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Short sales were fairly common during the Great Recession. Although there are fewer short sales on the market today, it is still one strategy for selling a home. If you’re buying or selling a home, then you may be wondering if this is an avenue you should explore. Here we’ll answer some of your frequently asked questions about short sales.

What is a short sale?

In short, a short sale happens when the lender allows the mortgage to be paid off for less than what is owed on the home. The lender then forgives the remaining amount of the loan. It can only happen with the lender’s permission and when the property value has declined and the owner is financially distressed, resulting in negative equity. It often happens as a way to try to avoid foreclosure.

How is a short sale different from a foreclosure?

In a short sale, the owner voluntarily initiates the sale process. However, in a foreclosure, the bank assumes ownership of the home after the owner fails to make payments. The lender then forces the sale process in order to recoup as much of the loan as possible.

Do I qualify for a short sale?

Whether or not you should sell your home through a short sale depends on many factors. If you can’t make your mortgage payments and your home is worth less than what you bought it for, then a short sale may be the best choice. A short sale can help you avoid foreclosure and somewhat preserve your credit.

How long does it take to close on a short sale?

Short sales are complicated transactions. They can take anywhere from a few weeks to a few months to complete. While the process is initiated by the seller, the lender must review everything about the agreement, and ultimately they are responsible for deciding whether or not the sale will go through.

What should I know about short sales as a buyer?

It’s important to understand that there are many variables when buying a short sale. While you could score a great deal on a home, you should be aware that these transactions fall through pretty regularly. Much depends on the seller and their financial situation. The lender will also weigh whether or not they’d recoup more of their money through a short sale or a foreclosure. Short sales are sold “as-is” so don’t expect a price reduction if your home inspection uncovers any major problems. While some buyers will purchase a short sale for their primary residence, most buyers of short sales are flippers or developers.

Does a seller make any money on a short sale?

When a lender agrees to a short sale, they will take a loss on the loan. For this reason, unless it is federally sanctioned through a program like HAFA, the seller will not make any money from the sale of the home.

How should I proceed with buying or selling a short sale?

If you think buying or selling a short sale is right for you, then talk to a real estate professional. While this process is typically complex, our experts can help guide you through the process. Contact us today!

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Getting pre-approved for a mortgage is one of the first steps toward homeownership. But a lot happens after that initial pre-approval, and things can derail if you aren’t careful. Staying consistent is important when you’re closing on a home. Changes to your income, debt, credit, or assets during that process can sabotage your mortgage application. Here are the things you need to avoid before closing on your home loan.

Don’t make big purchases

While you may need furniture and appliances for your new home, don’t buy them just yet. Accruing more debt will change your debt-to-income ratio. This can be a red flag for your lender, and they may deny your loan as a result.

Don’t miss payments

Your credit history is an important part of determining whether or not you qualify for a loan. Make sure to keep current on all your payments while you’re waiting to close. Missed payments are another red flag for lenders.

Don’t change accounts

Your lender will be tracking your assets and your bank accounts during the closing process. If you change bank accounts midway through the process, this can make their job much more difficult. If you must change accounts, then talk with your lender before making the switch.

Don’t apply for new credit

Another thing that could sabotage your mortgage application is applying for new credit. Your credit score can take a hit when you apply for new credit, which can change the interest rate you qualify for on your mortgage. It can also affect your eligibility, so don’t apply for a new credit card or take out a loan for a car.

Don’t close lines of credit

In addition to not opening new lines of credit, you should also not close existing lines of credit. While it may seem like you’d be less of a risk if you closed accounts you aren’t using, it actually can hurt you. Your lender will be evaluating your credit history so they can see whether or not you make your payments on time. Keeping these unused accounts open actually helps to establish your creditworthiness.

Don’t get a new job

Your lender wants to know that you’re going to be able to make your monthly payments. Any changes to your employment can set off alarm bells and sabotage your mortgage application. If your income changes during the approval process, it may result in adjustments to how much you’re approved to borrow.

Don’t deposit cash

Lenders need to be able to trace your money. When you make a large cash deposit, there is no way for them to trace where that money came from. They might assume that you took out another line of credit. Any money that is deposited during your loan approval process must have a paper trail and a clear explanation. When in doubt, talk with your lender about how money should be deposited.

