Selecting The Right Retirement Community

More and more people are choosing to move to a retirement community. The very first thing you need to take into consideration is where you want your retirement community to be located. You could choose from an urban environment or a country setting but understanding what your particular needs are – now and in the future plays a big part in which retirement community you should move to.

Many people like to be close to where they live now, just a little further out. But some like to move to the city where there are more sights and accessibility.

If you have children, you might also want to consider a location that is near to them so you can more easily spend time with them and with your grandchildren. In addition, if you have special medical needs, you might want to choose a community that is near to certain medical facilities. Or, if you are interested in pursuing educational interests that you never had the time for before retirement, a college community might be the best location for you.

Know Your Needs and Desires

Not all retirement communities are the same, so you need to have a clear idea of what you need and what you want in a retirement community. First, some retirement communities are set up like apartments, while others utilize manufactured homes, RVs, townhomes and single family homes. Therefore, you will first need to make a decision regarding which of these building styles is most desirable to you. If you are looking for a little more privacy and ease of access, a retirement community made of manufactured homes or single family homes may be the best option for you.

Be sure to consider your hobbies as well. In that way, you can select a retirement community that will make it easier for you to pursue those hobbies. For example, if you enjoy golfing, you might want to find a retirement community that is on a golf course. If you like fishing, then a community near the lake is ideal. If you want to be able to have most of your needs met within the retirement community, you might want to seek out a resort-type community. On the other hand, if you might occasionally need some assistance with your basic living needs, you might want to consider an active adult community that also offers basic assisted living services.

Once you have your choices narrowed down, contact the retirement communities you are considering and ask for more information. They will likely send you a packet filled with information that you can browse through.

In many cases, the retirement community will also offer a visitor’s program or a vacation getaway program that will allow you to take a tour of the property or stay overnight. This will help you get a better idea of whether or not the community is right for you.

And remember, before selecting any retirement community try getting a second opinion from a relative or friend. Often, we fall in love with what we want, blocking out any negative aspects. Another opinion offers you advice that you may never have thought of.

Looking For More Than Just A Place To Live

Many homebuyers never worry about local venues or even what schools are nearby; they figure they’ll just drive to wherever the need takes them. That’s all changing.

How do you find that golden community with fiscal strength that is also close to the optimal combo of job opportunities, top notch schools, low crime, low traffic, lots to do, and many other factors that help make a community fantastic for raising a family?

Well, while many families are focusing on the best price and value they can get, savvy home buyers are putting more time into research before signing on that dotted line. You probably won’t find the perfect community that offers you a one-stop-shop and that over the rainbow feeling but there are plenty of communities out there that sure come extremely close.

Delve deeper into the surroundings

• Many home buyers never worry about the unemployment rate in their vicinity. High unemployment could mean future foreclosures so this is something that you should research to see how this may affect the community you’re looking to move to.

• Attend PTA meetings and ask about all the topics that you care about. Sure, most people want to know reading and math scores but dig deeper; how many high school students took the SAT; how many graduating seniors went on to college; you may want to ask how the school handles bullying; the ratio of students to teachers; suspension and expulsion rates in the schools; fights, teacher assaults, etc.

• What does the local community offer in terms of extracurricular activities? Does the town partake in little league sports? Are there any “dives” to enjoy a sumptuous meal and just hang out on lazy days? Is there a community center nearby or what activities will you or your children discover on the weekends?

• How far are you willing to drive to find everything you need?

You’d be surprised at the things that suddenly creep up when you move into a new community. Those homebuyers that are delving deeper into what they really need in the long run save money.

So what do you really want from your community? Jot down all the things that are important wants and needs and then add in what you may think is frivolous but could make living more enjoyable.

Lavish Incentives To Buy A New Home

Savvy home buyers are seeing the best deals ever and the pickings are fabulous when it comes to selecting your dream home.

With a wave of foreclosures homebuyers have been reluctant to purchase new homes when they could snag a foreclosed home with a deep discount; but now, the big boys are introducing all types of incentives that really have placed foreclosed properties on the back burner.

