Tuesday, April 30, 2013

A spacious log cabin overlooking Settlers Bay Golf Course in Wasilla

A spacious log cabin overlooking Settlers Bay Golf Course in Wasilla

5960 S Pavilof Circle
Wasilla, AK 99654

Price: $465,000

 

Just Listed



Property Type: Single Family/Log Cabin

  • Bedrooms: 4; Total Baths: 4
  • Year Built: 2006; Sq. Feet: 3,140; Lot Size: 1.18
    • View: Inlet, Mountains ; Garage(s): 2
  • Heat: In-Floor Heat

Phone#: 907-694-1234

Click here to see more exciting features of this property!

 

This spacious log cabin overlooks the Settlers Bay Golf Course and also has a great view of the inlet in the winter time.

 

With the in-floor heating throughout the home

and the hot tub in the master bedroom,

it is impossible not to fall in love with this dream home.

All but one of the bedrooms has a private bathroom, what a perfect setup for a B&B.

 

We also have vacant lots available.

Brought to you by:

Les Bailey & Associates Real Estate Team

Keller Williams Alaska Group

Direct: 907-694-1234

Toll Free: 1-800-784-2912

www.LesBaileyAndAssociates.com

Monday, April 29, 2013

How to Sell Your Home in a Short Sale

By Jason Hahn

 

life-after-short-sale-couple-point-330wide

If you want to know what a short sale experience is really like, just ask Erin. In 2005, Erin and her husband, then newly married, purchased their first home, in Sacramento, Calif., for $350,000. Just three years later, her husband's commodities business was in decline and their financial situation soured to the point where they couldn't keep up with their monthly payments.

The couple considered renegotiating the terms of their loan with their bank, which might have extended the life of their loan for 10 additional years. But considering that their home lost half of its value, the prospect of spending the next 40 years to pay off their mortgage seemed less than desirable. That's when they entertained a short sale.
"I've always considered myself to be an honest and forthright person, and there is no doubt that in making the decision to short sell I was, in fact, breaking my word and a promise I made to the bank to pay off their loan in its entirely," said Erin. "But when I step back and look at the big picture -- at the banking industry, all of the broken promises it has made to homeowners like myself who were manipulated into truly lopsided loans, and the reality of my financial situation -- it was clear that the short sale was our best and most viable option."

Stories like Erin's are certainly not rare. A short sale occurs when a homeowner in poor financial shape sells a home for less than the amount due on the mortgage, with all the proceeds going to the lender. They offer an appealing alternative to foreclosures, but that doesn't mean that it's an easier process to endure. Here's an overview of what a homeowner should do when considering selling in a short sale.

1. Talk to people

After enduring a financial hardship and finding out that your home is underwater, your first steps should be to talk to three key parties: a CPA, a real estate attorney and a qualified real estate agent.
"Each state has its own laws regarding the lender's ability to come after the borrower for a deficiency after the sale or foreclosure, so it is highly recommended that homeowners discuss their situation with all three of these people," says Bob Hertzog, a real estate broker with Summit Home Consultants in Phoenix. He adds that in some cases, it might be better to just go with a foreclosure or bankruptcy filing. Consulting with these three parties will help you to confidently go forward with the short sale, or to learn early on whether or not you should go another route altogether.

2. Find the right agent

If your discussions lead to a decision that a short sale is the way to go, it's time to choose the best real estate agent available. While many agents will tout themselves as short-sale experts and tag on fancy titles and certifications to their names, many times these are nothing more than titles granted after completion of a course. If you want to use titles as guidelines, keep an eye out for Certified Distressed Property Experts (CDPE) or National Association of Realtors Short Sale Specialists.
Beyond titles and organization names, it's important to ask questions like, "How many short sale listings do you currently have? How many short-sale listings have you lost to foreclosure? Can I have the names and phone numbers of your last five short-sale listing clients?" "The short-sale process lives and dies with the listing agent," says John Makarewicz, a real estate agent in Atlanta who specializes in short sales. Also, be wary of scammers who offer things that sound too good to be true.

