Selling Your Home Real Estate Forms & Articles: June 2006

Thursday, June 29, 2006

Selling Your Home: Market/Sales Price

Whether you are planning to buy or sell a property it is important to become familiar with the terminology of real estate. In real estate the three terms that are commonly used interchangeably are value, cost, and price. Although, all are concepts relating to value, they are not the same. Let’s begin by differentiating between the terms.

Value deals with something that will happen in the future; whereas cost relates to past events, and the amount of money actually paid for the property is the price. Depending on circumstances, the value of a property may be the same, more than, or even less than the price. Several things determine the value of a property: the degree at which it satisfies a need, ratio of supply to demand, transferability, and whether a perspective buyer with need for the property can financially afford the property.

Value is a term, which should be used when speaking of what you think the future benefits will be from the ownership of a particular property. There are several questions that might be asked when trying to assess the value of a property:

1. What is the zoning code? What’s the possibility of it changing in the next 10 years?

2. If the zoning changes, would it impact the use of the property?

3. What are the plans for the surrounding area (a highway, shopping center, amusement park)?

4. What impact if any do the topography, climate, and location have on the value?

5. Will the value be influenced by the interest rate or property taxes?

Market value is the projection of the price the property should bring when the real estate market is competitive and open. Remember – there is a difference in value and price.

Market price describes an activity that has occurred and, as stated above, is the amount a buyer actually paid for the property. The price paid for a property is dependent on several things: motivation of the buyer or seller, location of the property, needs of buyer, and price of similar properties.

The reason to sell or buy a property is as varied as the seller or buyer and can impact the sales price. If a seller is highly motivated he may be more willing to adjust the price of the property toward what the buyer is asking. Reduction in income, financial inability to pay the mortgage, a change in marital status, too many similar properties for sale, and the desire to be removed from the responsibility of the property are conditions that could motivate a seller to adjust the sales price; thus creating an environment conducive to bargaining for the buyer. However, a less motivated seller may not be willing to negotiate his asking price, which probably is in line with the market value described above—not good for a buyer looking for a deal!

A seller’s ideal buyer is a motivated one. If a buyer, for whatever reason, is determined to purchase a particular property and is financially able, the asking price will be similar to the sales price. A situation such as this can mean little negotiation is needed and we have a satisfied seller.

The amount a property sells for has a direct relationship, normally, with the location of the property and how well the location satisfies the needs of the buyer. The more the gap is closed between how well the location of the property addresses the needs of the buyer the greater the chance the sales price will reflect the asking price and market value. A property 20 miles from the closest major highway will not be a good fit for a buyer needing to be in closer proximity to the highway. Before beginning a search for a property a buyer should identify his needs and motivation. By doing this, he positions himself for effective negotiations.

The closer the needs of the buyer matches the features of the property to be sold the greater the chance the sales price will reflect the asking price and maybe even the market value. As a seller, to identify serious and motivated buyers prepare a couple questions that will outline the buyer’s needs:

1. What features are you looking for?

2. What’s the purpose of your move? (This question will help you assess the buyer’s motivation.)

3. When would you like to close?

Today with the downsizing of many companies, some homeowners have been forced to file bankruptcy. Bankruptcy influences the price at which houses eventually sell because in calculating the asking price of a property a comparison of the sale prices of similar properties should be made. The sale prices of these homes often are lower than the market value and the asking price. If the home you are preparing to sale or buy is located near surrounding communities with high bankruptcy rates then the sales price will more likely be adjusted closer to those sale prices.

Remember: whether buying or selling a home, do not confuse the sales price, which is the actual price a property sells and the market value –merely a projection and may not reflect the selling price.

About The Author
Chris Cates is a nationwide real estate investor, who co-founded WeBuyTheUSA along with Todd Dotson. In addition, Mr. Cates is a national real estate mentor for Tactical Real Estate, where he has trained real estate investors across the country. For more information, please visit his website at
www.WeBuyTheUSA.com.

Owning The House That Won't Sell

The real estate market is hopping and houses in your neighborhood are selling like hotcakes. You, however, are stuck owning the house that won’t sell.

Owning The House That Won’t Sell

We first need to get some common anxiety issues out of the way. There is no curse on your house. Real estate agents are not conspiring against you. Home buyers are not tasteless idiots. Well, not all of them. If you’re stuck owning the house that won’t sell, there has to be an identifiable reason and you should be able to find out what it is. This is particularly true in the current real estate market.

The single biggest and easiest issue to address is the price of the home. Simply put, are you being reasonable when it comes to price? What are the comparable home sale prices in your area and how does your price compare to the sold houses that most resemble the condition of yours? If you are asking for more than similar houses, finding a buyer is going to be difficult. Remember, the issue is the appraised value, not what you subjectively think your home is worth.

One area where people get into trouble is improving beyond their neighborhoods. This occurs when you pursue home improvements that add substantial value to your home, but can’t be supported by the surrounding houses. For example, assume your home and those around it all appraise in the $250,000 to $285,000 range. If you redo kitchens, bathrooms and add a full second story to the tune of $150,00, your probably think your home should be worth roughly $400,000. This is incorrect. Nobody is going to buy a $400,000 home in a $250,000 neighborhood. In such a situation, your best bet is to hold on to the house and pray the neighborhood appreciates over time.

If price isn’t the issue, you need to objectively evaluate how your house is different from those in the neighborhood. Ask a realtor to come take a look at the house and offer suggestions. If all else fails, hire an appraiser to come appraise the house and pay very close attention to the report.

Finally, one of the biggest problems I see with houses on the market is a lack of charm. It may sound superficial, but you want a potential buyer to be able to see themselves in the home. Don’t strip out personal or charming items. Instead, add flowers with a nice fragrance, plants and so on. Buyers are looking for a nice home, not a set of hospital rooms.

About The AuthorRaynor James is with the FSBO site - http://www.fsboamerica.org - FSBO homes for sale by owner. Visit our "sell my home" page - http://www.fsboamerica.org/seller.cfm - to sell your house yourself with a free 1 month listing.

How to Sell Houses at Auctions

Advertising your property at auction can be an immense way of selling your home as quickly as possible. But keep in mind to pack your bags in time - you will have to renounce the keys 28 days following the auction date.

Some of the advantages of selling at auction could be:
Instant trade of contacts
Cash acquisition / subsidy in place - minimum 10% deposit remunerated at Auction
Not subject to agreement.
Finest value achieved through spirited bidding.
Market publicity - loads of auctions exert a pull on 100's of impending buyers.
Predetermined end date.
Speedy sale - without compromising sale value.
Take care to choose the right auction home. This involves selecting an auctioneer who offers assets analogous to yours, within the equivalent cost range. Choosing an inappropriate auction house greatly minimizes your odds of getting a constructive deal on your house. Also, execute a property assessment before you settle on the reserve cost sequentially to guard yourself against a highly inauspicious sale.

The Costs

The auctioneer will charge you for the commercial in brochures and catalogues, a price that you will have to wrap despite the consequences of whether your property is sold or not. You will also have to reimburse a payment of around 2.5 percent of the sales price. Ahead of signing any contract, note all the operating cost you will have to wrap, even if your house is not sold.

Proceedings

Lay down the reserve cost
Organize a deal
Unfasten your property for viewings
Once the auction starts, the sale is authorized and legally compulsory. The purchaser will have to pay you 10 percent of the settled sales price right away, the excellent balance within 28 days after the auction. If he fails to do so, file a suit against him!

The Disadvantages

You can by no means be acquainted with how much your property will sell for. An auction is a exceedingly unpredictable marketplace - if there is no stipulate on the day of your sale, you might end up selling it below its market worth.

You will have to reimburse your solicitor to be there at the auction in order to reform any final irregularities and come back with questions. Depending on how keen your solicitor is about itinerant, this can be rather an expensive issue.

A few people believe their confidentiality sullied at auctions, as the properties have to be open to prospective buyers and their surveyors. Promoting your house at auction can be pricier than selling it through an Estate Agent. Moreover, you will have to wrap certain operating expenses even if your property does not vend.

Ron Victor is a SEO copywriter for http://www.webuyhousesforcash.comHe written many articles in various topics.For more information visit http://www.webuyhousesforcash.comContact him at ron.seocopywriter@gmail.com

Existing Home Sales Drop

The sales of existing homes decreased in May with the median price of homes leveling out to a relatively normal rate.

Total existing home sales were down slightly by 1.2% to a seasonally-adjusted annual rate of 6.67 million units in May, according to the National Association of Realtors.

The sales were 6.6% lower than May of 2005, when sales were at the 7.14 million-unit level.

The national median price of an existing home was up by 6.0% to $230,000. Last May, the median was at $127,000.

The surplus levels of existing homes on the market increased by 5.5% to 3.60 million homes for sale. The number represents a 6.5 month supply at the current sales rate.

Existing condominium and cooperative housing sales grew 1.9% to a seasonally adjusted annual rate of 852,000 units in May. Condo and coop sales remain 6.6% under the unit pace of May 2005, when sales hit 912,000.

The median price of an existing condominium was up 1.9% at $229,300 in May, when compared to one year ago.

Single-family home sales were down 1.5% when compared to April sales, and 6.6% lower than May of 2005.

The price of the median existing single-family home was up 6.4% to $229,700 when compared to May of 2005.

Sales declined in both the Northeast and Midwest, but increased slightly in the South and West regions of the nation.

Martin Lukac represents http://www.RateEmpire.com and http://www.1AmericanFinancial.com, a finance web-company specializing in real estate and mortgage rates. We specialize in daily updates, mortgage news, rate predictions, mortgage rates and more. Find low home loan mortgage interest rates from hundreds of mortgage companies!

Wednesday, June 28, 2006

Who Is Responsible For Closing Costs

Buying or selling a home is a euphoric experience for both of the parties involved. This euphoria can cool when you learn which party is responsible for the closing costs.

When looking to buy or sell a home, every person eventually arrives at the question of funding closing costs on the transaction. To put it simply, both buyers and sellers typically are responsible for some of the closing costs. However, the exact amounts paid can vary significantly from area to area and depending on what agreements the buyers and sellers come to in the offer-counteroffer process.

It is important to research the area you are looking to buy or sell in and be knowledgeable regarding any laws and standards of practice for the area. Yes, the requirements are different in each state and often each city. Know what you will have to pay ahead of time so you can be prepared to cover these costs. Here are some examples of what buyers and sellers generally have to cover.

Buyers typically pay the following: fees charged for obtaining a mortgage; inspection fees; homeowner's insurance (must be prepaid for one year at closing); transfer taxes if there are any (although the seller may pay these or they may be shared 50-50 between buyer and seller); title insurance and escrow fees (varies depending on the location); and attorney's fees (if and where attorneys are involved in the transaction). If you are confused, a mortgage broker can tell you which fees are customarily paid for by the buyer in your area and how much they will cost. When buying a home, the use of mortgage brokers is highly recommended to both get a great deal on a mortgage and help with the transaction itself. The broker only gets paid if the deal goes through, so you know they will make every effort.

Sellers' closing expense responsibilities typically include: loan payoff fees; the real estate commission (in some cases, a portion of this may be paid by the buyer); title insurance (depending on the location); termite repairs (this is negotiable in some areas); cash payments in lieu of repairs to the property; all or part of transfer taxes and escrow fees, if there are any; attorney's fees where applicable; and other fees set by local custom or negotiated during the transaction.

Knowing and researching the area you are buying or selling in is critical to understanding who is responsible for closing costs. Educate yourself and you will avoid overpaying.

Raynor James is with the site - FSBOAmerica.org - FSBO homes for sale by owner

Closing Costs When Purchasing A Home

Buying a home is a financial strain if you are making a sizeable down payment. This can lead to problems if you forget the hard, cold cash you will need for closing.

Everybody looking to purchase a home no doubt wonders what the average closing costs will be. It is only natural to wonder, especially considering how expensive the closing costs can truly be if you are not careful. In truth, the costs aren’t much given the amount of money the home typically sells for, but they can cause problems because they usually must be paid now and in cash. Essentially, they add to the down payment amount and can cause cash flow problems for buyers.

As you might imagine, closing are not easy to quote. Closings in one state involve different things and costs compared to another. Closing costs related to things such as points and property taxes are dependent on the particular deal and geographic location. Some states, for instance, do not collect property taxes, which means no deposit against them must be collected at closing. All and all, you should take the following figures with a grain of salt, but at least you will have a guideline.

To protect their investment in you, most lenders roll the majority of closing costs into the payment plan for the loan. For instance, the lender will require you to pay a deposit in to one of their accounts to cover future property taxes and such. If you are lucky, some creative lenders will actually roll these costs into the in the loan given to you.

