Selling Your Home Real Estate Forms & Articles

6 Vital Things to Do Before Listing Your Home For Sale

noreply@blogger.com (GSmith) — Tue, 22 Sep 2009 16:45:00 +0000

If you are thinking about putting your home up for sale there are some important things you must take care of before listing it in order to ensure your success. Bearing in mind that the real estate market is in the down part of the cycle right now you must consider the best ways to be competitive and make your house stand out from the crowd so you will be able to sell it quickly and for the right price. The very first thing you will want to do before listing your home for sale is to find the right realtor.

The right realtor will know exactly what things you need to do in order to attract home buyers and command a good price for your home in any market. Some of the things you will probably need to do before listing your home for sale include making any necessary repairs, improving your curb appeal, staging your home, and developing a plan to keep the house clean at all times. You should also check around and see what other homes in your area are selling for so you can price your home appropriately.

Louise Scoggins is a leading Realtor in the Atlanta Homes market. For more information on Atlanta Foreclosures, please visit ThinkLouise.com

So, now that you know the 6 most vital things you need to do before listing your home, let's look at some of them in a little more detail. Making necessary repairs includes major repairs such as a new roof or windows as well as minor repairs such as chipped paint or rusty hinges on your doors. Image is everything when it comes to selling your home because it is how your home makes a potential buyer feel when they see it even more than the facts and figures that will determine if someone buys your home and how much they are willing to pay. Curb appeal is vital so that a potential buyer gets a good first impression and wants to see more. The exterior of the house should be clean, clutter free and attractive. The grass should be cut, flowers planted and weeds should not exist.

Staging the home is a way of making the interior more attractive. Paint should be neutral because colors like bright red will cause a strong reaction ranging from love to hate and you need the colors to be something that everyone will like so a potential buyer isn't turned off. Having a plan to keep the house clean at all times may mean having the kids spend more time with grandma, setting a schedule for chores or even hiring a housekeeper to come in a couple of times per week.

The real estate market right now is extremely competitive which means you and your house need to be at the top of your game in order to sell. Selling a home right now and selling for a good price is very possible, but you have to play your cards right and make your house the one that everyone wants to live in.

Make Your Home Sell With a Home Inspection

noreply@blogger.com (GSmith) — Tue, 22 Sep 2009 16:39:00 +0000

If you want your house to quickly draw a buyer, and if you want to have greater control over the pricing without turning off the buyers, then a home inspection can be the solution.

The real estate market is incredibly competitive right now due to the current state of the economy. So if you need to sell your property now then it can be to your advantage to have a few aces up your sleeve.

Many developers are offering deep discounts and many people are trying to sell their houses also. It is definitely a buyer's market. So what will drive potential buyers to go knocking on your door? Trust and security are two things that are of utmost importance in real estate.

If you can provide these, you have an advantage in the marketplace. When your house has been inspected by an impartial and objective third party with the license, skill, and knowledge to expertly review the condition of your dwelling, you give yourself an advantage to getting a quick sale.

A residence is an entity that requires a wide range of systems and structures, operating together, to properly function. From moisture in the basement to a crack on your wall, these can be seen as signs of systemic malfunction in one or more aspects of your home. Because not everyone has the knowledge to properly inspect the many parts of the house, an inspector should always be called in for the job.

But why bother with a home inspection? Even if you aware of some items that need repair, an objective review can spot items you were not aware of. You can then take care of these items before they have the chance to impact the sale.

A prospective buyer is aware of what a house inspection can mean for them: an assurance of their investment, a way to avoid unexpected repairs, and a safety precaution before handing you their hard earned cash. Since they will likely request an inspection, by having one done before listing you can take care of the items before they become an issue for a buyer.

By having the inspection done before listing the property and telling prospects that you have done this, they know that you mean business, and more importantly, that you can provide them with a sense of trust and security. You are demonstrating to them that your dwelling is one that has been well cared for and that you are willing to have someone evaluate the home. You show them that you have nothing to hide and that you have taken care of any items that could become an unexpected expense to them.

In an industry where competition is the operative principle, having an edge above the rest can help you to get people interested in your house, get an offer more quickly and help you to get the price you are asking. With the current market you know that every potential buyer is important. With people wary of spending and having even more options to choose from, you need to have what it takes to get them feeling safe enough and secure enough to sign the deal. With a professional home inspection, you are one step closer to closing the deal.

Chris Goggans is the President of Realty inspection Services, LLC (RIS). RIS is a Multi-Inspector Home and Termite Inspection company in the Dallas, Fort Worth Metroplex. RIS was established in 1991 and has conducted over 29,267 Home Inspections. Chris Goggans, President, is an active member of TAREI, NTTAREI and NACHI. http://www.RealtyInspectionsDFW.com

Why the Need For Real Estate Disclosure Forms?

noreply@blogger.com (GSmith) — Wed, 15 Jul 2009 22:07:00 +0000

By Gloria Smith

Purchasing a piece of real estate property is a valuable investment that any individual can make during his lifetime. And being a worthy investment, it is only appropriate for people to make sure they get real value for their money when buying a property. One of the ways home buyers and investors can ensure they're getting a property in good condition is by reviewing disclosure forms.

In the U.S., disclosure forms are required from home sellers in many states. Sellers need to provide buyers with this document to inform them of the real condition of their properties. The forms normally state any physical defects in the home as well as legal issues. Failure to comply with this requirement could result in a lawsuit or withdrawal of a sale.

Disclosure forms need to be filled up by the sellers themselves and not their agents. If you're not sure about this, the best person to talk to is a real estate lawyer.

One of the major disclosures that should be included in the forms is on the use of lead-based paint. This covers all homes constructed before 1978. Sellers who can provide this document without hesitation are more attractive to buyers. However, buyers who want to make sure can always request for inspections for lead-based paint within 10 days.

