Instructions

1. Ask your landlord. If confronted with the question your landlord may confess that the house you are renting is in foreclosure. Although this is the easiest way to find out, you may not get an honest answer. If the property owner denies that the home is in foreclosure but you still suspect otherwise, keep researching. Many times the home owner will not tell the tenants the true status of the property in fear that they will stop paying rent.
        
2. Read the public notices section in local newspapers. This is often where foreclosure notices are published. These are sometimes listed as "notice of trustee sale" or "sheriff's sale." Determine if such a notice has been published online by conducting a search for "notice of trustee sale," "sheriff's sale" or "default notice," along with the address of the property. Not all notices can be found online and in locations with a high number of foreclosures, reading through the notices can be a daunting task.

3. Check with your office of the clerk of court for the county in which you reside. This often may be done online. The clerk's office maintains records of legal documents filed for properties within the county. This includes notices of trustee sales, notices of foreclosures, default notices, liens etc. Search using the home owner's name or the property' s parcel number, which you may obtain by contacting the county assessor's office or searching its website.
        
4. Watch for signs. If you are getting mail, receiving phone calls or solicitations that hint of a pending foreclosure, it may be wise to investigate further.

Tips & Warnings

Be suspicious of web sites and services that charge fees for finding out foreclosure information. Most of this information can be viewed for free in the form of public records.

Some analysts are finally suggesting that we may be headed for recovery. If you have a secure job, plan to stay put and feel this is the right time for you to buy a home, consider the following.

In most places in the country, home prices are still declining. It has only been recently that the market picked up and it's too soon to know if this will result in a sustainable increase in prices.

The recent home sales in once depressed markets are defying the norm. Significant job growth combined with a low inventory of good homes for sale has resulted in multiple offers with buyers bidding the price up sometimes hundreds of thousands of dollars over the asking price.

In other high-demand, low-inventory areas, you may find yourself bidding against other buyers, perhaps even more than once. This doesn't necessarily mean that the price will be bid up significantly over the asking price. This will vary from one listing to the next depending on property location, condition and price.

It's important to research the local community where you want to buy. Find out what homes are selling for, if multiple offers are common and if listings are selling for more than the asking price. This will help you make a realistic offer that might be accepted when you find a home you'd really like to buy. It helps to work with an experienced local real estate agent.

Some sellers in high-demand niche markets intentionally list their home at a low price hoping to stimulate multiple offers. If you see such a listing and there are a lot of buyers wanting to make offers, you will be better able to know how high your offer would need to be to win the contest if you have done your due diligence.

HOUSE HUNTING TIP: Whether you're anticipating competition or not, you should be preapproved for the mortgage you'll need to complete the purchase before you write an offer. In competition, this will make a big difference, particularly if everyone else who is offering is preapproved. It also lets you know what you can afford. And, it puts you in a good bargaining position with the seller.

Buyers aren't the only participants in the housing market that have heard the news that the market has improved. Some sellers are putting their homes on the market because they've been waiting for a better time to sell. This is good news for buyers looking in low-inventory markets.

You should expect that you will have to negotiate. Many of today's sellers are selling for less than they paid. Even though the market has improved a bit, sellers may be disappointed with the current market value of their home. Be prepared to negotiate, not just the initial price, but after inspections are completed if items come up that you hadn't anticipated.

Include realistic contingency time frames in your purchase contract for loan and appraisal approval if you're applying for a mortgage. The recent uptick in the market means that lenders are suddenly overwhelmed. Don't pretend you can get a mortgage approval in 21 days if your lender is backed up for 30-45 days.

THE CLOSING: Underwriters could require that additional conditions be met before you can be approved. Act quickly to avoid further delay.

