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Painting Your Own Home: Tips to Make the Process Painless
Painting Your Own Home: Tips to Make the Process Painless
While it’s might seem easier to hire professionals to paint the house, but with a little research you can find the job is not as intimidating as it seems. With a few free days set aside and some preparation, painting one room (or multiple) is easily doable for anyone. Here are a few things to consider before you start.
Apply a Primer Coat
Preparation entails most of the painting process. It’s easy to become frustrated during the preparation stage, because prepping to paint can take longer than the actual painting component of the project.
Interior walls aren’t always perfect, and painting the walls is a perfect opportunity to fix those imperfections. If you’re using a putty or a filler to patch holes, the paint will react differently to those substances than it will the wall itself. The solution here is to prime your walls, so the new paint color has a uniform surface to adhere to. It’s one simple step that doesn’t seem like much, but could end up saving you a whole lot of work at the end of the process.
Factor in taping time
Taping up the room is tedious work, but will be worth it when you don’t have to waste time being ultra-careful or nervous when getting close to edges. Instead of trying to take the tape off while the paint is still dry, wait at least 24 hours for the paint to dry, and use a knife to slice the tape off at the edge. If the paint is still even a little wet or gummy, don’t continue. Make sure the knife is sharp enough and pull the tape away at a 45-degree angle, making sure not to rip the paint.
Set up with clean-up in mind
To protect floors, a drop cloth is a necessity. In some cases, cotton or canvas drop clothes can work better than plastic. Plastic drop cloths can be slippery and don’t easily stay in place, especially when ladders are involved. Any splatters or drips of paint that fall onto a plastic drop cloth won’t dry or absorb right away and can be easily tracked throughout the rest of your house. A canvas or cotton drop cloth will be more stable and will protect the floors better. Tape the edges of the drop cloth to the tops of the trim to protect both the floor and the trims from any splattering or dripping paint.
Work top down
Not only does it prevent drips from ruining anything you’ve already painted, but it keeps the walls and baseboards free of any dust or debris from sticking to wet trim. Paint the ceiling first, move to the walls and possible crown moldings. Only then should you move to any trims around windows or doors and finish with the baseboards. Not only will this keep a system in place to ensure there’s no questioning what’s been painted and what hasn’t, but it’ll keep things clean.
Check thickness of previous paint layers
Cracks on an exterior paint job don’t reflect the owner’s best intentions and should be fixed before the damage is too much to fix. Too thick of a layer of paint means that the paint might just be too heavy to stay, and will start to crack and to peel off. It loses its grip and can’t attach to the other layers of paint. In older homes, it’s likely that some of those layers of paint have lead in them, in which case you’ll need to look into how to remove it safely. The EPA has guidelines here. This could be the one step that requires you to outsource, if the layer of paint is extremely thick, because removing it completely (and correctly) will ensure the next coat of paint will attach correctly. Hiring a home washing company can help you identify these cracks in exterior paint as well. If anything, have the exterior of your home professionally power washed, so the paint will have a clean surface to adhere to.
Using these tips, ideally the house-painting process will be doable for anyone. Prepare yourself to set aside time for set-up, knowing that it will help when you’re done painting and ready to clean up. Instead of hiring painting professionals, save some money for decorating and tackle the job yourself.
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Bio: Matt Lawler is an Internet marketing specialist from Tempe, Arizona where he attended Arizona State University. Whenever he can step away from the computer, Matt enjoys playing sports, traveling and exploring the great outdoors. Follow him on Twitter.
Laura Key, REALTOR® Cal BRE 01908085 310-866-8422 Laura.A.Key@gmail.com www.KeyCaliforniaHomes.com
Laura Key - the Ultimate Answer to All Real Estate Needs (Press Release)
Laura Key - the Ultimate Answer to All Real Estate Needs
In the world of cut throat competition and greed where every penny is considered precious, Laura Key uses her heart while doing business. The real estate specialist has decided to donate $100 in her client’s name after the closing of every deal.
