Are you falling victim to a predatory lender?

Lee’s Notes: Found this article about predatory lenders. Thought it was interesting as i have seen some of these things. I always inform clients that these lenders may not have their best interests at heart, but people still go with them. Usually by the time we get to closing the original “promised” deal that came when they got pre-approved, is no where to be found and instead there is a bunch of new fees being implimented and higher up front costs.  Has killed more than one deal.

While sub-prime loans do cost more, they do fill a need. You just need to make sure you arent being gouged. Shop around. In Indiana, you can go with any lender you want, but ask your agent who they use and why. Generally a good realtor can give you 1-3 names of people and then you can shop around for the best deal. Again, you can go with any lender you like, but it behooves you to shop for the best deal. Your agent doesnt have to be in on the calls to the lenders, so privacy can still be kept, and generally a call will only take 15-30 minutes tops!
 
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By definition, greater upfront costs and continuing higher interest payments are some of the differences between prime lending and subprime lending. While providing opportunities to build equity through homeownership, subprime lending does cost more.

Ideally, responsible, risk-based subprime lenders provide access to credit for prospective home owners with poor credit scores. However, lenders are considered predatory when their practices, although legal, are not in the best interest of the borrowers.

These lenders can include mortgage companies, creditors, mortgage brokers, and even home improvement contractors. Suspect practices include targeting certain groups of people and using pressure tactics to force borrowing decisions while not disclosing valuable decision-making in-formation.

In addition, these loans are often bundled with higher interest, lump-sum credit life insurance, excessive fees, and high prepayment penalties without regard to the borrower’s ability to repay.
Most subprime lenders and the loans they make are not subject to federal legislation, so it has been difficult to document how these practices impact predatory lending.

1. Reverse Redlining: Finding Easy Targets

After decades of redlining (when lenders would not make loans in certain communities because of racial composition), today many predatory lenders specifically seek out groups to which it will market these excessive loans. In other words, these groups become the victims of “reverse redlining.” Predatory lenders also seek borrowers who need cash due to medical issues, unemployment, or other debt-related problems, and they look for borrowers who may not be aware of their choices.

Here’s a closer look at the groups that are most often targeted by predatory lenders:

• The Elderly. Many of the older generation have lived in their homes for a long time and have built up equity. They may be “house rich and cash poor.” When they encounter cash problems due to medical, unemployment, or other debt problems, predatory lenders encourage them to turn to cash-out refinancing to solve their cash flow problems. Because they may not have the experience to comparison-shop, they are vulnerable to contractors and their lenders who suggest the only way to find the money for repairs is to sign papers through the contractor or loan officer, who then charges rates that do not correspond to the risk of the loan. They may be pressured into borrowing money with payments that are so high they are unlikely to make the payments on their fixed incomes.

• Minorities. Although minorities have greater access to credit than ever before, many African Americans and low-income families are paying far more for their credit than corresponding whites. According to the analysis by three reporters from the Charlotte Observer of more than 2.2 million 2004 mortgage applications, in 2005 blacks and Hispanics continued to pay more in interest rates than did whites — no matter high how their incomes.

• Immigrants. Many immigrants are eager to invest in their own homes, and, in fact, owning their own homes may be one of the reasons they immigrated to the United States. However, immigrants can lack the language skills and previous homebuying experience to enable them to effectively analyze loan terms and their implications. They may also lack the bank accounts and credit histories that would qualify them for traditional loans, thus making them easy prey for predators with “alternative” loan programs.

• Individuals with Low Credit Scores. Low credit scores do not always indicate poor credit risks. Sometimes, borrowers fall behind in payments due to circumstances that are not likely to be repeated: unforeseen medical bills, an unexpected job layoff. However, they can end up with unscrupulous subprime lenders who use abusive practices.

2. Charging Unnecessary Costs

As if loan predators have not found enough ways to soak these borrowers, they can always pack in more unnecessary or nonexistent products and services (generally overpriced insurance), sometimes to borrowers who have no beneficiaries. Lenders have especially added to the cost of manufactured homes by folding in overpriced fixtures, appliances, and even free trips. Before borrowers make their first payments, these loans are underwater because the market value of the collateral is less than the loan amount.

3. Giving Misleading or No Information About Loans

Predatory lenders can use bait-and-switch tactics by offering loans that seem almost too good to be true. What they initially offer is often lost in the process, and borrowers may not even realize that the cost or loan terms are not what they originally agreed to. Borrowers have been told that the FHA insures against property defects and loan fraud, neither of which is true.

Borrowers should take time to shop around and compare houses, prices, estimates, and referrals. No reputable lender will ask a borrower to sign a blank contract or loan documents, because blank forms only present the opportunity for dishonest individuals to fill in false information.