Of the $25 billion settlement, $17 billion is dedicated to modifying mortgages for those behind on their payments; around 1 million homeowners could see reductions of as much as $100,000 off their principals. Another $3.7 billion will go toward refinancing mortgages for borrowers who make their payments on time but who owe more on their mortgages than their homes are worth. In addition, the five banks must pay $5 million in fines to the government, $1.5 million of which will go to the Borrower Payment Fund, which will provide cash payments of $1,500 to $2,000 to homeowners who saw their homes foreclosed between January 1, 2008 and December 31, 2011. To comply with the settlement, banks must also implement new standards to protect homeowners from future foreclosure abuses.

The settlement, however, doesn't benefit everyone. Fannie Mae and Freddie Mac mortgages, which account for half of the mortgages in the country, are not included in the settlement. Loans insured by the Federal Housing Administration are also excluded. To find out if the settlement affects you, visit www.nationalmortgagesettlement.com.

Organize Your Paperwork: Every homeowner should have a detailed list of all past repairs, updates, and upgrades they’ve made. This will help your agent know what should be mentioned on the MLS. Did you put on a new roof in 2010 or a install a new water heater in 2009? These are great selling features because they means less work in the future for the prospective buyer.

Also included in this list should be any home warranty information. These warranties will most likely transfer with title of the home.

Get Ready to Declutter: Even before you’ve officially listed your home for sale you should start getting rid of things you don’t need. Starting now will mean a more thorough and less rushed job of clearing things out.

Start with one closet and work your way through the entire home. Sort items to toss, keep, sell, and donate.

Having a yard sale is a wonderful way of making a little extra pocket change while reducing the amount of things you’ll have in your home during showings and that you’ll need to pack up and move. It’s a win-win!

Clean, Clean, and Clean Some More: Dirty homes are a real buyer turnoff. Now is a great time wash down walls, spruce up paint, and give your entire home a thorough cleaning. Do your carpets need refreshing? Consider renting a carpet shampoo machine or hiring a professional carpet cleaning company to come in and revamp your carpets.

Chances are buyers will ask for this anyways come closing time. You’ll beat them to the punch and have a shiny, sparkling home to show for it.

Get an Inspection: Did you think inspections were only for buyers? Having a pre-sale inspection can mean identifying problem areas. Perhaps you’re unaware that your foundation needs repaired. This will severely affect your listing price. It’s best to be prepared and realistic in today’s market.

Make Repairs or Get Estimates: Your inspection will likely leave you with a list of repairs, large and small, that need made. Keep in mind that prospective buyers will also get an inspection of your home and will find these same issues. Head them off at the pass and do some fixing up. You may wish to go ahead with large repairs. If not, be sure to at least get estimates so you are fully prepared for negotiations (you’ll know what the real cost should be) or should you can provide the estimates for buyers.

Start Staging: Staging is like prepping your home for its first date. You want to have it clean and well-dressed. This means ramping up curb appeal with neat landscaping, fresh paint, and flowers. It means rearranging furniture and removing clutter.

1. Lowball offers won’t likely stick: Sure, deals are still around, but lowball offers that aren’t in line with comparable sales data are increasingly proving to be a waste of time. Buyers may be better off asking for seller concessions, such as closing cost assistance or making home repairs, rather than making offers way below the asking price. “Keep in mind that a lowball number may turn off the seller and close down any chance at negotiation,” the U.S. News & World Report article cautions potential buyers.  

2. Get pre-approved: Getting a loan isn’t easy nowadays as lenders have tightened their credit standards in recent years. Serious buyers should check their credit and get pre-appoved for a loan to determine how much of a home they can even afford even before they start their home search.

3. Get realistic about the market: Real estate agents can show buyers comparable nearby sales to help educate them about local market conditions. Transactions from the last six months are the most important. Another important piece of information for buyers is knowing how long properties are staying on the market.  

4. Expect some competition. Housing inventories are dropping in many areas and spurring an increase in demand. Home buyers may face increased competition for the home they want, particularly among short sales and foreclosed properties, in which they may be up against investors who are making all-cash offers. That’s why experts say it’s important bank-financed buyers know their financial situation in advance to better compete.

