The 9 Step System To Get Your Home Sold Fast And For Top Dollar
Greetings From Jeremiah Phillips,

Remember not so long ago, when you could make your fortune in real estate. It was nothing then to buy a home, wait a short while, and then sell it at a tidy profit.
It’s more critical than ever to learn how to avoid costly seller mistakes in order to sell your home fast and for the most amount of money.

Selling your home is one of the most important steps in your life. This 9 step system will give you the tools you need to maximize your profits, maintain control, and reduce the stress that comes with the home- selling process:

1. Know Why You’re Selling, And Keep It To Yourself

The reasons behind your decision to sell affect everything from setting a price to deciding how much time and money to invest in getting your home ready for sale. What’s more important to you: the money you walk away with, or the length of time your property is on the market? Different goals will dictate different strategies.

However, don’t reveal your motivation to anyone else or they may use it against you at the negotiating table. When asked, simply say that your housing needs have changed.

2. Do Your Homework Before Setting A Price

Settling on an offering price shouldn’t be done lightly. Once you’ve set your price, you’ve told buyers the absolute maximum they have to pay for your home, but pricing too high is as dangerous as pricing too low. Remember that the average buyer is looking at 15-20 homes at the same time they are considering yours. This means that they have a basis of comparison, As a result, the home will sit on the market for a long and buyers will think there must be something wrong with your home.

3. Research Current Home Prices In Your Neighborhood

(In fact, your agent should do this for you). Find out what homes in your own and similar neighborhoods have sold for in the past 6-12 months, and research what current homes are listed for. That’s certainly how prospective buyers will assess the worth of your home.

4. Find A Good Real Estate Agent To Represent Your Needs

Nearly three-quarters of homeowners claim that they wouldn’t use the same realtor who sold their last home. Dissatisfaction boils down to poor communication which results in not enough feedback, lower pricing and strained relations.

5. Maximize Your Home’s Sales Potential

You may not be able to change your home’s location or floor plan, but you can do a lot to improve its appearance. The look and feel of your home generates a greater emotional response than any other factor. Clean like you’ve never cleaned before and fix everything, no matter how insignificant it may appear. Present your home to get a “wow” response.

Allow the buyers to imagine themselves living in your home. The decision to buy a home is based on emotion, not logic. If you follow them around pointing out improvements or if your decor is so different that it’s difficult for a buyer to strip it away in his or her mind, you make it difficult for them to feel comfortable enough to imagine themselves an owner.

6. Make It Easy For Prospects To Get Information On Your Home

You may be surprised to know that some marketing tools that most agents use to sell homes (eg. traditional open houses) are actually not very effective. In fact only 1% of homes are sold at an open house.

Furthermore, the prospects calling for information on your home probably value their time as much as you do. Make sure the ads your agent places for your home are attached to a 24 hour prerecorded hotline with a specific ID# for your home which gives buyers access to detailed information about your property day or night 7 days a week without having to talk to anyone. It’s been proven that 3 times as many buyers call for information on your home under this system.

7. Know Your Buyer

In the negotiation process, your objective is to control the pace and set the duration. What is your buyer’s motivation? Does s/he need to move quickly? Does s/he have enough money to pay you your asking price? Knowing this information gives you the upper hand in the negotiation because you know how far you can push to get what you want.

8. Make Sure The Contract Is Complete

For your part as a seller, make sure you disclose everything. Smart sellers proactively go above and beyond the laws to disclose all known defects to their buyers in writing. If the buyer knows about a problem, s/he can’t come back with a lawsuit later on.

Make sure all terms, costs and responsibilities are spelled out in the contract of sale, and resist the temptation to diverge from the contract. For example, if the buyer requests a move-in prior to closing, just say “no”.

9. Don’t Move Out Before You Sell

Studies have shown that it is more difficult to sell a home that is vacant because it looks forlorn, forgotten, simply not appealing. It could even cost you thousands. If you move, you’re also telling buyers that you have a new home and are probably highly motivated to sell fast. This, of course, will give them the advantage at the negotiating table.

Finding The Right Home Loan Has Never Been Easier!

As the #1 most recommended mortgage professional by local realtors, CPAs and lawyers in the southern New Jersey and Philadelphia area, we specialize in finding ways to say “yes"!

Whether you’re dealing with a new home buyer or an existing home owner, a credit superstar or credit challenged – Custom Mortgage Solutions has hundreds of home loan options.

