Ty Lacroix: January 2010

Where do you stand if some one defaults on a mortgage that they still can afford to pay, but choose not to, because their property value has dropped way below the amount of their mortgage?

Jeffery L. Seglin, a professor at Emerson College in Boston who teaches ethics was posed this question and in turn his reply was twofold.

A mortgage agreement is not a promise to do one of two things, either to make the payments or to give up the house. It's a promise to make the payments, period. Giving up the house to a bank is a penalty  for not keeping the promise, not one option within the promise.

If a homeowner cannot afford to make payments on their mortgage and cannot sell their house at a price that will yield enough cash to pay off the mortgage so that they can move on, they are left with no choice but to default on the mortgage and turn over the house to the bank. From an ethical standpoint, there is nothing wrong with this.

Every mortgage comes with the risk the value of the home may go down during the course of the mortgage, and the homeowner knows that going in. The homeowner promised to make the payments, in return for which the bank advanced the purchased price. The bank has lived up to its end of the bargain and I think the right thing to do is if the homeowner can afford to make the payments is to live up to their end!

Do you find yourself getting that urge to drop-into Open Houses, even when you're busy?  You're not alone.  Many homeowners visit open houses to get design ideas, or to see how their home compares to the neighborhood.

 But if you find yourself attracted to Open Houses frequently, you might want to ask yourself "why."   You might just find that, even though you're happy with your current home, you might be subconsciously searching for your dream home.  Perhaps you want a bigger yard.  A quieter street.  A gourmet kitchen. A new neighbour or get away from one?

 Whatever the reason, I can help. I can get you daily updates on the newest homes on the market, and there's never any pressure when working with me. I'll prove to you that we are not like every body else, we can make a difference by standing out!  Even if you're just "thinking" and want to know what's "out there," call me at 519-435-1600

In this guide you will find pictures of condos that are representative of the different condo styles you will find in London Ontario.  This guide also includes a helpful link to a map outlining the city and city information and  phone numbers. School boards, utilities and much much more.

The condos each have descriptions and a price range. The current prices range as follows:

   A= UNDER $100,000

   B= $100,000 - $150,000

   C= $150,000 - $200,000

   D= $200,000 - $275,000

   E&F= Over $275,000

To receive this valuable free report go to www.condosinlondon.com

 You can also receive upon request, information on selected neighbourhoods or condo style. After viewing this information, if you would like to look at any of these homes or have any questions, I can be reached at 519-435-1600.

Your Guide To London Ontario House Prices and London area Real Estate!

In this guide you will find pictures of properties that are representative of the different house styles you will find in London. This guide also includes a helpful map outlining the city and some community information and numbers, such as schools, utilities and more.The properties each have descriptions and a price range.  The current prices are as follows:

 A= up to $150,000

 B= $150,000 - $200,000

C= $200,000 - $250,000

D= $250,000 - $300,000                

 E= $300,000 - $400,000

F= $400,000 - $500,000

G= $500,000 and up

To receive this free report go to http://www.enveloperealestate.com/HomesAuthenticated.aspx?tabid=1161919

 After viewing this information, if you would like to look at houses or condos in London or have any questions, you can reach us at 519-435-1600 or by email at info@enveloperealestate.com           

Welcome to Rembrandt River West, an elegant and upscale community in North West London.

This Delaware Builders Show home is a bungalow with1352 square feet on the main floor and has a finished basement.Oak Hardwood flooring in foyer, main hall, great room and dining room. Ceramic flooring in kitchen and bathrooms.  Upgraded carpet in master bedroom and second bedroom/den on main floor. Master bedroom has a walk in closet with shelving, the ensuite has a jet tub and a separate shower with a quartz countertop.
Maple kitchen cabinets with quartz countertop. Basement is finished with electric fireplace, 3 pc bath, french door and quality carpet.


River west is minutes to downtown London, 4 golf courses minutes away, 2  conservation areas are near by and close to great shopping in Oakridge,

8 bungalow condos for sale, starting from $273,755 and 5 where you can pick finishes and colours. Open 7 days a week 1-4 PM and other times by appointment only.

  Generally speaking, there are two ways to go about home improvements.  You're either going to splurge on your home because it's your palace and you simply want a beautiful place to live, OR, you're going to take a more logical, pragmatic approach designed to increase your home's value. Problem is, you'll never achieve both.   In fact, many homeowners expose themselves to the very problems they're trying to avoid in the process of home fix-ups.

     Take Carol and Tom Jenkins, who four years ago purchased a home for $190,000.  Since buying their home, they've spent over $60,000 fixing it up and making it the "perfect" place to live.  A few months ago, they put the home on the market at $270,000.   The best offer they received was only $235,000.  Their mistake?  Spending money on amenities and features that was ancillary to the value of the home. 

     Just because you spend $30,000 on the fix-up of your home doesn't mean you're going to get it out when you sell.  It doesn't automatically make your home worth $30,000 more.  And that's exactly why you need to know which fix-ups pay off big, and which ones will cost you potentially thousands of dollars. 

    There's no question about it, getting top dollar out of your home can be tricky.  One false move can cost you thousands. That's why I created a proprietary program meant specifically for homeowners looking for a fast, top dollar sale. Call me at 519-435-1600 and ask about my Home Seller Fix-up report that will get you a great return on your renovation and a Free Home Audit.

LondonWorks in London, Ontario, Canada

London is a dynamic community with a solid foundation of diverse business and industry sectors.  We welcome employers, workers and jobseekers and are pleased to provide you with access to information that will help you succeed in our community. 

