Category Archives: organizing

buying, commitment, Communication, education, Inspiration, organizing, planning, Team work, tips

Are you in the market for a Retirement home?

June 26, 2014 Bettina Settles Leave a comment

Here are 5 key factors you should take in to account when looking for a home.

1- When you are planning a relocation to a community outside the State you are living in consider vacationing in the area during both the busy season and off-season. Many communities have different ‘feels’ to them depending on the time of year. Some people make the mistake of buying a home in a town that they have only visited on vacations once or during the peak summer period.

2-
During your vacation stay find out where medical care is located. According to AARP, more than 60% of Americans ages 50-64 have at least one of six chronic conditions such as hypertension, high cholesterol, arthritis, diabetes, heart disease and cancer. Once seniors reach the age of 65, more than 80% are affected by one of these chronic diseases. Close proximity to hospitals, doctors, and medical facilities should be considered when retiring.

3-
Think about gas prices and other conveniences. Your new home may be located far from family and friends and there may be no public transportation. You may end up spending a lot of money on gas and tolls. Twenty percent of people over 65 do not have a driver’s license. Many who do drive prefer not to drive at night or in inclement weather. Cost of living and the closeness of conveniences should be factored in as well.

4-
Determine how much living space you are comfortable with. Not having a family at home, your space needs will diminish. When looking at homes pay very close attention to how wide the door frames are. Does the home have stairs and if so how many? Do I need a basement and if so how will I get into the basement? Consider a garage attached or detached and whether they have stairs in the garage and attics when looking for a home. Also look for handrails or the possibility to put up handrails in areas like the bathroom or shower. The average size of a home for people over the age of 55 is 1,800 square feet.

5-
Look into social aspects of the area. If you like people, dining out, and shows, you may not want to opt for a remote location. Think about the activities you enjoy both during the day and at night. Many active-adult communities offer entertainment, bus trips to tourist attractions, and on-site shows and programs.

For help to find your perfect retirement home or any other real estate question contact the Settles Team!

buying, commitment, Communication, education, Inspiration, organizing, planning, Team work, tips

When shopping for Home insurance, know what is in your policy.

June 25, 2014 Bettina Settles Leave a comment

Before I continue with this information let me give you a disclaimer; I am not an insurance agent or an attorney. For legal advice or any advice regarding this topic contact your insurance agent or legal counsel.

In one of my blogs I discussed how to keep your home insurance low, but have you ever thought about what should be listed in your policy?

I get it. Some of the polices are written with such fine print that it would take a microscope to read it. How many layman really understand the legal mumbo jumbo contained in their insurance policy. A great Insurance agent can help you navigate the legal wrangling of your insurance contract.

Some things you should look for when you compare insurance policies.

Flood insurance: Many insurance policies do not cover floods of any kind. Even when you are not in a flood zone you might consider adding flood insurance to your policy. Floods not only happen naturally but also could be side effect of developments or construction in the general area.

Does your policy cover to “bringing your property up to code” in case of damage? Why is that important?

If your home was built 10 to 15 years ago it is possible that it may not meet current local code requirements. During the last 10 to 15 years many zoning ordinances and building codes have changed. To bring a home back up to zoning ordinances and building code standards could be a very expensive out of pocket expense when it is not covered by insurance. Typically, during the rebuilding process, buildings must be rebuilt to the new codes.

Another thing to look for in your policy is liability coverage that covers not only accidents, but also assault and battery. Regardless of how much we like our neighbors, friends, and family, when we invite them over to our home they may bring with them their personal life we might not know about. If they decide to duke out their disagreement on your front lawn you could be liable for damages or injuries they sustain. You need to make sure you are covered.

I would like to add another thought. Just because you paid off your mortgage does not mean you should drop your insurance coverage. What you should do is send a “paid in full letter” from your mortgage company to your insurance company so they can take your mortgage company off the policy. In some cases they will reduce your payment as long as you are personally occupying the house.

For more information on insurance related items contact your insurance agent or when you are looking to lower your rate contact one of the agents listed on our resource page. For any Real Estate related questions or concerns contact the Settles Team. We are never too busy to answer any of your questions or address any of your concerns.

commitment, Communication, education, Inspiration, organizing, planning, selling, Short sale, Team work, tips

Easy “no cost” seller ideas to use to sell your home when you are in trouble.

