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Short Sale VS Foreclosure

Posted by Dana Bumford | on Thursday, March 3rd, 2011 at 5:03 am
Category: Foreclosures.
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Many Homebuyers and Investors are asking this question. Should they buy a short sale or foreclosure? This is a very valid question as we hear both positive and negative instances to both scenarios. There are also a lot of great deals available in both categories.

A short sale can be a great buy for the person who wants to hold out for a lower than market value price. A short sale is also better fitted for someone with time on their hands. If you are 7 months pregnant and want to be moved into your new home before the baby is born, a short sale is probably not the best option for you.

Buying a foreclosure can be a more direct approach. You no longer have to deal with a seller and lender through the transaction. You only have to deal with the Lender or who ever holds the lien on the property. Most Foreclosures are listed through Realtors. I would recommend working with a Realtor that can supply you with a list of REO’s (foreclosures) and you can start your search here.

When you are ready to make an offer you only have to have the bank accept your offer. In a short sale the bank has to still release the seller and in a foreclosure this has already been done. This allows the purchase of a foreclosure move a lot quicker than a short sale.

Either way you decide to go remember you are after the best house for the money. Don’t be afraid to make lower offers, not insultingly low offers but a little below market value can be accepted.

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5 Must Do’s Before an Open House

Posted by Dana Bumford | on Wednesday, March 2nd, 2011 at 7:02 pm
Category: Open House.
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The main advantage to having an open house is that you can show your home to multiple possible buyers at one time. To maximize your home’s selling potential follow these 5 steps.

Step 1. Assuming your home is in good repair, the next thing that needs to be done is to de-clutter and de-personalize the home. Clutter can cost a sale. It is recommended that half of your belongings be placed into storage. The home’s personal pictures, bold decorating items and posters should all be taken off the walls and stored.

Step 2. A spotlessly clean home is essential. If needed, hire a cleaning service to do the job. Any dust and dirt will discourage buyers.

Step 3. All outside areas need to be be neat. The yard should be mowed, the landscaping perfect, and all toys and yard equipment should be stowed away out of sight.

Step 4. Pets could be a distraction at your open house. Arrange to have your pets stay at a neighbors home. If that is not possible confine or crate your pet in one area of the home, such as the basement.

Step 5. Make the home look and smell inviting. In the main living areas, add fresh flowers to add color to the rooms. Bathrooms should be spruced up with a new shower curtains, fluffy towels and fancy guest soaps. Put away your toothbrushes and other personal bathroom items. The home can be made to smell good by baking cookies or lighting scented candles.

Overall, the home should make potential buyers feel welcome and the they should be able to envision themselves living in your home.

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