Why Use a Realtor When Purchasing a Pre-Construction Condo?

One of the most common questions raised when looking to purchase a pre-construction condo is whether to use the expertise of a realtor. Sales representatives at new home sales offices are indeed licensed realtors but as a buyer should you have your own representative? It is in our opinion that using your own realtor is to your benefit. The sales representatives within the new home sales office works for the builder, which is where their true loyalty lies. By having your own representative, you will receive honest and non-biased advice as your realtor is looking out completely for your best interest. There are many benefits to using your own realtor such as the following:

  1. As mentioned above, your realtor works for you not the builder therefore your best interest is at heart.
  2. Your realtor will be invited to VIP events which gives them access to the best floor plans and prices per square foot before being released to the general public.
  3. If your realtor has experience in pre-construction he / she will ask the right questions regarding construction financing status, assignments, occupancy and so forth.
  4. Your realtor will be able to negotiate the agreement in your best interest. As price is usually not negotiable, certain fees (education, park levies) can be taken out or capped within your agreement.
  5. Your realtor has access to the MLS system which can provide you with prices and useful information of comparable properties in the area.
  6. Your realtor can keep you updated on the project. Questions relating construction and occupancy can be easily answered.
  7. If you are looking to assign your unit, your realtor can help you find a buyer as certain types of advertising is not permitted by the project builder.

The most important benefit of using your own Realtor is that they have your best interest at heart. Your Realtor will represent you honestly and ethically and will assist you in making the best decision for your needs.

NOTE: If you are considering purchasing a pre-construction condo and are working with a Realtor, do not register online at the project's website or walk in the sales office without representation. Once registered, the builder will not co-operate (pay commission) with your Realtor. Have your Realtor schedule an appointment with the sales staff at the new home sales office.

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Source by Lorena Magallanes

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Top 10 FSBO Tips to Selling Your Home by Owner

By using some simple FSBO (For Sale by Owner) tips and techniques, the average homeowner can sell his or her own home without the assistance of a real estate agent. Just as many others have done in the past. You can sell your own home and save thousands, but it takes work and commitment.

Below you will read some simple strategies that can stack the odds in your favor, greatly increasing your chances for success when selling on your own.

FSBO Tip 1. Understanding the real estate market.

Getting an idea of ​​your local market conditions makes good sense. Just like any other product getting a feel of what's hot and what's not can help you make decisions that affect the sale of your home. Consider your neighborhood and the features that distinguish it from others. If you're comfortable, contact a real estate agent to discuss what the current market environment is like.

FSBO Tip 2. Timing is everything.

Timing the decision to sell and gauging the current market conditions could be two of the most critical decisions you make. If you need to sell your home quickly, the less flexibility, you'll be able to have. Conversely, if you're not in a big hurry you can sit back and wait for the perfect buyer. Just remember the real estate market is a cyclical environment. If it's a slow period now and you're in a position to wait it out then it might be a good idea to wait for the next upswing.

FSBO Tip 3. Assemble a team of professionals to help you.

While it's nice to think that you can handle things on your own, selling a home takes specialized knowledge. It's more than just writing up a sales agreement. Depending on what part of the country you're in you'll either need to find a real estate attorney or a title / escrow company to help with the legal details. As a rule of thumb, if you're east of the Mississippi it's usually a real estate attorney. If you're west of the Mississippi, it's a title company. Either way they'll be an indispensable part of your home selling process. Another important partner to consider is a reputable mortgage banker / lender. They can assist in helping you prequalify buyer prospects. We'll talk more about qualifying prospects as you read on.

FSBO Tip 4.How to determine the fair market price of your home.

This always seems to be a real tricky one. For many home sellers this typically reveals itself as a major point of contention. When trying to decide on a price guessing or basing your asking price on hearsay or nontraditional methods immediately reduces your negotiating advantage. Basing your price on what the house down the street sold for or what media outlets perceives as increased market value is not the way to get a legitimate price either. There are only two legitimate and well-recognized ways of determining a fair market value. One way is to contact a real estate agent or broker to provide you with a CMA otherwise known as a comparative market analysis. The best and most accurate way of determining price comes from a full-blown appraisal done by a professional real estate appraiser.

FSBO Tip 5. You're selling a house not a home.

While it's important to become emotionally distracted, you do not have to become a robot. After all this is your home, be objective but do not be cold. Keep in mind that people are going to perceive your home differently than you do. Either way way remain positive and extremely the right person will walk through the door and buy your home.

FSBO Tip 6. Preparing your home for sale.

