Want to Sell Your Home? Clinch the Deal With Curb Appeal!

For this article I sat down with Cathy Sykora at Omaha Drapery & Blind and we talked about Curb appeal and what you can do to your home to make it more appealing from the street. If you are planning on selling your home in the near future you're going to want to read this article and watch my video.

Believe me, great curb appeal is everything when it comes to getting potential buyers into your home! Plus, outstanding curb appeal can not only make the sale but increase your profit from that sale as well!

The benefits don’t stop there. Curb appeal can actually be achieved with very little money (depending on the size and condition of the home, of course). So, don’t think of it as cash spent; it’s actually an investment in more profit!

Below, I provide you some very low-cost and sensible methods for making your home “shine!”

Clean – Then Clean Again!

I don’t know about you but when I see dirt and grime in a house, it’s a turn off because, as a buyer, I certainly don’t want to end up cleaning it all out!

But, there’s another negative to a messy house – it tells potential buyers, “The owner doesn’t seem to care about his property, so why should I care?” Granted, this is not always a fair conclusion, but, remember, we’re dealing with the “emotional” side of the buyer. What they see is what forms their opinion of a property.

So, don’t risk the possibility of a negative opinion! From top to bottom, clean your home or have it cleaned by a professional service. Especially pay attention to getting rid of any odors! Unpleasant smells have a particularly negative impact upon potential buyers since odors create an immediate impact upon the most primitive and powerful part of the brain.

Get Out the Paint Brush…Roller…Sprayer!

The big temptation here is to go with the cheapest paint possible. Don’t give in to this urge. Go with good quality paint for both the interior and exterior! It simply looks better and emphasizes the quality of care you’ve put into your home. Buyers will notice that!

Roll Out the “Red” Carpet!

If your present carpet is at all worn or threadbare, consider replacing it with new carpet. I know, I know, it can be expensive, but new carpet can also add several thousand dollars to the final sale price! Once again, think of it as an investment, not as an expense.

At a minimum, if your current carpet is in good shape, have it professionally cleaned to make it look even better.

Repair All the Little Things!

By themselves, a missing knob, a crooked gutter, an ill-fitting door, etc., don’t have much of a negative impact upon a buyer’s perceptions. However, when they see all these things together, they definitely get a sour attitude very quickly. So, repair all the little things to enhance exterior and interior curb appeal. Replace/repair gutters, rotted wood, broken door latches, leaky faucets, etc.

Manicure That Lawn!

A mowed and edged lawn really enhances the curb appeal of your home and shows potential buyers that you take good care of your place. To really put the “icing” on the curb appeal “cake,” add plantings like flowers, bushes, etc. They add color and delightful smells.

If you really want to make your home stand out in terms of terms of exterior and interior, consider hiring an accredited, professional “home stager” (ASP).

What’s a Home Stager?

Home stagers work with the “flow” of a home. Think of them as similar to set designers for plays and movies. They know how to “set the stage” in exactly the right way to impress any potential buyer visiting your home.

Overall, they eliminate clutter, arrange furniture, and help you enhance interior/exterior curb appeal in every way possible. Their charges may be on an hourly basis or a flat fee.

For information on home staging professionals, google “Home Staging Professionals” to see who’s available in your area. Or, check out these sources on the Internet:

STAGEDHOMES.COM  and The Real Estate Staging Association

If you’d like more information on home staging or any other methods of increasing your home’s curb appeal, contact me today at peg@maloney.com or 402.598.3965.

Home Buyers/Refinancers: Expanded Title Insurance Is a Necessity These Days!

Recently I spoke with Julie Hudkins of First Nebraska Title and Escrow. She’s an expert on the subject of title insurance and, more importantly, expanded title insurance.

As I’m sure you already know, basic title insurance is necessary to protect you against any unexpected defects, claims on any house you buy, or judgments against previous owners like alimony, child support, etc.

For example, you’d want to know if there are liens against a previous owner because, if there are, then you could be held legally responsible for paying them!

That’s why you always need title insurance – it’s protection in advance.

But, these days you need more than the basic form, especially if you’re buying a foreclosed home! Expanded title insurance protects you against unexpected things like:

• Building permit violations (from previous owners)
• Encroachment violations
• Subdivision violations
• Covenant violations (from previous owners)
• Living trusts
• Structure damage from mineral extractions
• Variety of encroachments and forgeries after title insurance is issued, etc.

