Real Estate Tips
Home Selling Tips: Just as Important as buying a home is taking care of business at hand and finding a buyer for your existing home. Take the next few minutes to review some tips on how you can make your home for sale appealing and more valuable in the eyes of potential buyers.
- Hire a professional cleaning company - For a modest investment, you can reap tremendous returns. Do your part by reducing clutter throughout the home and grounds.
- Do some lawn work - A well-manicured lawn makes a big impression. Want to make the yard sparkle? Turn on the sprinklers 30 minutes before prospective buyers are there.
- Serve snacks - It may not sell the home for you, but preparing some finger food for guest will leave an impression that you care about them. Cookies and lemonade are always popular.
- Leave - Give prospective buyers some space. Let them walk through without thinking someone is listening in on their conversations.
- Less is more - Remove a piece of furniture from each room. It makes the home seem more spacious.
- Turn on the lights - Even during the day, lights make your home seem brighter.
- Keep the pets away - Send them to a friend's home for the afternoon. If that's not possible, confine them in a particular room or in the back yard.
- Check the little things - Make sure all the lights are working and that the faucets don't drip. Check for loose door knobs and hinges.
Home Buying Tips: Whether you're a first - or many-time buyer, we think you'll find the following tips helpful in getting the home you want. Remember, buying a home is probably the biggest purchase you will ever make. Take your time, be careful, and do your research.
- Closely examine the prperty "fact sheet" - Make sure the floor plan, number of bedrooms/bathrooms, and storage space fit into your needs.
- Ask Questions - Ask to see copies of utility bills and tax assessments. Find out about the schools. Inquire as to what furniture and appliances are being left behind.
- Find out why the home has not been sold - Ask how long it's been on the market. Look for potential drawbacks. Is the home overpriced?
- Become a "pre-approved" buyer - Different from a "pre-qualified" buyer, pre-approved buyers instantly provide credit worthiness to sellers. If you put yourself in the seller's shoes, you would only want to deal with serious buyers.
- Be flexible in terms of viewing a prospective home - If a seller takes the time to pick up the phone to call you, make every effort to accommodate their needs. Besides, you will want to see the home in the best possible light, and viewing it when the seller is ready will leave you with a good impression.
- Create a "buyer profile" - Even a simple piece of paper shows sellers that you are serious about purchasing a home. Use the profile to explain who you are and why you are interested in changing homes. This can be helpful in letting sellers know you take this transaction seriously.
- Find out what the earnest deposit amount is - If you are certain this house is for you, offer to deposit more than they are asking. When sellers are confronted with multiple offers, a higher deposit can make your offer stand-out above the others.
- Don't complicate the deal - Minimize, or if possible, eliminate contingencies based on the sale of your own home. You may want to discuss with your mortgage company the use of a bridge loan so you don't have to pass up an opportunity.
Tips for Avoiding Foreclosure - Are you having trouble keeping up with your mortgage payments? Have you received a notice from your lender asking you to contact them?
- Don't ignore the letters from your lender
- Contact your lender immediately
- Contact a HUD-approved Housing Counseling Agency
- Toll FREE (800) 569-4287
- TTY (800) 877-8339
If you are unable to make your mortgage payment:
1. Don't ignore the problem.
The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.
2. Contact your lender as soon as you realize that you have a problem.
Lenders do not want your house. They have options to help borrowers through difficult financial times.
3. Open and respond to all mail from your lender.
The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.
4. Know your mortgage rights.
Find your loan documents and read them so you know what your lender may do if you can't make your payments. Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting the State Government Housing Office.
5. Understand foreclosure prevention options.
Valuable information about foreclosure prevention (also called loss mitigation) options can be found on the internet at www.fha.gov/foreclosure/index.cfm.
6. Contact a HUD-approved housing counselor.
The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide. Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need this assistance. Find a HUD-approved housing counselor near you http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm or call (800) 569-4287 or TTY (800) 877-8339.
7. Prioritize your spending.
After healthcare, keeping your house should be your first priority. Review your finances and see where you can cut spending in order to make your mortgage payment. Look for optional expenses-cable TV, memberships, entertainment-that you can eliminate. Delay payments on credit cards and other "unsecured" debt until you have paid your mortgage.
8. Use your assets.
Do you have assets-a second car, jewelry, a whole life insurance policy-that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in additional income? Even if these efforts don't significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to keep your home.
