completion of short-sale transactions. I had a second lien holder make us wait until the day before closing to release the lien. As a seller, expect it if you got a second mortgage. As a buyer, do not be surprised if your realtor tells you that the seller's realtor keeps calling and not receiving a response from this second mortgage company. Many buyers find this hard to swallow, but it is standard practice.

Requires that a timeline, of no fewer than 90 days, be set to allow a homeowner to sell a home, without threat of foreclosure action. If you are a seller, this will give you and your realtor plenty of time to market your home at a price truly competitive for all of those buyers out there looking for the "deal of the century". For you buyers out there, remember it may take up to 90 days to complete this entire process. If you are in a lease situation, you may not have the time to wait, or it may give you the time to go "month to month" for a little bit until final decisions are made to get to the closing table. If you don't have the time, don't look at short sales, bottom line!

Requires the short sale agreement to specify reasonable and customary real estate commissions and costs to be deducted from the sales prices. (The servicer must agree not to negotiate a lower commission after receiving an offer.) So, as a seller, you need not worry about paying your realtor. As a buyer, these fees are covered by the sellers side.

Will provide standardized documents, including short-sale agreements and offer acceptance letters.

The Foreclosure Alternatives Program is anticipated to launch in late July. I can find more information on this for you if you are interested.

In the past few years, I have dealt with many different lenders during the short sale process, and have developed a good rapport with them. Knowing how to deal with these lenders is half the battle.

For more information regarding short sales, give me a call at (614) 416-2411
or email me anytime! Homesbyjanis@insight.rr.com

At least a dozen reasons why:

All real estate licensees are not the same. Only real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS® are properly called REALTORS®. They proudly display the REALTOR "®" logo on the business card or other marketing and sales literature.

REALTORS® are committed to treat all parties to a transaction honestly. REALTORS® subscribe to a strict code of ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. An independent survey reports that 84 percent of home buyers would use the same REALTOR® again.

Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. Transactions today usually exceed $100,000. If you had a $100,000 income tax problem, would you attempt to deal with it without the help of a CPA? If you had a $100,000 legal question, would you deal with it without the help of an attorney? Considering the small upside cost and the large downside risk, it would be foolish to consider a deal in real estate without the professional assistance of a REALTOR®.

But if you're still not convinced of the value of a REALTOR®, here are a dozen more reasons to use one:

1. Your REALTOR® can help you determine your buying power -- that is, your financial reserves plus your borrowing capacity. If you give a REALTOR® some basic information about your available savings, income and current debt, he or she can refer you to lenders best qualified to help you. Most lenders -- banks and mortgage companies -- offer limited choices.

2. Your REALTOR® has many resources to assist you in your home search. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your agent to find all available properties.

3. Your REALTOR® can assist you in the selection process by providing objective information about each property. Agents who are REALTORS® have access to a variety of informational resources. REALTORS® can provide local community information on utilities, zoning. schools, etc. There are two things you'll want to know. First, will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?

4. Your REALTOR® can help you negotiate. There are myriad negotiating factors, including but not limited to price, financing, terms, date of possession and often the inclusion or exclusion of repairs and furnishings or equipment. The purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.

5. Your REALTOR® provides due diligence during the evaluation of the property. Depending on the area and property, this could include inspections for termites, dry rot, asbestos, faulty structure, roof condition, septic tank and well tests, just to name a few. Your REALTOR® can assist you in finding qualified responsible professionals to do most of these investigations and provide you with written reports. You will also want to see a preliminary report on the title of the property. Title indicates ownership of property and can be mired in confusing status of past owners or rights of access. The title to most properties will have some limitations; for example, easements (access rights) for utilities. Your REALTOR®, title company or attorney can help you resolve issues that might cause problems at a later date.

6. Your REALTOR® can help you in understanding different financing options and in identifying qualified lenders.

7. Your REALTOR® can guide you through the closing process and make sure everything flows together smoothly.
8. When selling your home, your REALTOR® can give you up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.

9. Your REALTOR® markets your property to other real estate agents and the public. Often, your REALTOR® can recommend repairs or cosmetic work that will significantly enhance the salability of your property. Your REALTOR® markets your property to other real estate agents and the public. In many markets across the country, over 50% of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. Your REALTOR® acts as the marketing coordinator, disbursing information about your property to other real estate agents through a Multiple Listing Service or other cooperative marketing networks, open houses for agents, etc. The REALTOR® Code of Ethics requires REALTORS® to utilize these cooperative relationships when they benefit their clients.

