Real Estate Information Archive

Many homeowners are frightened and embarrassed when the sheriff hangs a foreclosure notice on the door.  Although the foreclosure rate is low in Nebraska, this scenario happens frequently here in the Omaha area.  Whatever you do DON’T IGNORE THE NOTICE and DON’T PANIC.

Get on the phone or head to your lender’s office to ask them for assistance in making your home more affordable. Perhaps refinancing is possible.  If you are unemployed then “Forbearance” may be a possibility. Here the bank allows you to suspend payments for a short time. 

Get on-line and study the material on MakingAHomeAffordable.gov.  The site lists just what you need to gather before calling them for answers. Don’t delay. Don’t wait. Call for assistance at 888-995-HOPE (4673). The line is manned 24 hours a day in 160 different languages.  Someone will be able to counsel you; someone who is a HUD-approved mortgage counselor.

Above all, please be alert for mortgage rescue scams. Don’t allow yourself to become victimized by unscrupulous thugs. Here are the warning signs from the site:

“Tips to Avoid Scams:

1. Beware of anyone who asks you to pay a fee in exchange for counseling services or the modification of a delinquent loan.
2. Beware of people who pressure you to sign papers immediately or who try to convince you that they can "save" your home if you sign or transfer over the deed to your house.
3. Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
4. Never make a mortgage payment to anyone other than your mortgage company without their approval.”

Don’t give in to the promise that someone will make it all go away for you. You have to carry the ball yourself to save your home and credit.  Nevertheless, there are good people who will help clear the way to financial success.

If you’re ready to list your home call me at 402-670-8775 or please go to http://www.myomahahomemarketvalue.com/ and fill out the page.  I’ll contact you and we’ll get started right away.  If you are looking for just the right home go to http://www.myomahahomesearch.com/ and you can view all the latest properties.

For fashionistas and lovers of style, one of Omaha’s most enjoyable aesthetic events happens soon: Omaha Fashion Week. OFW bills itself as “the Midwest’s premier fashion event,” and for fashion-lovers it’s one not to miss.

Beginning on Thursday, March 21, and running through Saturday, March 24, this fashion fiesta brings together local artists, photographers, designers, stylists and models to celebrate Omaha’s hip, vibrant and fresh salon, design and retail communities. It is held at the Nomad Lounge in Omaha’s lovely and charming Old Market neighborhood downtown.

Each evening during Omaha Fashion Week, local designers get a chance to showcase their original creations and latest innovations by draping them over beautiful models, made even more stunning thanks to professional stylists, at a chic, exciting and flashy catwalk runway show. If you thought such events only took place in New York, Paris or Milan, think again!

Saturday’s Grand Finale is a spectacular event all on its own. Dozens of designers will join forces to stage an unforgettable, two-block long red carpet runway show that has to be seen to be believed. And this time around, a very special celebrity guest – Jerell Scott, from the current season of Project Runway All Stars - will be making an appearance at Friday and Saturday evening’s show.

Here is the schedule for March 2012’s Omaha Fashion Week:

Wednesday, March 21: Survivor Style Show – a benefit event for Inner Beauty, a beauty salon that specializes in styling cancer survivors

Thursday, March 22: Children’s Wear and Fashion as Art

Friday, March 23: Day Wear and Street Wear

Saturday, March 24: Glam and Men’s Wear

The ticket costs can vary widely, depending on where you want to be seated and other considerations. Check out the Omaha Fashion Week website by clicking here for detailed ticket information, as well as all the other specific information.

Doors open at 6 p.m. each evening, with the runway show starting at about 8 p.m.

LOCATION:

KANEKO
1111 Jones St.
Nomad Lounge in The Old Market
Omaha, NE
View map

What many sellers don’t know is that their privacy is definitely going to be invaded when they place their home on the market.  The term “Open House” may call to mind friends and neighbors coming for appetizers and a cocktail and then, after a lively conversation with the host, leaving.  When a buyer comes into your home with the idea of making it their own they will LOOK.  Closets will be opened and inspected; drawers and cabinets of built-ins will be checked.  Buyers need to get a sense of space and how much storage is available.

Don’t be caught off-guard. Before you put that FOR SALE sign in your yard, open all your drawers and cabinets and see if you see any bills or personal mail.  Do you see prescription drugs in medicine cabinets?  Are photos of your family and friends all over the house?  Find secure storage for all such items such as these as well as diplomas, awards, club, association and religious items. Do this and it will minimize your risk to personal invasion. 

