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Displaying blog entries 1561-1570 of 1998

Dealing With a Low Appraisal On Your Montgomery AL Real Estate

Sunday, May 15, 2011
by The Hat Team

So it has happened. You’ve spent recent months preparing your house for sale, negotiating a fair price, and anxiously awaiting the closing date. And now the appraisal on your Montgomery AL real estate has come in below the offered price. What to do? First, remain calm. This is not an unusual problem in today’s market. Understanding the reason(s) for the disappointing appraisal and exploring your options in saving the transaction may well be helpful at this point.

REASONS FOR A LOW APPRAISAL:

  • Overpricing by you, the seller
  • Declining market values
  • An abundance of foreclosures or short sales in your neighborhood
  • Inflated price resulting from multiple offers
  • Incorrect evaluation by the underwriter
  • Cash back to the buyer from the seller
  • Error on the part of the appraiser

STEPS YOU CAN TAKE:

  • Lower the price on your Montgomery AL real estate. Research the latest comps for your area, think realistically about your asking price, and decide if you are willing to begin the whole process again.
  • Ask the buyer to make up the difference in cash.
  • Offer to carry a second mortgage for the buyer if the above option is not possible.
  • Check the appraisal for errors in information about your Montgomery AL real estateappraisal.  Is the square footage correct? What about the number of bedrooms or bathrooms? Have any recent improvements you’ve made to the property been included? If not, appeal the appraisal.
  • Supply to the underwriter a list of recent comparable sales that justify the selling price and ask for a review of the appraisal.
  • Order a new appraisal. Although you or your buyer will have to pay for it out of pocket, it could certainly be money well spent if it results in a higher appraisal. If your loan is an FHA loan, ask your lender for a list of approved appraisers. If it is a conventional loan, it is subject to the rules of the Home Valuation Code of Conduct (HVCC).
  • Cancel the transaction. The last resort after trying to resolve the situation. Most purchase contracts contain a loan contingency dealing with low appraisals.
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Montgomery AL Foreclosure Trends - March 2011

Thursday, May 5, 2011
by The Hat Team

There were 1,420 Montgomery AL foreclosure homes for sale with 243 new foreclosures in March 2011. The average selling price of a Montgomery AL home was $136,478 and the average foreclosure selling price was $101,691 a $34,788 savings, according to RealtyTrac.com.

Montgomery AL Foreclosure Activity and 30 Year Interest Rate

Montgomery interest rates averaged 4.84% in March while the number of foreclosed homes increased from 150 in February to 228 in March.

montgomery al foreclosure

Foreclosure activity is based on the total number of properties that receive foreclosure filings – default notice, foreclosure auction notice or bank repossession – each month. Interest rate is based on the average 30-year fixed rate from Freddie Mac Primary Mortgage Market Survey.

Montgomery AL Foreclosure Geographical Comparison

Montgomery foreclosure activity was 0.05% higher than national statistics. 0.12% higher than
Alabama statistics for the month of March.

montgomery al foreclosure

Montgomery AL Foreclosure Activity by Month

The number of Bank-Owned properties increased from 43 homes in February to 151 in March. The number of Auctions decreased from 112 to 92. There is a 6-month rising trend.

montgomery al foreclosure

Are you or someone you know behind on mortgage payments and facing a Montgomery foreclosure? You do have options. A short sale may be the answer to saving you, your family and your home. I am a Certified Distressed Property Expert (CDPE) with specialized training in helping families avoid foreclosure. Give me a call for a private consultation.