Imagine purchasing a customizable colonial for under $200,000 with a brand new 2011, $17,000 car. Perhaps you’d be interested in a quaint and pristine brick-and-stone townhouse that comes with $25,000 in free upgrades that include wood-burning fireplaces, stainless steel kitchens and marbled bathrooms tricked out with double-bowl vanities and whirlpool soaker tubs. Sounds enticing, right?

Obviously, business has been soft in the housing market and these incentives are more evidence that buyers have the upper hand and every qualified buyer should be running to a real estate agent. However, this is becoming a bigger problem for sellers. Competition is stiff – not that sellers cannot compete and accomplish a sale, but it takes a few tips and tricks to get there.

Many potential homebuyers are taking their time to purchase a home; some have commitment phobia, others believe the housing market will become far worse opening up better deals with lower mortgage interest rates; these scenarios are unlikely since the housing market is pretty steady in most parts of the country.

Advantages of Buying a New Home Now

• Right now you are able to purchase more home than you could have 2 years ago. Builders that re-started their momentum 3 years ago have discounted brand new communities. You could purchase a single family home for under $350,000 and now that price is discounted.

• Buyers are being lavished with lawns sodded to perfection, absurdly low financing and free insurance that will pay the mortgage if you lose your job.

• Reduced costs on “immediate availability” sales; many times a transaction falls through because the homebuyer could not secure a mortgage on the home they selected; these homes go back on the market at reduced costs. The builder wants to sell immediately and the buyer is in the driver’s seat. To get the best deal on these homes you need a real estate agent because the builder’s sale team will definitely try and get the most out of this deal and you could wind up overpaying.

The biggest issue with home buying used to be raising the deposit and closing costs but with new home pricing and incentives to help with closing costs, all those costs excuses are a thing of the past.

The housing market’s recovery is definitely slow but we are within the greatest time to purchase right now; as we’ve already seen, mortgage interest rates slowly increase and home prices will follow.

Annenberg Foundation To Consider Scaling Back Its Point Vicente Project

The Annenberg Foundation may scale back its proposal for an animal-focused education center at Lower Point Vicente in response to conversations with federal and state officials who would need to approve the unusual plans for a public park.

A representative of the charitable family foundation said at a Rancho Palos Verdes City Council meeting Tuesday that changes are under consideration for the controversial project, which would create a "discovery park" on vacant, municipally owned coastal land next to the Point Vicente Interpretive Center.

Annenberg and city officials have been seeking clarification from state and federal parks officials on whether the ambitious plan could be built as proposed in light of deed restrictions that require the former military property to be used for passive recreation and as a public park.

"If there are some modifications that address their concerns ... we'll certainly talk about that," said Robert Uram, an attorney speaking on behalf of the Annenberg Foundation.

"The foundation is still very excited about this process, and it's committed to working with the council and the community," Uram added.

The Los Angeles-based foundation wants to use 26 acres at Lower Point Vicente to erect an educational complex that would be focused on "companion animals" and their relationships to humans. The project would include native habitat, trails, a demonstration Tongva village, and adoption suites for 10 dogs and eight cats.

The project has drawn a fierce reaction from local residents opposed to the concept, which would cost more than $40 million and would be funded entirely by the foundation. While some locals have been swayed by the foundation's public outreach and advertising campaign, a sustained and organized opposition has arisen since plans were submitted to the city in 2009.

About a dozen speakers on both sides addressed the council Tuesday, in contrast to previous meetings on the project that have drawn a full house.

Council members, who said little other than to caution audience members that no action was to be taken, voted to receive and file an update from city planners on the project. The item came six months after the council directed city staff to seek a review of the project from state and federal officials, despite not having completed environmental review or the normal local planning process.

That direction, given in December, was prompted by letters of concern from the National Park Service, which oversees the use of former federal land, and from the state parks department's Office of Grants and Local Services. The two agencies said that for the project to move forward, the city might have to seek an exemption to long-standing restrictions on use of the land.

