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.

Share:facebook - twitter - pinterest

The Difference Between A Short Sale & A Foreclosure

SETTLED IN? HERE ARE THE MUST-HAVES FOR YOUR NEW HOME

Moving into a new home is an exciting time in your life. You’re making plans for renovations and choosing furniture, but before you get too far ahead of yourself, there are some more important matters to attend to.

Staying safe: Make plans for home security and emergencies. What’s your escape route in case of a fire, or shelter in case of a severe storm? Do you have a home security system, a protective dog, or weapon available in your bedroom? Choose your “Stay Safe” tactics and make a plan for the worst-case scenarios that put your safety at risk.

A disaster kit: Even if it’s as simple an inconvenience as a power outage, you want to be ready. Stock a flashlight, non-perishable food, water, a first-aid kit, and warm clothes/blankets that you can access in case of an emergency.

A spare (secret) key: It’s no fun getting locked out of your house—especially in cold or wet weather—and no one wants to pay a locksmith to access their own home. Hide a key somewhere outside (just be more creative than hiding it under the welcome mat). There are plenty of devices you can purchase, such as magnetic key hiders, that can help you hide your key in places that a trespasser wouldn’t consider

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.

Share:facebook - twitter - pinterest

SETTLED IN? HERE ARE THE MUST-HAVES FOR YOUR NEW HOME

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. 

Share:facebook - twitter - pinterest

5 Things That Will Kill Your Offer

3 Reasons Stopping You From Owning A Home In 2018

2018 is the year you want to become a homeowner but below are some popular reasons you are still renting: 

• Low Credit Score

You can buy a home with a credit score of 500, however, you will need 20% down payment. Speak with a mortgage consultant who can help you raise your credit score FREE of charge.  The higher your credit score, the better loan programs, and in some cases, lower down payment cost.  So contact me, if you need a mortgage consultant referral, your credit score could be on its way up in as little as a few weeks or a couple of months depending upon your situation.  

• Waiting for the Market to Settle

I can't tell you how many times that I have heard this response.  The reality is that Colorado has a thriving economy, with low unemployment rate. Companies are moving here and people are moving here for the jobs, the quality of life, and as a result, the demand for housing is greater than the supply.  In December of 2015, the median home sales for Colorado was $310k, in December 2017, it was $371k.  If you purchased a home just 3 years ago, you will have acquired approximately 60k in equity.

• Locked in the Leasing Cycle

Planning and preparation are all it takes to break the leasing cycle, but sometimes people underestimate this process and start looking too late.  If your lease ends in May, you will need to notify your landlord by March, which means that you need to start the home buying process approximately six weeks before you plan to give notice or in this scenario, late Jan, early Feb. If you find your perfect home in March, a 30-day closing takes you into April, and your first mortgage payment is due in May.  Another option is to rent month to month for 1-3 months until you find a new home. Rent will be higher but it is better than signing another 12-18 month lease if your desire is to be a homeowner.

If 2018 is your year to start earning some equity, give me a jingle.  

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. 

Share:facebook - twitter - pinterest

3 Reasons Stopping You From Owning A Home In 2018

HGTV's Top 10 Tips For Selling Your Home During the Holiday

The holiday season from November through January is often considered the worst time to put a home on the market. While the thought of selling your home during the winter months may dampen your holiday spirit, the season does have its advantages: holiday buyers tend to be more serious and competition is less fierce with fewer homes being actively marketed. First, decide if you really need to sell. Really. Once you've committed to the challenge, don your gay apparel and follow these tips from FrontDoor.

Deck the halls, but don’t go overboard.
Homes often look their best during the holidays, but sellers should be careful not to overdo it on the decor. Adornments that are too large or too many can crowd your home and distract buyers. Also, avoid offending buyers by opting for general fall and winter decorations rather than items with religious themes.

Call Me
This will ease your stress and give you more time to enjoy the season.

Seek out motivated buyers.
Anyone house hunting during the holidays must have a good reason for doing so. Work with your agent to target buyers on a deadline, including people relocating for jobs in your area, investors on tax deadlines, college students and staff, and military personnel, if you live near a military base.

Price it to sell.
No matter what time of year, a home that’s priced low for the market will make buyers feel merry. Rather than gradually making small price reductions, many real estate agents advise sellers to slash their prices before putting a home on the market.

