Don’t take a fake wife to a real estate closing!!!

There are oodles of “don’t do this” and “be sure to do that” lists available on the net for real estate advice but I thought I would rack my brain of 22+ years of real estate experience for a few ‘non-traditional’ pieces of advice. Everything you are about to read is true. SOME names, however, are changed to protect the… the… less than smart.

Don’t take a fake wife to closing. I had sold an investment property to this particular buyer a few years back. When the title department was preparing the closing paperwork, they discovered the buyer was married. They called him and told him he would have to bring his wife to closing to sign all of the closing paperwork. He arrived at closing with his wife, getting ready to sign all the docs. The loan officer, Ted, then asked them for photo ID to verify their identities. She said she forgot her purse at home. Ted said “No problem, run home and get it and we’ll get back together in an hour.” What followed was several minutes of eerie silence until the buyer finally fessed up and said, “Um, this isn’t my wife.”

So away they went and an hour later he did indeed bring his ‘real’ wife to closing, not his girlfriend. But here’s the kicker, It was the wife’s idea not to come. She told him she was too busy and wanted him to take ‘Amy’ instead… True story…

Tell your loan officer the truth (part 1). I had sold a house I affectionately called the patriotic house because every room was red, white, and blue. The buyer had a prestigious job at a large local railroad company and his loan application went fine, or so we thought. This was before loan officers ran full credit checks and did just ‘preliminary qualifications’ with income, debts, and job history.

One of the questions asked as “Mr Jones, do you pay child support?” to which “Mr Jones” answered “No.” Fast forward a week when the full credit report came in and he was over $30,000 behind in back child support payments. The loan officer called him on the phone and was told the following; “Mr Larsen, you asked me if I PAYED child support, not if I was supposed to pay it. I don’t pay it!” You just can't make this stuff up!

Tell your loan officer the truth (part II). Same question, a couple of years later with a young couple in the loan officer’s office when the following question was posed: “Are you obligated to pay child support?” He nodded yes while she nodded no… Turns out there was a little ‘Mr. buyer’ running around that he failed to disclose to Mrs Buyer… They stepped out into the hall to have a discussion and never came back in... Guess that one should have been titled ‘telling your wife the truth’.. Yikes!

You never know who’s watching… This story took place before the internet when we actually had big thick MLS books that came out biweekly with all of the homes for sale in them. All the info was turned in by the real estate companies but the MLS office took exterior photos of all the homes. One of the agents in the office had taken a client out to lunch whose house he had just listed.

When they got back, the MLS books had just arrived. Don said “Hey Charlie, I think your house should be in this issue.” So they thumbed through the book and lo and behold ‘Charlie’s house’ was in there. Upon further inspection Charlie said “Hey, what’s my boss’s car doing in MY driveway?” Well, you guessed it, turns out Charlie’s wife and boss had a little something going on. Apparently, the boss would make sure "Charlie" was busy on projects in the office for several hours at a time. Busted!

Watch future blogs for more stories about this nutty business. One thing’s for sure, good market or bad, there’s never a dull day in Real Estate!

Bill Swanson is an agent with CBSHome Real Estate, an affiliate of HomeServices and Berkshire Hathaway. For a quick and easy online home evaluation, log onto http://www.billswanson.com/ or give me a call at 402-964-4871.

For more information, email Bill at Bill.Swanson@cbshome.com.

Mellow Yellow

The unanimously elected paint color of 2009 is (drum roll, please)... Yellow!

Experts across the board—from interior designers to paint supply giants—all agree that the warm freshness of yellow is just what our walls need this year.

Expects say that this nurturing, reassuring color will appear in both interior and fashion accessories to spark innovation and inspire optimism during a new time of political and social beginnings. It plays nicely with neutrals to energize any living space.

Use the color sparingly, such as in hallways, stairwells and connector spaces as a transitional color, or on one wall in a room to make a bold statement on a budget.

Changing wall color can feel like a scary commitment, but you can still enjoy the trend when you incorporate the cheer into your decor. Use accent pieces like the ones shown here with this happy hue.

For more information about real estate in your area contact Bill.Swanson@cbshome.com or visit http://www.billswanson.com/.

Move Along Little Doggie

Moving into your new home is very exciting, for your entire family!!

But did you know that introducing your dog into a new home can be incredibly stressful for them? Fortunately, there are a lot of things that we can do to make this transition easier on them, which in the end makes it easier on us!

