As a homeowner, you have two important reasons for determining the true value of your home.  The first is so that you can sell your home.  The second is so that you can determine the amount of homeowner´s insurance that you need to carry. Regardless of the reason you want to determine your home´s value, the process is the same.  Hopefully this information will lead you on the path to discovering the true value of your home.

Realtors know that, today more than ever, it is critical to place an accurate value on your home before listing it for sale.  One of the main reasons that a house fails to sell, or gets overlooked entirely, is that it has a listing price that is too high for either the home or the location.

When determining the value of your home for the purpose of insuring it, you need to look beyond its market value.  You need to consider not only your home and land, but also the replacement value.

Home Features
Let´s begin by discussing a home´s features. Whether you are selling or insuring, you need to consider the features that make your home unique.  For example, if your home has brand-new, updated kitchen, bathrooms, or both, then its value will be higher than that of a comparable home with an older kitchen and bathrooms.

The style of the updated rooms should also be a factor for consideration. Depending on the architectural style of the new rooms, the value-add will vary.  If your kitchen has granite countertops and brand-new, top-of-the-line appliances, it will be valued far more than if had Formica countertops and a vinyl-covered floor, even if those features were recent updates.  Therefore, when determining the value of your updates you should consider every aspect of them, from the materials that were used, to the fixtures, appliances, and flooring that were installed.

When valuing your home for replacement, you should also consider the price of new construction.  The price you paid for labor when updating your kitchen this year will likely be a bargain compared to what you would have to pay for the save services ten years form now.  Therefore, you need to consider cost inflation in your estimate of the home´s value.

Also, compare the number of rooms in your home with that of similar homes in your area.  If you have a finished basement game room, then your home´s value is greater than that of a home with an unfinished basement.  And, if your home has an extra garage or an added sunroom, the value will be even higher.

Follow these steps when trying to determine your home´s true value:

Put Aside Your Emotions
One of the problems experienced by homeowners trying to appraise their home is that they often attach increased value to their memories, perhaps subconsciously.  When trying to determine the true value of a home, these memories are important, but they should not play a role in your value calculation.

Consider Getting a Competitive Market Analysis
If you are working with a realtor, request a competitive market analysis (CMA) of your home.  A CMA is a report that shows the selling prices and listing prices of homes that were recently placed on the market and/or sold in your area.  Having this information will help you to determine the true value of your home when you compare it against that of other homes in a neighborhood that you are familiar with.

Go to Some Nearby Open Houses
When you attend local open houses, you must remember that you are there to evaluate your home in comparison with the other homes.  Note the features of the homes you visit and compare them to those of your own home, evaluating how well your home measures up.  Also, determine whether your home is better, worse or similar to the home you are viewing in terms of its location, size, amenities, and condition.  When you make this type of comparison, you are able to use the listing price of the homes you visit to determine whether you are appraising your home correctly for the local real estate market.

Research Market Conditions
Speaking of your local real estate market, it is important to look at the overall market condition. Are homes selling quickly in your area? If so, then you can probably request an upper-end selling price for your home.  However, if homes are staying on the market for a long time, the actual value of your home may be less than you think, and you might want to consider choosing a lower-end selling price.  Home values tend to fluctuate (for sellers) seasonally.  For example, potential buyers may view a home with a swimming pool as being more valuable during the hot summer months.  Likewise, a home with a heating system that needs to be repaired may be perceived as having less value during the winter months.

Talk to your realtor in order to get an accurate picture of your local real estate market when you are trying to determine the true value of your home.  Even if you are not appraising the home for sale, your realtor can help you by providing useful statistics and examples that can guide you in the process.

Determine the Value Per Square Foot
Determining the value of your home per square foot can yield an accurate value for your home, especially when you are using other homes as a basis for comparison.  For example, if you have found a home that offers similar amenities, is in similar condition, and has the same style as your home, but that home is one-third larger than your home, then the values of these two homes will not be the same.  However, if you are able to place a per-square-foot value on that property, you can apply that figure to your own home´s square footage. Your realtor can recommend a number of ways to determine the per-square-foot value of your home.

