LOOKING FOR A HOME? It may be your lucky day!

Check out this graph.  Look at all the factors…

Affordability way high….mortgage rates way low… amazing selection of homes available… prices way down… AND DRUM ROLL PLEASE …….

If you’re a first time home buyer, a $7,500.00 repayable tax credit may be available …

What does this graph mean?  The graph shows an index where 100 means a family has just enough money to qualify for a mortgage.  A number over 100 means that family has more than enough to qualify.  Note that we are at affordability levels not seen since the early 90’s when a monster refi boom was taking place AND….AND…this data is only thru October.  When the ridiculously low current mortgage rates and even lower property values are input, the index should be off the charts!

Financially-reformed Cap from StopBuyingCrap.com (love the domain name) found one unpleasant surprise when he signed up for Quizzle: an unauthorized balance for $20,000 on his free credit report. Not fun.

After some investigation, Cap realized the debt had been opened a family member. Lucky enough to pinpoint the source, Cap can make sure the debt gets paid and off his report as soon as possible. For some people not lucky enough to find offenders, fixing identity fraud can be a long and harrowing road with little recourse available.

Paraphrasing here from the Federal Trade Commission, here are the steps to take if you’ve been the victim of identity theft:

1. Get copies of your credit report from every bureau and place a fraud alert. You only need to contact one of the bureaus – that company is required to alert the other two. Here is the contact info for each bureau:

• TransUnion: 1-800-680-7289; www.transunion.com; Fraud Victim Assistance Division, P.O. Box 6790, Fullerton, CA 92834-6790

• Equifax: 1-800-525-6285; www.equifax.com; P.O. Box 740241, Atlanta, GA 30374-0241

• Experian: 1-888- 397-3742; www.experian.com; P.O. Box 9532, Allen, TX 75013

2.  Close the accounts that have been tampered with or opened fraudulently. Speak with the fraud departments and send them any documentation they need via certified mail. Many companies may have their own dispute forms available. If not, the FTC has an ID Theft Affidavit you can download and fill out and should cover everything the company needs to know. Get documentation from that company stating the account has been closed for proof.

3.    File a complaint with the FTC. Couldn’t be easier. The whole complaint process can be completed online. When you do this, you help them catch identity thieves all other the country. This is a war best waged by many people, not just a few.

4.    File a police report. Even if your local police office is reluctant, insist on a police report. It’s your identity! Make sure you bring all your documentation from the FTC and disputed accounts as support.

And, like Cap, always be aware. The best way to not have your identity stolen is to constantly be on top of things. Quizzle loves you enough to give you a free credit report and free credit score every 6 months.

Also, thanks to Cap for his lovely review of Quizzle. He’s got a pretty sweet finance blog too and we promise not to be jealous if you go check it out. Just come back, k? We’ll miss you.

By: Puja McKernan

Believe it or not, there are plenty of reasons people favor renting over buying. I loved renting for the simple fact that it was worry-free–no yard work, no expensive maintenance, no property taxes, no water bill, no commitment!

Yet it seemed everyone had a reason why it’s better to buy–investing your money instead of “throwing it away,” living in a home that reflects your personal style, having your own garden and throwing backyard barbecues were a few that stood out. Ultimately, I was convinced (by my husband and everyone else I knew) that owning was the way to go.

With our lease ending in a few months, we started the process. We knew the important things that needed to get done. We determined what we could afford, set an overall budget, came up with a down payment and got pre-approved for a loan, among other things (some of the stuff we can help you with Quizzle right now!).

With that settled, I began my house hunting on my own, with the help of the internet, without the intention to hire a real estate agent. Keep in mind this was well before I worked at In-House Realty and knew better!

Due to my over-confidence and inexperience, situations came into play that I didn’t anticipate. My husband and I worked long hours, which left only the weekends to look for homes. Searching through property listings was fun in the beginning, but calling on them to set up a showing, or worse, to find that the house had already been sold turned out to be very frustrating.

I’m also a lackluster bargainer. I can only last so long playing the stone-faced, tough-sell before giving up. It’s not that I would want to pay more than I should; it’s just that I don’t have it in me to keep that game going.

