You may be able to stay in your Bennington, Vermont home by taking action now.

1. Contact your lender. Explain the issues behind your late payments and let them know you are trying to rectify the problem. Your lender may be able to modify loan terms or help you come up with a plan for repayment.

2. Ask for help before depleting your savings. You may qualify for more options by having some resources still available.

3. Look for free counseling services. Many HUD-approved agencies can help those who are facing foreclosure and could suggest alternatives, or offer suggestions on qualifying for loan modifications.

I will be attending a class on Wednesday evening at the Bennington Free Library in order to be verify that landlords are performing Essential Mainteannce Practices.

More information about Vermont Lead Based Paint Law and classes can be seen on the LeadSafe.org website.

Vermont’s Lead Law requires that landlords who own properties built before 1978 conduct several Essential Maintenance Practices (EMPs) to reduce the hazards of lead paint poisoning:

• Attend a training program approved by the Vermont Department of Health to learn about their legal responsibilities, how to do EMPs, and how to safely stabilize deteriorating lead-based paint.
• Inspect all interior and exterior surfaces and fixtures.
• Safely stabilize or remove lead-based paint if more than one square foot of deteriorated lead-based paint is found on the interior of the apartment or on an exterior porch. This must be done within 30 days after the landlord sees the paint or is notified of the problem.
• Install window well inserts.
• Post a written notice notifying tenants of the importance of promptly reporting deteriorated paint.
• At a change of tenants, clean all the window wells and sills tenants have access to, and clean all horizontal surfaces except ceilings. This must be in a manner approved by the VT Dept. of Health, which at this time means using high-phosphate soap and HEPA vacuum cleaners.
• Clean all window wells and windowsills annually if a child age 6 or under lives in the rental unit.
• Annually inspect the premises, and notify their insurers that the EMPs are completed.
• Give all current or potential tenants written information about lead paint poisoning hazards. Under federal regulations, the property owner must disclose any known lead paint poisoning hazards.

Are you thinking of putting a “For Sale By Owner” sign in front of your Bennington, Vermont home? Most “FSBO” sellers feel they will save money by eliminating the agent’s fee in the transaction. However, the National Association of Realtors reports that in 2006 homes sold with the help of a real estate professional actually sold for an average of 32% more than FSBOs – far more than the agent’s commission. Sellers who went solo also said they had a harder time preparing the home for sale, handling the paperwork and making a timely sale.

Call Troy Richardson today for an agent who manages all your real estate needs!

Banks are backing away from short sales, forcing sellers to pay extra at closing or demanding a promissory note for the amount due. One-third of borrowers owe more on their mortgages than their properties are worth, according First American CoreLogic.

When their situations were really tough, most banks preferred short sales because they were their best opportunity to get the most money back. But with an improving economy, and because the losses on many of these properties have already been written off the books, banks are increasingly reluctant to negotiate a short sale.

Today, banks demand 9.5 weeks to respond to a short-sale request, compared to 4.5 weeks a year ago, according to research firm Campbell Communications. Their reluctance is frequently stymieing sales and frustrating real estate practitioners.

“It drives me up a wall,” says Robert G. Hertzog of Summit Home Consultants in Phoenix. “[The bank is] holding my client hostage.”

The above is from: Source: BusinessWeek, Christopher Palmeri (10/09/2009)

If you think that you might have to enter into a short sale situation in the Bennington VT real estate market, call Bonnie Cutler at RE/MAX Maple Leaf Realty in order to discuss your options. Bonnie is the most experienced in short sales in our office.

Some of the best public schools in the country are in very affordable housing markets.

BusinessWeek.com, in cooperation with real-estate marketer Cyberhomes, identified 25 locales nationwide where the price of homes is moderate and schools are A-rated.
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Mortgage applications increased last week as mortgage rates declined for the third straight week.

The Mortgage Bankers Association weekly index rose 16.4 percent on a seasonally adjusted basis compared to the previous week. And was up 38.4 percent compared to the same week last year.

The unadjusted purchase index increased 12.9 percent compared to the previous week and was 2.2 percent lower than it was a year ago.