Call today and we can discuss their loan needs sooner vs. later.

Increasing Your Home's Value

What are values in your area doing??

Across the board as a lender and someone who sees a lot of appraisals - we have seen the trend of 10-15% increases in values in a one year term deminishing to a point and current homeowners trying to sell there home having to decrease the sales price of there home just to be able for a buyer to get financing. In order to get financing someone looking to purchase a home the home has to appraise for the sales price in most cases for the buyer to be able to afford to buy the house.

Here are some ways to help improve the value of your home.

Like most Americans, your home is probably your single largest investment. While the value of your home is largely determined by such things as location, size, condition and amenities, there are still steps you can take to maximize its worth.

First, you need to evaluate your plans carefully if you're improving your home to put it on the market. Cutting corners could hurt rather than help your prospects, but you don't want to go overboard either. Your home's value should be no more than 20% above the average. That means a $10,000 kitchen improvement project might be a better idea than a $10,000 hot tub, especially if no other homes in your area have hot tubs.

In other words, it's best to keep changes simple.

Here's a list of remodeled projects that buyers are likely to find valuable:

Add a bedroom: Three- and four-bedroom homes are most desirable.

Install a master bathroom: When a bedroom has a bathroom, it means extra value.

Install a new shower: A new shower says a modern home.

Change your fixtures: Get a faucet that adds a decorative element to the bathroom.

Re-grout the tile: If the tiles are in good shape a new grouting does wonders.

Install new kitchen cabinets: Even just a paint job and some new handles will give your cabinets a fresh look.

Improve functionality: If you've got the space, an island is the way to go. New appliances make a difference too.

Expose the floors: Remove old carpet and show off the original floor. If you don't have hardwood floors, consider new carpeting.

Install new doors: Doors set off a room and make a great difference.

Paint the interior: A new paint job speaks volumes. Good colors to use are white, off-white, and a light yellow.

Add new light fixtures: Replace any that are damaged or out-of-style.

Add a fireplace: Even if you don't plan on using it much, it adds great value.

Take advantage of unused or underused space: If you can convert a basement or attic into a useful room, do it.

Landscape: A few strategically located plants and a neat-looking yard will impress.

Add a deck: It's a great use of exterior space because it increases your total entertainment area.

Dress up your porch and entrance: A freshly painted door with a new door handle can bake a great first impression.

Replace the windows: New windows not only give your home a new look, they can also lower your energy bill.

Remember, when it comes to your home, it's important to keep pace with your neighbors. Don't let your home become the most expensive on the block - but don't fall behind either. This is a case where it's best to be right in the middle!

Six Ways you can protect yourself against rising interest rates

Rates are on the rise and nobody likes it. Being able to offer someone a low 6% rate has quickly vanished. Also seeing the prime interest rate continuing to rise is hurting even me with a Home Equity Line of Credit. Luckily there are ways around it?

Do you see the rates leveling off anytime soon? What are your thoughts.


Here are six ways to prepare yourself to come out ahead:

1. If you're only making minimum payments on your credit cards, start paying more. If you can't come up with the money to increase your payments, start budgeting or tighten your existing budget, cut spending, and pay down credit card debt with the money you save.

2. Don't be fooled by your "fixed rate" credit cards. Your credit card company legally must only give 15 days written notice before raising your rate. Even so, if interest rates are expected to increase and you haven't already transferred your balances to lower-rate cards, you should consider doing so, looking for those that promise a low rate for a specific period of time. For advice on the fastest way to reduce your credit card debt, see Get Out of Debt Now.

3. If you have a home equity line of credit, consider taking out a home equity loan to repay it if interesst rates are expected to rise. Since interest rates on home equity lines of credit are tied to the prime rate, if rates rise, so will the interest on your loan. Depending on how much you borrowed, this could quickly become a payment you can't afford, and your house is at risk. By replacing the home equity line of credit with a home equity loan, you lock in a lower interest rate.

4. If you have an adjustable rate mortgage, and you plan to be in your home for at least five years, consider refinancing to a fixed rate mortgage when rates are expected to rise.

5. As mortgage interest rates rise, you'll be able to afford less house for your money, so if rates are expected to rise and you're in the market for a house, consider stepping up your house-hunting efforts. Be sure to research real estate trends in your area so you don't buy at a period of inflated home prices.

6. If you're in the market for a new car, consider accelerating your plans before interest rates rise, possibly taking advantage of zero percent financing. These offers often disappear as rates rise.

