Should You Stage Your Home for a Short Sale?

Should You Stage Your Home for a Short Sale?

You may have heard of people staging homes and feel staging is only for large home sales. You can stage any home, especially short sales in NYC. Your job as a homeowner is to help potential buyers envision themselves living in your home. You don’t need to hire an interior decorator to stage your short sale in NYC. Here are 6 tips on how to do it yourself.

Clear Away Clutter
First, clear away any clutter and personal items. Remove family photos, storage boxes, toys, and any other out of place items. Your potential buyers should be able to see their stuff in those spots.

Get Rid of Some Furniture
Clear out some furniture. Each room should have an open feel. A living room is inviting enough with a couch, loveseat, coffee table, and one end table. Place a vase in the corner and a bowl of fresh fruit on the table.

Reorganize Your Furniture
Make a room feel more open by reorganizing your furniture. Keep the furniture off the walls. If you have a beautiful bay window, reface your couch so you can look out into the yard. If its winter, center your furniture to face the fireplace, so families can vision themselves cozy by the fire.

Touch Up the Paint
If your walls could use a fresh coat of paint, do so with a nice neutral color. You can also add contrast by painting one wall a vibrant color.

Deodorize Your Home
When potential buyers come into your home, it should be clean and smell fresh. Make sure there is no dust on the ceiling fans. Buyers are sure to notice that and think what a pain it will be to clean it. Bake cookies or boil cinnamon sticks or lemon peels on the stove a few moments before a showing.

Transform Rooms
Transform bedrooms used as storage rooms so it’s considered a usable living space. If you don’t have bedroom furniture, turn it into a sitting room or study. Add a desk, bookshelf, and comfortable chair. Add a nice area rug to set the stage.

Research Short Sale Homes?

Who Should Be On My Team To Flip Short Sale Homes?

Short Sales in NYC is not bad for everyone. You can capitalize on a short sale in NYC if you have the right team behind you. They should be experts in short sale processes and able to help you get your projects completed faster. [Read more...]

4 Reasons Walking Away Before a Foreclosure Is Not a Good Option

4 Reasons Walking Away Before a Foreclosure Is Not a Good Option

What should you do if you find yourself with an underwater mortgage? That’s how many homeowners found themselves during the 2008 housing crisis. Many homeowners unfortunately did not know what to do or who to turn to for help. They lost their jobs, had high medical expenses, or denied help with their mortgage, such as a loan modification.

Some waited for a foreclosures NYC while others may have chosen to walk away from their homes before a foreclosure. Without the financial obligation, they could start over, right? No, it’s never a good option to walk away and here are four reasons why.

Your Credit Score
Your credit score will be gravely affected by foreclosures in NYC. There are options to take, such as talking to a short sale or a loan modification specialist. There are programs available offering homeowner’s assistance. Walking away will decrease your score and leave you with no justifiable answer if you are ever asked to explain.

It May Take a While to Be Eligible For Home Ownership
Many people are eligible to purchase another home in a few years after a foreclosure in NYC. But, you would be ineligible for a Fannie Mae mortgage until seven years later.

You Could Be Eligible For a Deficiency Judgment
A deficiency judgment is the difference of money earned from the sale of your foreclosed home and the amount of money owed on your foreclosed home. However, abandoning your home and the court process could add on court costs, attorney fees, and additional penalties.

You Could Have a Phantom Title on Your Hands
Some homeowners that have walked away before a foreclosure found out that the bank did not proceed with the foreclosure. The home was not auctioned and that means the owner is still responsible for the home.

They now have a phantom title, because the bank has no way to contact them. These homeowners are now responsible for taxes on the home, any repairs, graffiti cleaning, trash removal, and lawn care. Their wages and tax refunds could be garnished.

To prevent any of this from happening to yourself, just do not abandon your home. Homeowner assistance programs require a homeowner to live in their home. Talk with your lender or a professional realtor and foreclosure agency such as Premier Real Estate NYC.