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Jul 05

05:00

When choosing to sell their home many of todays home owners are selling without a Realtor. Selling a home without a Realtor has many advantages as well as disadvantages. but if done correctly can be a very rewarding and money saving experience. By knowing what a Realtor does to sell your home and what you need to sell your home on your own will help you make an informed decision when you are ready to list!

Lets begin and examine what a Realtor actually does for a home seller. The Realtor will begin by performing a CMA or Comparative Property Analysis and accurately listing the property at its highest marketable value. The Realtor will also advertise the property on their company website, get the property listed on the MLS website and pay all the marketing costs associated with the property. The Realtor will also have the opportunity to market the home to other realtor's in their organization which will effectively expose your home to more potential borrowers. The realtor's brokerage will also charge you 4-7% of the selling price for these services, a cost that generally far exceeds what it costs to effectively market a home.

When you choose to sell your home with no Realtor the first step is to find a good property appraiser. The property appraiser will come out and give you a very accurate value for around $300 for a single family home. This value will be based off of comparable sales that occurred in your area within the last 12 months, comps are usually within 1 mile unless you have a rural property. Many home owners will use this appraised value as the starting sales price which is a smart policy because a bank will not lend more then a property is worth to a potential buyer.

You should find a good For Sale By Owner company in your area, FSBO companies will get your house listed on the MLS and many offer for sale by owner kits that will help you with the legal documents needed to sell your home without a Realtor. Many FSBO companies also offer title services or are affiliated with a title company that will assist you with the closing. When Using a FSBO company you should get exposure on their website as well as the MLS websites. Exposure on these websites alone will not bring in a steady stream of potential buyers and you will have to use other avenues of marketing. One great system to use is the services of a mortgage broker to screen the phone calls about your property. This is a free service offered by many mortgage brokers, the mortgage broker is hoping to generate a loan out of the calls he receives about your property. Nothing is more comforting then knowing the person looking at your home can qualify for mortgage financing to buy it. Mortgage brokers also speak daily to people looking to be pre qualified to purchase their first home and can direct people to your listing.

To reach a broader market you will want to place classified ads in the newspapers and 1 or 2 home magazines every month. These are the place many buyers go to begin there searching for a new home. Ads in these publications will cost you over $200 a month but is still small change when compared to losing 6% of the sale price to a Realtor. And do not forget the old stand by For Sale By Owner Sign in the front yard. If you live on a high traffic street this $10 sign may be all you need to sell your house fast without a Realtor.

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Äîáàâèòü êîììåíòàðèé | Ïðîñìîòðîâ: 618

Jun 23

11:16

For Sale By Owner - Yes or No?

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There are two ways to sell your home: by going through a realtor or doing it yourself. The do it yourself method is also known as for sale by owner. If you require professional assistance, selling your home with the help of a realtor is going to cost you. On the flip other hand, selling your home for sale by owner will also cost you, but not as much.

It comes down to the question of what you would most like to save, time or money. If utilizing a realtor you will save time, but not necessarily loads of time. There is a level of involvement that you must maintain in order to pick out the best deal for your specific situation. If selling your home for sale by owner, you will indeed save yourself money because the only thing you are paying for out of pocket is the cost of your advertisement.

Selling your home through a realtor can be not only an expensive method but also a difficult selection process when trying to decide which real estate agency to use. Once this decision is made, you must now work with the realtor to negotiate your terms and conditions for the sale of your home.

The realtor is paid according to the final selling price of your home. A commission of anywhere from 1 to 3 percent is charged at the closing. A benefit of for sale by owner, selling without the aid of a realtor is one of cost. Simply put, you get to keep the proceeds of selling your home if you do it yourself.

Real estate agencies expose your home to the world of potential homebuyers by the use of the multiple listing service. Your home does not get individual exposure on the level that would be given to it if you were to do your own advertising. A for sale sign does indeed go in the yard of your home with the name of the agent as well as the agency and a contact phone number, but this is comparable to placing a for sale by owner sign with the same information? The remainder of the process involves the home being listed in what is known as the MLS, or Multiple Listing Service. This is a long list of homes being offered for sale by numerous real estate agencies. Once again, your for sale by owner home will not be given the specific exposure it could be given if you were to do your own advertising.

The real benefit of selling your home for sale by owner versus utilizing a real estate agency is the control factor. You are in complete and total control of the entire transaction from start to finish. This is often the most necessary factor in selling. You are free to advertise in the way you see fit and to use the methods you want. You are also free to keep all profits from the final sale, and this is usually enough to reassure the seller that the for sale by owner way is the right path to take.

