Surviving in Winter Weather

To survive winter weather, have these critical basic items on hand, just in case.  

• Several days supplies of food that needs no cooking or refrigeration.  Think about canned foods, dried fruits, crackers, granola bars, crackers, and bread.  
• Several days worth of water, bottled.  US Center for Disease Control suggest 5 gallons per person.  
• Several days worth of medicine that each family member could need.

Here is the CDC's list of emergency supplies:  

• an alternate way to heat your home during a power failure:

- dry firewood for a fireplace or wood stove, or
- kerosene for a kerosene heater
• furnace fuel (coal, propane, or oil)
• electric space heater with automatic
shut-off switch and non-glowing elements
• blankets
• matches
• multipurpose, dry-chemical fire extinguisher
• first aid kit and instruction manual
• flashlight or battery-powered lantern
• battery-powered radio
• battery-powered clock or watch
• extra batteries
• non-electric can opener
• snow shovel
• rock salt
• special needs items (diapers,
hearing aid batteries

For more detailed information, see:  http://www.bt.cdc.gov/disasters/winter/pdf/extreme-cold-guide.pdf

Big Soup for a Cold Day

Someone told me that minestrone soup means "big soup."    No better thought--a big, warm, fragrant pot of soup on a icy day with the wind chills in the negatives!  

Minnestrone Soup
1 TB olive oil
1 l/2 cups chopped onion
4 medium carrots, thinly sliced 
1-2 clove garlic
3 cups vegetable or chicken broth
2 14 l/2 oz. cans tomatoes, cut up (or diced tomatoes)
2 TB dried Italian seasoning, crushed
4 cups shredded fresh spinach
1 15-oz can navy beans, rinsed and drained
1 medium zucchini, quartered and sliced (l l/2 cups)
Dash pepper
Grated Parmesan or Romano cheese

3-4 cups of cooked rice or pasta 

In a heavy pot heat oil on medium heat, then add onion, carrots, and garlic.  Stir and cook for about 3 minutes til onions are tender.  Stir in the broth, tomatoes (undrained), and Italian seasoning.  Bring to boil, reduce heat.  Cover and simmer about 20 minutes minimum.   Stir in spinach, beans, zucchini, and pepper.  Cover and cook 5 minutes more. Add up to 1 c. water if you want a thinner soup.   To serve scoop 1/2 cup of cooked rice or pasta into serving bowls and top with hot soup.   If desired sprinkle with Parmesan or Romano Cheese.  Serves 6 with leftovers.

Getting a Loan...Retirees, Widows, etc.

If a buyer has limited income from employment but has considerable assets, there is another way to qualify to buy a house.  It is called “Asset Depletion” and may help certain buyers qualify for the home they want.  The lender will take the marketable assets (CD, stocks, bonds, etc.) and amortize them over a period up to 30 years depending on the age of the buyer.   From this a monthly “income” is determined from the assets and this can be used to increase their qualifying monthly income.  This is a great program for retirees, widows or anyone with a lot of assets but limited regular income.   It is so named because their assets in order are depleted in order to pay the mortgage…hence the term asset depletion.  If you have any questions on this let me know and I will be happy to get them all the details as well as a referral to a lender who can help with this kind of loan.  

Thunder Blunders

• Remember the 30/30 Lightning Safety Rule: Go indoors if, after seeing lightning, you cannot count to 30 before hearing thunder. Stay indoors for 30 minutes after hearing the last clap of thunder.
• Secure outdoor objects that could blow away or cause damage.
• Get inside a home, building, or hard top automobile (not a convertible). Although you may be injured if lightning strikes your car, you are much safer inside a vehicle than outside.
• Shutter windows and secure outside doors. If shutters are not available, close window blinds, shades or curtains.
• 
  

Avoid contact with corded phones and devices including those plugged into electric for recharging. Cordless and wireless phones not connected to wall outlets are OK to use.

• Avoid contact with electrical equipment or cords. Unplug appliances and other electrical items such as computers and turn off air conditioners. Power surges from lightning can cause serious damage.
• Avoid contact with plumbing. Do not wash your hands, do not take a shower, do not wash dishes, and do not do laundry. Plumbing and bathroom fixtures can conduct electricity.
• Stay away from windows and doors, and stay off porches.
• If you are driving, try to safely exit the roadway and park. Stay in the vehicle and turn on the emergency flashers until the heavy rain ends. Avoid touching metal or other surfaces that conduct electricity in and outside the vehicle.
• Source:   ready.gov

Six Tips for Choosing the Best Offer for Your Home

By: G. M. Filisko

 

You've worked hard to get your home ready for sale and to price it properly. With any luck, offers will come quickly. You'll need to review each carefully to determine its strengths and drawbacks and pick one to accept. Here's a plan for evaluating offers.

1. Understand the process

All offers are negotiable, as your agent will tell you. When you receive an offer, you can accept it, reject it, or respond by asking that terms be modified, which is called making a counteroffer.

2. Set baselines

Decide in advance what terms are most important to you. For instance, if price is most important, you may need to be flexible on your closing date. Or if you want certainty that the transaction won't fall apart because the buyer can't get a mortgage, require a prequalified or cash buyer.

3. Create an offer review process

If you think your home will receive multiple offers, work with your agent to establish a time frame during which buyers must submit offers. That gives your agent time to market your home to as many potential buyers as possible, and you time to review all the offers you receive.

