Archive | February, 2012

Short Sales

Short sales are on the rise in the U.S. today.  More and more banks are allowing short sales for financially strapped homeowners.  A short sale is defined as selling your home for less than what is owed on it and the bank approves the selling price.  They are an alternative to foreclosures.  A short sale will still show on your credit but will not be on there as long as a foreclosure would.

Some banks are also offering “financial incentives” to borrowers who choose to do a short sale.  They can offer a relocation fee to the borrower which can range anywhere from $250.00 up to $25,000, of course this is up to the bank and is not required.  A short sale can save lenders money compared to the expenses involved in completing a foreclosure.   Typically, short sale incentives are more common for loans in states where foreclosures take more time.  According to CoreLogic, in November, short sales accounted for more than 9% of single family home sales and were up 32% from the year before.

The federal government-run foreclosure prevention program also offers short sales incentives, at least $3,000 for sellers, but far more short sales are being done outside the government program.

If you are behind on your payments and would like more information about the short sale process, call Frank & Jennifer Goswitz, Re/MAX Preferred Properties, 865-218-1159.


Boost Your Home’s Value part 1

With the real estate market being competitive, you want to make sure YOUR home stands out to any buyer that walks through the door.  Here are a few TIPS to

“Modernize Living Areas”

  • Try a fresh coat of paint.  You would be amazed at how fresh and clean your home will feel with new wall color.  Try to stay neutral but that doesn’t mean go boring white or beige!  Try the taupes and light grays, they are great for living areas and bedrooms.  It seems for kitchens, buyers prefer more “cheery” colors, such as pale yellow or soft greens!
  • Change hardware and switch plates.  I’m sure you have heard that changing hardware on your cabinetry can make a world of difference, and it truly can…but take it one step further and replace the outlet & switch covers.  Depending on the feel you want through your home, you may want to try the satin nickel or the oil-rubbed bronze.  It makes your rooms look more fresh and new.
  • Clutter-be-gone.  Probably the most important item to achieve when selling your home is to get rid of clutter.  You may have to rent a storage unit but having the clutter gone will make the rooms appear move spacious and larger.  Buyers like open floor plans but this helps even with an older home that do not have them.

One thing you want to do when you are selling your home is walk up the driveway and to your front door.  The way a potential buyer would walk to your door.  Notice the landscaping, curb appeal and how the front porch and front door looks as you approach it.  A fresh coat of paint on the front door can do wonders and conceal scratches and fading from the sun.  The most popular colors that appeal to buyers are black and red (as long as it matches your homes color), but don’t go overboard with the color.  A little goes a long way!

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