Posted by Annalisa Burgos | July 14, 2009
What makes a city or town a “best place to live”?
It varies so greatly from person to person and yet we see these types of lists all the time. Heck, FrontDoor.com is coming up with one too — stay tuned for it!
Not sure if Money Magazine’s new list of Best 100 Small Towns to Live will spur a homebuying spree in the named places, most of which are in middle America.
According to Money, these are the places that ranked highest in terms of factors we value, including a strong local economy, housing affordability, income, education and job growth.
The top spot went to Louisville, CO, which is where we found this 3,200-square-foot, 4-bed, 3.5-bath house listed for $469,500.
Here’s the top 10 and if Money’s list has you longing to move to these places, click on the link and browse homes for sale in that town:
1. Louisville, CO
2. Chanhassen, MN
3. Papillion, NE
4. Middleton, WI
5. Milton, MA
6. Warren, NJ
7. Keller, TX
8. Peachtree City, GA
9. Lake St. Louis, MO
10. Mukilteo, WA
Posted by Annalisa Burgos | July 2, 2009
In this week’s vlog, find out why it’s important to get a pre-approval before you go house hunting. Some curious homebuyers will check out an open house or two before actually evaluating their financial situation, but this is actually one of the top 10 homebuying mistakes that can cost you.
Plus… Backyard. Outdoor kitchen. Outdoor living room. Pool. Deck. Find out which summer season home updates pay off when you sell.
Posted by Annalisa Burgos | July 1, 2009
With the flood of first-time buyers and bargain hunters in today’s real estate market, your friends at FrontDoor.com want to remind ALL homebuyers out there to do your due diligence.
Don’t get so caught up with finding a steal that you forget the basics!
In this month’s Top 10, we break down the 10 most costly mistakes buyers commonly make and offer some valuable tips.
Check it out:
Top 10 Home Buying Mistakes That Can Cost You
www.frontdoor.com/top10
Buying a home is a big deal, but it should also be a fun experience. By making smart decisions, your buyer’s thrill won’t become buyer’s remorse.
Happy house hunting!
Posted by Annalisa Burgos | June 25, 2009
Here at FrontDoor.com, nuestra casa es su casa.
And today, we’re happy to welcome millions of new members to the FrontDoor family — more than 60 local TV station affiliates throughout the country and their viewers!
Now you can get real estate listings and valuable homebuying and selling tips and advice from HGTV’s FrontDoor.com on some of your favorite local stations’ Web sites. This is just another example of how FrontDoor is reaching out to consumers in their local markets.
So, for example, Atlantans who tune in to WSB-TV and Denverites who watch KMGH, the Denver Channel can go to these stations’ Web sites and search for homes in the area and get great articles and videos from FrontDoor.com.
We’re bringing the tools you need for your home search and sale at a hyperlocal level. How awesome is that! Pretty awesome.
For more details, check out the news release.
Posted by Annalisa Burgos | June 24, 2009
Real estate auction company REDC (Real Estate Disposition Corp.) works with lenders to sell thousands of foreclosure properties at auctions throughout the country. And in this market, lenders need all the help they can get to unload this excess inventory, quickly and efficiently. Note: REDC auctions are for bank-owned homes or REOs, and are not the same as the public auction, which takes place at the local courthouse.
On June 7, more than 1,200 bargain hunters attended an REDC auction in New York City, where 113 bank-owned houses in the tri-state area were sold for a total of $10 million in sales.
Watch the video to see what it’s like to buy a bank-owned home at an auction.
AUCTION TIPS:
1) Research. Before you buy at a foreclosure auction, do your research. Print out the auction brochure (if there is one), note the open house dates for the properties you’re interested in and see them in person. You more than likely will have to buy “as-is” and you won’t be able to get a home inspection done. When you visit the homes, look out for these 10 red flags for homebuyers.
2) Crunch the numbers. Estimate how much you expect to spend on home improvements on top of the purchase price, which includes a premium the auction company charges each buyer. If you’re an investor, subtract those expenses from the income you expect to generate from the home (rent) and decide if it’s a smart investment.
3) Register and be prepared. Each auction has different requirements, but all of them require you to register and bring a cashier’s check or cash for the required earnest money deposit. Many transactions are cash-only, but some auctions will allow you to finance the purchase through a lender, so get pre-approved beforehand so you know what your maximum bid will be.
For more tips on how to buy a foreclosure, go to www.frontdoor.com/foreclosures.
Posted by Annalisa Burgos | June 12, 2009
With so much drama in the world, there’s no better time than now to step back and take a breath. It’s easy to get caught up with the stress and emotion of buying and selling a home. That’s why FrontDoor Insider Tara-Nicholle Nelson is sharing her solutions and strategies to deal with today’s frustrating real estate situations, like getting rejected for a mortgage or facing foreclosure after losing a job. It’s all in Tara’s Drama-Free Real Estate Guide at www.frontdoor.com/dramafree.
To spread the word about these great tips and advice, Tara and the FrontDoor team took it to the media — with the important message that now is not the time for consumers to panic (and it’s easy to with all the negative headlines), but rather they should be proactive.
