What to Expect at a Real Estate Closing

A real estate "Closing" is the procedure by which the title to the
property is transferred from the seller to the purchaser. If the purchaser has
obtained a loan, the lender's required documents are signed and executed at this
time.

The closing attorney's role at closing is to represent the lender's interest
and the closing attorney is not authorized to provide legal advice to the buyer
or the seller. You are more than welcome to have your attorney with you at the
closing. But most people in Florida do not feel the need. Feel free to consult
with your own attorney, if you feel legal advice is needed.

Prior to the Closing

· You will need to obtain Homeowners Insurance and provide proof of intended
coverage prior the closing. This must show the lender as loss payee. Have your
insurance agent contact our office and we will be glad to supply them with the
pertinent information needed.

· If the terms of the contract have changed make sure we have been made
aware of these changes. This may affect the loan amount or fees that will need
to be adjusted. Handle disputes regarding contract terms, price negotiations and
repairs prior to the closing.

· Prior to the closing date the loan officer should advise you on the
approximate amount of funds needed at the closing. We make every effort to
provide an accurate amount needed to close the transaction. But please note that
a "Good Faith Estimate" is merely an "estimate" and may not
include some items that appear in the final calculation, such as owner's title
insurance, homeowners dues, adjustments to the per day pre-paid interest, funds
needed for the escrow account and other fees.

· Contact your real estate and/or seller for any final details that need to
be worked out prior to the closing.

At The Closing

For a typical closing, plan on spending about one hour's time with the
closing attorney.

· You will need to bring a photo identification and either certified funds
or a cashier's check made payable to yourself. You can endorse it over to the
attorney at the closing. If it is made out for too much the attorney will refund
the overage. If it is not enough you may write a personal check for the
difference. You may also need to bring other items required by the lender.

· All parties will review of the HUD-1 Settlement Statement detailing costs
and make any adjustments if necessary.

· You have a right to read all of your closing documents before you sign.
The closing attorney will give you concise explanations of each document. The
closing documents must be executed as written. No changes may be made to the
wording of the lenders closing loan documents.

· A review of the termite clearance letter obtained by the seller indicating
that the letter is not more than 30 days old and verifying that no active
infestation was found and no structural inspection was required.

· The disbursement of the proceeds of the transaction and a payoff of all
current liens against the property.

After the Closing

To complete the closing of the transaction, the attorney will do the
following:

· Record in the county land records all documents such as the warranty and
security deeds.

· Return to the lender the completed loan package. · Disburse all
funds in accordance with the HUD-1 Settlement Statement. Real estate
closings vary by state but this should give you an overview of what will take
place. If you have any question speak with your loan officer prior to the
closing,

Adrian Skiles, GML

Mr. Skiles, GML has over 20 years experience in the mortgage and real estate
industry. He is currently President/Broker of Florida MortgageGroup, Atlanta
Mortgage Group and The Mortgage Group of North Carolina. On the web at http://www.efloridamortgagegroup.com/,
http://www.atlantamortgagegroup.com/
and http://www.mortgages-northcarolina.com/.

Everything A Real Estate Agent Doesn't Want You To Know Part 2

So you are thinking about buying a home? Typically, people who are planning
to buy a home, and especially first time home buyers, start by looking through
newspapers ads and real estate magazines before calling a real estate company
and talking to a real estate agent. And that’s where the problems tend to
begin. As a homebuyer you must understand that real estate agents represent
sellers (they have a legal duty to represent sellers) and not buyers (.) The
only exception to this rule is in the case of "buyer broker representation"
which I STRONGLY advise against using because it’s basically a scam designed
to squeeze money out of both ends of a real estate deal, money from buyers and
money from sellers. You see, the term "caveat Emptor" means "buyer
beware". That means the duty to protect your legal and financial interests in
a real estate deal falls squarely on YOUR shoulders. If you make wrong
decisions, sign stupid contracts and do less than an intelligent deal-it is your
fault. In my mind, the term "buyer beware" is a fancy way of saying
"cheating is okay".

It all boils down to knowledge. Real estate agents are trained in real estate
principles, practices, some real estate law and some (and I mean some)
financing. How much training have you had? How much do you know about real
estate law? How much do you know about real estate financing? What are your
financial options? Are the loans being sold to you in your best short, medium
and long-range interest? These are key questions you need answered. So here’s
a few tips on getting your bearings in the right direction before you do
anything.

Number 1-Get the home financing together first! This is the singular most
important element of a real estate deal. Why? Because after the whirlwind of
emotion of your new home passes (and it will) you will have a "mortgage
monkey" strapped to your back for 15 or 30 years. You want the best interest
rate you can get but you also want the best loan program to meet your personal
needs. There are a ton of home loans on the market; 15 and 30-year conventional
loans, adjustable rate mortgages (ARMS), Government loans like FHA, VA loans and
there are gimmick loans like negative amortization loans, nothing down loans,
etc. The point is that lenders are in the business of selling loans- that’s
right they are selling you a loan and you are paying for it in the form of
closing costs and interest rates. Nobody can get this information together for
you except you (.) You are the one that will live with the loan and that is why
you need to get your financing together first! My report gives you the steps you
need to take to seek out the right loan for YOU.

Number 2-Get an attorney specialized in real estate transactions (.) People
tend to see a lawyer AFTER they have a legal problem. Be smarter than that-see
an attorney first and get representation, buying a home is a big business deal
right? I cannot emphasize enough the importance of having a lawyer to review
your legal documents before you sign anything (.) Not to hype the report but it
has some tips on this issue.

Number 3-Avoid real estate agents until you are strategically ready to talk
to them. Remember; agents are trying to sell you a property-and they are not
your agent-they are salespeople on a commission and they have a legal duty to
not only represent the seller but to get the highest possible price on behalf of
the seller. People get hurt everyday in real estate deals and don’t even know
they are bleeding. Why? Lack of information.

My E-Report: 101 Tips For Homebuyers, Sellers And Money Borrowers will help
you with more information regarding this article- go to smart Books website,
fill out the form requesting a copy and we’ll send it to your email address
within 24 hours-absolutely free this week! Another Ezine Article Exclusive! Keep
reading, theres' more to come! Until next time...

Smart People Read Smart Books!

Copyright © 2006 James W. Hart, IV All Rights reserved

NAME: Jim Hart TITLE: CEO-Smart Books Publishing SMART BOOKS WEBSITE: http://www.smart67.com
FREE PRODUCT: Article offer-per request. PRODUCT: Consumer Books, Kits &
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SEND A HOUSE BACK? WEBSITE IS A PAY PAL SECURE SELLER: Yes WEBSITE IS A SECURE
CREDIT CARD MERCHANT: Yes MEDIA INTERVIEWS Yes-See Bio

The Most Important Aspect of Flipping Houses - Curb Appeal

Of course, you’ve already considered location, so the first step you need
to contemplate in purchasing a house for flipping is curb appeal. What does it
look like from the street? If people aren’t anxious to buy after driving buy,
what chance do you have of making a sale? Curb appeal is everything.

Actually, it’s curb appeal times two. You need to consider what it looks
like to you for buying and you need to envision what it’s going to look like
to a prospective home-buyer when you sell.

If the outside of the home doesn’t captivate you, then no matter what you
do to the inside, you face an uphill battle. I’ve had great houses with great
prices . . . and potential buyers barely slowed down as they drove by. You need
to believe that with a little work and a little money, you can transform a home
from a liability to alluring.

Curb appeal consideration for you: Roof lines even? – You don’t want to
see a sagging roof, even if it’s structurally sound. That look could cost you
thousands in resale value.