Los Angeles, CA -- (SBWIRE) -- 12/13/2013 -- Everybody has heard of real estate agents who brag about finding homes for celebrities, later using that as a tool to promote themselves and increase business. But, Laura Key is a REALTOR® with a difference, she is not only one of the most competent realtors that one can find around the Los Angeles and Beverly Hills area, but one of the very few realtors who has an inclination towards social service.
She has decided to donate $100 to one of the five non profitable organizations in the area, every time she closes an escrow- that too in the client’s name! Inspired by the popular quote- “Charity begins at home, but should not end there.” By Thomas Fuller, she makes sure that she is fulfilling her social responsibilities and returning a percentage of what she takes from it.
Making a business deal with Laura Key is one of the most convenient things to do. Unlike her competition, she is a professional who will provide her personal touch to understand every requirement that her client has. Her mobile application enables the users to find homes without having to compromise much on their busy lifestyles. They can find new homes or homes for sale from wherever at any given point in time. Her objective is to make sure that her clients have found their dream home where they can make memories at an affordable price. Her prices are genuine and the services that she provides are worth much more.
About Laura Key A prominent name in business for over seven years, Laura Key is a prominent name in the real estate business. She is a compassionate, enthusiastic and dedicated woman who will happily go the extra mile to make sure that her clients are satisfied with the outcomes of the deal that they strike with her. She understands that a home has a lot of sentimental value to the inhabitants and look at it as a place for solace, peace and comfort.
Media Contact: Name: Laura A. Key e-mail id: Laura.A.Key@gmail.com Ph. No.: (310) 866-8422 Website: http://www.KeyCaliforniaHomes.com
Find your next home with me! Instant and free access to the MLS! Text LKHOMES to 87778 or visit http://87778.mobi/LKHOMES! Available on Smartphones and Tablets!
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Does HUD Offer Financing On Their Homes?
Buying a HUD Home is not as difficult as you may think! I have helped many people purchase their 1st Home from HUD! Call me today for more details about the process! Laura.A.Key@gmail.com or Visit my website to sign up for FREE HUD Listings! http://www.KeyCaliforniaHomes.com
HUD does not provide direct financing to buyers of HUD Homes. Buyers must obtain financing through either their own cash reserves or a mortgage lender. If you have the necessary available cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. While HUD does not provide direct financing for the purchase of a HUD Home, it may be possible for you to qualify for an FHA-insured mortgage to finance the purchase.
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Are First-Time Buyers Being Shut Out?
Speaking from the trenches, I can honestly say it's hard to find buyers home right now. There are multiple offers and investors who offer in cash! Yet, it's not impossible! Call me today for more info and insight on what you may be facing as a buyer! Laura Key 310.866.8422
Across the country, first-time home buyers have been putting in offers on homes, but many of them keep losing out.
One working mother says she’s put in 30 offers on homes in the $100,000 range in the Atlanta area, bidding $2,500 to $3,000 above the asking price, but each time she’s been outbid. “We have to be on top of the game and be able to drop everything and check out a house or it will be gone,” says another couple in Alexandria, Va.
Tight housing inventories are playing a role. For example, in Boston home listings are down 57 percent and in Atlanta area home listings have dropped nearly 40 percent in the past year.
Also, “investors have been pushing home prices higher faster than expected,” Diana Olick reports for NBC. “But the higher prices get, the more investors may get out, because they won’t be able to find such great bargains any more. That in turn will let regular buyers back in, even if they do have to pay a little more to own.”
Source: “First-time Buyers Struggle as Home Prices Rise,” NBC (March 26, 2013)
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'Scarface' House On The Rental Market For $30,000/Month
"In this country, you gotta make the money first. Then when you get the money, you get the power. Then when you get the power, then you get the women." - Tony Montana, "Scarface" (1983)
And then you get the real estate.
Welcome to Tony Montana's American dream -- an almost 10,000 square foot"Roman Revival" mansion surrounded by palm trees and mediterranean gardens. The exterior of the home stood in for the "Scarface" gangster's mansion in Miami, Fla., but is actually located in Santa Barbara, Calif.