As of 2003, meaning the numbers have risen quite a bit over the past couple years, the average total closing costs for a $180,000 mortgage amounted to between $2,000 and $10,000. This figure is an admittedly vague calculation of costs ranging from appraisals to fees and taxes. Do not go into a real estate transaction assuming these figures will apply to your specific situation. Get a very clear written statement of all costs, so you know exactly what is coming and the amount of cash you are going to need on hand to cover them.

If you are buying a home, there is one way to attack closing costs. You can aim for a no point, no fee home loan. Assuming you can find a lender, many of the expenses attributable to a buyer are going to disappear. Of course, you have to get the loan!

The fact that you are wondering about the closing costs when purchasing a home is a good sign. It means you are thinking through the process properly. That being said, don’t rely on anything you read on the web, including this page. Get the exact terms from your lender and an escrow company. If you have less than stellar credit, using a mortgage broker is an excellent option as they now how to beat down the costs in your favor and can also give you a solid estimate based on both their experience and the lender being used.

Raynor James is with the site - FSBOAmerica.org - FSBO homes for sale by owner.

Fort Lauderdale Residential Real Estate

Nothing can be more brilliantly beautiful and convenient then having your own space in Fort Lauderdale. Fort Lauderdale, located in the Florida’s urban area, is also known as the “Venice of America.” It has a wonderful beachside location, clubs, bars and a lively party ambience. Having your own home in a place like this is wonderful.

The city center and entertainment area has seen remarkable growth, with add-ons of new hotels, high-rise condominiums, boutiques, galleries, and fine restaurants. The city also offers a variety of housing options, which include commercial, roof-space style, villas, suites, town homes, and single-family homes. Apart from these, many homes are located on the waterfront with scenic views of the ocean.

Homes can be found in all price ranges. Fort Lauderdale has all one can long for in the city. Fort Lauderdale is also a center of fine dining, fashion and entertainment. The city also has colleges and universities to cover your educational needs. It also offers entertainment and recreation for you and your family. The city not only offers you an exceptionally rich quality of life, but its rich culture and history makes it a perfect place to own a property. The climate is also favorable, with cool ocean breezes all year round that makes it ‘The Best’. So next time you want to invest in for a property, you know Fort Lauderdale is the best place to do as it gives you the best of nature, leisure and culture-- all in all best of all worlds.

Fort Lauderdale provides detailed information on Fort Lauderdale, Fort Lauderdale Residential Real Estate, Fort Lauderdale Airport, Fort Lauderdale Bail Bonds and more. Fort Lauderdale is affiliated with Swim with Dolphins in Hawaii .

Sell Your Home: What Do Home Buyers Want?

A poll of potential buyers released March 1, 2006 by Maritz Research revealed that sellers ought to do more than just look after required maintenance before showing their home. In fact, decorating improvements help make a strong impact on buyers and can ultimately affect a home's market value.

The study found that although renovations can boost a home's sales price, sometimes too much unique style can decrease a home's marketability. Therefore, if you're selling a home, you should understand your profiled buyer and make changes that buyers in your price range and location want.

The study found that thirty-six per cent of potential buyers were willing to pay premium prices for homes with updated interior decoration. Surprisingly, more men than women wanted updated decor with 41 percent of men versus 30 percent of women desiring this feature. More than likely, this is because women like to decorate their own homes and men want to move in without doing any work on the house.

When asked which home feature they would pay more for, 79 percent of buyers said that they would be willing to pay more for a renovated kitchen. However, most of these buyers did not want to pay for a remodeled kitchen in a style they didn't prefer. Home sellers need to evaluate the cost of a kitchen renovation in relation to the expected price increase. Often, a though deep cleaning, painting in today's color choices, and a new faucet combined with home staging strategies give home sellers the market edge without a large cash outlay.

The poll stated that 63% of buyers preferred a higher priced home ready to move into than a bargain priced fixer-upper. Because home buyers are willing to spend more for the ideal home, but not the time or work to renovate a fixer, home sellers who take advantage of home staging can make their home feel like a "dream home" without undertaking major remodeling projects.

Although most buyers prefer a renovated home, the poll revealed that 65 percent of buyers expect to spend about $5,000 making their home suit their tastes and that only nine percent of home buyers would only buy a home that needs no improvements.

Consider your home decorating in your list of home improvements to get your home ready to sell.

Copyright © 2006 Jeanette J. Fisher

Jeanette Fisher teaches five ways to use home staging for a top-dollar sale. Understand which changes give you the highest return on your exterior and interior decorating changes. Sell your home for top dollar with real estate staging. For more information about home staging, see http://homestaging.us

New Home Sales Unexpectedly Rise in May

The sales of new homes unexpectedly rose in May as unsold homes fill the market.

Purchases rose by 4.6% in May to an annual rate of 1.234 million, said the Commerce Department on Monday. There were 556,000 homes for sale at the end of May, up from a record 560,000 the month before.

Many builders are offering incentives, such as free country club memberships, to bring buyers in during rumors of a slowing market.

The gains in sales seems to confirm the Federal Reserve forecast that the market slowdown will not be abrupt, but a leveling out of the market. Policy makers are expected to continue on with rate increases throughout the upcoming months.

"We are surprised at the resilience of home sales over the last three months, and these data suggest that any near-term economic slowing from the housing market is likely to be fairly limited," said John Ryding, economist at Bear Stearns & Co. in New York.

Homebuilder shares rose after the report -- the S&P index of 16 builders increased 21. 5 points, or 3.5% this morning.

Purchases were forecasted to slow in May, according to a Bloomberg News survey.

The number of unsold new homes decreased to a 5.5 months supply given the increased May sales pace. The median price of a new home increased 3.1% in May, up to $235,300.

Sales were increased in the South, West and Midwest. The Northeast saw a decline in home purchases by 7.9%. New home sales accounted for 15% of sales nationwide.

Home construction rebounded in May, rising 5%. Builders reportedly worked on backlogged orders. Building permits are used as a sign of future construction; they were down for the fourth straight month.

New home sales are considered by economists as a leading indicator of the housing market.

"Although a slowing in housing is apparent in a wide range of indicators, it seems to be occurring in a gradual way," said Fed Governor Susan Bies.

Martin Lukac represents http://www.RateEmpire.com and http://www.1AmericanFinancial.com, a finance web-company specializing in real estate and mortgage rates. We specialize in daily updates, mortgage news, rate predictions, mortgage rates and more. Find low home loan mortgage interest rates from hundreds of mortgage companies!

Complete Bathroom Remodel Guide

Your bathroom is one place where you are very truthfully yourself and thus you want it to be the most comfortable zone that speaks of your individual style. Bathroom remodel plans are the best way to ensure that your bathroom is what you want it to be. If you want a house that is in-sync with the latest home décor trend but do not have the budget to go for complete home remodeling, you can get the bathroom remodeling done. Bathroom remodeling incorporates the elements of a modern and latest décor trends in your house without weighing too much on your pocket.

There are several bathroom trends that are in vogue these days. Hire a bathroom remodel contractor to remodel your bathroom. The contractors are more experienced and better aware of the latest inclinations of the market and the styles. Some popular inclinations for bathroom these days include two sinks, tub-cum-shower and more. In the two-sink bathroom remodel plan there are two sinks in the bathroom so that the toilet area is completely separated from the bath area. Then in the tub-cum-shower bathroom remodel style the shower area is fast being replaced by bathtub that doubles up as the shower area.

Your bathroom remodel plan should take care of the safety and comfort as much as it does of the style. There are several electric gadgets that are used in the bathroom so the bathroom remodel should include appropriate safety measures installation such as:

Non-slip flooring

Ground-fault circuit interrupter electrical controls

No electrical switches around the tub or shower

Water control valves in the shower are pressure balanced and temperature regulating

Make sure that your bathroom remodel contractor has considered the ventilation and lighting fixtures thoughtfully. An efficient and comfortable bathroom is the one that is well lit and well ventilated.

There is no limit to how much you can spend on your bathroom remodel project. However, hiring a contractor will ensure good work that moves within your specified budget, as per your requirements. Moreover, the contractors work within predefined time frame.
Natasha For more tips and details visit: www.allremodel.com

Selling Real Estate by Owner in a Slowing Real Estate Market

One question that is often asked as I speak with sellers of FSBO Real Estate is “Can one still sell FSBO in a slowing real estate market?” or “Can one sell FSBO when there is so much inventory on the market?” The answer is absolutely one can still sell their real estate FSBO. The only caveat is that it may not be as quick or easy as it has been the last few years. That holds true whether selling FSBO or with an agent.

Buyer psychology is changing as the market changes from a seller’s market to a buyer’s market. In 2005 buyers were nervous that if they did not buy soon the price would go up and they may be priced out of the market. In 2006 with more properties on the market and slower appreciation buyers do not feel as pressured to place an offer.

So with the market changing how does the FSBO seller overcome the quantity of inventory on the market and buyer psychology? The simple answer is exposure and pricing.

A few years ago it seemed like all the FSBO seller had to do was run a few ads in the local paper, put out a sign and wait for the buyers. Today, though local media and signs are still important, sellers need the exposure of the internet, personal face to face marketing, and unconventional marketing. One still needs to have a sign letting drive bys know your home is for sale. A local media campaign with ads that are informative and running multiple times is necessary. The internet with its FSBO web sites is a great marketing tool. It gives sellers the ability to describe their property, both with words and pictures. It gives buyers the ability to quickly and from the comfort of their homes or offices browse local real estate and real estate from around the world. FSBO Sellers have to let everyone know they are selling their homes. Remember co-works and acquaintances may not be in the market for a new home but they have friends that have friends. Some unorthodox marketing may consist of ads on local bulletin boards, flyers that are handed out at events, work place bulletin boards, and letting local real estate agents know that, though you are selling FSBO, you will work with them and protect their commission, if they bring a legitimate buyer. Many of the internet FSBO sites like FSBO Volusia have the ability to print brochures and e-mail copies of the ads. The key is to get creative and remember how much money selling FSBO is saving in commissions. Some of the savings should go to marketing while some can be used for competitive pricing while the balance can go in your pocket.

It is imperative that one prices their property fairly and competitively so that it does sell. Remember buyer psychology is changing and there are more homes on the market. The price that a given piece of real estate will command is determined by the market not by what the seller thinks the market should pay. In many instances a good start is to get a professional appraisal. Though this may cost a bit, it can be used to show potential buyers that the property is priced correctly and more importantly when it comes time to get a mortgage the buyer should have no problem with financing based on the selling price.

One can sell FSBO in today’s market with creative exposure and fair pricing. http://www.fsbovolusia.com

A Word of Warning About Home Inspections When Buying

When you make the decision to purchase a home, you are committing to a lot of debt. You want a home inspection, but be careful with your choice of inspectors.

When purchasing a home, it should be required that the buyer set up a home inspection on the home. This home inspection is designed to ensure the home is in good condition and to notify the buyer of any potential problems in the home. However, there are some things that potential buyers should be aware of when having a home inspection done.

In order to ensure that the home inspection goes properly, it is important for the buyer to be careful about which home inspection service to go with. Often times, the seller or seller’s realtor will make a suggestion for a home inspection service. Often, they will even offer discounts for using the service. Should you go with the discounted service offered by the seller?

Sure, the discount can be good, but you could potentially be setting yourself up for a big loss in the future. To understand why, first understand that the real estate agent has a pretty big commission on the line. Real estate agents often make 6 to 8 percent of the total sale. This means they have a lot riding on every sale and they are looking to close out every deal they can. While ethics should drive them to be fair in every sale, the sad reality is they are looking after the seller and their commission, not you. Hardly a surprising statement, eh?

Home inspection services recommended by the agent often carry an unspoken agreement. If the inspection reports are favorable to the seller, the inspector will get more business. If they are not, the seller’s agent will find someone else for future deals. Human nature suggests this situation can lead to certain deficiencies being overlooked by the home inspector, a fact you will inevitably pay for in the future.

The bottom line is that you, as a buyer, need to be aware of the importance of objective home inspections. The inspection is going to tell you if there are any problems with your potential dream home. If there are, you can demand the seller have them repaired, lower the price or pay cash funds at closing so you can have it done. If you use an inspector recommended by the seller or seller’s agent, you run the risk of missing some major problem with the property. Don’t do it!

Raynor James is with the site - FSBOAmerica.org - FSBO homes for sale by owner.

How To Sell Your House Fast

Selling a house is an exercise that demands loads of patience and efforts; not to mention publicity. Yet, with the right kind of approach, selling a house can be converted into a quick and even enjoyable activity. A house can be sold in less than a week if all preparations are in order.

