Aug
13
Creating Curb Appeal For your Florida Home
Posted By: Ramon Rivas on August 13, 2010 at 9:26 pmIf you think back to when you bought your home, what was it that caught your eye? What aspect was it that made you fall in love with it? These are some of the things that you need to feature, and then some. Its important to have “visual hooks” in the front yard. These could be anything from new paint to custom gates to a well manicured lawn or colorful flowerbeds. Anything that you can do to make the home shine is great!
In addition to these ideas, take some time and consider the small things. Is the driveway cracked? If so, then trim up the edges of the lawn (if necessary) and resurface the driveway. This will help to create a welcoming entrance way to your home. Also if there is a deck or porch in the front, its a good idea to redo the wood if it has become weathered. Try to make your home look like it is being featured in a magazine. If everything is top quality and neat and orderly you should be able to maximize the number of viewers and realize a better profit when the sale happens.
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It’s easy to find a real estate agent. Just put a for sale sign in the yard and wait for the phone to ring. The question is, how do you find a GOOD real estate agent? You can start with newspaper.
Pick up the Saturday or Sunday paper – whichever day they have all the homes for sale in your area. You can also collect a few real estate guides to look through. Browse the listings to find properties similar to yours. If you are selling a cabin, you want to look for cabins for sale. If you are selling a lakefront mansion, look for those.
When you find similar properties, note the names and numbers of the agents that are selling them. The idea here is to find a real estate agent that has experience with your type of property. An agent that has all the million dollar homes may not be the best to sell your mobile home, for example. You want agents that have sold or are selling several properties like yours.
What To Ask A Real Estate Agent
1. When you call the agents – and it’s best to call several – you want to verify that they do have experience selling properties like yours. Ask for examples.
2. Ask what they do to market a property. Any agent can place an ad and put your home in the multiple listings. Do they have existing leads – people looking for properties like yours? Do they let other agents know about your property?
3. Do they show their listings very often? Many agents just list real estate for sale and let others sell it for them. It’s more profitable for them, but not for you. If they are a good salesperson, you want them to be going through the house with potential buyers.
4. Do they do their own closings? Again, it may be better for them to delegate this part of the process, but it isn’t better for you. You want the same person to be there through the whole process. You want one person to call. Things go wrong all the time in real estate, so don’t complicate it further by having more people involved.
Most real estate agents will probably argue these points. That’s okay, but be aware that there are other things they won’t tell you too. For example, did you know that open houses are primarily a prospecting tool for real estate agents? In fact, new agents (not the listing agent) are often given the job of hosting your open house, so they can find buyers to work with. It isn’t expected that they will sell your house in the process.
Also understand that when you see ads for homes for sale, and they don’t have prices, it is a prospecting technique. When that buyer looking for a $100,000 home calls on your $300,000 home, the agent isn’t going to make him able to afford your home. The whole point was to get him to call so he could sell him ANY home. Meanwhile, other potential buyers for your home skipped over the ad – there are enough homes WITH prices to look at (insist that ads for your property have the price listed).
Trust your intuition when choosing an agent. If you don’t feel comfortable with an agent, it’s possible potential buyers won’t either. And ask the right questions. You don’t just want to find a real estate agent you like. You want to find the right agent for your property.
Jun
13First Time Homebuyers: 5 Reasons to Examine Short Sales
Posted By: Ramon Rivas on June 13, 2010 at 5:23 amAre you looking to become a first-time homeowner? If so, you may turn to foreclosures to save money. Unfortunately, foreclosure auctions are often jam packed full of professional investors. Yes, you can still try to buy a home in foreclosure, but the best option is to opt for a foreclosure short sale instead.
A foreclosure short sale is when the borrower and the lender agree to quickly sell the home. It is used as an alternative to foreclosure. To avoid poor credit markings and to avoid lengthy and costly foreclosure proceedings, both parties usually agree to a short sale. To quickly sell the home, its price is greatly reduced. Some mortgage lenders do take the home’s appraised value into consideration, but others opt for an amount near or smaller than the outstanding amount due on the mortgage.
So, why should you, as a hopeful first-time homeowner, target foreclosure short sales?
1 – Wide Range of properties Available for Sale
It is most common to see single-family homes offered for sale via a short sale. With that said, you never know. Landlords are also struggling with the poor economy. Some are making poor financial choices and others are stuck with non-paying tenants. Not only can you find single-family homes for sale via short sales, but multi-family homes too. If you not only want to own a home, but profit too, live in one of the apartment and rent the other.
2 – Cheap properties
As previously stated, foreclosure short sales are an alternative to foreclosures. Mortgage lenders have accepted the fact the borrowers cannot and will not pay them. Instead of taking a total lost and spending months and thousands of dollars in foreclosure proceedings, they agree to a short sale. In doing so, they are willing to take a small loss. This results in cheap properties for you.
