The Philly Pretzel

Quick Advice for Philadelphia Home Sellers

May 25, 2009 at 11:59 pm · Filed under For Home Sellers

Price your home realistically. Remember, what was realistic last year or two years ago isn’t realistic today. That’s especially true of higher-priced homes.

Clean the house thoroughly before each showing.

Fix all the little problems you’ve been putting off.

Be willing to bargain.

Offer some concessions to buyers. Common ones include paying part of the closing costs, or paying a moving or decorating allowance.

Be patient price the home realistically. Remember, what was realistic last year or two years ago isn’t realistic today. That’s especially true of higher-priced homes.

Clean the house thoroughly before each showing.

Fix all the little problems you’ve been putting off.

Be willing to bargain.

Offer some concessions to buyers. Common ones include paying part of the closing costs, or paying a moving or decorating allowance.

Be patient.

posted by janice SEARCH the Philadelphia MLS. No Registration Required!

Technorati: Philadelphia homes for sale, selling your home, preparing your home for sale, pricing your home

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Yes There’s Poison Ivy in Philadelphia

May 24, 2009 at 9:55 pm · Filed under YO Philly

Last week Keller Williams Realty had what we call Red Day (Renew, Energize and Donate). The different offices volunteered to paint over graffiti, donate food – things like that. My office decided to clean up a public park. We raked, weeded and cleaned up the area. It was fun. I went home feeling good because I gave back to the community.

Three days later I realized I had poison ivy. I never had poison ivy before and of course being a city girl I thought it was a mosquito bite. So naturally when it itched – I scratched. And I scratched and scratched. Suddenly, this mosquito bite spread up one arm and jumped to the other arm. Then I did what everyone else in the world does at a time like this (no I didn’t pour myself a strong drink – that came later). I turned to the internet for a cure. I tried rubbing the inside of a banana peel on my arm. It worked for a couple minutes and then the itch came back. I tried the baking soda with water and with vinegar. They both worked for a little longer than the banana peel but when it dried the baking soda flaked off all over the floor. Now I’m itching and cleaning up the floor. Someone kill me please.

Finally I went to the drug store and bought the Benadryl spray and pill. That worked just fine. I fell asleep an hour after taking the pill and had no idea what was going on around me.

I think the only cure for poison ivy is not to get it. Let’s face it – nature belongs outside and I belong inside where it’s safe.

If anyone wants to send me a cure I’ll be happy to try it. Please – help me stop the itch!

posted by carolyn SEARCH the Philadelphia MLS. No Registration Required!

Technorati: poison ivy, city girl, Philadelphia, poison ivy cure

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Arm’s-Length Transaction

May 23, 2009 at 11:58 pm · Filed under For Home Buyers

Recently one of our readers asked how she would go about buying her sister’s house which was a short sale. Not possible we had to tell her, a short sale must be an arm’s-length transaction.

An arm’s-length transaction is one which takes place between parties that have no kind of familial or business connection to one another. This ensures that there is no question of conflict of interest and the parties to a transaction are independent and on an equal footing.
Many lenders are requiring buyers to sign arm’s-length transaction affidavits if the purchase is a short sale.

posted by janice SEARCH the Philadelphia MLS. No Registration Required!

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Important Mortgage Updates – Friday 5/22/09

May 22, 2009 at 11:56 pm · Filed under First Time Home Buyers, For Home Buyers, Mortgage

photo courtesy of: icann has cheezeburger

Sorry to be a little late with this update, but I’ve been trying for several days to figure out the real scoop on exactly what happened. For the first time that I can ever remember, FHA actually published a mortgagee letter on their website and then just removed it.

Usually the process of revoking a Mortgagee Letter would involve issuing another Mortgagee Letter with updated rules. Looks like someone at HUD may have gotten ahead of themselves!

For the time being, there is no monetization of the $8000 tax credit. Even if they should re-instate it, it will be months before lenders would be able to get geared up to do it.

Sorry for the unnecessary excitement.

Rates as of today were:

30 Yr Fixed – 5% (0 points)/ 4.75% (1 point)
15 Yr Fixed – 4.625% (0 points)/ 4.25% (1 point)
FHA – 4.875% (0 points)
Investment – 5.75% ( 0 points)/ 5.25% (1 point)- 25% down payment required)

*35 day lock Rates are based on 80% loan to value unless noted and 720+ credit score (with the exception of FHA)
*Income and Asset verification required and must meet DTI guidelines *This is not a commitment to lend and other conditions may apply

APPLY FOR A MORTGAGE ONLINE

Brought to you by our favorite mortgage broker:

Carina Marchese
Center City Mortgage
267.238.5785

email Carina for today’s rate

Technorati: philly mortgage, mortgage market, carina marchese, center city mortgage company

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Where do FHA Mortgages Come From?

May 21, 2009 at 11:01 pm · Filed under First Time Home Buyers, For Home Buyers

FHA loans do not come directly from the FHA. The FHA guarantees home loans, reducing the risk to lenders and offering increased borrowing power to qualified applicants. You may get better interest rates thanks to FHA home loan insurance.

FHA loans are particularly helpful for those who want a home, but have little or no money saved for a down payment; including those just graduating college, newly married couples, and also those who have had credit problems in the past.

Typically, FHA mortgages require a 3.5 %down payment. Unlike traditional loans, this money can also be a gift to the homebuyer and does not need to be secured as the homebuyer’s own money.

Technorati: Philly home buyers, 1st time home buyers, Philly mortgages, FHA mortgages

posted by janice SEARCH the Philadelphia MLS. No Registration Required!