Archive for the ‘Tips on how to sell propery’ Category
Why Isn’t My Home Selling?
Wednesday, September 5th, 2012Why Isn’t My Home Selling?
How Do I Sell My Home?
By Elizabeth Weintraub, About.com Guide
The bulk of mail I receive from readers asks for tips on selling a home. Many have had their home on the market for months without a showing. Some home sellers have had dozens of buyer previews but not one purchase offer.
In buyer’s markets, it is especially important to pull out all the stops and make your home stand out among the sea of inventory on the market. Ask yourself why a buyer would choose your home over all the other homes for sale.
Poor Condition of Your Home
Check out your competition. If 90% of the homes in your market are not selling, then your home needs to outshine the top 10%. Look at the homes that are pending sales because that’s your current indicator. Sold comps could be two to three months in arrears of market movement. You want to know what is happening right now, and pending sale data will tell you which homes are selling.
Apart from preparing your home for sale, consider its condition. Perhaps you should consider adding updates or doing repairs before selling. If the top 10% on the market have new carpeting and your carpeting is worn and dated, your home is not going to sell. Replace the carpet. Paint the walls neutral — not white. Check its curb appeal.
Not Enough Photographs or Badly Shot Photographs
Homes in MLS that have one photo are passed by. Homes with dozens of photographs get noticed. Take quality photos or hire a professional photographer. Shoot wide angles with plenty of light showcasing your home’s best features. For goodness sake, keep the toilet lid closed.
•Unless your bedrooms differ from one another significantly, just shoot the master bedroom or largest bedroom.
•Don’t get yourself or the camera in the photo of the bathroom by shooting the mirror’s reflection.
•If your hallway is narrow, don’t take a picture of it. Get a close up of your fireplace or other interesting feature instead.
•Take several photos of the kitchen. The kitchen is generally the most important photo.
•Before photographing the dining room, set the table.
•Living room photos should show space, so move out some of that furniture.
•Remember to include the back yard and gardens.
•Add descriptive text to each photo; make your poetry sing.
You Haven’t Paid For Extensive Marketing and Advertising
No single aspect of marketing sells a home. It’s a combination of marketing efforts. If your newspaper makes a mistake and lists your home under the wrong section, don’t panic — homes have sold to buyers who found them in the wrong place. For that reason, consider placing an ad under several classifications.
•Print four-color postcards and mail them to surrounding homes in the neighborhood and to out-of-area buyers.
•Create four-color flyers containing several photos to distribute to prospects and those who tour your home.
•Hire a virtual tour company to shoot and upload videos.
•Massively advertise every weekend.
•Hold Open Houses on Sundays that coincide with other neighborhood open houses. Sometimes Thursday evenings attract buyers.
•Get feedback from buyers about what they liked and disliked about your home, and make adjustments to overcome objections.
•Consider shooting a video yourself and uploading it to YouTube.com, even if it’s just you talking about what you like about living there.
You Hired the Wrong Listing Agent
You want to work with an agent who is competent, experienced and honest. There are a variety of ways to find an agent but the easiest way is through referrals from friends and family.
If you desire full-service and want an agent to spend tons of money on the listing, hire a full service brokerage and interview several agents. To find the best listing agent, don’t base your decision solely on the suggested sales price or how much the agent charges you because there are other considerations. Discuss home pricing and commission negotiations last. First, find out the agent’s strategic marketing plan.
You Haven’t Priced Your Home to Sell
Sellers say, “But I don’t want to give away my house.” Of course, not. You want to sell it. To sell your home, the price must be right. Don’t “test” the market or ask an inflated figure because if you do, your home will probably sit on the market and the DOM will continue to tick. Dated listings don’t generally sell for list price.
To avoid overpricing your home, examine the sold comparable sales. Adjust for square footage, if necessary. If your home has a bad layout or is located in bad location such as next to a school, on or near a busy street or bordering a liquor store, you’re not going to get the same price as homes with a good layout and in a good location.
For example, if the last three homes sold at $400,000 but you feel they are not comparable to yours because they don’t contain updates — but they were located on a quiet street and your street is noisy — your home is probably worth about the same. A plus-$50,000 adjustment for the updates could wash out the minus-$50,000 for the busy street.
In a buyer’s market, price your home a minimum of 2% less than the last comparable sale. If you can’t live with that price, then don’t put your home on the market and set yourself up for disappointment. Overpricing is the worst mistake a home seller can make.
At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.
Step 5: Sell it
Monday, April 23rd, 2012Step 5: Sell it
The goal of every seller is to have a line of buyers outside the front door, each clutching higher and higher offers. And while this has been known to happen, in most markets there is some balance between the number of buyers and sellers. A number of factors determine whether a buyer’s offer is acceptable. They include:
-
Is the offer at or near the asking price? Is the offer above the asking price?
