Homefinding Book

Real estate buying and selling involves a great deal of research and paperwork. Most people decide they need the assistance of a real estate agent or Realtor in order to sell their home or property profitably. However, it is possible to sell your property without having to pay a real estate agent. With hundreds of sources available online telling you the step-by-step procedure of selling your home, you really don’t need the help of an agent. This way you can not only speed up the process but also save a considerable amount of money. However, at the same time you also need to understand that you will be doing quite a lot of work, so be ready for that.

Among other things, a real estate agent gives you advice on legal issues regarding the procedure of selling property. Also, if you decide on hiring an agent he or she will be handling all the advertisement of your property for you. In the absence of an agent, you have to handle all these matters yourself. Correctly pricing your home is an important step in getting generous and acceptable offers from potential buyers. There are websites that help home owners to determine the value of their property through market analysis. You can also find out what other sellers are asking for in your own neighborhood.

A Realtor brings potential buyers to your home to have a look around. Nowadays people use internet marketing tools to effectively market their home for selling. Internet allows huge exposure and may also help you find customers who really want to buy your property and are ready to extend a generous offer. Some local newspapers also place advertisements on their websites, so be on the lookout for such options. When customers decide to pay you a visit, make sure your house is in a good condition and there are no shortcomings that you haven’t mentioned in your ad.  

Keep in mind the features and qualities you would look in a house if you had to buy a new one. Prepare your home accordingly and make it presentable to a wide range of customers. If possible, do list down some extra features in your ad that would make your home stand out from the rest. Writing effective and easy-to-understand advertisements can help find reliable and munificent buyers. They can also help find customers quickly, which in the absence of a Realtor is something difficult to achieve.   

You need to be aware of the Fair Housing laws to avoid discrimination based on gender, race, religion and disability. Moreover, the sales contract has to be prepared by an attorney, so search for a competent lawyer beforehand. This helps simplify the process and also guarantees a smooth course of action till the final paperwork. Last but not the least; choose your buyer after careful investigation. Don’t trust everyone blindly and research on your potential buyer’s credit score and whether their case has been approved for a mortgage before signing the contract.     

These steps can help you sell your home valuably without having to pay a real estate agent. 

Knowing what a Realtor does for you when you decide to sell your home is important to find an agent who is the most suitable, competent and experienced for this job. Effective marketing can help find potential buyers in no time and this job can very well be handled by your real estate agent. As a result of this promotion, home buyers get in touch with your Realtor to learn more about the property and for negotiating the sale. Your real estate agent will also help you price the property correctly after conducting market analysis from various sources and finding comparable homes. However, you need to know that working with a Realtor can be quite costly.

Real estate agents help homeowners to sell their homes profitably and in return they ask for a commission. You can save this amount by working without a Realtor but this is not recommended for first-time home sellers. However, you also need to be careful in choosing your agent and avoid mistakes like working with someone who says yes to your selling price or the one who asks for a low fee. Competent real estate agents give you sincere advice and they work for deep-rooted companies. So you can be assured of their credibility.    

Some Realtors offer to work for both the sellers and the buyers. However, it’s better to work with someone who is more focused. Agents for the sellers are known as listing agents. To choose the best listing agent you should be prepared to ask questions regarding their suggested price. Proper pricing is undoubtedly the most important step in getting generous offers, so don’t neglect this step whether you are working with or without a Realtor. If your agent suggests the highest possible price, chances are you won’t get any offers at all in the first 30 days following your listing.

It’s a good idea to hire a real estate agent for selling your home if the property is located in a remote area. An experienced Realtor will find and bring potential buyers to the place and have your house inspected. Because effective marketing is the basis of home selling, you should find a listing agent who is a competent marketer. Licensed Realtors have access to Multiple Listing Service or MLS where your ad gets noticed by many other real estate agents. A good listing agent is the one who has contacts and can give your home maximum exposure through network marketing.      

Finding a listing agent who is familiar with your area, has excellent communication and negotiation skills, knows how to market a property effectively, and has acquired various certifications can help locate potential buyers quickly and without much effort. However, experienced and skilled real estate agents are quite expensive. Some people may not need the assistance of an agent if they are already familiar with the procedure of selling a home. However, it is advisable to work with a Realtor to set a realistic price and to find reliable buyers in no time at all.  

