Staging Your Home During The Holidays

When you're selling your home, first impressions always matter. However, the holidays require special attention when it comes to staging. The more well-staged your home is, the higher the price it will fetch, and the faster it will be off the market.

Simply put, home staging means uncluttering your home, removing certain personal items and enhancing your décor to appeal to buyers. Do not allow the thought of selling your house during the months of winter dampen your holiday moods. With just a little effort, you can create a festive and buyer-friendly environment using the following timeless staging tips:

Use neutral holiday adornments

The key to holiday home staging is to accessorize smartly. If you are used to being overboard with elaborate décor every holiday season, you need to tone it down a little. A recent study has revealed that majority of realtors recommend sellers to use non-religious holiday décor during an open house, to avoid putting off some potential buyers. You can keep your décor festive without going all out, with simple non-religious touches such as an evergreen wreath, a pinecone centerpiece, or a few eye-catching ornaments above your fireplace. All holiday accessories must complement your usual décor.

Get your lighting right

No doubt, outdoor holiday lights are especially beautiful in the winter season, and really add to the appeal of your home, but only if you do them right. So rather than hanging up every string of multi-colored lights in your possession, map out a plan. Only use light colors that will enhance your home’s appearance. You do not have to throw up lights on every corner of your home. You could simply highlight a gorgeously designed roofline or shed light to a beautiful tree in the compound. Warm colors give your house a welcoming feel during the dark nights of December, which is when buyers are more likely to see your home. 

Blaze up your fireplace

During the cold winter holiday, it is essential to keep your home warm day and night. In fact, according to statistics, it’s one of the fast things potential buyers will notice. The trick is to make your home cozy by cranking up the heat by a few degrees, so that when buyers enter, they can immediately feel the warmth after being out in the cold. However, a simple yet alluring way to maintain the warmth is to light your fireplace. The warmer buyers will feel, the longer they will remain in your home admiring its homeliness. 

Entice with winter fragrance and tasty bribery

Most realtors advise home sellers to use winter home fragrances before opening up their homes to potential buyers to make it smell lovely and desirable. You can also get buyers to stick around a lot longer and endear yourself to them by serving delicious snacks and drinks. You can kill two birds with one stone by serving freshly baked cookies with hot chocolate. The aroma from these tasty treats will create a comfortable and homely experience, and help potential buyers picture their future in the house. 

Should You Buy a Historic House?

There is nothing quite like the quaintness and uniqueness of a historic home. Many homebuyers and investors fall in love with historic houses because they are richly attractive pieces of historical beauty. They are also known for their established neighborhoods. But are historic homes worth the purchase?

If you have been considering buying a historic home, there are some things you should consider. This article from Total Mortgage  discusses factors that you need to think about before making an offer. Some of these factors include higher property taxes, possible repairs, and the cost of keeping the historic home looking authentic.

According to the article, you may pay more for a historic home in the long run, but your home value will be higher. Plus, you can enjoy the beauty and charm of your historic home!

How to Sell Your House Without a Real Estate Agent

Most people rely on a real estate agent when they want to sell their house, but it is possible to get a buyer on your own. It may take a little more effort but you will end up saving the commission you would have paid to the agent. Here are a few tips to help you make the sale:

Do your research

The first step towards a successful house sale is to know about real estate operations. Master the language used during the transactions by reading through your home’s contracts and other documentation. You need to have all the paperwork required to make a sale including legal documents, disclosures, and insurance documents. 

You also need to identify professionals who will help you with the sale process such as appraisers and estate attorneys. A title company may also be necessary in some situations. 

It is also important to determine how you will structure the sale. Do you intend to offer any incentives to attract buyers such as lease-to-own or owner financing. Learn how each incentive option works to determine how it will apply in your situation. 

 Organize your house

Once you have completed your research, you need to organize your house and make sure it is ready for a sale. Fix any functional problems in your house. Paint the entire house in bright colors, refinish floors, and replace your carpeting. Identify any items that need to be repaired or replaced such as heating, roof, appliances, and air conditioning.

 

It is also essential to get rid of clutter and stage the house. Your objective should be to make the house appear spacious and dazzling. There are certain things you may be unable to change such as the location and neighbors and this have to be factored in the price. 

Set your price

Most homeowners set a very high price, putting off potential buyers. Check home prices in the neighborhood and come up with something reasonable. You can also use an appraiser to help you set an appropriate price. 

Advertise, advertise

Advertise the house on several online listings. It is advisable to use sites that feature sales by owners. The sites you select should get a lot of traffic. You can also rely on social networking sites and print media to advertise. 

