Ann's Blog

WHAT IS A "CLOSING COST"?

Inspired by George Souto's excellent article wherein George refers to the ubiquitous ads by mortgage companies touting "No Closing Costs".

George's article took me back to the days when I learned the difference between a "closing cost" and all the other numerous items/charges on a HUD-1.  Loan officers often made presentations to our "Tuesday morning meetings".  Remember them??  I asked about an item on a closing sheet and she, the loan officer, said,

"That's not a 'closing cost'." 

WHAT??? 

Well, I thought I'd better get busy and learn the lingo.  So, even though it's on the Settlement Statement, it may not be a "closing cost". 

Just what is a "closing cost"???  To a consumer, it's any money out of pocket before or at settlement.  That's easy.

To the mortgage companies advertising "No Closing Costs Loans" or "We even pay your closing costs", that refers ONLY to items charged in the #800 section of the HUD-1 Settlement Statement.  It makes sense because the only charges that are in the lender's control are "lender fees".  They can't eliminate pre-paid taxes, recording or transfer fees, title services, commissions, etc. 

What does it NOT include??  Pre-paids, title services, government recording and transfer taxes title insurance, etc., etc., etc. 

We hear the same thing from Title companies or attorneys.  "We don't charge a closing meeting fee" (about $300 in my area).  What they are not saying is that their income is commission on the title insurance.

When loan officers refer to "closing costs", don't think for one minute that it is all inclusive of fees and taxes paid at settlement.  I know from experience that when the title officer/attorney is reviewing the HUD-1 with a home buyer, the buyer's eyes, and usually their agent's eyes simply GLAZE OVER and they just knod their head up and down.  The seller looks at the "NET TO SELLER" and if it's in the ball park, they're fine too.

It would behoove buyer's agents to learn to read the HUD-1.  Over the years, I've found numerous mistakes that could have cost my buyers $Thousands.  Some items wrongly charged to buyers have been: 

*Lender fees in a VA contract charged to the buyer.

*Transfer fees not split in new home purchase in MD where the builder didn't want to pay.

*A HUD-1 in a VA purchase that was so convoluted no one could understand it.  The numbers didn't add up and the title attorney would have benefitted by about $1,800.  I made him correct the HUD-1 3 times until he got it right. 

*Title officer wanted to charge an extra month interest on an FHA closing on the 26th of the month. 

There have been many more.

HA!!  Want to make it really interesting?  Take a look at the Truth In Lending Statement.   How is the APR computed??  That's not even itemized.  Some disclosure!!

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.

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Carolyn Capalbo Is A REALTOR In Northern Virginia That Needs Your Help

 

Carolyn Capalbo is a real estate agent in Northern Virgina that is being punished for having the wrong name. In 2008 a women with the same name as Carolyn Capalbo broke into the news, and it wasn't pretty. The "other" Carolyn had a daughter that was involved with a New York governor in a promiscuous way. Long story short, it was ugly, and now when you google Carolyn Capalbo, you get the results of the other women. 

You can read the full story here.

Here's the deal. Because of this other women, Carolyn's business has suffered, and I thought we could help her get her name back. Clients of her's have Googled her name and found this other women intruding on her brand with scandolous news blogs and have mistaken her for Carolyn Capalbo the REALTOR. 

Before you help Carolyn Capalbo You Should Know Her Story

 

Carolyn is a military spouse, she has family that has served this country, and I think we can serve her family with the help we can provide with this post. Carolyn has a degree in economics and is continuously a top agent in residential sales in Northern, Virginia. Carolyn is a respectable business women that goes above and beyond for her clients.

She continues to be a top producing agent in Northern, Virigina and, by no fault of her own, has had to deal with national news outlets calling her personal phone, business acquaintances, her daughters school and even her brokerage looking for the "juicy" story. 

Imagine, while at work with clients, ABC News, CBS News, The Washington Post, and The New York Times calling your workplace to get the scoop on a scandal that you were never apart of. Imagine these reporters asking promiscuous questions from your co-workers and people you do business with everyday. What would it be like for your little girl having to answer questions about some women in the news asked by your own teacher. 

This is the nightmare that Carolyn Capalbo is having to deal with and this is where you come in. Let's help Carolyn take her name back from a scandal that has nothing to do with her. 

How do we help Carolyn? Simple. Use your knowledge that you've learned from blogging here on Activerain to push her name above the fold in the search engine results pages.

