July
1
2010
MAR (Mississippi Association of Realtors), has put up a new page on their site, addressing the BP Oil Spill, and giving links to online resources for Mississippians:
Online Resources
Mississippi Department of Marine Resources oil spill response
MDEQ Oil spill map – Mississippi Department of Environmental Quality has a new page on their website that provides data and information that are being collected in response to the Deepwater Horizon oil spill and will provide the public access to the most current information available. The map is updated regularly and can be accessed at http://opcgis.deq.state.ms.us/oilspillmap/. Locations where MDEQ and its partners have collected samples, as a result of different oil spill response activities, are displayed in the map application along with sampling results.
Current Air Quality along the Gulf Coast – MDEQ and the Environmental Protection Agency continue air monitoring, and to date all results are typical values for this time of year and below levels of concern. Air monitoring results can be viewed at http://gulfcoast.airnowtech.org/.
Mississippi Gulf Coast Convention & Visitors Bureau oil spill updates
Governour Barbour’s oil spill resources for Gulf Coast residents page
EPA Response to BP Spill in the Gulf of Mexico – For information about validated environmental air and water sampling results, visit www.epa.gov/bpspill
US Fish & Wildlife Service repsonse to Spill – For daily updates about the Fish and Wildlife Service’s response and the status of national wildlife refuges, visit www.fws.gov/home/dhoilspill/.
Mapping the Response to BP Oil Spill in the Gulf of Mexico – By clicking on “View Interactive Map” you will be able to see the oil’s trajectory, fishery closures, the location of responders, and shipping information.
You can access other links and information about volunteering at: MAR Oil Spill Central
July
1
2010
If you are in the market to purchase a home, or if you are locked into a high interest rate on your present mortgage, NOW is the time to act! Luann Watkins at The First Bank in Picayune, MS, says that rates are the lowest she has ever seen them (and she’s been in the mortgage business for a LONG time!).
Currently, the interest rate on a Conventional Loan is hanging at 4.35% on a 30 year term, and 4.75% for a 15 year term. FHA and RD (Rural Development) is at 4.25% with 95% LTV (Loan-to-Value). If your current mortage is at 5.3% or higher, this might possibly be the best time to do a re-finance!
If you are interested in knowing more about current interest rates (in relation to your credit score**), give Luann Watkins a call at 601-798-2987. And if you’re pre-approved and ready to find your next home, call Michelle Fradella at 601-569-0075!
All rates are subject to change. All rates quoted are for purchase loans only with 1% origination. *Conventional rates are based on a loan with a credit score of 700 at a 95% loan-to-value. **FHA, VA, and RD rates are based on a purchase price of $120,000 with a credit score of 700 at maximum LTV.
April
13
2010
Buying a home is a major decision for anyone whether they are a first-time homebuyer or someone who has purchased 10 homes before.
A Realtor spends many hours researching financing information, keeping abreast of the current market and market trends, and they also spend time in continuing education studies. This enables them to give you the best service to assure that you are investing your money wisely.
Your Realtor stands ready to help you locate and purchase the home best suited for your family’s needs and financial picture. They know the market and they know the many options of home financing.
You only need ONE Realtor to help you find the home that is right for you. So, if you meet another Realtor at an Open House or Showing, you can avoid confusion if you indicate that you’re already working with an Realtor. All Realtor have access to the same information via the MLS (Multiple Listing Service).
While searching for your new home, your Agent will:
- Keep you informed.
- Run frequent computer checks for new listings that meet your criteria.
- Stay up-to-the-minute on changing financial conditions that may affect the housing market.
- Be available to answer your questions or to offer assistance at any time.
- Discuss market trends and values relating to properties which may be of interest to you.
- Show you new homes as well as pre-owned homes, if you desire, including those listed with other companies.
- Introduce you to reliable lenders who can take care of your financial needs.
And once you have chosen a home and have made an accepted offer, your Realtor is there to make sure the loan process runs smoothly, the proper inspections are being done on the home, and that the closing takes place with as little effort from you as possible. There is no need for that “nightmare” process when buying your home.
If you are looking for a Realtor to assist you, contact Michelle Fradella at Pinnacle Real Estate Services to find out what properties are available that meet your family and financial needs and to get started in the home-buying process.