There are a lot of things that you can do to make the move less stressful on your pet. When moving, if possible, it would be a good idea to leave the dog with a friend they know. This will keep the dog out of your way when you are moving furniture, and decrease the chance that any accidents may happen. You can also leave the dog in the backyard while you move, as long as it is fully fenced and they cannot escape!

Can’t do either? Well then, the ‘least worst’ scenario is to crate your dog while moving the furniture into the home. Make sure the crate is large enough that they can stand up, turn around and lay down comfortably, and be sure to give them access to water and let them outside to ‘do their business’ every few hours. Doors will be left open, items will be dropped, there will be a lot of commotion, and the best way to keep your pet safe during this time is to keep them out of the way!

During the packing process, you can actually plan ahead to make this as smooth a transition as possible for your four legged friend. Instead of trying to cram the packing into one or two days, planning to pack over a longer period of time can reduce the stress on your dog (and probably yourself as well!). Make sure that you pack their water and food bowls, toys, and blankets/beds in a separate box that will be easily accessible once you are at your new home. Dogs do not like change, so the more familiar the setting, the better!

One easy trick is to make sure that they have belongings that smell like you, their people! Having a familiar scent in a strange place can make the transition easier. All you would need to do is put their toys in your laundry hamper for a few days, and they will smell just like you!! And don’t feel embarrassed, this is like the sweet smell of roses for your dog. These are as important to your dog as your child’s teddy bear is to them.

Some other great links for advice on moving with your pet include:

petswelcome.com –find pet friendly hotels

http://www.airanimal.com/ – pet movers for the long distance moves

For more information about moving contact bill.swanson@cbshome.com or visit http://www.billswanson.com/.

Nebraska 49th out of 50 states in foreclosure filings last month!

Stop the presses! This just in!


Only 1 out of every 16,974 housing units in the state of Nebraska had a foreclosure filing in December of 2008. That is 49th in the country!

Well, maybe it's not 'just in' but it is some great news for our local market. These stats are taken from Realtytrac.com, one of the leading national foreclosure tracking websites.


Who's number one? Nevada, where 1 out of every 73 housing units had a foreclosure filing.

The most filings in a state? California with 89,449 filings! Yikes!

Incidentally, our 'homes for sale' is now down to 4,134 residential single family detached homes in our multiple listing system, the lowest in over 2 years!

Does this mean we're 'turning the corner' with our local real estate market? I don't think we can definitively conclude that but there certainly are signs pointing toward a more 'normal' market...

Bill Swanson is an agent with CBSHome Real Estate, an affiliate of HomeServices and Berkshire Hathaway. For a quick and easy online home evaluation, log onto http://www.billswanson.com/ or give me a call at 402-964-4871.

For more information, email Bill at Bill.Swanson@cbshome.com.

Congress Limits Gain Exclusion on the Sale of Some Primary Residences

When Congress passed the Housing Assistance Act of 2008 a few months ago, their goal was to help those people who were losing their homes in foreclosure. One of the side affects of the bill, however, was a change that could effect taxation on the gain from the sale of your personal residence.

IRS law excludes $250,000 of the gain from taxation if you're single, and $500,000 if you're married, when you sell a primary residence you've lived in for at least two years of the last five years. This is so even if a portion of the gain was rolled over into the property in a 1031 exchange transaction.

The new law modifies that rule and penalizes you for time that your property is not your primary residence; you have to prorate the gain between the periods the property was not your primary residence, and the periods that it was. (Your primary residence is the place you live; the address you use on your drivers license; where you're registered to vote, etc.)
The new law only covers those situations where the period when the property was a rental or vacation home falls before it becomes your primary residence. It does not cover situations where it was your residence first, and then became a rental property – this was done so that homeowners who were forced to rent their former residence while they tried to sell it would not be penalized.

As time goes on, we'll have lots of questions about this new law that will have to be answered by court cases or IRS rulings (such as what happens if you build a house on a piece of bare land that you've owned for years?), but my advice is that if you are planning to move into your current rental or vacation property at some point in the future, you should do so as soon possible.

For more information contact bill.swanson@cbshome.com or visit www.billswanson.com.

Why Savvy Consumers Know More Than Just Their Credit Score

Are your personal files favorable? Your credit report and FICO tell only part of the story.

Do you pay your mortgage or rent on time? Are you in good health? It's unlikely you will be asked these questions directly when you apply for a job, loan or insurance. But those in a position to give you credit, health insurance or even a job are asking these questions and more, and answers come from a host of specialty consumer reporting bureaus that know a lot more about you than just your FICO score.

If you don't know what's in your files, it's time to find out. Some simple sleuthing can help you confirm the accuracy of your reports, and put you in the driver's seat when it comes to shopping for personal and financial services.