-
Has the buyer accepted the asking price or something close? Has the buyer then buried thousands of dollars in discounts and seller costs within tiny clauses and contract additions?
-
What is the alternative to the buyer’s offer? If a home has not attracted an offer in months, then sellers need to determine if a better deal is possible — recognizing that each month costs are being incurred for mortgage payments, taxes and insurance.
-
Does the owner have enough time to wait for other offers?
-
What if no other offers are received?
-
What if several offers are received? Do you choose the high offer from the purchaser with questionable finances who may not be able to close, or a somewhat lesser offer from a buyer with preapproved financing?
When a home is made available for sale the owner is essentially making an offer to buyers: For a given number of dollars and other terms you can acquire this home. Buyers, in turn, can respond with several options:
-
Not interested.
-
Yes, we’ll buy on the owner’s terms.
-
We’re interested and here’s our counter-offer.
It’s sometimes argued that negotiation must produce one “winner” and one “loser.” Others suggest that a “win/win” situation is possible where each side gets something of value.
Step 4: Market it
Friday, April 20th, 2012Step 4: Market it
If you look at a typical transaction you can see that there are five general areas where REALTORS® can assist in the home-selling process.
-
Preparation: Before being placed on the market, homes must be in “show” condition. REALTORS® can explain what repairs and upgrades are required for individual homes which are most likely to produce the best results.
-
Pricing: Brokers do more than price homes for sale, they also construct sale terms designed to speed the selling process. It may be, for example, that a home priced at $150,000 with a 2 percent seller credit to the buyer at closing will be far more attractive to purchasers than a home priced at $147,000. Why? That 2 percent credit is worth $3,000 to the purchaser at closing — the time when buyers are most likely strapped for cash.
-
Marketing: REALTORS® will execute strategies and programs to get the home sold. Typically this includes placement on the local MLS and Realtor.com as well as related marketing, advertising and networking.
-
Negotiation: REALTORS® assist owners in the bargaining process, offering advice and counsel as offers are received and by working closely with legal counsel, tax specialists and inspectors as required.
-
Closing: Once a contract for the purchase of a home has been accepted, a series of inspections and checks are typically required to satisfy buyers and lenders. REALTORS® can help owners complete the transaction process by assisting with the many requirements found in a typical sale agreement.
There are no universal marketing standards for real estate because marketplaces are localized. For instance, open houses may be common in some communities but rarely used in others.
The Internet is an important factor in real estate marketing and will likely become more important in the future.
Step 3: Set the Price
Thursday, April 19th, 2012Step 3: Set the Price
All homes have a price, and sometimes more than one. There’s the price owners would like to get, the value buyers would like to offer and a point of agreement which can result in a sale.
-
The value of your home relates to local sale prices. The same home, located elsewhere, would likely have a different value.
-
Sale prices are a product of supply and demand. If you live in a community with an expanding job base, a growing population and a limited housing supply, it’s likely that prices will rise. Alternatively, it’s important to be realistic. If the local community is losing jobs and people are moving out, then you’ll likely have a buyer’s market.
-
Owner needs can impact sale values. If owner Smith “must” sell quickly, he will have less leverage in the marketplace. Buyers may think that Smith is willing to trade a quick closing for a lower price — and they may be right. If Smith has no incentive to sell quickly, he may have more marketplace strength.
-
Sale prices are not based on what owners “need.” When an owner says, “I must sell for $300,000 because I need $100,000 in cash to buy my next home,” buyers will quickly ask if $300,000 is a reasonable price for the property. If similar homes in the same community are selling for $250,000, the seller will not be successful.
-
Sale prices are NOT the whole deal. Which would you rather have: A sale price of $200,000, or a sale price of $205,000 but where you agree to make a “seller contribution” of $5,000 to offset the buyer’s closing costs, pay a $2,000 allowance for roof repairs, fund two mortgage points, re-paint the entire house and leave the washer and dryer?
Because all transactions are unique there is flexibility in the marketplace. The amount of flexibility depends on local conditions.
Experienced REALTORS® are active in the local marketplace and can provide assistance with pricing, marketing, negotiation and closing.
How to Choose a Great Listing Agent
Thursday, April 12th, 2012How to Choose a Great Listing Agent
Ask these 10 questions to find the best professional to sell your property.
By Jennie Phipps, FrontDoor.com | Published: 11/10/2008
The world is full of people who sell real estate. Some of them are smart, efficient, focused, versatile and willing to go the extra mile. And some of them aren’t.
Finding an agent who will sell your home using a range of marketing tools to get you the best deal possible in a reasonable amount of time, all while charging a fair rate, takes some effort. Interview at least three candidates before you sign a contract.
Here, thanks to Alison Rogers, author of Diary of a Real Estate Rookie, and a practitioner in New York City, are 10 questions you really want to ask so you can identify the best real estate agent to sell your property.
