Seven Free (and Cool) Things to Do in Rochester

It's the time of the year to count blessings and give thanks.  I have a great family, wonderful friends, awesome clients, good health and much, much more to be thankful for.  I'm also thankful for my adoptive hometown, Rochester, NY, and all that it offers.  Following are a few of my favorite things to do within city limits that are perfectly free.  Free is good, right?

1.   Warner Castle & Sunken Garden.  It's pretty cool that Rochester has a  replica Scottish Castle right off Mt. Hope Avenue, that is open to the public Tuesday, Wednesday and Thursday 9 till 4, free of charge.  But even cooler, is the sunken garden located behind the castle that is available to view 7 days a week.   Somewhat of a hidden gem, it is not unusual to find yourself all alone in the garden.  (5 Castle Park, Rochester, NY  14620)

2.  Gardens at the George Eastman Museum.  While there is an admission fee to tour the museum that was the home of George Eastman, the founder of Eastman Kodak Company, much of the grounds and gardens are open to the public and they are gorgeous.   (900 East Avenue, Rochester, NY  14607)

3.  Turning Point Park.  While Rochester has many awesome parks, one of my favorites is Turning Point, mostly because it is so easy to forget that you are right smack in the middle of the city while you are there.  Located in the Charlotte neighborhood, it features 275 wooded acres along the Genesee River.  The boardwalk extends over the River and provides a great hiking and biking trail.  (260 Boxard Street, Rochester, NY  14612)

4.  Mount Hope Cemetery.  Yes, people are buried there but Mt Hope is so much more than a cemetery.  It features 196 acres of glacial hills and valleys, decorated with beautiful monuments and mausoleums.  It is thought of more as a peaceful park and it is not unusual to see people walking, bird-watching, biking or running along the trails.  Occasionally, there are even organized runs through the cemetery.   The cemetery is open 7 days a week, 7:30 am to sunset and visitors are asked to be respectful of services or individuals visiting loved ones.  (1133 Mount Hope Avenue, Rochester, NY  14620)

5.   Maplewood Rose Garden.  The rose garden features more than 3,000 rose bushes, and it is purely heaven to visit in the summer.  There are other flowers that bloom outside of the rose season, but nothing beats the blooming rose garden.  (Lake Avenue & Driving Park Avenue, Rochester, NY  14613)

6.  Charlotte Pier.  A perfect spot to catch a sunrise or sunset over Lake Ontario, the
Charlotte Pier is also great for a walk on a warm summer day.  In winter, it is often encased in ice and while beautiful, very dangerous to walk.  The pier is also popular for fisherman.  It is located in Ontario Beach Park, which has sandy beaches, beautiful gazebos and plenty of picnic tables.  (4650 Lake Ave, Rochester, NY  14612.)

7.  High Falls District.  Of course, the waterfall of High Falls is the main attraction but there is so much more to see in this historic part of the city.  The Pont De Rennes walking bridge provides gorgeous views of the falls.  The Center at High Falls is an interactive museum and welcome center that is open free of charge, June through August 11 am to 4 except Tuesdays and weekends in the spring and fall.  There are also factory ruins and remains from Rochester's milling past.  The area is lush with park benches and even picnic tables.  (60 Browns Race, Rochester, NY  14614.)

Did I forget to mention your favorite free thing to do in Rochester?  If so, please don't hesitate to share within a comment.  Thank you and Happy Thanksgiving.

One Nation Under God

There have been so many surprises over the past few months in relation to the national election. Surprises about missing e-mails and missing tax returns.  Surprises about locker room talk and board room speeches.  But more surprising than the sparring between the two candidates, is the anger and divide among the citizens of this great country.  So much name-calling and spreading of untrue stories to shame the opposing candidate.  Such hatred makes me so sad.

But perhaps the greatest surprise to me is the number of people that said they were not going to vote.  They didn't like either candidate and therefore either were not going to polls or just not going to pull a lever in the presidential race.  Or they were going to write in "Mickey Mouse" or some other ridiculous candidates That too made me very sad.

