We have made it to Facebook. Eversley Capital Mortgage has its own fan page. The official page is http://www.facebook.com/eversleycapital

As always we strive to offer Connecticut residents the best and lowest mortgage rates and fees. We offer conventional fixed and arm loans as well as jumbo, conventional jumbo, USDA and VA loans as well as second mortgages both fixed and adjustable. We are located at 3 Everlsey Ave in Norwalk CT.

For the remainder of 2010 if you are purchasing or refinancing and read this blog or come across Everley Capital via Facebook mention either this blog or become a fan on Facebook and at the closing of your loan we will credit you back the cost of your appraisal a value up to $500 dollars. So become a fan today!

It is that time of the year in Connecticut and New England, the time of the year where the first couple of cold snaps should have you thinking about winterizing your home. I can assure you that tackling this job now while there are still 50-60 degree days is better than it being in the 20’s or 30’s and downright cold outside. Here is a useful checklist of things to consider and look at before winter hits.

                *Furnace- call the HVAC tech or oil-company that you use and have it checked

                * Fireplace- if you have a wood burning fireplace now is the time to clean and inspect the chimney and flue.

                * Doors and Windows- taking out the screens and putting in the storm windows if you have them is a good idea. Also checking for any drafts that can be fixed before it is really cold

                * Basement- if you have a basement and it has window wells installing plastic shields on them might be a good idea at this time

                * Vacation- if you are heading south for some sun when you leave the house make sure the heat is set to a minimum constant temperature of at least 54 degrees. You would hate to come home from a vacation to burst pipes.

                * Smoke/Carbon Monoxide Detectors- need to be checked and the batteries replaced. Your furnace produces carbon monoxide so having these detectors ready and working is important

                *Garden Tools- drain and store the hoses. Also any gardening tools should come in for the winter.

                *Yard Tools- draining the gas from your lawnmower or tractor is important. You may also want to get them serviced now for the spring season.

                *Snow removal- buying salt or ice melt now ahead of any storms will leave you prepared. How many of us forget and then look for it when the first storm comes and every store is sold out.

In a tough buyers market here are some pointers to prepare your home if you are listing it for sale.

·         Interior Atmosphere: Make the home inviting. Maybe some fresh flowers, something recently baked. If you do not bake buy something frozen to bake. The smell in the air makes the home that more inviting.

·         Cleanliness: Make sure the home is clean from top to bottom. Most importantly the entrance way. This is the first entry point to the home and first impressions last so focus on a tidy spruced up front entrance.

·         Repairs: Minor repairs should be done both inside and out.

·         De-clutter: This is one of the biggies. If you are a pack rat or have a tendency to pile up things this is the time to either clean it up or get it out of sight. If the home is cluttered whether you keep your house in good shape or not the sight of piles of stuff make one wonder what shape the home really is in.

·         De-personalize: Other than cleaning this is the next important. The potential buyer needs to visualize your home as their new living space so excess personal effects will deter buyers. Neat, clean and simple is best. A lot of pictures or personal items should be taken down.

These few pointers will make the job of your realtor showing your home that much easier and increase the odds of your home selling quicker.

While the real estate market is still struggling many home owners will look to home improvements as opposed to trying to sell their home in the current market. It is not a bad idea but there are some dos and don’ts to consider.

                Dos:

Decks: are a good investment, while they do not add square footage to the home pound for pound it is one of the best improvements cost wise you can make.

Kitchens:  if I was looking for a new home the kitchen is key but then again I love to cook. But generally speaking the kitchen is the focal point of a home. It is what attracts most home buyers to the house. There are definitely places to cut corners but when it comes to the kitchen use nothing but the best. Remodeling the kitchen is a huge selling point for your home.

Finished Basement:  below grade, meaning below the ground level living space is not considered when adding up the square footage of a home. Finishing off a basement adds value to the home but it is not a place that you want to add crazy amenities in the hopes that it will make it sell.

Windows: replacing the old windows in your home is a good investment. Anything that helps out in the energy efficient department is a great idea.

Siding/Painting:  is a worthwhile investment. Especially these days, some of the siding out there really looks so real and the fact of not needing to paint is a plus.

