Monday, September 07, 2009

A Couple Quick Tips

These two tips came to me in an email and I couldn't help but share them. This week, I will be back to writing some blog posts and should have some good information coming your way. Have a wonderful Labor Day, talk to you soon! ~Evin Natural Insect Repellent Mix 2 drops of oil of peppermint or lavender with 2 teaspoons of almond or sweet oil and dab on the skin. Pest-Free Picnic Table Add 5 drops of lavender essential oil to 32 ounces of water. Pour into a spray bottle and wipe down the table and chairs.

Posted By Evin Alcindor At 5:52 PM • Comments (0) Trackbacks (0)

Friday, August 28, 2009

Weekend Events!

This has been a particularly hectic week, and so I have not been able to start posting my behavioral analysis posts. I will start to get them posted hopefully this weekend and continue on into the next couple of weeks. Please be patient and check back to see how everything progresses. In the meantime, have a wonderful weekend and get out there and have some fun! ~Evin Final Friday Friday, Aug. 28 6pm - 10pm Free http://www.downtownwichita.org/have_fun-first_final_friday.php Various galleries throughout downtown. Free trolley service will take you from venue to venue on a 30 minute route. It will operate from 6:30 to 10:30. For a map of the trolley route, swing by CityArts or visit: http://www.downtownwichita.org/have_fun-first_final_friday.php The galleries: http://www.wichitaarts.com/Exhibitions/ Wichita Flight Festival w/Liverpool Concert Saturday, Aug. 29 - Sunday, Aug. 30 Jabara Airport Daytime- Free Admission Twilight Airshow & Concert- $5 (6:30pm Sat.) http://www.wichitaflightfestival.com/ https://www.wichitatix.com/show.asp Olive Tree Bistro- Wine Tasting (Last Monday of Every Month) Monday, Aug. 31 6:30pm $50 Rsvp: 636.1100 http://www.olivetree-bistro.com/wine_tastings.htm

Posted By Evin Alcindor At 3:53 PM • Comments (0) Trackbacks (0)

Thursday, August 20, 2009

Wichita Weekend Events!

Starting next week, I will be writing a series of posts on behavioral psychology and how it relates to the Real Estate world. I decided to do this in response to an article that was written in the newest edition of the National Association of Realtors magazine about tips for Agents on how to negotiate. I will be taking each of these tips and applying them to the Real Estate transaction and show by example how every Buyer and Seller go through the exact same steps of emotional response to the whole process. This is going to be quite exciting to me, so please enjoy the upcoming posts and please email me if you have any thoughts or experiences of your own, I'd love to hear them! For now, I'll post a few activities that are happening this weekend in Wichita. Have a wonderful weekend and enjoy this weather!! ~Evin Chicago & Earth Wind & Fire- Concert Friday, Aug. 21 7:30pm Hartman Arena Acoustic Arts in the Park Saturday, Aug. 22 11am - 2pm 11am - Backporch Buddah 12pm - John Jenkinson 1pm - Stitch Miller Central Riverside Park Free Wichita Barbarians Rugby - Home Game Saturday, Aug. 22 2pm Harrison Park (Harry & Webb) Cactus and Succulent Show and Sale Educational 9:00 am - Botanica Location: Botanica, 701 Amidon See cacti and succulent specimens from members of the local Cactus & Succulent Study Group and purchase plants to add to your own landscape or indoor garden. Show and sale runs on Saturday from 9am-5pm and on Sunday from 1-5pm. Admission to the show/sale is free. Regular admission applies to tour the Gardens. The Flicker Lounge 80’s Band Reunion Bash Concert / Live Music 7:30 pm - Cotillion Location: The Cotillion The Flicker Lounge 80’s Band Reunion Bash 7:30 pm Saturday, August 22 featuring The Sleepy Truckers featuring members of Dear John, In/Out, Film @ 11, The Catch & Room Full of Walters, and Dogs?. Doors open at 6:30 pm. Tickets on the day of the show will be $22.50.

Posted By Evin Alcindor At 8:57 PM • Comments (0) Trackbacks (0)

Friday, August 07, 2009

6 Reasons Why A House Doesn't Sell

This article was taken from the Realtor Magazine. The takeaway, in my opinion, is that if you have your house on the market, do a quick self-check to make sure that you're not making any of these mistakes. If you are looking to buy a house, you might want to take note and see how many houses have these common problems. Bear in mind that problems such as bad pictures and little online marketing do not necessarily make the house a bad buy. Try to stay objective and compare the house with your own personal criteria, and you never know, you might accidentally happen onto the perfect house!