I set my alarm for 5 a.m. this morning and I was the first in line when the polls opened in my neighborhood.  Then I did something I really don't enjoy doing.  I took a selfie of myself with  my "I Voted" sticker and posted it for the world to see.  And I urged people to go vote.  Damn-it, too many young Americans have laid their lives on the line to preserve our democracy for grown Americans not to take this privilege and responsibility very seriously.  As I write this, there are still two hour before the polls close and if you've not voted, please do it and do it seriously.

All the surprises today were not bad surprises.  I also wandered over to Mt Hope Cemetery where Susan B. Anthony  is buried.  Me and thousands of others.  What a heart-warming experience as many women and a few men stood in line for up to two hours to put their "I voted" sticker on SBA's tombstone.  Thank you Susan for fighting for our right to vote and today we had the opportunity to vote for a woman as the President of the United States of America.  I never thought this would happen in my lifetime.

God bless America and help us heal.

Market Report - Honeoye Falls - Autumn 2016

When I relocated to the Rochester area in 1988, my drive to Rochester took me through the Village of Honeoye Falls.  It was love at first site.  I ended of living there for 15 years and while I currently live in the city of Rochester, Honeoye Falls holds a special spot in my heart.  And, as a result, I watch the real estate market there closer than most areas.  Here is a brief summary of the current market.

When I look at the Honeoye Falls Market, I consider the entire Honeoye Falls-Lima School District, which includes Lima, bits of W. Bloomfield and parts of Mendon.  Currently there are 50 single family home listings in the district, which is the lowest number of listings since January 2012.  They range in price from a $38,000 mobile home in Lima to a stunning 8000 square foot home on 10 acres for $1.2 million (www.RochestersBestHomes.com/R320494) Homes in this area do tend to be larger in size and the current homes on the market reflect that with an average size of 2,996 square footage. The average list price of the current inventory is $395,650 and on average, sellers are asking $125.96 per square foot.

Currently there are 29 properties under contract awaiting a close date.  On average, these properties were on the market for 52 days.  The quickest sale was in 3 days while the longest sale was 128 days. Typically, less expensive properties sell quicker, and the current pending listings seem to illustrate that.  The average list price of the properties pending was $231,002 and the average price per square foot was $104.09.  The most expensive property that is sale pending was listed at $449,900.

The true strength of the market can be seen by what has sold.  In the past 365 days, there have been 164 properties sold and closed.  The average time on market was 44 days with some properties selling in the first day.  The longest time on market was 516 days and that was for a million dollar property.  On average, buyers spent $109.54 per square foot with the most expensive rate was $217.05 per sq foot.

Again, this is just a glimpse into the local market.  It does not take into consideration the size of the lot, condition of the property or where in the school district the property was located.  If you would like more specific information about the Honeoye Falls market, please don't hesitate to give me a call.

National Re-Read Your Home Inspection Report Day

It seems we have a holiday for everything.  There is the upcoming day to give thanks plus we have a day to recognize moms and dads and grandparents and even secretaries.  A few weeks ago I heard  it was National Adoption Day.  We have a day to appreciate cats and dogs and even groundhogs.  And it seems there is a day to recognize every type of cancer imaginable.  Well, I'd like to propose a new holiday.

I think we should call it National Re-Read Your Home Inspection Report Day.  You know, that document you received about a week or so after your offer was accepted from some guy with a ladder who poked around for a couple of hours to find everything wrong possible with the property.  You remember, that document that caused you to go pale as you read it and kept you awake half the night thinking about it?  Chances are, if you've already made a mortgage payment or two or twenty, that report is in the back of your closet (or hard drive) collecting dust (or whatever collects on untouched computer files).

Often the next time that report is thought about is years later when you are signing on the dotted line to put your house on the market.  Gee, let's see what the buyer's home inspector might say about our house!

Unfortunately, what may have been a little minor notation five or ten years ago could now be a major defect if it wasn't taken care of properly.  For example, a little water infiltration could require a $5 tube of caulk to remedy but if it is not taken care of, could cost thousands to replace structural rot. Chimneys are another area that rapidly deteriorate if they don't get the attention they need.  It's never fun to fix a chimney or roof or furnace but it is even less fun to do it to sell your house.