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Äîáàâèòü êîììåíòàðèé | Ïðîñìîòðîâ: 543

Jun 16

09:08

Guide To Selling Your Vacation Property On Your Own

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Selling vacation property on your own poses certain challenges that other residential properties don't encounter. Probably the most challenging issue is that most property owners don't live near the vacation property location. However, there are several ways to show your property to potential buyers without physically being there. Below are a few ways to make your FSBO (For Sale By Owner) experience easier and more profitable:

Let potential buyers actually stay in your property: This is one of the best ways for a potential buyer to truly experience your property. By allowing them to stay a couple of nights, they get to actually experience first hand the sunsets from your balcony, the peaceful walks along the beach, and the relaxation of the hot tub. And to discourage those people only looking for a free weekend, charge any potential buyers a nightly fee and offer to refund those fees if they end up buying the property.

Work out a deal with the property manager: Often times a deal can be struck with the property manager to show your property. If you own multiple vacation properties, offer them a free weekend in return for their help. Or simply offer to pay them each time they show your property. The cost will be minimal compared to commission fees paid to a real estate agent.

Befriend your neighbor: Maybe the easiest way to show your vacation property is to give a spare set of keys to a trustworthy neighbor that lives on the property year round. When a potential buyer wants to come and see your property, coordinate with your neighbor to see what time works best for them to show your property. After all, your neighbor might be the best salesperson for the job, given that they live there year round and have first hand knowledge and experience of the property and the surrounding area.

Hold an open house: Another simple way to show your vacation property is to plan a weekend trip and hold an open house. A couple of weeks before your scheduled visit, get a copy of the owners directory and send a flyer to all of the other property owners in your complex letting them know about the open house. Often times other owners have friends and / or family that are interested in buying a unit in the same building. While this method requires you to physically travel to your property, it still provides a rather cheap way of potentially selling it and gives you one last chance to enjoy it before it sells!

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Äîáàâèòü êîììåíòàðèé | Ïðîñìîòðîâ: 578

May 28

08:11

For Sale by Owner VS Foreclosure in Florida

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The state of Florida seems, on the surface at least, to be experiencing a real estate meltdown. Rampant real estate speculation, development and the sub-prime mortgage debacle are being blamed for the glut of homes for sale that has left the market upside down and many homeowners under water and facing the prospect of foreclosure. With many Adjustable Rate Mortgages (ARM) due to reset at higher rates the fallout may not be over. Further manifesting the situation is the insurance premium increases coming down the pipe to cover the devastation and property loss/claims associated with the last several hurricane seasons.

Compounding the problem is the expected increases in condo fees to cover property losses not covered by insurers. The fallout has created a unique opportunity to re-visit real estate opportunities right across the state. There are a couple of by-products to this type of market. One is a rise in For Sale by Owner properties. Homeowners are looking for any edge they can get when they are looking to get out from under a high equity mortgage or negative equity mortgages. A For Sale by Owner allows the homeowner more options when it comes to pricing. They can expedite the sale of the property by passing on the real estate commission savings associated with a For Sale by Owner. This can represent a substantial savings to the buyer and certainly make your property more attractive when you consider the real estate commission savings on a $280,000 property is $16,000! The For Sale by Owner also has more latitude when it comes to making their home “appear” to be more attractive.

They can offer creative seller concessions like "no condo fees for a year" or "0% financing for 3 years". Essentially instead of passing the savings directly to the buyer they create a “package” that may seem more appealing. I have personally seen everything from “Free Plasma TV’s” to “Timeshares in Puerto Rico”. Creativity can certainly perk someone’s interest, but I tend to prefer a straight “cash” discount or rebate. This allows the prospective homebuyer the opportunity to decide how they want to best use the monies. Cash has a set face-value; $2000 always carries a “value” of $2000 regardless of the buyer, whereas a “timeshare in Puerto Rico” will have different values to different people.

The 2nd by-product, unfortunately, is “Foreclosures” – which have been rapidly increasing in Florida since 2006. Industry experts blame this increase on “sub-prime mortgages”. Sub-prime mortgages are higher risk because they are made to borrowers that typically do not qualify under traditional more rigorous criteria because of limited or poor credit history. Sub-prime mortgage loans have a significantly higher failure rate then prime mortgages. Sub-prime mortgages typically have a higher debt service-to-income ratio and the homeowner simply can’t make ends meet. The end result is more foreclosures and an increase in houses for sale - the fact that they are “distressed” and vacant further erodes the overall values of all homes. As the inventory of unsold properties continues to grow, residential real estate prices decline.

