Little Ideas That Bring Big Dollar Increases When Selling Your Home

When you’re selling, home price is everything. Your goal is to maximize the amount you get for your home as much as possible. Many people believe that - in order to significantly raise their home’s value - they must perform extensive and costly renovations. While adding a new bathroom or bedroom certainly does increase your asking price when selling, home improvements don’t need to be that dramatic to be of help. Here are several little home selling tips that can bring big dollar increases.

Aesthetics are vitally important when selling a home. For little or no money, you can greatly improve your home’s appearance and, in turn, its selling price. In return, buyers will have a more favorable impression of your residence.

Clean, Clean, Clean

No one will be impressed with a house that is dirty. One of the best (and cheapest) investments you can make is in a thorough spring-season cleaning for your home. In addition to the regular mopping and dusting you do, clean the windows (inside and out), clean carpets, wipe down walls and baseboards, clean fingerprint marks off interior and exterior doors, and sweep the fireplace (if you have one). People are always more inclined to pay higher amounts for homes that look as though they have been well cared for.

Pack Personal Items & Clutter

Once you have cleaned your home to prepare it for selling, home clutter is the next project to tackle. One of the best home selling tips I offer is to keep packing boxes on hand. As you go through your belongings, immediately put items you want to keep into boxes and label them. This accomplishes two things. First, it helps you stay ahead of all the packing you must do for your move. Second, it allows you to keep clutter at bay. Another great use for packing boxes is for spur of the moment hiding places for clutter. If a prospect wants to see your home at the last minute, temporarily toss piles of clutter into moving boxes and close the lids.

Curb Appeal

Another great home selling tip is to increase your curb appeal. When prospective buyers drive up to your home, are they immediately impressed with what they see? A fresh coat of exterior paint, an extensive pressure washing of vinyl siding and some new, inexpensive shutters can really make an impact on buyers. In addition, adding or upgrading landscaping details can be helpful as well. Replace old, faded mulch or pine straw with fresh. Edge your driveway and sidewalk as well as your flowerbeds, and make sure bushes and scrubs are neatly trimmed. These items are a small investment that will pay off with a quicker sale at a potentially higher price.

Single Fee Real Estate Broker

Even greater than the money you can gain with small improvements is the money you can save on real estate commissions. Fees and commissions certainly take away from the amount you earn on the sale, yet most sellers don’t have a plan for saving money in this phase of the process. The best home selling tip I can offer is to use a single fee broker. Single fee brokers will sell your home for free if you agree to purchase your next home through their office. This can save a typical homeowner thousands of dollars in commission fees and is, without a doubt, the best way (and the easiest way) to make more money on your home sale.

Dan Pool, President of Two4One® Real Estate Franchise System, pioneered the concept of selling your home for free when you buy your next home through Two4One®. Visit http://www.two4one.com for more information on selling your home. If you’re a Realtor, contact Dan about franchise opportunities in your area.

Home Equity Loan Tips - Useful Finance Advice

If you own your home it is likely to be your greatest single asset. Before putting that valuable asset on the line in exchange for a loan, think carefully and do your research on where the loan is coming from, and at what cost. By agreeing to a loan that’s based on the equity you have in your home, you may be putting your most valuable asset at risk. “If you are depending on a home equity loan that is suddenly taken away, it could cause you to lose your home,” said Cindy Marcus, RE/MAX Santa Barbara, CA.

A third or less of home-equity borrowing is used for anything that could be considered an investment, such as home improvements or education. The rest goes for debt consolidation, vacations or purchases of assets that quickly depreciate, such as cars. According to Eric Tyson, a personal finance counselor and author of several real estate “Dummies” guides, urges homeowners to keep in mind that their home equity should not be thought of as collateral for frivolous expenditures.

If you’re thinking of literally betting your house with a home-equity loan or line of credit, you should clearly understand how these loans work, when to use them and how to get the best deals.

There are two types of home equity lending- 1) loans and 2) lines of credit. By definition, a home equity loan is a type of loan in which the borrower uses the equity in his home as collateral.

1) Closed-end home equity loans, where the borrower receives a lump sum at the time of the closing and cannot borrow further. The maximum amount of money that can be borrowed is determined by various variables, including credit history, income, and the appraised value of the collateral, among others. It is common to be able to borrow up to 100% of the appraised value of the home, less any liens, although there are lenders that will go above 100% when doing over-equity loans.

