Stephanie Payab's Blog
What Is A Foreclosure?
A foreclosure is what happens when a property owner cannot make the required monthly mortgage payments for the property loan. This lapse in payment leads to the property being seized and then sold by the bank to make up for the loan deficit.
During the process of foreclosure, the homeowner does have the opportunity to make the loan current and avoid giving up their property.
When mortgage payments have been missed for 3-6 months, the lender will order what is called a Notice Of Default (NOD). This is the official notice that the homeowner is facing foreclosure. This notice begins the reinstatement period where the homeowner has the opportunity to make his account current. This period lasts up to about 5 days before the home is auctioned off.
If the defaulted loan is not corrected within 3 months, then a foreclosure state is established. At this point, a notice of sale will be given to the homeowner and it will also be posted on the property as an official document. The sale of the home is “advertised” in local news sources, typically over a three-week period.
Where The Sale Occurs
The sale of the foreclosed home usually occurs at the local county courthouse where the property is located. The details of the sale are located on the Notice Of Sale document. The sale is conducted as an auction in public, given to the highest bidder. A cash deposit must be made up front and the remainder of the price must typically be paid within 24 hours. The winner of the auction receives the deed to the property.
With a foreclosure auction, the opening bid is set by the lender. This starting number is usually equal to whatever the outstanding loan balance is including the interest and additional fees including attorney’s fees. If there are no bids higher than the opening bid, the property is purchased by the lender via the lender’s attorney. This makes the property known as “Real Estate Owned.”
Problems With Buying Foreclosures
One thing to be aware of when you’re considering buying a foreclosure is that the amount owed on the property can actually be more than the property itself is worth. Any liens excluding property taxes are typically voided at the time of purchase of a foreclosure, which is a slight bonus to a buyer.
The other issue with buying a foreclosed property is that you need quite a bit of cash up front in order to purchase the property. This is why buying a foreclosure may not be for everyone.
While no one wants to face losing their own property to foreclosure, getting a foreclosure notice isn’t the end of the road for homeowners. You’ll still have a few chances to make things right. If you’re looking to buy a foreclosed property, you really need to understand the ins and outs of what you’re getting yourself into before you make a bid.
Kitchens have become the new hip gathering spot in the home. With open floor plans, kitchens are combining the cooking, dining, and hanging out areas of your home and meshing them into one big room. Counters and islands have become tables, trading for fancy dining tables. People tend to congregate in the kitchen, allowing it to be the center of food, fun, and conversation. How can you make your kitchen ultra inviting? Below, you’ll find a few tips to help bring your kitchen to a new level of trendy.
Bright, Attractive Cabinets
Cabinets are one of the focal points of the kitchen. If you have bright cabinets, it attracts people to the room. The type of cabinets that you have also establish the type of style that you’re looking to create in the kitchen and possibly throughout your home. You’ll want to work the entire color palette of your kitchen around the color and style of your cabinets. As a bonus, good cabinets equal good storage. If your kitchen is organized, you’ll feel a lot happier and at ease in the room as well.
Kitchens are becoming increasingly technological. From smart, energy efficient appliances, to features of the kitchen that you can control with your smartphone, a kitchen can truly have it all. This makes entertaining a breeze. You could even get dinner going before you ever leave work! All of the new technologies that are being introduced surely make life much easier.
The type of lighting that you employ in the kitchen can set the tone for the whole room. Not only do you need good task lighting, but ambient lighting is important as well in order to attract guests to the main gathering place of the house. Whatever vibe you want your kitchen to give off works with the lighting that’s available. The kitchen certainly should never be a dark room. Consider the safety factor that’s needed in the room, then realize just how inviting a room is that is bright and airy. It’s important to plan out your lighting scheme accordingly when it comes to your kitchen.
One thing you’ll want plenty of in your kitchen is storage. This helps to reduce clutter, increase organization and makes entertaining an easier undertaking. Guests will feel more welcome as there will be ample room to sit and hang out while prepping and cooking are going on.
It seems that trends in kitchens are always changing, however, many things remain constant. The need for a clean and organized gathering area in your home will never go away.
When you stop and think about it, there are quite a few money-saving opportunities out there that you may not be taking advantage of.
Here are a few ideas worth considering:
- Automobile Insurance: If you haven't touched base with your insurance agent in a few years, it might pay to call or email them to review your policy. Until you ask, you never know what kind of insurance discounts you may be eligible for. For example, savings can often be obtained by taking a defensive drivers' course, purchasing your automobile and homeowners' insurance from one agency, commuting a shorter distance to work or telecommuting, or simply having a safe driving record. In some cases, you could save a chunk of money by shopping around and switching to a less expensive insurance provider.
- Cell phone services: Make sure the cell phone service plan you have is competitive and geared to your needs and data usage patterns. With at least four major service providers to choose from (Sprint, AT&T, Verizon, and T-Mobile), it make sense to do some comparative research to make informed choices regarding prices, features, time commitments, and services. Checking out online reviews and comparing notes with friends, family, and coworkers about cell phone services can also help you save money.