Time is often a crucial factor in taking the decision to sell a house. If a house is being sold when the market prices are low, then it quickens the sale. However, this causes the homeowner to suffer a loss. On the contrary, houses that are put up for sale during a high in prices may not be quickly lapped up by buyers.

Once the decision is taken to sell the house, there are lots of preparations to be done. The first and foremost preparation is to spruce up the house and that includes the yard and the storehouses. Fences must be repaired if necessary, grass should be mown, gardens and pools must be cleaned up. Time must be taken to clean up the interiors of the house by removing the clutter and arranging the furniture in their proper order. If required, help may be hired in order to put the house in order. Houses with jaded exteriors put off potential customers. Hence, repainting of the house helps boost its sale. A little bit of touch up can also be done on the picket fences and interiors if necessary. Only after all this is done, the ‘For Sale’ board must be put up in the lawn.

The quickest way to sell the house is to publicize its sale in the immediate neighborhood. People living as neighbors sometimes have relations and friends whom they want to share their neighborhood with. Hence, they are the best mouthpieces for the sale. A little party can also be organized when the neighbors are shown around the house. Along with this, flyers can be distributed or posters can be stuck in shops and malls in the vicinity. These advertisements must contain the address of the property along with the contact details of the owner.

Once prospective buyers start drifting in, it is necessary that some competent family member always be at home to show them around. A locked house is a great way to put off prospective buyers. While showing them around the house, the plus points of the house must be highlighted. It is best to make clients aware of any shortcomings in the house to avoid altercations later. When the house is shown, a price can be quoted to them.

Interested buyers would definitely hold negotiations for the price. Though the seller wishes to close the deal fast, there must be no hurry to finalize the price. When both parties reach a price suitable to both, the deal can be considered struck.

The keywords to getting a home sold fast are beautification and publicity. A good looking house publicized in the right manner gets sold faster.

Sell My House Fast provides detailed information on Home Selling Advice, Home Selling Prices, Home Selling Process, How To Sell Your House Fast and more. Sell My House Fast is affiliated with Land for Sale by Owner.

Home Selling Prices

Pricing a home realistically is the most important aspect of the entire process of home selling. It pays (literally as well as figuratively) to carry out a self-assessment of the property before putting down a price on it.

The basic determining factor for deciding the price should be the current market value. Some realtors can provide a list of recently sold houses in the neighborhood and the prices at which they were sold. Such knowledge helps to assess the worth of your house. An important point to remember is that prices of houses depend on the area where they are located. A house similar to yours in a different neighborhood could cost differently than yours.

Quoting the price to a prospective buyer can be an arduous process. It must be done gently but without hesitation; and you must have total conviction in the price you are quoting. Factors like whether the buyer will be able to afford it or not should not be taken into consideration. The buyers must have already made a pre-examination in the neighborhood.

If there are estate agents involved, then there is more caution to be used. Once they come to know that you are putting up your house for sale, estate agents will begin to contact you. They will claim to get higher prices for your property. But you should be realistic in your approach. No property is going to get more than what it is worth. Choose your agent wisely.

Another big folly is to overprice your house at the onset. An overpriced house just puts the buyers off. You may lower the price later, but that is not the same thing. After a few weeks, the novelty effect of your house in the market wears down. Buyers and agents will sense that you have become desperate to get rid of your house and they will cash in by quoting much lower prices than they meant to. Consequently, you might have to dispose off your house at an ironically low price if you had overpriced it initially.

A realistically priced house often has no difficulty in selling. It is wise to have a genuine realtor price your property before you put it up for sale. Even while negotiating with buyers, be neither too rigid nor too flexible. A correct approach will get you the price that you expect of your cherished home.

Sell My House Fast provides detailed information on Home Selling Advice, Home Selling Prices, Home Selling Process, How To Sell Your House Fast and more. Sell My House Fast is affiliated with Land for Sale by Owner.

Monday, June 26, 2006

Know How to Negotiate

If you think that negotiating is something only a buyer will do, you’re very much mistaken. Even as a home seller, you will, at some point in time, negotiate with your potential buyer. Remember that, negotiation is a two way street.

When you are negotiating, make sure that you remain detached from the entire transaction emotionally. Bear in mind that this is a financial matter and, when dealing with money, it’s always better to think with a clear head. Don’t look at your house as the home that sheltered you through many storms in your life, but view it objectively as a solid structure made of stone, timber and mortar.

It is also important that when you are negotiating (or presenting a counter offer to your buyer) you don’t just think of the actual money changing hands, but the “net” profit. Take into consideration all the costs that you (or the buyer) will shoulder. The money you get from the buyer who offers to pay a little less than what you’re asking for and also shoulder all other incidental expenses may be more than the total net amount you’ll get from a buyer who will pay your asking price but will leave all incidental costs for you to settle.

Keep mum about the lowest price you are willing to accept. Don’t tell anyone, even your friends and family (except your partner, of course). By letting buyers know that you’re willing to settle for far much less, expect them to haggle in order to get that amount (or even lower). Just accept the offers that come in and negotiate if you don’t find them suitable.

Finally, you should always keep your temper in check and practice utmost decorum and tact at all times. You cannot raise your voice or utter sarcastic remarks as these will turn your buyer off and leave you with a bad reputation. Negotiation is all about reaching a compromise, and this cannot be done if you enter the battleground with a hot head and a short temper. Be patient and amiable, and eventually, you’ll settle things nicely.

This is article is brought to you by Gloria Smith at LegalHomeForms.com Created by a former, licensed Real Estate Agent, LegalHomeForms.com was designed to offer instant access to the most sought after type of real estate forms. For more home selling tips please visit our website.

Showing Your Home Like A Pro

One of the many tasks you will be doing when you sell your home is to show it off. Showing it off is more than a fresh coat of paint and nicely trimmed hedges. It’s also about making sure that the interiors look just as pleasing as the exteriors.

When you’re house is up for showing, make sure that you remove all the cutesy-clutter that makes your house a home. None of those refrigerator magnets made by your grand child, and remove the collection of Christmas cards you’ve amassed through the years. Keep the accessories to a few, generic, non-personal pieces (think: vases, lamps, flowers). Pull back the drapes too and let in some light. Unless your buyer is Morticia Adams, dark interiors will not make your buyers reach for their check books.

It’s also important that you deodorize! Make sure that the puppy aroma of your pet and the smell of the tobacco your grandfather loves to puff are not noticeable. To combat these odors, days before your showing, remove the puppy (and since you can’t remove grandpa) and the cigars from the premises and ventilate the house. Prior to the arrival of potential guests, on the pretext of preparing munchies for potential buyers, bake a batch of fresh cookies and brew a pot of coffee. Not only will these mask whatever existing undesirable odour there is in your home, these aromas are known to induce bouts of spending.

Finally, it helps if you have brochures or little leaflets highlighting the best assets of your house handy. Have them sign your guestbook, not so you can harass them into buying your house, but only so you can send them little thank you notes for considering your home to be their next residence.

You may not sell your home to these people, but you would, most definitely, create a lasting impression. Who knows, you may have lost a buyer, but gained a friend.

Sunday, June 25, 2006

Essential Contract Clauses

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Congratulations! You just purchased that new home study course. You followed the instructions. You found a good deal. You present your contract to the listing broker, and you get laughed at!
The reality is, real estate brokers don't like "seminar" forms. They are comfortable using the "standard" agreement, although the standard agreement is usually drafted to protect the real estate broker, not you.

You must learn how to take any "standard" agreement and modify it to your liking. The following are some essential clauses I use when buying a property:

“And/or assigns” or “and/or Nominees”

As the buyer, you want to have the right to assign your contract. By placing your name with the words, “and/or assigns,” you automatically give yourself that right. The words, “and/or nominees” is not as broad, but it has been interpreted as giving the buyer the right to place title in the name of a trust

NOTE: If the contract contains an "anti-assignment" provision, you must cross that clause out.

Inspection Clause

Have the right to make the contract contingent upon your right to do a thorough inspection before a certain date. Make certain that you are not required to hire a professional inspector and that the inspection clause permits you to cancel the contract if there are things wrong with the property which the seller is not willing to fix or reduce the price.

Choice of Escrow Company
As the buyer, insist on the right to choose the title or escrow company so that you remain in control. A conservative or uncooperative escrow or title company can make life very difficult if you are trying to do a creative deal.

Right to Extend

Most contracts call for a date certain for closing. If the buyer is not ready to close, the seller can hold him in default. Here are some tips for buying time:

Make the closing date “on or about” June 1st. What does “on or about” mean? I’m not sure, but it certainly means LATER than June 1st!

Have the right to extend the closing date if it is not your fault: “Said date may be extended an additional fifteen (15) days if lender requires additional documentation, paperwork or actions from the buyer and said delay is not due to the fault of the buyer.”

Have the right to extend for thirty days by paying the seller the equivalent of one month’s mortgage payment.
by Attorney William Bronchick, Legalwiz.com

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Dealing with Real Estate Agents

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The real estate agents have a valuable source of potential deals for the real estate investor - the Multiple Listing Service. Unfortunately, real estate agents have a monopoly on this information, so they may be a necessary part of an investor’s game plan.

Dealing with real estate agents can be difficult as an investor. Agents prefer home buyers with cash to put down, good credit and conventional buying power. Their interest is getting a commission with as little hassle as possible. Most agents have never done a creative real estate transaction with an investor, so they are not often receptive to unusual offers. Most agents equate a “nothing down” offer with a buyer who is not serious.

Offer a Reasonable Earnest Money. You cannot present an offer with a $50 earnest money and expect an agent to take you seriously. You can expect to pay at least $500 as earnest money to get their attention. If you are presenting a solid cash offer, you should put up more money. If you are concerned with losing your earnest money, consider using a promissory note.

Offer a Short Closing Date. Another way to get an agent to take you seriously is to offer a fast closing. Nothing makes an agent salivate more than the thought of a commission check in ten days. If the agent has another offer presented to him, he will usually advise his client to take the offer with a larger earnest money and faster close than an offer which is higher in price.

Insist on Presenting Creative Offers in Person. If you present a creative offer to an agent, it will not be represented to the owner in the same enthusiastic fashion. As stated above, agents do not like creative offers - they like conventional offers from solid buyers. If you want the owner to hear all of the great benefits of your offer, insist on presenting the offer in person.

Appeal to the Agent’s Greed Factor. Let’s face it . . . real estate agents are in the game to make money, just like anyone else in any other business. If you can offer the agent an incentive to make money out of the transaction, you will get his cooperation. If you present an offer which does not permit enough cash to come out of the deal to pay the agent, why would he cooperate with you? If you present a lease/option offer on a listed property, how will the agent receive a commission? You need to find a way for the agent to get paid, even if you pay him out of your own pocket.

Do Your Own Comps. Sometimes you will get the opposite of an uncooperative agent - an overzealous agent. Be suspicious of an agent who tells you what a deal you are getting on a property. If it is such a good deal, why didn’t he buy it? Don’t take his word as to the value. Ask for a printout of comparable sales (not listed properties). Be aware that information contained in the MLS computer was entered by the listing broker and may be exaggerated. If a comparable sale shows the same square footage as the house you are looking at, take a drive by and see if it is accurate. Do your own assessment of value.

Fax Preliminary Offers First. Don’t waste your time filling out a contract offer until you have preliminary approval. Most agents are not this formal and will take any offer in writing to the seller. Simply summarize your offer in writing and fax it to the listing agent. Once you have an oral approval, then take the time to fill out a contract and an earnest money check. NEVER put up earnest money until the offer is accepted!

Don't be Bullied by Uncooperative Agents. If you cannot finesse an agent, don’t be afraid to stand up to him. Some agents are unethical and will refuse to present your offer. Many times the agent will lie and tell you that your offer was rejected when, in fact, it was never presented. If this is the case, do not be afraid to go over his head to the listing broker. If the listing broker is uncooperative, deal directly with the seller (unless, of course, you are also an agent).
by Attorney William Bronchick, Legalwiz.com
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Flyers Sell Houses!

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This last month I found myself in the interesting position of having SEVEN vacant rental properties (ouch!). The typical newspaper ads were not pulling enough calls, any many of the callers were Section 8 tenants (barf!).

Nauseous at the though of forking out another $4,500 on vacant properties next month, I decided to pull out an old, but under-utilized technique. . . the paper flyer. I made hundreds of flyers on my computer in various colors. I included a map with directions on the flyer (thanks to www.mapquest.com). I had them distributed on car windshields in every shopping mall, supermarket and church parking lot within a mile radius of the rentals.