2) An open-end home equity loan or line of credit (HELOC) is more like a credit card, meaning that it is a revolving credit loan where the borrower can choose when and how often to borrow against the equity in the property. Like the closed end loan, it may be possible to borrow up to 100% of the value of a home, less any liens. These lines of credit are available up to 30 years and have variable interest rates that are typically tied to the prime rate, which is currently at 8.00. The minimum monthly payment can be as low as only the interest that is due. Unlike credit cards, however, home-equity lines of credit usually aren’t indefinite. For the first 10 years or so, you can draw as much as you want from your credit limit, and you only need to pay the interest charges. In the next stage, however, the “draw” period ends and whatever debt you have left is “amortized,” which means you need to start paying principal and interest to retire your debt.

It is very important to know which kind of loan to use and when. A home-equity loan is generally the best choice when you know exactly how much your purchase is likely to cost and you need several years to pay it off. You also might consider a loan, rather than a line of credit, when you want to lock in a low interest rate in a rising-rate environment.

A line of credit may be a better option for shorter-term borrowing, or when you want to be able to tap your home equity to cover emergencies.

In the end, however, consider the risk you are taking by putting your home on the line. You should try to keep a cushion of at least 20% equity in your home. If your combined mortgage and home-equity borrowing exceeds that amount, you’ll pay higher interest rates. You’re also cutting yourself off from an important source of funds in an emergency.

Laura is an experienced free-lance writer who focuses on home equity and debt consolidation loans. You can read more mortgage refinance articles at http://www.nationwidemortgages.net/ You can get more information about home equity loans and mortgage refinancing at http://www.nationwidemortgages.net/home_equity_loans.html

Buying Real Esatate In Israel - Ten Points To Consider

On a day to day basis, I deal with many individuals who want to purchase property in Israel, though they do not live here. The following ten points were written based upon their experience in purchasing real estate in Israel.

1. Be careful. Be prepared. Be informed. - It cannot be overstated or said enough. You, your agent and your lawyer should all do the homework on price, taxes, ownership of any piece of property you are interested in.

2. Understanding Property - Your agent should understand and have seen the property they are representing and be in tune with your needs and requests. Always ask about why a property is costing X even if you feel it is fairly priced. Dig for information just don’t accept it. Get a complete picture, one which will make your decision more informed and knowledgeable.

3. Time - Don’t let an agent waste your time by dragging you around from place to place without understanding your specific needs. A good agent can save you a great deal of time because they invest the time before they ever heard from you. They scour the market for new and good deals, and meet with owners and plan out time-schedules. They try to prepare as much as possible for your request way before you even knew you would call them.

4. Knowledge of Market Availability - Agents should know the properties available. Not only those which appear in the paper, but those which are never advertised along “normative” routes.

5. Price - A good brokerage firm can often get you a better price than you can get by yourself as they are aware of the “true” market value. And often they can be instrumental in making an owner understand that what you have offered is the best deal all around. It is in the best interest for both sides to be happy, even if the agent represents only one side of the transaction.

6. Positive & Negative Aspects - Because a good agent does research before ever showing you a property, they can warn you of possible problems even when you fall in love with the property. An agent, should without hesitation, list those aspects which they feel may be viewed in a negative light as well. To sing praise is always easy, to be honest and forthright, and warn you that there may be too many stairs, or though the bathroom was just renovated it will still need more work, or the synagogue across the street may prove to be a bit noisy, or during the school year you will hear the chimes from the school down the block - even when you are “in love” is the difficult part.

7. Making Sure You See All The Factors - You should always view the prospective property more than once. At the very least, once during the day and once during night time. This is critical for you to get a sense of the apartment and neighborhood.

8. Real Property Worth - Find out through your agent and lawyer the “real” worth of the property. Do not accept just any figures thrown from a hat to impress you. Find out what other properties in the neighborhood sold for. If the property is appreciating in price. Who the neighbors are and who is buying.

9. Ethics - Agents must be licensed and are subject to laws and a rule of ethics. If you catch an agent in a lie, seek out another agent.

10. Staying Within Your Budget - Do not let an agent push you, nor attempt to talk you into spending more than your budget allows.

In future articles I will discuss taxes, broker fees, and what documentation is required of you.

Ted W. Gross owns Virgin Earth, a real estate brokerage firm in Jerusalem, Israel. Virgin Earth represents residential and commercial real estate all over Israel. The web site for Virgin Earth is: http://www.virginisrael.com.
Virgin Earth also maintains an RSS Feed on its current properties which can be found on most pages in the web site of Virgin Earth. Ted Gross can be reached at: teddy@virginisrael.com
Ted Gross is also a published author and maintains a web site for his works. This can be found at: http://www.virginisrael.com/twg/iw.html

Mortgage Lenders - Your Options

Finding your dream home is usually the simplest part of the house buying process! Once you see somewhere you want to put in an offer for, you’ll want to move fast. It helps, therefore, to have your mortgage sorted before you find somewhere you want to buy.