For example, assume a contractor put the wrong kind of shingles on a roof; that is, they violated the subdivision rules. Or, in the course of refinancing, you find that you built a fence that encroaches on your neighbor’s property, etc. In either case, you’re more fully protected when you have extended title insurance!

In short, whether you’re buying a new home or refinancing your current one, extended title insurance is vital to protecting your interests!

To learn more about this subject, call Julie immediately at 402.691.9933. For all your real estate needs, call me today at 402.598.3965 or contact me at peg@maloney.com!

Avoid Foreclosure! Follow These 10 Guidelines!

Here’s a fact that may surprise you – lenders hate foreclosures almost as much as you do! After all, they’re losing money and have to follow a complicated legal process to take the property back.

This tells you, if you’re facing the possibility of foreclosure, that it’s in your best interest to work with your lender. So, if you’re having trouble keeping up with your mortgage payment, contact your lender immediately and inform them of the situation.

Also, you can contact a HUD-approved Housing Counseling Agency or call them Toll FREE at: (800) 569-4287 or TTY (800) 877-8339.

Now, if you’re unable to make your mortgage payment, I recommend you follow the guidelines below. They were taken straight from HUD with some additions on my part.

Guideline 1: Definitely Don't Ignore the Situation!
With foreclosure, there’s a natural tendency to hope the whole situation will just go away if we ignore it.

This is not a wise choice because the farther behind on the payments you fall, the more difficult it’ll be to re-instate your loan and the more likely it’ll become that you’ll lose your home. So, take the foreclosure “bull” by the horns and deal with the situation right away.

Guideline 2: Contact Your Lender Immediately!
As I said earlier, lenders hate foreclosure nearly as much as you do. So, most have options to help you through tough financial times. It depends on the lender, but such options may include:

• modifying the mortgage length or interest rate.
• waiving fees or penalties.
• deferring payments through temporary forbearance.
• increasing monthly payments to cover past due amounts.
• modifying an adjustable-rate mortgage to a fixed rate, etc.

Guideline 3: Open and Respond to All Lender Mail Right Away!
Normally, the first notices you receive from a lender will give you one or more of the options listed under Guideline 2.So, definitely open that mail immediately because those options can help you through a rough time.

If you don’t open the mail or toss it out, you’re only making matters worse because they may include notices of pending legal action. And, believe me, foreclosure courts don’t accept any excuses regarding failure to open mail!

Guideline 4: Know Your Mortgage Rights!
Always learn the specifics of your loan documents so you know what your rights and those of the lender are under the terms of the contract if you can’t make the payments. If you don’t understand the contract provisions, talk to a counselor or a real estate attorney.

Also, remember that foreclosure laws and time frames vary by state. This means you need to contact the appropriate state office to learn what’s involved in the foreclosure process.

Guideline 5: Understand Foreclosure Prevention Options!
HUD has free and valuable information on options for preventing foreclosure (also called loss mitigation). These options can be found on the internet at portal.hud.gov/portal/page?_pageid=33,717348&_dad=portal&_schema=PORTAL .

Guideline 6: Contact a HUD-approved Housing Counselor!
HUD funds free or very low cost housing counseling nationwide. The counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need this assistance.Find a HUD-approved housing counselor near you or call (800) 569-4287 or TTY (800) 877-8339.

Guideline 7: Evaluate Your Spending and Budget. Budget, Budget!
After healthcare, your first priority should be keeping your house. So, that means you need to look at where your spending goes and “cut out the fat.”

By that, I mean zero in on “optional” expenses – cable TV, memberships, daily trips to the coffee shop, eating out, etc. If you’re not careful, these expenses can tear the heart of your budget, and they’re easily avoided! All the money saved by foregoing these items can go to making your mortgage payment.

Also, delay payments on credit cards and other "unsecured" debt until you’ve have paid the mortgage.

Guideline 8: Employ Your Assets!
You may well have assets that you can sell for cash and apply to your mortgage payments. These could include items like a second car, jewelry, a whole life insurance policy, etc. Also, if anyone in your household can get an extra job, it’ll bring in additional income.

Even if that income isn’t great, the effort demonstrates to the lender that you’re willing to make sacrifices to keep your home.

Guideline 9: Avoid Foreclosure Prevention Companies!
I repeat – avoid these companies! Some are legitimate; some are scam artists. In either case, you don’t need to pay them hefty fees for foreclosure prevention!Sometimes those fees can amount to two-to-three months’ worth of mortgage payments! Why do this when, for free, you can work with a counselor or with the lender?