4. Don't take offers personally

Selling your home can be emotional. But it's simply a business transaction, and you should treat it that way. If your agent tells you a buyer complained that your kitchen is horribly outdated, justifying a lowball offer, don't be offended. Consider it a sign the buyer is interested and understand that those comments are a negotiating tactic. Negotiate in kind.

5. Review every term

Carefully evaluate all the terms of each offer. Price is important, but so are other terms. Is the buyer asking for property or fixtures-such as appliances, furniture, or window treatments-to be included in the sale that you plan to take with you?

Is the amount of earnest money the buyer proposes to deposit toward the downpayment sufficient? The lower the earnest money, the less painful it will be for the buyer to forfeit those funds by walking away from the purchase if problems arise.

Have the buyers attached a prequalification or pre-approval letter, which means they've already been approved for financing? Or does the offer include a financing or other contingency? If so, the buyers can walk away from the deal if they can't get a mortgage, and they'll take their earnest money back, too. Are you comfortable with that uncertainty?

Is the buyer asking you to make concessions, like covering some closing costs? Are you willing, and can you afford to do that? Does the buyer's proposed closing date mesh with your timeline?

With each factor, ask yourself: Is this a deal breaker, or can I compromise to achieve my ultimate goal of closing the sale?

6. Be creative 

If you've received an unacceptable offer through your agent, ask questions to determine what's most important to the buyer and see if you can meet that need. You may learn the buyer has to move quickly. That may allow you to stand firm on price but offer to close quickly. The key to successfully negotiating the sale is to remain flexible.

 

Visit houselogic.com for more articles like this. Reprinted from HouseLogic with permission of the NATIONAL ASSOCIATION OF REALTORS® Copyright 2013.  All rights reserved.

Fiscal Cliff Deal; "Favors" for Homeowners

The fiscal cliff deal passed last week by Congress allows home owners to keep the deduction for private mortgage insurance (PMI) payments.  It also extends the act which provides that home owners will NOT have to pay income tax on amounts forgiven during a mortgage workout,  foreclosures, or deficiences that are forgiven on short sales. 

PMI is what buyers pay lenders each month if they have put less than 20% down on a home.  This protects the lender against default on the home loan.

 Homeowners also are allowed to keep up to $500,000 ($250,000 for individuals) in profits on the sale of their home.  For the majority of home owners, there is no change.  However for those earning above a certain level, the capital gains tax rises.  

Congress extended the tax deductions also for state and local property taxes, which along with the mortgage interest deduction, are important considerations for home owners and buyers.

For more information on this read: 

http://www.houselogic.com/news/issues-affecting-home-owners/home-owners-keep-pmi-deduction-and-short-sale-tax-benefit/#ixzz2HahcaMkt

First-Time Homebuyers: It's a Great Time to Buy

If you’re thinking about buying your first home, but you are hesitant to buy because of recent issues in the housing industry--there’s good news:

§         Mortgage rates are at historic lows – currently averaging around 3.35 percent for a 30-year fixed-rate mortgage – providing you with more home purchasing power. If you wait too long to buy, you could find yourself with a higher rate that could impact how much home you can afford.

§         There are a lot of houses on the market – giving you a variety of homes to choose from. And, if you’re in the market for a new home, you may be able to take advantage of special incentives being offered by builders.

§         House prices are lower than they have been in years, and homes are beginning to appreciate –the combination of these two factors can provide you with a great opportunity when buying your first home.

Homes are more affordable than anytime since 1970, according to the National Assocation of REALTORS home affordability index. 

Are You Ready for Homeownership?

The best way to know if you should become a homeowner is to do your homework and determine if you are financially ready. Homeownership is most likely the largest financial commitment you will ever make, and it is more important than ever that you are financially prepared and financially stable.

How do you know if you’re financially prepared? You are on a good path if:

q       You have a good, steady income that you can document

q       Your credit history is strong

q       You’ve saved money for a down payment and closing costs

q       You also have funds on hand for emergencies – like temporary loss of income or medical situations – as well as money for home repairs

Also, it may be wise to take the time to prepare for successful, long-term homeownership by seeking out pre-purchase housing counseling.    Research shows counseling can reduce your risk of defaulting on your loan by as much as 35 percent!  I can point you in the right direction if you’d like to attend a class.

Ready to buy a home?  Call me today and we’ll get you started with these key steps:

1. Select a lender. You’ll want to find a lender that is reputable, trustworthy, and offers financing options that meet your needs.  I can share practical tips on choosing an appropriate lender as well as referals.  Friends and colleagues are also excellent sources for lender referrals.
2. Go through the pre-approval process and determining how much you can afford. In today’s market, pre-approval is critical before you start shopping for a home. Not only does it help determine how much home you can afford, it allows you to make an offer quickly – which is especially important as foreclosed homes and short sales in the lower price range can move very fast.
3. Look for your first home.  When you are ready to start looking at houses, I will be with you every step of the way in choosing your first home, from evaluating neighborhoods to negotiating a good deal for you. My team and I are here to answer any questions you may have as you go through the homebuying process. 

Today’s market provides you with more opportunities than we’ve seen in years. If you decide to take the step to homeownership, remember that being financially prepared and doing your homework early in the process are key to becoming a long-term, successful homeowner.