TLC Real Estate



Posted by TLC Real Estate on 4/16/2021

Photo by Daniel Tuttle on Unsplash

Buying a home, especially for the first time, might feel a little scary—notably if you've learned the home you’re considering for purchase is a zombie property. Even a pro at buying property may flinch when they initially hear this term.

No worries, a zombie property is not as frightening as it sounds. It’s a common term used in the housing industry, originating back to the 2007-08 housing crisis when tens of thousands of these homes were left behind because their owners couldn’t afford to make their mortgage payments.

What is a Zombie Property?

A zombie property creeps up when no one retains accountability for it. It usually occurs when homeowners leave their homes after receiving a foreclosure notice and incorrectly believe they must immediately vacate the property. They often don't realize there is an entire foreclosure process, one that doesn’t happen overnight. In most instances, they believe the lender that sent the notice will take over responsibility for the property, so they move out. In some cases, they do know they can stay but choose not to delay the inevitable and cut loose in search of greener pastures.

Meanwhile, the lender, for whatever reason, doesn’t complete the foreclosure process they initiated and the property stands abandoned. Since the homeowner has already walked away not realizing they still technically own the property, and the lender also doesn’t assume ownership, no one takes responsibility for the home. It essentially sits in a state of limbo—hence it being referred to as a “zombie.” Its ownership is not quite alive (abandoned), but not yet dead (foreclosed upon) either.

Pros of Purchasing a Zombie Property

The primary benefit of purchasing a zombie property is the price. Most of these properties are typically sold below market value, sometimes at rock bottom prices. Because some of them are eyesores, or have the potential to become attractive to squatters, municipalities and towns are eager to get these homes rehabbed and inhabited. This means buyers who are handy with repairs or who have the investment money available to fix up and flip the home for a profit can make out handsomely with this type of sale.

Cons of Purchasing a Zombie Property

While the financial benefits associated with zombie homes are lucrative, there are some potential pitfalls to be careful of when considering a purchase. In most instances, the original owner still retains the title to the home, so this legal detail will need to be addressed. Buyers also have to consider these homes may have deterioration, unsafe conditions or be unsanitary. This is especially a concern for properties that have been abandoned for a long period of time. Additionally, it takes more effort to navigate a zombie property purchase than a traditional foreclosure since no one is actively involved with the property.

Many potential buyers intentionally or inadvertently overlook zombie properties, but if you’re in the market, it’s not an option you should automatically discount. Don't let the zombie moniker fool you.  If you perform your due diligence and find ways to mitigate any drawbacks, you could potentially land yourself a great home, rental investment, or profitable house-flip.




Categories: Uncategorized  


Posted by TLC Real Estate on 4/9/2021

Photo by Sound On from Pexels

Adoption of new technology has always been crucial to the success of architectural design and construction. Ever since the invention of the wheel, humans have been developing new and creative ways to improve their processes and their outcomes. Today, the increased accessibility and popularity of technological enhancement in our daily lives has also had a noticeable effect on the architectural and construction industry.

Here are three technological advancements that are shaping home design and construction today:

VR

Virtual reality, or VR, is not just for art and video games any more. Architects and designers can use VR technology at every stage of the planning and building process. Using a VR headset allows anybody to view and explore a conceptual home before it is actually created. It also allows you to look more closely at specific features in order to address issues that may not be as easily visible in a 2D drawing. This lets designers, contractors and prospective homebuyers visualize the completed project in a much more efficient way.

VR technology has also become extremely popular among real estate agents and brokers for showing houses on the market. This allows the potential buyer to visit a home from their home, improving safety and efficiency of the entire buying process.

3D Printing

3D printing technology has made a major impact on home construction. 3D printers allow you to transform digital designs into tangible 3D objects, like scale models or texture samples. With especially large printers, it is actually possible to fabricate entire building components like walls and foundations in a fraction of the time it would take traditional construction methods. 3D printing also allows for quick fixes and upgrades. You can manufacture designs or shapes that are usually more difficult or expensive with better efficiency, consistency and reduced cost depending on the building material used.

Smart Home Features

The demand for smart home products continues to grow as technology advances and becomes more accessible. Even features that have been widely available for years, such as digital thermostats, are examples of home automation systems addressing homeowners’ everyday needs. Security systems that connect sensors to your mobile devices are common in luxury homes but become increasingly common in new construction of all kinds. You can use voice commands to accomplish a wide variety of tasks with a smart speaker or other devices. Sometimes, smart home systems will learn your preferences and habits in order to adjust to your lifestyle.

Other forms of home automation like robotic furniture are also on the rise. Transforming furniture that can change depending on the desired function can make the most out of limited space, either via voice command or the touch of a button. In addition, home furnishings that adjust or move according to the user’s preferences with minimal or no physical effort allow for increased convenience and accessibility.

There are many advantages to using the latest technology in your home. Beyond satisfying the desire for the “latest and greatest,” new technologies can reduce costs, streamline construction processes and help the environment. As demand increases, so will your number of options, ensuring you can make the best potential choice for your home.





Posted by TLC Real Estate on 4/2/2021

Let's face it – if you plan to relocate, you may need to reserve a moving truck. However, many moving truck providers are available, and finding the right one may prove to be a long, arduous process.

Lucky for you, we're here to help you streamline the process of evaluating moving truck companies so that you can make the best possible decision.

Now, let's take a look at three questions to consider before you book a moving truck.

1. How much stuff do I need to move?

If you own a wide range of antiques, books, DVDs and other items, you may need a medium or large moving truck to transport all of your belongings from Point A to Point B. Comparatively, if you rent a studio apartment, you may only need a small moving truck to help you bring your items to your new house.

