Archive for the ‘Money-Saving’ Category

HARP 2.0 With Shelter Mortgage Nashville

Tuesday, March 27th, 2012

Our mortgage partner, Shelter Mortgage, has recently become one of the select lenders who are able to provide HARP 2.0, a new, government sponsored program to help underwater homeowners. This new program allows homeowners to refinance no matter how much they owe on their home; even if they owe more than their home is worth today.  HARP 2.0 offers them the opportunity to refinance and take advantage of the historically low rates.  Doing so will save homeowners a significant amount on their monthly payments, or reduce the term of their loan.  In many cases, the home owner may not need a full appraisal saving them additional costs.

Who is eligible?

If your loan was sold to Fannie Mae or Freddie Mac by May 31st 2009, you may be eligible for this great program.  You also must be current on your mortgage with no late payments within the last 6 months, and only one late payment within the last 7-12 months.

If you’re interested in more information about HARP 2.0, or to find out if this is right for you, contact Diane Tallon with Shelter Mortgage. Tell her we sent ya!

Dianne Tallon
Senior Loan Officer
(615) 850-5651
diane.tallon@gbmail.com
www.dianetallon.com

Homebuyer’s Seminar

Sunday, March 25th, 2012

If you’ve been wondering whether or not to walk away from the soaring price of rentals, and head into homeownership, we have just the seminar for you. Coming up on Tuesday, April 17, our outstanding team of agents will be hosting a Homebuyer’s Seminar at our Green Hills office from 5:00 to 6:00 PM.  We’ll cover everything you need to know about buying in Nashville’s hot spring market including topics like mortgage lending, titles, closing and insurance. This seminar is perfect for experienced homeowners, or first-time homebuyers providing an excellent opportunity for you to ask our team your toughest questions.

Oh, and did we mention there will be wine and cheese?! Here are all the details.

Where:
Zeitlin & Co., Realtors
4301 Hillsboro Road
Nashville, TN 37215
615-383-0183

When:
Tuesday, April 17
5:00-6:00 pm

RSVP:
info@zeitlinrealtors.com

We can’t wait to meet you there!

October Home Sales Figures and More

Wednesday, October 12th, 2011

Wow, do we have a lot to update you on. Caution: numbers ahead!

First up, the Davidson and Williamson County home sales figures for last month have been released by GNAR and WCAOR respectively. We are pleased to announce that numbers were up again compared to last year. In Davidson County, home sales increased 16.9%, and Williamson County was up 16.7%. Any doubt that the market is rebounding has now been laid to rest.

But what did that mean for Zeitlin & Co., Realtors? Our total sales were up 28.6% compared to September 2010. Year-to-date sales (January-September) were up 4.8% while GNAR was down 2.5%. This goes to show that yet again, Zeitlin Realtors work harder than any other agents in Nashville to get your house sold quickly! Still not convinced?

Our 2011 Year-to-date average sales price is $378,009, up 8.6% compared to 2010. Not only are we selling homes, but we’re getting our sellers the best offers they can get. We’d love to do the same for you.

When we’re not busy selling homes and helping buyers find that perfect neighborhood, we like to give back to the community. The Zeitlin & Co., Charitable Fund is chaired by Stephanie Brooks with Allison Kennedy, Kathy Coleman, Linda Stone and Linda Hirsch serving on the committee.

Our fall 2011 charitable fund recipients are Second Harvest Food Bank and Renewal House. Though not as widely known, Renewal House is a comprehensive, family-centered treatment and recovery community offering both residential and outpatient services for women and their children, and will be celebrating its 15th anniversary with two upcoming evening events:  Kick-Off Event on October 25th and A Women’s Thanksgiving on November 6th. We’re busy raising funds from within our Zeitlin Family to donate to these wonderful organizations, and we encourage you to consider giving to them as well.

All of these efforts are made possible by you, our devoted clients who entrust us with the buying and selling of your homes. Our success is secondary to your success, and we thank you for your trusted service for yet another month.

Green Hills Home Goes Green

Monday, September 26th, 2011

At Zeitlin & Co., Realtors, we are really excited to see the homes on the 2011 Middle TN Green Homes Tour coming up on October 8th & 9th. The tour features twelve Nashville homes that have been certified by Energy Star, EarthCraft House, LEED, or NAHB’s Green program. The homes range in style, architecture, and capabilities, but each one is sustainable, making it a wonderful tour for both current homeowners, and those shopping around. This year’s Green Homes Tour is sure to give you great ideas for improving your home’s efficiency and sustainability.

