At some times it can be expensive to simply maintain the biggest asset most people will ever own: their homes. Keeping this fact in mind, here is a list of ways to increase your home’s value without breaking the bank.

• Hiring an home inspector can be the most cost-effective thing you ever do. This is true if they find a small problem that could grow into something much bigger down the line, such as a termite infestation or a roof or water leak.
• Tremendous value is added by simply painting a room, upgrading fixtures.
• Energy efficient homes that feature items such as special windows and/or programmable thermostats, save you money and are a marketable asset if you do need to sell.
• Landscaping improvements in the form of large shade trees make homes more desirable. They can also cut your cooling costs up to 40%.
• Improve your home’s air quality by replacing old carpeting, or removing it entirely if you are lucky enough to have hardwood flooring underneath.
• By adding a small luxury item such as a water filtration system, you are adding value to your home and saving yourself money since you will no longer need bottled water.
• Replace old fixtures such as an old ceiling fan for a newer, more updated-looking model. It will make your home more pleasant on hot days, and will appeal to buyers if you need to sell.
• Speak with Bonnie Mullinax, your local Bartow/Cobb County realtor, or an interior designer to check out your home for needed improvements.

In December of 2007 Congress signed into law the Mortgage Forgiveness Debt Relief Act. Under regular circumstances, when a lender chooses to forgive all or part of a borrower’s debt, the forgiven amount is considered income and the borrower is liable to be taxed. This law offers relief to the homeowner in that it extends relief for three years, covering debts discharged through calendar year 2012. Amendments have been made to remove tax liability and allow the borrower and lender to work together to find a common and beneficial solution for both parties. This debt relief is limited to primary residences only and the amount of forgiven mortgage debt allowed to be excluded from income tax is $2 million per year.

For more information about the Mortgage Forgiveness Debt Relief Act go to the I.R.S. website.

Any homeowner who lives with a pet knows that when you share your house with one of these beloved creatures, you give up the word “spotless” as a way to describe your home…forever. Here are some tips to keep your house as clean and fresh-smelling as fresh as possible despite your pet’s, let’s just say, “untidiness”.

• Pet hair has an aroma. Usually, it’s not a good one. Vacuum regularly, even if the pet hair in question matches your furniture and you cannot see it. I promise you, your guests can smell it. Dyson makes a vacuum especially for picking up animal hair.
• This is obvious, but a regularly bathed pet makes for a clean house. Think of how happy they are when it’s all over! Keeping pet’s nails trimmed also cuts down on scratched floors and fabrics.
• Look into Crypton. It’s a stain-resistant fabric that includes suedes and twills. As always, leather and Ultrasuede are great choices for pet owners.
• If you can, nix the wall-to-wall carpeting. It absorbs odors, traps pet hair and soaks up stains. 
• Stick to rubber toys if you have a mad chewer. Pig’s ears and rawhide bones are not only terrible for your pet’s health, but if they make it inside your home, they will stain your floor and furniture.  

To learn about more interesting things for your home with pets go to www.everydaystudio.com  and www.animalhousestyle.com.

If you are currently in a situation where you must sell your home and you owe more on your home than what it is worth to sell, a short sale can be a very good solution to your problem. Many myths have evolved over time, but understanding today’s reality is a way to help your family. Seven short sale myths are:

1. Short sales are impossible and never get approved. It is true that short sales are more difficult but they are not impossible. Bonnie Mullinax is a Bartow & Cobb County area Certified Distressed Property Expert who has extensive training to help area homeowners who may be in distress.
2. Banks Don’t Accept Short Sales. In reality, banks are doing whatever they can to avoid foreclosure proceedings.
3. You must be behind on your mortgage to negotiate a short sale. Many lenders today focus on verifiable hardship, monthly cash flow shortfall and insolvency – not just people in default.
4. Buyers Avoid Short Sales. Many of our fellow agents report that buyers call them looking for short sales every day. Short sales are becoming synonymous with a “good deal”.
5. Listing your home as a short sale is embarrassing. Recent estimates state that 1 out of 5 homeowners in the U.S. are in this situation. The state of Georgia has one of the highest foreclosure rates in the nation!
6. Banks prefer to foreclose. Banks do NOT want to foreclose. Banks, investors and the federal government have all publicly stated that if a person qualifies for a short sale, then the deal needs to be considered.
7. There is not enough time to negotiate a short sale before my foreclosure. Many lenders in todays market will stall a foreclosure up to the final day of the process, with a legitimate contract.

For more updated information please visit our website at www.avoidbankforeclosurenow.com or call The Mullinax Team today at 770.606.0054.

Considering a short sale can be a daunting task if you are not armed with all of the necessary information regarding this type of transaction. Following are additional mistakes or problems that can be avoided if you know what to look for.

• Time: There never seems to be enough of it when conducting a short sale. Bonnie Mullinax, your local Bartow County Keller Williams Realty agent, understands local foreclosure laws and will be able to provide you with an estimated timeline on the possible sale of your home. Also, be sure that you or Bonnie Mullinax communicate effectively with your lender so that they begin to stall a foreclosure by getting more time to negotiate a short sale. Always provide Bonnie with accurate information as to how many payments you may have missed and any correspondence you have from your lender.
• You must submit the deal properly: Following the directions that you receive for submission is imperative. If you are asked to fax your file, then fax the file and send a hard copy in the mail. If they ask for two copies, send two, and so on. If you have a contract and have gathered all of your information, the last thing you want is for no one to see it and the deal falls apart.
• The buyer’s offer is too low: A short sale is not a fire sale! A lender still will only approve a deal that is more attractive to them than a foreclosure. Make sure you present only the most properly negotiated offers.
• The buyer’s contract is not strong enough: You may find yourself with offers from unqualified buyers. Don’t forget to ask for verification from a buyer that they have been pre approved for financing.

