"Zombie Foreclosures", (homes that are vacant and foreclosed on) has been a non-issue during Covid. "But that could easily change over the coming months as lenders are now free to take back properties from delinquent homeowners", as the federal protections expire. The housing market is "likely to face a downturn to varying degrees", resulting in foreclosures becoming more common. Local lenders will either decide to "vigorously pursue foreclosures to recoup losses....while other give homeowners more time to get back on their feet". RISMedia' Real Estate (October 2021)
The Biggest Mistakes Home Buyers and Sellers Make.
By Beth DeCarbo. WSJ (9/18/21)
Big investment with lots of emotion can lead to a bad combination.
Buyers Beware: Did you just fall in love with a house? "Love is Blind".
1. Don't overlook the lousy view, ancient mechanical systems, yucky floor plan.
2. Location!!!!: Next to an airport? Highway? Factory? Remember, you will need to sell some day.
3. Videos and broker walk thru...never replace you physically experiencing the property.
4. Don't waive the inspections. "Never judge a book by it's cover": septic, foundation, roofs, wiring.
5. Vacation/2nd home: Don't let a second home become a second job.
6. Can you live with HOA regulations, restrictions, and assessments?
7. Not using a Realtor?
Sellers Beware: Are you too eager to sell?
1. Don't be blind to your home's flaws.
2. Make sure you have a plan for capital gains. Having proof of major improvements helps with tax bills.
3. House showings must always be tidy or staged. Buyers only see the mess.
4. Estate Sale? Have a clear detailed estate plan, leaving enough money to allow for the cost of maintenance, taxes, closing costs.
5. Don't "streamroll" your significant other....be honest and on the same page with each other.
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