Foreclosures

Foreclosures are up 100% according to the news - true statement. However, they are still a small portion of the total home inventory. Now, they are a mere 2% instead of the 1% of 2006 levels.

If you are facing foreclosure, there are several numbers you can call for assistance. The first step should be to talk with your lender about a reduction in your interest rate, temporary forebearance of payments, a deed-in-lieu of foreclosure or short sale and you may have other options as well.

If you are interested in purchasing a foreclosed property, realize it will likely be a longer process than a typical home purchase and may have a few more speed bumps.

Foreclosure normally starts with a notice of foreclosure six weeks or so before what is called a Sheriff's Sale. After the home is sold at the Sheriff's Sale, the home goes into a redemption period where the borrower has up to 6 months or infrequently 12 months to make good and bring their mortgage up-to-date.
After the redemption period, the winner of the Sheriff's Sale, normally the lender or primary mortgage holder, takes the home into it's REO portfolio. It then goes up for sale by the bank as a foreclosure.

If you are interested in buying a foreclosure, realize that there are no warranties, possibly no appliances and since the bank may be slow to respond, I recommend writing a time limit for response into the purchase agreement.

Property Taxes

Are your property taxes going up faster than your home's value?

If so, you're not alone. There is something you can do!

When you receive your Truth-in-Taxation report, they give you the opportunity to contest your taxes.

Here are the steps:

1. Review your tax records to ensure your home is accurately reflected (finished square feet, foundation size, style, age ...)

2. Gather your facts on neighboring values - a Realtor's Comparative Market Analysis (CMA) or an appraisal from a licensed Appraiser can provide this for you

3. Meet with your local Assessor's office

4. If the meeting doesn't work, you may need to gather your facts and appeal the taxes

- schedule an appeal hearing with your city "Board of Review"

- if that doesn't work, appeal to the county "Board of Equalization"

It really isn't any more difficult than it sounds. It may take time but if it can save you hundreds or thousands of dollars each year, wouldn't it be worth it?

Your pet can kill the deal!

I am an animal lover at heart. With no kids yet, my little felines are like my children. I understand when clients are trying to sell their house while making sure Fluffy or Fido are not put in uncomfortable situations.

Prime example is one of my clients had a "yippee" dog and a cat. Her house was only on the market for 2-3 months and she had to pull it off. She just could not get to her place to take out her dog for the showings. She refused a total of 6 showings because of "Fido." I offered to take him outside for a few of them but he would not have it. Even after I waived a bacon flavored treat in his face. This little 10 pounder did not want anyone looking at his house. My client had already put down $3,000 earnest money on a new house and when she pulled her current house off the market because it "didn't sell....." (maybe if we would have had showings??) she lost her $3,000 down payment.

Was Fido really worth losing the house and the $3k? Maybe I guess. People will do anything for their furry friends but if you are considering selling your house take into consideration your pets.

*Arrange a neighbor or friend to come take them out while their is a showing

*A showing with a barking/meowing pet is better than no showing at all: put them in a kennell until you get home from work if you know you will be having a showing