As the subprime mortgage meltdown sends delinquencies soaring, up to 1.2 million homeowners could lose their homes this year. But in some cases, that doesn’t have to happen. As this scandal has unfolded, lenders have said repeatedly that they don’t want to foreclose on homes. They generally don’t make money by taking over a delinquent owner’s property, so it’s a losing proposition that they consider to be a last resort. Every time his bank forecloses on a homeowner, it costs an average of $40,000. Lenders would prefer to help delinquent borrowers get back on track, and they have many options at their disposal to do so. Read more

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An attractive laundry room can make the difference between a house that sits on the market and one that sells, says Sid Davis, author of Home Makeovers that Sell (AMACOM, 2007).“It’s the wow factor that gets you full price for a home,” he says.

Here are some tips that Davis and interior designer Jackie Terrell say work:
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If you’re among the many homeowners now straining under the weight of a too-big housing payment, you’re not doing yourself any favors by ignoring the problem. “If you are shortchanging other goals, such as saving for retirement, that’s a sign it might be time to rethink what you are doing,” says Bobbie Munroe, a financial planner in Atlanta. Instead, try the following strategies to avoid having your home wreck your finances: Read more

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Ceramic tile in shades of green, yellow, blue, or pink, often outlined in black, was all the rage in 1957. But it’s 2007 — and these days, those color schemes don’t look so hot.

Home owners and potential buyers have several options to either rid themselves of an old-fashioned bathroom or modernize its outdated look, including:

• Rip it out and replace it. This is the most expensive option — and often it’s harder than it looks. Those old tiles were set in a thick mortar base and getting rid of it can be an ordeal. Read more

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We think it’s far too soon to get excited - all the commentators who are pointing to falling energy prices should bear in mind that oil is still loitering around the $60 a barrel mark - it might have fallen out of the headlines for now, but there’s still plenty of reason to believe it will be higher by the end of the year.But in any case, a recent letter to one of the newspapers shows that interest rates are already high enough to be causing problems for the buy-to-let investor…

There was a fascinating piece on the thisismoney.co.uk website earlier this week, from an amateur landlord asking for advice. The individual wrote in about a buy-to-let property which they had bought three years previously with an interest-only mortgage of £230,000. Read more

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Whether the sellers have already moved out of their home, or if they’re just on a spring break vacation, it’s always smart to make a vacant home look like it’s lived-in. After all, empty homes are easy targets for theives and other criminals.

The Florida Association of REALTORS® offers this advice for making a home look like it’s occupied:

• Install timers on interior lights so they turn on and off periodically. Many timers cost less than $25. Some more costly products are capable of varying the time that your lights turn on. Also consider leaving your radio on and tuned to an all-news or talk show station.

• Install exterior lights that are controlled by motion sensors to make the home a more difficult target for prowlers. Read more

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If you are thinking of buying a new home, you must be aware of the difference between seller agent, buyer agent and dual real estate agents. Using the wrong kind of agent could affect the financial wording of the deal and have material legal implications. Read on to arm yourself with an understanding of the difference and how to use it to your advantage when buying a home. Real estate has evolved to require that an agent list who they are representing. This is normally done in you first meeting with the agent through a formal disclosure document that you must sign that identifies whether the agent is representing the buyer or seller. A seller’s agents represent the seller. Most real estate agents believe it or not are seller’s agents. They may be friendly to you as a potential buyer, escort you around town to show you multiple homes and help you prepare an offer on a home. However, the agent is working for the seller and looking out for the interests of the seller.

And vice versa, buyer’s real estate agent actually works for the buyer and have a fiduciary responsibility to look out for the interests of the buyer. There are also dual agents, but we’ll come back to that in a moment.More often than not, this has nothing to do with who actually pays the agent. Why is this important? If you are the buyer, you should seek a good buyer agent because of the financial, legal and ethical implications. A seller’s agent has a fiduciary responsibility to the seller not to you as the buyer. Read more

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The home that inspired Truman Capote’s novel “In Cold Blood” is for sale.

The Clutter home was built in 1948 on a tract of land known as the “River Valley Farm” west of Holcomb, Kansas.  The home was designed with many custom features popular at the time. Original hardwood floors are throughout the main and second floor of this brick two-story home.

The living room features a wood-burning fireplace and the formal dining room has a built-in china hutch. The sunny breakfast nook with dining bench boasts the original fabric. Block glass and ceramic tiles create a unique main floor bathroom.

This beautiful home designed by Herb Clutter with family in mind offers 5 bedrooms, three baths, a large utility room, spacious kitchen and unfinished basement with a second fireplace.  The utility room and basement provided ample space for the children to work on 4-H projects and school activities. The office has a separate entrance and the original built-in storage and display shelves.

The home has approximately 3,600 sq. ft. on the main and second level as well as approximately 1,700 sq. ft. in the basement. Approximately seven acres (more or less) will be included in the sale and will be determined by a survey. The detached two-car garage and large quonset are also included in the sale. Read more

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A picture is worth 1,000 words, especially when it comes to selling a home. As more buyers shop for properties online, high-quality photos are more important than ever.

“Good photos will grab people’s attention and help you sell a home,” says Jacky Teplitzky, executive vice president of Prudential Douglas Elliman Real Estate in New York. “Bad pictures will absolutely give you trouble, because you won’t have any calls on it and nobody will come to see it.” Read more

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A cooling housing market gives buyers, especially first-time buyers, more opportunities to snatch up a good deal. But just because there are good deals, doesn’t always mean buyers are ready to make the leap.

These six tips will help prospective buyers find out if they are ready for homeownership.

1. Take a first-time home buyer class. It will make repairing a credit score and shopping for a loan less stressful.

2. Be conservative. Borrowing too much can mean stretching and even sacrificing — to the point that it’s hard to even keep a six-pack of beer in the fridge. Read more

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