You can choose a lender and mortgage, apply for the loan and get your mortgage ‘approved on principle’ before you even start looking for a house. This means that you know what your budget will be and can be fairly certain that your mortgage will be accepted. The lender will still want to see the valuation survey, however, and there may be other checks that have to be completed before the deal is closed.

While most people used to take out their mortgage with a building society or bank, these days there are a number of other options to consider. Smaller, specialist mortgage providers can offer good deals and are sometimes more flexible about terms.

Banks and Building Societies

Since the market has become much more competitive, the larger finance houses have adapted their practice to become much more flexible with their mortgage deals. You will have the advantage of knowing that a reputable lender provides your mortgage, and local branches can make your day-to-day banking more convenient.

Insurance Companies

Some companies now offer their own range of mortgage products, which can give good terms, along with insurance products and investments. Legal and General are a well-known example. Check that you are not committed to taking out insurance policies with the lender along with your mortgage.

Specialist and Centralised Lenders

Generally this type of lender operates from one location - you won’t be able to visit a local branch, but they may offer lower rates as a result of having fewer overheads to cover. Virgin Direct and Mortgage Trust are two lenders who can offer particularly flexible mortgages. Telephone and internet banking make this kind of borrowing more convenient.

Local authorities

Council house residents may wish to apply to their local authority for a mortgage. There are also some mortgages available from some authorities for people who wish to renovate derelict houses - contact your local council for more information.

It’s good practise for a lender to subscribe to the Mortgage Code - this is a voluntary scheme that means the lender has promised to uphold commitments to good service.

Joseph Kenny writes for the financial portal http://www.financefool.co.uk and get information on the best mortgages in the UK.

Eleven Great Tips for Showing Your Home

In order to sell your home quickly, and for the best price, here is a list of things to address BEFORE your agent brings that first potential buyer to look at it.

1) Make sure the lawn is mowed, the shrubs are trimmed, and the porch is clean and free of clutter. If it’s fall, rake up the leaves. If it’s winter, keep the walkways clear. Make sure the front door is either freshly painted or well-scrubbed. It’s all part of creating a positive first impression as potential buyers approach the home.

2) Inside, clean the house thoroughly, especially the bathroom and kitchen. Make sure the woodwork is either cleaned or freshly painted. Those two areas are very important in most people’s minds, and you need to pay special attention to them to create a good impression.

3) Make sure all the faucets work (without dripping) and all light bulbs come on when their switches are turned on. Little things like that can be distracting to buyers.

4) Make certain that every closet door and cabinet opens easily, and closes securely. Doors that don’t open or close properly give a negative impression to buyers.

5) Don’t let your kids leave out their roller skates or skateboards, and if there are slippery rugs that you’ve learned not to step on over the years, remove them so potential buyers don’t go flying.

6) Organize closets, basements, and attics, so that they look larger. Just like you, buyers are always looking for room to store things. If you have so much stuff that you can’t do that, consider having a garage sale, renting a storage space, or calling the Salvation Army truck.

7) Pay special attention to the bedrooms. Just like the kitchen and bathroom, comfortable, spacious, and well-organized bedrooms make a positive impression in home buyer’s minds, because they know they’ll be spending a significant amount of time in them.

Open your curtains during the daytime, to let in as much light as possible. It gives a positive feeling to the home and makes rooms feel more spacious.

9) If the home is being shown at night, turn on every light inside and outside of the house. You’ll be brightening the mood, as well as showing off your color scheme and wallpaper designs to their best advantage.

10) Don’t have a bunch of people around when the home is being shown. In fact, it’s a good idea to make an excuse to leave yourself, so that potential buyers are free to speak freely about what they see as they tour the home.

11) If you have pets, keep them away from the buyers. In fact, it’s worthwhile to take them with you when you excuse yourself and make your exit during the showing.

When getting ready to show your home, always point toward creating a positive impression on prospective buyers. They want what you would want, they’ll notice what you’d notice, so walk through your home and try to see it from a stranger’s perspective. Ask other people to walk through and tell you the negative things they notice. Then address those things. It will all help you to sell your home–quickly, and at the best possible price.