It also gives the buyers a blank canvas concerning the seller.  This is a good thing.  It allows the buyer to be thinking only how their furniture will fit into the rooms and how well they can fit their taste and lifestyle into the home. 

Don’t forget to shut down your electronics and don’t leave the smaller ones lying around.  About.com even recommends turning off your answering machine during open houses and showings so that buyers can’ hear your personal messages. 

Of course, a Realtor will be with the buyers but it’s nearly impossible to watch their every move, especially if they split up while viewing the home.  Take extra precautions and protect you and your family. It is a wise choice to visit with your Realtor about privacy concerns.  They’re experienced in handling these matters and can advise you on other important precautions. 

I have lots of tips for you so if you’re ready to list your home call me at 402-670-8775 or please go to http://www.myomahahomemarketvalue.com/ and fill out the page.  I’ll contact you and we’ll get started right away.  If you are looking for just the right home go to http://www.myomahahomesearch.com/ and you can view all the latest properties.

The state’s governing body in Nebraska has been incredibly taxed in the past couple of months, if you will pardon the pun. The multi-faceted and varying issues involved with taxes are almost always one of the foremost of the state’s lawmaker’s myriad concerns.

So, it is not really all that surprising that Nebraska Gov. Dave Heineman has proposed a package of tax cuts that is projected to be in the neighborhood of $327 million. And since we employ a democratic political and lawmaking system, it is not really all that surprising that Heineman’s proposal would lead to debates and counter proposals.

The Revenue Committee

Nebraska lawmakers have formed a Revenue Committee to hear and consider proposals regarding such tax-related issues as exempting Social Security benefits from state income tax, cutting property taxes for Nebraska homeowners and the gradual phasing out of the inheritance tax.

Gov. Heineman’s tax cutting proposal, in part, recommends slashing individual income and corporate taxes, and an immediate repeal of the inheritance tax. He has said that his proposal would mean that individuals would receive $274 million in tax relief and businesses would receive $53 million in tax relief.

Sate Sen. Jeremy Nordquist has offered another plan to the committee to consider. He points out that since Nebraska is one of only five states to tax Social Security benefits, its tax environment for retirees is the third worst in the United States. As such, his plan calls for making Social Security benefits exempt from income taxes.

Another tax relief proposal has been brought before the Revenue Committee from State Sen. Heath Mello. He says that his Property Tax Relief Act proposal would bring a $76 million property tax relief. Mello recommends a homestead tax exemption for the initial $8,000 of a home’s value. It is estimated that if Mello’s Property Tax Relief Act passes, it could give the average homeowner in the state somewhere between $150 and $160 in property tax relief.

Only time and the Revenue Committee will tell which tax relief proposal will be given the green light and which ones either get axed or tabled. Perhaps the most significant aspect of all of these varying proposals is that the state’s lawmakers have recognized that there needs to be some changes in way it manages its tax system.

I stumbled across the results of a dating and housing survey and wanted to share of few of the items with you.  A short while back, Trulia (A real estate website) hired Harris Interactive to conduct a survey of 1000 single people.  CNN picked up the results of the survey and here are the salient points for all you singles out there who are dating.

Over a third of the women surveyed prefer to date men who are homeowners and only 2% of women preferred a date a man who rents.  Men were a bit more lenient. Only 18 percent they would prefer to date a woman who owns her home. Three percent of men prefer to date renters.

Don’t have a roommate. Fully 62% of both men and women prefer it when there is no roommate.  So, most people prefer to date others who live alone.

If you live with your parents then you’re really out of luck in the dating game.  The good news is that your folks took you back in when the outside world was too tough to go it alone.  The bad news is that only 5% of all the singles surveyed would consider dating someone living with their parent(s). Michael Corbett from Trulia reported that living in your childhood home is “a real deal-breaker.” Michael said, “If you’re still living with your folks, you’re dead-on-arrival for dating.”

Here are some of the features singles like in a home. The most desired is a master bath.  64% of the men and 75% of the women listed the master bath as the number one feature.  Other popular items were walk-in closets and gourmet kitchens.  Also high on the list of desirables were home theaters and outdoor decks.

Here’s an interesting tidbit: only 26% of the men and 22% of the women listed a hot tub as desirable. What’s happened to status of that old apparatus of seduction?  Any ideas?

