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Improving your home with the sale in mind is a good idea if it is important that you recoup the majority of the money you put into the project. Experts agree that any remodeling project that brings your home up to the level of your neighbors' is a worthy investment.

The homeowner strategy of walking away from foreclosure homes when home values plummet below the outstanding mortgage balance has now been given a new twist by lenders. Banks are refusing to take back foreclosure properties, leaving homeowners to assume responsibility for their upkeep.

Just when we think it can’t get any worse for the homeowner in distress, think again. In areas with heavy foreclosure rates the banks are refusing to take back the property from the homeowner. Instead the owner remains liable for the upkeep. If the property should become so dilapidated the community or alderman may require the property be torn down and the bill sent to the current owner. Now the person in distress has a bill for $15,000+ for the cost of demoing and removing the debris. There are areas in Chicago where these properties are being torn down while they are listed for sale. We have actually had a property under contract and when the client went to do the home inspection the house was in the middle of being torn down.

There has been an increased buzz and more people asking about lease options and rent-to-own properties. These can be great opportunities for both buyers/renters and sellers. If a property is vacant and the seller is open to renting the property they ought to consider doing a lease option/rent-to-own. If someone is looking to buy in the next couple of years they may like the idea of moving into the property they are going to buy now saving moving expenses let alone some of the other great benefits.

Despite the fact that declining home prices have been grabbing headlines for several months now, it can be a challenge for any of us to let go of what we had hoped our home would sell for.