Turn your home into a ‘red rib­bon’ deal

The Palm Beach Post - Residences - - Front Page -

Ques­tion: What does it mean when a home is ad­ver­tised as a “red rib­bon” deal?

Answer: In most ar­eas, a home that’s called a “red rib­bon” is in such near-per­fect con­di­tion and so pretty that you could fig­u­ra­tively tie a rib­bon around it, put a big bow on top and leave it un­der a Christ­mas tree or Hanukkah bush.

With the real es­tate mar­ket start­ing to slow in many com­mu­ni­ties, sell­ers who spend the rel­a­tively small amount of time and money it takes to put their prop­erty in top con­di­tion can be re­warded with a faster sale and a top-dol­lar price.

This means giv­ing the home a fresh coat of paint both in­side and out, and sham­poo­ing the car­pet — if not re­plac­ing it al­to­gether. The land­scap­ing should be well-man­i­cured, and the house must be sparkling clean.

Turn­ing a house into a redrib­bon prop­erty also means fix­ing all those lit­tle prob­lems that sell­ers have sim­ply learned to live with but that can be big turn-offs for prospec­tive buy­ers. These in­clude a leaky faucet, a cracked win­dow pane, or doors that squeak or don’t close prop­erly.

Sell­ers who are us­ing an agent to mar­ket their prop­erty should ask the agent for a list of sug­gested im­prove­ments, and then make them.

Ques­tion: If we want to re­fi­nance our cur­rent mort­gage, would we be re­quired to use the bank that gave us our orig­i­nal loan, or could we use a to­tally dif­fer­ent lender?

Answer: You can se­lect any lender you want to han­dle the re­fi­nance. You aren’t re­quired to use the same bank that gave you the loan to buy the home.

None­the­less, you should at least call your cur­rent lender and see what kind of deal it will of­fer. Most len­ders to­day are anx­ious to re­tain their ex­ist­ing cus­tomers, and they’re will­ing to make spe­cial money-sav­ing of­fers to keep a bor­rower from choos­ing a dif­fer­ent bank to han­dle a re­fi­nance.

My sis­ter re­cently took ad­van­tage of an un­ad­ver­tised re­fi­nanc­ing of­fer from her cur­rent lender that al­lowed her to cut her mort­gage rate by more than one full per­cent­age point with­out pay­ing a sin­gle penny for clos­ing costs.

The deal trimmed nearly $150 off of her monthly pay­ments, but she wouldn’t have known about the plan if she had not con­tacted her orig­i­nal lender first.

David W. My­ers

About Real Es­tate

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.