- Credit cards: If you're like many people, you probably get inundated with credit card offers, every week. Since it's such a competitive industry, some credit card offers are clearly better than others. While the most prudent approach is to limit your credit card use as much as possible, it also makes sense to seek out the best deals, the lowest interest rates, and the most favorable terms. Assuming your credit card payments are up to date and you've maintained a good credit history, it's often possible to negotiate a lower interest rate on your current credit cards, too. That alone could make it easier to pay off your balance and save money.
- Contractors: Whether you're considering remodeling your bathroom, replacing your roof, updating your kitchen, painting or re-siding your house, waterproofing your basement, or building a backyard deck, prices can vary widely from one contractor to the next. While it's important to hire a contractor who's experienced, honest, insured, easy to work with, and dependable, there's no reason to pay exorbitant prices for good quality work. Getting at least three price estimates on projects around the house is generally a good way to ensure you're not getting overcharged. Online reviews and personal recommendations from relatives, friends, and neighbors can often point you in the direction of a good residential contractor.
After you accept a homebuyer's offer on your residence, he or she likely will complete a home inspection. Then, the homebuyer may choose to move forward with the home purchase, rescind or modify his or her offer or ask the home seller to complete home improvements.
Ultimately, a home seller is likely to have many questions following a home inspection, including:
1. What did the homebuyer discover during the home inspection?
As a home seller, it is important to do everything possible to enhance your residence before you add it to the real estate market. By doing so, you can boost your chances of generating substantial interest in your house. Plus, when a homebuyer performs a home inspection, he or she is unlikely to find any problems that may slow down the home selling process.
An informed home seller may conduct a home appraisal prior to listing his or her house on the real estate market. This appraisal enables a home seller to identify potential trouble areas within a residence and explore ways to address such problems.
If you failed to perform a home appraisal, there is no need to worry. For home sellers, it is important to see a home inspection as a learning opportunity. And if a homebuyer identifies problems with your residence during a home inspection, you should try to work with him or her to resolve these issues.
2. Should I stand my ground after a home inspection?
Be realistic after a home inspection, and you'll be able to make the best decision about how to proceed.
For example, a home seller who goes above and beyond the call of duty may address major home problems prior to listing his or her house on the real estate market. This home seller will dedicate the necessary time and resources to correct home problems and ensure a homebuyer is able to purchase a top-notch residence.
But what happens if a homebuyer identifies problems during a home inspection, despite the fact that a home seller already tried to correct various home issues?
A home seller should consider the homebuyer's inspection report findings closely. If minor home repairs are needed, he or she may be able to fix these problems to move forward with a home sale. Or, if a homebuyer is making exorbitant demands, a home seller may feel comfortable allowing the homebuyer to walk away from a home sale.
3. How should I proceed after a home inspection?
A home inspection can be stressful for both a home seller and a homebuyer. After the home inspection is completed, both parties will be better equipped than ever before to make informed decisions.
If a homebuyer encounters many problems with a residence, he or she will let the home seller know about these issues. Then, a home seller can complete assorted home repairs, offer a discounted price on a home or refuse to perform the requested home maintenance.
Working with a real estate agent is ideal for a home seller, particularly when it comes to home inspections. A real estate agent will negotiate with a homebuyer on your behalf and ensure you streamline the home selling process.
Why minimalism?If you're the type of person who lives in a "well-organized mess" and is able to function highly in this environment, maybe you don't need to strip things down. Or, if you feel the most comfortable in a busy room and are able to get more work done this way, maybe the busy and cozy office environment works for you. However, the majority of people don't fit that description. We tend to do our best work when we have only the necessities at had. Having a minimal home office has numerous benefits. Aside from helping you focus and adding a spacious, pleasant atmosphere to the room, minimalism can help your room look more updated and modern (increasing the value of your home), and can help you save money once you start making only the most useful purchases for your home office.
Your office as a workshopIf you work on cars in your garage and nothing else, you'll probably only want to fill your garage with the right tools for the job. This is also true for your home office. We have a tendency of putting old and extra furniture and decorations from our house into the less frequented rooms, like a home office. Look around your office. Has it become a storage room for old pillows, lamps, or furniture? If so, this is your chance to get rid of some items to clear up the room. Unlike your garage, the tools for the job needed in your home office have been extremely cut down thanks to technology. Among the items that laptops and smartphones have made obsolete:
- filing cabinets--Google Drive and Dropbox can securely store all your documents
- calculators--your phone and laptop have these
- hole punches
- landline telephones
- bulletin boards
- desktop calendars and planners
Minimal decoratingSince simple living and minimalism are current trends there are a range of resources available to you when looking to revamp your home office. Some decorating tips to help you along the way:
- Shop modular. Modular furniture from stores like IKEA and VITSOE are great space savers.
- Keep your surfaces clear. Avoid the urge to cover your desk with items. That goes for tables, floors, walls, and ceilings as well.
- Think about color. Using bright colors for your walls and ceiling will make your room feel more spacious and minimal.
- Nature is your friend. Natural light and one or two plants will compliment any minimal space.