THOUGHTS ABOUT THE US. AND RUSSIA AND OTHER POTENTIAL REAL ESTATE PROBLEMS

You know, I heard the Republican Presidential and his vice presidential
candidate are suggesting that the US should intervene in the dispute.
between Russia and the Republic of Georgia. If they meant the State
of Georgia, I could support that.  However they were speaking of the
Georgia that used to be a part of the former USSR. Now that is about
as crazy as the Iraq War has been. Can anybody tell me what national
interest we have in the Republic Of Georgia? I dont see any. We used
to have a Friendly relationship with Russia when Reagan, George Bush 1
and Bill Clinton were in office. Then, under Bush II, things began to
go downhill. What went wrong? What did we do to make the Russians dis-
like us so much in such a short time? Have we interferred in their
national interest? What do you think? And, if we did, Why. They have
a lot of oil, and we need oil. Why, when the Arab nations hate us,
did we want the Russians to hate us again. Thay have large standing
armed forces and as many nukes as we do. The only trained armed forces
we have are tied down in Iraq and Afganistan. Are we really that
stupid? What has President Bush said about this subject?  Has Obama
spoken out in support of this policy?  And, why on earth would we be
stuppid enough to start a new “Cold War”? You might ask what does this
have to do with the only the only part of economy that I have any
expertise in, Real Estate? Well, how about this, A new conflict between
the US and Russia will only make for further stress on our economy and the
rest of the world as well. Further stress means a longer recovery, and
that includes Real Estate. For those of us struggling to make a living
in a badly destressed Real Estate market this policy makes no sense
at all. I dont care what your pollitical views are, Republican,
Democrat, Indepent Socialist, Comunist.  This is downright STUPID!!!
Am I missing something here???  I have been watching Michael Blumberg on 
C-span.  He actually seems to know what he is talking about.  I MUST BE STUPID 

Bill Watkins 10/20/08

Finding Your Dream in an REO – What You Should Know When Buying a Foreclosure

Many homebuyers can find their dream home in an REO.  However, there are some things you should know when buying a foreclosure to help you be a better prepared buyer.  Purchasing an REO can help stretch your dollars, but finding a good foreclosure can be a challenge.

For those who are considering purchasing a foreclosed property, it is important to know exactly how much work will be needed to be done to the property and how much it is going to cost you before you even consider making an offer on it.

Many foreclosures need extensive repairs, but some only need cosmetic fixes.  And a great way to find foreclosures is by going straight to the bank.  You can also find a list of bank-owned properties by searching the Internet for REO properties and name of the lender, such as “REO + Bank of America”.  Each listing will usually provide all the information about the property.  You can also enlist the expertise of a real estate agent. 

When buying a foreclosure, it is crucial to have an inspection done.  One lesson that buyers have definitely learned over the past few years is “buyer beware”.  You will want to make sure all the copper pipes and wiring are still there if there were any.  Copper theft has been on the rise and these are the most stolen items in foreclosed homes that have set on the market for a while.

Other issues can arise from the property being vacant over time.  However, larger banks will usually hire a service to maintain the property until it is sold to help keep issues to a minimum.

To find out if the home is an REO due to it being a drug lab, you can get a neighborhood environmental report.

Above all, follow your instincts when buying a foreclosure.  It can be the home of your dreams and save you a lot of money.  On the other hand, it can go the opposite direction and end up costing you more money than it’s worth.  Therefore, it would be smart to get that inspection so you will know exactly what you are getting into.

Our Clients Stay Our Clients Forever ~ Realtors® Mary & Bill Watkins

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The Popular Tax Credit Extension

Good news comes just in time for many consumers who thought they had missed out on the popular tax credit for first-time homebuyers.  Last week, senators agreed to extend the tax credit and to offer a reduced credit to some repeat buyers.

While the first-time home buyers tax credit provides up to $8,000 to homebuyers who have not owned a primary residence for three years or more, the reduced tax credit gives up to $6,500 to repeat homebuyers who have owned their current homes for at least five years.

Both tax credits will be available to all homebuyers who sign sales agreements by the end of April 2010.  Each buyer will have until the end of June 2010 to close on their new home. 

This is awesome news for many more homebuyers.  Now, many more consumers can take advantage of the tax credit since it’s being extended to repeat buyers too.  However, April will be here and gone before you know it.  So, don’t delay!  Start your home search today.

