Life after foreclosure: When can you buy?

NORFOLK, VA, Nov 07, 2013—For those consumers who have a foreclosure on their record, it may feel like they will never repair their credit enough to become a homeowner again. It can happen, notes Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty, but it will depend on a variety of variables.

“Bouncing back after a foreclosure will depend greatly on your individual circumstances, as well as the mortgage interest rate you are willing to pay,” says Eisenberg. Foreclosures can remain on your credit record for seven to 10 years. Most lenders will consider your request for a home loan two to four years after your foreclosure, although your interest rates will be higher.

“Keep an eye out for predatory lenders that will issue a home mortgage in less time than average, but will charge you obscenely high mortgage interest rates, fees, and penalties,” warns Eisenberg.

A quality lender will expect you to show that you have cleaned up your credit. In this light, a borrower who has worked hard to reestablish good credit may also be shown some leniency by the lender.  

Repairing your credit is possible, although it can be a slow-moving process. Act as quickly as you can to take care of any outstanding delinquencies, tackling a little at a time until you get back on the right track. “Make an effort, if at all possible, to repay your debt in full and on time for six months to a year to prove you are working hard to repair any damage,” says Eisenberg.

“It will also be helpful to provide a reasonable explanation about the circumstances that led to the foreclosure, such as exuberant medical expenses or lifestyle changes beyond your control,” notes Eisenberg. If you declared bankruptcy because you were laid off from your job, the lender may be more sympathetic. If, however, you went through bankruptcy because you overextended personal credit lines and lived beyond your means, it is unlikely the lender will readily give you a break.

If you've waited several years after your foreclosure and you're still having trouble obtaining a traditional mortgage, consider other options, such as subprime mortgages, which are made to borrowers who do not meet traditional credit criteria at a higher interest rate.  
For more information on obtaining a mortgage, please contact Louis Eisenberg, Prudential Towne Realty, leisenberg@prudentialtownerealty.com, (757) 572-7244, or www.LouisEisenberg.com

Buying a garage door? Think insulation

There are seemingly endless options through which homeowners must navigate when buying a new garage door: the style, materials and accessories, just to name a few. But perhaps the most important feature that should top the garage door consumer's list is energy efficiency.
Why? Because the garage door is generally the largest moving object in your home and offers the greatest exposure to the elements. An insulated garage door will maintain the temperature in your garage in the winter and in the summer and likely decrease your heating and cooling costs. Insulated garage doors not only make the garage itself more comfortable to be in, but also the rooms adjacent to or above the garage. A well-insulated garage also helps keep moisture out, and its sturdy construction offers a greater noise-reducing sound barrier.
What should consumers look for in an energy efficient garage door? For starters, check out the R-value. R-value is a measure of thermal resistance to heat flow and is how most manufacturers show the energy efficiency of their product. The higher the R-value of a door, the more insulation you'll get. Second, look at the door's construction. Well-insulated doors will have a "triple-layer" construction, consisting of environmentally safe polystyrene or polyurethane thermal insulation between two layers of heavy-duty steel. Some insulated garage doors also include a thermal break which is a nonconductive material within the door that keeps thermal energy from passing through, resulting in improved energy efficiency for the home.
Well-insulated garage doors should be able to stand up to the most extreme of conditions while simultaneously protecting your garage and the rest of your home.
Whether your garage door withstands heat, wind, snow, rain, or all of the above, it's the largest line of defense for your home. Make sure that it's working hard for you by reducing your home's energy consumption and providing strong, durable protection from the outside. Your utility bills - and the rest of your (climate-controlled) house will thank you.

For more information contact Louis Eisenberg, Prudential Towne Realty, 109 E. Main Street, Norfolk, VA 23510, leisenberg@prudentialtownerealty.com (757) 572-7244 www.LouisEisenberg.com

Months inventory of homes for sale

Inventory of existing homes continues to fall. It is looking better for homes sellers.

