Buying A Foreclosed Property

What's the best advice when searching for foreclosed houses? I'm a first time buyer but looking to stay within my budget.

I recently fielded this question on a popular real estate listing website. It’s a good question. Most people are looking for a "good value. While foreclosures can offer value, one should know that they are sold "as is”. Buying a foreclosed home is a little different from buying a typical resale.  Some loan programs require that repairs done in order for them to loan money on the property. The seller usually wants a pre-approval letter from a lender before accepting an offer. It is for this reason that you know what type of loan you are qualified for before even looking. There often is little, if any, room for negotiation. On the upside, most bank-owned homes are vacant, which can speed up the process of moving in.

In looking specifically for foreclosed properties the first step should be to talk with your local lender to find out how much you can afford. Next is to meet with a Realtor about your wants & needs. I would not only focus on foreclosed properties, but other typical resale properties. Sometimes the repair issues & expenses can out weight\ the list price. Banks aren't necessarily selling foreclosures at fire-sale prices; most are listed at market value.

Check Your Credit Rating

To save yourself some time before going to you lender check your credit score. Credit scores range between 400 and 800. 620 + is considered “good”, 680 + is considered “premium” and may possibly help get you a lower interest rate. Make a list of your current debts, see which ones can easily be eliminated. A $500 a month debt payment (like a credit card or auto loan) could lower the amount of home you can afford by about $83,000! If there’s one essential ingredient for every successful REO, it’s having proof of funds in hand.  All cash is still the preferred option, but loans for REO purchases are on the rise, mostly from hard-money lenders like hedge funds and private investors instead of more conventional sources.

Do Your Homework

You need to know that a bank-owned foreclosure home may be vandalized or stripped by the angry home

owners so it will be sold 'as is'. If something breaks or malfunctions, the current owners will not fix it. Buying a foreclosed home is not for the faint of heart. They often require major repairs. Definitely have an inspection and consult a contractor. A lot of people underestimate how much work the home needs and the cost involved. For properties that have been left vacant for any amount of time, it’s important to check for any plumbing or electrical issues, vandalism, foundation problems, and mold.  Ensure the title is clear and check for any liens — such as builder liens and taxes — that need to be paid off. Don’t expect complete property records. Lenders usually don’t have them and won't work to obtain them. This is public information and usually can be found at a county’s recorder’s office.  Find out how much is owed on the home and make a list of everything that needs to be repaired, with an estimate of costs (add 10 to 20 percent to pad it). Now, you’re ready to make an offer.

Remember the early bird definitely gets the worm in the foreclosure market, if it looks like a great deal, other buyers are undoubtedly looking too.

The 5 Essential Tips For Buying a Foreclosure

1. Get pre-approved for a mortgage.
2. Find an agent who is knowledge about foreclosures.
3. Know how long it takes to sell a home in your price bracket.
4. Study the sale prices of comparable homes in your area.
5. Remember the sale is for the home as is, figure in repair costs.

First Steps in Preparing to Buy a Home

Organize Your Finances

Thinking of buying a home and wondering where do I start?  The first step is to deal with the financial issue. First figure out how much can you afford in a monthly mortgage payment. Although this may seem obvious it is crucial in determining where and what kind of home you will be shopping for. When doing your calculations on this remember to include taxes, homeowners insurance and any other monthly payments attached with the mortgage payment. Also it’s important to include all your expected utilities water/sewer, trash collection, plus the usual. In some cases you may want to pick a lender and get
pre-qualified for a mortgage. A lender will consider your debt-to-income ratio, which is a comparison of your gross (pre-tax) income to housing and non-housing expenses. (Credit card debt, car payments, school loans etc.) A lender will want to know how much cash you have available for a down payment. They will most likely ask for bank statements that go back at least a month or two. If a large amount of cash suddenly on your bank statement they will want to know where the money came from. Lenders frown on borrowing money for a down payment, so be prepared to show proof of any income, inheritance, or gifts.

Make A Must Have & Wish List

Now you know what you can afford, think about how much space you need. Think about what areas of town you might want to live in. Talk to friends and family and drive through some of these neighborhoods during the day and in the evening to get a good sense of what they are like. Based on your spending range you may want to give thought to what features in a home are most important and which ones you would be willing to live without. In making this determination consider your family’s lifestyle, what kind of features fit for your family? Do you need to be close to certain schools, how far of a commute will living in a certain neighborhood involve? What kinds of amenities are you looking for in the home and neighborhood? Establish which things are essential, and which are on your ‘wish list’.

Choose an Excellent Realtor

The next step in home buying is the least talked about, and yet one of the most important, choosing an agent that will represent you. Most likely you will hear friends say they know so-and –so who can recommend an agent who was ‘OK’, just pass on these! Buying a home is one of the most important events in your life, and it can be a stressful process. Given this you want someone who is more than ‘OK’ you want someone who is excellent! So what does an excellent Realtor mean? To keep it simple here are a few pointers in what to look for in obtaining an excellent Realtor.

• A full time professional Realtor. Someone who has extensive work history in the industry. The number of years a person has been in the business does not necessarily reflect the level of service you can expect but it’s a good place to start.
• Do they have any professional awards or professional designations?
• The agent should have past clients that are able to provide a reference on their reliability. Also ask the agent to provide a list of what they've listed and sold in the last year.
•  Is there a team or staff that works with them, such as a personal assistant?
• Do they have their own website with a property search feature?
• They should be very familiar with the area in which you wish to buy.
• They should be willing to show properties other than the company they work for.
• They should have the ability to negotiate effectively on your behalf. Everyone has different styles, but you don’t want an agent who is too shy to press an issue when needed.
• Your agent will want to keep in touch with you daily or weekly to tell you about properties that meet your criteria.

Here a few more tips on getting a good real estate agent to represent you.

• Check with your state's regulatory body to find out if the person is licensed and if there have been any disciplinary actions or complaints.
•    Select an agent with the right credentials. The alphabet soup after the name can be an indication that the person has taken additional classes in a certain specialty of real estate sales. Here's what some of the designations mean:

o   -- CRS (Certified Residential Specialist): Completed additional training in handling residential real estate.

o   -- ABR (Accredited Buyer's Representative): Completed additional education in representing buyers in a transaction.

o   -- SRES (Seniors Real Estate Specialist): Completed training aimed at helping buyers and sellers in the 50-plus age range.

o   If the agent calls himself a Realtor with a capital "R," that means he's a member of the National Association of Realtors.

“The most important thing is that you want an agent who formally pledges to support the code of ethics.”  -  Ron Phipps, past President of the National Association of Realtors, 2011.

