Real Estate Information

Before starting your home search in the Prairieville or Baton Rouge area here are 5 great reasons to contact a mortgage broker to get pre-approved.

1. You will know in advance what your payments will be.
2. You won't waste your time considering homes you cannot afford.
3. You can select the best loan package that suits your needs without being under pressure.
4. Sellers will find your offer to purchase more favorable if they know in advance of your ability to secure financing. This will make your offer more competitive if you are in competition with other offers.
5. Peace of mind.

As a buyer, you are in constant competition with all of the other buyers who are looking to buy a home. There is a big difference in the level of expertise and quality of service provided by Realtors. Give yourself the advantage of working with the very best...work with ReMax Excellent Properties and get all the expertise and value added services that will make a huge difference in your home buying experience.

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"Laissez les bon temps rouler!" (Let the good times roll!). Time for two weeks of celebration...great food, music, parades, and of course King Cakes! The floats are decorated, thousands of king cakes have been baked and now it's time to party! If you live in Louisiana, you just have to make it to at least one parade! Whether you live in Prairieville, Baton Rouge, Gonzales, or anywhere else in Louisiana there is a parade nearby. Be sure to check one out!

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Prairieville buyers have plenty of reasons to buy a great house in Ascension Parish or anywhere in the Greater Baton Rouge areas. After all, homes are plentiful and well priced, the interest rates are low, and of course, the home buyer’s tax credit is in effect through April 30.  Yesterday, the FHA made an announcement that impacts anyone who buys after the tax credit has expired. The best advice to potential home buyers is to buy now, if you can can to beat the FHA clock.

FHA has always been a good financing option if you less downpayment in hand and if your credit score was a bit lower than what some banks liked.  Over the last few years, FHA has written almost 30% of the loans (up from 3% back in 2006) and has suffered from rising delinquencies.  The agency now must build its reserves and keep FHA-insured financing alive and well for homeowners.  HUD Secretary wants borrowers to “have more skin in the game” as a way to reduce future defaults.

Some of the new rules apply to lenders who must now increase their reserves and practice more responsible lending practices.  These are effective immediately. So what are the new rules that affect buyers?

Mortgage Insurance Payment (MIIP) will increase from 1.75% to 2.25% of the one and be added to the balance at closing. This will go into effect April 5, 2010.

Credits scores must now be at least 580 if you want to qualify for a 3.5% down payment.  If your credit score is lower, you must come up with 10%.

Sellers will only be able to contribute 3% to the closing costs, as compared to 6% now.

These changes are reasonable, but they will cost new buyers more.  All three changes will be effective by late spring-early summer which means those who buy before April 30 will reap some benefits of the tax credit and be able to go by the old rules (except for the MIP increase effective 4/5/10.)  Currently, interest rates are low but expected to rise by late spring, so buyers will benefit from that as well.  After that, if your credit score is low, you may have to save longer to get your downpayment in order, while all FHA borrowers will pay more MIP and closing costs.

If you are ready to buy a home, call Sandy’s Team to discuss your home buying plans.  Sandy and her team can find you the perfect place to call home in the new year in Greater Baton Rouge area, including Baton Rouge, Prairieville, Gonzales, Denham Springs, Watson, Walker, Central, Greenwell Springs, Zachary, Baker, Port Allen, Brusly, Geismar, and St Amant.  We can also you answer any questions you might have about the home buyer's tax credit - $8,000 for first time buyers or $6,500 for repeat buyers.

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When you become a homeowner who just made one of the most expensive purchases in your life, you are starting out on an exciting new adventure.  You just bought a great home in Baton Rouge, Prairieville, or a nearby city and you are now  surprised to realize that you are pretty much on your own in learning to be a homeowner.  If a major system goes wrong, you may have recourse, especially if you have a homeowner’s warranty, but that’s only one of the challenges.  Here are some tips to keep in mind to help you make the transition.

When you rented, whether there was a leak in the room or a window didn’t open, you called the landlord. (You may have even mumbled aloud that the problem wouldn’t have happened if he had only done some preventative maintenance.)  Now, you need to fix what’s broke and plan ahead.  Aside from anticipating possible repairs, you need to schedule time to mow the lawn, fix the screens, and clean the gutters.  If you don’t have the time, money, or interest to do these things or hire them out, then perhaps a condo would have been a better choice for you.

If you are like most new homeowners, you will want to make a million changes in your new home to make it yours.  These projects range from painting to adding an addition and everything in between.  If you are qualified to do these things, great, you can save some money.  If not, depending on how much is involved, you can learn to do many projects.  For major projects involving plumbing, electrical, or major remodels, you are better off hiring a licensed contractor.  It’s safer, often cheaper, and more likely to increase resale later in comparison to an amateur job.

