Sunrise Homes & Renovations, Inc.

Real Estate 101: What Is a “Short Sale” And How Does It Work? Let’s Take a Look

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Real Estate 101: What Is a Are you on the hunt for great deals on a local home? If so, you have probably heard about “short sale” homes, although it can take a bit of searching to find one. Let’s take a closer look at real estate short sales to learn how they work and when you might want to take advantage.

What Is A Real Estate Short Sale?

A real estate short sale takes place when a homeowner sells their home for less than they owe on it. This tends to take place in volatile real estate markets where a substantial price increase took place with a rapid price decrease following after.

Whatever the case, the homeowner is now facing a home with less value than their mortgage. They may approach their lender about a short sale, or the lender may force it on them. A short sale can take place even if a homeowner is still making their monthly mortgage payments on time, although that is somewhat rare.

Stick With The Pros When Buying A Short Sale

Without question, if you are considering buying a short sale home you will want to work with an experienced real estate agent. Short sales take place due to a variety of circumstances, few of which are positive. You will want a real estate professional who knows the ins-and-outs of the short sale process and will protect your interests. They can also help you understand what happens with the outstanding debt on the property.

Mistakes To Avoid When Buying A Short Sale Home

Unfortunately, there is no shortage of stories about short sale buyers who made a poor decision when trying to score a great deal. First, ensure that all of the necessary research is done on the home, its title and any liens against it. A home inspection is also critical as there may be structural or other issues which led to the decline in value. Finally, be sure to leave enough time for the closing process as it can take longer than with a traditional home purchase.

As you can see, short sales have their pros and cons. If you are the one selling the home, you have likely been forced into a short sale due to your circumstances. If you are the one buying the home, you may be able to swing a great deal on it. Again, due to the circumstances. Regardless, understanding how short sales work is a good idea. To learn more about local real estate short sales, give us a call today and we’ll be happy to help.

You Ask, We Answer: Should I Build a New Custom Home or Buy an Existing One?

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You Ask, We Answer: Should I Build a New Home or Buy an Existing One?Are you looking to buy a new house in the near future? If so, one of the choices you will face is constructing your own brand-new home or buying an existing home. The idea of building a new house on the right piece of land might sound enticing, but what if you could have a larger, more luxurious existing home in the same neighborhood for a much lower cost?

As you might imagine, there are pros and cons to each kind of home. In today’s blog post we will explore whether you should build a new home or buy an existing one.

Building Your Ultimate Dream Home

Let’s get the obvious out of the way first. If you can afford the combined cost of the land, the house and all of the furnishings, then building a new home is an amazing experience. It is the chance to completely customize everything about your home, right down to having your family put their handprints in the foundation. You will be able to design the garage, media room, bedrooms, bathrooms, kitchen and everything else exactly the way you want it. The house will truly feel “yours,” as it’s built in your vision.

Aside from the higher cost, there are other potential downsides to building a new home. Between permits, booking contractors, wrapping up all of the necessary paperwork and construction time, building a new home can be stressful. It can also take much longer than buying an existing home outright.

Well-Kept Existing Homes Have Lots Of Upside

Buying an existing home has its upsides as well. It’s almost certainly going to be a much faster process than trying to build your own home from scratch. As long as you can find suitable listings, you can typically purchase and move into an existing home within a few weeks. You can also customize it to your liking, although not to the extent that you would with brand-new construction. It’s also likely to be less expensive, although that depends on a variety of factors including the city you’re buying in, the real estate market, the size of the home and more.

In the end, the choice comes down to budget, timing and personal preference. However, whether you decide to build new or you are okay with a lovely home that already exists, our professional real estate team is here to help. Contact us at your convenience and we’ll be happy to share local home and land listings that suit your needs and budget. We look forward to meeting you.