10. Your REALTOR® will know when, where and how to advertise your property. There is a misconception that advertising sells real estate. The NATIONAL ASSOCIATION OF REALTORS® studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts. When a property is marketed with the help of your REALTOR®, you do not have to allow strangers into your home. Your REALTOR® will generally prescreen and accompany qualified prospects through your property.

11. Your REALTOR® can help you objectively evaluate every buyer's proposal without compromising your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections and financing -- a lot of possible pitfalls. Your REALTOR® can help you write a legally binding, win-win agreement that will be more likely to make it through the process.

12. Your REALTOR® can help close the sale of your home. Between the initial sales agreement and closing (or settlement), questions may arise. For example, unexpected repairs are required to obtain financing or a cloud in the title is discovered. The required paperwork alone is overwhelming for most sellers. Your REALTOR® is the best person to objectively help you resolve these issues and move the transaction to closing (or settlement).

Janis L. Francis, Realtor
Re/Max Connection Realtors
Homesbyjanis@insight.rr.com
(614) 416-2411

Member Columbus Board of Realtors
Member Ohio Association of Realtors
Member National Association of Realtors

Below is just a handfull of things that a full time realtor like me can and will do for you! Let me know if I can assist you with obtaining your real estate goals!

Janis L. Francis, Realtor
Re/Max Connection Realtors
Homesbyjanis@insight.rr.com
(614) 416-2411

What a REALTOR® Can Do For You:

The REALTOR® you work with could be one of your most valuable resources. Unlike many real estate agents who are simply licensed by their state to do business, REALTORS® have taken additional steps to become members of the local board of REALTORS® and have agreed to act under and adhere to a strict Code of Ethics. Plus...

A REALTOR® can help you determine how much home you can afford. Often a REALTOR® can suggest ways to accrue the down payment and explain alternative financing methods.

A REALTOR®, in addition to knowing the local money market, also can tell you what personal and financial data to bring with you when you apply for a loan.

A REALTOR® is already familiar with current real estate values, taxes, utility costs, municipal services and facilities, and may be aware of local zoning changes that could affect your decision to buy.

A REALTOR® can usually research your housing needs in advance through a Multiple Listing Service--even if you are relocating from another city.

A REALTOR® can show you only those homes best suited to your needs--size, style, features, location, accessibility to schools, transportation, shopping and other personal preferences.

A REALTOR® often can suggest simple, imaginative changes that make a home more suitable for you and improve its utility and value.

A REALTOR® is sensitive to the importance you place on this major commitment you are about to make. Look for a real estate professional to facilitate negotiation of a win-win agreement that will satisfy both you and the seller.

ABC's of Paying A REALTOR®
Home owners who attempt to sell their home without the service of a REALTOR® generally do so for one reason: to avoid paying a real estate fee. Is it worth it? Many for-sale-by-owners (FSBOs) later find that it's not. According to a study by the National Association of REALTORS®, private sellers reported problems with attracting buyers, setting the right listing price and understanding the paperwork involved in a transaction. Consider these benefits, from A to Z, of using a trained professional:

Advertising: The agent pays all costs of advertising and marketing your home.

Bargain: Research shows that 77 percent of all sellers feel the commission they paid was well-spent.

Contract Writing: An agent can supply standard forms to speed the transaction and can advise sellers about the terms and conditions that are commonly seen in your market. If the negotiations become heated, an agent is better equipped to work through the problems to come out with a signed purchase agreement.

Details: An agent frees you from handling the many details of selling a home, from dealing with the buyers to setting appointments for showings, home inspections and the closing.

Expertise: Agents are well-versed in marketing, financing, and more.

Financial Knowledge: When helping you find your next home, your agent can answer your financing questions and provide you with a list of lenders who can meet your needs.

Glossary: A real estate professional understands, and can explain to you, the lingo of the real estate profession.

Homework: An agent will do homework on the list price the market will bear and on ways to market your property.

Information: You will have someone to turn to for the questions that will arise.

Juggle Showings: Your agent will schedule and arrange for buyer showings.

Keeping Track: It isn't an easy task to track the showings and record the comments of potential buyers. When an offer is presented and contract is entered into, good tracking becomes even more important.