Finally, in regards to the process as a whole, I was intimidated. Not only by the pure anxiety of making the largest purchase of my life, but by all of the other things that go along with it–the endless paperwork, the inspections, research into the areas I liked and the sincerity of the seller, just to name a few. All of this together was yet another why I loved my life as a care-free renter. I was scared.

In the end, I decided to work with an agent. It just made me feel more at ease. My agent had gone through this process so many times before–she was a professional. She knew what all the acronyms meant–CMA, FSBO, PV, PW, OBO, PUD and the rest. I knew a few, but there were plenty of acronyms and other vital specifics that I didn’t know when looking for a home. It’s like they have their own language!

The home-buying process isn’t necessarily scary for everyone. There are a ton of resources online to walk you through it – you can even find a simple 7-step process right now from Quicken Loans.

They key is to make sure you’re armed with the knowledge you need to make the best decisions, get the best deal and avoid costly mistakes. For me, that required bringing someone in for reinforcement. Finding an expert you really feel you can trust will take all the worries out of big financial decisions like buying a home. If you decide to go with an agent or not, do your research and surround yourself with seasoned experts.  In-House Realty is a great place to start to find out if buying a home is right for you.

EDITOR’S NOTE: This is a great place to mention that we’re working on some wonderful new bits for buyers in Quizzle. Stay tuned and we’ll let the cat out of the bag as soon as we put the finishing touches on!

Got something big to tell you all about. HUGE. Ginormous – and yes, that is a real word.

The video is on CNBC. It’s in the newspapers. And I mean, really….that’s just how Quizzle blog rolls. Ginormously.

Back to the news. Told y’all about the bailout bill last week, right? Well, it finally passed.  But here at Quizzle and Quicken Loans, we don’t feel it addresses the real issue – you. You, who read the bill and said “What the hell? What about me?” It’s true. While the bailout bill is a step in the road to America’s economic recovery, it ignores the struggling homeowner – the very individuals who need the most help.

So being the great guy he is, our Chairman Dan Gilbert took the time to sit down and come up with something that actually addresses the homeowners. After a collaboration of some of the greatest minds we know, we’re proud to have an official proposal to help end the housing crisis. We even worked the weekend and put together a new site for you to reference. You can find it here – www.ASolutionThatWorks.com.

While the site’s name (A Solution That Works) says it all, here is a summary of our official proposal -

The Housing Crisis Problem

• At the core of the financial crisis is the housing crisis, which needs to be addressed.
• Stabilizing Wall Street and the banking system is only a start. The current bill does not forestall the tide of foreclosures that are to come.
• Adjusting ARMS, high foreclosures, low property values and an oversupply of housing have combined to form a “death spiral” in the housing market
• The $700B bailout does not address this. That plan (1) doesn’t address how prices will be set for the loans (2) causes unfair results for borrowers who have dutifully made their payments (3) is potentially extremely expensive for the taxpayers (4) will take a long time to have an impact (5) doesn’t address the root cause of the messed up housing market

Our housing crisis proposal is a solution that:

1. Keeps homeowners in their homes with fixed affordable amortizing monthly payments
2. Costs the tax payers a fraction of the cost
3. Stabilizes prices and stops free fall in home values
4. Gives investors higher odds of recovering their investment in these loans/securities vs. expensive foreclosure and resale in declining spiral of housing market

How our solution to the housing crisis works:

• Focus on specific types of loans, each of which must be owner occupied: (1) ARMS with no caps (2) Option Arms (3) interest only loans.
• Require servicers of these loans to reset the borrower’s rate to 6.375% fixed with a 30 year term/amortization. But the borrower only pays 4.875%; thus, government pays/subsidizes the difference between 6.375% and 4.875%.
• Over the ensuing 6 years, gradually raise the rate the borrower pays and lower the amount of the government subsidy until year 6, when the borrower pays a rate of 6.375% for the remaining term of the loan.
• The lender/servicer has a one-time chance to write off any negative equity and receive two times the normal write-off
• All prepayment penalties on these loans are voided
• Homeowners get the benefit of lower payment for the first 5 years, and then a low fixed rate for the next 25. They get to keep their homes. Their homes values (and neighborhoods) stabilize.
• Lenders are in a much better position than if they had to forecloses on these borrowers, and the stability this brings to the housing market helps them with their bank owned homes
• Taxpayers receive benefit because this costs an estimated $50B spread over 5 years– a fraction (1/14th) of the cost of the $700B plan

Again, for the full proposal to fix the housing crisis and to get involved, please visit www.ASolutionThatWorks.com. Or you can visit Quicken Loans blog, What’s The DIFF? at www.WhatsTheDIFF.com. And please, please feel free to share this with everyone you know. Quizzle loves you.