Don’t co-sign a loan

Finally, even though you may want to help out a loved one, don’t co-sign any other loans during your approval process. Even though that is not your debt, you are on the hook for the payments should the primary borrower default.

Compliments of Virtual Results

Are you worried about some features of your home for sale that buyers might consider dated? Well, it’s time to rethink that point of view. In fact, in real estate today, what’s old is new again. Many buyers are flocking to homes that have vintage details you can no longer find in newer homes today. Let’s take a closer look at retro features that homebuyers actually love.

Separated floor plan

Open-concept homes have been all the rage for many years now. But the pandemic has changed how we live in our homes. Many of us now need privacy in order to work from home or attend school online. Open concept homes are great if you’re throwing parties. But when everyone is at home all day, it can be tough to find a private, quiet place to work. That’s why many of today’s homebuyers actually prefer a more retro floor plan where each room is divided into its own separate space.

Fireplaces

Another retro home feature that is coming back into favor is a fireplace. Just a few years ago, many homeowners were covering up their older brick and stone fireplaces with paint — or taking them out altogether. However, many of today’s buyers want a fireplace installation with those original details, including mantels that can be styled. The most important thing is to make sure your home is not in need of heating repair, as that is something that will come up during the home inspection and could deter those considering your home. Just make it a point to call heating services as soon as something seems off with your heating so that it runs as efficiently as possible, and to perform regular maintenance as well.

Lighting fixtures

If you browse online retailers, then you’ll see that there are countless lighting fixtures available that are new takes on old designs. But nothing really beats the original lighting fixtures in a home — especially if they’re in good working condition. Retro fixtures are often made with higher quality materials and can withstand the test of time. If you’re concerned about the safety of any lighting fixture, then talk with a professional about having them rewired to preserve the original features.

Appliances

While home chefs may pine for a commercial-quality oven at home, there are still many who appreciate the charm of a vintage appliance.

In fact, older appliances like stoves and refrigerators were made to last and many of them are still completely usable today. Get More Info at this online appliance store. You can make sure they are functioning at their best by having a professional restore and preserve all their best vintage features.

Woodwork

Vintage woodwork can add so much character to a home. If you want to do some DIY woodwork, you can read the article about The Habit of Woodworking and learn more about it. Original hardwood floors are on the wish lists of many buyers. Even if your floors have seen better days, they can be refinished instead of torn out or covered up. Another wood feature that buyers are asking for is beamed ceilings. We’ve grown accustomed to seeing homes that have no real ceiling details, unlike homes that were built in earlier decades. Wood beams are iconic, draw the eye up, and are in-demand today. Even knotty-pine paneling that was popular in the 1950s has made a comeback, especially in the midcentury homes that are hot right now.

The bottom line is — don’t assume that details of your home that you feel are “dated” are going to be undesirable when it comes time to sell. When in doubt, talk to your real estate agent about any retro features in your home and how they might be perceived by today’s buyers.

Compliments of Virtual Results

One of the joys of owning a home is being able to throw your own Super Bowl party! With the big game just a few days away, it’s time to start making your gameday strategy and getting some snacks from https://www.royalvending.com.au/ to feed the guests. This year poses a new set of challenges, though, with most of us isolating at home. But that doesn’t mean you can’t still have a fun party! Here are our best tips for throwing an amazing virtual Super Bowl party that you can share with your family and friends.

Get your tech ready

Even though many of us have been Zooming through meetings for the better part of a year, it still helps to get prepared ahead of time. If you’re planning to host your virtual party through Zoom, get yourself familiar with the platform (if you aren’t already). Send out links ahead of time and have the link handy during the game for last-minute additions. Get your space set up so that you have your Zoom device easily accessible in the same room where you’ll be watching the game. And remember the lighting! Zoom parties are more fun when it’s easy to see all the participants, so be sure there’s enough light to illuminate your face.

Create a mutual menu

While it’s always fun to watch the game, let’s be honest — the star of any Super Bowl party is the food. Gameday snacks are a must. If you want your Zoom party to feel more like a shared experience, then create a mutual menu. Share with your guests some (easy) recipes that everyone can make. Create a signature cocktail you all can enjoy during the game. While you may be physically apart, eating and drinking the same things will help you feel more together. So browse online for your favorite nacho recipe, get the martini shaker ready, and don’t forget to make a yummy dessert or two!