Next week, I'll write more on the negotiation process. Have a wonderful weekend and don't forget to attend all the fun events in and around Wichita!!

~Evin

Why do some houses sell and others don’t?

There’s no ultimate answer to this question, but Tribune Media Services columnist Ilyce Glink has a theory.

Here are her six top reasons properties linger on the market:

Lousy pictures on the Web.
Priced too high for the neighborhood.
Blah interior; ho-hum landscaping.
Little online marketing and hard-to-find MLS listings.
Low commissions. Practitioners make sure their customers see properties that offer a payoff.
Miserable maintenance, including ceiling stains, leaky faucets, and ancient furnaces.

Posted By Evin Alcindor At 5:28 PM • Comments (0) Trackbacks (0)

Thursday, August 06, 2009

Wichita Weekend Events

Next post, I will write something about the negotiation process and what to do when Buyers and Sellers cannot come to an agreement on price, terms, repairs, etc. It should be extremely informative and even, dare I say, slightly amusing? So please check back to see what my awesome experiences have taught me!

For now, I will post the events in Wichita for the coming weekend. There are two events that are slated for tonight and look like they will be quite fun!

Rock The Dome
(U2 and Pink Floyd- Cyberdome Experience)
Thursday, Aug. 6
6pm - 10pm
Exploration Place

Zoo Summer Concert Series- Last Concert
(Ivan Neville's Dumpstaphunk)
Thursday, Aug. 6
6:30pm- Gates Open
7:30pm- Concert
Sedgwick County Zoo
$10 Adults, $4 Child (ages 4-11)

If you're in the mood for more live music and other great events, head on out this weekend for more music and entertainment!

Have a wonderful weekend, talk to you next week!
~Evin

First Friday Music Crawl
Friday, Aug. 7
6pm - 9pm
Various Old Town Locations
Free

KEYN Summer Concert Series
Two Fridays in August
Aug. 7 - Three Ring Circus
Aug. 14 - Rain
8:00pm
Old Town Plaza
Free

Haysville City Wide Garage Sale
August 8 & 9

Cowtown- Women of the West
Saturday, Aug. 8 (9:30am - 4:30m)
Sunday, Aug. 9 (12am - 4:30pm)
Old Cowtown Museum

Acoustic Arts in the Park
Saturday, Aug. 8
11am - 2pm
11am - Joe Stumpe
12pm - Tangoesque
1pm - Flatland String Band
Central Riverside Park
Free

Split Lip Rayfield
(Folk/Bluegrass)
Saturday, Aug. 8
7pm
Kansas Aviation Museum
$15
RSVP: 683-9242

Posted By Evin Alcindor At 4:15 PM • Comments (0) Trackbacks (0)

Thursday, July 30, 2009

Is My House an Ex-Meth Lab??

Now, while I personally don't find this to be a common concern, this information recently posted by Realtor.org is quite useful! I have been in a couple of houses that were questionable, but thankfully, my Client was not interested in the house, and we never had to investigate any further.

If you are out looking at houses and have suspicions that the one that you like may have a shady background, make sure you thoroughly research the property's history prior to making an offer. As it mentions in the article, treatment is expensive, and a house that has not been treated may cause health problems to the new owners.

Enjoy!
~Evin

This is "a story about a family who moved into a spacious home in Winchester, Tenn., only to soon start battling years of illness — from breathing problems to seizures and migraines to kidney problems.

Their home was making them sick.

Five years after moving into the home, the family discovered the home had once been used as a meth lab.

And apparently these contaminated residences are not all that uncommon. What’s more, some may even be hitting your local market.

“Federal statistics show that the number of clandestine meth labs discovered in the United States rose by 14 percent last year, to 6,783, and has continued to increase,” the New York Times reports.