When you got your mortgage you probably had to get homeowner’s insurance, to protect the bank’s interest, but buying a home is a good time to reassess all of your insurance.  The coverage on the home itself and on your possessions should include replacement value if you can get it, and should have high liability limits that can cover you if some litigation-happy person slips on your walk or is bitten by your dog.  You should also consider whether you have enough life and disability insurance to protect your partner and children in case of your death or illness or an accident that could limit your ability to work.  Even your car insurance deserves a look – minimum state limits won’t protect you enough if you are sued.

When you buy a home, your days of the form 1040EZ are probably over.  There are many deductions you can take as a homeowner, especially the first year; for other things, like improvements, there is no deduction until you sell.  Even if you usually do your taxes yourself, you might want to use a professional tax preparer the first year to make sure you take the deductions you are entitled to without over doing it.  Make sure to keep all your receipts on anything you do in the house so you can take the proper credit later.

Buying a home can be daunting experience but at RE/Max Excellent Properties, Sandy Ogburn-Sandlin and her team will prepare you for home ownership and follow up afterwards, as our testimonials attest. Sandy’s Team can show you new and resale homes in homes in the Greater Baton Rouge area that offer great values for first time buyers and repeat buyers available under the home buyer’s tax credit. AND that are right for you and your situation.

As 2009 winds down, Sandy Ogburn Sandlin and her team are busily selling the merits of living in the Greater Baton Rouge area and in the process, selling houses. At the moment, according to Realtor.com, there are 8,201 home for sale in Baton Rouge, Lousiana.  That breaks down to 3,321 in East Baton Rouge Parish, 1,528 in Ascension, 2,317 in Livingston Parish,and and 150-250 in East Feliciana Iberville, West Baton Rouge, and West Feliciana. 

Greater Baton Rouge offers a lot of home for the money.  The cities and specific neighborhoods where home are available each have their own unique flavor.  Sandy’s Team are specialists in helping you find the place in a neigborhood that not only fits your pocketbook but your lifestyle as well.  Whether you want a home near work or want a more rural property, Sandy will find it for you.

If you want to see examples of the home in a specific area or if you want to get an idea of exactly what your home-buying dollars will get you, Sandy will deliver a list of homes that meet your requirements right to your inbox.  To get this handy service started, just enter your preference and your contact information right here.  Sandy’s Team is always available to answer any questions you might have about the neighborhod, the home itself, or how to get started with buying a home. 

With the home buyers tax credit in full force, Sandy can help you claim the credit as a first time buyer or a move-up buyer!

As part of the Midwest celebrated Christmas or its aftermath with snow, Ascension Parish and the surrounding area was pelted with so much rain that some roads remain flooded today.  With the kids out of school, holiday gifts to exchange, and homes to buy, no one wants to be inconvenienced or endangered when out on the road.

Here are some timely tips for driving in wet weather issued by Ascension Parish in mid-December.

First, check for updates on the Ascension Parish website or local TV or radio stations on the status of local roads.  If your destination is the midst of a flooded area, think about rescheduling or at least call ahead to make sure the place is open.

Second, plan ahead and allow for more travel time.  You might have to detour or drive more slowly. 

Third, drive slowly, especially if the roads are water-covered.  You will be better able to stop and avoid road hazards and refuse that has blown unto the road.

Fourth, keep ample distance from the car ahead of you!  Follow in their tracks if possible.

Fifth, brake early and gently.  If you pass through water, tap your brakes lightly to dry them out.  Remember not to try to stop quickly with wet brakes.

Sixth, avoid driving through standing water.  If you can’t see the road markings through the water, it’s better to turn down a side street or turn around.  A foot of moving water can lift your car off the road!

Seventh, if you hydroplane, slowly release the gas pedal and steer straight until you regain control rather than braking or turning the wheel suddenly.  Don’t use cruise control

Eighth, turn on your lights if you are using your wipers.  It’s state law and good sense.

Ninth, be extra careful at night. 

A lot of traffic in Ascension these days is due to people who want to take advantage of the home buyer’s tax credit.  Sandy Ogburn-Sandlin and her team at RE/Max Excellent Properties can show you new and resale homes in Ascension Parish as well as neighboring cities in the Baton Rouge market that offer great values for first time buyers and repeat buyers!  It's likely that homes will move quickly with the new incentives in place, so contact Sandy's Team today to jumpstart your housing search!  Drive as quickly as conditions allow to take advantage of the great home values today!

Louisiana citizens are happy folk –i n fact, according to a recent survey by the Centers for Disease Control and Prevention (CDCP), they are the happiest people in America! The pleasant, sunny climate mixed with a lifestyle that includes great cooking and Dixieland music beat out near rivals Hawaii, Florida, Tennessee, and Arizona. 