• Additions un-cobbled? – Many times people add on dormers or little
  additions. If there are additions: do they fit the basic "look" of the
  house? Does the roofing material match? You don’t want to be changing
  those. You want the home to look picture perfect.
  
  
  
  
  
• Garage converted to a family room or bedroom? – Many times ramblers have
  original built-in garages converted to extra bedrooms and/or family rooms.
  The driveway comes up to the house and you can easily see where new siding
  was added to "hide" the conversion. This rarely works. The best I’ve
  seen used French Doors into a family or garden room.
  
  
  
  
  
• House settling? – If you can see from the street that the house has
  settled, there is little you can do outside of major foundation work.
  
  
  
  
  
• Concrete work settled? Cracked? – Front steps off kilter? Actually, you
  can build new steps around them. Often you construct a small deck that both
  hides the old concrete and enhances the new look. This hides unsightly
  cracks as well (make sure they are repaired first, however (don’t just
  cover them up).
  
  
  
  
  
• Crappy neighbors with crappy homes, crappy landscape and crappy attitudes?
  – If you can buy their homes for a good price, consider it. If not, pass
  it by otherwise you’ll be trying to show your home while the police stop
  by next door for an on-location shooting of "Cops."
  
  
  

  If you purchase the house, you will start working on the curb appeal as
  well as general remodeling. You need to capture the hearts of your potential
  buyers.

  
  

  Curb appeal for your new buyers:

  
  
• Put up large street address numbers so people can easily locate your home
  for sale.
  
  
  
  
  
• Nicely painted – Fresh paint adds value and says the home is well-cared
  for.
  
  
  
  
  
• Landscaping – Big bushes and trees add instant value. Tie the
  landscaping together with edging and you have a complete look. If you
  don’t know what time of year you will be selling, choose mostly evergreens
  and then add flowering plants just before you put up your sign.
  
  
  
  
  
• Charming - Nothing sells like charm. Don’t settle for bland. Add color
  that highlights the home. Got room for an arbor? Is there a small private
  area that can still be seen from the street? Room for a bench? Does the
  house have shutters. They don’t even have to work. They can even have to
  work. Shutters or "faux" shutters can be used to accent the windows and
  make them appear larger.
  
  
  
  
  
• Dramatic lighting – Make sure your address is well lighted. Use dramatic
  spot lights to show off the landscaping and the private areas. If your house
  is vacant, choose a nice table by a beautiful window to add an attractive
  lamp. You want a shade that sends light up and down. You’re want people to
  have the feeling that they’ve come home after being away, and someone left
  the light on for them.
  
  
  

  People view houses when it is convenient to them, this often means after
  work, at night. Be sure to check out your curb appeal for different times of
  day and night.

  
  

  Imagine the house you’re selling as the perfect home. How would it
  look, if it were painted as a romantic scene by Thomas Kincade? You would
  see drama. You would see color. The lighting would pull you into the
  painting. Create that picture for your curb appeal.

  
  

  What you want is an image that stays in the mind of potential buyers.
  They drive by. They call. They look it over. They make their offer. They
  can’t wait to move in. They pursue financing. You get your asking price .
  . . or better. Their dream never waivers. This is their home. All of this is
  done with curb appeal.

  
  
  
  
  
  

  Don Doman is a published author, video producer, and corporate trainer.
  He owns the business training site Ideas and Training (http://www.ideasandtraining.com),
  which he says is the home of the no-hassle "free preview" for
  business training videos. Don and his wife Peg at one time owned 33 single
  family homes, which they purchased, remodeled, and used as income properties
  before selling them for profit. You can gain from their experiences at
  Simple Home Repair (http://www.simplehomerepair.com).

  
  
  

Home Appraisal: More Than Just House Value

Most people, when buying a home, are first given a copy of the appraisal at
the closing table. In the excitement and stress of signing the final mortgage
papers, and arranging to get the keys to the new house, the appraisal may be
tucked away with the other closing documents to be forgotten. There is
information on the report worth knowing.

The lender probably told you what the home value was soon after the appraiser
completed the appraisal. Now that you have a written copy in front of you, it
offers much detail, and tells you a lot about your home that you may not have
considered. When you get home pour some coffee, pull up a chair and look it
over.

The first several pages of the Uniform Residential Appraisal Report offer an
in depth profile of your property. The neighborhood section will reflect the
appraiser’s analysis of whether the housing trends around you are increasing
stable or declining in value. The high end and low-end prices and predominate
values are given. This may be important to you as a benchmark to think about if
you are planning to resell in the next several years.

The section on improvements is where the appraiser gets to observe the
general condition of the home. The comments could range from noting the upgrades
such as new roof, interior painting or new carpeting. The flip side would be
warning about lap siding now in good condition but subject to premature
deterioration. Any negative comments about condition may be something that could
be corrected by you to maintain or increase value.

The page on comparable sales gives you the opportunity to see the exact homes
with addresses that your home was rated against. You will read how the appraiser
made the adjustments to each home’s value relating to square footage, rooms,
garage, lot size and a number of other line items to come to a bottom line.
There may be a page called "location map" that will have arrows showing
where each of the comparable homes are located. You could take a little time and
go for a leisurely drive to check out the curb appeal of each of the homes.

These are just some of the highlights of the appraisal. In the back pages
there will be photos of the home and likely photos of the comparable homes. The
appraiser will go into more depth relating to the neighborhood description,
additional features of the subject home and how the sales comparisons were
analyzed. There should be a page reflecting the floor plan of your home as
measured by the appraiser. In addition to the diagrams, there will be the
calculations for total area a breakdown of each foot of living area. The
appraisal will be a fairly complete picture of your home and will give you a
sense of what a financial asset you really have.

Bill Wehr publishes useful articles about mortgages at http://www.mortgagejourney.com
Bill is the owner of Great Pacific Northwest Mortgage, a residential mortgage
company serving Oregon and Washington. If you are buying or refinancing property
in Oregon or Washington & need mortgage information please call Bill, or
complete a secure on-line application at http://www.portlandoregonmortgages.com.

Selling Property - Improve Your Sales Technique Using Your Voice

When you're showing prospective buyers around a property do you sound enthusiastic and excited?Do you make the words work for you? Can you make a room sound larger than it is?
Your voice needs to convey excitement. No matter how fed up you feel, or how ill you feel or how many times you've looked around a property, you have to remember that for the client it is the first time they've seen the property.They need to be excited and eager to buy and if you sound excited they're more likely to purchase the property - meaning more commission for you!
Word PicturesWhen you describe a property or a room to a client, you want them to get a picture in their mind of their ideal room. A room they can live in, in fact a room they just have to live in.If you say a room has a high ceiling, you want them to picture and even feel that high ceiling. You need to lift your voice and emphasise the 'i' sound (pronounced 'eye') in the word.

If you say 'high' in front of a mirror you'll probably find that you can put one finger in your mouth - if you make the word sound exciting and open your mouth fully you should be able to fit two or three fingers vertically in your mouth.These word pictures need to work even if you're both already in the room. Imagine walking into a romm with a client, it's a fantastic room with high ceilings, a wonderful fireplace and fantastic views. Your client thinks 'wow', and you say, quite quietly, 'this is the lounge' and you leave it at that. Your client will fell deflated and confused - they'll wonder what you know about the room that they've missed.

Try try this exercise - imagine you've been fishing and you've caught a huge fish. Now explain to someone how big it was but sit on your hands.Explain again but this time use your hands to indicate the size of the fish. The second explanation, using your hands should have sounded more exciting and should have made the fish sound larger. It is this sound of excitement you need to keep in your voice when describing a room. You need to be able to pick out the important words and emphasize them.