By: Puja McKernan

With a financial crisis hitting our nation, home sellers are facing more and more difficulties every day. Just take a good look at your own community. Chances are, you’ll see more “for sale” homes lining your street than ever before, and a few of them could be bank-owned (which means they’re most likely priced low).  Sellers need to determine how they can make their own home standout without having to invest too much, or worse, by dropping their asking price considerably lower than it’s worth.

The good news?  There’s something you can do.  Justify your asking price! So, how do you do that? It’s called home staging; sprucing up your home in small, inexpensive ways.

Staging is getting more and more popular as an effective marketing tool as sellers try to set their homes apart from the rest of the neighborhood. As opposed to functional improvements and repairs that may be costly, staging a home normally involves acts of an aesthetic nature, such as design, organization and overall appearance.

Start by looking at your home and thinking from the perspective of a buyer. Obviously, your home is a very personal possession.  You may have spent years decorating your home the way it is today and love every corner of it, but that doesn’t mean potential buyers will look at it in the same way.

Basic principles of home staging can involve simple tasks like cleaning, removing clutter, rearranging furniture and even packing up some of your personal items. This allows buyers the ability to imagine their possessions in the home. Focus on lighting, color and enhancing crucial areas of the home on which buyers focus, such as the kitchen.

Here’s our full list of the Top 10 Home Staging Tips from In-House Realty:

1. Consider curb appeal – If you can’t landscape make sure your lawn is mowed, leaves are raked, or snow is shoveled. Also consider hanging a plant, hiding all garbage and recycling bins, and cleaning the entryway.
2. Get rid of clutter – Remember that how you live in your home and how you sell your house are two entirely different things. You’re going for a “show home” look! Go room by room, closet by closet, and look at every item. Then decide whether or not you will keep it or donate/sell it!
3. Turn excess inventory into cash or tax deductions – Consider returning or donating all unused items (light bulbs, canned goods, paper products, etc.) to get some extra cash or tax deductions*. This will obviously help to remove some clutter as well!
4. Watch where the eye goes – Walk throughout your home and check where your eye is drawn. If you notice chipped paint, nail holes, or peeling wallpaper, take the necessary steps to remedy them.
5. Find a fix-it person – Ensure cupboards open and shut and that no taps are dripping. Look in all rooms for things you never got around to fixing and decide which ones might be distracting to potential buyers. No, it’s not OK for door handles to fall off, even if you have learned to ignore it!
6. Clean, clean, and clean again – Even though it may be tough to live in a spotless home ALL the time, this is a necessary change when selling your house. Consider hiring a cleaning service who might clean in places you wouldn’t think of. Spend 30 minutes each day to maintain it yourself.
7. Let in some air- Open some windows for at least 10 minutes. There’s nothing worse than walking into a stuffy house or one that smells of smoke and pet odors.
8. Let in some light- If you’re trying to sell your home, keep it bright! Dimly lit rooms tend to look small and dingy— especially during the day. If your wall colors are too dark, paint them or add floor lamps!
9. Don’t forget fresh flowers – You don’t need to spend a fortune. Even a daisy in a bud vase brightens a bathroom counter. You can also use potted flowering plants that are in season for a low-cost solution.
10. Carefully consider music – Soft background music can help create a soothing environment and camouflage neighbor and traffic noise. But make sure the volume is very low. Blaring TVs are definitely a no-no, but you’d be surprised how many people leave them on for showings!

If you find the project too daunting to pull off by yourself, there are many professionals available to assist you. You can find Accredited Staging Professionals in your state at www.StagedHomes.com.

Also, if you’re selling in the fall (like right now) check out some of our seasonal selling tips from Quicken Loans.