Of particular interest this year is a Green Hills home located at 801 Lealand Court. Dodd and Susan Galbreath recently reworked their home to include solar panels and a tankless water heater significantly reducing their monthly utility costs. With locally inspired landscaping, they are reducing their environmental impact and benefiting from the effects as well. They prove that retrofitting an existing home for improved efficiency can be done, even in a bustling neighborhood like Green Hills.

If you’re interested in purchasing tickets for the 2011 Middle TN Green Homes Tour, you can do so here. We look forward to brainstorming and being inspired with you as we tour these forward-thinking Nashville homes!

Green Valleys, Green Mountains, Why Not Green Hills?

Tuesday, September 6th, 2011

With the search for that perfect home growing ever more cumbersome, and the inventory getting slimmer and slimmer, wouldn’t it be nice to find a neighborhood that still had something cool to offer? Houses and condos are flying off the market all over the city, but not in one place: Green Hills. No, it doesn’t have cooties. It doesn’t smell bad. And no, it didn’t call you a name. It’s just a spectacularly forgotten neighborhood, ready for your attention.

Okay, that might be an overstatement. Green Hills is actually pretty vibrant, and as far as housing is concerned, it has maintained a steady level of supply for the past several years. That being said, length of time on the market continues to be a big challenge in Green Hills.

So why would a place that can use the word “consistency” consistently (you liked that one didn’t you?) be a place that is ripe for growth and a good deal? I will tell you why. Green Hills, once the slightly smaller, ever so slightly less expensive cousin of Belle Meade, made its name on being the neighborhood that almost was (Belle Meade). It made itself out to be an expensive, lofty place that catered to a very specific crowd.

That was a great strategy five years ago, heck it was a great strategy three years ago, but it’s not such a great strategy anymore. People that bought into that hype, who craved that lifestyle, over-spent and lost.

Here is the glimmer. (Whisper this one…) Now YOU can take advantage of that lost dream. With the hype comes some distinct and tangible advantages. Green Hills is actually exactly what the modern home-buyer needs. It is a self-contained, well-organized town. You have more than adequate shopping (The Mall at Green Hills is right in the middle of it), more than adequate grocery choices (Whole Foods, Harris Teeter and some smaller choices are also in the middle), more than adequate entertainment (The Bluebird Café, a Nashville institution, and F. Scotts) and more than adequate services (Hotels, Auto Repair, Convenience and Specialty stores). If you were going to put the perfect community on paper, it would likely resemble what Green Hills has become.

Here is the best part though: With all that bleakness (see above) came a shining beacon for modern Urban or slightly suburban living – (whisper this one also, we don’t want everyone to know) lower prices. Yes, I said it. Where as once you couldn’t touch Green Hills for less than $350,000 now you can do it for less… much less in fact. You can find fixer-uppers for $200k or less, nice ranchers for $250k or less and even some big family homes for under $400k. That was unheard of 3-4 years ago.

In times of economic stress, there is a distinct opportunity for the middle class to make a move – for young families, professionals, and empty-nesters to make that next step up the property ladder. Will it be you? Green Hills might just be the perfect place to call home, but don’t take my word for it, come check it out for yourself.

You can reach Nathan Weinberg at 615-414-9626 or nathan.weinberg@zeitlinrealtors.com, and view his featured listings here.

Attention First Time Buyers, Part 2: Shopping for a Loan

Friday, September 2nd, 2011

If you have decided that now is the right time for you to buy your first home, the next step is to pursue your financing options. In order to get approved for a loan, you will need to provide financial documents to prove to the lender that you can pay back the money you are borrowing. Go ahead and gather your pay stubs, two years of W-2 forms, tax records, bank and credit card statements and student loan records.

Before you meet with a lender, read about the different types of mortgages available to get a feel for what kind of mortgage is right for you. You should consider how much money you have saved up for a down payment and how long you may live in the property.

Remember that it’s important to choose a lender who not only offers competitive rates, but  is also someone you trust to give sound advice. Realize now that when it comes to a home, it’s always good to get several opinions, so take the time to meet with more than one lender.

