Jan
31

House Selling Tips To Know When Selling a Vacant House

Tips to sell your vacant house

If the time has come that you need to move from your home and you don’t have buyer’s lining up for your home then chances are it will be vacant until it sells.

#1 Make sure your homeowners insurance covers your vacant home.

This is the most important step and it may take the longest to find out the answer.

Homeowners insurance policies are designed for homes that are occupied by the property’s owner.

Many homeowners policies have exclusions for homes vacant for more than a certain time.

Call your insurance agent and find out.

#2 Talk with your neighbors

Yeah, you may think why now after all this time.

It’s very simple. Your neighbors have a vested interest to keep your home safe from vandals. They don’t want their home being stigmatized by an eye sore at their neighbors house caused by vandals. Tell your neighbors your situation, whether your moving across town or across country and who has access to your home besides you.

#3Vandals aren’t the only problem

Many industrious criminals have turned to the Internet to find their next prey. In recent years, many homes have had their high-end appliances among other things stolen by thieves. It’s important to keep track of who has keys to your property and to make sure all doors and windows are secure.

#4 Dual purpose renovations

Add some motion sensor lights outside to illuminate your vacant home at night. There are many good choices available other than traditional flood lights. Most chain hardware stores carry a wide variety of outdoor lights from wall mounted to ceiling mounted motion sensing light fixtures.  Leave some tables and lamps running on timers behind for a little extra interior light. They will help keep your vacant home looking a little more occupied and help with evening showings of your home. 

#5 Do some gardening

Remove any brush around the doors and windows of your home. Trim back some of the branches and try to make your yard neat, clean and free of hiding spots. it will help your homes curb appeal and keep people from hiding in the bushes.

Final Step

Find an experienced Realtor that can help you identify any marketability issues with your home that can lengthen it marketing time. Depending on your property’s market your Realtor may suggest that  your home be  staged.

Dec
28

How can we buy a home?

Question by Amy: How can we buy a home?
My boyfriend and I are interested in buying a home. I have good credit, and he has so-so credit. He makes the majority of the household income. I work part-time. Is there a way we can purchase a home together?

Answer:

It’s definitely a good time to buy with the combination of low interest rates and home prices.

Credit is a big factor when looking to get a home loan.  A lot of buyers today have tarnished credit because of the recovering economy. You should have a Mortgage Professional evaluate the credit and employement history of  the both of you to see if buying a home right now is possible. If not, the Mortgage Professional may be able to refer you to a reputable credit counseling company that can help you get on the right track.

Give your answer to this question below!

Dec
13

How important is your credit score when attempting to purchase a house?

Purchase house
by wallyg

Question: How important is your credit score when attempting to purchase a house?
I want to purchase a home with the lowest down payment required. My credit score however isn’t that great. My finances have now bounced back and I have been paying-off collections, ect.    My credit score is kinda low due to my past. Step by step, what should I do?

Best answer:

With tarnished credit your best choice would be an FHA loan. FHA requires a 3.5% of the sales price as down payment. FHA still does not require a minimum credit score. But individual lenders Do!Most are sticking with 580+. Some are going as low as 500, but require a higher down payment.  Assuming that you have not had a foreclosure or bankruptcy within-in the past 2.5 years. To get started Pay-off any judgments and/or collection. Try to pay down some lines of credit (Credit Cards). Do not confuse paying down or paying-off with closing the account. One factor that determines your credit score is the number of lines of credit you have and how long they have been open. Bring any ongoing monthly expenses (Insurance, utilities, etc.) current. Taking those steps should bring your credit score up. 

In the State of Virginia there is a program called the VHDA/FHA Plus that is designed for first-time home buyers or for people who have not owned a home for at least 3 years.                           The qualifying ratios are a little tighter than regular FHA but you can buy with No Money Down.

Your credit score needs to be at least 620+. No recent late-payments, judgments and/or collection. If you have some old judgments and/or collections pay them off!

This program is a collaborative effort between VHDA (Virginia Housing and Development Authority) & FHA (Federal Housing Administration). The 1st trust is an FHA loan for 96.5% of the sales price and the 2nd trust is a loan for 3.5% of the sales price. Unlike the no money down Arm’s of years past. These are fixed rate loans that have interest rates that are competitive with ordinary FHA loans  that require 3.5% in downpayment.  

National Association of Realtors

 

Know better? Leave your own answer in the comments!

Jun
09

Q&A: 3 people purchase house & we all have unpaid bills can A lien be put on the house?

Question by Eric : 3 people purchase a house together and  all have unpaid bills can A lien be put on the house?
3 people get enough money to purchase a house together, One is retired with social security only and just recently stopped paying her credit card bills because of lack of funds. Can the credit card company’s put a lien on the house they plan to purchase together?
Could a creditor put a lien on a house that has 2 other people on the title? The other two people could sue the hell out of the creditor that put the lien on their house right?