Guideline 10: Don't Lose Your Home to Foreclosure Recovery Scams!
You may be contacted by firms claiming that they can stop your foreclosure right away if you sign a document appointing them to act on your behalf. If that’s the case, tell them to get lost! This is a scam where you end up signing over the title to your property and becoming a renter in your own home!

NEVER, ever sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional, or a HUD-approved housing counselor!

Want to talk more about options for preventing foreclosure? Contact me right now at 402.598.3965 or email me at: peg@pegmaloney.com, and I can provide you with that information!

How to Be a Wise House-Shopper in a Great Buyer’s Market!

There’s no doubt about it – there are a great many bargains in the real estate market today if you’re a person looking for a new home. However, I highly recommend that you don’t get dazzled by all the opportunities and make a potentially expensive and poor decision. To that end, I’d like to offer you some common-sense guidelines to follow.

Guideline 1: Pay Attention to Your Budget
Before beginning your search for that new home, sit down and come up with a monthly payment you can handle with ease and then look for the house that fits that budget.

Guideline 2: Save Up for a Down Payment
Due to the “mortgage meltdown,” lenders are currently much more cautious about giving out money. Depending on the situation, they may insist on a minimum down payment of 10% or one that’s all the way up to 25%. So, start saving!

Guideline 3: Improve Your Credit Score
A good credit score is a great way to make the whole process easier when you apply for a loan. Today’s lenders scrutinize such scores more closely today than in the past. If you don’t have a good score, work hard to get it up into an acceptable range. It’ll save you money on interest charges and down payments in the long run!

Guideline 4: Get a Pre-Approved Mortgage Loan
If you’re a first-time home buyer or simply a buyer who wants to make sure you stay within your means, it’s a wise idea to get a pre-approved mortgage.This is simply the process of applying for a mortgage and getting approval for the loan prior to buying a home.

A “pre-approval” is an indication that the lender is ready to extend a mortgage to you once you’ve located the right property.  And it has several benefits. First of all, it saves time and energy. Once you have a pre-approved loan amount, you’re required to stay within the limits of that loan in terms of the price you’ll pay for a house.

First, when working with a realtor, ask him or her to limit the choices to those stated in the loan. This prevents the agent from showing you properties which are out of your range. By the way, they’ll really appreciate those parameters because it’ll help them zero in on properties with the best chance of sale! 

Second, you can spend more time looking at homes you really like and, simultaneously, not wasting time on houses that aren’t within your budget. This allows you to focus on the details of the homes you do like in order to make sure you select the right one; for example, kitchens, baths, garages, etc.

Third, you can bargain more effectively with sellers once they know you’re pre-approved. In the current market, that’s a great relief for many sellers because they realize they have a reasonable certainty of selling their property when working with a pre-approved buyer.

Fourth, you can close faster with a pre-approved loan because there’s no time lost in the usual processing period for loans. For example, an appraisal can be ordered right away, and you have the potential to cut a 30-day closing to two or three weeks.

Finally, the seller will prefer to deal with you, particularly if he or she needs to move quickly.

Now, you have some common-sense guidelines to follow when seeking a new home in today’s market! You can learn even more by contacting me today at 402.598.3965

4 Important Questions to Ask When When Getting a Mortgage

A special thanks to Stacy Thorne of West Star Mortgage for her interview!

You know, home buyers often have several questions about fees involved in the whole mortgage process. I know mortgages and their associated fees can seem overwhelming and confusing at first, so I thought I’d ask Stacy Thorne of West Star Mortgage to break down those fees - so you can make best-informed decision possible when it comes time for you to shop for a loan.

So, here is a breakdown of the questions I asked and the answers Stacy provided!

Question 1. In Nebraska, a Home Loan Is Called a “Deed of Trust” While In Other States It’s Called a Mortgage. What’s the Difference? 

Answer: Actually, they’re very much the same thing. It’s just that the administrative processes are different. The more common term, of course, is “mortgage.”

Question 2: What Are Standard Mortgage Fees?

Answer : You can break them down into three areas:

• Lender fees – these are administrative fees for processing the loan.
• Third party fees – these are standard fees charged by, for example, a title company, which searches the title to make sure there aren’t any unexpected liens or other things of that nature. Other third party fees can include: appraisals, credit reports, closing fee, etc.
• Any local or state government fees (varies by state)

Question 3: Are Fees Negotiable?

Answer : For the most part, no. They’re pretty standard. However, lenders will be more flexible on the mortgage loan’s interest rate because they want to remain competitive with other lenders.
So, be sure to compare rates among lenders to get the best deal! It can save you a tremendous amount of money over the life of the loan!