Make curb appeal a top priority.
When autumn rolls around and the trees start to lose their leaves, maintaining the exterior of your home becomes even more important. Bare trees equal a more exposed home, so touch up the paint, clean the gutters and spruce up the yard. Keep buyers’ safety in mind as well by making sure stairs and walkways are free of snow, ice and leaves.

Take top-notch real estate photos.
When the weather outside is frightful, homebuyers are likely to start their house hunt from the comfort of their homes by browsing listings on the Internet. Make a good first impression by offering lots of flattering, high-quality photos of your home. If possible, have a summer or spring photo of your home available so buyers can see how it looks year-round.

Create a video tour for the Web.
You'll get less foot traffic during the holidays thanks to inclement weather and vacation plans. But shooting a video tour and posting it on the Web may attract house hunters who don't have time to physically see your home or would rather not drive in a snowstorm.

Give house hunters a place to escape from the cold.
Make your home feel cozy and inviting during showings by cranking up the heat, playing soft classical music and offering homemade holiday treats. When you encourage buyers to spend more time in your home, you also give them more time to admire its best features.

Offer holiday cheer in the form of financing.
Bah, humbug! Lenders are scrooges these days, but if you've got the means, then why not offer a home loan to a serious buyer? You could get a good rate of return on your money.

Relax — the new year is just around the corner.
The holidays are stressful enough with gifts to buy, dinners to prepare and relatives to entertain. Take a moment to remind yourself that if you don't sell now, there's always next year, which, luckily, is only a few days away.

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. 

*Read the original article here

Share:facebook - twitter - pinterest

HGTV's Top 10 Tips For Selling Your Home During the Holiday

FIVE FALL HOME MAINTENANCE TIPS

These simple maintenance tasks can save you from expensive repairs and big headaches over the next few months.

 1. Take care of hoses and faucets: Disconnect your hoses before the freezing temperatures arrive, because they can cause water to back up in your faucets—and eventually cause the plumbing to crack. Then, if possible, shut off the valves for your exterior faucets.

 2. Winterize the lawn mower: Either run the mower dry, or use a fuel stabilizer to prevent the gas in your mower from degrading and damaging the engine.

 3. Clean the gutters: Twigs and leaves will build up in your gutters throughout the fall. Make sure to clean the gutters before there’s heavy snow, because the weight of both the leaves and the melting snow could cause the gutters to break away from the house.

 4. Get the furnace ready: Your best bet is to call in a professional to give the furnace a tune up, but at the very least you should change the filters.

 5. Inspect the roof: As snow accumulates and melts from your roof, it can cause major water damage if the roof isn’t in good shape. Look for loose shingles, rust, moss—anything that could lead to decay or water damage. It’s best to be proactive with your roof—repairs can be extremely expensive—so don’t hesitate to call a roofing professional if necessary. It’s worth it in the long run!

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. 

Share:facebook - twitter - pinterest

FIVE FALL HOME MAINTENANCE TIPS

From Decorating To Staging

Here is a difference between the two—here’s how to get your home ready to sell Once you’ve decided to put your home on the market, you’re looking to sell quickly for the best possible price. One tactic that can help sell your home faster is staging.

At first, staging may seem like a real estate term that doesn’t actually mean anything. Isn’t staging just decorating? Well, not exactly …

Appeal to the masses
Your home is likely decorated to your tastes. It could be colorful and eclectic, or rugged and industrial. But when you’re staging your home, rather than appealing to a specific decorating sense, you want to furnish your home in a way that appeals to everyone—and more importantly, doesn’t turn anyone off who just isn’t into your personal style.

Tone down the personal flourishes
Buyers want to be able see themselves in a home and imagine how they’d make it their own. Unfortunately, that means less of your own style as you’re preparing for your move. Cut down on family photos, bold artwork, and unusual furniture. Do some major decluttering so the buyer can see all the space and storage opportunities. It may be sad to start removing the items that make your house a home, but it’s an important part of the process.

Mass appeal doesn’t mean “boring”
Your staged home can still be colorful, just stay away from extremes. If you paint, stick to whites, grays, or neutrals. Add flourishes of color with window treatments or accent furniture, but try to choose items that will appeal to both genders.

Call a pro
There are likely several staging companies in your area. If you need a recommendation, contact me at 720-316-4436.

Share:facebook - twitter - pinterest

From Decorating To Staging