June 24, 2014 Bettina Settles 1 Comment

When you are faced with being forced to sell your home and you do not have the money to invest in repairing it, you may then have to sell it “AS-IS”.

Here are several things you can do to give your home the best chance to sell quickly even if it needs repairs.

Think of what you can do and not what you can’t do……

None of these ideas cost you money and it is possible they may make you some money! (OK one maybe will but only if you have no other option)

In the sellers disclosure identify what needs to be repaired. Better to disclose than to hope the buyer will not see the areas that need attention.

Start clearing out and start selling items you do not need. Look in every nook and cranny.
Remove all your personal pictures and notes from the walls, desks, tables and refrigerators. Buyers are not interested who is in the house they want to know about the house.
Vacuum the carpets all over the house, under the bed, under the couch, and the chairs.
Deep clean all of the bathrooms, and the Kitchen. Do not forget behind the stove and under the refrigerator. People will pull the shower curtain to see how clean the shower is.
Take a damp sponge and clean off all the finger smudges of the walls by the light switches and other places you can find. Don’t scrub hard be very gentle.
Clean out overstuffed closets. Put the excess in to storage or sell it.
Organize your kitchen. Get rid of the junk drawer (we all have one).
Clean off the kitchen counter top. If you keep it cluttered, you are telling the buyer that you do not have enough storage room for your items.
Clean out the garage. If you have to sell some of the stuff you have then do so!! Otherwise put it into storage. Do not use the garage as storage unless you are planning on telling the buyers that the house is too small and does not have enough storage.
Clean up the yard!!!
Mow the yard and keep it trimmed!!!
Ask friends or family members if they have some plants you could plant in your yard when you have none.
Clean your windows and open the curtains to let light in!!!

All these ideas, except for putting some of your items into storage, will cost you no extra money you would not be spending anyway. What you will be spending mostly is your effort to get it done.

The faster you can sell your home, the faster you can get back on track, and the faster you might be able to get in to a new home. The longer it takes, the larger the shortfall will be. In this case time is money!!!!

commitment, Communication, education, Inspiration, organizing, planning, Team work, tips

Lessons I have learned from my Dog Stella

June 23, 2014 Bettina Settles Leave a comment

Never give up

Even so Stella is still not getting along with the cat Heidi who is giving her little smacks on her nose. Stella still keeps on trying to lay right next to Heidi to make friends.

Forgiveness

As a small dog, Stella will get stepped on when you are in crowed areas. Even after she get’s hurt she will stay right on your side and march right on even when she is in pain.

Remorse

When Stella get’s in trouble and she has been corrected, she will move right in with her sloppy kisses and wants to cuddle, to just say “I am sorry”.

True love and friendship

It doesn’t matter who you are or what your day has been like, Stella does not care about that when you walk in the door. She will be there wagging her tail and is ready to greet you with her positive doggy energy.

Always ready to try something new

My family consists of motorcycle riders during the weekends. When we adopted Stella she had to come with us. She was unsure at first because she did not like the sound of the bikes. As her trust in us prevailed she jumped in to her carrier and now she even takes a nap while riding on the bike.

When you are ready to spread your real estate wings contact the Settles Team

buying, commitment, Communication, education, Inspiration, organizing, planning, Team work, tips

Several Steps to help to get you out of debt.

June 19, 2014 Bettina Settles 1 Comment

It is a very overwhelming feeling when you realize that you owe all this money! I have listed several steps to help you dig yourself out of debt. It is a start and you need to make the effort to begin.

“The mint makes it first, it is up to you to make it last. “
Evan Esar (1899 – 1995)

Here are the steps to help you start digging yourself out of debt and achieve other dreams you may have.

At first you need to gain control over your spending.

