Former Fox 13 Consumer Lawyer Eric Seidel explains the reasons behind the temporary ban on foreclosures…
Duration : 0:1:23
http://www.mytorontorealty.com/
A short video taking about the buying process and how to figure out the buyers criteria prior to looking for your next home. How to. It a house in Toronto is an important third step in the buying process.
Duration : 0:2:48
A Kansas City woman who was to become homeless Monday is instead celebrating a big victory.
http://www.kmbc.com/news/19045728/detail.html
Duration : 0:2:31
In order to find a buyer for your home, you must make a house-shopper absolutely fall in love with your house. Most house-shoppers will start falling in love or out of love within the first 30 seconds of arrival. It is critical to know the factors that create “buyer attraction” in order to find the buyer as soon as possible. After all, every month that goes by translates into another mortgage payment and utility bill for you to pay.
When you’ve moved out all of your “clutter” – or wisely stored it in a self-storage facility – call your Realtor up and have him/her meet you at your place to walk through it together. Your Realtor has likely walked through many homes and may know what qualities about your home will appear unattractive to buyers. Use this session with your Realtor to purely focus on “things to make better”.
One gigantic rule of thumb to staging a house is to “create light and space” in every room. These are two generalizations that buyers tend to love about homes. Pull back drapes, rearrange furniture towards the walls, create easy walkways between rooms, clear off your front porch, and do whatever else you can to create both light and space everywhere. You may have to keep lights on in some rooms to make this happen. Consider installing motion-activated light switches in these always-dark rooms.
Next, focus on the scent of every room – does every room smell nice? Strategically place air fresheners, candles, etc. throughout your house. To a buyer, a good-smelling home is the smell of a home that was well-cared for.
Check all of the light fixtures in the house. Are they dusty? Are some of the bulbs burnt out? Make sure to keep an extra pack of light bulbs in a kitchen drawer in case you need to change one during the duration of your home’s listing.
Remember – first impressions are critical – especially to house-shoppers. Tend to the front porch and front room aggressively. Buyers should feel excited to see the rest of the house when they approach and enter through the front door. The porch, surrounding plants, welcome mat (buy a new one), door, and even the doorknob should all be in perfect shape. Some people even buy new address numbers that attach to the house. Also, the front room should be absolutely immaculate. Create an ambiance that makes visitors to the house say “wow” out loud.
Ensure that any visible wastebaskets are empty – all trash should be removed from the property prior to marketing the house. The same applies to tools – the only tools that should remain in the house are cleaning supplies, which should be stored under the kitchen sink.
Make that bathroom look new: purchase a new shower liner/curtain and dress the rest of the bathroom up with a new towel and bath rug set. Keep plenty of toilet paper in the bathrooms in case visitors need to use it.
Finally, take plenty of pictures of your beautiful home. Your Realtor has likely created in-house flyers for you, but that doesn’t mean you can’t create your own. Make your own flyers with various pictures and descriptions (if you aren’t good with a computer or flyer designing, find someone who is) and attach your flyer to your Realtor’s flyers. Have your Realtor review them first. Thereafter, check in on your house frequently (if you aren’t living there) and do any necessary cleaning and touch-up work. Good luck!
For more free articles and previews to The Field Guide to Flipping Homes, visit the official site at www.homeflippingfieldguide.com
Matt Sheuerman
State statute of limitations can be less or more but credit reporting is 7 years.
I’m a first time home buyer and have credit issues and I want to know what are the pros and cons of buying a foreclosed home. I’ve seen a lot of them that I love and the prices I love them more, but I’m a little unsure!
Ok, I can tell you first had because I just went through it. I also have credit issues. The first thing you need to do is to get pre-approved. Not pre-qualified, a lot of the banks that own these homes won’t accept offers from people who don’t have the pre-approval. Also, when looking you may see that they want earnest money. In my case many of them wanted 1000 or more in earnest money.
Make sure when you work with the broker you ask for a sellers consession. We were able to get the bank to agree to a 6% seller consession which means that the seller (bank) has to pay the buyer (me) 6% of the total sales price to cover the cost of closing fees and other fees associated with purchasing the home.
The worst thing for me was waiting for the buyer to answer on our offer. It took 2 weeks beyond the agreed upon date but if you really want it you will have to wait it out.
Even if it is a forclosure you have the option to have an inspection done – DO IT. It is the best $300 bucks you will spend. The inspector will be able to tell you what is wrong with the house and help you set up a list of priority repairs. Most of the forclosed homes are sold as is and you will have no recourse if you sighn the final sales contract. You can write in "pending inspection" in the offer to the buyer. This is a great out if you find a major issue that you can’t afford.
Good Luck and I hope this information helped.
Civil rights groups urge freeze on foreclosures
From Bloomberg News
April 6, 2007
A coalition of civil rights groups asked mortgage lenders to freeze foreclosures for borrowers with weak credit ratings, saying reckless lending practices to minorities caused their predicament.
Lenders, loan servicers and investors in mortgages should agree to a six-month foreclosure moratorium, a group that includes the National Assn. for the Advancement of Colored People, the National Council of La Raza and the National Fair Housing Alliance said in a statement.
Political pressure on the government and regulators to intervene has increased as defaults on sub-prime loans rose to a four-year high and foreclosures on all home loans rose to a record in the last quarter of 2006. As many as 2.4 million Americans may lose their homes because of the collapse of the sub-prime loan industry, the Center for Responsible Lending, also part of the coalition, said in testimony to Congress last month
I had to read this twice because I could not believe what I had just read. The answers amaze me even more. People actually believe that it is the lenders fault if people don’t pay their mortgage.
What’s more; the article implies only people with bad credit should get a reprieve from debtors. If people with good credit don’t pay their mortgage they should face foreclosure but not the poor guy who had bad credit to begin with, after all it’s not their fault they don’t pay their bills.
The very same people who were screaming before about discriminatory lending are now saying they are lending to much money to minorities. You can’t please them!
This is Alice in Wonderland. Only a die-hard liberal could follow this reasoning.
Obviously we need Hillary to make sure everyone has a free house!
PERSONAL RESPONSIBILITY !!!
The only way for equal rights and non discriminatory practices to be compliant with Federal Mandated Regulations is for all delinquent loans 3 months in arrears to be served a notice of default and intent to foreclose. Regardless of the credit, color, familial status, creed, handicap, age, or sexual preference. You asked for the loan and received the benefit after disclosures were given and signed and agreed to. Now why should anyone that cant make payment be forgiven ? Remember the banks and insurance companies own our government. There will be no out for deadbeats, it is sad that some decent people will lose their homes because of tragedy in their lives. This isnt the land of entitlement and risk free living. If mexicans want affordable housing let them make adobe huts. This isnt whiteys fault it was a choice made by those affected. Liberals and Democrats will spin this to death trying to make people think big govt should take care of us. How many that will lose their home would have sued instead had they been turned down for their loan as they likely should have been. This isnt a race thing it is a matter of accountability for ones own actions. You want to remove racial tensions, then quit pulling the race card everytime you renig on your obligations as an american.
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