Whether you are single or married, if you’re ready to list your home call me at 402-670-8775 or please go to http://www.myomahahomemarketvalue.com/ and fill out the page.  I’ll contact you and we’ll get started right away.  If you are looking for just the right home go to http://www.myomahahomesearch.com/ and you can view all the latest properties.

Friends, it’s time to SPRING FORWARD into Daylight Saving Time.  On Sunday morning at 2:00 a.m. clock must be set FORWARD on hour.  We will then be treated to a 25 hour Sunday.  The extra hour of sunlight in the evening will give us all a chance to play outside if the weather continues to be as beautiful as today.

Daylight Saving Time has always seemed to usher in the spring for our family. Even though we get up an hour earlier, the payoff of the long days is well worth it.  Get out there and enjoy that sunshine!

If spring is when you were planning to place your house on the market or look for a new one then give me a call at 402-670-8775. Or please go to http://www.myomahahomemarketvalue.com/ and fill out the page.  I’ll contact you and we’ll get started right away.  If you are looking for just the right home go to http://www.myomahahomesearch.com/ and you can view all the latest properties.

If you took out an FHA mortgage loan before June 1, 2009, you may be eligible for a new refinancing program that could save you a $1,000 a year on your mortgage payments.  This latest plan does not require congressional approval and reduces the up-front FHA mortgage insurance premiums to one-tenth of percent from the current 1 percent of the borrower’s loan balance. The annual fee for these loans is also cut in half to 0.55%.  Since interest rates are lower than they were before 2009 the saving due to lower the fees would be on top of the refinancing savings.

As you may know, FHA borrowers have discovered that refinancing is prohibitive in recent years. This is because FHA has been increasing insurance premiums. FHA has done this because the agency needed to increase its shrinking capital.  The FHA backs nearly a third of all new mortgages.

According to Jaret Seiberg, a Guggenheim Securities senior policy analyst, the reduced fees should help many Americans by “reducing foreclosures and freeing up income for spending by consumers on other goods and services.”

To be eligible for the program, borrowers must be current on the payments. The streamlining comes in NOT requiring appraisals and income verification if your payments are current.  Even borrowers who are “underwater’ (those who owe more on their mortgage than their home is currently worth) would be eligible. Americans who owe more than their homes are worth number approximately 11.1 million.

The action is offered as a step by the administration to “aid a depressed U.S. housing market and homeowners threatened by a rising tide of foreclosures.” 

If you believe you may qualify please give me a call at 402-670-8775 and I will connect you to knowledgeable lenders who will aid you through the refinancing process. Don’t wait. Take advantage of this financial break as quickly as possible.

Also, if you’re ready to list your home please go to http://www.myomahahomemarketvalue.com/ and fill out the page.  I’ll contact you and we’ll get started right away.  If you are looking for just the right home to buy go to http://www.myomahahomesearch.com/ and you can view all the latest properties.

Every time I saw my friend, Louise, she ended up telling me about the latest leak in her house. If it wasn’t the kitchen sink, it was a toilet that wouldn’t stop running.  It was beginning to wear on my nerves. In defense of Louise she did get each of the leaks fixed but the plumbing was constantly wearing out.  It became apparent she would have to look at replacing every faucet and toilet in her house. The problem was constant.

Well, I saw Louise a couple months ago and she told me she had all new fixtures and nothing was leaking. She was delighted.  I too was pleased because we could now talk about other things.  I teased her about the subject a little bit but she took it all in good humor.

We had lunch today and Louise apologized ahead of time for bringing up the “leaking” subject.  She proudly produced her water bills for the past 2 months.  The first bill after her new plumbing was put in was only half of what it was the month before.  Her latest bill was $12 less than that!

 I had no idea that leaking plumbing could make that much difference.  According to the Environmental Protection Agency, “water from household leaks can add up to 10,000 gallons of water every year. That’s enough to fill a backyard swimming pool.”

Okay, folks.  I’m not advocating you replace all your plumbing BUT don’t ignore a leaking faucet, a running toilet or a dribbling shower.  It may cost you a little time and money but it will save you big bucks in utility bills.

If you are in the market for a new house go to http://www.myomahahomesearch.com/ and you can view all the latest properties.  If you’re ready to list your home please go to http://www.myomahahomemarketvalue.com/ and fill out the page.  I’ll contact you and we’ll get started right away.