Laws: Realtors® are required to take real estate law courses and will be up-to-date on the issues that affect sellers and buyers. Issues like property disclosure forms, fair housing and the lead-based paint disclosure pamphlet are mandatory regulations that sellers must follow, with or without a REALTOR®.

MLS: Realtors® have access to the most important method for exposing your property to buyers - the Multiple Listing Service. When your REALTOR® enters your home on the MLS, more than 5,000 REALTORS® in central Ohio will know by the next morning that your house is for sale and calls for showings will begin immediately.

Negotiation: When a buyer makes an offer, the real work begins. Your REALTOR® will help you negotiate price, terms and conditions with the buyer.

Open Houses: Most REALTORS® see great value in holding open houses.

Prospects: An agent has a network of contacts who can produce potential buyers. In the Columbus area, real estate agents meet every day of the week in different parts of town to share information about new listings and the buyers who need specific properties.

Qualified Leads: many sellers who list their homes themselves waste much time with buyers who, they later discover, don't financially qualify to purchase the property. A REALTOR® will qualify buyers before they take too much of your time.

REALTOR®: The term REALTOR® is a trademarked name, used only by members of the National Association of REALTORS®. These professionals adhere to a strict Code of Ethics.

Suggested Price: Through a market analysis, your agent will help you arrive at a list price. Without setting the right price form the beginning, sellers can cause their property to lose momentum and sit on the market much longer than necessary. Not only that, buy many savvy buyers automatically subtract a large percent of the sales price before making an offer on a "for sale by owner," knowing that a REALTOR® commission will not be paid.

Time: Most people have very little time to schedule showings and handle all the negotiations and paperwork that come with selling a home.

Unbiased Opinion: Owners are too emotional about their home to be objective. Showings are very difficult for sellers, and buyers often are reluctant to tell the owner the problems they have with the house.

Valuable Tips: Before your home goes on the market, your REALTOR® can give advice on how to make it look its best.

Wisdom: An agent can offer the wisdom that comes from experience and helps bring a sale to a successful closing.

X's: When it comes to "signing by the X," an agent is right there with you, from the signatures on a listing agreement to the purchase contract and sitting beside you at the closing table.

Yard Signs: Serious buyers are attracted to the professional yard signs that REALTORS® use. It is a comfort for them to know that a professional real estate agent is on the other side of the transaction.

Zeal: A REALTOR®, who typically isn't paid until your home is sold, will be determined to work until a buyer is found.

Janis L. Francis, Realtor
Homesbyjanis@insight.rr.com
(614) 416-2411
YOUR FULLTIME, HOMETOWN REALTOR

2009 First-time Home buyer Tax Credit

Time is running out!

First time homebuyers MUST close their transactions on or before November 30th to qualify for the tax credit that is being offered!

The 2009 First-time Homebuyer Tax Credit allows buyers who haven't owned a home in at least three years to receive a refund up to $8,000!

The First-Time Home buyer Tax Credit contained in the 2009 Economic Stimulus Bill bumped the credit up to $8,000 (from $7,500 in 2008) and the recapture provision (a big impediment in the prior version) was removed. In addition, HUD has announced the tax credit may be used at the closing table.

FHA
On May 12, the Federal Housing Administration (FHA) announced that homeowners can use the $8,000 tax credit at the closing table by "monetiziing" the tax credit through short-term bridge loans.

The $8,000 tax credit can be used with FHA loans to buy down the interest rate, help with closing costs, or used in addition to the minimum 3.5 percent downpayment, to put more money down at the time of purchase. The tax credit cannot be used to cover the initial 3.5 percent downpayment.

OHFA
The Ohio Housing Finance Agency (OHFA) on March 31 announced the Homebuyer Tax Credit Advantage program, which can assist homebuyers with downpayment and closing costs and can be used with the $8,000 tax credit. More on the OHFA program can be found here.