VolumeYour prospective buyers must be able to hear you. It doesn't matter how knowledgeable you are about the property if your clients can't hear what you're saying.Open your mouth so that the sound can get out. You need to practise speaking in front of a mirror and make sure that you open your mouth. When you say 'dining room' you should be able to put three fingers vertically into your mouth on the 'i' pronounced 'eye' part of the word!
Pace and PostureIn order to sound enthusiastic you need to speak fairly quickly, but you must give your clients time to take in each new piece of information. Estate agents shouldn't rush around a house.

Stand tall and be proud of what you're selling. By standing correctly you will help your breathing and therefore your speaking skills will improve.

Serena Greenslade has been showing people how to get the best out of their
voice for over 10 years. More information about confident speaking can be found
at http://afraid-of-speaking-a-speech.com.

Auctions an Option for Home Sellers?

More than $40 billion worth of real estate was sold at auction during 2005.
Selling your property at auction can be a great way of selling your home.

If you are trying to sell your home maybe you should consider selling through
an auction.

I've done some research and have discovered many positive reasons why you
should consider it.

By auctioning your home:

You will have immediate exchange of contacts of those interested in your
property

Cash purchase / funding is in place – usually a minimum 10% deposit paid at
Auction

Not subject to a contract with an agent

Best price achieved through competitive bidding, just like eBay

Market exposure - many auctions attract 100's of potential buyers

Fixed completion date, a large deposit is required up front

Quick sale - without compromising sale price or agreements

Auctioneers tend to spend heavily on traditional and on-line marketing

Auctioneers tend to have databases that often contain 1,000s of potential
buyers

Compare it to the traditional sell by "market"

Sale is often subject to survey and mortgage approval

Single bidder will determine the final sale price

No guarantee that the property has been exposed to the whole market

Seller is locked into a marketing period that may not lead to a sale

Statistics show that 30% of private treaty sales fail to complete

Many real estate agents limit their marketing to a very local area because of
marketing cost

Real estate agents usually have limited mailing lists

Commissions tend to be high, 6% or more

You are subject to a contract with an agent, even if not happy with the
agent’s performance

Now compare it to "sell by owner"

As seller you may not be familiar with real estate laws

No one to represent you, unless you hire an attorney

Seller must spend a fair amount of money on marketing

No multiple listing marketing, unless you buy in

You must always be available to show your property

Auctions are best if you want to sell your home and most of its contents
fast. The downside is that once the auction has begun you can’t stop it,
unlike traditional selling where you can refuse an offer.

Whatever you decide make sure you do your homwork and consider all options.
Good luck.

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makes the difference in advertising strategies for you. Potential customers will
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Free Classifieds

Tips on Selling Your Property

Parting with your property can bring lots of fun and excitement but it is also hard work.
You need to first fix up all those small problems that you have ignored for many years. You also need to decide if you are going to sell it by your self or to make use of a professional real estate broker. The transaction will take time, and will depend greatly on the local real estate market.
Some mental and emotional preparation is needed too. Are you looking forward to moving up to a new dream house or facing the uncertainty of a major move across the country? It might well be hard leaving the memories behind or you might be keen to start a new life without the house you have lived in the last chapter of your life.

To keep your feelings under control concentrate on the multitude of practical matters that need your attention.

There are many questions to be considered in order to influence whether your home will sell or stand empty and weigh you down like a millstone around your neck. A house for sale should be visually appealing and in good condition. It should attract potential buyers driving down the street so pay attention to the following:

• Are the lawn and shrubs well maintained?
• Are there cracks in the foundation or walkways?
• Does the driveway need resurfacing?
• Are the gutter, chimney (if the house for sale has one) and walls in good condition?
• Do the window casings, shutters, siding or doors need painting?
• Are garbage and debris stored out of sight?
• Are lawn mowers and hoses properly stored?
• Are the kids toys tidied up?

It is important to clean up the mess inside as this will affect the descision of prospective buyers. These people prefer clean and comfortable homes. It is better to touch up the interior part of your homeby putting a fresh coat of paint in the most used areas for example. This will clean as well as brighten up the rooms and will help to dispense off unwanted odours.
Wash the walls where paints are not appropriate (for example wall paper, paneling and tiles). Wash all floor and bathrooms tiles. Clean or better yet shampoo dirty carpets (Again this is _very_ important to get rd of unwanted smells). Get rid of clutter. Clean out all closets, basement and attic. Use self storage if necessary. Replacing air filters and put some fresh plants in will help keep the dust down and the pleasant scents up.
It is natural that sellers want to get top dollar for their home, but know that this will scare off potential buyers. It may also cause the property to languish on the market for many months. A reduction in price later may lead buyers to wonder if there is something wrong with the home. Here are some factors to consider in putting in the right price for your home:

• The location
• Economic conditions
• Supply and demand in the local housing market
• Seasonal influences
• Local schools
• Average home prices in the neighborhood
• Home’s extras (like pool, fireplace, central air etc)
In determining the value of the home, you will probably be better to seek the advice of an estate agent or appraiser. Agents can prepare a market analysis for you, showing the recent selling prices of three neighborhood properties comparable to your own. They can also help you adjust for the unique features of the home you’re selling.
If the seller has too little information about the home selling market, it’s better to contact a realtor. In finding a realtor, find someone that you feel comfortable with.
First ask your friends and acquaintances for any recommendations but make the final decision based on your needs. A realtor should show you research to support any recommendations, this includes information about recent sales, current listings and recent expired listing in your neighborhood.

The realtor will be knowledgeable in the area in which the home is located. They will get better co- operation from other agents. You should ask for references from the realtor as he or she should be willing to give you names of previous clients. Look for a realtor who can tell you what he or she knows from experience in the market, and not what they think you want to hear.
These home selling tips can avoid headaches when selling your home. Do not make yourself regret everything for not doing the right thing. Don't underestimate the demands of buyers as many people now wish to move in.

