Janet Laughead's Blog
60 South Main Street, Sherborn, MA 01770
Have you heard a lot about HUD homes, but aren’t sure if you should buy one or what the process entails? HUD stands for The Department Of Housing And Urban Development. The FHA (Federal Housing Administration) is a part of HUD. The FHA is where federal mortgage insurance comes from. If a home is foreclosed on and insured by the FHA, the lender has a right to file a claim for the balance due on the mortgage. The FHA will pay this claim, and then transfer the ownership of the property to the HUD who will sell the home.
Will A HUD Home Provide A Price Break?
The answer to this question is not necessarily. A HUD home is appraised just like any other home for sale. The price is based on the fair market value of the home. The prices may be adjusted according to any repairs that need to be made to the home. It’s a good idea to have your realtor look into comparable prices for HUD homes, as these properties aren’t guaranteed to be a deal.
Know that HUD homes are sold as-is. There isn’t much negotiating like that of a typical home purchase. As the new owner, you’ll be responsible for all of the repairs. It’s a good idea to invest in a home inspection before you buy a HUD home for this reason. You’ll have a better understanding of what you’re getting into with this type of home purchase.
How Do You Begin The Search For A HUD Home?
Housing and Urban Development homes are listed by state on the department’s website. This is a good place to start your search. The site also lists brokers who are approved by the HUD. You can then contact local brokers to show you the HUD properties that you’re interested in.
The Process Of Making An Offer
Buying a HUD property can be very different than buying any other type of home in that the offer process is a bit different. These properties are sold through bids. You must hire a licensed real estate agent to assist you in this process, you can’t just put a bid in on your own. You’ll need to be sure that your offer is placed during the designated offer period. Either the highest bid is accepted or the bid that came in first in order will be taken. Generally, the HUD wants to take the offer that will get them the most profit.
Careful With Financing
The HUD does not finance homes. You’ll need to apply for a mortgage just as you would in buying any other home. Before you can even make an offer on a home you must have approved financing. If for some reason you get through the process of having your offer accepted on the home and the financing falls through, there’s a chance that you could lose your earnest money deposit.
Staging is a marketing tool, not an exercise in decorating for living comfort. Professional real estate stagers should be a member of your team when you want to sell your home quickly and for top dollar.
Even if you have a go-getter real estate agent and your home is in a great neighborhood, consider staging as a way to enhance value and prompt an acceptable offer in the least amount of time. Your stager will target the "right" buyer, based on price, features and demographics, to achieve results.
Planting a "Buy Idea"
Contrary to the popular notion of staging, it does not involve an effort to "sell," but rather encourages the buyer to envision living in a particular home. Savvy buyers will already have determined that a specific property is within their budget, that it has the right number of bedrooms and bathrooms, and that the location is a desirable option. Staging will reinforce the notion that the "good life" can become reality in that house.
Focusing on "Best" Features
A professional stager will not attempt to highlight every feature of the home. The purpose is to provide a prospective buyer with a memorable impression that distinguishes a particular property from all others. Your stager will discuss with you the best ways to create a lasting impression, but be prepared to remove overly personal accessories for the duration of the home's time on the market.
No home is perfect. Whether it's a matter of perception or personal preference, most houses have at least one space that can seem difficult. A professional stager might disguise a perceived fault, or may suggest a remedy. Common requests include repainting a room, clearing kitchen and bath clutter, or pulling weeds and placing pots full of colorful flowers near the front door to boost curb appeal.
Maximizing Existing Space
Your stager might want to remove or rearrange furniture, or ask you to pack up and store out-of-season clothing, books, sports equipment and toys. Understand that once the home sells, you will have to begin packing anyway, and spacious interiors are a selling tool. Let prospective buyers get a sense of possibilities as they walk through your home!
Assuming that your home is clean, well-maintained and reasonably priced, professional staging is the best way to provoke the emotional reaction that will prompt a prospective buyer to submit an offer. Staged homes typically sell faster and at higher prices than comparable unstaged property. The higher selling price will undoubtedly pay the fee!
82 Sears Rd, Wayland, MA 01778
All house buyers have different pet peeves when it comes to evaluating homes, but there are a lot of easy fixes you can do to reduce the chances of losing a sale. Here are a few tips to keep in mind.
Squeaky doors: Lubricating squeaky hinges is one of the easiest things you can do to improve your chances of making a positive impression on prospective home buyers. A seemingly small thing like squeaky door hinges can make your house seem old, poorly maintained, and in disrepair. A squeaky door hinge is probably not going to make or break the sale of your house, but in combination with other little flaws that prospects might notice, it could have a major impact.
Weeds cropping up: Another clear signal to prospects that your property hasn't been properly maintained -- at least in their minds -- is the existence of weeds. Other than an overgrown lawn, nothing detracts from curb appeal more than weeds coming up everywhere, especially in driveway cracks, walkways, and front steps. If your home is on the market or you're considering selling it in the near future, getting rid of noticeable weeds will help improve your property's curb appeal and make a better impression on prospective buyers. If you hate the idea of handling or applying commercial weed killers, non-toxic household items like vinegar or salt have been known to nip the weed problem in the bud. Whether you use store-bought herbicides or natural remedies, make sure you don't damage any nearby plants that you want to protect. In some cases, manually pulling out weeds and carefully digging out the roots is the most risk-free approach, although it's also the most labor intensive!
Dust and cobwebs: No matter how thorough you think you've been in cleaning your house, you're probably going to miss a few spots that prospective buyers will notice. In small amounts, a little dust is not going to make or break your sale, but like squeaky door hinges, small problems add up! Areas that homeowners and house cleaners often overlook include baseboards, ceiling fans, and corners of ceilings.
Unpleasant odors: If your house smells like pets, mold, or mothballs, that sometimes can be a deal breaker. Bad odors are a major sensory turnoff that could easily sour people on the idea of making an offer on your house. Musty odors are often indicative of a larger problem, such as a damp basement, leaky pipes, water damage, or mold infestation. Eliminating odors prior to having your house shown can be as simple as doing a thorough cleaning, or as complex and expensive as hiring a mold remediation service.
The good news about preparing your home for sale is that a seasoned real estate agent can provide you with the advice, guidance, and help you need to maximize your chances for attracting offers and selling your property for its full market value.