3. Find the true value of your home
Before embarking on the long process of a short sale, homeowners should verify the value of their home. This can be done in several ways. If you're trying to do as much work on your own, you can use tools like AOL Real Estate's home value generator to approximate the value of your property by comparing it with the values of similar, neighboring houses. You can also look to your real estate broker to give you an estimate. A third option is to get an estimate from an independent appraiser. One way to do this is to search the Appraisal Institute website to find an appraiser in your area. "Too often I will see homes listed way below market value marketed as a short sale," says Makarewicz. "The banks are not dumb and they are looking for as close to market value as possible."

 

4. List the home at the right price
The price that the home is listed at is a key step in the short sale process. It should be slightly above market value, and the price should be lowered at pre-determined intervals until an offer is received. This will appease your bank by showing them that you tried to do your best to get them the most for your home.
"Not only do you need an attractive sales price to entice a buyer to go through the shenanigans inherent in a short sale, but you need to satisfy the bank's appetite for profit," says Elizabeth Weintraub, a broker-associate at Lyon Real Estate and writer of the home buying/selling guide at About.com. "If you can't give the bank a decent sales price, the bank might reject the short sale."

5. Get your package together
Once an offer is received, it's time to start building your short-sale package. Your lender will require a number of documents, including a hardship letter, your tax returns from the last two years and your last two pay stubs, among other things. When all is said and done, the whole package could be 60 to 80 pages long, according to Hertzog. It's essential that all required documents are included in the package, as banks will look for any and every reason to put off your short sale.

6. Wait

Now it's all about patience, a key part of the short-sale process. It could take about 30 to 45 days for the lender to get your short-sale package, put all the information on their system and assign the sale to a negotiator -- in some cases, it could take up to three months.

7. Negotiate

The negotiator from the lender will offer a broker-price opinion (BPO), or an appraisal, of your home. Typically, if the offer you've received is within 5 percent of the BPO and if all necessary information is given to the lender, the short sale will be approved. If the offer is too low, the lender could counter with a higher sale price. This may lead to some back-and-forth negotiating, and buyers may come and go, but keep your agent close and don't get discouraged. This is all part of the game. The entire short-sale process could take six weeks, while others may take a year or longer.

After 14 grueling months of negotiating and nitpicking from the bank, Erin completed a short sale of her home in May. The long, involved process of short selling her home was a true team effort. "A short sale is not for the faint of heart and having a team of Realtors to work with that's well versed in the art of short selling is a necessity."

Friday, April 26, 2013

First-Time Homebuyer's Guide

By Stefanos Chen

 

home for sale sign

Mike Valdez fits the profile of a savvy first-time homebuyer perfectly. A 34-year-old financial analyst from New Rochelle, N.Y., he and his family had grown sick of living the renter's life. So two years ago he decided to test the market and find a townhouse for his growing family. But despite his financial aptitude, he quickly ran into a setback.
"We found a place we liked and ran the numbers," he says, but the young couple soon discovered that they had underestimated the burden of their college debt. They were forced to back out.

Mike's lesson goes to the heart of what every first-time homebuyer needs to know -- buying a home means so much more than paying a mortgage.

Fix Your Credit

The first step toward buying a home takes place months before walking into your lender's office. It's crucial to check your credit score at least three to six months ahead of your mortgage application, says Rod Griffin, director of Public Education at Experian. You can request a free copy of the report from each of the three credit bureaus (Experian, TransUnion and Equifax) at annualcreditreport.com.
Even if you don't have sterling credit (generally a FICO score of 720 or above), the most important thing to do is to take stock of what the figure means. "Every score is educational," says Griffin. "It's more about why the number is than what the number is."

This is especially true since there are different proprietary scales used to gauge credit: the Vantage score, for instance, ranges from 501 to 990, while the FICO score runs from 300 to 850. Make sure to read the accompanying credit report to understand what your score actually means. It's also important to check for errors in the report, which can have a negative effect on your credit, and ultimately, your mortgage rate. One in four reports has an error serious enough to prevent homebuyers from getting credit, according to the U.S. Public Interest Research Groups. So get your reports well in advance of the house hunt.

