Top 5 Foreclosure Tips

My Top 5 Foreclosure Tips

5 top tips for buying foreclosures, foreclosure power search, foreclosure search, foreclosure, foreclosures, biloxi foreclosures, gulfport foreclosures, long beach foreclosures, ocean springs foreclosures, gautier foreclosures, st martin foreclosures, woolmarket foreclosures, north biloxi foreclosures, diberville foreclosures, pass christian foreclosures, bay st louis foreclosures, waveland foreclosures, diamondhead foreclosures, harrison county foreclosures, hancock county foreclosures, jackson county foreclosures, foreclosures for sale, foreclosure homesWe’ll give you 5 Top Tips in buying it right!  Foreclosures can be a tricky purchase due to several issues that can arise in the home buying process.  With the last few years giving us more foreclosures on the market than usual, everyone is looking for a great deal.  You can get a deal and sometimes a steal, if you play your cards right.

The big lure of foreclosures is the price… but it comes at a cost.  All bank owned properties are sold “AS IS” with no seller’s disclosure of the property and most of the time sold granting the buyer a Special Warranty Deed, not a General Warranty Deed.

 

1.) Get Pre-Approved for a Mortgage

foreclosure home mortgage approvalGetting pre-approved for a mortgage is a huge advantage over other foreclosure buyers you may be competing against.  Having a pre-approval letter to submit with your offer significantly increases your odds with the bank’s opinion of you.  It says you can actually go through with what you are claiming in your offer.  Banks mostly require a pre-approval letter to be submitted and if you already have this done, you can make the offer on the spot… not having to wait to get pre-approved.

2.) Get a Home Inspection

get a home inspection when buying a foreclosure in biloxi, gulfport, ocean springs, gautier, pascagoula, long beach, pass christianWhen buying a foreclosure, getting a home inspection is a must and can be worth its weight in gold!  A good home inspector can give you insight into a home that even the seller wouldn’t be aware of most times.  Over time, a home can fall into disrepair in areas that can’t be seen.  Home inspectors have a huge checklist to go through from checking the attic vents for leaks to checking the plumbing connections under the kitchen sink.  They can give you a very detailed report with pictures of concerned issues which is very helpful in making an offer. Another big reason you want a home inspector is to check for Chinese drywall.  This is still a big issue today since a lot of homes had drywall repairs after Hurricane Katrina.  Chinese drywall can be very harmful to people and pets… and the house suffers as well.

3.) Check With the Home Owner’s Association (HOA)

home owners association, hoa, hoa dues, foreclosures in biloxi gulfport ocean springs mississippiMore times than most, buyers do not check with the Home Owner’s Association before putting in an offer.  Not only do you want to see if the past property owners paid their HOA dues which may be due, you want to ask people in the HOA about the neighborhood and the property if they know of any past issues. When dealing with a bank foreclosure, the bank doesn’t have any knowledge of the property’s history and they are exempt from filling out a “Property Condition Disclosure Statement”.  Another thing you want to get from the HOA (if there is one), is to get a copy of the restrictive covenants. This way, you won’t be surprised after you move in that you can’t erect a fence or have pets.

4.) Read the Fine Print

Read the fine print when buying a foreclosure home in biloxi gulfport ocean springs long beach pass christian pascagoula mississippiBefore putting in an offer on a bank owned foreclosure, you will have to sign off on the bank’s disclosure package.  Sometimes it can be 50-60 pages of fine print… some pertaining to you on this specific property, some not.  The reason there are so many pages is because of so many different types of properties and issues the banks have had when foreclosing on properties across the United States.  Here on the Mississippi Gulf Coast, we don’t have to worry much about snow or basements, but some of the disclosures you may have to sign could pertain to these.  When I say “have to sign”, I mean it.  All banks will not accept an offer on any of their foreclosures without having the paperwork on their side.  This is what you are giving up for price… some liability.  I say “some liability” because if you do what we are saying here, your liability will be reduced.

5.) Find Out Why It Was Foreclosed

Find out why a home was foreclosed on or not selling before you buy a foreclosure in biloxi, gulfport, ocean springs, pascagoula, gautier, pass christian, long beach, diamondhead, mississippi gulf coastIf the house was foreclosed… why?  Was it the layout?  Was it not priced correctly?  Was it listed previously?  If it was listed, compare the old and current listings to see if you can see any discrepancies. We have an article on this site under the “Selling” tab at the top of this page named “Looking to Sell?  Here’s the Top 5 Reasons Why It May Not”.  Read this article to see why this house didn’t sell.  It could have been the location, functionality or condition.  Whatever it was… you want to try to figure it out before you make an offer, not after you move in.  If you need to sell the home later, you want to be able to without surprises. The more you do now, the better off you will be!

DON’T BE A VICTIM: TRIM THOSE SHRUBS

overgrown shrubs

DON’T BE A VICTIM: TRIM THOSE SHRUBS

Crime prevention studies show that burglarized homes have less visual access (overgrown shrubs) than their neighbors who were not burglarized.

