Tag Archives: real estate

Avoid Foreclosure with Short Sales

A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved.

But to be technical, here’s a more official definition:

* A homeowner is ‘short’ when the amount owed on his/her property is higher than current market value.
* A short sale occurs when a negotiation is entered into with the homeowner’s mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then ‘sold short’ of the total value of the mortgage.

For homeowners to qualify for a short sale, they must fall into any or all of the following circumstances:

* Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
* Monthly Income Shortfall – In other words: “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
* Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals. I hold the CDPE® Designation and am ready to identify all possible options and, when possible, assist in the quick execution of a short sale transaction.

If you have questions or feel you may qualify for a short sale, please contact me for a free consultation.

Understanding your options now could mean all the difference in the world.

For more information on foreclosure solutions visit our website at www.batonrougeforeclosurehelpnow.com

6 Tips to Keep Cool While Upgrading Your Home

Since we have been posting so many articles about updating your home, this post is here to remind you to take proper precautions to keep your health (and your sanity) intact. In this blistering summer heat, it is very important to be cautious and avoid heat stroke and dehydration. Here’s 5 tips to keep your cool when the work must go on!

1. Hydrate Before, During & After: Before you begin your work, make sure you’ve downed adequate fluids. We’re talking the night before, the morning of and during any project you’ll be undertaking. Your body sweats to cool off and if you’re dehydrated it can make things even toastier! Don’t forget to keep drinking after the job is done, preferably more water than alcohol.

2. Wear Breathable Clothing: Yes you can bust out the sleeveless shirts, but make sure you actually wear one. Your clothing helps wick the sweat away from your body, allowing the air to blow through it and keep you cool. By forgoing clothing you’re actually doing yourself a disservice, even if it means you’ll have a funny tan line later.

3. Fans & Ice: Even if you don’t have the ability to turn on the air conditioning or an attic fan, moving any air can make a difference (even if it’s not cool). Try buying blocks of ice and setting them in front of your fan in a plastic tray or serving dish and let the fan blow over the top. It won’t make your space a meat locker, but it will turn things down by 5 degrees, usually.

4. Take Breaks: Although it can feel like you’re prolonging to time spent being sweaty, taking a few breaks to have a snack or refreshing beverage can help keep your body out of the danger zone before you spontaneously combust!

5. Change of Clothes: Even though we mentioned above that clothes play an important role in keeping your cool, once they’re fully soaked, they don’t hold the ability to continue wicking water. They might to some small degree, but not as efficiently as you need them to. A quick change will do you good and prevent chafing (gross, but true!).

6. Work Early & Late: Try working early, before the sun is in full force and take a nap during the hottest hours of the afternoon heat. Once you’ve rested and the sun has gone done, you can resume work. It’s easier to work ridiculously early or late if given the chance to help keep the temperatures down.

Do you have a heat-busting tip? Let us know below!

Upgrading Your Home on A Shoestring Budget

From REALTOR.com’s Daily Real Estate News
Homeowners who want to sell but don’t have a lot of cash to spruce up their properties might consider these tips from Bankrate.com for upgrading a property without spending a fortune.

  • Polish up the kitchen. Add new cabinet door handles, replace lighting and update the faucet set. Unless the cabinets are mica, give them a fresh coat of paint. Order new doors for kitchen appliances.
  • Tidy up the bath. Replace the toilet seat. Clean up the floor with vinyl tiles or sheet vinyl applied over the old floor. Re-grout the tub and, if the tub is dingy, add a new prefabricated tub and shower surround.
  • Paint the walls.
  • Add closet systems to all the bedrooms, pantry, and entry closets.
  • Hire a plumber and an electrician to fix anything that is loose or that leaks.
  • Clean the carpets or, if they are worn, cover them with area rugs.
  • Replace ceiling lights with inexpensive but attractive fixtures.
  • Refinish or repaint the front door and replace the hardware.
  • Mow the lawn, edge the sidewalks, mulch all the beds and put two big planters at either side of the front door.

For more information on how to fix up your home, go to our Media section and Download our Home Seller’s Handbook.

Preparing to Show Your Home on a Moment's Notice

As much as we would love every potential buyer to provide plenty of advanced notice before scheduling a showing, that is not always the case. Follow these quick tips to ready your home for its best showing when you have 30 or fewer minutes’ notice.

Start where the potential buyers will start:
• Make sure that the front door presents well. Sweep steps, if needed.
• Pick up any out-of-place objects and store them away quickly.

Head inside:
• Open window treatments and turn on lights.
• Put any dirty dishes into the dishwasher.
• Make the beds.
• Put any dirty laundry inside the washing machine.

