February, 2009

Why it may be worth it to appraise:

If you pay for the appraisal and the house value falls, at least your property taxes should go down.  Karen is doing the right thing in keeping on top of her home value, and she’s in a good position: Even if she can’t refinance, she’s still not in danger of foreclosure.

Here’s how to keep your mortgage in a good position, too, even if your house loses value.

Don’t count on refinancing.  Never accept a loan if you know you’ll have to refinance in order to afford it.  A responsible lender would never give you a mortgage on those terms.  So you don’t want to take a loan from a lender who’d do that.  Refinancing is for a situation like Karen’s:

• You’ve got a good credit
• And you want to take advantage of low rates.

And right now, rates really are as low as they could be.  If you can refinance, it may be worth it.  If you can’t afford your mortgage without refinancing, don’t despair.  Lenders are interested in you paying off your mortgage.  They don’t want you to default any more than you do.  

Everyone makes the mistake of not communicating with their lenders enough.  More than half of the people who lose their home to foreclosure never contacted their lenders when they realized they were having trouble.  Your lender will lose money if you foreclose; they’re likely to work with you to keep you on your feet and paying your mortgage.  Just remember to be honest, and open, and to call them sooner rather than later.  Let them know you’re not just trying to walk out on your loan.

Ways a lender may be able to help:

• They can help you refinance
• They can work out a repayment plan for the amount you’re past due
• They can restructure the interest rate
• They can even postpone payments for a short period

If your mortgage is worth less than the price of the home, take into account the natural ups and downs in the housing market, and let your investment grow over time.

Looking for a good workout?  You’ll find a jogging track, outdoor swimming pool, tennis courts and a putting green.  If the weather’s bad, you can hit the home gym, or the bowling alley –they’re down in the basement. After your workout, you can relax by a roaring fire – a nice way to spend a chilly winter’s night!  But, first you have to choose from the 28 fireplaces available.

It’s also ideal for entertaining.  It features three kitchens and can comfortably accommodate 140 guests for dinner, as well as up to a thousand guests if you’re only serving drinks and hors d’oeurves.

Finally, this property has an excellent home office, in case you want to avoid the commute.  It’s uniquely oval shaped.

As mentioned, this spectacular house just changed hands, and the new occupants just moved in a couple of weeks ago.  The property we’ve described is of course, the White House, the new home for President Obama and his family.

But what about the former occupants?   The Bushes have gone back to Texas, and if media reports are correct, it appears they’ll have two Texas addresses.

One, of course, is their ranch in Crawford — That’s where the former President spent many vacations with his friends and family during their time in the White House.  The Bushes will be keeping that property, but they’re also acquiring what some would call a ‘city house’, in Dallas.  It’s a 2.1-million dollar home in the ultra-exclusive “Preston Hollow” area.  This is not a new location for the Bushes, since the family lived nearby before “W” became the governor of Texas, back in the ’90’s.  Although not as big as the White House, this house is very large at 8,500 square feet.  It’s nestled on 1.1 acres, and certainly big enough for the former president, the former first lady, and all the entertaining they’ll probably be doing.  It’s described as being one fantastic listing — not a new house, but one that’s been lovingly renovated throughout, with designer touches in the kitchen, the four and a half baths, the four bedrooms, and the cabana…  Doesn’t everyone need a cabana?

Like all former presidents, George Bush will get Secret Service protection for the rest of his life — apparently the Secret Service has signed off on this new property, but they won’t just be driving by from time to time.  That’s because there are reports that the house next door has sold, too.  It’s believed that house will be the new home for George Bush’s Secret Service Operation:  the agents, the vehicles, and everything that goes along with a Secret Service detail.

So the 43rd President of the United States will be safe, and sound, and back home again…  Goodbye Washington, hello Texas!