 

Our Clients Stay Our Clients Forever – Realtors® Mary & Bill Watkins

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Relocating and Your Moving Budget

Relocating and moving to a new city can involve a lot of out-of-pocket expenses.  Many of those expenses are planned.  However, others can completely catch you by surprise.  A large part of your money will be spent on your move.  Therefore, you will want to create and plan your moving budget well ahead of time.  So, in this week’s blog, we are including some of the things you should consider most when creating your moving budget.

To begin with, you must first consider the expenses of leaving your old residence, such as your closing expenses like final utility bills, lease termination and other similar expenses that have to be paid.  Also, add in the same expenses for the new location to have utilities to be turned on and similar expenses.

The next step is to look at the costs to move your goods and the available funds you will have.  If you will be paying for the move yourself, it is very important to look at all your options to help you stay within your budget.  Options could include packing and moving yourself with a moving truck, hire a professional moving company or work with a self-service moving company. 

When choosing a professional mover, there are many things you must consider.  Depending on your moving budget, you may want them to pack and unpack or you may want to do this yourself.  A professional moving company can give you several options for their services, such as full packing, partial packing, provide packing materials or just the move.  When getting your estimates, go over all your options carefully with the mover.  Communications from at least 3-4 professional moving companies would be ideal before making a final decision of who you will use.  This will help you get a feel for actual moving costs, service types, compare quotes and have more bargaining power on your side.

If your employer is going to be paying for your move, be sure you completely understand what will and will not be acceptable charges that your employer will allow.  Many companies have certain restrictions that may apply.  Sometimes there will be a fixed amount of money and you will be responsible for the remainder of the bill.  Other restrictions may include not paying for certain items to be shipped, such as motorcycles, boats and other recreational items.  You would be responsible for the extra costs.  If your employer wants receipts and other documentation for proof of moving expenses to be reimbursed, you will want to make sure you get these items from the movers and keep up with them.

Those who are diligent in creating, planning and sticking to a moving budget shouldn’t have any surprises.  Be sure to communicate your moving needs accurately with the moving company you choose so that you get an accurate estimate.  Relocating can be expensive, but sticking to your budget will help keep you in control of things.

 

Our Clients Stay Our Clients Forever ~ Realtors® Mary & Bill Watkins

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Making a Victorious Home Buying Decision

Since the rules of buying a home have once again changed forever, the process of home buying can be a little fearful for many.  Therefore, we would like to share some advice on how to make a decisive, long-lasting, victorious home buying decision without fear.

When buying a home, preparation is key for any and everyone.  And, there are some things you need to do to keep your roof over your head and remain a homeowner forever.

* Start a wish list – Begin writing down what you want and need in a home.  Be sure to include the physical characteristics you may need and want.  Include the number of bedrooms, bathrooms and basic amenities that you must have.  Include the style, layout and size of the home that you want.  You may also want to consider the home’s proximity to schools, services and transportation.

* Searching for a home – There are many ways to search for homes.  Online searching is the most popular way to find a home today.  Websites give you the tools to search for homes, look for neighborhood data, local markets and much more.  You can use these features to compare nearby listings, actual sales prices, the homes features, characteristics of the neighborhood and more.

* Work with a professional – Make your home search even easier by finding a real estate professional who can represent you with your best interests in mind.  You just tell them what you want in a dream home and they will find it for you.  A good real estate professional will have a website with their listings on it and will include a detailed description along with photos or a video of the property.

* Know the details before you visit – Make sure you know everything about the property, community, schools, crimes statistics and proximity before you make a trip to visit the property.

Being informed as much as possible will help you make a decisive, long-lasting, victorious home buying decision without fear.  And one you can be confident in.

Our Clients Stay Clients Forever ~ Realtors® Mary & Bill Watkins

Keeping Your Home in the Event That You’re Laid Off

Keeping your home in the event that you’re laid off is almost impossible to believe.  However, it may be possible with the right strategy.  When one finds out that they are being laid off, few words can hurt as much – especially today, when work is so hard to come by.  The loss of a job for a homeowner can be even worse.  When the homeowner is the primary wage earner, this can severely hamper one’s budget.  In a household where there is only one breadwinner, a zero income will completely devastate a family.

In the event of a job loss, a rainy day fund can help you keep your home.  However, crafting a plan early on about how to get through rough patches like this is even more important.  More and more homeowners are facing this very nightmare today. 

It was once recommended to have three to six months of income in your rainy day fund.  Now it is recommended to have at least eight to twelve months of income standing by.  There are also government programs that are available to help today’s homeowners before they foreclose on their homes.  All they have to do is ask for help. 