View a U.S. Drug Enforcement Administration map of meth lab incidents by state to see how prevalent it is in your area: VIEW MAP

Chemist Lynn Riemer Of The North Metro Drug Task Force provides the following list of signs a meth lab may have been present in a home:

1. Yellow discoloration on walls, drains, sinks and showers.

2. Blue discoloration on valves of propane tanks and fire extinguishers.

3. Fire detectors that are removed–or taped off.

4. Burning in your eyes, itchy throat, a metallic taste in your mouth, or breathing problems when in the home.

5. Strong odors that smell similar to materials often found in a garage, such as solvent and paint thinner, or odors of cat urine or ammonia.

About 20 states have passed laws that require meth contamination cleanup. Cleanup can be costly, though. The family described in The New York Times article would need $30,000 or more to get the necessary cleanup, and that amount doesn’t even take into account their medical bills from living in a contaminated house for so long."

Posted By Evin Alcindor At 3:13 AM • Comments (0) Trackbacks (0)

Thursday, July 23, 2009

Why Isn't My Home Selling???

If you currently have your home on the market and are not seeing a lot of traffic, there are a few prominent reasons why Buyers are not flocking to your house. In addition to the top reasons why a home doesn't sell, market influences are definitely affecting the pool of Buyers these days. First, the two top reasons why a home doesn't sell:

If your house is on the market and isn't selling, there are two factors that always account for low-interest; price and location. While you cannot control or change the location of your home, you absolutely can control the asking price of your home. I know that a lot of Sellers start out hopeful, placing their beloved home on the market at a price that seems fair to them, but the reality is, if there are no showings, and if there are not any offers within the first 30 days, then the price is too high. I frequently advise my Sellers to drop the price regularly if there isn't a lot of traffic. Even a $1,000 decrease on the price will remind other Agents that the house is still active, and will show Buyers that the Sellers are motivated to sell.

The other reason why homes are not selling quickly right now are the current market conditions that are influencing Buyers. Right now, the United States is in a period of recession, and despite the positive news that is circulating online, Buyers are still wary. Additionally, due to layoffs, pay cuts, loss of investment monies etc. many people are having problems coming up with the downpayment necessary to purchase a home. In fact, according to a survey done by the National Association of Realtors, "Most Americans still consider having enough money for downpayment and closing costs to be the biggest obstacles to buying a home." You can read the details of the survey results here.

What many Buyers fail to remember is that there are loan programs and Seller incentives out there that still allow for Buyers to afford a home purchase. For example, an FHA loan, which is a Federally-insured loan, only requires 3.5% downpayment. By contrast, a conventional loan will require at least 5% and a full 20% down is necessary in order to avoid paying monthly PMI (Private Mortgage Insurance) which can be in the hundreds of dollars every month. With an FHA loan, borrowers pay a one-time "funding fee" which is included in the mortgage and adds a nominal fee to the monthly payment.

Other loan programs can allow the Buyer to purchase a home with no money down. These include VA loans, which are for any person who is, or has been in any branch of the armed services, and USDA loans, which cover any "rural" areas of towns. For more information on these loan programs, contact your Agent and/or Lender.

Finally, a boost that Buyers sometime forget, and Sellers are reluctant to remember, is Seller assistance. As a Buyer, you can ask the Seller to assist you with the closing costs associated with purchasing a house. As a Seller, and this is something often overlooked, you can offer to pay all, or a portion of the Buyer's closing costs, and can market your house with that bonus. Paying closing costs is a great way to attract Buyers! The money comes directly from the proceeds of the sale, which means you don't have to come to the closing table with any additional money. So, if you're Selling and have some equity to work with, and are motivated to get your home sold, you might want to consider offering to pay Buyers' closing costs.

One more thought on that subject, discount points, which affect the Buyers' interest rate, when paid by the Seller, are tax-deductible for the Seller. Again, please check with your Agent on the details of all of this, but if you are trying to sell you home, even in a slower economy, there are many ways to expedite the sale of your home, and if you have patience, the home will sell!

Tomorrow, I will be on a plane to Seattle, but I will take a moment to post the activities for the weekend. Have a wonderful Thursday, talk to you soon!
~Evin

Posted By Evin Alcindor At 10:44 AM • Comments (0) Trackbacks (0)

Wednesday, July 22, 2009

Wichita Sales Are Looking Good!

The South Central Kansas MLS (Multiple Listing Service) just released their June Wichita area home sales figures, and sales are up! The report shows that not only were there more home sales in June than in May, but also that there were more sales, and prices increased from where they were this time last year. What this tells me is that now is a great time to buy and/or sell a home in Wichita! There are many excellent Agents in town and if you've considered a shift in housing, now is the time!

