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Monday, September 16, 2013
Saturday, September 14, 2013
Tips For Buying A Foreclosed Home
Tips For Buying A Foreclosed Home
Homebuyers in the market for a deal on their dream home need two things: lots of patience and the stomach to do battle with investors. Any home that is in a decent area and priced right is facing keen competition in today's market.
Homebuyers in the market for a foreclosure need those qualities tenfold. Buying a foreclosure is a lengthy process, and, although most investors prefer pre-foreclosure sales and auctions, you will face your share of competition for bank-owned homes.
Let's take a look at some foreclosure-buying options and how to participate.
Buying a Foreclosure at Auction
Homes that are sold at auction, typically carried out at the county courthouse, are those that homeowners have lost because they failed to bring the mortgage current during the reinstatement period.
The lender's representative, known as the trustee, will be on hand to receive the money from the winning bidder, if there is one. The opening bid is typically equal to the loan balance, trustee's fees, accrued interest and other costs incurred by the lender during the foreclosure process.
Can you get a bargain at auction? That depends on how much the homeowner owed before defaulting on the loan. The opening bid must be met or the trustee purchases the property and it then becomes an REO, or "real estate owned" by the lender.
You may have seen foreclosure auction shows on TV. If so, you know it isn't the place for a novice to get a good deal. Most of the bidders are highly experienced flippers and investors offering up fierce competition.
You will also not be able to view the inside of the home or perform inspections. Plus, if you're the winning bidder, you may have to evict the current occupants. Depending on the state in which you live, eviction may be costly and time-consuming.
Finally, many foreclosures have additional liens against them, which you will take on if you purchase the property. Recorded liens are public information; you can search for them at the county clerk's office, the county recorder or the assessor's office. But not all liens are recorded.
One way to ensure you're protected is by purchasing an owner's title insurance policy.
Buying an REO
Purchasing a bank-owned property is much easier than buying a home at auction and much like a conventional purchase.
You'll need a loan preapproval letter from your lender, unless you're paying cash, and the services of a real estate agent.
Most REO properties are vacant and somewhat cleaned up. Although the bank won't supply you with property disclosures as sellers in a conventional transaction are required to, you will be allowed time for inspections.
Many experienced REO buyers perform extreme due diligence, such as checking the city planning office for permits that may be on file for any work the previous owner performed. Have anything that looks the slightest bit suspicious inspected, from the roof to the foundation.
Your buyer's agent should be able to assist you in learning as much as possible about the home's history. And, since real estate brokers are required to hold on to transaction files for a number of years (varying according to state), if the home sold in the past few years, your agent may be able to track down a past disclosure.
Banks typically don't pay for repairs to the property, so you'll need to take on that expense. Ultimately, although it may seem that you're getting a bargain-priced home, once all is said and done, it may be worth it to purchase another home in turnkey condition.
Friday, September 13, 2013
5 Tips For The Best Home Showings
5 Tips For The Best Home Showings
Home routines tend to come to a standstill while your home is on the market. The need to keep the house clean - and not scare potential homebuyers away - means that kids can't throw their school books on the dining room table, Dad has to pick up his stinky socks, and even the pets need to toe the line.
Keeping the house clean is a good first step toward presenting the home in the best light. But it isn't the only step.
1. Odors
Have you ever walked into a home and been immediately assaulted by nasty odors? Cigarettes, grease, cooking odors, diapers and pets all leave their mark on the way a home smells. While it's almost impossible to rid the home of cigarette smoke without painting, there are ways to get rid of other odors.
Have the carpets professionally cleaned and deodorized.
Launder or dry-clean all curtains and drapes.
Consider having your upholstered furniture professionally cleaned.
Clean the grease from the range hood.
Keep the dog bathed and groomed to keep doggy smells at bay.
Place dishes of potpourri or scented candles in random areas throughout the home.
2. Sounds
Like the smell of a favorite perfume, we become habituated to certain things, including sounds. If you've ever lived under a flight path or next to railroad tracks, you understand how quickly one can get used to annoying sounds and not even hear them after a while. Strangers in your home, such as potential buyers, will hear the yappy dog next door, however, so here are some tips to mask the noises in your home.
Play some music, softly, while the home is being shown.
Invest in a white noise machine.
Play a sound-effects CD softly in the background.
3. Sights
Light and bright are the operative words when considering the ideal way to present your home to
buyers.
Change all the light bulbs in the home to higher wattage bulbs. Leave the lights on for showings, including closet lights.
Paint the walls. If you can't paint, clean the walls.
Remove heavy drapes and replace them with lightweight fabric that allows natural light into the home.
Don't neglect the outside of the house. Before a showing, make sure that the planting beds look clean and attractive and that the lawn is mowed.
4. Set the Scene
If you've ever toured model homes, you are familiar with the concept of staging – the art of carefully crafting interiors that appeal to homebuyers. If you're on a tight budget and can't afford a professional designer, make some simple changes that appeal to buyers.
Create vignettes throughout the home. Set the dining room table with attractive dinnerware or create a cozy nook in the bedroom with a small table and chairs. Group items in threes, use different heights, and keep it simple.