Prepare for Down Payment and Closing Costs

A generation ago, it used to be the norm to put 20 percent down, but with the market in its current state of flux, many first-time homebuyers are finding ways to pay just 3 to 5 percent of the total cost upfront. Federal Housing Act (FHA) loans increasingly have become a popular option for first-time buyers, says Greg Herb, regional vice president of the National Association of Realtors. These competitively low-interest loans are ideal for buyers with less than perfect credit, and because the Department of Housing and Urban Development (HUD) minimizes the risk of default for lenders on these loans, borrowers are only required to put down 3.5 percent of the cost--a far cry from the traditional 20 percent down payment.

 

Still, there are advantages to paying more at the start. A larger down payment ultimately means smaller monthly bills down the line. Also, if you purchase a conventional loan (i.e.: one that is not backed by a federal agency), paying 20 percent or more upfront will eliminate the need to pay Private Mortgage Insurance (PMI) charges. PMI is insurance for your lender that can be paid upfront or in monthly installments, and is designed to offset your lender's risk in the case that you've paid less than 20 percent on your home. It can cost around $55 a month per $100,000 financed. While it's important to note that FHA loans also carry mortgage insurance with a down payment of under 20 percent, their low barriers to own still make them a good choice for first-time buyers.

Figure How Much House You Can Afford

Your debt-to-income ratio (DTI) is the percentage of your gross monthly income set aside for paying debts. While some loans may qualify you for up to 50 percent of your monthly gross income, it's advisable that you use no more than 30 percent, says Joe Adamaitis, a mortgage banker in Sarasota, Fla. Be realistic about how much you can pay, because an unexpected event could tear a hole in a tight budget.

If, for example, you have a $5,000 gross monthly income, Adamaitis gives this scenario: After taxes, you might actually clear around $3,600. If you expect to owe 30 percent of your gross monthly income, that's $1500 a month, leaving you a grand total of $2,100 to live on. At this rate, your 30 percent debt is actually cutting into 42 percent of your monthly income, after taxes. So when calculating your budget, be completely honest about your spending habits, even if lenders say you qualify for more.

Hunt for a House

Finding the perfect home can have a lot to do with finding a compatible real estate agent, especially in today's evolving mortgage landscape. "The person you choose will quarterback the whole process for you," he explains. It's crucial to be in contact with an agent before starting the home search, "because you might be looking at x when all you can afford is y." First-time homebuyers should make it clear what features they're looking for and how much they're willing to spend.

There are, however, certain questions that Fair Housing laws prohibit agents from answering, such as where to find religious centers in the area, the quality of the school systems, and crime rates. Be proactive in speaking with members of the community and inquire about the issues that matter most to you. For parents, search public sex offender registries, which can be found online, to see if there are high-risk areas in the neighborhood. In most states, agents must disclose whether violent crimes occurred on a property within a set number of years, but not so with suicides -- find your comfort level and do your research.

Make an Offer

Sellers can price a property however they see fit, but that doesn't mean homebuyers should pay a ridiculous cost. "Get your agent to pull all the comparable sold properties that occurred in the last six months," says Adamaitis. "How many were short-sales? How many were foreclosures? Then gauge by square foot the comparable cost."

Get Your Money's Worth

At signing, the buyer should demand that the contract be contingent on an objective appraisal of the house, Adamaitis says. Look into the history of the home and make sure there aren't any liens against the property. You should be able to negotiate with the seller to make any necessary repairs to the house before closing on the deal.
Contingencies vary by state, but you should certainly inspect the home for possible lead paint, radon, and structural issues. Depending on which contingencies your state recognizes, these flaws can provide grounds to cancel the contract without penalty, and get back the earnest money deposit you put down at the start of negotiations.