Posted by Annalisa Burgos | June 8, 2009
HGTV has always been about enhancing your home and home life. So it makes sense that FrontDoor.com, the real estate site powered by HGTV, is about enhancing your search for the place you call home. That means bringing you valuable tips and advice to help you make smart decisions. So in addition to our blog and large library of articles and videos, we’ve created a vlog.
Real estate topics can be dry and boring, and most of the real estate news videos I’ve seen out there are just that. As the host, I want this to be informative and fun. And as a journalist, I want this to be relevant, since today’s buyers and homeowners don’t have time to sift through all the information that’s out there.
The vlog is not meant to be fancy or flashy. It’s our way of connecting with you as that smart friend “in the know.” Future episodes will feature different topics and occasionally a special guest. If there’s something you’d like to know or have an idea or pitch for the vlog, we want to hear it. Post a comment here and we could feature it in our next episode!
Posted by Annalisa Burgos | June 4, 2009
We’ve all heard about the $8,000 tax credit for first-time homebuyers — the government’s carrot to spur buying and help reduce unsold inventory.
How it used to work: A first-time buyer would complete the homebuying process, file their tax return with the IRS in January and the credit would be applied to the taxes owed. If you don’t owe anything, you get the full credit.
How it works now: A new federal program will let you use the tax credit immediately — during closing. This is an even sweeter carrot, because the down payment and closing costs are typically the biggest obstacles to overcome when buying a home.
In today’s uncertain economy, people would rather hold on to their cash. With lenders charging higher fees, this program lightens the burden of closing costs. Average fees for a $200,000 mortgage in 2008 with a 20 percent down payment were $3,118, according to Bankrate.
The catch or two…: How much your credit will be depends on your income, tax-filing status and home price. You have to get a Federal Housing Administration (FHA) mortgage and put down at least 3.5 percent of the purchase price. Of course it doesn’t hurt to use the credit to boost your down payment, which could help lower your interest rate.
Also it’s important to note that like conventional loans that require private mortgage insurance (PMI) when the down payment is less than 20 percent, FHA loans require what’s called a mortgage insurance premium (MIP). With the FHA loan, you pay an up-front premium (1.75 percent of the loan) which is financed into the mortgage and a monthly premium for at least the first five years (0.50 percent to 0.55 percent).
The bottom line: Any time you can get money upfront as opposed to waiting for it, it’s a good thing. Too bad I still own a condo in Knoxville, or else I’d be all over this.
Posted by Annalisa Burgos | May 8, 2009
My mother-in-law and I get along well, but I’m not sure how I’d feel about her living with me and my husband. Sure we’d get a babysitter and homemade enchiladas whenever we want. But there’s just something disconcerting about having your husband’s mother so close — the potential for power struggles and disagreements on how the household is run and how the children are raised. Not to mention the possibility that your husband will have to choose sides during an argument.
That said, many families across the country live happily with their mother-in-laws, and in a recession, sharing one roof to save money may not be such a bad idea. Which is why I expect a growing demand for “mother-in-law suites” or accessory dwelling units, as some cities call them.
A brief background — zoning and land use laws typically ban multiple dwelling units on one property, but some cities allow a relative or guest to live in secondary units, hence the term “mother-in-law suite,” or as I’ve heard here in the Northeast “a mother/daughter home.” You essentially have a separate living area, with its own kitchen and bathroom, connected to a single family home. They come in various forms, often a finished attic or basement or a detached building elsewhere on the property.
As more extended families and relatives move in together, properties with mother-in-law suites will become more appealing. Real estate agents already call out the feature in their listings. Before you buy one, make sure you check your local laws — you may or may not be able to rent out the space.
Check out these pictures of an awesome Craftsman-style home with mother-in-law suite (more like house!) for sale in Redmond, Oregon. It’s like getting two homes for the price of one! It’s listed for 390K.
If this one isn’t for you, don’t worry. We’ve got tons more on www.FrontDoor.com. And if you do decide to have your mother-in-law live with you, good luck with that.
Posted by Annalisa Burgos | April 30, 2009
Whenever I go to an open house, the listing agent often offers me the business card of a mortgage broker or loan officer, in case I’m looking for financing. Since I usually secure financing before I go house hunting, I never really think about the recommendation. Figured the guy was a friend, so the agent was doing him a favor by throwing him a bone.
But what if that agent or broker took a kickback for it. A big NO-NO.
Apparently, that’s what the nominee for the head of the Federal Housing Administration is accused of.
David Stevens, president and chief operating officer of Long & Foster, was supposed to be confirmed on Capitol Hill this week, but lawmakers put the vote on hold to review lawsuits alleging his company broke federal anti-kickback laws.
Long & Foster is facing several class action lawsuits, alleging that it shared profits with affiliated mortgage and title companies in exchange for bringing buyers their way. While these relationships are commonplace in the real estate industry, profiting from them is illegal.
If confirmed, mortgage industry vet Stevens will run the FHA, which offers those highly-coveted loans that require as little as a 3.5 percent down payment.
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