Did I get some nasty calls from people who didn't appreciate the flyer on their windshield? Sure, but who gives a hoot? The United States Supreme Court says it's free speech protected by the First Amendment! Bottom line: every tenant to whom I ended up renting came from a flyer!

Here's another bonus about flyers: you can legally discriminate using them. We all know that you cannot advertise for families, because it is discriminatory against single people. We also know that a family with kids is less likely to break a lease early than a single person (I don't need statistics to tell me this, for I know that the though of packing up my kids' crap is enough to make me want to NEVER move!).

HERE'S THE POINT: If you place your flyers in places that families visit, your chances of finding a family to rent are increased. Rather than a blind ad in the newspaper, put flyers on windshields of cars parked at Bennigan's & Chili's Restaurants (who else would eat at such horrid places?). Place flyers in church parking lots, schools and Toys 'R Us. The law says you can't STATE who you want as a tenant in your flyer, but it doesn't prohibit where you distribute the flyers!
by Attorney William Bronchick, Legalwiz.com

For more information visit www.legalwiz.com

Real Estate Market Timing

The United States, Canada and all other modern industrial economies experience significant swings in economic activity. In some years most industries are booming and unemployment is low; in other years most industries are operating well below capacity and unemployment is high. Periods of economic expansion are typically called booms; periods of economic decline are called recessions or depressions. The combination of booms and recessions, the ebb and flow of economic activity, is called the economic cycle.

Of all the industries contained in the economic basket of goods and services, Real Estate is the one that is particularly susceptible to the ups and downs of economic cycles simply because it is a big ticket industry. It is therefore important for all those involved into real estate investing, to try to anticipate market movements in order to maximize profits and optimize performance. This is, in fact, the textbook definition of market timing. Market timing means buying low and selling high, and we all know that this is the key to successful investing.

So, therefore, market timing is logical. It is also deceptively simple - buy properties when prices are low, and sell them when prices are high. Unfortunately, however, in many ways the term "economic cycle" is misleading. "Cycle" seems to imply that there is some regularity in the timing and duration of upswings and downswings of economic activity. This could not be farther from the truth, especially in Real Estate. Booms and recessions occur at irregular intervals and last for varying lengths of time. For example, economic activity hit low points in 1975, 1980, and 1982. The 1982 trough was then followed by eight years of uninterrupted expansion. For describing the swings in economic activity, therefore, most modern economists prefer the term "economic fluctuations".

Just as there is no regularity in the timing of economic fluctuations, there is no reason why fluctuations have to occur at all. Thus, predicting market timing in Real Estate is similar to planning a vacation trip to Hawaii, in January. All the brochures say the sun shines all the time but somehow, when one lands in Honolulu, he is greeted by a hurricane. Despite the fact that successful market timing may be even more difficult to predict than the weather, everyone wants to try, to some degree. Buy houses when they increase in value, and sell them when they begin to decline. Keep your cash holdings as a safe haven when you are not sure.

Regrettably, there is no guaranteed way to anticipate market movements, so attempts to clock market timing fail to deliver optimum results. And this is true of the small investor as it is for, well ... the Chairman of the Federal Reserve System. Had market participants listened to Alan Greenspan, the Maestro, when he first started talking about the dreaded real estate market bubble all the way back in December 2001, those same investors would have missed out on an appreciation of real property values that averaged 15 percent per year from 2002 through 2005 inclusive.

As much as fluctuations are difficult to predict and that, as a direct and proximate result, the market is next to impossible to be timed, fluctuations do occur, however, because there are disturbances in the economy of one sort or another. The quintessential cause of recessions and booms in real estate is monetary policy. The central banks determine the size and growth rate of the money stock and, thus, the level of interest rates. By raising or lowering interest rates, the central banks are then able to generate recessions or booms. This is the reason why keeping a close eye on interest rates is so crucial in Real Estate.

So therefore, because of the fact that fluctuations do happen, with perfect 20/20 hindsight I can tell everybody precisely when a market turnaround has occurred. Furthermore, if I look back far enough I may even see patterns to the movements of the market, which repeat themselves sufficiently often so as to convince me that they will occur again, given the same conditions, at some ‘predictable' later date. This is, in fact, the principle upon which computer programs at the Federal Reserve System work: they analyze market patterns and try to anticipate major trends to come. Computer modelling, as it is called, is employed nowadays in practically every industry. But notwithstanding all technological advances, no one has ever been able to anticipate market or economic swings with an accurate and acceptable level of consistency.

So the academic debate continues. Those who do not believe in market timing challenge not only the ability to anticipate market movements, but also the rationale behind market timing. Conversely, advocates of market timing are quick to point out that one can obviously maximize returns in a rising market and minimize losses when the market begins to decline. And in so doing, they pore over their charts and computer printouts looking for signals that the time is right to buy or sell, based upon a combination of factors that have preceded a change of market momentum in the past.

The Efficient Market Theory suggests that prices often exhibit random walk behavior, and thus cannot be predicted with consistency. In Finance, the Efficient Market Hypothesis (EMH) asserts that financial markets are "efficient", or that prices on traded assets, e.g. stocks, bonds, or real property, already reflect all known information and therefore are unbiased in the sense that they reflect the collective beliefs of all investors about future prospects. EMH, furthermore, implies that it is not possible to consistently outperform the market - appropriately adjusted for risk - by using any information that the market already knows, except through luck or - as in the case of stock markets - obtaining and trading on inside information.

And bear in mind that market timers have to be right in their predictions not once, but at least twice in a row. They also have to exit the market with consistency just before the downwards spiral begins.They have to be adept at identifying peaks and valleys as they are occurring, not after the fact. Sometimes what looks like a downturn is just a temporary resting place - as it seems more and more to be the case in Real Estate today. Also, there are those investors who simply take the contrarian approach and start buying when everybody else is selling. They then take their profits when others are busy buying.

The untold secret of real estate investing is always to buy and never to sell. That is the guaranteed path to wealth. As this, however, is not always possible, the second best alternative is to act when one's own circumstances warrant, without paying much attention to the cycles that may or may not take place.

Luigi Frascati

Luigi Frascati is a Real Estate Agent based in Vancouver, British Columbia. He holds a Bachelor Degree in Economics and maintains a weblog entitled the Real Estate Chronicle at http://wwwrealestatechronicle.blogspot.com where you can find the full collection of his articles on Real Estate Economics and Finance. Luigi is associated with the Sutton Group, the largest real estate organization in Canada, and is based with Sutton-Centre Realty in Burnaby, BC.

Saturday, June 24, 2006

Things Your Mother Never Told You: Closing Costs

Buying or selling a home can be one of the most life changing decisions a consumer makes. Being educated about the real estate process and investigating things you don’t understand is essential. Working with trustworthy and communicative real estate professionals is important. A lot of money is on the line when purchasing or selling a home, so be sure to ask questions when you need to about charges, fees or other issues.

You Gotta Have Faith!

Three days after an initial application has been submitted the lender must provide a Good Faith Estimate of settlement costs (GFE). The GFE is a list of closing charges and the HUD settlement statement you receive at closing is the confirmation of these charges. Carefully review the GFE costs and question anything you do not understand. When you receive the HUD statement the charges and fees should be familiar to you and reflect the GFE. There shouldn’t be any closing cost surprises. If the GFE and HUD costs do not match these issues should be addressed immediately. Discuss the cost discrepancies with your REALTOR and a lender representative. Any costs not disclosed on the GFE can be argued against and removed from the HUD.

Closing Costs 101

The first page of a HUD shows the buyer what matters most, the exact amount due at closing. Charges associated with a loan are broken down into sections. Lender costs include fees for origination, discounts, appraisal, credit reports, underwriting and processing. Closing and title costs cover charges from the third party closing agent and for the title search, insurance and recording. Taxes will be listed and fees associated with the deed. The buyer may also create an escrow account holding prepaid funds so taxes and insurance payments are made on time by the lender each month. The REALTOR commission will also be listed, along with survey fees, if necessary.

Financial Responsibilities of the Seller

At closing, the seller also has financial responsibilities. The seller pays sales taxes and lawyer, titling and commission fees. If necessary the seller is held accountable for outstanding Home Owners Association fees, termite and moisture inspection charges and well water and septic testing. Repairs that need to be done to the property will be taken out of the seller’s proceeds. Liens owed by the seller must also be paid, including tax liens. The seller must insure the home until the deed to the property is recorded a few days after closing. The buyer must have insurance activated on the closing date.

Invest and Save Money

Most homebuyers know that a down payment helps save money because it lowers the loan amount and mortgage insurance. This reduces the monthly payments. It also qualifies you for mortgage programs with better rates. Another savings tip is to pay your closing costs up front with the down payment. Avoid rolling the closing costs into the loan itself or the loan and interest increase. Without funds to cover the down payment and closing costs you will want to refinance later. Another important investment homebuyers should make is to work with a mortgage broker. A mortgage broker will shop for the best loan and interest rate. The knowledge a mortgage broker has can equal savings of up to $50,000 in interest charges. If you have credit issues or just want the inside scoop a mortgage broker is your best choice.

Completing the Transaction

The closing is an exciting day for both the buyer and the seller. The buyer should bring the GFE for reference during the meeting and request to review the HUD 24 hours in advance. This means you are prepared and comfortable with the completion of the real estate purchase. A third party closing agent and the REALTOR will be present. The loan officer or mortgage broker can also be present to answer any questions regarding the loan. Some companies, like Breakwater Mortgage in Virginia, require their brokers to attend. Companies like this can be better to work with since they are willing to be more involved. Now that all questions have been answered and the sale has been completed you can look forward to your new home and focus on the future!

About The AuthorElaine VonCannon is a REALTOR with RE/Max Capital in Williamsburg, Virginia, and she manages investment property. Elaine is also an Accredited Buyer's Representative as well as a Senior Real Estate Specialist. She has helped numerous clients invest in and make money on property in Southeastern Virginia. She can be reached at www.voncannonrealestate.com.

New Mobile Homes

It can be rightfully said that the chasm between mobile homes and traditional bricks and mortar homes is narrowing day by day. New mobile homes can be as trendy as they come, complete with all the amenities – both necessary and luxurious. In contemporary mobile homes, you can even attach a sauna, a bath or a Jacuzzi without much of a problem.

The days of derision towards mobile homes and their owners are coming to an end. There are about 10 million Americans today who are living in mobile homes, individually and in parks. There are ‘snowbirds,’ who have permanent residences in northern areas and move to warm southern climes in winter; or they may be people who are busy accruing money for a more stable home in future. People of almost all groups are now accepting mobile homes.

Even the designing of mobile homes has undergone a sea change. Gone are the days when mobile homes spelt shoddy, uninteresting designs and sharp walls. Today there are a wide array of finishes such as tiles, veneers, wallpapers, distempers and even bricks, as in traditional homes. Mobile homes today can be affixed to permanent foundations, so that there would be no difference, seemingly, between a mobile home and any other home.

Not just the structure and design, but also the nomenclature of mobile homes has undergone a change. Mobile homes are now called manufactured homes. Most of their parts are constructed in factories and then shipped to the sites of location. Here they are bolted and fastened together. Modern technology has enabled manufactured homes to be better affixed, thus eliminating the possibilities of leaks and seepages through their joints.

In the current scenario, mobile homes are economical and quick solutions for people yearning for a home. With the surfeit of bank financing available on mobile homes, more and more people can afford them.

Mobile Homes provides detailed information on Mobile Homes, Mobile Home Community Parks, Mobile Home Rental Dealers, New Mobile Homes and more. Mobile Homes is affiliated with Motor Home Rentals

Don't Just GET THE DEED - The Infamous "Kitchen Table Closing"

Q: Hi Lou, I have a property under contract that I want to resell/flip as-is to a rehabber/renovator, but I may have to purchase it quickly and simply record the Quit Claim Deed, without using a closing attorney or waiting for a title exam. I need your advice.

The seller just called me and left a msg on my voice mail stating she did not want to sell to me because she received a better offer. Now I do have it under contract, with a signed purchase and sales agreement from her, and I had her sign a Quit Claim deed, too. I did that because she was fighting with her sister over ownership of this property, which was given to her by her mom who passed away 2 years ago. The deed is in her name alone, not the sister's, moms or anyone else. I did see the deed and made a copy of it.

So, I thought I should get the Quitclaim deed, just in case I needed to record the deed because of the family issues, and she agreed as well. She said she just wanted to get rid of this property. I also filed at the court house an Affidavit for the property showing I had it under contract, as you all recommended. I'm in the process of getting a title check done by title company.