Tuesdays Tips

 

Chimney Maintenance

With the recent cold weather here in Savannah fireplaces were in good use. There is nothing better than sitting by the fire, letting the warmth melt away the stress of a day during the cold weather. However with warmer weather right around the corner it is important not to forget about our fireplace. It is a great opportunity to put the chimney at the top of your spring home projects list. The EPA recommends that you have your chimney professionally inspected and cleaned each year or every 60 burns to remove the creosote and keep it in good working condition. This is not an easy DIY job so you may want to consider hiring a professional chimney sweep to tackle this job. This is a very physically demanding job, and a professional really knows what to look for during the inspection.

The annual cleaning and inspection is so important because unseen creosote and soot can buildup in the chimney flue and ignite causing a fire in the chimney. One chimney fire, or a series of chimney fires, can cause unseen structural damage to the chimney and can eventually cause adjacent flammable materials (joists. studs, wall paneling, roofing, wallpaper and mantel) to catch on fire. In

addition to the creosote buildup, there could be cracks or holes that have occurred since the last inspection. These cracks and holes should be repaired as the next fire you build could be dangerous. Sparks generated by the fire could go through the cracks or holes into the surrounding framework and cause a serious house fire.  During the inspection the sweep will look for signs of chimney deterioration, improper draft, blockage, and buildup of soot in the flues. This is when any recommendations will be made for repairs that are necessary for proper maintenance of your chimney.

Even if you have a gas fireplace it’s still important to have your chimney inspected. Today's natural gas systems typically burn clean. The flue rarely needs to be swept. It does however require annual inspections. During the inspection the sweep should check for any blockages in the flue as well as check the integrity of the chimney liner. Old unlined chimneys don't always hold up well to the byproducts, especially the high moisture, emitted from these high efficiency heating systems. While the rush was on to convert homes to energy conserving systems, the chimney was often overlooked.


Don’t forget to maintain the exterior of your chimney. Often vines can grow up the chimney and grow in such a way as to separate the material between the bricks causing cracks that impact not only the structure but the draft. So make sure to keep those vines off the exterior of the chimney.

Make Your Home Appealing to Buyers

As you start to gather up your belongings and pack them away for your move, many sellers question which items they should leave out for buyer appeal. Often the wrong items are left on display; things like family photos, personal keepsakes, and treasured belongings. All of these items should be safely packed away which very often creates open space (a plus for buyers) on shelves, refrigerator doors, and desktops.

Buyers often make a decision within just seconds of seeing your home about whether or not they want to buy it. So picture your home through the eyes of your potential buyers. What do you see in about 10 seconds? When you walk up do you see children’s toys scattered across the front lawn. Do you see overgrown shrubs and weeds? Do you see chipped paint on the front door, a screen that’s torn? Do you spot oil spills on the driveway?

Even answering yes to just one or two of those questions can be damaging and that’s before your potential buyer has entered your home. Sometimes, those seconds are all the buyers need to decide to simply do a "drive by" and not even stop to go inside.

Of course, the goal is to get the buyers inside. To get them to spend time, feel like your home could be their home. But even though that goal is so widespread and common among sellers, somehow the decisions some sellers make are almost completely polar to the goals.

Let’s look at five tips that can make your home appealing to buyers.

1. Something simple like fixing a screen is often overlooked by a seller because it is so simple, yet, just seconds of seeing the ripped screen can cause a negative impact for buyers.
2. Adjust the artwork in your house to be non-personal. No family pictures! Buyers get distracted.
3. Make the kitchen a focal point. Winning over buyers with an appealing kitchen can often convince them that they must have the home.
4. Put the "ah" in the bedroom. The bedroom needs to look like a bedroom. Sounds funny, but many people use their bedroom for other things such as an office or storage.
5. If there isn’t much space, clear the clutter out. Remove excess furniture. It doesn’t matter if you use it. You can walk to another room to get what you need if it means you sell the home faster because it now looks more inviting and spacious.

Making your home more appealing is about seeing your home through the eyes of your potential buyers. When it comes time to go over the offers, you’ll be glad you did.

Home Staging Tips

Let's change the sign in your yard from For Sale to Sold!

Show Your House in the Best Light
When a buyer walks into a nice bright room, they feel happy. And you know what happy buyers do? They make offers! Turn on all lamps and lights to the brightest setting. If you have a 3-way light bulb turn it to the highest watt. All lamps should have at least 100 watt bulbs in them. Remove heavy curtains to let the natural light in.

Create Space in Your Home
Get your furniture off the floor by removing all skirts. Showing the legs of furniture will visually make the room appear larger. Using neutral colors in paint and décor will make rooms seem larger. Add crown molding. It will make the rooms flow and expand the space. Ceiling fans should be the same color as the ceiling as it will make the ceilings seem higher. A darker fan will make the ceiling appear lower. Area rugs need to be proportional to the room size. A large room needs a large rug because a small rug will make the room seem smaller.

Make Your House a Home
Adding plants is a great way to add life to a room, but only if the plants are lush and full. Any old and dreary plants need to be replaced with new ones.

De-Clutter
Removing clutter doesn’t just apply to things on the floor. If you have a lot of pictures, decorative plates, etc. group them on one wall as a focal point and free up wall space. Pots hanging in the kitchen area are a bad idea as it makes the room/ceiling seem smaller and cluttered. Remove items from your kitchen counters like cutting boards, fruit baskets, etc. Also get rid of things in the sink area. No potential buyer wants to see your dirty dish sponge! Buyers will open your drawers and cabinets; clean them out so they can see the space instead of your junk. Buyers associate messy drawers and closets with a poorly maintained home.

Showcase Your Home’s Exterior in its Prime
If selling your home in the winter, make a photo album with photos of the exterior in the springtime

Upgrade the Kitchen
Buyers don’t give you the courtesy of saying they want a new appliance, they simply don’t make an offer on your house. The smartest thing you can do is make your kitchen look fresh and bright. Refrigerator is the least expensive appliance to upgrade and it will make the most impact.

Staging your home is necessary in this competitive market. You want your home to stand out in potential buyers minds as a place they could see themselves living in, not a house that needs work. The effort you put in to making your home look as perfect as possible will be worth the effort.

5 Things Home Buyers Do That Turn Sellers Off (and Kill Deals)

by Tara-Nicholle Nelson

Trulia.com

On today’s market, every savvy seller wants to know what turns buyers off, so they can get their homes sold as quickly as possible, for as much as possible. But buyers, take note – there is a minefield of seller turn-offs you can trigger that hold the potential to keep you from getting the home you want at the best price and terms, or to unnecessarily complicate dealings with your home’s seller.