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You will come across many things when buying your first home that will have you scratching your head. Finding the value of your home before you buy shouldn’t be one of those things. Unfortunately, for many buyers this is one of the most difficult things to come across. There are many reasons for this not the least of which is that there really are not set values for a home.

The value of a home is something that can fluctuate from day to day, person to person, and situation to situation. Most people find that the actual appraisal value of their home for the purpose of a mortgage does not reveal the same numbers that are assigned to the value of the property for the purpose of property taxes.

With such wide discrepancies in value, how can you know if you are bidding too little or too much on any given property? Ultimately, the house is worth what you would be able to sell it for if you needed to get out from under the note suddenly. You need to be able to get at least a general idea of the actual worth of the home you are considering before you can place a realistic bid on the house.

Realtors

This is where it pays to have a working relationship with a great Realtor. While it is very unlikely that the Realtor can tell you exactly what a house is worth, he or she can pull comparisons -otherwise known as comps - of similar sized and aged homes in the area. This will give you a good general idea of how much the house is worth and you can use other factors such as condition, upgrades, etc. compared to the other homes to determine whether you feel comfortable offering more or less on the house you are considering.

Appraisers

You can have an appraisal made. It is important to remember that appraisals are generally made so that the banks are confident lending the money so that you can make the purchase. In other words, they are not always the most reliable source for obtaining the actual market value of your home. They are not going to be significantly higher than the actual value of the home in general. There are occasions though when you are purchasing the home for an incredibly low bargain rate that the appraisal will reveal a lower market value for the home than you expect. If this happens, make sure you keep other resources in mind before you decide to pass on the house as a result.

There is also the option to have an independent appraisal made. This will not be at the behest of the bank and may give you are more unbiased value. The problem with an independent appraisal is that it can be quite costly. However, if you are preparing to make improvements to the home or feel as though you need an absolute value this is a way to get an honest estimate for the home’s value.

Internet Resources

There are websites that will compare your home to others that have recently sold in your neighborhood and give an estimated market value for your home as well. One of the best in the business for delivering accurate results is the free estimator at Homegain. These websites use a number of formulas to determine this market value and are fairly accurate, all things considered.

The drawbacks to these types of services is that markets trend up and down quite regularly making the data a little bit dated in some cases. Another drawback is that these websites are limited in the areas they service to larger cities and may not work in the city you are buying a home just yet.

It always comes down to the value you place on a home more than anything else. Chances are that if you really want a particular home you will do everything in your power in order to make that home work for you -as long as you can get the financing you need to buy the home. If you are purchasing a foreclosure they will rarely be sold for more than their current market value unless you live in an artificially inflated market or are facing tremendous competition for limited housing options. Be sure you always check your estimates against the numbers at Homegain  though before you decide a home is or is not worth the investment.

Working with a Realtor can be intimidating if you’ve never purchased a home before. It is important to have a qualified Realtor as he or she has vital experience taking the steps and making the contacts that the average home buyer is never likely to have.

You need to know how to work with your Realtor in order to make the relationship a mutually beneficial relationship and to save yourself a few headaches throughout the home buying process. When you make the things below a priority you will enjoy a much more pleasant overall home buying experience.

Establish a Budget

You need to know how much house you can afford. This step goes beyond simply getting preapproval for your home loan but extends to establishing a monthly budget that you are comfortable spending month after month. There are more expenses that go into purchasing a home than principle and interest.

Some of the additional expenses you need to include in your budgeting include private mortgage insurance -unless you have a significant down payment, home owner’s insurance, property taxes, and money set aside to cover emergency repairs that are often needed as well as improvements you’d like to make to the home you purchase.

Your budget needs to also allow a little breathing room when considering other expenses such as medical insurance, auto insurance, automobile payments, groceries, and utilities.

You will also want to include additional utilities in your budgeting that you may not pay when rental. Common utility expense that are covered in rent are water, gas, sewage services, and garbage collection. Be sure that you plan for these or you may find yourself in over your head all too soon.