Negotiate the offers

Get ready for offers and counteroffers. A real estate attorney can help you negotiate if you find it difficult. 

Make the sale

Organize all the closing paperwork and have it ready for a sale including documents required by federal and state laws. There may be some delays in the sale process even when you get a good offer. 

Paying off a Mortgage before Retirement

As we get older and closer to a retirement age, it is important to have a comprehensive retirement plan in place. This includes a steady flow of income of which you will survive on after retiring. To achieve this, it often requires you to reduce outstanding dues, debts, loans, or mortgages as much as possible.

Mortgage payments that are high will eat into your retirement plan, and this may lead to a financial future that is not as secure as you intended. This is why most people prefer to pay off their mortgages before retiring, or reduce the outstanding balance to manageable levels.

There are various ways in which one can successfully pay off their mortgage before retirement is apparent. You will still need to pay associated fees like home owners associations and property insurance taxes. However, eliminating the principle and interest from you list of bills before retiring will significantly improve your income. Paying off a mortgage depends on a lot of factors including:

• Current budget and income
• How deep into payment you have reached
• Loan terms and balances

It is important to clearly map out your budget and income to see places you can adjust to provide increased payments towards the mortgage. This usually results in increasing monthly payments so that the duration is shortened.

Refinancing is a possible option for reducing the period of repayment. Refinancing for a shorter term may reduce your paying period by five or more years depending on the amount you are capable of comfortably paying. Refinancing does have additional closing costs and transaction fees.

Some people will be better off paying extra costs in their current payment scheme rather than refinancing and then incurring closing costs. One of the most effective ways of paying off mortgages before retirement is through extra payments. Add extra payments during the course of payments or better yet, pay lumps of money after receiving reliefs like tax-deductions or refunds. This will have a big difference in your overall interest. Your outstanding balance will also be significantly reduced. Adding extra payments will definitely give you the liberty of being mortgage free a few years before the original plan. It also goes a long way in reducing the total amount of interest you end up paying.

It is important to contextualize your mortgage payoff decision. This does not only set defined targets and commitments but also clearly exposes impractical solutions. Eliminate other side-debts that are not tax-deductible before you begin paying off a mortgage. You may want to see an experienced financial planner and lender to discuss your status and options.

Paying off mortgage interests and principle before retiring is very important. The steady income used in payments during working years is no longer available, and paying mortgage from your pension plans may be strenuous on your budget. It is also important to ensure you make all the necessary payments in time to avoid rising interests and penalty fees that may extend your owing period.

Mortgage Applications and Trigger Leads

You applied for a mortgage loan from a lender and suddenly, out of the blue without any initiative from your end, another lender calls. Now why did this happen? Well, you became a trigger lead. Read on if you don’t want to get caught off guard.

 

This is what happens: You decide to buy yourself some property, so you get in touch with a mortgage broker whom a friend or family member recommends. In all probability, this mortgage lender is very reputable and you may have even done past business with him. You make a loan application and get your preapproval letter.

 

Suddenly, another mortgage lender calls. He might say his company is affiliated with some credit bureau or put forth another random reason for calling. You get suspicious and wonder how he knew you’re going in for a mortgage.

 

When you make a mortgage application, your lender first wants to ascertain your credit rating. So he gets ahold of your credit report. As soon as he does this, an inquiry is triggered.  Very often, the credit bureau goes ahead and sells your details to different mortgage companies. Since it's not illegal for bureaus to make money by passing on your details to other vendors, they make the most of it. This is known as a trigger lead.

 

Since you’re at the threshold of what is possibly your life’s biggest transaction, you surely wouldn’t want loan reps calling up and offering phony rates of interest. Make sure not to buy over a phone call. Instead of dealing with some telemarketer, try to deal with trusted professionals.

 

Here are some tips to stop harassment due to trigger leads:

 

• Enlist your phone number and name on the Do Not Call List at the national level. You could also register using a cell phone number. Make sure to do this a complete month before applying for a loan since it becomes effective after 31 days. This order will be valid for 5 years, so ensure that you re-register after the period ends.
• If you don’t want mortgage lenders to send direct mails, you need to register yourself at the Direct Mail Association. This will cost you a dollar whether you register via email or online, and you can use your credit card for the payment. The registration is valid for five years.  DMA puts out its lists quarterly and it’s better to register early. It may take a while for your registration to become effective.
• If you register for Opt Out Prescreen, you are assured that 4 credit bureaus do not sell your details in the form of a trigger lead. The names of the bureaus are: Experian, Innovis, Equifax and TransUnion. As per the Fair Credit Reporting Act your name can be sold, but when you opt out, trigger leads are stopped for five years.