Stuart Perryman

Buying and Selling Real Estate

http://realestate.alluneedtoknow.info

Must Read Tips on Buying A Home

The residence buying procedure can seem complicated, but if you take things step-by-step, you will soon be holding the keys to your own house!
Before going into the buying process you should first ask yourself if you are already ready for house buying.
Do you embrace or even delight in moving into different places. Do you prefer using your savings for things like vacations, paraphernalia, retirement or having your own business? Do you like to enjoy not having so much bother with predictable upkeep and repairs?
If your answers to these queries are yes, then you may not be set to delve into the home buying experience. You may have a lot of good reasons for buying a residence but you should also ponder your reasons for not wanting to.
Remember than buying a home is not just the biggest monetary decision you will ever make but also the strongest emotional choice in your life, so be prepared to make wise decisions when you are in this process.
Buying home always seems to be a tremendous idea, but it is important to realise that ownership of a property comes with a great deal of responsibilities too.
Of course, being a homeowner is something to be proud of but it also means having to lay out money, time and energy and take on added responsibilities. So, before you resolve to buy a home, make certain you're ready.
The first things that comes into our mind when we think about home owning, is the marvellous things that is connected to it. It is true that there are a lot of commendable reasons for buying a residence. So here are some of the advantages of house buying.
Financial security is a exceptionally important factor when it comes to owning your own home. If the housing prices would go up, your property can furnish you with some financial security due to capital appreciation.
Versatility is another thing, when owning your house you will be able to decide all the aspects that comes with it. You can embellish or renovate your home to meet your own family's individual tastes and needs.
And of course stability, having your own home will make you feel at ease and less burdened than renting one.
Although it is really nice to think about the positive aspects of owning a home, it is also a critical factor to consider the downsides as well. Here are some of the disadvantages on home buying.
Financial Pressure is a very commonplace problem in home buying. Coming up with the down payment, meeting routine mortgage payments and other ongoing expenditure will tie up a lot of your cash, and can put sizeable stress on your finances.
Upkeep and Higher Costs are also a big problem. Keeping your home in good shape requires time and money.
You may pay more each month for housing than you did as a resident. There are also additional costs for maintenance and property taxes.
So, you've decided that homeownership is suitable for you. Now you need to decide if you are financially ready to buy a house.
To keep off any future surprises, you can do some financial exercises to see where you stand. They include: calculating your net worth, your present monthly expenses and your current monthly debt payments.
Knowing your net worth is important because you will need this information when you chat about a mortgage with your lender.
Your net worth is the amount left over once you've subtracted your total liabilities from your total assets. It will also give you a picture of your current financial status and show you how much you can afford to put as a down payment.
Just bear in mind all these pointers and you will undoubtedly make the right decisions in home buying. Do not rush into home buying, take some time to think and view the property first before closing a deal.
Closing day is the when you ultimately have bought your home; you now take legal ownership and finally get to call your new home your own. You are sure to feel great relief and delight but remember that the home buying process isn't over just yet. There are quite a few things that need to be done on closing day.
Make sure that your lender will provide the mortgage money to your lawyer. You must provide the balance of the purchase price to your lawyer along with the closing costs. Your lawyer pays the vendor, registers the home in your name, and provides you with a deed and the keys to your new home.
Now go home and enjoy!!

Stuart Perryman Buying and Selling Real Estate http://realestate.alluneedtoknow.info

Rehabbing Ugly Houses Will Give You Beautiful Profits

Owning a home may be the American dream, but many people are dreaming about making money in real estate. We have all read stories about someone that made millions in real estate. The fact is many people are living out their dreams buying ugly houses and then selling them weeks or a few months later – often for beautiful profits.
But how are some people able to do this, sometimes even the newbies?
Not surprisingly, there are some rules to follow. And the more attention you pay to the rules, the better the chances of you earning some serious money. I got my start in real estate several years ago by “flipping” houses. What is house flipping?
Flipping a house is the process of buying a house in need of repairs, at a price much lower than market value, quickly adding value by making the necessary repairs to get the house to market standards, and then selling the house for a profit. And you do this by using little or none of your own money. Sounds easy enough, doesn’t it? But flipping houses is not the path to get rich quickly, and it’s certainly not for everyone.
Here are some rules to follow if you decide you want to make some good money investing in real estate – especially by flipping houses.
1. Use The Formula. Buying the ugly house at the right price is crucial in making a profit. You actually make your profit when you buy the house, not when you sell it. You realize your profit when you sell it. Remember that what you get for your house after you fix it up will depend on what similar properties are selling for in the area. It will have nothing to do with what you spent to repair the house.
The following formula has worked well for me and it will work for you: a. Determine the “After Repair Value” (ARV) of the house you’re considering to purchase. Generally, you can determine the ARV by obtaining a list of comparable sales (“comps”) in the area from a realtor. If relying on comps, be sure you obtain the actual sales price of houses sold and not the list price. Determining the likely sales price of your house is the starting point.
b. Subtract your total costs from the sales price:
* Closing costs* Loan fees* Document preparation fees* Homeowner’s insurance* Title policy* Repair costs* Interest on the loan* Property taxes* Sales commissions* Other fees
You will want to project your costs based on four majaor categories. Buying, Repairs, Carrying or Holding, and Selling. After you determine your estimated costs from all four categories, subtract your total costs from the sales price.
c. Once you subtract your costs from your anticipated sales price, you will generate your estimated profit. You will have to decide how much of a profit you want to make on the deal to make it worth the effort. When you determine your desired profit, you’ll have the highest price you will want to pay for the house.
If you consistently use the formula, you will make better and faster decisions regarding a potential ugly house. Always start with the after repaired value and then work your way through the costs to calculate your desired profit. Also, do not let your emotions get away from you and make a seat of the pants decision that you will regret later. If the numbers don’t add up based on your desired profit, move on. There are plenty more ugly houses out there. Just be patient.
2. Work With An Experienced Realtor. I find it incredible, but too many investors think that all realtors are created equal. Not true. If your goal is to buy run down houses, then you need to find a realtor that specializes in foreclosures, HUD properties, etc. I actually had one fairly inexperienced investor tell me that he thought any realtor could help him achieve his goal. It’s possible, but not probable. To get the right result, you have to go to the right realtor.
Doctors are doctors, but some have their own specialty. If you have a serious case of the flu, would you go to just any doctor to help you get over your misery? For example, would you go to a gynecologist? Of course not. So why go to just any realtor to help you find distressed properties? You get the idea.
3. Use Leverage. Aptly named for the lever, you’ll want to take full advantage of leverage because it is the key to wealth in real estate investing. Leverage is the use of borrowed money to increase your profits when you buy an ugly house. Using little or none of your own money to buy more houses allows you to make a beautiful profit on someone else’s money.
Although your goal should be to buy property for thousands below its value, and you can sometimes buy it with no money down, it is important to understand that it does not necessarily mean that the seller doesn't receive any cash money at closing. Rather it means that there is little or no money out of your pocket to make the deal.
Some investors think there is something wrong with using someone else’s money to buy houses. Well, for most working families, leverage provides them with not only a roof over their heads and extraordinary tax relief, but also the single best investment they’ll ever make.
Most real estate investors work hard at house flipping, have a long-term plan and stick to it. You can certainly shorten your journey to achieving your financial goals by using leverage.
4. Use Psychology. When fixing up the house, let psychology drive you. It’s not you who has to like the house. Your potential buyer has to like it. Remember, you’re not going to live in the house, so don’t go overboard on the repairs. If you have carefully defined your niche market, you will know their likes and dislikes. Make the right repairs to get the house to market standards and then stop and put a “For Sale” sign on it. I have talked to new investors who frankly admit to doing too much to the house, but they couldn’t help themselves because they didn’t like the way it looked. Doing too much to a house is no different taking your money and throwing out the car window. Either way you lose.
There is almost no other business that allows you to buy ugly houses and make beautiful profits with almost none of your money in a short time. It’s common knowledge that more millionaires made their fortunes in real estate than in any other business. So what are you waiting for? Rehabbing ugly houses can give you beautiful profits.

Lee Salinas, MBA, CPA is a full time real estate investor and the current
President of TxREIA. Lee started investing in real estate three years ago after
losing his job in June 2002. In three years, he has purchased over 140
properties and authored a business plan to help real estate investors get the
cash they need to buy properties. The real estate business plan is available at
his website - http://www.realestatebizplan.com

Seven Best Ways to Ruin a Buyer's Visit

You have decided to sell your house, have engaged the services of a Real Estate Agent or decided to handle the sale yourself and are just waiting for prospective buyers to call. Someone arranges to view but, after a quick inspection, they leave never to be heard from again. What went wrong? Here are seven of the best ways to put off your buyer.
1. A house that smells of cigarette smoke or animals does not provide a welcome to visitors. Stale cooking odors are also to be avoided. While you are used to your home and may not be aware of any odors, they will be immediately obvious to any visitors.
2. Family pets should be moved outside during a visit. Many people are afraid of dogs and not everyone is keen on cats or other pets.
3. Dimly lit rooms. Buyers like a light and airy atmosphere so all curtains and blinds should be drawn back. Turn on the lights as well if the room is naturally on the dark side.
4. Dirty bathrooms and kitchens are an immediate turnoff. Make sure that these rooms are spotless and all towels freshly laundered. All cooking pots should be put away and all clutter removed. This applies to all other rooms as well.
5. Poor decorations and worn carpets will give an impression of general dingeyness. Almost as bad is loud wallpaper which can be overpowering. While buyers can imagine how a freshly decorated room would look, it is far better for them to see the fresh paint when they visit.
6. Even worse than poor decorations is mould on the walls and damp in the basement. Apart from the visual disfigurement mould can also be the cause of an unpleasant smell.
7. Owners who hover while buyers are looking round. Unless you are showing the buyers round yourself, leave it to the Agent and make sure that all members of your family are out of the way, preferably outside, while the buyers are present.
Avoid these common mistakes and your house will provide a welcoming atmosphere which will increase your chances of any early sale.