I often tell buyers to go through the report and make a list of what's deal killers (items that the seller must take care of before we will go forward) and put the other items on a "honey-do" list.  Unfortunately, in the excitement of moving in, unpacking and decorating that honey do list tends to be forgotten.  So, let's designate a day to find our reports and read them.  And rather than being lulled to sleep like a plate of turkey, let's take action to repair and maintain our properties.  

Happy Thanksgiving friends.  I hope the day brings you good food, good times with family and friends and many new wonderful memories.

Heating Season

Yay!  November is here and the bickering can cease.  Eleven months of the year, I have a wonderful, strong marriage but my husband and I just don't seem to get along in October.  You see, he believes you should control the thermostat by the calendar and I think that the thermometer is a better gauge.  He believes in not turning the heat on till the first of November.   And when the house is 58 degrees, I go to local restaurants to use the bathroom.  In fact, I spend as much time away from home as possible.

The past year, I've run into more then my fair share of bad furnace situations, and so this seems to be a great time to chat about furnace safety and care.

During my real estate transactions during the past year, I've run into at least three furnaces with both cracked heat-exchangers and totally clogged furnace filters.  That's not a coincidence.  When you fail to change your furnace filters and they become clogged, a forced-air furnace must work much harder to force that warm air through your home.  That stress can cause a premature crack in the heat-exchanger.  In one case this year, the furnace was only five years old but so was the furnace filter.  It had never been changed.  So, please, please, please determine how often your filer needs to be changed and do so.

A cracked heat-exchanger can produce carbon monoxide, especially in newer high-efficient furnaces.  So can water heaters, gas stoves, gas fireplaces, automobiles and other appliances that burn gas.  That is why New York state law requires all homes to have a working carbon monoxide detector.  Since carbon monoxide is a completely odorless gas, it's not a bad idea to have a detector on each level of your home.  And a carbon monoxide detector lasts about 5 to 7 years and so it's not a bad plan to purchase a new one every 2 to 3 years and rotate them out of service.  Don't forget to change out those batteries when you do your smoke detectors.

Whenever, I list a property I strongly encourage the seller to have the heating system serviced and inspected before the property goes on the market.  That is because if there are issues, we want to know about them before a buyer does.  To learn that there is a bad furnace after an offer has been accepted, means only one thing and it is not good for the seller.  It constantly amazes me how many families do not have their heating system regularly maintained by a professional.   If you need a referral for someone that is reliable and reasonable, don't hesitate to let me know.

Carbon monoxide safety is a personal issue for me.   I lost a brother to carbon monoxide poison more than 30 years ago.  If you switch a button and it suddenly gets warm in your home, it's easy to get complacent about furnace safety but I hope this will serve as a wake up call.

Stay warm!

Don't Advertise Your Kids' Names With Your Home!!

The weather in Rochester has not warmed up but the local real estate market has.  I've been out photographing numerous houses from Greece, to Brighton to Fairport that will be coming to market over the next few weeks.

The homes are all nicely staged and gorgeous but the kid's bedrooms are especially fun to photograph.  Of course, they leave me feeling deprived as I think back to sharing a bedroom with my two sisters without matching furniture nor color-coordinated drapes and bed coverings.  But that's another story.

I love the trend to decorate a child's room with his or her name until it is time to put the house on the market.  As you stage your home and child's bedroom, keep in
mind that these photographs will be all over the internet right there with your address.  While most kids are taught about stranger-danger, it can be confusing to them when a stranger knows their name.  So, just as a precaution, remove all the name art before the photo shoot.

It's also not a bad idea to put away anything that is extremely valuable so as not to temp burglars.   Of course, valuables can be replaced  but our precious loved ones can not.  

Please don't hesitate to give me a call if I can assist with your Rochester-area real estate needs.