Stay on Course

Beginning to end, you can expect the entire process to last around four to five months, says Herb. Of course, with as much great inventory on the market as there is, it's not unusual for homebuyers to find something within two to four weeks.
On a brighter note, Mike jumped back into the house hunt a little wiser this year and closed on a three-bedroom townhouse for him and his family in about four month's time. The real journey starts at the end of the month, though -- when his first bill arrives in the mail.

Thursday, April 25, 2013

Amazing custom home in a snowmachiner paradise in Big Lake.

7676 S Burma Road
Big Lake, AK 99652

Price: $450,000


Just Listed



Property Type: Two-Story home with Basement

  • Bedrooms: 4; Total Baths: 3.5
  • Year Built: 1992; Sq. Feet: 4,339; Lot Size: 2.52
  • View: Mountains and a Lake; Garage(s): 2
  • Heat: Baseboard,Radiant

Phone#: 907-694-1234


Click here to see more exciting features of this property!

Amazing custom home in a snowmachiner paradise in Big Lake.

soapstone woodstove, office/den,

Situated on 2.52 acres on Marian Lake. This is a dream year-round or weekend get-a-way.

Upgrades galore! Chef's kitchen, Viking 6-burner range, travertine tile & walnut hardwood flooring, all new windows,

solid surface counters,

luxurious master, secret passage/playhouse between two BR's. Fish, snowmobile, et cetera.

 

Burma

Amazing custom home in a snowmachiner paradise in Big Lake.

 

We also have vacant lots available.

Brought to you by:

Les Bailey & Associates Real Estate Team

Keller Williams Alaska Group

Direct: 907-694-1234

Toll Free: 1-800-784-2912

www.LesBaileyAndAssociates.com

Wednesday, April 24, 2013

How to Get a Home Loan With Bad Credit

By Sheree R. Curry

 

To easily snag a home loan, an applicant needs to be a "triple threat" -- have an excellent credit rating, a large down payment, and low debt-to-income ratio with steady significant income. But even if you have bad credit, you don't have to rule out future home ownership.

Homebuyers with bad credit due to a foreclosure or bankruptcy, or who have previously been turned down for a loan, can still get a home loan.
Melanye Miller, a 40-something Chicago schoolteacher, has been hankering for three years to move out of the single-family home she was renting, so that she could purchase a place big enough for her and her three children. But when her credit report revealed a poor score, she knew banks would not give her a home loan, especially not one with zero down payment.

To increase her chances of getting a home loan, Miller began a long road to recovery from her bad credit history, which included not using credit cards and setting aside money each month for her house fund. Finally, in November, after saving for almost two years, she purchased a four-bedroom condo. "I saved and saved, but I decided to purchase a foreclosure condo because it was less expensive and required fewer funds," she says. "Owning a home is not out of the question if you have bad credit. You just have to do your research, know what you can really afford, do even more research, and save your money."
There are hurdles, for sure. But for those with a less than stellar credit history, you need to highlight your "compensating factors" -- those mitigating factors not reflected in your bad credit score or on your credit report.

Even though there are few opportunities for personal appeals when applying for a home loan -- for instance, explaining why a bill was not paid on time -- you can still try to present yourself in the best possible light. It just may help tip the scales in your favor when you've got bad credit in your history.
Here are seven compensating factors to consider submitting with your home loan application to help improve your chances for obtaining a mortgage, even with bad credit:

1. Flaunt other assets.
If you don't have a large cash reserve or a large down payment, show loan officers the financial assets you do have. For example, if you have whole life insurance, list the cash value on your home loan application. If you have a sizable 401(k) or other retirement accounts, be sure to list them all and their current values. This strategy lets lenders know that if you're ever in a bind paying your mortgage, you're able to pull from one of these other sources to make ends meet. And if you're seeking to refinance, showing a low loan-to-value rating is a huge plus.

