Skip Schenker Spotlighted In “REO Insider” For “Hot…Dog Of The Week” Home Renovation Series

26 08 2010

Skip Schenker with REOLenders.com is at it again. Since we profiled Skip’s new video series about turning REO doghouses into dream homes, he’s come out with three more. The latest features a home in Irvine, Calif. We’d like to give you a sneak peak.

In this video, Skip interviews Sheldon Weinstein, the West Coast representative of national remodeling contractor Energy REO Solutions. The house is “a dog,” but has some great opportunities, the two note. The kitchen is circa 1960, but the two tell viewers to envision gutting the kitchen, adding new cabinets and taking out a wall to open it up to the great room.

The house has a nice greenbelt behind it and a neighborhood swimming pool out back, but the place also has some freeway noise. This house hasn’t even been officially listed yet, but Schenker gives viewers the name and contact information of the broker.

Schenker notes that the FHA 203(k) or HomePath renovation loan could finance a whirlpool spa for the master bath among other improvements. He’s using the videos to marry his love of filmmaking with his day job as a loan guy.

Other videos since we last visited Skip: One in Brooklyn Park, Minn. and another 1950s-era home, what he calls a “diamond in the rough” in the foothills of Fullerton, Calif.


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Categories : 203k, Contractors, Homes, Hot...Dog of the Week, Rehabs, Remodeling, REO Insider, The 203k Guy, Videos

Skip Schenker’s “Hot…Dog Of The Week”: Anaheim, CA Fannie Mae REO Is A HomePath Renovation Loan Candidate (Video)

26 08 2010

This is a Fannie Mae REO property located in Anaheim CA, find this bank foreclosure and others at www.homepath.com; HomePath Renovation Financing can be used to finish the remodel that was started and demo the illegal addition in the back.


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Categories : 203k, Contractors, Fannie Mae, FHA, Financing, HomePath Renovation, Homes, Hot...Dog of the Week, The 203k Guy, TV Shows, Videos

“The Shrinking American Home”: Average New Home Size Is 2,135 Square Feet And Three Bedrooms

26 08 2010

After years of growth, the Census Bureau recently reported that median new home size fell to 2,135 square feet in 2009 after peaking at more than 2,300 earlier in the decade.

Now, the typical U.S. owner-occupied home has six rooms, with three of them being bedrooms, according to the Census Bureau’s annual American Housing Survey. The most common number of baths is two or more.

“Home buyers are asking for less, cutting back on options and reducing square footage,” said Steven Pace of the North Carolina-based Pace Development Group, which builds both custom and tract houses ranging in price from below $250,000 to more than $2 million.

“They’re saying, ‘Maybe we don’t need that 5,000 square footage;” he said. “‘Maybe our bath doesn’t need to be big enough for our whole family and all our neighbors to take a shower at the same time.’”

Kermit Baker, chief economist for the American Institute of Architects, pointed out that consumers don’t ask for as much for spaces devoted to single purposes, such as media rooms for watching videos and game rooms for shooting pool. Instead, the requests are for rooms with shared uses.

“We continue to move away from the ‘McMansion’ chapter of residential design,” he said.

For those who remember the days of long, hot summers. Those are over, too. Nearly 90% of all new homes now have central air conditioning. And 63% of all homes are now cooled.

For more:   http://finance.yahoo.com/news/The-American-home-is-cnnm-3515289332.html?x=0&sec=topStories&pos=8&asset=&ccode=


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Categories : Design, Home Builders, New Homes, Purchases

“Fund My Remodel”: Home Remodeling Projects That Retain And Can Increase Your Home’s Value Over Time

26 08 2010

The bursting of the housing bubble has depressed real estate values, and made it much harder for homeowners to sell and move up to a larger house with more amenities. This has made renovating a popular option, because the odds are good that it will increase the value and marketability of the home in the long run.

  • Siding ($4-$21 per square foot) – Recoup: 87%
    The return on siding is high because of its relative cost to the value of your home and its ability to make your home look new again. Another attractive feature is that there are sidings available that are zero maintenance. So a potential buyer looking at a long-term purchase benefits from the reduced cost of future upkeep.The least expensive options are vinyl or aluminum siding at $4-$5. The newer vinyl is fade resistant, available in many colors and virtually maintenance-free. Aluminum is durable but will require painting if it is scratched.Other more expensive options include cedar ($9-$12), stucco ($9-$11) and brick veneer ($9-$21). (Read more background information, in 5 Mistakes That Make House Flipping A Flop.)
  • Windows ($25-$60 per square foot) – Recoup: 85%
    In addition to sprucing up your home’s exterior, new windows can substantially improve the energy efficiency. This is a big selling point, as the cost of heating and air conditioning has continued to soar. The total cost will depend on the brand and type of window you select, and the difficulty of the installation. Storm windows and those with thermal glass will be at the middle of the cost range. Specialty windows such as double-hung and bay windows will be at the top of the range.Quality windows will increase the comfort of your home and help to prevent moisture and mold from building up inside. They will also do a better job of restricting pollen and bugs, and reducing outside noise levels.
  • Bathroom Remodel ($5,000+) – Recoup: 70-85%
    An updated bathroom is another great selling feature. While a coat of fresh paint will do wonders for the interior of a house, there’s no way to cover up old sinks, bathtubs and fixtures. Today’s buyer is looking for molded sinks, marble vanities, ceramic tile, whirlpool baths, unique lighting and modern fixtures.The cost can vary widely, depending on the extent of the remodel, and luxury fixtures can run into thousands of dollars. Should you decide to remodel specific parts of your bathroom, you can expect to spend about $4,000 for a whirlpool bath and around $3,000 for a ceramic tile tub enclosure or shower stall. (How can you afford all of this? Read An Introduction To The FHA 203(k) Loan.)
  • Kitchen Remodel ($7,500+) – Recoup: 75-80%
    If you’re on a limited budget, the choice between remodeling a bathroom or kitchen should probably be based on which one will give you the most pleasure and satisfaction. You will recoup roughly the same percentage of your cost on either one.The total cost will be a function of the types of materials used, the extent of the remodel and whether or not you replace some or all of the appliances. These are rough estimates expressed in dollars per linear foot: $50-100 for new cabinets, $40 for laminate countertops and $75 for marble countertops.
  • Master Bedroom Suite ($115 – $200 per square foot) – Recoup: 75%
    Older homes benefit the most from this addition, whether you are remodeling an existing bedroom or adding a new one. In many cases, a master bathroom will be added at the same time because of the cost efficiencies that result. The cost of plumbing and fixtures would be added to the overall cost. (Before you get started, read Uncle Sam’s Surprise: Unexpected Sources Of Taxable Income.)

    • Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2010/08/26/investopedia46580.DTL#ixzz0xjiY5oSj

     


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    Categories : 203k, Contractors, Design, Homes, Kitchen, Rehabs, Remodeling, Windows


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