Changing the Climate: It’s Up to You

Predatory lending is a big problem in today’s economy. However, this practice is not being perpetrated by all loan officers, and not all mortgage brokers are crooks. The key to changing the climate is to educate borrowers. There are crooks in every profession, and the consumer needs to know what to watch out for.

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Original Article>>

Cell phone laws for different states.

Found this guide to Cell Phone Laws on a per state basis, and found it interesting! I am in Indiana, we dont care where people use their phones, or who they are.. hehe  me personally, I bought a hands free set. I dont like to be distracted or impaired while I am driving. I should prolly just shut the phone off while driving, but in this “I want it now” society we find ourselves in, not answering my phone could very well cause me to lose the money I need to put food on the table… At least i can answer with the push of a button on my ear piece… Maybe I’ll just settle for a “No Call/text/email” while I drive… Think you folks can deal with that? Sounds like a good compromise to me!(SNIP)

We we’re tempted to just limit this guide to stating that, unless necessary, you shouldn’t use your cell phone while driving (A CB Radio is much cooler anyways). But that would make some of us (ahem, Wert) serious hypocrites. There’s no state with an all out ban on all types of cell usage, though approximately half of all states have some sort of laws on the books.

City laws vary so we’re going to focus on the current level of statewide cell phone bans. In states with jurisdictional laws we’ll list the cities included. It is important to note that Chicago, the city with one of the strictest cell phone use policies, is being sued because of the law. The attorneys that filed the suit are claiming that the ban hasn’t been properly enacted. The suit doesn’t undermine the legality of enacting such bans, however.Novice Drivers
The District of Columbia and 17 states currently have laws focused on novice drivers, generally meaning those with learner’s permits or restricted/novice licenses. These laws almost always include a full ban on persons driving with learner’s permits from using a cell phone in a non-emergency situation. New Jersey doesn’t allow drivers under the age of 21 to use a cell phone while driving if they don’t have a full, non-graduated license. This is all premised on the theory that young drivers are bad enough as it is without yet another distraction.

Preemption Laws
For various reasons, some states don’t allow local municipalities to create cell phone driving bans. States like Florida don’t allow local municipalities to make any sort of laws related to the use of motor vehicles, which would include cell phone driving bans. Kentucky, on the other hand, specifically states that city or county governments can’t impose driving bans. Localities are explicitly allowed to create cell phone driving bans in six states (Illinois, Massachusetts, Michigan, New Mexico, Ohio and Pennsylvania).

School Bus Drivers
This is sort of no brainer, but only 14 states and the District of Columbia currently have a ban on School Bus drivers talking or texting in non-emergency situations. While we understand why it’s a common occurrence, we’re a bit surprised to see less states taking action to avoid disasters (we can’t imagine there’s that strong of a school bus drivers union).

Hands-Free Sets
There’s much argument over whether or not hands-free sets are safer, though we tend to doubt it. The few moments we’ve lapsed on the phone while driving it wasn’t because we were looking at the buttons it was because we were paying attention to what was being said. Be that as it may, it’s legal to use a cell phone with a hands-free kit according to state laws (city laws may vary).

Primary v. Secondary
As with many laws, including seat belt laws and open container laws, enforcement is either primary or secondary. If it is a primary enforcement law, that means you can get pulled over just for violating it. If it’s a secondary law you have to also break an additional law before you can get cited. For example, it’s a secondary law in Colorado therefore you’d have to run a stop sign or speed before getting the additional ticket for violating the cell phone ban.

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Original Article

Like some of the information I write and want to donate to the cause? Have a friend or family member looking to buy, sell, or invest in real estate? Then refer them to me. Even if you are in another state, I can find a good real estate agent to help them and I might get a referral fee! Free to them, and I might get to put food on the ole table and fatten my kid up!

New years resolutions / blah blah blah… Make em stick this year!

Goals and Resolutions… Every new year millions of people make goals and resolutions. A week later those goals and resolutions go out the window… Yeah yeah, we all know and have heard it before…. I know I had…

 

Here’s a hint.. Write your goals down and check in with them on a daily/weekly basis… I know, you have heard that before, but SERIOUSLY, think about it for a second… You NEED to write your goals down and then you NEED to look at them as time passes!!!!  If you don’t look at them again, then what good were they?

 

I have been holding accountability meetings with a group of other realtors, and every week for the past 1-2 months we have been writing down our own weekly goals, and then checking in each Monday evening to see how we did. 2 months I have been doing this, and you know what I realized in the past week? I don’t ever check my goals after I write them.. So come Monday night I have to pull out my laptop, find the weekly goal file, and then realize “SHOOT, I FORGOT TO DO THAT!!”.. We call my final realization an “AH-HA” moment. A self realization where you smack your head and realize “I coulda had a v-8! GOSH I R DUM”.

