10 WAYS TO INCREASE YOUR HOMES SALE PRICE

February 26th, 2009 4:36 AM

For Your Clients - 10 Easy Ways to Boost Property Value

1. Paint the exterior - A fresh coat of paint can give even a relatively new home a much needed facelift, and can often be done for as low as a few thousand dollars. Select a neutral tone that is consistent with other residences in the neighborhood. Also be sure to pay close attention to eaves, gutters and drains that may also need painting.

2. Complete all needed repairs - To maximize a home’s worth, it should be in good condition both inside and out. Don’t wait until there is an offer on the home. Hire an inspector now, and fix any and all problems, such as roof deficiencies, leaky plumbing and electrical concerns.

3. Purchase a home warranty - Establish peace of mind that comes with knowing a home and its contents are adequately covered in the event of a loss. A transferrable home warranty protection plan can provide added security to the home owner - and buyer - in this regard.

4. Furnish the home to sell - Appeal to the buyer’s emotion. Furnishing a home can go a long ways to getting your home sold, actually increasing the odds of it selling. Give buyers the option to procure the property with or without furnishings, and have a pre-established sale price set for either scenario.

5. Upgrade front yard landscaping - Curb appeal plays a big role more so than people realize. Potential buyers driving the neighborhood may never call on the For Sale sign, if your home doesn’t look appealing from the outside. As well, buyers waiting for their Realtor to show up will often spend a good amount of time critiquing the landscaping while waiting. In addition to purposeful foliage, add landscape lighting and a weather and soil moisture-based landscape irrigation scheduling device to boost value even more.

6. Create a quick kitchen makeover - Kitchens are one of the number one room in the home where you’ll get the most bang for your remodeling buck. Countertops and appliances are the quickest fix, as are faucets, fixtures, door knobs and other easily changed items that can have a large impact on the space.

7. Think spa, not bathroom - The master bath is an important a factor in a home’s worth. Think spa, or private sanctuary, where the master bath is concerned. A space meant to be relaxing, rejuvenating and more. Give buyers something to be excited about with upgraded faucets, fixtures, lighting, cabinetry, mirrors and the like. Then dress it up with plants, candles and other inexpensive, high impact décor.

8. Install soft and hard window treatments - There’s nothing more boring than a plain window. Take advantage of this easy opportunity to give the home’s interior design more impact, while also increasing the home’s actual worth. In addition to “hard” treatments such as blinds and shutters that offer privacy, also add soft treatments hung from decorative fixtures, which can alter the appeal of a room entirely. Look to a professional to ensure the best outcome.

9. Replace carpet rather than just cleaning - Rather than simply steam cleaning old, used carpet, replace it with fresh, neutral-toned carpet with an upgraded pad for an extra luxurious feel. Spending the extra money on new carpet will really make your home stand out from the crowd, in sight, feel and even smell.

10. Don’t overlook your closets - The better organized a closet, the larger it appears and the better it reflects on a home overall. Now is the time to box up those unwanted clothes and shoes and donate them to charity. Then, invest in a closet organization system - either by a professional or self-installed - which will positively impact an appraisal.

Questions and Aanswers to the Obama Homeowner Foreclosure Plan

February 22nd, 2009 9:01 AM

Foreclosure Help - How Will It Work?

RISMEDIA, February 20, 2009-(MCT)-President Barack Obama unveiled a $75 billion federal plan to ease the epidemic of home foreclosures on Wednesday, casting it as not just a bailout for as many as 9 million homeowners but a means for ending the downward spiral of the economy. Here’s what’s in Obama’s plan for you:

Q: Who will benefit from this plan?
A: The plan is designed to help two kinds of homeowners. The first are homeowners who took out prudent mortgages with a substantial down payment but whose home value has declined so much that they have little or no equity left. The second group are those who are struggling to make their payments–perhaps because of a job loss or perhaps because of a change to their mortgage rate-but who have enough income to continue to make mortgage payments that amount to 31% of their income.

Q: How does the refinancing program work?
A: Borrowers who have existing conforming loans can apply for a refinance through their existing lender. If they meet the program requirements, including that they occupy the home and can document their income, their lender may be able to offer a lower-interest rate loan backed by Fannie Mae and Freddie Mac.

Q: How does this help people who owe more money on their mortgages than their homes are worth?
A: Currently, many borrowers whose homes have lost value because of the housing market collapse do not qualify to refinance into lower-rate mortgages because they do not have enough equity in their house. Under this program, borrowers with conforming loans will be eligible to refinance through Fannie Mae and Freddie Mac even if they have little or no equity in their homes.

Q: If they’re making their payments on time, why do they need help?
A: The administration wants to bring stability to the housing market without rewarding people who made greedy or irresponsible financial choices. By refinancing people who are making payments on mortgages larger than their homes are now worth, the government will reward people who play by the rules and reduce the likelihood that creditworthy borrowers will “walk away” from underwater mortgages. The administration believes that will help put the brakes on the vicious cycle by which plummeting home prices lead to more foreclosures, which further reduce home values for everyone in a community.

Q: What about people with “jumbo” mortgages?
A: Sorry. The administration plan does nothing for people with mortgages larger than the conforming loan limits set by Fannie Mae and Freddie Mac. They note that “jumbo” loans account for only 2% of mortgages issued nationwide.

Q: What about helping borrowers with problems on second mortgages?
A: Sorry, again. Any modification or refinancing would apply only to the primary mortgage.

Q: How does the loan modification program work?
A: This program is only for “at-risk” borrowers who are struggling with mortgage payments above 38% of their income. Under the program, if the lender agrees to lower the interest rate or reduce principal to bring the payment to 38% of the borrower’s income, the government will pay half of the additional cost to the lender to reduce the payment to 31% of the borrower’s income.

Q: Isn’t this just rewarding people for making bad decisions and irresponsibly getting in over their heads?
A: The Obama administration says the rules of the loan modification plan will exclude housing speculators and borrowers with high debts. Homeowners will have to reside in the house, be able to document their income, and demonstrate the ability to continue to make the new payment for an extended period of time. The aim of the program is to reduce the foreclosure rate for people who can keep paying on their mortgages and thereby prevent further erosion of property values in the surrounding community.

Q: How are these programs different from what was already available?
A: Both programs do not require borrowers to be behind in their payments in order to apply. In fact, in the case of the at-risk borrower program, the government will pay servicers more-$1,500 instead of $1,000-if they modify a loan before a borrower goes into default.

Q: What if I’m already in foreclosure?
A: It is up to your lender whether they want to participate in the program. The government has increased the fees and incentives for lenders to encourage more participation, but it is ultimately the lender’s choice.

Q: What if I declare bankruptcy?
A: Currently, bankruptcy law does not permit judges to modify the terms of mortgages for borrowers in bankruptcy. The Obama administration would like Congress to amend that law, but it would require new legislation and many lawmakers oppose the idea.

Q: How much will the Obama plan cost taxpayers?
A: The administration estimates the cost of the program at $75 billion. About $50 billion would come from bailout funds already approved by Congress and it would be used to pay fees and subsidies to lenders who offer loan modifications to qualified borrowers. The administration estimates that it will cost Fannie Mae and Freddie Mac about $25 billion to refinance conforming loans under the new equity terms. Those funds are already in the budget of the mortgage giants, which were taken over by the government last summer. The administration argues that the $75 billion cost of the programs is far less than the economic and social toll of the ongoing housing crisis.

Q: When do the new programs take effect?
A: Details will be released on March 4, but administration officials said the new programs are in effect immediately. Much of the plan does not require congressional approval.

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