The bottom-line is there is an abnormally high number of existing homes currently listed for sale in Florida. As supply outpaces demand, property values drop. For Sale by Owner may allow the homeowner to bridge that drop in value and allow them to avoid foreclosure.

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Äîáàâèòü êîììåíòàðèé | Ïðîñìîòðîâ: 1197

Mar 29

02:38

Advantages Of A For Sale By Owner Website Listing

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When a homeowner sells real estate in Hawaii without the help of a realtor the process is known as for sale by owner. Many homeowners choose to go this route for selling their homes because they want to avoid the fees charged by real estate brokers. Along with the cost avoidance, homeowners take on the responsibility of marketing the home as well as other tasks associated with selling the home.

There are many ways to advertise a home for sale by owner. Some of the most popular include classified ads in the newspaper, signs in the neighborhood, word of mouth and website listings. Of all the methods to use for advertising a home for sale by owner, a website listing is perhaps the easiest and most beneficial method.

Using a website listing gives your advertisement exposure that it would not otherwise receive. Consider the number of people that would be exposed to a listing in the newspaper. That number is only a fraction of what it will be if you use a website listing.

The fee you pay to list your home in the newspaper is a one time only fee. Once that newspaper has been printed, your ad will never be listed again, unless you pay another fee. When you use a for sale by owner website listing, your ad will remain on the website for a lot more than just one day. The increased period of time gives more buyers time to see your ad.

Other methods of advertising for sale by owner property have physical limits on how far they can reach. For example, the newspaper is only offered in a certain area. People all over the world have internet access thereby giving them the ability to see your website listing. This, too, improves the odds of your home selling.

Using a website listing to sell your home has many benefits above other methods.

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Äîáàâèòü êîììåíòàðèé | Ïðîñìîòðîâ: 592

Mar 29

02:37

The 2007 FSBO Market

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After five years of blazing hot real estate markets, the 2006 year was definitely a pull back. So, how is the 2007 FSBO market shaping up?

Ah, the good old days. From roughly 1999 through 2005, selling your home was about as easy as it has ever been. With interest rates on home loans at historic lows, money was flowing into the market like a tidal wave. Throw in unique hybrid mortgage loans and you practically had a stampede of buyers throwing offers at sellers. This was true even when asking prices had little reflection of the then current home values in a neighborhood.

In the FSBO real estate market, things were just as hot. “FSBO” means homes for sale by owner without a real estate agent. With so many buyers out there, sellers decided they really did not need to pay tens of thousands of dollars to real estate agents when buyers were practically beating their doors down. Simply put, the FSBO market had never been so good and FSBO sellers were pocketing tremendous profits As you know by now, 2006 say rates rise, demand fall and a general real estate market pull back.

So, what is in store for the 2007 FSBO market? Overall, the real estate market is expected to be stagnant at best in 2007 if not worse. One general trend that is expected to pick up is the foreclosure market. The heyday of real estate say a lot of interesting loan packages put together. Those loans offered great terms in the first few years, but evolved into nasty financial beasts after three to five years. Most buyers thought home values would continue to increase, which meant refinancing to a more traditional product would be possible. Unfortunately, home values are actually dropping in many markets, which means homeowners are in a bind. Ironically, this situation should make for another hot FSBO market.

FSBO markets are hot when there is either a lot of demand or a large group of sellers get distressed. In the case of a distressed seller market, there simply isn’t anyway to afford paying a real estate agent ten or thirty thousand dollars in commissions. To get out of a bad mortgage, one must sell. With reduced home property values, this simply can’t be done if you figure in the realtor commission. Although leverage has definitely moved to buyers, the FSBO market will be the place where many homeowners get out of bad financial situations.

At the end of the day, there are very few people that expect 2007 to be a positive year in real estate. If you are in the unfortunate position of being in a bad home ownership situation, selling as a FSBO seller may be the way to get out of it.

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Äîáàâèòü êîììåíòàðèé | Ïðîñìîòðîâ: 466

Mar 29

02:37

Sneaky Ways To Determine If It's A Sellers Market For Sale By Owner Homes

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For those of you who are wary of buying a second home given the current slow down in the U.S. real estate market, a recent report by RealEstateJournal.com provides some encouraging information.