Renters less confident than owners in managing credit

Homeowners and renters feel differently about managing their credit, with more renters than homeowners saying they believe they have more debt than they should, according to an industry survey released today.

More than 81 percent of homeowners and 65 percent of renters believe that they manage their credit extremely well, according to a survey of more than 1,200 people conducted by the Mortgage Bankers Association, an industry trade group. The survey on consumer credit habits also revealed that 54 percent of renters feel that they have more debt than they should, compared to 39 percent of homeowners.

While renters report that they are generally familiar with important mortgage terminology, homeowners are significantly more knowledgeable about these mortgage terms. Of the renters surveyed, 45 percent say that they are considering buying a home in the next year or two.

"Renters reported being less confident about managing their credit extremely well, but 75 percent of them have recently requested a copy of their credit report," said Doug Duncan, senior vice president and chief economist at MBA. "Both renters and homeowners are checking their credit reports, and for those 45 percent of renters hoping to become homeowners in the next few years, this is a key first step toward home-ownership."

"The majority of homeowners who refinanced used the money to improve their overall financial situation by paying off or consolidating debt, or using the funds for home improvements," said Regina Lowrie, MBA's chairman. "This research provides value to lenders and demonstrates that consumers are more sophisticated with their finances than we may have believed."

Key findings of the survey include:


Eighty-one percent of homeowners and 79 percent of renters know someone who has been in serious trouble with their credit. When asked if they personally had been in serious trouble with their credit, 40 percent of homeowners and 54 percent of renters said yes.


Seventy-one percent of homeowners and 72 percent of renters believe that Americans don't manage their credit responsibly. Seventy percent of homeowners and 74 percent of renters also feel that Americans don't pay off their debt in a timely fashion. Additionally, 93 percent of homeowners and renters think that Americans have too much consumer debt.


Seventy-six percent of homeowners and 54 percent of renters have no debt or pay off debts in full every month, while 12 percent of homeowners and 31 percent of renters find it very difficult to pay the minimum monthly payments and make ends meet.


Of the homeowners who had a cash-out refinance, more than three-quarters used the funds to pay off or consolidate debt or make home improvements. Seventy-one percent believe that this action helped improve their overall financial situation. Fifty percent of respondents who have a HELOC feel the same way.


More than two-thirds of homeowners and renters believe that credit cards are the most difficult type of debt for consumers to pay off.


Of the 50 percent of homeowners and 52 percent of renters who discovered errors in their credit report, 78 percent of homeowners and 73 percent of renters were able to correct those errors.

Home-price gains at 2-year low

Average U.S. home prices climbed 12.5 percent in the last year, but a slower rate of appreciation shows signs the market is softening, according to a government report released today.

Appreciation for the first quarter was 2.03 percent, or an annualized rate of 8.12 percent, the lowest rate since the first quarter 2004 and about one percentage point below the rate from the previous quarter.

"These data show average housing prices still growing stronger than some might have expected," OFHEO Acting Director James Lockhart said in a statement. "They do indicate, however, that price growth is moderating in some parts of the country, particularly in areas where prices have been rising the most."

OFHEO, which stands for the Office of Federal Housing Enterprise Oversight, released the home-price report today.

While house prices climbed in many areas in the first quarter, some regions saw prices decline, according to the report.

For the first time since the fourth quarter of 2002, negative quarterly appreciation rates were observed for some states. Iowa and South Dakota both experienced small price declines between the fourth quarter of 2005 and the first quarter of 2006, OFHEO said.

Appreciation rates over the past year remain lowest in the East North Central Census Division, which includes Wisconsin, Illinois, Indiana, Ohio, and Michigan. Both the four-quarter and the quarter-over-quarter appreciation rates declined by more than half a percent in that division.

Arizona continues to exhibit the greatest appreciation rate, although price growth has dropped significantly in that state. Quarterly appreciation in Arizona dipped from approximately 7.4 percent to 3.8 percent, while its four-quarter appreciation dropped from over 35.5 percent to 32.8 percent. Quarterly appreciation rates were off significantly in the Tucson and Phoenix-Mesa-Scottsdale metropolitan statistical areas.

Rapid increases continue to be widespread in Florida, the report said. Out of the 20 metro areas with the largest percentage house price gains in the past year, 10 were in Florida.

Also, prices continue to rise in some areas affected by Hurricane Katrina, and appreciation rates were particularly robust in New Orleans-Metairie- Kenner, La., and Hattiesburg, Miss.