The material facts and defects, if any, of the property should also be fully disclosed. These pertain to electrical, heating and cooling as well as plumbing systems, foundation issues among others. Most buyers, especially those looking for a home to live in, are very particular about a property's condition. Sometimes, even little defects can affect their decision to purchase. There are even some people who stay away from homes where deaths have occurred. So if you're selling a home, it is a wise move to be honest upfront. For sure the buyer will be more than grateful for that honest gesture.

External disclosures should not be forgotten. These include whether the property is within an earthquake and flood zone, has fire and natural hazards, noise and ground pollution.

Other than informing potential buyers of the state of your property, disclosure forms are helpful in determining the proper price for the home. With the right price, a home can sell faster and therefore, can give sellers significant profits.

In addition, home sellers who provide these forms make themselves more attractive to potential buyers. For their part, buyers are more confident when they know the real condition of a property they're targeting to purchase. By being presented with the disclosure forms, they can have their peace of mind.

Another purpose of the documents is to avoid misunderstandings between the two parties. Sometimes, problems can result when buyers discover late the defects in a property. This then leads to delay in negotiations and closing as home inspections and appraisal may be requested by the buyer.

The use of disclosure forms benefits both the buyer and seller. This only means that it's better to be honest at the start than having to deal with problems later in the deal.

See Real Estate Disclosure Form

Using a Quit Claim Deed - Real Estate Forms

noreply@blogger.com (GSmith) — Tue, 11 Nov 2008 23:36:00 +0000

A quit claim deed is a legal form that clears title to a property. It is used in the transfer of an interest on a property to another person. By its name alone, it means the owner quits any claim on a house or land. The person who is quitting claim is known as the grantor while the one who accepts the property is called the grantee. The grantee assumes all risks especially if no guarantees or warranties are made on the title.

The deed, however, only transfers interest and does not guarantee if the grantor actually has ownership rights on the property concerned. It also does not ensure that the property is without debt.

In order for it to be enforceable, the deed has to be signed by the grantor after which a notary public should sign and stamp it. In some states, though, the grantee and other witnesses are required to affix their signature as well. Apart from a notary public, officials from states other than where the property is located can also notarize the deed.

During the sale of a house, a quit claim deed executed at closing transfers the property interest from the seller to the buyer. In other words, the seller totally disposes of the property rights and guarantees that he or she will no longer go after it whatever happens.

Another situation where a quit claim can be used is if a certain homeowner plans for an estate or a living trust. In this case, the deed transfers the ownership of his house into a trust fund.

If a life estate is involved, the grantor can still keep his right to possess the property even after signing a quit claim deed. A life estate usually gives the owner the absolute right to stay at the property until death. It is only after the owner's death that the grantee is able to get the right to possess the property.

It is important to understand that once the deed is signed, it will be hard to reverse or undo the deed. Only if the grantee agrees to quit claim the property back can the previous owner possess the property again. Otherwise, the grantor will have to show proof that the transfer was invalid.

A quit claim deed is a valid option for giving up property interest. But since transfer of title or ownership rights is not guaranteed by this document, it is best accompanied by a warranty deed.

Free Websites To Advertise Your Home FSBO

noreply@blogger.com (GSmith) — Mon, 27 Oct 2008 12:51:00 +0000

Listing your home with photos on the internet is a must if selling your home for sale by owner. If you are not using a realtor or the MLS, you should advertise your home anywhere you can. Try looking for a local for sale by owner website first. You can also try these FREE websites:

http://www.owners.com
http://usfreeads.com/_real-estate/
http://www.homeportfoliojunction.com
http://www.kijiji.com/
http://www.allthelistings.com/
http://www.househitz.com/
http://www.10realty.com
http://www.houselist.com/
http://www.homesalewizard.com/
http://www.fsboads.com/
http://www.oodle.com/housing/sale/

You may also want to list your home locally at http://www.craigslist.org

Earnest Money Deposit & Your Real Estate Contract

noreply@blogger.com (GSmith) — Thu, 09 Oct 2008 19:43:00 +0000

Is an earnest money deposit really necessary when filling out a real estate contract? Many real estate professional agree that an earnest money deposit will show the seller that you are a serious buyer. Earnest money deposits are usually for 3-5% of the offer price, depending on the market, and local customs. Many buyers add a clause in real estate contracts stating that the contract is contingent upon a buyer being able to obtain financing. This way if your financing falls through, you are more likely to get your earnest money deposit back. If all goes well and your financing goes through and you get to closing, the earnest money deposit is given as a credit toward what you will owe at the closing. It is possible to loose your earnest money deposit. One example would be if all the conditions of the real estate contract were met, but the buyer decided at the last minute not to buy the home, then the seller would most likely get to keep the earnest money deposit. If there are any doubts you should contact a real estate attorney.

To see a sample real estate contract visit:
http://www.legalhomeforms.com/sample.htm

The Truth about Rent to Own (Real Estate)

noreply@blogger.com (GSmith) — Tue, 07 Oct 2008 19:50:00 +0000

A lot of things have been heard, talked and asked about the words “rent to own.” For many, this seems a very good deal, as anyone can have the chance to eventually own the place he is renting. This business has made numerous companies’ fortunes and include such places as Prime Time and Rent A Center. But if truth were to be told, very few would go this route, except for those who have bad credit difficulties.

Most people are usually attracted to this scheme because some can be paid off by only a few dollars a week. Payments usually last about 15-20 months. However, if you regularly keep tab of the list of all your payments, you will eventually realize that you are paying double the price, or more than what you would give for a mortgage. This is a steep price to pay, especially for those who have good credit standing.

In addition, part of the terms and conditions in a rent to own scheme is sales tax, which you will have to pay on top of the mortgage fee. Again, even though this can be attractive to those without good credit, better and cheaper deals can be made with direct purchase through mortgage.

There are also instances when rent to own houses start out as purely a lease agreement with the owner, who decides in time to sell it to you. Luckily, you will find an owner who is flexible and work out things with you to get the price he might want for his house. But beware of those who will charge you more in order to make a handsome profit. This is usually done by extending the duration of paying period.