It’s been heard from lenders that when you choose to opt out, you can up your credit score by 10 - 15 points. To get permanent relief, you could email your registration. This is also available at the OptOut Web website.

 

How to Find the Right Tenant for Your Property

It’s not easy finding a good tenant who will pay their rent and take care of the property. In order to protect the home you are renting out, it’s important to take your time when finding a tenant. This way, your property will be well-maintained, reducing a lot of costs involved in repairs. There’s nothing worse than putting your trust in a tenant who winds up ripping you off and damaging your home.

So what can you do to find a good tenant for your property? We’ve got some tips:

Get a credit check

It is important check the financial status of the prospective tenants in order to make sure that they are financially responsible. Such a tenant will be able to pay the rent and security deposit because they have income coming in. You can verify this by requesting a look at their pay stubs, or you can call their employers to confirm their employment status. It is also good to look at the amount of debt they have by running a credit check. You can alter the amount of the security deposit based on their credit.

Carry out a criminal background check

You don’t want a tenant who is involved in criminal activities. By performing a criminal check, you will be able to find out if the tenant is involved in minor or major crimes. All you need is the name of the tenant and date of birth to get this information. Note that those with criminal records may not give you the right information, so ensure they provide you with valid ID for verification purposes. 

Have a look at their rental history 

To verify that you do not get a problematic tenant, talk to their former landlords. This will help you understand how they pay their rents, how they handle themselves in the property, their cleanliness level and whether they follow the rules set in the property. Also, if the prospective tenant is a first time renter, make sure you have a cosigner for the lease. 

Consider their lifestyle 

On the tenant application form, you should check the tenant addresses and employment history. Check to see whether they have a tendency to move from one job to the other or move from one property to the other. This can help you to know whether they are likely to be long term tenants. 

Bottom line

By considering the above factors, you will get good tenants who will rent your property for a long time and ensure that your property is maintained properly. You will also end up saving money and time involved in evictions, nonpayment of rent, and damages to your property. 

Buying a Foreclosed Home

Purchasing property can be costly, yet it can prove to be worth the expense in the long run. Many people have turned to renting their home, and the current economic situation isn’t likely to make matters easier. It’s probably for this reason that foreclosures are gaining such popularity.

Foreclosures are those properties whose owners couldn’t afford to make mortgage payments and which they were forced to surrender to meet their debt obligations. Foreclosures are popular because they are usually a cheaper investment.

Here are some tips to help you find a foreclosed home and begin the buying process:

Locate some foreclosed property scheduled for sale. You can find properties by scanning the classified section of a newspaper or utilizing the internet.

Utilize the services of an attorney or real estate agent. Their expertise will help you to gain an understanding of the foreclosure proceedings in the area before taking any action.

Research the property. It will prove necessary to investigate the property at hand to determine its condition and market value, taking the time to research previous ownership and any potential problems such as existing liens.

Figure out the financing. You will need to communicate with the trustee of the foreclosure sale to determine the minimum bid before figuring out how you intend to finance the property. You might consider assuming the current loan.

Attend the foreclosure auction and make an offer. It is possible to submit a sealed bid after the sale.

Purchasing foreclosures can prove to be quite complicated, especially if you are unaware of the regulations governing the area on the matter. The following are some tips to help you in the foreclosure buying process:

It is important to scrutinize your budget carefully. Too many people make rash decisions about foreclosures because of the small price tags. It is necessary to take into account various factors that might encroach on your finances, such as any repairs that might prove necessary.

Don’t make any decisions before inspecting the property yourself. It is never advisable to buy a property you haven’t seen, this allowing you to determine if the condition of the house is worth the value being presented.

Consider the neighborhood. A home is more than the house in question and the right home should exist within the right neighborhood, one expected to take factors like crime into account before making this crucial investment.

Take into account how long the house was empty. This will determine the amount of damage it has incurred and the repairs that will prove necessary.

Remember that acquiring a profit out of such an investment will take time. It is common for buyers to purchase foreclosures with the aim of selling them off quickly for a profit. However this is unlikely to happen, especially taking into account the various states quick to penalize individuals that neglect their property. If you want to buy foreclosures for purposes of selling, you’ll need to take into account the considerable time required for repairs and maintenance.