The Difference Between A Short Sale & A Foreclosure

As unfortunate as it can be when homeowners fall behind on mortgage payments and must face the possibility of losing their homes, short sales and foreclosures provide them options for moving on financially. The terms are often used interchangeably, but they’re actually quite different, with varying timelines and financial impact on the homeowner. Here’s a brief overview.

A short sale comes into play when a homeowner needs to sell their home but the home is worth less than the remaining balance that they owe. The lender can allow the homeowner to sell the home for less than the amount owed, freeing the homeowner from the financial predicament.

On the buyer side, short sales typically take three to four months to complete and many of the closing and repair costs are shifted from the seller to the lender.

On the other hand, a foreclosure occurs when a homeowner can no longer make payments on their home so the bank begins the process of repossessing it. A foreclosure usually moves much faster than a short sale and is more financially damaging to the homeowner.

After foreclosure, the bank can sell the home in a foreclosure auction. For buyers, foreclosures are riskier than short sales, because homes are often bought sight unseen, with no inspection or warranty.

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The Difference Between A Short Sale & A Foreclosure

5 Steps To A Better Appraisal

If you’re looking to refinance your home or possibly sell, you’ll need a killer appraisal. A bank will not refinance a home for more than it is worth, and a potential buyer will not pay more than the recognized value of the home.  Use these tips and you’ll get a better value for your home.

Tidy your space 
Make sure your yard looks well-groomed and the interior of your home is clean clutter-free.

Invest in the right types of renovations 
Kitchens and bathrooms are the best types of renovations. They will typically provide 80% ROI. High-efficiency appliances and upgrades that improve the overall efficiency of the home are well worth the investment.

Document your upgrades 
Provide the appraiser with a list and documentation of all upgrades, renovations, and improvements to the home.

Do your homework 
Research and provide your own comparable valuations for similar properties in the area. Note your tone. You don’t want to come off as defensive but rather helpful.

Your agent should be available but not in the way. 
I am present to assist with the appraisal process so my sellers don't have to be.

When buying or selling a home in the Denver metro area, contact Delilah,

 and let me put my knowledge, experience, expertise, and professionalism to work for you.

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5 Steps To A Better Appraisal

5 Things That Will Kill Your Offer

You finally found THE perfect home but your offer can kill the deal.  Take note of these 5 negotiation tactics buyers should avoid in the competive  Denver's real estate market:

1. Lowball offers: Going far below market value when you make an offer damages your credibility as a buyer and can be insulting to the seller. In the Denver market, the seller will most likely have multiple offers and if you are lowballing, your offer won’t even be considered.

 2. Incremental negotiations: Don’t continue to go back to the seller with small increases in your offer ($1,000 or less). The constant back-and-forth can grow tiresome and lead the seller to consider other opportunities.

3. “Take it or leave it”: Try not to draw a line in the sand with your initial offer. The seller can get defensive and consider other offers if you immediately show that you’re unwilling to budge. Even if it’s true, don’t make a show of it.

4. Nitpicking after inspection: Obviously if inspection reveals a major issue, it should be factored into the final sale price. But insisting on a lower price for every minor repair can put negotiations in a stalemate.

 5. Asking for more, more, more: Some buyers will request that the sellers throw in add-ons like furniture or appliances that weren’t included in the listing. Once again, we are in a seller's market in Denver so try to avoid giving the seller a reason to build up resentment and think that you’re being greedy.

When buying or selling a home in the Denver metro area, contact Delilah,

 and let me put my knowledge, experience, expertise, and professionalism to work for you. 

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5 Things That Will Kill Your Offer

Anti Burglar Tips for Sellers

A House with the For Sale sign can be targets for criminals and squatters. Use the tips below to protect your property while its on the market.

Realtor.com suggests that you mark your valuables and record details. Use invisible-ink pens or engravers to mark identifying information (driver’s license or state ID numbers) on items. Log serial numbers and take photos of your belongings. Check to see if your police department participates in the Operation Identification program. They will have stickers for you to place on doors or windows warning would-be thieves that your items are marked. These steps may prevent them from pawning or selling stolen items and can help you reclaim recovered belongings.

If the home is empty, inform your neighbor the house is going on the market and to report anyone other than your real estate agent showing up to view the home after hours.

Make it look like you are home regularly, especially if the property is empty. Invest in lightening apps that can be controlled by your phone, or lamps that pop on at sunset.

A well manicured lawn usually means that the home is occupied but overflowing newspapers, and packages that accumulate by the front door is usually a tell tell sign that the home is empty.

When buying or selling a home in the Denver metro area, contact Delilah,

 and let me put my knowledge, experience, expertise, and professionalism to work for you. 

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Anti Burglar Tips for Sellers

5 Not So Obvious Things That Affects Property Value

Some of the features that increase property values are obvious—like a remodeled bathroom, a modern kitchen, or a sought-after neighborhood. But here are a few features and circumstances you have not have realized can affect property values.

 1. The neighbors: Not every neighborhood or community has an HOA that can keep the neighbors from going overboard with decorations or neglecting to care for their home. Homes adjacent to crazy neighbors can potentially be undervalued.

 2. Trendy groceries and coffee: Recent statistics suggest that if your home is a short walk from popular grocery stores like Whole Foods or coffee chains like Starbucks, it can actually appreciate faster than the national average.

 3. Mature trees: A big beautiful tree in the front yard is enviable, and it’s not something that can be easily added to any home. Homes with mature trees tend to get a little boost in value.

 4. Parking: This isn’t too much of an issue if you live in the suburbs or in a rural area, but residents in dense cities can have real problems with parking, and homeowners might need to rent a spot just to guarantee a place to park each night. That’s why having guaranteed parking in urban areas will raise property values.

 5. The front entrance: First impressions matter to buyers—many will cross a home off their list within 10 seconds of stepping through the front door. An appealing front door, a friendly entryway, and a functioning doorbell are all necessities for getting top dollar.

Want to find out how much your property is worth in the Denver market? Give me a call, today.

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5 Not So Obvious Things That Affects Property Value