Will a Short Sale Ruin My Credit - in one word Yes

I came across this excellent article from one of the blogs I frequent - By Elizabeth Weintraub, on About.com.  It spells out how financial organizations see a short sale and gives some really good advice when you end up working with one of these homes.  Even after reading this article tread very carefully, this could be a potential mine field legally.  We are not seeing a huge amount of these but the number of foreclosures is rising slowly. 

Elizabeth's article http://homebuying.about.com/b/2008/06/02/will-a-short-sale-ruin-my-credit.htm

New Listing in Alta Iowa Unbelievable Price for this home

Presenting

502 Peterson Street - Priced at $139,900

Elegant home that's move in ready. Large updated eat-in kitchen with granite counter tops, a new down draft cooktop, built-in microwave and oven, and a 2 year old stainless frig. A unique built-in oak buffet with curved glass is featured in the formal dining room. A bright airy front porch that is enclosed and has windows on 3 sides is a peaceful place for a cup of coffee or to sit with friends and chat over iced tea. This home is in great condition with updates including: new central heat and air (2 systems each for higher efficiency),updated windows, updated kitchen, both bathrooms are updated, all new carpet, 220 in the garage, hardwood refinished on front porch, new landscaping with granite chips and landscaping stones, hot water heater, roof, and the raised bed-garden is already planted! Location is also great, just 2 blocks from the Alta high school. Call Georgia today at 712-574-5426 to see this home. Don't miss out on this one! This home is owned by an Iowa Realtor.

Pictures

 Attached oversized 2 vehicle garage with a storage loft, raised bed garden that's already planted, roses, peonies, crab apple trees, hosta's, ferns, iris, lillies, beautiful and on a corner lot.

New Listing - 114 N. Cherokee St, Alta - solid and homey!

This is a great little home, it has 2 bedrooms, one on main and the whole upstairs is the second one.  The upstairs could be made into 2 bedrooms if you are a little handy!  This house qualified for a grant several years ago and the grant helped pay for new siding, windows, electric, plumbing, roof, furnace, hot water heater and  a lot more.  Check it out, if you would like to see it in person call me today, Georgia Weaver 712-574-5426.

  Street view shows the large shop/gardening shed to the south.  There is also a garage and large back yard to enjoy the Alta sunsets.

  This home has a large back yard and a nice patio to enjoy the warm summer evenings.

  The back yard has a lot of space for a garden and the lot has a large shop or garden shed.

  Very nice eat in kitchen

 Cozy living room with a ceiling fan looking into the kitchen

This home also has a full basement and the laundry on main.  Check out the storm lake mls for more pictures and information. www.stormlakemls.com and type in the address.

New Listings - 420 Otsego, Storm Lake - Nearly 2000 sqft and a Media Suite

  Elegant home with a formal dining room, hardwood floors, large kitchen, close to the university, office and media suite.  All this with 3 bedrooms and 1 - full and 2- 3/4 baths. 

  Kitchen has an eat at bar, lots of cabinets and storage and a walk-in pantry, all appliances stay - stove, frig, dishwasher, washer and dryer

  Den - hardwood floors and built in shelving

   Formal Dining room 

  Bedroom 1 - check out the shine on those great hardwood floors, this room also has a 3/4 bath

  View from the dining room into the living-room

 Bedroom 2, walk-in closet and bathroom

  Knotty Pine Media Suite, has kitchen, bath just off and separate entrance See the book case - is is on hinges and swings open like a door to get into the remainder of the basement - too cool!

  Office or guest suite

  Full bath off office/guest suite and media suite

TO see this unique home call me, Georgia Weaver at 712-574-5426.

Upper Midwest Finally Seeing Spring and Having Some Lemonade!

This has been a long, cold, dark winter for us in Iowa and in the Midwest.  Spring and the warmth it brings is still about a month behind on temperatures but birds are chirping, some farmers are trying to get out into the fields and I am seeing some shoots on my roses - a sure sign warmer weather is on the way. 

Many changes have happened in the real estate industry, in our country and for us here in the northern Midwest it seemed like the changes have been a little more negative because of the long bitter cold winter.  Hopefully, we will see some positive changes with the warmer weather.  We are beginning to list more properties, and more buyers are venturing out to see homes but it is much harder to get qualified for a loan that last spring.  It will continue to get even harder for a while, until some of the foreclosure problems are resolved.  In our area we don't have the number of foreclosures many areas have, I am very thankful for that.  A recent CRS class in Minneapolis showed the huge impact foreclosures are having there - many, many for sale signs.