Know What You Want in a House

When you are working with a Realtor it is a good idea to remember that there time is valuable, as is your own. Know what you want before bringing them into the picture. In addition to a firm budget you need to know what features are absolutely necessary for you and your family as well as those you’d like.

If you are upfront about the non-negotiable things as well as the features that have a little wiggle room you will save yourself and your Realtor a good deal of time looking at houses that will not work for you and your family. There are many things in life that you can be extremely flexible with, your home needs to be a place where you and your family are comfortable and content.

Stick to Your Guns

An honest Realtor will tell you up front if you are going to have difficulty meeting all your wants and needs in your price range. It is one thing for a Realtor to be honest about what is available in the area and trying to convince you that you want something else in order to sell a difficult piece of property. It helps if you educate yourself to some degree about the local market before deciding to buy a home so that you are aware of the price ranges in the area you wish to buy your home.

If you know that you will not be content without two bathrooms and three bedrooms there is no reason at all to look at homes that offer less than either. Be firm when discussing these things with your Realtor and make sure that he or she understands that a two car garage is preferable but not required and that two bathrooms is not up for debate.

Find an excellent Realtor to help you with your home search today by logging on to HomeGain.com. You will find excellent resources for buying your property as well as a listing of qualified Realtors ready to help you find the home your family has been dreaming of in your area today when you visit HomeGain.com.

A short sale happens when a property is sold and the lender agrees to accept a discounted payoff, meaning the lender will release the lien that is secured to the property upon receipt of less money than is actually owed.

Many home buyers think there was no way they could stop their home from becoming a short sale. However, there are many steps to prevent this result.

First of all, buyers have to understand his loan fully, and what it requires to get into it and to manage it.  A mortgage broker is only as reliable as the information given to him or her - wrong information can only bring about disaster!

Once into the loan, it is up to the buyer to make normal payments and to understand when the loan would adjust to the newer and higher rate.  Generally, the home buyer has two years before this happens, more than ample time to change his lifestyle to being an owner of property, and this usually involves a sacrifice.  Home buyers give up many dinners out and buying that shiny new car!  Look at the cars in the driveways of the nicer homes on the block - most have older vehicles, not new ones. This is part of the sacrifice to owning a home.

Two years is available to learn how to manage finances and set up a liveable budget with careful analysis.  It doesn’t take a Master’s degree to know you can only spend what you make and to remember that the government collects a part of it.

Six months before the loan readjusts to the higher rate is when the homeowner needs to evaluate if he can make it financially or not. If he cannot make it, he does NOT have to immediately sell his home, as there are a number of steps to take, contrary to popular belief.

If a senior, find out if your city/county has any special programs as far as programs that will hold penalties for non-payment of property taxes .  California has many propositions to help out Seniors and Disabled.  Over 62?  Consider a reverse mortgage through an FHA lender.

How hard is it to rent out a spare room?  Got too much junk?  That junk is costing you the ability to receive rent from another person to share housing with you.  It is doable.  Fair Housing will allow you to discriminate against a different sex in the home so long as you are willing to share the kitchen and other areas, and not just rent the room.  There are many on-line sources to do share housing, check with your church,  even people where you work.  Someone is always looking to save up by renting out a room and storing their furniture.

While you at it, start looking around for rental housing.  It will be much easier to get into an apartment if you maintain a decent credit score.  Many places will deny persons who have bankrupcy or foreclosure on their credit report. Don’t let this happen!

Consider taking an extra job to make a little more money as you wait for the sale to happen. You may only need this during the term of selling your home. You’ll get a better price for it, and it will salvage your credit since you’re avoiding a short sale.

Parents who have children still living at home, 16 years or older will benefit financially if their child can help pay their expenses, whether college or high school.  There are many jobs available that young people can learn good skills such as paper routes and childcare.  Teach your children not to be lazy, and that they will be rewarded by holding a job.

Cut back on spending and only buy the most critical items.  Buy used or second-hand instead of brand new cars, furniture and even clothes.  How badly do you need that cell phone?  You can even do without cable TV if you buy up tapes and listen to the radio.  The radio is still free!