Hugh Harris-Evans is a writer and webmaster of Sell
House Tips.com where you will find further articles and tips on How
to Sell Your House http://www.sellhousetips.com/

The Right Real Estate Agent for You

You have wisely decided that you want to have a licensed real estate agent help you as you buy your home. But you don't know where to start in finding a good one. Here are a few ideas to get you started:
Meet agents out in their working environment, not in their offices. Good agents spend very little time at their desks.
A good place to meet agents is at open houses. Don't worry that you are not interested in that particular property. The agent knows that open houses rarely produce a buyer for THAT home.
Another good method is to contact the agent with whom a friend or relative worked. If this agent produced positive results for a friend of yours, there's a good chance s/he will do the same for you.
Look for signs that the agent is busy. A hard-working, go-getter of an agent is what you want. And, DEFINITELY, stay away from part-timers! You want a full-time professional on your team. But if you feel slighted, like if your agent spends most of his time with you on his cellphone with another customer, find a different agent.
It is important that your agent is knowledgeable. Ask questions about things you have learned through your new-found interest in the real estate field (read helpful websites such as mine [address below] to educate yourself.) If she doesn't know substantially more than you - after all, this is his/her livelihood! - go on to another prospective agent. Local knowledge is particularly critical.
A good agent is important to you when buying a home, particularly if you are buying a home for the first time.

Paul Anderberg

http://www.first-time-home-buying.net

Straight talk about home buying

"just the facts, ma'am"

Home Buying 101: The Importance of the Home Inspection

What Does a Home Inspector Do?

In short, an inspector checks the safety and functionality of your potential
home. Inspectors focus primarily on the structural and mechanical aspects of the
home.

Get a home inspection as soon as possible after the sellers accept your
offer. Make the contract contingent upon the home inspection. That way, if the
inspection uncovers a major flaw that you’re unwilling to accept, you have a
legal way out of the contract.

Don’t confuse the home inspection with the home appraisal. The home
appraisal protects the lender’s financial interests. The home inspection
protects you, the buyer. The appraisal is the bank’s way of determining
whether or not the house is worth the price you’ve agreed to pay. The
inspection is your way of identifying structural or mechanical problems with the
house.

How to find a home inspector:

• Ask a friend or coworker who has recently bought a home in the area.
  
• Ask your agent if he or she can recommend a qualified inspector.
  
• Visit the American Society of Home Inspectors website: www.ashi.org.
  
• Visit the National Association of Home Inspectors website: www.nahi.org.

Is a Home Inspection Worth the Price?

Consider this. Home inspections usually run between $200 and $400. Weigh that
small cost against the comfort of moving into a known situation, and the answer
is obvious ... get a home inspection!

The List

Your home inspector will go through your home with a fine-toothed comb. So be
present for the inspection – you’ll learn a lot. Afterward, the inspector
will make a list of discrepancies. Some items won’t be a big deal to you, but
it’s still the inspector’s job to point them out. But other items will be
more serious, and these are the items you should discuss with your agent.

Who’s Fixing What?

When you review the inspector’s list with your agent, you’ll have to
decide which items (if any) you want the sellers to repair. Like nearly
everything else in the home-buying process, the fix-it list is negotiable. When
you submit your list of requested repairs to the sellers, you face one of
several outcomes:

1. The seller will agree to fix all of the items.

2. The seller will agree to fix some of the items.

3. The seller won’t agree to fix any of the items.

4. The seller will reduce the price in lieu of certain repairs.

How you proceed in light of the seller’s response is up to you and your
agent. A good rule of thumb -- don’t ever turn a blind eye to a major repair
issue just because you’re excited about getting in the house. If you’re an
experienced investor and you’re buying the house specifically to fix it up,
that’s one thing. But if you’re buying your first home, be conservative and
carefully consider each item on the inspector’s list. It will benefit you in
the long run.

Summary

Hire an inspector to review your prospective new home for potential problems.
The peace of mind you’ll get is well worth the cost you’ll pay. Review the
inspector’s list with your agent and carefully consider each item on the list.
Consider your ability (or inability) to make the repairs yourself, vice having
the sellers repair them.

About the Author

Brandon Cornett is the editor of HomeBuyingInstitute.com, one of the
Internet's largest and most respected libraries of home
buying information -- more than 100 expert articles in 12 different home
buying categories! Put this knowledge to use by visiting http://www.HomeBuyingInstitute.com

Sell Your Home Fast - Get the Buyer's Perspective

Are you interested in selling your home quickly? Have you tried or are
currently attempting to sell a house without much success (be it unable to find
a buyer or perhaps not reaching the target price range you were hoping to hit.)?

If you are having these kinds of problems, there are many reasons as to why
you might not be having much success with your sale, but don’t despair as
these obstacles can be overcome. To sell your home fast, you simply need to see
things from the buyer's point of view. The more you understand the wants and
needs of home buyers, the better your marketing strategy will be.

The Smart Home Seller

A Smart Home Seller knows that, "first impressions are lasting
impressions." To market your home successfully doesn’t mean that the home
must be overhauled with renovations or improvements, it simply means that the
home must be prepared for selling. Such conservative improvements can range from
simple repairs to a fresh paint job or simply a good cleaning.

When presenting a home to a buyer, the first glimpse the buyer has of the
house (referred to as "curb appeal") often times triggers the attitude
they have toward purchasing the home. Think of it like when meeting a person for
the first time; you know it's the first 30 seconds that counts the most. Because
of this first impression axiom, you want the outside of your house to be in
optimal selling condition. Bringing a home into selling condition doesn’t mean
a great deal of money has to be spent; it’s simply making the face of the home
presentable. Cleaning the front lawn, removing any Christmas lights and trimming
grass are just a few inexpensive things that can be done to give your home a
face-lift. (Extra Information: Planting flowers and such at the front of your
home can successfully give your house a touch of color along with a very clean
appearance. This is very inexpensive and can do wonders for a first impression.
)

Creating the "Right Look"

There are many ways to prepare your home for sale, and most of them are
extremely cost efficient and inexpensive. When selling your home, you need to
remember that you wish to make the buyer feel as though they are looking at a
home they can see themselves in. This means that the home must adopt a clean and
neutral atmosphere.

Attaining a neutral atmosphere is simply making your house an open canvas, so
to speak. The home needs to be relieved of any statements or personalization
that might be present. Such statements can be things such as deer head displays
or bear skin rugs; while these may appeal to the seller, it could be offensive
or a turn-off to the buyer. When dealing with depersonalization, it’s good to
remove anything that may establish the home as "Someone else’s house."
Such personalizing objects are things such as pictures, wall posters or
trophies. By creating a Neutral atmosphere, you will have cleaned your home in
such a way that potential buyers will feel comfortable and free to picture
themselves living in that house.