Now what do you recommend I do? Should I go back to the court house and record the Quitclaim deed or wait until the title search is done and record the deed, or walk away, or what? If I chose to wait and schedule an attorney to do the closing, would they except the title search done by the title company?

Thank you, G.

A: Hi G., what you're describing is a little risky, yet it's done pretty often. It's a VERY good idea to get title exam run first, before doing a "kitchen table closing" and getting a Quitclaim Deed (QCD) from Seller, if you're not using/hiring a closing attorney to do a formal closing....

Normally we wouldn't recommend you do your own closing, but since you're rushing your purchase so you can "preserve" your deal before the other Buyer moves in and buys it, and/or before the sister does anything rash…. just be sure that the transaction has been up front, and that you truly intend to move forward as you agreed. I think that I would go ahead and file/record the QCD. I don't see that you have anything to lose, and a lot to gain.

I would let the seller know that she can not sell to someone else because she already has a binding agreement to sell to you, and you already "technically" own the house (since you recorded the QCD), and that your plan is to review the deal like you had already agreed with her, and if you decide not to do the regular closing as described in your Purchase & Sale Agreement, then you will release the house (ie YOU'D have to sign and record another QCD, canceling the prior QCD from her to you) for her to sell to whomever she likes.

It was great that you already recorded your "Affadavit of Contract", putting yourself into the chain of title, showing that you have a contract to buy the house. Now if all of this "blows up" and you're not able to, or choose not to record the QCD for some reason, the Affadavit you recorded will protect you, and allow you to still purchase the house in the future (if the Seller tries to sell to someone else or tries to refinance the house).

By filing the QCD you become the official owner of the property. No one can take the deal away from you. Since you're buying it "subject-to" any loans, you will need to start making the payments on any loans (call the lenders to get a "statement of account" to make sure there are no surprise back payments or penalties you're "inheriting"). I'm assuming you gave her no/low equity/cash at this point, so you don't have any funds invested, or at risk with the seller. Now you've got time to evaluate all the financials and make an informed decision. If in the end, you do not want it, you can always Quit Claim the property back to the current owner, as you told her earlier.

**Note to all my fellow investors : you don't want to even play this "kitchen table closing" game, unless you have a strong indication that this is a good deal and you're 90% sure you're going to go all the way with this deal. Taking ownership via a quick recording of a QCD, and then bouncing ownership back to the original seller with another QCD later when you've "had a chance" to do your due diligence – is not a cool game to play. We're only walking through it in this example, because the investor is trying to rush to protect his good deal from being "sold again" fraudulently, by the seller to another buyer.

But you also don't want to suddenly own a property where you have some potentially unknown, overlooked liens that may be attached to the house, that you'd have to pay off before you re-sold or refinanced the house, and no ability to insure yourself via title insurance,. So consider these 3 risks you've got with a "get the deed, kitchen table closing" --

1) You probably won't have the Seller sign the standard "Owners affadavit" and "Gap affadavit" that attorneys use, where the seller warrants that no other "bad stuff, liens, judgements, etc." exist against him or the property, other than what the title examiner has found.. AND even though Seller signs those Affadavits, we've had some sign knowing they're lying and committing fraud. Title insurance would cover you, if Seller lied, but you can't get that (see #3).

2) title examiners are human and make mistakes and overlook title stuff (liens, judgements) b/c they get too busy, too tired, etc.

3) You CAN'T get owner's title insurance to cover all of the above issues if you close the deal yourself at a "kitchen table", because an attorney at a closing can sell that policy to you and you DO need to buy one.

We have had several instances where either the seller has lied about other not-yet-filed judgements and loans (see #1), or title examiner has missed a significant lien during the title exam (see #2) and we've been covered by our title insurance policies.

If you have those types of title problems and NO title ins. policy, you've got to pay all the legal fees and/or pay off the liens, etc. before you can re-sell the property. Soooo, unless you're a serious gambler :-) close with an attorney so you can get the Seller to sign the 2 Affadavits and get yourself an Owner's Title Insurance policy.

And yes, about 50% of the time attorneys will buy a previously done (must be within last 30 days usually) title exam and use it for the closing--just ask your attorney in advance.

Now, if the new Buyer stills wants the property, they can buy it directly from you. The current homeowner, is of course, going to be upset and is probably going to say you did something illegal.

Q: Can the title company issue a Limited Warranty Deed, if not who provides a limited Warranty Deed that I have seen other wholesaler issue to the rehabbers?

A: The closing attorney can fill out a Limited Warranty Deed on your behalf as the seller (when you resell the property), saying basically that you warrant that ownership of the property was "valid" during the *limited* time period that you owned the house.

Best of success & abundance,

Lou Castillo

About The AuthorLou Castillo FREE! Real Estate Investing Secrets To Earning $100,000 Your 1st Year! -- 11 Overlooked Real Estate Statregies That Will Turn Your Investing Business upside Down And On The Fast Track TO Success...Guranteed! Plus A Bonus Track With A Secret So Successful It Can Double Your Investing Income Overnight! http://www.InvestorSuccessTactics.com

Can't Sell Your House?

When you put your house on the market you want it sold as soon as possible so that you can get on with your plans. If you are unable to sell your house it can be a financial drain, postpone plans and come to feel like a weight on your shoulders.

You need to ask yourself what is going on here? What is the problem? You may need to attack the problem from different angles. Have you had any viewings? If yes, ask the agent for feedback from the clients. Try to get as much information as possible. If you have not had many viewings then why not? Has the agent advertised the property sufficiently, where has it been advertised, how often? Assuming it has been advertised sufficiently what is putting buyers off? The photos makes a big difference - first impressions count. Ideally you want to take a picture of the property on a sunny day with no parked cars or other eyesores. If the original photo looks unappealing take your own and send them to the agent. Perhaps you can get a better angle from your neighbour’s garden which the agent couldn't access. After the photos are at their best does the property look as good as it can from the outside: Often before booking a viewing buyers will pass by a property they are interested in to get a feel of it. It needs to look good all the time, not just look good for photos and viewings. Compare the price of your house with similar properties in your area. Is your house priced too high? Is the price putting people off?

If you have had viewings but no offers then there’s something putting people off on the inside. Take a fresh look at how you are presenting your property. What is the first impression when you enter? Is the hallway inviting or welcoming or do too many coats on the coat rail and too many bags, shoes and general clutter grab the viewer’s attention? It needs to look tidy, well cared for and loved. After all if you show you don’t love your home why should anyone else? If you have pets does it smell of pets? The atmosphere and smell needs to be fresh and again, the key, it needs to be inviting. After all, you are inviting someone to spend thousands of pounds on this property. You want them to want to stay, not be out of the house as soon as possible. If you have a lot of general “stuff” which you want to keep consider storing it in a friend’s garage or in a paid-for storehouse. Of course you need to live in the house so don’t want to declutter completely but if you are serious about selling your house you need to give it your best shot, or potentially lose thousands of pounds just to get rid of it.

Go through each room and look at it from every entrance angle. What do you notice – what’s good, what’s bad. Put in the effort to make it look it’s best. Then, ask your friends, family, and agent for their opinion. What do they like and what don’t they like? Then act on their feedback and ask them again. When it’s in tip-top shape consider relaunching your property with your agent and make sure that all their staff know what a great house it is.

Be careful – if you make your house so beautiful and appealing you might just want to stay there!

To find your new home go to http://www.WheresMyProperty.com, the UK Property Search Engine listing around 900,000 properties from 1000s of estate agents.

Susy Copus is a property commentator writing about all aspects of home moving, properties for sale, estate agent directories and house prices for the UK Property Search Engine, http://www.WheresMyProperty.com. Susy also writes for http://www.renovatealerts.com.

Real Estate Market Timing

Buying Houses For Sale By Owner

Houses for sale by owner, also known as "FSBOs," are a unique case in real estate investment. Buying from an uninformed seller who thought he knew enough to handle everything by himself can be frustrating. It can also be very profitable if you are prepared.

Why do people try to sell a house on their own? Only one primary reason comes to mind: To save the sales commission. Of course they usually underestimate the cost and complexity of going it alone. They end up frustrated and tired of the process, ready to drop the price and be done with it. Help them solve their problems, and your reward can be a good price on a good investment. Keep the following in mind:

1. An owner isn't an agent. Don't ask possibly offensive questions. Don't make negative comments about the house. Whether you like it or not, the truth is that it's difficult to get a good deal if the seller doesn't like you.

2. Houses for sale by owner have often been on the market a long time. The seller is usually tired of the process, and wants it to be done. In other words, you'll get a better price if you are willing to close quickly and easily.

3. FSBO sellers usually think they're being smart. Encourage that belief and they'll be more open to your offer. When they have a good idea, tell them so. It is not unethical to make people feel good about themselves when negotiating.

4. They usually don't have a plan for where to close, where to buy a title policy, where to keep a good faith deposit, etc. Be ready with simple solutions to all these problems. Walk them through the process while letting them feel in control, and you'll both be happier.

5. They have often spent more than they anticipated. Advertising and other costs have already eaten into their imagined extra FSBO profit. Be generous in negotiating any pre-close expenses - as long as you get your price and/or terms.

6. Pass over problems and return to them later. Once a seller has invested more time in a negotiation, he'll be more inclined to give you what you want.

Professionals will tell you that most houses "for sale by owner" net less than those sold by an agent. It's too late for the seller to recover his money and time spent, however, so he usually just wants to get the thing sold as easily and quickly as possible. Help him with that, and you can get a good real estate investment at a good price.

About The AuthorSteve Gillman has invested in real estate for years. To learn more, and to see a photo of a beautiful house he and his wife bought for $17,500, visit http://www.HousesUnderFiftyThousand.com.

Thursday, June 22, 2006

Real Estate Deals - Common Misconceptions

Are high-profit real estate deals only for the wealthy? Is it possible to buy with no money down? Do you really have to know the "right" people? Let's answer by looking at some of the myths of real estate.

1. The good real estate deals are reserved for the wealthy. Of course money helps, but my first deal was a $3,500 lot - which I sold for a profit two weeks after I bought it. Smaller deals, using partners, low-down deals, or just putting aside $7 per day for a couple years until you have enough money for a downpayment - these are some of the ways to start with a little and invest in real estate.

2. "Zero down" isn't possible. I sold a rental property for $1,000 down because I trusted the buyer, and I wanted the 9% interest and higher price. A cash-advance on a credit card for the $1,000 ($30 per month payments) would have made it a "zero down" deal. "Zero down" means none of YOUR money down, and yes, it happens.

3. "No money down" is the best way. When you don't invest some of your own money, you have higher payments. You also spend more time finding suitable properties, and pay more for them (cooperative sellers naturally want more profit for their cooperation). There are zero-down deals out there - they just aren't always worth doing.

4. You need a lot of experience. It helps, but you get it by investing. Start with common sense, be willing to learn the numbers, and you can start where you are.

5. Good investors have a "knack" for making money. Well, sort of. But more accurately, they just took the time and risk to learn the market and to continue their education.

6. You have to know the "right" people. This is another partly true myth. It does help, so why not start the process? Talk to other investors, real estate agents, landlords, etc.

7. Great negotiating skills are necessary. Negotiating skills help with real estate deals? Of course, but learn to run the numbers and make offers based on them, and you can be the worst negotiator and still do okay.

8. You have to have insider knowledge. Insider, outsider, whatever. You do need knowledge, but understand one deal, and you are on your way. Study, and study more, but the best "insider" knowledge comes from experience.

9. Fixer-uppers are the safest way to go. Poorly planned "fix and flips" have bankrupted even experienced investors. Most poorly purchased rental properties will only eat a little money every month, and grow in value over time. Fixer uppers are for making money faster, not more safely.

10. You need to make lowball offers. Low offers may help, but the numbers have to work, and you need a plan. You can offer MORE than the market price and make money investing in real estate. Just learn how to run the numbers before you do any real estate deals.

About The AuthorSteve Gillman has invested in real estate for years. To learn more, go get your free real estate investing course at: http://www.MakeThatOffer.com.

Real Estate - 5 Ways To Advertise

With the introduction of new products and the growth of the purchasing power of the people continually escalates, it can be said that the advertising industry became fully energized. That's why even with the dawn of the new technology, advertising still continues to dominate the business world. As most business people asserts, business can never succeed without advertising.

And so, in the real estate business, advertising remains to proliferate with more ways that could increase productivity.

However, for those who still don't know how to maximize the potential of advertising in increasing their real estate sales, here are some ways to brood over:

1. Web site listings.

Real estate businesses may consider the benefits of advertising their products or services online. In this manner, they could even increase their market share by accessing those who cannot be reached by simple ways of promotions and advertising.