Start today. There is not better day than today to get started.
List your obligations.In order for you to know what you rally owe you need to make a list of your expenses. List everything you pay! Do not leave out anything.
Begin tracking your expenditures. By keeping a close eye on your purchases, you can determine which are needs and which are wants. You can then formulate an action plan to reduce any unnecessary expenditures. This will free up money to pay down your debt.
Set spending priorities. Make sure you spend to serve your life goals instead of just paying off expenses as they occur. Set aside money first for debt repayment and then budget for things such as saving for college or retirement. Do this before spending on discretionary items.
Leave your credit cards at home. Surveys done by Consolidated Credit Counseling Services indicate consumers are likely to spend more using a credit card than when paying in cash. Also, closing credit card accounts can help you resist the desire to overspend by restricting your credit limit.
Pay more than the minimum payment on your loans.
Try to negotiate a better deal with your lenders. If you’re feeling overwhelmed, don’t be afraid to ask your lenders if they are willing to lower their interest rates or reduce your required monthly payments to help you get back on track. They are more willing to work with you rather than having you file for bankruptcy

This information is not to be considered financial or legal advice. This information comes out of personal experience and I am not a financial adviser, CPA or attorney. For additional information on how to deal with your personal debt please consult your personal financial adviser, CPA or attorney.

For any real estate information and consultation feel free to contact the Settles Team.

buying, commitment, Communication, education, Inspiration, organizing, planning, selling, Short sale, Team work, tips

DIFFERENT TYPES OF LISTING CONTRACTS THAT ARE AVAILABLE TO SELLERS

June 17, 2014 Bettina Settles Leave a comment

Every seller has the right to sell their home without the help of a brokerage firm and that is called a For Sale By Owner (FSBO) listing. You as an owner make the decision of accepting or rejecting an offer from a buyer represented by a real estate professional. Many times, before the buyers real estate representative will present an offer to the FSBO owner, they ask the FSBO owner to sign a commission payment agreement that guarantees the broker a commission at the time of closing. This in many states is also called an OPEN LISTING.

There are many types of listing agreements that can be used in the sale of residential real estate.

Another form of contract is the EXCLUSIVE AGENCY LISTING. The huge difference between this and the EXCLUSIVE RIGHT TO SELL is that when the agent or cooperating agents brings a buyer to the transaction the seller would have to pay for the commission. When the seller brings the buyer to the transaction the seller does not owe the agents a commission at time of closing. Many real estate professionals are reluctant to work on EXCLUSIVE AGENCY LISTINGS due to the lack of control.

An EXCLUSIVE RIGHT TO SELL listing is used close 95% of the time when it comes to listing residential real estate for sale. With this type of listing contract, no matter who brings a willing and able buyer to the transaction, the agent will earn a commission. In most markets when the buyer is brought by a cooperating agent the commission is split equally between the cooperating brokers. The length of time a listing contract runs is negotiable. It can be as short as 30 days and as long as 6 months. It just depends on your local market.

Another form of listing is the NET LISINTG. In many states the net listing might not be legal. Many times with the NET LISTING, the seller tells the real estate professional what their net price is for the home and the agent adds their commission to the net price later when they have a buyer. There might be a conflict when this situation when the agent has an offer that is much higher net than what the seller requested. In this case the seller might feel cheated. On the other hand, when the net is much lower than the seller anticipated the agent might not earn a commission and is reluctant to present the offer. In my state, Indiana, in order for a NET LISTING to be legal, the maximum amount of commission must be stated in the listing contract and has to be disclosed up front and agreed to by the seller.

When you have any questions feel free to contact the Settles Team.

buying, commitment, Communication, education, Inspiration, organizing, planning, selling, Team work, tips

INVESTING IN REAL ESTATE BY USING OTHER PEOPLE’S MONEY

June 16, 2014 Bettina Settles Leave a comment

My preferred way to invest in real estate is cash. Many investors do not have that option or they do not have enough cash on hand to finance their investment. For investors like that there are other options out there to make their real estate investment dreams happen.

I am sure you have heard the saying ”using other people’s money” to invest in real estate and that is what I am talking about. Many of you would think of using the banks or credit unions money but creative financing has been a long time a tool in the investor’s tool box. There are other ways out there to finance your investment dreams.

Keep in mind that any form of investing comes with risk and before you begin investing you should educate yourself about the different forms of financing. With any real estate transaction it is also advised to contact an experienced and competent real estate attorney and CPA.

When you have found a property to invest in, and you have already found a buyer for the property, before you closed on it you might consider doing a double closing before you get a loan. During the double closing you buy and sell the property at the same time.

One of the options could be seller financing. During the closing not all of the money is collected that is due to the seller. The seller is taking a promissory note and the title is still transferred to the buyer.

Another option is to take over the seller mortgage. Where the buyer agrees in writing to make the sellers mortgage payment directly to the seller’s mortgage servicer. The mortgage servicer has to agree to the arrangement.