Today's real estate market rewards those homeowners that place a high-value on neatnessas well as cleanliness. It not only adds value but alsogenerously promotes a quicker and more profitable sale. Once again the depersonalizing of your home helps your prospect with such an emotional decision. Decluttering the inside of a home is also key to your preparation. If necessary, rent out a small storage space and store some household items there. Just as a side note, having a garage sale is also a great way of getting rid of items that clutter up the house. Not only do you get rid of the items but also you make a little money in the process.

FSBO Tip 7. Start spreading the news.

It should be understood if you're going to sell your home and you're going to do it yourself, the easiest way to get the word out is to put a sign in your yard. This will immediately get the attention of anyone that happens to ride by. Naturally, this is the essence of selling on your own. Coming up with a highlight sheet to outline the key features of your home is a must. With the readily available use of word processing programs putting together a simple highlight sheet is easy.

FSBO Tip 8. Knowing a few, negotiating skills will get you a long way.

It's not necessary to become the next great diplomat. You will want to keep in mind that it's necessary to keep your emotions and personal feelings regarding the negotiating price of your property in check. When considering the selling price it's important that your calculations and numbers are correct. This allows you to have greater flexibility and leverage and you can negotiate from a position of strength.

FSBO Tip 9. Qualifying buyers and stopping the cookie loos.

So what's a lookie loo? A lookie loo is a person that comes to your house and looks in everything. They, look in cabinets, closets and drawers check everything out but never make you a serious offer. You need qualified buyers looking at your home or it's going to get very discouraging. One of the best ways of getting qualified prospects is to have them referred by your mortgage broker / lender. You can also take the direct approach. If you're arranging a showing over the phone, go ahead and ask them if they are pre-qualified. Do not be too shy when it comes to your prospects. If you're holding an open house and someone expresses interest in your home go-ahead and ask. Most of the time if they're pre-qualified they love to tell you. So do not worry about asking, it's the right thing to do.

FSBO Tip 10. If all else fails go to where the realters hang out.

If after a while, you're not getting the results that you were expecting for you can always go to the MLS option. This does not mean that you have to list with a real estate agent or broker. As a private party, you can list your home with your local multiple listing service. Usually this cost a fee but by doing this you automatically exposes your house to thousands of potential prospects all over the country. The upside is that you should be able to sell your home in short order. The obvious downside will be that you will have to pay co-op to an agent. Only in unique situations would the cost of co-opting be virtually impossible, due to low equity or some other extenuating circumstance.

These FSBO tips should give you a solid foundation to successfully selling your own home. There are many specific ideas and recommendations that are beyond the scope of this article when it comes to pricing, preparing and staging your home, and all of the items previously outlined. You should definitely research and prepare yourself for the selling of your own home process. In the long run, it will make things easier and could either save you or even make you thousands of dollars.

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Source by Alan Kirchain

For Sale By Owner – How To Sell Your Home At The Right Price

Pricing the property is one of the hardest things to do when selling your home For Sale By Owner (FSBO). Pricing your home right, is an important first step. A step you must do with out the benefit of a realtor.

Today's savvy buyers are very price conscious and will not even make offers if they feel it is over priced.

There are many factors that can affect your bottom line. Like what you own on your mortgage, how much you have spent in home improvements over the years and what the market in your area is doing right now. Many times you need to make a profit on the sale to purchase your new residence.

The fact is no matter how much sweat, tears, money and mortgage you put in your property. It does not even matter what you think it should be worth. Your home is only worth what a buyer will pay for it, in other words, what the market will bear. After all, why should a buyer pay more for your home than for a neighbor's home similar size and condition?

But, what is a realistic market price for your home?

Here's how you can quickly determine the price of your home. Look for homes around your area that are for sale that have similar characteristics as your home. Figure out what the average price per square foot is in your area. Also look up online the median price for houses like yours in your area. There are many website like BuyFSBOusa.net that will give the median price for homes that have recently sold in your area.

Once you have the square footage price and the median price, take the average of the two prices and price your house 1% lower then the average. This will attract the best buyers and give you the competitive edge over the competition. If you can get people to compete when buying your house you will get more than FMV.

Make sure you look at all the following details when comparing your house to others in the market

– Square footage

– Number of bathrooms and bedrooms

– Upgraded kitchens and / or baths

– Condition of home and landscaping

Often pricing your home correctly to start with will keep for from, having to pay for renovation or improvements to get your home sold quickly.

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Source by G Allan Roberts

Foreclosure Help – Sell Your House Before It's Too Late

There has been a time when people could only list their property to a realtor in order to sell it. This was the time when the only option to avoid foreclosure was the short selling of the property. However, things have changed over the years. There has been a growth of the "we buy houses" type companies, which not only buy disturbed people's property but also provide the relevant foreclosure help.