People behind the real estate business may choose from the different web site listings available in the Internet today.

2. Search engines registration.

Real estate businessmen may also opt for the sear engines that are available in the Internet. With a reasonable amount, real estate businesses may promote their products online and may get more exposure through search engines. Two of the most common search engines are Google and Yahoo. So, if the business is listed at these sites, chances are they'll reap more profits than they could imagine.

3. Banner ads.

Banner ads are those ads that appear on top of a certain sponsoring website. It contains the business' name and the hyperlink that connects the customer to the business' site.

In this way, real estate entrepreneurs may take the chance of increasing their exposure online by letting the people know that they exist.

4. Emails.

Real estate businesses may also resort to this kind of advertising. Though, special considerations should be made when constructing emails so that it will not be categorized as spam.

Also, to maximize the use of this advertising technique, the real estate business must also have an email list of their potential buyers.

5. The basics.

It still pays to be traditional. In fact, one of the best ways to advertise a product is to use the traditional method of advertising - the print and the broadcast advertisements. There are people who would rather see the ads on television or in newspapers than online.

But whatever type of advertising a real estate business use, one thing is bound to help them boost their sales and profit. It just needs the skill to decide which would go best with the business.

About The AuthorJay Bauder is the web owner of http://www.homes-in-connecticut.com Connecticut Homes: Buying or Selling, a website that provides information on Connecticut real estate buying, negotiating, financing, and more. You can visit his website at: Connecticut Real Estate.

Real Estate - Advertising Your Own Home

"House and Lot For Sale! Direct Buyers Only!" -- These popular ads can be found everywhere, including the internet...

Many people rely on the internet to sell their property because it's a great way to advertise. There are a growing number of websites that allow posting of "for sale by owner" ads. These websites target buyers from all around the world. Internet ads are also being proven worthy of consideration because of their cost-effectiveness as compared to other forms of advertising.

Taking a sneak peak at lists of properties which are for sale by owners on the internet can help you gather indispensable information. You can also access handbooks and other sources of information that are available on the internet.

Every day, thousands of people become potential buyers of products and properties that are for sale by owners. They go through newspaper ads, banner ads, search engines, billboards, and other sources of information to find what they are looking for. If you are planning to sell your own property, be sure to advertise where perspective buying are looking. Who knows… you might just be holding on to the exact perfect product a prospective online buyer is looking for!

The "for sale by owner" method can save you from unnecessary expense, take away your need for an agent or a realtor, and help you save time on deciding where to advertise. With the "for sale by owner" concept, you can get maximum exposure and hit your target market of prospective buyers DIRECTLY.

The main goal of selling your own home is to promote your property straight to buyers. One of the best places to do this is a website called ForSaleByOwner.com. This website is one of the top providers of homes that are for sale by owners, and is very innovative in terms of marketing and the information they provide. They bring buyers directly to you the moment you apply and register your property on their list...a very quick approach for advertising.

Don't forget another great source of advertising on the internet which are the lists of people or "leads" who are trying to sell their home. List providers usually present a complete database of those who frequently use their listings and help customers find properties in both local and international markets.

Selling your own home can save you the expense of having to pay a realtor, providing you do your homework and make informed decisions. With the power of the internet you can find a million ways to advertise, so why not give it a try?

About The AuthorJay Bauder is the web owner of http://www.homes-in-colorado.net Colorado Homes: Buying or Selling, a website that provides information on Colorado real estate buying, negotiating, financing, and more. You can visit his website at: Colorado Real Estate.

Sell Your House Fast

There is nothing worse than putting house up for sale and watching it sit on the market. Here are a few tips to sell your house fast.

Sell Your House Fast

The following tips will help you sell your house fast, but we need to cover something first. If you have some type of defect with your house, it is going to have to be repaired. There is a difference between making small mistakes that prevent a sale versus having a major problem like a sliding foundation. These tips will only help if your home is in reasonably good shape when compared to those houses selling in your neighborhood.

The number one thing involved in selling your house fast is the price. The price of your home should not be what you personally think it is worth. Buyers simply don’t care about such things. To sell your house fast, you have to find a price that is attractive to buyers. The best way to do this is to look for comparable houses in your neighborhood that sold fast. Find out how much they sold for and compare your price to the prices the other houses went for. If you are above those prices, you need to take a deep breath and lower your price. When it comes to pricing your house for a fast sale, do not try to recreate the wheel. Just follow the lead set by neighbors in your area.

The second thing you can do is deal with clutter. I can’t tell you how many times I’ve taken a buyer to a home only to be shocked by the amount of junk stuffed in garage, basement and rooms of the home. Whether you like it or not, you are selling a product. Clear out the clutter and make it look as nice as possible. Buyers will be much more interested in buying a sharp looking property.

Another tip is to let go of your emotional attachments in the home. A friend of mine recently sold a home and nearly had the sale fall through over four high quality bar stools. They were hand made and one of a kind. The buyer wanted them thrown into the sale and my friend refused. The deal eventually went through without the bar stools included. When my friend moved into his new home, he realized there was no room for the bar stools and ended up putting them on consignment! Don’t fall into this trap!

To sell your house fast, the number one issue is always price. Nail down the proper price and you should be able to move the property as quickly as your neighbors did.

About The AuthorRaynor James is with the FSBO site - http://www.fsboamerica.org - FSBO homes for sale by owner. Visit our "sell my home" page - http://www.fsboamerica.org/seller.cfm - to sell your house yourself with a free 1 month listing.

Key West Real Estate

In Key West, the current, local real estate market is active, benefiting both from year-round sales and from seasonal renters. Make no mistake, Key West is one of the most popular places to buy or rent property. If you are looking and are new to the island, you might be in for a shock when you learn a search of asking prices for two-bedroom homes revealed average costs of $200,000 and above. The cost of living is very high, and salaries on the island do not keep up. In fact, salaries are much lower than they are in the rest of the United States.

Seasonal rentals go for approximately $2,000 to $4,500 a month. Several luxurious locations go for more. No matter what your budget, you’ll have access to beautiful beaches, loads of palm trees, magnificent views, gorgeous sunsets, and the learning experience of living amidst a culturally diverse and accepting population. Short-term rentals are the way to go if you’re looking to get a feel for the place before you make a long term commitment or if you get need a winter get-away and can’t afford to buy. If you’re not interested in monthly rentals, places are available on a nightly and weekly basis.

Key West real estate can actually vary in price ranges, depending on the neighborhood. If you are looking in the trendier areas, prices will be higher. On the other hand, you can get a place outside the retail sectors at much lower rates, but the neighborhoods may or may not be to your liking.

Key West provides detailed information on Key West, Key West Vacations, Key West Real Estate, Key West Weddings and more. Key West is affiliated with Key Largo Florida.

West Virginia Real Estate

If you are thinking of living in West Virginia either for a long time or for good, finding a home may be one of your chief concerns. Here is some information about West Virginia and West Virginia real estate, which you may find useful.

First off, real estate and real property are synonymous terms and are sometimes simply referred to as realty. Real estate or real property is defined as an immovable property that includes the land, the building on the land and all things that permanently come with the land and the building.

West Virginia 101

The largely mountainous state of West Virginia lies at the heart of the Appalachian Mountains. Most West Virginians live along the rivers of Kanawha, Monongahela and Ohio, which are West Virginia’s most industrialized areas, while only a few live in the north central region and along the edges of Alleghenies.

West Virginia ranks 37th among the states in the US in terms of number of residents. Kanawha County, its mostly populated county, only has 195,218 residents—51,685 of them are in the city of Charleston, the largest city of Kanawha and the capital of West Virginia. Other cities with more than 20,000 residents are Huntington, Wheeling and Weirton, Fairmont, Morgantown and Parkersburg.

As of 2003, West Virginia ranked 48th among the 50 states in terms of economy. Its median household income is only $31,008, the lowest in the United States. However, in spite of this, many tourists come to West Virginia and many decide to work and live here.

The state is best known for its coal production, which covers 15 percent of the total coal production of the United States. Other major industries in West Virginia include mining, steel, glass, wood, chemical, and food manufacturing industries.

Workers from other states as well as other countries who specialize in these industries comprise the largest number of foreigners who have settled in West Virginia and have eventually acquires properties here. They are Germans, Italians, Scottish, Irish, English and Arabs.

Houses and Residents in Charleston

Recent statistics show that there are 27,084 houses in Charleston. A total of 24,473 houses are presently occupied—14,186 of these are resided in by the owners themselves, while the rest are being rented. Houses are sold at around $89,000 or higher, depending on the size of the house or the land area.

Majority of the houses occupied by the owners fall under the $100,000 to $150,000 price range, while owner-occupied houses are sold from $750,000 or even more than $1,000,000.

A total of 16,940 houses were built before 1950; 6,697 from 1960 to 1979; 2,704 from 1980 till the mid-90s; and 743 from mid-90s till 2000.

West Virginia provides detailed information on West Virginia, West Virginia Real Estate, Charleston, WV, West Virginia Map and more. West Virginia is affiliated with Wyoming Travels.

Atlanta Real Estate

If you are looking for real estate in the South, the Atlanta real estate market is definitely worth some attention. Atlanta, Georgia is a place filled with history and beauty, and the residents there cherish both deeply. In Atlanta, the people hang on to the past and keep the spirit of Southern hospitality alive and well.

There are currently half a million people residing in the great city of Atlanta, and the Atlanta real estate market is booming. The average home costs about $300,000, and about 11.5% of the existing homes in the area are for sale. As of November 2005, there were over eight thousand new homes being constructed.

The Atlanta real estate market continues to grow, mainly due to the growth of employment, the almost constant warm weather, and the fact that there is a great deal of undeveloped land in the Atlanta area. In fact, Atlanta has the most new home construction in the United States.

As with most metropolitan areas, Atlanta has both good and bad neighborhoods. It is important to work with an informed Atlanta real estate agent when you are considering purchasing property in the Atlanta area. Atlanta does have a high crime rate – but only in certain areas of the city. If you want to live in this beautiful Southern city, you can find reasonably priced homes in safe areas with the help of an agent.

The Atlanta real estate market has something to offer everyone. No matter what type of home you are looking for – whether it is a home that reflects the great history of Atlanta or a more modern structure – you will find it in the Atlanta area. The city also offers a great deal of culture, and education is a top priority. No matter what your family’s likes, dislikes, or interests are, there is surely something to please everyone in the Atlanta area.

Atlanta Real Estate provides detailed information on Atlanta Real Estate, Atlanta Real Estate Agents, Atlanta Commercial Real Estate, Atlanta Real Estate Listings and more. Atlanta Real Estate is affiliated with Chicago Suburb Real Estate.

Sell Houses Online

As in every other aspect of human life, the Internet has also vastly improved the business of selling houses. It has proved to be a boon to real estate agents and home sellers who can now reach out to a much larger clientele than previously possible by physical means. Some sites obtain hundreds of queries per day from people wishing to buy houses advertised on them.

Not only the sellers, but the Internet has also greatly benefited prospective buyers. People wanting to relocate their home to a different area no longer need to physically visit that area. Using various search engines, they can view advertisements for houses on sale in the area they want. They can even get to see the pictures and other details of the house as put up in the ad. As prices are often mentioned, the buyers as well as the sellers are spared from the stressful job of having to ask and quote the price. Only those for whom the price is appropriate approach the buyer, thus weeding out unnecessary queries.

Online home advertising must clearly mention the size and location of the house. The number of bedrooms, bathrooms, kitchens, study rooms, salons, etc. is specified. Sellers put in additional details such as presence of a swimming pool, location in a prime area, etc. to attract more buyers. All contact details are put down, along with the visiting hours. Photographs of the house accompany such ads. Photographs used are generally of the exteriors of the house, though sometimes sellers even put up photos of various rooms of the house.

Home selling through the Internet is ideal only as an initial process. The rest of the procedure is carried out during personal meetings. Though Internet ads may be detailed, there is nothing like going out there and getting the real feel of the house. Also it is better to negotiate in person. People like to make background checks on the property and this is done only by surveying the site.

Sell My House Fast provides detailed information on Home Selling Advice, Home Selling Prices, Home Selling Process, How To Sell Your House Fast and more. Sell My House Fast is affiliated with Land for Sale by Owner.

Hurricanes and For Sale By Owner Problems

The opening of the 2006 Atlantic tropical hurricane season is now upon us and if you live in a hurricane zone and you are thinking of selling your property or real estate you are probably rather anxious to get it sold and get out of dodge just in case a major category hurricane hits your area.

