29 Jan 2019
By Kevin Gahagan

Auction 101: Bidding On Your First Property

Real Estate

Auction 101 Bidding On Your First PropertyWith the right combination of strategy, knowledge, and luck, flipping houses can create big profits for short-term investors. However, your path to success starts at your first auction.

For first-timers who are intimidated by their lack of experience at public auctions, follow these steps to ease the confusion of your first property purchase.

Locate Auctions In Your Area

Finding live auctions is as simple as an internet search. Websites run by government agencies list homes that have been seized due to tax liens or foreclosures. Try searching databases maintained by:

  • Fannie Mae
  • The FDIC
  • The US Department of Housing and Urban Development

Another option is your local newspaper. Banks publish foreclosure notices in the public notice section. You can also find advertisements from auction companies and information from the sheriff’s or county tax collector’s office that helps you hunt down low-cost properties.

For busy investors who plan to use real estate as an extra income, it could be worth your while to enlist the help of a professional real estate agent. They often keep lists of homes in foreclosure in the surrounding area.

Assess Available Properties

All properties are not created equal. To find the right fit for your project, find the following information for each potential listing.

  • Current bid price
  • Previous purchase price
  • Length of time property has been unoccupied
  • Property condition
  • Number of bedrooms and bathrooms
  • Sales history of homes in the surrounding neighborhood

This information isn’t always readily available. You may be able to find more information via an MLS search, public lands records, or various real estate websites that publish property data. Of course, if you’re working with a real estate agent, they will provide all the data you need to make the right decision.

Some auction sites include pictures and map data. At other auctions, bidders may be allowed to visit the property or hold open houses before the sale occurs.

Perform A Title Search

When you’ve found a few properties that you like, take some time to do a thorough title search. This process ensures your property doesn’t come with some unfortunate surprises.

During your search, you’ll need to:

  • Obtain records from the tax assessor to verify the tax status of the property.
  • Locate the property’s deed either physically or online.
  • Investigate the property’s sales history to ensure no one else can claim ownership.
  • Check for liens, unpaid mortgage commitments, and legal judgments against the property.

Once a property has cleared these steps, you’ll be ready to start placing bids on your first investment property.

Last but not least: Don’t overlook your financing options. Be sure to meet with your trusted home mortgage professional to get your pre-approval in place. This important step will help you create an affordable budget. 

 

25 Jan 2019
By Kevin Gahagan

5 Home Renovations That Really Raise Values

Real Estate

5 Home Renovations That Really Raise ValuesThere are many home renovation projects that can increase the comfort and visual appeal of a dwelling. Owners who plan to sell their home in the future, however, prefer to focus on projects that will return a healthy profit at closing.

Here are 5 renovation projects that positively impact a home’s resale value.

Conversions

It’s easy for real estate agents to convince buyers to bid higher on properties with more bedrooms. Redesign the attic to easily add an extra bedroom without committing to a major construction project. This strategy works well for smaller homes or those in neighborhoods with multiple homes for sale. Converting a basement into a bonus room or den is another way to use extra storage spaces to increase property value.

Floors

Outdated, stained, or damaged flooring repels potential buyers. High-quality, stain-resistant carpets in neutral colors are the best options for those looking to sell. Other alternatives include hardwood floors and easy-to-clean laminates. Avoid shag carpets, bright colors, or unusual patterns so the property appeals to a wide variety of potential buyers.

Kitchens

For real estate agents, kitchens rank high on the list of value-building remodeling projects. Most home shoppers base their decision on the condition of the kitchen. Update stale or out-of-fashion paint, install new cabinet doors, refresh countertops, and replace old appliances to encourage a higher sale price. Renovators with limited funds should focus the majority of their dollars on kitchen projects.

Bathrooms

After the kitchen, bathrooms have the greatest impact on home values. As long as the plumbing is in working condition, bathroom renovations don’t require a large investment to add value to the home. Refurbish dingy sinks and bathtubs, refresh existing grout, and update fixtures for a quick boost before putting a home up for sale.

Landscape

The exterior of a home is just as important as the inside. Investing in landscaping increases curb appeal and can make a home more interesting to certain buyers. For example, adding a dog run in the backyard is an excellent perk for pet parents. In neighborhoods with older residents, a small deck or hot tub can be an eye-catching extra.

Strategic use of home renovations can improve living conditions and increase property values. Your trusted mortgage professional is ready to help you if you want to access some of the equity in your home for more costly home improvements.

24 Jan 2019
By Kevin Gahagan

Tips For Selling Your Home In The Winter

Real Estate

Tips For Selling Your Home In The WinterWinter typically isn’t one of the busier home buying seasons – those seasons are reserved for spring and summer. But to think that you can’t sell your home at market value during the winter months is being naive. In fact, you can even use some of the characteristics that define the season to your advantage.

For instance, because winter isn’t a hot selling season, there’s typically less inventory during this time of year. That said, if your home stands out in the listings, you have a better chance of getting on that coveted “short list” of buyers.

Here’s a look at some tips on how to do it:

Make Your Home Look Inviting

This is essential for selling your home at any period of the year, but it’s perhaps most important during the winter months. That’s because colder temperatures and shorter days have the tendency to make a property look a little dreary from the outside.