 

No more… This past week, I have been checking my goals daily… A lot of them I really don’t have to do anything with(at this time), but I still read them and make myself rehash these things…

 

SO GO WRITE YOUR GOALS/RESOLUTIONS, AND HOLD YOURSELF ACCOUNTABLE!!!!!

Side Note: If you cant be held responsible for your own goals, then find a person in your office/neighborhood/whereever, and tell them your goals and then have them hold you accountable… I am not talking about your best friend who will let you slide by with breaking your goals, I am talking about someone you would be ashamed to admit you didnt do what you promised.. 

  

What to get your significant other / trophy spouse for the holidays!

Need a gift idea for the significant other who has everything and has a penchant for diamonds?!?!  How about a ten billion trillion trillion carat diamond?!? hehe  I found this article where astronomers have found a burnt out sun which has turned into a huge diamond.

(SNIP)
The space diamond is virtually an enormous chunk of crystallized carbon, 4,000 kilometers in diameter. The stone is located at a distance of 50 light years from Earth, in the Constellation Centaurus.

Scientists believe that the diamond is the heart of an extinct star that used to shine like the Sun. Astronomers have already dubbed the space diamond as Lucy in a tribute to the Beatles song ‘Lucy In The Sky With Diamonds.’

“You would need a jeweler’s loupe the size of the Sun to grade this diamond!” says astronomer Travis Metcalfe (Harvard-Smithsonian Center for Astrophysics), who leads a team of researchers that discovered the giant gem.

The cosmic stone completely outclasses all diamonds that have ever been found on Earth. The largest diamond weighing 546 carats was found in South African Republic. The diamond, The Star of Africa, resides in the Crown Jewels of England. The Star of Africa was cut from the largest diamond ever found on Earth, a 3,100-carat gem.

Lucy, also known as BPM 37093, is actually a crystallized white dwarf. A white dwarf is the hot core of a star, left over after the star uses up its nuclear fuel and dies. It is made mostly of carbon and is coated by a thin layer of hydrogen and helium gases.
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Something tells me the bottom would fall out of the diamond market if this somehow made it to earth!

Original Article

Real Estate Auctions – Are they a deal?

Disclaimer: I have been delaying writing this article, because I was looking for my source article. I cant find it, so A) we are going from memory here(which aint always that great) and B) Take what I write with a grain of salt because of A.

Few weeks/month ago I was reading the IBJ(Indianapolis Business Journal) and I read an article where they talked about sherriff’s sales and or lender auctions. I forget the exact numbers, but it was like 800+ real estate properties go to auction each month, but only 7 of those actually sell.  The reason being the banks dont want to let them go that cheap, so they put a reserve on the auctions, or pull the auction at the last second. The article talked about seasoned auction buyers saying “You can spot a lenders hidden bidder because they bid in increments of thousands or 10’s of thousands, instead of lower amounts”.

Another thing this article mentioned was that a lot of houses are sitting vacant and not being offered because lenders dont want to flood the market with properties. I dont know if this is true or not, because everytime I have seen a property that was vacant, when we asked about said property it generally was a property the lender “forgot” about. Within 1-3 months said property was on the market. Generally, within days you would start to see activity on the properties(winterizing, inspections, etc). Now some people could say that the lender conveniently forgot about it, but I would tend to think it got lost in the paper shuffle, and only when we called on it did it surface. Believe me, most of the people working at these lenders arent too worried about one more property selling or not selling.. hehe My experiences have been most lenders are extremely slow to respond to any inquiries into their properties. Heck, it can take 1-2 weeks just to get a yes/no on a cash offer.

In my past experiences, it takes 85-92% of list price in order to secure a property when a lender is involved. When I say “secure” I mean in order to get the lender to accept your offer and for you to be able to go ahead with the inspection/etc… We have all heard these stories about 50 cents on the dollar, etc.. I have not seen those deals, only heard about them. Most of the time you need to play the waiting game for the lender to reduce the price enough so you can secure it in the 85-92% range, and over the past month, I have had multiple instances of multiple offers for lender owned properties… What does that mean? Welp, there is a lot of people looking to buy those lender owned properties and when they get low enough in list price, a lot of people are making offers.. hehe

I did find one article about west coast properties. It basically shows what I am talking about above… “664 foreclosed homes went to auction, but only eight were sold to bidders. Lenders took back 656 houses with unpaid debts of more than $245 million. “

101 Ways to prep your home for sale – Part 5

Lee’s Notes for Part 5: Last but not least of ideas you might consider completing to prep your home for sale. Hope you enjoyed it! 

