Fannie Mae has tens of thousands of homes it has to have ready for the market.  I exaggerate when I say “parade ready” because there’s always something when you show a foreclosure – maybe the fresh paint thinly disguises another smell? Or the frayed carpet just is not quite right?

Meanwhile, the cost that Fannie Mae bears to get homes ready to sell is staggering.  According to Real Trends,

Fannie racked up $488 million in the first quarter of this year for holding costs (insurance, taxes, and maintenance); valuation adjustments for changes in market value; gains/loss when the property is sold; legal fees; eviction costs; weatherization so the pipes don’t freeze; cost to secure the property and more.

Fannie doesn’t have a lot of options, since they want (need?) to stabilize neighborhoods so that there is some potential residual value in the home. They don’t want to have the neighborhood go into decline, putting more downward pressure on overall house prices. In 2010, Fannie did “fixes” for 87,000 homes.

The total cost? About $1.8 billion.  That’s some major cash.

The siren’s call of a sweet, low house payment may be irresistible to some, but refinancing is not always in your best interest.

When is it a good time to refinance?  It’s a great time when you plan to stay in the house for a number of years.  Because typically when you refinance, you start over – whether it’s a 10-year, 20-year, or 30-year loan.  If you fear losing your job, then refinancing at a lower house payment could be a really good option.

Also shop around for the best interest rate. According to Bankrate.com,

Apparently my family has never been stylish when it comes to houses in which we live.  From Arizona to Arkansas, Kentucky to Texas, we have lived in our fair share of ranch homes.  Ranch homes have been dubbed the “poor stepchild of American architecture” but I can tell you… wait until you get old and your knees and hips start hurting! You’ll be thanking your lucky stars for the absence of long flights of stairs to climb!

Apartment Therapy also talks about the virtues of ranch-style homes,

…ranch house represented an historical anomoly, a revolutionary departure from America’s long love affair with nostalgic “domestic status symbols” like formal entryways, dormers, gables, pitched roofs and porticos (features so popular in today’s new construction). The ranch, with its single-storied, low slung profile, its open-plan interior, attached garage and large windows conveyed a unique diffidence, informality and lack of pretention.

I’ll keep my ranch house, thank you.

I have been so tempted in the past to buy a timeshare property after hearing lines like,

“Aren’t you worth an annual vacation?”

“Don’t you love each other enough to do this?”

“Spending time with your family is the most important thing for families.”

Almost as bad as, “What will it take to get you to drive a new car today?”  Ay yi yi…

I have an aunt who went all-in for a time share and now owes tens of thousands of dollars for her hundreds of thousands of points.  She only ever goes from Southern Indiana to Nashville.

So what does it take to get rid of a timeshare you no longer want?  WalletPop helps answer that question,

You need to determine whether you have a deeded timeshare or a leased timeshare property. A deeded timeshare bounds you to the contract as an exclusive owner, while the leased timeshare means you are only the owner for a set number of years. If you have a deeded timeshare, you have the option to sell it to someone else. If you have a leased timeshare, you may have to keep paying your annual fees until the lease expires.

There are more really great tips at the site. I’ll forward the link to my aunt now!

Photo by Victor Martinez via flickr creative commons.

Photo by Picture is Unrelated.