Our FREE Home Selling Kit

Kit Includes:

1. Avoid 11 Mistakes That Could Cost You Thousands of Dollars.
2. How to Stage Your Home For Maximum Sale Ability.
3. A Sample Contract.
4. An Open House Sign-In Sheet.
5. Home Marketing Tips for "For Sale By Owner"
6. Lender Good Faith Estimate (Example).
7. Sell Your Home at the Highest Price.
8. How to Attract Qualified Buyers.
9. Open House Tips.
10. Tips to Make Your Home Sell Quickly.
11. Safety Reminders.
12. Negotiating With Buyers.
13. Mortgage and Title Companies Services.
14. The Closing Process Checklist.
15. How to Get Every Dollar You Deserve.
16. Five Reasons Why a Property Does or Does Not Sell.
17. Sample CMA (Similar Process That The Bank Appraiser Will Use).
18. Sample Blitz Postcard.
19. Sample Settlement Sheet.
20. List of Advertising Venues.
21. Exclusive Listing Agreement.

For The Selling Kit, Please call Toll FREE @ 1-800-731-1162 ext.0

New FICO Score System Fact Sheet

VantageScoreSM: The Tri-Bureau Model
VantageScore is an innovative score that simplifies and enhances the credit process for both consumers and credit grantors. It’s the first credit scoring model to be developed jointly by the national credit reporting companies. As a result, it leverages the collective expertise of the industry’s leading specialists in credit data, credit risk modeling and analytics to offer greater predictiveness and consistency.

VantageScore Features
· Uses a common score range of 501-990 (higher scores represent a lower likelihood of risk)
· Incorporates cutting-edge patent-pending multiple scorecard technology
· Can be applied to data from any of the three major credit reporting companies
· Includes up to four score factor codes and a fifth FACTA reason code (Spanish version available)

Use of VantageScore can assist you with your lending decisions in a manual or automated environment:
· Set a cut-off score strategy to reduce the time to review an application manually.
· Use the score for tiered offers with multiple cut-off strategies. For example, extend the most favorable offer to your most creditworthy clients and appropriately respective adjusted offers for those consumers that are in the middle segment of credit risk and those consumers that are more risky.
· For deposit/no deposit (pass/fail) strategies, set one cut-off to request a deposit or deny consumers that would fall into a risk category that is unfavorable for your business need.
· When acquiring customers, use it in conjunction with custom application and bankruptcy scores for more accurate decisions.
· For account management, use it with a custom behavior score to determine appropriate cross-sell, activation and re-pricing decisions.
VantageScore Benefits Limits score variability across credit reporting companies: Leveled credit characteristics across Equifax, Experian and TransUnion ensure that any score differences for the same consumer are attributable to content differences, not the scoring algorithm. Scorecards were scaled consistently across each credit reporting company to create a
score range from 501-990. Superior risk prediction: Advanced segmentation techniques were used to create a stronger, more robust model. This results in a stronger separation of good and bad performing accounts and the ability to classify more bad accounts into the lower-scoring ranges. Effective risk management: VantageScore returns more predictive scores on thin-file consumers, which delivers more useful risk management for this segment.

For more information, please contact your credit reporting company’s sales representative, or visit www.vantagescore.com.
© 2006 VantageScore Solutions, LLC. All Rights Reserved.