Economists Andrew J. Oswald of the University of Warwick, England and Stephen Wu of Hamilton College in Clinton, NY then matched the CDCP results with studies that rated states on criteria such as climate, crime rates, air quality, schools, local taxes, commuting time, and the availability of public land.  Their report found that people who perceived their quality of life as good also report themselves as “happiest.”  Even though part of the research was done before Hurricane Katrina and part after, the findings hold up.

Oswald noted: "We wanted to study whether people's feelings of satisfaction with their own lives are reliable, that is, whether they match up to reality — of sunshine hours, congestion, air quality, etceteras — in their own state. And they do match."  Perception is reality!

Among the lowest states in satisfaction are New York (50^th) and California (46^th).  The researchers theorized that people moved to these states assuming they would be great place to live but congestion, housing prices, taxes increases, and corruption offset the advantages and made people unhappy with their environment.

The research findings are played out in our recent blogs about the Greater Baton Rouge area:

The economy in Baton Rouge is growing despite the recession.

Baton Rouge is among the hottest housing markets.

The home buyer’s tax credit will get you plenty in Greater Baton Rouge and Ascension.

Area schools are among the top performers in the state.

Sandy Ogburn-Sandlin and her team at RE/Max Excellent Properties can share more reasons to be happy with you, as well as show you the best new and resale homes in Ascension Parish as well as neighboring cities in the Baton Rouge market.  It’s likely that homes will move quickly with the new incentives in place, so contact Sandy's Team today to jumpstart your housing search!

With the holidays nearly here it may tempting to put your home buying or selling activities on hold. Whether you are buying or selling in the Greater Baton Rouge area, it is easy to make the assumption that real estate transactions hardly fit into the busy seasonal plans.  This isn’t necessarily true, and your real estate agent can show you how to make holiday home buying or selling work out just fine

Sellers:

You may be tempted to take you home off the market for a while, so you can enjoy the season without having to do quick clean ups for unexpected showings.  Showing might also cut into gatherings you have planned.  If you are preparing for a party and elbow deep in bread dough, that is the last time you want strangers dropping by.

The reality is your agent can schedule showings around your schedule and not authorize ones by other agents the day you are having your annual holiday open house.

This year, incentives for buyers (which include you if you planning to buy another home) are so great that there is reason to keep your home on the buyer’s radar.  You have a real opportunity to sell the home more quickly than in the past months.

The only way selling might otherwise inconvenience you during the holidays is that you still need to keep the decorations modest.  If home usually resembles Chevy Chase’s Christmas Vacation dwelling, dial things back a notch and go for a minimalist look inside and out so the beauty of your home shows through. 

If you have a showing, your home will come off as warm and friendly if it smells of pine and bayberry and has a plate of cookies on the counter.

Buyers:

Just because it is the holidays doesn’t mean you can afford to put off your house shopping until after New Year’s.  Especially at lower price points, homes are moving quickly. With the home buyer tax credits and low interest rates on your side, this can be your time to beat the rush most realtors expect in January.

It is likely more homes will come on the market after the holiday. With fewer other buyers out, the holidays are a great time to look at homes already on the market that may be a match for you.  If you don’t fall in love with one, you can move on to the new offerings in January.

If you’ve have been transferred, your lease is up, your family is expanding – you may need to find a great home quickly,  Since fewer people are competing for homes during this time of year, you will have more chance of having a reasonable bid accepted on a home you love.

As a buyer, there are a couple of holiday rules you need to follow.  First, though are in a rush, the sellers may not always be able to make the house available on short notice.  Give them a little slack as they may have had plans before you called for the showing.  You will probably not be welcome on Christmas Day or 9 am December 26 or January 1.   Second, remember to look past the holiday décor when viewing the home.  That Christmas tree won’t always be in the living room or family room.

With holiday sales, Buyers can receive the wonderful gift of a Baton Rouge area house and sellers can unwrap the prized signed contract they have been waiting for..  Liven your holiday with a call to Sandy and her team.  They can find you the perfect place to call home in the new year in Greater Baton Rouge area, including Baton Rouge, Prairieville, Gonzales, Denham Springs, Watson, Walker, Central, Greenwell Springs, Zachary, Baker, Port Allen, Brusly, Geismar, and St Amant.  We can also you answer any questions you might have about the home buyer's tax credit - $8,000 for first time buyers or $6,500 for repeat buyers.

Prairieville home buyers, if you are planning on buy a home with FHA financing, listen up!