These real estate investors have expertise in cash purchases which allow them to buy the unwanted or the uninhabitable homes that individuals might have inherited. Dealing with them can speed up the purchasing procedure and provide you with sufficient foreclosure help to prevent the prohibited sale of your property. These companies can buy real estate having little or no equity. The moment you think you are lagging behind in your home mortgage payments, you can contact them for possible foreclosure help in order to prevent your investment from going down the drain.

These companies can buy almost any house fast enough without any hassle. This is the best thing that a home owner threatened by a foreclosure needs. If you work with them, you will have a contract ready to be signed along with the payment within less than a month. There could be no offer better then this in today's real estate market.

Nowadays, it's quite difficult to find a buyer quickly through real estate listing. Moreover, the legal procedure of property sale is too lengthy. Time is of critical importance to a person who has missed out on some of his mortgage payments. In this troubling situation, foreclosure help can only be guaranteed from the "we buy houses" companies.

These companies are run by property investors who can be trusted by those in dire need for foreclosure help. They can buy any property in distress, and forced sale is no doubt, a big concern. It can tarnish your image and leave you with bad credit for as long as you live. In order to avoid this situation, the only people you can trust are the real estate investors.

Their service is quick and you do not have to wait for any loan qualification, a process you might otherwise proceed to avoid foreclosure. Aside from foreclosure help, you can get cash in your hands the moment you sign the deal. You do not have to worry about paying commissions as there are no agents involved. The legal procedures, including their fees, will never bother you because they are handled expertly by these companies.

Not only that, but real estate investing companies respect your privacy, and it's their policy not to reveal the reasons due to which you are selling your property. They prepare an offer only after consultation so that it can be acceptable to you. If you choose to work with them, no one can possibly know about your financial conditions.

Yet, the best advantage you will get is that these guys will purchase your property no matter how bad your situation is. Thus you can spare yourself from the headaches of the usual selling procedure. When you have a better alternative, why not save yourself from the torture and embarrassment of a foreclosure process?

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Source by Edgar G Martinez

REO Boom: How to Manage, List, and Cash in on Bank-Owned Properties: An Insiders’ Guide for Real Estate Agents

REO Boom: How to Manage, List, and Cash in on Bank-Owned Properties: An Insiders’ Guide for Real Estate Agents

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What Are The Real Cost Of Selling A Home?

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

To give you an idea of ​​what the costs of selling a home in the current market are, take a look at the information below. We've included estimated costs based on a $ 250,000 home sale, as well as some tips for lowering or eliminating them to lower your overall cost of selling your home.

Sales commission

If you list your home with a Realtor, expect to pay 4 to 6% of the sales price, or $ 8,000 to $ 12,000 in real estate commission.

Tip: Shop around. Real estate commissions are not written in stone. A Realtor may be willing to accept less of a commission in a slow market, or you may be able to save money by contracting with a Realtor for specific services only rather than a contracted listing.

250,000

-12,000

238,000

Closing Costs

Taxes, both transfer taxes and property taxes, and legal fees associated with the closing and finalizing of your home sale will be 2% to 4% of your sales price, or $ 4,000 to $ 8,000.

Tip: Check the laws in your state. If you've prepaid your property taxes for the year, you may get a credit instead of a bill. There may also be other refunds on prepaid escrow costs for home insurance and other costs of selling a home.

238,000

– 8,000

230,000

Paying Off Your Mortgage

Whatever the remaining principal balance is on your current mortgage will have to be paid off upon the sale of your home. Just to keep things simple, let's say that you still owe $ 50,000 on your current mortgage. If there's a prepayment penalty, you'll need to deduct that from your temporary sales price as well.

Tip: Ask your lender to prepare a payoff statement for you to check your figures. If there is a fee charged for the service, you can deduct it as one of the costs of selling a home.

230,000

50,000

180,000

Repairs to Your Home

The cost varies broadly depending on the age of your home and how well it's been maintained. At the very least, you should get a home inspection to identify any possible problems to avoid being surprised by them at closing. You should plan on paying about $ 300 for a home inspection.

180,000

300

179,700

Pre-Sale Facelift

Again, the cost varies with the work that's needed to get the house looking its best. Conservative estimate: $ 300 for new paint, screws and hardware, carpet for living room floor and landscaping service

179,700

400

179,300

Moving costs

The cost of moving from one home to another is included in the cost of selling a home. It may be as little as $ 1000 to as much as $ 12,000 for a cross country move. Let's be conservative again – $ 3,000

179,300

3,000

176,300

Other relocation costs

You may need to replace appliances, pay off school transfer or gym fees, or pay storage for your furniture. There are many unexpected costs of selling a home which may amount to nothing, or add up to a good chunk of change.

Even without adding in other relocation costs, you can see how the cost of selling a home can reduce your final cash gain. The good news is that most of those costs are deductible on your taxes.

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Source by B Shelton