Your Realtor:
Virtual Real Estate Store
August 2000 Virtual Realestate Store
Real
America's Real Estate Superstore
Copyright © 2000 Realty Times
All Rights Reserved.



Sellers: If You Want It,
Ask For It!


     There's nothing more frustrating to a ready, willing, and seemingly able buyer than to lose an offer to another buyer --- especially since the seller was not specific (down to the letter) about what he expected to receive.
      Sure, there's the list price; but in today's fast-paced market, a buyer/ prospect may offer thousands more than the list price and STILL not be the lucky buyer who gets the property!
     That's why sellers should be as specific as possible with buyers in what they want to receive and achieve in a


Mortgage Rates

National averages as of July 31, 2000:

30 yr. fixed:   7.84%
15 yr. fixed:   7.57%
1 yr. adj:        7.11%
30 yr. jumbo:  8.23%

Source: Bank Rate Monitor


Get today's rates





successful offer.
      Let's tackle the major elements the seller should be prepared to address with serious buyers. I suggest that sellers



Wondering What Your Home Is Worth?

Let us show you.





Automatic Rate Reduction Loans For All

     As interest rates bounce up and down, some savvy borrowers are enjoying the down side.
      A growing number of automatic rate reduction (ARR) loans -- for both prime and subprime borrowers -- are allowing borrowers to cash in on what amounts to an adjustable rate mortgage in reverse.
      ARR loans' interest rates fall with the market, just as ARMs rise when the market is up.
     With an ARR, however, once the rate is down it can't go back up, but it could get lower still.
      The "Declining Rate Loan" from San Diego, CA-based City Line Mortgage allows borrowers to lower their rate by as little as 1/4 percent, even after only a single mortgage payment on a new loan, according to Jim Riley, City Line's CEO.
      Borrowers must have pristine credit records and an unblemished payment history.
      Fees for the new rate depend on the locality, but typically include only the cost to buy title insurance and to file a new deed of trust -- almost always cheaper than refinancing costs.
      The loans obviously are a better deal when rates are steadily declining. In any




Improve Your Insurance Before You Improve Your Home

     IIf you have just insured your new home and paid a year's premiums in advance as required by many lenders, you may think you can forget about insurance for a while. But what if you are planning to remodel your home? Your liabilities may not be covered under your current policy.
      Homeowners spend approximately $100 billion annually on home improvements either preparing a home for sale, to remain in their homes or improving the home after move-in. But before the first nail is hammered, you should check with your insurance representative to make sure your home, the contractor and the subcontractors have adequate coverage.
      According to the Insurance Information Institute (I.I.I.) homeowners who wait until an addition or extra room is completed to increase their coverage are making a mistake. If the new addition is destroyed or damaged before insurance coverage has been increased, the homeowner may be responsible for the cost of repairing or rebuilding the addition. The I.I.I. suggests that homeowners contact their insurance agent before or shortly after work begins to increase the insurance coverage to cover rebuilding/replacement costs.
      Although it varies from state to state and among individual contractors, homeowners need to make certain that the contractor they have chosen


Tracking Trends To Buy, Sell

     If you purchased a home 20 years ago, its value today is likely triple your original purchase price.
      It's also a good bet you have since refinanced your original 17 percent interest rate mortgage for one that costs half as much and you've tapped what could be hundreds of thousands of dollars in equity to send a kid to college, to take a long vacation, to refurbish the home or to move up to another home.
      Ten years ago, if you indeed used your equity to move up to a new home, its value has now doubled, you are enjoying renewed equity returns and you now should be paying hundreds of dollars less a month with a refinanced mortgage several interest rate points cheaper than your original move-up mortgage with its 10 percent interest rate.
      And, according to real estate investor Robert M. Campbell, determining when to make those moves over the past two decades should have been a no-brainer.



Daily News and Advice
August 1, 2000

Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.



More Articles


July Round-Up: Homes Sales Strong, But Not A Record

Does "Moving Up" Make Dollars & Sense

Use a Short-Term Mortgage as an Equity Builder

Winning Your Way Into Your Neighbors' Hearts: A Few Tips

Are You Being Unfaithful To Your Agent On the Internet?


Home Inspector 
Locator