The 10-acre property boasts two fountains (indoor and outdoor), a swimming pool, tiled murals, a guest house and amazing views of the Pacific ocean. It also has four bedrooms, two full bathrooms and two partial bathrooms, according to the listing details.
The home hit the rental market at $30,000 a month, according to real estate blog Trulia. While it may seem like a jaw-dropping price, Trulia notes that the home's monthly rent had once been listed for a jaw-dropping $150,000, or $35,000,000 to just buy the whole thing. Compared to those prices, this deal is a steal.
Known as "El Fureidis" locally, the estate was designed by American architect Bertram Grosvenor Goodhue and finished in 1906, reports Curbed LA. It unfortunately does not contain a sunken bathtub in the master suite, nor a living room mini-pool perfect for a dramatic death, but a gangster can still get comfortable here.
All they have to do is make the money first.
Los Angeles Real Estate can be really interesting! If you are ready to make your own history, give me a call and let's start the journey! www.KeyCaliforniaHomes.com
Unique Homes of the Word - Mexico City
The Nautilus
Background: This seashell-shaped home was completed in 2006. The stone steps running along the shrubs lead to the front door, which blends into the mosaic façade.
Why It’s Unique: Architect Javier Sensonian practices what he calls “bio-architecture," a style that has led him to design buildings shaped like snakes, whales and several other creatures. The Nautilus was created to imitate a crustacean’s shell, and its cavernous interior is filled with vegetation and small trees. “It’s not common that you would see a home of this design ascetic," Koliopoulos says. “However, it’s very enlightening and something that we can all learn from.
A house is not a HOME until you make it yours! Ready to create your masterpiece today? Call Laura Key at 310.866.8422 for a free homebuying consultation!
"Read more: Source: Popular Mechanics
Is Your Home in a Buyer's or Seller's Market
As the overall housing recovery gains steam, local market divergences are growing wider. That is because one overriding factor —faulty and fraudulent mortgage lending — brought the market down; it will take varied local and national market drivers — jobs, income growth, consumer confidence, increased lending — to bring it back.
And that is why certain markets remain buyers' markets and certain ones have fast become sellers' markets.
Online real estate marketplace Zillow, defines a sellers' market as not necessarily one where prices are rising, but one in which homes sell faster, price cuts occur less frequently and final sale prices are close to or greater than list price.
Zillow ranked the top 30 markets and found that the formerly hard hit markets in California, Arizona and Nevada now rank as the top sellers' markets, which may seem counterintuitive, until you consider who the buyers there are now.
"Much of that strength is driven by investor interest, as many distressed and non-distressed homes are purchased and transformed into rentals," says Stan Humphries, Zillow's chief economist, in the report. "This investor activity is contributing to very low inventory levels, which increases demand and helps drive up prices, particularly for less expensive homes in these markets."
The best buyers' markets are equally surprising, with Chicago, Cleveland and Philadelphia topping the list.
These markets are still plagued by distress, despite the fact that their foreclosure numbers were lower during the worst of the housing crash. Investors are a far smaller share of buyers, as these markets don't offer the sun and leisure opportunities that the sand states do. Home prices are still suffering in these markets under still-tough local employment conditions. All that makes them less desirable for buyers. Stricter mortgage lending standards are also likely playing an outsized role, since most buyers in these markets would be owner-occupants.
The housing crash was the first fully national housing downturn in U.S. history. Usually housing downturns are local, spurred by some local phenomenon. Now that the overall economy is on the upswing, housing return to its roots and rises and falls on local factors again.
Source: CNBC —By CNBC's Diana Olick
Need to know how much your home is worth? Contact Laura Key today for a free Comparative Market Analysis! www.KeyCaliforniaHomes.com
Top 10 Legal Mistakes Homebuyer Make
Top 10 Legal Mistakes Homebuyer Make
- Not realizing that if you don't write a strong offer to purchase, the seller may reject or not respond to your offer.
- Not realizing that if you don't write a strong offer to purchase, you may lose the property to another more highly motivated buyer.
- Not realizing that, without a confidentiality agreement, a seller need not treat your offer as confidential.
