Archive for the 'Peggy’s Insights' Category

Today I woke up to large flakes drifting past my window and by the time I got to work we were in the middle of a snowstorm. It was delightful and added to the holiday spirit.

On Wednesday, December 30th I am having an open house at Adams Mill in Moscow, Vt. from 4 to 7 pm. Please come if you get the opportunity. This is a chance to see the renovations that has been done on this historic home. The owners have kept the traditional Victorian farmhouse style on the exterior but have created a truly exciting modern interior. There are two units each with three bedrooms plus an office area. The four original stained glass windows have been kept and add a touch of color to the master bedrooms and the office area. The two bay windows, a part of the original house, grace the living room areas. Each unit has its own distinct personality. Available with each unit is a one car garage in a lovely carriage house. There is a studio above the garage with kitchen and bath that is available to be purchased for $160,000 with either unit. The south side is offered at $749,000 and the river side is offered at $859,000.

Come, join us for wine and cheese, tasting some of Vermont’s world famous artisans cheeses from the Mt. Mansfield Creamery. Directions to the property are as follows:

Take Route 100 South from Stowe Village to the Moscow Rd. Turn right onto Moscow Rd. and follow the road to the first road on left, Barnes Hill Road. Bear left to the first right, Adams Mill Road. Bear right and go to the end of the road where you will see a large Victorian farmhouse.

I am very excited to have completed the short sales and foreclosure course and will be certified by January 1, 2010. I am about to begin my first short sale and have decided to keep everyone up to date with the process. This will either discourage anyone from trying it or it will at least educate people in the process. What I know so far is that you need a lot of patience and perseverance. So far I have been hung up on by an un-named lawyer who started the conversation by “I don’t mean to be rude…” and then finished by hanging up on me. However, I am a hardened real estate agent that can take rejection. Tomorrow I begin with the banks. I can already tell this is not a job for the faint of heart.

What really gets me, is how complicated it is. If the powers that be want to stimulate sales and get the economy moving they should mandate that the banks streamline this process for all concerned. There have been certain acts put in place, such as the ” Home Affordable Foreclosure Alienation Act” (HAFA) that do help those about to go into foreclosure. There really is not enough information out there in the public eye. Over 50% of the people that are about to face foreclosure have no idea where to turn. Most of these people ignore all of the notices and just wait until the eleventh hour. A foreclosure will affect your credit score by 200 points while a short sale will affect it by 50. If more people knew this they would seek professional help to accomplish this. My best suggestion is if there are people out there that are experiencing impending foreclosure that they consult with a lawyer, and an account who specializes in foreclosures, bankruptcy, and short sales. Secondly I would contact a real estate agent in your area who is knowledgable in foreclosures and short sales. Above all do not ignore the notices. There is help and solutions out there.

The America Recovery Act of 2009 is a result of the new stimulus package Obama has recently signed. I have been receiving some great information regarding this act and how it will effect 1st time home buyers, tax credits and real estate as a whole from Jeff Teplitz over at National City Mortgage in Burlington VT. I wanted to share the information with you here. Below you will find 2 files. One outlines the tax credit 1st time home buyers who purchased last year after April 9, 2008 or who purchase this year can expect. The other is more general information outlining the highlights of the Act.

I hope you find them useful!

Recovery Act of 2009 for First-time Homebuyers

Recovery Act of 2009 Highlights

I found this great blog, thanks to Jeff over at National Morgage. It is called Mortgage News Daily, you’ll find it in my blogroll moving forward.

Check out yesterday’s rate update “Wednesday 2/11…Decent Rally Yesterday in MBS” or for daily updates check out the Mortgage Watch.

Check out the latest interest rates I received from Jeff Teplitz of National City Mortgage in Williston, VT. FHA rates are slightly stronger than the conforming 30 year loan.

Paying points may be back in style. At this time the difference between the 30 year, no point loan and the 30 year 1 point is .875%.  The net savings is $54.72 per $100,000 of loan amount per month.

It will only take 18 months to realize the savings of paying the 1 point.  Well worth it to get a 5.00% interest rate.

(more…)

This is a great article talking about why Vermont has the lowest rate of foreclosures in the country. Something that has allowed homeowners to maintain a truer property value than a lot of other states. The article is from bloomberg.com “Vermont Foreclosures Held Off by Yankee Ways, Land-Use Laws“

By Brian K. Sullivan

Jan. 29 (Bloomberg) — Vermont is avoiding the foreclosure crisis plaguing homeowners across the U.S., perhaps owing to traditions of thrift, modesty and self-reliance — bolstered by laws that protect buyers and land.

The foreclosure rate in Vermont is the lowest in the U.S., 0.04 percent of all homes in the state, according to RealtyTrac Inc. of Irvine, California.

To read the full article click here.

Oh this is so hysterical! My son McKee just sent me this NY Times article, I had to share it. Can you imagine having to sell a house on Butt Hole Street! Check out the article “No Snickering: That Road Sign Means Something Else” here.

I receive newsletters from one of our local mortgage brokers, Jeff Teplitz, with National City Mortgage. You can check out the great article on “Selling Your Home in a Declining Market” and “Good Time To Buy A Vacation Home” by clicking here. As he noted this is very relevant for lakefront property on Lake Champlain or mountain properties in Stowe, VT.

Plus a Calendar showing the most important economic indicators and their upcoming release dates.

I receive newsletters from Jeff Teplitz, a Mortgage Consultant for National City Mortgage in Burlington VT. I found this one to be of particular interest, so I thought I would pass it on. If you are looking for more information, Jeff’s contact information is below.

FHA Changes:

The following changes look like they will take effect with the passing of the FHA bill in Congress.
1. Minimum Investment will increase from 3% to 3.5% with the current maximum loan amount calculations being simplified. This money does not have to come from the borrowers own saved funds. It can still be a gift.

2. The down payment assistance program which currently allows the seller to donate money to a non profit which in turn gifts the money to the purchaser in essence allowing for no money to come from the borrower will be eliminated as of October 1. Loans will have to be approved by September 30th. There’s still time to utilize this program so get motivated sellers within the $317k sales range to take advantage of it. (more…)

On Saturday, July 12, I will be walking 20k in the 27th Annual Prouty Bike Ride & Challenge Walk to raise money for cancer research at Dartmouth’s Norris Cotton Cancer Center. Unfortunately, we all know someone – a family member, friend, colleague, parent, child – who has been affected by this disease. Truly, cancer does not discriminate.

To participate in The Prouty, I’ve committed to raising $2500 towards cancer research. It is my personal goal to raise even more and I hope you can help! You can sponsor me right now by clicking on the website listed below. All donations are tax deductible and should be turned in by July 9.

Money raised by The Prouty stays locally to support cancer research and patient services at Norris Cotton Cancer Center. It’s one of the best cancer facilities in the country and has been named one of only 41 Comprehensive Cancer Centers by the National Cancer Institute. Research conducted here helps cancer patients all over the world. If you’d like more information on the research done here, go to www.cancer.dartmouth.edu.

If you prefer to send a check, you can make it payable to Friends of Norris Cotton Cancer Center and mail it to Friends of NCCC, One Medical Center Drive, Lebanon, NH 03756. Make sure that you indicate that it’s for my walk by placing my name in the memo area of the check.

Thank you in advance for joining the fight!

Together, I know we can make a difference in the fight against cancer. Thank you for your support!

Follow This Link to visit my personal web page and help me in my efforts to support Friends of Norris Cotton Cancer Center

Peggy Smith