Who Needs A Home Warranty??

                                It's the Holiday season your preparing dinner for 15 and setting up the guest rooms for your relatives. You have spent a small fortune on making sure the refrigerator is stocked with holiday sweets & treats. Turned up the fireplace to enhance the ambiance of the holiday season and cleaned the carpets in every room. Your feeling good and with the roast simmering in the oven your ahead of schedule. You decide to take off your apron and sit down on the couch for a little rest & relaxation. Life is good and today your at the top of your game.....
                              All of a sudden you hear your dishwasher make a strange noise and before you can stop it suds and hot water began seeping from under it all over the kitchen floor. As you begin to clean up the mess you notice you do not hear the soft hum the refrigerator normally makes. You make your way across the kitchen and open the refrigerator door to your dismay its hot inside. Your Chocolate Moose Dessert has melted all over the Banana Cream Pie you slaved over. From experience you know bad things usually come in 3's so your not surprised to see your dog in the bathroom barking uncontrollably at the toilet he usually drinks from. Its overflowing and to make matters worse its soaked the carpet in the hallway.
                             

                            You have to get the water up and stop the overflow as quickly as possible so you run to the linen closet for a towel. You click the light switch and the breakers go out. Since you have an electric stove that roast you were cooking won't be well done but under cooked. While standing there deciding what to do a flashback of the previous holiday season makes you cringe. That Thanksgiving you cooked your first turkey for the family. The look on their faces as you tried to carve that golden brown frozen turkey still haunts you. If only someone would have told you it would take longer than an hour to cook a 30 pound bird, even if it did brown fast... You have reached your breaking point if one more thing breaks down your going to jump off the roof!
                          Not knowing that your home and the appliances in it are alive and have plotted against you because you failed to protect them with a home warranty the que is given for the microwave to explode open and the water tank to burst.

                          As you stand there moments later on the roof ledge preparing to jump because of the circus happening around you. Sparks coming out of your chimney, the garage door opening and closing & water high as the windows your suddenly jolted back to reality by the doorbell. The cat got out and the neighbor was returning him. You put the cat on his mat and head to the computer. You type in- home warranty companies....

                       Although everything may not break down at the same time in your home. I can almost guarantee if something does go awry it will most likely be at the most inconvenient time financially & personally. Wreaking havoc on your well made plans. The cost of a home warranty is often less than replacing or repairing a single item.

 Standard 1 year warranty   -$375-$425 
 Piece Of Mind Priceless  - $
 Rainy Day Fund   -Untouched    

The basic coverage to look for in a home warranty
Plumbing           Water Heater             Attic & Exhaust Fans
Electrical            Kitchen Appliances  Central Vacuum System
Ceiling Fans

Look for warranties that also include optional coverage on
Central Air Conditioning -Ducted
Duct Work        Garage Door Openers
Heating              Pool & Spa Equipment

There are many different plans out there and since I am not an expert on the components they may cover I have included a few companies that are.

 First American Home Buyers Protection-1800-444-9030
American Home Shield -1855-354-2955
Old Republic Home Protection- 1800-445-6999
Liberty Home Protection- 1866-735-9423
             

   As always if you have any questions feel free to call if I don't know the answer I will find someone that does..
                                                 
                           

                                                                 Morrishia Dooley
                                                              Solid Source Realty 
                                                         Office- 770-475-1130 ext 3815
                                                              Direct- 678-886-8353
                                                               housechiq@gmail.com
                                           Facebook-www.facebook.com/morrishiadooley

Reverse Mortgages | Consumer Information

This is a great article I located about Reverse Mortgages. It is complete information on the various types of reverse mortgages and the loan features. This is may be a great option for your loved one. It is a long article but worth reading if you have a loved one struggling. I find this may be a good option to alleviate the financial stress and remain in there home....

           If you’re 62 or older – and looking for money to finance a home improvement, pay off your current mortgage, supplement your retirement income, or pay for healthcare expenses – you may be considering a reverse mortgage. It’s a product that allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills. The Federal Trade Commission (FTC), the nation’s consumer protection agency, wants you to understand how reverse mortgages work, the types of reverse mortgages available, and how to get the best deal. In a “regular” mortgage, you make monthly payments to the lender. In a “reverse” mortgage, you receive money from the lender, and generally don’t have to pay it back for as long as you live in your home. The loan is repaid when you die, sell your home, or when your home is no longer your primary residence. The proceeds of a reverse mortgage generally are tax-free, and many reverse mortgages have no income restrictions.