Best answer:

Answer by tazman111
no. credit cards are unsecured loans. just do not sign any paper work putting your house as collateral. if this is a bank loan than yes ,they would be able to put a lien on it

Add your own answer in the comments!

May
12

Q&A: What Seller expenses can I expect to pay after a home inspection?

Question: What Seller expenses can I expect to pay after a home inspection?
I am currently in the process of selling my home. The buyers will be getting a home inspection done on the property within the next week. What kind of expenses and potentially how much should I expect to pay after the inspection is done? My house is only 10 years old, and has no major issues that I’m aware of. 

Any help would be great, this is the first time I have sold a home. Thank you!

Best answer: Whatever repairs and/or maintenance issues the buyers request be remidiated are negotiable. Meaning that you could decide to take care of it before closing, you could give the buyer a $$ credit at closing or refuse to do anything. 

It depends alot on the buyers. Some have a huge list of meaningless things and some only care that the home is solid. Make sure to get several estimates before making a decision.

Leave your answer to this question below!

Apr
07

What is the best way to finance a 50k house purchase?

Purchase house
by wallyg

Question by Brad: What is the best way to finance a 50k house purchase?
I am thinking about buying a property for about  50k while the housing market is still low. But I only have around 20k in savings. I don’t want to use it all because most likely the property will need some repairs. So, what is the best finance strategy  How much Do I or should I use for this home purchase?
Thanks.

$50,000   Sales Price

20%  =  $10,000 Downpayment

80% = 40,000 Loan

Summary: $ 10k downpayment  $ 40k mortgage

There are other options requiring less down-payment but this would give you the best interest rate and monthly payment.

Get a home inspection before your purchase to make sure the home doesn’t need major repairs.

And last but not least get a fixed rate mortgage.

Give your answer to this question below!

Apr
06

Can I keep the purchase price of my house out of the public records?

Question by dave: How do I keep the purchase price of my house out of public records?
I am about to close on a home purchase in about a month and want to prevent the purchase price from showing up in the public records. I heard that there is a way to prevent the county from publishing this information in public records, but not sure about how to go about getting this done. Does anyone know how to do this?

Best answer:

My understanding is that its not possible to avoid real estate sales from going into public records. The law states that it is a “Matter of Public Record”.  If this is important to you, consult with an attorney that knows real estate and can best guide you.

If it can be done I would be interested in finding out how.

What do you think? Answer below!

Feb
02

Is it possible to have a home inspection done on a foreclosed home?

Question : Is it possible to have a home inspection done on a Foreclosured home?
I’m interested in purchasing a foreclosed home. My realtor is trying to get me to buy it without having a home inspection done.  I’m afraid of buying it without a home inspection because of all the potential problems that could come up later.  Will the bank that owns the home agree to turn the utilities on so that we can have an inspector run tests on them? I don’t want to purchase a home without knowing what I’m getting into.

Best answer:

Many of the REO (Real Estate Owned) companies that I deal with regulary allow home inspections for information purposes. The reason that foreclosed homes are sold AS -IS is because the REO companies that are handling them do not know the property’s history. Regardless of having a home inspection or not the utilities will need to be turned by someone depending on the type of loan your getting.   Again most of the REO companies I deal with have “US” as the listing broker turn on the utilities on in our name. Some REO companies have property preservation companies that turn on the utilities on in their name. FHA/HUD foreclosures have the buyer take responsibility for all the utilities that are neccessary to have the inspected, appraised and or tested. Anything is possible when it comes to utilities. Just ask the question and findout.

Home inspections are always a good idea and can save you from purchasing a home with hidden defects that you may not be able to afford. When writing your contract offer make it contingent upon a satifactory home inpection.

Know better? Leave your own answer in the comments!

Jan
12

Buying a home from a relocation company?

Question: Buying a house thats selling thru a relo company?
I’m interested in buying a house that is listed for sale at $ 425K. The price was reduced from $ 450K. I tried to do some research and found out that the house was purchased in the late 199o’s for $ 230K (not that it has much to do with the current value). I know that the owners were company-relocated and a relocation company is now handling the sale of the home.

I think the house is slightly overpriced. 

Is there any place where I can find out how much the relo company paid the owner? This information would be incredibly helpful in determining the offer I make on the house. Would $ 385K be too low-ball of an offer (90% of asking price)?

Answer:

It is not a matter of how much the house was purchased for in the 1990’s or even how much the relo company paid the homeowner.

If you are really interested in that house, I suggest you get an experienced Realtor to provide you with comps of active properties and recent  sales.  That’s the kind of information the relo company will use in deciding on offers.  Every market is different. Guessing percentages is not a way to determine a property’s value. Find out whats going on in that area and then you can make an offer with the values as a guide.

Add your own answer in the comments!