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Montgomery Real Estate For Sale:715 E Fairview Avenue Montgomery, AL 36106

Tuesday, May 3, 2011
by The Hat Team

Montgomery Real Estate For Sale:715 E Fairview Avenue Montgomery, AL 36106

MLS#283901 

Classic Lockwood design! You will find more than meets the eye in this beautiful Old Cloverdale home. With almost 3,000 square feet, you and your family will have plenty of space for living and entertaining. Big country sized kitchen will be a favorite gathering place, and the formal dining room is big enough for large-style dinner parties. A traditional master bedroom is located downstairs along with two other large bedrooms connected by a jack-and-jill bath. Upstairs there is a large bedroom with a huge walk-in closet, and a bonus room beyond the closet, which would make a great master retreat suite (and currently one of the coolest play-spaces you have ever seen for two lucky kids!) Also upstairs is a huge office/study with tons of built-in bookshelves and a custom built desk/work area. Storage will not be an issue, as there are three more walk-in closets upstairs, one is even cedar lined. And, off the side kitchen door there is a wrap around deck overlooking an oversized pool and spacious shady play area beyond. So much for the price, this one is certainly one of the best values in the area, and is move-in-ready!

Learn more about 715 E Fairview Avenue and other Montgomery Real Estate by visiting HatTeam.com. 

Search all Montgomery Real Estate and homes for sale.

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Montgomery Real Estate For Sale: 4336 Hillside Oaks Montgomery, AL 36109

Monday, May 2, 2011
by The Hat Team

Montgomery Real Estate For Sale: 4336 Hillside Oaks Montgomery, AL 36109

MLS#282795

Move on over to easy street! Find easy care and easy maintenance in this cute-as-a-button patio home on an ever-so-quiet street right off the Atlanta Highway. Ready to move into, this home has new carpet and fresh neutral paint throughout. Living/dining combo with fireplace overlooks small shady back yard. If you like to be outdoors, there is a big covered patio off the back, as well as detached storage/workshop. Whether just starting out, or looking to downsize, this one is sure to please.

Learn more about 4336 Hillside Oaks and other Montgomery Real Estate by visiting HatTeam.com. 

Search all Montgomery Real Estate and homes for sale.

 

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Montgomery Real Estate For Sale: 3549 Audubon Road Montgomery, AL 36111

Friday, April 29, 2011
by The Hat Team

Montgomery Real Estate For Sale: 3549 Audubon Road Montgomery, AL 36111

MLS #283771

Custom quality at a bargain basement price! Built for a prominent Montgomery family and no expense spared at that time. Today you'll enjoy wonderful spaces and lots of upgrades at a price you'd normally pay for a lot less house in an inferior location. Wood and hard tile floors, unbelievable kitchen storage space, his-n-hers walk-in closets in the master bedroom and a yard to warm a beauty-lovers heart. All for as little as $4,900 down and around $825 per month plus taxes and insurance (4.875% FHA). Can't beat this for quality and space so call now!

Learn more about 3549 Audubon Road  and other Montgomery Real Estate by visiting HatTeam.com. 

Search all Montgomery Real Estate and homes for sale.

 

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Montgomery Real Estate For Sale: 3225 Cloverdale Road

Friday, April 29, 2011
by The Hat Team

Montgomery Real Estate For Sale:

3225 Cloverdale Road, Montgomery AL 36106

MLS# 283791

Cute cottage with a few surprises! This charming home is ready for a buyer who wants to do nothing more than move in and start enjoying living the Cloverdale lifestyle. Large living and dining rooms are perfect for entertaining, and the newly updated kitchen with granite countertops will be a dream to cook in. True master bedroom with en suite bath overlooks rear deck and large back yard. Speaking of, if you have several cars or like restoring or collecting vintage autos, you will love the 4-bay "garage-mahal" out back with additional +-1,000 sq ft of walk-up floored attic storage. The outdoor "kitty cage" will delight cat lovers (and their cats) and would make a perfect bird and squirrel-proof garden area. Located just a block from Cloverdale Bottom Park, and within easy walking distance to Cloverdale's dining and entertainment district.

Learn more about 3225 Cloverdale Road and other Montgomery real estate by visiting HatTeam.com.

Search all Montgomery real estate for sale.

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Montgomery AL Real Estate: Understanding Shadow Inventory

Thursday, April 28, 2011
by The Hat Team

Shadow inventory is the number of foreclosed properties currently owned by banks (or will be owned in the future) that are sitting empty and are not currently for sale. 

