In an amazing work of art, someone has managed to explain the entire sub-prime loan debacle with stick figure art. Please follow this link to one of the most straight forward, and comical explanations of what has created this mortgage crisis.
Aiming to invigorate a stagnating housing market, Dutch ING Bank is helping potential buyers bid on houses that aren’t yet for sale.
The bank’s WoonWaarUWilt (”LiveWhereYouWant”) initiative, which launched yesterday, lets clients make an
offer on the house they’d love to own. ING is partnering with online real estate firm iBlue. After potential buyers fill in a form on www.woonwaaruwilt.nl, including their dream home’s address and the initial offer they’re willing to make, iBlue contacts them to discuss whether the offer is reasonable, and adjusts it if necessary. A mortgage consultant also determines whether the buyers would be able to finance the purchase.
iBlue then sends a preliminary offer to the property’s current owners, explaining the situation and inquiring whether they’d consider selling. As with other ‘Intention Economy’ real estate ventures we’ve covered before (in Finland and elsewhere), the reasoning is that many homeowners aren’t actively interested in selling, but
can be persuaded to do so if the right offer comes along. By declaring their intention and backing it up with a lender’s financial approval, buyers can help eliminate the uncertainty associated with putting a house on the market.
Meanwhile, the concept is a smart way for ING to get a head start on other banks
when it comes to financing the transaction.
Making an offer is free for clients, but if the owners are interested in
pursuing the offer, iBlue acts as the buyer’s agent and charges a commission
once the deal is done. The Intention Economy was first described by Doc Searls as follows: “The
Intention Economy grows around buyers, not sellers. It leverages the simple fact
that buyers are the first source of money, and that they come ready-made. You
don’t need advertising to make them.” Which offers exciting opportunities for
businesses who are willing to shift from marketing to buyers, to facilitating
their intentions.
Starting this May, the IRS will be sending the economic stimulus rebate checks to households who file their 2007 tax returns. In order to determine if you are eligible for this rebate the only requirement is to file your 2007 return and the IRS will take care of the rest of the paperwork. Some individuals and families who file early and electronically will receive their rebates as early as May and the final rebate checks for those who file later will be sent out until December 2008.
In most cases the maximum amount of the rebate check will be $600 for individuals and $1,200 for taxpayers who file a joint return. Eligible taxpayers who qualify for a rebate check will receive an additional $300 for each child who qualifies for the child tax credit. Per the IRS website, qualifying income includes Social Security benefits, certain Railroad Retirement benefits, certain veterans’ benefits and earned income, such as income from wages, salaries, tips and self-employment. Depending on your source of income, some of these people may not be normally required to file a tax return because they do not meet the filing requirement. Please remember that this year if they want to qualify for the rebate, the IRS emphasizes they must file a 2007 return in order to receive a rebate check.
Rebate checks to higher income taxpayers will be reduced by 5 percent of the amount of adjusted gross income above $75,000 for individuals and $150,000 for those filing jointly. For more information on your specific eligibility for this rebate please click here.
Part of being a good real estate agent is understanding how to price a home to sell. The facts are that if your home is initially priced correctly it will sell and not languish on the market. Looking at the inventory within our office we saw a significant disparity between Days on Market between the sold / pending and what is active. SALABLE properties spent an average of just 88 days on the market while properties waiting to sell average 143 days on the
market - and they’re NOT SOLD YET! Look over the chart at our sample data from our office:
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Information has not
been verified, is not guaranteed and subject to change.
Copyright ©2008 Rapattoni Corporation. All rights reserved.
As home sellers it is important to always remember that you home is worth what the buyer is willing to pay for it. In a slower market sellers must balance their desires for maximum price with an understanding that an overpriced listing could sit idle for well over a year, and will most likely sell only after numerous price reductions. If you are looking to move up in this market read our November post on the price and inventory of the Cincinnati housing market. You will learn how moving into a larger home makes financial sense in the long run if you do it is a slower market.
Need some extra money for that a downpayment on a new home or household repairs?
Starting this May, the IRS will be sending the economic stimulus rebate checks to households who file their 2007 tax returns. In order to determine if you are eligible for this rebate the only requirement is to file your 2007 return and the IRS will take care of the rest of the paperwork. Some individuals and families who file early and electronically will receive their rebates as early as May and the final rebate checks for those who file later will be sent out until December 2008.
In most cases the maximum amount of the rebate check will be $600 for individuals and $1,200 for taxpayers who file a joint return. Eligible taxpayers who qualify for a rebate check will receive an additional $300 for each child who qualifies for the child tax credit. Per the IRS website, qualifying income includes Social Security benefits, certain Railroad Retirement benefits, certain veterans’ benefits and earned income, such as income from wages, salaries, tips and self-employment. Depending on your source of income, some of these people may not be normally required to file a tax return because they do not meet the filing requirement. Please remember that this year if they want to qualify for the rebate, the IRS emphasizes they must file a 2007 return in order to receive a rebate check.
Rebate checks to higher income taxpayers will be reduced by 5 percent of the amount of adjusted gross income above $75,000 for individuals and $150,000 for those filing jointly. For more information on your specific eligibility for this rebate please click here.
REMINDER….all cell phone numbers are being released to telemarketing
companies tomorrow and you will start to receive sales calls.