If you are currently buying a house through FHA please pay attention.  The FHA recently published a new, proposed rule on seller concessions.  Do you remember what seller concessions mean in a real estate negotiation?  Buyers often ask the seller to help with any of the following: Pre-paids, Closing Costs, Origination Fees, Discount Points, Escrows, Taxes, Pro-rated Taxes, Homeowners Insurance and Miscellaneous Fees.

Currently, the FHA rules that sellers can pay up to 6% of the purchase price of the home.  Under the new rule sellers will only be permitted to pay 3% or $6,000 of those costs.  Since the majority of homebuyers use FHA this will have a big impact on real estate and buyers.

The Housing and Urban Development office (HUD) is accepting comments on the proposed rule.  The comments are due March 26, 2012.  If the rule goes through I estimate that it will become effective around the first of April.

HUD has also proposed two other increases. The first would add 10 basis points to a buyer’s monthly mortgage insurance premium. Thus instead of a rate of 1.15% annually the buyer would see the rate increase to 1.25%. The second is an increase in the upfront mortgage insurance premium. It is currently at 1% and the proposed increase would raise it to 1.75%.

I have no guess as to when the increases will go into effect but I thought it was a good idea to give you a heads-up!

These increased costs may make a difference on the loan amount you may be able to afford.  Don’t hesitate…if you are considering a move, start now by contacting me immediately at 402-670-8775.

If you are in the market for a new house go to http://www.myomahahomesearch.com/ and you can view all the latest properties.  If you’re ready to list your home please go to http://www.myomahahomemarketvalue.com/ and fill out the page.  I’ll contact you and we’ll get started right away.

Okay, it’s Leap Day in the Leap Year so forgive me for taking a break from real estate and giving you a few fun facts about this rare day. 

1. It takes the Earth 365 days, 5 hours, 48 minutes and 46 seconds to revolve around the sun.
2. The Egyptians were the first to observe that the solar calendar and their calendar didn’t match. Calendars are useful because they predict important dates such as the solstice.  Because the rotation is not exactly 365 days, the time difference creates what is known as seasonal drift. It would be most unfortunate, for example, if planting dates were missed. Something had to be done to keep the calendar aligned with nature.
3. In 46 B.C., Julius Caesar officially added leap year to the Roman calendar.
4. Individuals born on Leap Day are called Leapers or Leaplings. For centuries it was touted that children born on this date have “unusual talents.”  Now, what that means I have no idea.  Scottish verbal lore declared that babies born on Leap Day were “unruly” and “tough to raise.” The Scots weren’t the only ones with the negative attitude. Leaplings were thought to be sickly by most Britons. The Chinese also believed Leap Year babies were difficult to raise and most unlucky.
5. The Scottish believed leap year was unlucky for all but especially farmers. There is even an old Scottish saying, “leap year was never a good sheep year.” Other cultures believed the extra day caused beans and peas to grow the “wrong” way.  Lower crop yields and distressed livestock were cited as the result of forcing an extra day in the year.
6. I learned that approximately 4 million people alive today have a February 29^th birthday.  Unfortunately, sources on the internet couldn’t agree on the odds of being born on the special day.  Some suggested 1 in 1,461 or 1 in 1,500 (maybe the second source just rounded up).  It is estimated that 10,000 Americans will be born on today.
7. If you’re born on Leap Day you may legally get your birth date changed to either February 28 or March 1. In most areas it’s not an elaborate procedure.
8. Many believe it was St Bridget of Ireland (5^th century Ireland) who offered a complaint to St. Patrick about how unfair it was for women to wait for a man to get around to proposing.  For much of Western history it was illegal for a woman to propose to a man. St. Patrick’s is reputed to have answered was that one day, every 4 years, roles could be reversed and a woman could propose to a man.  According to the Illustrated Almanac for 1853, the Scottish Parliament passed a law that allowed a woman to ask the man for his hand in marriage during Leap Year. Although many believe the source to be a “joking” entry, a man could be fined up to 100 Pounds for not accepting a woman’s proposal. Other literary sources say the fine could be a kiss, silk dress or a pair of gloves but only if a woman wore a read petticoat announcing her intentions. Thank goodness we are no longer strangled by such restrictions.

I hope you enjoyed some of these facts.  It was fun chasing them down to share.  This day only comes once every four years so it’s important to have some fun!  Happy Leap Day!