- Not understanding when a contract becomes legally binding.
- Entering into an agreemetn before checking title records, liens, and other thigns to ascertain whether the seller will be able to close escrow as scheduled.
- Not understanding the legal implications of loan and inspection contingencies, and other contractual provisions.
- Not obtaining a seller's disclosure.
- Not conducting your own inspections and investigations as the buyer.
- Not fully considering the legal, tax, credit and other ramifications of homeownership, especially co-ownership.
- Not properly handling a claim for property defects discovered after close of escrow.
Source: C.A.R. Legal Department (California Association of Realtors)
A good buyers agent will help guide you through this list and help you understand each and every one of them. Contact Laura Key for more info: 310.866.8422 or Laura.A.Key@gmail.com
Remodeling’s ‘Value’ on the Upswing
Now that the housing market is back, home improvements are, too. And they’re paying off better than in years past. 2013 is shaping up pretty sweetly for home owners.
First, there were the home owner-centric tax benefits (energy tax credits, PMI deduction,mortgage debt forgiveness) that Congress and the President extended through 2013; and now, we’re seeing that our home improvement dollars are working harder.
After several bruising years, spending on remodeling projects is up and so too is your return on your remodeling dollars. The national average percentage recoup on all 35 projects in Remodeling Magazine’s 2013 Cost vs. Value Report rose since last year.
What a different story from 2012, when the ROI dropped in all but three categories.
The annual report is based on a survey that asks REALTORS® around the country to estimate what specific projects, from adding an attic bedroom to installing new windows, would recoup in their market at resale under current conditions.
Of course, what you recoup depends on the specifics of your project, your market, and when you sell. But the report offers a great bird's-eye view of project costs and returns.
So which projects offer the best value for the money?
Exterior projects like siding, window, and garage door replacements took seven of the top 10 spots in this year’s list.
Makes sense since REALTORS® always say curb appeal is half the battle when you’re trying to sell.
Although it’s not in the top 10, I was gratified to see that the backup generator project is up about 5 percentage points since 2012. One of our bloggers, Lisa Kaplan Gordon, invested in a portable generator last year after one too many storms and power outages, and despite the learning curve, she was glad she did. She had power when a lot of her neighbors didn’t; she even shared power.
Indoors, the top-10 projects include a minor kitchen remodel (involving cabinet refacingand new countertops and appliances), which recouped 75.4% nationally.
Kitchen redo aside, replacement projects, such as installing an entry door or new siding,tend to have a higher cost-to-value ratio than remodeling projects. But now that housing has turned a corner, home owners are stepping up their remodeling plans.
Harvard’s Joint Center for Housing Studies saw 9% growth in remodeling in 2012 and predicts that trend will continue as more and more distressed properties are bought and rehabbed.
The housing group says interest in energy-efficiency updates will keep on trucking, too. It’s the one area where spending on remodeling projects rose during the recession.
I’m betting the revived energy tax credit will add fuel to that trend.
By: Christina Hoffmann Published: January 24, 2013
www.KeyCaliforniaHomes.com • Laura.A.Key@gmail.com
Are Your Neighbors Friend or Foe?
Neighbors wage war every day over blocked views, loud noise, big and small annoyances. Do you have a good neighbor policy? How’s it working out? File this under No Good Deed Goes Unpunished: A Buffalo home owner sued her neighbors for cleaning up her littered patio without her permission. She said they trespassed and discriminated against her. A federal judge disagreed, and forced her to pay $107,000 in attorney fees.
Think I’ll skip that neighborhood’s next block party.
I’ve been a home owner for 27 years and can think of no greater hell than waging war with neighbors. The idea of scurrying to collect my mail so I’ll avoid an angry couple next door makes me want to down a Xanax.
So what do I do? I usually bend over backwards to keep the peace.
Once, I hacked off the tops of my sunflowers because my neighbor complained they blocked the sun from shining on her tomatoes.
For the past two summers, I’ve allowed a twangy lute to drown out summer crickets because another neighbor adds a mid-eastern soundtrack to his nightly pool parties.