5. Conduct property research: Real estate agents will help guide clients on what all they need to do when they find a property they like, but one important step nowadays: Buyers should hire a title company to check for any liens or tax arrearages, the article notes. Housing experts also recommend hiring a home inspector, verifying the accuracy of the property line (by asking seller for the survey or having your own conducted), and make sure all necessary disclosures about the property, required by the state, have been made.

The financial giant, the country's largest mortgage lender, this week is contacting by mail the first of 200,000 borrowers who may qualify for assistance. The bank expects to complete the offers by the third quarter of this year.  The January deal between five of the nation's five biggest lenders and federal and state legal officials ensured that some homeowners who are "underwater" on their loans could see their loan principal reduced by an average of $20,000. B of A expects borrowers who qualify for the program to save an average of 30 percent on mortgage payments.

"Building on home-retention and payment-assistance programs already in place, we are meeting our obligation to deliver this additional relief to our customers following the completion of the recent global mortgage settlement," Ron Sturzenegger, a legacy asset servicing executive with B of A, said in a statement. "To the extent principal reduction and other modification tools help us turn mortgages headed for possible foreclosure into long-term performing loans, it will be positive for homeowners, mortgage investors, and communities."

B of A began offering principal reduction to borrowers under the settlement guidelines in March, according to company. The bank initially concentrated on homeowners with mortgages already under review for modification. Under this initiative, roughly 5,000 trial modification offers have been mailed, potentially adding up to more than $700 million in forgiven principal, B of A said.

Homeowners must make at least three timely payments before a modification can become permanent under B of A's offer. To be eligible for the program, homeowners must:

• Owe more on their mortgage than the home is currently home
• Be late on their mortgage payments; as of January 31, the borrower must have been at least 60 days behind on their loans
• Have a contractual monthly payment for principal, interest, property taxes, hazard insurance, and any applicable homeowner association fees that total more than 25 percent of gross household income
• Have a loan that is owned and serviced by B of A or serviced for another investor that has given the bank authority to modify home loans

The foreclosure settlement requires lenders to provide affordable payments to qualified underwater homeowners. To help borrowers reach their target payment, B of A says it will first reduce the principal balance for eligible borrowers to as low as 100 percent of a property's current value. The bank will also lower the interest rate and forebear additional principal, as necessary.

The foreclosure settlement requires the five participating lenders, which along with B of A include Ally Financial, Citigroup, JPMorgan Chase, and Wells Fargo — to determine that a loan modification doesn't exceed the expected loss if they foreclose on the property instead.

A low-ball offer – generally 25 or more off the asking price – allows buyers to see if they can land a great deal, even if they’re willing to pay more. In a survey last year conducted by the National Association of Realtors® (NAR), one in 10 respondents cited low-ball offers as a concern. According to real estate columnist Kenneth Harney, a NAR survey conducted in March and not yet released found that almost no one complained about low offers.

When the number of listings outpaced the number of buyers, many potential homeowners submitted a shockingly low offer on the theory that they had nothing to lose. If the seller balked, most would still counter with something below their asking price. Today, however, offers close to the asking price – or even beating it – will probably come in fairly quickly from someone else if a home is priced correctly in the first place.

Even buyers who still want to low-ball an offer on a home many times switch tactics after they lose a property or two to a more aggressive buyer.

Florida Realtor Marnie Matarese works with J Wood Realty in Sarasota. She told Harney that fewer buyers want to low-ball an offer in her area, but they still come in – mainly from out-of-state or out-of-the-country people who have read about the state’s foreclosures and short sales. That news, however, is old – it has not kept up with reality in many areas.

Matarese says some people still insist on making a low-ball offer, but that she doesn’t mind. “You can’t blame a buyer for trying to get a good deal,” she says.

In some cases, a seller isn’t offended by a low-ball offer, but their counter-offer shaves only a little bit off their original asking price. An Olympia, Wash., real estate agent had a $150,000 offer for a $250,000 listing, according to Harney. But after the dust settled and the seller shook off his irritation, he and the buyer agreed to $230,000.