Whether you need to sell or insure your home, one of the most important steps in the process is determining its value.  When appraising to sell, you need to incorporate the value of the land into your calculation.  However, when valuing for insurance, you really need to look only at the replacement costs.  Remember that the value may be more or less than what you actually paid for your home.  Either way, having an accurate idea of the value of your home gives you an edge during a sale, or if something catastrophic should happen.

Many different types of home valuation service providers are available, but your realtor can provide you with valuable information that will make the process as simple and affordable as possible.  Contact your realtor to request the comparative market analysis mentioned above and to find some comparable homes in your area that will be holding an open house soon, so that you can begin appraising your home´s true value.

Get a Free Competative market evaluation click here.

Contact me today for more information!  Rod Potter/ Email: rpotter@carolina.rr.com / Phone: (704)840-4137

As a buyer, you have probably heard over and over again how important a home inspection is in the home-buying process.  Home inspectors need to be certified and come with many good recommendations.  The security and health of your family depend on their attention to detail and ability to see things that are not visible to most other people.

When you are preparing to purchase a new home, the information provided in a home-inspection report is critical for protecting your family.  Here are the top ten findings of home inspectors, and what can be done to resolve the issues:

Inadequate Drainage
In most cases, you will realize that a home has inadequate drainage long before you purchase it.  You will probably smell dampness or see visible water damage along the walls of basement or crawlspace.  If a home inspector indicates that a home´s drainage is inadequate, you will probably need to repair or replace downspouts and gutters.  You may also need to install French drains or, in extreme circumstances, you might have to level the entire lot to facilitate proper drainage.

Out-of-Code Electrical System
This is a very common finding in home-inspection reports. The problem with bad wiring is that it presents a risk of fire and other problems, including ruined appliances and electronics. In general, an electrical system will need to be brought up to code before an occupancy permit can be issued for a home.

Leaking and Damaged Roof
A home inspector will check a home´s roof carefully to inspect the materials for aging and possible damage. In general, roofing materials can be replaced in small sections. Unless there is significant damage, a complete new roof will not be required.

Dysfunctional Heating System
A dysfunctional heating system can be a significant danger for the home´s inhabitants.  Most of the time, this sort of finding warrants replacing the heating system.  The good news for home owners is that furnace installations are relatively inexpensive. In addition, modern furnaces are much more efficient than those made in the past. A new heating system will most likely pay for itself in a few years, thanks to its lower utility costs.

Overall Poor Condition
An indication of overall poor condition means that the previous owners did not keep up on home maintenance.  Some of the indicators of poor condition might include haphazard repairs to the electrical system or plumbing, cracked walls, peeling paint, broken light fixtures, or non-working switches and outlets.  There might also be water damage or problems with the home´s foundation.

Structural Damage (Minor)
Most minor structural problems are easy to repair and do not pose a danger to the home´s inhabitants. The leading cause of minor structural damage is water damage.  Water that comes into the home through windows, doors, or cracks in the foundation will cause minor structural problems.

Plumbing Problems
A home´s plumbing should be up to code and composed of new materials wherever possible.  If a home inspector finds rusting pipes, lead-based materials, or broken fixtures, he or she will probably put these items on the home-inspection report.

Drafts
A home inspector will check to see whether the windows and doors of a home let air pass through.  If this is a problem, it can usually be fixed by re-glazing windows and applying silicone caulking around the openings.

Ventilation Problems
If a home seems to have a problem regulating moisture, chances are that the home inspector will indicate that there are ventilation problems.  This situation can be alleviated by installing fans and/or by adding windows that can be opened to bring fresh air into the home.  Attics require adequate ventilation for heat efficiency.