And I let it go when the couple across the street snuck into my yard and pruned my willow because they thought it blocked traffic sight lines around the corner.
But I may be in the minority. These days, it seems like neighbor feuds are the rule, not the exception.
- Former Seattle Mariners first basemen John Olerud finally won a long, unhappy battle with the minister next door to remove a Chinese pine that obstructed Olerud’s lake and mountain views. The neighbors had been great friends, and it seems a crying shame they let a pine tree rip them apart.
- Sick of escalating fights over loud reggae music, a Tampa judge sentenced two feuding neighbors to monthly potluck dinners together. Maybe breaking bread will stop the fights: If it were me, I’d bring a taste tester before I bit into the tuna casserole.
- Neighbors complained when a “starving artist” in East Hampton, N.Y., invited any and all tothrow a pint of paint on his house. The artist wanted a free paint job: What he got was angry neighbors worried about property values.
Can’t we all just get along, or at least get some perspective?
I’m not saying hack off sunflowers to avoid a fight — that just worked for me, and my flower-loving neighbor felt guilty for years. But some honest communication, or perhaps a little mediation, could keep your front yard from becoming a battleground.
Have you ever confronted a neighbor? How’d it turn out?
By: Lisa Kaplan Gordon Published: January 8, 2013
www.KeyCaliforniaHomes.com Laura.A.Key@gmail.com
Underwater Sellers, what are your Options? Cash to Short Sell? Cash for Keys? Foreclosure?
We get these questions and would like to share our thoughts about this dilemma. Some home owners who are underwater may not know their alternatives. The “Cash for Keys” is a program that banks do for some home owners. The “new twist” you’ll be hearing more about is “Cash to Short Sale”. Lenders are figuring out that if there is anything they can do to make a deal happen, they need to do it. This apparently is what is starting to take place with people that are trying to “short sale” their homes. Instead of “Cash for Keys” to homeowners that lose their homes to foreclosure. This was not offered to home owners who were trying to short sale their home. Often the banks would basically give them a certain time to complete the short sale until they foreclosed.
Now because of tight lending practices, new buyers would take so long to qualify, it is often “too little, too late” to close escrow before foreclosure. When that happens it seems everybody loses. The lenders lost a willing & able buyer and the seller because, now, not only did they lose their home to a foreclosure, but also because a foreclosure was now on their credit report instead of a short sale. (It may be better to have a short sale than a foreclosure on a credit report?) Plus, the buyer may or may not wait until the home came back on the market at a later date.
Source: http://realtyworld-sierraproperties.com by Douglas Zeller
The U.S. Foreclosure Crisis, Beverly Hills-Style
The dynamics of the residential real estate collapse are very different in elite neighborhoods
The careworn house not far from Santa Monica Boulevard resembles millions of other homes that have been foreclosed on since the calamitous U.S. housing crash four years ago.
Garbage spews from trash bags behind the property. A smashed television leans against broken furniture. A filthy toy dog lies on its side, an ear draped across its face. The garden is overgrown. The house needs a paint job.
Yet the property on North Rexford Drive, Beverly Hills, California, is no ordinary foreclosure.
A sprawling, Spanish-style estate, fringed by majestic pine trees and located near the boutiques of Santa Monica Boulevard, its former owners were served with a default notice in 2010; they were $205,000 behind in their payments on mortgages totaling $6.9 million.
Welcome to foreclosure Beverly Hills-style.
Some 180 houses in Beverly Hills, the storied Los Angeles enclave rich with Hollywood stars and music moguls, have been foreclosed on by lenders, scheduled for auction, or served with a default notice, the highest level since the 2008 financial crash, according to a Reuters analysis of figures compiled by RealtyTrac, which tracks foreclosures nationwide.
As in the default-ravaged suburban subdivisions of Phoenix, Arizona, and Tampa, Florida, plunging realestate
prices are the root of the problem in Beverly Hills.
But the dynamics of the residential real estate collapse are very different in elite neighborhoods such as this. The majority of delinquent homeowners here owe more than $1 million. Many are walking away not because they can't pay, but because they judge it would be foolish to keep doing so.