- How much? Ask potential agents how much they think they can sell your home for. If two agents say $600,000 and the third says $700,000, think hard. It’s likely the high bid is an exaggeration to attract your business. In the trade it’s known as buying a listing. In the end, you’ll be the one who pays because the high price will scare away potential buyers before you inevitably drop the price.
- How will you market it? Running a few classified ads in the local paper, listing it on the Internet and holding an open house shouldn’t be the only answers. The practitioner should be able to talk about what kinds of people are likely buyers and how he will reach out to those specific people.
- How has your business changed in the last five years? If she doesn’t talk about website tours and smart phones, chances are this is not a highly wired agent. While Luddites can still sell houses, it is getting harder. And if this is one of those people who doesn’t even use e-mail, you’re letting yourself in for unnecessary aggravation. And you may cut yourself off from opportunities.
- Tell me how your last two deals surprised you? Every agent has a success story, but this question will give you a much better feel for what this practitioner is like as a salesperson.
- What’s your specialty? If you’re selling a starter home in a community full of young families, hiring an agent who specializes in seniors is probably a bad idea. It doesn’t mean that if he only sells condos that he can’t sell a house, but he may not be geared up to do the best job.
- How many people are you selling homes for right now and what are you doing for them? It may not be a bad thing that a high-powered agent is juggling 15 homes, but don’t expert her to give you personal service, although her assistant should be attentive. On the other hand, be wary of an agent with no other customers because she may lack experience and contacts.
- What do you expect of me? A good salesperson will have expectations. He may want you to leave and take the dog when the house is shown, paint the garage, move some furniture around and scrub the tile in the bathroom. It shows that he can think like a buyer and that’s a good thing.
- What advice would you have for me if I get an offer from a buyer who wants to use an FHA loan? It wasn’t very long ago when the right answer might be run the other way, but these days government-guaranteed financing from the Federal Housing Administration, the Department of Veterans Affairs and state and locally managed loan assistance programs can be key to selling a property. Real estate agents shouldn’t be pushing buyers toward their favorite lenders, but they should be able to help them and you wade through complex financing issues.
- What’s your fee? Forty-six percent of sellers Consumer Reports surveyed this year attempted to negotiate a lower commission rate. About 71 percent succeeded and those people were just as satisfied with the performance of their real estate agents as those who paid the standard 6 percent or more. In short, if you don’t ask, you don’t get.
- Can I talk to one of your previous clients? You never know.
How To Prepare Your House For Sale
Wednesday, April 11th, 2012How To Prepare Your House For Sale
By Elizabeth Weintraub, About.com Guide
The first step to preparing a home for sale is to let go of your emotional attachment to it.
© Elizabeth Weintraub
Here’s How:
- Disassociate Yourself With Your Home.
- Say to yourself, “This is not my home; it is a house — a product to be sold much like a box of cereal on the grocery store shelf.
- Make the mental decision to “let go” of your emotions and focus on the fact that soon this house will no longer be yours.
- Picture yourself handing over the keys and envelopes containing appliance warranties to the new owners!
- Say goodbye to every room.
- Don’t look backwards — look toward the future.
- De-Personalize.
Pack up those personal photographs and family heirlooms. Buyers can’t see past personal artifacts, and you don’t want them to be distracted. You want buyers to imagine their own photos on the walls, and they can’t do that if yours are there! You don’t want to make any buyer ask, “I wonder what kind of people live in this home?” You want buyers to say, “I can see myself living here.” - De-Clutter!
People collect an amazing quantity of junk. Consider this: if you haven’t used it in over a year, you probably don’t need it.- If you don’t need it, why not donate it or throw it away?
- Remove all books from bookcases.
- Pack up those knickknacks.
- Clean off everything on kitchen counters.
- Put essential items used daily in a small box that can be stored in a closet when not in use.
- Think of this process as a head-start on the packing you will eventually need to do anyway.
- Rearrange Bedroom Closets and Kitchen Cabinets.
Buyers love to snoop and will open closet and cabinet doors. Think of the message it sends if items fall out! Now imagine what a buyer believes about you if she sees everything organized. It says you probably take good care of the rest of the house as well. This means:- Alphabetize spice jars.
- Neatly stack dishes.
- Turn coffee cup handles facing the same way.
- Hang shirts together, buttoned and facing the same direction.
- Line up shoes.
- Rent a Storage Unit.
Almost every home shows better with less furniture. Remove pieces of furniture that block or hamper paths and walkways and put them in storage. Since your bookcases are now empty, store them. Remove extra leaves from your dining room table to make the room appear larger. Leave just enough furniture in each room to showcase the room’s purpose and plenty of room to move around. You don’t want buyers scratching their heads and saying, “What is this room used for?” - Remove/Replace Favorite Items.