This website reflects the London Economic Development Corporation's (LEDC's ) acknowledgement and commitment to the importance of workforce for a flourishing economy.   The workforce initiatives of the LEDC work to ensure a sufficient and appropriately skilled workforce is in place to support new business investments by companies wishing to locate in the London area and by businesses already located here.

LondonWorks is your key link to workforce information for London and area for both employers and jobseekers.

Go to  http://www.londonworks.ca/home/   and see how LondonWorks can help you.

LondonWorks is a workforce initiative of the

    Shopping for a home is an emotional experience. It's also time consuming and comes with a myriad of details. Some buyers, (and their sales person), however, caught up in the excitement of buying a home tend to overlook some items. Their home purchase then turns into an expensive process! These errors generally fall into three areas:

• Paying too much
• Losing a dream home to another buyer
• Buying the wrong home

 When you have a systematic plan before you shop, you'll be sure to avoid these costly errors. Here are some tips on making the most of your home purchase.

 Bidding without sufficient information  What price do you offer a seller? Is the seller's asking price too high? Is it a deal? Without research on the market and comparable homes, you basically are bidding blind.

 A professional REALTOR® who represents you, the buyer, can offer an unbiased opinion on the value of a home, based on market conditions, condition of the home and neighborhood. Without this knowledge, you could easily bid too much, or worse, miss out on a great buying opportunity.

Buying the wrong home What are you looking for in a home? A simple enough question, but the answer can be quite complex. More than one buyer has been swept up in the emotion and excitement of the buying process only to find themselves the owner of a home that is either too big or too small. Perhaps they didn't consider the drive to work, the distance to school or the many fix-ups that they really want to deal with now that the excitement has died down.

Take the time now, to clearly define your wants and needs, discuss these wants and needs with your  REALTOR® put it in writing and use them as a yardstick with which to measure every home you look at.

 Unclear title:    Before you sign any documents, be sure the property you are considering is free of all encumbrances. A good realtor will ensure that he has enclosed clauses to protect you. The last thing you want to discover before you move in is that there are tax liens, debts, undisclosed owners, leases, contracts or easements

 Unexpected repairs   Don't expect every seller to disclose every physical detail that will need to be attended to. Use a professional home inspector to conduct a thorough inspection of the home, before you close the deal. A good REALTOR®  will enclose a home inspection clause in the offer and only if the inspection report is suitable to you, would you waive that condition. (See my report: "The Role of a Home Inspector") 

Hidden Costs   Make sure you identify and uncover all costs-large and small- far enough ahead of time. A good buyer's agent will discuss this with you, and you should discuss all fees and costs with your lender, your lawyer and any other professional you may use. (See my reports;"The role of a lawyer", "The role of a lender")

Rushing the Closing   Take your time during this critical part of the process. Do you understand your mortgage details? Has any thing been forgotten? Does the paperwork and documentation reflect your understanding of the transaction? Will your buyer agent take you through your planned house 2-3 days before closing? (To ensure that there is no unusual changes in the condition of the home, that what is supposed to stay-stays)  I, or my client and I, go through the property before closing to make sure that what we have bought 30 to 60 days ago is still the same.

Can you now see why it is very important to have an experienced, knowledgeable and trusting REALTOR® to help you?  Why not see for yourself. My thorough systematic approach to real estate buying and selling, it can save you time, money and frustration!

Over 70 percent of homes in the United States and Canada are underinsured.  And, of those homes, 70 percent are underinsured by at least 30 percent.  This is a major problem!  The confusion between market value and replacement value is where many of these problems originate. 

  Many people base their insurance coverage on the market value of their home.  Market value is what a buyer will pay for your property, but this is irrelevant if your home is destroyed.  What you should really be basing your coverage on is replacement value.  This is much more complicated to compute. 

When computing replacement value you must figure in all of the costs of rebuilding your home.  This is often 20-30 percent more than new construction because of the added demolition and removal costs. 

Once the land has been cleared, you will need to add the cost of actually building your home by multiplying the square footage by the average cost per square foot.  You can find out average square footage costs from your local builder's association or your favorite REALTOR®.

 Then, you need to add in additional money for upgrades and improvements that you have made.  Also, check your local building codes because changes in codes since your original home was built can cost a bundle when rebuilding. 

 In some cases, it may cost even more to rebuild your home than the market value.  This is often the case in run-down areas where land values have fallen.  In any case, don't just base your homeowner's coverage on the lender's requirements.  These often only cover the mortgage balance leaving you with nothing. 

If you are thinking of selling or buying soon, and require competent and caring facts, not opinions,  call me at 519-435-1600

 Are you getting ready to sell your home, but don't fully understand how the asking price is determined?

   There are a number of ways to determine a home's value.  The first item is to disregard your view of your home's worth and start considering what it is worth to a prospective buyer.  Chances are you have invested a lot of time and money into fixing up your house to be the perfect home.  A buyer doesn't share your memories or care about your financial situation.  A buyer cares about the value of the home in their lives.

       The second item to consider is the comparative market analysis (CMA).  This tool allows you to see what other similar homes have sold for in your area.  Be sure to ask why certain homes were included on the CMA while others were not.  The CMA is often a good tool to use to determine your beginning asking price. 

 Consider going to open houses in your area to learn how other homes compare to yours.  Remember to look at other homes with the impartial eye of a buyer, not from the view of a current homeowner looking to sell.

  Using the price per square foot formula is a good way to compare your home to others.  This should not be the only determinant, but it can be helpful in setting a fair asking price.

 Is it a seller's market? A buyer's market? Do you have to sell? I have a 60 point valuation chart that addresses these questions and in turn will enable you to value your home and obtain a price that could exceed your expectations.

If you have 52 minutes to invest in learning the way to price your home, I can be reached at 519-435-1600.