Chat With Jenny

This tip was just sent out from William Tucker, attorney out of Charlottesville, Virginia, who specializes in short sales.  Thought it was something you might find interesting.

"Last week's Tip discussed recent trends with Fannie Mae which result in more foreclosures, rather than allowing more Short Sales.  These practices, according to various loan servicers, have been guidelines for a long time but have only recently been strongly enforced.
 
Another important trend with Fannie Mae is their policy of no longer releasing the deficiency for the Short Sale Seller as part of the Short Sale approval.  The Borrower is losing their house and being forced to move as a result of their hardship (lost job, divorce, illness, etc.) Now with this policy, the Borrower is uncertain as to whether there will be any future collection activities on the deficiency.  Most Lenders will waive the deficiency entirely or waive it for a minimal cash contribution.
 
Unofficially, the loan servicers are saying Fannie Mae will probably not attempt to collect the deficiency.  But legally there is a five year statue of limitations from date of default.  The Borrower has already suffered enough and usually has no money to pay the deficiency.
 
Fannie Mae needs to change their actual practices and policies. They need to adhere to their stated policy of "helping families prevent foreclosures."  Each foreclosure that can be prevented with a short sale is one less house to depress the local housing market.
 
PS - If you have additional information about Fannie Mae short sale or foreclosure policies please let me know.
 
PSS - And on top of all this, taxpayer money is being used to bail out Fannie Mae. Where's Congress when we need them? What a mess!!
 
  
Please contact me at 434-951-0858 or Tucker@TGBLaw.com if you have questions, or visit our real estate archive for all previous tips.  Thank you for allowing us to send you these tips."   
 
 
William D. Tucker, III
Tucker Griffin Barnes P.C.

OK, as I was surfing the net today, I came across the link below and found it very interesting. 

What some people call home might not seem to cozy to others.

http://thewondrous.com/10-strangest-houses-around-the-world/

One of the factors governing the decision to repair or replace is life expectancy of the product.

Most refrigerators last 15 to 19 years. Unless the fridge has been a lemon since the day it came into the house, the newer it is, the more consideration should be given to repairing it.

Freezers, which last 20 years or so, should be given the same consideration.

An important consideration is energy-efficiency, however. Energy Star-rated refrigerators produced after 2001 use 40 percent less energy than those manufactured before that date, and that might have a bearing on your decision.

Saving $100 a year might not be enough to justify spending the kind of money that you would spend for a refrigerator that would meet your family’s needs.

In addition, sometimes a new appliance will change the way the rest of the room looks, or alters the layout so much that you’ll need to change everything, increasing the expense beyond what you can afford.

It all comes down to what you can afford and what meets your needs, meaning both tests need to be satisfied, not one or the other.

Despite recent month-to-month declines in the median sales price in Virginia, long-term trends show only a 1.5% decline in median sales price over the past two years.  History indicates that the median sales price will likely decrease a bit further over the next several months and then start to increase again in February 2012.

Here is an interesting little tip I learned this today:

Drinking lemon water first thing in the morning kick starts your digestive system. The water added to the lemon juice should be lukewarm, or as hot as you can tolerate

1. Boosts your immune system: Lemons are high in vitamin C, which is great for fighting colds. They’re high in potassium, which stimulates brain and nerve function. Potassium also helps control blood pressure.

2. Balances pH: Drink lemon water everyday and you’ll reduce your body’s overall acidity. Lemon is one of the most alkaline foods around.

3. Helps with weight loss: Lemons are high in pectin fiber, which helps fight hunger cravings. It also has been shown that people who maintain a more alkaline diet lose weight faster.

4. Aids digestion: Lemon juice helps flush out unwanted materials. It encourages the liver to produce bile which is an acid that required for digestion. Efficient digestion reduces heartburn and constipation.

5. Is a diuretic: Lemons increase the rate of urination in the body, which helps purify it. Toxins are, therefore, released at a faster rate which helps keep your urinary tract healthy.