For over 50 years, FHA has helped those with less than perfect credit buy homes by guaranteeing the loans, but recent announcements by HUD Secretary Shaun Donovan indicate that major changes are on the way for both consumers and lenders.  Since the Great Depression, FHA has backed loans actually written through member banks.  Over the years, it has provided an alternative financing process that some sellers looked down on because it took longer. In recent boom times, FHA was only called on to guarantee about 3% of all mortgages. Buyers got their loans with as little as 3.5% down and with 500 credit scores though most participating lenders required a score of 620 or more.  Sellers could contribute up to 6% of the closing costs.

The recent mortgage crisis has affected FHA dramatically.  Over the last few yours, FHA suddenly has been called upon to back 30% of mortgages and 20% of refinancing deals on homes up to $729,750.  In an era when many homeowners have defaulted on loans, FHA cash reserves are at the lowest since 1994 and serious losses are projected for the next five years with over 71% of the losses coming from loans already on the books.  FHA has been called upon to back not just loans on starter homes but on more costly move up homes as well.  The defaults have hit them hard.

To prevent further losses, Donovan said the new plan would force potential buyers “to put more skin in the game” which would prevent further losses and stabilize the system.  The new rules would require buyers to put up a 5% down payment, raise required credit scores to a yet undetermined level, and decrease the amount of contribution the seller can make to the closing costs.  The agency is also considering whether to increase the monthly insurance fee borrowers pay.

HUD is also changing the rules for lenders, especially those who repeatedly make questionable loans.  All lenders will be held accountable for losses, and will be ranked on a “lender’s scorecard” of banks who make FHA loans. Lenders will have to submit annual financial reports and maintain higher net worth. Weak lenders will lose their ability to process FHA loans.  The agency does not want to be the source of the next “subprime crisis” in lending.

Will making it harder it to buy a home have the desired effect of reducing future loses for FHA?  The jury is out on this. Some critics of the new rules are more apt to blame unemployment and other disruptions in personal finance (i.e., divorce, death of spouse, illness or disability, unforeseen expenses) to cause people to get into mortgage trouble than how much down payment they paid.

FHA has not yet announced when the new rules go into effect but if the new down payment and credit score requirements would make a difference as to whether you could afford to buy a home now or not, waste no time in calling Sandy Ogburn Sandlin.  She and her team will discuss your options with you as you consider your new home in Baton Rouge, Prairieville, Gonzales, Denham Springs, Watson, Walker, Central, Greenwell Springs, Zachary, Baker, Port Allen, Brusly, Geismar, and St Amant. We can also you answer any questions you might have about the home buyer's tax credit - $8,000 first time buyers or $6,500 for repeat buyers.

Short sales sound like they could be the answer to a distressed Baton Rouge seller’s prayer, while offering buyers a great deal. They offer real promise to avert foreclosures.  However, often the time to process them is lengthy and the ultimate success rate, low.  Since the Making Home Affordable program came out in February, the Obama Administration has been announcing that new rules to make short sales quicker and easier were on the way. Recently, the Treasure Department has released these new rules to expedite short sales

Basically, the new guidelines offer financial incentives for borrowers, mortgage companies, and investors to participate in the program.

• $1000 to lenders for administrative costs
• $1500 to sellers to cover closing costs or for moving expenses
• Up to $3000 towards paying the junior lien holders to release their lien.

In order to qualify:

·         The property must be the home owner's principal residence.

·         The homeowner is delinquent on the mortgage or default looks likely.

·         The loan was made before Jan. 1 this year and is less than $729,750.

·         The borrower's total monthly mortgage payment exceeds 31 percent of before-tax income.

The new program standardizes paperwork and gives the lender 10 days to approve or turn down a request for a short sale. When it’s done, the short sale must release the borrower from the debt.  During the process, the lender cannot foreclose on the property or charge fees. The new rules come at a time when at least one major bank has adopted improved software to streamline paperwork for short sales. (Click here for the full text of the new rules.)

Mortgage servicers have 10 days to approve a request for short sale, and when done, the transaction must fully release the borrower from the debt. The deadlines remove a lot of the uncertainty from short sales, a relief to buyers as well as the seller and their agents.  Now sellers (and real estate agents) will have a clearer idea of how to proceed and buyers will know if they got the house in a timely manner too!

If you are at risk of foreclosure on your Baton Rouge home, Sandy can help you arrange a short sale. If you are looking for a home,  Sandy and her team can also help you find a short sale property in the Greater Baton Rouge area, including Baton Rouge, Prairieville, Gonzales, Denham Springs, Watson, Walker, Central, Greenwell Springs, Zachary, Baker, Port Allen, Brusly, Geismar, and St Amant.  We can also answer any questions you might have about the home buyer’s tax credit - $8,000 first time buyers or $6,500 for repeat buyers.