Many analysts use the “tip of the iceberg” analogy to describe the 'shadow inventory' situation, feeling that a massive number of distressed properties and underwater loans sits just below the surface. Some believe that the number of potential homes for sale greatly exceeds the number currently on the market. No significant appreciation of Alabama real estate and home prices will take place until the shadow inventory that exists works its way through the real estate market.

The map below shows the number of months it would take to clear the shadow inventory by state. The months’ supply is estimated by dividing the shadow inventory and the monthly number of distressed sales. As you can see, Alabama has 8 months of shadow inventory to contend with.

 

Now take a look at how the Midtown Montgomery real estate market performed in March.

Midtown Montgomery real estate sales statistics for March show the average sales price decreased by 2% to $135,457 when compared to March 2010.  The number of homes sold decreased by 47% in March.  The median sales prices decreased by 8%, while market times decreased 34% or 65 days.  The highest selling home price decreased by 26%, and the lowest selling home price decreased by 50%.

Midtown Montgomery March 2011 March 2010
Homes Sold 20 38
Average Selling Price $ 135,457 $ 138,275
Median Selling Price $ 120,500 $ 130,500
Days On The Market 129 194
Highest Selling Price $ 350,000 $ 470,000
Lowest Selling Price $ 4,500 $ 9,000

For the latest Midtown Montgomery real estate market conditions in your area, please call me at 800-HAT-LADY or visit HomesForSaleInMontgomeryAlabama.com.

Information is provided by the Montgomery Area Association of Realtors and is deemed accurate but not guaranteed.

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Montgomery Real Estate For Sale:575 Cloverdale Road Montgomery, AL 36106

Thursday, April 21, 2011
by The Hat Team

Montgomery Real Estate For Sale: 575 Cloverdale Road Montgomery, AL 36106

MLS#283504

Take life easy! You can enjoy strolling to the Roux, Chop House, Pine Bar and Filet and Vine. Timeless style and classic proportions mean this townhouse style condo will always have market appeal. Tile has been installed throughout the first floor living areas to provide durability and good looks. Granite counters and a glass block backsplash bring the kitchen right up to date. If you're downsizing and are concerned about where to put all your stuff, this condo is the place for you! Spend all your time enjoying life because your new home has just been totally done over from stem to stern. And ownership here will be easy! No yard to mow and no-hassle owner financing with as little at 10% down. Call us today and make this up-to-date condo your new home! 

Learn more about 575 Cloverdale Road and other Montgomery Real Estate by visiting HatTeam.com. 

Search all Montgomery Real Estate and homes for sale.

 

 

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How Montgomery AL Real Estate Buyers Can Be Credit Savvy

Thursday, April 21, 2011
by The Hat Team

Your credit score is a number that helps lenders predict how likely you are to make your payments on time. This score affects your ability to obtain credit and helps determine what you pay for credit cards, auto loans, and mortgages on Montgomery AL real estate. Even your insurance rate is related to your score. The higher your score, often referred to as a FICO score, the more apt you are to be approved for and pay a lower interest rate on new loans.

credit reportWhat do the numbers mean?

FICO scores range from 300 to 850, with most people scoring in the 600s and 700s, and are generally rated from excellent to very bad.

  • Above 800 is considered excellent. This rating reflects that fact that you pay bills on time, have a strong credit history, and have not filed for bankruptcy. You use your credit responsibly.
  • Between 750 and 800 falls into the very good category. You are considered a very low risk because of your history of paying bills on time and acting responsibly.
  • Between 700 and 750 puts you in the low risk range. You my have missed some payments in the past, but you current record is good. You do not have an excessive amount of credit card debt.
  • Between 650 and 700, or fair, means you are a moderate risk. Your credit history may include older negative items, too many recent applications for new credit, or a higher than normal credit card debt.
  • Between 600 and 650 is a bad score, and you are deemed a high risk for purchasing Montgomery AL real estate. Your score most likely reflects high credit card debt, late payments, collections, or bankruptcy, and you may well be turned down for new credit.
  • Below 600 is considered very bad, and you are viewed as a very high credit risk. If you are approved at all, it will be at a much high interest rate--or you may even need a cosigner or a very large down payment in order to secure a loan.

