Archive for May 2016

Home Finding Tip: Don’t Skip Exterior Inspections

 

 

With the busy moving season upon us, many of you will be searching for your new home, if you haven’t already found it. House hunting is both fun and stressful and while I definitely want you to enjoy your experience, I don’t want you Don't Skip Exterior Inspectionsto fall into any traps. As I continue my own search for a new home, I have found that it’s easy to get tunnel vision when you find something you love. Luckily, I have learned a lot in this industry and I have a wonderful Realtor on my side so I’ve caught myself before making any major mistakes. We’re told not to judge a book by its cover, and the same goes for homes and their curb appeal … to some extent. While some exterior issues can be easily fixed, others lead to a whole slew of problems that you don’t want to deal with.  

How to Buy in a Seller’s World

 

 

It’s almost that time, the busy summer moving season. In just a few short weeks, people around the country will be

How to Buy in a Seller's World

Source: Wise Geek

packing up their homes and preparing to move for various reasons. Even with proper planning and research, the home finding/buying step is always a little stressful. Unfortunately, this year may be even tougher because in many parts of the country, there is a lack of homes for sale. We know that real estate data varies state to state, city to city, and even neighborhood to neighborhood, but according to the latest data from CoreLogic (a leading provider of consumer, financial, and property information), home prices in March were up nearly 7 percent from last year and up 2 percent from this February.

Foreclosure vs. Short Sale

 

 

Buying a home is no easy task. It takes a lot of work to find a home that suits your needs and preferences let alone foreclosure versus short saleyour budget. Going with a foreclosure or short sale property can be a great way to save money on a wonderful home, but it’s important to know the difference between the
two aswell as the challenges you may be faced with.

 
The difference:

 
A property is in foreclosure when the owner fails to make mortgage payments over a period of time and the lender takes ownership of the home. A home in foreclosure may be sold at an auction or sold by a Realtor. When dealing with a foreclosure, the bank is the seller, not the homeowner.

 

Don’t let the term “short-sale” throw you, the process can be much longer than a typical home sale. A short sale property is still owned by the homeowner, the borrower. Typically, the homeowner will make arrangements with the bank, the lender, to accept a price that is less than what is still owed on the property. In a short sale, the lender usually agrees to forgive the rest of the loan. The key here is to remember that the buyer, the seller, and all of the lenders involved need to agree on the sale price before a sale is finalized. Keep in mind that if there are multiple mortgages out, then all lenders are lien holders.

 

Things to consider:

 

Before making any decisions, learn the ins and outs of each process. You can find a ton of information online about foreclosures and short sales. It’s also a good idea to ask questions. Talk to Realtors, talk to friends who have gone through one or the other, seek out seminars, etc.

 

Do not attempt to handle this on your own. Invest in the help from a professional. Laws regarding these types of things vary from state to state so an experienced agent with established relationships with lenders will be a tremendous help.

 

Next, be very aware of what you may be dealing with in the future. For example, homes in foreclosure sold at an auction are often sold “as is” meaning that you may not even get the chance to enter the home before you are the new legal owner. There are no inspections or walk throughs and potential liens on the title.

 

Be patient. While purchasing a foreclosure or short sale property can save you money, the process is usually longer and more complicated than it would be otherwise. You’ll need to deal with waiting periods for a foreclosure and waiting for an agreement on price from all parties involved with a short sale.

 

Lastly, don’t forget the additional expenses you may encounter. While the base price will seem like a steal, you’ll have to remove any liens, pay any unpaid taxes, and of course pay for repairs that could have been covered by the previous owner if you were offered the chance of an inspection. By the time all of those costs are added, the deal may not seem as sweet.

 

Do not get me wrong, I am not saying that purchasing a foreclosure or short sale property is a mistake in any way. I just want you to be aware of all of the aspects and possible obstacles involved. Buying a home is a long term investment. It’s important to know exactly what you are doing and what is expected of you before you go through with anything.

Are My Things Protected During a Move?

 

We’ve all heard of renter’s insurance, homeowner’s insurance, and car insurance and understand how important it is valuationto protect our valuable possessions from loss or damage. But are your those things protected during the process of a move? First of all, the answer is yes, your things are protected against loss and/or damage during a move. The real question though is how much protection is provided and at what cost?

9 Things to Consider Before Moving Yourself

 

 

Do-it-yourself moving is a great option for people who have the time, the support and the strength to see it through. DIY MovingThat said, there is a misconception that all it takes is a rental truck and a buddy. There is a lot more that goes into moving, so if you are considering a DIY option, make sure you understand what you are getting into. In all of my years in the moving business, I’ve heard horror stories of DIY moving gone wrong and, most of the time, they occur because people were not honest with themselves about risk, as well as their own capability to do the job.