Lest you think all of today’s sellers are under the gun and will just put up with whatever behavior buyers dish out, be aware that there are still many multiple offer situations in which buyers have to compete with each other to get a home – buyers who trigger these turnoffs tend to lose in those scenarios. Also, avoiding these seller turnoffs can create a transactional environment of cooperation and avoid things turning adversarial. That, in turn, can empower you to score a better price, get extra items you want thrown into the deal, and even negotiate more flexibility around your escrow and move-in timelines – all perks that can make your life easier and your budget go further. For sellers, these turnoffs pose the potential of irritating you out of an otherwise good deal – maybe even the only deal you have! Here’s a few of the most common buyer-perpetuated seller turnoffs, with tips for sellers on how to keep an emotional (and economic) even keel, even if your home’s buyer makes some of these waves:


1. Trash-talking. Trash-talkers are the home buyers who think they’re going to negotiate the list price down by slamming the house, telling the sellers how little it is really worth, how the house across the street sold for nothing, why the school on the corner should make them desperate to give the place away, etc. This strategy never works; in fact, when you attack a seller and their home, you only cause them to be defensive, and think up all the reasons that (a) their home is not what you say it is, and (b) they shouldn’t sell their home to you! Sometimes this happens with buyers who actually love a house and just walk around it fantasizing about all the ways they would customize it to their tastes while a seller is there.


Sellers: avoid being at home while your home is being shown. Buyers: save your commentary for your agent; if you do encounter the seller in person keep your conversation respectful and avoid critiquing the house or the list price.


2. Being unqualified for mortgage financing. When a seller signs a buyer’s offer, most often the seller agrees to effectively pull the home off the market, forgoing other buyers who might be interested. As such, the only thing worse than getting no offers on your home is getting an offer, getting into contract, then having the whole thing fall apart when the buyer’s loan falls through – especially if that could have been predicted or avoided up front.


Sellers: Work with your agent to vet your home’s buyers’ qualifications, including their loan approval, down payment and earnest money deposit – before you sign a contract. It’s not overkill for your agent to call the buyers’ mortgage pro before you sign the contract and get a level of comfort for how robust their qualifications are. Buyers: Get pre-approved. Seriously. And make sure that you don’t buy a car, quit your job, deposit lottery winnings or do any other financial twitchery between the time you get loan approval and the time you close escrow on your home.


3. Making unjustified lowball offers. No one likes to feel like they are being taken advantage of. And sellers generally know the ballpark amount that their home is worth, as well as what they need to sell it for to get their mortgage paid off. Yes – the price you pay for a home should be driven by its fair market value, rather than the seller’s financial needs, and deals are more available in a market like the current one, in which supply so vastly outpaces demand. But just throwing uber-lowball offers out at sellers hoping one will hit the spot is not generally a successful strategy, especially if you really, really want a given property.


Sellers: Don’t get overly emotional about receiving a lowball offer; counter at the price you and your agent decide makes sense based on the total circumstances, including your motivation level, recent comps and the interest/activity level your listing is receiving. Buyers: Work through the similar, nearby homes that have recently sold (a/k/a comparables) before you make an offer to factor the home’s fair market value into your offer price – also factor in how much you want the place, too. Don’t be amazed if you make an offer far below asking, and don’t get a response.


4. Renegotiating mid-stream. Sellers plan their finances, moves and - to some extent – their lives around the purchase price a buyer agrees to pay for their home. If you get into contract to buy a home, find out during inspections that costly repairs need to be made, then propose a lower sale price, repair credit or even actual repairs to the seller, that’s sensible and fair. But if you were aware that the property needed a lot of work before you made an offer on it, then you come back asking for beaucoup bucks’ worth of credit or price reductions midstream, expect the seller to cry foul. And holding the seller up two weeks into the transaction because you caught a case of buyer's remorse? Not cool, and not likely to foster the spirit of cooperation you may need to get your deal closed.


Sellers: avoid mid-stream price renegotiations by having a full set of inspection reports and repair bids at hand when you list your home. Buyers: try to avoid renegotiating the entire deal unless you get some major surprises at your inspections or inflating small repairs to try to justify a major price cut.


5. Misleading or setting the seller up. Remember when we talked about buyer turn-offs? Being misled by listing photos or very fluffy property descriptions was high on the list. The same goes for sellers.Offering way over asking with the plan to hammer the seller for a reduction when the house doesn’t appraise at the purchase price? #LAME Making an as-is offer planning the whole time to come back and ask for every penny ante repair called out by the inspectors? Lame squared.


Sellers: If you get multiple offers and are tempted to take a sky-high one or one that claims to be all cash, consider requesting proof that the buyer has sufficient funds to make up the difference between what you think the home will appraise for and the actual sale price, and statements showing the cash truly exists. Buyers: Don’t be lame. I’m not saying you have to tell the seller exactly what your top dollar is, but making offers with terms designed to intentionally mislead is really, really bad form – and can result in losing the home entirely if and when your bluff gets called.


View original article: http://www.trulia.com/blog/taranelson/2011/03/5_things_buyers_do_that_turn_sellers_off_and_kill_deals?ecampaign=anews&eurl=www.trulia.com%2Fblog%2Ftaranelson%2F2011%2F03%2F5_things_buyers_do_that_turn_sellers_off_and_kill_deals

Clean house: Tips for paying down your mortgage

Published: Friday, 17 Dec 2010 1:56 PM ET
NEW YORK - Don't let your biggest debt run your life. There are ways to trim your monthly costs that will move you closer to a mortgage-free retirement.

PAYING EARLY: Make one extra payment every year and apply the extra cash toward principal.

"That will cut about 8 years off your 30-year fixed loan," said Pava Leyrer, president of Heritage National Mortgage in Michigan.

There are several ways to do this. You can make a full extra payment all at once. Leyrer suggests using your tax refund.

Still, it may be easier to pay throughout the year. For example, if your monthly payment is $1,200, pay $100 each month. Another option: Some banks will deduct half the mortgage payment from your account every two weeks, which adds up to 13 payments a year.

However, a lump sum payment will shave an additional five to six months off the life of the loan, Leyrer said. That's because the amount of interest you pay will decline faster.

A note of caution: Know if your mortgage has a prepayment penalty, generally found on loans before 2008. In some cases, the penalty is only in place for the first few years and may only apply if you pay off a substantial amount (like 20 percent). This will add an extra cost if you refinance and pay down some of your debt, or sell early and pay off your loan. You also should be able to opt out of this penalty, but may see a bump in the interest rate as a result.

