Real Estate Information and Real Estate News

Monday, March 3, 2014

3 TIPS FOR EFFECTIVELY STAGING YOUR HOME FOR SALE

As anybody who has ever sold a home knows quite well, it takes a lot more than sticking a For Sale sign in the front yard and hoping that potential buyers will love it as much as you did.

In order to get the best price for your home and pique the interest (and bidding power) of buyers, you need to take some time to stage your home so that it looks and smells - yes, smells - terrific, inviting, and worth every dollar of your asking price.

The following four tips can help home sellers effectively and attractively stage their home:

1. Consider new window treatments

Take a look at the various window coverings in your home and ask yourself if they look new, clean, and in excellent condition.

If the answer to any of these questions is an honest “no,” then consider getting some new window treatments. Home window treatments are available in a variety of textures and colors, and can make a huge difference in the quality of light that enters a room.

2. Upgrade your tile with paint

As HGTV notes, bathrooms have been known to help sell a home, but old and shabby tile will definitely steer potential buyers away faster than you can say “avocado and almond tile.” Because replacing tile can be on the costly side, sellers can repaint them. After coating the tiles with a primer (be sure you purchase one that is marked “high adhesion”), paint the tiles with a ceramic epoxy coating. This relatively easy and low-cost job can really help update the look of the bathroom without having to spend a ton of money on new tile.

3. Tone down an old fireplace

Sure, that brick fireplace in the living or family room looks great during the holidays when it’s festooned with stockings and the various trimmings of the season, but the rest of the year it really doesn’t do much for the look of the room. To lessen its visual impact, try adding a thin coat of paint to the bricks. In order to avoid the mortar, you do have to paint one brick at a time, which can be time-consuming. But the pay-off of painting your fireplace is well worth your patience when you have a new neutral focal point in your room. One additional tip: to make sure the fireplace blends in as much as possible, choose a color that closely matches the surrounding walls.

These are all very simple inexpensive ways to give your home a mini facelift. Talk to your Realtor and come up with a game plan to get your home ready to sell!

Source: http://www.tholco.com/blog/entry/4-tips-for-effectively-staging-your-home-for-sale-

As anybody who has ever sold a home knows quite well, it takes a lot more than sticking a For Sale sign in the front yard and hoping that potential buyers will love it as much as you did. - See more at: http://www.tholco.com/blog/entry/4-tips-for-effectively-staging-your-home-for-sale-#sthash.2qS45Pu8.dpuf

Thursday, February 13, 2014

Now is a Good Time to Invest in Distressed Real Estate

Is Making Money in Short Sales and Foreclosures for You?

If you’re fascinated in investing in real estate but believe the opportunity is gone due to the fact home sales have returned to almost normal levels, think again.

More than 6 million homeowners are still in normal. Another 12 million homeowners remain underwater (they owe the bank more than their home is worth), which means more homes will be coming on the market.

The difference in today’s distressed market as opposed to a few years ago is all about location. Instead of finding foreclosures and short sales across the country, we’re seeing them in pockets. But the excellent news is that these pockets are prime spots for holiday homes or rental properties. A great example is Florida — that has the highest number of underwater properties, defaults, and foreclosures — and tops this list for many folks wanting to live and retire or own a vacation home.

Buying Through Foreclosure Auctions

You’ll find the biggest discounts at foreclosure auctions, but they are also the riskiest. You don’t get to do an inspection and title search, so you don’t really know what you’re getting. Plus, you almost always have to pay the full amount in cash.

Your risk raises, too, because these auctioned homes tend to require more repairs. Former owners often strip their homes of appliances, fixtures, and other features with any value before vacating. Or you will probably find a former owner or tenant that has to be evicted, which can be a pricey legal process.

Also, former owners sometimes competition the foreclosure, which is another legal battle you could face — and lose. So if you’re unskilled with buying foreclosures at auction, working with a experienced lawyer is prudent. However, using auctions as a source to find distressed properties is a good idea.

Using Foreclosure Auctions to Find Opportunities

When you think of foreclosure auctions, you most likely imagine an auctioneer on the courthouse steps. But these days most are done online, which is actually a time-saver — and chance — for you.

Since you don’t have to arrive at the courthouse, you can spend your time researching. Many foreclosure auctions are stopped at the last minute. But many of those same homes gradually come up for sale again. This in-between time is a great chance in which you can contact the owner or his lawyer and see if you could make a deal as a short sale.

Other foreclosures possibilities you can find are bank-owned homes that did not sell at the auction due to the fact no bids were high enough. The bank then becomes the owner. These homes are known as “REO” (real-estate owned).Buying an REO is usually less risky since you should be able to do an inspection and investigation the title, plus you don’t necessarily have to be a cash buyer.

Buying Through a Short Sale

With short sales, the discount is usually smaller but you're negotiating directly with the owner so the property is usually in much better condition. There's less risk of unidentified title and, again, you don’t have to be a cash buyer. But the seller’s bank has to consent to accept less than the amount it’s owed. Getting the bank to agree to a lower price is the frustrating and time-taking part.

But working with a Realtor® who understands how to stay on top of the bank and do it makes all the difference. Look for a Realtor® with the “Short Sales and Foreclosure Resource Certification®” from the National Association of Realtors®. They understand the tricky laws and regulations enacted in the last few years to accomplish short sales (such as the deadline banks must meet to answer to your offer, and which they often ignore) which can mean the difference between getting the home or not.

Don’t limit on your own to short sales listed in the MLS. Check out expired and withdrawn listings. They might have simply been priced too high, but could be charged right today.

Last, but definitely not least, the Mortgage Debt Forgiveness Relief Act, which allows sellers to short sell devoid of having to pay income tax on the amount of the loan their bank forgives, is set to expire at the end of this year. That means we’ll see more sellers attempting to short sell their homes soon. So, now’s an excellent time to pursue short sales.