SEMINAR Buying And Selling A Home In Todays Market
April 3d, 2012 6:00pm to 8:00 pm
The importance of staging your home will be shown to you by an experienced real estate agent. There are many things you can do, but each home is unique and has some properties that are better highlighted while others are not made a priority for the potential buyers to experience. You and your agent will assess your home and decide what are the important things to draw attention to your potential buyers. An experienced agent may already have several buyers they are thinking may be interested in your home and will know what their triggers are and be prepared for it.
The suggestions may range from replacing bold colors to more neutral tones or removing old wallpaper and painting the room to make it look spacious and elegant. Speaking of spacious, if a room seems a little too narrow, hanging a mirror in just the right place can make the room seem a little larger than it actually is.
The kitchen is usually very important to buyers. The appliances may need to either be updated or at least look newer. The cabinets may also need to be cleaned up. New hardware on the doors of the cabinets may also be a huge selling point.
If your closets are small, remove half the contents and put like colors together to make them look larger and roomier than they are. Add some shelves if possible to make it look more organized.
Have the carpets cleaned and deodorized to make the room seem fresh. There is nothing worse than having a seller walk into a stale smelling room. Fresh flowers can also help this and they are also very beautiful to look at.
Bathrooms must also be very clean and luxurious. The tub must be inviting, the sink must also sparkle and the toilet should be clean the top should be down.
There are many other suggestions that can be made. If you want more information about your home, contact me and I will be glad to help you.
Yup, the title is right. There was a whole bunch of information passed around last year about using your $8,000 tax credit as a down payment on your new home. Of course that can’t be true, how can you get money for a tax credit when you haven’t bought the house yet? Well according to HUD that is Fraud! Another problem is that the tax credit can only be given to the qualifying individual and not a third party.
You may be asking yourself how you can get around this, well if you qualify for the tax credit and you are getting an FHA loan or another qualifying Government agency loan, you may receive a tax credit advance with a secondary lien against the home.
The following are the conditions for this:
- the tax credit advance and the FHA-insured first mortgage may not result in cash back to the buyer
- the second lien may not exceed the total amount needed for down payment, closing costs and prepaid expenses
- the secondary financing may be “soft”, meaning no payments for a period of time or require monthly payments
- payments must be deferred for 36 months and cannot be used in the first mortgage qualifying ratios
- if the secondary financing has a short repayment term, there must also be a provision that if the borrower fails to pay by deadline, principal and interest payments either begin automatically or the loan converts to a “soft” second
- the secondary financing cannot require a balloon payment before the first ten years