Fresh flowers add so much to a home, from masking odors to adding pops of color and texture. A gorgeous bouquet on the dining room table can take the place of a fussy centerpiece. Night stands are ideal places to set small vases of flowers.
Bathrooms are important, so pay close attention to how you stage yours. Get rid of the countertop clutter and add fluffy towels and a new shower curtain.
5. Security
Since sellers should make themselves scarce when the home is being shown, it's important to take security measures. Lock up or remove valuables, weapons, prescription drugs and money.
Don't leave personal items - especially paperwork with your financial information - lying around in plain sight.
Whatever you can do to make your home appear move-in ready will appeal to buyers. Tour some new home communities for more ideas and inspiration so that your home shows like a model.
http://www.fortlauderdalehomeseller.com/miarticles/articleid/117/
http://www.fortlauderdalehomeseller.com/miarticles/articleid/117/
Thursday, September 12, 2013
Household tip: label remover
If you're having trouble peeling off a label or sticker without leaving a gooey mess behind, try applying white vinegar until it is saturated. The label should peel right off.
Bird Feeders: Basic Considerations
Bird Feeders: Basic Considerations
Placing bird feeders in your garden won't make up for lost habitat, but a well-placed bird feeder can allow you to see wild birds up close and create an awareness of nature. Before purchasing or building a bird feeder, there are a few basic things to consider, including which birds to feed, how much seed you want to buy, and how much mess you can tolerate.Which Birds do You Want to Attract?
Perhaps you were hoping for a "building it and they will come" bird feeder, but it's important to make decisions about which birds to attract before purchasing or building a bird feeder and buying your first bag of birdseed.
Different birds have different preferences when it comes to food and what types of feeders they will use. For example, thistle seed is used in a thistle feeder and is especially attractive to American goldfinches and pine siskins. In terms of feeder types, some birds, such as chickadees and nuthatches, will use a feeder that is placed well above the ground, while other birds, such as sparrows and juncos, prefer to eat close to the ground.
Native vs. Non-Native Birds
When choosing which birds to feed, many people prefer native birds to non-native birds such as house sparrows and starlings. Non-native birds compete with native birds for food and nesting sites, so adding a bird feeder that will attract native birds will supplement their food sources.
Discouraging Aggressive Birds
Aggressive birds such as crows and pigeons can keep other birds from using a bird feeder. If you want to discourage aggressive birds from using the bird feeder, choose seeds to which they are less attracted. For example, grains such as barley, rye, oats, wheat and corn are particularly attractive to ground-feeding birds such as pigeons. Limit these grains if you want to discourage pigeons.
How Much Seed do You Want to Buy?
Some birds eat more than others and will really make a dent in your birdseed budget. Large birds, such as pigeons, can obviously put away more food than small birds. Other birds - such as starlings, finches, and house sparrows - travel in large numbers and will also eat much more birdseed than small birds like chickadees and nuthatches that don't travel in large flocks.
How Much Mess Can You Tolerate?
Another important consideration when deciding which birds to attract is mess. Large flocks of birds, like those mentioned above, tend to make a mess because they come in large numbers and stay at a bird feeder for a long length of time. Other species, such as chickadees, jays and nuthatches, tend to visit a bird feeder, get what they want, and leave. If having a mess under the bird feeder is going to be a source of irritation, it's best to attract birds that are less messy.
Watching birds come and go from a bird feeder in your garden can bring a lot of enjoyment. You may even start to notice birds feeding on the seeds of some of your garden plants. Maybe it will inspire you to add more bird feeders or a nesting box or two. In the end, know that whatever supplemental food you can provide will be appreciated by these small, feathered friends.
Sunday, September 1, 2013
Tips for settling pets into a new home
Moving takes a toll physically and emotionally on all of us. Not only is the process itself exhausting, finding yourself in a new environment can force an uncomfortable adjustment period. The same goes for pets, and communicating the change as a positive to them can be difficult.
I got my dog when I was still in college and she has made many moves (including cross country) with me over the years. Now that my boyfriend's dog is also part of the equation it's become an even bigger production. In order to make moving as easy a transition as possible, I try to keep the focus on making it a positive experience and taking little steps to help them acclimate. Here are some ideas to make moving easy on your critter friends:
1. If possible, visit the new home and neighborhood with them prior to moving in, allowing them plenty of time to sniff around and familiarize themselves with it.
2. Try to avoid having them present for the final packing stages and when everything is taken out. I started leaving my pup with a friend on the actual moving day because watching everything being carried out would send her into a near panic.
3. Pack their toys, bowls and bed separately and put them out before you bring the dog in. Being able to quickly identify their things amongst the boxes puts them at ease and signifies that they are at home.
4. Bribe them. Our go-to strategy is to buy a few new toys and something for the dogs to chew on, in order to distract them, get out some nervous energy and create a positive experience. We bring out the new toys almost immediately after walking through the door.
5. Tire them out. Once your dogs have spent a bit of time exploring their new surroundings, take them for a good long walk around the neighborhood to burn off some of their nervous energy and help them relax when they get back to their new home.
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