SEEK A LOWER RATE: You're probably aware that mortgage rates have been at their lowest level in decades. What does that mean for you as a homeowner? You could possibly shave hundreds of dollars off your monthly payment. The rule of thumb is that refinancing often makes financial sense if you can secure a rate that's one percentage point or more lower than your current loan. You will pay off the closing costs with the savings within a couple of years, and realize greater savings on interest over the life of the loan.

There are other refinancing tricks. Some of Leyrer's clients are choosing to go from a conventional, 30-year fixed loan, to one backed by the Federal Housing Administration that offers an assumability feature. It often has a lower rate, but more importantly, it allows a buyer to take on the loan if the homeowner sells the house.

For homeowners looking to increase their home's value through improvements or repairs, opt for an FHA 203K loan for expenses up to $35,000. It wraps all the loans for the repairs and renovations into the home loan and typically offers a lower rate than a personal loan.

Homeowners with jumbo loans — generally defined as mortgages over $417,000 — should consider seeking a lower rate if they come into some extra cash. These borrowers can pay off some of the loan to reduce their debt below $417,000 and then refinance. They'll be able to qualify for a conventional mortgage and likely have a lower interest rate that can slash hundreds off a monthly payment.

Others should weigh a mortgage with a shorter duration. John Stearns, a banker at American Fidelity Mortgage Service Inc., just refinanced a homeowner who had 29 years left on his 30-year fixed mortgage. The borrower refinanced into a 25-year fixed loan. He's paying $24 more each month, but will save $35,212 in interest.

INSURANCE INS & OUTS: Lenders require private mortgage insurance, or PMI, if a borrower owes more than 80 percent of the home's value. This adds to the monthly mortgage payment.

But don't get stuck paying for longer than you have to. Lenders are only required to cancel PMI when the borrower owes 78 percent of the home's value or less, Stearns noted. But borrowers can get an appraisal to prove they owe less than 80 percent and require the lender to cancel the PMI.

BE TAX SAVVY: Part of the perks of being a homeowner is that mortgage interest payments are tax deductible. To increase your deduction, make your January payment before December 31 of the previous year. That will also add up to 13 payments for the year and the bigger tax refund can be used to get ahead.

View original article: http://www.cnbc.com/id/40720989

Ten Ways to Green Your Home Under Ten Bucks

(and if you don't have ten bucks, five that are free)

By Lloyd Alter
Wed Jan 21, 2009 17:08

Free. Nothing. Nada.
Things you can do that will make a real difference for no money at all.

1.Lower water heater temperature to 120°F
2.Decrease Thermostat temperature by 3°F
3.Wash clothes in cold water
4.Air dry clothes during summer
5.Turn off unneeded lights

Under Ten Bucks
Save Heat

1.Seal your windows with strippable caulk
This is the clear stuff that is designed to peel off when it is time to open the windows again, and seals the gaps that occur at any moving part of a window. This is particularly important if you have old windows where the seals have loosened up a bit.

2.Shrink-wrap your windows
Get the plastic films that tape around your windows and then shrink tight under the heat from a hair dryer. They cut heat loss and are almost invisible. Not suitable for houses with cats, as we found out the hard way.

3.Weatherstrip your doors
A surprising amount of air leaks around them. Just be sure that the door will still close properly; I have added weatherstrip and then had to remove it again as the door just wouldn't close properly with the added foam.

4.Get a snake
Or make your own—a door snake stops draughts from under a door where it is hard to weatherstrip.
5.Get some cheap slippers
Or a hoodie. The easiest way to feel warmer and save energy is to wear more clothing. It also keeps your house cleaner and warmer.

6.Change your furnace filter
The furnace has to work harder to push through all the schmutz that gets caught in your filter if it is doing its job.

Save Water

7.Lose the drips
A dripping faucet can waste 20 gallons of water a day. A leaking toilet can use 90,000 gallons of water in a month. Get out the wrench and change the washers on your sinks and showers, or get new washerless faucets. Keeping your existing equipment well maintained is probably the easiest and cheapest way to start saving water.

8.Add a faucet aerator
Mixing in the air reduces the water consumed. Some aerators have an on/off lever so that you can stop most of the water flow without affecting the temperature, saving even more water.

Save Electricity

9.Get a switched power bar
Plug all your wall-warts into the power strip so that it is easy to turn things off when you are not using them. You can't get them for ten bucks, but there are some very slick power bars out there now.

10.Change a light bulb
Still have any incandescent bulbs lighting your home? Time to change them; they have better color, faster starts and less mercury than ever. Just be sure to recycle them properly!

Original article: http://planetgreen.discovery.com/home-garden/green-home-ten-dollars.html

Three Tips for Selling

Check out this short video from Keller Williams Realty: "3 Tips for Selling." Be sure to visit the Sellers Page of DonCallahan.com for additional resources.

Drama-Free Real Estate: Seller Tip #8

By Tara-Nicholle Nelson, FrontDoor.com Published: 4/14/2009

#8: Get a real estate market reality check. (And kiss fantasyland goodbye.)Walk a mile in the shoes of a prospective buyer for your home. They are out there. And they are well-educated. Today's qualified homebuyers have every piece of data about home prices and sales trends in your neighborhood. They are willing to pay a fair price, but they know how to formulate a fair offer to a degree that previous generations of buyers have never had the ability to do. All the info is just a few keystrokes away! And they have an incredible level of house hunting stamina from having seen so many foreclosed homes with abandoned remodeling projects and ripped out plumbing.

Clueless is as clueless does. So, a buyer is doing their nightly obsessive scouring of the Web listings of homes for sale in their price range in your town, and your listing comes up. What will their first response be? Do they think it's a serious prospect they should mull over? Do they instantly autodial their Realtor to set a first-thing-in-the-morning appointment to see your place? Or do they grab their sides as they roll on the floor in hysterical laughter, wondering what planet the seller is from to think someone would pay that for that place?

Long story short: clueless is a very bad look for a home seller. It's the easiest route to getting lowball offers or no offers at all. In a market like this, you might wish desperately that your home was worth more than it actually is. But check yourself -- wishing it were so doesn't make it so. If you're selling now, you probably really want or need to, so get over yourself and get clued into the realities of your market if you want to get it sold.

When on the Web, do as Web buyers do. Before you ever list your home with a Realtor, spend some time on FrontDoor.com perusing MLS listings the way a prospective buyer would. Check out the other listings in your neighborhood, and do an honest mental comparison of their homes to yours. This will start to give you a reality check on prices and price ranges. Then visit a site like Cyberhomes.com and type in your address to get an estimated value. It will show you the actual sales prices from nearby similar homes that have closed escrow, so you can begin to appreciate the difference between list price and sales price in your area.

