Thinking about selling a home with tenants still living inside – A condo or a house you have rented out for some additional revenue? If so, you're likely trying to discern how to best inform the current tenants and conduct the sales process in a way that works well for all of the parties involved. In today's blog post we'll explore how to sell your home while you're renting it out to tenants and share three tips that can make the process a bit easier. #1: Review Local Laws and Your Tenancy Agreement First, you'll want to break out your tenancy agreement and download any state, provincial or municipal laws that apply to landlord-tenant relations. Selling a home with renters living in it can result in a number of sticky situations. You'll want to ensure that you conduct yourself in accordance with the rule of law in your local area or you may end up in court if the process goes sour. #2: Communication is a Vital Part of the Process Next, you'll need to … [Read more...]
How Home Equity Works – Buying a Home can be Your Best Investment
How home equity works - buying a home can be your best investment... When delving into the world of real estate and investment property, there are many terms that will come up that require further explanation. Whether you've never heard the phrase 'home equity' before or you have a little familiarity, here are the ins and out of what it means and how this asset can help your financial outlook. All About Home Equity Essentially, home equity refers to your portion of the value of your home. The dollar amount of this figure is important because it is included among your assets when determining your net worth. If this sounds confusing, think of it this way: if you have completely paid off the cost of your home, the value of your home equity is this total amount. Of course, because most people seek a lender to borrow money from when they purchase a home, their home equity would consist of their down payment and whatever amount they've paid down on the mortgage since … [Read more...]
Home Modifications that can Lessen Your Home’s Value
Home modifications that can lessen your home’s value - Renovations to Avoid: Whether or not you've been thinking about selling your house for a while, there's a good chance you've heard the buzzword 'renovation' and considered how it can positively impact the value of your home. From upgrading your kitchen to painting, there are plenty of renovations that will do wonders in terms of your property's price on the market. There are a few modifications that can actually have the opposite effect so you'll want to be leery of the following fix-ups Cool Colored Tile If, at some point, you installed a bunch of brightly colored tile into your living room or kitchen to add a bit more life to your home, it's possible this is the type of renovation you may come to regret upon resale. Often times, when it comes to purchasing a home, buyers will be looking for something they won't have to renovate right off the bat, so a flashy feature can have a marked effect on the selling potential of your … [Read more...]
Homes Sell Faster When Marketed as ‘Coming Soon’ First”
"Homes Sell Faster When Marketed as 'Coming Soon' First" - Research indicates that properties marketed as "coming soon" before being listed on the MLS generally sell faster. Amanda McMillan of Chicago-based @properties says the strategy "creates excitement so that when we do list [on the MLS], we hit with a bigger bang. People are reaching out to us, trying to get in earlier." According to off MLS CEO Bob Safranski, 173 Chicago homes posted first on off MLS and then later on the local MLS spent 28 days on average as "active" in the local MLS before going under contract, compared to an average of 42 days for homes in the same ZIP codes that were not posted on off MLS first. He says the analysis offers "compelling ... evidence of the value of pre-MLS marketing on off MLS." However, agents in Chicago and other markets must obtain written permission from sellers to withhold listings from the local MLS for longer than a certain amount of time after a listing contract is … [Read more...]
Making Home Affordable (MHA) Program
WHAT IS MAKING HOME AFFORDABLE (MHA) ALL ABOUT? Making Home Affordable (MHA) Program is a critical part of the Administration's broad strategy to help homeowners avoid foreclosure and stabilize the nation's housing market. Eligible homeowners can lower their monthly mortgage payments and get into more stable loans at today's low interest rates. And for those homeowners for whom ownership is no longer affordable or desirable, the program can provide a way out that avoids foreclosure. There are also options for unemployed homeowners and homeowners who owe more than their homes are worth. ABOUT SERVICERS HOME AFFORDABLE REFINANCE PROGRAM (HARP) I'm current on my mortgage. Is it possible to refinance my loan under HARP? Yes. Eligible homeowners, who are current on their mortgages but have been unable to take advantage of lower interest rates because their homes have decreased in value, may have the opportunity to refinance. Through HARP, Fannie Mae and … [Read more...]
Helping Military Veterans and Active Duty Military Buy a Home
Helping Military Veterans and Active Duty Military buy a home has gotten a bit easier. Now, CDA offers the Maryland Home front program which provides military veterans and active duty military with a special interest rate discount of 0.25% for a 30-year, fixed rate mortgage. This program can also be used in combination with the $5,000 plus or more down payment and closing cost monies that are offered through the program. A refresher course on CDA loans...if you have not owned a home in the past three years in the State of Maryland - there is an EXCELLENT chance that you will be eligible for down payment monies and/or closing cost help of $5,000 at a MINIMUM. And even if you have owned a home in the past three years there are targeted areas where you can buy again without the 3 year wait. For example - the entire City of Baltimore is classified as targeted so anyone can get $5,000 CDA down payment monies and or closing cost help as long as they don't own any other … [Read more...]
Selling Home
Home Upgrades with the Lowest ROI File these six upgrades under wish fulfillment, not value investment. Read 7 Smart Strategies for Kitchen Remodeling Follow these seven strategies to get the most financial gain on your kitchen remodel. Read 10 Inside Tips From a Designer Who Specializes in Small Baths A New York City designer shares secrets to making a small bath both functional and beautiful. Read How to Pick Paint Colors Paint has remodeling power when you use it to emphasize a room’s best features or play down the flaws. Read Smart Options: Basement Flooring Keeping your basement dry and free of condensation is key to installing the basement flooring of your choice. Read Visit houselogic.com for more articles like this. Copyright 2014 NATIONAL ASSOCIATION OF REALTORS® … [Read more...]