Here's How We Can Help Carolyn Capalbo Take Her Name Back:

1. RE-Blog this post and write a short story above the post about how you would feel if your name was tarnished by such a scandal. 
2. Link to this post with "Carolyn Capalbo" as your anchor text within the blog and any other blog or website you have. 
3. Push as many links and people to this post as you can. Get this post to the top and in turn we can push Carolyn Capalbo's reputation back to where it should be. 
4. Write your own blog on how you feel about this situation and link back using "Carolyn Capalbo" as your anchor text. 

I want you all to know that there is more to this story. There is a reward for having your post at the top of the search engines by August 2nd. If we can get Carolyn Capalbo's name within the top 2-4 spots for her name in Google, the poster gets a prize. I am shamelessly asking you Activerainers to help Carolyn Capalbo, while also helping my brokerage. Many people have asked for your help before and you have come to the rescue. 

I am asking you to help my brokerage get this post to the top of the search engines to get Carolyn's name back where it needs to be and to help my brokerage get a new website. What's in it for you? Two things. 

First:  Knowing you helped someone clear their name by no fault of their own is a great feeling. 

Second:  For your links to this post with the anchor text "Carolyn Capalbo" I will return the favor. I have many websites and blogs that I can give you a link with the anchor text of your choice. These links will be on their own page of either my blog or, if you give this post enough love, a link on the home page of my websites with page ranks of 2+. These links will remain until my websites die. :)

So, Activerainers, I ask you to help Carolyn Capalbo get her name back. All you have to do is RE-Blog this post or link to this post with her name as the anchor text. 

Lisa Udy

Platinum Real Estate Group

Please Help Carolyn Capalbo

FREE Electricity Giveaway for Waco/Waco area Residents.

The Waco Association of REALTORS® is giving away electricity again this year.

If you live in the Waco area, enter for your chance to win up a month of your electricity bill paid in full (up to $500). There will be 3 drawing dates for 3 chances to win. June 29, 2010 - July 27, 2010 - August 31, 2010. If you don't win one drawing, your name and address stays in for the next drawing.

There is no catch; you just need to enter to win.

Please see rules, eligibility and entry form HERE.   (if you have any trouble downloading the rules and entry form, contact me, I will be glad to e-mail you one directly).

http://waco.fnismls.com/Paragon/AssociatedDocs/WACO/MLSSharedDocs/American%20Home%20Week/realtor%20image.pdf

 

 

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Selling your house can be challenging when you have pets and I'm going to focus today on your CAT. Your furry friend and family member. I've got three myself so I understand and can empathize with my selling clients when it comes to this subject. I got plenty of inspiration to share some kitty tips when selling from my own experience over the weekend. I decided to move my cat's litter box from the basement to our first floor mudroom. See, my cats are senior citizens now and since I'm not planning to move into a ranch style home with no stairs for THEIR sake, I had to make some adjustments for them.

The dreaded 'litter box" can pose some challenges when you put your house up for sale. I've seen litter boxes in just about every room now in working with sellers over a number of years. I still remember when we were looking for a house to buy, we toured two houses with cats. The one house had about 7 litter boxes throughout the house including bedrooms. Hmmmm....do you think they had a problem? The other house had only one litter box and it was located in their family room right by the sofa. It reeked. Needless to say, we didn't buy either of those houses. Downplaying the presence as well as the location of the litter box really is critical when selling.

Location...Location...Location

I've found the best locations for a litter box is out of the way places like the basement and laundry/mudroom. I've seen them in bathrooms too but I've found that buyers really want to see the bathroom and not get distracted by a litter box. One way to help my kitties better transition when I moved their box was to put their food in close range of it. This worked perfectly.


What's That Smell?
If you have cats then you know that if you don't keep their throne pristine, it's going to smell. When selling, this is a no brainer. You may have to scoop 3-4 times a day but this is a MUST. Do you have a COVER for your box? If you do, great! Now make sure you turn the box to make sure the hole is facing a wall. If you don't have a "cover", think about getting one. If the box has to be present during showings, at least the box is covered up and the hole is against the wall. Buyers really do not want to see inside of the box even if it is pristine. They just don't.
I also recommend buying those "stick ups" they sell in the pet aisle or pet stores that help neutralize odor. Stick that baby on the side of the covered litter box. They really do work. And a quick spritz of Febreeze in the area before a showing is a good idea too. Remember I said "quick spritz"........NOT half the bottle.


Take It Outside
The BEST solution I give my clients is to place the litter box in the garage during a showing if at all possible. I know this doesn't work for some kitties that can't be trusted but I've found that it works for the majority. My own cats freak and run under a bed and hide when visitors come to our house so having a missing litter box for an hour is not a problem.