Experience the competition, live and in person. Once you are familiar with recent sales prices and you've hired a Realtor, get up close and personal with your competition. Stroll through a few open houses and see what your house is up against, in terms of condition and staging. Then ask your Realtor to analyze the competing listings on the basis of how many days the active, pending and recently sold MLS listings in your area have been on the market. That way, you'll know up front which price points get quick buyer interest and about how long you should wait for an offer before you reduce your price.

Now, get real! Remember that the same buyers who come to see your place will have seen the other active listings too. So price or prep your place to be more attractive than the others. You will eliminate the clueless factor and get buyers to take you seriously when you get a real estate reality check, and let the data drive a fact-based pricing and property preparation strategy.

Do You Know a Homeowner Facing Foreclosure? Here’s A Way Out.

Headlines today are filled with stories about homeowners in financial distress—people who face a lender’s foreclosure on their home.

Millions of American home owners are wondering what to do.

Like most crises, this one has produced its share of rumors and misinformation. One of the biggest ones is “just let it happen." Why fight back, this line of thinking goes. It’s too emotionally draining, and the government’s loan modifications aren’t helping many people. Well, that’s only partly true.
While government loan modification programs have fallen short of the mark so far, there is another solid, sensible option for homeowners. It’s called a short sale—a sale to a buyer where the seller’s lender agrees to accept less than the full amount owned.

Why not be foreclosed? Why sell short? Agents who have closed hundreds of these transactions provide this list of reasons:

• Avoid the foreclosure stigma – Homeowners will always have to disclose that they had a foreclosure on any mortgage application and (many job applications) that they submit in the future. This can have an adverse affect on their future mortgage rates. Foreclosure is asked about specifically in credit inquiries. There is no seven-year time limit on this item.

• Protect credit score – Credit scores will be lowered by 300-plus points (per loan) by foreclosure. The impact of a short sale—about half that much.

• Improve eligibility for a government insured loan – The homeowner will be ineligible for a government insured loan for 5-7 years (only two years in a short sale). A foreclosure is the one credit report item that is almost impossible to have repaired.

• Avoid a deficiency judgment – Lenders can seek a deficiency judgment against the homeowner and collect any amount they do not recover at sale.

• Protect employment prospects – Many employers run credit checks on prospective employees. Foreclosure is one of the top items that will put a potential new hire, or even current employment, in jeopardy.

These are the top reasons, but there are more. An expert short sale specialist agent can give a full picture of the options.

One more tip. Don’t believe everything you read about how long short sales take and how few get finalized. Short sale timelines, while still longer than normal, are shrinking as lenders get their paperwork act together. I am a top short sale agents in your market. I know where to find buyers, and how to negotiate the buyer’s offer effectively with lenders and get the deal closed—so the homeowner can move on with life and recover.

Drama-Free Real Estate: Seller Tip #9

By Tara-Nicholle Nelson, FrontDoor.com

#9: Differentiate your home from the competition.
Between the short sale next door and the foreclosure down the street, it's very tough to demand top dollar for your home when buyers have so many bargains to choose from.

Let's get one thing straight -- this is a competition. When a buyer sees your home, they are choosing between your house and the others on the market in their price range. The home they choose is the winner.

So, how can you spank your home's competition, real estate-style?

Make your house the place to be. Short sales and foreclosures are notorious for skimping on the marketing. So go all out to get neighbors and buyers into your home and talking about it by having an Open House party that highlights the best lifestyle features of your property. If your home has ocean views, throw a twilight cocktail party. If it's a great family home in the best school district in town, have hot dogs, a bounce house and face-painting. Be a little over-the-top, and have your Realtor invite the neighbors and the local buyers' brokers.

Take your staging to the next level. When I show foreclosures to my clients, I generally keep a vat of hand sanitizer in the car and pass it around between properties; that's just how filthy they can be. You can set your house totally apart from the bargain-basement priced competition by making sure it is only shown in immaculate condition. Bathrooms, kitchens, walls and floors should be pristine, and if you can swing new chic paint and flooring choices, that's even better. Stage it with tasteful furnishings and decor that depict the uncluttered, space-maximizing life every buyer wishes they could live, even if it means you have to move out in the meantime!

Use incentives to buy some house hunter love. Any expensive lifestyle amenities that you can leave behind, especially house hunter faves like stainless steel appliances and fireplace-mounted plasma TVs, make good buyer incentives your Realtor can tout in your home's marketing. I've even seen sellers offer to park a new Prius in the garage at closing, you know, so that the new buyer can save on gas to afford their new mortgage! (Do check with your Realtor regarding incentive strategies; some items might not be allowed by the buyer's bank.)

Make your place easier to buy than a short sale or foreclosure. Every homebuyer on the market today knows that doing a deal with the bank can be, how shall we say, less than fun and less than fast. Okay, it can be slow and painful. So, your home's marketing should let the world know that buying your place will be a smooth, easy deal. If you are in the position to offer any seller-financing or other creative deal structures, like a lease-purchase option, even better -- you've just expanded the pool of folks who can qualify to buy your home!

For more drama-free real estate from FrontDoor.com visit http://www.frontdoor.com/sell/Drama-Free-Real-Estate-Guide-Tips-and-Advice-for-Savvy-Home-Buying-Selling-and-Financing-Without-the-Stress/55034

Drama-Free Real Estate: Seller Tip #10

By Tara-Nicholle Nelson, FrontDoor.com

#10: Know your power. Understand what you can do to get your home sold, fast and at top dollar.

So much of the drama of selling a home is the sense of helplessness. It can feel like you're at the whim of the market, prospective buyers and even your local force of Realtors!

Not so -- in fact, you have a huge amount of power to control the outcome of your home selling experience. You actually make the decisions that have the most impact on whether your home sells, how fast it sells and what price you get for it.

It's all about the Benjamins. You and only you get to set the price, and the price is the single most important determinant of how fast and for how much your home sells. Now, look -- you know good and darn well from your own shopping experience -- both real estate and retail -- that a bargain-priced product catches your eye much more quickly than a regular priced product. Everyone wants a deal, so if you want your home to sell quickly, either price it lower than the similar houses on the market or make sure it is tricked out in features that buyers care about to warrant a premium price. The more buyers you lure into your house, statistically-speaking, the higher the price you'll get for it. If you price your home low, you'll get more buyers in it and maybe even get multiple offers. Yep, it happens -- even in this market, but it usually happens to great homes listed at low prices.