Should you try to sell your home by owner and go with a twenty to thirty day escrow? You could try to sell your home with a professional real estate salesperson and company, but if you do you will pay high commission fees and chances are you will not be totally satisfied with the price, which you get personally.

Nevertheless it might be faster to sell your home through a real estate agent if you're in a hurricane zone, as that may be a factor for you. However it might also be better if you do it for sale by owner because you can make deals and save the commission to the real estate salesperson as a bargaining chip tool due to the amount of money it would be to make the deal close.

Whatever you decide I do not envy you trying to sell your home by yourself or through or a real estate agent if you live in a hurricane zone or in the great state of Florida, which I now call the ultimate sandbar. After the 2005 Atlantic tropical hurricane season who knows what will happen this year, so good luck of selling your home and 2006.

"Lance Winslow" - Online Think Tank forum board. If you have innovative thoughts and unique perspectives, come think with Lance; http://www.WorldThinkTank.net/wttbbs/

Helpful Tips When Selling Your Own Home

Selling homes can be a tiring and tedious task. A lot of people,e specially during these trying times sell their homes to generate more money for investments and other purposes.

Usually, the first thing that a person who is trying to dispose his home would do is to contact a professional home seller or what the corporate jargon refers to as a real estate broker.

But because brokers ask for high commissions, most people prefer selling their homes on their own nowadays.

Guidelines for selling your own home

If you wish to sell your own home, it would be helpful if you follow the following simple guidelines or tips. The following would greatly help you secure good and lucrative deals for your home. Read on.

o Improve the aesthetic appeal of your home. A good presentation will make a really significant difference. Think of this, if your home looks great, more people would be enticed or convinced to buy it.

Remember that prospective home buyers would invest or buy homes that are beautiful, clean, spacious and attractive. The valuation of your home would also be boosted if keep or put a garden on it.

To test the merchandise, it would help if you conduct a simple experiment. Invite a neighbor in. Tour him or her around and ask for honest opinion about how the home looks like.

o Contact the nearest home appraiser if you want to sell your house. That way, you can put a practical and appropriate value to your home. Remember that home buyers are smarter than you think. They know if a home is overpriced.

Over priced homes are avoided by prospective buyers. So be sure the price tag you put into your home is very reasonable before selling it, or before putting out sale ads in the Internet or newspapers.

o Hire a professional or accredited real estate lawyer. This is to help you evaluate complicated tenders. The lawyer will help you evaluate terms of down payments, assess options, review contracts and legalize the whole transaction.

By hiring a real estate lawyer, you could have your piece of mind, knowing that you are not violating any federal or civil law, or that the buyer is not deceiving you legally.

o Market your home by posting ads in accessible venues. Traditionally, newspapers make good advertisement posting sites. Now, the option is even wider. There are local cable TV channels that accept local ads. The Internet is also one viable option.

o Prepare for home inspections to be conducted by the buyer and his or her real estate broker. Check if there are termites or bed bugs in several vulnerable parts of your home. Also check if all doors are working, or if any amenity is not ruined.

Discovery of any ruined house parts or pests will depreciate the value of your home. Thus, if you sell your home after the buyer finds out there are mites under the table, the price would be lower for sure.

There you have it. All you have to do is to follow the simple steps. Through that, you are given slight ideas or techniques on how you can maximize the value of the home your are attempting to sell. Good luck!

Khieng 'Ken' Chho - Home Selling Guide
For related articles and other resources, visit Ken's website: http://sell-home.onew3b.net

Selling Your Own Home - An Outline

Selling your own home can be a time-consuming and frustrating process. Though listing with an agent is probably the best plan, I won't leave you do-it-yourselfers without some helpful information. In the right market, it may make sense to save the commission and do it yourself - if you know what you are doing. Use the outline here to do it right, and to avoid common mistakes.

First Understand Home Value

It's not what you think your house is worth, and it doesn't matter how much you put into it. The value is only what it's worth to potential buyers. See what they've paid for similar homes before you decide on a price. Do a market analysis - don't just guess. Over-pricing can cost you as much as under-pricing.

Selling Your Own Home - The Rest Of The Story

Be objective. Get your most honest and open friend to walk through the house with you. He or she will see problems you didn't even know were problems. "Sell" the home to him, telling him all the benefits of buying your house, and get his honest opinion of your sales technique.

Make a thorough plan. What will your kids say to those who call? Where will you close? Will your documents be prepared by an attorney? Plan well, and it will all go smoother.

Make a list. What needs to be repaired, cleaned, changed, or removed? Always do the most obvious things first. More on this in coming chapters.

Prepare the house for sale. Beyond the obvious cleaning up and repairing, look for easy improvements that will increase the value of the home.

Prepare your sales pitch. List any questions buyers might have, and be ready with answers. Prepare comparison sheets showing other home sales, so buyers can see the value in your home. Make a map showing nearby stores and libraries, etc. Sell the benefits, not the features. Never say "near stores." Instead, say "You can walk to the store in five minutes." Don't just say "garage." Try "No chipping ice off the windshield in the morning."

Put crucial information your advertising. Include the square feet, the number of bedrooms and bathrooms, the address, your telephone number, and the price. If you leave out the price, some buyers just won't call, plus you'll waste time with others who shouldn't be calling.

Listen to buyers. One mistake sellers make talking to buyers is to get defensive about their home. Listen to the criticisms, and resolve them or ask how important the issue is to the buyer. In other words, try to learn a little about selling.

Have forms ready. You don't want a buyer to say, "I love the house. I'll get an offer form somewhere tomorrow and then I'll be back." He might see another home he likes before then. Have copies of an "offer to purchase," or "purchase agreement" form ready. In real estate it is only legally binding if it is in writing. When you are selling your own home, you need to have ready the same tools that a real estate agent would have.

Have a clear sales agreement. Be sure it's understood by both sides. What happens, and when? What if the buyer doesn't get financing? What's included with the sale? When will the buyer take possession? Who pays the closing fee and the transfer tax? More on this in later chapters.

Make closing easy. Choose a closing company before you even have an offer. Have documents ready to sign. Prepare answers to likely questions. This will probably be the largest financial transaction in your buyer's life, so make him comfortable.

Use this basic outline, and you'll be doing better than the average seller when selling your own home.

Steve Gillman has invested in real estate for years. To learn more, get a free real estate investing course, and see a photo of a beautiful house he and his wife bought for $17,500, visit http://www.HousesUnderFiftyThousand.com

Selling Property without A Real Estate Agent

I am going to sell my property without an agent. This refrain is being heard more and more these days as the Internet and real estate market evolves beyond the realtor-based transaction.

FSBO is an acronym meaning for sale by owner. The advantages of selling as a FSBO are numerous. With real estate commissions of six percent, you are looking at immediately saving tens of thousands of dollars in commissions. If for some reason this does not entice you, keep in mind you can use the savings to undercut the prices of similar homes in your area. This will move your house quickly off the market and let you get on with your life.

The key to selling your property is to be prepared. First, you need to find out the value of the property by looking at comparables in your area or trying an online valuation service. Once you have the value in mind, you need to determine whether this is acceptable. You also need to determine what you are really willing to accept as a sales price once haggling is completed. Always make sure you know your bottom line and stick to it.

The next step is list the property online on a FSBO site. Over 70 percent of homebuyers now find their properties online as the realize there is no need to endlessly drive around looking at homes that they may or may not be interested in. By going online, they can see what each home offers and then visit the appropriate property.

Given the use of the Internet by buyers, it is vital that you spend the time to upload pictures with your listings. You are only going to generate interest if the buyers can actually see the property. Every site allows you to upload digital photos and you should do so. Take care to show as much of the property as possible so that you can generate leads that are truly interested in buying.

Sellers wonder if they are correct to think they can sell their property without a realtor. With the Internet revolution, it is easy to do so and save tons of money on commissions.

Raynor James is with FSBOAmerica.org. Visit our sell my own home page to learn more.

The Pitfalls of Selling Your Home Alone

Many homeowners think that selling home alone without the help of a Realtor will help simplify the process and will save them money in the end. The fact of the matter is that selling your home on your own isn't easy work. In fact, you may actually lose a substantial amount of money when you try to sell your home alone because you aren't well spoken in the language and business of real estate. A Realtor can not only save you money, they can save you time and stress so that you can make the transition from one house to the other as smoothly as possible.

Putting Your Home on the Market

Putting your home on the market requires more than a for sale by owner sign in your front yard. While this is a start, there is a lot more to it. Many homeowners learn about multiple listing services, which is basically an index of homes that are on the market and then pay about $750 to have their home listed. When calls don't start flooding in inquiring about the home many sellers wonder what the problem is. The problem is that it takes more than a listing to get Realtors to visit your home with their clients. Realtors are loyal to other Realtors--that's just the way it works. Also, when you work with a Realtor he or she may be able to network with others to be sure that your home is getting as much exposure as possible, all for the price of the sales commission. A Realtor will also have other avenues to explore with listing your home on the Internet and locally.

If you want to sell your home on your own you will have to not only keep your home in show condition, you will also have to be accessible for appointments when convenient for potential buyers. Showing your home can be exhausting and you may do the home an injustice if you cannot downplay the negative aspects of the home and accentuate the positive features.

The Value of Your Home

Many sellers lose money when they attempt to sell their home on their own because they do not know the market value of their home. A Realtor knows all of the current market values, whether they are rising and falling and can help you get the most for your home no matter what the market situation is. Many sellers unintentionally under price their home because they do not have a professional helping them, or overprice it, which keeps all of the serious buyers away! A Realtor can help you price your home so that it not only sells, but so you can make a profit.

Reputation

Most people that are in the market for a home go with a Realtor; in fact 80% of buyers work with a Realtor because the Realtor has a good reputation and they need help maneuvering the real estate market. If you put a sign in your yard, in the newspaper, or on bulletin boards in various areas buyers have no idea who they are dealing with. Though a buyer may be able to get a good deal on a home that is for sale by owner, they are leery of working with someone that they don't know and may or may not have real estate experience.

Final Thought

As you can see, there is a lot of reason to work with a Realtor instead of trying to sell your home on your own. While a Realtor may take as much as 6% of the selling price, this is peanuts for all of the work and stress that they are saving you from. Legal paper work, home inspections, showing your home, and marketing with other Realtors to sell your home as quickly as possible for a reasonable price is what a Realtor does. When you try to take on all of these responsibilities on your own, unfortunately you have a good chance of failing or losing money.

Selling your home is difficult enough when you think about packing up and moving, but it doesn't have to be overly stressful. A Realtor can do all of the dirty work associated with selling your home so that you can go about your every day life, and still sell your home in record time. Knowing the market, knowing the real estate business, and having connections in local real estate makes all of the difference, and these are not things that your average homeowner possesses, but a Realtor does.

Andrew owns a website that provides useful tips on selling your own home. You can visit his website at: http://www.buy-and-sell-house-fast.com/ for more tips.

For Sale By Owner: How to Market Your Home

FSBO (For Sale By Owner) is becoming a popular way of selling homes. Many people that choose this means to sell their home are wanting to avoid real estate commissions. Others have tried realtors and have decided that they can better sell their home or property.

If you have decided that you want to sell your home FSBO, you have to realize that you are going to have to market your home as a realtor would. This means that you have to use the same real estate marketing methods that a realtor would. This means that you will have to commit time and effort to the endeavor.

You've come to the conclusion that FSBO is the way to go. Your're ready to put your home or property on the market 'for sale by owner'. You've priced your home competitively and appropriately for your local market. How are you now going to market it so that you get the exposure to attract potential buyers and make the sale?

You will need to go through the same steps and marketing techiques that any real estate agent would use. Here's the techniques I would recommend:

For Sale By Owner Signs

House signs are the first place to start. Signs can be made locally or often bought at hardware stores. I would spend the money to have your own personal sign made. It will pay off if done right.

While realtors place signs with the name of the agency and the phone number of the listing agent to contact. FSBO signs should read like the headline of a good advertisement. "Your Dream Home is Now For Sale" or "The View from Your Future Home is Spectacular". You should catch the immediate attention of drivers-by and make them interested in seeing your home for themselves. This sign should play on the emotions of the potential buyer.

The phone number on the sign should be prominent and large enough for visitors to read from the road. It should be prefixed with a statement like: "For more information on this wonderful home, call 555-5555". Set up a phone number that is separate from your normal phone number and specific for the purpose of selling your home.

Buy an answering machine that has caller id so that you can capture the name and phone number of potential buyers. The message should tell the caller to leave their contact information so that you can get back to them at the earliest possible moment with complete details on the property. If you have your home on the internet, you may also give them the URL while their awaiting your return call. This website can also be listed on your FSBO sign.