PRESS RELEASE

There is one event in Wichita that I'd like to share with you. Tomorrow, the Summer Music Series at the Sedgwick County Zoo continues with a fun group! With the unseasonably low temperatures this week, tomorrow evening should be a great time to enjoy some outdoor music!

Have a great day!
~Evin

Zoo Summer Concert Series
(Chubby Carrier and the Bayou Swamp Band)
Thursday, July 23
6:30pm- Gates Open
7:30pm- Concert
Sedgwick County Zoo
$10 Adults, $4 Child (ages 4-11)

Posted By Evin Alcindor At 11:36 AM • Comments (0) Trackbacks (0)

Friday, July 10, 2009

Weekend Events in Wichita!

Despite the record-high temperatures in Wichita this weekend, there are still plenty of great events planned that are definitely worth attending!

KEYN Summer Concert Series
Fridays in July & August
July 10 - Grateful Not To Be Dead
8:00pm
Old Town Plaza
Free

Acoustic Arts in the Park
Saturday, July 11
11am - 2pm
11am - Melodivas
12pm - Tom Page with Dustin Arbuckle
1pm - Ragmans Wagon
2pm - Annual Membership Meeting and Picnic
Central Riverside Park
Free

Automobilia Car Show
Saturday, July 11
6pm - Midnight
Downtown/Old Town
Free

**If you're into cars, this Car Show is definitely recommended! It's a very large event, with cars being entered from all over the US! The downtown is blocked off on 1st street from Broadway to Washington and the side streets along there from Douglas to 2nd. And the best part, it's free!**

Looking forward to next week, there are some exciting events ahead that are worth noting.

Allstate Drums Across Kansas- Starlite Drum-O-Rama
Monday, July 13
5pm - Gates Open
7pm - Show
Hutchinson Community College- Gowans Stadium
$10 - $25
Tix: 888.547.6478

**I know that this is an out-of-town event, but if you don't mind making the drive, I think that it would be absolutely fantastic! And very entertaining...**

Sweet Basil Wine Tasting
(A Taste of Winebow)
Tuesday, July 14
6:30pm
$50
Rsvp: 651.0123

Have a wonderful weekend, don't forget to drink lots of water!!
~Evin

Posted By Evin Alcindor At 3:13 PM • Comments (0) Trackbacks (0)

Thursday, July 09, 2009

W, X, Y, Regulation Z

New Disclosure Requirements for Residential Mortgages

Starting on July 30, 2009, all mortgage lenders will be subject to new disclosure requirements for residential mortgage loans under the Federal Reserve Board Truth in Lending Regulation Z. The new rules are very complex and compliance will be challenging for mortgage lenders.

This is extremely important information for Buyers to know because it will ultimately affect the length of closing. Buyers should know that if they are writing a contract on a home, they need to allow a bare minimum of 30 days for closing. Because of these new bank regulations, lenders will be unable to complete a file in less than 30 days. So, if you're interested in purchasing a house, make sure you start looking in plenty of time!

**And as a reminder, the first-time homebuyer tax credit is only good until December 1, 2009**

This is also very important for Agents to know as they will have to plan accordingly. All Agents should advise their Clients to write for at least 30 days closing, and should stay in touch with the Lender to be sure that everything is being completed in a timely manner.

For more information on these new requirements that has been compiled by Wells Fargo, please click here.

Tomorrow, I will post the upcoming weekend activities! Have a wonderful Thursday, try to stay cool!

~Evin

Posted By Evin Alcindor At 4:18 PM • Comments (0) Trackbacks (0)

Wednesday, July 01, 2009

Interim Maintenance - Defined

With reference to the post I made the other day, I would like to address some of the specific parts of the Contract For Purchase and Sale of Real Estate. As you may or may not know, whenever a Buyer decides to buy a house, they meet with their Agent to write up a Contract for Purchase and Sale of Real Estate, or more commonly called a Contract, or an Offer. This document, in the state of Kansas, is 6 pages long and has 33 paragraphs. By signing the document, Buyers and Sellers are agreeing on all terms proposed within the body of the contract, and are effectively entering into a legally binding contract.