                Don’ts:

Painting: use neutral colors. Painting your house purple is not going to help you. It may be appealing to you but definitely not the rest of the population.

Pools: unless you live in Florida a pool is not a selling point. You are limiting yourself to the amount of people that would be interested. Buyers tend to shy away at the thought of the upkeep of a pool.

Gardens/Landscaping:  this is a tough one for me. I love to garden. I also think a well maintained yard makes the home more attractive. However expensive landscaping and gardening falls into the pool category. You are limiting potential buyers. The upkeep of nice landscaping and gardening is nonstop. I could weed every single day if I had the chance so you get the picture. Not a place to drop a lot of money.

Amenities: over the top amenities may make your life and home more enjoyable but that’s where that ends. DO not spend a large amount of money to add crazy amenities to the home. You will never recoup the cost when it is time to sell.

There are always tips that I can give to anybody buying a condo whether it is for the first time or not. I have written a handful of tips for LoanClassroom before on condominiums and there is one important one that you should listen to.

When you are buying a condo make sure you look at the master insurance policy. This is the insurance policy that is going to insure your condo against fire and any external damage etc. It is similar to insurance that you would get if you bought a home but a little different. The one mistake that people make is thinking that the master policy covers and insures them. It does insure you but more often than not it is not to the extent that you would think.

In most cases you will need to get a “contents coverage” policy. This will insure your belongings inside the walls of your condo. The master policy typically only covers exterior damage and anything destroyed inside is a loss without contents coverage. So the bottom line here is make sure you understand what is covered under your master policy and then speak with an insurance agent and discuss purchasing content insurance for yourself.

The terms short sale, distressed sale, foreclosure sale and REO sale all have different meanings. When you are in the market to purchase a home these days you will come across these terms and these types of sales and it is important to understand the difference between them.

·         SHORT SALE:   Is a bank approved transaction to sell the property for less than what is presently owed on the home. The current owners are presently in foreclosure or are underwater on the mortgage and are trying to sell the home to avoid the foreclosure auction. Putting in an offer to purchase a home would have to be approved by the bank. The time frame around this type of transaction is anywhere from 2-6 months depending on the bank. It is the most difficult of the four types to get done.

·         DISTRESSED SALE:  Is basically any reason that the seller needs to sell and fast. Distressed sales are typically priced below the market to sell quickly and would constitute a divorce situation, estate sale, a death, re-location etc.

·         FORECLOSURE:  If you are buying a foreclosure you are at auction bidding on a home. You will need to have “certified funds” in an amount that will be determined by the trustee. You will have thirty days from the acceptance of your offer to close and typically sales are “as-is”.

·         REO:  Is the term used for a bank owned property. The bank or lender has already gone through the foreclosure process and the home may not have sold at auction or they may have decided not to auction the home and list it for sale instead. This type of purchase will more than likely be “as-is” as well, meaning if there are repairs that need to be made there will be no repairs made by the bank. You need to make sure that there are no outstanding issues with the home that you are looking at. If there are repairs that need to be made it may mean that financing will be difficult to obtain so find these things out ahead of time.

When we are in the market to purchase a home we often focus on the basics. You need to secure a mortgage, then you need to find a good Realtor and finally we go out on the joyous journey of finding a place to hang our hat. Seems simple right? Well it does not have to be difficult.

It is true that getting a mortgage that suits your needs is the first step and that will lead you to find a Realtor and start the search to find a home. Those are extremely important and should be first. However we often get wrapped up and enthralled with finding a new home that we do not think of the “other” important things to consider. We will refer to these other things to consider as the “nuts and bolts” of the home purchase.

·         Look for potential red flags in your home inspection.  Most used homes are in some way in need of repair. Minor issues are just that but you need to be cautious of major issues such as major house settlement, foundation cracks, high radon levels, lead paint, underground storage tanks, insects etc.

·         Check out the neighborhood and surrounding area. Look and see what is around your new home. Is a school around the corner? Are there any transfers or dumping stations that could cause a funky odor?

·         When you find a home you will know what the current taxes are on that home. Always check with that town or city tax assessor’s office to see if there are already approved tax increases. Sometimes tax hikes are phased in so checking this out is important. You may also want to see when the last time the town or city had assessed their property values to determine if a new assessment is coming up.