 

THE GARAGE:

1)      Here and in the basement is where clutter seems to multiply! This is a good time to eliminate all that stuff you’ve been meaning to get rid of. As for the rest, just make sure it’s neatly stacked or hung. Make it seem as though there is enough room for a new owner to park any size car or truck in your garage.

2)      Try to clean off the oil drips from the floor. Oil can be easily absorbed by spreading kitty litter over it. Leave on 24 hours, then sweep away. Most of the stain can be scrubbed off with any degreaser.

THE BASEMENT

1)      Clean the basement as best as the surfaces allow. Stack, hang, or stand items as neatly as possible. Mostly, people don’t expect too much from the basement, only that it is dry. Don’t bother finishing your basement to add square footage. The cost generally can’t be recouped in the selling price.
    A note about basements and foundations: If your house falls into the price range most attractive to first time buyers or singles, it’s very likely that the buyers will want to get financing from a government agency, like the Federal Housing Authority(FHA). (These loans require less of a percentage down instead of the usual ten.) In that case, your home will be more closely scrutinized by FHA inspectors during the mechanical and general inspections. In particular, the foundation and roof are most vulnerable to criticism. If the condition of either of these is questionable, the inspector more than likely wont’ approve the loan to the buyers until you have fixed the problem.

 #100 – MAKE A LIST: Extras help sell your home – To help your agent sell your home more quickly and for the most money, take a few minutes to tour your home and make a list of the extras that may not be immediately obvious. When showing the house, your agent can use the list to point these out to buyers. Your list can include things like:

1)      Central air-conditioning.

2)      A central vacuuming system.

3)      Lawn Sprinklers.

4)      Built-in anything in the kitchen

5)      Pull-out shelves in the kitchen cabinets.

6)      A convection oven.

7)      An industrial refrigerator.

8)      A security system.

9)      Intercoms.

10)  Central stereo with speakers throughout the house or outdoors.

11)  Gas log fireplaces or gas starters in wood-burning fireplaces.

12)  A pull-down ironing board.

13)  Pull-down stairs to s storage area.

14)  Garage door openers

15)  New appliances, furnace, air-conditioner, or water heater.

16)  A sump pump in the basement.

17)  4×6 construction instead of 4×4

18)  Extra insulation applied during construction.

19)  An attic fan

20)  Location and number of outdoor faucets and electrical outlets.

21)  Quality materials used in the house, such as superior woods, metals, or stones.

22)  Windows with superior insulative or UV ray-blocking abilities.

23)  A water softener.

24)  A humidifier on the furnace.

25)  A separate water heater for any part of the house.

26)  Recent improvements to the house: waterproofing in the basement, new roof, any remodeling.

27)  Outside motion lights.

28)  Dead-bolt locks.

29)  Low-flow toilets or showers.

30)  Non-standard interior doors, like 6-panel doors or specially-milled designs.

31)   Non-standard hardware, such as decorative faucets or door handles.

32)  Sliding doors between rooms, especially in older homes.

33)  A deep sink in the laundry room for hand-washing.

34)  Any antiques that stay with the house – light fixtures, stained glass, or wood carvings, such as on a fireplace mantel.

35)  Extra outside lighting, like low lights illuminating the walk at night.

36)  A cedar closet.

37)  Alternate heat sources, like solar, steam, or heated floors.

38)  Maintenance-free siding.

39)  Custom-made anything: window treatments, carpet designs, woodwork, cabinets, fireplace surrounds and mantels, or hand-painted tiles.

40)  Programmable thermostat with a timer for energy efficient heating and cooling.

#101 – AN OPTIONAL SECOND LIST Other things you can do to promote your home. It can help to point out favorable things about your home or neighborhood known oly by someone who lives there. These are some suggestions for your list:

1)      Proximity to shopping, schools, grocery stores, and restaurants.

2)      Whether or not cable is available, and if the house is already wired for it.

3)      Provide the number of boys or girls in the neighborhood who will mow lawns or baby sit.

4)      If applicable, point out the reason other houses wont be built close or next to your house: a creek or drainage ditch, the people next door bought two lots, or future plans for a city park nearby.

5)      If your division is wooded, mention the increased privacy you enjoy.

6)      If your house has had an interesting or unusual history, write down some anecdotes.

7)      If you are selling your house when the flower beds or landscaping are not at their best, it could be helpful to provide pictures of your lawn showing flowers, shrubs, or trees at their peak.

8)      Some cities of villages provide free trash pick up. If yours is one, say it.