9. Avoid foreclosure prevention companies.
You don't need to pay fees for foreclosure prevention help-use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender. While these may be legitimate businesses, they will charge you a hefty fee (often two or three month's mortgage payment) for information and services your lender or a HUD approved housing counselor will provide free if you contact them.
10. Don't lose your house to foreclosure recovery scams!
If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home! Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional, or a HUD approved housing counselor.
Tips for Renting/Leasing:
Location, Location, Location!
This popular phrase can mean everything. A few aspects to consider include:
Is it within walking distance of work/school?
Where is the nearest laundry facility?
What is the neighborhood like?
Is there off-street parking?
Costs
This is often a big concern in making a decision about housing. Expenses that must be considered include rent (and deposits), utilities, trash removal, transportation, telephone, and cable.
Housing Options
Apartments: These are the most popular options, probably because they are the most widely available. Consider the size and type of apartment you will need as well as the advantages and / or disadvantages of having one or more roommates. When deciding your rental unit, be sure to check the maximum number of tenants allowed.
House: Living in a house with several others is another option with some special advantages and disadvantages. Roommate issues which are minor with only one roommate can be complicated if they involve 3 or 4 people. How are responsibilities for paying bills handled? Many times bills are sent to one tenant and that person is responsible for seeing that they are paid. If all the chores are equally divided and the proper roommates chosen, sharing a house can be rewarding.
Some Questions to Ask the Landlord/Manager
• If I am not satisfied with my apartment, what is my obligation?
• Is it possible to transfer to another unit in the building?
• Is there a transfer fee?
• How long will I need to wait?
• What is the lease cancellation policy?
• How much of a deposit is required to hold the unit?
• Is it refundable if I do not like the apartment after I see it?
• Is there a security system?
• Is the apartment air conditioned?
• Is there a large graduate/undergraduate population in your building?
• Is the length of the lease negotiable? (You will want to know this if you plan to go home for the summer etc.)
• Is subletting permitted?
Signing a Lease
Before you sign a lease, make a deposit or orally agree to move in; understand the lease.
Make sure you can live with the terms of the lease. Every lease should clearly state:
Address of rental
Rules and regulations
Names of parties
Right to sublease
Amount of rent due per month
Date rent is due
Security deposit amount
Right of entry
Length of lease
Condition of unit
Furniture provided
Inventory of furnishings
Responsibility of repairs
Types of Leases
Most leases are month to month or term. Each has advantages and disadvantages for both the tenant and the landlord.
A Month-to-Month agreement is a contract for one month at a time. The landlord can raise the rent, or alter or terminate the agreement at the end of any rental month provided the proper notice is given. "Proper notice" in a month-to-month tenancy occurs when written notice is given no less than 3 days before the end of the month. You and your landlord may agree on a longer notice period. A month-to-month lease allows the tenant to easily terminate the contract if "proper notice" is given. Always keep a copy of your written notice.
A Term Lease provides more protection for the tenant against rent increases, changes to the contract, or termination of the contract before the term is over. Providing you do not breach your lease, the landlord is obligated to rent the unit to you for the length of time, under the conditions and for the rent amount outlined in the lease. A disadvantage to the tenant is that it is not east to terminate a term lease. You are obligated to pay rent and fulfill the conditions of the contract for the length of the lease.
Good Tenants - Good Landlords
If you have made the decision to rent, you have assumed a lot more responsibility toward your safety and well-being. Be a responsible tenant and a good neighbor. You are now a tenant and a member of the community. You have rights and you have responsibilities. Also, know what your rights as a tenant are so that you can be an informed consumer when dealing with your landlord. Always talk to your landlord first. If he/she does not respond, put your request/concern in writing. Try to establish a positive relationship with the landlord and show that you are a responsible tenant. Responsibility invites responsibility and respect.
Be a Good Neighbor
Get to know your neighbors. It is more fun and safer. Respect their right to peace and quiet and keep your property clean and trash-free. Most of the conflicts between tenants and their neighbors center on too much noise, too loud and rowdy parties and too much trash. Keep the volume of your music down, respect quiet hours, and let them know if you are going to have a large party.
Your neighbors can be your friends. If you need someone to watch your place while you are away, water your plants or lend you a hammer, they will be there for you. They can also direct you to fun places in the neighborhood and great places for a delicious, inexpensive meal.
