September, 2011 | Houma LA

Monthly Archives: September 2011

For Sale By Owner: Step 1 How To Set The Price

There’s no doubt about it, you would probably have to go back to the great depression to find a point where for-sale-by-owner’s have faced more challenges than now. In some parts of the country the present real estate market makes selling your own home a frustrating, scary and even depressing experience.


But the question that most ask is, “Is it still possible?” And I have to sincerely answer yes! You just have to pay real close attention to what you are doing and have your sales strategy mapped out in advance.


Take setting the price for your home. This is usually the first step in selling your own home. Most people look at all of the discounted sales and foreclosures in their market and mistakenly believe that is where the value of their house is going to be.


Take heart. A lot of these sales can’t be used by appraisers to determine the value of your home. Appraisers today are carefully monitored by lenders and others to make sure the value they come up with reflects the true market value for a home in that market.


That means the short sales and foreclosures are not typical of most real estate markets. And in most cases, are not used to determine value, unless of course you are in such a depressed market they are the only homes selling. They are not reflective of a willing buyer and a willing seller entering a transaction.


You need to keep these in mind simply because buyers are attracted to them because of the huge discounts they offer the buyer. But you shouldn’t use them as the sole gauge for where you should set your price.


Spend a little time looking at the homes for sale in your neighborhood and neighborhoods like yours in your area. Check the newspaper for homes for sale. You can even call your local Realtor. They will tell you which homes are being sold at short sale, quick sale or as the result of foreclosure.


Do your homework first, and then price your home. This way you can be reasonably sure you are getting the best price for your home without pricing it out of the market.

For Sale By Owners: Dangerous Challenges In A Down Economy

For-sale-by owners face added challenges in the present down economy that if not carefully considered, can bring ruinous results to your home sale. What was once considered a simple process to collect enough info to set a sales price has turned into an all-out, in depth real estate market investigation. If you are trying to sell your own home in this real estate market, be ready to wade through short-sales, quick sales, foreclosures, and typical home sales to come up with a marketable price.


Once you have decided to put your home on the market, setting the sales price is the next step. In a stable economy and market, this wasn’t so hard. It might have taken a little searching, but certainly didn’t require the shrewd investment banker approach it has become over the last several years.


In years past, a causal look through the real estate section of their local paper gave you a pretty good idea of where home prices were headed. A few added calls to local real estate companies about homes for sale in and around your neighborhood, gave the additional info needed to set a sale price.


Now, the entire market has changed. Real estate sales are not so typical. You may find the dollar amount of home sales are all over the place in your area. So you have to investigate further and determine the types of sales before setting a realistic price for your home, in your market.


Here are a couple of things you must consider. Not all sales are equal. Many new variables have entered most markets or, are reflected in a greater percentage of sales.


When considering a price for your home, you now must take into account short sales, foreclosures, and quick sale pricing. These are sales at lower than typical market value, and are the result of a depressed economy. They reflect a higher than usual foreclosure rate.


You may not be in a position to have to consider one of these options for your sale. But remember that buyers today are drawn to these types of offers, because of the huge discounts from typical market value they offer.


What’s the best approach? Be cautious. Actually the best advice is the same advice that’s always been given. Take all information in before setting a price for your house. If you don’t have to sell quickly, and there are a significant amount of homes selling in your market by one of these discounted sale options, it may be better to sit on the sidelines for a moment and let the dust settle before putting your home on the market.


If you still have the need to sell but aren’t forced to sell for economic reasons, lay your sales strategy out in clear terms before you put your house up for sale. Know your next move before you have to make it.

Bankruptcy to Prevent Foreclosure

By Guest Author: Lisa M Joness


Is there a connection between foreclosure and bankruptcy? The short answer is yes as filing for bankruptcy protection may forestall foreclosure claims. However, filing for bankruptcy is not a “cure all” for foreclosure related problems and issues. In order to understand how the process works, it is best to define what foreclosure is and how filing for bankruptcy can effectively diminish the effect foreclosure can have on your personal and financial well being.


Since most are unable to pay for a home in cash, a loan is procured to purchase the home. This loan is known as a mortgage. The mortgage comes with a term (Years in which the loan is to be paid off) and a particular interest rate. The person that takes out a mortgage from a lender is then allowed to live in the home although, technically, he or she does not outright own the home free and clear. The lender will hold the title on the home until it is completely paid off. Once the mortgage is paid off, then the home’s sole ownership reverts to the person that has took out the mortgage and paid it off.


This is a relatively simple process but there will come times when bumps in the road occur. Namely, if someone is unable to make all monthly mortgage payments, the mortgage can fall into arrears. Once several months of mortgage payments are missed, the home might go into foreclosure. That means the lender will seek to repossess the home in order to sell it to procure the remaining money owed on the mortgage. Sadly, many would prefer they could pay their obligations but they are unable to because of financial problems.


For those who are in a dire financial situation, the only way to circumvent problems associated with bankruptcy would be to file for bankruptcy. This way, the courts can either liquidate debts, restructure debt, or perform a combination of both.


Anyone wishing to avoid foreclosure via bankruptcy should discuss options regarding filing Chapter 13 with a qualified attorney. The reason Chapter 13 may prove appealing is when you file for such a chapter of bankruptcy protection, the court may issue an immediate stay on the collection of the debt. This can mean that the court may order the cessation of all foreclosure proceedings on a temporary basis. The purpose of this would be to allow time to devise a clear and legitimate restructuring plan intended to get the indebted person back on the right fiscal track.


Please note: this does not mean that foreclosure may be permanently stayed or that a portion of the mortgage will be automatically discharged. Bankruptcy is not a means of eliminating a mortgage. Rather, it is a means of seeking the most appropriate remedy for your debts under the supervision and guidance of the courts.


Having to deal with the issue of foreclosure is not something most would ever wish to do. Yet, foreclosure is exactly where they find themselves when financial hardships become too much to bear. For those that would prefer to avoid such problems, it would be best to seek the counsel of a qualified bankruptcy attorney to discuss viable options.


The author started FilingBankruptcyNow.Com which is a website that helps individuals with debt problems by putting them in touch with a local bankruptcy attorney that specializes in bankruptcy under Chapter 7 and Chapter 13 bankruptcy. Check our website for more answers to bankruptcy questions and ideas on how to have a debt free future.

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Tiffany Rabalais-Owner/Broker

Premiere Properties of The South
204 Mystic Blvd - Houma, LA 70360
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