Can I Sell My Home If I’m Behind on My Mortgage By Daniel Bortz Apr 4 2019

If you’re behind on your mortgage payments and don’t see your situation improving, you might be thinking the only way out of this mess is to sell your home. But can you? The short answer is yes—that is, so long as your lender hasn’t foreclosed on your home yet.

Whether or not you can sell your house before foreclosure will depend, first and foremost, on whether your house is worth more or less than what you owe on your mortgage.

If you’ve fallen behind on your loan payments but aren’t underwater yet—meaning the fair market value of your home is greater than what you owe on your home loan—you can sell your house and use the profits to pay back your lender.

You’d find a listing agent, accept an offer, and fulfill any contingencies before closing on the sale. Typically, you don’t need to get your lender’s permission to sell your home this way.

However, if your home is worth less than what you owe on your mortgage, you’ll need to sell your property as a short sale to avoid foreclosure. The caveat is that your bank has to be on board with this kind of transaction.

If you’ve fallen behind on your mortgage payments but would like to stay in your home, there are a couple of ways you can get back on track. You might qualify for a mortgage forbearance, a process where your servicer gives you a temporary break from your mortgage payments. Think of it as an “extended grace period.

Another strategy is to negotiate a loan modification, in which case your mortgage lender agrees to let you change the terms of your loan. However, if you choose to modify your mortgage and your lender allows you to skip payments temporarily, those missed payments will be added to your loan’s principal to pay later—meaning this isn’t a get-out-of-jail-free card that lets you walk away from falling behind on your mortgage unscathed.

For more details an your options if you are behind on your mortgage payments go to bmre.us/hint16.

6 Habits All Successful Home Buyers Have in Common By Margaret Heidenry Jan 3 2019

Here’s a breakdown of home-buying habits to adopt now.  These behaviors are things you can do daily, weekly, monthly, or even just yearly. Taken together, they set you well on the path to homeownership with a minimum of pain and suffering.

1. Daily: Ditch an indulgence or two

• Daily habits you may want to adopt now include eating out less often, cutting the cable bill, canceling (or downgrading) the gym membership, forgoing expensive coffee, and making your own lunch every day

2. Weekly: Make deposits into a ‘home savings’ account

• Get into the habit of depositing a set weekly amount.

3. Weekly: Start attending open houses

• Getting into the habit of attending open houses will not only give you a feel for what homes are available, but seeing homes that could be yours will also help motivate you to save.

4. Monthly: Do a trial run at homeownership

• Owning a home is more than just coming up with a 20% down payment. You also have to be able to pay the mortgage and home maintenance costs.  For one month, set aside the anticipated amount of your monthly housing expenses and what you’d need for an emergency fund. (A good rule of thumb is to save 10% of your mortgage amount every month for maintenance fees. So if your payment is $1,200, sock away $120.) Then see if you can live within your new budget.

5. Monthly: Pay all bills on time

• To qualify for a mortgage at a reasonable interest rate, you’ll need a credit score that is in the 600s at the very least. The best way to keep your score high is to be in the habit of paying every single bill on time. 

6. Yearly: Check your credit report

• To get a free copy of your credit score, go to CreditKarma.com. For your full credit report, available for free once a year, go to AnnualCreditReport.com. Who knows, there may be things on that report you weren’t aware of that are hurting your score—the only way to know and nip these problems in the bud is to check.

To get out of your rental and into your own home check out these tips at bmre.us/tip15.

5 Factors to Consider for When Is the Best Time to Sell Your House By Daniel Bortz May 7 2019

When is the best time to sell your house? Timing can make a big difference in terms of selling your home quickly and for the most cash. But here’s the thing: The rules on pinpointing that best time might not be what you think.

1. Spring isn’t always the best season to sell your house

• Spring home-buying season generally means you’ll have more competition from other home sellers

2. Keep an eye on the local economy

• A home’s value generally increases 3% to 4% a year when the economy is strong, driven by inflation and natural population growth. 

