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The Federal Housing Administration extended its "anti-flipping" waiver through the end of 2012. The anti-flipping legislation disallowed FHA loans for purchase a property owned by the seller for less than 90 days. The waiver enables investors to purchase, refurbish and quickly sell homes to owner occupants qualified for FHA loans.

FHA first waived the 90 day waiting period in 2010. There are still some FHA house flipping though. If you have questions give Bobby a call 334-701-1102.

Remember to not rinse fats, grease, or cooking oil down the kitchen sink. They will have a tendency to become solid in the pipes and cause clogs.

Pour them in an old carton and throw them in the garbage.

On a fixed rate home mortgage the scheduled payment is not affected by an extra payment. You just pay down the principal balance faster. If you pay extra as you make your regular payment the extra payment is applied to your principal balance if you pay on time.

Making your payment early allows the servicing company to earn interest for them on your money.

Paying down the loan balance is an investment carrying a yield equal to the mortgage rate with no default risk. There are no riskless investments today that pay a yield anywhere close.

Extra payments on your home mortgage can be of any amount and go entirely to paying principle. The rate of return is the same regardless of where the mortgage is in its life cycle.

Choosing a contractor to build or maintain your home is not an easy chore. Many of us decide based on who is cheapest. Making the cheapest choice may save money in the short term but cost extra dollars down the road. Gather references. Even ask the contractor for references and actually follow up.

I recently attended a home inspection on a three year old home a builder had built for himself. The slab was already settling , sheathing was not installed before wrapping the home, electrical wiring was undersized, silicon was used where flashing was required by code, and water was already seeping into the home.

This was for a home originally listed for over $300,000 and would have been worth it if built correctly.

Cheap is not always the way to go. Ask your agent or home inspector. They can usually give you a selection to choose from.

Even the most comprehensive title examination, made by the most highly skilled attorney cannot protect against all title defects and claims. Hidden risk include fraud, forgery, alteration of documents, impersonation, secret marital status, incapacity of parties, and inadequate or lack of powers.

If a mortgage is used in the purchase the lender requires lenders title insurance. The owners title policy is greatly reduced if taken simultaneously with the issuance of a purchase money mortgage. The risk is one that an informed buyer should not take. Alabama requires a notice to home buyers as to the availability of title insurance similar to that being obtained by their purchase money mortgage.

The policy indemnifies against loss up to the face amount of the policy, suffered by reason of title being vested otherwise than as stated, or because of defects in the title, leins and encumbrances not set forth or excluded in the policy.

I purchase title insurance on every property I purchase. I recommend you should also.

Below is a report received from Blackwater Consulting Group. You might be surprised. Enjoy!

Homes Listed in Winter Sell Best!

Recently we decided to dig into the reports and marketing data to see if it supported our feeling that winter is the best time to buy, and the worst time to sell. However, when we got the results we discovered that our assumptions were dead wrong.

As we roll through the holidays and into winter, many would-be sellers will be holding off on listing their home, waiting for the spring "selling season" to put their home on the market. But if you're ready to sell your home now, is waiting until spring the best strategy? Not according to the data, it isn't.

We pulled a year's worth of data on three quarters of a million homes listed across the country and analyzed sales statistics by season. Here's what we found:

• Homes listed in winter sell faster: 46 days in winter vs. 55 days in summer
• Homes listed in winter are more likely to sell: 59.2% sell in winter vs. 53.1% sell in summer
• Homes listed in winter sell closest to their original price: a 2.7% drop from the final price in winter vs. a 5.2% drop from the final price in summer, worth more than $7,000 on a $300,000 home

Homes listed in winter sell best.
Yup, you read that right: Overall, homes listed in winter sell best. 5.8% more homes listed in winter eventually sell (compared to the overall percentage of homes listed throughout the year), and they sell 1.4 percentage points closer to their original list price than the median---that's $4,900 on a $350,000 home.