                    Types of Reverse Mortgages

There are three types of reverse mortgages:

• single-purpose reverse mortgages, offered by some state and local government agencies and nonprofit organizations
• federally-insured reverse mortgages, known as Home Equity Conversion Mortgages (HECMs) and backed by the U. S. Department of Housing and Urban Development (HUD)
• proprietary reverse mortgages, private loans that are backed by the companies that develop them

Single-purpose reverse mortgages are the least expensive option. They are not available everywhere and can be used for only one purpose, which is specified by the government or nonprofit lender. For example, the lender might say the loan may be used only to pay for home repairs, improvements, or property taxes. Most homeowners with low or moderate income can qualify for these loans. HECMs and proprietary reverse mortgages may be more expensive than traditional home loans, and the upfront costs can be high. That’s important to consider, especially if you plan to stay in your home for just a short time or borrow a small amount. HECM loans are widely available, have no income or medical requirements, and can be used for any purpose. Before applying for a HECM, you must meet with a counselor from an independent government-approved housing counseling agency. Some lenders offering proprietary reverse mortgages also require counseling. The counselor is required to explain the loan’s costs and financial implications, and possible alternatives to a HECM, like government and nonprofit programs or a single-purpose or proprietary reverse mortgage. 

The counselor also should be able to help you compare the costs of different types of reverse mortgages and tell you how different payment options, fees, and other costs affect the total cost of the loan over time. You can visit HUD for a list of counselors or call the agency at 1-800-569-4287. Most counseling agencies charge around $125 for their services. The fee can be paid from the loan proceeds, but you cannot be turned away if you can’t afford the fee. How much you can borrow with a HECM or proprietary reverse mortgage depends on several factors, including your age, the type of reverse mortgage you select, the appraised value of your home, and current interest rates. In general, the older you are, the more equity you have in your home, and the less you owe on it, the more money you can get.

The HECM lets you choose among several payment options. You can select:

• a “term” option – fixed monthly cash advances for a specific time. a “tenure” option – fixed monthly cash advances for as long as you live in your home. a line of credit that lets you draw down the loan proceeds at any time in amounts you choose until you have used up the line of credit. a combination of monthly payments and a line of credit.

You can change your payment option any time for about $20. HECMs generally provide bigger loan advances at a lower total cost compared with proprietary loans. But if you own a higher-valued home, you may get a bigger loan advance from a proprietary reverse mortgage. So if your home has a higher appraised value and you have a small mortgage, you may qualify for more funds.

Loan Features

Reverse mortgage loan advances are not taxable, and generally don’t affect your Social Security or Medicare benefits. You retain the title to your home, and you don’t have to make monthly repayments. The loan must be repaid when the last surviving borrower dies, sells the home, or no longer lives in the home as a principal residence. In the HECM program, a borrower can live in a nursing home or other medical facility for up to 12 consecutive months before the loan must be repaid. If you’re considering a reverse mortgage, be aware that:

 Lenders generally charge an origination fee, a mortgage insurance premium (for federally-insured HECMs), and other closing costs for a reverse mortgage. Lenders also may charge servicing fees during the term of the mortgage. The lender sometimes sets these fees and costs, although origination fees for HECM reverse mortgages currently are dictated by law. Your upfront costs can be lowered if you borrow a smaller amount through a reverse mortgage product called a "HECM Saver." The amount you owe on a reverse mortgage grows over time. Interest is charged on the outstanding balance and added to the amount you owe each month. That means your total debt increases as the loan funds are advanced to you and interest on the loan accrues. Although some reverse mortgages have fixed rates, most have variable rates that are tied to a financial index: they are likely to change with market conditions. Reverse mortgages can use up all or some of the equity in your home, and leave fewer assets for you and your heirs. Most reverse mortgages have a “nonrecourse” clause, which prevents you or your estate from owing more than the value of your home when the loan becomes due and the home is sold. However, if you or your heirs want to retain ownership of the home, you usually must repay the loan in full – even if the loan balance is greater than the value of the home. Because you retain title to your home, you are responsible for property taxes, insurance, utilities, fuel, maintenance, and other expenses. If you don’t pay property taxes, carry homeowner’s insurance, or maintain the condition of your home, your loan may become due and payable. Interest on reverse mortgages is not deductible on income tax returns until the loan is paid off in part or whole.

Getting a Good Deal

If you’re considering a reverse mortgage, shop around. Compare your options and the terms various lenders offer. Learn as much as you can about reverse mortgages before you talk to a counselor or lender. That can help inform the questions you ask that could lead to a better deal.

