What do they have in common?

You’re probably expecting the punchline to a joke … sorry!  The people in the photos above come from these diverse backgrounds and have all closed on new homes in the past couple of weeks. What they have in common is their love for research.

They researched a little deeper

There are so many real estate web sites on the internet it is overwhelming at times. The majority of them offer the same things like market reports, the ability to search the MLS for homes, etc.  What made these people arrive at the same conclusion and choose a little company like Finding Homes for You?

Exclusive Buyer Agent Approach

Isn’t if fun when you discover something that most people don’t  know anything about?

Surprisingly, Using an Exclusive Buyer Agent in the home search is an approach still unheard of by the general population.

We invite you to discover what our new friends found and how it saved them quite a bit of money in the process.

Wikipedia’s definition of an Exclusive Buyer Agent

New Rule from Fannie Mae Could End Up Ruining or Delaying Closing on Your Future Home

If you’re not very careful, a new rule just enacted June 1st by Fannie Mae, could put an end to your dreams of owning a home.

Fannie Mae has implemented what’s called “The Loan Quality Initiative (LQI). (Don’t you just love the names they come up with?)

The LQI is designed to make sure that the mortgage loans bought by Fannie Mae comply with its underwriting requirements.

What’s important to you is that this will require mortgage companies to double-check your financial information right before your closing. What they are going to do is “refresh” your credit report to look for any new debt or a lower credit score.

Some banks are checking this out just 2 days before closing!

Translation? Even though you may have been approved for the loan a month or two earlier, changes in your finances could cause the mortgage company to delay or deny your loan just as you are about to close on the home.

Read On for 4 Things You Want to Avoid Before Closing:

Closing on a Home? Do Not Do the Following

1.  Say No to New Credit: You do not want to get any new credit cards, loan for that car you’ve been thinking about, that special at Best Buy, etc. Zero, Zip, Nada!

2. Don’t Charge Up Existing Credit: Buying a home often leads to debt in other areas of your life. A common example people often purchase new furniture on credit anticipating their upcoming move.  Others borrow money to help pay for repairs on either the home they are trying to sell or their new home.

However good the reason, this new debt results in higher debt, a higher debt-to-income ratio, and quite possibly a lower credit score. When the lender rechecks your financial info before your closing, these negative marks could result in a denied mortgage application.

3. Do Not Change Jobs:  If at all possible, try to avoid any change in your job status or income until after your home purchase has been settled.  The loss of income before closing will raise your debt-to-income ratio, which could result in a bad credit decision.  At a minimum, a new job will likely require the mortgage company to re-verify job status and income, which could delay your closing.

4. Don’t Hurt Your Credit Score: Finally, if you want to be “King of the World” and secure your palace, don’t do any thing that could lower your credit score. You do not want to be like the couple in this picture whose moment was ruined.

Make sure you pay your credit cards, car loans, and other bills on time and keep your credit debt well below your credit limit.

It’s important to note that how new credit, a late payment, or other negative marks will affect your credit score depends in part on what your credit score is to start with. So if you have to do something that could lower your credit score, talk to your lender first to discuss alternative options and the affect your decision could have on your mortgage application.

We have more helpful tips and resources for you on our First Time Buyer page and Buyer Resources area.  If you have not heard this news yet than you probably not heard of the Exclusive Buyer Agent strategy for buying a home. Find out what other educated and savvy home buyers are finding out and why they are switching to Exclusive Buyer Agents.

Below is some timely information that just came in to us courtesy of Eileen Dalhoff from First National Bank of St. Louis

Top 10 Credit Donts-During Loan Process-By EileenDalhoff

O’Fallon and St. Peters Chosen by Money Magazine as Top 100 Places to Live

Congratulations to both O’Fallon and St. Peters for their recent mention in Money Magazine’s Annual Best Places to Live awards.

O’Fallon was ranked at #26 and it is the third time in 5 years they have made the list.

St. Peters came in at #60.

Money Magazine gives a brief explanation for their picks …

Money Magazine Chooses O’Fallon and St. Peters as Top Place to Live in US

The magazine had this comment about O’Fallon:

“This St. Louis suburb is home to several corporate offices … and over 400 acres of parkland, making it a place where you can live, work, and play without crossing the town’s borders (unless you want to, that is).” The magazine also points out O’Fallon’s relatively low unemployment and crime rates.

St. Peters ranks 60 in top places to live

The comment about St. Peters describes the city as “full of character” as it celebrates its centennial. “The active-minded will be impressed by the city’s 236,000-square-foot Rec-Plex, complete with workout equipment and Olympic-size pools. This town is older and more established than some of its neighbors. That gives the place character — and makes many houses more affordable.”  Article with Full List

View O’Fallon Homes for Sale

View St. Peters Homes for Sale

What’s happening in the O’Fallon and St. Peters real estate market?
Here’s the latest stats:

O’Fallon Real Estate Market Trends

St. Peters Real Estate Market Trends

Finding Homes for You is in and out of the St. Peters and O’Fallon area all the time. Let us know if you would like to view any of the homes on our site and we can set things up for you.

