Archive for November, 2008

Buy Home – Foreclosure Houses

November 28, 2008 at 12:48 pm · Filed under Buy a Property?, Buying Real Estate, Buying an Appartment, Foreclosure 'Short–Sales', Foreclosure Problem, Foreclosure Property, buy sell home ·Tagged , ,

Many people are flocking to the foreclosure home market. In it, you are able to buy homes that are quite inexpensive, fix them up, and sell them for a profit or use them for yourself. There are a few good reasons that foreclosure houses are great for people that are looking for their first property. It is much easier to get one of these homes mortgaged than any other home.

The price is the big drawing feature of these homes. Be on the lookout for foreclosed homes in your area. You can save thousands of dollars by purchasing foreclosure houses instead of more traditional properties. There is a good chance that you will find more than one home in your area that is discounted up to half of the actual market value.

In addition to the great price that you can get up front on foreclosure houses, they are also great investment properties. If you buy a foreclosed home as your first property, and pay it off in 15 or 30 years, you will have made quite the profit. When you go to resell the house you will be able to sell it for thousands more than what you paid for it initially. And all you have to do to take advantage of this profit is simply live in your house, and make the payments.

Foreclosure houses are also good properties to look into because there is a large selection available all over the country. Regardless of where you live, you will never have any problem finding foreclosure houses in your area. This means that when you are picking out your first home that you will not be restricted in the least bit. All you have to do is locate the foreclosure houses in your area, and then go through all of them to decide that one best suits your needs.

Dont discount foreclosed homes just because they may be real fixer-uppers. If you make sure the home will suit your needs, who cares if its not the palace you invisioned? Your first home hardly ever is your last home. Chances are that if you are buying your first home that you have other things to purchase as well. This can really free up a lot of cash and let you buy more appliances and other things of that nature that you need.

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Win the Race to Sell House

November 22, 2008 at 3:40 pm · Filed under Seller Can Get a New Loan, Selling Houses Fast, Selling a home as is ·Tagged , ,

Today’s home seller needs an edge to make their homes stand out in a buyer’s market. Besides making their home most desirable, sellers need to monitor all aspects of their sale.

Selling a house is like a steeplechase race horse jumping over hurdles. Some race horses make the jumps look so easy; they run and jump in rhythm under the jockey’s guidance. The home seller’s job is to make home buyer’s hurdles easy to jump. Home buyers make up their minds about a house on each step they take or every barrier they cross. As a home seller, you need to make sure your buyer crosses each barrier. Here are eight hurdles for you to win the house race.

Hurdle #1 Listings and Ads

Buyers make up their mind about the advertisement or listing whether or not to continue reading. That means they approve of the basic features and price.

They must see something in the advertisement or listing that makes your house stand out in a crowded market. To entice a buyer to pick up the phone and call about your house, the buyer must read some benefit that they want. This should be your property’s best benefit to the buyer, such as "Live across from Eagle Point Park; enjoy the views and playgrounds" or "Move right in without fixing or painting a thing. Owners will even help with your costs."

Hurdle #2 Yard Signs that Attract Attention

The yard sign should look professional and not take away from the appeal. Many over-sized yard signs clutter the landscape. Put the sign to the side a bit and consider a shorter sign for smaller houses.

Instead of wasting words with the all the amenities, make the phone number legible from the street and list the best feature not obvious from the curb.

Hurdle #3 Non-Generic Sales Flyer

Perhaps a house shopper will be interested enough to get out of their vehicle and pick up a sales flyer. This means that the flyer needs to be written with sales copy that gives motivation to see the property. A "ho-hum" generic flyer with a long list of features should be rewritten using Marketing Psychology with strong benefits to the buyer.

Hurdle #4 Curb Appeal

When shoppers pull up in front of your house, the first glimpse must impress them enough to get out of their vehicle to see what’s inside. For condo sellers, the development has to pass approval and your unit should stand out with added appeal like large potted plants near the door in colorful containers. The typical house needs pizzazz near the front door to draw the eye into the house. You must entice the buyer to cross the threshold to see what’s inside.