• If you want to make a home repair or improvement – or you need help paying your property taxes – find out if you qualify for any low-cost single-purpose loans in your area. Area Agencies on Aging (AAAs) generally know about these programs. To find the nearest agency, visit www.eldercare.gov or call 1-800-677-1116. Ask about “loan or grant programs for home repairs or improvements,” or “property tax deferral” or “property tax postponement” programs, and how to apply. All HECM lenders must follow HUD rules. And while the mortgage insurance premium is the same from lender to lender, most loan costs, including the origination fee, interest rate, closing costs, and servicing fees vary among lenders. 
• If you live in a higher-valued home, you may be able to borrow more with a proprietary reverse mortgage, but the more you borrow, the higher your costs.
• The best way to see key differences between a HECM and a proprietary loan is to do a side-by-side comparison of costs and benefits. Many HECM counselors and lenders can give you this important information. No matter what type of reverse mortgage you’re considering, understand all the conditions that could make the loan due and payable. Ask a counselor or lender to explain the Total Annual Loan Cost (TALC) rates: they show the projected annual average cost of a reverse mortgage, including all the itemized costs.

Be Wary of Sales Pitches

Some sellers may offer you goods or services, like home improvement services, and then suggest that a reverse mortgage would be an easy way to pay for them. If you decide you need what’s being offered, shop around before deciding on any particular seller. Keep in mind that the total cost of the product or service is the price the seller quotes plus the costs – and fees – tied to getting the reverse mortgage.Some who offer reverse mortgages may pressure you to buy other financial products, like an annuity or long term care insurance. Resist that pressure. You don’t have to buy any products or services to get a reverse mortgage (except to maintain the adequate homeowners or hazard insurance that HUD and other lenders require). In fact, in some situations, it’s illegal to require you to buy other products to get a reverse mortgage. The bottom line: If you don’t understand the cost or features of a reverse mortgage or any other product offered to you – or if there is pressure or urgency to complete the deal – walk away and take your business elsewhere. Consider seeking the advice of a family member, friend, or someone else you trust.

Your Right to Cancel

With most reverse mortgages, you have at least three business days after closing to cancel the deal for any reason, without penalty. To cancel, you must notify the lender in writing. Send your letter by certified mail, and ask for a return receipt. That will allow you to document what the lender received and when. Keep copies of your correspondence and any enclosures. After you cancel, the lender has 20 days to return any money you’ve paid up to then for the financing.

Reporting Possible Fraud

If you suspect that someone involved in the transaction may be violating the law, let the counselor, lender, or loan servicer know. Then, file a complaint with the Federal Trade Commission, your state Attorney General’s office, or your state banking regulatory agency. Whether a reverse mortgage is right for you is a big question. Consider all your options. You may qualify for less costly alternatives. The following organizations have more information:

Reverse Mortgage Education Project AARP Foundation 601 E Street, NW Washington, DC 200491-800-209-8085 U. S. Department of Housing and Urban Development (HUD)451 7th Street, SWWashington, DC 204101-800-CALL-FHA (1-800-225-5342) Here is the link to the website and also you can find this article and information there http://www.consumer.ftc.gov/articles/0192-reverse-mortgages#.UjWlZqHl0ww.blogger

This option may give your loved one there freedom back. 

As always contact me with questions and if I can't answer it I will make sure I find someone that can!!

Morrishia Dooley-Associate Broker 

Solid Source Realty

770-475-1130-ext 3815

678-886-8353-direct

dooleymorr26@yahoo.com

Earnest Money-Let The Buyer Beware.....

   Earnest Money has become one important component in most real estate contracts. It is the assurance the buyer gives to a seller to show that they are serious about buying there home. When a seller puts there home on the market to sell they are looking for the best terms, highest net and fastest closing time frame. Once the home is under contract it is taken off market and put into pending status. This normally halts the activity on the property while it is under contract. Any interested buyers other than the buyer under contract with the seller can now only be entertained as back-ups. Should your contract fall through it gives the back-up offers a chance to be in first position to purchase the home.

                              A contract can have a life span of 30 days up to an astounding 120 days or more depending on the type of sale it is or the terms of the contract. Most short sales can be very lengthy and cause the home to be off market actively for months. Even if the home is a regular home purchase with no special circumstances such as a Foreclosure, Estate Sale, or a Divorce Sale it can still be at least 45 days before it escrows. Keep in mind the entire time the home is not being marketed to additional buyers because the seller has committed to the buyer that won the contract.