Match Day 2014. Welcoming New Residents to Rochester, NY

Match Day is the annual event where medical students around the country learn where they will spend the next four to seven years of their lives completing residencies.  And so this morning, dozens of new, young doctors learned that they will call Rochester, NY home for the short term and the University of Rochester Medical Center will be their place of both employment and learning.

These young doctors and their families will need to find a new home and there are many excellent choices in a wide variety of price brackets, all close to the U of R Medical Center.  Here is a breakdown of a few options, but every hour it seems something new is listed and something else goes pending.  Feel free to register with my website to receive e-mail alerts:  www.RochestersBestHomes.com



If you are looking for an excellent school district plus a carefree lifestyle (i.e., someone else cuts the grass and plows the snow) maybe a townhouse is a good choice for you.  200 Lac Kine Drive is offered at $164,000 and it is in excellent condition with a stunning interior.  The home has 2 bedrooms plus a loft, and an attached 2 car garage.  All kitchen appliances are included.  For photos and details, chick here:  www.200LacKine.com.


If you prefer to be in quick walking distance to the medical center, 950 Mt. Hope Avenue offers 3 bedrooms, one bath plus a one car garage. This home is located directly across from the historic Mt. Hope Cemetery.  More information can be found at  www.950MtHope.com .


There are more economical options for medical students willing to travel across the Genesee River.  Rochester's 19th Ward is located less than a half mile from the medical center and features beautiful yet remarkably affordable homes.  As an example, 118 Virginia Ave, a 3 bedroom colonial with one bath, fenced back yard with a deck and garage, is being offered for less than $70,000.  Complete details at  www.118Virginia.com.

To schedule an appointment at any of these or other properties near the University of Rochester, don't hesitate to give me a call at 585-414-5513 or visit my site at www.RochestersBestHomes.com

Mary Shelsby
Licensed Real Estate Sales Person
ReMax Realty Group

Less Real Estate Drama With Home Inspections Before Listing

In a typical real estate transaction in the Rochester area, the buyers find a house, write an offer, comes to term with the seller,both sides celebrate, and then the home inspection happens.  Often there are surprises, both for the buyer and the seller and that's when the real drama can begin.  Buyers get frighten and sellers get angry.  It's no fun for anyone.

Last year I sold a few homes in which the property was inspected before the house went on the market.  Sellers have the opportunity to make repairs before the house is listed. And buyers receive the report before writing an offer with a pretty clear understanding of what's been repaired and what they will need to address as the future owners.  Buyers can make a fairer offer when they have all the facts and there is no re-negotiating the contract after the inspection.

Inspecting a home before it goes on the market is not cheap.  Expect to pay between $300 and $400 for a home inspection.  Plan on another $100 or so to make sure the furnace or boiler and in top working order and if there is a fireplace, you will also want to do a chimney safety check for approximately $75 to $100.  These fees add up but rarely is a buyer's request for a repair credit less than $1000.

Last year alone, I was involved in 3 transactions in which buyers made an offer based on there being an old furnace.  During the course of the inspections, cracked heat exchangers were discovered and guess what, each buyer ended up with a band new furnace.  Happy buyers for sure, but very angry sellers.

I'm all for less drama in real estate and believe that less surprises equals less drama.  I'd love to see all Rochester area sellers have there home inspected before going on the market, or at a minimum, have the furnace serviced.  If you'd like more information, don't hesitate to give me a call or send me an e-mail.

Fourth Quarter Numbers are in

ROCHESTER, NY - January 17, 2014 - Fourth Quarter 2013 statistics were released today by the Genesee Region Real Estate Information Services (GENRIS), the information subsidiary of the Greater Rochester Association of REALTORS® (GRAR).

The momentum from the three earlier quarters offset a sluggish fourth, ending 2013 with solid gains overall.  The Greater Rochester Multiple Listing Service (MLS) saw a 4.7% increase in the number of homes, condos and townhouses sold to 11,267 units as compared to 10,765 the previous year.  Pending sales also grew by 4.1% year-over-year to 11,350, up from 10,904 in 2012.