2. Stress job stability.
If you have been working in the same industry for several years, and even with the same company for, say, five years or longer, be sure to highlight that to offset a bad credit history. And don't forget to mention any regular pay raises that you've received. If you have a cost-of-living increase every two years, or an annual merit-pay increase, be sure to mention in your home loan application how your income has risen over the years. The same goes for regular bonuses. Proof of rising pay or additional money will help lenders know that you will have funds to offset any possible rise in expenditures, such as property taxes or utilities.

3. Show discipline.
Prove to lenders that your bad credit is a thing of the past and that you know how to save. If you've been socking away $600 a month to a savings account or have been contributing yearly to a retirement account, this will help you obtain a home loan. You are trying to show discipline, consistency and stability.

Real Estate

 

4. Willingness to stay put. Prove to lenders that you're not a flight risk. Home loan lenders like to believe that you're going to stay put in that home for some time (though you can always upgrade or downsize). Show that you're committed to the home, neighborhood or greater community by listing how long you lived at your last residence, if the length of time was significant -- three years or more. If that time was spent living in your mother's basement, that might not fly, unless you show that the home you're interested in is down the street from Mom. Strong ties to the community can help.

5. Increase your down payment.
The days of zero down payments are pretty much gone. Yes, you can get a house with a 10 percent down payment, or 3.5 percent under FHA. But in general, the larger the down payment, the quicker the home loan approval. Historically, the single largest obstacle to purchasing a home has been amassing enough money for the down payment and closing costs. If you can't come up with that money on your own, there are a few down-payment assistance programs as well as state and local municipality programs to help. Check with your city for possible homebuyer assistance; show your banker that you're not afraid to ask for help and that you have the tenacity to solve any of your own financial problems.

6. Don't bite off more than you can chew.
Be reasonable about the amount of house and home loan you can afford, even if some real estate agents or brokers are telling you that you can afford more. The best advice is to start out smaller than you want. Spend some time getting to know home prices in the area where you want to buy, and know that you always can move up later. It's far better to own a home you can afford than to move into something outside your payment comfort level -- only to lose it and amass more bad credit down the road.

7. Have proof.
It's one thing to tell potential home loan lenders that you never were late on your rent, or that you always pay your child support obligations. It's another thing to be able to show them. Be prepared to give documentation to back up all of the items on your compensating factors list. For example, show canceled checks for payments you've made to any entity, show bank statements to prove regular deposits of income or contributions to retirement. A letter from a landlord saying that you paid rent on time is not enough. If you cannot produce these documents, you will raise doubts about the veracity of your credit history.
The bottom line is there are certain red flags that give home loan lenders pause. When your credit history is less than perfect, get past the warning signs by highlighting other, positive aspects of your financial profile.

Tuesday, April 23, 2013

More Young Couples Say 'I Do' to Buying a Home Before Marriage

By Graham Wood

 

Wedding Rings

First comes love ... then comes a house ... then comes marriage. Getting hitched may not be the ultimate sign of commitment these days as more and more couples opt to buy a house together before walking down the aisle, new research shows. Nearly 1 in 4 married couples ages 18 to 34 purchased a home together before getting married, according to a recent Coldwell Banker Real Estate survey released this week. That compares to just 14 percent of married couples ages 45 and older.
That's a reflection of millennials' shifting attitudes toward commitment, said psychotherapist
Dr. Robi Ludwig. "People are very commitment oriented, but millennials are much more pragmatic," she told AOL Real Estate. "I think millennials are saying that if we want to have the life we want, we need to make smart decisions early on. ... The home becomes the new engagement ring -- and in some ways, the new wedding."


zina-miranda

It's not that these young couples are less committed by putting the purchase of a house before a wedding. According to the Coldwell Banker survey, 80 percent of all married couples who bought a home together at any stage of their relationship said that purchase strengthened their bond more than any other purchase they've made. (The survey of 2,116 adults was conducted March 8-12, reported USA Today.)

For Zina Miranda and her fiance, Steve Roman, both 24 (and both pictured at left), buying a house was the next logical step after getting engaged. They're not due to marry until May 2014, but this June will mark their five-year anniversary, and they were just ready to take the real estate plunge. The couple recently bought a house in Patchogue, N.Y.