One of the best options in the most extreme cases is to cut your losses early and sell your home by pursuing a short sale to sell it faster.  Whatever you choose to do, it is very important to contact your mortgage lender as soon as possible and let them know of your dilemma before you get in over your head and behind on your payments. 

Early and honest communication is the most beneficial way to get the help and funding you need to keep your home in the event you lose your job.  If your information is found to be false during the verification process, this will only slow down the process and everything will have to be started over again.

The Home Affordable Modification Program has received the most press this year.  This program lowers your monthly payments based on your debt-to-income ratio.  All borrowers will have to complete a three-month trial period, successfully, before the modification can be finalized.  Many are still confused about who is eligible, but this can be easily explained by a real estate or mortgage professional. 

During the process of getting the help you need, be wary of others that say they can help you for a fee.  These programs that are set up to help homeowners in trouble are completely free.  Therefore, don’t let someone try to take your money.

Realtors® Mary & Bill Watkins  ~  Jackson, Mississippi Real Estate

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Rankin County’s 29th Annual Muscadine Jubilee

Rankin County’s 29^th Annual Muscadine Jubilee is set to kick off this Saturday with good times, good food, good tunes and, of course, the Grape Stomp.  The all day even, held in Pelahatchie’s Muscadine Park promises a full day of fun in the perfect backdrop of small-town Mississippi charm.  Therefore, we thought it important to share this information in our blog for locals and visitors so no one will miss this great event. 

The Muscadine Jubilee kicks off at 10:00 a.m. with a traditional opening ceremony.  Other events begin at 10:30 a.m.  Musician lineup is said to include Kali Russell, Dave’s Highway, Jeff Maddox, Crossin’ Dixon and Neil McCoy.

Along with good music, there will also be arts and crafts booths and many games for children.  Other fun activities will include a petting zoo, pony rides, inflatables, train rides and games.

Rankin County, Mississippi politicians will go toe-to-toe at noon in the traditional Grape Stomp competition.  The one who makes the most grape juice by stomping a bucket of grapes barefoot will win an engraved wine cooler.   

The Grape Stomp lineup will include Congressman Gregg Harper, Transportation Commissioner Dick Hall, Tax Assessor John Sullivan and State Representative Mark Baker, which sounds like an interesting combination of politicians.  This just might turn out to be the most popular event of the day to attend.

The best part about the event is that it’s affordable for the entire family.  Children 6 and younger get in for free and everyone else gets in for only $2.  The expected turnout for the event is between 3,000 and 4,000 people, making it a great opportunity to get out and meet new people. 

Realtors® Mary & Bill Watkins  ~  Jackson, Mississippi Real Estate

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Selling Your Home with a Wet Basement

Selling your home with a wet basement can be virtually impossible.  Many potential buyers are turned off by musty-smelling, damp, leaky and moldy basements.  They simply don’t want all the hassles that come with it.  A wet basement is a sure sign of moisture problems for someone looking to buy a home and many times they prefer to stay away from buying these homes.  Therefore, we have some tips for you to use in your basement to get rid of your wet basement issues before you place your home on the market.  Also, solving the wet basement issues can give your home the much-needed boost for a difficult sale.

For basements that are mildly damp with some mold problems, you want to try to get to the root of the problem first.  Your basement walls are most likely not sealed correctly.  Therefore, every time it rains, any walls underground are allowing the rainwater to seep through the walls and into your basement.  Applying a few coats of cement wall sealant to the inside of your basement walls that are underground will help keep moisture from coming in.  You can also do this to the outside of the walls.  However, this will require a lot of digging.   You will also want to use a dehumidifier.  You can purchase one at any home improvement store.  Prices on dehumidifiers range from $250 on up to $5,000, depending on the square footage you need it to cover and the quality you are looking for.

For extremely wet basements, you can install a drainage system.  An interior drainage system is a great way to get rid of large amounts of water.  You install this system around the perimeter walls where the walls meet the floor.  Any water that seeps through the walls and floor are collected into the drain and flushed out of the basement using a sump pump.  Using this type of drainage system has huge advantages.  There is no costly exterior excavation needed.  Usually, exterior excavation costs two or three times more and does a lot of destruction to your landscaping at the perimeter of your home.  Interior drainage systems are less expensive and much easier to access in the event it needs to be serviced.

Just remember, no matter which method you need to rid your home of a wet basement, it’s best to do it before you put the home on the market.  Starting the project around three months or earlier before you place the home for sale would be a great place to start.

Realtors® Mary & Bill Watkins  ~  Jackson, Mississippi Real Estate

Our Clients Stay Our Clients Forever!