Did you know you can now break away from your PC with our Mobile Searching Application?

Every home that is listed is now available for your mobile/smartphone. Start the application from your current location and all homes for sale will pop up for your review on your phone.You can have the app in seconds just by clicking here

Parkway West High School Among the Nation’s Best

Congratulations to Parkway West High School in St. Louis for being selected by Newsweek Magazine’s annual ranking of High Schools.

There were only 13 high schools in Missouri selected for the list.
Less than 6% of the country’s public high schools qualify for this prestigious group.

Find out how these schools qualified and the  other local High Schools that were included in this report along with what’s happening in the St. Louis Real Estate Market.

The top 1,600 high schools were chosen based on the total number of Advanced Placement, International Baccalaureate or Cambridge tests given at a school each year and dividing by the number of seniors graduating in May.

Schools had to have at least half of its senior class take at least one IB, AP or Cambridge test in their junior year and at least one IB, AP or Cambridge test in their senior year. See entire article in Newsweek

Some of the other schools appearing in the list are Ladue Horton Watkins, Clayton High School, Lafayette High, Lindbergh High and Rockwood Summit.

Did you know that a school district is an important factor in the resale value of a home? Find out what’s happening with St. Louis Real Estate now by following the links below:

View all St. Louis Parkway West School District Homes for Sale

Real-Time Market Report for St. Louis Real Estate

How a Missouri Real Estate Transfer Tax Could Impact You

We usually do not talk about politics or legislation in our blog, but this is something  everyone needs to know.  Whether you already own a home, or not, you need to know about a tax that already exists in 37 other states including Illinois, Iowa, Kansas and Arkansas.

It’s not come to Missouri … yet.

How would you like to pay a new tax when you sell your home?  Please read on.

In an article published earlier in the year, Letty DeMay, President of the St. Louis Association of Realtors, shared the news about the real estate transfer tax.  Here are some excerpts:

” A real estate transfer tax is a state or local government imposed tax collected when you transfer ownership of your home, land or commercial real estate.  Once this tax is initiated, the rates can be increased at any time.

As Missouri struggles to find new sources of revenue, a real estate transfer tax could become a viable option for lawmakers.

The Missouri Association of Realtors” initiative is trying to prevent that from happening here, and here’s why:

As homeowners, we are obligated to pay property taxes, sales taxes and other fees. However, the transfer tax would be an additional tax the seller would be required to pay. MAR’s position equates this to double taxation.

According to MAR’s leaders, imposing such a tax would be devastating, particularly for those who are forced to sell their homes at a loss due to a job loss or other financial hardships.

This tax would not only apply to the sale of a home, but to the transfer of ownership as well.  There are many small farms and homes that have been in families for generations.  If a real estate transfer tax was on the books, a family member who inherits property through the death of a loved one would have to pay a transfer tax, even thought this same property has been in the family for years.”

The Missouri Association of Realtors is conducting a grass roots effort to change the state constitution to prohibit the use of real estate transfer taxes.  They are trying to collect more than 157,000 signatures of registered Missouri voters to place an amendment on the ballot for the November 2010 general election.

Can you help?  Go to http://yestosavehomes.com and find out more about this initiative and what you can do to help.  Also, check out the Transfer Tax Calculator to see what it would potentially cost you.

Please talk to your friends and family about this initiative and ask them to get involved.

Please leave us a comment.

Kehrs Mill Elementary School in Chesterfield recently named as a 2010 National School of Character Award Winner.

If there is anything that is important in a school, character has to rank near the top of the list.

Find out how this school was able to receive an award that is only shared by 11 schools in the nation and … what homes are for sale nearby.

Kehrs Mill Elementary Principal Margaret Lucero said that she is excited that the efforts of staff, students and parents are being recognized.

“This is a very caring community with well-behaved students who meet our KM (Kehrs Mill) expectations,” Lucero said.

You can view the rest of the article here courtesy of News Magazine Network

If the choice of a great school is one of the most important things you are considering in moving into St. Louis click here to see the current St. Louis homes for sale in the Kehrs Mill Elementary school area.

Remember, even if you do not have children: a good school district can be an important component in the resale value of your home.  Call Finding Homes for You at 636-386-0659 if you would like to chat about any of the homes you see on our site.  We work for you the buyer only!

Do St. Louis Home Owners Have a Garage Problem?