Indeed, rent to own may not be the best way to buy a home, but for those who have fewer options, this is a better alternative than paying rent for an apartment. With rent to own houses, you are not just paying rent but paying to eventually own a home.

The best thing to do in these circumstances would be to make sure of the terms and conditions of the sale with the owner, how much you will be paying and for how long. In this way, you and the owner will both end up satisfied with the deal.

Political Yard Signs & Selling Your Home

noreply@blogger.com (GSmith) — Fri, 03 Oct 2008 12:57:00 +0000

Is it OK to have political yard signs out before an election while trying to sell a house? Some say that this is probably not a good idea. Your Obama or McCain sign could detract from the MOST important sign in the yard...the FOR SALE sign.

Political signs shouldn't be a factor, but why risk it. The smallest thing can kill a real estate deal and you never know what might step in the way of a successful negotiation. Real estate agents suggest that you should make the interior of your home as neutral as possible (paint colors, furniture, etc) so why should the outside of your home be any different. Yes, everyone has a right to their opionion but you might turn off a potential buyer with a particular endorsement. Selling a home in today's market it is challenging enough without adding politics to the mix.

Real Estate Contracts - What You Need to Include

noreply@blogger.com (GSmith) — Thu, 18 Sep 2008 13:26:00 +0000

Real estate contracts are vital to the selling of property. Signed and written documents are important to legitimize these deals between two parties. One important forms involved is the real estate contract also known as purchase agreement or sales contract.

A real estate contract is needed in the sale or purchase of a home and must be entered into by the parties involved voluntarily. In some cases, the purchase agreement presented by a homebuyer to a seller can already serve as the contract. In the United States, the Statute of Frauds requires that real estate contracts should be in writing to be considered enforceable. However, as real estate laws vary from one state to another, this form may also differ in some states.

The information contained in a contract pertains mostly to a piece of real estate property but it also includes the names of the home seller and the buyer. If you’re in the process of selling your home and are not sure what to include in a contract, it’s best that you consult a lawyer who specializes in real estate to help you with this concern. If you plan to get the services of real estate agent, your agent will take charge of preparing this document.

Specifically, a contract identifies the property involved. Details should include a legal description of the house and the exact address.

The full name of the seller and the buyer or the principals should be on the document. As principals, they are distinguished from the real estate agents who serve as representatives during the negotiation process. The signatures of the two parties should also appear on the contract to be considered legal.

Being a sales transaction, the purchase price of the property must be stated.

Contingencies are normally included in real estate contracts. One of the most common pertains to mortgage calling for the buyer to obtain a loan within a specific timeframe after the contract signing. Home inspection is another contingency required by most buyers. This is to ensure that the property is in good condition without material defects before closing. In some cases, the home buyer may also include an appraisal contingency to ascertain the property’s fair market value. This is useful to the buyer considering that lenders refuse to approve a loan more than a home’s appraised value.

The closing date is usually also specified. This refers to the date when ownership of the property is transferred from the seller to the buyer. However, a separate date may be stated as to the transfer of possession of the house or the day when the owner has to vacate the house.
It’s ideal as well that the closing costs and the parties responsible for paying them be written in the contract. Sellers often shoulder most of these costs as an incentive to their prospective buyer. However, both parties can also agree to split the costs between them.

Notarization is not needed for a real estate contract. What usually requires notarization is only a seller’s signature on a deed as required by many recording offices.

Now that you know the details in a contract, be sure to read and understand carefully all the terms and conditions before signing the document.

Visit: http://www.legalhomeforms.com to view sample real estate contracts and forms.

Who Needs To Have A Lead Based Paint Disclosure?

noreply@blogger.com (GSmith) — Thu, 18 Sep 2008 13:26:00 +0000

Selling a residential property in the U.S. entails a lot of paperwork. These include a counter offer, real estate contracts, appraisal report, home warranty, title of the property and disclosure forms among many others. Disclosure forms are submitted in the initial stage of the sales process usually after a seller receives an offer to purchase real estate from a potential buyer.

Disclosures are required by real estate law and are seen as protection for home buyers. Submitting disclosure forms beforehand also gives a good impression to buyers that the seller is honest enough to inform them of the condition of the home. Disclosures are basically of two types – those concerning the physical condition of the home and those that pertain to the use of lead-based paint.

Section 1018 of the Residential Lead-Based Paint Hazard Reduction Act of 1992 called for the Housing and Urban Development (HUD) and Environment Protection Agency (EPA) to require the disclosure of lead-based paint and its possible hazards before the sale or lease of homes built before 1978.

Types of housing covered in this law are private and public housing, those owned by the Federal government and those receiving Federal assistance. This rule took effect on September 6, 1996 for real estate transactions that involve owners of more than four homes. Homeowners with one to four residential properties were covered beginning December 6, 1996.

This is vital because lead-based paint is hazardous to people’s health and a home that used this kind of paint has a potential of causing health problems to occupants. Lead is a toxic metal that can to health issues notably in children. When absorbed by the body, lead can affect the brain, kidneys, nerves and blood. It can also lead to problems in behavior, learning and in worse cases, death.

Specifically, the disclosure should reveal any information on the use of lead-based paint as well as its location in the house and its adverse effects. It should also be accompanied by a pamphlet entitled "Protect Your Family From Lead In Your Home" approved by the EPA that contains information on how to identify and control lead-based paint hazards to avoid health problems.
Some steps homeowners can do to avoid being contaminated include mopping floors, vacuuming carpets and upholstery weekly to remove dust, wiping down flat surfaces and picking up loose paint chips with a paper towel and throwing them away.

Home sellers and landlords are also required to give any records or reports on lead-based paint and its hazards available to them. In addition to the disclosure form, they should likewise provide an attachment to the sales contract or lease agreement specifying a lead warning statement confirming that they have complied with the necessary notification requirements. This attachment must be signed by the sellers and buyers or the landlords and tenants and should bear the date they affixed their signatures.

