Most people immediately think that a “short sale” means that the home has to be purchased within a short amount of time (before it goes into foreclosure).

Sounds logical, right?

It is actually a bit more complicated.   A “short sale” means the seller’s lender is accepting a discounted payoff to release an existing mortgage.  For example, let’s say that Mr. Seller owes has a  $200,000 mortgage, but can only sell his home for $185,000.  The bank has to agree to take a $15,000 loss on the mortage.  The term “short sale” really means that the seller is coming up ’short’ and cannot pay back the full amount borrowed.

As a buyer of a short sale property, there are a few challenges, but the big challenge  is that just because a property is listed with short sale terms does not mean the lender will accept your offer, EVEN if the seller accepts it.  The lender may decide that they would be better off financially if they just foreclosed on the home.

There are some risks, but there are also some fantastic short sale opportunities out there right now, you just have to do your homework — and make sure that you have a knowledgeable and dedicated real estate agent working with you.

If you have any questions about the short sale / foreclosure process, please email me at KerryLucasse@KW.com.

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5 Common First-Time Homebuyer Mistakes

1)  Buyers don’t ask enough questions of their lender and miss out on the best deal.  There are many different financing options out there, from interest only to lender-paid mortgage insurance.  You need a loan officer who will help you understand your options.

2)  Buyers don’t act quickly enough to make a decision and someone else buys the house. 

3)  Buyers don’t find the right agent whose willing to help them through the homebuying process… you need someone who is dedicated to the home search process and quickly notifies you of homes that just came on the market.

4)  Buyers don’t do enough to make their offer look good to a seller.  It is critical that Buyers look at their offer from the seller’s viewpoint.  For example, a pre-qualification letter from your lender let’s a seller know that you are financially able to purchase the home.   Your agent can also help you prioritize the requests in your offer, whether closing costs are more important to you or a reduction in overall price.

5)  Buyers don’t always think about resale before they buy. The average first-time buyer only stays in a home for four years, so it is critical to consider potential resale value.

>>> See how the Atlanta Home Search Team can assist you with your first purchase

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In today’s market, buyers seem to be more interested in homes that are spacious with open floor plans, but even if your home is smaller or you have a floor plan that is not so open you can visually create a larger room. There are lots of simple ways to add space without remodeling your entire home. Make your rooms look larger by trying some of the following tips:

• Use a light and neutral color scheme to make your room look bigger. Cream colors and warm yellows are just a few of the best color combinations that can open up a tiny room into a bigger living area. Light colors make your room look bigger and brighter because they are reflective making a space feel open and airy.

• Mirrors can make your room look larger. Use a focal point and angle your mirrors towards it, which will give the illusion of depth. Mirrors also reflect natural light to make a room brighter, ultimately making the room appear larger. This is especially effective when the mirror is placed across from a window so the outdoors can be reflected, giving the room a more open flow.

• Reduce clutter and keep rooms tidy and organized. There’s nothing that makes a small space feel cramped more than having too much stuff. Keep decorative objects to a minimum, as figurines and ‘collectables’ are distracting.  Remove unnecessary items from countertops in the kitchen and baths.

• Remove heavy and/or patterned curtains.  Many times a simple grass blind or white sheer curtain goes a long way. 

• Minimize the amount of furniture you have in each room. If possible store any large and bulky furniture pieces. You want the potential buyer to see the house, not your furniture.

Consider these tips to help you create a sense of spaciousness. When in doubt on what to remove and what to keep, try to follow the ‘less is more’ theory. Excessive furniture and decorations contribute to the rooms looking smaller and more cluttered—and ultimately distracting potential buyers from seeing themselves living there. A clean, well-maintained, and spacious home is not only more marketable, but can often command a higher price.

If you would like some additional advice that is specific to your Atlanta home, please contact us anytime.

Need to sell your Atlanta / Decatur home?  Ask us for a no-obligation consultation and we will review our marketing plan and help you determine the market value of your home.  

The Atlanta real estate market is still fairly strong, but buyers expectations are on the rise — they expect clean closets, neutral paint colors, and simple furnishings.  Many of the sellers I work with ask me this question before we put their home on the market and my advice varies based on the situation.  If you can answer “YES” to any of the following questions, you may require some staging assistance.

>> Are you in an area with many similar homes on the market?

>> Is your home vacant?

>> Are your bedrooms smaller than average?

>> Does your home have an awkward or unique floorplan?

The primary reason for staging a home is to make it stand out from the crowd… and of course, sell quickly!  If you need assistance with your home, contact me today for a no obligation consultation. 

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