If you have not yet established a credit history due to lack of credit cards and/or loans, you may have no credit score. Opening a new credit card account and using it responsibly for a few months should alleviate this problem.

What makes up the credit score?

Your payment history comprises 35% of the score, with the amount of debt you have affects about 30%. 15% of the score is derived from the length of your credit history, with 10% resulting from recent new credit applications. Other factors such a s a variety of credit types make up the final 10%.

How can you improve your score?

  • Use you credit cards to establish a positive and consistent pattern of payment.
  • Check your credit report for inaccuracies. This is a common problem, so look for and report misinformation.
  • Have a variety of debt. In addition to a mortgage on your Montgomery AL real estate, add auto loans and credit cards to the mix. It is important to demonstrate good money management in more than one area.

The three major credit reporting agencies are Equifax, Experian, and Transunion. You are entitled to one free credit report a year from each of the three.

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Going Green In The Garden Of Your Montgomery Alabama Real Estate

Saturday, April 16, 2011
by The Hat Team

In the push to be eco-friendly in their daily lives, gardeners are turning their attention to ways to “save the planet” in their own backyards. There are many natural ways to reduce both pollution and harm to the environment, and manufacturers of gardening aids are producing more and more synthetic products that are non-toxic. Although old habits are hard to break, there are some relatively simple and inexpensive steps you can take to become a green gardener at your Montgomery Alabama real estate.

1. RECYCLE PLANT MATTER AND KITCHEN WASTE INTO COMPOST

Using compost not only creates healthy soil, it also conditions the soil to become less water dependent.

2. USE SAFE AND NATURAL NUTRIENTS

Substances such as blood meal, bone meal, cottonseed meal, fish emulsion, greensand, and rock phosphate are excellent nutrient supplements, as are CowPots, “plantable" cow manure in the shape of pots.

3. AVOID USING PESTICIDES.

Try using natural controls such as nemodes at your Montgomery Alabama real estate. Eliminate the use of chemical -laced products like insecticides, fertilizer, and slug pellets. Each of these has negative repercussions such as killing birds, toads, and beneficial insects. Synthetic pesticides contain imidacloprid, which is non-threatening to non-pests. An annual application is all that is needed.

4. EXPERIMENT WITH WEED AND DISEASE CONTROL MEASURES

Solutions made with milk, baking soda, and some cooking oils are effective, as is 20% concentrate vinegar, clove and citric oils, and corn gluten. Active ingredients in natural controls include Neem oil, canola oil, mild soaps, and pyrethrius. One safe and effective product on the market is Greencure.

5. CHECK YOUR MULCH

Although use of mulch is a good way to reduce water consumption and weeds at your Montgomery Alabama real estategreen home, some mulch contains potentially hazardous materials. To ensure that your brand/type is not harmful, look for an MSC (Mulch and Soil Council) product label on the bag.

6. UTILIZE ALTERNATIVE PRODUCTS

Whenever possible, use peat substitute rather than peat, which is a non-renewable resource whose loss damages both the environments and animal habitats. Likewise, consider using artificial stone rather than quarried stone for ornamental purposes. Rain barrels are an excellent way to capture an important natural resource, and the use of electric mowers and garden equipment rather than gas-powered greatly reduces the number of released pollutants.

7. READ AND FOLLOW DIRECTIONS!

If you must use non-organic gardening materials, please apply them responsibly. It is important that you limit their use to late afternoon or early evening when beneficial pollinators are less active and therefore less susceptible. Carefully measure recommended amounts and do not exceed the limit on the label.

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Displaying blog entries 1561-1570 of 1998

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