Linda Tremblay, Associate Broker Bucks County, PA Real Estate Services

First of all I want to say that I do realize that there are many families that are really in financial trouble right now through no fault of their own. I do realize that many people have lost jobs, lost alot of money in the stock market, and have lost houses. Thid post is not meant to minimize their family's troubles.

It always seems however that the press makes everything sound much gloomier then it is. Take for instance their assault on the real estate market about 2 years ago. The market was about ready to take its normal corrention and the press started yelling "The bubble is gonna burst". Right before that however, they were telling everyone to "Buy that home" (No matter what the costs since there were bidding wars) Then after the market started going downhill, they tell everyone not to buy unless the can pay 50 cents on the dollar. Guess what? I do not know too many sellers who will accept 50 percent of the true market value of their home. Besides, now is a great time to buy a house. There are numerous homes to chose from, the interest rates and prices are lower than they have been for a long time.

Recently, the gas prices went through the roof. That hurt people more than anything else. With the price of gas rising, it bumped up heating costs, food, materials and just about everyhting else. Now the prices are back to being reasonable.

I could not help but notice however, that people were definitley shopping in Bucks County PA. I know that there were lots of sales even before Christmas in the stores which allowed the shoppers to get alot of deals. But due to my computer crashing, I have also been spending some time in Best Buy lately. The press said that electronics were down 27 percent, however there is hardly a computer left in the stores. They sold them all. There are no nintendo wii game consoles available. My daughter had a very hard time finding a wii fit game. I saw people buying cameras, tvs, and many other electronics. Where are they down 27%?

I prefer my outlook than theirs. I think 2009 is gonna be a great year! I am one of the people that have recently stated "I am not taking PART IN THE RECESSION!" Please join me. If you are an agent -Make 2009 a year to remember. Work the business and help put some families into their new homes. If you are a consumer- If you are thinking about buying a home, stop listening to the negativity. Do your homework, make sure you pay a good price and can afford the live there.

So you are tired of renting and have decided to buy a home. You have scrimped and saved your money for a down payment, now what? Here are a couple things to consider.

How much home can you afford?Contact a qualified mortgage professional and get preapproved for a mortgage. They will ask you questions to determine the ratio between your income and your debt. This will help them determine the price range you can afford. Make sure that the payment for a home in the price range they recommend is also a payment that you feel comfortable with. That way, you will not fall in love with a home only to find you can not afford it. Or worse yet, buy a home and not be able to furnish it and make the payments. Shop wisely and make an educated decision.

How do I find a home? Do not limit your search to looking on the Internet or in magazines. Find a Realtor who you have confidence in, to represent you and help you find a home. A Realtor has the most up to date information on homes out there through the multiple listing service. The homes you see in magazines, websites, or even newspapers could have already been sold.

How do I chose the right Realtor? Choosing the right agent is very important, they will be representing your interests through the whole transaction. Ask your family or friends if they have recently bought a home and could possibly recommend someone to you. Feel free to interview more than one. Make sure whoever you select is dedicated to serving your needs throughout and after the sale. Also make sure that they want a long term business relationship with you, not just one deal.

Should I have a home inspection?I always recommend a home inspection to my clients. Trying to save the couple hundred dollars by not getting an inspection can cost you thousands later. A home inspector can detect issues that you may not see. They will also educate you on the maintenance that may be required. Home inspections however are to uncover material defects, not minor maintenance issues.

What else do I need to consider when shopping for a home? You need to consider location. Is the home convenient to where we work or attend school. If you have children, you will want to consider the school district. Is it rated good? Perhaps the private schools or colleges nearby. Is your family size going to change within 3-5 years? Will the home be big enough or perhaps too big?

How much money do I need to close?In addition to your down payment, you will also need closing costs. Your Realtor and/or mortgage professional will give you an estimate when you put in an offer on a home. As you get closer to your closing date, the numbers will be closer to the actual cost. Closing costs include charges from your mortgage company, title insurance, prorated real estate taxes and association fees (if applicable), escrows for taxes and homeowner insurance if required by lender , home owners insurance policy, attorney fees (if applicable) and other possible costs. Make sure you know what will be required.