Environmental Hazards
Few home inspectors specialize in environmental hazards. Therefore, it is a good idea to have environmental inspectors assess the home for hidden dangers either before or after the home inspector has finished his or her portion of the inspection. Here is a list of some of the types of environmental hazards that may be present in homes:

• Lead-Based Paint: The presence of lead-based paint is extremely dangerous, yet a typical home inspector may not be able to locate the problem.  A special test must be performed to determine whether lead-based paint is present in a home.  Removing the danger involves a process through which the walls are either sealed or removed and replaced.  Lead poisoning is dangerous and can be fatal to young children.
• Radon Gas: A typical home inspector will probably not be able to detect the presence of this odorless and colorless gas that is known to cause cancer. If radon is discovered in a home, a mitigation pump will need to be installed to remove the gas.  This installation is expensive.
• Drinking Water Issues: A water test can determine the purity of your home´s water supply.  Correcting problems with the drinking water range from simple pipe replacement to the replacement of the entire home plumbing system, depending on the source of the problem.
• Leaking or Damaged Heating Oil Tanks:  A home inspector or heating system inspector should be able to spot a faulty oil storage tank.  Replacement is generally the only acceptable solution, but it is very expensive.

Conclusion
Now that you are familiar with the top ten problems that home inspectors find, you are better prepared to react to the presence of such problems.  You might be comfortable replacing a few missing roof shingles, but if the home has several of the problems described above, talk with the owners to find out how much they are willing to contribute to fix those problems.  They could offer to pay for repairs and updates directly, or they could agree to lower the home´s purchase price.

Ask your realtor for a recommendation for a local home inspector who is properly certified.  A home inspection is important for the health and safety of you and your family, and therefore the inspector should be chosen based upon the knowledgeable recommendations that you receive from others.

Knowing what to expect from a home inspection will make you a better homebuyer and a better homeowner.  Never skip the home inspection, because that would be like buying a vehicle sight-unseen.  You need to keep your family´s best interests in mind.  A home-inspection report that reveals significant problems is usually an acceptable reason for a buyer to back out of a sale.  Therefore, keep that in mind if you are unable or unwilling to do what is necessary to repair the flaws, backing out of the deal is one of your rights as a potential buyer.

Contact me today for more information!  Rod Potter/ Email: rpotter@carolina.rr.com / Phone: (704)840-4137

When selling your home is a priority, you need to realize that an ordinary home with ordinary features is not going to grab potential buyers´ attention.  You need to go beyond ordinary and make your home irresistible to every homebuyer.

Regardless of whether you have owned your home for one year or forty years, you will probably need to make some changes to attract people who are looking to buy a home.  You probably loved your home when you bought it, so why shouldn´t you want to make people fall in love with it too? Naturally, you should!

Here are some ideas for making your home feel more open, airy and inviting.  Years of experience have taught realtors what people like and dislike when they look at homes for sale.  Learn from these experiences in order to make selling your home an exciting and pain-free process.

Apply a Fresh Coat of Light-Colored, Neutral Paint to Your Walls
The people who are considering buying your home want to see what it looks like.  Keeping this in mind, repaint any dark rooms with white or neutral paint.  You may prefer darkly colored rooms, but most buyers will be able to imagine their furniture more easily in a neutral-colored room.

White ceilings are always preferable.  If time is of the essence and you cannot paint entire rooms, quickly adding coat of white paint to the ceilings can make all the difference in the world.

Remove Flowered Wallpaper
Despite your personal home-decorating preferences, many homebuyers are turned off by wallpaper.  This is particularly true when the wallpaper contains large or brightly colored flowers.  If time allows, remove the wallpaper and paint the walls.

Painting over wallpaper is never a good idea. The biggest reason for this is that painted-over wallpaper looks terrible.  Potential buyers will realize that the paint has been applied to wallpaper that they will need to remove after buying the home.  Paint makes the removal process more difficult, so if you decide not to remove the wallpaper, just leave it alone.

Add New Ceiling Fans and Light Fixtures
As mentioned earlier, buyers like bright interiors.  They also like airy homes.  Therefore, installing a few ceiling fans or updating the fans you already have could help you convey the desired bright and airy feel to potential homebuyers.

Avoid Clutter at All Costs
Some real-estate agents will fail to tell you that clutter is a home´s worst deterrent for homebuyers.  People find it difficult to imagine how their own furnishings will fit into a room full of clutter.  Clutter also tends to make rooms appear smaller.