9)      If snow removal is prompt, tell prospects that the hill on your street poses no problems in the winter.

10)  If your house was built to be energy efficient, provide an average monthly figure for utilities.

THREE LAST COMMENTS ABOUT SHOWING YOUR HOME Important tips form agents.

Before buyers arrive to tour your home, turn on all the lights in every room, and open drapes and blinds. Agents confirm that buyers are turned off by dark, gloomy houses.
    If you cant vacate the house while your agent is showing it, stay unobtrusively in the background, or better yet, out of sight. Your presence may make the buyer uncomfortable, and certainly not at liberty to make honest comments about the house. If you do have to be within earshot, let the agent do the talking by answering questions and emphasizing your home’s attributes.

    If possible, make arrangements for pets to be completely out of the house during showings. Even though you love your pet dearly, strangers ma be put off by the sight of a cat or dog stretched out on the bed or sofa. Watching them groom their coats may only remind buyers of all the pet hair that surely must be in the carpets and drapes.

    Also, if your dog doesn’t like strangers in the house even though you’re with him – let’s say, on the porch during a showing – his snarly presence may distract nervous buyers and hurry them through your house, leaving them with a bad impression.

 YOU’VE DONE YOUR BEST, NOW LET YOUR HOUSE SELL ITSELF!!!

101 Ways to prep your home for sale – Part 4

Lee Notes for part 4: More for indoors. Did I mention, you dont have to do all of these things to get your house ready to sell, but these are things that you might consider! Some of these are regional, so dont make too much fun of your neighbors in other states! hehe 

THE KITCHEN

1)      The kitchen absolutely must be spotless. After you have thoroughly cleaned, you may want to place your trash container in the garage, laudry room, or basement while showing the house. You don’t want an unpleasant smell to cancel out al your hard work. Since garbage disposals can often stubbornly retain smells, run a lemon half through it daily to eliminate odors.

2)      How’s the floor look? Since new linoleum is expensive, most sellers don’t want to spend that much to replace it. About all you can do is to see that it looks clean. A new coat of wax will bolster its image quickly and cheaply. The same goes for a hardwood floor.
    If your kitchen is carpeted, it can be replaced easily. Only do so, though, if it is badly stained or worn.

3)      When showing the kitchen, open all blinds and curtains, and turn on all lights. Most people want a bright kitchen.
    Be sure to point out any extra conveniences the kitchen may be equipped with, such as sliding shelves, turntables, a convection oven, or trash compactor.

4)      Remove clutter from countertops. The idea is to make the kitchen look like it has ample counter space and cabinets for anyone’s needs.

5)      Fix dripping faucets.

6)      Agents say many buyers judge overall housekeeping by how clean the oven and range are. Don’t give them any reason to turn up their noses.

7)      Clean the inside of the dishwasher door.

8)      Keep the bare minimum of items on countertops(1-2 items tops). Put the knick-knacks away. You want buyers to think there is tons of counterspace for everything they may want to do.

THE LAUNDRY ROOM

1)      Remove all the clutter from the floor or from the top of the dryer. Wipe dust and lint from appliances.

2)      If your laundry room doubles as storage space, just make sure it looks neat.

THE BATHROOM

1)      This room, also, must be kept spotless and odor free.

2)      Fix or replace leaking faucets or drain plugs that wont function properly. If the chrome finish has peeled off in spots, replace all the components to give a clean, all-is-in-working-order feeling.

3)      Make any repairs the stool has been needing that you have just been living with.

4)      Make sure towel racks and toilet paper dispensers are fastened securely to the wall. If there finish is shabby, they can be inexpensively replaced.

5)      Neaten the items stored in vanities, medicine cabinets, and linen closets.(People are going to open them.) Throw out any clutter you don’t need.

6)      Hide/store any prescription medications.

7)      It’s a nasty, time-consuming job, but it is important to remove every bit of that soap scum from glass shower doors. Buyers are automatically turned off by the sight of it.

8)      Re-apply caulk that is peeling or wont come clean of mildew.

9)      Look at an angle at the wall faxing the sink. See thousands of spots? Hair spray, especially the liquid spritz kind, accumulates on the wall. You probably cant smell it, but its fragrance lingers. Be sure to give it a wipe when cleaning.

10)  Pretty towels hanging from racks will distract attention from your bathroom’s less attractive features.

THE BEDROOMS

1)      Eliminate any extra furniture that appears to make the room seem smaller.

2)      A colorful throw rug will disguise flooring that may not be in the best of shape.

3)      Make the beds every day.