"It's a business decision, not an emotional one which it is for normal people," said Deborah Bremner, owner of the Bremner Group at Coldwell Banker, which specializes in high-end properties in the Los Angeles area. "I go to cocktail parties and all people are talking about is whether it is time to walk away, although they will never be quoted in the real world."
She said she had seen in Beverly Hills a big increase in "strategic defaults," in which owners who can still afford to make their monthly mortgage payment choose not to because the property is now worth so much less than the giant loan used to buy it during the housing bubble.
Bremner said she helped a client buy a Beverly Hills mansion last year that the prior owner had bought for over $4 million. He decided to stop paying his $3 million mortgage - even though he could easily afford it - when the value of the property had dropped to $2.5 million.
"They were able to comfortably cover the loan," Bremner said. "They were just no longer willing to see the value of the property drop."
A huge "shadow inventory" is building of elite homes that are in default but have not been put on the market. Of the 180 distressed properties in Beverly Hills, only 12 are up for sale.
The backlog reflects the pent-up flood of foreclosed properties of all price ranges that are expected to hit the U.S. market this year, especially after five major banks reached a $25 billion settlement last week with the U.S. over fraudulent foreclosure practices.
'Jumbo' loans
Across the United States, the largest increase in foreclosures and delinquencies, compared with 2008 levels, is with "jumbo" mortgages - loans too large to be insured by Fannie Mae and Freddie Mac, the government controlled mortgage finance providers. Foreclosures on jumbo loans are up 579 percent since 2008, greater than any other form of loan, according to a report last month by Lender Processing Services, Inc.
Strategic defaults are now more likely among jumbo loan-holders than any other type of borrower, according to a report issued late last year by JPMorgan Chase & Co. Nearly 40 percent of delinquencies among non-governmental mortgages, which are mostly jumbo loans, are strategic defaults, the report said.
"Now that these homeowners with jumbo loans are finding out you can do this, more and more are doing strategic foreclosures," said Jon Maddux the CEO of YouWalkAway.com, which advises homeowners who are "underwater," the term for those whose loans exceed the value of their home.
Nathaniel J. Friedman, a Beverly Hills lawyer, insists he is not a strategic defaulter - that he never missed a mortgage payment in his life. But he stopped making payments on his five-bedroom, six-bathroom Beverly Hills house on Schuyler Road three years ago.
Friedman, who had mortgages totaling $3 million with the now-defunct Countrywide Home Loans, returned home one evening in January 2009 to find a letter from Countrywide freezing his $150,000 line of credit, which was linked to his second $900,000 loan. His primary loan was $2.1 million. The property is worth about $2 million today.
Friedman says he decided to stop paying out of a sense of vengeance from the moment he received that letter. He has been in negotiations for months with Bank of America, which took over Countrywide after its collapse, to modify the loan.
"I thought to hell with it," he told Reuters. "Why should I keep feeding a dead horse if the bank has no confidence in me?"
"I was able to maneuver things my way because of the inertia of the banking sector," Friedman said. He believes the bank will blink first, and eventually modify his loan.
Source: Thomson Reuters, www.msnbc.msn.com/id/46411361/ns/business-real_estate/#.Tz1aT8VSSKY
The Most Important Short Sale Facts!!!
Do educate yourself. This is THE most important thing you can do. Short sales can be complicated. You need every bit of information you can get when you jump into the short sale process.
Don’t wait until it’s too late. If you drag your feet and hide from the fact that you’ve stopped making mortgage payments, it will cost your credit rating and it will put any chances of a short sale in risk.
Do be diligent. There have been very closable short sales that fail because the homeowners either stop responding to their agents, stop returning paperwork, stop returning phone calls, stop caring, etc. It can be a difficult process, but at the end of it you will be free of the mortgage, the upside-down house and your financial future will have a better foundation.
Don’t stop taking care of your home. Yes, you will be moving, but if you stop mowing the lawn or keeping the place tidy, that unkemptness will discourage any potential buyers.
