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Tag Archives: real estate

Terra Sol by Pulte near Lilburn

Monday, 07 February 2011 08:56
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Pulte Homes logo

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A few years ago this property was started.  One home was built, along with the future clubhouse.  The tennis courts were installed and the swimming pool was roughed in.  Some of the streets had been laid, and many of the homesites had been prepped.

And that is how the property had sat for the last several years.  It just wasn’t worth building out during the worst of the real estate meltdown.

Apparently that has changed now…  Pulte has begun construction on the project again.  The actually tore down the house that had been built onsite, cleaned up the entrance and begun building in more infrastructure.

It’s really nice to see activity on this project again.

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Cheap Tip #2… Tip-Top Shape in 5 Steps

Saturday, 05 February 2011 08:31
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DSCN2948

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You are NOT a bank.  Your home isn’t a foreclosure. Hopefully it isn’t on its way to a foreclosure.  You need to maximize the price your home fetches on the market, and minimize the time it is on the market.  The problem is those foreclosures that your house has to compete against.  Foreclosures often have price going for them. That is a VERY powerful tool.  It can overcome a lot of issues.  But, you have to find a way to overcome the prices that banks are asking for their properties.

You are not a bank… so you probably don’t have a pile of money to toss at your home to get it sold.  Even if you did, it likely wouldn’t really pay back for you.  On average, renovations pay back half or less of their cost. Throwing a few thousand dollars at your house, while trying to sell it, usually isn’t a great move.  But that doesn’t mean that you just pack it in and give up…  It means that you have to be smarter than the banks.

  • Paint.  There is NO better, cheaper way to REALLY affect the look of your house than with a coat of paint.  Especially on the interior.  The foreclosure up the street likely won’t have fresh paint and clean walls.  Use neutral colors that fit with the personality of the home.  If in doubt, talk with a Stager about specific colors.
  • DSCN2941

    Image by lane.bailey via Flickr

    Shampoo Carpets.  Unless they are in really bad shape, it should be worth it to get them cleaned.  A professional cleaning would be the way to go, but even renting a cleaner at the store and doing it yourself would be better than skipping this step.  Remember, the foreclosure up the street is likely to have stained or worn carpets.

  • Clean EVERYTHING.  And clean it well.  And keep it clean.  If you read Cheap Tips #1, you should already be in the process of getting rid of stuff and getting rid of clutter and extra stuff.  That means it is a great time to clean everything that is left.  Again, it isn’t likely that the foreclosure up the street will be terribly clean.  My wife has been known to hit the sanitizer pretty hard after a cheap foreclosure.
  • While you have the paintbrush in hand, you might consider painting cabinets.  If they are a nice wood, especially a lighter wood, I would probably advise against it.  But, if they are painted, dull or dated, it might be a great way to freshen up the whole kitchen or bathroom for less than the cost of a nice dinner.
  • Drawer Pulls, Knobs and Hardware. For under a couple hundred dollars it can be the crowning touch on a kitchen or bath… especially the kitchen.  Oil-rubbed bronze, satin nickel and pewter are the finishes that are currently popular with buyers.  Don’t go wild, but don’t cheese out, either.  And keep in mind that the foreclosure around the corner is probably missing some of the pulls and knobs, especially if they were nice.
    • DSCN2934

    Image by lane.bailey via Flick

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Gwinnett Homestretch Program

Thursday, 03 February 2011 08:05
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Ken Cook and I are working with Gwinnett Homstretch Down Payment Assistance.  As a buyer, you need to have $1000 going into the purchase, but Gwinnett Homestretch may contribute up to $7,500, if you qualify.  There are a few things to keep in mind:

  • It is paid as a 0% loan, which will be forgiven after 5 years of using the property as your principal residence.  In effect, that makes it a grant… there are no payments due during the 5 years.
  • You will be required to complete an 8-hour counseling class from a HUD approved Housing Counseling Agency.
  • Total household income must not exceed HUD lmits, based on household size.  Households range from 1-8 people.
    • 2 people – HUD max is $46,000
    • 4 people – HUD max is $57,450
    • There are different income maximums for other household sizes.
  • Investors are NOT eligible for this program.
  • The home MUST pass an inspection by Gwinnett County PRIOR to closing.
  • Purchase Price may NOT exceed $200,000.

There are other requirements, such as being able to qualify for a mortgage.  Contact Ken and I for details.

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We’d love to help you buy a home. There are great deals on the market right now, and interest rates are exceptional.

For more info, click here.  There are other Down Payment Assistance programs available around the Metro Atlanta area.

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Wayback Wednesday… Let’s Freak Out Some Counties!

Wednesday, 02 February 2011 08:31
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John-beck-tax-foreclosures

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Two years ago I wrote a post about a bill in front of the GA legislature that would require cities and counties to use the values of foreclosures when calculating tax assessments.

It passed… and it was signed… and it became law.