101 Ways to prep your home for sale – Part 3

Lee Notes for part 3: Today we move indoors. Again, you dont have to do all of these things to get your house ready to sell, but these are things that you might consider! Some of these are regional, so dont make too much fun of your neighbors in other states! hehe 

 

Some general guidelines applicable to the entire house interior. – Take a walk through your house and try to look at it as tough YOU are a potential buyer. If you find this impossible, ask a friend, relative, or your agent to go with you to help you see things in a more objective light. These suggestions apply to every room.

1)      Look at the carpet. Is it worn or matted, and dirty? Is it reasonably up to date? Is it a color others could live with? Dirty carpet can be cleaned, but worn or outdated carpet needs to be replaced. These days, shag carpet of variegated oranges wont help to sell a house. Neither will a carpet colored so unusually that most people cant decorate around it. You don’t have to buy the best carpet available, but do buy a grade in a neutral color that will suit most people.
   You will get your money back on this one. People look more favorably on a house that has carpet they don’t have to replace right away. Also, new carpet prevents them from using it as a reason to offer you less money than you want.

2)      Clean every room thoroughly. For most buyers, the house must have that “ready to move into” look.

3)      Dirty, scuffed, finger-printed walls are a major turn-off for most people. The quickest and cheapest way to fix that is to paint.
    You like those purple walls in your bedroom, but it’s unlikely that anybody else will. To cover an undesirable color, neutrals like ivory and light gray are an attractive alternative to white. You may have to apply a primer first to completely cover strong colors.
    You may consider neutral colored carpeting and paint to be boring, but it is one of the major concerns of home buyers. Many people don’t like to live around strong or bright colors. Purple walls, bright blue carpeting or fuchsia woodwork may blind buyers to the potential your house could have if it were decorated in colors more to their liking.

4)      Clean all light fixtures, particularly glass gloves or panels. Revive tarnished metals.

5)      To make rooms look more commodious for any type of furniture, remove the pieces you can store elsewhere. Are there any occasional tables or armchairs you can do without? How about multiple plant stands that make the corners appear cluttered? Can you live without foot-stools that impede the easy flow of traffic?

6)      Straighten out closets and other storage areas. The idea here is to make them seem as capacious as possible. Remove some of your hanging clothes if necessary, to eliminate that sardined look. Stack items neatly on shelves. Line up shoes. Stack boxes in an orderly fashion.

7)      If you have house pets, it is absolutely essential that your house does not smell like you have them. Smells trigger instant and strong responses that are extremely difficult to change. You want a buyer’s first response to your home to be one of pleasure, not revulsion.
    Therefore, you must be vigilant about changing cat litter and keeping pet areas squeaky clean. You would be wise to limit the area in which your pet inhabits during the sale period.
    It wouldn’t hurt to set around unobtrusive dishes or baskets of potpourri. You may want to do this anyway, just to evoke a pleasant sensation when people step in the door. This goes double for households with smokers.

8)      If you have taken down pictures from the walls, be sure to fill in the nail holes and paint. Filling compound can be purchased at hardware stores. The best results are obtained by applying it with a putty knife. Let it dry. Sand the wall until the surface of the compound is smooth and flush with the wall surface. It’s now ready to paint over.

Suggestions for Each Room THE FOYER, FRONT HALL, OR ENTRY WAY – The front door swings open. You want to ensure that the prospect’s attention is immediately arrested by the entry’s most outstanding features.

1)      If your entry is made remarkable by a unique floor, make it the center of attention. Roll up rugs. Keep furniture to a minimum. If the floor requires a shine or luster, maintain it scrupulously.

2)      Staircases are very often the most interesting feature of an entry. Clean the carpet, paint work spots, polish or wax woods and metals, paint dirty walls, and glue back the corner of wallpaper that peeled last year. If it’s near Christmas, take a little extra time to drape the banister with garlands and ribbons. Make sure that the banister is sturdy.3)      Quiet annoying squeaks on the stairs.4)      Stained or leaded glass above a staircase can be breathtaking. Make sure it’s wiped clean so it can sparkle to its best advantage.THE LIVING ROOM – As with the house in general, you want to impress upon the buyers the comfort, beauty, and livability of the living room.

1)      Clean the fireplace of ashes and soot. Polish screens and andirons, and fireplace tools.

2)      Is your magazine rack overflowing? Trash what you don’t need.

3)      When showing your home, turn on lights, open drapes, light a fire(if practical), or play music softly in the background.

THE DINING ROOM

1)      As you did with the living room, look around and take note of peeling wallpaper, the condition of the carpet, and all painted surfaces. Make repairs and improvements as best you can.

2)      When showing, turn on all light fixtures. If the switch is adjustable, mute the lighting at nght to create a pleasant ambiance, such as the buyers might use when entertaining.

