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Mistakes To Avoid When Buying A Foreclosure

by Karen Picarello


Some beautiful homes end up in foreclosure, and you shouldn’t limit your search because you are afraid of properties which have been foreclosed on. Additionally, while foreclosed properties are neither guaranteed to be a good deal, or the only way to get a good deal, there are some ways you can benefit financially from finding a great house which is in foreclosure.

When looking at a house which has recently been foreclosed on, or is facing foreclosure, make sure you understand who will be selling the house. Understanding who currently owns the mortgage on the home, and how they will be selling it. An experienced agent on your side can help you to navigate some of the ways different sellers will go through the selling process.

The inspection is an incredibly important part of the process when buying a home which has been foreclosed on. An owner who was not in good financial shape might not have invested the necessary funds into the home to upkeep it properly. Check thoroughly for things like water damage, electrical systems, and anything else your inspector recommends. Be somewhat suspicious of recent paint jobs, particularly when they are only in a few places. If only a few parts of the house have a fresh coat of paint, there might be water damage or a leak hiding behind it. Failure to really understand the condition of the house could leave you in an incredibly bad position.

Another incredibly important part of the process is understanding the current condition of the house. Is there a resident who has not left? If you purchase a foreclosed home where the previous owner is still living, you will have to go through a formal eviction process for them. An attorney should probably be hired in order to ensure that this process is done correctly. Improperly handing eviction could leave you in hot water legally. Additionally, if the tenant gets angry at you, they could damage the property. There have been cases where tenants have done tens or hundreds of thousands of dollars in damage to a property in spite when they are evicted. While you will likely be able to get a judgment ordering them to pay, you are not likely to ever see much of it due to the fact that someone who was recently evicted is unlikely to have significant financial reserves.

Why RE/MAX?

by Karen Picarello

Trust Our Reputation, Count On Our Character!

The numbers prove it: RE/MAX agents continue to have leading productivity. 

RE/MAX associates once again outperformed agents with other real estate brands in the 2018 REAL Trends 500 survey. For the eighth consecutive year, RE/MAX agents in the survey on average outsold competing agents – averaging more than twice as many closed sales than agents at other participating brokerages.

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Negotiating Closing as the Buyer

by Karen Picarello

If you are purchasing a house, closing should be a time for you to begin to breathe a sigh of relief. Once you close, you can finally begin checking off the things which need to be done for good. This should be your first step towards normalcy and making sure it goes smoothly is very important. Not only could delays elevate your stress, but they could have significant financial repercussions as well. Here are a few things to keep in mind to make sure that you close your purchase successfully.

  1. Money. By law, you should be informed a day or more in advance the exact amount which will be needed to close the sale. You should arrive with the money ready and talk with the closing agent about how you will be paying. All talking with your lender should be accomplished well before closing, and you should be certain that you are absolutely prepared here. One of the most common reasons for closing complications is that the buyer does not have their finances in order.
  2. Verify the Condition of the Property. You should have a good idea of what has been happening on your new property as you approach closing. Ideally, the seller will be completely moved out, and will have honored any contracts they made with you prior to the purchase. You may need to carry out a final inspection before closing to see that everything is in order. Similarly, consulting an attorney and a realtor to make sure that you have covered your bases properly can help give you the peace of mind that there will not be any unpleasant surprises upon your attempt to move in to the property.
  3. Homework. Before you arrive, you should have a good idea of what papers will be signed, and what they mean. This is where an attorney can be very useful, as sometimes you may struggle to wade through the legalese. If you know what to expect going in, they you can be assured that you do not sign anything that you will come to regret. Additionally, make sure you know where you will need to be, who will be there, and have a complete list of all the other things (such as ID) that you will need to bring. Discussing this with the closing agent well ahead of time will be your best bet of making sure that you are 100 percent prepared to close smoothly.