3. Mortgage rates matter, too

• More people buy homes when mortgage rates drop, historic data shows.

4. Wait until your home’s in good shape

• Taking care of leaks, built-in appliances not functioning properly, insect infestations, plus any imminent safety or environmental hazards, is crucial before listing your home.

5. Your personal preparedness is a priority, too

• no amount of timing should eclipse what time is right for you personally, professionally, and otherwise.

For more tips on timing to sell your home go to bmre.us/hint14.

What Does Days on Market Mean and How Buyers Can Take Advantage By Margaret Heidenry Jun 11 2019

In the real estate game, many buyers understand that knowing a home’s days on market (DOM) is absolutely critical intel. Why? Because the number of days a home spends on the market directly affects the price of a home. Plus, this information can be used to the buyer’s benefit to negotiate a lower price. Here’s how!

Days on market’ is the number of days that a property has been listed on the local multiple listing services (MLS) until a seller has accepted an offer and signed a contract.  It can also be referred to as “time on market” or “market time.”

A house that has only been on the market a few days typically means that home could go at the asking price or higher, but a home that has been on the market for a longer period of time, say 187 days, is likely overpriced in most markets.

Buyers and their agents can use days on market as a search filter to identify homes that have been listed for a long time.  

While DOM can indicate sellers who are refusing to budge on their asking price, it can also identify sellers who haven’t received offers and who may be open to a dramatically lower offer. Because the last thing sellers want is for their house to get stale on the market.

To learn how to take advantage of the days on market strategy go to bmre.us/tip13.

5 Questions to Ask Before Selling Your Home and Why Missing Even One Can Cost You Dearly By Daniel Bortz Jul 10 2019

Selling your house is not as simple as just putting it on the market and waiting for offers from eager buyers to roll in. (Ah, if only…) If you have any hope that your sale will go smoothly, you’ll have to sit down, take a hard look at your house, and ask yourself a few questions.

1. Can I afford to sell my house?

• Professional photographs
• Landscaping
• Staging
• Closing costs

2. What do I need to disclose to home buyers?

• Be prepared to disclose some of your home’s flaws

3. Should I hire a home inspector?

• Pre-inspections give sellers the ability to fix problems ahead of time

4. Which areas of my home get the most attention?

• Living room
• Kitchen
• Master Bedroom

5. What do I have to leave behind when my house is sold?

• The law says that anything bolted to the wall or ceiling goes to the buyer unless specifically excluded in the contract.

A lot of thought must go into the decision to sell a home.

The answers to these questions and many more can be found by going to bmre.us/hint11

What Is a Half-Bath Or a Quarter Bath or Three-Quarter Bath for That Matter By Lisa Johnson Mandell Aug 1 2019

Next to the number of bedrooms, the number of bathrooms in a house is a huge selling point. But when perusing home listings, you’ll quickly realize that bathroom math isn’t so simple.  What exactly is a half-bath? Or a quarter-bath, or three-quarter bath, or “full bath” for that matter?

Let’s run through the numbers! Bathroom numbers, that is!

In order for a room to be listed as a “full bath,” it must contain four key fixtures: a toilet, sink, bathtub, and shower (or shower-bath combo).

A half-bath, also known as a powder room or guest bath, has only two of the four main bathroom components—typically a toilet and sink.  Most real estate agents will tell you that adding a half-bath to your home is one of the most profitable home improvements you can make.

A three-quarter bathroom most often has an upright stall shower, a sink, and a toilet. But in older houses or condos, a three-quarter bath might have just a sink, toilet, and tub, but no shower. In this case, the new owner almost always converts it to a full bathroom by installing a shower head over the tub, and enclosing it with a shower curtain. 

And finally, what of the humble quarter-bathroom? A room with just one of the four elements—typically a toilet. Quarter bathrooms are rare for good reason: Who doesn’t want to wash their hands after attending to their business? Another type of quarter-bathroom is just a shower, often located outside by a pool to rinse off.