The two possibilities for that are a "public facility" exemption, which would allow the land to be developed if intended for public use, or a "conversion," which would essentially require a swap of new public parkland to replace lost acreage at Lower Point Vicente.

Annenberg officials believe their project constitutes a public facility, but National Park Service officials have said that the project as currently configured would require a conversion.

In a letter sent last week to the National Park Service, Uram wrote that he does not believe a conversion is required.

"We believe the project fully meets the requirements for a public facility ... and that the project should viewed as a model for its innovative approach of using domestic pets as a key interconnection with outdoor recreation and protection of native wildlife and habitat," Uram wrote.

A former U.S. Interior Department attorney who recently joined Annenberg's team, Uram wrote to request a meeting with the service's regional director, based in Oakland.

Annenberg in March submitted an incomplete draft application to state parks officials, but that document has been kept secret. The city's attorney has said the application is exempt from public records requests because is it is preliminary, and city planners said state officials wanted to keep the document private to prevent confusion over possible future changes.

In the meantime, city and Annenberg officials are trying to figure what shape the project could take to gain approval.

"We're trying to get a better understanding and direction from these two agencies in order to know how to really complete this application," Principal Planner Ara Mihranian told the City Council.

A letter sent Monday by foundation Executive Director Leonard Aube to council members said the organization has discussed reducing the size of the main building by 8,000 to 15,000 square feet. The central structure is currently proposed at about 51,000 square feet, including about 9,000 square feet of underground parking.

Aube wrote that he anticipates returning to the City Council with "updated thinking about the proposed infrastructure and program direction" ideally by next month.

City planners would then seek direction from the council on how to proceed, Mihranian said Wednesday.

Note: The article original written by Melissa Pamer @ The Daily Breeze.

How To Quickly Improve Your Credit Score

Lenders approve mortgage loans to those potential homebuyers with the best credit scores over 700. Yes, I know it’s advertised that you need 640+ for an FHA loan however those are only guidelines; it’s the lenders that will ultimately approve your loan and new strict rules with higher credit scores are required.

But all is not lost because you can improve your credit and boost your credit score in just a few months.

First, to improve your credit score, it's important to know where you stand so you must request a free credit report and work on the negative trade lines first.

Here’s a plan for a quick boost to your credit score:

• Apply for an installment loan

You'll get the fastest improvement in your scores if you show you're responsible with a major loan: (personal loans, auto, mortgages and student loans). If you don't already have an installment loan on your credit report, consider applying for a small personal loan or buy a small car that you can pay back over time. Nothing expensive, just something that is manageable.

• Get a credit card if you don't have one

Don't fall for the myth that you have to carry a high balance to have a good score. You don't, however you need to show responsibility so you will have to use the credit card, sparingly. Having and using a credit card can really build your score quickly. If you can't qualify for a regular credit card, consider a secured credit card.

• Pay down your credit cards

The most dramatic boost to your credit score will come from paying down your accounts such as credit cards. Not paying it off, just paying it down. Lenders like to see a big gap between the amount of credit you're using and your available credit limits.

• Use your cards lightly

Racking up big balances can hurt your scores, regardless of whether you pay your bills in full each month. The underwriters will look at your habits and if you are running up your balances each month they have to determine will you have reserves each month to pay your mortgage on time.

Many new homebuyers are not aware of the process to get a mortgage loan; your application is run through an initial automated model of a loan method to get early approval, but that is not the entire process.

The underwriters review all the paperwork and scrutinize your credit history to see if you are a good risk in order to use their money. During the process they review how you pay your bills and the probability of you running into trouble.

So the use of your credit is examined in depth.

Everyone can repair and improve their credit scores but it doesn’t happen overnight. If you plan on applying for a mortgage loan and you need to work on your credit, have a 6 month plan and you’ll become homeowner before you know it.

Be Specific When Writing Home Purchase Contract

When buying a home, mean what you say and say what you mean when filling out the contract.

That's the advice of lawyer Jeff Marks, a partner with Ryan and Marks Attorneys LLP in Jacksonville, Fla. A real estate dispute in the Sunshine State illustrates his point.