Decorate your background

Just because your party is virtual doesn’t mean there can’t be decorations! The best part is that you can confine them to one small space if you want. Concentrate on your Zoom background to get the biggest bang for your decorating buck. You can choose to use a virtual background with team logos or even a picture of a stadium. Or hang real decorations in the space behind you to get in the spirit. Decorations may seem like a small detail, but it will take your virtual party to the next level. Of course, you can add to the fun by dressing in your team’s colors and painting your face, too!

Play virtual games

Super Bowl parties are multi-hour events. You can keep the energy up by playing virtual games with your guests during downtimes. You can create all kinds of fun games that are easy to play via Zoom, such as NFL Trivia or Super Bowl Bingo. You can invite your friends to play at https://online-casino-canada.com/ if that’s your vibe. You can also play ?????? alone on your phone. You can even plan to give prizes to the winners, like emailed gift cards. We had so much fun playing at fastest payout online casino last time. This is a great way to keep everyone engaged, and you can choose your games based on the ages of your guests. Betting on sports at suomalaiset nettikasinot also adds a little something else to cheer for when watching games with friends, or even when watching at home.

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It’s easy to get caught up in the excitement and emotion of buying a new home. But what happens when it’s actually time to move in? While you’ve no doubt had daydreams about living in your new place, the reality of getting settled can be a little daunting. It’s like any new relationship — it might be a little awkward at first. It takes time to feel relaxed and comfortable, and you may feel overwhelmed by all the projects you want to do. That’s why we think it’s so important to take a little time when you first move in to fall in love with your new place in the right community. Here’s how.

Clean

Even if your home is brand new, chances are it could still use a little cleaning. This is, of course, especially important if you’re moving into a previously owned home. Get out the cleaning products and give each room a once-over, or, hire house cleaning services to make sure that every corner of your home is germ-free. It’s hard to feel like a home is truly yours if you’re living with someone else’s grime. Also, hiring professional Floor cleaning services will get your floors into such a beautiful state of cleanliness that you will be inspired to make the rest of your home clean to match. Having that baseline cleanliness will be easier to maintain and your clean floors will stay that way for a surprisingly long time. Furthermore, you need to ensure that the floor is durable and won’t form mold that causes damage. Check this out to learn more about the importance of waterproofing when building a home.

Unpack

Next up — it’s time to start unpacking. When you’re surrounded by moving boxes it can be challenging to feel “at home”. For that reason, unpacking should be a high priority. Start with the rooms you use most often, like the bedroom and kitchen. Dispose of the empty boxes as soon as possible. The transitional feeling you have when you move will be easier to overcome once all that cardboard is out of the way.

Decorate

It can take time to fully style your new place, but don’t let that stop you from displaying some of your favorite items. You can lean art against the wall until you figure out its permanent home. Framed photographs and travel souvenirs can adorn table tops and shelves. You may also put up window treatments from a Window Shade Showroom Demonstration to improve your home decor and personalize your space. When you begin to surround yourself with the things you love, that feeling will spread outward to your home as well.

Go green

Nothing brightens up a space quite like a plant or a vase of flowers. Don’t be afraid to splurge a little on some fresh greenery for your new space. You don’t even have to leave home — there are many great options for ordering plants and even fresh flowers online. Treat yourself to a bouquet of your favorite blooms, or get yourself that giant cactus you’ve always wanted.

Take a walk

Although we may be spending a lot of time at home right now, your home isn’t an island. It’s part of a neighborhood. Take a walk and start to get to know your new community. Find out what amenities are nearby and do a little exploring. Take the “long way home” so you can really see everything that your new location has to offer.

Celebrate

Though we would typically advise throwing yourself a housewarming party, that isn’t really feasible right now. But you can still introduce your family and friends to your new pad through the magic of the internet. Schedule a Zoom housewarming where you walk your loved ones through the house so they can see it, too. There’s nothing quite like hearing the voices of your favorite people echoing through the halls of your new home to make you fall in love.