When dealing with the question of how to sell your home fast, it’s best to
keep in mind that there are many tips and tricks to the home selling market. The
best method to achieving success in selling your home is to learn what the home
buyer is looking for, then preparing your home for sale accordingly.

Greg Root owns and maintains http://sell-your-home-fast.guide-tips.com/
Discover exact strategies for every area of your home inside and out, to
maximize value and help you sell
your home fast.

Strategies for a Transitioning 2006 Real Estate Market

Real estate consumers are the winners in the latest round of real estate
bubble headlines. The media's focus offers information and opinion on markets
and practices to the individual property owner and investor. Mark Nash
residential real estate author of 1001 Tips for Buying and Selling a Home offers
strategies for consumers on how to read signs of a softening market.

Warning signs for consumers are:

-Incentives offered by builders on completed new construction buildings or
homes; this indicates an over-supply of new units. Research the length of time
of property has been on market in a specific location. If the majority of sold
properties have sold in thirty days or less in the past ninety days, but the
current market times for the majority of sold properties are 60 or more days,
the market is softening.

-Diminishing multiple-offer bidding wars. Inquire of several full-time mid to
high producing real estate agents in a specific market what percentage of
properties going under contract are receiving multiple offers. If the number of
properties are being sold in multiple offers is declining, the market is moving
away from being a sellers market.

-Rising absorption rates for properties currently for-sale. Compute the
absorption rate of like-kind properties for sale in a specific market. Example:
10 current listings of single-family homes priced $1000,000 to $125,000. Number
of comparable homes sold in the last 12 months: 100/ 8.3 sold per month. Number
of comparable homes sold in the last 6 months: 50/ 8.3 sold per month. Number of
comparable homes sold in the last 3 months: 10/ 3.3 sold per month. Current
number of months inventory for comparable current listings: 3.

-Rising mortgage rates. Home prices and mortgage rates affect each other, as
interest rates fall, buyers can afford to pay higher prices for housing. As
rates rise buyers qualify for lower mortgages. Higher interest rates shift
consumers spending from home prices to mortgage interest expense. Watch interest
rates as an indictor of deflating prices.

-Increased use of interest-only and 100% financing. The majority of buyers
have purchased in the last three years. The leftover buyers could be
credit-challenged. If your receive an offer with no-money-down and/or
interest-only, your buyer has no risk exposure and could walk before closing.
Ask for five-percent earnest money to bind your buyer to performing the
contract.

-Read and understand market signals. Many individuals missed red flags in
their technology investments. double and triple market times from a year ago,
high absorption rates and rising interest rates signal that the market is
evolving into a buyers market. Consider selling before price declines erode
profits and the entry of bargain hunters. Understanding the market signals and
timing can mean the difference between profit and loss in today's declining
residential real estate exuberance.

Mark Nash's fourth real estate book, "1001 Tips for Buying and Selling a
Home" (2005), and working as a real estate broker in Chicago are the
foundation for his consumer-centric real estate perspective which has been
featured on ABC-TV, CBS The Early Show, Bloomberg TV, CNN-TV, Chicago Sun Times
& Tribune, Fidelity Investor’s Weekly, Dow Jones Market Watch, MSNBC.com,
The New York Times, Realty Times, Universal Press Syndicate and USA Today.

Gifting Real Estate Under The Annual Gift Tax Exclusion

We know that you can give up to $12,000 per person per year and never pay a federal gift tax - thanks to the annual gift tax exclusion. That's fine if you're writing out a check or just giving cash. But, how can you give someone a house or a business or anything else that is not money and still have it come under the annual gift-tax exclusion?

Let's say you're parents have a condo in Florida that they bought several years ago for $100,000, and it's now worth $400,000. Now, they want to give it to you and your two sisters because they're concerned about the new Medicaid laws and their estate taxes.

Qualifying the entire $400,000 condo under the annual gift tax exclusion is not easy. First, it's hard to gift real estate in $12,000 increments. Sure, you can do it by simply dividing the value of the condo ($400,000) by the annual exclusion amount ($12,000 in 2006). In our example, $12,000 is equal to a 1/34th interest in the condo, which means that each of your parents could give you and each of your sisters a 1/34th interest in the condo each year. At that rate, it would take roughly 6 years to complete the transfer. If spouses were included in the annual gifts, then the time needed to transfer the entire condo would be reduced to about three years. [Careful planning could reduce that time to 366 days by making the first transfers on December 31st, the second transfers on the following January 1st, and the final transfers on January 1st of the next year.]

Seems pretty cumbersome though, doesn't it? And, it is. Besides, every year your parents would have to prepare a new deed for each gift and would have to record each deed on the land records. Plus, they'll probably need an attorney to take care of all that for them. The costs for all that work, including the recording fees, can be quite substantial. Then, when all of you decide to sell the condo, you'll have to put 34 different deeds together, with every owner signing off on the sale.

There's still another problem - that is, you have to make sure that your values are all correct. You see, if you give money, there's no queston as to what the value of the gift is. With anything besides money, whether it's real estate, stock, bonds, collectibles, etc., there is often no readily ascertainable value. So, you need to have the property appraised by a qualified appraiser so that the value comes under the annual exclusion. There are rules for doing this and, if you don't comply, then the IRS can always challenge your value. If the value is found to be more than the annual exclusion amount, then you'd have to file a gift tax return each year and possibly pay a gift tax. Appraisals cost money and have to be done every time a gift is made.

Is there a better way to transfer real estate under the annual gift tax exclusion? Sure there is! No one wants to transfer real estate in the manner we just discussed. It's just too cumbersome, time consuming, and expensive. The preferred way to transfer real estate under the annual gift tax exclusion is to use a separate legal entity, such as a corporation, or a limited liability company, or a family limited partnership to facilitate the transfer. My preference is a limited liability company (LLC) because it is easy and inexpensive to set up, and does not create the need for additional on-going expenses.

Here's how it works: First, your parents would create a limited liability company. Let's call it the Smith Family Condo, LLC. The LLC would be created with 34 membership units ($400,000 / $12,000). Your parents would then transfer their condo to the LLC in exchange for all 34 membership units (each parent would receive 17 membership units). Only one deed is necessary when your parents transfer the condo to the LLC, and only one recording is required. Likewise, only one appraisal is necessary to establish the value of the condo at the time of the transfer.

Now, whenever your parents wish to make a gift to each of you under their annual gift tax exclusion, all they have to do is transfer one membership unit in the LLC. No further deeds are required, no recording of deeds is required, and no attorney's fees are required. The transfers have to be reflected on the books of the LLC, but that's it. Not only does the LLC make it very easy to transfer the property in the first place, it also makes it very easy to manage the property and eventually sell it when the time comes.

That's the preferred way to transfer real estate or any other type of property to multiple beneficiaries under the annual gift tax exclusion.

Next time: Is it so terrible if you go over the annual gift tax exclusion amount in any year?

Attorney Michael P. Pancheri is a practicing attorney and the founder and CEO
of the Living Trust Network. You may contact him by email at info@livingtrustnetwork.com.
You may also contact him at the Living Trust Network's web site. Its URL is http://www.livingtrustnetwork.com.

Copyright 2005. LivingTrustNetwork, LLC.

The Pitfalls of Investment Real Estate

It was over twenty years ago that I attended a seminar presented by noted speaker Robert Allen. He had written a book called, “Nothing Down,” that explained how you could amass a fortune in real estate with virtually no money. I joined about fifty other wannabe millionaires in a motel meeting room as he described the mystical world of real estate investing. The syllabus outlined the basic steps of finding properties that were at, or below, value, making low-ball offers and obtaining 100% mortgages. Then one would simply rent the property for a sum large enough to cover the payment and move on to the next property to repeat the process, Eventually, you might have millions of dollars worth of real estate increasing in value every year and costing you nothing. You even got to write off the maintenance fees and other property improvements, along with the mortgage interest, he stated gleefully.