Classified Ads

A classified ad in your local newspaper for your FSBO property is a good investment. These are generally inexpensive and have a high return on investment for gaining leads to potential buyers. A short ad, also reading like a good headline, and run a number of times will serve you best. The same information that is on your house sign, phone number and website listing should accompany the ad.

Magazines and Community Publications

Many communities have 'For Sale by Owner' magazines which are placed in shopping malls, gas stations, and outside of grocery stores. These are similar to the homes magazines that real estate agencies advertise listings in.

These 'For Sale by Owner' publications will cost more than a classified ad but have the advantage of having photos of your home and a more detailed listing description. I would advise that your ad be different and unique from the normal listing if possible. Some publishers have set rules on what they allow.

Use these ads to emphasize the benefits of the home and not just the features of the house like the number of bedrooms and baths. Answer the question of what's in it for the buyer. Give your special phone number so that you can collect contact information on the prospect.

Brochures

Brochures or one-page flyers are one of the best means the sale by owner has at their disposal to advertise their property. These can be put in a bruchure holder on your FSBO yard sign, on bulletin boards in local neighborhood shops and restaurants, and given to parties that espress an interest in buying your home.

Brochures are your ticket to market your home the way no real estate agent will. Don't make your FSBO brochure look like the typical listing advertisements. Here again, think outside the box and make it more of a personal sales letter.

Emphasize the benefits of the home. The view, the convenience to shopping, schools, and workplace. Note the special features that place your home apart from others in the neighborhood. When describing the rooms, draw attention to the details like the solid oak floor or the woodwork. Write to the prospect like you are writing to a good friend.

Keep your brochure holder filled at all times. don't get annoyed when nosey neighbors pick up your brochures. Mor often than not, your neighbors know friends that they wouldn't mind living next door or close-by. And their friends will usually be able to afford a house in your neighborhood. Be sure to step out and tell them to pass the brochure on to someone they know.

Pass out the brochure freely to prospects that look at your house. This will insure that they will remember the home. After all, they are most likely looking at more than just your property. Color photos will aid in this.

And, don't forget your co-workers. Give them your brochures too. After all, you find it convenient to live in your home and they know it. You work with them and you can afford to live there. Most likely, they have friends that would find a similar living arrangement pleasant. Ask them to pass on the brochure if they know someone looking for a great home.

The Internet

You can't ignore the internet when you're selling your own home FSBO. The internet has become an important search option for potential home buyers.

There are several internet websites that will allow you to post your FSBO listing. These will vary in price and options for your listing advertisement. Some will allow you to post photos and update information on your personal 'open house'. You'll find that prices range from $25 per month and up. Be sure to research your options carefully.

You can also put up your own listing website to refer prospects too. Just like with your brochure, make this website more of a personal sales letter and include a form to capture contact information for further follow-up.

Be sure to pay for your website to be hosted. For some reason, free websites don't gain the attention from prospects that true websites do. Hosting can vary from $3.95/mo to $19.95/mo. You don't need much from your website so go with the cheaper package as long as it will allow you to post a contact form on your site.

Open Houses

If the above suggestions don't market your home quickly and produce a sale, you still have the option of hosting your own open house. In many localities, home sales by owner are boosted by having an open house. If you are in a hot or cold market location, this can be an excellent tool for selling your home.

Of course you will have to advertise that you're having an open house. This can be accomplished using any of the above techniques. Some local newspapers have a special section in their classified ads just for open houses. Be sure to place a large sign on your lawn the day you are having your open house. This will give notice to others of the event as well as allow people to find your home easily.

The above suggestions should make it easier to sell your home quickly. It takes time and some money to market you 'For Sale by Owner' home. But you will save money on realtor commissions and have more control over your transaction. Be sure to check out the laws in your area and the forms you will need to close the deal.

Jim Bruce is a direct response marketer who advises real estate agents and home owners wanting to sell their homes FSBO. More information on marketing real estate and using direct marketing techniques for this purpose can be found at http://www.realtormarketinginfo.com

FSBO Tip - Just Don't Do It

My Number one FSBO Tip? Don't sell it yourself! A "FSBO," or house "for sale by owner" can sell fast, and for as much as it would have if listed with a real estate agent. Sometimes - but not normally. Consider the following ten points.

1. Buyers work with agents. Most look at MLS listings. Sell it yourself, and they won't see or hear about your home. How do you find that "right" buyer or get top dollar when you're invisible to most of the market?

2. Your FSBO will get lower offers. Naturally, the buyer thinks you'll take less because you're saving the commission! Save a $10,000 commission, get $10,000 less - where's the advantage in that?

3. Advertising is expensive. The costs the real estate office normally pays are yours if you sell it yourself. How much could you spend on ads if it takes a a year to sell?

4. They have the resources. And you don't. Agents have books of sold properties to look at, for example, to determine the best price for your home. You can dig through county records, but you do have to value your time too, right?

5. They know the market. What's the target market for your house? Young couples, retirees? What features do they want? You should know these things before you write your ads. An experienced real estate salesperson will know.

6. They know the laws. What about written disclosures, and who pays for the real estate transfer tax? When you sell it yourself you don't get to ignore the laws.

7. Are you a good salesperson? Can you develop rapport and properly answer objections? Could your defensiveness scare off a buyer who criticizes your home? Think back on your own purchases, and you'll realize that a good salesperson makes a difference.

8. Paperwork. Will you help the buyer properly fill out an offer to purchase? An agent would. Do you have the other closing documents ready?

9. Agents negotiate for you. When did you last learn a new negotiating technique? Can you counter-offer without scaring off a buyer? A good salesperson is trained in these skills.

10. You may not save anything. The documents, newspaper advertising, signs for the yard - it's all your expense when you sell it yourself. After your hard work, you may get low offers and negotiate poorly. Honestly, sellers often net less money from the sale when they try to save the commission.

Most "FSBO" sellers eventually turn to a real estate agent for help. You could learn the things an agent does, but is it worth it to spend all that time and maybe not even save any money? Don't sell it yourself unless you really know what you're doing. That's my number one FSBO tip.
About The AuthorSteve Gillman has invested in real estate for years. To see a photo of a beautiful house he and his wife bought for $17,500, visit: http://www.HousesUnderFiftyThousand.com.

Friday, June 09, 2006

Real Estate Forms You Need

Any transaction involving an exchange of money for products and/or services should be properly documents. For purchases of small items, you normally get an official receipt or a docket from the vendor once you hand over your payment. For larger more expensive items such as furniture, equipment, appliances, the process will involve more documentation. In exchange for your hard-earned cash, the seller will not only hand over the receipt, but a warranty card to protect you against factory defects as well. Bigger purchases that can be considered investments, such as cars and most importantly: homes should be handled with utmost care. Not only because it involves a lot of money, but because these transactions will affect the lives of the buyer and the seller for many years to come.

Of all the purchase transactions you can do in your life, nothing would be more sensitive and would need attention to detail as that of purchasing or selling a house. Each step of the transaction should be fully documented and if there are revisions that need to be made, these should be recorded as well. Buyers and sellers can opt to prepare the documentation themselves but, due to the number of changes a single transaction can have, being able to catch up with all the revisions may be difficult for the average consumer; and for this reason, ready made real estate forms were produced.

Ready made real estate forms can be obtained from the offices of real estate agents or downloaded from various real estate websites. These real estate forms cover all the possible real estate transactions an individual may encounter: from renting to purchasing or selling properties. There are generic real estate forms that can be used by anybody irregardless of their place of residence; and there are also state specific real estate forms that conform to the legal requirements of a particular state. There are also real estate forms that cover disclosure laws (particularly for lead-based paint).

Real estate forms can be purchased individually as the user sees fit; or a complete set can be bought. Purchase of individual real estate forms is ideal for those who are involved in short-term real estate transactions, such as having a property leased out. Those who will be embroiled in a real estate deal that may require constant revisions and changes, and for a significant period of time; such as selling homes, are better off purchasing the complete set.

Buyers of ready made real estate forms can be assured of the accuracy of the forms format, their legality and their contents. The manufacturers of ready made real estate forms spent much time and energy verifying that their documents will be honoured by any legal entity. These real estate forms are generally up-to-date but it would help if you checked law offices or real estate agents for the latest updates, although since real estate laws and regulations are not revised often, real estate forms generally stay the same for long periods of time.

Through the development of ready made real estate forms, the process of conducting real estate transactions has become much easier. Ordinary laymen now have the option of doing everything themselves and forego the services of realtors.

Purchase 60+ Real Estate Forms for only $9.99.

The Most Important Form in Real Estate

Those who are involved in real estate are aware that the process of transferring ownership of properties is a very sensitive matter. From the time the home owners decide to sell the house to the time you relinquish the keys to new owners, expect every step of the process to be recorded and formalized through the use of various real estate forms.

However, of all the forms home sellers will encounter, nothing will give them greater joy than the much anticipated “offer to purchase real estate form”. Once home sellers receive an “offer to purchase” form, it means that they one of the several buyers whom they have entertained through phone or met during one of the open house events, is seriously considering to buy the property.

The offer to purchase form is very important, not just because it could signify the start of a sale, but also because this piece of paper will have a marked effect on the lifestyle of the buyer and the seller. The offer to purchase will indicate the price which the buyer is willing to pay for the property, and will also outline how the money will be paid. The proposed down payment, deadline for payment of the balance, the method of payment (cash, bank cheque, bank transfer) and deadline of payment are but a few of the details that should be indicated in an offer to purchase form.

The details included in the offer to purchase form are not yet final. The seller, if he is not particularly pleased about the details indicated, can present their own counter offer, for the buyer’s approval. The process of sending counter offers will continue until both parties reach a compromise, or find a middle ground where both are happy and satisfied.

Though individual home buyers can opt to prepare their own offers to purchase documents, it is best that they consult with a real estate lawyer or real estate agent first, in order to verify if the format and contents conform to state or federal standards. Another option that can be taken is to use the ready-made offer to purchase forms which can be purchased or downloaded from the internet.

The ready to use offer to purchase forms are as good as those prepared by lawyers or agents. These contain all the information that are vital in the purchase transactions and follow the standard formats of traditional documents. If a particular state has a specific offer to purchase format, there are state-specific forms that can be obtained from the internet as well. Offer to purchase real estate forms can be purchased per piece or as part of a complete set. The choice on whether or not the full set or individual pieces are to be downloaded will depend on the user.

Incidentally, all counter proposals to the first offer to purchase should be recorded and attached to the first document presented to the home seller. These supplemental documents will serve as additional support and will form part of the final purchase contract.

Purchase 60+ Real Estate Forms for only $9.99.

Selling Your Home Real Estate Forms & Articles

Thursday, June 29, 2006

Selling Your Home: Market/Sales Price

Owning The House That Won't Sell

How to Sell Houses at Auctions

Existing Home Sales Drop

Wednesday, June 28, 2006

Who Is Responsible For Closing Costs

Closing Costs When Purchasing A Home

Fort Lauderdale Residential Real Estate

Sell Your Home: What Do Home Buyers Want?

New Home Sales Unexpectedly Rise in May

Complete Bathroom Remodel Guide

Selling Real Estate by Owner in a Slowing Real Estate Market

A Word of Warning About Home Inspections When Buying

How To Sell Your House Fast

Home Selling Prices

Monday, June 26, 2006

Know How to Negotiate

Showing Your Home Like A Pro

Sunday, June 25, 2006

Essential Contract Clauses

Dealing with Real Estate Agents

Flyers Sell Houses!

Real Estate Market Timing

Saturday, June 24, 2006

Things Your Mother Never Told You: Closing Costs

New Mobile Homes

Don't Just GET THE DEED - The Infamous "Kitchen Table Closing"

Can't Sell Your House?

Real Estate Market Timing

Buying Houses For Sale By Owner

Thursday, June 22, 2006

Real Estate Deals - Common Misconceptions

Real Estate - 5 Ways To Advertise

Real Estate - Advertising Your Own Home

Sell Your House Fast

Key West Real Estate

West Virginia Real Estate

Atlanta Real Estate

Sell Houses Online

Hurricanes and For Sale By Owner Problems

Helpful Tips When Selling Your Own Home

Selling Your Own Home - An Outline

Selling Property without A Real Estate Agent

The Pitfalls of Selling Your Home Alone

For Sale By Owner: How to Market Your Home

FSBO Tip - Just Don't Do It

Friday, June 09, 2006

Real Estate Forms You Need

The Most Important Form in Real Estate

For Sale by Owner Help

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