Question 4: What’s the Difference between a Mortgage Banker and a Mortgage Broker?

Answer : A mortgage banker lends you their money.Think of mortgage brokers as “go-betweens.” That is, their job is to find you the best mortgage for your needs. So, they shop for that mortgage among banks or lenders and charge a fee for that service.As you can see, this is more expensive than working directly with a banker but a broker can be a good choice in the right circumstances.

I hope you found this information valuable, because I have much more to share with you ! Naturally, I couldn’t include everything in this short message, so why don’t you give me a call today at 402-598-3965 or contact me at peg@maloney.com , so I can provide you with all the information you need to make the right decision!

I look forward to speaking with you soon!

Use These Steps to Raise Your Credit Score and Get a LOWER Interest Rate on Your Mortgage.

Pay Off  YOUR Debt,  NOW!

The only way to raise a credit score is to pay off your debt or at least reduce it to an acceptable level! I recommend paying off high interest rate  credit card debt first.They can suck the life out of your finances! As for those, "magic cure" credit repair commercials you hear and see promising a quick fix, their scam is even greater than high interest rate scam your credit card company is charging you!


What steps do you need to take to build your credit score to the highest level possible? How can you secure a mortgage with a lower interest rate? Use my common sense guidelines provided below to get rid of the debts that have reeked havoc on your chances for a lower-interest mortgage on your dream home.

1.) Pay Your Bills on Time – All the Time!
I know, I know – this isn’t always easy. But, lenders of all kinds look for reliability on your part. Since loaning money is a risk for them, they look for signs that you have a reliable income and the discipline to pay your bills over time. When they see those signs, they say to themselves, “Hmmm, this person looks like a good risk to me; therefore, he or she deserves a lower interest rate.”

2.)  Do Not – I Repeat! – Do Not Open Unnecessary Credit Cards!
People sometimes open credit card accounts in order to increase their available credit. Absolutely avoid this temptation! It’s simply too darned easy to charge for items you don’t really need, and, before you know it, you’re back in debt or have increased it to an unreasonable degree.

3.) Budget, Budget, Budget!
Financially, this is possibly the most “unsexy” task there is, and yet it’s the most vital and important one you can possibly undertake! YOU need to figure out where you stand financially. Budgeting will allow you to get rid of debt, improve your credit score, and shape a low interest rate financial future for you!

4.) How Much Debt is Too Much?
Here’s the first question to ask yourself in terms of budgeting: How much debt is too much?
Actually, there’s a standard financial formula that allows you to answer that question. This formula is called the debt to income ratio, and what it does is measure your net monthly income against your debt.

Here’s an example:
"George” has a net monthly income of $2000 and his monthly debt payments are $500.
So, to get his debt-to-income ratio, George divides $500 by $2000 and gets this ratio:
500÷2000 =.25 (25%)
  
Is this a good ratio?
Well, financial experts generally agree that debt expenses should be 25% or less of your income. George’s ratio is reasonable but could be better.So, what’s the ratio of your debt to your income? Figure that out by taking the next step.

5.) Calculate Your Debt-to-Income Ratio
You can answer that question by completing the following tasks:

Task 1: Analyze your bills from the last month. Add up all the fixed expense items (rent, mortgage, car payments, child support, loan payments, etc.)

Task 2: Review your credit card bills and add up the minimum payments owed on each card.

Task 3: Figure out your monthly take-home pay (net salary).

Task 4: Divide your monthly fixed expenses by your monthly income to get your debt-to-income ratio.

What percentage did you get? If it’s 25% or greater, then it’s definitely time to budget in order to reduce or eliminate your debt.

 I’d be happy to discuss some more in-depth  budgeting tips and provide you with information on mortgages at the same time! Go to (insert link) right now so we can get together and have an interest friendly financial chat!

You're Invited to Tour My Omaha, NE Re/MAX Office & Meet My Exceptional Staff!

It's time for a special break from my real estate education articles - let's take you on a tour of my office! We're located on 98th and Giles in Omaha, NE, so when we're working together on your next home, you'll meet my exceptional team that will help you get the deal done!

Sue and Missy are my assistants that take care of your listings and closing contract, while I focus on negotiating with the seller to get you the absolute best deal. Karen and Rhonda are my buyers specialists who will find your perfect home here in Omaha and walk you through all the steps so you make a decision that's right for you.

So, if you know anyone who is looking to make a decision in real estate within the next six months, send them over to my team - we'll take excellent care of them!