Each bathroom must be listed separately, because this gives home buyers a better sense of the home’s features—and their options when they simply have to go.  You can go to bmre.us/tip10 for the full story.

Should I Sell My House 6 Signs It’s Time to Move On By Stephanie Booth Jul 10 2019

Ten years is the average amount of time a homeowner stays in a house before a sale, according to the National Association of Realtors®.  Here are some telltale signs it’s time to start looking for the next home and packing your bags (and when you should settle in for the long haul).

1. You know the seller’s market is booming and you want in

2. Because your neighbors just got what for their house?

3. You’re sick of feeling financially stressed

4. You’ve grown—but your home hasn’t

5. You’re over ‘high maintenance’

6. You’ve put at least 5 years into the relationship

Of course, there are no promises that selling will be better for you in the long run. Take your time deciding if you should sell, and then study the local home sales market. Do this with the help of your real estate agent, before you price your home. If you under-price your home, a buyer may snatch it up too cheaply. If you overprice it, the right buyer may pass it by.

Selling your home is, above all, a personal decision. Do what will help you live—if not happily ever after—happily for now.  For a more detailed look at the topic go bmre.us/hint10.

Five Things to Know Before Building A House By Beth DeCarbo Aug 2 2019

Starting. Takes. Forever.

Waiting to break ground was the most frustrating part. It involved three major hurdles: Getting the floor plans approved by the development’s architectural-review committee, which meets monthly. Getting the final contract from the builder. Getting a construction loan from the bank.

Lots of expenses aren’t included in the price of the house.

You may pay $80,000 for the land, not including property taxes and property-owners association fees. Before construction could begin there are some preliminary steps required by the builder and the county where you reside. You might spend $1,400 for a required topographical map and tree inventory; $630 to outline the home’s footprint with stakes and tape; $800 for the architectural review; $3,000 to the development’s road-maintenance fund for wear and tear; $150 for a septic-system permit, and $450 to drill test holes for the septic system. These expenses couldn’t be included in the loan—because you don’t have a loan yet.

There are sneaky ways to save money.

Buying remnants of granite and quartz for the countertops instead of full slabs of stone saves several hundred dollars. You might pay only $100 for a floor-model sink that has been discontinued. You can ask the appliance store manager for a discount on a kitchen-laundry package. And finally, plant much of the landscaping yourselves and save an estimated $5,000.

Asked more questions about cost-savings upfront instead of just pursuing your dream design.  Ask how much you can save if you choose a floor plan with a smaller footprint, but the same square footage? The cost of site prep, cement and roofing would be far less.

For more questions to ask before building a home go to bmre.us/tip9

Staging and Selling a Home With Kids Yes You Can By Larissa Runkle Jul 24 2019

Staging your home is universally acknowledged as one of the most important things you can do to make it appeal to potential buyers. Few expect a home occupied by children to be perfect; that said, it should still adhere to some of the basics of staging, by being clean, inviting, and depersonalized.

It’s psychological. A dirty-feeling house implies nothing is well-maintained—not your appliances, or even the wooden floor concealed by a large area rug.

Find out what’s absolutely essential to normalizing the day to day for the children, and get a storage space to put any overflow.  Remove larger toys that might otherwise dominate the room, like play sets, dollhouses, or that 4,000-piece Lego Death Star set.

The toys you keep are the ones kids play with every day.  Rather than leave them out, get containers and shelving. To maintain organization, it’s important to place the toys back in a manner where it’s easy for the kids to help in the cleanup process.

Labeling the containers, baskets, and bins gives the look a finishing touch but makes it easy for everyone to identify where things go back.  If your kids are too young to read, use pictures instead.

Now isn’t the time for art projects.  Pack up tempting supplies like paint, markers, crayons, and glitter.  

Another good point is to watch what you cook on showing days. Here’s a tip: Skip the waffles and maple syrup for breakfast. In fact, keep any sticky, high-spatter foods off the menu for those days.