….YOU WILL BE CHARGED FOR THESE CALLS
To prevent this, call the following number from your cell phone:
888-382-1222
It is the National DO NOT CALL list. It will only take a minute of your time It blocks your number for five (5) years. You must call from the cell phone number you want to have blocked. You cannot call from a different
phone number.
HELP OTHERS BY PASSING THIS ON TO ALL YOUR FRIENDS.
It takes about 20 seconds.
Want to test your endurance? Sunday, February 24th is the annual Climb the Carew Tower event to raise money for the American Lung Association for details please click here. Climb the tallest building in Cincinnati a whopping 45 floor climb.
Events with Approximate Start Times:
10:00 am-10:30 am Competitor-Climb up the tower as fast as you can while racing others
10:30 am-11:00 am Superclimb- Race up the tower, back down, and back up again
11:30 am -1:30 pm Casual Climb- Take your time and have fun
1:30 pm- 2:00 pm Half Climb- Climb up to floor 21, a good race for kids
The fees for this race are $50 registration and a $75 pledge minimum totaling ($125) all for a great cause. Have fun!
Whether you prefer to live in a single family home, townhouse, or condominium you can find them all in Mt. Lookout conveniently located just east of downtown Cincinnati. This neighborhood is primarily residential with the convenience of commercial business in one central area. Many of the residences in this area are currently part of the tax abatement zone where property taxes are waived for 10 years.
One thing that most people probably do not know that Mt. Lookout also has the privilege of being home to the nation’s oldest fully operational observatory founded in 1842. Mt. Lookout’s website reports that it has one of the highest owner occupancy rates in Cincinnati nearly 80% of the 1,400 units available in the neighborhood and is the home to approximately 3,400 residents.
Mt. Lookout is conveniently located near the 94 acre Frederick H. Alms Memorial Park and the 224 acre Ault Park which is the fourth largest park in Cincinnati. Mt. Lookout has sidewalks running through most of the major streets and neighborhoods and even has a running club where the routes are mapped out, is part of the Cincinnati Public School District, and is nearby the Oakley Community Center.
Mt. Lookout Square is the home of unique shops, coffee shops, a theater, restaurants, and bars. In the warm spring and summer months to come this is the perfect place to walk around and grab a bite to eat at one of the restaurants with open air seating. Mt. Lookout is the host of Junefest so look out for a posting as that events nears.
Under Ohio Revised Code 2950.034, registered sex offenders are not allowed to live within 1,000 feet of a school, preschool or daycare center (as defined in that section). However WCPO news reported on February 20, 2008, that the Ohio Supreme Court has ruled that a sex offender may not be booted from a home within 1,000 feet of a school if he owned it and committed his crime before the distance restriction became law. Gerry Porter was convicted of sexual battery in 1999. Part of the property where he lived fell within the 1,000-foot limit established by the Legislature in 2003. The court stopped short of deciding whether the rule was intended to be retroactive, which would raise questions of its constitutionality.
What does this mean for you and your family in your current residence or if you plan to move? First and foremost, take note that not all sex offenders are violent or have multiple offenses. It is best to err on the side of caution and to be informed of sex offenders in your community because this ruling will now be upheld in the state of Ohio. You may obtain additional information on the sex offender registry here.
Credit is an important factor in having the ability to obtain a mortgage or other loan for a big ticket item. To most people how a “credit score” is determined is a mystery. Most people do not know what their score is unless they apply for a loan or run a report through one of the credit unions.
What is the purpose of a credit score? Having a scoring method has advantages because it weighs many factors and can provide an objective picture for the financial institutions seeking information about you. These advantages are being able to obtain a loan fast, fairer credit decisions, poor credit decisions from your past will not haunt you forever, more credit is available making credit rates lower overall.
According to FICO the 5 categories that DO affect credit score are: 1) Payment history; 2) Amounts owed; 3) Length of credit history; 4) New credit; and 5) Types of credit used. Please click here for more specific information on these categories.
According to FICO, the following information does NOT affect your credit score: race, age, color, religion, national origin, sex and marital status, salary, occupation, title, employer, date employed or employment history, where you live, any interest rate being charged on a particular credit card or other account, any items reported as child/family support obligations or rental agreements, certain types of inquiries (requests for your credit report from employers, promotional inquiries, or administrative inquiries from lenders, any information that is not proven to be predictive of future credit performance, whether or not you are participating in a credit counseling of any kind.
What is recommended to optimize your credit score: 1) Pay your bills on time; 2) If you have missed payments, get current and stay current; 3) Be aware that paying off a collection account will not remove it from your credit report.; 4) If you are having trouble making ends meet, contact your creditors or see a legitimate credit counselor; 5) Keep balances low on credit cards and other “revolving credit”; 6) Pay off debt rather than moving it around; 7) Don’t close unused credit cards as a short-term strategy to raise your score; 8) Don’t open a number of new credit cards that you don’t need, just to increase your available credit; 9) If you have been managing credit for a short time, don’t open a lot of new accounts too rapidly.
When establishing new credit here are some tips: 1) Apply for and open new credit accounts only as needed; 2) Have credit cards - but manage them responsibly; 3) Note that closing an account doesn’t make it go away.
CNN reports in their money watch how some of the credit regulations are changing and could positively affect your credit score.