NAR: Existing-Home Sales Rebound in February

Existing-home rose in February following five months of decline, indicating that the market is stabilizing, according to the NATIONAL ASSOCIATION OF REALTORS®.Total existing-home sales — including single-family, town homes, condominiums and co-ops — increased 5.2 percent to a seasonally adjusted annual rate of 6.91 million units in February from an upwardly revised pace of 6.57 million in January, but were 0.3 percent below a 6.93 million-unit level in February 2005.David Lereah, NAR’s chief economist, says mild weather appears to be responsible for some of the gain. “Weather conditions across much of the country were unseasonably mild in January and likely were a factor in higher levels of buyer activity, which boosted sales that closed in February,” he says. “Higher interest rates had been tapping the breaks, notably in higher-cost housing markets since mortgage interest rates trended up last fall, but we’re seeing signs of stabilization in the market now with the sales rebound. Home sales should level-out in the months ahead.”According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 6.25 percent in February, up from 6.15 percent in January; the rate was 5.63 percent in February 2005.NAR President Thomas M. Stevens from Vienna, Va., says comparisons with market performance over the last five years distort what people should expect from housing as an investment. “Housing is simply returning to a normal market, where annual home prices will rise a little faster than the overall rate of inflation,” says Stevens, senior vice president of NRT Inc. “However, in looking at total returns, you need to consider that the typical buyer is making only a modest downpayment but enjoys a return on the full value of the home, which is many times the actual cash investment. In other words, normal is pretty good for the typical home owner, and that’s what we expect for the foreseeable future.”Stevens noted that price appreciation has yet to cool significantly. “We’re still seeing double-digit annual price gains, but we should get down to single-digit appreciation fairly soon,” he says.The national median existing-home price for all housing types was $209,000 in February, up 10.6 percent from February 2005 when the median was $189,000. The median is a typical market price where half of the homes sold for more and half sold for less.Total housing inventory levels rose 5.2 percent at the end of February to 3.03 million existing homes available for sale, which represents a 5.3-month supply at the current sales pace – the same as in January.Single-family home sales increased 4.7 percent to a seasonally adjusted annual rate of 6.06 million in February from 5.79 million in January, and were 0.2 percent below the 6.07 million-unit pace in February 2005. The median existing single-family home price was $208,500 in February, up 11.6 percent from a year ago.Existing condominium and cooperative housing sales rose 8.8 percent to a seasonally adjusted annual rate of 850,000 units in February from a level of 781,000 in January. Last month’s sales pace was 1.5 percent below the 863,000-unit pace a year ago. The median existing condo price was $214,300 in February, up 3.5 percent from February 2005.Regionally, existing-home sales in the Northeast jumped 19.2 percent to an annual sales rate of 1.18 million units in February, and were 2.6 percent higher than February 2005. The median price in the Northeast was $263,000, which is 5.2 percent higher than a year ago.Total existing-home sales in the Midwest rose 11.1 percent to a pace of 1.60 million in February, and were 1.9 percent above a year earlier. The median existing-home price in the Midwest was $160,000, up 3.9 percent from February 2005.In the West, existing-home sales increased 5.1 percent to an annual pace of 1.44 million in February, but were 10.6 percent below February 2005. The median price in the West was $306,000, up 12.1 percent from a year ago.Existing-home sales in the South fell 2.5 percent in February to a level of 2.69 million, but were 3.1 percent higher than a year ago. The median price in the South was $182,000, up 11.7 percent from February 2005.—NAR

New Credit Scoring System

The three credit reporting agencies, Equifax, TransUnion and Experian jointly unveiled a new credit score - the VantageScore system. According to their press release, it is "designed to simplify and enhance the credit process for both consumers and credit grantors...Under the new scoring system, credit score variance between credit reporting companies will be attributed to data differences within each of the three consumer credit files and not to the structure of the scoring model or data interpretation." Using a rating ranging from 501 to 900, VantageScore claims that it "will provide consumers and businesses with a highly predictive, consistent score that is easy to understand and apply."Expect to hear more about this in the coming weeks!To read more: VantageScore.