Clean [off] fingerprints and sticky handles that people may open, like closet doors, appliances, doorknobs, mirrors, and glass.

It may be a challenge to sell a home with young children living there.  For more details on how to stage and sell a home With Kids go to bmre.us/hint9

4 Ways to Keep Your VA Loan on Track By Veterans United

Pre-approval is a big step in the home-buying process. It shows real estate agents and sellers you’re a serious candidate and gives you a clear sense of your purchasing power.

But VA loan pre-approval isn’t a guarantee.

Work hard to avoid these four pitfalls to help keep your VA loan on track.

1. Slipping up on credit

2. Making major purchases

3. Undergoing big career changes

4. Packing up important documents

The last thing you want is a surprise change that may throw a wrench into your journey to homeownership. So in the end, ask your loan team if there’s anything you’re unsure about.

Want to learn more? Check out our Veterans Guide to Homeownership and get started on your home-buying journey. To get the guide go to bmre.us/valoan 

The One Thing That Can Make or Break How People Feel About Your House By Kelsey Ogletree Jul 31 2019

Considering the time and energy homeowners put toward making their house look great (particularly if they’re trying to sell), many make the critical mistake of neglecting another one of our senses that can be far more powerful: smell.

Even if you’ve decorated or staged your home perfectly, if potential buyers walk in and detect an unpleasant odor, they could skedaddle fast. Good scents, on the other hand, entice them to linger.

It’s often the first thing a person will notice upon entering a space—and it’s one of the things that, when done poorly, can kill a sale, no matter how beautiful the home.

Before considering what options you have for making your home smell amazing, you want to be sure you’re starting fresh. The first step to a good-smelling home is to get rid of any odor.  Make sure to scrub all surfaces, wash all rugs, and have the carpets cleaned. Until this is done, you’ll only be masking smells.

• Scrub down the bathroom
• Freshen the fridge
• Take out the trash
• Get underfoot, clean rugs and floors
• Don an apron, bake some cookies
• Just add soap
• Play with matches
• Focus on essentials
• Raid your laundry room
• Simmer vanilla extract diluted in water on the stove
• Find one neutral, mild scent and let it breathe

The definition of ‘pleasant’ when it comes to the olfactory senses can vary widely from person to person, so it’s best to keep the scent subtle and clean throughout, with a special emphasis on the kitchen and bath.

For a deeper dive into scents that sell homes go to bmre.us/hint8

The 5 Biggest Mistakes Veteran and Military Home Buyers Make By Angela Colley Aug 20 2019

The U.S. Department of Veterans Affairs offers plenty of great programs to help those who have served in the military get a home loan, but the process isn’t foolproof.

Mistake No. 1: Not using a VA-savvy real estate agent.  Save yourself the headache of making an offer on a house that may not get approved, or for which you may not qualify for a VA loan.

Mistake No. 2: Not communicating with your lender.  When you first meet with your lender, be sure to discuss your service member status so you can be informed about all of the potential advantages for veterans.

One of the biggest benefits you’ll get with a VA loan is the ability to buy with a 0% down payment (yes, we’re totally serious).

Mistake No. 3: Forgetting about all upfront home-buying costs.  You’ll likely have to plunk down a bit of cash for things like a home appraisal and inspection.

Mistake No. 4: Not thinking of your home as an investment.  By searching in high-demand areas or choosing a popular home style and size (say, 1,500 to 2,000 square feet), you’ll give yourself a better chance at resale if you need to move later. Or, you can hang on to it and rent it out.

Mistake No. 5: Making other big purchases before closing.  Opening a line of credit or making a big purchase after mortgage approval is a common mistake.  This can oftentimes change the veteran’s credit score and make them ineligible for the loan.

Wait until after closing to make any other financial moves, just to be on the safe side and to keep your loan on track.

For more details on these 5 mistakes to avoid go to bmre.us/tip7