If you want to take window coverings, built-in appliances or fixtures with you, remove them now. If the chandelier in the dining room once belonged to your great grandmother, take it down. If a buyer never sees it, she won’t want it. Once you tell a buyer she can’t have an item, she will covet it, and it could blow your deal. Pack those items and replace them, if necessary. - Make Minor Repairs.
- Replace cracked floor or counter tiles.
- Patch holes in walls.
- Fix leaky faucets.
- Fix doors that don’t close properly and kitchen drawers that jam.
- Consider painting your walls neutral colors, especially if you have grown accustomed to purple or pink walls.
(Don’t give buyers any reason to remember your home as “the house with the orange bathroom.”) - Replace burned-out light bulbs.
- If you’ve considered replacing a worn bedspread, do so now!
- Make the House Sparkle!
- Wash windows inside and out.
- Rent a pressure washer and spray down sidewalks and exterior.
- Clean out cobwebs.
- Re-caulk tubs, showers and sinks.
- Polish chrome faucets and mirrors.
- Clean out the refrigerator.
- Vacuum daily.
- Wax floors.
- Dust furniture, ceiling fan blades and light fixtures.
- Bleach dingy grout.
- Replace worn rugs.
- Hang up fresh towels.
- Bathroom towels look great fastened with ribbon and bows.
- Clean and air out any musty smelling areas. Odors are a no-no.
- Scrutinize.
- Go outside and open your front door. Stand there. Do you want to go inside? Does the house welcome you?
- Linger in the doorway of every single room and imagine how your house will look to a buyer.
- Examine carefully how furniture is arranged and move pieces around until it makes sense.
- Make sure window coverings hang level.
- Tune in to the room’s statement and its emotional pull. Does it have impact and pizzazz?
- Does it look like nobody lives in this house? You’re almost finished.
- Check Curb Appeal.
If a buyer won’t get out of her agent’s car because she doesn’t like the exterior of your home, you’ll never get her inside.- Keep the sidewalks cleared.
- Mow the lawn.
- Paint faded window trim.
- Plant yellow flowers or group flower pots together. Yellow evokes a buying emotion. Marigolds are inexpensive.
- Trim your bushes.
- Make sure visitors can clearly read your house number.
Top 10 Home Showing Tips
Wednesday, April 4th, 2012Top 10 Home Showing Tips
How to Show Your Home to Buyers
By Elizabeth Weintraub, About.com Guide
Lighting can help to create a mood for home buyers.
© Elizabeth Weintraub
Ads
Top Realtors In Your AreaYour Search For An Experienced And Trusted Local Realtor Ends HereTopSelling.AgentMachine.com
Repair Your CreditUnderstand & Fix Your Credit Errors Free Credit Summary & Consultation.CleanCredit.LexingtonLaw.com
Free Contract FormsDIY Contracts Free. All States. Legally Binding. Immediate Use.Contracts.RocketLawyer.com
Ads
VA Home Loan for VeteransGet a Quote in 2 Minutes! VA Loans now Up to $729,000 with $0 Down.www.VAMortgageCenter.com
Behind on your Mortgage?Qualify for Mortgage Assistance. Lower Payment & Keep your Home.SaveHomeProgram.com
1) The Gracious Welcome
Although the buyer is a guest in your home, you want the buyer to imagine owning the home. You don’t want to make the buyer feel like an intruder.
- Don’t expect the buyer to remove her shoes, unless you are selling to a buyer for whom religious or cultural reasons mandate it. Otherwise, the presumption is insulting.
- Leave the house. The buyer won’t talk about the house in front of you or open doors with you standing there.
- Don’t pressure or hurry the buyer. Tell the buyer to take all the time that is needed.
- Leave a bowl of wrapped candy or other treats near the front door with a small note thanking the buyer for coming to see your home.
2) Check the Temperature
- Now is not the time to worry about your utility bill. If it’s cold enough to wear a sweater to stay warm, turn on the heat.
- If it’s warm outside, turn on the air conditioning. It’s better to heat or cool the house a degree or two warmer / colder than usual and then set the temperature at normal. This prevents the heat or A/C from kicking on when the buyer is present, because some HVAC systems are loud.
- You want the temperature inside to be comfortable and to give the buyer more of a reason to linger, especially on hot or cold days!
3) Create a Mood
- Light a fire in the fireplace.
- Make it romantic by placing two champagne glasses on a nearby table.
- Turn on soft music. I used to play Enya until one day I heard it piped in at a mortuary.
- If you have water fountains, turn them on. They are especially useful for drowning out traffic noise.
4) Play Down the Scent
- Many people are allergic to certain scents and deodorizers, so don’t spray the air or plug-in air fresheners.
- Don’t burn candles or spray perfume in the bedroom for the same reason.
- If weather permits, open the windows — if there is too much noise outside, close them.