Should I purchase a Home Warranty?I suggest a home warranty to all my clients whether they are buying or selling a home. In most plans, the mechanics of the home (electric, plumbing, heating) are covered. You must call the home warranty company first, before the repairman. Then you just pay a deductible. As a buyer, you could request that the seller provide you a warranty or purchase one yourself. There are more than one warranty companies out there, so make sure you understand what is covered and what is not.

When you would like to start walking through some current homes that are on the market in the Bucks County Real Estate market, call Linda Tremblay or Marcie Purcell.

BUYING 'REO' How To Get A Great Deal On A Foreclosed Property In 2009 If you've been priced out of the housing market, now is the time to consider buying a foreclosed property. But don't wait; the best-value foreclosed homes--what we call "real estate owned" (REO)--are selling as soon as they come on the market. Although buyers can also find bargain prices on pre-foreclosure sales or homes sold at foreclosure auctions, most buyers find it easier and less risky to purchase REOs from the lending institutions and government authorities that repossess these homes. (Note: REOs also can refer to properties purchased by corporations from their transferring employees. This article focuses on REOs resulting from foreclosure proceedings.) Finding a high-value property and negotiating a low-cost contract are the keys to success in the months ahead. Here is the critical information REO buyers need to know: Why Buy An REO? REO homes are most attractive to buyers looking for bargains. They know lenders and government organizations don't really want to own homes and would rather move their "non-performing assets" off the books as quickly as possible. Still, being responsible to stockholders or taxpayers means institutional owners will try to recover as much of their investment in a foreclosed home as possible. Negotiating is key to getting a true bargain price on an REO! REO foreclosures offer some distinct advantages to buyers: Opportunity for professional inspection. Being able to thoroughly inspect an REO can help ensure against unexpected problems and expensive repairs. Inspections are often not an option at earlier stages of foreclosure, especially at auction, when properties are frequently sold "as is." Easier financing. The lender or government agency may offer an attractive financing package, perhaps including a lower interest rate or smaller down payment requirement than might be available on the open market. Chances are also better that outside lenders will consider financing an REO, since their appraisers get a chance to look at these properties. REO buyers can also negotiate for a financing contingency in their contract with the seller. No eviction problems. By the time institutional owners put their properties on the market as REOs, former owners or tenants typically have already moved out. Again, this may not be the case with pre-foreclosure and auction sales. Better condition. Homes in default and sold at auction may not be in great shape, either due to neglect by their cash-strapped former owners or damage caused by disgruntled residents or vandals. Lenders and government organizations selling REOs, however, sometimes make repairs, returning properties to livable condition--or discount the prices to sell more quickly. Listings with brokers. Most REOs are listed for sale with a real estate broker/REALTOR® who is bound by law and ethics to represent the property truthfully. (In some states, however, lenders are exempt from some disclosure rules. Ask us.) Call On Us--Your Neighborhood Experts Remember: All real estate is local. That's why it's more important than ever in 2009 to work with a top-notch local real estate professional--after all, you're not buying a home across the country, you're buying a foreclosed property right here. We can help! As experienced neighborhood specialists, we make it our business to represent buyers of foreclosed properties. Contact us to learn how we do it. There's no cost for this information--and absolutely no obligation to you! The Process Of Foreclosure The term "foreclosure" can be confusing; it really refers to a three-stage process: Pre-foreclosure--initial stage when homeowner misses payments (becoming "delinquent"), then defaults on mortgage, and lender begins foreclosure proceedings with "notice of default." Auction (also "trustee's sale" or "step sale")--the stage at which the property is put up for auction by lender; proceeds repay lender (and homeowner, if any money is left over). Post-foreclosure--when properties that didn't sell at auction are repossessed, becoming REO by a lender or government agency such as the Federal Housing Authority (FHA) or Veterans Affairs (VA).