Yes, short sale properties are sold at a reduced rate, but be cautious of those sold through deceitful lenders or real estate agents. They try to up the price and make more money. Before agreeing to a foreclosure short sale, compare the selling price with the home’s appraised value. It should be less.
3 – Typically Well-Kept Homes
Borrowers who approach their lender for a short sale are responsible individuals. They have just fallen on hard times. They are concerned with the short-term and long-term financial impacts of foreclosure. These individuals care, unlike those who sit in a home that they cannot afford waiting for an eviction notice. What does this mean for you? It typically means a well-kept home.
Those who opt for foreclosure short sales care about themselves, their reputation, and take pride in their home. They just can’t afford it any longer. These individuals take care of the property. On the other hand, it is not uncommon for those who receive an eviction notice during foreclosure to become unruly and even damage the property. In this instance, it means costly repairs.
4 – Can Profit Later
If you are a hopeful first-time homeowner, your goal is to find an affordable home, not make a profit. With that said, don’t forget about the long-term aspect. In five or ten years, you may wish to buy a new home or relocate across the country. This involves a home sale. If you only paid $100,000 for a home valued at $200,000, you automatically make a profit. Throughout the years of owning and living in the home, upgrades are likely. These upgrades will only increase the home’s value, meaning more profit for you.
5 – Bargaining Power
If you are in good financial standing, have the ability to obtain financing, or have the needed financial resourced on hand, you are in a good position to bargain. If you know the property is being sold as a short sale, research the home’s appraised value. This should be on file with the mortgage lender, real estate agent, and should be public record. If you aren’t getting what you deem to be a good deal, bargain. If dealing directly with the mortgage lender, ask about obtaining financing through them. This result in a continuing relationship. If you have the needed financial resources on hand, state your price and offer to make payment right then and there.
If you are looking to profit from the poor real estate market and the large number of foreclosed homes across the country, there is one important thing you must know. You do not need to wait until foreclosure proceedings start. Yes, you can get amazing deals on foreclosed properties, but there are other options too. These include foreclosure short sales and deeply discounted for sale by owner properties.
foreclosure short sales occur when the homeowners or current home occupants cannot pay their mortgage. There is no foreseeable solution in the near future. They will lose their home. It is honestly just a matter of when. To save their credit score and to avoid costly and lengthy foreclosure proceedings for the mortgage lender, a short sale is decided on. The mortgage lender agrees to sell for less than the outstanding mortgage debt. The lender will take a loss, but they still get some of their money and avoid foreclosure proceedings.
For sale by owner sales are often last minute attempts to avoid foreclosure by the delinquent borrower alone. Sometimes, the mortgage lender refused a short sale.
Unfortunately, it isn’t always easy to find soon-to-be foreclosed homes for sale. In some cases, they are risky. You need to target homeowners who have reached the point of no return. There are many steps for homeowners to avoid foreclosure. You need to familiarize yourself with these steps to save yourself time.
Loan reinstatement. With today’s economy, many individuals are finding themselves in the unemployment line. In some areas of the United States, it is difficult to find a job. It can take a year or more. In other areas, an unemployed person can find a job and be working in as little as a few weeks or months. Don’t avoid, but proceed with caution with individuals who are only facing temporary hardships. When dealing with for sale by owner homes, the owner can change their mind at any time before the final closing. If the current home occupant finds employment or gets their mortgage lender to work with them during these tough, but temporary times, you may be left out in the cold.
Loan modification. This shouldn’t be a major issue for you as a potential homebuyer. Most homeowners approach lenders with this option right from the start. A loan modification involves readjusting the interest rate, the monthly payments, or the overall term of the loan. Many homeowners, unless unemployed, can save their homes from foreclosure with loan modifications. If you want to do a good deed, offer the suggestion. If you want to make a profit, keep this to yourself. After all, the homeowner should already know about loan modifications. If not, it is their loss and your gain.
foreclosure short sales. As previously stated, the decision to short sell is made by the mortgage lender and in agreement with the current homeowner or occupants. This is considered a last ditch attempt to avoid foreclosure. In most cases, short sales are a great way to profit from the real estate market. You must proceed with caution though. If a new homeowner just acquired a mortgage within the last year, they owe a significant amount on their mortgage. Always compare the home’s appraised value with the short sale selling price. Homes can depreciate. Remember your goal is to get a good deal and possibly resell for a profit.
For sale by owner properties. As with foreclosure short sales, proceed with caution with for sale by owner properties. You will always find homeowners who want to turn a profit. This means selling a home for more than it is worth. If you know the home is near foreclosure, use this as a bargaining tool. Those who are truly interested in avoiding foreclosure and protecting their credit will sell the home at a fair price. Aim for the outstanding amount on their mortgage, plus a small amount for first and last months rent at a new apartment.
As you can see, there are ways that a homeowner can avoid foreclosure. Use these steps to your advantage. Save time and money by opting for those who have reached the point of no return. If they don’t sell their home, foreclosure right around the corner.