3)      When showing the house, ask your agent to point out the convenience of any built-in cabinetry in the dining room. Direct attention to anything special about the room, such as ornamentation on the ceiling, crown moldings, a chandelier, wall sconces, or a beautifully carved or tiled fireplace.

THE LIBRARY OR STUDY – Make this space seem like the ideal spot for home office work, playing computer games, or relaxing with a book or jigsaw puzzle.

1)      Leave a lamp on by a comfortable chair with an open book, upside down, on the cushion. If it’s daylight, a window-seat comfortably padded with pillows can be given the same treatment.

2)      Clear your desk or work area of all clutter. Make the space seem as efficient as possible, as though new owners will have all they need in this room to get down to business. Turn on relevant lighting.

3)      If the room has been specially insulated to block noise, tell your agent so she can demonstrate that to buyers.

4)      Point out anything in the room that will facilitate a business purpose, such as separate wiring for a laser printer, multiple phone jacks, or extra electrical outlets.

5)      If the room has cable television access, mention it.

101 Ways to prep your home for sale – Part 2

Lee Note for part 2: Now you dont have to do all of these things to get your house ready to sell, but these are things that you might consider! Some of these are regional, so dont make too much fun of your neighbors in other states! hehe 

 

THE DRIVEWAY

1)      over time, gravel drives pack down, baring the dirt underneath. If your drive has exposed spots, and especially is prone to mud puddling, spread a new layer of gravel. You may be surprised at how inexpensive some grades of gravel can be, and how much difference a new load can make in appearance. Also, eliminate grass and weeds sprouting in the drive to avoid an unkempt look.

2)      If your asphalt or concrete drive has cracks, repair them with a crack filling compound purchased from a hardware store.

3)      If a basketball goal is fixed to or around your drive, make sure it looks good and is in usable condition. If may be considered a nice detail by the next owners.

4)      Attend to those flower beds bordering the drive.

5)      Prune any hanging tree limbs that may scratch the tops of cars or obstruct a desirable view. Also, cut back shrubbery for the same reasons. Buyers don’t want vegetation that inhibits getting in and out of the car, or scratches its finish.

THE FENCE

1)      Make any repairs to fences that make the property appear run down, such as sagging or squeaky gates, missing pickets, rusty latches, or peeling paint.

2)      Fill in holes your energetic doggy may have dug around the fence.

THE WALKWAYS

1)      Fill cracks in concrete or asphalt.

2)      Pull or spray weeds from between stones of bricks.

3)      Fill in missing mortar between stones or bricks.

4)      Trim shrubbery to clear the path.

5)      Attend to flower beds lining the walk.

6)      Make sure any lighting is working that lines or illuminates the walks. During winter months, it may already be dusk or dark when a buyer comes to see your house after work.

THE OUTSIDE OF YOUR HOME – Agents say that short of painting, simply making sure the exterior of the house is clean and looks maintained is important.

1)      Repair any ornamentation, such as shutters, ginger-breading, spindles, posts or columns. Paint, if necessary. Remove rust from ironwork. Even though it will cost some money, strongly consider shoring up or even replacing a visibly sagging porch on an old home.

2)      Paint peeling trim around doors and windows.

3)      Replace or paint rusted or broken light fixtures on porches or beside doors.

4)      Replace cracked plastic bubbles over basement window wells. If there are none, remove any trash or debris that tends to collect in such spaces.

5)      Remove mud daubers’ and wasps’ nests.

6)      See that the swing is still securely fastened to the porch ceiling. Paint it, if necessary. If it has cushions that have seen better days, purchase bright new ones, or slipcover the old ones.

7)      Make the front entry as inviting as possible. Polish the brass knocker and kick plate. Since both are available in inexpensive grades, consider adding one or both. Hang a colorful wreath on or near the door. Painting the front door a compatible but contrasting color from the body of the house or trim can effect a very pleasing visual impact. Make sure windows on the door sparkle.

8)      If you have lived with house numbers that really aren’t adequately readable from the street, consider updating them. You may even want to change the materials they’re made of, such as from brass to wood, or vice versa.

9)      A metal or wooden plaque by the front door with the address or the date the house was built is always an attractive detail. If you have one, keep it looking good.

10)  Potted or hanging plants can do so much to make a porch or entry feel cheerful. If you aren’t good with live plants, purchase some good quality silk plants(provided they will be out of the weather) and fake it! You can always take them with you, and use indoors, if you like.

11)  Nothing adds charm to the façade of a house like window boxes. They can be purchased inexpensively, and are easy to install. If you already have them, keep the blooms coming. During winter months, plastic holly or green garlands draped over the boxes lend a homey, holiday mood.