Food prices are escalating, but many people save going to the huge discount stores.  Don’t be shy about checking out the food banks in your area.  They will fill your cupboards with peanut butter and tuna, dried goods, that will maintain nutritional standards and cut back on some expenses that will still allow you to buy the fresh fruits and veggies you pay with whatever earnings you have.

Medical care can generally be managed by going to the County Hospital.  Here you may pay a small fee for visits, but prescriptions are free!   Everyone knows that COBRA is expensive if you lose your job, and the biggest loss is not just the income, but medical benefits.  You must be sure you are covered for any and all emergencies if they occur.  Get registered, and know that during this stressful time, you have a source in case of medical needs with only paying a minimal amount.

Find a means to get exercise since it pays to be healthy at this challenging point.  And nothing is cheaper than a walk around the block but beware of shopping for exercise or recreation - there are many vendors who want your buck!  Discipline  yourself not to pick up this or that that is only a dollar or two since it all adds up!

Hopefully the house you bought is near a bus or train route, good options if the car needs repairs or tires replaced. Its much cheaper than gasoline too.

There’s generally no reason for a short sale to happen if your smart.  If you are already down to your last dime, then immediately list your property and get it sold.  The longer you wait, the further behind you will become in house payments.  Start listing early. You can be a renter again, recoup your loses, save your credit, and be a survivor.

Today’s real estate market is one of the toughest that we’ve seen in decades. At least it is for sellers. We are currently experiencing what is known as a buyer’s market. Some locations are experience less of a real estate downturn than others but the current slump does appear to be across the board. So, what can you do to make your house more attractive to buyers in the current market?

Make them an Offer they Can’t Refuse

Buyers love bonuses. Offer a nice television or a home owner’s warranty to boost the odds of a sale. Offer to pay closing costs. There are all kinds of things you can throw in to sweeten the pot and entice potential buyers to wheel and deal. Be creative and see what other sellers are offering. The one thing you want to do is offer something better than the competition is offering at the moment.

Consider an Auction

The current trend is that homes will remain on the market for at least 9 months. If you aren’t interested or can’t afford to wait that long to sell your home. You might be interested in auctioning your home. This is something you will want to carefully consider since it is a risky maneuver but if you want your house sold right now, this could very well be an option.

Price it to Sell

While some Realtors will encourage you to start high and negotiate a better price it may be better, with the market as tight as it is, to start out with a very competitive price and offer incentives (mentioned above) to buyers who make a full price offer. Whatever you do, you can’t price your house what it went for 5 years ago and expect it to sell for that price today. It isn’t going to happen when the market is saturated with homes that sellers are desperate to get out of. You need to understand the dynamics of supply and demand and not expect to make a huge profit from the deal.

Make the Package a Little More Attractive

This is a market that is filled with attractive homes in attractive neighborhoods. You need to make sure that the house you are selling can stand up to the competition. Clean out the gutters, touch up the landscaping, clean the cobwebs from the basement corners. Making small cosmetic repairs can have a huge impact on the value of your home to potential buyers. It can even change the way you view your home making it more attractive to you. Curb appeal though is an absolute necessity. No one is going to buy if you can’t entice them to take a peak inside.

While this is not by any means an ideal time to sell your home it is far from impossible to sell a home in the current market. Keep the things mentioned above in mind and have a positive attitude. You’ll be amazed how far these things will take your home when it is time to sell.

You can sell your home in any market. That is a fact that I have proven this over and over again in our slow declining market. To sell your home in any market you have to create value in the eyes of the buyer. In an up market even if you are slightly overpriced you will sell your home, because the market will come to you. In a down market, you must price your home 3-5% below the market value to create that value and overcome the buyers fears of the declining market.

Most of the time you will get more for your home if you price it right than if you over price and have to bring the price down latter, usually below where you should have started to begin with. The key is, don’t be greedy. Put yourself in the shoes of the buyer. Would you pay more for a house just because someone told you that they need that much? If you don’t let your emotions get involved with the sales price, and think logically you will sell your home quickly and many times for at or near full price.

Happy selling!

