Berkshire LIFESTYLE Blog by Corinne McKeown, CRS, CBR, LMC, Real Estate Broker

Tips for Buying Short Sales

We are seeing more short sales becoming available on the market in the current market conditions than we have in the past. A short sale is a sale of a property where the lender agrees to accept less than what is owed on the mortgage in order to facilitate a sale. While this typically means bad news for both the seller and the bank, it can mean opportunity to buyers who have patience. There can be some obstacles and challenges associated with buying a short sale and it does require a different approach than a regular purchase. The following 10 tips could help you successfully acquire a great deal on a short sale property. Here are 10 important steps when considering a short sale: 1. Identify potential short-sales
Locate pre-foreclosures in your area. You can use an online database, search courthouse listings, legal ads or by using an experienced real estate agent as a buyer’s agent. 2. View the property
Gauge its ..(read more)

Tips for Buying Short Sales

Energy Saving Tips

As we all know energy prices are through the roof these days so anything we can do to use less energy in our homes is going help ease some of the strain on the pocketbook. People are also becoming more and more conscious of the conservation of consumable energy sources and therefore have more of an interest in “going green”. With that in mind it may be time to replace the old light bulbs in our homes with new energy-efficient compact fluorescent bulbs. In the past replacing light bulbs with the newer energy efficient bulbs was cost prohibitive. Individual bulbs could cost as much as $7-$8 a piece in 2000. Any money you may have saved in energy costs was lost when you purchased and replaced bulbs. Now the average cost is about $3 per bulb so the cost savings out weighs the slightly more expensive bulbs. You many save as much as $30 in energy consumption over the life of the bulb. Energy-efficient compact fluorescent bulbs also ..(read more)

Closing Costs Explained

The bundle of fees associated with the buying or selling of a home are called closing costs. Certain fees are automatically assigned to either the buyer or the seller; other costs are either negotiable or dictated by local custom.Typically Buyers and Sellers do not get specific information about their precise closings costs because the closing attorneys are engaged in confirming tax data and discussing prorated items. Nevertheless, here is some information that can guide you in what to expect. Buyer closing costs When a buyer applies for a loan, lenders are required to provide them with a good-faith estimate of their closing costs. The fees vary according to several factors, including the type of loan they applied for and the terms of the purchase agreement. Likewise, some of the closing costs, especially those associated with the loan application, are actually paid in advance. Some typical buyer closing costs include: · ..(read more)

The 7 Basic Principles of Home Staging

The 7 Basic Principles of Home Staging Every home seller will greatly benefit from doing the following five things.

Real estate and physics have some very basic fundamental principles and laws. An example, in physics the law of gravity is paramount. If you throw a ball up, you know that it is going to come down. Tough to defy this law. In real estate, the most basic Law, is that the better home looks, the faster it will sell and for more. Tough to defy this law. Therefore, as a seller it is necessary to prepare your home properly for sale. You want your home to look great and be shown in the best possible light. This can be easily accomplished in a short period of time. You merely: Un-cluttering- time to start packing, you are moving anyway! Begin to throw away, give away, pack away and put back needed items neatly. Everything "personal" needs to be packed up or hidden. Be sure to not ..(read more)

Loss Mitigation Certification

Great Barrington Realtor® Completes Loss Mitigation Certification Program Great Barrington, MA – Corinne McKeown, Broker/Owner of Storybook Homes Real Estate earned a Certification in Loss Mitigation on March 8, 2008. The program was offered by The Massachusetts Association of Realtors®, and taught REALTOR® attendees how to work effectively with complicated transactions involving foreclosures, short sales, properties at auction or bank owned (also known as real estate owned or REO), and how to protect buyers and sellers as they work through the process. Taught by national and local experts in loss mitigation, the course equipped attendees to deal with short sales on both the buying and listing side; instructed them how to best approach lenders; and identify what information they will be required to produce. Since not all short sales avoid foreclosure, attendees also learned about the auction process including viewings, financing, and ..(read more)

Real Estate Dictionary of Real Estate Terms.

Every person working in real estate or planning to buy or sell real estate can benefit by using the below link which will lead you to a free real estate dictionary. This dictionary of real estate terms is one of the most extensive in the industry and is used by many real estate agents, real estate brokers, mortgage brokers, and instructors in major real estate schools across the country. Enjoy it! http://www.realestatewords.com/

FORCLOSURES: How to Purchase and Prevent!

It's a challenging time for many home owners who borrowed money at too-good-to-be-true rates a few years ago. We hear daily news reports about more and more foreclosures. While we care greatly about what these folks are going through (see homeowner resouces below) - it is also true that forclosures bring opportunity to others - who often wouldn't otherwise have the opportunity to purchase a home of thier own. Even in the Berkshires where many enjoy vacation home ownership and 2nd homes, forclosures are happening in locations and price ranges we wouldn't expect to see them. Those of you who want to check out these opportunities in more detail, I've found a very informative website for you to check out. Click on the link below to get free information on Foreclosures in ANY Real Estate Market - including our Beautiful Berkshires! You too can enjoy the joys of Home Ownership with these great ..(read more)