Burglars seek to victimize homes with easy access in and out, and most importantly, they don’t want to be seen.overgrown shrubs

A common thread in burglaries are homes with overgrown trees and shrubbery.

When walkways and windows are covered in green they may look great to you, but they look like “opportunity” to the would-be burglar.

When looking at your home from the street, can you see all access points clearly and easily? If not, make sure you trim the green and keep you and your family safe.shrubs

PHRASES TO AVOID WHEN YOU’RE BUYING A HOME!

three things not to say

AVOID THESE PHRASES WHEN YOU’RE BUYING A HOME!

Sometimes you need to keep a poker face when you’re buying a home. It’s not in your best interest to be totally candid with the seller and listing agent when you’re considering a home. Here a few things that are better left unsaid until you are along with your buyer’s agent OUTSIDE of the home and property.  Even if the Seller or the listing agent is not there, it’s always best to not say anything about the home until you are away.  Many of the security systems nowadays have audio AND video capabilities and the home owners COULD be watching and listening  while you tour their house.

“This is at the top end of our budget”: Don’t let the listing agent know that a home is at the top of your budget. You want to keep all the bargaining chips you can, and letting the seller know your budget can hurt you when it comes time to negotiate.

“I hate the paint”: Or furniture. Or cabinets. Or any of the decor. No matter how hideous the wallpaper in the kitchen is, take care not to insult the seller’s taste. If they’re considering multiple offers, you don’t want to be the buyer that offended the seller!

“We can’t wait to renovate”: Customization is one of the big perks of homeownership, but it’s best to keep your renovation plans quiet for the moment. The seller may have a lot of memories in the home, and may not appreciate your plans to immediately tear down some walls.

FIVE THINGS THAT MAKE US HAPPY WITH OUR HOMES

happyhome

 5 THINGS THAT MAKE US HAPPY WITH OUR HOMES

According to a recent survey conducted by houzz.com, here are five things that consistently make people happy with their homes.

  1. Big windows and comfortable furniture: Nearly 75 percent of respondents listed these two items as major difference-makers. It’s a no-brainer—people like lots of light and a good place to relax.
  2. A big-screen TV: This is more likely to be a key feature for men than women. 40 percent of men said having a big-screen TV makes them happy with their homes, compared to just 17 percent of women.
  3. Overall design and layout: 87 percent of the 6,000 people surveyed said the design of the home is a major contributor to overall happiness. If you’re unhappy with your home and there’s a project you’ve been wanting to tackle, get to it!
  4. Home cookin’: 39 percent of respondents said the scent of good cooking or baking made them happiest. Clearly, it helps to have a capable chef around the house!
  5. Keep it tidy: 72 percent of homeowners said they’re happiest when their houses are clean and well-organized. If you want to be happier with your home, try having a place for everything, and put everything in its place.

WHICH FEATURES ARE MILLENNIALS LOOKING FOR IN A HOME?

millenials

WHICH FEATURES ARE MILLENNIALS LOOKING FOR IN A HOME?

Millennials are the second-largest segment of home buyers, ranking behind only baby boomers, according to the National Association of Realtors.  Here are five features that tend to entice millennials who are looking to buy.

An up-to-date kitchen and bath
Younger buyers often have limited funds for renovations, so it’s important that they have functional and inviting bathroom and kitchen spaces from the very start.

An open floor plan
Having a formal dining room isn’t of particular importance to millennials, in fact, many prefer open spaces with no separation between kitchen, living room, and dining room. An open concept makes it easier to entertain everyone at once.

An office
More and more jobs are offering work-from-home options, and there are also plenty of freelancers and telecommuters among millennials. A dedicated space for getting some work done can be a key attraction.

Friendly location
With gas prices rising, many millennials prefer walking, biking, or public transit for their commutes. A great location is key.

Energy savings
Millennials are often more conscious of energy conservation and efficiency. Energy-efficient appliances, energy-efficient windows, and quality insulation can make a huge difference.

QUICK TIP FOR BUYERS TO COMBAT MULTIPLE OFFERS

multiple offers

A NEW OPTION FOR HELPING BUYERS COMBAT MULTIPLE OFFERS

There’s intense competition for homes in areas where home inventory is low, and cash buyers often get the nod in situations where there are multiple offers.

But there’s a new option for non-cash buyers that could help them compete in these situations, according to an article in the New York Times.

Some mortgage lenders are beginning to offer “pre-underwriting.” Rather than a simple pre-approval for a loan, which is usually based on the borrower’s credit report, pre-underwriting is a complete review of all documents that would be required for loan approval. This “pre-underwriting” strategy puts borrowers on more equal footing with cash offers.

Pre-underwriting is much more involved and time-consuming than a typical pre-approval, so not all buyers are eligible, but that could change in the future.