This fact may seem daunting to some, but if there are Agents representing both sides who have experience and a general understanding of the Contract's terms, both Buyers and Sellers should be fine. Problems arise, however, when one party doesn't meet, or breaches a part of the contract. In the example I used on Friday, the contract was not only violated, but was also breached.

First, let's start with the violation. As I mentioned, my Buyers wrote into the contract that they would like for the Sellers to remove the odor from the carpets, prior to closing. This was written in paragraph 31, the Miscellaneous section, which embodies all additional requests or terms that are not already addressed in the other 32 paragraphs. In this case, all parties signed off and agreed to the terms of the contract, including paragraph 31, but as clearly shown by the results of the carpet cleaning, this request was not met by the Sellers. The Sellers' refusal to further treat and/or replace the carpets was a direct violation of paragraph 31 of the Contract for Purchase and Sale of Real Estate.

Next, and perhaps the most important part, is the breach. Now, at the time of making an offer, all Buyers are required to sign off on an additional document that clearly outlines the repercussions of breaching the Contract. In a nutshell, if the Contract is breached by the Buyers, they are risking, at a minimum, losing their earnest money. Additionally, they could be sued by the Sellers for damages including, but not limited to, costs for requested repairs made, marketing expenses, and difference in sales price, if and when it sells again. On the Sellers' side, if they are in breach of contract, they can be sued by the Buyers for damages including, but not limited to, loan application/credit report costs, loss of rate-lock monies, moving expenses, and temporary housing expenses.

In the example I wrote about, the breach of the contract was by the Sellers, and specifically, in breach of paragraph 22 of the Contract for Purchase and Sale of Real Estate. The Interim Maintenance paragraph of the contracts reads that the Seller "agrees to deliver possession of the Property in a like or better condition than it is now, reasonable wear and tear expected." In the case of the carpets, the Sellers did not maintain the property by letting their dogs use the house as a toilet, and reasonable wear and tear did not mean urine throughout the house.

The interim maintenance part of the Contract is such a small, but important part! Many Sellers may look over the paragraph but not realize that by signing the Contract, they are agreeing to keeping the house in the pristine, show-ready condition that it is the day the Offer is written! Any deterioration in the property and/or grounds is a direct breach of contract and the Buyers have a probable cause to walk away from the deal! Now does this happen often? No, the problem is usually remedied by both parties coming to some kind of an agreement. But, if for some reason, the parties are not able to reach an agreement, the next steps include involving Attorneys, mediation, arbitration, and all kinds of other bad-sounding words.

The point? Sellers, keep your house in excellent condition up until the day the property is given to the Buyer at closing. Buyers, make sure you're aware of the condition of the house when you write the Contract and check back often to ensure that the Sellers are taking proper care of the house. Everyone, make sure you have a good Agent working for you who can explain what you're agreeing to, and what your responsibilities are.

(Once more, stepping down, off the soap box.)
~Evin

Posted By Evin Alcindor At 1:12 PM • Comments (0) Trackbacks (0)

Tuesday, June 30, 2009

Good News For Small Business Owners!!

SBA Offers Interest-free, Deferred-payment ARC Loans

The U.S. Small Business Administration is guaranteeing America's Recovery Capital (ARC) loans of up to $35,000. The loans are 100-percent guaranteed by the federal government, interest-free, and come with deferred payments. The loans are intended to give viable small businesses financial relief while they get their cash flow back on track.

This is a great opportunity for small business owners. If you, or somebody you know owns their own business and needs a little financial boost to improve their business, I would definitely recommend that they check into this.

Tomorrow, I will post a follow-up to my earlier post on the carpet fiasco. As I mentioned in that post, everything worked out, but I would like to focus on a part of the contract called Interim Maintenance, and how it ties into the carpet problem.

I hope you have a wonderful Tuesday, talk to you tomorrow!

~Evin

Posted By Evin Alcindor At 11:51 AM • Comments (0) Trackbacks (0)

Wednesday, June 24, 2009

Baby It's Hot Outside!!

EXCESSIVE HEAT WARNING

An excessive heat warning is now in effect until 7 pm Friday.

Very hot & humid conditions will linger across the region through Friday. Afternoon heat indices around 105 degrees or higher will be likely in the warning area. The excessive heat warning includes areas along & east of a line from Salina to Wichita to Wellington, including the Wichita metropolitan area.