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Moving can be stressful. But thanks to modern technology, it can be made simpler and easier. Whether you need help finding movers, getting organized, or selling your belongings before your big move, these apps can help. Seeking the services of a reliable moving company would also be of great help.

Make lists with Google Keep

Lists, lists, and more lists! Between your home buying wish list, your packing list, and the list of people to contact for your change of address, it can be a challenge to stay organized. That’s why Google Keep is so helpful. With this app, you can create notes and lists and share them with others, record voice notes, search your notes, and sync your notes with all your devices. It’s available for both iOS and Android systems, and best of all it’s free. You can start using it right away, as it can help you while you are researching potential movers to work with.

Get prepared with MoveAdvisor

Another helpful app when it comes time to move is MoveAdvisor. This comprehensive app pretty much does it all. It can help you take inventory of your possessions, create a moving timeline, and even find movers in your area. You can have the app send you reminders, estimate shipping supply needs, and even calculate your total moving costs. MoveAdvisor is available on iOS and Android. It is free to download, although any services booked through the app will need to be paid for.

Hire help with TaskRabbit

Need help with any tasks relating to your move, like picking up groceries, fixing a leaky faucet, or packing up your stuff? Then TaskRabbit is the app you need. You simply state the task you need help with and the app will match you with a freelancer that can help you with the job. All the freelancers on the site go through a background check so you can feel safe when using this service. TaskRabbit is available on iOS or Android.

Sell your stuff with LetGo

Was decluttering part of your moving plan? It makes sense to get rid of the things you don’t need before you move into a new place . But what should you do with all that stuff you don’t want anymore? You can make extra cash to help pay for your move by selling some of your stuff on LetGo. This app is one of the fastest growing online marketplaces to buy and sell goods in your local area. It’s easy to post your items directly from your phone, and buyers can message you if they’re interested. The app is free to download on iOS or Android, though you can pay to “boost” your listing.

Design your new place with HomeByMe

Finally, get a jump start on designing your new place with HomeByMe. Create floor plans in 2D and then convert them to 3D renderings. You can then furnish your new place from the catalog by adding items like furniture, rugs, and lighting fixtures uploaded by various brands. If you like, you can even purchase these items to use in your new home or hire the help of a designer. The app is free and can be downloaded to an iOS or Android device.

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Did your New Year’s resolution of getting your clutter under control never materialize? Or are you getting your home ready to sell, and you need to declutter before listing? Whatever your reasons for wanting to tidy up, it can feel like an overwhelming job. The key is to break down the chore into smaller tasks. If you’re gearing up to declutter your home, then’s here’s the cheat sheet you need to get started and to stay on task.

Create goals

First of all, you need to make a plan and set a timeline before you begin your decluttering project. This will help to keep you focused and reduce your frustration. Make of list of all the rooms or areas you want to declutter. Decide how challenging each area will be and determine how much time you want to spend in that area. Look at your calendar and plan out times that you can devote to decluttering, and reward yourself when you reach each goal.

Make a sorting system

Next, you need to create a sorting system for your clutter. The most popular method is the Four-Box Method. Take four large boxes or bins and label them “Keep”, “Donate”, “For Storage”, and “Trash”. As you work, put items in the correct box, and empty each box after you finish each area.

Figure out how you’ll decide what to keep

The hardest part of decluttering can be determining which items you want to keep and which items you will give away. There are many methods you can use to figure this out. These include:

• The KonMari Method — Hold each item. Does it spark joy? If it does, then keep it. If not, then it’s time to let it go.
• The 80/20 Rule — We generally use about 20 percent of our things 80 percent of the time. If the item is not in your 20 percent, then you can let it go.
• The Value Rule — Unless an item is particularly valuable and can be resold, don’t use the price you paid for it to determine whether or not you’ll keep it. If you’re not using it, then it has no value to you.
• The Duplicate Rule — Do you have more than one of a certain type of item? Then there is no reason to keep them all. Choose the one that works the best and donate all the others.

