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Karen Crabtree

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Archive for February 2009

Loan Modifications

Friday, February 13th, 2009

A growing number of lenders are willing to consider loan modifications for homeowners who are having difficulty meeting their mortgage obligations on their primary residence. If you fall into this category, you should contact your lender to discuss this option.

These loan modifications are considered on a case-by-case basis. The information you will need to supply to your lender is your loan number, income information and documentation, most recent mortgage statement, bank statements and a letter demonstrating your financial hardship.

There are also a couple programs designed by the federal government to help struggling homeowners modify their loans. Here is information on these programs, as well as pertinent information on four of the major lenders.

How Should I Prepare My Home For Selling?

Tuesday, February 3rd, 2009

When you’re getting your home ready for sale, the two biggest things you can do are clean and liquidate. The idea is to make your home look as much like a model home as necessary. Remove unnecessary furniture to make the rooms feel larger. Kitchen counters should be cleared and items removed from the top and front of the refrigerator. Bathroom counters should be cleared, as well as dresser tops and other furniture. You’re going to have to pack to move anyway, so box up everything you can and get it out of the way. Wash the windows and leave the drapes open. Clean the carpets. Remove odors, particularly pet odors and cooking smells. Pay particular attention to the curb appeal and the entry. While prospective buyers are standing at the front door waiting to go in, do they see a dirty front door, dusty mailbox, and ragged doormat? They are forming their first impression while standing there. Consider planting flowers and even putting down sod if your yard is in very bad shape. If there are minor repairs you have been putting off, do them now. Leaking faucets, broken locks, torn screens, etc. all look like dollar signs to the eye of the buyer. You should be putting your best foot forward and making the buyer feel like “this is the house” when they enter the front door. If you need further inspiration, walk through a model home and then go back to your home and try to walk through it with the unbiased eye. Your real estate agent should also advise you as to what is needed to showcase your home.

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