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Virtual Real Estate Store

December 2000

America's Real Estate Superstore

What To Do When The
Lender Says No

     You've applied for the mortgage loan, but the lender says you just don't qualify. Can anything be done? You bet! Let's identify steps you can take to turn a lender's no into a go toward your dream home.
      First of all, don't take the rejection personally. Even though this is more easily said than done, it might be that the lender is being overly restrictive in underwriting guidelines, or prefers to make only certain types of loans.
      The lender's goal is to lend money, but sometimes the lender-borrower fit just doesn't work. Since both parties have a

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Mortgage Rates

U.S. daily averages as of November 30, 2000:

30 yr. fixed:   7.32%
15 yr. fixed:   7.02%
1 yr. adj:        6.95%
30 yr. jumbo:  7.74%

Source: Bank Rate Monitor

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certain amount of time, energy and money wrapped up in this relationship, analyze the situation with the following questions:

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Retiring Baby Boomers' Home Equity Under Valued

     Here's reason to give thanks: Home equity could provide some savings-poor baby boomers with an unexpected soft landing when they retire.
      Studies that chide spend-thrift baby boomers for squandering retirement savings often overlook the generation's hefty stake in home equity -- especially older boomers who are nearest retirement.
      Baby boomers aged 36 to 54 years old, were born from 1946 to 1964 and comprise a large generation of American's born during the 18 years following World War II.
      In the past decade older baby boomers and older home owners have seen their equity increase 3.4 percent to 6.5 percent, according to A "While Home Ownership Rises, Home Equity Stagnates", a recent Consumer Federation of America report that focused on equity losses among younger home owners.
      The figures are likely much higher for older home owners in hot markets like California where home values have more than doubled during the same period.
      The study said younger boomers, those aged 54 and younger, suffered equity declines from 7.1 to 13.8 percent,

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How America Got Its First Christmas Tree

     Christmas trees now sparkle in millions of homes, but did you ever wonder how the tradition began? No doubt there are several stories regarding the start of this custom, and here's one I'd like to pass along.
      "It's now been more than 150 years since Professor Charles Minnigerode decorated Williamsburg's first Christmas tree," says Robert C. Wilburn, president of the Colonial Williamsburg Foundation.
      "A German native, the College of William and Mary professor brought the festive tradition with him to the United States. When Nathaniel Beverley Tucker invited Professor Minnigerode to celebrate the holiday season at the St. George Tucker House, he trimmed a tree with candles and fancy paper decoration as a present for Tucker's children."
      Beverley Randolph Tucker, a descendant, says that "regular sized candles were cut down and fastened on the tree, nuts were gilded , and other ornaments made. Presents were probably not distributed at this time, but there were songs, games, and refreshments." (Tales of the Tuckers, 1942).
      From that humble beginning (and likely similar celebrations with other German immigrants), evolved what is now an American tradition observed in millions of homes.
      As to the St. George Tucker house, it was donated to Williamsburg in 1993 after more than 200 years of family

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Counteroffers: What Sellers Need to Know

     You've found a buyer and she's made an offer. But the offer is not quite what you were looking for, so you make a counteroffer back to the buyer. A good idea? Perhaps. But to be a strong, in-control seller, it's imperative that you understand the good, the bad, and the potentially ugly regarding counteroffers. Let's explore what a counteroffer is, how it works, and how you can use it to best advantage.
When counteroffers occur:
      Counteroffers are replies to original offers (as the name implies). Just like making a verbal counter-point to another person's statement, the counteroffer is a response to an original offer. For example, the buyer asks that you leave the washer and the dryer with the house. You decline and counter back to the buyer with the washer and dryer marked off of the personal property section of the contract. You have made a counteroffer.
Counteroffer snafu:
      It sounds simple. But there's one twist. A counter offer is an entirely new

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Daily News and Advice

Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.

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