Copyright © Jeanette J. Fisher

Jeanette Fisher teaches home sellers how to use Design Psychology for Redesign and Home Staging for top-dollar home sales. For free home selling tips and free ebook “Design Psychology for Selling Houses,” see http://sellfast.info

Bad Credit Mortgage Loans - How To Get Approved

Persistence is the key working toward getting approved for a bad credit mortgage loan. There are many factors that you, as a borrower have control over that can help you get approved faster and easier. There are guidelines that most sub-prime lenders go by that, if you know them, can help you move through the process without getting stuck, unable to get financing.

If you have a bankruptcy or foreclosure, even if they are recent, do not despair. Many sub-prime or bad credit mortgage lenders have what’s called, guidelines for bankruptcy or foreclosure seasoning. That means that they have a set amount of time that must go by from the time of a bankruptcy or foreclosure before they will lend to a borrower. Usually this time is 2-3 years, but many sub-prime lenders have no seasoning time, which means, if your credit score is above a certain point, you could get approved the day after your bankruptcy discharge. Other sub-prime lenders have bankruptcy or foreclosure seasoning of 6 months or a year. The biggest factor here will be your credit score.

Sub-prime or bad credit mortgage lenders will look closely at your credit score. In order to get 100% financing with bad credit, lenders will usually need to see you have a credit score of at least 600 or higher. There are quite a few things you can do to raise your credit score to be above this 600 mark. Here are a few suggestions:

1. Check your credit report for inaccuracies. Make sure all accounts included in bankruptcies and foreclosures are reporting accurately. If they show up as an open collection or unpaid account, charge-off or something else, this could be unnecessarily hurting your credit score. It will look like another, separate credit blemish instead of just the one. Make sure the bankruptcies and foreclosures are reporting accurately. Make sure accounts that are paid off, show up as being paid off, or accounts that are closed, show up as being closed.
2. Pay-off any small collection accounts or past due accounts that you can. Every account that you pay off will help boost your score. Once you have done this, get a letter of notification that the account is paid off and talk to your lender. Most lenders have programs where they can, for a $75 fee per item, provide proof to the credit bureaus that an account has been paid off and have your credit and credit score appropriately adjusted within a day or two. This program is sometimes called a “wrap it up” service. If you are in a hurry to get financed, this may be worth it to you.
3. Pay down open credit line balances. If you can even pay down the balances on any open lines of credit, this will boost your credit score. Your credit score is lowered when lines of credit are maxed out. You can make good use of your money by paying down credit card balances to boost your score.

Once you have used some of these techniques to boost your credit score, be persistent about contacting and applying with many different bad credit mortgage lenders. Many bad credit mortgage loan brokers claim that if they can’t do the loan, then no one can. That is simply not true. All mortgage loan brokers have connections with many different lenders and loan programs. What may be impossible with one, can be very possible with another broker.
If your score is around 600 or slightly higher, you will probably have a pre-payment penalty. Pretty much all bad credit mortgage loans will come with a pre-payment penalty. Talk to your lender about the details of the pre-payment penalty. Find out how long the penalty will last and exactly how much money the penalty is. How much is the fine for pre-payment on the loan? This is an important factor to consider when comparing lenders.

To get a approved for a bad credit mortgage loan, be persistent, work on your credit score as much as you can to get it above that 600 mark and apply with or contact many lenders to compare mortgage loan programs.

Visit here to see a list of our recommended lenders for Recommended Refinance
Mortgage Loans.

Carrie Reeder is the owner of http://www.abcloanguide.com. ABC Loan Guide is an informational loan website with informative articles, the latest finance news and lists of recommended mortgage lenders.

Using Home Equity Lines for Holiday Spending

Obviously, paying for purchases with cash is always best. However, if you just can’t scrape up enough money for the holiday season, you might certainly consider using home equity. All loans considered, a HELOC is your cheapest source of money, especially given current mortgage rates. Also, interest paid on home-equity debt is normally tax-deductible, making the effective interest rate even lower. The overall cost of a heloc is going to be less than most credit cards you have access to.

You need to be disciplined, however. There is one very real danger of using home equity loans for purchases. Keep in mind that credit cards are unsecured, while a heloc or home equity loan is secured. Your home is the collateral. It is vital that you plan ahead, and know for certain that this type of loan is best for you. You must be certain that you can make the monthly payments in addition to your normal mortgage payments. Defaulting could definitely mean foreclosure on your home. Don’t make this the most expensive holiday season ever by losing your home because of a defaulted home equity loan. If you do not feel that you will have the ability to make the payments, on time, each month, we recommend that you consider other funding sources. Some of these sources include credit cards and even friends and family, Spend wisely and enjoy the holiday season!

Article submitted by Chris Robbins, founder of Direct Lending Solutions. Visit Direct Lending Solutions for comprehensive articles and frequently asked questions about bad credit, various lending options.