Here are some good examples of small-scale improvements that can instantly increase the value of your home:

• Update your front door. Updating your entry way immediately boosts your curb appeal and makes your home more desirable. Plus, this update is relatively easy and inexpensive.
• Green your home. Install new energy efficient windows to keep cooling and heating costs down, which, in a struggling economy where every dollar counts, make your home a more viable option for buyers. You can also easily install better insulation around drafty doors.
• Install new siding. New vinyl siding updates the appearance of your home, but it will also protect your home from wear and tear. It’s functional and looks great; it’s a win-win situation!
• Get a new garage door. Not only does updating your garage door improve the appearance of your home, but it also provides a hefty return on investment. According to the 24th Annual Cost Versus Value report, replacing a garage door provides the second-highest ROI of 35 improvement projects.

The most important thing to keep in mind when making improvements is this: will a project benefit you and your potential home buyers in the long run or is it a relatively superfluous project? You want to make sure that every dollar you put into your home, you get back once you decide to put it on the market. By making small improvements bit by bit, you keep your labor under control and you continually up the value of your home!

The first thing the Realtor says is “…Show Me The Money…”  Well, not in so many words, but that’s what you take away from the conversation.  The Realtor wants you to have a lender letter, wants to know your credit score.  You’re slightly offended.  Don’t judge me you say to yourself.  I’m not ready to speak with a lender and have them go thru all my financials.  I just want to look at a few homes to see if there is anything out there I want to buy before everybody and their uncle gets into my business.

The Realtor on the other side of the conversation is thinking “….I’m not a tour guide, bro.  You want to look, go to an open house… (LOL)”   All kidding aside, there are reasons for the Realtor’s questions.  Most potential buyers are unaware of the regulations and guidelines that Realtors must follow.  I will try to shed some light on why we ask the things we do.

• Are you working with a Realtor?   Ok, we’re not just being nosey or trying to convert you.  We HAVE to ask, by law. We must know if you have an agency agreement with another Realtor before we can disclose detailed information about a specific property.
• Have you spoken with a lender?  We know you know how much you want to spend, but do you really know if you are qualified to borrow that amount?  We do not need to know your entire financial history, just that you are qualified to buy the properties we show you.  Lending procedures and guidelines have changed greatly over the past year or so.  People that qualified for a loan in the past may no longer qualify under today’s lender scrutiny.  In addition, sellers do not want ‘lookie loos’ perusing thru their homes.  They want to know that when a Realtor brings a potential buyer to see their home, they actually have the ability to buy it.
• Will you send me a copy of your lender letter?  Ok, you just told me you spoke with a lender.  The lender may have even told you that you qualified for the $$$.  Now the lender needs to back that up in writing.  Why?  Just like in any industry, you got your good and your bad.  There are some lenders out there that would say almost anything to get your business.  If they are willing to put together a pre-approval letter, then you have a better chance of your loan actually going through.  Some Realtors will ask you to be pre-approved through a specific lender or bank.  That’s ok, no we do not receive kick-backs. We ask this because we have worked with that lender/back in the past and know their work ethic and know they can get the job done.  Keep in mind, when you find the right home and put together an offer to purchase, you will need to supply a lender letter with the offer or you will not be consider a valid buyer.
• Will you sign a Buyer/Broker Agreement?  This is no longer just an option.  By law, Realtors are required to have a signed BBA prior to showing a potential buyer ANY property.  This agreement states that should you decide to buy any of the homes this Realtor shows you or provides information to you that leads to you buy this home, this Realtor will be your representation.  This agreement allows that Realtor to be paid at the close of the transaction.

All in all, the questions we Realtors ask are for your protection as well as ours.  The more information we have, the better we can serve you and avoid any bumps in the home buying road.

According to the Mortgage Bankers Association, Virginia has the eighth lowest percentage of mortgages in foreclosure in the nation.  Fewer than two percent of the state’s first lien mortgages are in the foreclosure process!  Not bad.  (More than 14 percent of Florida’s mortgages are in foreclosure.)

above article taken from Commonwealth Magazine

Brush Up
If you’re wanting a quick change, a fresh coat of new paint can do the trick. Sometimes, just updating the color of a room can give it the boost it needs. If this applies to your kitchen, keep the following pointers in mind:

• Since you’re not updating your appliances, surfaces, or cabinets, make sure you pick paint colors that go along with your static supplemental decor.
• Feel free to update accessories in your kitchen – hang new art, change out the pillows on your dining chairs, get a new set of towels, etc. – that go along with your new paint color. This can really bring the room together.
• Changing out your faucet is also an easy way to bring your kitchen decor up a few notches.

Going All the Way
If you plan to tackle the entire kitchen and go with a full blown remodeling project, you’ll be making a huge investment in your home. With the real estate market the way it is, more and more homeowners are choosing to stay in their homes longer. With a complete kitchen upgrade, you not only ensure that you’ll enjoy your home longer, but you also up its value once you do decide to sell. If you’re headed for a kitchen overhaul, here are some tips:

• First and foremost, consult a quality contractor to make sure your work is done right!
• Replacing your cabinets with display shelves is a great way to up the trend factor in your kitchen. Removing cabinets is pretty simple, and installing display shelves is even easier.
• The natural look is always in. Try replacing countertops with natural stone, like marble or quartz.
• Add more function by installing extra sinks and/or counter space.

Whether you’re in the mood for a quick update or a total kitchen makeover, you’ll be happy you went for it. It will be a great investment in the long run and, as for now, it’ll give you a fresh new perspective on one of your home’s favorite room!

What is a short sale?  (Or Pre-Foreclosure)

A short sale is where a home owner owes his lender more that his home is worth.  In a short sale transaction, the lender, or lenders, agree to accept less than the mortgage amount owed by the current homeowner.  For example:  Lets say I owe $300,000 on my current mortgage and I need to sell my home.  Due to the current real estate market, the homes in my neighborhood are only selling for $250,000.  I easily find a buyer at $250,000; however, my lender has the last say on the contract, my lender must to agree to allow me to sell my home for $250,000, a $50,000 loss.  In some cases, the difference is forgiven by the lender, and in others the homeowner must make arrangements with the lender to settle the remainder of the debt.

Why is the number of short sales rising?

Because of  the recent economic crisis, including rising unemployment, and drops in home prices in communities across the nation, the number of short sales is increasing.  Since a short sale generally costs the lender less than a foreclosure, it can be a viable way for a lender to minimize its losses.

A short sale can also be the best option for a homeowners who are “upside down” or “under water” on mortgages because a short sale may not hurt their credit history as much as a foreclosure.  As a result, homeowners may qualify for another mortgage sooner once they get back on their feet financially.

Think this might be an option for you?

Is you home worth less than you paid for it?  Are you receiving letters and calls from your lender?  Please know that these hard times will pass, things will get better.  There are options for you.  You can regain control.  Use the contact tab on this website and a experienced Short Sale Negotiator will contact you shortly.  All communication is confidential.

Bill Engvall – Empty Nest (Funny)