Superintendent Search for Jackson, Mississippi

Now here’s an interesting piece of information we thought would be good to include in our weekly blog.  There is a superintendent search for Jackson, Mississippi going on through October 2, 2009. 

We recently came across the news that the Mississippi Board of Education is searching nationally for a new superintendent.  They are seeking a candidate who will keep all ongoing programs on track and help in the advancement of the student’s education. 

They say the perfect candidate should be an advocate for increasing student achievement and funding the Mississippi Adequate Education Program.

Application and position information will be posted on the Mississippi School Board and the Mississippi Department of Education’s websites by August 24^th.  All candidates must submit their application by the October 2^nd deadline to even be considered for the position.  Interviews are expected to be conducted between October 23^rd and November 19^th.   

Applicants must have a master’s degree in any field and a minimum of five years of experience in the education field.

Currently, Dr. John Jordan is serving in the position and will continue to serve until a new superintendent is named.

Whoever the Board of Education chooses, it sounds like the education of Jackson’s students is what is most important to everyone.  It really shows in what they are requiring of their candidates and we like to hear that education is very important to many in Jackson, Mississippi.

Realtors® Mary & Bill Watkins ~ Jackson, Mississippi Real Estate

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Bryam, Mississippi Resident’s Come Together at a Fun Night Out

When it comes to finding the perfect community for relocating your entire family, many potential buyers are looking for a community they can feel comfortable in; one that comes together for good times and good fun.  And Bryam, Mississippi residents come together for Fun Nights Out to mix-n-mingle with one another throughout the year.  This helps keep Byram a great community to live.

Last weekend Byram came together for another Fun Night Out with food, dancing and singing.  It was the perfect time and place for families to come together in celebration of keeping Bryam a tight-knit community and crime free.

Children were able to ride their bike, play games and feel safe.  However, there was a deeper meaning behind the event.  Many come together for this Fun Night Out to get to know their neighbors. 

A big part of Fun Night Out is to help fight crime within the community.  And since the event has begun, it has been a big success.  Making friends with your neighbors helps make a bond that keeps a community together and safer. 

Since Byram, Mississippi is a newly incorporated city, residents here are trying to set an example for future residents on how to fight crime within the community.  They also encourage other communities to help fight their own crime by starting a Fun Night Out in their town.  Even if they have to start block by block, it is an effective way to bring a community together with good times and good fun.

Realtors® Mary & Bill Watkins ~ Jackson, Mississippi Real Estate

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Tips for Prospective Home Buyers

Many consumers are now wondering if they’ve missed their chance to refinance to a really low interest rate after a recent spike in mortgage rates.  Therefore, we would like to share some tips for prospective buyers to help you all shop for a mortgage today.

Luckily, there has been a drop in mortgage rates just after the spike in rates, which should help many prospective buyers feel a lot better.  However, these low interest rates cannot last forever.  The government’s plan of purchasing mortgage-backed securities will soon end and rates will begin to rise again.

Here are some tips for prospective home buyers shopping for a mortgage in today’s real estate market, especially those who are looking to refinance an existing loan:

* Paperwork – Find a mortgage professional that you trust and like to work with and get started on the necessary paperwork.  Mortgage rates move on a regular basis.  Therefore, if your paperwork has already been started, your file can be processed much more quickly once rates are down. 

When starting the application process, your credit score will be reviewed and you will need to submit documentation forms, such as W-2’s and pay stubs.  You also may be asked to update these forms as your closing date nears.

* Your Credit – Make sure your credit is in good shape by checking your own report and fixing any problems ahead of time.  Even very small problems can really hurt your credit score.

* Pick a Rate – Decide what rate you are willing to go with ahead of time.  For instance, if you have a 7% interest rate now, you should consider rates hitting 6% or lower before it would even make sense to refinance.  Your mortgage professional will help you understand the numbers better and how your new payments will work.

* Decision Making – It is very wise to stick to your decision once you make it.  Therefore, determine the rate you need to get to lower your payments and let nothing change your mind.  Many consumers find themselves gambling that rates will go lower and that plan usually backfires as rates rise.  It’s just best to stick with your original decision.

* These Rates are Good – Let’s not sit around waiting for another record low interest rate as a result of a stock market crash or a major bank collapse.  Who could possibly want to save an extra $200 a month on their mortgage but lose $50,000 in their 401(k) just to get lower interest rates than we have right now?  What we have is good enough and we really shouldn’t complain. 

Realtors® Mary & Bill Watkins  ~  Jackson Mississippi Real Estate

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