The journal has come up with the top twelve locations for second homes based on data from Economy.com. The editors selected various locales across the country based on factors that were appealing for second homebuyers. Locales where home prices rose at a much lower rate than the national average of 84.3 % over the past ten years from 1996 to 2006 were chosen. Other criteria that were taken into consideration include favorable employment opportunities, availability and choices of vacation homes and proximity to recreational and cultural opportunities.

The following are the top 12 metro areas for buying a second home.

At the number one position is Bath, located in Beaufort County, North Carolina (Greenville, N.C. metro area). With a metro median home price of $118,100 and a very low price change of 35.7 % over the last decade, this locale is the most attractive place right now to invest in a second home. The Greenville metro area will have a projected increase in employment by 13.1 % in the next 5 years to come, which is almost double the national average of 6.4 %.

The second best location for second homes is Blairsville, Georgia of the greater metro area of Cleveland, Tennessee. The metro median home price is $117,300 and the area saw a price change of 50.7 %. It is forecasted that the metro employment rate will increase by 9.8 % in the next 5 years.

The third on the list of top 12 second home locations is Clarksville, Virginia (Durham, N.C. metro area). The metro median home price at the second quarter of 2006 was $175,300. The area had a price change of 58.1 % over the last 10 years and is expected to have a 10 % increase in employment.

Cloudcroft, New Mexico (Las Cruces, N.M. metro area), at fourth position has a median home price of $128,600 and experienced a price change of 58.7 %. The area is to have a projected metro employment increase by 15.7 % much above the national average of 6.4 %.

Dadeville, Alabama (Auburn-Opelika, Ala.) comes next with a metro median home price of $128,600 and a price change of 57.8 % over the last 10 years. The general metro area's employment prospects are expected to increase by 11.5 % in the next 5 years.

Driggs, Idaho (Idaho Falls, Idaho) is at sixth position with a median home price of $118,600 and a price change of 46.9 %. The projected metro employment increase for the next 5 years is at 9.6 %.

Eureka Springs, Arkansas (Fayetteville-Springdale-Rogers, Ark.-Mo.) is the 7th best locale with a median home price of $133,800 and a price change of 59.1 %. The projected metro employment increase for the next 5 years is at 10.8 %.

Heber City, Utah (Provo-Orem, Utah) at 8th position has a median home price of $181,000 and a price change of 37.7 %. The projected metro employment increase for the next 5 years is at 9.9 %.

Helen, Georgia (Gainesville, Ga.) is at 9th position with a median home price of $156,600 and a price change of 58.9 %. The projected metro employment increase for the next 5 years is at 8.9 %.

At 10th position is Jemez Springs, New Mexico (Albuquerque, N.M.) with a median home price of $179,600 and a price change of 53.1 %. The projected metro employment increase for the next 5 years is at 11.7 %.

South Padre Island, Texas (Brownsville-Harlingen, Texas) is at 11th position with a median home price of $631600 and a price change of 29.6 %. The projected metro employment increase for the next 5 years is at 14.6 %.

Rounding out the top 12 places to buy a second home is Steamboat Springs, Colorado, (Fort Collins-Loveland, Colo.) with a median home price of $196,100 and a price change of 52.5 %. The projected metro employment increase for the next 5 years is at 11 %.

If you are interested in buying a second home, be sure to seek out the services of a real estate agent who is knowledgeable about local market conditions and trends.

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Äîáàâèòü êîììåíòàðèé | Ïðîñìîòðîâ: 479

Mar 29

02:36

On My Own: Five Secrets To A Successful FSBO Home Sale

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In the United States approximately twenty percent of home sellers complete For Sale By Owner (FSBO) transactions. For many people the cost of a real estate agent could be money well spent elsewhere and to succeed in the FSBO market using all of the tools and resources available to you is essential. Knowledge, planning and a long-term vision can mean the difference between a smooth, profitable sale and a confusing, frustrating and even costly mess. There are five basic secrets to making a For Sale By Owner situation work for you so write these down, print them out, keep them in a safe place even if you won’t use them until later.

Secret Number One: See the Future
If you decide that selling FSBO is for you, make sure you plan to stick with it for at least three months. It is easy to get discouraged or frustrated in the first few weeks and the temptation to quit will rear its ugly head. Take a deep breath and remind yourself that Rome wasn’t built in a day. Marketing and sales is time consuming and takes work; be patient and your investment will pay off.