Area homes steadily continued to gain value, indicated by a modest 1.8% climb to $127,200 overall.  Median home prices in the City of Rochester specifically posted a 5.3% gain to $78,900.  Neighboring counties generally followed suit, with Wyoming and Steuben outpacing the norm, reporting sales increases of 21.1% and 16.7% respectively.

Buyers Want a Clean Slate and Fresh Start

One of the most important steps in preparing your house for market is de-cluttering and staging.  While common sense would tell you that all the clutter leaves with the seller, most buyers just can't see past it.  Maybe they have a clutter problem in their current home and a new home represents a fresh start.  They just can't picture that start in a cluttered house.

Sometimes we also need to give our walls a clean slate and fresh start.  There is an awesome colonial in Fairport that just hasn't gotten its fair share of attention and so the seller spent much of the holiday season stripping wallpaper.  Take a look that the before and after shots of their sons' bedroom.  The transformation is remarkable.

For more shots and details of this home, go to 81 W Church

New Loan Requirements for Getting a Mortgage

It seems that many people would rather visit a dentist than talk to a loan officer to qualify for a mortgage.   And while there is more physical pain from the dentist chair, there is something extremely uncomfortable about having your entire financial history scrutinized and analyzed while your future hangs in the balance.  I get it.  My credit score is in excess of 800 and I still feel weak in the knees when I need to get pre-approved.

Effective January 10, 2014 there are new lending rules that make it essential for potential home buyers to get qualified for a home purchase as soon as possible.  It is not that the criteria to qualify has changed drastically, it that there is now no fudge room.  There is a strict maximum debt-to-income ratio if the lender wants to sell the loan through one of the agencies, such as FNMA, GNMA, VA, etc.  and many banks just are not interested in giving loans that don't qualify to be sold. 

Getting approved for financing is not just about credit scores.  It's about verifying income and assets.  Employment is also verified, which is not as simple as it seems, since today many more people are contract employees or independent contractors.   In addition, all debts and liabilities are looked at, including child support and alimony.  And then there is the credit history.  Mortgage qualifying is also about determining a monthly payment that includes taxes and insurance that works for the buyer as well as determining how much cash will be required at closing. 

There is a lot that can go wrong in this complex formula of mortgage qualification and the sooner that the borrower knows, the sooner it can be corrected.  Whether it is saving more money for the down payment, paying down debts or improving a credit score, time and sound financial advice from a seasoned mortgage professional are key to success.  A loan officer can advise on what bills to pay off first for the most rapid improvement in score and whether or not it makes sense to close accounts or consolidate debts. 

I don't send my clients to a loan officer to torture them.  I do it because I want them to succeed in their goal of purchasing a new home.  And I want them to succeed as painlessly as possible.   There is a lot of information on the internet about mortgage qualification and some of it is good, some of it is totally wrong and all of it is very general.   It does not replace the specific advice that you will get from a loan officer. 

So go ahead and make the call.  Hopefully all your news will be good news.  And save all your fretting for the dentist chair.  Just don't forget to brush twice a day and be sure to floss.  :-)

A Look Back at the Past Year

My year ended with a bang and I'm not talking about fireworks.  Around 11:30 am on December 31st, a healthy Jonah Jensen was born, making me a grandma for the 4th time.  Ending the year on such a high note, sure made the rest of the year a blur.

I've said it over and over, but the best part of real estate is really getting to know some wonderful people and this year was no exception.  This year I worked with a number of young families and one provided an experience I will never forget.  Thanks to the latest technology, they signed a purchase offer on their dream property within an hour of giving birth to a beautiful baby girl.  And then upon being released from the hospital, they proceeded to prepare and place their home on the market.  Wow!  I don't recommend other families follow suit.

And just a few weeks later, I arrived at a listing appointment as one of the owners was taken to hospice care.  Bob had lived at the same place for 41 years and always said he wanted to leave feet first.  Well, he did and past away about 12 hours later.

So I've seen more than my fair share of life this year and hopefully I'm wiser for it.    I appreciate the trust people have put in me when they decide to buy or sell real estate and look forward to new relationships in the new year.