Somewhere along the line, I didn’t realize I would be paying taxes on the rent as income, but that’s a minor point. In addition, unless you had great credit and a steady job, you might have a problem finding a lender. And you most likely needed a real estate agent to help you find the qualifying property at the right price and in the right location. You also had to have enough extra savings to cover the closing costs, but I’m sure all this was spelled out in the seminar. It just wasn’t the primary focus, I surmise. Instead, we were treated to a wonderful pep rally full of cheers and applause as Mr. Allen rolled out the program and told us we could, should, and probably would, all be living the good life in a few, short years.

I left feeling happy, optimistic, and ready to seize that first piece of real estate. We had very little savings and therefore, had to be realistic in our beginning purchase. After excluding all the available houses that would have cost too much to close, we found a small condo in a decent area with a reasonable asking price. It was in fair shape and needed the basic repainting and window treatments. We got it a tad below the asking price and did the math. We could just about break even on the rent versus the mortgage payment. After the closing, we discovered our math was faulty. We had forgotten the pesky taxes and insurance, but, what the heck? We were on our way to riches beyond our imagination.

The weekend after the deal was consummated, we got busy repainting and putting up some cheap mini-blinds. After cleaning the place and trimming the minimal landscaping around the front patio, we were ready. We placed an ad in the paper and waited for the crowds to rush over to rent the condo. And waited and waited. We had a few couples through and, after, four weeks and a few hundred dollars worth of ads later, we found a renter. We used the basic agreement recommended in the seminar and secured a deposit. They lasted one year and we had to repaint once again because of the mess they left behind.

The next renter was there four months before we discovered they had large dogs, which was a direct violation of the contract. It took two months to get them out and, by then, the dogs had destroyed the carpet. The whole unit had to be recarpeted at a considerable cost. The next couple left after six months and stiffed us for the final payment, leaving in the dark one night. Another renter stole our toilet. That’s right, for some unknown reason, they actually stole the downstairs toilet! Vandalism, lost rent and other absurd behavior continued for five years. During that period, we had to raise the rent to cover the escalating insurance and tax rates. We could never recoup the cost of repainting, carpeting, and replacing various appliances and fixtures.

We didn’t have the money or inclination to obtain any other rental properties as this loser property sapped most of our time and energy. We watched the comps in the area and the price of the condos hadn’t increased in value a single dime over the course of five years. Mercifully, we got a letter from the city one day, explaining they were taking the entire complex by eminent domain to construct a freeway. We happily got back our original investment (without any profit, mind you) and left the world of investing behind us forever.

My advice to would-be investors is to have realistic expectations. Not everyone makes money in real estate. Do your homework, make sure you have deep pockets, and consider how much time, effort, and savings you’ll be using up.

And, Mr. Allen, if you’re reading this article, you are a terrific salesman and you taught me a valuable lesson. Albeit not the one you probably described in your book.

Jeffrey Hauser was a sales consultant for the Bell System Yellow Pages for
nearly 25 years. He graduated from Pratt Institute with a BFA in Advertising and
has a Master's Degree from Monmouth University. He had his own advertising
agency in Scottsdale, Arizona and ran a consulting and design firm, ABC
Advertising. He has authored 6 books and a novel, Pursuit
of the Phoenix, available at amazon.com
His latest book is, "Inside the Yellow Pages." Currently, he is the
Marketing Director for http://www.thenurseschoice.com,
a Health Information and Doctor Referral site.

When You Sell a House By Owner Remember to Negotiate!

The decision to sell your home yourself is becoming more and more popular.
According to various sources, the percentage of home sales that were completed
without a Realtor is in the neighborhood of 14%. And that figure doesn't count
sellers who used a discount Realtor service like flat fee listing, or an open
listing contract, either of which will lower the cost of your commission
considerably.

There are a lot of things that go into selling your home yourself, but let's
skip right past setting the right price, imagine that you did all the right
things, got the house into great shape, advertised in all the right places...
and in less than two weeks - you've got an offer from a buyer at a price that's
only a few thousand below your lowest acceptable price. What do you do now?

Negotiating With a Buyer When You Sell Your Home Yourself

Be prepared to negotiate with the buyer. Remember, while you've been reading
about how to sell a home, they've been reading about how to buy a home.
Everything they've read has told them to bid low. Negotiating doesn't
necessarily mean lowering your price, though. Instead, you can offer other
concessions or enticements. One popular concession is for the seller to offer to
cover the closing costs, or to buy points that will lower the interest rate on
their mortgage.

Consider Hiring a Real Estate Consultant to Oversee the Sale

Once you've settled on a price, you don't want to lose the sale because of an
oversight in the paperwork or signatures. The cost of paying an attorney with
experience in real estate or even paying a very small commission to a Realtor is
far less than the cost of losing the sale.

Be Clear About Your Legal Responsibilities When You Sell Your Home Yourself

If you choose not to consult a real estate professional, do find other ways
to educate yourself. There are inspections, evaluations, arranging for escrow
and escrow fees, any one of which can delay the sale of your house, or side-rail
it entirely. Understand exactly what repairs you are obligated to make before
closing, what percentage of costs you're taking responsibility for and exactly
what concessions you and the buyer have agreed upon.

Here are a few things that may be among the disclosures and inspections that
of your sale:

Roof

Wiring

Plumbing

Termites

Lead Paint

Warranties on All Home Fixtures

Major Repairs

Selling your home yourself can save you thousands of dollars in real estate
commissions, but it's important that you know all of your legal
responsibilities. Make sure that you don't miss the smallest detail so that your
closing goes through without a hitch.

Brian Shelton makes it easy to sell your house fast. To claim your free
report entitled "How
To Sell Your House In 7 Days or Less", visit =>http://www.HouseSoldIn7Days.com/

Closing the Sale When You Sell Your Home Yourself

The decision to sell your home yourself is becoming more and more popular.
According to various sources, the percentage of home sales that were completed
without a Realtor is in the neighborhood of 14%. And that figure doesn't count
sellers who used a discount Realtor service like flat fee listing, or an open
listing contract, either of which will lower the cost of your commission
considerably.

There are a lot of things that go into selling your home yourself, but let's
skip right past setting the right price, imagine that you did all the right
things, got the house into great shape, advertised in all the right places...
and in less than two weeks - you've got an offer from a buyer at a price that's
only a few thousand below your lowest acceptable price. What do you do now?

Negotiating With a Buyer When You Sell Your Home Yourself

Be prepared to negotiate with the buyer. Remember, while you've been reading
about how to sell a home, they've been reading about how to buy a home.
Everything they've read has told them to bid low. Negotiating doesn't
necessarily mean lowering your price, though. Instead, you can offer other
concessions or enticements. One popular concession is for the seller to offer to
cover the closing costs, or to buy points that will lower the interest rate on
their mortgage.

Consider Hiring a Real Estate Consultant to Oversee the Sale

Once you've settled on a price, you don't want to lose the sale because of an
oversight in the paperwork or signatures. The cost of paying an attorney with
experience in real estate or even paying a very small commission to a Realtor is
far less than the cost of losing the sale.