Take a look at all of your belongings and put together an inventory. Then, you'll be better equipped than ever before to select a moving truck company that provides a vehicle that matches your moving needs.

2. How far do I need to go?

Distance is an important factor to consider as you evaluate moving truck providers, as most of these companies will require you to pay for the fuel costs associated with a moving vehicle.

For example, if you need to move out of state, you may need to account for the cost of renting a moving truck, along with several hundred dollars in fuel charges. Or, if you are moving just down the road from your current address, the fuel costs associated with a moving truck probably will be minimal.

When it comes to determining which moving truck company to use, it pays to look at how these businesses account for fuel expenses. By doing so, you can budget accordingly.

3. How long will it take to complete my move?

In many instances, a moving truck provider will bill you based on how long you keep a vehicle. This means someone who needs a moving truck for just a few hours may pay significantly less than someone who requires a moving vehicle for several days.

Plan ahead for moving day as much as possible. That way, you can find ways to streamline the moving cycle and cut down on the amount of time that you will need a moving truck.

Lastly, if you need help finding the right moving truck company, you may want to consult with a real estate agent. This housing market professional is happy to provide recommendations about various moving truck companies in your area. Perhaps best of all, a real estate agent can take the guesswork out of buying or selling a house and ensure you can enjoy a seamless move.

Make an informed decision about a moving truck provider – use the aforementioned tips, and you can select a moving truck company that will meet or exceed your expectations.





Posted by TLC Real Estate on 3/26/2021

Photo by Billion Photos via Shutterstock

When homeowners start thinking about selling, the first thing they want to know is, “How much can I sell my house for?” Your real estate agent's task is determining the fair market value with a range of prices from low to high. The spread between the two values typical is not large and only leaves a little wiggle room for the seller to negotiate. 

Determining the Value

The challenge is that there is no one value for a home on the resale market. Several values go into determining the number. These can include the assessed value (what the local government taxes it on), the appraised value (what a certified and licensed appraiser determines it's worth), the market value (this can go up or down depending on supply and demand) and what the owner needs from it in order to move to the next place. Even among appraisers, the same house might have several different values depending on what that appraiser noted; although, they’re usually fairly close.

The Homeowner’s Price

When a homeowner has a price in mind that they’ll sell for, it may come from several factors:

  • How much they owe on the first mortgage
  • Whether or not it has a second mortgage or HELOC (home equity line of credit)
  • How much they originally paid in the down payment and closing
  • What they’ve spent in renovations and upgrades

How Your Agent Determines a Price

A professional real estate agent may give you an estimate of the market value of your home within a range. These numbers come from comparable residences in similar condition, homes that sold recently and the prices of homes on the agent’s MLS. Additionally, if the agent knows that a bidding war might happen, they’ll factor that into the suggested price too. 

How Overpricing Could Hinder a Sale

There are several reasons that overpricing your home might hinder a sale. Here are the main ones:

  • Your price puts your listing outside the search parameters of potential buyers. Even if you’re willing to negotiate and come down a ways, a buyer won’t know to ask because your home is not on their radar.
  • If your home does come up in a search, it will be because the buyer is looking for homes in that price range. But if yours fails to match similar homes in their price point, yours will drop to be the last one they look at.
  • An overpriced home can spend longer sitting on the market, languishing there as the MLS adds numbers to the “days on the market” category. Often, buyers assume a home sits unsold on the market because there is something wrong with the property or the seller is difficult to work with.

If you need to sell your home quickly, and for top dollar, trust your real estate professional to guide you in setting the price.




Tags: home seller   appraisal   pricing  
Categories: Uncategorized  


Posted by TLC Real Estate on 3/19/2021

Photo by Im3rd Media on Unsplash

Selling your home can be a very exciting experience. From house-hunting to packing up your stuff, it can all be a very fun and rewarding process. However, there are some steps that must be taken to ensure you sell your house for the right price. You must understand what your house is worth, then it's vital to make sure your home is ready to sell. To do this effectively, there are some tips to consider.

Spruce Up the Landscaping

While the inside of the home holds great importance, curb appeal also matters quite a bit for many home shoppers. That being said, sprucing up your landscaping can give your home curb appeal home seekers will love. To do this effectively, we recommend hiring a professional landscaping company. However, you can also do these tasks yourself. Be sure to trim the bushes, mow the lawn and pull those pesky weeds.

Clean the Exterior

As you’re making improvements to your landscaping, you should do some additional cleaning while you’re at it. If the exterior of your home appears dirty, then it may be pretty difficult to land the sale. To clean effectively, using a pressure washer is key. This is a great way to clean those hard to reach areas, and the powerful water blasts can wipe away dirt that has been stuck to your home for years. Also, be sure to clean the gutters and siding.

Complete Repairs

While a dirty exterior can look very bad, damages can look even worse. That being said, making repairs to your home is vital when looking to sell. While you may be hesitant to fix that costly dishwasher, doing so can go a long way as you’re trying to sell your home for its asking price. It's important to put your home in the best condition as possible to increase your chance of a sale.

Get Rid of Odors

If you have a strange stench inside or outside your home, then it’s best to take care of this as soon as possible. A strange odor can make the home seeker believe you have a mold, insect or pest issue, so you’ll want to ensure that these smells are taken care of right away. A good tip here is to invite your friends or neighbors over to do a walkthrough. Since you live in the home, you may be used to the odor; an outside source can fill you in if something smells off.

Make Things Tidy

A dirty home is a leading reason why many home seekers won’t follow through with a purchase. This is mostly due to the fact that clutter can make a space appear smaller than it really is. And when selling your home, you want to make sure that it looks as big as possible. Put away clothes, clean up the counter, and put things in storage if a certain area looks cluttered.

By following the tips outlined in this blog, you can do your best to inch closer and closer to selling your home!







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