Christine and Nigel Gibney contracted to buy a house from Helen and Randy Pillifant for $620,000. The purchase contract provided that the sale was "contingent upon this property appraising for no less than $620,000," according to court documents.

Two appraisals were done. One arranged by the Gibneys (the buyers) came in at $560,000. The Pillifants secured an appraisal that valued their house at $635,000. The buyers refused to close and terminated the contract.

The sellers sued for breach of contract, arguing that any appraisal of $620,000 or more obligated the Gibneys to buy the house. The Gibneys argued that any appraisal for less than $620,000 allowed them to terminate the contract.

Who's right? Florida's Second District Court of Appeal favored the would-be buyers, ruling in April 2010: "In our view, `appraising for no less than $620,000' means that no appraisal may be less than $620,000," the court ruled. "The appraisal contingency allowed the Gibneys to terminate the contract if any appraisal valued the property at less than $620,000."

Too often, homebuyers and sellers think a contract allows for one thing, when the language says something else.

"Contingencies should be written in full sentences," Marks says. "In this case, it should have read, `This agreement is contingent, at buyers' option, on the property appraising for at least $620,000 as determined by the appraiser for the buyers' lender,"' he says.

"There's no confusion in that language."

Here are four ways to avoid making common contract mistakes.

Give yourself time to get a loan

Many contracts are contingent upon the buyer getting financing by a certain date. In today's tough lending climate, buyers are wise to allow themselves plenty of time to get mortgage approval for a loan.

If the date passes and no financing has been secured, the sellers may terminate the contract and keep the earnest money deposit.

"You should also be realistic about your closing date," says Patti Lawton, a broker with Welcome Home Realty in Brunswick, Maine. "Don't try to close too quickly. There are a lot of things that need to be done properly and you must give lenders, title companies and others time."

Be specific about which items stay with the house

You've heard the story of the buyer who walked into a new home only to discover that the refrigerator and chandeliers were missing. Check the contract. As a seller, be sure you specifically state on the contract what will stay with the home. As a buyer, pay attention.

Don't assume that the Sub-Zero refrigerator is yours once you close.

Know the effective date

Surprise! The contract doesn't always go into effect on the day you sign it. "In every contract, there are things that must be done within X number of days from the effective date: inspections, loan applications and approval, title searches," Marks says. "If you don't know the date that the contract went into effect, you may not have a valid contract."

Get everyone to sign

"Sometimes the home is owned by both spouses, other owners or an entity such as corporation," Marks says. "Make sure all of the parties sign the contract. If a party to the transaction fails to sign, they're not bound to perform the contract."

You've heard it before: Buying a house is one of the biggest financial decisions you're going to make. Simply said: "Take it seriously and make sure everything that's important to you is in writing," Lawton says.

Note: This article originally written by Tracey C. Velt of Bankrate.com

How To Get The Best Deal When Buying A Home

It can pretty difficult to know exactly what is happening in the housing market today; we hear prices going up then prices going down but one thing is for sure – this is the best time to wheel and deal and get more value for your bucks.

To start your search clearly you must have a budget in mind; once you know your price range your real estate agent can access the homes you should begin looking at. Some of the homes will be right on mark, some higher and some lower than what your budget demands but this gives you room for negotiation.

Do you have a community in mind?

• Find out what other properties in that area have sold for on the market recently to get a good idea of what you should offer for it. You can also check public records at the county clerk's office to find out what they deem the property to be worth.

• If the average time a property is on the market is approximately 10 weeks and the property you are looking at has been on for 13+ weeks then you definitely have room for negotiations.

“New home buyers recently reported they got the best deals with homes that were on the market 100+ days and the price had been discounted from the original price twice.”

So how do you find the deeply discounted gems? Size up your seller, perform a bit of research and ask the right questions.