You also can use private money to finance your investment. With all of the restrictions that are put on a mortgage servicer for them to be able to write loans, a source of private money would come directly from wealthy investors who are looking for another way to invest their money other than a bank or the stock market.

Another form of investing is the lease option. The key to this form of financing is to already have a second lessee lined up before you finalize your original lease option agreement. This will keep your money out of the deal. How it works is that you lease the property with an option and you turn around and lease the property to another potential buyer. Both of you have the option to purchase the property for a set price within a certain amount of time. Some investors also call this having a note.

When you already have other investment property you might be able to leverage the other property to get a loan to purchase your investments. It has been very popular in the past and not so much in today’s market.

When you have any question about investing in real estate feel free to contact the Settles Team

buying, commitment, Communication, education, Inspiration, organizing, planning, Team work, tips

CREDIT CARD INFORMATION, ACCOUNT BALANCES, LOAN DETAILS AND MORE…PROPOSED NEW DATABASE TO COLLECT THIS INFORMATION BY YOUR NAME

June 12, 2014 Bettina Settles Leave a comment

On April 16, a notice by the Federal Housing Finance Agency (FHFA) and Consumer Financial Protection Bureau (CFPB), was posted that looks to expand the National Mortgage Database Program that will include information that would identify individual mortgagees.

This proposal would include the borrowers and co borrowers name, address, zip code, telephone numbers, date of birth, race/ethnicity, gender, language, religion, social security number, education records, military status/records, and employment status/records.

The collection is gained by sending out surveys to homeowners asking them to tell about their recent mortgage purchase experience. The full survey information is later open to policy makers, researchers, and regulators. In short to anyone who requests access to this information.

I am not sure if I am the only one who’s hair is standing up in the back of my neck. I read that several legislators are very concerned and troubled about this newest proposal. Contact your legislator to find out what they think about this newest proposal from FHFA and CFPB. Here is a link where you can find your legislators information. Find your Legisltor

buying, commitment, Communication, education, Inspiration, organizing, planning, selling, Short sale, Team work, tips

PLANNING TO START TO INVEST IN REAL ESTATE?

June 11, 2014 Bettina Settles Leave a comment

Getting started in Real Estate acquisition could be a scary and daunting undertaking. When you break it down into small action steps the elephant in the room can get smaller and smaller.

Before considering any Real Estate acquisition, especially for investment purposes, consider first building your real estate advisory investment team. On our Settles Team website we have some great information listed for experienced or first time Real Estate investors.

After you have your advisory team in place you need to make some crucial decisions.

For example:

How to pay for the investment?
Are you planning on holding or turning the investments?
When you hold the investments who will manage them?
How to take title of the property.

There are many more questions you should consider before looking and buying any investment property.

You need to take real estate investing serious and you should consider it as a full time job and not a hobby. Make a business plan with goals, action steps, and an exit strategy.

When you are planning to get into Real Estate acquisition for investment purposes contact the Settles Team. We will be happy to help.

buying, commitment, Communication, education, Inspiration, organizing, planning, selling, Short sale, Team work, tips

WHAT ARE THE REAL ESTATE FEES FOR SELLERS IN A REAL ESTATE TRANSACTION?

June 10, 2014 Bettina Settles Leave a comment

Depending on what type of financing, the loan amount, and the loan length a buyer seeks for the property they are purchasing, the real estate fees for sellers might vary.

Some of the costs a buyer might accrue are

the down payment
homeowner’s insurance
home inspection
flood insurance if the property is in a flood zone
home owner’s association fees when applicable

Some loans, such as an FHA, VA, or USDA actually require a seller to cover all or some of the closing costs and fees. Some buyers will ask the seller to help them pay for some of the closing costs/fees.

Many of the costs/fees are third party vendor fees like

appraisal fees
closing fee for the title company
title search fee
flood determination fee
courier fee
survey fee
Termite/radon/lead base paint inspection
Title insurance ( lenders policy)
title insurance ( owners policy)
buyer’s attorneys fee (not all states)
sellers attorney fees (not all states)
lenders attorney fees (not all states)

The fee amount varies by state, loan amount, and type of loan. You should contact your local title rep, closing attorney, or mortgage provider for a more comprehensive list within your state. Some states might have additional costs/fees a seller or buyer are required to pay before they close a transaction.