One of the ways that you can get ready for your own move while preparing to sell is to hold a garage sale or to make a large donation to a local charity.  You will need to sort through your belongings at some point, so why not start now? Begin with those things that always though you might use, but have been sitting in the attic since you put them there ten years ago.

Minimalism is best when you are trying to sell a home.  If possible, pack up some of your smaller décor items and leave out only a few conversation pieces.  If you plan to sell during the holidays, try to achieve a festive spirit without overdoing your decorating.

Place a Fresh Wreath or Floral Spray on Your Front Door
Buyers want to be welcomed by homes.  Placing a tasteful wreath or other decoration on your front door welcomes people into your home, making a huge difference in how fondly buyers remember your home.

You can extend the welcome further by placing similar décor items throughout the home. Stay away from eucalyptus and other strong odors, because they might be an irritant to buyers with sensitive nasal passages or allergies.

Pay Attention to What´s Happening in Your Kitchen
It´s always a good idea to have a clean kitchen, but when you are trying to sell a home you need to go beyond simple cleanliness.  If you know that a potential buyer is coming in this afternoon, bake brownies.  The scent will linger, making your home more inviting. Just be careful not to burn your tempting delicacies!

Buyers may subconsciously or consciously notice scents in the homes they visit.  Quickly dispose of any foul-smelling scraps or rotting produce. While your home is for sale, check daily for possible odor sources in your kitchen.

Wash your dishes and put them away, making sure that your countertops are immaculate.  Also, sweep your kitchen floor frequently to minimize dirt and crumbs.

Modernize Your Master Bedroom
Master bedrooms and master suites are extremely popular right now.  Therefore, if you want to wow a potential buyer, consider what is most fashionable and popular.  Visit a home-decorating supply store or look online for ideas that might help you to add new zing to your bedroom.

Even a new quilt or comforter can make a big difference for potential buyers.  The master bedroom is the homeowner´s sanctuary. Therefore, neutral tones are the best option.   Consider a light shade of green or blue as an accent color, since these tones create a relaxing and calming environment.

Consider the Value of Landscaping
In the past, a freshly mown lawn and some flowerbeds at the front of a home were enough to attract potential buyers.  This still holds true in some areas, but many of today´s homebuyers are looking for homes with attractive landscapes that do not require much maintenance.

If you hire a landscaper, ask him or her about what is most popular in your area.  Request that he or she use shrubs and plants that require little maintenance.  A good ground cover will reduce the need for weeding, saving you time while you are selling your home and making the home look maintenance-free from the curb.

Curb appeal is extremely important in the world of real estate, particularly since internet listings with photos are becoming increasingly common.  Your home needs to be as photogenic as possible.

These are some simple ways to capture potential homebuyers´ attention and make them feel welcome in your home.  A little effort on your part will greatly improve your chances of selling quickly. Of course, a few tasteful upgrades will also increase the value of your home.

Your realtor will be happy to work with you to maximize your home´s attractiveness to potential buyers.  Realtors know what buyers are looking for and how you can give those things to them! Years of experience have taught realtors what is most popular in your area, and what kind of home décor is most attractive to potential buyers. Listen to their advice, and then act upon it.

Contact me today for more information!  Rod Potter/ Email: rpotter@carolina.rr.com / Phone: (704)840-4137

Whether you have accepted a job offer in another part of the country or have decided that it is time to move to a larger (or smaller) home, you will first need to sell your home.  Regardless of whether you have ever sold a home before, you will need to do some research and invest time before listing your home for sale.  Doing your homework will make you a more prepared and better educated home seller.  Your realtor will respect your willingness to be prepared, and buyers will be pleased to learn that they are dealing with a serious seller.

Here is a list of steps that you should follow after you have made the decision to sell.  Following these steps will allow you to assess your current financial situation with regards to your home and to be better prepared for the selling process.

If You Plan to Purchase a New Home, Begin Talking to Potential Mortgage Lenders
It may seem strange that the first step in preparing to sell your home is to investigate home loans, but your financial situation has probably changed since you purchased your current home. Mortgage programs change frequently with changing interest rates and the health of the economy.