Conditional love. You get to choose what you are putting on the market: a contractor's special, a cosmetic fixer or a Pottery Barn-chic casa in move-in condition. If your home is in really bad shape, it's probably not cost- or time-effective to fix it for sale. But if it has one major issue that you can afford to fix, like replacing the roof or trading out the rotten windows with dual-paned, it might just be worth the effort. Talk to your Realtor first about how the repair might get you more money or help you get the place sold at all!

If your home has lots of little handyman projects that need to be fixed -- a hinky bathroom exhaust fan that sounds like a lawnmower; scuff-marked walls; or grungy, old-school cabinet hardware -- get them done! Homes that are almost "there" are the easiest ones to get some big upside out of a good sprucing up. But do interface with your Realtor on this, and coordinate your spruce up with her staging strategy.

To market, to market. You control how your home is marketed, because you pick your listing agent! Be smart and pick one with a strong marketing plan that has demonstrated success attracting buyers in your area. And don't ever mentally check out of the marketing process. Until your home is sold, go online periodically and have a look-see at how your home is being presented to web-surfing house hunters. If you don't like what you see, take it up with your Realtor. They aim to please and will usually work with you to tweak your home's marketing pieces till they reflect your home in as good a light as possible without using pics of someone else's house!

See, you have a lot more power over the sale of your home than you thought. Wield it wisely!

Top 10 Home Selling Mistakes That Can Cost You

Avoid these common slipups to sell your home fast and for top dollar
By Shannon Petrie, FrontDoor.com Published: 8/20/2009

Mistake #10: Waiting until spring to sell
Sure, spring is traditionally the busiest time for real estate sales, but people buy homes 365 days a year. Plus, off-peak season buyers tend to be more serious, and fewer homes on the market means less competition for sellers.

Don't be daunted by the thought of selling during the summer, winter or fall. Instead, draw in buyers by playing up your home's seasonal amenities.

Mistake #9: Not understanding the terms of your real estate contract
Real estate contracts can be complex and confusing, but don't let the fine print scare you. Before accepting a buyer's offer and entering into a formal agreement, review the contract carefully with your real estate agent or attorney.

Understand the buyer's requests and know what your responsibilities are as a seller. Can the home be sold as-is, or do you have to make repairs? What's included in the sale (i.e., appliances, furniture, fixtures)? What contingencies are included?

Mistake #8: Going it alone without researching first
Faced with the prospect of forking over a hefty sales commission, you may find the FSBO route pretty tempting. But remember, selling a home sans real estate agent means dealing with mounds of paperwork, marketing and showings.

Before you sell your home by yourself, do your research to make sure you're up for the task. At the very least, you may want to hire a real estate attorney to look over the details of the deal.

Mistake #7: Ignoring lowball offers
Many home sellers in today's market need a reality check. Just because your neighbor sold for X amount five years ago, things have changed, and you can't expect to get the same amount for your home today.

If you receive an offer you think is too low, repress the impulse to feel insulted and reject the offer completely. Instead, make a counteroffer and see if the buyer is willing to negotiate. You may be able to settle on a price -- and terms -- that you're both satisfied with.

Mistake #6: Wasting time on an unqualified buyer
Today's mortgage borrowers face stricter lending standards, so it's crucial you check out the potential buyer's qualifications. The last thing you want is a buyer whose financing falls through mere days before closing.

Before accepting an offer, make sure the buyer has been pre-approved for a loan, not just pre-qualified. Also, don't compare offers based solely on price: A buyer who is putting 20 percent down is more likely to close than someone scraping in at the 3.5 percent minimum.

TIP: Protect yourself by having a backup offer or two in place. That way, you won't have to put your house back on the market if the first buyer fails to close.

Mistake #5: Skimping on marketing
In the past, an ad in the paper and a sign in the front yard might have led to a successful home sale. But today, you'll need a broader marketing strategy if you want buyers to notice your home.

Ninety percent of today's buyers start their home searches on the Web, so it's important to have an impressive online listing with plenty of high-quality photos and video. The more exposure your home gets, the better, so don't limit yourself when it comes to marketing. Pairing traditional advertising techniques with innovative methods is the most effective strategy.

Mistake #4: Sabotaging the showing
When touring a house for sale, buyers need to be able to focus, evaluate and determine if the home is right for them. The last thing they need is an overeager seller following them around and pointing out new kitchen appliances and recently renovated bathrooms. So give buyers some space!

During an open house or home tour, take a drive or a walk around the neighborhood, or confine yourself to one room if you absolutely have to stay home.

Also, give buyers enough access to see your home. An hour during the week and a Sunday Open House may not accommodate many buyers' schedules. Consider extending your showing hours or using a lockbox so agents can access the house when you're not available.

Mistake #3: Not prepping your home for sale
With the huge inventory of homes on the market, today's homebuyer can afford to be choosy. That means you've got a lot of competition and limited attention, so a clean, uncluttered and updated home is a must.

Depending on your budget and time frame, you'll either want to make simple fixes (repairing things that are broken or giving your walls a fresh coat of paint) or invest in large upgrades (new kitchen counters or new windows).

Once you've made fixes and upgrades, you must clean, clean, clean. Dirty homes get lowball offers or none at all. Staging, the process of de-cluttering and dressing up your home to make it appealing to buyers, is also key.

Before you begin your pre-sale preparation, visit open houses in your neighborhood to get a feel for your competition. This will give you an idea of what improvements will be necessary to put your home in the same league as others in the area.

Mistake #2: Over-improving
It's easy to get caught up in a home improvement project, especially if you think it'll add value to your home. But be careful that you don't over-improve for your house and neighborhood, especially if you expect to recoup your investment.

For instance, if you live in a neighborhood where all the houses have modest kitchens, you won't get your money back at resale if you put in granite countertops and Viking appliances.

In other words, keep up with the Joneses -- not outdo them. Don't try to make your home the most expensive house on the block with major upgrades -- you'll never recoup those expenses. Instead, stick to improvements that put your home on par with other homes in the neighborhood. That way, you bring out the best in your home, without going overboard.

Mistake #1: Overpricing
You obviously want to get the highest possible price for your home, but you won't be doing yourself any favors if you price your home higher than the comps, i.e. the comparable homes in your area with similar square footage, construction, age and condition that sold recently or are currently on the market.

Serious buyers are well-informed and will instantly dismiss your property if they believe it's overpriced. (Hence, all the price reductions in today's market.)

On the other hand, pricing competitively (read: lower than similar homes in your area) will spark lots of interest in your home and could lead to multiple offers -- and, ultimately, a higher sales price.