March
31
2010
Picayune’s Semi-Annual Street Fair will be held April 10th and 11th, in Downtown Picayune, on Canal Street. The event is usually held the first weekend in April and November, but with Easter being the first Sunday of April this year, the event has been moved to the second weekend.
This popular event is hosted by Picayune Main Street, and there will be vendors featured from many areas. Items sold include handmade furniture, antiques, childrens clothing, food, specialty items, etc.
This is always a well attended event, and this year should be a great opportunity to get out and enjoy the sun while you shop.
If you have any additional questions about this event, be sure to check out Picayune Main Street’s website: http://www.picayunemainstreet.com/fair.htm
March
31
2010
Call Michelle Fradella today to get started – 601-569-0075
March
28
2010
The Egg Drop at the Picayune Municipal Airport, held by Picayune Main Street, was a big success today! There were inflated jumpers, a rock climbing wall, many games and performances, and a huge drop of thousands of plastic eggs for kids of all ages to load up on. The day was absolutely beautiful, and the kids seemed to have a lot of fun. I know we did!
March
18
2010
If you are considering the purchase of a short sale property, you need to ask yourself the following questions:
1. Are you in a position where you can wait for the lender’s approval of the Short Sale?
A Short Sale has no pre-determined time frame, even if your agent writes one into the contract. Short Sales can take anywhere from 30 days to 6 months, or beyond. The lender is not in any hurry to accept your offer without certain tasks being completed, and certain factors being accepted. Many times, when a short sale contract is presented to a lender, it is the first notification that the seller wants to have the lender consider this option, and the lender will have to go through a process to determine if the seller is even eligible for a short sale. The entire process will also largely be dependent upon the skill of the Realtors involved in the transaction.
2. Do you have a home to sell before you can purchase the short sale?
If you have a home that you have to sell first in order to buy your next home, you will need to have it sold already, before making an offer. No lender is going to consider you a qualified buyer if you are not financially able to complete the sale within a reasonable time frame. Making your offer contingent on the sale of your home will most definitely assure you a rejected contract.
3. Will you follow through on feedback regarding, among other things, market value and contract contingencies?
Are you willing to present a reasonable offer based on current market value, or are you looking to lowball a lender in the attempt to ‘steal’ a property? A lender is going to look at what the best avenue would be for their financial situation, and it could be that your “offer” would not generate the lender more money than if they were to just foreclose on the property and take it into inventory and sell.
4. Are you open to listening to the advice of your Realtor in what terms can or should be included in the contract?
A contract full of contingencies (stipulations about inspections, repairs, financing, etc) will likely get you a rejected contract. The lender is interested in the bottom line, and the amount that presents to their side of the deal. When making an offer on a Short Sale property, you will need to consider the property in AS-IS condition – they are not going to consider most repairs.
5. Do you understand that the lender will be making the final call on price and terms?
The lender will make the final call on the terms of the contract. Unfortunately a buyer is not in a very good position to demand certain terms, because the lender would just as well foreclose on the property.
6. How willing are you to consult an attorney regarding home inspections, earnest money, and the contingency period for third-party approval?
Your Realtor can point you in the right direction in regards to inspections and such, but they are not an attorney, and if you have any doubts about any part of the contract, property condition, or terms, you will need to seek proper legal advice.
7. Are you willing to enter into an Exclusive Buyer Representation Agreement, and be responsible for compensation, should it not be paid by the seller’s side?
A good Realtor that can negotiate your deal, and follow through during the long process of a Short Sale is going to want to make sure they are compensated for their time. Just as you would expect your boss to pay you for the job you agreed to do, your Realtor will need to be guaranteed compensation for their due diligence throughout the Short Sale process. This is guaranteed through an Exclusive Buyer Representation Agreement.
There are many obstacles when considering the purchase of a Short Sale property. Not only are you going to need to negotiate a price and terms with the lender, but you will also need to make sure the contract negotiations and closing run as smoothly as possible, and that no stone is left unturned. You need to hire a Certified Short Sale Foreclosure Representative (SFR) to lead you through this difficult and often nerve-racking process.
For more information on how to make an offer on a Short Sale, call Michelle Fradella at Pinnacle Real Estate Services at 601-569-0075.
