Small Claims Court

Increasing Small Claims to $10,000: Commencing January 1, 2012, the small claims court jurisdiction will generally increase from $7,500 to $10,000 for an action brought by a natural person.  For a claim of bodily injury from a car accident, the increase to $10,000 will not occur until 2015.  The dollar limit in small claims court for an action brought by a corporation or other entity will remain at $5,000.  Senate Bill 221.

What not to do when you are in the buying process!!!

If you plan on buying a home, are in the process or have been pre-approved to buy remember these simple things.

1. Do not change jobs, become self-employed, or quit your job!



2. Do not buy a car or a van, or a truck or you may be living in it.


3. Do not use charge cards excessively or let accounts fall behind.


4. Do not spend money you have set aside for closing.


5. Do not omit debts or liabilities from your loan application.


6. Do not buy furniture.


7. Do not originate any inquires into your credit.


8. Do not make large deposits without first checking with your loan officer.


9. Do not co-sign for anyone.


10. Do not change bank accounts or move money around.


If you are unsure at anytime or for even a second doubt what you are doing call us first it could save you a lot of heart ache in the end. Contact us anytime with questions or to get pre-approved to buy a home!

5 Steps to protect your rental property

1. Take down the “For Rent” signs. Think about it: you don’t want to advertise that your place is vacant – or worse, that there are new Maytag appliances sitting inside. There are many other ways you can market your home for rent (ads online are a good start).
2. Keep up the yard. Maintaining your rental property’s yard makes it appear as though a tenant is living there – even when there isn’t. (And not only will weeds, broken sprinklers and over-grown grass make your property look abandoned; they might also keep potential renters away.)
3. Put the lights on a timer. Leaving a porch light on for 24 hours a day is just as noticeable as a property that is completely dark (especially to a criminal). Having the lights go on a regular schedule gives the appearance that someone is home.
4. Use the blinds. There is a debate in the law community over whether it is safer to leave blinds opened or closed for better security; I recommend both. Keep the downstairs blinds closed (so that no one can see in) and leave the upstairs blinds open (so that it appears that someone is home).
5. Screen interested callers. However you advertise your property for rent, you can’t control who contacts you. Use caution when speaking to interested renters: revealing too much detail up front may compromise the security of your rental property. Is a caller really interested in renting your property or is the caller trying to find out where your obviously-vacant property is located? You can never be too sure – which is why it may make sense to hire an experienced property management company to do the tenant screening work for you.

As a rental property owner you want to attract potential renters, not criminals. Posting a real estate ad with the description “move-in-ready, fully-furnished, new appliances” is going to pique people’s interest – but, you just want to be aware of who you attract.

Author: Tony Sena on Zillow

September is Realtor Safety Month

Take precautions and be smart about your safety all it takes is doing a few extra measures to increase your safety.

Google: Check out you clients before you meet them. There is so much information out there now.

Meet your clients at your Office: Take a copy of their id, let your co-workers see who you are with.

Any added measurements are good ones

Craport for two - and other horrific MLS waste

Craport for two - and other horrific MLS waste

HomePath Buyer Incentive

Fannie Mae is currently offering buyers up to 3.5% in closing cost assistance through June 30, 2011.

The HomePath property buyer must meet the following qualifications to be eligible:

•Buyers and/or selling agents (the agent representing the buyer) must request the incentive upon submission of initial offer in order to be eligible.
•The initial offer must be submitted on or after April 11, 2011 and close by June 30, 2011. If an initial offer was made prior to the effective date, the offer is not eligible for the incentive.
•The sale must close on or before June 30, 2011. No exceptions will be made to this deadline.
•Only buyers purchasing a HomePath property as their primary residence may receive up to 3.5% in closing cost assistance. Second homes and investment properties are excluded from the incentive.
•Buyer must sign the Owner Occupant Certification Rider to the Real Estate Purchase Addendum.
•If a buyer's total closing costs are under 3.5%, the difference will not be available as a credit to the buyer.

Points, Rates, Fees And What It Means

It is not only important to understand the type of motgage loan you are getting but it is also important to understand the costs associated with your mortgage. All cost will be That will be paid at the closing of escrow.

Interest Rates

When you get a mortgage, you are charged an interest rate. This is the rate which the lender charges you for using their money to buy a home. It determines how much your monthly payments will be. Generally speaking, the higher the interest rate, the higher your monthly payment.

Mortgage interest rates change constantly. Daily, even hourly. If you speak to a lender and are quoted a specific interest rate, that's not to say you'll necessarily get that rate when you close on your loan. Not unless you formally lock-in that rate with the lender. Locking in an interest rate will guarantee you get your loan with a particular interest rate. Lenders will allow you to lock in for 15, 45 or 60 days. But the longer you lock in, the more expensive it will be, since it's more of a risk to lenders.


Discount Points

Discount Points also known as a "buy-down" are an up-front fee paid to the lender at closing to buy-down or lower your interest rate over the life of the loan. Each point is equal to one percent of your total loan amount. If you have a $200,000 loan, one point would equal $2,000. The more points you buy, the lower your interest rate, but this will increase the money needed at closing.

The decision to decide whether to buy down a rate should be based on how long you plan on living in your home and what you can afford to pay each month toward your mortgage. If you plan on living in your home for more than five years, it's probably a good idea to purchase points. The longer you live in your home, the more you can save on interest over the life of the loan.


Fees

There are always fees associated with getting a mortgage, these fees cover the cost of processing and underwriting the loan. These fees include charges such as lender fees, appraisal, credit report, escrow and title fees and the cost can range anywhere from 2% to 5%. Deciding which mortgage to get may depend on what each lender charges because different lenders may charge different amounts. Some may charge lesser closing fees to lure you in, but may charge you a higher interest rate, which means you may pay more in the long run. But everyone has different needs. You may or may not be able to afford to pay more at closing and are willing to pay more over the long term.

Before it comes time to close, do your homework, make sure there are no hidden fees, and ask your lender lots of questions so that you understand all the costs involved with your mortgage.