Spring wins in one category: Speed. Homes listed in spring sell the fastest, sitting on the market for 15% less time than the median. Winter comes in second in this category though, at six percent below the median, while homes listed in summer and fall both sell slower than the median (12% and 16%, respectively).

This article was taken from Inspection Plus newsletter furnished by Chris Rose.

One of the most commonly asked questions in the home

inspection business is about mold. Is it bad? Can you tell by

looking at it? Is there a health risk? Most questions come

from what we hear and not what we know. So as a change of

pace, I thought I might put a little positive spin on mold.

Let’s Talk about Stachybotrys: The most well known mold

with the worst reputation for being a health risk. Stachybotrys

is a Cellulose –decaying fungi (mold) that can be

found everywhere there is dead organic materials (grass trimmings,

leaves ect). In fact you can find it in your back yard.

Look for clumps of old dead grass, leaves or other plants.

Then look for black dots (not dark brown). If you see any,

it is a good chance you just found Stachybotrys. The reason

this mold is not a concern is that, for the most part, it is not

airborne. It sticks with its own colony. Its purpose is the #1

cellulose recycler in nature. Just think what our world would

be like if nothing decayed (talk about a hoarding problem).

So mold is good and a very valuable product.

What does mold do that we cannot see? Equally important are the invisible activates of fungi (mold). Nearly all of our

forests are sustained by mycorrhizae, whipeout these fungi and the trees may not thrive. Fungi is even used to make

antibiotics, immunosuppressants, and food sources. So without a reasonable amount of mold we might not exist.

How do we put this info to work for us? Nature tells us the path. First, mold is not our problem! What is causing the

mold is the problem. Second, the mold comes from the natural environment around us. If it is in your home take it out

(in a bag just like the grass and leaves).

So the concept of clean air and mold free living are easy. The solution to pollution is dilution!

For more clean air tips and answers to your mold concerns please email us at inspectionplus@bellsouth.net or visit our

web site at www.thealabamahomepro.com!

Really there are three reasons a home does not sell.

1. How it shows.

         With the large inventory of homes currently on the market, the home that wins the beauty contest sells. Take a look from the buyers view. Does your home look good from the street? Is the shrubbery trimmed? Have you pressured washed the exterior including the driveway and walk ways? Is the front entrance clean and appealing. ( Buyers will spend the most time here.)                                                                                                            Once inside are the floors clean and stain free? Is the paint fresh? Is the furniture positioned to make the rooms look roomy? Are the toilet lids down? Has the clutter been boxed up and stored? Are the lights on? Are blinds and curtains positioned to allow the most light? Are the colors drab or shocking? Have previous leaks stains been repaired and painted. Is the overall appearance appealing.

2.How is it priced.

      Regardless of where you are moving to, how much you paid when you purchased it, how much you spent on remodeling, or repairs the home must appraise if the buyer is taking a loan to complete the purchase. The mortgage companies will finance based on the agreed price or the appraised value which ever is least. Appraisers use comparable sales to determine the value of your home. Your REALTOR should use comparable homes in comparable locations to help you determine the asking price.

 3. How well your home is marketed.

        Marketing must stress the benefits and features of your home. Much more is needed than putting a sign in the front yard. The number of pictures available of your home is as important as the quality of the pictures. 

Realtor.com the worlds largest search engine allows up to twenty five pictures when a home is enhanced. More than eighty percent of people searching sort their search by the number of pictures available.

Is there a video of your home available on the internet? More and more people are looking at video's to make a decision do they want to visit the home.

TV is another place to show off your home.  

Print advertising still attracts buyers.  Is your home in all the print media?

Give us a call 334-701-1102 if you want more people to know your home is for sale. 

If you itemize deductions of Form 1040 you are generally able to deduct the interest you pay on debt resulting from a loan used to buy, build, or improve you principle residence, provided the loan is secured by your home.

Interest on qualifying home equity debt up to $100,000 is generally deductible regardless of how the loan proceeds are used.