DEAN GRAZIOSI: DEAN GRAZIOSI REAL ESTATE

Anyone who has been watching the news recently has more than likely heard of the HARP refinancing program.  While it may have seen like a campaign tactic, it is actually real and is helping those homeowners who qualify, successfully refinance their existing mortgages.  But for every homeowner who has had success with the program, there are just as many who have found the process to be frustrating. 

Based on the recent information released by the Federal Housing Finance Agency, the HARP program has successfully helped many homeowners refinance their mortgages.  The program is also credited with helping those who previously didn’t qualify successfully refinance their mortgages as well.  During the month of May, HARP loans made up 20 percent of all refinance volume for that month.  This is reported as the largest increase since the program was developed.  During the first five months of this year, 78,000 refinances were completed because of the HARP program.  This is more than the total number of HARP refinances for the entire year of 2011.  The majority of homeowners who sought refinancing assistance through HARP were homeowners who found themselves underwater on their existing mortgage.

The HARP program is a great option for homeowners who are currently underwater on their mortgages that are held by either Fannie Mae or Freddie Mac.  But simply because your mortgage is held by one of these companies, don’t expect the process to problem free.  Because of the high number of people who are interested in HARP assistance, there are only a few lenders that are currently participating in the program.  This causes many borrowers to become frustrated with the process at some point, but don’t let the obstacles deter you from securing a new mortgage.  If you are experiencing trouble getting approved by one of the participating lenders, don’t give up; shop around and look into other lenders.

Because each lender that is participating in the program may have different guidelines, it is important that you are aware of all of the differences and understand what is required of you.  It is not uncommon for the closing of a loan acquired through the HARP program to take up to 90 days to close.  It is important that all lenders seeking to refinance under the HARP program understand the lengthy wait time and not allow it to interfere with your refinancing.  The more you understand what the program entails and what is required of you, the easier it will be for you to navigate through the refinancing process.

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Real estate experts state that it is common for home buyers to allow emotions to affect their home buying endeavors.  Sometimes buyers become attached to a property and may end up overpaying for the home simply because they have formed an emotional connection with the property.  Other times a prospective home buyer may pass up a good deal because they allow their emotions to take precedence over their purchasing sense.  This is why it is important for prospective home buyers to choose a real estate agent who has their best interests at heart.  A good real estate agent will tactfully point out to buyers when they are allowing their emotions to take control of the buying process.  We are also going to give you some of the most common mistakes made by prospective buyers so that you can avoid making the same mistakes.

• Looking For A Better Deal – The current state of the real estate market has conditioned many prospective buyers to expect a better deal.  The truth is, while the market has indeed become a buyer’s market, it is not guaranteed to remain so for much longer.  If you are interested in purchasing a new home, the time to do it is now.  Don’t miss out on your dream home simply because you feel you may find a better deal a few months from now. 
• Don’t Make An Offer On The First Home You See – Making an offer on the first property you visit may mean you’re missing something better.  Take your time and look at a variety of different homes before deciding to make an offer.  If you do make an offer too soon, you may be left with buyer’s remorse later.  Don’t rush into a life changing decision, take your time and weigh all of your options.
• Don’t Overpay – Every prospective buyer is looking for the perfect home, the truth is, and that may not exist.  In the rare occasion that a buyer finds a home that they feel is perfect, they may develop an emotional attachment to the property that can cause them to overpay in the end.  If the buyer forms an emotional connection to a home and another party is also interested in the same property, it may result in a bidding war.  If a buyer ends up bidding too high they can easily end up paying more than the property is worth.

By avoiding these common buying mistakes, home buyers will be rewarded with a home that they love and that they can easily afford.  Don’t let your emotions cloud your judgment when it comes to buying a new home.  Take your time and you will find the perfect home for you and your family.

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Picture the view from a window which looks out over a lush lawn or a well-manicured golf course. The image is obviously appealing. If you are not so lucky, what do you do to sell a home that has only unpleasant views from every outlook? With a little ingenuity, you can eliminate the bad views and improve your home’s chances on the market.

Invest in Beautiful Window Treatments

Take away the problem completely by covering the windows. You will never get by with this if you cover them with old sheets or ragged curtains. Look for stunning window treatments that will keep buyers impressed and focused on the interior of your home.