Most lenders now offer mortgage pre-approvals to homebuyers.  Getting pre-approval is important, because you need to know whether you will be able to afford and be approved for a mortgage for the type of home that you are considering.

Once you have received pre-approval, you can feel secure in knowing that you will be prepared to complete a real-estate transaction of your own once your home has been sold.

Additionally, you will want to investigate “bridge loans.”  Lenders offer bridge loans for individuals in situations similar to yours.  The purpose is to help you to cover the expenses incurred should you need to purchase a new home before you can sell your current home.  Several different types of bridge loan programs are available and your lender is the best source for additional information.

Find Out How Much You Still Owe on Your Home, if You Have an Existing Mortgage
Your lender can provide you with detailed pay-off information about your existing mortgage, including any prepayment penalties.

Research the Value of Your Home
Whether you bought your home one year ago or 30 years ago, chances are that the fair market value will not be equal to what you paid for the home.  The best possible discovery that anyone selling a home can make is to find out that his or her home is now worth significantly more than the home´s original purchase price.  This does not apply only to those who have owned a home for a long period of time.  Sometimes certain developments and geographic locations increase in popularity quite suddenly.  In these areas, sellers may be selling with the intention of taking advantage of increased demand for their property and making a tidy profit.

Determine How Much You Cash You Will Need to Purchase Your New Home
Many sellers err by failing to consider the costs of buying in addition to the costs of selling.  Because you will need to pay closing costs and possibly a down payment, it is wise to have a contingency plan just in case you need to buy before your home is sold.

Add in the cost of moving-related expenses, particularly if you are relocating to a new city. Talk to your lender one more time and request a cost disclosure in order to ensure that you are not overlooking anything in your estimate.

Consider the Costs You Will Incur While Selling Your Home
Some of the costs that you will incur while selling your home appear only on the day of closing. These costs include agent commissions, a percentage of the property´s annual real-estate taxes, and the excise tax imposed at the time of the sale.

Still other costs will not become apparent until well after the time of the sale.  For example, a major cost associated with a home sale is the capital gains tax.  This tax applies only if the sale price of the home far exceeds the value of the home, yet many sellers find themselves subject to this tax.  There are very specific criteria for assessing capital gains taxes, and there are deferment options for sellers who plan to buy a home of equal or greater value within a certain amount of time following the sale.

If you anticipate facing a significant capital gains tax when your home sells, discuss your individual situation with a tax advisor or financial planner.  Your real-estate agent may prove to be an excellent asset and may be able to offer some suggestions if you are not already working with a tax advisor or financial planner.

Figure Out How Much You Will Earn When Your Home Sells
This step allows you to determine how much liability remains on your existing mortgage and how much profit you will earn.  If you expect to earn a significant amount from the sale of your home, you may be able to reduce significantly the size of the mortgage that you will need to purchase your next home.

Consider Repairing and Updating Your Home
Some home improvements are free, while others are extremely costly.  As a seller, you want to attract as many potential buyers as you can once the home is listed.  Therefore, investing in your home´s exterior appearance and landscaping may prove quite effective in drawing potential buyers through your front door.

Clean Your Home
Even if you have opted to forego updating, you must ensure that your home is sparkling when potential buyers view it.  Clean the bathrooms and kitchen daily while the home is listed for sale.  Take a walk through your home with the mindset of a potential buyer and try to spot any problem areas.  Cluttered garages or basements are a buyer turn-off, so take some time to de-clutter them, even if that means placing some of your belongings into a temporary storage unit.

Following these simple steps will increase the chance that your home will sell quickly and without any problems.  Remember that attracting potential buyers is as much your responsibility as it is your agent´s responsibility.  By presenting potential buyers with a home that they will want to drive by repeatedly, you are increasing your chances of receiving a great sale price.

Also, it cannot be stressed enough that you must know where you intend to live once your home is sold.  Some sellers have been forced to resort to renting after their home sold, simply because they did not keep this in mind.