The Sedgwick County Emergency Medical Service (EMS) reminds you to be aware of extreme temperatures this week and into the summer months. As temperatures rise, so do the number of individuals at risk for heat exposure, heatstroke, and other heat-related illnesses.

These signs may be an indication of dehydration or heatstroke:

Headaches
Dry mouth
Dizziness
Difficulty breathing
Fatigue or weakness
Nausea or vomiting
Fast heart rate
Impaired judgment
Muscle cramps
High body temperature a temperature of over 104.5 F indicates heatstroke

Helpful tips to remember when temperatures rise:

Drink plenty of water and other hydrating fluids, but stay away from soda and alcoholic beverages, which can dehydrate the body.
Avoid outdoor activities during the hottest part of the day, which is usually between noon and 4 p.m.
If you dont have an air conditioner, or yours is broken, use fans to cool yourself. But remember, fans cool people, not rooms, so turn it off when you leave a room.
Check with older neighbors to make sure they are taking precautions and not suffering from heat-related illnesses.

Be aware of your body and what it is telling you. If you exhibit any of the signs listed above, tell someone what you are experiencing and do what you can to cool your body - cease activities that cause exertion, drink hydrating fluids, and take a cool shower. If the symptoms persist, call 9-1-1 for EMS.

Posted By Evin Alcindor At 4:21 PM • Comments (0) Trackbacks (0)

Friday, June 19, 2009

Please, Don't Let Your Animals Pee On The Carpet!

Besides the fact that it is unsanitary and smelly, homeowners need to ensure that their furry friends are not using the house for a toilet. Seems logical right?

The reason I bring this up is because of a recent transaction where I was representing the Buyers and the Sellers had either knowingly, or unknowingly allowed their dogs to urinate on the floors. My Buyers, possessing excellent olfactory skills, had addressed this issue when they first wrote the contract on the house. They specifically mentioned the odor in the contract, and requested that the Sellers remove the odor prior to closing. The Sellers agreed to this request and we were officially under contract.

Over the next 5 weeks, my Buyers and I were in the house multiple times for home inspections, measurements, and a walk-through on how to properly operate the pool. Each time we visited the house, my Buyer mentioned how the odor in the house was becoming increasingly worse. We addressed this with the Sellers' Agent and requested that we be let into the house a few days prior to closing, after the carpets were cleaned, just to ensure that the odor was effectively removed.

4 days prior to closing we went to the house for a final walk-through. (Buyers, when you purchase a house, make sure that your Agent schedules a final walk-through, prior to closing, to make sure that all requested repairs have been done, and the house is in acceptable condition for transfer of ownership.) We walked into the house only to find that the odor had worsened, and there were now visible spots where the dogs had urinated, confirmed by sniffing (gross!!) throughout the entire house! My Buyers were livid! What happened?

This is where it is so important to have an Agent working and fighting for you. We spent the next 24 hours with contractors and carpet cleaners, trying to find a relatively inexpensive way to remedy the problem. After visiting with two different carpet cleaners, we figured out two different things; what caused the carpets to appear worse than before, and that there is really no way to completely remove the odor. First, when a carpet is professionally cleaned, the water and chemicals are pushed deep into the carpet, and if there are any stains in the padding under the carpet, those stains, and associated odors, will wick back up with the water when it is drawn out, resulting in stains and odors that were not there before the carpets were cleaned. Accompanied by the cleaners, we pulled back a section of the carpet to find that not only were there stains in the padding, but that there were also stains to the sub-flooring, and the backing of the carpet. Second, and this was from the mouths of all the different professionals that we had there, once the stains have set in the backing of the carpet, the padding and the sub-floor, there is no effective way to remove the odor by cleaning. The only solution at this point is to completely replace all the carpets and padding.

After days of arguing with the Sellers, a long, drawn-out closing with the presence of Attorneys, we finally resolved matters by the Sellers and Buyers splitting the cost of replacing the carpets and padding throughout the house. This was the only way to fully remove the odor from the house, and keep the deal together.