Harney closed his column with this advice: “Rolling low-balls at sellers may have been an effective approach between 2008 and early 2011. But in 2012’s environment – at least in rebounding markets – it could be counterproductive if you truly want to buy.”

Source: Ken Harney. Distributed by Washington Post Writers Group

What a difference a couple of years makes. Back in 2007, homebuyers would beg to purchase your house. They would even bid more than the asking price for the privilege to do so.

Today … well, not so much. Once the real estate bubble burst and foreclosures poisoned the housing pool, buyers suddenly regained the upper hand. But instead of buying, they're waiting, convinced that housing prices will continue to drop.

What's a smart seller to do in this environment? Make sure you avoid these 10 buyer turnoffs at all costs. If you do all the staging correctly and have a good agent, the house will hopefully only be on the market a few weeks. Then you can go back to living your life.

1. Dirt

Hands down, nothing turns off a buyer quicker than a dirty house.

The No. 1 biggest mistake is not getting the home in the best possible condition. That's huge. I won't even represent sellers at this point unless they are fully aware of how important it is to get their home in the absolute best condition that they've ever had it in.

It is recommended that sellers go the extra mile, from steam-cleaning tile and grout to replacing carpets. If the carpets are old and smelly, you should replace them. If they're relatively new, you should at least have them shampooed.

The home should be neat and clean and free of all debris. If it reeks of cats or the kitchen sinks and counters are so filthy that it almost looks like the food is moving, many buyers will walk right out.

2. Odors

Buyers, it's said, buy with their noses. Make sure your home smells fresh and inviting.

Odors are a big one, especially kitchen odors. I advise my clients not to cook fried food, fish or greasy food while the house is on the market.

Some pet owners mistakenly believe pet smells to which they've become accustomed help make their abode homey. Nothing could be further from the truth.

If you're a dog person, you tend to think everyone else is a dog person. But the truth is a large population doesn't want to be near dogs at all. If you have pets in the home make sure you deal with the odor prior to any showings. Eliminate all traces of pets, not just pet odors. It's important to get rid of pet paraphernalia and have a "pet plan" to make sure the animals are not around when the house is shown.

The same rules hold true for smokers: Remove all ashtrays, clean all curtains and upholstery, and consider smoking outdoors while your home is on the market.

Interestingly, next to the kitchen, the smelliest room in the house is actually the living room. That's typically the room that has the most fabric, so that is where odors get absorbed.

3. Old fixtures

Want buyers to roll their eyes? Leave old fixtures on your doors and cabinets.

You need to change out old fixtures in your house. Buyers expect modern cabinet hardare and doorknobs. It will probably cost several hundred dollars, but it makes a huge difference.

The same holds true for dated ceiling fans, light fixtures and kitchen appliances. Homes that have old fans, lights, ovens, microwaves, ranges and dishwashers can really turn a buyer off. Sellers will think the buyers can take care of that. Well, yes they can, but it's going to impede you from getting the highest price possible for your home.

4. Wallpaper

Your grandmother may have had it in every bedroom. Your mom may have loved it as a room accent. But today's buyer wants no part of wallpaper. Wallpaper is a definite no-no. It can be a pain to remove but it must be done.

5. Popcorn acoustic ceilings

Times change, and with them home decor styles. Acoustic popcorn ceilings, once the must-have for fashionable homes in the '60s and '70s, now badly date your space. If you can't stomach the cost or the mess to remove the overhead popcorn, be prepared to credit a buyer in certain markets in order to close a sale.

6. Too many personal items

Psychologically, when buyers tour a home, they're trying it on to see how it fits, just as they would a piece of clothing. If your house is cluttered with too many personal items, it's like the buyer is trying on those clothes with you still in them. A fit is unlikely.

Sellers need to be aware that how they decorate to live and how they decorate to sell are different. When decorating to sell it is imperative you de-personalize and de-clutter the house. Remove all family photos, take down personalized artwork and make the space feel more open and pleasing to the eye.

If you really want to hook a buyer, try to place a mirror strategically so that people can actually see themselves in the home. So they can actually picture themselves living there."