                 
                                 This is where earnest money comes into play. The buyer offers earnest money of usually 500.00 or more to solidify the contract.  It is an act of good faith towards the seller. Earnest Money assures the seller that he/she is taking there home off market for a willing, ready and hopefully an able buyer.
In some cases 500.00 is sufficient for earnest money. In a market where there are multiple buyers bidding on one home or if the seller has already had a bad experience with another buyer, they may raise earnest money to 1% of the purchase price or more. It can be a hefty price tag and is normally paid per the contract guidelines once the home is under a binding agreement.

                         Earnest money is one of the first expenses buyers encounter when buying a home. If you have not been informed by your agent or lender during your buyers consultation it can hit you by complete surprise. Also if you do not perform to the terms of the contract or fail to secure your loan to purchase the home before your financing contingency is up, you may be in danger of losing your earnest money to the seller. There is also a due diligence period that a buyer uses to get an inspection, find out about the HOA Covenants Codes & Restrictions, conduct a survey or anything you choose to use that time for to find out if this is the right home for you. All of these are conducted at your own expense. However, if you fail to inform the seller before your due diligence period ends that you no longer want the home ect, than you may be in danger of losing your earnest money to the seller as well. 

                           It is so important to work with an agent that can help you navigate through the process. To let you know which contingencies in the contract apply to your circumstances. Also to inform you when your in danger of losing your earnest money. Or when you need to put an amendment to the contract in play to safeguard your earnest money.

                            I will cover some of the contingencies that apply directly to earnest money in another blog but if you have questions feel free to contact me. Of course I am not a lawyer so any legal questions will be directed to an attorney that can help you.

                                                                  Knowledge is power!

                                                         Morrishia Dooley-Associate Broker 
                                                                   Solid Source Realty
                                                        770-475-1130 EXT 3815-OFFICE 
                                                              678-886-8353- DIRECT
                                                                 housechiq@gmail.com

Inexpensive do it yourself projects that add value to your home!

Everyone wants to sell there home for the maximum price. Forget what you have been told in the past no two homes are exactly alike. Yes, they may have the same style and number of bedrooms but there is always that one item that sets the homes apart. Making one home more desirable and appealing then the other. It could be the marble bathtub, or the heated floors that makes the home stand out. Maybe its the rose bushes out front or the updated appliances that sends a buyer into that got to have it mode. Whatever the case we can all agree that the home that is most appealing is the one that will sell.

                                                  

  Here are a few inexpensive ideas that can help your home stand out.....

Clean, clean, clean, clean, clean and the clean some more. One of the best things an owner can do is to clean the home before it hits the market. The kitchen and bathroom are the two major places in the home that buyers scrutinize. Clean counter tops, floors,windows,wipe down appliances and handrails just to name a few things. The most important dirt is the dirt you think they are not looking for. The grime in the corners or the baseboards. Wiping down the blinds and the ceiling fans. You could have the nicest lot on the block. If a buyer can't visualize themselves there because its not tidy than it will never sell for the price you want. Go back to basics like the Karate Kid wax on wax off.. 

                      De-clutter the home and open up the possibilities. One of the worst things you can do is put your home on market before you have removed excess baggage. Decluttering the home gives added space. After a buyer has seen the kitchen and the bathroom there headed full speed ahead to check the closet space. Get rid of all those extra clothes or shoes you can no longer wear. Ladies, I am pretty sure those striped bell bottoms with the rhinestones on the pockets aren't coming back in style this season. For the men you must get rid of that Members Only jacket. I feel your pain my husband just got rid of his a few weeks ago for the 8th time. If he pulls it out of the trash one more time when I am not looking I will be forced to bleach it. Let it go! 

                

    The garage is another place where we love to place unwanted items that we just can't seem to throw away. Go through and get rid of it. When in doubt throw it out. Or better yet have a garage sale!$$$

                        Painting not only gives your home a fresh smell it also brings a dull home to life. However, this isn't the time to let your creativity be your guide! Remember paint soft colors an eggshell, or  pastel green. Refrain from wall paper because most buyers have remove wall paper on there to do list right under change shag carpet in the living room. 

         

                         If you can get away with a good vacuum and cleaning of the carpets, it will not only save you a small fortune it will also enhance your homes appeal. Hopefully most of the carpet is neutral in the home. This way the buyer will not have to worry about buying new carpet as soon as they move in. 

               

                       You don't have to break the bank on the outside of your home unless it really needs its. Keep the lawn mowed and the edges trimmed. Stop in at your local garden supply store and pick up a few colorful flowers to plant. If you pass a garage sale buy a few small statues to go on display around the yard. Don't forget the welcome mat.

            

                       Doing these things can add hundreds to your bottom line without spending a fortune. It's important to remember that although you want to do things that make your home standout your selling this home. Those costly upgrades or expensive additions will unfortunately not be yours to enjoy once the home is sold. Instead benefit from the money you saved by putting it in your Rainy Day Fund.. 

Morrishia Dooley

Better Homes & Gardens Real Estate Metro Brokers

direct-678-886-8353

office- 770-491-1900

email-morrishiadooley@gmail.com

website-morrishia.dooley.metrobrokers.com

blog-therealestateavenue.blogspot.com

The 411 on Down Payment Assistance..

              Years ago potential homeowners had to come up with there own down payment assistance (dpa). Many home buyers saved for years or had to borrow the money from somewhere else making the home buying process often daunting. Dpa use to be as high as 20% of the purchase price. In many cases this was extremely difficult for most potential home buyers. Luckily in recent years this number has shrunk dramatically to about 3.5% for FHA.

              A down payment represents a fraction of the total cost of a home. For instance if your buying a home for $100,000 with a down payment of 3.5% your down payment would be $3500.00. If you were purchasing a home in the amount of $180,000 with a down payment of 3.5% your down payment would be $6300.00.  When you factor in other cost such as closing cost, moving cost and other fees buying a home can get pretty expensive.  
     
                  Down payment programs enlist participation from nonprofit organizations or municipalities. They assist families in covering the cost of there down payment. Many people believe (dpa) is only for low-income families. This is truly not always the case. Although there are guidelines for each program dpa is worth looking into. Many agencies require that a buyers loan have full documentation. They also require the buyer participate in a home buying class.
   
                 There are different types of assistant programs for instance some programs may only be available in a particular area like the Citylift or Beltline program. Or if the buyer is in a particular career field such as the Good Neighbor Next Door Program. This program is available for teachers, fireman, police officers or emt's.  There are also programs with guidelines on income.

                  Whatever your individual circumstance everyone should look into down payment assistance programs. As Benjamin Franklin once said ( A penny saved is a penny earned!)

Down Payment Counseling agencies 

D&E INC -770-961-6900

DEKALB/ FULTON HOUSING COUNSELING-404-508-0922

CCCS OF GREATER ATL 404-527-7630

Please contact me if you have questions about DPA. I will put you in touch with a lender that can help you navigate which program may be right for you..

                  Morrishia Dooley -Associate Broker

Better Homes and Gardens Real Estate Metro Brokers

direct-678-886-8353

Office- 404-843-2500

blog-therealestateavenue.com

email-morrishiadooley@gmail.com

website-morrishia.dooley.metrobrokers.com

Be Choosy When Choosing Home Insurance ....

The past few weeks many areas have been hit with extreme storms. Whether its Global Warming or good old Mother Nature causing these storms, homeowners should get the facts about what they need to do if there home is damaged. The first thing to do is read over your policy and talk with your insurance provider to find out what would be covered if the unfortunate should happen. No two policies are the same, limits of liability, coverage levels and exclusions can vary.

There are different types of coverage included in a homeowners policy for instance

Coverage A -Damage to your home
Coverage B -Damage to other structures including garage, deck or swimming pool
Coverage C -Loss or damage to the contents of your home
Coverage D -Loss of use in case your home is not inhabitable
Coverage E -Personal liability to third parties
Coverage F -Medical payments to third parties

You will need to check your individual declaration page to find out what coverage you have. A policy will usually cover replacement or repair of your house and its contents up to the expressed limits. It can also protect you if there is a liability policy in the event someone is hurt or injured on your property due to your negligence.

Many standard policies cover storms including hail, tornados & you guessed it wind damage. Most policies don't cover earthquakes and floods unless the homeowner adds additional coverage beyond the basic. Homeowners can be hesitant to file a claim because they do not want a rate increase. Most states prohibit insurance companies from canceling your coverage or singling you out for a rate increase due to an Act of God damage claim. Every insurance carrier is different there may be a policy in place on making excessive claims or other policies that may hinder you from making a claim. That's why it is so important to ask questions and read the fine print.

Comparing home insurance policies requires diligence and patience. A savvy shopper will compare more than just the annual premium rate offered through each company. 

You may be saving on the premium for one company because your lacking an important component inside the insurance policy. The problem will arise when your claim is denied because you do not have enough coverage on the policy. Having peace of mind to weather the storms will depend on the policy you choose. 

If you would like more information on choosing the best home policy or just have general questions please feel free to contact me and I will refer you to an agent..

 

Morrishia Dooley-Associate Broker 
BHGRE METRO BROKERS
DIRECT-678-886-8353
OFFICE-770-491-1900 
morrishiadooley@metrobrokers.com
morrishiadooley@gmail.com
therealestateavenue.blogspot.com