A 10-day period is normally given to home buyers to conduct a paint inspection. The time period, however, may be shortened or lengthened depending on the agreement of the parties which must be in writing. Buyers can also opt to waive the inspection if they wish.

Always be cautious when buying a home especially if it’s constructed before 1978. Doing your homework before making a final decision is very vital. Download a lead based paint disclosure by visiting: http://www.legalhomeforms.com/lead-based-paint-disclosure.htm

Online Advertising – The Newest Way To Market Your Home

noreply@blogger.com (GSmith) — Tue, 12 Aug 2008 00:05:00 +0000

Selling a home requires advertising it in as many ways as possible to reach a wide audience. If you fall in the FSBO (for sale by owner) category, you need to exert extra effort to market your home in various advertising media. One of the best options available today is advertising on the internet because of its numerous advantages over the traditional method.

The advantages

Global reach is a major advantage of online advertising compared to newspaper, radio and TV ads that cater only to a certain area. With this newest form of advertising, information and content can be transmitted to millions of people regardless of time and geographical location. This means that you can attract people looking for a new home or a second home even from countries outside of your own. So don’t be surprised if you’ll get a potential buyer for your home located in the U.S. from, say, Europe or Asia.

While its reach can be global, online advertising is also targeted. In other words, it has the ability to reach your specific target audience. Examples of programs that help achieve this goal are Google’s AdWords and AdSense which match up advertisers with content that their target market reads on a regular basis.

Internet advertising is also Cost effective. Compared to a small yellow-page ad, for instance, that can cost you hundreds of dollars, you can advertise your home for sale online with only a small fee. You can even market it free of charge on some MLS sites that don’t require any listing fee. All you need is a little research and you will surely find a good MLS site on which to list up your home.

Types of online ads

Online advertising has different variations. These include using search engine results pages, banner ads, social network advertising, e-mail and affiliate marketing and advertising networks. For paid ads, they can be of various types such as floating, expanding, polite, wallpaper, trick banner, pop-up, pop-under, video, map or mobile ad. Most of these forms of advertising, though, require payment of certain fees.

E-mail marketing is also another option available for home sellers as it does not entail any expenses. You just need to find time to e-mail friends, colleagues and real estate companies and agents you know about the home you are selling. This is quite easy because you can already send a single letter to several people in one click of your mouse.

Helpful tips

The National Association of Realtors reveals that 24 percent of new home buyers get information about new homes for sale from the internet. This only means that people looking for homes now use the internet more than using the newspaper classified ads. The convenience and quick search results provided by the internet may be attributed to this.

When opting for this advertising form, be sure to provide the necessary details about your home for sale such as the location, number of bedrooms and your contact number. If necessary, include a photo of the property to perk up the interest of potential buyers and entice them to look deeper into your offer. A virtual tour of your home is another popular way of attracting buyers. Remember to be creative and direct to the point when advertising your home online.

Read more about selling your home: The Secrets To Selling Your Home Yourself In 1-6 Weeks Without An Agent And Saving Thousands In Real Estate Commissions.

How To Write A Newspaper Ad For Selling Your Home

noreply@blogger.com (GSmith) — Tue, 05 Aug 2008 18:53:00 +0000

By Gloria Smith

Selling a home entails a lot of paper work from coming up with counter proposals, sales agreement to home warranties, appraisals and not to forget, print advertisements. Advertising your home is one of the most effective ways of attracting potential buyers and doing it the traditional way is still a tested and proven option. This means placing advertisements in local newspapers in your area.

Home sellers need to advertise their home to as many targeted home buyers as possible and the newspaper is a popular medium for doing this. Despite the entry of electronic media, it’s still a preferred place to advertise a home for sale. In fact, even non-subscribers will normally get a copy of the Sunday newspaper to read through the classified ads.

In writing advertising copy for newspapers, there are some guidelines you can follow to succeed in attracting your target audience. Your newspaper ad has to be the hard-sell type meaning, straightforward and concise. Depending on your budget, you can either place a short ad or a longer one complete with a photograph of the home you are selling.
The headline itself should already grab attention. Determine the most important and attractive aspect of the home and describe them in short and catchy words. Some examples would be charming and spacious home, upscale urban condominium, beautiful secret garden and secluded hideaway. An example of a specific headline would be “Charming home beside a lake with pristine forest.”

The copy or text of your print advertisement has to be attractive, of course. It should easily catch the attention of the reader and entice him or her to take action. Keep your copy short and direct to the point but never make the mistake of abbreviating words or using too many details in just three lines in order to save money.

In describing the home for sale, avoid too many specific facts especially numbers such as those pertaining to the house area or lot area. Instead, use general terms to relay the same message such as a large house or spacious living room.
Use descriptive adjectives to enable readers and potential buyers to picture out the home they could be living in. Describe the home’s qualities such as its architectural design, layout and flow, special amenities and upgrades done, entertainment options and nearby attractions.

Remember to specify also the exact location, number of bedrooms and bathrooms, the sales price and your contact information. Putting the price information on top of the ad is also a good way of attracting serious buyers. You can then mention if your price is negotiable or if financing is available. Some people forget these important details and as a result, just let a good opportunity pass up.

Advertising in a magazine has some drawbacks compared to newspaper ads. This option is not likely to produce an immediate buyer and may actually take your home several months before it gets results. Also, few people read their magazines again. Magazine advertising is ideal if you have a small target audience.

Your best option then is to combine newspaper classified ad with online advertising to reach as many buyers as possible. Keep in mind that your goal is to heighten people’s interest in your home and make them look deeper into your offer.

Read more about selling your home: The Secrets To Selling Your Home Yourself In 1-6 Weeks Without An Agent And Saving Thousands In Real Estate Commissions.

Showing Your Home - The First Impression Factor

noreply@blogger.com (GSmith) — Thu, 31 Jul 2008 15:22:00 +0000

We have all heard the phrase: "You never get a second to make a first impression."

