Real Estate Investing

In our Halloween countdown, see if you can find at least one “scary” word in each post between now and Fright Night!  Mwaaa-haaaa-haaaaa….

As usual, I check at least every other day the new homes that are listed in my area.  Today there were two houses - virtually side by side because of price - that got my attention.  There was a $10,000 price difference and when I looked at the curb appeal on each - and if I had to pick without touring the inside of the houses - I’d go with the more expensive one no questions asked.  What do you think?

THIS

OR THIS

One is all brick with a nice garage.  The other one is vinyl, but well kept.  I think we know which any normal buyer would want.  The curb appeal sells the house!

This next house is just okay to me… the shrubbery is under control, it looks decently maintained.  However the brick near the ground looks dirty from rain splash back.  If the sellers pressure washed the brick, it would make a world of difference.

Speaking of shrubbery under control.

YES

NO

Remember, that outside first impression can mean the difference in a fast sale or no sale. Get outside while the temperatures are cooling down (but not cold) and get your yard under control!

I was giving such consideration to writing a post about cleaning your sign that I actually took photos of my sign before, during, and after a good scrubbing.

BEFORE

DURING

AFTER

See?  How gross!!  Anyway, while I was *thinking* about writing this, Texas Realtor Deb Brooks actually wrote the post about what your real estate sign can say about the house that’s listed,

Remember what they say about a persons home? If the yard is trashed it’s probably the same inside.

Well, your sign speaks volumes of the way you conduct your overall business. Keep them fresh…

The perfect progression is of course…FOR SALE, OPTION PENDING, PENDING AND THEN SOLD.

She is absolutely right.  If your home is on the market for sale, just as you’d keep the trash picked up and the lawn mowed, the real estate sign should also be clean.  Your agent should bring the sign already clean before it goes in your yard, but if the home is on the market for awhile, it would be okay to either spray it down yourself or ask your agent to come and clean it.  You want that sign to be a reflection of a home being properly maintained and cared for!

If you’re in financial trouble and can’t make your mortgage payment, foreclosure may not be your only option.  Before you get to the point of foreclosure, try talking with your lender about the possibility of a short sale.

First, what is a short sale?  It’s when the home is worth less than what is owed through a loan (or loans) so even if you sold it, you’d come up short the payoff.  In certain situations, lenders may be willing to waive that difference. But they won’t gladly discharge the amount … you’ll have to prove you’re deserving.

The attorney that spoke at my office today told about one family who was trying to get qualified for a short-sale.  They had to produce two years of tax returns, bank statements for the past six months, and a personal loss and profit statement - along with the ever-important hardship letter.  The couple was turned down because four months prior, the family had taken a trip to Disney World and spent $4,000.  The lender felt if they could afford a vacation to Disney, then surely they could afford to make a house payment.

So what is hardship?  Read my post from late September to get a fairly long list of what qualifies.

A short sale is not a fast, easy fix.  It’s a long daunting process in which the seller must be patient.  As the speaker said today, “Short Sales are the Wild West.”  I prefer having a sheriff in town, but sometimes you have no choice.  Good luck.