Do keep paying your HOA dues! Any unpaid HOA dues will need to be settled either before or at the close of a short sale escrow. Sometimes the buyer or the first lien mortgage bank will contribute to these outstanding bills, but not every time. And Home Owner Associations will send your defaulted HOA bill to a collection lawyer who will slap you and your property with their own outrageous charges.
Don’t rent your home out. In these economic times there are unsavory renters, many of them lost their own homes, that don’t mind giving you the first month’s rent and a security deposit, only to never pay you another payment. You lose the house to foreclosure, but they live rent free for the foreseeable future.
Do your homework when choosing a real estate agent or broker when you go to list your house for a short sale. The wrong short sale agent can ruin your chances of avoiding foreclosure. Short sales require diligence, confidence and an unmatched work ethic. Find that short sale REALTOR that knows her stuff, knows how to work and knows exactly what the banks want to approve your short sale.
Don’t think that you need a real estate agent that knows your neighborhood to short sale your home. In a short sale transaction, it’s about the short sale negotiation and working relationship with your lender(s), not that your home’s location is special compared to the listing around the corner. Out-of-area agents easily price properties using a Comparative Market Analysis (CMA). In fact, banks regularly pay agents and real estate brokers a minimal fee, usually $50 or $75, to price out-of-area properties for them. Your local neighborhood real estate agent may not be the right person. You need a tough and knowledgeable short sale specialist.
Do expect to move soon, or not for months. When your home receives an offer that is just the start for your short sale transaction. But the bank could decide to approve your short sale right away, which means you may only have 30 to 45 days to relocate. But, the approval process could take up to three to six months!
Don’t move prematurely. It makes no sense to pay rent while your home sits empty. Communicate with your agent and keep updated on where the short sale process is.
Don’t stop paying your water bills, sewer bills or trash bills! Any unpaid bills may slow down or stop the short sale process.
Do consult your tax man or even a tax attorney when considering a short sale. Even the best short sale agents are not legally allowed to advise on tax implications of your particular situation, and the best short sale real estate agents don’t. A tax accountant CPA or real estate attorney has a better understanding and the legal right to advise you on such matters.
Don’t think that you must have a real estate attorney to execute your short sale. Most times these lawyers don’t understand real estate or the short sale process as well as an experienced short sale agent does. In fact, many if not most of these lawyers offering short sales require an upfront fee to process your short sale. real estate agents and brokers only collect commissions from the proceeds of the sale, which comes out of the bank’s pocket, not yours.
Do let your real estate agent put a yard sign in the yard. Yard signs tell buyers trolling streets looking at neighborhoods and houses that yours is a possible candidate.
Don’t make viewing appointments unavailable and hard on buyers and their agents. The more potential buyers that see your home the better chance of short selling it and avoiding foreclosure. Make that home as available to buyers as possible!
Do yourself a favor and remember that millions of Americans are going though their own short sale, or unfortunate foreclosure. This economy is dreadful, and many are experiencing financial hardships and your particular situation is nothing to be ashamed of.
Don’t apply for a home equity line of credit or any other type of credit. If you own other properties that have equity, refrain from pulling money out of any of them during a short sale approval. Your bank and any of your bank’s back-end investors will dig deep into your credit history and find this activity. This kind of action says you are just out for your own financial bottom line, and yes, they will take offense to that.
Do a quick pick up of toys, laundry and any other items lying around when a buyer’s showing appointment is scheduled. Buyers will criticize your messiness like your mother-in-law, and worse, it could affect their offer which in turn could affect your short sale!
Don’t make the mistake of thinking a foreclosure is not much worse than a short sale. It is. A foreclosure will decimate your credit; it will keep you from owning another home for years and it will be a part of your financial incompetence far more than you hope it won’t.
Do keep your hardship letter short and sweet. Explain your situation as-matter-of-factly as possible. Then your bank will look at your finances, tax filings and other documents to verify and support your story. But DO NOT include in your hardship that you bought your home for more than it’s worth. The bank does not care your home is underwater. The bank is losing money too.