This is especially true when showing your home to a potential buyer. Get your home in the best shape possible BEFORE your first showing. This of course, will help you get the highest price, and a faster sale.

Go through your home and look at it through a potential buyers eyes. Take a pad of paper and go through every room and make notes of what you need to repair or fix. Do you see scuffs on the walls? Is there a door handle that needs fixing? Rooms that need a fresh coat of paint?

Don't forget about the outside of your home. This is the first thing that potential buyers will see. Make sure you yard looks taken care of. Mow on a regular basis. Clean up weeds, or any un-necessary clutter (toys, etc) Should you add landscaping? You may want to powerwash the outside of your home along with the driveway and sidewalks.

Read more about selling your home: The Secrets To Selling Your Home Yourself In 1-6 Weeks Without An Agent And Saving Thousands In Real Estate Commissions.

The Secret to Getting Over Your Fear of Contracts As A FSBO Seller

noreply@blogger.com (GSmith) — Sun, 20 Jul 2008 21:59:00 +0000

Selling your home without a real estate agent has a lot of benefits. Many homeowners, however, fail to take this path because of a fear of dealing with the real estate contracts involved. This common fear is misplaced.

When it comes to legal issues, the prudent advice in most situations is to go talk with a lawyer about your situation. The sale of residential homes, however, is a unique situation. The process is so trued and tried that it has been reduced to pre-printed forms you can buy at local office supply stores or online.

How accurate are these forms? Well, consider what happens if you retain a real estate agent to help with the sale of your home. They are going to provide you with forms for listing, making counter-offers and the final purchase agreement. All of these forms are the same ones you can buy directly! In short, you aren't gaining any legal expertise by using an agent.

This is great and all, but what if you still fear dealing with pre-printed real estate forms? After all, the transaction is going to involve massive amounts of money. What if you get it wrong? Could you end up in court and lose your home?

As you can see, panic can quickly set in. If you feel this way, there is a simple answer. Hire a real estate lawyer to look over and prepare the documents! Who better to protect you from making mistakes then the actual professionals that probably wrote up the forms you are using?

Ah, but lawyers cost money. Yes, they do. That being said, the cost of a lawyer compared to what you will pay in real estate agent commissions is really no comparison at all. Let's say you hire an attorney who charges $250 an hour. Let's assume they spend 20 hours on your transaction. That equates to a fee of $5,000. Now assume your home sells for $400,000. The traditional six percent commission for the real estate agent will equal $24,000. Now, which one is the better choice?

Selling your home without an agent gives you a huge advantage in this cold real estate market. You can use the commission savings to list your home a little cheaper than those around you, which will bring the buyers in. Don't worry about the real estate forms. They are pre-printed. If you prefer professional advice, then get an attorney. You'll still save a bundle over using an agent.

Raynor James writes about FSBO issues for FSBOAmerica.org where you can list your land for sale by owner for free for 1 month.

Article Source: http://EzineArticles.com/?expert=Raynor_James

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Home Showing Tips for For Sale by Owner Sellers

noreply@blogger.com (GSmith) — Sun, 20 Jul 2008 21:54:00 +0000

Since many areas have been hit with declining property values, many homeowners are attempting to sell their homes themselves. With so many homes for sale out there, you will need to learn everything you can about selling your home for sale by owner.

Here are some tips for showing your home to potential buyers:

Give them freedom. Don't follow buyers around during the tour. You WANT them to look. No one is going to buy something that they haven't been able to inspect. Many buyers don't feel comfortable opening closets or drawers when the person who lives there is following them around. Allow them to look around and tell them to let you know if they have any questions. You could also give them a short guided tour and then tell them they are free to look around.

TMI. Too much information. There is no need to go into every single detail about your home. Give general information, draw attention to the positives, and wait for questions.

Be a Know it All. Have all your information ready. Know how much your yearly property taxes are. Have your electric and heating bills handy. If you don't have children find out what school district you are in. You should also make a list of general iformation about your home. You may want to refer to it when answering buyers questions. Learn the year your home was built, what type of furnace or heating/cooling system you have, type of foundation, etc.

Make sure they leave witha flyer of your home, complete with photos and general information. It is likely that they will be looking at several homes in a day and you want to make sure they remember your home. Make sure you have contact information (phone number, email, and web address) on the flyer.

You should also keep a blank offer to purchase real estate form, or real estate purchase contract on hand just in case they want to write an offer!

Tips for Selling Your Own Home Online

noreply@blogger.com (GSmith) — Sun, 20 Jul 2008 15:28:00 +0000

According to Realtors.com around 80% of people looking to buy a home start their search on the internet. Are you missing out?

Smart for sale by owner sellers are taking advantage of all of the online tools that are available and they are saving thousands of dollars in real estate comissions. Selling your home online allows you to compete with real estate agents.

One way to advertise your home online is by listing it on Craigslist.org. Craigslist is a free classifieds ads website. They have listings from all over the United States, and you simply choose your city/state, and place your ad for FREE! Best of all you can even add pictures.

You can also list your home for sale by owner on popular for sale by owner websites like ForSaleByOwner.com and pay 0% Real Estate commissions
. You will have to pay a small fee. FSBO websites are becoming more popular and they will allow you to post photos, and sometimes even videos. Some offer yard signs to help market your home.

You may also want to consider making your own webpage to advertise your home. Setting up your own website doesn't cost as much as you may think. There are many free hosting companies around, and domain (a website address) can be purchased for around $10 for 1 year. Setting up your own website allows you the freedom to add as many photos and as lengthy of a description as you need. You can also set up a contact form for anyone to ask you questions by email. Having your own webpage allows visitors to take a virtual tour of your home 24 hours a day, 7 days a week. Make sure you advertise your website address on any flyers, newspaper ads, or marketing materials.

How NOT to take Photos of Your Home When Selling

noreply@blogger.com (GSmith) — Tue, 15 Jul 2008 15:12:00 +0000

Of course you will need to take photos of your when selling for sale by onwer. You will need photos for flyers, newspaper ads, or advertising over the internet. Check out this article I wrote on tips for taking photos of your home.