- If you’re going to bake cookies or simmer spices such as cinnamon in water on the stove, put out munchies so buyers aren’t disappointed. More than one buyer has said, “Oh, darn, I thought there were cookies in here!”
5) Play Up the Visual
- If you have seasonal photographs showcasing flower gardens, leaves bursting in color or a snow-covered lawn twinkling from street lights, then display them in a prominent position.
- Open all the window coverings to let in light.
- Keep blinds partially closed that otherwise show undesirable outdoor scenery such as a dilapidated fence or a nearby structure that obstructs views.
6) Light up the House
- Turn on every light in the house, including appliance lights and closet lights.
- Brighten dark rooms with few windows by placing spot lights on the floor behind furniture.
- Turn off TV.
7) Encourage Touching
- Drape sensuous fabrics such as velvet or silk throws over chair arms.
- Leave doors slightly ajar.
- If you have carpeting, vacuum in one direction.
Provide Thoughtful Cards
Attach printed cards to items and in rooms that provide further information the buyer might miss or might not know. You have so little time to make an impression.
- If you have an antique chandelier in your dining room, put a card on it that discloses its age and other important details.
- If you have removed the washer and dryer from the laundry room, attach a card to the wall describing the room.
- If your basement stairs are steep, attach a card to the railing that cautions buyers to watch their step.
- Take care when placing a card that says: “Not included in the sale.” That will make a buyer want it, but you can play that later to your advantage.
9) Top It Off With Food
The best way to entice buyers to linger and notice even more details about your home is to offer them food. You don’t need to cater a lunch, but finger sandwiches, cookies, soft drinks, water, desserts, all are welcome.
- Set out serving utensils, if needed.
- Provide plates, cups and napkins. They can be paper products.
- In plain sight, provide a waste receptacle.
10) Encourage Buyer Feedback
- Near the snacks, leave pens and a stack of preprinted questionnaire cards or a guest book to sign.
- Buyers will feel obligated to respond to your request after being fed.
- The showing feedback you receive will be invaluable.
- Allow buyer anonymity.
Cheap Ways to Improve Curb Appeal
Wednesday, April 4th, 2012Home Remodeling & Maintenance
Cheap Ways to Improve Curb Appeal
Boost your home’s value by sprucing up your yard with these budget-conscious tips.
By Cameron Huddleston, Contributing Editor, Kiplinger.com
March 2012
- Lawn Fertilizer ProductsLearn How to Grow a Thick, Green Lawn. Use Scotts® Lawn Products Scotts.com/Lawn-Fertilizers
Walk across the street from your house, turn around, take a good look at your yard and ask yourself if you’re impressed by what you see — or just plain depressed.
We can’t all have yards worthy of being on the cover of a landscaping magazine. Those yards generally come with a high price tag. But a little cash can go a long way to improve your home’s curb appeal. In fact, with existing homes selling at the slowest rate in a decade, if your house will be on the market, you can’t afford not to spend some money and time on landscaping that will distinguish your house from others.
So we asked landscape professionals how homeowners could get the most bang for their landscaping buck within certain budgets: $100, $500, $1,000 and $2,000. They even threw in a few ideas for ways you can improve your yard without spending a cent.
- John Deere Official SiteIdeal for Loading, Digging & Large Jobs. John Deere Utility Tractors. www.deere.com
- Landscape DesignsGet The Landscape You Want! Design Your Landscape With Pro Help Now. www.HomeFoundation.com/Landscape
Make a plan first
Regardless of your budget, before you grab a shovel or head to a nearby garden center, you need to determine your goals and ask yourself some questions to ensure your money is well spent, says Tara Vincenta, founder of Artemis Landscape Architects, in Brookfield, Conn.
Are you trying to improve your yard so you can enjoy it for years to come or to increase your chances of selling your house? Do you live in the city, ‘burbs or countryside? What is your home’s architectural style? Do you live in a wet or arid climate? Are deer or other wildlife an issue? “All these considerations can affect your approach,” Vincenta says.
You don’t want to waste money on plants that require full sun if your yard is in the shade. Nor do you want to try to replicate that cool, modern landscape design you saw on TV with your Victorian home — especially if you’re trying to sell it. The kind of person who would be interested in your home would want a garden that complements it.
“Do research before you go to a garden center and buy at random, or you’ll end up with a hodgepodge,” Vincenta says.
For $100, you can …
Create a welcoming entrance with one or two big pots filled with colorful plants. “A plant in a pot looks much bigger than when you put it in the ground,” says landscape architect Sam Williamson, owner of Samuel H. Williamson Associates, in Portland, Ore.
Make a significant impact on your landscape with a few 5-gallon trees for about $35 each, if you plan to stay in your home for at least five years, says landscape architect David Keith, owner of Arbor Studio, in Blanco, Tex. Smaller trees also tend to acclimate better.