Honestly, I was hoping that there might be some noise from some counties by now, but there really hasn’t been.  Sure, they are complaining about having enough revenue, but they complain about not having enough revenue when they are flush with cash and funding truly stupid projects.  Of course, the other part of it might be that many metro counties re-assessed a LOT of property just before the new law went into effect.

I still think that there will be some background whining from some local governments…  We’ll see.

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Cheap Tips #1… Getting Ready to Sell.

Tuesday, 01 February 2011 08:18
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Yard Sale Northern California May 2005. This i...
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For many sellers, there isn’t a bottomless pit of money to get the house ready to go on the market.  Simply put, between pressure to get to market, the need to pay sales fees, buyers needing concessions like closing costs and even the cost of moving expenses, there isn’t enough money to go in and make major renovations to the house before selling…

In fact, it is seldom worthwhile to make major changes to the home prior to going on the market.

But there are some inexpensive and relatively simple things that can increase the sales price of your home and decrease its time on the market.

Tip #1…  FREE!

master_bedroom_3
Image by lane.bailey via Flickr

Perhaps the VERY first thing a seller should do as they prepare to bring their home to market is get rid of stuff.  Not only can this be free, but it can actually bring IN cash.  Here are a few ideas:

  • Go through your stuff…  Look at the kids toys and clothes, see what really needs to make a move and what doesn’t.
    • Are the kids still playing with that toy?
    • Can they still fit in those clothes?
    • Are you still wearing all of the clothes in your closet?
    • Do you really want all of the furniture that is in your house?
  • Now that you have a big pile of stuff, figure out what needs to be in the house while it is on the market (major furniture like dining room tables, beds, sofas, etc. may need to stay.  Minor things, like extra dressers, tables or chairs may not need to be there).
  • Talk with a Stager…
    • I recommend doing this, but it isn’t my money.  The Stager might be able to help you figure out which items should stay and which should go… they also may suggest alternate arrangement for the remaining items.
    • A Stager is NOT the same as an Interior Designers.  The goals are different.  A Designer wants to make a space you like.  A Stager is trying to create a more appealing environment for Buyers.
  • great_room_3
    Image by lane.bailey via Flickr

    Get rid of stuff that needs to be gotten rid of…

    • Garage Sale (maybe it will cover the cost of staging… and even a nice dinner to relieve some stress from doing all of this work.
    • Donate some things to charity.  Often, when we have a garage sale, everything that is left ends up with a local charity.  If we don’t feel like having a garage sale, everything goes to a charity.  Our toys and clothes that have been outgrown usually find their way to charities like Family Shelters.
    • Give stuff away to family and friends that may be able to use the items.
    • Finally, throw away things that are at the end of their useful life. Don’t donate junk just to try to get a tax write-off.

We aren’t done yet…  We have removed things that we can’t use anymore, or that are worn out.  That doesn’t mean that the house is ready to show…  That just means that we are a big step closer.

Remember when I said that you should talk with a Stager? The Stager will likely have told you to “declutter” and “depersonalize”.  That means that there are probably some things that you intend to keep, but they don’t need to be on display in the house.

Pack It Up…

BRAC will cause hardships, expanded HAP could ...
Image by familymwr via Flickr

Whether you get a storage unit, move items to your new home or just pack things away in boxes to neatly store in the basement or garage, you NEED to clear out the house of excess stuff.

I hate saying it to you as much as you hate hearing it.  Seriously.  I don’t want to do it in MY house, and I don’t think you want to, either.  But it is important. The goal is to allow the buyer to be able to visualize THEIR FAMILY in the home… not your family.  That can be kind of tough with your “World’s Largest Collection of Plaid Fishing Lures” or “The Ultimate Precious Moments Collection”.  I regularly see buyers spending more time looking at the items in the home and wondering about the people that live there than looking at the home itself.

A final note…

I hate to even have to say this, but it HAS to be said.  Absolutely pack up things that can’t be replaced or that you don’t want folks to see. “Strangers” will be wandering your home.  They should be accompanied by a real estate agent, but one agent (or even two) can’t see everything happening at once.  Kids might bump something.  An item could turn up missing.  I’ve never had it happen to my sellers, and I’ve never gotten a call related to one of my buyers, but it CAN happen.  Be proactive.

Some of the things I recommend locking away or packing up include:

  • Jewelry
  • Cash  (I have walked into a house and seen several hundred dollars laying on a dresser, out in the open)
  • Prescription Drugs (and other things that might be related…)
  • Guns (an agent that I know had a kid walk out of a bedroom with a handgun that belonged to the owner…  EVERYBODY was a little freaked after that)
  • Collectibles
  • “Adult-themed” items…  I have stories about things that have been out in plain view ;^ )

Assuming you didn’t go out and get a storage unit, and you were able to score some boxes from a local liquor store or grocery store (they often will keep boxes assembled and give them to you if they know you are coming for them), you might actually have come through this step with a little more change in your pocket than when you started.

That is the ultimate “Cheap Tip”…

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