I came across a blog the other day which shows poorly taken photos by real estate agents on the MLS. The blog is called It's Lovely! I'll Take it! You can learn a lot about what NOT to do from this blog! Pretty funny too

Calculate The Proceeds After Selling Your Home

noreply@blogger.com (GSmith) — Wed, 11 Jun 2008 20:42:00 +0000

The money you will have when by the closing of the home sale transaction will be the total sale price of the property. However, you won't be able to keep the entire amount as you may need to pay for debts, liens and other charges against the property. So, your net proceeds will actually be the total sale price minus the charges which mostly make up the closing costs.

Below are several important fees that are normally paid out of the sale proceeds. Knowing these charges as well as setting a fair market value for your home will help you accurately calculate your potential net profit.

Attorney's fees. Every home seller will need the help of a real estate lawyer. The attorney plays a vital role in the financial transaction not only as an advisor but also as an escrow agent when you need a third party to keep the deposit or down payment. The fee is either a flat fee at a minimum of about $350 or by the hour.

Disbursements. These refer to expenses incurred by a lawyer on behalf of the seller such as the mortgage discharge fee paid to land titles, title search fees, couriers and other charges.

Property taxes. These taxes are paid every year. However, this can be negotiated as to who will should the payment.

Transfer taxes. This is a tax that may be implemented by states, counties or municipalities on transferring real estate property within the jurisdiction. Transfer taxes may range from a small of .01% to 2.2%. It is best that before selling your home, you check your area's rates from the Recorder of Deeds, a title company or a realtor.

Mortgage. The balance of your mortgage will be paid out of the sale proceeds. Unless your mortgage is in good standing, you will also have to pay for mortgage penalty and a discharge fee paid to the lender. All mortgage payments due on or before the possession date will have to be paid by the seller.

Loans. If there's a home equity loan or line of credit secured on your home such as via collateral mortgage or caveat, it must be paid out of the sale proceeds. Also, payment for any home renovation loan will have to be taken out of the proceeds.

Home warranty. This guarantees the buyer that all mechanical and electrical appliances in the home are in good working condition on the day of closing up to the first year of ownership. A warranty costs at a minimum of $350.

Courier fee. You will need to pay this when you pay off a loan and this fee can run from $10 to $50 and upwards.

There may be other fees apart from those listed here. What's important, though, is that keep a list of the closing costs and copies of your sales documents to help you figure out your potential proceeds.

Get Ready for Your Home Appraisal

noreply@blogger.com (GSmith) — Wed, 11 Jun 2008 20:40:00 +0000

Most people should know what their home is worth. If they don't then it would be time to have it appraised without delay. In any case, what your home is really worth is a mitigating factor for deciding the money you should be able to obtain from it should you ever decide to sell. Below are a couple of pointers as to how you could get the most out of a home appraisal.

First of all you need to do your best to remain out of the appraiser way while he is in your house. It could be a temptation to inform the appraiser of all the other homes that are for sale in the neighborhood, or what you may think your house is really worth, but try to restrain your need to do so. It's usually an uncomfortable enough position to have a stranger routing through your house and trying to decide how much it's really worth. And try not to make things worse by offending the appraiser, for any reason. If an appraiser becomes uncomfortable or annoyed for whatever reason, they may have a tendency to rush the job, thus missing important things that may have impacted positively on the final number they arrive at.

Second, make sure you keep your home clean and tidy, and be sure that any maintenance work has been carried out. This is not saying that you have to be able to see your own reflection on the kitchen tiles or anything like that, but a cluttered or untidy home will make it easier to overlook aspects of the house such as how safe the interior is or how sound the structure of the house is. Make sure you all of those leaky faucets are fixed, loose carpet squares glued down and anything else that may lower your homes impression to an appraiser. If you decide to move but are planning on leaving some of the appliances behind, ensure they are in proper working condition.

Thirdly, if there has been any remodeling work or rebuilding work done to any part of the house, don't be afraid to mention this to the appraiser. This may not have the effect of raising the value of the house by an equal amount to what you invested in it, but it is vital the appraiser knows all the new parts or areas of the house and what, if any, major problems have been repaired, etc.
These are only three pointers for you to make the experience an altogether friendlier one and also to make the appraiser's job go smoothly, without ant hitches.

Buying a Home and Using a Real Estate Purchase Agreement

noreply@blogger.com (GSmith) — Wed, 11 Jun 2008 20:37:00 +0000

What is a real estate purchase agreement? It is a comprehensive real estate contract between the seller and the buyer which must be signed by both of the parties at the time of trading any property. A corporate style agreement can be quiet long and requires complying every legal standard while a single home agreement paper can be short and straightforward created only for two interested parties. Using a standard purchase agreement is very important while doing any property dealing as it provides you a legal base for your right on the property. Without proper paper work, you can never prove your right on the property you purchase in case your ownership is challenged in the court or in any other case.

The basic format of a purchase agreement outlines the name of both the buyer and the seller and identifies them by their social security number. The format also states the intent of both the parties involved and lists the address and details of the property. A legal description is stated within the format in a standard form that describes the nature of the property and any other technical details involved with it. Besides that the paper also includes all the extra features included for sale with the property like furniture, housing fixtures or any other tools or equipments to clarify the overall the area of property. It is mandatory to include all the items listed for sale in the purchase agreement so that any legal case can be settled in future which arises concerning the right over the use of property.

The second part of a standard real estate purchase agreement states all the financial terms of the agreement. A space is left to show the initial deposit of the property, total amount of cash exchange, any other legal fees required to be paid as per sale of the property, any debts taken against the property and finally the total amount of the property.

The written agreement between the client and agent must be properly detailed before any transaction takes place. In most cases the real estate agent may convince you to deposit as much money as possible but there is no fix amount you should deposit before signing the contract and every contingency are made. It's true that a seller might ask you for bigger amount of deposit but it's all up to you how much you deposit while purchasing the property.