"We got engaged, and I was like, 'OK, let's start looking [for a house]," Miranda told AOL Real Estate. "It was just a really good opportunity to buy a house. We had been saving a long time."
Does she think that buying a home proves their commitment to each other even more than getting married? "On some level, yes," Miranda said. The couple's venture into homeownership is doubly important to them: It's the first time they've lived together. "This is the house I could live in through the rest of my life," she added.

While that might be a beautiful thing for young couples in love, the legal ramifications of buying before marriage could be a little uglier. John Braun, a real estate attorney at
Thomas Law Groupin Minneapolis, said that he has one word of advice for couples buying a home before marriage: Don't.
If you buy a home before marriage, Braun explained, you basically sign a contract that gives you both equal ownership of the house, but not joint ownership (at least until marriage). In the event one of the partners dies, their share of the house goes to their heirs, not the other partner. And if you never make it to the altar and break up, well, "you are left owning a piece of property with someone who is wishing that you would die," Braun joked.

"When I am not scaring people away from [buying a house before marriage] altogether, I usually recommend that they have an agreement that governs their ownership interests whatever happens," he said. "This kind of contract sets forth the contributions made by each party, establishes a right of either party to demand that the property be sold and makes a bunch of other decisions by agreement in advance that are impossible to make by agreement when the parties hate each other. This is an area where an hour or two with an attorney can really pay off in the long run; untangling these interests down the road is a time-consuming -- and expensive -- undertaking."

Monday, April 22, 2013

10 Cities With the Most Green Homes

 

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From AOL Real Estate.

Photos by Wikimedia Commons

Friday, April 19, 2013

8584 Sara Lynn Place 21, Anchorage

8584 Sara Lynn Place 21, Anchorage

 

Just Listed

 

 

Price: $179,000

 

Property Type:Condo/Townhouse/Co-Op

  • Bedrooms: 3; Total Baths: 1.5
  • Year Built: 2003; Sq. Feet: 1,350
  • View: Mountains; Parking Space(s): 2
  • Heat: Forced Air

Phone#: 907-694-1234

 

Click here to see more exciting features and pictures of this property!

Sara Lynn

Relax in this well kept townhome in an enjoyable west-side location.

KitchenFenced Yard

All bedrooms upstairs. Great starter home for the first-time homebuyer. Seller added a large back deck and much more for entertaining.

This is a must see.

Master

8584 Sara Lynn Place 21, Anchorage

 

 

We also have vacant lots available.

 

Brought to you by:

Les Bailey & Associates Real Estate Team

Keller Williams Alaska Group

Direct: 907-694-1234

Toll Free: 1-800-784-2912

www.LesBaileyAndAssociates.com

 

Thursday, April 18, 2013

3867 N Forestwood Drive

3867 N Forestwood Drive

 

Just Listed

 

 

Price: $650,000

  • Style: Two-Story W/Basement
  • Bedrooms: 4 Total; Baths: 4.5
  • Garage: 3 attached/heated; Year Built: 2004
  • Sq. Feet: 4,372; Lot Size: 8.97
  • Phone#: 907-694-1234

Heat: In-Floor Heat,Stove

 

Click here to see more exciting features of this property!

palmer

See a quick clip of this dream home below!

Custom log home on nearly 9 acres. Live your Alaska dream.

bed

Upgrades include in-floor heat, soapstone wood stove, shop,

shopside view

great views and privacy, and the list goes on and on.

livingroom view

Theater room and storage is a huge bonus for everyone to enjoy.

Front face

3867 N Forestwood Drive

view

And lastly, the beautiful sunset, the unobstructed views of the lake and the majestic mountains make this home so heavenly.

 

We also have vacant lots available.


Brought to you by:

Les Bailey & Associates Real Estate Team

Keller Williams Alaska Group

Direct: 907-694-1234

Toll Free: 1-800-784-2912

www.LesBaileyAndAssociates.com