Get rid of the items

Once you’ve decided which items to let go of, you need to figure out what to do with them. This can be a huge roadblock for many people, so we’ve compiled a list of ideas:

• Sell the items — Whether you hold a garage or estate sale or list the items online, selling your unneeded things will help you earn a little money back.
• Donate — If you don’t want to go to the trouble of having a sale, then donate items that are in good condition. Here’s a great list of places that will accept your household donations.
• Recycle — Items made of Aluminum, copper, and other metals can often be recycled so don’t throw them in the trash, if you need some help to dispose of them, get some help from copper wire recycling Sydney.
• Hire dumpster rentals — If you’ve got a big project and many items are not in good condition, then it may be time to rent a dumpster. Hire a professional dumpster rentals service to have a place for all of your waste. If you don’t want to have a large dumpster on your property you can always have a junk removal team come in and remove any garbage you may have piled up.

Does your home need refreshing for the new year? After spending so much time at home in 2020, many of us are ready to infuse our living spaces with new energy. January is a great time to tackle home updates, and the good news is that you can easily do it on a budget. Here are the best ideas we’ve found for giving your home a new life without breaking the bank.

Add a fresh coat of paint

One of the easiest and least expensive ways to update your home is to add a fresh coat of paint. New paint gives a room new energy. And choosing a different color can make the room feel completely different. Decide on a color based on your needs. If you want to update your home office, then choose colors that make you feel energetic. Bedroom repaints should focus on colors that will make you feel relaxed and peaceful. Don’t forget to add fresh paint to doors and trim while you’re at it. You might even experiment with painting doors black instead of white.

Do a mindful edit

Another way to refresh your home doesn’t cost anything at all — completing a mindful edit. This means going through each room and eliminating clutter. You can donate items you no longer use. Switching things up can also recharge your living spaces. That club chair that normally lives in your bedroom may make a great office chair. Or perhaps the table lamps in the living room can be swapped with those in your bedroom.

Install new lights

Old lighting fixtures can make your home feel outdated. Investing in new lighting fixtures won’t break the bank and will help to energize your living spaces. Hire a residential electrical contractor from reputable companies like PASS Electric Inc. for lighting system repair and installation of new lights in the bathroom, kitchen, and hallways. If you want to upgrade your home’s electrical panel, then you may need to hire an electrician who can provide expert electrical panel upgrade in Prescott. Or take the project a step further and add recessed lights. Play with the color and quality of light in each room by swapping out traditional bulbs with smart lights that can be programmed to change with your mood. You can click here to find lighting fixtures for your home. You can also read this recommendation about best residential lighting.

Swap out old fixtures

Do you want to change-up your kitchen without investing in an expensive renovation? Then consider installing new granite countertops or even things as simple as swapping out doorknobs and handles. It will surprise you how much this can affect the overall look and feel of your kitchen. Little details can often pack a big punch.

Buy new window treatments

Are you getting tired of looking at the same blinds and curtains day-in and day-out? Then buy new window treatments. This is another small investment that can pay off big. Go bold with color and prints, or keep it low-key with classy, neutral colors. If you’re having trouble deciding on a color or pattern, then look to the colors in your room to guide you.

Indulge your green thumb

Finally, jump on the gardening bandwagon and add some new plants your indoor landscape. This is a wonderful way to jumpstart the new year, especially for those who live in a cold climate. Plants are an affordable way to add life and energy to any room, and can even help filter the air.

Unless you’re a tax expert, it can be tricky to determine exactly what deductions you should take as a homeowner. And recent changes to the tax laws can affect what deductions you may be eligible for. If you just purchased your first home in 2020, then it’s important to set aside time before you file to review your options. If you encounter issues with your taxes, you may consult with a tax lawyer to know your best course of action. Tax lawyers will advocate for your rights and help you find a solution to your tax-related problems.

Here’s what you need to know about tax deductions for homeowners in 2021.

Standard or itemized?

When you’re filing your taxes, you have the option of choosing standard or itemized deductions. But be aware that the Tax Cuts and Jobs Act of 2017 made changes to these deductions. The federal government increased the standard deduction available to taxpayers. In 2021, the standard deduction is $18,800 for a single person and $25,100 for married couples who are filing jointly. For most people, the standard deduction will be larger than what your itemized deduction would be. However, in some cases, you may want to take the itemized deductions, which are explained below.