7. Snoopy sellers

Realtors and buyers alike generally bristle when the seller greets them at the door for a showing. They will want to walk around with the potential buyer and give them the tour. It's not good a good idea to interfere. Normally, there are one out of 10 sellers where it's OK to have them there, and that's because they know what is up with the property and how everything works.

8. Misrepresenting your home

Misrepresenting your house online in the multiple listing service is a sure way to really upset buyers and their Realtors. Buyers can get very excited from seeing a home's photos online. Make sure you accurately portray the reality of the home and it's surroundings. If you mislead buyers, they will be very disappointed and walk out.

9. Poor curb appeal

urb appeal is very important and for good reason: It's your home's handshake, the critical first impression that lasts with most buyers.

You have to totally trim and edge your yard to get it into the most immaculate condition you can.  It's a big mistake to not freshly mulch the beds and trim the trees. Every little detail counts. Make sure you powerwash the driveway and walkup, freshen up the exterior paint and add some fresh plants or flowers for some color.

10. Clutter

Whether inside or out, less is more when it comes to clutter. Your closets should be half-full with nothing on the floor. Why? Because most people looking for a house have outgrown their previous house. Showing them that you've still got room to grow gives them a reason to buy.

Kitchens and built-in bookshelves should showcase spaciousness by following the rule of three. For kitchens, there should be no more than three countertop appliances. Meanwhile, bookshelves should be divided into thirds: one-third books, one-third vases and pictures, and one-third empty.

The home office should be very generic so any type of professional can imagine living there.

Dana's tip for toddler parents is to pack away extraneous "kiddie litter" and keep a laundry basket handy. When you get that phone call one hour before a showing, toss everything in that basket and take it to the car with you and you're all set.

Start with a Yard Makeover

If your yard needs a makeover before summer hits, you will need to begin soon. Raking up leaves, fallen branches and other debris is crucial to prepare your yard for fun times to be had, but getting rid of that debris is one of the more challenging problems that you will need to address. If you can afford it, a good mulch making machine will accomplish wonders for you. By mulching the various items that mother-nature has scattered throughout your yard, you can simultaneously clean up your lawn while planting gorgeous flower beds that will bloom as summer says hello.

Lawn Preparation

If your lawn is suffering from the damage of the winter, try a product such as Patch Perfect Grass. While you should ideally seed and sod in the fall to let it settle before winter and be healthy by summer, it is not too late to salvage your lawn. Fast moving, weather resistant solutions such as Patch Perfect, allows you to quickly repair any flaws in your yard, and make your grass green and inviting for all of your guests. If you live in a warmer climate, it's time to fertilize with some Weed & Feed. Spring rains will help absorb it into the ground and your summer lawn will be healthy and green.

Plant Flowers

Plant wildflowers that will grow quickly can add some color to your lawn. With these small touches you can make almost any backyard an inviting space for summer barbecues and gatherings. Freshly potted flowers are also a nice touch on patios and decks.

Don't Forget the Lighting

Lighting is another way to make your backyard stand out. Japanese lanterns are a traditional way to light up your barbecues and other summer events, but flame-less candles can also add soft lighting to your yard. Solar powered lanterns are a great way to illuminate walkways while helping the environment. All of these tiny additions are great ways to accent and maintain your garden.

Extra Touches

There are also a few major items that can do wonderful things to help maximize your fun in the sun. Outdoor furniture such as quality tables, chairs and benches, can all make your backyard as comfortable and beautiful as the rest of your home. Picking out the right furniture for your yard can be fun, and the affect it has on the way your yard looks can be very fulfilling. These days, there are a few dominant styles to choose from in outdoor furniture, such as metal, wood and glass. Metal furniture is great due to its sturdy, long lasting and refined appearance.

However, metal can struggle to deal with the various elements of weather, and can quickly show its age through rust and changes in color. Wood is a second popular material for outdoor furniture and can enhance the natural look of your yard. Keep in mind that when wood is painted, it can become very fragile. Wood is also more fragile then metal in terms of potential breakage.