For an investor this is an awesome time, in an area like Minneapolis or one experiencing a high foreclosure rate. Many Realtors are very capable of helping investors complete short sales with financial institutions.  The properties can be fixed up if needed, rented and held until the market rebounds.  One Realtor I know in an area with high foreclosures is doing just that, making lemonade!

Pay your mortgage 30 days late and the result is a drop of 30 points from your credit score!

I was recently in an mls meeting and one of the bankers said that a lot of people are paying bills other than their mortgage.  Wow, that blew me away! Cell phone, credit card, somewhere to live... it seems pretty obvious what the choice should be.  Another thing that surprised me was what impact paying a mortgage 30 days late had on a credit score - a drop of 30 points for each payment 30 days late.  It isn't hard math to figure out that you can't do that many times before you totally wreak your credit profile. 

I know a lot of people are upside down on their mortgages and it is discouraging to pay for something that isn't worth what you bought it for and you may not ever get your money back out of it.  But, how is that different from a vehicle, the day you drive it off the lot is isn't worth what you paid for it, it is very unusual that you get what you owe on one in a trade.  There is a lot of help out there for good honest people who are struggling with an adjustable mortgage.  Don't lose hope, talk to your bank they can help.

One thing I am praying that comes out of this mortgage disaster is a better awareness of how money works, how mortgages work and many, many more questions about financing from my clients.

New Listing in Albert City, Iowa -- SOLD!

Just wanted to let you know 310 3rd Street South in Albert City is SOLD, let me know if you are interested in this area, there are a few more that are thinking about listing. Sold in 16 days, unheard of in this area, if you want this kind of results give me a call, "I only make promises I can Keep".   

The market is picking up in our area, this area has a lot of buyers  and we don't have enough homes listed.  If you are thinking of selling, I personally believe the market is doing very well. 

The Alta market is probably at its peak, with the planned housing development/s I expect to see a dramatic increase in the home supply and as a consequence of the increase in supply a decline in the Alta market  as the demand is satisfied.  My husband and I are taking this market very seriously, in fact, our personal home will listed in May to take advantage of the market condition. 

Got a real estate question; give me a call.  My goal is to amaze, amuse and delight every single one of my clients!

New Listing - Albert City Iowa

Beautiful lovingly restored home, woodwork, open staircase, 2 sets of pocket doors, 4 bedrooms (could be 5) 1 and 3/4 bath.  Attached 2+ car garage, large corner lot, very nice work shop, roses, enclosed heated front porch with a bay window.  New windows, new flooring downstairs, including hardwood, carpet and vinyl, main floor laundry, formal dining room, eat at bar in Kitchen.  Too much to say, take a look at the pictures!

bump  out is part of the formal dining room

Wonderful open stairs

Eat at bar over looking the formal dining room

Formal Dining room

Den off formal dining-room or could be used for a main level bedroom

Kitchen

This home has an abundance of storage - all bedrooms have large walk-in closets, the Den also has a large closet.

Call me today, this won't be on the market long at $81,500!

New listing - Great price, Great Home, Early Iowa

Check out this new listing in Early Iowa.  It is a 3 bedroom 1 and a half bath home with a full dry basement, on a corner lot that has been recently remodeled.  The remodel includes a new kitchen, appliances, all flooring, windows upstairs, central heat and air, hot water heater and new paint.

The price is $52,000 or $56,000 with a new roof.  The roof does not leak but is older and there are several layers on it.

Kitchen is 2.5 years old

Downstairs full bath

Upstairs bath, room to be a full, has a huge walk in closetBedroom 2

Bedroom 3- Upstairs

   Upstairs Landing

Staircase

Check back on Monday for more pictures, this home also has a nice open porch, 2 mature Red Maple trees in the front yard and a detached garage with a storage loft.  The lot is large with lots of room for a garden, fruit trees or entertaining. 

Help me put this sign in the front yard!!!!!

IVideo as close to instant video home tour as you can get

I love this thing, I have used it on a number of new listings and I have several videos of the lake and area where I live.  It is so easy and it also records audio! If you are thinking about getting started doing some video home tours I highly recommend the IVideo.  It is so small I carry it in my pocket, I plan to video my buyers as they move in, my sellers at closing and get testimonials that can be heard and seen on my website.

I just need more hours in the day to implement all my ideas!  Check back later for links to some of these videos!