The Quick-and-Easy Guide to Getting Started With House Flipping

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The Quick-and-Easy Guide to Getting Started With House FlippingInvesting in real estate is one of the oldest means of building and storing wealth. However, it is only just recently that “flipping” of houses – buying at a low price, renovating and selling at a higher price – became popular. For many, house flipping has become a full-time career and their primary source of income.

So, are you interested in learning what it takes to become a successful house flipper? Read on to learn more about this fun and exciting way to invest in real estate.

Research Local Regulations And Legal Requirements

The first thing you’ll want to do is start researching the local regulations and requirements for house flippers. You can either go online and read through the laws or call up an experienced real estate agent and ask them. Either way, you need to know the rules of the game you’re about to enter.

Gathering The Resources You’ll Need

Next, you’ll want to gather your resources – both financial and human. You will, of course, need to have some cash set aside for a down payment, or for buying houses outright. At minimum, you will also need a real estate agent, a mortgage professional and a real estate attorney. You may also need contractors to help you with renovations unless you have the skills and experience necessary for this.

How To Assess Potential Investment Properties

Successful house flippers develop an eye for undervalued properties. Your goal is to find a home that is listed low but has a lot of room for improvement. The fundamentals of the property, its location, the size of the land, the home’s foundation, etc. – should be good.

You will also want to get good at sourcing out homeowners that are willing to sell but haven’t listed their home yet. If you can secure a private sale, you’re going to save money and avoid having to bid against other flippers.

Making Your First Flip

You’ve built your team, learned the rules and have started to hunt for listings. Now, you need to decide and make your move. As foreclosure rates have trended down recently, it can be hard to find the perfect opportunity. However, as this is your first flip, your goals should be centered on learning the flipping process without losing any money. Keep an open mind and don’t worry about trying to score big. Instead, buy the right home, renovate to add value and relist quickly so you can move on.

When you’re ready to start your search for flip-ready properties, we’re here to help. Contact your local real estate professional and we’ll share a variety of local home listings that will be able to provide a healthy return.

Worried That Your Past Student Loan Debt Might Delay Buying a Home? Here’s What to Do

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Worried That Your Past Student Loan Debt Might Delay Buying a Home? Here's What to DoWhether you are just about to graduate college or you have been out of school for a few years, there’s a good chance you’re carrying some amount of student loan debt. It seems that news headlines are regularly pointing out that the nation’s graduates are suffering from the stress of student debt. Moreover, that pressure can be even worse for those who are looking to buy a home and start putting some roots down in the local community.

Are you worried that past student loan debt will affect your chances of buying a home? Let’s run through a few tips that can help put your debt worries at ease.

Start A Budget And Embrace Using It

The first and most important step anyone with debt can take is to commit to a monthly budget. Managing your debts means living within your means. In turn, that requires careful examination of your income and expenses to ensure your debts are being paid down.

Also, in most cases, interest is being charged on outstanding student loan debt which makes it a high priority for repayment. The faster you can pay your student loan debt off, the less interest you will pay on top of it.

Check In With An Expert Advisor

If all of this seems confusing, you’re not alone. The good news is that there are expert debt and financial advisors that can help you to make sense of it all. They will help you to understand exactly where your money is going each month and what kind of financial discipline you’ll need to clear the path to home ownership. Many are provided by local or state governments at no cost, so be sure to check out your local options.

Reach Out To Friends And Family

Don’t forget that friends, colleagues and family members can be a great source of advice and support. Close family members may also be willing to lend a hand financially to get you out of renting and into your own home. Also, be sure to check in with former college classmates who have gone on to buy homes in the area. They’ll be a great source of information.

While past student loan and other debts can crimp one’s finances, they are no reason to put off home ownership indefinitely. For more information and to view affordable starter home options in the area, contact your local real estate professionals.