Hurdle #5 First Impression

Inside, the typical house shopper makes up their mind within 15 seconds whether or not they’re interested in your house. This is why the first sighting inside must pass inspection and peak interest.

Hurdle #6 Lasting Impressions

To encourage shoppers to spend more than the usual four minutes previewing a house, use home staging strategies. Buyers select a home based on their emotions. They choose the home they connect with and one they think "feels like home." This just doesn’t happen in four minutes.

Houses that spark fantasy about living in the home, enjoying a better lifestyle, and entertaining friends help buyers make up their minds.

Hurdle #7 Easy Purchase

Buyers make offers on houses when they feel comfortable with the paperwork. If you’re selling by owner, have a basic contract on hand that doesn’t confuse buyers and have a closing agent or escrow officer draw up the formal documents later. If you’re selling by agent, your agent must be trained on how to handle negotiations beyond just filling out forms.

Hurdle #8 Keep Sale on Track

During the sale process, monitor all the closing details. Keep your home staged for the most important date: appraisal day. Invite you buyers to return early in the sale for their walk through so they stay "in love" with your home. Make sure all the appointments are made and kept, such as inspections, and contracts signed on time.

Turn house shoppers into motivated buyers, help your buyers jump the hurdles, and you’ll win the house race.

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Save for That Down Payment on Your First Home

November 10, 2008 at 9:27 pm · Filed under buy sell home ·Tagged , ,

If you’ve been dreaming about buying your first home, you’ve undoubtedly experienced more than a little discouragement, especially when it comes to saving enough money for a down payment. If that describes you, I have some good news: you may be able to get into that home quicker than you realize. Because of all the many loan programs available, you might not need a large down payment. You can buy a home with nothing down if you have a decent income and credit.

A little money in the bank makes your home financing more attainable. You will get better interest rates and lower mortgage costs, plus you will qualify easier. Here are a few suggestions on how to save for your first house.

First, set a realistic savings goal. It’s important to set a figure that’s attainable if you want to have success, but that will generally mean that your first home will be smaller than your ultimate dream home. But there’s nothing unusual about that. It’s entirely possible that you won’t get your dream home on your first try.

If you’ve been living in your parents’ home, you may be surprised to learn that they probably traded up at least once, and probably more than once, before they were able to move into the home you now know. They worked hard to get where they are, and you’re going to have to work just as hard, so don’t expect to start at the top. After all, you couldn’t afford a $600,000 property with a $30,000 income, anyway, no matter how hard you budgeted, even if you managed to save enough to get into it in the first place.

The next step is to create a plan of attack. Find your affordable target area and then get to know the market in that area. You want to know what’s available and how much homes are selling for. In essence, you’re becoming a shrewd shopper. You’ll know approximately what homes are worth as you drive around the area, because you’ve done your homework and you’ve become an expert in that area.

Part of your plan is to set up a budget that includes an honest appraisal of your income and expenses. If they’re about even, you’ll have to begin economizing somewhere to create a positive cash flow that can be channeled toward your down payment. You’ll probably need to pay close attention to your finances for several months to find places where you can trim expenses, but you can do it! Pay down all your credit cards, because they might cost you the chance to qualify for your new home, even after you’ve accumulated the down payment.

As you’re saving, seek out professional help from a knowledgeable real estate agent and a helpful lender. They’ll both prove invaluable. There are a number of programs available for first-time homebuyers, and when you finally find the home you want, you’ll need as much information as possible about what the seller needs and about your financing options. That way, you can structure an offer that will satisfy the seller’s needs while keeping your payments at a manageable level.

It will take time and sacrifice, but millions of buyers have been successful in purchasing their first homes over the years, so there’s no doubt that you can do it, too!