When you meet with each lender, find out these basic things:

  • Mortgage type
  • Interest rate
  • Length of loan
  • How points will affect the rate
  • Required down payment
  • If you have to pay PMI (private mortgage insurance)
  • Estimated monthly payment
  • Escrow for taxes and insurance
  • Estimated closing costs (includes appraisal, lender fees, title fees, recording fees, etc.)

When you meet with a lender and they pull your credit, you get a two-week window when subsequent credit checks will not hurt your score. This is the time to interview lenders and let each one know what the others are offering you to negotiate the best terms. You should also ask for a Good Faith Estimate (GFE) which is the document that breaks down the loan terms, interest rate, points, closing costs and pre-paids. If you want to negotiate for the seller to pay some or all of your closing costs and pre-paids, you need to know what that figure will be. If you get a GFE from several lenders, you can compare interest rates, closing costs and other fees. Some fees are required no matter what lender you choose, such as those for an appraisal, title search, and city and state recording. Others, like underwriting fees, application fees, loan origination fees or discount points, differ by lender so they can be negotiable.

Once you choose a lender, ask them for a pre-approval letter which carries more weight in the negotiating process than a prequalification.  Now the fun begins – it’s time to find a house! Tune in for the next article on getting your house search underway.

 

Also in this series:

Attention First Time Buyers, Part 1: Is This Your Lucky Day?

Got Gas?

Tuesday, August 23rd, 2011

 

Gas prices are on the rise, and it’s eating into all of our pockets. The wild swings from very high to plain old high offer an air of unpredictability. So what does this have to do with buying a house, you say? It adds a new layer of concern to the home buying process.  We all create a list of questions to ask when buying a house, and now there is a new one to add to the list: How far is this house from my daily life?

Proximity has always been a concern, but it has never held more importance than it does now.  Your ability to get from A to B is being directly impacted and, as a result, we should all take a moment to consider whether that white picket fence in the ‘burbs is really what we are after.  The answer may be yes, and that is perfectly ok.  For most of us though, our quality of life is not a negotiable item.  As a result, it is time to start thinking long and hard about urban living.  Urban living offers so many great advantages:  it puts you in the heart of a city, gives you more of an identity and provides your senses with satiation.  There is a reason New Yorkers are consistently some of the happiest people in the world – it’s because life is less complicated, and they are surrounded by culture and attractions they love.

When I lived in California, it always boggled me as to why anyone would live in the Golden State, and not be able to either see or hear the water.  The most common answer was “It’s too expensive.”  My retort was simple.  Why did you move here?  If you had to pay more to live exactly where you wanted to be, and as a result might have to sacrifice a car or something else, would you do it?  I would.  Life is too short.

This applies to homes as well.  Sacrifice SHOULD be in your vocabulary unless you are among the top 1% in this country.  The real question: what sacrifice are you willing to make?  Does that sacrifice really make your life harder?  My guess is that if you think long and hard about it, you will find that the sacrifice you make to live happily will reduce stress, add life to your years and years to your life.

Happy house hunting!

Home Buying 101: The Ultimate Guide to Home Inspections

Tuesday, August 16th, 2011

The Value Of A Home Inspection

A comprehensive inspection is a crucial part of the home-buying process, no matter the age of the house you are considering buying. This process, which usually takes from 2-4 hours, involves a detailed look at the home to determine the quality of major systems, and whether the building is up to code. Buyers sometimes question whether or not they need a home inspection for new construction, but the quality of construction should always be reviewed as a professional home inspector will find details the average homebuyer might possibly overlook.

What To Look For In A Home Inspector

When looking for a home inspector, ask for some recommendations from family and friends. Find out how many years they have been in the business, and what their background is. Some inspectors come from a career in plumbing or electrical, while others had prior work as general contractors. It will be helpful to know what their specific expertise is especially if you anticipate problems with one of the systems in the home.

