Home Staging Do's and Don'ts

It's not easy to look at your own home with fresh eyes. You see a house full of memories and treasured possessions, but all potential buyers see is someone else's stuff. That's why we consulted several experienced home stagers to find out their top home staging dos and don'ts.


Karen Otto of Home Star Staging in Plano, Texas has had homeowners cry and walk out of the room when she tells them to remove sentimental pieces and photos from their home in order to stage it for sale. "I totally get it, but I tell them they're taking [the items] with them. We're not erasing their family from this home, we're allowing buyers to start seeing their experiences, dreams and memories in the home you hope they'll buy."

Home staging pros agree that an objective eye is a must. "Whether your Realtor, stager or neighbor comes by to offer it, take their advice," Otto says.

Read on to discover Home Staging Do's and Don'ts!  :)

FHA 203k loan can be used to renovate a home which is already owned!

The FHA 203k renovation loan allows an existing homeowner to finance up to $35,000 in improvements into their new FHA 203k loan which avoids the need to carry a higher interest rate 2nd mortgage, having two payments, and be subject to future rate increases of a Home Equity Line of Credit.  

FHA to the rescue!  Call me for more details and to answer your questions!

Marty Qualls, your FHA 203k Expert!

Click here for 203k existing homeowner question and answer

Emilee Lake says "Your team is AWESOME!!"

Hey Marty,

    Thank you and your team for all your hard work on getting my loan!!  Buying your own home is such a huge step in life and I'm sooo happy to finally make it!!  You guys made the process so quick and easy, I couldn't believe it.  I was expecting months and months of a loan process and you guys got it done in about 2 weeks.  Your team is AWESOME!!

Thanks again,

Emilee Lake

April 19, 2011 Closing

Hope for Underwater Homeowners: Big Bank Servicing Companies are finally catching on!

 
Until recently, it took a rare combination of extreme bad luck and poor judgment for a homeowner to end up under water on his mortgage – that is, owing more than the house is worth. Today, nearly one out of four homeowners is facing exactly that situation. In response, banks and the government are rolling out new programs they say will help – that is, for homeowners who qualify.

Seth and Andrea's Testimonial: We appreciate that you were always available

Thank you for all of your help! We appreciate that you were always available to answer questions.  Even when we emailed you in the middle of the night you were quick to respond! You made our first home buying experience painless!

Thank you so much!

Andrea & Seth Gabbitas

Jake Rackham's Testimonial: Marty's ambitious and caring

“Marty's ambitious and caring.  His experience shows because of the excellent way he took care of my Mortgage needs.  I'm very satisfied with my loan, he got me a great rate! 

I would refer Marty to my friends and family without hesitation. Call Marty when you have Mortgage questions, he’s awesome at getting the job done!”  

Jake Rackham

10 Mistakes Smart Buyer's and Seller's Make and how to Avoid Them

Buyers

Mistakes	Prevented By
1.  Not knowing how much they can afford to pay for a house before they make an offer.	Obtaining pre-approval for a mortgage from a Lender, so you know in advance exactly how much you can afford.
2.  Not finding out in advance whom the real estate agent represents.	Asking your Realtor.  Most people think their agent is working for them.  But unless the agent is working as your buyer representative, he/she represents the seller.
3.  Not realizing that the wrong mortgage can cost thousands of dollars in unnecessary interest and taxes.	Consulting with a mortgage consultant, accountant, and/or financial planner before making a final decision on which mortgage to choose.  CPAs can tell you the long-term effects on your income.
4.  Not discovering hidden defects before buying a home.	Hiring a professional to conduct a pre-purchase home inspection.
5.  Not knowing how debt can affect their ability to buy or refinance a home.	Asking your mortgage professional to help you review and repair your credit file in advance.

How a cancelled credit card effects your credit score

QUESTION: I've had an American Express charge card since 1999, which costs $95 a year to maintain. If I cancel it, what will this do to my credit score?
--Fred Cohen, Weston, Fla.

Ditching annual fees is often a smart play, although in this case $95 might not be much for what amounts to an open line of credit with no preset spending limit. Since you're closing a charge card (which doesn't let you run a balance) instead of a credit card (which does), your credit score probably won't take a hit, at least for now.

Credit-scoring firm FICO currently figures scores—the calculation most creditors use—without including charge cards in the all-important "credit-utilization ratio," which divides the total of all your credit limits by your total balances. (The lower the ratio, the better.)

Still, there's a longer-term risk to cutting up the card, says John Ulzheimer, president of consumer education at SmartCredit.com: Ten years after you cancel, the card's history will be wiped from your credit report, potentially shortening your credit history and lowering your score.

IRS Audit Red Flags: 12 hot spots to raise scrutiny from the IRS

#1 and #12.  Yep, I raised IRS scrutiny on my 2003 taxes because of mistake #1 (I didn't receive an interest statement in the mail for $146 of interest income on one of my old employer managed 401k's) and #12 (I took higher than normal deductions for charitable contributions which resulted in me needing to get cancelled checks to PROVE that I really gave the donations-which I did, by the way).  :)

My advice is to take your time and gather ALL your information together before you get ready to prepare your taxes, whether you do it yourself or have a professional do it for you.  THEN, since you have done such a great job of gathering, do a great job of storing your information, just in case you get a mail audit (more common every year) or a full blown audit (there's where a professionally prepared tax return pays dividends!).

Here is a list of 12 IRS Audit Red Flags to help keep you out of hot water: The IRS Dirty Dozen

More great articles like the IRS Dirty Dozen can be delivered to you each month by signing up for YOU Magazine. Click to sign up for YOU Magazine

Are Tax Credits Still Available for First Time Home Buyer's in 2011?

Income Tax credits are only available to qualifying military personnel.  Here is a link to the Home Buyer Tax Credit Review article. 

Because of the many different tax credits, times covered by the offering, and what tax credits needed to be repaid and which ones didn't, here is a quick review:

Summary of the First-Time Homebuyer Credit by Year

For 2008: up to $7,500, the credit is paid back over 15 years. For Jan - Nov 2009: up to $8,000, the credit does not need to be paid back.
For Dec 2009 - April 2010: up to $8,000 for first-time buyers, the credit does not need to be paid back.
For Nov 7, 2009 - April 2010: up to $6,500 for "long-term residents" buying a new home, the credit does not need to be paid back.
Until April 30, 2011: homebuyer credit continues to be available for qualified members of the U.S. uniformed services.

The Real Deal: End of a mortgage era

End of a mortgage era

Fixed 30-year mortgage rates in the 5 percent range? Minimum down payments below 5 percent? Jumbo-size home loans for high-cost markets at regular interest rates? Kiss them good-bye -- possibly sooner than you might guess.

Take a snapshot of today's mortgage market conditions and frame it. It's highly likely you'll never see anything like these favorable combinations of rates and terms again. That's the inescapable conclusion emerging from the Obama administration's "white paper" on optional remedies for the two ailing giants of housing finance -- Fannie Mae and Freddie Mac -- along with events already under way in the national economy.