Let’s Talk Closets: Why a Walk-in Closet Is a Must Have for Any New Home Buyer

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Let's Talk Closets: Why a Walk-in Closet Is a Must Have for Any New Home BuyerAre you in the market for a new house or condo? Whether you’re looking for something luxurious or intimate, you’ll want to ensure that you have enough space for all of life’s necessities. Many home buyers focus on bedrooms, bathrooms and living areas as their top priorities. But have you given any thought to your closet space?

In today’s blog post we’ll explore why a spacious walk-in closet should be high on your list of “must-haves” for your new home.

Enough Storage For A Stylish Couple

An upgrade in storage space is the main reason to have a large walk-in closet – and for good reason. Today’s working professional needs a large wardrobe to store suits, work outfits, social attire, shoes, accessories and more. It’s almost impossible to cram everything needed in a small closet with one large hanging rack and a shelf or two. And even if you do decide to fill a smaller closet until it’s bursting at the seams, you’re stuck with having to try to organize it regularly just to be able to find anything. Forget it!

A Showcase For Clothes, Shoes And Accessories

A walk-in closet isn’t just for piling a ton of clothes into. It’s a showcase for your wardrobe and all of the items in it. Most walk-in closets are designed with numerous shelves, racks and other display areas. Take advantage of these to show off the best pieces in your collection. For example, are you particularly proud of that oxblood leather bag that you found while traveling Europe? Or the hat that you wore to last year’s Kentucky Derby? Your walk-in closet is the right place to show it off.

Room For Elegant Touches Like A Dressing Island

Finally, if you have enough space in your walk-in closet, you’ll be able to add some elegant touches. A dressing island with built-in shelves is the perfect feature for storing accessories and shoes. You can also add matching jewelry boxes on top to store frequently-used items. An ottoman is another elegant touch that can help make your walk-in closet feel more roomy and comfortable. And don’t forget to include a couple of mirrors for checking your look from multiple angles before you leave the house.

These are just a few of the (many!) reasons why a walk-in closet is an absolute must-have for any new home. When you’re ready to explore local real estate opportunities – including those with incredible walk-in closets – contact us. Our professional team is happy to assist you.

Buying an Older Home? Watch Out for These 3 Key Flaws That Could Spell Trouble

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Buying an Older Home? Watch Out for These 3 Key Flaws That Could Spell TroubleAre you a fan of homes with a bit more character than newer, modern designs? Whether in pristine condition or more of a “fixer upper,” older homes are incredibly popular in cities across the country. However, there are some key factors to consider if you’re thinking about buying a home built decades ago before modern standards were enforced.

Let’s take a look at three key design issues that you will need to be aware of if you’re thinking about buying an older house.

Old Electrical Designs Can Be A Significant Fire Hazard

No matter when a home was built, it’s almost guaranteed to have electrical wiring running through walls to supply rooms with lighting and power outlets. However, if the wiring was run in decades past it may be with older cords that are less able to withstand a modern workload. A quick check of the circuit-breaker panel or fuse box and the wires leading from it can give an idea just how old the wiring is. As older designs can be a fire hazard, you will want to ensure the wiring is up to date.

Poor Plumbing Design Can Lead To Rot Or Worse

Plumbing can also be an issue in older houses – especially those in states that experience a cold winter. Water pipes tend to expand and contract due to temperature, which can lead to stress and leaks over time. Moreover, even though older pipes are typically made of metal, they can still wear out. The last thing you need is to wake up to a flooded basement, so be sure to have the plumbing professionally inspected.

Is The Roof And Insulation Strong Enough?

While the roof might look solid from the outside, it may not be as well put together on the inside. Even the smallest of holes or leaks in roof membrane can wreak havoc on the structural integrity of the roof. It’s worth spending some time in the attic to inspect the inside of the roof, the condition of the insulation and how well the entire structure is holding up.

While the above list might sound a bit scary, it isn’t meant to turn you away from buying an older character home. If you’re diligent in checking out the home’s history and invest in a professional inspection, you’ll stay safe. When you’re ready to explore character home options in the local area, contact our local real estate professional.