Keeping Up With Home Improvements

NORFOLK, VA, Oct 31, 2013—Being a homeowner is one of the most rewarding parts of life, but it is also a large undertaking. From the day you move in to the day you sell your home, there will always be something that will need to be repaired or remodeled. You may want to undertake some changes simply to elevate your comfort level – like installing central air conditioning – or spruce up the home’s aesthetics, such as adding a few stained-glass windows. But other work will need to be done to maintain the property and minimize problems later on. These may include replacing a hazardous roof, fixing broken windows, and repairing leaky pipes. These are all necessities. Left undone, they can lead to major problems and damages within the home. If you decide one day to sell, other improvements will likely be made to increase the home’s value and appeal to potential buyers, says Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty. “From the very beginning, get in the habit of taking an inventory at least once every year of every nook and cranny of your home to check for potential problems,” suggests Eisenberg. Examine the roof, foundation, plumbing, electrical wiring – basically everything. Try to fix trouble spots as soon as you uncover them. “This proactive approach will help you avoid larger expenses later on, so leave no stone unturned when taking your inventory,” explains Eisenberg. Eisenberg notes that you may expect to spend one percent of the purchase price of your home every year to handle a myriad of tasks, including painting, tree trimming, repairing gutters, caulking windows, and routine system repairs and maintenance. An older home will usually require more maintenance, although a lot will depend on how well it has been maintained over the years. “Tell yourself that the upkeep of your home is mandatory, and budget accordingly,” says Eisenberg. Otherwise, your home’s value will suffer if you allow it to fall into a state of disrepair. Remember, there is usually a direct link between a property’s condition and its market value: The better its condition, the more a buyer will likely pay for it down the road. “Adopt the attitude that the cost of good home maintenance is usually minor compared to what it will cost to remedy a situation that you allowed to get out of hand,” says Eisenberg. For example, unclogging and sealing gutters may cost a few hundred dollars. But repairing damage to a corner of your home where gutters have leaked can potentially cost several thousand dollars. For more information on home improvement, please contact, Louis Eisenberg, Prudential Towne Realty, 109 E. Main Street, Norfolk, VA. 23510, leisenberg@prudentialtownerealty.com, (757) 572-7244, or www.LouisEisenberg.com

Renting vs. Buying a Home

Fall Fun: 5 enjoyable Fall renovations

NORFOLK, VA, Oct 23, 2013—Dreading your home renovation? It can be hard not to – from the planning to the cost, home improvement can cause a lot of stress. In order to make your renovation more enjoyable, Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty lists a handful of updates that aren't all that bad.

Pull up the old carpet. Getting rid of dingy carpet in your home can be a satisfying task. “What's even more satisfying is revealing lustrous hard wood underneath,” comments Eisenberg. If your home has hidden wood floors, polish them up and see your space transform. No wood? No worries. Replace it with fresh, updated carpet.

Landscaping. Fall is a beautiful time to landscape your yard. Get the whole family involved and turn it into a weekend project. Plan, mulch, plant, and then sit back and enjoy your hard work.

Paint the interior. “Painting can be fun, even meditative,” says Eisenberg.  Make sure to choose a color you love, and don't forget to have a little fun with it. Eisenberg suggests adding a festive accent wall or color border.

Make use of empty space. “Planning out how to change your already existing layout can be extremely rewarding, like a puzzle,” says Eisenberg. Transform that unused office into a home theatre or fitness room. Make a pantry out of that extra space in the laundry room. If you have the financial ability, you can even get luxurious – use extra bedroom space to create a walk-in closet or bathroom suite, or turn that unused first floor bathroom into extended kitchen space.

Play designer. “Sometimes the renovation that packs the most punch isn't a renovation at all,” says Eisenberg. Redesigning your space can completely transform it, and it's usually pretty fun. Pick out new accents, from throw-pillows to curtains. Shop for affordable art, buy new furniture and lay it out differently. You will be amazed with how much can be accomplished with the space you already have.

For more information on buying in a low inventory market,  please contact Louis Eisenberg, Prudential Towne Realty, 109 E. Main Street, Norfolk ,VA 23510, leisenberg@prudentialtownerealty.com, (757) 572-7244, or www.LouisEisenberg.com

Selling: Tips for top negotiation

NORFOLK, VA, Oct 22, 2013—If you're selling your home, you're probably enjoying the fact that the market currently appears to be back on track. As more and more buyers come into the fold, you may have multiple offers on your property. Whether you're choosing a buyer, or currently in the throes of negotiating price, Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty offers the following tips for negotiating price and landing the best deal on your home.

“If someone offers you a lowball price, one way to up the ante without quarreling over money is to offer an incentive for a higher offer,” says Eisenberg. Incentives are especially effective with first time buyers. Some good incentives are providing the buyers with a home warranty or title insurance; paying for closing costs or homeowner's association fees; offering to repaint or re-carpet to specifications, or purchasing a year-long membership to a local pool or club.

If you don't want to get into this type of situation to begin with, it's important to price appropriately, says Eisenberg. Many sellers focus too much on what they bought the home for, or the work they put into it. Unfortunately, a home value is based on the current market, so it's important to forget about the cost of that new deck and instead familiarize yourself with current conditions.

“To get a good sense of what comparable homes are selling for, attend open houses and check out local listings,” says Eisenberg. “Ask your agent for help with this—they have access to the MLS.”
For more information on selling your home, please contact Louis Eisenberg, Prudential Towne Realty, 109 E. Main Street, Norfolk, VA 23505, leisenberg@prudentialtownerealty.com, (757) 572-7244, or www.LouisEisenberg.com