Be Clear About Your Legal Responsibilities When You Sell Your Home Yourself

If you choose not to consult a real estate professional, do find other ways
to educate yourself. There are inspections, evaluations, arranging for escrow
and escrow fees, any one of which can delay the sale of your house, or side-rail
it entirely. Understand exactly what repairs you are obligated to make before
closing, what percentage of costs you're taking responsibility for and exactly
what concessions you and the buyer have agreed upon.

Here are a few things that may be among the disclosures and inspections that
of your sale:

Roof

Wiring

Plumbing

Termites

Lead Paint

Warranties on All Home Fixtures

Major Repairs

Selling your home yourself can save you thousands of dollars in real estate
commissions, but it's important that you know all of your legal
responsibilities. Make sure that you don't miss the smallest detail so that your
closing goes through without a hitch.

Brian Shelton makes it easy to sell your house fast. To claim your free
report entitled "How
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Ten Tips on Reducing the Stress of Selling Your House

Selling your home and moving house have long been regarded as two of the
activities which sharply increase stress levels. Here are ten tips to help you
reduce the stress associated with trying to sell your home and having to keep it
spotless for potential buyers.

1. Sort your clutter early

A neat home is easier to sell than a cluttered home. If you know in advance
that you may be putting your home on the market – start sorting out your
clutter well in advance. Then when you put it on the market all the preparation
is done and all you have to do is to keep it clean. The less clutter there is,
the less cleaning there is to do – a double bonus. It also makes it easier for
when you move.

2. Get help with your garden

If your garden is full of weeds and needs a good sort out – get it done –
so that it looks beautiful for prospective buyers. And get help to do it if
you're short of time or stamina. I've employed my teenage Godchildren before now
to help with the weeding – what a relief that was.

3. Find a good real estate agent

A really good real estate agent should have the skills and the passion to go
through your home, before it goes on the market, to tell you everything that
could be altered to create the best impression. It may be to make more space in
the kitchen, to stop a door from jamming, to alter the position of the furniture
or to put flowers in strategic spots. Get their professional advice instead of
trying to work it out yourself.

4. Reduce home entertaining

Entertaining at home produces mess. When real estate agents can just pop
round at any time, avoid producing too much mess. Instead, encourage your
friends to invite you to their places so their homes take the mess! Remember you
owe them when you've sold your house though. We've offered to bring
"take-away" to their places.

5. Employ a cleaning lady

Every morning you have to leave the house looking perfect – a hard task
just for one day for most of us. Get some help. Have someone come in to help you
keep the place tidy. Your sanity must be preserved to enjoy your new home, after
all. And relative to real estate agents fees, stamp duty and settlement agency
fees – the cost of home help is little.

6. Sort out your furniture

Have you got too many chairs? Too many tables? An over supply of beds? All
this furniture can leave your house looking small and cluttered to a prospective
buyer. The more space there appears to be, the more attractive it can appear. So
get rid of surplus furniture now, don't wait until you move. There are charities
in Britain and Australia, and probably in other countries too, that will come
and pick up second hand furniture for free. Of course, the less furniture, the
less you have to clean.

7. Organise outside activities

Weekends can be particularly busy times for people to want to come and
inspect your home. Organise yourself to go out on the weekends and stay in
during the week.

8. Wash during the week

If you're working full time and used to leaving the washing until the weekend
– change your routine. A washing line full of undies isn't too enticing for
would-be buyers. As they're most likely to visit on weekends – do the washing
during the week and keep your weekends free.

9. Let your friends know

The quicker you get a good buyer the better, so do everything you can to
help. Get hold of the Real Estate agent's flyers and send them to all your
friends – they may not want a new house but they may know someone who does.
Tell everyone. Help to spread the word.

10. Don't overload yourself with other things

Selling your house is a big deal. While you are doing this put other
responsibilities on hold. You might resign from a committee, get someone else to
help coach the T-ball team, stop your music or dancing or French lessons.
Whatever you do – make space in your life because there's a lot to do when
you're selling your home. Make the time to do it instead of fitting it in to an
already squashed life.

Further information

There are other tips on our website to help you stay healthy and free from
tension. Click here for more tips: http://www.rachelgreen.com/cgi-bin/a.pl?articles

There is a two CD set will help you relax your mind and body, stay calm and
not let things get to you "Happy not hassled: Using meditation to manage
your emotions and find contentment. Click here to order: http://www.rachelgreen.com/products_hassled.html

Rachel Green, award winning communication specialist and executive emotional
intelligence coach.

Phone: +61 8 9390 1188. Fax +61 8 9390 1199

Web site: http://www.rachelgreen.com

Copyright 2006 RachelGreen.Com Pty Ltd

Prepare Your Home For Open House by Appealing to the Five Senses

1. Out of sight, out of mind! Hide away anything you would not see in a “model”home. This is especially true regarding trash! Remember to empty all trash bins and remove them from sight. Keep in mind that potential buyers look at everything! A clean property equates a well maintained property that will get offers!

2. Never underestimate the sense of smell. It is important that your property passes the “smell test”. This may be accomplished by using many of the various room fresheners available today. I recommend a long lasting product and prefer the plug-in style. Consider placing one in each room. Place in an inconspicuous area that is not easily noticed by potential buyers.

3. Do you hear what I hear? This is especially important in creating an atmosphere of peacefulness. You do not want potential buyers to hear the furnace turn on or listen to outdoor traffic. Consider playing music that will not offend most people. Rock and Roll is dead as far as your open house goes! We suggest playing soft background music that contains no lyrics.

4. Potential buyers will be touching surfaces in your property. Not intentionally, but because they have to! Be certain that all banisters, handrails, doorknobs and faucets sparkle! You do not want people to “feel” that your home is anything but squeaky clean!

5. I like to suggest leaving a decorative treat filled dish out for potential buyers. You can fill it with various individually wrapped candies. I know it sounds corny but EVERYONE loves chocolate and it will make potential buyers remember and feelgood about your property!

Having appealed to the five senses some other important tips...

CLEAN, CLEAN, CLEAN! This cannot be stressed enough and I mean EVERYTHING! Buyers will look inside your oven, refrigerator, microwave, dishwasher and everywhere else I might have forgotten to mention. Consider your open house a home inspection performed by an Army drill sergeant! Nothing will be overlooked!

Now if I have not completely terrified you, here is some more advice...

Check for cobwebs that seemingly come from nowhere.
Wash all light fixtures so they sparkle like new.
Clear any signs of clutter and hide away all personal items.
Consider shampooing the carpets for a fresh smelling clean look.
Organize and clear clutter from every closet and cabinet... Buyers ALWAYS look inside to determine storage space.
Wash windows inside and out. (Pay close attention to window sills and frames.) Buyers will typically inspect every window. Ouch!
Place fresh flowers close to the entrance door for a warm welcome.
Finally, go out for a nice meal and try to relax during your open house. You have earned it by following these suggestions!

Good Luck! Hope you sell your home quickly! Julie Rieman

Julie Rieman is an accomplished instructor in the arts of faux painting and
interior redesign.. She offers two and four day classroom or online interior
redesign training. If you live in the Twin Cities area, you can invite Julie
into your home for a personalized consultation. For more information about any
of her decorating services and training opportunities please visit http://www.allaboutredesign.com
and http://www.allaboutwalls.net.

What Are The Real Costs Of Selling A Home?

Experts estimate that most people who use a Realtor will pay as much as 10% of your selling price in costs associated with selling. The cost of selling a home yourself can range from 4% to 8% of the selling price of your home. When you're estimating your expected gains, remember that the cost of selling a home can be deducted from that figure for tax purposes.

To give you an idea of what the costs of selling a home in the current market are, take a look at the information below. We've included estimated costs based on a $250,000 home sale,