Buy seeds, such as a mix of wildflowers, and cover much more ground than $100 worth of plants.
For $500, you can …
Invest in a couple of great architectural pots that make a statement at your entrance, Vincenta says. Add rounded boxwoods for a classic look, or try a seasonal planting of ornamental grasses, and colorful annuals and trailing plants for an eye-catching display.
Add a bench or garden ornament, such as a trellis or birdbath, to a key spot or a nice mailbox and with some plantings for at? the base.
Pay someone to professionally prune or selectively remove (and replace) overgrown bushes.
Spruce up your foundation plantings with a border of long-blooming perennials. Vincenta says to use just two varieties (a dozen or more of each) for more impact and add fresh mulch for a professional look.
For $1,000, you can …
Redo an area of your garden or even a small backyard, Williamson says.
Hire a landscape designer or architect to create a plan that you can install or to develop a solution to a nagging problem in your yard, says landscape architect Andy Wright, of Landworks, in Edwardsville, Kan.
Add several evergreen plants, both trees and shrubs, to punctuate an entrance, create year-round color in your yard or block a bad view.
Go green by creating a rain garden that will capture and filter runoff from your roof. Vincenta says there are a lot of resources online to help you.
Remove your lawn and replace it with meadow grasses, wildflowers or ground cover. The larger the portion of lawn you remove, the less time and money you’ll spend on mowing and fertilizing grass, say both Keith and landscape desinger Barry Block, owner of Barry Block Landscape Design & Contracting, in East Moriches, N.Y.
Install landscape lighting to illuminate the path to your front door.
Buy a small, freestanding water feature, and add rocks, boulders and plantings to make it look natural.
For $2,000, you can …
Improve your front walkway. You may not be able to replace the entire walkway, but Vincenta says you can make repairs, add a row of bricks or pavers along the edge, or cut out a section and create a pattern to add interest.
Expand your existing plant beds. Redo the straight line of plants at your house’s foundation with a much wider bed that has sweeping curves. Layer your plantings with taller shrubs in the back and lower plantings and flowers in the front. And replace any overgrown or dying? plants.
Xeriscape. Replace your lawn with stones, boulders and drought-resistant plants if you live in an arid or fire-prone area.
For free, you can …
Clean up existing plant beds by removing weeds and overgrown plants.
Prune shrubs — but not into an unnatural ball or square shape.
Trim tree branches that hang too low and create hazards.
If you’re trying to impress potential buyers — or even guests — “nothing is worse than having unkempt grounds,” says Block. An unruly yard is an immediate turnoff, and buyers might assume you’re not maintaining the home well, either.
Read more: http://www.kiplinger.com/features/archives/improve-your-curb-appeal.html?topic_id=23#ixzz1r5u8YUlD
Become a Fan of Kiplinger’s on Facebook
Short sell your home to avoid foreclosure
Monday, April 2nd, 2012Short sell your home to avoid foreclosure
Are you in danger of losing your home? Protect your credit score with a short sale.
By Amy Fontinelle of Investopedia

© fotag/Getty Images
If your adjustable-rate mortgage has reset to an interest rate you can’t afford, you’ve experienced a major financial setback such as losing your job or if you must sell a house that is worth less than your mortgage, foreclosure may not be your only option.
A short sale can salvage your credit and help you avoid bankruptcy. For homeowners who are left with few remaining financial options, it may be worth a try.
In real estate, a short sale occurs when homeowners in financial distress sell their property for less than what is due on the mortgage. The buyer is a third party, not the bank, and all proceeds from the sale go to the lender. The lender forgives the difference or gets a deficiency judgment against the borrowers. This requires the borrowers to pay the lender all or part of the difference between the sale price and the original value of the mortgage. In some states, this difference must be forgiven, by law. (Bing: Which states?)
Slide show: 5 tips to ensure your short sale succeeds
Alternatives to a short sale
Before resigning yourself to a short sale, talk to your lender about the possibility of a revised payment plan or loan modification. Either option may allow you to stay in your home and get back on your feet.
You also could stay in your home if you have private mortgage insurance. Many homeowners who purchased homes with less than 20% down were required to purchase PMI. If the PMI company thinks your current financial situation could turn around, it may advance funds to your lender to bring your payments up to date. Eventually, you must repay this advance.
If none of these options is possible, be prepared to do a lot of work to complete a short sale. While a foreclosure essentially lets you walk away from your home — albeit with grave consequences for your financial future, such declaring bankruptcy and destroying your credit — completing a short sale is labor-intensive. The payoff may be worth it, however.
Article continues below
Short Sales: What Can You Do?
Before you begin, try to understand your lender’s perspective. The lender is not required to do a short sale and will complete one only at its discretion. Make sure that the source of your financial trouble is new, such as a health problem, job loss or a divorce. It should not be something you neglected to disclose when you applied for the loan. The lender won’t sympathize with a dishonest borrower. If you think you were a victim of predatory lending, however, you could talk the lender into a short sale even if you have not had any financial catastrophes since buying the home.
