Marianne Snygg, ABR, ASP, GRI

3 Great Seller Tips

This is still a buyer's market, even though the market is returning to a more balanced position. So, today's seller needs to be savvy in order to sell the property. Holding out for the last dollar will not get your property sold. Here are some great tips that hopefully will help.

1. Consult with your Realtor(r) to establish a price based on local comparisons of homes sold in your neighborhood. Pricing the home right is the first step, it tells buyers that you are aware of today market and are serious about selling your home. Honesty, knowledge and reasonableness are great selling keys when dealing with today's buyers.
2. If your local real estate market is slow, consider offering buyer incentives. They don't have to cost you a lot, but they will give your home the edge over similar homes on the market.
   1. Offer a home warranty. That is very big to buyers! They love that.
   2. Offer to buy down the buyer's mortgage interest rate. This may cost a couple of thousand dollars, but that's likely to be less than what it will cost you if your house languishes on the market.
   3. Offer to pre-pay a year's worth of association fees. That might only cost $500!
   4. Offer a year's worth of professional lawn mowing. Imagine that one!
   5. Offer credit toward the buyer's closing costs. That frequently is part of negotiations.
   6. Offer a weekend getaway at an attractive lodge or hotel. How much would that cost? $400?
3. And finally, the best tip: Lower your asking price.

Silent Speechless Sunday! (Thank you, Lisa)

Homes For Sale in Monument, CO 80132

Monument, CO 80132, is a sleepy little town 10 minle north of Colorado Springs, and 50 miles south of Denver. It has a vibrant downtown area, a supermarket, Starbuck's and an assortment of fast food restaurants.

Monument's biggest claim to fame is it's 4th of July celebration, parade and festival. Everyone turns out to be in this very small-town-America parade. After the parade there are vendors selling all types of wares and food. Then around 9:00 pm, the fireworks demonstration begins over Palmer Lake. Come early and save your seat, as it fills up quickly!

Here's a short list of homes for sale in Monument. Homes start around $125,000 for condo's and townhomes, and go up to over $1M for the large mansions out east.

Thumbnail	Location	Price	Beds	Baths	Footage	Acres	MLS #
	Monument	$ 269,900	4	3	2,560	0.20	486097
	Monument	$ 268,000	4	4	2,432	0.29	469264
	Monument	$ 265,537	3	3	3,376	0.29	537303
	Monument	$ 265,000	4	3	2,604	2.50	565430
	Monument	$ 259,900	3	2	1,600	0.57	494756
	Monument	$ 259,500	4	2	2,385	0.67	562168
	Monument	$ 250,000	3	2	2,565	0.07	477773
	Monument	$ 250,000	2	2	2,142	5.00	595487

If you'd like more information on the Monument market, please feel free to contact me.

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Reverse Mortgage-Is It Right for You?

You've probably heard of it, but what exactly is it. And how will it work for you? A Reverse mortgage is not a new loan product, it's been around since 1988. But, in today's economy many people that cannot qualify for a mortgage refinance, can qualify for a reverse mortgage. In effect, you are putting the equity in your home to work for you! So, is a reverse mortgage right for you?

Requirements:

• You must be at least 62 years old.
• You must occupy the home as your primary residence.
• You must pay your property taxes on time.
• You must keep your home insurance up to date and carry an adequate amount.
• If you have an HOA, you must also keep that current.
• You must maintain the home in good repair.

Things to Know:

• A reverse mortgage is a HUD backed program.
• Government regulations guaranty that all lenders adhere to the same guidelines. So, who you choose for your reverse mortgage doesn't matter if you choose the bank down the street or a national chain, as long as they are experienced in doing reverse mortgages.
• You should never feel pressured to accept any mortgage, even a reverse mortgage. Understand your options, completely. Work with a lender that you know and trust.
• A reverse mortgage gives you access to a portion of the equity in your home. You'll decide how much of that you want to draw on. Interest is access on what your draw on and only when you do.
• When you draw on your funds, you are not required to to make monthly payments.
• When you or your heirs sell the home, the equity you drew and the interest that accrued will be deduced from the proceeds of the sale. And all remaining profits go to you or your heirs.
• Eligibility for this loan is not based on your credit score. But, judgments, will need to be paid off and you can use your reverse mortgage funds to do that.