According to the Department of Energy, a quarter of Americans with two-car garages can’t park in theirs, and another third can only squeeze in one vehicle.

If you and/or your garage  is on its way to being the next guest on A&E’s popular show called “Hoarders” you might want to read these helpful tips for restoring order to your garage.

Restore Order to Your Garage

No room in your garage? Welcome to the club my friend, because you are not alone. Here are some great tips for you … or someone you might know. Read the rest of the article courtesy of CNNMoney.com

Is a big garage and/or garages important to you?
See all St. Louis County homes for Sale and St.Charles homes for sale that have 5 garages or more

Is the White House for Sale?

A website called Urban Turf, reported that Redfin, a real estate website, recently posted a sales listing on the White House.

The story was then picked up by a local NBC real estate website before the whole thing went viral.

The “home” was listed for $10 million, with 55,000 square feet, and as being “For Sale by Owner”.

However, the ad was a mistake disappointing potential home buyers everywhere.  BTW, the description read like this:

“Not for sale in a strict sense but available for the right person every 4 years with the proper combination of credit, charisma and drive.  Special consideration given to applicants with an Electoral College rating of 270 or better.”

Too funny!  We wonder what the current occupant’s debt to income ratio is.

View all St. Louis Homes for Sale Here

Special Provisions Allow Military Home Buyers to Capture Tax Credits

Extension of Homebuyer Tax Credit and Excemption from Tax Credit Recapture Rules Ease the Home Buying Purchase for Members of the Military

Military families seeking to buy a home can count on a little tax help.  The Homebuyers Tax Credit which provided eligible buyers with a tax credit fo up to  $8000 for first time buyers and  $6500 for repeat home buyers ended on April 30, 2010 for civilians.

However, active duty military or those on extended overseas duty now have until on or before April 30, 2011 to take advantage of this great benefit!  Get the details here …

“We honor those who serve our country and are glad that this bill acknowledges the unique circumstances they face,” said Benjamin Clark, 2010 President of NAEBA (http://www.naeba.org). “This bill ensures that members of the military have equal opportunity to participate in the homebuyer tax credit and offers relief to struggling military families by making the mortgage payment tax deductible.”

The Worker, Homeownership, and Business Assistance Act of 2009 provides a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence and a tax credit of up to $6500 for repeat home buyers who have owned a home for five consecutive years out of the prior eight years. The tax credit is available for eligible purchasers who have a binding sales contract in place by April 30, 2010, and close by June 30, 2010. However, realizing that members of the military, the Foreign Service and Intelligence Community have unique circumstances the bill has special provisions for this group:

Tax credit extended for one year for military personnel serving outside the United States for at least 90 days during the period beginning December 31, 2008 and ending May 1, 2010.
Eliminates the 36-month recapture requirement for military personnel, including members of the Foreign Service and intelligence community, forced to sell or move from a tax credit home as aresult of an official extended duty of service.
Visit www.irs.gov for more information on qualifying and claiming the tax credit. To learn more about NAEBA and the benefits of using an exclusive buyer agent, visit http://www.naeba.org.

Are you in the military?  Do you know of a military family who could benefit from this tax break?  Contact Finding Homes for You at 636-386-0659 for more information and immediate access to all St. Louis Homes for Sale.

Finding Homes for You is a member of the National Association of Exclusive Buyer Agents.

Mortgage Rates Decline

Home Buyers Get Surprise Drop In Rates Below 5%

Here’s some news that is surprising a lot of people-mortgage rates have dropped below the 5% level.

The housing industry had been bracing for a season of rising interest rates brought on by the end of the Federal Reserve $1.25 trillion (yes, trillion) mortgage-securities purchase program.

Instead, many in our industry now say rates could drift as low as 4.5% this summer from 4.86% now, instead of climbing up to 6% as economists projected.

Translation? Lower payments for buying homes or refinancing.

Find out how the financial problems going on in Greece and all of Europe is actually helping you the buyer …

Home Buyers Get Surprise Benefit from Financial Crisis in Greece and Europe

The Wall Street Journal recently reported that this unexpected drop in rates are happening as a result of the financial problems in Europe.

As the European markets continue to become more unstable, international investors are putting their money into the U.S. as a safer haven for their investments. This inflow of international investor money has pushed our mortgage rates in the U.S to the lowest levels of the year … and near 50-year lows according to the WSJ.

Until 2003, rates on 30-year fixed rate loans hadn’t dipped below 5% since the 1960s. We know that rates cannot stay this low forever.  Now may be a historical window of opportunity for potential home buyers and those wanting to refinance.

If you would like to take advantage of the times, call Finding Homes for You at 636-386-0659.  We only work for you, the buyer, and we can put you in touch with reputable local lenders for both refinancing and purchases of St. Louis Real Estate.