Secret Number Two: Know Your Local Area
Research and become familiar with your local market conditions. Having an understanding of what is hot and what is not will help you make important decisions that affect the sale of your home. Read the local real estate columns, visit local and national real estate web sites and review commentaries from experts in the industry, ask friends and colleagues to tell you about personal experiences and look carefully at other properties in your own neighborhood.

Secret Number Three: Appearances Matter
Clean up the yard, clean the carpets and update the fixtures. Make sure the house looks its very best and highlight the areas of the home that make the strongest impression. In today’s real estate market, homeowners who place a high value on neatness and cleanliness are generally rewarded with a quicker sell and a higher price. The time and money you spend will save you both in the long run.

Secret Number Four: Know the Law
Although homeowners can complete almost every aspect of a real estate sale alone, it is always safer to hire a real estate attorney to review the legality of your property transaction. In many states, by law, a real estate attorney is required. Every home sale is different and unique. Your sale may call for the skills of a professional and when it comes to your finances “better safe than sorry” is a good rule to follow

Secret Number Five: Creative Marketing
Most FSBO home sellers use traditional marketing items such as yard signs and web listings, but adding some spice to your marketing plan always works. Creativity in this area always benefits a seller. The faster you can reach your perfect buyer the faster you can complete a successful real estate sale. Imagine all the possible ways you are going to find them. Consider posting an ad in the local paper or hang flyers in public places. Network with neighbors and friends and ask them to send emails and mention your property to their friends and associates. Word of mouth can often pay off more quickly than you expect.

FSBO opportunities can give you more freedom and make you more profitable if you aren’t afraid to do the work. For entrepreneurs who long to learn, execute and succeed individually the first complete real estate sale is a thrill. The confidence you build will lead to future accomplishments and the knowledge you acquire can be carried with you.

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Äîáàâèòü êîììåíòàðèé | Ïðîñìîòðîâ: 299

Mar 29

02:35

Are You Ready For The Home Inspector?

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There was a time not too long ago when buyers rarely requested one. Just five years ago the Chicago metropolitan area had only 200-300 home inspectors, while today the figure is 3,000 and growing. The combination of ever-increasing consumer awareness and soaring real estate prices, has made today's home buyer now more than ever, proceed with caution before committing to the purchase of their dream home. It is estimated that 60% of all real estate transactions involve a home inspection as part of the offer to purchase agreement. Although some home sellers are now beginning to hire an inspector and fix the property before it goes on the market, this is still rare. It is almost always the buyer that hires the home inspector. The buyer makes a written offer to purchase the home with a clause that the written offer is contingent upon a home inspection (usually within three business days) and that all major repairs recommended by the inspector are corrected (usually by the seller) prior to closing. Many sellers will lower the selling price instead of fixing the home. Sound's nice and easy right?

Sometimes this is where the problems begin and can be tough to resolve.

This is how it works. The home inspector prepares a written report for their client (buyer) that discloses maintenance related issues and any necessary repairs deemed necessary based on the knowledge and experience of the inspector. Anything from broken door knobs to hazardous conditions that need immediate attention like gas leaks, detached exhaust vents and other potential serious situations. If there are expensive repairs needed, the attorney's representing the two parties may be able to iron out an agreement where the expensive repair costs are divided equally and the buyer bears responsibility for all minor and maintenance related issues. This is just one of many possible settlement scenarios. It should also be noted that the buyer sometimes just walks away from the deal and looks for another home. As you can imagine, home sellers now are beginning to refuse offers that have an inspection clause in the agreement. This does not mean sellers can do as they wish. By law, home sellers must disclose in writing to the buyer any known property defects that they're aware of. Failure to disclose known problems almost always comes back to bite them in the future.

Home inspections are here to stay.

Many real estate experts agree that in the very near future all lenders will require a home inspection before lending money on the subject property. This of course is in addition to the long time mandatory home appraisal.

Best advice for home sellers?

Don't neglect maintenance issues! Gutter missing from a downspout? It may be no big deal now, but it will be in a few years when the foundation cracks from water damage. Tree branches scraping your roof? That may cut the life expectancy of the shingles in half.

Don't neglect old components! Is the hot water heater 20 years old? Replace it. Have your furnace inspected twice a year. Is it too old? Replace it. The bottom line is you need to be pro-active. It's your home so take care of it. Then someday when the home inspector knocks on the door you can smile and let him in.

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Äîáàâèòü êîììåíòàðèé | Ïðîñìîòðîâ: 330

Mar 29

02:35

Showing Your Home Like A Pro

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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.

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