Happy new year everyone!

Getting your Home Ready for the Photographer!

Fashion models don’t pop out of bed and get in front of a camera.  Houses shouldn't either!   When your home goes on the market, the buying public will truly scrutinize the photos of your home as they determine whether or not they even want to visit it.  

 Here are a few guidelines for getting home ready for a photo shoot.  As you go through each room, remember less is more because even the most attractive items can look like clutter in a photograph.

Outside

In winter, driveway and walkways clear of snow.

In summer, grass freshly cut and raked.

Hedges and bushes trimmed.

Trash cans, bikes, toys out of sight.

Porch, front stoop, front door decorated  but modestly.

Cars removed from driveway.

Inside

Kitchen

Clear counters.  Leave one small appliance and one or two decorative items (bowl fruit, etc.)

Hide dish drains, dish detergent, etc.
Eliminate refrigerator magnet clutter.

New or clean, fresh dish towels neatly hung.

Simple place settings at table or breakfast bar

Dining

Clear all clutter

China cabinets & curio cabinets sparsely furnished.  

Set table but keep place setting simple as to avoid a cluttered look. 

Living room

Eliminate newspapers, magazines, and other media.

Do not store items under the couches...they show.

Put away toys and simplify decorative items.

Turn off televisions.

Open curtains.  Turn on lamps (soft light is better than bright or harsh)

Bedrooms

Make the beds.  Every wrinkle shows up in photographs, so do it carefully.  Fresh pillow cases or pillow covers help. 

Either have a bed skirt or do not store items under the bed.

Put away personal belongings, eliminate clutter.

Open windows.  Turn on lamps with soft light.

Bathrooms

Eliminate all personal and beauty items

Hang new or clean towels.

Clean mirrors.

Close toilet seats.

Open curtains.   Turn on lights.

Looking for Tranquility? Look No Further.

Coming to market next week, a beautiful Scottsville home with 65 acres that offers incredible views, unparalleled tranquility, lush perennial gardens and a fantastic home.  First showings, Thursday, September 12th.  Call me for more information.

Buy Me! Buy Me!

Whether you are buying a property or selling one, there are many big decisions in real estate and for many people that causes great stress.  But every once in a while you run into someone that can take it all in stride and even have a little fun with real estate.

A house just came on the market this week and displayed discreetly on the side of the refrigerator in children's magnet alphabet letters were the words "BUY ME."

And someone did, almost exactly 24 hours after the property hit the market.  And when we arrived today to do the home inspection, new letters appeared on the fridge.  This time is said "THANK YOU."

Highland Park Diner Named One of America's Best Diners!

Highland Park Diner, located at the intersection of S. Goodman and S. Clinton, was just named as one of America's Best Diners by Travel and Leisure Magazine.  It's a popular spot for locals and tourist alike.

Emphasizing freshness, the menu features homemade mashed potatoes, hamburgers, soups, freshly squeezed orange juice and an award-winning apple pie.  The diner seats fifty-five, 19 at the counter and 36 at the booths.

He's a link to the story:  http://www.travelandleisure.com/articles/americas-best-diners/21

Short Sale History

Historically, the one thing that has not been short with short sales is the time necessary to close.  I've heard horror stories of closings taking months and even years.

But this week I think I may have made short sale history.  On February 12, I listed a home in N. Chili.  On March 14th, we received and accepted an offer.  On March 18th, we submitted the offer to the bank for short sale approval.  (For those that don't know what a short sale is, it is when the property is worth less than what is owed on it and therefore the bank must agree to a shortage.)  On the 20th of March we received the bank's approval and we closed on April 30th.

Now, Guinness doesn't keep records on short sales closings and to the best of my knowledge, no one else does either.  But I can't find anyone who has heard of a short sales closing this fast.

While it's fun to be a record holder, if even only in my imagination, I hope this record falls soon and often.  Short sales are the result of financial hardship.  When a homeowner goes through a short sale, they are are stressed and often feel like a failure.  And when banks make it a long, drawn-out process it is pure agony for the seller and the buyer often loses their enthusiasm for their new home.  It doesn't need to be this way and I hope my recent experience is an indication of what the future holds.