If you still have time:
• Run a quick vacuum to give carpets and floors a fresh look.
• Wipe down counters and tabletops.
• Warm some vanilla on the stove to give the house a welcoming scent.

While we would all like to have our houses in showroom condition 24 hours a day, we also acknowledge that we live in them. Do your best to present your house in its best light and make sure that every potential buyer has an opportunity to view it—accommodate all showings possible.

Why Buy? 9 Reasons Buying is Better than Renting

1 – Pride in Owning:
Most people buy homes to have control over where they live. Although investment features are important, the psychological reasons for buying—the satisfaction of owning and freedom from paying rent—are at least as important.

In a survey done by the National Association of REALTORS® of 6,000 homeowners and 2,000 renters—perhaps the largest survey ever of attitudes toward home ownership—it was shown that 76 of owners and 66 of renters considered pride of ownership an important reason for buying.

2 – Dislike Paying Rent:
Close to 7 in 10 of almost equal portions of owners and renters expressed a dislike of paying rent as an important reason to buy. Renting offers a lifestyle that’s nearly maintenance-free. That may appeal to you, but consider that renting offers you no equity, no tax benefit, and no protection against regular rent increases. Writing a rent check is just like watching your hard-earned money sail away!

3 – Settling Down:
More than 6 in 10 renters said “settling down” was an important reason to buy.

4 – Good Investment:
76 of owners and 69 of renters said that the investment aspect of ownership was important.

5 – Tax Advantages:
Property taxes and qualified home interests are deductible on Schedule A, for itemized deductions.

6 – Long-Term Appreciation:
People consider home-ownership a good investment because they view it as a long-term venture.

7 – Leverage Investment:
People borrow a great deal to buy homes, yet they receive the full benefits of price appreciation. In the long run, investments in homes far outpace inflation rates.

8 – Source of Savings:
Home-ownership always has been and continues to comprise the single largest source of savings for American households. Homeowners build equity and can borrow against it.

9 – Sacrifices Are Worth It:
Almost 7 in 10 renters in the National Association of REALTORS® home-ownership survey said that they planned to buy a home in the future. More than three-quarters of these people said they were willing to sacrifice to do that.

Selling Your Home

Selling your home involves much more than just placing a “For Sale” sign in your yard and going to the closing. As a REALTOR®, we are here to help you prepare your home for sale, market your home, and guide you through the sale process to ensure you sell your home within your time frame and get the best price possible.

As your REALTOR®, we will determine the correct price range for your home, point out things you should do to make your home more appealing to buyers, and devise the most effective plan of action. Here are some of the steps we will take to sell your home:

  • Review the selling process–without the technical jargon
  • Perform a comparative market analysis
  • Determine the list and target prices
  • Market your property
  • Keep communication open
  • Present the purchase agreement

Factors That Affect Your Home’s Sale

There are three main factors that determine how marketable your home–price, financing, and time.

Price – If your home is priced too high, you must be willing to wait much longer for your home to sell. Either it will take that much longer to find someone to pay more than the home is worth, or the market will eventually catch up to the asking price of the home through inflation.

Financing – You may not realize it, but the financing of your buyer can have a tremendous impact on the success of selling your home. Try to offer very attractive financing options. Consider carrying the financing yourself at a below-market interest rate or preparing your home for government financing. This could open the door for many buyers that otherwise wouldn’t even consider your home.

Time – If your time frame is important then you must be willing to lower the price.

How Much Should You Ask for Your Home?

Of course you want to get the full market value for your home. The first step to getting the best price is to determine your home’s value. As your REALTOR®, we can help you set an asking price by taking the following factors into consideration:

  • Your home’s value may depend on recent selling prices of comparable homes in your area. After reviewing the selling prices for such homes, the price is adjusted according to current market trends.
  • Buyers most likely look in the price range determined by their monthly payment ability and down payment. Buyers are often very knowledgeable in their price range and purchase by comparison. Unreasonable asking prices are an immediate turn-off.
  • Inviting a potential buyer to make an offer shows that you are willing to bargain. However, if your asking price is outrageous, the buyer’s offer will most likely also be unreasonable.
  • It’s necessary to offer pricing, terms and conditions that are competitive in your market. This will help you sell faster and get the full market value.

Downsizing a Home Requires Downsizing Contents

You find that the children have moved out and you do not need that big of a home anymore.  Another thought is that you are going through a life change such as financial distress, divorce, death of a loved one, or illness.  You want to move to something smaller, but the task seems overwhelming.  Every closet and room is full and it is overflowing in the storage building.  What to do with all the STUFF that makes up the years you have been in the home.