If you would like to receive this e-newsletter in your inbox, or are considering buying or selling a home in the Bucks County Real Estate market, call Linda Tremblay or Marcie Purcell.

I am pleased to announce that we have recently added a new agent to our team. His name is Bob Brooks, at least that is how he is licensed, but prefers to be called Harry.

Harry and his family currently reside in the Central Bucks area. He was raised in Philadelphia. He was employed by Verizon and is familiar with customer service and the Bucks Mont area. Harry with go above and beyond to provide his customers with excellent service.

Harry will be specializing in residential resales primarily in Bucks County and the surrounding area. Whether you are a first time homebuyer or have sold or bought a home before, Harry will help you with all your real estate needs.

Our team now consists of: Linda Tremblay, Marcie Purcell, Angela Ciliento, Tom Boshell, Lori Colonna, Harry Brooks, Ted Trymbiski, and in referral status A.B. Albritton. Please contact us for your Bucks County Real Estate needs.

Here is Page One of my monthly E-Newsletter, "Why now is not the time to sell "For Sale By Owner" If you like this article and would be interested in receiving my monthly newsletter or information about Bucks County Real Estate, please email me or visit my website.

NO COUNTRY FOR 'FIZZBOES'
Why Now Is Not The Time To Sell A Home Alone

Some home sellers in the boom years were tempted to market their homes "For Sale By Owner" (FSBO) to avoid paying a real estate broker's commission--especially in seller's markets where homes attracted multiple buyers. While the impulse to save money is certainly understandable, selling without professional representation in today's market is a risky strategy that could actually result in lower "walk-away cash" (net proceeds) from the sale and a longer time on the market. Here's why:

Increased Competition

The nationwide inventory of existing homes for sale still hovers around a 10-month supply given the current pace of sales--in some local micro-markets the overstock is even greater. Bottom line: lots of competition among home sellers.

To stand out from the crowd and secure a sale in today's market, you'll need every advantage we can provide. We will:

• Design and execute a detailed, customized marketing strategy that puts a spotlight on your home.
  
  
• Help you determine the "right price" that's not too high, not too low.
  
  
• Recommend cost-effective improvements and repairs to attract buyer interest and offers. (Today's buyers can demand move-in condition.)
  
  
• Put your home on the Multiple Listing Service (MLS) to reach thousands of buyers and agents actively shopping right now.
  
  
• Provide you with information that's up-to-date and accurate about local market conditions and trends.
  
  
• Promote your home sale through our nationwide network of industry professionals and local client contacts.

Bargain Hunters

Typically, buyers interested in FSBO homes are looking for bargain prices--often they expect to cash in on the same "savings" the home sellers hope to achieve by not paying brokerage fees. Experienced investors may also target FSBOs who aren't as familiar with the current market and sales process. The result: low-ball offers, sometimes even below the market value of the home. As experienced, objective professionals, we can save you time and money by:

• Recommending a market-oriented listing price that will invite attractive offers within your desired time frame.
  
  
• Pre-qualifying home shoppers to weed out those who cannot afford to purchase your home and those who might have less-than-honest reasons for wanting to enter your home.

Demanding Buyers

With housing inventories up, buyers are in the driver's seat in many markets around the nation. And they're exercising their clout, asking for contingencies, conveyances, seller subsidies, multiple inspections, even incentives.

We'll manage the relationship between you and your buyers by:

• Arranging home showings in a timely manner.
  
  
• Explaining the intricacies of various contract provisions to you.
  
  
• Employing effective negotiating techniques to ensure you get the best sales price the market will bear and contract terms that meet your needs and those of the buyers.
  
  
• Managing fulfillment of contract contingencies.
  
  
• Supervising inspections.
  
  
• Communicating with all parties involved to keep the transaction on track.

Tougher Loan Standards

Today's buyers are facing bigger hurdles qualifying for home loans as mortgage lenders have tightened their standards by requiring higher credit scores, larger down payments and proven income.

We can help you and interested buyers by: