Frugal Tips for Making a Home More Appealing

Homeowners who want to sell but don’t have a lot of cash to spruce up their properties might consider these tips from Bankrate.com for upgrading a property without spending a fortune.

Polish up the kitchen. Add new cabinet door handles, replace lighting and update the faucet set. Unless the cabinets are mica, give them a fresh coat of paint. Order new doors for kitchen appliances.

Tidy up the bath. Replace the toilet seat. Clean up the floor with vinyl tiles or sheet vinyl applied over the old floor. Re-grout the tub and, if the tub is dingy, add a new prefabricated tub and shower surround.

Paint the walls.

Add closet systems to all the bedrooms, pantry, and entry closets.

Hire a plumber and an electrician to fix anything that is loose or that leaks.

Clean the carpets or, if they are worn, cover them with area rugs.

Replace ceiling lights with inexpensive but attractive fixtures.

Refinish or repaint the front door and replace the hardware.

Mow the lawn, edge the sidewalks, mulch all the beds and put two big planters at either side of the front door.

Source: Bankrate.com (07/14/2010)

What Causes Borrowers to Walk Away?

While borrowers with “super prime” credit scores accounted for just 5 percent of the mortgage delinquencies, about 28 percent of their defaults were calculated and strategic.

This relatively small actual number is nevertheless causing the credit industry to look at new ways to evaluate walk-away risk even among the very creditworthy.

Credit bureau Experian reports that borrowers in California, Florida, and other hard-hit states are more likely to walk away than people living in states with more stable markets. Also, residents of states where lenders have no recourse are more likely to toss in the towel.

People with small amounts of negative equity also are more likely to stay and pay.

Source: Washington Post (07/03/2010)