From FrontDoor.com. View original article: http://www.frontdoor.com/Sell/Top-10-Home-Selling-Mistakes-That-Can-Cost-You/55225/p1

Frugal Tips to Make a Home More Appealing

Homeowners who want to sell but don’t have a lot of cash to spruce up their properties might consider these tips from Bankrate.com for upgrading a property without spending a fortune.

Polish up the kitchen. Add new cabinet door handles, replace lighting and update the faucet set. Unless the cabinets are mica, give them a fresh coat of paint. Order new doors for kitchen appliances.

Tidy up the bath. Replace the toilet seat. Clean up the floor with vinyl tiles or sheet vinyl applied over the old floor. Re-grout the tub and, if the tub is dingy, add a new prefabricated tub and shower surround.

Paint the walls.

Add closet systems to all the bedrooms, pantry, and entry closets.

Hire a plumber and an electrician to fix anything that is loose or that leaks.

Clean the carpets or, if they are worn, cover them with area rugs.

Replace ceiling lights with inexpensive but attractive fixtures.

Refinish or repaint the front door and replace the hardware.

Mow the lawn, edge the sidewalks, mulch all the beds and put two big planters at either side of the front door.

Source: Bankrate.com (07/14/2010)

View article on Realtor.org.

8 Steps to Buying a Home

Looking for a new home can be an exciting and challenging experience. Having a real estate professional that takes the time to understand your unique needs and lifestyle is important.

Following this link to visit the Keller Williams 8 Steps to Buying a Home guide.

How to Choose a Great Listing Agent

Ask these 10 questions to find the best professional to sell your property

The world is full of people who sell real estate. Some of them are smart, efficient, focused, versatile and willing to go the extra mile. And some of them aren't.

Finding an agent who will sell your home using a range of marketing tools to get you the best deal possible in a reasonable amount of time, all while charging a fair rate, takes some effort. Interview at least three candidates before you sign a contract.

Here, are 10 questions you really want to ask so you can identify the best real estate agent to sell your property.

1. How much? Ask potential agents how much they think they can sell your home for. If two agents say $275,000 and the third says $325,000, think hard. It's likely the high bid is an exaggeration to attract your business. In the end, you'll be the one who pays because the high price will scare away potential buyers.

2. How will you market it? Running a few classified ads in the local paper, listing it on the Internet and holding an open house shouldn't be the only answers. The practitioner should have an extensive internet reach.

3. How has your business changed in the last five years? If she doesn't talk about website tours and smart phones, chances are this is not a highly wired agent. And you may cut yourself off from opportunities.

4. Tell me how your last two deals surprised you? Every agent has a success story, but this question will give you a much better feel for what this practitioner is like as a salesperson.

5. What's your specialty? If you're selling a starter home in a community full of young families, hiring an agent who specializes in seniors is probably a bad idea. It doesn't mean that if he only sells condos that he can't sell a house, but he may not be geared up to do the best job.

6. How many people are you selling homes for right now and what are you doing for them? It may not be a bad thing that a high-powered agent is juggling 15 homes, but don't expert her to give you personal service, although her assistant should be attentive. On the other hand, be wary of an agent with no other customers because she may lack experience and contacts.

7. What do you expect of me? A good salesperson will have expectations. He may want you to leave and take the dog when the house is shown, paint the garage, move some furniture around and scrub the tile in the bathroom. It shows that he can think like a buyer and that's a good thing.

8. What advice would you have for me if I get an offer from a buyer who wants to use an FHA loan? FHA, VA, State and locally managed loan assistance programs can be key to selling a property. Real estate agents shouldn't be pushing buyers toward their favorite lenders, but they should be able to help them and you wade through complex financing issues.

9. What's your fee? Discount agents offer discount services. Be sure you get what you pay for.

10. Can I talk to one of your previous clients? You never know.

from FrontDoor.com

7 tips for picking a real estate agent

by Dana Dratch
updated 6/22/2010 9:33:34 AM ET

Ever wish you could see through the hype to hire the best real estate agent for buying or selling your home?

When it comes to choosing real estate agents, "we don't have the information that we have about other service professionals," says Stephen Brobeck, executive director of the Consumer Federation of America, in Washington, D.C.

However, there are things you can do to pull back the curtain and accurately assess a real estate agent's past performance and potential success with your home. Whether you're the buyer or the seller, here are seven ways you can find out more about your agent before you hire.

1. Talk with recent clients
Ask agents to provide a list of what they've listed and sold in the last year, with contact information, says Ron Phipps, president-elect of the Chicago-based National Association of Realtors. Before you start calling the names, ask the agent if anyone will be "particularly pleased or particularly disappointed," he says.

With past clients, "I'd like to know what the asking price was and then what the sales price was," says William Poorvu, professor emeritus at Harvard Business School and co-author of "The Real Estate Game: The Intelligent Guide to Decision-making and Investment."

And, if you're the seller, ask if these past properties are similar to yours in price, location and other salient features, Poorvu says. What you want is someone who specializes in exactly what you're selling.

Another good question for sellers is: How long has the home been on the market?

2. Look up the licensingStates will have boards that license and discipline real estate agents in those states, says Phipps. Check with your state's regulatory body to find out if the person is licensed and if there have been any disciplinary actions or complaints.

Some states, including Virginia, Arizona and California, put the information into online databases that consumers can search. "But I think very few people do," says Robert Irwin, author of "Tips & Traps When Buying a Home."

3. Pick a winnerPeer-given awards count, says Phipps. One that really means something is the "Realtor of the Year" designation awarded by the state or local branch of the National Association of Realtors.

"These agents are the best as judged by their peers," he says. "That's a huge endorsement."

4. Select an agent with the right credentialsJust as doctors specialize, so do real estate agents. And even generalists will get additional training in some areas. So that alphabet soup after the name can be an indication that the person has taken additional classes in a certain specialty of real estate sales. Here's what some of the designations mean:

•CRS (Certified Residential Specialist): Completed additional training in handling residential real estate.
•ABR (Accredited Buyer's Representative): Completed additional education in representing buyers in a transaction.
•SRES (Seniors Real Estate Specialist): Completed training aimed at helping buyers and sellers in the 50-plus age range.

If the agent calls himself a Realtor with a capital "R," that means he's a member of the National Association of Realtors. By hiring a Realtor, "the most important thing you get is an agent who formally pledges to support the code of ethics," says Phipps.

Five years ago, one-third of real estate licensees were Realtors, he says. "Now, it's half."

5. Research how long the agent has been in businessYou can often find out how long the agent has been selling real estate from the state licensing authority. Or, you can just ask the agent.

"If they haven't been in business five years, they're learning on you and that's not good," says Irwin.