The refinance index increased 18.2 percent and was at its highest level since mid-May.

Thirty- and 15-year mortgage rates were well below 5 percent:

30-year fixed-rate mortgages decreased to 4.89 percent from 4.94 percent.
15-year fixed-rate mortgages decreased to 4.32 percent from 4.34 percent.
1-year ARMs increased to 6.56 percent from 6.40 percent.

Source: Mortgage Bankers Association (10/07/2009)

Bennington VT

More than 80 percent of new single-family homes have at least two bathrooms, which occupy an average of 300 square feet of floor space, or 12 percent of the total area, according to a study by the National Association of Home Builders.
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The Bennington VT real estate market is defined as the market towns of Arlington, Sunderland, Sandgate, Shaftsbury, Bennington, Old Bennington, North Bennington, Woodford and Pownal.

These statistics were compiled as of: October 5, 2009

The following statistics are for the market area.
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BENNINGTON, VT The old adage “There’s no time like the present” might not first come to mind when looking at today’s national housing market. But according to Troy Richardson, ABR, Broker / Owner of RE/MAX Maple Leaf Realty, these homespun words of wisdom are quite appropriate when a closer look is given to individual local markets across the country. Richardson points out these favorable factors that can contribute to making this, for many consumers, a most opportune time to buy a home:

Inventory is up. When the market is hot, new listings can’t replenish the supply of homes fast enough, and that works in the sellers’ favor. In today’s market, the opposite is true, providing more choices for buyers.

Sellers are motivated. Homes that in a hot market would have been snapped up in days are now lingering unsold for weeks, even months. Factor in bank-owned properties due to the recent and unfortunate spike in foreclosures and buyers find themselves in an advantageous negotiating position they haven’t enjoyed for years.

Interest rates are down. Recent cuts in the prime rate by the Federal Reserve have sparked drops in interest rates, which at the end of January were below 6 percent for a 30-year fixed-rate mortgage. While banks have tightened lending requirements in the wake of increased loan defaults, homebuyers with few credit problems qualifying to purchase a home they can afford should still have little trouble securing favorable financing terms.

What’s more, a market climate like this especially favors buyers who don’t need to sell an existing property before their purchase, buyers like first-timers and those looking for a second home. This tilts the scale even more towards many buyers.

But regardless of the situation, for every buyer, the key is to work with a real estate professional that knows the local market and specializes in buyer representation – like an agent who has earned the Accredited Buyer’s Representative (ABR®) designation.

Richardson is one of more than 50,000 members of the Real Estate Buyer’s Agent Council (REBAC) of the NATIONAL ASSOCIATION OF REALTORS®, who have attained the Accredited Buyer Representative (ABR®) designation. As the world’s largest association of real estate professionals focusing specifically on representing the real estate buyer, REBAC is “The Voice for Buyer Representation,” with more than 50,000 active real estate professional members of the organization throughout the world. 

Troy Richardson is Broker and Owner of RE/MAX Maple Leaf Realty, located at 203 Northside Drive in Bennington, Vermont.  He can be reached at 802-447-3210 or www.TroyRichardson.com

It is very important to find legitimate professionals for loan modifications.

In the Bennington VT real estate market, there are not as many homes in financial peril, but they do exist. With loan delinquencies, defaults, and foreclosures it is important that home owners interested in modifying the terms of their mortgage should seek out a legitimate professional who has experience with loan modifications.

The process is much easier when the home owner is working with a licensed, qualified person and company

There is an ever increasing number of “companies” that are operating loan modification scams. Whatever the name they call themselves, “foreclosure prevention” or “rescue consultants”, “forensic loan auditors”, or any number of other titles. Some companies will falsely claim to be non-profits, to be affiliated with the federal and state governments.

Loan modifications are not possible for every homeowner, but scammers often falsely claim that they can guarantee to “negotiate” a successful loan modification.

A company that is attempting to scam you will almost always demand the payment of money up front.

Please choose a loan modification company wisely, and seek out referrals from other mortgage or real estate professionals who can direct you to a reputable company.

Bennington VT