Mortgage interest tax deductions

The mortgage interest tax deduction allows homeowners to deduct their mortgage interest from federal and state income taxes. This can be particularly valuable to those who just purchased or recently refinanced a home. The bulk of each early payment (more than 80 percent) goes toward mortgage interest. This is more than $15,000 a year for the average 30-year fixed-rate mortgage. You can also deduct interest from second homes, boats, land, and homes outside the United States. If you’re planning to purchase a boat, you could look here. Be aware that that deduction is limited to $1 million for debt secured between 1987 and 2017 and $750,000 for debt secured after December 15, 2017 ($375,000 if you file as a single).

Mortgage insurance tax deductions

If you purchased a home with a low down payment, then you’re probably paying for private mortgage insurance (PMI). The fees you pay for PMI may be deductible from your taxes. However, be aware that there are income limitations for deducting mortgage insurance. They are $54,500 for those filing separately and $109,000 for those filing jointly. Since PMI can cost up to 1.15 percent of your purchase price, this can be a significant deduction if you qualify.

Property tax deductions

Finally, homeowners may also be able to deduct property taxes. If you just purchased your home in 2020, then you are allowed to deduct the property taxes that you paid when you closed on your home. Other fees may be deducted as well, including transfer and recordation fees or real estate taxes that your lender paid. You can also deduct loan origination fees, also known as points. The IRS considers loan origination fees to be prepaid interest on a mortgage.

Consider state and local tax caps

One other thing to consider when deciding whether or not to itemize are your state and local taxes. The Tax Cuts and Jobs Act limited state and local tax deductions to $10,000. Depending on the tax rates in your state, this can significantly reduce what you can deduct. When in doubt, speak with your tax professional.

Compliments of Virtual Results

Home sellers are required by law to make certain disclosures when selling their homes. But those disclosures may not give you the full story. Eager sellers may gloss over potential problems with the home that could become big issues for the next owner. If you’re in the market for a new home, then these are the top 10 red flags you need to watch out for.

Weird smells

Your nose can alert you to big problems with a house, so be sure to take a good whiff when you’re touring the home. Smell anything funny? That could mean there’s a mold problem somewhere in the house, which could cause serious health problems. Conversely, if the home smells strongly of deodorizer or fragrances, it could be an attempt to mask a bad odor.

Old wiring

Check to make sure all wall switches and outlets work properly. If lights are flickering or any of the outlets or switches are warm, it could mean the home has old — and potentially dangerous — wiring.

One freshly-painted ceiling or wall

Does the wall or ceiling in one room look freshly painted while the others are not? This can be an attempt to cover up discoloring caused by water, mold, or mildew. You need to make sure the actual problem has been addressed and not just disguised.

Locked doors

Is there a room that is locked or off limits during your tour? That’s a big red flag. You should be able to see every area of the home that you’re considering buying. If your agent is having a problem accessing an area of the home, then make arrangements with the Best Locksmith in Albion to see it later.

Infestations

Pests can be a huge problem in a home, and an infestation can derail your sale. Look for signs that could indicate a pest problem. Visit this page to learn more about us and our bed bug extermination services. This can include small piles of dark droppings near the wall or a hollow sound when you tap on a wood surface. That could mean termites. If there are signs of a rat infestation, you may ask the seller what kind of rat control strategy has been applied and how effective it was.

Cracks in the foundation

It’s normal for foundations to get hairline cracks at some point. But anything larger than half an inch should be looked at by the foundation experts. Large cracks can mean the foundation is unstable and may be in desperate need of a foundation repair. Also, check for any recently-patched cracks that could be covering up a larger problem. Try to see also if a wall repositioning is needed.

Do-it-yourself additions

Be wary of any additions that look like they were done by the homeowner. You don’t know if they have the skills required to meet building codes. It could also mean that the addition was completed without a permit.

Standing water

Look for standing water outside the home. Puddles in the yard could mean there is a drainage problem. Standing water near the foundation can cause leaks in the basement and damage to the foundation. Drive by the home after a rainstorm for the best chance to find water issues.

Bargain price

Is the home priced below market value? That’s a huge red flag. Homes that are priced low usually have expensive problems that will need to be repaired after you move in.

Length of time on the market

Finally, check to see how long the home has been on the market. Most homes sell within two months of being listed. If the home has been on the market longer, then that could indicate there are hidden issues or expensive repairs to be made.

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