How bad is a previous foreclosure on credit?

A property foreclosure is one of the most damaging events in a borrower's credit history. In terms of the effect on credit history, a deed in lieu of foreclosure or a short sale is not as adverse an event as is a forced foreclosure.

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Sell Your Lethbridge Home with Color, by Courtney Atkinson, Lethbridge Real Estate Expert

Colour schemes will directly affect the outcome of a sale of a home in Lethbridge. Prepare your Lethbridge home for sale with a fresh coat of paint prior to listing your home. This is a cheap fix that yields a big returns. Consider changing your current scheme to a more neutral buyer friendly hue. If you would like suggestions for popular colors in the Lethbridge area, feel free to contact me at info@courtneyatkinson.ca. I will be happy to discuss tips on preparing your Lethbridge home for sale. If you would prefer to discuss preparing your home prior to placing it on the market, I can be reached at 403.795.7777.

Neutral does not mean boring. The purpose of creating a neutral color pallet is to appeal to the widest range of buyer in Lethbridge. There are ways to create interest using neutral colors. A great way to add interest without going overboard is with texture. Another trick for adding interest is using a tone-on-tone pattern. Consider using this technique on an accent wall to call attention to an architectural feature.

Another way paint can be used to help sell your Lethbridge area home is by highlighting or minimizing certain features of the home. For example, paint wood trim a different color than the walls. The contrast of the color tones will call attention to the wood. This is especially important if you have crown molding, chair rails, or other architectural accents you want the buyer to notice.

The professional real estate agents at Century 21 Foothills - ACTION TEAM can guide you through the process of choosing buyer-friendly colors to improve your home's marketability. Punches of color can be added to your home interior with fabrics and accessories. Designers recommend 60% of a room color should come from the wall color. 30% of the room color should come from cabinets and furniture. The final 10% can be punches of deeper accent colors brought into the room through fabrics and accessories. We can assist you with this.

There is a lot of property for sale in Lethbridge and having a real estate professional on your team can help you to navigate the difficult process of buying or selling a home in Lethbridge. Call me at 403.795.7777 or email me at info@courtneyatkinson.ca to discuss Lethbridge real estate or Lethbridge land for sale and I will be more than happy to answer all your questions. Or, if you would like instant access to information about buying, selling, or building a home in Lethbridge, including Lethbridge real estate values and more, please visit the most complete website dedicated to everything Lethbridge real estate at http://www.courtneyatkinson.ca.

property taxes - how they work

How do property taxes work? Lethbridge Property taxes are what most homeowners in Canada pay for the privilege of owning a piece of real estate, on average 1.5 percent of the property's current market value. These annual local assessments by county or local authorities help pay for public services and are calculated using a variety of formulas.
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tips for negotiation

What are some tips on negotiation?

The more you know about a seller's motivation, the stronger a negotiating position you are in. For example, seller who must move quickly due to a job transfer may be amenable to a lower price with a speedy escrow. Other so-called "motivated sellers" include people going through a divorce or who have already purchased another home.

Remember, that the listing price is what the seller would like to receive but is not necessarily what they will settle for.

two most important factors when selling a home

What are the two most important factors when selling a home?

Price and condition are the two most important factors in selling a home, even in a down market. The first step is to price your home correctly. Use comparative sales information from your agent, or pay for a professional appraiser (usually $200 to $300), to objectively evaluate your home's worth. Second, go through the house and repair any obvious cosmetic defects that could deter a buyer.

list vs. sales prices

What is the difference between list and sales prices?

The list price is how much a Lethbridge house is advertised for and is usually only an estimate of what a seller would like to get for the property. The sales price is the amount a property actually sells for. It may be the same as the listing price, or higher or lower, depending on how accurately the property was originally priced and on market conditions.

If you are a seller, you may need to adjust the listing price if there have been no offers within the first few months of the property's listing period.

How does someone sell a slow mover?

Even in a down market, real estate experts say that price and condition are the two most important factors in selling a home.

If you are selling in a slow market, your first step would be to lower your price. Also, go through the Lethbridge house and see if there are cosmetic defects that you missed and can be repaired.

Secondly, you need to make sure that the home is getting the exposure it deserves through open houses, broker open houses, advertising, good signage, and listings on the local multiple listing service (MLS) and on the Internet.

How is the price set?

How is the price set? It's very important to price your Lethbridge home according to current market conditions. Because the Lethbridge real estate market is continually changing, and market fluctuations have an effect on property values, it's imperative to select your list price based on the most recent comparable sales in your neighborhood.
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low offers info

Is a low offer a good idea? While your low offer in a normal market might be rejected immediately, in a buyer's market a motivated seller will either accept or make a counteroffer. Full-price offers or above are more likely to be accepted by the seller. But there are other considerations involved:
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how to get financing for foreclosures

How do you get financing for a foreclosure? One reason there are few bidders at foreclosure sales is that it is next to impossible to get financing for such a property. You generally need to show up with cash and lots of it, or a line of credit with your bank upon which you can draw cashier's checks.
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closing costs - who pays?

Who pays the closing costs? Closing costs are either paid by the home seller or home buyer. It often depends on local custom and what the buyer or seller negotiates.
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Why do I need a title report?

As much as you as a buyer may want to believe that the Lethbridge home you have found is perfect, a clear title report ensures there are no liens placed against the prior owners or any documents that will restrict your use of the property.
A preliminary title report provides you with an opportunity to review any impediment that would prevent clear title from passing to you.

What contingencies should be put in an offer?

What contingencies should be put in an offer? Most offers include two standard contingencies: a financing contingency, which makes the sale dependent on the buyers' ability to obtain a loan commitment from a lender, and an inspection contingency, which allows buyers to have professionals inspect the property to their satisfaction.
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standard contingencies

What are the standard contingencies?

Most purchase offers include two standard contingencies: a financing contingency, which makes the sale dependent on the buyers' ability to obtain a loan commitment from a lender, and an inspection contingency, which allows buyers to have professionals inspect the property to their satisfaction.

As a buyer, you could forfeit your deposit under certain circumstances, such as backing out of the deal for a reason not stipulated in the contract.

whose obligation is it to disclose info about property?

Whose obligation is it to disclose pertinent information about a Lethbridge property? In most provinces, it is the seller, but obligations to disclose information about a property vary. Under the strictest laws, you and your agent, if you have one, are required to disclose all facts materially affecting the value or desirability of the property which are known or accessible only to you.
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sellers disclosing terms of other offers

Do sellers have to disclose the terms of other offers? Sellers are not legally obligated to disclose the terms of other offers to prospective buyers.
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when does foreclosure begin?

When does foreclosure begin?

Lenders will initiate foreclosure proceedings when homeowners become delinquent in their mortgage obligations, usually after three payments are missed. The lender will then notify the buyer in writing that he or she is in default. The lender can request a trustee's sale or a judicial foreclosure, in which the property is sold at public auction.
A borrower can cure the default by paying the overdue amount and the pending payment after the notice of default is recorded, usually no later than a few days before the property's sale.

determing a homes value

How is a home's value determined? You have several ways to determine the value of a home. An appraisal is a professional estimate of a Lethbridge property's market value, based on recent sales of comparable properties, location, square footage and construction quality. This service varies in cost depending on the price of the home. On average, an appraisal costs about $300 for a $250,000 house.
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