March
2
2010
Ultimately, the best bet would be to put your home on the market, if you are having trouble paying your mortgage. Sometimes that’s not a viable solution, depending on how much you owe. If you are facing mortgage problems, there are steps that can be taken. Call Michelle Fradella at Pinnacle Real Estate Services – 601-799-1848 – to find out what your home value is in the current market, and to get assistance with what direction you should take.
February
25
2010
The very best and most enjoyable reason to purchase real estate in the Picayune and Pearl River County areas, by far is in buying a property in which your family will live and grow together. There is a lot of fun involved in finding the perfect place for you and your family to call home. There is also a great deal of stress involved as well and that should not be overlooked.
Some things to keep in mind when searching for the perfect property for your family:
- Make your first step the step of locating and hiring a Real Estate Consultant that you are confident has your needs, desires, and best interests at heart. Your Real Estate Consultant can prove to be a lifesaver when you’ve reached the final hours before closing and the sky looks as though it’s going to fall. They will also be there to search out the home that fits your needs, negotiate your deal, and advise you on anything that comes up during inspections and the loan process.
- Next, if you need to get financing for your next home, you will need to talk to a lender to get “pre-approved” for a loan. There is a difference between being “pre-qualified” and “pre-approved”. You will be a better-positioned Buyer when you have a pre-approval letter from a lender, stating that it has already been determined that you can get a loan for the amount you are offering.
- Meet with your Real Estate Consultant to identify the things that are absolute necessities in your search. Discuss a list of “needs”, and then add to the list the “wants”. It’s important to realize that not every item on your list is going to exist in one house. Know what you can’t live without (amount of bedrooms, amount of bathrooms, size of yard, etc), and then add to that the things that you’d like to have, also, if available in the price range you are looking in.
- Another important factor that must be considered when purchasing a home for your family is the neighborhood. This is more important than many people may realize. It is well worth having a smaller home in a neighborhood that is poised for growth rather than a larger home in a neighborhood that is in the state of decline or on the verge of the state of decline. Crime rates in the neighborhood and the school district are other things that need to be considered as well before deciding to view a potential home.
- It’s important to look at more than one property before making a decision. Keep in mind, however, that if you have sat down with your Real Estate Consultant and gone over your needs and wants, then they will have a good idea of what you are looking for. Your Consultant will pull the properties that meet those needs. If you are not comfortable with the properties that you are viewing, it’s important to go back to the list and adjust. Many Buyers tend to start out looking for one thing, and then realize that their expectations may be different than what was discussed. I’ve had many Buyers tell me that they absolutely have to have one item, and then go in the opposite direction once we start looking. Keep your Consultant in the loop on your thoughts, and they will be able to tailor the homes they show you to coincide with your list.
- Rely on the expertise of your Real Estate Consultant to give you advice on making an offer. There are many more contributing factors to a contract than just price. How quickly you are able to close, whether or not you have your financing in place, the amount of money you are putting down as earnest money, any request for seller assistance in closing costs, etc, will all be contributing factors. The truth is, it doesn’t matter how much you offer, it’s the underlying items on a contract that can make or break negotiations. When you’ve hired an experienced Real Estate Consultant, you will have someone with experience in negotiations to work at getting you the best deal.
You will find many houses along the way but few will reach out and impress themselves upon you as home. Those are the ones you should consider long and hard. Weigh the options, the prices, and your likes and dislikes, and depend on a seasoned Real Estate Consultant to guide you through the process. If you do all of this you should be well on your way to the home of your dreams.
February
17
2010
The listing inventory in Pearl River County is still at an all-time high. Currently there are 469 Residential Homes for sale, 40 Mobile Homes, and 8 Multi-Family Properties for sale throughout Pearl River County, MS.
Now is an opportune time to find the right property! Just in the $0-$100k price range , there are 75 homes for sale, with 41 of those homes being in the Picayune area.
If you are in the market for a home, and want to take advantage of the $8,000 tax credit (or $6,500, depending on your situation), then you need to act now. The tax credits end in April, so now is the time to start searching for your next home!
If you have an interest in buying a home in Picayune or Pearl River County, MS, then contact Michelle Fradella at Pinnacle Real Estate Services.