Creative Solutions
I came across an amazing idea on a forum while doing some research for this article. Someone was building a house and decided to incorporate the litter box into their laundry room cabinetry so it was out of the way and they could keep the room....ummm.....more "visually appealing" you might say. I jumped all over this idea and told my husband to break out the power tools and cut a side door into our sink cabinet that is in our mud room. The cats go through the door and all I have to do is open up the front doors to scoop and be done.
It's hidden and better than a covered litter box.


Talk About "Staging" Your Litter Box

Who knew there were such a wide variety of creative litter box options out there? (I'd just suggest turning that hole around to face the wall.)




What about these cool styles?






Okay...if you were freaking out like I was when I first saw this, you can relax when I tell you that I think they are trying to show another option here. I don't think most people would actually put a litter box beside their bed (but you never know!). A cozy hideaway bed for your cat is another way to use this piece of furniture. Feel better? I know I did.



For the modern cat:

Entry Table AND Litter box in one...Who Knew?




Need a Litter box in the Office? Just be careful that you get the right box when looking for that file....




I'm having too much fun with this...can you tell?




Here's some other Staging Tips For Kitty When Selling:

Princess Perspective:
This might be harsh, but when you are selling, kitty is NOT the princess (or prince) anymore. The castle is for sale and things cannot stay the way they are. That means that the cat jungle/scratching post tower has to put away, the million mouse and feather toys must be rounded up and the sunning window perch for cats has to be disassembled and stored away. Yes, I realize that it's your cat's favorite place but your potential buyers needs to see how pretty the window is, not looking at the pile of cat hair left on the cushion attached to the window.

Meow Mix Mayhem:
Did you know that kitty's dishes shouldn't be out during a showing? It's so much a part of our everyday lives that we don't think about it, right? But when selling, they need to be gone. This also goes for those cool plug in water fountains. The cat may love them but with their messy cord and location near a plug (which is usually in the kitchen) it's not a great thing to keep around when you're trying to impress buyers.

Not Everyone Loves Your Cat



I know, it's your baby. I understand. I have three furry children myself and I love them dearly. Not everyone is a cat person. Or likes pets at all. Many are allergic to cats as well. When you are selling, it is really important to see it from the perspective buyer's point of view.

Fur Ball Fiasco:
If you've got a cat, you've definitely got this: Cat Hair. Getting rid of as much cat hair as possible and staying on top of it by cleaning frequently is critical. Are you trying to use a lint brush to get rid of hair on the furniture or curtains? Forget it. The best thing to use is a rubber glove. A damp cloth works really well too. The Swiffer is another great product to use on the floors. I'm constantly amazed at all the invisible hair you can't see until you look at the bottom of the swiffer pad when you're done. Whoa.

Stay Or Go?



Have you been waiting for me to answer the obvious question: What the heck should I do with my cat during a showing? Don't worry, your cat will probably be fine staying at home. More than likely the cat will either go hide (like mine) or lay on a bed and look slightly annoyed at the interruption from strangers. If your cat is never to be outside, you may want to consider putting him in a cat carrier or taking him with you. Better safe than sorry.



Even though your pet is a huge part of your family, downplaying their presence while selling your house is a smart move. Remember it's all about the house and getting it sold. Follow these tips and ideas I've shared with you today so that it can help you better deal with your kitty when selling so that it doesn't cost you a sale.

Happy Staging!

You can use this article in your blog, newsletter or website as long as you add the following bio box:

Teresa Meyer is the Owner and Lead Staging Designer at Stage a Star, Cincinnati's Premiere Real Estate Staging company located in Cincinnati, Ohio. Teresa is an ASP, Accredited Staging Professional and CSPE, Certified Staging Professional Elite and Ohio Certified CSPE Trainer to real estate professionals in Cincinnati. She is a member of RESA, Real Estate Staging Association and currently is the State of Ohio RESA President.   Teresa can be reached at 513-379-5488 or by email: teresameyer@fuse.net to answer your questions about the staging process and looks forward to assisting you in preparing and staging your house for the Cincinnati real estate market.

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Stage A Star provides home staging services to Hamilton county Ohio, Butler county Ohio, Warren County, Ohio, Clermont county Ohio, West Chester, OH., Liberty Twp, OH., Mason, OH., Fairfield Twp., OH., Monroe, OH., Hyde Park, OH., Loveland, OH., Maineville, OH., Morrow, OH., Deer Park, OH., Indian Hill, OH., and surrounding Cincinnati and Northern Kentucky areas.