Start with Your FICO
The “Big Three” national credit bureaus are Experian, TransUnion, and Equifax. These bureaus track your credit history and report a snapshot summary of it in a three-digit score known as your FICO. Higher scores earn you faster loan approval and better interest rates, among other perks.

It's a good idea to request your report at least once a year and check it for accuracy. Contact the credit bureaus immediately with any disputes. If your score is low, consider working with a financial expert to learn what steps you can take to bring the number up.

Access your credit file by contacting:
Equifax: (800) 685-1111
Experian: (888) 397-3742
Trans Union: (800) 916-8800

Beyond the Big Three
Specialty consumer reporting agencies operate much like the credit bureaus, and collect information about you from a variety of sources. Reports can offer detailed descriptions of your medical conditions, check writing history, homeowner and auto insurance claims, tenant history, criminal records and more.

Unfortunately there is no centralized place where you can access every available report, and not everyone has a file in every category. Still, it's good to check, especially if you plan to apply for credit, private insurance, or if you've been the victim of identity theft.

The following are some bureaus that issue reports:

Insurance Claim History:
ChoicePoint CLUE Reports: (866) 312-8076
A-Plus Reports: (800) 627-3487

Medical History:
Medical Information Bureau for Medical History: (866) 692-6901

Resident History:
SafeRent: (888) 333-2413

Checking and Savings Account Reports:
ChexSystems: (800) 428-9623
Shared Check Authorization Network (SCAN): (800) 262-7771

Many consumers are in the dark about information in their credit file and other specialty reports. Don't wait until you've been denied a job, insurance or credit application. Do your homework now because when it comes to background and credit checks, knowledge really is power.

For more information contact bill.swanson@cbshome.com or visit www.billswanson.com.

37% of homeowners did NOT make a mortgage payment on-time last month!

What??? How can that be? Well, it’s all in the numbers. This is a headline similar to nearly all of the news stories we read throughout 2008 regarding our mortgage crisis.

So how in the world can 37% of the nation’s homeowners NOT make an on-time mortgage payment last month? Well, it’s simple. What I haven’t mentioned yet is that according to the US Census Bureau’s American Housing Survey released September of last year, approximately 34% of American Homeowners own their home “free and clear” with no mortgage payment due… Hmmm.

The rest of the puzzle? According to Transunion, the percentage of mortgage payments that were ‘late’ last month was around 4% (which equates to about 3% of homeowners). So there you have it; 34% who made NO mortgage payment (thus the statement is true regarding NOT making an on time mortgage payment… or ANY mortgage payment) plus the other 3% equals 37%.

For years, again according to Transunion, the delinquency rate on mortgages has been about 2%, it just recently increased to 4% in the third quarter of last year. What did we hear? We heard that the delinquency rate DOUBLED. We didn’t hear that 96% of mortgages are being paid on time.

We can all debate as to WHY the news gets reported the way it does, especially in the last eighteen months. I guess it comes down to the old adage; “If it bleeds, it leads”. I firmly believe that the skewed reporting of exactly how ‘bad’ the news really was last year struck fear into all homeowners, and to the detriment of the nation’s real estate industry, all potential home buyers. They reported, people reacted, they reported the reaction, people reacted again. Etc…

It reminds me of a story I heard about an Indian Chief and a local Weather Service office:

The Indian Chief thought that he’d better start preparing for winter so he sent all the braves out to collect wood. As he watched them return laden with timber from the forest he suddenly felt that he ought to check his forecast so he phoned the local weather office."Tell me, is it going to be a bad winter?""Yes" said the forecaster "It will be a bad one"

So the Chief told the braves that they didn't have enough wood and sent them back into the forest again. They returned with more wood but once again the Chief had doubts and he called the forecaster to confirm."It is going to be a really severe winter" replied the forecaster.

The Chief look at the wood supply, decided that more was required and the braves were dispatched back in to forest. The Chief called the forecaster."Are you sure it's going to be a really severe winter""Look" said the forecaster "It’s definitely going to be the worst winter on record - the Indians are gathering wood like crazy!""

Am I naïve enough to really think that if things were reported differently we’d all be holding hands singing Kumbaya? Of course not! Would we still have had a decrease in the number of homes sold last year? Probably but I’d bet it wouldn’t have been near the 16% I spoke about on last Fridays blog (Wowie Zowie Uncle Howie).

For a quick and easy on-line evaluation of your home’s market value, log onto: http://www.billswanson.com/ or email me at Bill.Swanson@cbshome.com.