- MSN Money: Banks pay homeowners to sell
Be aware of circumstances that may prevent the lender from wanting to do a short sale. Unfortunately, if you are not in default on your mortgage payments yet, the lender probably won’t want to work with you, even if you see the thunderheads looming over your backyard. Also, if the lender thinks it can get more money from foreclosing on your home than from allowing a short sale, it could turn you down. Finally, if anyone has co-signed on your mortgage, the lender may want to hold that person responsible for payment rather than doing a short sale.
If you think your situation is ripe for a short sale, talk to a decision-maker at the bank. Don’t just talk to a customer-service representative, who has no real authority. Immediately ask to speak with the lender’s loss mitigation department. If you don’t like what the first decision-maker says, try talking to another one on another day and see if you get a different answer. If the lender will consider a short sale, you’re ready to move forward with creating the short-sale proposal and finding a buyer.
- On our blog, ‘Listed’: Bank to rent homes to former owners
Proceed with caution
At this point, you should consult a lawyer, a tax professional and a real-estate agent. While you may think that these high-priced professional services are the last thing you can afford, making a mistake while handling a complex short-sale transaction yourself could mean even more financial trouble. Professionals accustomed to dealing with short-sale transactions can give you guidance on how to pay them.
To put yourself in a more convincing position to complete a short sale, stop purchasing non-necessities. You don’t want to look irresponsible to the lender when it reviews your short-sale proposal.
When setting an asking price, factor the cost of selling the property into the total amount of money you must receive. Of course, you want to sell the home for as close to the value of your mortgage as possible. But in a down market, there is bound to be a shortfall. In some states, even after a short sale, the bank expects you to pay back all or part of that shortfall, but at least this amount will be significantly less than what you owed on your mortgage.
Read: More short sales bring new scam: Flopping
Gather all of the documents you’ll need to prove your financial hardship to the lender. These may include bank statements, medical bills, pay stubs, a termination notice from your former job or a divorce decree. It is up to you to come up with the short-sale proposal. Be aware that the lender ultimately must approve a short sale because it receives the proceeds. Your job is to find a buyer for your home.
Once you have a buyer and the necessary paperwork, you can submit the buyer’s offer and your proposal to the bank. Along with the documentation of your financial status, your proposal should include a hardship letter explaining the circumstances that prevent you from making your mortgage payments. You want to make it as convincing as possible and protect your interests while also appealing to the bank.
Be careful about submitting your financial information to a lender. If it does not approve the short sale, it may use your financial information to try to get money out of you in foreclosure proceedings. If you still have cash assets, you may be expected to use them to continue making mortgage payments or to make up some of the shortfall between the sale price and the mortgage amount. A lawyer experienced in completing short sales can help you navigate the tricky details.
| results by | Bing |
|
|
|
Credit Repair: How to Help Yourself |
|
Prepare to wait
Because short sales can take longer than regular home sales because of the need for lender approval, they often fall through. Be prepared for the possibility of the buyer finding another property while waiting for your answer.
Also, be aware that a short sale can still affect your credit score. The months of mortgage payments you missed before the short sale can show up as delinquent payments on your credit report. It is up to the bank to decide what to report, so it’s in your best interest to try to persuade it to not report your defaulted payments. The bank is more likely to be generous if you brought up your hardship before you were significantly behind. Although this is somewhat damaging to your credit, it is certainly less damaging than foreclosure.
If the short sale closes, you can breathe a sigh of relief and start over with a major financial burden off your back. You probably won’t even have to pay taxes on the shortfall. Under the Mortgage Forgiveness Debt Relief Act of 2007, mortgage debt forgiven by lenders will not be taxable if the discharged debt is on your principal residence. This applies only to debts from 2007 to the end of this year, to a maximum about of $2 million. The amount of debt forgiven still must be reported on your income-tax return using Form 982. You should receive a Form 1099-C from your lender stating this amount. Find more information on the Internal Revenue Service website.
Not all lenders are willing to do short sales. Even when they are, short sales don’t always close. They are, however, an excellent alternative to foreclosure and are worth trying to complete. Without the stains of foreclosure and bankruptcy on your credit report, you can get back on your feet much faster.
How To Prepare Your House For Sale
Monday, April 2nd, 2012How To Prepare Your House For Sale
By Elizabeth Weintraub, About.com Guide
The first step to preparing a home for sale is to let go of your emotional attachment to it.
