Michael Mergell

If you are looking at home repossession then selling and renting back could be the ideal solution. You could also take this option if you and your partner are divorcing, if you want to free up equity or if you emigrating. There are specialist companies online who would offer you the chance to sell your home and then remain in the property as the tenant. You would also be given the chance of being able to buy back the home for an agreed price when you sold the home.

check out www.IndyHomeHelp.com for more help with this subject

Michael Mergell, Managing Broker RE/MAX Ability Plus-Fishers

Making a quick sell has a little to do with luck, but it has more to do with how you market your home and present it to buyers. The following tips will help you sell your home fast:

• Market your Home – Marketing your home involves a lot more than placing an ad in the paper. You need to place ads, post signs, host open houses…Basically, you need to do everything possible to get people in to look at your home. Host a neighborhood fundraiser in your home. Put your home on the auction block. Do anything it takes to generate attention.

• Hire a Real Estate Agent – When it comes to marketing your home, the greatest asset you can have on your side is a real estate agent. A real estate agent can present your home to the largest amount of potential buyers. Yes, you should continue to market your home yourself, but having the help of an agent can take a lot of the pressure off.

• Spruce It Up – No one wants to buy an ugly house or a house that doesn’t leave a lasting impression. Buyers usually visit numerous homes before they make a decision. Make your house stand out by giving it a fresh coat of pain. Make all necessary repairs and give it some curb appeal.

• Stage for Success – In order to sell quickly, you need to stage your home. Take out all clutter and items that you have stored. Put these in storage. Leave only the basic necessities. Furniture and decorative items are a must. However, if yours are worn, borrow some other items to change the “feel” of your home.

• Set a Competitive Price – Homes that are sold for less than their value sell quickly. If you have some room to negotiate, lower the list price of your home. If your home is a bargain, it will not last long on the market no matter how unstable it is.

In addition to attracting buyers quickly, you can also speed up the transaction once you have a buyer on the line. You can ask for a quick closing date. You may even want to help schedule inspections to move things along more quickly. Being accessible for all questions and concerns also helps speed things up.

MICHAEL MERGELL (317) 645-8717 MICHAELMERGELL@REMAX.NET

MARKET YOR HOME

HIRE A REALTOR

SPRUCE IT UP

STAGE YOUR HOME

SET A COMPETITIVE PRICE

by Michael Mergell, Managing Broker RE/MAX Ability Plus-Fishers

I have been given some VERY good news that just can't wait till Monday

Here are some some-what detailed and tentative guidelines for Fannie Mae's return to a 10 financed property limit. I was tipped off early this week that Fannie was going to make this move, but I had seen nothing yet from within Countrywide. I did find that Fannie Mae is indeed working on rolling this out. This is tentative, but I like to try to be on the leading edge of things as much as I can be...

1. The projected date for the first loans eligible for purchase by Fannie Mae looks to be March 1st, though we & other lenders may not be working in "real time" with that date. These things can be complicated.

2. There are serious strings attached when you get to the 5 - 10 range of financed properties. If the property being purchased (or refinanced) is for investment there will be limited loan-to-values, credit score requirements, and some SERIOUS reserve requires. Reserves are liquid funds verified that are looked at as the number of months those dollars would translate into making mortgage payments on the properties owned by the borrower. It looks like they would need to document assets to cover about six months of payment on essentially all their mortgages, not just on the subject property.

3. I do not see ANY allowance for Cash-out refinances in these guidelines, so don't expect to be cashing out homes under these limits. That includes getting a home paid for with cash to make the purchase happen quickly & expecting to get your cash back with a mortgage after the fact...not going to happen.

4. For single unit homes, it looks like the LTV max is 75%. It appears to be 70% for 2-4 unit homes. Both require a minimum 720 credit score.

5. Other notes: NO bankruptcy or foreclosure for 7 years. NO mortgage late payments (30 days or greater) in the last 12-months. Everything fully documented, regardless of what the automated underwriting says...treat it like a manual underwrite with MAXIMUM documentation.

In other words, yes, Fannie Mae is planning to go back to the 10 financed properties limit, but you had better get your borrower prepared for a ride, and they had better bring their "A game". Investors better be ready to jump through hoops on this one and be prepared for probable price adjustments.

None the less, 10 is better than 4. Sell On!!!

MICHAEL MERGELL (317) 645-8717 MICHAELMERGELL@REMAX.NET