You can get experts to help you get moving or sometimes incorporating good friends and family.  The key to downsizing is to sort through your stuff regularly and get rid of what you no longer use.  You’ll thank yourself on moving day.  There is a lot of trash when you have been living in the same place for many years.

Emotional Effects

Think about how much storage space you will have in the place you are moving to.  Space gets even tighter if you are moving to a condominium, nursing home or assisted-living site.  You have to think about the emotional impact of going through your belongings.  There are a lot of memories packed into those boxes in the attic.  It is easy to feel “overwhelmed” and to procrastinate and then become frozen.

Sometimes it is just the act of “getting started” that is the most difficult.  One way to get going is to have a family get-together.  Make it a party where each of the children puts Post-its on what he or she wants.  If  you want there are also companies that specialize in helping with downsizing.  They help organize estate sales or auctions, line up items for donations and assist with packing.  Having someone to walk you through the process is a big help.

Since there is less room for boxes of old belongings in a smaller home, there is also going to be less room for the person moving in.  You have to learn to live in a smaller space.  Before moving try to think about the practical aspects of everyday life.  How much will you miss a yard or having a garden?  Can you get by with a one-car garage or no garage instead of the two-car space you always had?

You will find often times that letting go and making room for that new chapter in your life is quite exciting.  Time to make some new memories!

Prevent Insects From Damaging Your Home

Since recently discovering termites at my home, I thought it would be good to learn more about these pests.

Household pests want the same things you do — food, water, shelter — and will seize any opportunity to satisfy their needs.

You can’t stop every pest from ever flying, crawling, or burrowing into your home, but you can make sure the occasional intrusion doesn’t become an all-out invasion.

Start outside by making sure there is no wood to ground contact anywhere around your home, clear out any overgrowth of vegetation, and at least 2″ to 3″ of your slab shows at all times. Firewood should be at least 20 feet away and five inches off the ground.  Remove any piles of wood and other debris from around your home.

Termites, carpenter ants and powder-post beetles thrive in moist areas, so maintain a Sahara zone around your home’s perimeter.  Even an infrequent puddle close to the house can become an oasis for pests on the prowl for food, so take measures to direct water away from the house.  Drain puddles, don’t over water flower beds, point sprinklers away from the structure, and make sure the ground near the foundation slopes away from your home.  Clean gutters so they don’t overflow.

Deny access into your home by checking for any gaps or cracks that can become an entrance area for pests.  Inspect your home’s exterior and caulk or epoxy to seal any cracks in the foundation or gaps in the structure.  Should you detect any moisture damage, repair it promptly.  Also while you are at it, caulk or install weather stripping around windows and doors as well.

Most of all be inhospitable by not giving the pests anything to eat or drink.  Inspect the base of toilets, around bath tubs and shower stalls, and areas where pipes go through walls, such as under sinks.  Repair any leaks and wrap any pipes that produce excess condensation.  Termites typically feed on wood, but will eat anything with cellulose, so never store paper or cardboard–or wood–in the crawl space.

If you focus on prevention, you can tackle many aspects of pest control yourself.  Also if you currently have a termite contract make sure you follow all of the guidelines of your contract and pay for the yearly renewal.  It is much cheaper to maintain a contract than it is to pay for a new treatment.

"When is a Good Time to Buy?"

It is a Great Time to Buy!

Owning a home is an investment in your future.  A home not only provides financial benefits but it also provides shelter and security to families.  Here are some of the reasons why now is such a good time to buy:

Motivated Sellers and Inventory – In the Baton Rouge, LA area affordability is high and there is an abundance of inventory.  There are many options out there for buyers and sellers who are willing to negotiate and work towards a win-win situation that works for both parties.

Home Buyer Tax Credit for first time home buyer up to $8,000 until April 30, 2010.  Also expanded to include a credit up to $6,500 to home owners who have lived in their primary residence for 5 of the last 8  years and purchase a new or existing home between November 7, 2009 and April 30, 2010.  Other factors affect the size of the credit and purchaser eligibility so talk to your real estate agent or visit www.realtor.org/home_buyers_and_sellers , and consult a tax expert for full details.

Mortgages are at Historically Low Rates for buyers who qualify.  Go to ww.FreddieMac.com and view the primary mortgage market survey for more information on the latest rules.  In addition, low interest rates, coupled with recent price declines, give people looking to upgrade a unique opportunity to take advantage of market conditions.

So why wait?  It is a great time to buy!