We all want to increase the value of our homes. This is especially true when we are trying to sell our homes and that value will determine how much money we are able to walk away from the closing table with. With this in mind it is important to learn which improvements will pad your pockets when all is said and done and which will leave them wanting more. So what are the things you don’t want to improve or upgrade before selling your home?

Windows

You will read a lot of conflicting information on windows when it comes to adding value to your home. The long and short of it is this. If you are going to be living in your home then by all means go for more energy efficient windows. They are likely to pay for themselves rather quickly. If your plans are to sell, new windows, even the energy efficient variety, do little to improve the monetary value of your home and are not likely to pay for themselves. It is much more cost effective to clean them up, wash them well, and perhaps add a fresh coat of paint.

Central Air Conditioning

This is a high ticket item that rarely pays for itself when you are planning to sell. It may seem like a necessary investment but the additional value it will add to your home is not worth the sizable investment. It’s a much better plan to let that sleeping dog lie and invest your money on improvements that will have a greater wow factor at closing.

High Ticket Luxury Items

Making improvements on a house you are selling is a gamble. It is absolutely necessary to remember that you do not want to price a house out of the neighborhood range with upgrades. It is better to make sure the home appears finished and polished than to spend a small fortune on upgrades that will be difficult to recover.

Buyer Specific Improvements

What this means is that some improvements are not generic or designed to appeal to a wider audience. You do not want to invest heavily in improvements that only a certain type of buyer will love. Avoid vivid colors or a very specific style of decor. This will limit your market or lower your offers by those who consider your improvements to be something that needs to be corrected.

If you have plans to remain in your home then any improvement that will improve  your personal enjoyment of your home is a good investment. If you know you won’t be living in your home very long you should carefully consider where you spend your investment dollars so that they will reap the greatest benefit. Doing this will maximize your profit while minimizing your investment.

Another important thing to remember when it comes to improving your home is that you cannot ignore maintenance. It makes no sense to replace walls or flooring if the roof leaks. Take care of the structural issues before addressing cosmetic issues or you will find yourself spending money after money repairing items that you’ve already replaced or improved.

Whether you are interested in selling your home or simply making it a more enjoyable place for you and your family there are several inexpensive fixes that can greatly improve the value of your home. One thing that is important to remember is that improvements are not an all or nothing proposition. You can make little changes that will improve the value of your home and the appearance of your home without doing a full scale remodeling project. When you want to improve the value of your home, try some of the following tips and see what a difference it makes to how much you value your home.

Add a Splash of Color

Even if you lack the time or inclination to paint every room in your house try painting one room or just an accent wall. It’s amazing how much a little touch of color can change the look for a room. Brighten a kitchen with lively yellow or spice it up with one popping red wall. Paint the cabinets if you want something different but can’t afford to purchase new cabinets or you could just paint the doors. Paint is incredibly versatile and can have a huge impact on the inside and outside of your home.

Show a Little Love to the Exterior

Curb appeal is a term that Realtors use to indicate the attraction of a home to potential buyers based on the exterior alone. Even if you aren’t interested in selling your home you need to make sure that your home looks inviting each day when you pull into the driveway. Another term that comes to mind is pride of ownership. You work hard to pay your house note, taxes, and other related expenses month after month. When you invest in keeping the exterior attractive it shows that you are proud of your home and want others to know how proud you are.

Update Switch Plates and Covers, Drawer Pulls, Knobs, and Other Hardware

This is a relatively inexpensive proposition that can make a huge difference. Switch plates have a tendency to get dingy over time and with use. Drawer pulls and knobs can also become tired and neglected. Changing these things can not only make them look cleaner but can also make the walls, cabinets, and drawers look completely different and infinitely more inviting. The goal in these updates is to improve the value of your home. Making it more inviting will greatly improve the value.

Final Notes

There are many other small things you can do that will make your home more inviting and, by default, more valuable. The trick is in finding the things that are most important to you if you plan to live in your home or potential buyers if you are putting your home on the market. Other small touches that have impact are fragrances, textures, and general repair. It doesn’t matter how attractive a home is if it smells, doesn’t feel inviting, or is falling down around you.