Selling Tips Category

Tips on How to Rebound From A Foreclosure| League City, TX

Tips on How to Rebound From A Foreclosure| League City, TX

Many homeowners facing foreclosure find themselves wanting to buy again and they want to purchase fast. Unfortunately most loan programs have a three year plus waiting period after a borrower loses their home to a foreclosure. This can be frustrating to a previous home owner who just wants their sense of stability back.

There are tips on how to recover from a foreclosure and following these tips will help you deal with the outcome of the foreclosure process.

1. Deal with the pain
Going through a foreclosure is an emotional process that must be dealt with. Being angry with the bank is not going to move anything into a positive light. The acceptance of what has happened and why it has happened will help you move forward and make rational decisions not just emotional ones.

2. Take in the loss
Individuals and couples should take time out to acknowledge what has happened, and distill and discuss mistakes that were made and insights you’ve gained so that you can avoid repeating them in the future. It’s a meaningful method for progressing past grief and repositioning yourself to make smarter decisions about your money and your mortgage for the rest of your life.

3. Avoid rebound purchasing
Trying to replace our losses on the rebound, be it after a breakup or after a foreclosure, is how people end up repeating their mistakes. Making new, unsustainable mortgage commitments and chronically overspending or over borrowing is no different from your friend who keeps repeating the same old dysfunctional relationship patterns, year after year.

4. Try to fix and heal your financial woes
Get your debt paid down or off. Change your spending habits and your overall relationship with money. Get your taxes current and paid. Save some money. Create the habit of paying every bill on time every time. Eliminate unnecessary monthly expenses.

If you are faced with foreclosure and would like to discuss your options, give me a call today! I can Help!

Tips on How to Get Your Home Ready for an Open House. League City, TX

Tips on How to Get Your Home Ready for an Open House. League City, TX

 

So your home is now listed and your agent wants to hold an open house. What should you do to help make your home open house ready? Here are a few tips to make your home one that buyers and agents will remember.

 

 

 

1.Box up things such as family photos, children’s drawings, family mementos and books. Remember buyers want to picture themselves in your home.
2.Make sure to thoroughly clean. Clean carpets, clean windows, dust; even tackle that dusty fan you have been eying for months.
3.Make sure to repair any visible damages such as holes in the wall, chips in the paint, replace old light bulbs, complete the paint job in that one room that you never got to because you couldn’t reach!
4.Clear any trash floating around on the sidewalk, patio or driveway.
5.Make the front entrance inviting. Purchase a new welcome mat. If you can freshly paint the front door. Remove dead plants from the flower bed or from pots on the patio.

Completing these few task and tips will leave a better impression of your home in the minds of buyers. Make the home so neat and clean that you may even think about buying it AGAIN!

For more information about ways to prepare your home for an open house, give me a call!

Real Estate Terms Explained (League City, TX)

 Real Estate Terms Explained (League City, TX)

Real estate lingo may be somewhat of a foreign language to some. When sitting down with an agent you may find yourself scratching your head and feeling as though, “Should I know this stuff?” Sometimes you may even feel foolish to ask the agent, “What the heck does that mean?”

I have comprised a list of the most common real estate lingo. Take a look so next time you find yourself discussing real estate, you will have a one up!

ANNUAL PERCENTAGE RATE (A.P.R.):
A rate designed to allow for the comparison of one type of loan to another. The annual cost of borrowing under a given form of loan (includes in the calculation compounded interest, cost of borrowing etc.). Required to be disclosed by the lender under the American Truth in Lending Act, Regulation Z.

APPRAISED VALUE:
The estimated market value of a property on a given date, given by a qualified person as a result of an inspection of the property and a consideration of other market forces.

CLOSING STATEMENT:
Also known as HUD-1 statement. A document which sets out the financial agreement between the parties, the costs each must pay, and all other similar information regarding a transaction (may be joint or separate for each party).

DEFERRED INTEREST:
Interest which is not paid as it accumulates but which is added, instead, to the loan principle.

DISCLOSURE:
Sometimes known as “Vendor’s Disclosure”, a legal requirement in some jurisdictions in which the Vendor of a property must provide a written statement to a prospective purchaser setting out defects in the property known to the Vendor.

EARNEST MONEY DEPOSIT:
A sum of money paid by a potential purchaser as proof of her intention to complete the purchase transaction. Held in trust, usually by the Listing Agent, and credited to Purchaser off purchase price. May be forfeited if Purchaser fails to complete transaction.

ESCROW:
A state wherein consideration, benefits, legal rights, money, documents or other valuables are transferred to another party in advance of that party’s legal entitlement to them, on the basis that the legal entitlement will arise at a given point in the future. A form of trust.

FEDERAL HOUSING ADMINISTRATION (FHA):
Division of the Department of Housing and Urban Development, sets standards for the underwriting of private mortgages. Also insures residential mortgages made by private lenders.

FREE AND CLEAR:
A description of title to property which is unencumbered and subject to no competing claims.

GOOD FAITH:
A term to describe a party’s legitimate and honest efforts to meet her obligations in a given situation.

HOMESTEAD DEED:
A method of protecting some assets from creditors by registering a declaration on title to the owner’s homestead property.

LETTER OF INTENT:
A written indication to the owner of property that the writer will be making an offer to purchase the property.

MULTIPLE LISTING SERVICE (MLS):
A service created and run by real estate professionals which gathers all of the property listings into a single place so that purchasers may review all available properties from one source.

PAY OUT:
To provide the lender with the total amount then required to retire a loan obligation.

PRINCIPAL:
The amount of money borrowed or still owed on a loan, without including interest.

QUALIFICATION RATE:
The rate of interest used to calculate whether or not a borrower qualifies for a mortgage.

REAL PROPERTY:
Also known as “real estate”. Land, property, plus improvements to land.
SCHEDULE:
A document attached to an instrument for registration or to a contract or agreement, which may contain information required in the instrument or extra terms of the contract.

TAX DEED:
The instrument of conveyance when a property is sold by a government body to pay for arrears of taxes.

TERM LOAN:
A loan that comes due on a given date, often before the periodic payments would pay the loan out.

UNDERWRITER:
A person who reviews and evaluates an application for a loan or insurance policy.

VA LOAN:
A loan on below market terms guaranteed by the Department of Veterans Affairs, given to former members of the armed forces.

WALK-THROUGH INSPECTION:
A physical examination of the property which usually takes place immediately prior to closing to ensure that no changes have taken place and no new damage has been done to the property.

ZONE:
An area of a municipality to which certain rules, regulations, bylaws or ordinances apply.

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