Glass furniture has the ability to give your yard a very high end, stunning look. The drawback of glass furniture, however, is that it becomes dirty quickly and daily maintenance is usually a must. Maintaining any furniture is a challenge. Purchasing a high quality vinyl cover for your furniture can make maintaining easier, but be sure to cover the furniture completely to keep it safe from unpredictable elements.

Getting your backyard ready for summer fun can take a great deal of work. Turning your backyard into a cheerful space to entertain guests requires demanding gardening and yard work, paying close attention to small details and investing in larger items such as outdoor furniture. With proper acquisition and maintenance of these items your summer dreams of perfect barbecues and family gatherings can come true, and you can celebrate your best summer yet.

It's not surprising when you lose your home you also lose some self-esteem, especially if your were raised in a culture that sees homeownership as a status symbol, as a sign that you've finally arrived.

Some lost self-esteem also comes from the belief you've lost your shot at the American Dream. Others will tell you seven to ten years must pass before you can buy again. At that time, uninformed people say, you'll have to buy at high interest rates.

That's not always true.

If you file for bankruptcy, and make the right credit and financial moves, you can buy a home again as soon as two years after your bankruptcy is discharged.

What's more, if you rebuild your credit and maintain a healthy, on-time credit profile, you can take advantage of low down payment and low interest rate loans. The Federal Housing Administration (FHA) allows you to buy a home with as little as 3.5 percent down and take advantage of some of the best interest rates on the market.

FHA loans literally replaced the subprime brand, but came with federal backing.

You also may be eligible for first-time homebuyer programs that assist you with your down payment and closing costs. First-time homebuyer programs are not just for those who have never owned a home, but allow you to qualify if you have not owned a home in the past three years.

Some private lenders, home owners and investors also may allow you to buy a home even sooner than the two- to three-year period, but it will cost you a higher interest rate and require a large down payment.

With the housing market flat and many local markets still expected to see prices fall more, it is not a bad idea to spend the next several years cleaning up and re-establishing your credit. Good credit will allow you to buy a home with a minimal down payment and the lowest interest rates.

If you lost your home to foreclosure or a short sale, don't lose hope. Don't hesitate. Begin today putting yourself in a good position to buy.

Fix your credit

• Rebuild your credit by making your monthly debt payments on time. Don't ignore your remaining credit obligations during foreclosure or after losing your home. Your credit score gets a boost, in part, based on the number of positive accounts in your credit report. The more you have, within reason, the faster your credit score rises, even after losing a home.

• Pay down your credit cards but not to a zero balance. Your credit score gets a boost if you maintain a balance that is about 30 percent or lower than your credit limit. Keeping a balance reveals you can borrow money and pay it back on time. Don't close out your credit cards because the longer your positive credit history, the more your credit score and your ability to buy a home will improve.

Save money

• Most of today's homebuyer programs require a down payment. FHA loans require 3.5 percent down — $3,500 for every $100,000 you borrow. You likely will have to pay closing costs, another 2 percent to 3 percent of the sales price. This is another $2,000 to $3,000 per $100,000. Do the math to determine how much you need to save each month, over the next two or three years, to have enough to cover your down payment and closing costs.

Don't be pressured

• Buy only when you are ready. You didn't lose your credit overnight. Likewise, it will take time to rebuild your credit and save for a down payment. Home buying deals will be available for years to come.

• Avoid adjustable rate mortgages (ARMs) and consider a 15- or 30-year fixed rate mortgage (FRM) that is a fully amortized loan so your payment and interest rate are fixed for the duration of the loan. Full amortization means each payment helps pay down the principal. When your loan term ends, so does the loan balance.

• Buy based on what you can afford, rather than a higher amount approved by the lender. You already know the risk of biting off more than you can chew. Lenders will pre-approve you based on your gross monthly income, but that does not consider taxes subtracted from your paycheck, food, clothing, utilities and other monthly obligations.

Know your comfort zone. Don't over-extend yourself.