Claiming the $8,000 credit on your tax return
Eligible homebuyers who make their purchase between Jan. 1, 2009 and Dec. 1, 2009 can treat the purchase as if it had occurred on Dec. 31, 2008. Eligible buyers have three filing options for their 2008 taxes:
If they purchase between Jan. 1, and April 15, 2009 they can claim the $8,000 credit on the 2008 return due on April 15.
They can extend their 2008 income-tax filing until as late as Oct. 15 (The IRS grants automatic extensions, but the taxpayer must file for the extension. See http://www.irs.gov/ for instructions on how to obtain an extension.)
If they have filed their 2008 return before they purchase the home, they may file an amended 2008 tax return on Form 1940X.
Of course, 2009 purchasers will always have the option of claiming the credit for the 2009 purchase on their 2009 return, which is due April 15, 2010. For example:

If you owe $3,000 in taxes and claim the $8,000 credit, you will receive a $5,000 refund.
If you are due a refund of $1,000 and claim the $8,000 tax credit, you will receive a $9,000 refund.
If you owe nothing and are not due a refund, but claim the $8,000 tax credit, you will receive an $8,000 refund.

The article here was taken, in part, from the Columbus Board of Realtors, For complete information, please feel free to give me a call and I will be able to assist all first time homebuyers! I have a list of very fine and reputable lenders that I have worked with over the years.

Janis L. Francis, Realtor
Re/Max Connection Realtors
Homesbyjanis@insight.rr.com
(614) 416-2411

Should I buy now or wait?
Posted: 7/29/2009
Columbus Board of REALTORS®

Will prices get better if I wait? Will mortgage rates be lower if I wait? Will I have a wider choice of homes to buy if I wait?

All good questions.They deserve good answers.

Will home prices get better if I wait?
The average home price in the MLS of central Ohio has fallen by 6 percent over the past year. As the number of homes for sale shrinks (less inventory), that will create pressure for higher home prices. It may not happen overnight, but it will happen. In a recent Baylor University survey, 8 of 10 economists agreed home prices will rise in the next five years. So will rental costs.
Do you want to capture the advantage of equity build-up %u2026or collect "throw-away" rent receipts?

Will mortgage rates be lower if I wait?
Today's mortgage rates are near 50-year lows. They are at bargain levels. But if you've never bought a home before, you may not realize the borrowing power of today's low rates (unless your parents, friends, or other relatives told you). You don't have to pay 15 percent for a home loan, as you did in the early 1980s, or 7-to-8 percent in the 1970s and 1990s. Today they're between 5-6 percent. That's all. But when inflation returns, you can kiss mortgage rates under 7 percent goodbye.

Will I have a wider choice of homes to buy if I wait?
There are currently more than 14,000 homes for sale in central Ohio, down significantly from the more than 17,000 homes on the market one and two years ago. The trend in the number of homes available is definitely downward. The lower the inventory, the greater pressure for higher prices. So, should you wait for a wider choice? Fewer homes on the market = higher selling prices. So, do you want to buy low (now), or buy higher (later)?

Is there any particular reason, as a first-time buyer, why I should buy now?
Yes. Until Nov. 30, 2009, first-time buyers are eligible for a federal tax credit up to $8,000 on the purchase of a home. The tax credit is a true credit and doesn't have to be repaid. Anyone who hasn't owned a home in the past three years may be eligible, if they meet income limits -- single buyers, $75,000 a year; married couples $150,000 annually. The credit decreases for single buyers earning between $75,000 and $95,000, and between $150,000 and $170,000 for homebuyers filing jointly. If you finance your home through FHA, you may use the tax credit money to help pay for down payment or closing costs. You may also be eligible for further tax credits through the Ohio Housing Finance Agency.

If you've been sitting on the fence, now is the time to get off that fence. Arm yourself with the facts, and join the 75 million homeowners nationwide who enjoy the benefits of homeownership: building equity and appreciation, tax advantages and the pride of the American dream!

Call Janis Francis today at (614) 416-2411 and take advantage of a trained professional who knows the local market, home values and lending programs best, because the The Grass is Greener Here!

The very imformative article below is taken directly from the homepage of my board of realtors, courtesty of:

Marianne Collins, Senior VP of Mortgage Lending, Insight Bank

FHA Condominium Approval no longer needed
Posted: 7/27/2009

Effective immediately, single family detached condominium projects (site condominium) will not require FHA approval.

Effective with case numbers assigned on or after Oct. 1, 2009, Direct Endorsement Lenders will be able to approve all condominium projects for FHA financing. This includes proposed/under construction, existing, and conversions.

The spot loan approval process is being eliminated, since the lender project approval process has been streamlined and will produce an approval for the entire project.

Project approval is not required for HUD REO sales.

The pre-sale requirement has been lowered to 50 percent of the legal phase and cumulatively on subsequent phases.