12)  Some trees, like maples, produce seed pods. These pods are very bad about collecting in gutters, and will even sprout, if allowed to remain. Be sure to remove those unsightly seedlings if they are visible from the ground.

13)  Is the doorbell cover rust free? Does that little bulb inside the button need to be replaced?

14)  If you never replaced the screen on the storm door after the kids poked out the corner with a bat, do it now. Replacement screen can be purchased at lumber yards or hardware stores. Some places may even install it for you, at additional cost.

15)  Yes, it’s one of the most dreaded household chores, but do wash the windows inside and out. The more light you can let in your home for showing, the better.

16)  Now comes the moment the buyers have been waiting for. The key is in the lock. If the lock is difficult to work – requiring jiggling of the key or lifting up the door – fix or replace it. New owners don’t want to hassle with a contrary lock every time they use the door.

Side Note: Make sure your entryway is in great shape. While the realtor is fiddling with the lock(s), the potential buyers have nothing to do but look around the entryway.

101 Ways to prep your home for sale – Part 1

Lee Note: Now you dont have to do all 101 things to get your house ready to sell, but these are things that you might consider! Some of these are regional, so dont make too much fun of your neighbors in other states! hehe 

MAILBOX

1)      Remove All signs of deterioration. Replace the post the mailbox sits on, if necessary. If not, painting it to match the house is a nice tough. Remove rust from the box itself, and apply a new coat of paint. Renew the look of the flag by brightening faded red paint. Replace tattered house numbers.

2)      If there are flowers planted at the base of the mailbox, make sure they look as fresh as possible.

THE YARD

1)      Mow it often enough to keep it looking neat. Toss some grass seed on bare spots. It wont take long to sprout and at least it will look like you have made an effort to improve the area.

2)      Keep flower beds weed-free.

3)      Cut back overzealous shrubs that obscure windows.

4)      Vines growing on the side of the house are a gray area. Some people find them charming; others, a nuisance. If you allow them to remain, keep them looking cultivated not jungle-wild. Most certainly, pull them off windows to avoid a decrepit atmosphere.

5)      Save a little paint from the mailbox post to spruce up birdhouses.

6)      Pick up dead tree branches.

7)      Trim shrubbery if it has started to get out of hand.

8)      Clean out the fish pond. If it’s empty, just try to keep leaves and debris from piling up in it again.

9)      Clean out fountains and birdbaths. (when showing your home, turn on fountains. The sound of gurgling water is very pleasant and relaxing to most people.)

10)  If you ordinarily have a lot of yard ornaments, like statues of animals, etc., you may want to put some or all of them away, for two reasons: first, so buyers can concentrate on the yard and/or its view or landscaping, and not your statues. Second, so that buyers don’t assume without asking that your yard ornaments stay with the house.

11)  Straighten up the woodpile. Pick up bark scraps and chips to neaten the appearance.

12)  If your yard has a clothesline, make sure it is sturdy. Straiten leaning posts, and give faded ones a coat of paint. Remove rust from metal posts. Replace the line if it’s frayed.

13)  If there is a swing that stays with the house, get it in good repair. Oil squeaks, paint it, and replace missing parts, if possible. If you have any kind of rope swing, replace rayed ropes. If it’s beyond repair, take it down.

14)  Remove piles of anything from the yard that are unsightly, such as limbs, concrete blocks, flowerpots, or that stack of old bricks that you never got around to building the barbecue out of.

15)  Remove inoperable vehicles from the yard or drive.

16)  Outbuildings need to be in good shape. Paint them if they look a little tired. Latches and locks need to work reasonably well. If wired for electricity, replace burned out bulbs.

17)  See that all yard lights work.

18)  Make dog pens or runs as clean and attractive as possible. Pick up any animal excrement from the yard, if animals are not penned. If your dog is a digger, fill in holes and spread grass seed.

19)  Even if the grill attached to the your patio doesn’t work, spice it up. Clean racks and the appearance of serviceability will at least make it seem more of a positive possibility than an eyesore.(Make sure to disclose if grill doesn’t work.)

20)  Many buyers do not want the responsibility of caring for a swimming pool. It is imperative, then, that you clear the swimming pool of leaves and debris every day. It must look inviting if it is to appeal to buyers who do not want a pool, or to those who will consider a home with one. At night, turn on mood lighting to help buyers imagine themselves entertaining around your pool and patio or deck.

21) Play up the comfort and visual appeal of your patio or porch. Arrange your patio furniture in an attractive way. Place a book on a chair in a shady corner. Leaving up the table umbrella lends a festive touch. Flowers in containers will add lively color.