Always clarify in the agreement on who will pay for what. You should clearly mention what fees you will pay as a buyer and what will be seller responsibility. If the agreement does not states any thing the seller will automatically pay the entire fee incurred during the process of deal.

In most cases when you buy a house you cannot pay in full in cash, you will have to apply for a loan with a bank. Do remember that a pre approval from bank does not guarantee that you will get a loan, so make sure that you include the condition precisely in the contract.

Check every other terms and condition mentioned in the contract before signing it. There might be other issues specific to your deal so you need to include special quotes within the agreement to address the particular issue. Always be specific and precise of what you want from the deal. Never hesitate to keep your point or you may have to face serious problems after you purchase the property.

A real estate purchase agreement is the back bone of the industry and without a proper and legalized agreement you can never prove your right on your purchased property so always do insist on legal procedure and follow the rules specified by the law.

Home Owner’s Insurance

noreply@blogger.com (GSmith) — Tue, 25 Mar 2008 22:38:00 +0000

Once you have purchased a home, with the help of your real estate team, you will want to make sure that you have the proper home owner’s insurance. Most lending companies will require that you carry some type of home owner’s insurance for the entire length of the loan to protect both you and the lenders in the case of an accident. Many times, the home owners insurance is chosen during the final closing of your home. This is to protect both your assets as well as the lending companies’ assets. Choosing the right home owners insurance will ensure that you are protected against any type of natural disaster or accident that may happen.

Home owners insurance is divided into many different categories with all of them being beneficial in different situations. You will have to decide what type of coverage is most important to you. The easiest way to do this is to first add in how much you own and the value of your home. This will allow you to choose a policy that will cover all of your current expenses and that you will be able to receive some type of return on everything that you already own.

Another factor that you must consider when you are purchasing home owners insurance is the different types of coverage that are offered. Many companies will have several different categories of insurance that you can choose from according to the types of things that you currently own and how this relates to what you will need replaced in the event of an accident. Once you have determined the value of all of your possessions, you will then want to add in what you know you will want covered and then determine which category of insurance this will put you into.

Purchasing home owners insurance is one way that you can ensure that your real estate investment is covered in the event of an accident. If something does happen, you will have peace of mind knowing that your property and possessions can be repaired and replaced and you will be able to move on with your life.

More Home Selling Tips

What Is Involved In Making An Offer On A Home?

noreply@blogger.com (GSmith) — Mon, 25 Feb 2008 16:29:00 +0000

An offer to purchase is a written document submitted by a prospective home buyer to the seller of a residential property. This legal document is executed once an individual is bent on purchasing the home he or she would like to live in or would like to have as an investment. But the process only begins there as negotiations between the seller and the buyer will still be involved to make sure that every detail is to their liking.

When a homebuyer has set his or her eyes on a certain property, he or she may work with a real estate agent and fill up a purchase offer form or make one themselves that will be based according to their terms and conditions. If a buyer doesn’t want to get an agent, he or she should consult with a real estate lawyer on this matter.

In the U.S., real estate laws vary from state to state hence, it is advisable that a buyer check out the standard form in his state. Learning about this legal form beforehand is the right thing to do as it will help one understand the items that need to be specified in the document. See "Selling a Home in Your State"

In writing a purchase offer, one of the important things a buyer needs to include are the fixtures that he or she wants to stay or get rid of in his future home. Specifically, the fixtures here refer to the things that are attached permanently to a residential property such as kitchen cabinets as well as heating and cooling systems. A house listed with a multiple listing agency would usually state what items the seller wants to sell with his or her house. If there are decorative items that a potential buyer would like to stay, then it should be noted in the offer. Other items that might be included are the outdoor storage buildings, windows, light fixtures and garage door openers.

A purchase offer must be based on the property’s present condition and the items that a buyer expects to be included or rid of. After a seller reviews the offer to purchase, the negotiation between the two parties starts.

Of course, a seller may not totally agree with the buyer’s terms and conditions upon receiving the first offer. He or she may just cross out some of the items not amenable to his terms and should put his initial on the changes. Otherwise, if a seller disagrees with the whole offer, he or she may propose a counter offer.

Apart from the fixtures, other items in the offer that may involve some haggling are the purchase price, the party responsible for paying the closing costs, the closing date and delivery of title and the date the seller needs to move out from the property.

Several counter offers can be exchanged during negotiations but the final contract can only be reached once both parties agree to the modifications in the offer and put them in writing. When the document is signed by the seller and the buyer, the purchase offer becomes legal.

Download 60+ Fill in the blank real estate forms for only $14.99

The Lease with Option to Purchase When To Use It

noreply@blogger.com (GSmith) — Mon, 25 Feb 2008 16:21:00 +0000

By: Gloria Smith

Not all homeowners who sell their residential property are always successful in disposing of their homes. Some may be lucky to sell their homes in just a very short period while the properties of others stay for quite some time on the market.

But those who can’t sell their homes right away should take heart as there’s an ideal alternative for them and that is to lease with an option to purchase. Offering this type of option has been proven an effective method of attracting buyers in a slow market. There are actually other advantages.

With this option, home sellers are relieved from paying a mortgage or real property taxes on a vacant property. They still earn from the monthly rental fees and get top dollar if the renter later decides to buy the property. This ensures that a home seller will not only have a tenant but a potential buyer who will most likely pay on time. Also, the homeowner is assured that the renter and eventual buyer will take care of the property as if it is already theirs.

This can be a good option for buyers with tarnished credit score as they can have time to fix it during the lease period. Also, in this situation, buyers are not forced to commit to buying the house after the lease period expires and can just leave if they feel the home is not right for them.

However, for buyers bent on keeping the house for good in the future, this may be the right solution. At least during the lease option period, no other individual can purchase the property.