© Elizabeth Weintraub
Ads
Top Realtors In Your AreaYour Search For An Experienced And Trusted Local Realtor Ends HereTopSelling.AgentMachine.com
What’s My House Worth?Get a free home value estimate and view comparable homes in your area.www.HouseValues.com
We Buy Houses: Cash, FastNeed to Sell Fast? Close in 10 Days Over 900,000 Helped Featured on CNNHouseBuyerNetwork.com
Ads
Repair Your CreditUnderstand & Fix Your Credit Errors Free Credit Summary & Consultation.CleanCredit.LexingtonLaw.com
Home Staging CourseIs A Home Staging Career For You? See Our Home Staging Course!www.HomeStagingResource.com
Here’s How:
- Disassociate Yourself With Your Home.
- Say to yourself, “This is not my home; it is a house — a product to be sold much like a box of cereal on the grocery store shelf.
- Make the mental decision to “let go” of your emotions and focus on the fact that soon this house will no longer be yours.
- Picture yourself handing over the keys and envelopes containing appliance warranties to the new owners!
- Say goodbye to every room.
- Don’t look backwards — look toward the future.
- De-Personalize.
Pack up those personal photographs and family heirlooms. Buyers can’t see past personal artifacts, and you don’t want them to be distracted. You want buyers to imagine their own photos on the walls, and they can’t do that if yours are there! You don’t want to make any buyer ask, “I wonder what kind of people live in this home?” You want buyers to say, “I can see myself living here.” - De-Clutter!
People collect an amazing quantity of junk. Consider this: if you haven’t used it in over a year, you probably don’t need it.- If you don’t need it, why not donate it or throw it away?
- Remove all books from bookcases.
- Pack up those knickknacks.
- Clean off everything on kitchen counters.
- Put essential items used daily in a small box that can be stored in a closet when not in use.
- Think of this process as a head-start on the packing you will eventually need to do anyway.
- Rearrange Bedroom Closets and Kitchen Cabinets.
Buyers love to snoop and will open closet and cabinet doors. Think of the message it sends if items fall out! Now imagine what a buyer believes about you if she sees everything organized. It says you probably take good care of the rest of the house as well. This means:- Alphabetize spice jars.
- Neatly stack dishes.
- Turn coffee cup handles facing the same way.
- Hang shirts together, buttoned and facing the same direction.
- Line up shoes.
- Rent a Storage Unit.
Almost every home shows better with less furniture. Remove pieces of furniture that block or hamper paths and walkways and put them in storage. Since your bookcases are now empty, store them. Remove extra leaves from your dining room table to make the room appear larger. Leave just enough furniture in each room to showcase the room’s purpose and plenty of room to move around. You don’t want buyers scratching their heads and saying, “What is this room used for?” - Remove/Replace Favorite Items.
If you want to take window coverings, built-in appliances or fixtures with you, remove them now. If the chandelier in the dining room once belonged to your great grandmother, take it down. If a buyer never sees it, she won’t want it. Once you tell a buyer she can’t have an item, she will covet it, and it could blow your deal. Pack those items and replace them, if necessary. - Make Minor Repairs.
- Replace cracked floor or counter tiles.
- Patch holes in walls.
- Fix leaky faucets.
- Fix doors that don’t close properly and kitchen drawers that jam.
- Consider painting your walls neutral colors, especially if you have grown accustomed to purple or pink walls.
(Don’t give buyers any reason to remember your home as “the house with the orange bathroom.”) - Replace burned-out light bulbs.
- If you’ve considered replacing a worn bedspread, do so now!
- Make the House Sparkle!
- Wash windows inside and out.
- Rent a pressure washer and spray down sidewalks and exterior.
- Clean out cobwebs.
- Re-caulk tubs, showers and sinks.
- Polish chrome faucets and mirrors.
- Clean out the refrigerator.
- Vacuum daily.
- Wax floors.
- Dust furniture, ceiling fan blades and light fixtures.
- Bleach dingy grout.
- Replace worn rugs.
- Hang up fresh towels.
- Bathroom towels look great fastened with ribbon and bows.
- Clean and air out any musty smelling areas. Odors are a no-no.
- Scrutinize.
- Go outside and open your front door. Stand there. Do you want to go inside? Does the house welcome you?
- Linger in the doorway of every single room and imagine how your house will look to a buyer.
- Examine carefully how furniture is arranged and move pieces around until it makes sense.
- Make sure window coverings hang level.
- Tune in to the room’s statement and its emotional pull. Does it have impact and pizzazz?
- Does it look like nobody lives in this house? You’re almost finished.
- Check Curb Appeal.
If a buyer won’t get out of her agent’s car because she doesn’t like the exterior of your home, you’ll never get her inside.- Keep the sidewalks cleared.
- Mow the lawn.
- Paint faded window trim.
- Plant yellow flowers or group flower pots together. Yellow evokes a buying emotion. Marigolds are inexpensive.
- Trim your bushes.
- Make sure visitors can clearly read your house number.
Watch Weintraub’s video about Preparing a Home For Sale.