Your realtor can help you determine which of the above steps will work best for your particular situation.  The expertise and experience of a licensed realtor will add to the benefits that you get when your home sells^.

^{Contact me today for more information!  Rod Potter/ Email: rpotter@carolina.rr.com / Phone: (704)840-4137}

As you consider buying your first home, you undoubtedly have hundreds of questions about the process. These questions begin as soon as you start thinking about moving and continue far beyond the closing. What should I expect? How can I prepare? Am I ready to own a home?  These questions are perfectly normal and are to be expected from first-time buyers.

In order to make the home-buying process as easy and smooth as possible, you need to know exactly what to expect .  By reviewing the following information, you will be well prepared to begin the process of buying your first home.

How Much Can You Afford?
The first step in buying a home for the first time is making sure that you can afford the home you plan to purchase. Even if you haven´t already found the home of your dreams, you probably have a fairly good idea of the type of home you would like to purchase.  However, you may or may not realize how much you can actually afford to spend on housing each month.  Surprisingly, speaking to a lender about your financial situation may not be the best place to start.

Lenders look at your debt-to-income ratio and not necessarily at your day-to-day spending habits.  Therefore, they will know if you have several credit cards that are responsibly maintained and a car loan that was paid off in full last month.  But they may not realize that you opt to spend several hundred dollars each month on the latest fashions or videos.  Begin tracking where and how your money is being spent and how much of that spending can or will be curtailed when you purchase a home.

Financial Counseling and Pre-Qualification
A financial advisor can help you to assess your financial information and determine how much home you can afford to purchase.  Speak with a financial advisor before beginning the search for your first home ? and know that there is one other thing you can do to ensure that you are looking at the right homes for your price range.

Most mortgage lenders are happy to complete a pre-qualification process for potential buyers who need to find out ahead of time what size of mortgage they can qualify for.  The pre-qualification process is not a guarantee that the lender will offer you funding, but it does takes into consideration your credit score and income level in order to determine how much the lender might be willing to offer through a mortgage program.  The process will also enable you to begin comparing the mortgage programs offered by different lenders.

Shopping for Lenders
With interest rates declining, you need to make sure that lenders are giving you the most competitive mortgage options and interest rates.  Talking to several lenders will help you decide which one can best serve your interests.

Ask the lender about the details of each program that you are considering, including the closing-cost requirements, down-payment percentage, and any early-payoff costs that your might face. Mention that you are a first-time buyer, because this could potentially make a difference in the types of programs that a lender offers to you.

Once you have selected a lender, make sure that the specific mortgage program you are considering is right for your borrowing needs. I can help you find a mortgage professional if you like, I have a list of individuals that I can recommend to you  that reside in Charlotte/surrounding areas.

Here are two of the most common types of mortgage programs:

Traditional 15- or 30-Year Fixed-Rate Mortgage
This type of mortgage loan usually has a 15- or 30-year payoff (amortization) schedule.  Over the years, you make equal payments that are applied to the interest and principal in varying proportions until you completely pay off the loan.  The interest rate does not change.

15- or 30-year Adjustable-Rate Mortgage (ARM)
The ARM is declining in popularity as a result of better fixed-interest rates with traditional mortgage programs.  However, sometimes a new homebuyer will want or need to purchase a home that is more expensive than what he or she can afford at the time of the purchase.  ARMs, which come with low introductory interest rates that are almost always locked-in for the first five years, can be a good option.  After the introductory period, the interest rate becomes variable and may drop or skyrocket, changing throughout the life of the loan according to a pre-defined time schedule and market interest rates.

Finding an Agent
First-time buyers often call the listing agent for homes that interest them, but this may not be the best way to protect your interests throughout the purchase process.  When a potential buyer works with a listing agent to purchase a home that is listed by that particular agent, the result is double agency. Double agency simply means that the buyer and seller have the same agent, who represents both parties and therefore cannot release information that could harm either party.

To find an agent, consider the area in which you want to buy. A local agent will be familiar with the area and can recommend specific neighborhoods for people with your particular lifestyle.  You can also request recommendations from friends and family members.