No two markets are the same, so if you have questions about your market and your financing options, get started by contacting your trusted real estate professional.

THE DIRTIEST ITEMS IN THE HOME AND HOW TO CLEAN THEM

dirty jobs

5 of the Dirtiest items in your home

Of course, one of the dirtiest items in anyone’s home is the toilet. But, that’s not the only place where dirt and germs accumulate. Here are five other dirty items and suggestions for cleaning them.

  1. Bath Towels – When you and your family dry off from your shower, your bath towel absorbs the water from your body. Then it sits all day breeding bacteria that thrive in warm, moist areas. Combat this issue by changing your bath towels out every two days and washing your dirty towels in hot water to kill anything living on them.
  2. Shower Curtain – Shower curtains easily pick up bacteria the same way bath towels do. They also attract germs from the toilet if they are near each other. Clean your shower curtain by spraying it down with a bleach-based product. Spray the rings and rod, too. Also, when the shower curtain is beyond cleaning, replace it.
  3. Doorknobs – Entryway and bathroom doorknobs are exposed to myriad germs daily. Thankfully, doorknobs are easy to clean. Wipe them down with antibacterial wipes regularly.
  4. Window/Door Tracks – Window and door tracks are harbingers of dust and dirt. The grime that builds up can make you and your family ill. You can easily clean these areas by vacuuming out large pieces of debris and then spraying the stuck-on dirt with water, letting it loosen up and wiping it with a damp cloth.
  5. Toothbrush Holders – Your toothbrush holder is likely teeming with germs and bacteria. Wash it with hot soapy water twice a week. If you can, run it through the dishwasher to ensure it gets clean and sterilized.

DRIVE TIME

drive time

HOW YOUR DAILY DRIVE TIME CAN FACTOR INTO YOUR MORTGAGE

It’s easy to overlook some of the things that can affect your budget and purchasing power when you’re considering a home, and one of the biggest factors that buyers overlook is the cost of their daily commute.

We’ve all heard that real estate is all about “location, location, location,” and properties in more desirable locations typically come with a higher price tag than similar properties that aren’t in a hot neighborhood.

Yet the overall cost of living for choosing one location over another might be negligible when you factor in the commuting costs that are required—gas, vehicle maintenance, insurance—if you purchase a home that is significantly further from your workplace. If your mortgage is $200 less per month, but you’re spending an extra $200 in commuting costs, are you really saving money?

Commuting costs aren’t just about the disposable income left in your bank account, either. It can even affect how much money you can borrow. If you’re a long-distance commuter, a loan officer may factor your travel costs into your debt-to-income ratio.

Aside from how commuting affects your purchasing power or disposable income, there’s also the question of how it affects your quality of life—no one wants to spend hours a week just getting to and from work.

The real estate market varies greatly from location to location, so the best way to get a complete picture of your purchasing power—and all the factors that go into your home budget—is to speak to your trusted real estate professional.

Better Paint Job

painttips

How to get a better paint job

Painting is one of the most inexpensive ways to give your home a makeover. Whether it’s updating an old bathroom paint scheme or adding a bold accent wall, painting can totally transform a room. But painting can be a big hassle and come with tons of prep work and clean up. Here are a few top tips to getting a better paint job, make your painting experience more enjoyable, and lead to a more professional finish.

Prep beyond tape and drop cloths

A drop cloth will protect your floors, but a thick and durable drop cloth is also a little clumsy to maneuver. For smaller, awkward items that are in danger of paint splatter, use plastic wrap. It’ll make it much less frustrating to protect a toilet or bathroom sink.

Be ready for spills and splatters

At the very least, a few drops of paint are going to end up where you don’t want them. Have a rag and some Q-Tips ready for the inevitable paint splatter, so that you can quickly wipe them off before they dry and set on your frames, countertops, or hardwood floor.

Use heat to remove tape 

Patience is key when removing painter’s tape, but it can still tear and leave splotchy edges no matter how careful you are. Hold a heat gun or hair dryer a few inches away from the tape as your remove it little by little. The heat will break down the adhesive and make removing the tape a much less frustrating task.

Rent vs Buy?

rent or buy

RENTS CONTINUE TO RISE

Have you been thinking of buying your own home?  Have you checked the rent vs buy costs?  Rental rates throughout the country are continuing to rise. With the average rent having an 0.8 percent increase and a 3.4 percent year-over-year increase.

If you are spending a $1,000.00 a month rent of a home, you may be able to purchase a home of your own and stop paying someone else’s mortgage.  Sometimes for even less than what you are paying for a rental.

With the way rent continues to rise, it’s a great time to consider purchasing a home. Whether you’re a first-time buyer or looking to get back into home ownership, you can save a lot of money in the long run compared to continued renting.

If you’re thinking about buying, talk to your trusted real estate professional and see if it’s the right time for you to make a move and what you’ll need to do to make it happen.