The moral of this story? Homeowners, if you own pets who are allowed in the house, and have any intention of selling your home at some point in the future, make sure that your animals are not urinating in the house. If you have animals who continue to urinate in the house, be prepared for what kind of damage this will do to your house, both in the smell and appearance of the house, and also the marketability of the home once it's on the market. Your best bet is to mentally and financially prepare yourself for having the carpets completely replaced throughout the house. This can be done prior to marketing the house, or even better, offered as an allowance to the Buyers. This way, the cost is coming from your proceeds from selling the house, and the Buyers are able to choose the carpet of their liking, and have the work done on their watch.

If you have any thoughts or questions, please feel free to email me anytime. Next week, I will discuss other adventures I'm having in the wonderful world of Real Estate, and share some recent statistics.

Have a wonderful weekend!
~Evin

Posted By Evin Alcindor At 4:32 PM • Comments (0) Trackbacks (0)

Thursday, June 04, 2009

Revised HUD Rules, Bridge Loans

I know I've been missing in action lately, and I'm truly sorry for that! I have been traveling around the Mid-West, and in the meantime, trying to catch up with work.

From personal experience, I can tell you that the market has definitely picked up, and now is a great time to buy a house! Recently, the interest rates have started to increase, so if you're on the fence, I would recommend that you jump on over to the side of happy homeownership before rates go back to where they once were.

I will be doing a post on some more of the home buying/selling transaction, but for now, I'd like to share with you an excerpt taken from the Kansas Association of REALTORS (KAR) about some of the newest developments in the Government's Departmentof Housing. Please use this post as a reference whenever necessary.

I hope you are all doing well, have a wonderful Thursday!

~Evin

HUD Makes It Official: Tax Credit Available for Limited Uses

Under a policy released by the United States Department of Housing and Urban Development (HUD) on May 29, FHA-approved lenders are authorized to develop bridge loan products that enable homebuyers to access the $8,000 first-time homebuyers’ tax credit at the closing table. Under this guidance, FHA-ap proved lenders can offer bridge loans to homebuyers that allow them to use the proceeds of the tax credit to pay for closing costs, buy down the interest rate on the loan or cover the portion of the downpayment that exceeds the minimum required 3.5 percent downpayment for FHA loans.

These bridge loans cannot be used to cover the minimum required 3.5 percent downpayment on FHA loans. As a result, homebuyers applying for FHA-backed financing with an FHA-approved lender that offers a tax credit bridge loan program can use these funds to bring down the upfront costs of buying a home significantly, but they will still be required to come up with the minimum required 3.5 percent downpayment.

If you would like to contract your local FHA-approved lenders, please visit the following website at www.fhaoutreach.gov/FHALookup to look for FHA-approved lenders in your area.

Posted By Evin Alcindor At 3:25 PM • Comments (0) Trackbacks (0)

Saturday, May 16, 2009

WICHITA IS NUMBER ONE!!

In a recent survey, Wichita was awarded the #1 Most Uniquely American City!! The survey and results can be found at this site, enjoy!

And now, the weekend events. Have a safe one!

~Evin

WAM Contemporaries- Rendezvous on the River
Saturday, May 16
7:30pm
Wichita Art Museum
$50 for Members, $75 for Non-Members

Car Show- Riverfest
Saturday, May 16
11am - 5pm
Douglas and McLean
Admission: Festival Button

Twilight Pops Concert- Riverfest
(Wichita Symphony Orchestra)
Saturday, May 16
8:30pm
Century II- Kennedy Plaza
(Simulcast on 97.1 BOB FM for Fireworks, 8:30pm - 10:30pm)

Fireworks- Riverfest
Saturday, May 16
9:45pm - 10:30pm
West Bank of Arkansas River
(Simulcast Pops Concert on 97.1 BOB FM, 8:30pm - 10:30pm)

Posted By Evin Alcindor At 1:04 AM • Comments (0) Trackbacks (0)

Thursday, May 14, 2009

Hold Your Horses...FHA Downpayment Plan Retracted...

And just after I got so many people excited, I just received this information:

Announcement that plan is canceled for now

Best explanation why found so far

So, for now, the First Time Homebuyer Tax Credit remains a benefit that can be enjoyed next year when doing the 2009 taxes. I will continue to stay on top of this topic and will post as soon as I know more...

Thank you for your continued interest!
~Evin

Posted By Evin Alcindor At 5:35 PM • Comments (0) Trackbacks (0)

Great News For Homebuyers!!