Before signing a contract with an agent, ask about the commission rate, although this cost is generally covered by the seller´s portion of the closing expenses.

Make sure that your agent understands what you are looking for and how much you are prepared to spend on your home.  As a first-time buyer, you need to work with an agent who is familiar with programs and lenders who specialize in working with first-time buyers. Please let me be that agent. I can be reached on my cell phone at (704)840-4137. My name is Rod Potter, I can help you find a home.

First-Time Homebuyer Programs
Many programs are designed specifically to assist first-time homebuyers with benefits like down-payment assistance and no closing costs.  Others offer first-time buyers competitive interest rates designed to make borrowing easier.  First-time homebuyer assistance programs almost always apply to anyone who has not purchased a home within the past three years.  Therefore, even if you are not a true first-time buyer but you have not bought a home in the past three years, you may qualify for these programs.

Conclusion
First-time homebuyers who approach the home-buying process with adequate preparation can be some of the best customers for lenders and agents.  If you are thinking of buying a home for the first time, do your research and plan for your home purchase.  Doing so will make you an educated consumer and give you a good chance of finding the best home for the best price.

Contact me today for more information!  Rod Potter/ Email: rpotter@carolina.rr.com / Phone: (704)840-4137

Facing Foreclosure? 10 different options that you have.

If you fall behind on your home loan, you will quickly learn that your options are limited. The more behind you get, the less options you have. Here are some suggestions that you could use to delay/stop a potential foreclosure………

1. Sell your home-

Call my cell phone at (704) 840-4137 for a free, no-hassle, no obligation consultation on how you can sell your home and have the lender pay for it.

2. Call lender/s-

Contact all of your lenders and ask them to postpone it. Tell them you are trying to save the home, and can prove that you are working on a solution (refinancing, selling, etc.) and offer to fax them a letter and documents to back up those claims. Call me and I can get you a name or two of a mortgage professional that might be able to help you re-finance your home.

3.Call Subtrustee-

Contact the lender’s attorneys (sub trustee) and do the same thing. Sometimes, the attorneys will have a better contact at the bank than you do.

4. Bankruptcy-

If necessary, file bankruptcy and have the foreclosure process stopped immediately. Speak with an attorney about how long you would need to be able to file before the sheriff sale. Some states may allow you to file the day of the sale, while others have laws that drag out the process by days or weeks. This will only DELAY the sale, not stop it. This should used in specific situations, please consult a qualified bankruptcy attorney for more information.

5. Deed-in-Leu-

If acceptable to the lender, they will take the home from you voluntarily.

6. Loan Modification-

Speak with your lender about doing a loan modification. Essentially, this is changing the terms of the loan to better match your current income/situation.

PRO’s- This is a good option to change your loan terms.

CON’s- This can take a while to get completed (if ever). Working on a loan modification will not stop or delay a foreclosure action by your lender. It would be recommended to probably try to sell your home at the same time that you are doing a loan modification.

7. Get help NOW, not tomorrow, not next Tuesday, not after the lender calls me back….NOW. From who?

Contact a HUD-approved housing counseling agency. Call (800) 569-4287 or TDD (800) 877-8339 for the housing counseling agency nearest you. These agencies are valuable resources. They frequently have information on services and programs offered by Government agencies as well as private and community organizations that could help you. The housing counseling agency may also offer credit counseling. These services are usually free of charge.

Contact the state agency responsible for housing in your state. Ask them of any organizations sponsored by the state or run by the state which can assist you in this issue. Many states are funding programs to help homeowners by advocating on their behalf with lenders, providing one-time grants for funds to catch up past-due payments, etc.

8. Avoid being scammed by those anxious to take advantage of you in your circumstance either by offering to buy your home quickly, make payments on your behalf, etc. How to know if you are being scammed?

Phony counseling agencies. Some groups calling themselves “counseling agencies” may approach you and offer to perform certain services for a fee. These could well be services you could do for yourself for free, such as negotiating a new payment plan with your lender, or pursuing a pre-foreclosure sale. If you have any doubt about paying for such services, call a HUD-approved housing counseling agency at (800) 569-4287 or TDD (800) 877-8339. Do this before you pay anyone or sign anything.