Bring the Outdoors Indoors

If the views from your window are not filled with glorious plant life, add some of your own inside your home. Strategically hang or place beautiful greenery or flowering plants to create a luxuriant ambience within your walls. You can even use hanging plants to create a gorgeous living drape for your window.

Change the Scene

You may be able to improve the outdoor scene in some cases. Walk the neighborhood picking up trash. Get involved with your neighbors to rejuvenate and refresh the land and building features surrounding your home. Volunteer to participate in community beautification projects. Whatever you can do to improve the scenery will pay off in more interested buyers.

Clean Up Your Own Yard

Many sellers would do themselves a big favor by simply cleaning up their own yards. Get rid of clutter like old cars, furniture and appliances. If your yard is filled with toys and bikes, bring them in and hide them away during the showings. One or two toys can present an image of a family-friendly home, but too many just implies negligence.

Maintain Your Yard

If the problem is indeed in your own yard, do a little maintenance. Take out dying bushes or trim healthy ones. Plant a bed of fast-growing flowers. Whatever you do, keep your lawn mowed and your sidewalks edged. If it is winter, keep the snow cleared away from the sidewalks, but keep people and animals away from the fresh snow in the yard whenever possible. Snow can be beautiful, after all, if it is not mashed down in spots with footprints and paw prints.

Landscaping Does Wonders

Your yard may need more than a little routine maintenance. Hire a landscaper if you need to in order to get the best view possible. Request that the landscaper add features that will show from the windows. As the landscaper improves the curb appeal, he will also improve the view from your rooms.

A beautiful view from indoors can sell a home quickly. Unfortunately, a bad view can kill a sale just as fast. Do what you can to improve the scene. Your home will have a better chance with buyers, and you will have a better chance of selling and moving on.

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Whether or not you are thinking about moving it doesn’t hurt to look to the future when considering remodeling and updating your home. Some projects will pay for themselves and might help you prioritize especially when working on a budget.

Add Usable Space

While putting an addition on your home can be a costly affair there are other ways to add usable space to your home. Finishing an attic benefits you in the short run by giving you extra space for an office or bedroom but can also add resale value to your home. A basement is another option for increasing your usable space. Think about what would best serve your family first and then make plans for the future. Need an extra bedroom now? Put off the basement remodel and convert the attic.

Doors and Windows

Installing new doors and windows not only adds aesthetic value to your home but can also cut energy costs. Anytime a potential buyer perceives that they are saving money on energy bills, they are willing to pay a bit extra. When choosing doors and windows, choose classic styles that will stand the test of time.  As an added bonus, you may even be eligible for a government tax credit for energy efficiency.

Plumbing and Electric

While not the most glamorous of remodels, repairing out of date electric and plumbing makes sense for lots of reasons. First and foremost is the safety of your family. Outdated electrical work can cause a fire hazard and other unsafe conditions. Secondly, old electrical work can damage newer appliances. Lastly, when it does come time to sell your home, it may be your responsibility to make sure your home is up to code. Similarly, old plumbing can pose a health risk to your family. Lead pipes can leach lead into your drinking water and potentially lead to lead poisoning. Plumbing issues may also be a deterrent to potential homebuyers. These types of updates will make sure your family is safe and also benefit you in the future when it is time to sell.

Appliances

While you should not replace modern appliances that are in good condition, it would make sense to look at new refrigerators and stoves if yours are outdated or in disrepair. Stick to stainless steel models and consider those that are energy efficient as well. They will make your home not only look good but will save money on energy costs as well.

Basic Outdoor Maintenance

How does the exterior of your home compare to others in the neighborhood? This question can lead you to some other updates or repairs that will pay off at selling time. Look at things such as your roof and curb appeal. Repairing a dilapidated roof can go a long way. Also, curb appeal should not be underestimated. The outside of your home is the first impression that will be made on a potential buyer. Some basic landscaping can be just the thing to get the buyer in the door. Especially if many of your neighbors’ gardens are well manicured.

When undertaking any repair or remodel remember to consider both your long term and short-term goals. If you plan on living in your home for a short time, limit the amount of money you invest into it and tackle projects that will help your home stand up to other homes on the market. On the other hand, if you plan on living in your home for a long time choose projects that will bring enjoyment to your family while you are there. 

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