Considering a short sale can be a daunting task because it is a bit more complicated than a traditional home sale. Knowing what some of the common short sale mistakes are and their solutions can be very helpful for a successful outcome. Here are some of the most common mistakes made with this type of transaction, and their solutions:

• The property is not priced correctly: Be sure that your agent takes you through a detailed listing price strategy so you know exactly where your home should be priced due to its current condition, the other current sales in your area, and how much time you have left to sell.

Today many people in the Bartow County and surrounding areas are interested in Short Sales as a way to avoid Foreclosure. The definition of the short sale process is when the lender of a residential property allows the property to be sold for less than the amount due on the mortgage loan.

The benefit of the short sale process is to allow the seller to avoid credit report damage associated with a foreclosure. A foreclosure can stay on your credit report for up to 10 years and can take an emotional and financial toll on you and your family.

If you are interested in knowing more about a somewhat complicated short sale transaction, here are the three very uncomplicated things lenders look for when qualifying a short sale:

• Financial Hardship:  This is defined as a verifiable reason that has or will cause you to miss a payment. Examples that qualify are mortgage payment adjustment, a job loss, too much debt or a business failure.
• Monthly Shortfall: Lenders want to see that you cannot afford to pay your mortgage. You will be required to provide your agent a financial worksheet that demonstrates this. The shortfall equation is simple. Total Monthly Income – Total Monthly Expense = Monthly Shortfall.
• Insolvency: You must be able to prove to the lender that you owe more than you have in cash. Insolvency can be proven in many cases, even though you may still have some money for living expenses.

Because of the documents required, the short sale process can be lengthy. But if done correctly, it can benefit all parties involved. The lender avoids the uncertainty of the foreclosure process, the seller avoids a foreclosure on his or her credit report, and the buyer hopefully got a good deal on a property.For more information about Short Sales see About.com.

Many homes have decks that are wonderful for enjoying the great outdoors, whether you are entertaining friends and family or just relaxing and enjoying the sunshine with a good book. Unfortunately, decks require maintenance to keep them looking fresh, clean and splinter free. If you are thinking about embarking upon a useful spring cleaning project, cleaning your deck is a great place to start.

Proper maintenance is essential to extending the life of your deck. First, look over your deck carefully for any sections that may need repair, replace warped or worn boards. Next, thoroughly sweep it off. After that, you must arm yourself with a power-washer. These can be rented if you do not own one. There are a variety of deck cleaners available, but the best choice is an oxalic acid-based one. These clean your wood nicely, prevent rust, kills mildew and are even plant-friendly. If you have tough mildew stains, you will need to use oxygen bleach to remove the stains. Next you must coat it to keep it looking beautiful.

Spring, summer or fall, just about any time of the year is a great time to clean, seal and enjoy your deck for many years. For more information on visit http://www.doityourself.com/stry/cleandecktips.

Putting your house on the market is always a challenge in that you must look for ways to make it the most appealing it can be to potential buyers. Beyond the tried and true rules of emptying closets and keeping all rooms tidy and clean, here are some things you may not have thought of that can have major impact during a showing or open house.

• If you have small rooms in your home that you would like to appear more spacious, paint them the same color as the room it is attached to. This will convey a more seamless, spacious feel. Another trick to convey spaciousness is to keep all window treatments in small rooms the same shade as the walls.
• If you have a sunroom make sure to paint it an attractive shade of green. It really does help to bring the outside in!
• If you have a narrow room, add wall shelving. This gives the space depth, without crowding out occupants.
• If you are upgrading to sell, choose Eco-friendly materials. Buyers are showing more interest in homes with these materials. For example, consider cost-efficient and “green” cork flooring instead of hardwoods.
• Consider breaking up a finished basement into “zones”. For example, furnish one area for reading, another area for a bar, one for games, one for a workspace with a desk and another for lounging in front of the television.
• If your kitchen is outdated and you do not want to renovate, replacing old appliances is highly suggested. Studies show that sellers recoup every penny spent on new appliances!

Staging makes your house look bigger, brighter, cleaner, warmer, more will appear more loving and, best of all, it makes home buyers want to buy it.

Some key points on President Obama’s Foreclosure-Prevention Plan:

• Loan terms may be modified by reducing payments for distressed borrowers
• Refinancing for those current on payments, but have little or no equity in their home
• Plan starts right away and is strictly for primary residences that are not vacant or condemned
• Call your mortgage lender for help to see if you qualify
• There are no fees for this type of loan modification 
• To be eligible, your loan must be owned or guaranteed by a government-backed mortgage company such as Fannie Mae or Freddie Mac
• Modification plan are set to end on December 31, 2012
• Loans can be modified one time only

More information is available at http://www.financialstability.gov/docs/counselor_qa.pdf or contact our office at 770.606.0054.