What’s Included In A Home Inspection

Your home inspector will thoroughly inspect the following aspects of the home:

  • Roof
    • Gutters, downspouts, vents, flashing
  • Exterior
    • Siding, flashing, trim, doors, decks, stairs, eaves, soffits, fascias, windows, vegetation, surface drainage, and retaining walls
  • Basement, Foundation, Crawlspace & Structure
  • Heating
  • Cooling
  • Plumbing
    • Water heating equipment, drainage, valves
  • Electrical
    • Panelboards, breakers, fuses, wiring, smoke detectors
  • Fireplace
  • Attic & Insulation
  • Doors, Windows & Interior

Your inspector will inform you of items that will not be included in the inspection (ie: pool, paint), and you might wish to have those items inspected separately. In Middle Tennessee, radon is a considerable problem. You should have your home tested for radon to make sure the levels are safe for you and your family. Ask your inspector if they can do this for you, otherwise you will need to find a separate radon tester. You will also be required to have a termite inspection as most lenders will not approve a loan without a letter stating that the home is free of termites.

Dealing With Issues Arising During Inspection

Inevitably, a home inspection will reveal information about the house you will want to address. It’s up to you to determine what you would like to fix yourself, and what you would like to ask the sellers to repair. All of this is part of the negotiating process, and your Zeitlin Realtor will have the best advice for your specific circumstances.

Recommended Home Inspectors

Here are some home inspectors in Middle Tennessee that our clients have worked with in the past.

You can find additional home inspectors who are certified by the International Association of Certified Home Inspectors.

For those who have already closed on their home, what information was revealed to you during the home inspection process, and did it change your buying process? Tell us about your experience in the comments!

Renting in Nashville: Not As Cheap As It Used To Be

Thursday, July 28th, 2011

I recently received a tweet from someone looking for a new home. It went something like “Can you help me and Ashley find a new place?”

I automatically assumed my Twitter friend would be looking for a rental, but to my surprise he told me he and his wife wanted to save money and buy a home.  How refreshing!  Folks who understood that mortgage rates and lower home prices really does make this the perfect time to buy.

In the Nashville rental market, rates are going up and availability is going down.  The average rent paid by Nashville-area residents is up almost 6% from last year, ahead of the national average by almost a full point.

For example, a Studio Apartment (442 sq ft) at Velocity in The Gulch starts at $999/month, and a 2 BR Apartment will set you back $1925/month.  To compare, Principal & Interest on a $195,000 loan at 4.5% interest is only about $988 per month.  If that piques your interest, check out this mortgage calculator to check payments on any loan amount.

My Twitter friends were renting a suburban condo for around $900 per month.  It was a nice enough place, but not close to where they worked or went to school, and the cab ride from downtown Nashville was a pretty hefty fare.  They ended up with a great little one bedroom condo in Sylvan Park where they can easily walk to great local hangouts like The Local TacoPark Café and Star Bagel. Plus, the Richland Creek Greenway and McCabe Golf Course are literally in their backyard.  All this for about the same amount of money they were spending on rent.

The Value of Protecting Your Nest Egg

Tuesday, July 5th, 2011

As a Realtor, one of the most striking trends in today’s real estate market is the rampant issue of deferred maintenance. Many homeowners are living on tight budgets, and have little to no equity in their homes, so home repairs and improvements are low on the priority list.  Now that we have been in a down economy for several years, the result is that many homes are not in good shape.

While the gap between what buyers are willing to pay and sellers will accept often appears to be the most obvious obstacle, the hidden hurdle lies in the disparity between the actual condition of homes and what today’s buyer expects. I see this issue on a regular basis at every price point. When the market was hot, buyers were willing to pay more than asking price, and accept it with every flaw. In our current market, expectations are exceedingly high, and buyers are quick to move on if the owner is unable or unwilling to correct every “flaw” that comes up in the inspection. In my experience, sellers end up paying a premium to meet the buyer’s demands for repairs that would have cost far less if they had taken care of the issues in advance.

One option is to pre-inspect your home prior to listing so you don’t risk losing your buyer once you are under contract. However, the better solution is to educate yourself, pay attention to your home, and deal with issues when they are pesky nuisances before they become colossal deal breakers. Basically, pay now so you don’t end up paying more later. In my experience, many homeowners end up making the improvement and repairs they wanted to do for years at the final hour when they are preparing to sell their home. What a shame to not get the benefit of the new high efficiency heat and air system, enjoy the kitchen appliances you always wanted, and appreciate the fresh landscaping that makes your house look so great! You will save yourself money in the long run and get to enjoy your investment if you nurture your nest egg.