A fixed purchase price may be negotiated by the seller and the buyer within or a little higher than the property’s market value while a predetermined rental fee will also be set by the seller. A lease purchase agreement normally takes from a year to three years.

Additionally, sellers benefit from a premium on top of the monthly rent on their home and an option fee of a maximum of five percent. If the home is bought once the lease expires, these two fees will be credited to the buyer’s down payment. If not, the seller retains the money.

Another advantage of this method is that both the seller and the renter/buyer gain from this situation financially. While the owner earns from the monthly rent, the renter/buyer is also given the opportunity to own the home of his or her dreams without putting pressure on his pocket. In this way, a seller helps a tenant attain his dream of owning a home he or she could be proud of.

For homeowners who wish to try this strategy, it is highly recommended that they hire a real estate lawyer experienced on this matter to come up with a legal lease purchase agreement and explain the seller’s rights. It should be understood that risks are always involved in any real estate transaction hence, sellers must ensure that they verify the credit and rental payment history of any potential buyer choosing this lease purchase option.

Download a copy of a Lease with option to purchase real estate form

What to do when you get a Real Estate Counter Offer

noreply@blogger.com (GSmith) — Thu, 24 Jan 2008 19:21:00 +0000

By Gloria Smith

The home buying process is not always guaranteed to be smooth and many buyers as well as real estate investors know this. Even though as a potential buyer you have offered a fair market price for the house of your dreams, sometimes homeowners are not readily amenable to it. It is for this reason that buyers and their agents should be equipped with the right negotiating skills that will help succeed in closing a deal.

It’s advisable that even before making a purchase offer, buyers should be properly informed about the vital aspects of the transaction. Find out if the asking price of the home you would love to buy is reasonable enough. Know that a residential property sold at more than 10 percent of its average market value could be considered overpriced. Check too if the house needs major fixing and the cost entailed as well as if the seller is really bent on disposing of his or her home.

So don’t be taken aback if after you have submitted your purchase offer, the home seller makes a second thought and counters your offer. There are even instances when two to three counter offers will be made by the seller if his or her selling price is not met.

Keep in mind that offering a low price is a good option most of the time. Avoid pressures that will make you increase your offer beyond your financial capability. The seller may expect much from you or the real estate agent may be a bit pushy but remember that you are the buyer and the decision is yours to make.

Real estate experts also point out timing is utmost importance when dealing with a counter offer. Normally, the sellers feel they are in control of the transaction if the buyer immediately responds to the counter offer. The negotiation is not giving the seller any stress hence, the feeling of being at an advantage. However, if the buyer gives a little time allowance say a few days or a week after getting the counter offer and informs the homeowner about considering other properties, that may make the seller think twice about asking for a much higher price.

Another strategy is to accept the property in an “as is” basis. This you can do especially if you included a home inspection contingency in your original purchase offer that would give you the right to check the house and request for repairs from the seller. You can keep your right to inspect, though, even if you agree to purchase the house “as is.” And should you find major defects later on, you can always decline to buy the property.

Buyers should know when to accept the offer and this would be if they feel that the counter offer is already closer to their own purchase price. But if in case the price difference is still very wide, then more negotiations will have to be made. Buyers who are more prepared will be able to work it out soon enough. Ensure that you have facts to support your purchase offer such as comparable selling prices, list of repairs needed and estimated costs. In this way, you can be sure that the seller will give you the necessary attention.

Learn more about what is included in a Real Estate Counter Offer to Addendum. Purchase this form for only $4.99.

How to Market Your Home When Selling For Sale by Owner

noreply@blogger.com (GSmith) — Thu, 24 Jan 2008 15:54:00 +0000

By Gloria Smith

If you are sellilng your home for sale by owner you may have an easier time now because of the various marketing strategies available to you. All it takes are some research, consultation with the right professionals and the determination to proceed with the transaction whatever the costs. In other words, you can sell your home yourself, but NOT by yourself. You still need some professional advice to help you along the way.

The first step you’ll need to do is to list down the features of your home that will attract potential buyers. Include the number of bedrooms, maybe some special rooms or perhaps a Jacuzzi or swimming pool, the location, the neighborhood and the proximity to public transportation and other facilities. Take photos of the exterior and interior of your home for use in flyers, print ads and web listings.

From there, you can start spreading the word to friends, relatives and neighbors that you’re selling your house. When they hear about this, the news will surely spread to other people they know who may be in search of a new home.

An open house is also a great way to market your property. Do schedule this activity so you can prepare well for the coming of visitors. Of course, don’t forget that “For Sale” sign on your front yard as a way to inform people who drive by your place.

In addition, be sure to cleanup first from the outside to the inside of your home to make it attractive to your buyers during your open house. Rid of all the clutter around the place, organize your furniture and fixtures, repaint walls and ceilings and make the house smell good. Remember that space and a relaxing ambience are vital to most buyers.

Next is to print out flyers or cards and distribute them in public areas. Your flyer should contain important information about your property, a map and one or two photos if possible. You could save some funds if you know how to make them yourself.

If you have extra budget, you can advertise in the classified ad section of your local newspaper. Keep in mind to use catchy words when describing your home and do include photos as well. You can even offer an incentive like a “finder’s fee” for those who can refer a buyer to you.

You can also hold a garage sale if you’re planning to get a little something from your extra and used furniture, accessories, fixtures, beddings and the like that you no longer need. Many people are addicted to garage sales and you just might find a buyer for your home, you never know.

You should contact a real estat attorney and find out what your state laws are regarding selling your home. What disclosures will you need? What are some common contingencies you should include in your real estate contract? Have a qualified attorney give you advice is priceless!

You should also find a mortgage broker or lender. They will help you qualify potential buyers, and can give you an idea of what a payment might be on your house. Buyers want to know first IF they can afford the payment on your home.

Finally, the web home listing service should never be missed. The internet today has become an amazing marketing tool for any item being sold. There are web listing services that you can use for free or for a minimal fee. A user will be provided with an individual web page where all the information and photos can be posted for a specific period of time.