Steps to Obtaining Your Reverse Mortgage:

1. Do some fact finding. Talk to your lender, find out all the details about a reverse mortgage and if it's right for you.
2. You are required by HUD to attend a counseling appointment of approx. one hour. They want to be sure that you understand this product. Family members and attend with you, but not the lender. And there is a small charge for this appointment of about $125.
3. Loan application is next, and you will need to provide supporting documents
4. With completion of the application, title insurance will be ordered and an appraiser will visit your home to provide an evaluation of market appraisal.
5. With title insurance, a completed appraisal, and your loan docs done, underwriting will be started.
6. After underwriting approval, you will be ready to close on your loan.
7. Then closing, you will receive copies of all your loan documents, plus your options for withdrawl of funds and who services your loan.
8. You'll have three days after closing to change your mind, if you wish.
9. After the rescission period is over, the title company will pay off any existing mortgage loans and disburse to you any funds that you required upfront. And the following month, you'll start receiving your monthly statements.
10. Lastly, enjoy your new reverse mortgage, that pays you instead of you paying it.

So, Reverse Mortgage-Is it Right for You?

If you'd like to know more about a Reverse Mortgage, I'd be happy to talk with you, or more importantly, put you in contact with a lender that has successfully completed many reverse mortages.

Are You Planning to Use Your VA Eligibility? Ft. Carson, Peterson, and AFA are are Colorado Springs' local military bases.

Little Known Facts About Obtaining a VA Guaranteed Loan...

There are Fantastic Advantages to use a VA Guaranteed Loan. They include no down payment, negotiable interest rates, no monthly PMI/MIP, ceiling on closing costs, and your choice of mortgage products. Plus all VA loans are assumable by ANYONE.

What Type of Home Can You Purchase? You can purchase an existing home, in good condition, a brand new home built to your specifications, a multi-unit (as long as you live in one of the units, you can rent out the rest). Or you can refinance your current mortgage, or refinance it and get cash out.

Did You Know? Your lender can obtain your certificate of eligibility , online, for you. It'll take 10 days to receive your certificate, so plan early.

Caveats, Buyer Beware. You can only have one VA loan at a time. You cannot use a VA loan to purchase a rental property. If your loan is assumed, until that loan is repaid and you are removed from ownership, you eligibility will be tied up, and occupancy is required. you must live in the home.

Do You Know about Adapted House Grants? SAH has a maximum grant of $60,000; SHA has a maximum grantof $12,000; and Temporary Grants are available to be used if your going be in a location for only a short while.

Important Information to Know...An Escape Clause allows for return of earnest money, if the loan is not approved. The Option Clause is used in the case that the house does not appraise at purchase price, and again, the earnest money is returned. Seller concessions cannot exceed 4% of the reasonable value of the home, and closing costs are NOT part of the 4%. Mortgage fees cannot exceed 1% of the loan amount, and no additional junk fees are allowed. Loan amount limits are any reasonable amount plus the VA funding fee. Your eligibility certificate will tell you how much you qualified for.

How's Your Credit? It Does Matter. Credit scores are not determind by VA, but by the lender. Bankruptcy can usually be disregarded after 2 years; chapter 13, after 13 months; chapter 7, 24 months; foreclosures after 2 years. Debit to income ratio should not exceed 41%. Most recent 12 months monthly obligations should be paid as agreed. And child care must be considered as part of your monthly obligations.

So, do you qualify? Are you prepared to buy your first home with a VA loan? I work with all military personnel and my closest bases are Ft. Carson, Peterson AFB, and AFA. Call me and I can get you started.

Marianne Snygg, GRI, ABR, ASP
Herman Group Real Estate
719.964.9682