Many homeownersâ€™ mortgages are higher than the current market value, often referred to as an upside down mortgage. HUD has rolled out an FHA Short Refinance option on September 7, 2010 to help the 3-4 million struggling â€śupside downâ€ť homeowners who are current with payments. The program requires the consent of all lien holders and the homeowner must qualify under standard FHA underwriting requirements with a credit score of at least 500. The property must be the homeowners primary residence and the first lien holder must agree to write off at least 10% of the unpaid balance, bringing the borrowerâ€™s combined loan-to-value ration to no greater than 115%. Additionally, the existing loan must not be an FHA-insured loan. Contact your lender to discuss this program and to see if they are willing to write down a portion of the unpaid balance. Todayâ€™s real estate market reports are overwhelming; stay positive, we will get through this.
Here are a few videos that we posted to Real Estate Agent’s YouTube Channels and Facebook pages! New content is created daily.
Exhibition of Alessi Household Objects Explores Unique Design Collaborations
Alessi, the world-renowned manufacturer of design household objects is especially admired for its long history of collaboration with leading architects and designers, marrying utilitarian form with artistic innovation and bringing creativity into the lives of countless people around the world.
Alessi: Ethical and Radical (November 21, 2010 through April 10, 2011) surveys a series of milestone Alessi collaborations from 1955 to the present. Focusing on Alessiâ€™s projects with Ron Arad, the Campana Brothers, Achille Castiglioni, Michael Graves, Greg Lynn, Alessandro Mendini, Ettore Sottsass, Philippe Starck, Robert Venturi and others, the exhibition will include some 150 objects, drawings, historic factory photographs, and videos that document the achievements of the family-owned companyâ€™s projects.
In order of appearance:
Tea & Coffee Towers (2003), by Will Alsop. Tea and coffee set composed of coffeepot, teapot, double sugar bowl, milk jug, tray, biscuit box and ashtray.
BombĂ© Tea and Coffee Service (1945). Designed by Carlo Alessi. First produced in chrome-plated and silver-plated heavy brass, later in stainless steel, applewood.
Tea & Coffee Towers (2003), by Greg Lynn â€“ FORM, 2003. Tea and coffee set composed of teapot, coffee pot, milk jug, sugar bowl with pourer, tray. Titanium. 17 1/2 x 17 5/16 x 3 3/8 inches.
Tea & Coffee Towers (2003), by Future Systems: Jan Kaplicky and Amanda Levete. Press coffee maker or infuser, coffee cup, sugar bowl, milk jug, tray. heat-resistant glass with lid in thermoplastic resin, anodized aluminum, handles and lids in thermoplastic resin..25 13/16 x 15 9/16 x 1 3/8 inches.
Blow up Citrus Basket (2004), by Fernando and Umberto Campana. Stainless steel. 14 3/16 x 13 3/4 x 12 3/8 inches.
Peneira Basket (2010), by Fernando and Umberto Campana. Stainless-steel mesh and natural fiber. (large): 5 x 15 Âľ inches; (medium): 5 x 13 Âľ inches; (small): 3 Â˝ x 8 Âľ inches. Photo: Santi Caleca
9090 (1979), designed by Richard Sapper. Espresso coffee maker. Philadelphia Museum of Art.
Tea and Coffee Piazza (1983), by Robert Venturi. Coffeepot, teapot, sugar bowl, creamer, tray. 16 3/4 x 14 x 9/16 inches.
9091 Kettle (1983), by Richard Sapper. Stainless steel, brass. 7 1/2 in, x 6 1/2 inches.
9093 (1985), by Michael Graves. Kettle with handle and small bird-shaped whistle. Philadelphia Museum of Art: Gift of the designer.
Juicy Salif Citrus Squeezer (1990), by Philippe Starck. Silver, black, gold (PSJS), 1990. Aluminum casting. 11 7/16 inches x 5 1/2 inches.
Anna G Corkscrew (1994), by Alessandro Mendini. Black and chrome-plated zamak.. 9 5/8 inches x 2 3/4 inches.
Image(s) Courtesy of the Philadelphia Museum of Art.
An agreement of sale is not necessarily a done deal. Contingency clauses can make or break a deal. Unless the market is extremely competitive and you risk losing the home of your dreams, it is wise for a buyer to include as many contingencies as possible. It is always a good idea to have a financing contingency that guarantees an out if your financing falls through. There are instances where individuals who are pre-approved are denied mortgages because of financial circumstances that effect their mortgage qualification. A home inspection contingency protects you from unforeseen repairs or problems with the home. You can re-negotiate the sales price or you can walk away from the deal. An Appraisal Contingency is a protection to guarantee your offer is a good investment. Take the time to review the checklist of contingencies that are standard with most agreements, it is better to be safe than sorry.
Are you ready to sell your house? As a seller you need to disclose latent defects. A latent defect is a fault in a property that is not visible to the naked eye. What if there are problems lurking behind your walls that you donâ€™t know about? More often than not, sellers will not have a house inspection. I can tell you from first hand experience that is not a good idea. After you have negotiated a price, the buyer will perform a house inspection. If undisclosed defects are found your buyer has the right to cancel the sale or you may find yourself back at the negotiation table. Last minute surprises will more than likely result in a lower selling price.
An interest only mortgage is a loan where only the interest needs to be paid on the loan. While principal can be paid at any time and at any amount it is not required to be paid at any time. A typical applicant for this loan would be someone with a variable income stream. They may have a lower base salary and then receive a variable cash flow throughout the year, at which time they can pay principal to pay down the loan. Interest Rate Only Mortgages generally come in the form of an Adjustable-Rate Mortgage or ARM with a fixed rate mortgage for 3, 5, 7 or 10 years with the interest only feature. At the end of the fixed rate period the rate adjusts and the interest only feature goes away. Let’s say if it is a 7 year ARM the loan is amortized for the remaining 23 year period of the 30 year life of the loan. The principal and interest is then calculated to pay off the loan at the end of the 30 year period.
Old City Philadelphia dresses up their windows for Design Philadelphia. Check out Old City Windows in Philadelphia through October 17. Local merchants and designers have paired up to compete for the best window display. This is one of many events throughout Philadelphia for Design Philadelphia. Go to www.DiscoverOldCity.org for more details.
Watch this video to learn more about Adjustable-Rate Mortgages, better known as ARM.
Do you understand your assessment on your property tax bill? This value is based on the last assessment by the county. Every year that passes from the original county assessment a STEB rate is applied to adjust for current market value. Your local tax collector can advise you of the current STEB rate. Divide your assessed value by the current STEB rate to determine your assessed market value. Here is an example: Divide your original assessment of 500,000 by the current STEB rate of .56 Your homes current assessment is 892,857. Stay tuned to SocialRealtyTV for Current Real Estate Video News.
STEB = State Tax Equalization Board
Check out Celebrity Homes on the Market. Adding a little “glam” to your social media posts keeps your fans interested. SocialRealtyTV creates compelling content for Real Estate Agents social media networks.
Most homeowners in todayâ€™s market are facing sticker shock at their homes value. It may be hard coming to terms with the correct market value price suggested by your real estate agent, but think twice before you insist on listing for a price you think you house is worth. The initial 2 â€“ 3 weeks are critical to get the attention of local real estate agents seeking homes for their clients. If you house is priced correctly you will get strong activity, often resulting in multiple offers, often driving the price up. If your house is priced too high you risk your house staying on the market and becoming stale. Eventually, you will go through several price reductions, that could result in a lower price than if you had priced it right from the start! Your real estate agent will create a Competitive Market Analysis that will help determine the correct price.