HOUSING MARKET READJUSTING TO NORMAL BALANCE

WASHINGTON (March 13, 2006) – A lower level of home sales expected this year will create a more level playing field for buyers and sellers on the heels of a five-year sellers’ market, according to the National Association of Realtors®.David Lereah, NAR’s chief economist, said the number of homes on the market has been improving nicely. “The cooling from overheated sales conditions in recent months is helping to bring inventory levels up to the point where buyers have more choices than they’ve seen in the last five years,” Lereah said. “Annual price appreciation is still running at double-digit rates, but the cause of those sharp increases is going away. As the market readjusts, price appreciation should return to more normal rates of growth this year.”The national median existing-home price for all housing types is projected to rise 5.8 percent in 2006 to $220,300. The median new-home price should increase 5.4 percent this year to $250,200.Existing-home sales are expected to fall 5.7 percent to 6.67 million in 2006 from the record 7.08 million last year. At the same time, new-home sales are forecast to decline 7.7 percent to 1.18 million from a record 1.28 million in 2005 – each sector would be at the third highest year following the tallies for 2005 and 2004. Housing starts are likely to total 1.98 million this year, down 4.3 percent from 2.06 million in 2005.NAR President Thomas M. Stevens from Vienna, Va., said some home buyers and sellers have unrealistic expectations. “Some sellers in markets that have had rapid appreciation are listing the price of their home too high, but those homes are just languishing on the market,” said Stevens, senior vice president of NRT Inc. “At the same time, some buyers who have believed hype about a housing bubble are hoping prices will drop, but that’s not happening either.“Consumers need professional assistance to understand and negotiate the current market realities. Sellers should listen to their agent’s advice to competitively price and show the home, and buyers may want to choose a buyer’s agent to represent their interests and help them negotiate favorable terms. Today’s market has changed a lot from the conditions we’ve seen during the last five years.” The 30-year fixed-rate mortgage should increase gradually to 6.9 percent in the fourth quarter.Inflation as measured by the Consumer Price Index is projected at 3.3 percent this year. Inflation-adjusted disposable personal income is expected to grow 3.7 percent in 2006.Growth in the U.S. gross domestic product is forecast at 3.5 percent in 2006, while the unemployment rate is seen to average 4.8 percent this year.The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.2 million members involved in all aspects of the residential and commercial real estate industries.    

Top Things To Know - Shape Up Your Credit and Determine Your Affordability Range Before Starting The Hunt.

1. Don't buy if you can't stay put.
If you can't commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet. With the transaction costs of buying and selling a home, you may end up losing money if you sell any sooner.
2. Start by shoring up your credit.
Since you most likely will need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible. A few months before you start house hunting, get copies of your credit report. Make sure the facts are correct, and fix any problems you discover.
3. Aim for a home you can really afford.
The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary. But you'll do better to use one of many calculators available online to get a better handle on how your income, debts, and expenses affect what you can afford.
4. Don't worry if you can't put down the usual 20 percent.
There are a variety of public and private lenders who, if you qualify, offer low-interest mortgages that require a down payment as small as 3 percent of the purchase price.
5. Buy in a district with good schools.
In most areas, this advice applies even if you don't have school-age children. Reason: When it comes time to sell, you'll learn that strong school districts are a top priority for many home buyers, thus helping to boost property values.
6. Get professional help.
Even though the Internet gives buyers unprecedented access to home listings, it's still a good idea to use an agent. Look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the bidding process.
7. Choose carefully between points and rate.
When picking a mortgage, you usually have the option of paying additional points -- a portion of the interest that you pay at closing -- in exchange for a lower interest rate. If you stay in the house for a long time -- say five to seven years or more -- it's usually a better deal to take the points. The lower interest rate will save you more in the long run.
8. Before house hunting, get pre-approved.
Getting pre-approved will you save yourself the grief of looking at houses you can't afford and put you in a better position to make a serious offer when you do find the right house. Not to be confused with pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history.
9. Do your homework before bidding.
Your opening bid should be based on the sales trend of similar homes in the neighborhood. So before making it, consider sales of similar homes in the last three months. If homes have recently sold at 5 percent less than the asking price, you should make a bid that's about eight to 10 percent lower than what the seller is asking.
10. Hire a home inspector.
Sure, your lender will require a home appraisal anyway. But that's just the bank's way of determining whether the house is worth the price you've agreed to pay. Separately, you should hire your own home inspector, preferably an engineer with experience in doing home surveys in the area where you are buying. His or her job will be to point out potential problems that could require costly repairs down the road.
    