Projects consisting of three or less units will not be permitted to have more than one (1) unit with FHA financing. Projects of four (4) or more units will not be allowed to have FHA financing on more than 30 percent of the total units.

The one-year waiting period after condominium documents have been recorded on apartment conversions has been eliminated, providing the project is 100 percent complete, if being renovated.

After a lender approves a project, it will appear on HUD's approved list. The approval will expire in two (2) years. This also applies to previously approved projects.

provided by Marianne Collins, Sr. VP of Mortgage Lending, Insight Bank

I am extremely knowledgable regarding "normal" transactions, short sales and foreclosures.

I will help you negotiate with your bank if you are going through tough times and need a short sale? What does that mean? The banks will accept less than the amount owed if you find a good buyer for your home! That is where I come in! I have an excellent rapport with all of the lenders and know how to deal with them and what to say to assist you and them. They do not want your home, most are in a different state! Trust me, they don't want to take your home from you, they just want their money! Call me at (614) 416-2411, or email me at Homesbyjanis@insight.rr.com to find out more!

Are you a buyer wanting the "deal of the century". Well, there are some left out there and I can help you find them! I have up to the minute updates available for you and will sign you up for your very own website so you will be able to follow the market as well and begin looking when you are ready!

Are you wanting to sell your home, not behind in payments and wondering how in the world can I compete with all of these short sales and bank foreclosures out there? I can help there too!

CALL ME AT (614) 416-2411

or email

Homesbyjanis@insight.rr.com

Let me put my knowledge and experience to work for you today!

Janis Property Management!

The truth is, your home could be the best house out there! Why isn't it selling? Could be the market, could be price, location, condition as they say. My best guess would be buyers out there are literally looking for the deal of the century! You don't want to give your house away and why should you! You worked hard, you paid your house payments on time. Arguhhhhhhhhhhhh!

I can assist you here as well!

With my property management company, all you have to do is sit back and collect the rent payments!

I advertise and then closely screen all applicants with an extensive background check. I have a team of maintenance guys to take care of any mechanical problems that could occur as well.

You could rent for a year or so until the market turns around, or you may decide you like being a real estate mogul! Add to your portfolio! Buy more investment properties and we can add them to the list!

SIT BACK AND REST - LET ME DO THE REST !

Janis Property Management!

Homesbyjanis@insight.rr.com

(614) 416-2411

I work with the best lenders in the Columbus Ohio area! Excellent credit, Good credit, Poor or bruised credit? I have a lender for you!

Do you have a home with a ton of equity and just found the house of your dreams? I have a lender for you to get you into that house and give you one full year to sell your current home!

For a complete list of all of my lenders, please give me a call. Interest rates are at such historic lows, if you are wanting to purchase a home, now is the time. Housing costs are also at an all time low!

Homesbyjanis@insight.rr.com

(614) 416-2411

As I sit here during my 2 hour open house, I received a visitor almost immediately. He lives in the complex and wants to know how the market is in this area, etc. He said he and his wife want to sell in a month or two after she delivers their baby. I took his information and also set him up to receive prospects in the new area they want to move to in a much higher price range. Who was this open house good for?

My seller however, here where I sit - wanting to sell their condo with no lookers or offers in the 3 months I have had it listed. So, I pick up another listing adding to the competition in here. Who was this open house good for?

About 3 years ago, I did an open house just about every Sunday and it actually made my living for about one solid year, picking up buyers. A lot of those buyers had homes to sell. Who was the open house good for?

Before I got my real estate license, I was driving down the road, no intention of selling my house and buyng another. However, I saw an open house sign in a neighborhood that I always loved as a kid. I walked in, liked the house (a lot) wrote an offer on it and listed my house with that realtor that day! Who was that open house good for?

Having an open house is good for every one! It was good for me, good for the realtor, good for the other realtors, good for the sellers!

Open Houses are what makes the Real Estate World go round!

There are many realtors that will tell you Open Houses will not sell their homes and there are a entire list of reasons why not to have an open house. Well, I beg to differ. If you want to list your house and have me sit for 2 hours on a Sunday, Hey, I will do it!

It's good for me, it's good for you! It will be good for who ever wants to buy your house!

Homesbyjanis@insight.rr.com
(614) 416-2411
I work 24/7/365
Call or email me anytime!