The Pacific Census Division has regained its position as the fastest appreciating division, overtaking the Mountain Division, the report said.

"Increasing sales inventories are apparently giving buyers greater bargaining power, while increasing interest rates are dampening demand," said OFHEO Chief Economist Patrick Lawler.

OFHEO's house-price index is based on analysis of data obtained from Fannie Mae and Freddie Mac from more than 31 million repeat transactions over the pat 31 years. OFHEO is the federal regulator of government housing enterprises Fannie Mae and Freddie Mac.

4 Simple, Cheap Energy-Saving Tricks


Greetings From Jeremiah Phillips,
As the hot weather quickly approaches, you have been tempted, or if you are like me, we've kicked on the AC to stay cool.

To help reduce your energy bill, we've listed some quick tips to make your home more efficient.

4 Simple, Cheap Energy-Saving Tricks

If you can't swing new windows or more efficient appliances, here are inexpensive ways to save -- along with some ideas about how to turn your home into a modern wonder – and with energy prices the way they are, you need to do something.
For most homeowners, it doesn’t pay to bore holes in the walls of a drafty, 30-year-old tract home to add some insulation, and perhaps you can't really afford to replace your old air-conditioning system to save a few dollars on your monthly utility bill. But as a homeowner, there are some relatively easy moves that even the most cash-strapped homeowners can make to yield an immediate payback. And those committed to a more capital-intensive remodeling or addition should know about a few new lending programs that credit owners for anticipated future energy savings.

1. Buy a programmable thermostat.

his is especially helpful if your home is unattended during daytime hours. They cost about $30 and are relatively easy to install. We suggest setting it to turn on a half-hour before the first person gets home. The payback is usually seen in the first 30 days.

2. Upgrade your attic’s insulation.

Look at what you have in your attack now and see it is comparable to a resistance rating of R-21 to R-30.

3. Caulk over cracks around your doors and windows.

Sure sounds easy and it is! And while you are in this mode, invest in some weather stripping around an old drafty door. Did you know a quarter-inch gap at the bottom of a standard door can equal the energy loss of a 9 square inch hole in the wall!

4. Change Your lighting.

This is one of the easiest things to do. The new compact fluorescent bulbs are much more energy- efficient than standard bulbs and usually last for years instead of months. You can buy a 12 to 15 watt bulb that is comparable to a 60 watt one - and they will last from 7,000 to 15,000 hours (these bulbs generate little heat, so you're not paying for your air conditioner to remove that heat).

Because such energy-saving homeowners will have a lower utility bill, there is more cash at the end of the month – so you can afford a larger mortgage payment. A lower utility bill means you’ll have a more marketable home.

Finding the right home loan has never been easier!

As the #1 most recommended mortgage professional by local realtors, CPAs and lawyers in the southern New Jersey and Philadelphia area, we specialize in finding ways to say “yes!”

Whether you’re a new home buyer or an existing home owner, a credit superstar or credit challenged – Custom Mortgage Solutions has hundreds of home loan options.

Call today and we can discuss your loan needs at no- cost or obligation.

Sincerely,

* Don't Get "Pre-Qualified!

Get PRE-APPROVED!!




Do you want to get the best house you can for the least amount of
money? Then make sure you are in the strongest negotiating position
possible. Price is only one bargaining chip in the negotiations, and
not necessarily the most important one. Often other terms, such as the
strength of the buyer or the length of escrow, are critical to a
seller. In years past, I always recommended that buyers get "pre-
qualified" by a lender. This means that you spend a few minutes on
the phone with a lender who asks you a few questions. Based on the
answers, the lender pronounces you "pre-qualified" and issues a
certificate that you can show to a seller. Sellers are aware that
such certificates are WORTHLESS, and here's why! None of the
information has been verified! Oftentimes-unknown problems surface!
Some of the problems I've seen include recorded judgments, child
support payments due, glitches on the credit report due to any number
of reasons both accurately and inaccurately, down payments that have
not been in the clients' bank account long enough, etc.

So the way to make a strong offer today is to get "Pre-Approved".

This happens AFTER all information has been checked and verified. You are actually
APPROVED for the loan and the only loose end is the appraisal on the
property. This process takes anywhere from a few days to a few weeks
depending on your situation. It's VERY POWERFUL and a weapon I
recommend all my clients have in their negotiating arsenal.