If you have any questions about Rochester real estate, don't hesitate to call or e-mail me.  Mary Shelsby

Rochester Real Estate Seeing Multiple Offers

The last five purchase offers I've written have had competition.  And yes, at the first inkling that there will be multiple offers, my heart rate goes up and the adrenaline starts pulsing through my veins and I get giddy with excitement but then the reality sinks in.  Multiple offers suck.

There really isn't a win-win with multiple offers.  Someone has to lose. And the nice person in me really doesn't like that.  But even worse is that often the winner loses as well. They get caught up in a bidding war and there isn't time for a second visit or to sleep on it.  In these types of markets, if you have to sleep on it, you probably won't get to sleep in it.  And lord knows, I've had to list and sell way too many houses that people bought because they didn't take the time to sleep on it.

Of course the home seller does win.  Generally, if there are multiple offers they get their asking price if not more.  And so if you are contemplating moving up or moving down or moving across town, this is a very good time and I hope you will give me a call.

Mary Shelsby   

Rochester's High-Tech Innovation

With Kodak in bankruptcy, the experts expected Rochester to crumble into urban decay.  Instead, it has thrived and this week was named one of the ten most unexpected cities of high tech innovation by Techie.com.    According to the article, there are 65,650 techies in the Rochester workforce, which rivals San Francisco and San Diego.  You can check out the article in its entirety here:  http://techie.com/techie-coms-ten-most-unexpected-cities-for-high-tech-innovation/

Five Biggest Mistakes When Getting a Mortgage

Once upon a time you didn't need money or a job to get a mortgage. In fact, you didn't even have to have a personal history of paying your bills and you could still get a mortgage. There are even rumors of deceased individuals getting mortgages as owner-occupants but I don't know if that was true or not. But since the mortgage melt-down of 2007-2009 there are much stricter guidelines to get funding for a personal residence. Here is my list of the top five things you DON'T want to do when applying for a mortgage.

 1. Don't keep secrets from your loan officer. The loan officer doesn't approve your loan. He or she prepares your file so that you have the greatest likelihood of getting the loan. He or she can't do that if they don't know about things like a past bankruptcy or foreclosure, or that you are legally separated or divorced with or without child support obligations or that your job is classified as temporary. Spill the beans so that the loan officer can do their job.

 2. Don't take it personally when the bank wants documentation. I agree. It feel like it would be easier to get a top secret clearance than to get a 30-year note on a house valued at $180,000. And it feels like no matter what you say, they don't believe you. But keep in mind they treat everyone the same way. If you were late on a car payment nine years ago, expect to explain why. If your father gave you a check for $500 for your birthday, expect to have to get him to write a letter verifying the fact. That is normal operating procedures for getting a mortgage in 2013.

 3. Do not make cash deposits into any of your accounts. If you've been collecting coins for 30 years and this is what you plan to use for your down payment, well, you might as well be up 'that' creek without a paddle. Banks want a paper-trail. If money has been deposited into your account, they want to know who from and how come and they want proof. Why? They simply want to make sure you didn't borrow funds that you will need to payback after the loan closes.

 4. Avoid job changes. Sometimes simply changing departments can through off a scheduled closing by several weeks. And unbelievably, even if the job pays lots more than the previous position, banks will hold up closing until you have at least one paycheck from the new employer. If you are contemplating a job change, see rule number one. Your loan officer can help you understand the consequences.

 5. Don't buy anything! In fact, don't shop for anything. Now is not the time to shop for a new car for your garage. Nor to you want to purchase furniture or appliances (unless, of course you have that coin collection - see rule number 3.) Every time your credit is pulled it is noted and if the bank learns you are buying appliances or furniture or anything on credit, they very well might shut down your loan application.

 So there you have it, 5 major rules. I've been told that it feels like you've been investigated by the CIA, the FBI as well as the Secret Service when you apply for a mortgage. That is just life in real estate in this day and age.