So many Buyers are on the fence on whether they'd like to buy or rent! Well now, more than ever, is an incredible time to buy! In addition to the already great benefits of homeownership, including equity, property appreciation, and tax deductions, there is also the great first-time homebuyer tax credit that I wrote about the other day.

As of today, the National Association of REALTORS has finally been able to convince the FHA to give homebuyers access to their credit prior to next year's tax time. According to the article I'm posting below, homebuyers are now able to use the $8,000 tax credit as downpayment assistance at the time of purchasing the house.

What does this mean for Buyers? If they're still contemplating purchasing with the major hesitation being downpayment money, there's no longer that worry! $8,000 will now be available for Buyers at the time of closing! A quick calculation and that means that the downpayment will be paid for a house costing up to $228,000! Now, of course, Buyers need to talk with their lender to see what monthly payments are reasonable, but this new benefit should help.

Tomorrow I will share some great news about Wichita and also post the weekend events! Have a great Thursday!

~Evin

Tax Credit Can Be Used for Down Payment

Posted on May 13, 2009

Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.

Previously, most buyers wouldn't receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change.

"We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment," Donovan says. His remarks came in an address to several thousand REALTORS® gathered Tuesday morning at "The Real Estate Summit: Advancing the U.S. Economy," at the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo in Washington, D.C..

He says FHA's approved lenders will be permitted to "monetize" the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

Posted By Evin Alcindor At 2:57 PM • Comments (0) Trackbacks (0)

Friday, May 08, 2009

Wichita Riverfest This Weekend!!

Here are the events going on in Wichita this weekend. If you have a chance, you should definitely visit the Riverfest, it's 9 days of fun!

Also, a very Happy Mother's Day this Sunday to all the Mothers out there, you deserve it!

Have a great weekend!
~Evin

Riverfest- Get Your Groove On
Friday, May 8 - Saturday, May 16
Downtown Wichita
$5 Button
http://www.wichitariverfestival.com/
http://www.wichitariverfestival.com/events09.cfm

Sundown Parade- Riverfest
Friday, May 8
6:30pm - 8:00pm
Downtown Wichita
http://www.wichitariverfestival.com/events09.cfm

Opening Night Concert & Fireworks- Riverfest
(Kansas- "Dust in the Wind, "Carry on Wayward Son")
Friday, May 8
8:45pm - 10:00pm
(Gates Open at 6pm)
Downtown- West Bank Stage
Admission: Riverfest Button
http://www.wichitariverfestival.com/events09.cfm
http://www.wichitariverfestival.com/concerts.cfm#listing_may8

Bank of America River Run- Riverfest
Saturday, May 9
8am - 12pm
8am- 10k Start
9:30am- 2-Mile Wheelchair Start
9:40am- 2-Mile Start
Downtown- Douglas & Broadway
http://www.wichitariverfestival.com/events09_2.cfm

Wichita Barbarians Rugby - Home Game/Alumni Weekend
Saturday, May 9
Time: TBD
Harrison Park (Harry & Webb)
Free
http://www.wichitarugby.com/map.html
http://www.wichitarugby.com/

Mother's Day
Sunday, May 10

Mother's Day Garden Party at Botanica- Riverfest
Sunday, May 10
10am - 5pm
Botanica
Admission: Festival Button
http://www.wichitariverfestival.com/events09_3.cfm

Musica Latina- Miguel "MAMBO" DeLeon- Riverfest
Sunday, May 10
2:15pm - 4:00pm
(Gates Open at 1:30pm)
Downtown- West Bank Stage
Admission: Riverfest Button
http://www.wichitariverfestival.com/events09_3.cfm
http://www.wichitariverfestival.com/concerts.cfm#listing_may10

Posted By Evin Alcindor At 2:59 PM • Comments (0) Trackbacks (0)

Thursday, May 07, 2009

Having Problems With Your Mortgage Payments?

Here is a great chart on who does and does not qualify for either loan modification or loan refinancing under the new government provisions.

This chart should be used for reference only, and anybody in this situation needs to consult their personal CPA, mortgage lender, and any other financial expert for counseling.

Next time, as promised earlier this week, I will write about the different types of Agents and their roles. Have a great Thursday!

~Evin

PS - The Wichita Riverfest begins tomorrow! Be sure to buy your button ($5.00) and enjoy all the festivities! The River Run is this Saturday - I'll be running it and so should you!!!