There are a few ways to enhance your home’s curb appeal during the winter months:

  • Exterior lights: Shorter days mean less daylight, so make sure your home is well-lit so that buyers can see all of its features in periods of low light.
  • Easy to navigate: Always ensure that your driveway and any walking paths are clear. This makes it easier for potential buyers to safely access the home and more closely observe the condition of the driveway, sidewalks, etc.
  • Decorate it appropriately: Don’t overdo it, but some seasonal decorations can add a nice touch.

Turn Up The Heat

Ideally, you want would-be buyers to walk in from the cold into a warm, cozy environment. So crank up the thermostat, make a fire in your home’s fireplaces (if applicable) and brighten any dark areas of the home. This helps create a comfortable interior environment as well as show off some of your home’s amenities.

Think Spring And Summer

As you know, your home is bound to look different during the summer months than it will during the winter. Hence, we’d encourage you to make sure that this is noted in your listings. Include exterior photos of your home during the warm weather months so would-be buyers can see the green grass, flowers in bloom and leaves on the trees.

Sometimes, envisioning how a home that is being shown in the winter will look at other times of the year can be difficult. Don’t waste the opportunity to include a few photos of your home at other times of the year.

Don’t be nervous about selling your home in the winter – just know how to showcase it to capture buyer interest. The buyers are out there in the winter, it’s just a matter of making your home stand out. Your trusted real estate agent is just the person to help you make sure your home is buyer-ready any time of the year!

And don’t forget to contact your trusted home mortgage professional for advice on financing options. You’re going to want to have a place to call home after you sell your current property!

23 Jan 2019
By Kevin Gahagan

Complete These Repairs Before You List Your Home

Real Estate

Complete These Repairs Before You List Your HomeThere are several things to do when you prepare to list your home for sale. One of the projects you’ll need to do is complete certain repairs. Your home should be in the best possible condition before your real estate agent shows it to potential buyers.

While your home doesn’t need to be perfect, here is a list of repairs you should strive to get done before you open your home to showings.

Front Steps And Deck Issues

The front entrance and back deck should be in good shape for curb appeal and safety. Replace or repair wooden steps that pose a danger or feel unstable. Hammer down any nails on the deck that have popped up over the years. Reinforce loose railings and hand rails. Refinish decking that has dried, cracked or peeling paint.

Sticking Or Noisy Hinges And Sliders

Buyers will likely be opening doors, drawers, windows and cupboards. Don’t let them be disappointed. Go through your home and identify doors, windows and drawers that don’t open and close smoothly. Lubricate hinges, drawer sliders or window sashes as necessary. Tighten loose screws on door hinges to ensure the door swings easily.

Cracked Or Broken Window Panes

Windows in disrepair often signal that the home hasn’t been well-maintained. Replace or repair cracked or broken windows or window glass that’s clouded over from loss of insulation.

Stained Carpets

Buyers’ eyes may instantly be drawn to visible stains on your carpet. Have carpets professionally cleaned with added stain removal services. Camouflage any stains that won’t come out with an area rug or a piece of furniture. Alternatively, consider replacing carpets that are in extremely poor condition.

Broken Tiles And Peeling Flooring

Flooring in poor condition often ruins the look of the room and is a safety hazard. Replace chipped or cracked floor tiles. Repair any corners where the flooring has begun to peel up.

Electrical Issues

Go through your home and make sure all the sockets, outlets and wall switches are in proper working order. Have a certified electrical technician do the work; otherwise the work may not be approved on home inspection report.

First impressions are extremely important when it comes to selling your home. Don’t assume that buyers will be able to look past needed repairs. Instead, take care of these issues before your agent shows your home.

Your trusted real estate agent is available to help you prioritize the home repairs that really matter to buyers. Your trusted home mortgage professional is ready to assist you with your financing for your next home. Be sure to get pre-approved before you start your new home search.

 

18 Jan 2019
By Kevin Gahagan

4 Signs You’re Going To Need A Bigger House

Real Estate

4 Signs You're Going To Need A Bigger HouseThere comes a time in every young homeowner’s life when they need a bigger house. When you buy a starter home, it’s unlikely that will be your forever home. But how do you know when it’s time to spend the time and effort to upgrade to a larger home?

Here are four signs you’re gonna need a bigger house!

1. You Have To Move Stuff To Get To Other Stuff

In a house where there is enough room for everything, you can move freely and access all your things without having to rearrange furniture. If you find yourself constantly pushing other things aside in order to get to what you want, there isn’t enough space in your home.

2. You’re Always Misplacing Things

The key to organization is having a spot for everything. But if you’re short on space, everything can’t have its own spot. That’s when things get lost or misplaced. If you repeatedly misplace your belongings, you probably need a bigger house.

3. You’ve Got A Growing Family

Do you have a little one on the way? As your family grows, your need for space will increase. It’s hard to imagine that a small baby will take up much space, and they don’t. It’s the baby accessories that take up the space; the high chair, the playpen, the walkers, the crib, the toy chest and more. It’s all fantastically fun, but you are going to need a bigger house.

4. You Just Feel Cramped

You and the other members of your family should each feel like you have space to be alone, spend time on hobbies, and have private conversations. If you just feel cramped all the time or you feel like you don’t have any privacy, it could be because your house is too small.

When you finally realize that the problems aren’t with you, but with the size of your house, it’s very liberating. Now you have the answer to the issues. All you have to do is go out there and find a bigger house to move into.

Whether you are looking to purchase a larger home or refinance your current property, be sure to contact your trusted home mortgage professional to discuss financing options.