The reasons for selling a home places more pressure on the seller:

1. Divorce, most couples want to end joint ownership of a home as soon as possible.

2. Job transfer, seller has to be at a new location by a definite date.

3. Buying another home, seller signed a contract to buy another home and needs a quick sale.

Questions that lead to Discounts

While viewing homes, even if you fall in love with a property the minute you walk through the door, stay calm and do not give away how enthusiastic you are about the home.

Instead, ask questions to establish the possibilities for negotiation. For example, ask

• Again, Why the owner is selling the home (if it is a result of an imminent job move or financial difficulties they may be eager to make a quick sale),

• How many people have viewed the property, and

• How many have been back for a second viewing – if there haven't been any they are unlikely to have had many/any offers.

So negotiating to get the best deal when buying a home is a bit of art and a bit of science; a savvy real estate agent can make all the difference in helping you get the best price.

Homeowners Are Able To Stop Foreclosure And Strip Down Mortgage Debt

With home prices at record lows and foreclosures at record highs, many homeowners know that their home is worth substantially less than what is owed on their mortgage. While many have made the difficult decision to walk away from their properties, there are many homeowners using chapter 13 bankruptcies to bypass a foreclosure.

There are two areas where homeowners can use a chapter 13 bankruptcy filing to remain in their homes;

1. One, when they are behind on payments and need time to get caught up, and

2. Two, to remove a second mortgage or home equity line of credit from their home.

You cannot eliminate any of the debt from a first mortgage, but second mortgages are treated differently. They can be declared unsecured debt when there is no equity to cover them, as is the case for millions of houses that are now worth far less than a few years ago.

By filing a Chapter 13 bankruptcy, your second mortgage can be stripped off your home and treated as unsecured debt; however, this can only be applied to remove a second mortgage off your home if the value of the property is at or below the outstanding balance on your first mortgage.

• For example, if your home is worth $300,000 and there are two outstanding mortgages, in the amounts of $400,000 (for the 1st mortgage) and $75,000 (for the 2nd mortgage), then a Chapter 13 bankruptcy unsecured debt can be applied. In this scenario your home value of $300,000 would be below the first mortgage, which would allow you to strip off the second mortgage. So your second mortgage of $75,000 is completely unsecured debt.

When that happens in a personal bankruptcy proceeding, the second mortgage is put on hold and no payments are required while the homeowner completes a repayment plan for other debts --which typically takes three to five years. After the repayment plan is complete, the second mortgage is eliminated.

Many of these second mortgages were granted during the housing boil, when home prices were going in one direction – boiling up, up and up. It’s simply a fact that a majority of those loans shouldn't have been made at all, and as a result, homes are “upside down”.

This bankruptcy law is not new at all; this law has been used for years; it’s just never been utilized as much because in the past there usually was enough equity in the home to cover the second mortgage.

Of course mortgage bankers don't like the practice, especially since more and more homeowners are finding this practice a viable plan to save their homes from foreclosure, pay less per month and strip thousands of dollars away from their debt.

Bottom Line is – time is always of the essence and there are no longer enough excuses for allowing your dream to be taken away from you.

Buying A Home With Bad Credit Is Still An Option

Would you believe over 50,000 U.S. homes were purchased with owner financing last year? The high rate of foreclosures, nationwide economic distress, coupled with stricter lending practices drained the pool of creditworthy homebuyers. But homeowners still had to find ways to recoup lost funds and owner financing is still an option.

While the risk of owner financing is significant and really an act of faith, it’s definitely a possibility with the help of an experienced real estate agent and a real estate attorney; both parties - home buyer and seller – can work out an advantageous contract that everyone can work with.

Some sellers focus on those homeowners who suffered a foreclosure because of extenuating circumstances while other sellers are not that concerned on credit issues or how your state of affairs came about – as long as you can afford the monthly payment.

In most situations owner financing is still cheaper than renting a house or apartment.

Advantages of Owner Financing

1. No Closing Costs; seller financed transactions never boasts the usual fees traditional lenders add on like origination fees, discount points and mortgage insurance premiums

2. You can close the transaction quicker

3. There is more flexibility; home buyers can negotiate better down payments and interest rates. While traditional lenders may be firm on a 20% down payment, you may be able to combine several balloon payments that equal the 20% over a specified time.