Don’t sign any papers you don’t fully understand.

If you’re selling the house yourself to avoid foreclosure, check to see if there are any complaints against the prospective buyer. You can contact your state’s Attorney General,  or the local District Attorney’s Consumer Fraud Unit for this type of information.

9. Ask for help.

The earlier you ask for help, the less help you need. If you get 2 payments behind on your home loan, there is still time for a church friend, family member, etc. to help you catch-up. Asking for help early makes it more likely help can…well…HELP. Waiting until the house is going to be auctioned on the courthouse steps is simply too late for most people to get behind you and your circumstances and provide you financial help.

Lenders do not want your home. Foreclosure is expensive and unprofitable for a lender. They will often work with homeowner’s who communicate with them, who do what they say they will do, and who present some kind of plan for getting back on track.

10. Court Hearing-

Before the court hearing date or the date of the hearing on your home, ask the judge for an adjournment (delay). If the date was inconvienent, tell him/her that the date and time of the hearing is/was inconvenient. (ie. work, or inability to obtain the documents for the lender in-time). Lenders are notorious for being slow, it is not unusual for people to wait a while for the lender to provide payoff documents etc to them.

§        Dress nice the day of the court hearing.

§        Address the judge as “Sir”, “mam” or “Your Honor”.

^{Contact me today for more information!  Rod Potter/ Email: rpotter@carolina.rr.com / Phone: (704)840-4137}

DISCLAIMER: Presentation of this information is for general purposes only. No information on this page is to be viewed as legal advice or as an official description of judicial process. These descriptions are general and are displayed strictly as a service to consumers. They are not intended to be all-inclusive or to cover default situations in all states. Default procedures vary by state and change often. The information herein is not to be construed as up-to-date. Consumers are advised to seek professional legal counsel in any default proceeding.

When you are ready to sell your home, there are certain things that you really must do before listing it to sell. Those items include……

1. Determine How Much Your House Is Worth

2. Estimate Your Costs to Sell

• Real estate commissions
• Attorney or other professional fees.
• Prorated costs for your share of annual expenses, such as property taxes, home owner association fees, etc.
• Any other fees typically paid by the seller (surveys, inspections, etc.).

3. Estimate Costs to Buy a New Home

Calculate moving expenses, loan costs, down payment, home inspections, title work and title policy, paying for a new hazard insurance policy–all expenses related to buying a home. Your lender should give you a disclosure of estimated costs when you apply for loan pre-approval.

4. Calculate Your Estimated Proceeds

• Deduct your mortgage payoff from your home’s fair market value.
• Deduct your costs to sell from the remainder to get an estimate of the proceeds you will be paid at closing.

Will your closing proceeds cover your costs to buy a new home? If not, do you have cash or other funding to make up the difference?

5. Make Necessary Repairs

Make all needed repairs unless you want the house to be regarded as a fixer-upper. This does not refer to cosmetic updates–just items in need of repair. Anything that’s obviously broken gives potential buyers a reason to offer you a lower price.

6. Get the House Ready to Show

Most houses need at least a little spiffing up before they are shown to potential buyers. Great Curb appeal, fresh paint indoors (and sometimes out), organized closets and cabinets, sparkling clean windows and appliances and a clutter-free look are essential if you want the house to appeal to buyers.

7. Get Excited to Let People In

When listing with a real estate agent, he or she will ask you to leave when the house is shown. Why? Because lurking sellers make buyers nervous–they don’t feel comfortable inspecting the house when they feel they are intruding in your personal space.

Also, be sure to make the house accessible. That means it should always be ready to show. Many agents won’t bother showing a house that takes 24 hours to get into.

*** Important sidenote – For security reasons, DO NOT let someone into your home if they just show up at your door. Call your agent and let them take care of the showing. This is not a good reason to jeopardize you and your family’s safety.

Contact me today for more information!  Rod Potter/ Email: rpotter@carolina.rr.com / Phone: (704)840-4137