·         If you find yourself looking at a home and envisioning a remodel or addition it is prudent to contact the building department or planning and zoning. You may find out that the home you are looking at is on a variance and no additions can be made.

·         Be aware of the demographics of the neighborhood. Are you buying a cape style home in a neighborhood full of colonial style homes? It may affect your re-sale value in the future

·         Try and get the “history” so to speak of the house. Are the sellers the original owners? How many owners have there been? Asking these questions will also give you an idea as to what changes or renovations have been made to the home.

·         Make a list and anticipated time frames of upgrades or repairs that will need to be done. Will you need to paint the house in the next couple of years? How old is the furnace or the hot water heater? What kind of condition is the central AC unit in? How old is the roof? Is there extra cost associated for upkeep of a pool or Jacuzzi? You need to think of the other expenses that will or may arise soon after buying a home.

·         Take a drive by the home at different times of the day. Depending on where you are buying you may want to see what the traffic situation is. Obviously if you are looking at a home on a cul-de-sac the it is not an issue

·         Last but not least. You need to remember that when you are buyer at some point you are a seller. This is simply enough said. If the home you are looking at has been on the market for a long time look into why? As of now we are in a financial crisis so long listing times are more normal but just keep in mind and inquire if the home has been listed for a long time because we are in a buyer’s market or are your inheriting someone else’s problem?

Applying for and shopping mortgage rates is a click away www.EversleyCapital.com

Selling real estate today in my opinion means that you as the seller need to be creative. There are some factors that are on your side. For one, interest rates are the lowest they have been in six years. Secondly there is an $8,000 tax credit for first time home buyers. It is a buyer’s market out there so you need to find ways to differentiate your home from your neighbors.

The first step is finding a good realtor. With as many homes as there are presently listed for sale you need to get a realtor that knows the market and has experience. He or she will tell you what will help your house sell. I had a recent conversation with Carlos Perez with Re/Max Right Choice in Trumbull, Ct who is a seasoned Realtor and asked him what his advice has been for his clients who are looking to list and sell their home. His response was “It is obviously a buyer’s market out there so pricing your home correctly is extremely important. You need to price the home right. Also getting your home in the best condition possible to show is extremely important as well.”

Some other suggestions to be creative would be to hire and pay for a home inspector to come out and do an inspection. Odds are the potential buyers are going to do one anyway so if there are any potential issues you can address them and have them corrected ahead of time. You may want to offer to pay for some of the buyers closing costs or look into buying a one year home warranty that can be passed along to the buyer. Pricing the home correctly for sale is the most important but if you find your home up against your neighbor’s at the same price some of the creative extras I mentioned may help you close the sale.

Applying for and shopping mortgage rates is a click away www.EversleyCapital.com

As the economy and job market worsen the number of Connecticut residents finding they are facing foreclosure is growing. More and more people are finding they are falling behind on their mortgages. If you do find yourself up against the risk of losing your home to foreclosure or fall behind on your mortgage there are places to turn to get help. Refinancing is typically not an option so here are some suggestions.

                ACORN (Association of Community Organizations for Reform Now)

                            The main phone number is (860) 232-2675

                              There is also an office located at 2310 Main St. in Bridgeport CT (203) 366-4180

                                http://www.acornhousing.com/index.php

                CHFA (Connecticut Housing Finance Authority)

                          (860) 571-3500 or (877) 571-2432

                                http://www.chfa.org/MainPages/default.asp

                Housing Development Fund 100 Prospect St Suite 100 Stamford CT (203) 969-1830

                                http://www.hdf-ct.org/multifamilylending/clientspastpresent.html

                Hope Now the toll free hotline number is (888) 995-HOPE

                                http://www.hopenow.com/contact_us.html

More often than not people end up losing their homes to foreclosure when there could have been a way to prevent it. So the best advice that I can give to anyone who is in this situation is to contact one of the above agencies or contact your lawyer for advice. The worst mistake that is made is people do not seek help or assume there are no options for them. Never try and tackle the problem yourself.

Applying for and shopping mortgage rates is a click away www.EversleyCapital.com