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Bank Foreclosure Property Myths

November 7, 2008 at 2:16 pm · Filed under Foreclosure Property ·Tagged , , ,

People tend to steer clear of foreclosure properties because of one of the many myths that they have. A bank foreclosure property is easy to understand and buy if you know the facts. Unfortunately, as this industry has grown, there have been a lot of myths that have started to surface. If you are looking for a bank foreclosure property to invest in, you will be well served to learn about all of the myths. In the end, you will get a home that is much more along the lines what you were looking for, and that’s what its all about, right?

1. Myth 1 – It’s Impossible To Lose Money

The first myth is that you will always be guaranteed to make money if you buy a foreclosure property. Even though it is very possible that you will make a profit on the home, there are also times when you will simply have to take a loss. Bank foreclosure property investing can be a very tricky business. On some properties you will win, and on some you will lose, but the good thing is that as you gain experience you will become more successful at the process.

2. Myth 2 – The Homes Will Cost Next To Nothing

Another myth that goes along with buying a bank foreclosure property is that you will be able purchase the home for pennies. Remember, foreclosures are sold so that the bank can make money as well. This means that they are going to be selling the home for as much money as they can. Of course this does not mean that you won’t get a good price, just do not expect to buy a bank foreclosure property for a dollar or two! As well, don’t assume that since the property is a foreclosure property that it is automatically a good deal. It’s important to do your research, check what the houses surrounding the property have sold for, and how this one compares.

3. Myth 3 – You’ll Be Able To Flip The House Immediately

Its up to your common sense to help you to dispel the myths surrounding foreclosure properties. The thing that you as an investor must remember is that these myths can cost you time and money. By knowing what they are and how to avoid them, you will be able to make your next bank foreclosure property purchase a success. Chances are, you have nothing to worry about anyways, with the exception of spending too much on repairs and making a loss.

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To Sell Your Home, Decorate It

November 6, 2008 at 9:08 pm · Filed under Want to sell your home? ·Tagged , ,

In today’s real estate competitive marketplace, it’s always worthwhile to give your home every opportunity to rise above the competition. One of the best ways to do that is by decorating your home with potential buyers in mind in order to impress them enough to prompt a quick sale at the best price.

If you’re new to the game, you can find some excellent television shows that offer ongoing ideas about how to decorate your home for a quick sale. One of the best is HGTV’s “Designed to Sell,” which focuses on how to turn uninteresting homes into houses that will attract buyers more effectively without having to spend huge amounts of money.

The first step in decorating for sales success involves cleaning and decluttering your home. Clutter may not be synonymous with dirt, but psychologically that’s exactly the impression it will have on potential buyers. So get out the broom, vacuum, scrub brushes, and packing boxes and get your home spic-and-span! You’ll be amazed at the difference just doing that will make. After you’ve seen the transformation, you’ll then be able to decide how much paint and other minor repairs your home will need. The results may surprise you, and save you lots of money.

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If the house needs it, next will come the things that cost money, so start with paint and fixing minor things like squeaky doors or balky drawers, especially in the kitchen. Buy some potted flowers and place them in various rooms to add color and a cheerful feel.

The goal is always to try to see your home through the eyes of a potential buyer. If it’s something that bothers you, it’ll bother them, as well. If you’re not sure what to do in order to easily, quickly, and inexpensively make your home more attractive to buyers, have a friend walk through the house with you and make suggestions, especially about any negative things that jump out during your walk-through.

The changes don’t need to be major. In fact, they generally shouldn’t be major. You’re only concentrating on adding enough appeal to your home to entice a buyer to make an offer. When in doubt, think about the last time you walked through a model home in a new housing development. Everything in the home was fresh and new, and every aspect of the model was carefully staged to allow you to envision yourself in the home. That’s the kind of feeling you want to instill in folks who tour your home, although you don’t want to break the bank in the process.

There’s no reason why you can’t get a higher price for your home, and more quickly, if you’re willing to spend some time getting it ready for sale by making it as clean, clutter-free, and attractive as possible, even before the first potential buyer walks through your newly-painted front door. It just takes time, some good old-fashioned elbow grease, a relatively small investment in paint and flowers, and some inventive imagination.

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