6 Rules for Smart Home Buyers

Rules worth sharing with first-time (and even repeat) home buyers.

1. Don’t reject a home because of outdated appliances. Buying all new ones costs a few thousand dollars — a drop in the bucket compared to the total cost of the home.
2. Give the commute a try. Early one morning — in the rain if possible — drive to the neighborhood and then to work. How long does it take? How awful is the traffic?
3. Give your real estate professional enough time to present the offer in person. It’s hard to say no to an enthusiastic practitioner when she’s looking you in the eye.
4. Put everything that you really want in the purchase offer, including light fixtures, play sets, appliances.
5. Build escape hatches into the offer, including contingencies for home inspections, appraisals, and financing that give you an out.
6. Don’t rush the lock-in date. Schedule closing for several days before your interest rate lock expires. If the closing is delayed, you won’t be facing a higher interest rate.

Source: St. Petersburg Times (03/11/06)

Good Planning Reduces Investors' Tax Bite

Poor tax planning can make investing in real estate significantly less profitable. Tax, accounting, and business advisory company Grant Thornton offers these tax-season tips for real estate investors.

1. Choose the right form of business. How the real estate business is formed — S Corporation, C Corporation, partnership, limited liability company, or real estate investment trust — affects how taxes are calculated. Get expert advice.


2. Read and understand your operating agreement. The language is complex, but knowing what’s in there can save you big.


3. Are you an investor or a dealer? Pick one and plan properly.


4. Maximize depreciation. Classify costs in the right categories to get the most tax advantage out of depreciation.


5. Reward key executives. Structure it properly so they can defer the tax bite.

Source: Grant Thornton (03/13/06)

This Past Week's Housing Data: Good News or Bad?

It's been a busy week for housing market numbers. On Monday, NAR reported that existing home sales continued to slow in January, down 2.8 percent. New home sales were also down 5 percent from December 2005 to January 2006, the Census Bureau said. There was good news for homeowners on Wednesday from the Office of Federal Housing Enterprise Oversight, which announced that home values are continuing to climb in 274 out of 275 metro area markets (the odd one out being Burlington, NC). And welcome news for home buyers today, with Freddie Mac's report that interest rates are down slightly this week.  Interest rates are still relatively low and homes are selling for an average of 12 percent more than they were last January.

2005 Was a Very Good Year for Home Owners

Home prices rose an average of 13 percent last year, according to a report released by the Office of Federal Housing Enterprise Oversight, the agency that manages mortgage giants Fannie Mae and Freddie Mac.The report pointed out that home prices grew far more rapidly last year than the prices of other goods and services included in the Consumer Price Index (12.95 percent vs. 4.3 percent, respectively).It also noted:

1. Home prices grew by record levels during the fourth-quarter yearly span in 26 metropolitan areas around the U.S.


2. Growth in home prices in Arizona continues to accelerate, with a one-year rate of increase of 39.7 percent in the Phoenix-Mesa-Scottsdale area — the largest of any metropolitan area.


3. The Mountain states became the area with the fastest-growing home prices, edging out the Pacific region. The slowest growth in prices continues to occur in Illinois, Indiana, Michigan, Ohio, and Wisconsin.


4. Home prices in the East Coast states from Maryland to Florida showed their fastest growth rate since 1975, when the OFHEO survey began. Prices in the region jumped by 17.8 percent from the fourth quarter of 2004 to the same period last year.

"Despite recent indications that a slowdown may be forthcoming, house-price appreciation during 2005 continued to hover at near-record levels," says OFHEO's chief economist Patrick Lawler."While deceleration continues in some areas, appreciation generally is still extremely strong," Lawler says. "Mortgage rates climbed significantly during the second half of last year, but the effect of that increase on price appreciation so far appears to be limited."Source: Associated Press, Marcy Gordon (03/02/06)