How to Ensure Your Closing Goes Smoothly as a Seller

by Karen Picarello

 

Closing can be an exciting yet stressful time. You have spent months, or maybe longer talking to professionals, conducting repairs, figuring out your next living arrangements, and moving your belongings. Now, you have a customer, have agreed on a price and sale date, and all you need to do is finalize the paperwork and transfer ownership of the house to the buyer. If all goes as planned, you can use the money from the sale to pay off your next financial obligations or any outstanding mortgages on the all of your personal belongings were not removed from the property. If they discover this on closing or afterwards, the closing could be delayed, or you could end up dealing with a lawsuit. Honesty between buyer and seller with documentation is the best way to protect yourself and make sure things go smoothly.  

  1. 2. Second, make sure all of the entities involved in the sale, such as your realtor and lender. Ensuring that all paperwork is prepared correctly will prevent any last-minute issues on your side from delaying the process. Delays can be costly as well, particularly if you are looking to quickly turn around and use the cash from the home sale to finance the purchase of another property.  

  1. 3. Finally, ensure that you have a place to stay and that your plans of "what to do next" are finalized. Sometimes, the reason closing is delayed is that a seller has sudden last-minute worries. Make sure these are taken care of well in advance, as this can sometimes make a deal fall through. If you want to have things happen as smoothly as possible, you should be out of the house completely well before closing has finished.  

Selling A House in A Busy Area?

by Karen Picarello

One factor which may play an important role in the sale process of your home is its location with respect to heavy traffic. If you are near a busy road, or have some other local factor which might negatively affect the property value, your marketing can play an important role in your likelihood of having a good sale.

One of the major factors which can deter potential buyers is the noise they hear while inside the home. A loud road nearby is a great example of something which can be very loud, and there is very little that you can do to move the road. This will also be the case if you are near another transportation hub, such as an airport or a train track.

There are a few things which you can do to help mitigate noise. Solid insulation and windows can be installed which help to keep things quiet indoors. Exterior foliage and interior drapery can also be useful in managing noise. These can and should absolutely be investigated for use. If you are able to show that the noise is hardly audible at all while inside, you can help to assure potential buyers that they will not be disturbed. However, it is unlikely that you will be able to remove all negative noises or concerns.

The key to selling a property near one of these areas is to focus on the positive aspects of the area. If you are close to a transportation hub, it can seriously cut down on travel time. Furthermore, this land could have extra value due to its proximity to important functions. Should local business want to expand, your land could be valuable to them, and this can help you to negotiate a higher price.

Additionally, your busy location could help to advertise the property. If you are putting up a sign, putting it in an area where many people will see it can only help. While not everyone will be interested in the downsides of your property, this large pool of potential buyers should be able to supply some of those for whom the positives outweigh the negatives. Target your advertising to those who are likely to prioritize the proximity to important locations, and who may not be worried about the potential downsides, such as the noise or the proximity of fast moving traffic to their children.

Embracing Online Tools

by Karen Picarello

 

Everyone is using the internet nowadays, and with the prevalence of smartphones, we are quickly becoming more connected than ever. This revolution in communication and entertainment has drastically changed the way that consumers shop. Not only are people buying things like cameras, clothing, and books online, but they also make decisions about major purchases while having consulted only digital sources.  

If you are trying to sell your home successfully, using the internet is going to be a necessity. Modern home buyers do a huge percentage of their research and decision making online. And while they will always wait till they inspect the house in person to make their final decision, sometimes you all of the sites to which it is relevant.  

Failure to understand and properly utilize the internet will only stymie your efforts to sell your house quickly and for a good price. Modern home-buyers typically want to get information quickly, easily, and professionally. Because so much shopping and research is done nowadays from behind a computer or tablet screen, those who are the fastest to adapt will be the ones who reap the benefits. Make certain that if you hire an agent, you find one who truly understands the importance of creating and maintaining an impressive web presence for your property.  

Displaying blog entries 1-6 of 6

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TeamPicarello
RE/MAX Fine Properties North Scottsdale
21000 N. Pima Road, Suite 100
Scottsdale AZ 85255
Office: (480)860-8733
888-548-8713
Fax: (480)860-8755