Price it right! Yes, this explosive term means a lot when you are getting ready to list your house for sale. Arriving at the right price is no sales secret to ensure a successful sale. Pricing your home too high increases the chances that the home may not sell within a designated time frame. Although you may have tastefully decorated or extensively renovated your home to your lifestyle, some buyers may not see the home as a place they can call home. Consider that your improvements may or may not have an effect on the market value of the home. In fact, personalized decorating can even slow down the activity unless the style appeals to a wider population. Real estate agents are now able to upload multiple photos, virtual tours, property banners and headlines of your property features. And, buyers can sit at home in their PJ’s to preview your property. To price it right, the sales price must be based on several factors: • Size of the house and its special features and … [Read more...]
Home Staging
Home staging prepares a home to sell while maximizing the home’s appeal to potential buyers. It can be considered a form of advertising, i.e., the process highlights a home’s positive features while minimizing any negatives. Statistically speaking, Home Staging has proven to be an effective marketing tool to sell a home faster and at top market value. There are many benefits to sellers to stage their homes. Obtaining the best sales price is one benefit that’s at the top of the list when presenting Home Staging to sellers. Just imagine how the Home Staging process can increase your final sales price. We know that a buyer’s emotions play a big role in their decision to purchase a particular home. Besides, sellers can write off the fees from the Home Staging services as an “Advertising Fee” which can influence a seller’s capital gain or loss on a property that has been sold. Staged homes look better than non-staged homes in the same price range and neighborhood. In addition, … [Read more...]
Short Sale Programs
Short Sale programs like the Home Affordable Foreclosure Alternatives (HAFA) is a federal government program to help homeowners who cannot afford to pay their mortgages....want to avoid foreclosure..... and have exhausted all other loan modification options. The homeowner must meet certain hardship eligibility criteria, e.g., a divorce, loss of job, death of spouse or change in household income. Short sale programs allows homeowners to sell their home as a short sale or in layman’s terms -- selling the home for less than the outstanding mortgage balance. The lender will settle any outstanding mortgage debt and offer homeowners other benefits. Depending on the mortgage lender, these benefits could include relocation assistance up to $3,000 to those homeowners who must vacate after completing the HAFA short sale or a deed-in-lieu of foreclosure. Depending on your mortgage lender you may be entitled to other incentives that are available to eligible homeowners. The best time to … [Read more...]
Foreclosure Process
Foreclosure Process: How State Laws Vary Foreclosure is a complicated, multi-step process—and each states handles it differently. Read Visit houselogic.com for more articles like this. Copyright 2013 NATIONAL ASSOCIATION OF REALTORS® … [Read more...]
Facing Foreclosure
Facing Foreclosure: What to Do Right Now If you’re facing foreclosure, don’t panic: Take steps right now to save your home or at least lessen the blow of its loss. Read Visit houselogic.com for more articles like this. Copyright 2013 NATIONAL ASSOCIATION OF REALTORS® … [Read more...]
What does Homeowners Insurance Cover?
What Does Homeowners Insurance Cover? You’d be surprised at what your homeowners insurance policy does not cover. The attached link wil provide insight into what does homeowners insurance cover....Facts you should know about homeowners insureance. Here’s what is and is not covered by your insurance. Read What does your homeowners insurance cover? The short answer is: “A basic homeowners insurance policy (called HO-1 in insurance lingo) covers your home and possessions if they’re damaged or destroyed by these things:Read more: http://www.houselogic.com/home-advice/disaster-insurance/what-does-homeowners-insurance-cover/#ixzz2ZQdo9Wd8 Visit houselogic.com for more articles like this. Copyright 2013 NATIONAL ASSOCIATION OF REALTORS® … [Read more...]
Home Equity Line of Credit (HELOC)
What to Do if Your Lender Cuts Off Your HELOC Read A home equity line of credit lets you borrow money as you need it can be a great way to pay for a remodeling project or an education — unless the lender cuts off your line in the middle of a home improvement or when your kid is only halfway through college. When a Lender Can Close Your Credit Line Although you may have paid hundreds of dollars in fees to open your home equity line, chances are the fine print says the bank doesn’t need your permission to freeze, reduce, or shut down your line if: Read more: http://www.houselogic.com/home-advice/equity-loans/home-equity-line-of-credit-shut-down/#ixzz2ZQWu4U3O Read more: http://www.houselogic.com/home-advice/equity-loans/home-equity-line-of-credit-shut-down/#ixzz2ZQTmEelM Visit houselogic.com for more articles like this. Copyright 2013 NATIONAL ASSOCIATION OF REALTORS® … [Read more...]
Listing Agent’s Job
In addition, to advertising and marketing your property features to the world...... Your listing agent’s job is to work with cooperating agents (selling agent) to secure a purchase offer contract that will net the seller the highest return on their investment ……and one that will settle without delay. This means that from the onset your listing agent must do their due diligence in facilitating the purchase offer contract by ensuring receipt of a buyer’s pre-approval letter from the prospective lender upon receipt of the contract package. The listing agent should contact the buyer’s loan officer to determine if the buyer is qualified to purchase your home (before you sign the purchase offer contract), and if the buyer is solid financially to secure a final loan approval according to the terms in the contract. It’s the listing agent’s job to confirm receipt of a pre-approval letter from the buyer’s lender and any additional supporting documentation to verify the buyers’ ability to … [Read more...]
Streamlined Loan Modification
Freddie Mac has announced a Streamlined Loan Modification that should provide an efficient way for borrowers to avoid foreclosure and remain in their home. The Freddie Mac Streamlined Modification program is a temporary initiative that provides severely delinquent, eligible borrowers an opportunity to avoid further stages of delinquency quickly and without documentation. The Streamlined Loan Modification enables Freddie Mac Servicers to modify a borrower’s mortgage by adjusting interest rates, extending payment terms to 40 years, and providing principal forbearance for certain underwater borrowers. Some of the key features of the Streamlined Loan Modification include the same terms as the Freddie Mac Standard Modification program. Freddie Mac introduced an alternative to foreclosure that targets severely delinquent borrowers and eliminates the requirement for borrowers to submit a Borrower Response Package. The Streamlined Loan Modification offers a trial period plan in … [Read more...]
Short Sale or Foreclosure
Deciding to sell your home as a Short Sale or Foreclosure is an important consideration that most sellers never think about discussing with their mortgage lender and/or real estate agent. Not sure why most sellers do not pursue a short sale in lieu of a foreclosure, especially if they have a desire of owning another home in the future. So, with that said, here is a brief synopsis of the difference between the two. 1) In a short sale, the bank approves the sale of the property to a new buyer at a mutually agreed upon price. Usually, this price is determined after a seller has requested a short sale package and started the short sale process. The bank will order an informal appraisal through an agent or appraiser called a Broker Price Opinion (BPO) to determine the new market value. After the market value and terms of sale are determined by the bank, your agent can then list and market the property for sale. Selling short may allow the unpaid balance of your loan(s) to be … [Read more...]