Don’t strip the house of its fixtures or other potentially valuable assets. Taking the pool system, or the ceiling fans or the beloved touch-action faucets will degrade your home’s marketability, and for what? A few hundred bucks will not make the financial blow of foreclosure any softer.
Do all your paperwork and return to your real estate agent in a timely matter. Short sales can die if the proper paperwork is not supplied. It’s a silly way to screw your short sale, but it happens all the time.
Don’t use a short sale negotiating company. They will charge you large upfront fees that they don’t have to return to you even if they do not complete the short sale. And these companies aren’t held up to the same Department of Real Estate code of ethics that real estate agents and REALTORs are. In fact, some banks will not work with them!
Do call and communicate with your bank(s) and let them know you are attempting a short sale. They have thousands of mortgages defaulting, and if they don’t know you are pursuing a short sale, your property may automatically be classified as a pre-foreclosure. Not keeping your mortgage holder informed of the status of your short sale can help expedite your house to foreclosure which will not help your short sale.
Don’t violate the bank’s At Arm’s Length requirement for the short sale. The Arm’s length agreement required from the short sale lender prevents you from “renting the house back”. To avoid any fraud or risk that can result in the bank coming back at you for the balance of your loan. Do it by the book and follow the rules. The risk is not worth it.
Do know that credit card companies may decide to pull your credit due to foreclosure. When a foreclosure shows up on your credit, it says that you are in financial distress and your credit risk increases dramatically.
Don’t think you can’t short sale if you own other properties. This is a common mistake many multiple property owners make. A bank will more than consider a short sale even if you own two or more homes.
Do clean the home and property when you move out. Remove any trash, debris and take or dispose of any of your personal property. The condition of the property before transfer can have a negative effect on the buyer and their desire to own the home, and give them a reason to back out. Cleanliness is next to Godliness, and Sold Short Sales!
Don’t assume the information about short sales you read on the internet is always correct. There are many real estate professionals, and many not-so-professional individuals, giving advice regarding short sales. Some do not have a clue how to handle a short sale, let alone give advice on the subject. Your best bet is to call and talk to any prospective short sale experts. Get a feel of their knowledge base and real estate confidence, and above all else only hire a real estate short sale agent with experience.
DO CALL Laura Key at 310.866.8422! I am a Short Sale Expert! HAFA, Making Home Affordable, and many more programs, just give me a call, I will help you through this difficult time!
Follow me on twitter, facebook, yelp, google+ and foursquare! Maybe we can share some laughs and smiles along the way.
Source: Garrigus Real Estate Blog
The Miracle Mile is Back, Baby
In its latest issue, the Los Angeles Business Journal, which calls 5700 Wilshire home, highlights the frenzied activity the Miracle Mile’s seen in the past few years on the back of the office space boom in the area. The neighborhood had slowed down starting in the sixties, although it never fell on truly hard times. Still, thanks to giant mixed-use projects, like developer BRE’s derided asshat at 5600 Wilshire and Legacy Partners’s much better-liked 5550 Wilshire building(and in a few years, BRE’s giant Wilshire/La Brea project), the neighborhood is lately seeing a fresh influx of young residents and trendy burger places like The Counter (and Umami and Five Guys). Revamped offices spaces and comparatively low rents have attracted music and media companies (notably Oprah’s OWN) from Hollywood and Beverly Hills, while new hotels and luxury car dealerships are opening. Send a thank you note to Michael Govan, the director of LACMA, who’s helped double the museum’s attendance, extended the campus, helped attract a movie museum, and helped make the whole vicinity more desirable. Though some storefronts remain empty and certain retail is less than upscale (Ono Hawaiian BBQ, the Gold for Cash store, etc.), optimism is strong, especially since two subway stations, and maybe a trolley, are on their way.
Monday, January 23, 2012, by Neal Broverman www.LACurbed.com
The Realty Goddess has Landed at 360 Realty!
The Realty Goddess has landed at 360 Realty in Los Angeles CA! www.360Realty.com
5900 Wilshire Blvd #2900 Los Angeles, CA 90004
800-399-9659 x361