Disadvantages of Owner Financing

1. Owner financing can be expensive; the average mortgage interest rate hovers around 5 percent, however with seller financing you may pay an 8 or 9 percent interest rate.

2. The interest rate may not be fixed; you could wind up with variable rates, of course, written into the contract.

While seller financing can be expensive those with tainted credit histories can still get into a home that they will eventually own.

Keep in mind, sellers are taking a big risk and want something extra for not being able to cash out on the home right away, as they would in a traditional sale. The key here is to negotiate reasonable and fair terms that everyone can live with.

Two important elements that all parties will need are a savvy experienced real estate agent and a real estate attorney that represents the interests of the individual client.

Seller financing can be a great tool for those who are unable to get approved for a traditional loan as long as you’re prepared for the journey.

Delinquent Loan Rules Updated

Fannie Mae rolled out new rules that require home loan servicers to communicate more directly with borrowers who have fallen behind on mortgage payments and expedite arrangements aimed at helping homeowners avoid foreclosure.

The new standards require servicers to take a more consistent approach to how they deal with troubled borrowers, beginning in the initial months after a loan becomes delinquent, through any efforts to modify the terms of the loan and, if necessary, through the foreclosure process.

"We want homeowners to be able to understand their options when facing foreclosure, and we want servicers to reach homeowners early in the process, communicate frequently and clearly, and help homeowners avoid foreclosure," said Jeff Hayward, senior vice president of Fannie Mae's national servicing organization.

Why Renters Should Consider Buying

At some point most renters will take a look around their boxed in apartment and ponder should they be buying a home instead of giving the money away. You pay more in rent and never realize the tax advantages and basically, you’re handing over all the benefits to your landlord.

Stop giving your hard earned money away!

Many renters give up the dream of owning their own home simply because of the financial strategy needed to begin the process. Looking at the route, it seems to be more of a hassle than a welcomed reality. Down payments, perfect credit history, funds to bring to settlement; you start to feel fenced in like owning a home is just not in the cards for you.

That’s because you’ve only heard half the story; of course you can own a home without too much of the hassles.

The hardest part of buying a home these days is having a good enough credit history. I mean with the down slump of this economy, whose credit didn’t become just a bit blemished? Banks have tightened up on their criteria for home loans and are scrutinizing past payment histories a lot more. But credit can always be fixed. It just takes time and you can accomplish a lot in a year?

The Biggest Hurdles to Overcome when Buying a Home:

1. Accumulating a down payment & Settlement Fees

2. Re-establishing Great Credit

These two things are all that is really keeping renters from buying a home. So how do you overcome the issue of having blemished credit and saving enough money when most of it goes to your landlord?

Consider these 3 Little Known Facts That Can Help You Buy Your First Home.

1. Did you know when buying a new home there are government programs to help with down payment assistance? Most are state and city funded programs to help new home buyers. You could get as much as 3% to 5% down payment assistance AND there are other programs that help with both the down payment and settlement fees. These programs have very little budgets so they don’t advertise statewide, however a good realtor will know about the programs.

2. If you have any assets such as stocks, bonds, a car, or anything else of value you can use it as collateral to secure a loan. Get an appraisal and ask your realtor which lenders are more likely to help you finance using this type of asset.

3. You could look for “Lease to Own” properties; Sellers know the market isn’t as steady as we would like and banks have become so strict it’s difficult for people with perfect credit to secure home loans, so sellers will lease their property to you for a specified amount of time with the intent of you buying it down the road. In laymen’s terms, you rent it for perhaps two years with maybe 10% or more of each monthly payment going towards the purchase price (this acts as your down payment). After that two year period you agree to purchase the property. This gives you time to accumulate a down payment and fix any credit problems you may have.

Every renter should speak with a realtor because an informative conversation will cost you nothing but will enlighten you to all the programs available. Isn’t it time to explore your options and learn how your money can benefit you more?