6. Clears skin: The vitamin C component helps decrease wrinkles and blemishes. Lemon water purges toxins from the blood which helps keep skin clear as well. It can actually be applied directly to scars to help reduce their appearance. <----WHO KNEW?

7. Freshens breath: Not only this, but it can help relieve tooth pain and gingivitis. The citric acid can erode tooth enamel, so you should monitor this. I def do not let my kids suck on lemons (how can they do that anyway?) for this reason.

8. Relieves respiratory problems: Warm lemon water helps get rid of chest infections and halt those pesky coughs. It’s thought to be helpful to people with asthma and allergies too.

9. Keeps you zen: Vitamin C is one of the first things depleted when you subject your mind and body to stress. As mentioned previously, lemons are chock full of vitamin C.

10. For some I've read it even helps kick the coffee habit. No explanation as to why though.

    Today I want to talk about valuations obtained by lenders on homes. 

    If you are in the middle of refinancing, or trying to qualify the sale of your home for a short sale, your lender may say they won't require an appraisal, they will just do a "drive by".  You might think it's great that you're not being required to pay for a full blown appraisal.  When in fact, you might be disappointed to find out the value of your home may come in considerably less with this drive by assessment.

    If the person doing the valuation is only required to do a "drive by", all they know is how it looks from the outside in comparision to other properties that might be similar.  That valuator only takes a quick drive by, takes a couple exterior photos (from the street), and off they go to write up the report.  They have no clue how your home compares inside. 

    For that reason, I would strongly recommend you pay the extra fee for a full appraisal if you're in the middle of refinancing and/or trying to qualify your home for a short sale.

    According to the dictionary, a client has an ongoing relationship with a professional.  Obviously then a customer is someone who might just call on a sign or ad. 

    What are the responsibilities an agent owes to a client vs a customer? 

    If you are a customer, I can provide information for you, but I can not advise you about the implications, advantages, or disadvantages found in that information. I can take an offer from you, much as an order-taker, and present it to the other party; but I can not negotiate for you. I must inform you of any material defects known about the property, but I can not advise you of the consequences or help you decide what-to-do in light of those issues. In short, I will be honest and caring, but I can not act as a consultant or advocate.
    If you are my client, I am fully and completely at you service (in your "employee"). I can advise you, negotiate for you, seek all possible advantages for you, look out for your interests in every possible way, and be intimately involved in helping you as if I was buying or selling this property for myself. I am totally and completely your advocate; your dedicated consultant, advisor, your can-do catalyst.

    As you can see, there is a definite benefit to having an agent work directly for you, and you become their client.  When purchasing real estate, don't be afraid to employ a buyer's agent.  This service normally will not cost you anything monetarily.  In Virginia, the seller pays all brokerage fees (including the buyer's agent fees).

    If you have any questions about real estate, please feel free to call or write me an e-mail.

    If you have a home with an unfinished basement, and decide you'd like to finish it into a nice new room, BE SURE to get a building permit and have all the proper inspections performed along the way.

    In the State of Virginia, it is considered a disclosure if the space has been finished without the proper permits.  I know several homeowners do not disclose this.  But if it is discovered during the home selling process, it can really cause a major headache for all concerned.

    Rather than having to rip out nice pretty sheetrock, beautiful flooring, as well as lighting, take the proper steps along the way.  You'll be glad you did.

    So many times, I've had a buyer who wants to do the walk through a day, or even a week, before closing.  My suggestion is this.  If you want to do a walk through a week before, you need to do another quick walk through right before closing.  You might ask:  Why?

    I've had homes with water in the basement (and this was a basement that supposedly didn't leak), water heaters that didn't work, electrical breaker box has been full of water, and numerous other things.  All of these items were fine during the home inspection, but things changed.  Who knows, someone could have vandelized the house, it could have burned down, or a number of other things.  Due diligence will always prevail......take the time and do a final (last minute) walk through right before you go to the closing.  You'll be glad you did.