Ultimately, what you're looking for is someone who is actively engaged in a particular area and price range, says Phipps. You'll want to know what knowledge of those two factors they can demonstrate and "what kind of market presence they have," he says.

6. Look at their current listingsCheck out an agent's listings online, says Brobeck. Two places to look are the agency's own site and Realtor.com, a website that compiles properties in the Multiple Listing Service into a searchable online database.

Most buyers start their search on the Internet, and you want an agent who uses that tool effectively. "A key thing is an attractive presentation on the Web," says Brobeck.

You also can look at how closely the agent's listings mirror the property you want to buy or sell. Are they in the same area? Is the price range similar? And does the agent have enough listings to indicate a healthy business but not so many that you'd just be a number?

7. Ask about other houses for sale nearby
A good agent should know about other available area properties "off the top of his head," says Irwin, who wrote "Tips & Traps When Buying a Home." Mention a house in your area that's sold recently or is for sale. If the agent knows the property and can give you a few details, that means he or she really knows your area, he says. Says Irwin: "You want someone like that who's on top of the market."

© 2010 Bankrate.com
View the original article here: http://www.msnbc.msn.com/id/36786169/ns/business-real_estate/

7 Home Maintenance Tips for Spring

Wake your home from winter hibernation

Paul Bianchina
Inman News

It's starting to warm up a bit and your home is coming out of its winter hibernation. Winter plays havoc on houses, and spring should be a time to toss on some shorts and take a walk around your house to get that spring chore list in order. Here are few additional areas to pay attention to:

Decks

Wood decks can take a real beating during the winter. Make a slow and thorough examination of deck boards, railings, posts, stairs and other structural members. Look for loose fasteners, cracks, dry rot, or other damage. Tighten or replace the bolts that hold the railings in place to ensure a sturdy railing system. Remove loose nails from decking boards -- hammering them back in won't do any good -- and replace them with weather-resistant decking screws that are made for that purpose. Use a screw that's longer than the original nail.

Sprinklers

Permanent, in-ground sprinklers are great, as long as they're properly adjusted. Run each set of sprinklers through a cycle, and watch how and where the water is hitting. Adjust or replace any sprinklers that are hitting your siding, washing out loose soil areas, spraying over foundation vents, or in any other way wetting areas on and around your house that shouldn't be getting wet.
Fans and air conditioners

Spring is a great time to check all of your exhaust fans, cooling fans and air conditioners. Check dampers for smooth operation. Remove interior fan covers, and wash in mild soapy water. Clean dust and debris from inside the fan unit using a shop vacuum -- do not operate the fan with the cover removed.

Check the roof or wall caps where the fan ducts terminate to make sure they are undamaged and well sealed. Check the dryer vent hose and cap for damage or loose connections, and clean out lint buildup. Check outdoor central-air-conditioning units for damage or debris buildup. Clean and check window or wall air conditioners, especially the filters.

Vent blocks and outdoor faucets

As soon as you're comfortable that the danger of winter freezing is over, remove foundation vent blocks or open vent covers to allow air circulation in the crawlspace. While removing the vent covers, check the grade level around the foundation vents. Winter weather can move soil and create buildups or grade problems that will allow ground water to drain through the vents into the crawlspace, so re-grade as necessary. Remove outdoor faucet covers. Turn on the water supply to outdoor faucets if it's been shut off.

Fences and gates

Fence posts are especially susceptible to ground water saturation, and will loosen up and tilt if the soil around them gets soaked too deeply. Check fence posts in various areas by wiggling them to see how solidly embedded they are. If any are loose, wait until the surrounding soil has dried out from winter's rains, then excavate around the bottom of the posts and pour additional concrete to stabilize them.

House numbers

Can someone find your house easily, especially in the dark? Spring is a great time to check that your house numbers are clearly visible from the street, that they are painted a contrasting color from whatever surface they are mounted on, that they are somehow hit by exterior lighting at night, and that they are not obscured by overgrown foliage.

Smoke detectors

As always when it's time to change the clocks, you want to check your smoke detectors. Replace the batteries, clean the covers, and test the detector's operation before it's too late. If you have gas-fired appliances in the house, including a water heater, now is also a great time to consider adding a carbon monoxide detector. Carbon monoxide detectors are inexpensive and easy to install, and are available at most home centers and other retailers of electrical parts and supplies.

***
From InmanNews.com

"10 Tips for Settling Into Your New Home"

10 Tips for Settling Into Your New Home
By Shannon Petrie, FrontDoor.com Published: 11/17/2009

Shortly after buying a new home, you may feel too overwhelmed with moving boxes and bubble wrap to focus on anything other than getting your stuff from point A to point B. Besides ensuring a smooth moving process, there are several other things you need to take care of as you're getting settled into your home. While you're unpacking, make sure you handle these post-purchase musts:

1. Fill out a change of address form. Visit the local post office or go to the United States Postal Service website to complete an official change of address form. For banks and financial companies, contact them directly to let them know you've moved.

2. Transfer your utilities and services. Change electricity, gas, water, cable, phone and Internet to your new address. Most utilities let you sign up for service or change your existing service online, or you can use websites that let you hook up all of your utilities online, such as WhiteFence.com.

3. Secure your home. The previous homeowner's friends and family could have copies of your home's keys, so call a locksmith and have all the outside door locks changed. Also, change the garage door opener codes.

4. Check safety features. Make sure the home's smoke and carbon monoxide detectors have batteries, check the expiration dates on fire extinguishers and make sure all safety devices are in working order.

5. Get to know your home. Find the home's main circuit breaker and make sure it's clearly labeled so you know which breaker turns off which area. Also, find the home's water shutoffs.

6. Map out the area. Take a drive or a walk around the neighborhood to find the nearest grocery store, gas station, bank, hospital and post office.

7. Make it your own. Create a vision for how you'd like to turn your new house into your home. You can start by making simple repairs, painting and adding decorative accessories. Read 5 Fast Ways to Make Your New House a Home for ideas. Also, get a basic set of tools and stock up on cleaning supplies.

8. Review HOA rules. We hope you already did this before you bought your home, but it never hurts to refresh your memory. Homeowners associations often have very strict rules on what changes you can and cannot make to your property, so brush up on them to avoid fines. If your community provides trash or recycling pickup, learn the schedule for these services.

9. Meet the neighbors. Your neighbors can keep an eye on your home when you're away, so introduce yourself to establish a good rapport.

10. Relax. You've survived the home-buying process, so the hardest part is over. Store your closing documents in a safe place. Take a deep breath, and enjoy the feeling of being a new homeowner!

From www.FrontDoor.com