Before You Sell, Let Your Realtor Help You to Prepare
When preparing to sell a home, you may be dealing with a lot of mixed feelings — for example, letting go of all the memories in the old house, yet looking forward to new and exciting adventures in a new one. It also is a very hectic time, especially if you moving out of the area. There will be the going-away parties with neighbors and at work, ensuring you have changed your address with everyone, and coordinating the sale of your home with the purchase of your new one.
Your realtor(s), both for selling the old home and for buying the new one, can be of great assistance to you in coordinating these transactions and avoiding the domino effect of the closing, moving and closing dates. Your realtor gets everyone to commit to a window of dates and also to stick to them. The realtor will get all agreements in writing and can place financial penalties on any party who fails to comply.
Curb Appeal
Your realtor is used to viewing home and property from the potential buyers perspective. He/she can be essential in assisting you to prepare your home with a strong curb appeal. It is important for your property to be visually appealing in order to attract more potential buyers and garnering a quicker sale.
The realtor will look at the exterior, which should be well maintained with trimmed trees and shrubs, nothing sitting around to detract from the property’s appeal, foundations without cracks, and well maintained and cleaned window casings, gutters, chimney, shutters, siding, doors and moldings. Anything that needs painting should be painted. If you are not sure, ask your realtor. Ensure the garage door always is closed when not in use.
Another area your realtor will review is the interior, where there are plenty of improvement areas that do not cost a lot to do but make a world of difference in buying appeal. Clean all the windows inside and out with no streaks. Make sure floors, tiles, tubs, showers and faucets sparkle. The same for kitchen appliances, especially ranges, ovens, refrigerator and freezer — inside and out. Give the carpets a good cleaning, even if you recently did this. Ensure there are clean filters in the heating and air conditioner. Repair squeaky floors and oil squeaky doors. Ensure the faucets do not drip. Your realtor will advise you of many other inexpensive things that will add buyer appeal to your home.
Once your home is ready to show, your realtor will provide invaluable services to you. He/she will establish a fair asking price for your home, based on the location, economic conditions, supply-demand of the local market, seasonal influences, school availability in the area, the average home prices in the neighborhood, and the extra features and amenities of your home.
Next, your realtor will promote, advertise and market your home at no cost to you, using resources not available to homeowners who prefer to self-sell their homes.
Your realtor will schedule all showing appointments, negotiating times that are convenient for you without losing the potential buyers. The realtor will qualify interested buyers, weeding out those who cannot qualify for a mortgage; and then help you negotiate a sale price with the buyer.
Another service of your realtor is referrals for insurance, inspections, legal counsel and financing. Your realtor may even be able to refer you to a lender for a bridge loan, if you are forced to purchase a new home before you have sold your current one. A bridge loan helps, when you are forced to carry mortgages on two homes simultaneously over a short duration.
Rely on your realtor when selling your home. Experience in the industry gives the realtor a unique perspective that can only assist in a good sale for your home.
For more San Diego Realtor information visit www.twtrealestate.com
Finding a good Real Estate Attorney
Any real estate course or seminar
is not a substitute for a good attorney. Finding a high-quality real estate
attorney might be quite difficult, since most attorneys are not themselves investors
or very familiar with new creative transactions. Most attorneys would give you
just necessary advice to keep them from getting sued up, but do not give enough
advice for you to make more money out of any real estate deal.
A good real estate attorney is one
who actually advises you of the risks suggested by alternative ways of doing
a transaction and also to charges a reasonable fee for doing so. A bad real
estate attorney will either says nothing or points out problems without giving
solutions or will systematically kills deals. That is why attorneys are normally
referred to as "deal killers".
Ask other investors in your local area
who are using an attorney. You may also join a home real estate investors association
and then ask for few referrals. Ask your local real estate agents and title
companies for further referrals. Do not open up the Yellow Pages and pick up
someone who simply CLAIMS to be a real estate attorney expert.
When interviewing a real estate potential
attorney, ask the following questions:
* Does he own rental property?
* How many closings he does per year?
* What kind of unusual transactions have he done of late?
* Has he done any evictions? Foreclosures? Zoning board appeals? Or any Condo
conversions?
* Can he explain to you the following concepts: lease/option, wraparound mortgage,
installment land contract?
Get a feel for the good experience
and personality of the attorney. A good attorney on your side is worth his weight
in gold, particularly if he is capable to do creative closings.
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How to Locate Wholesale Properties
Wholesaling generally refers to the process of buying a
property for below market price, and then selling it to
another investor, usually without fixing up the property
it’s a procedure also sometimes described as "flipping
properties".
Buying and selling wholesale real estate property can be
difficult and challenging as sellers are instinctively
inclined to sell their property for more if they realize you
are a wholesale investor.
Whereas the deal itself can sometimes be difficult, finding
properties to resell at a profit is relatively easy if you
know where to look. Many people who sell properties at
wholesale prices are what might be called motivated sellers
- those who are desperately trying to sell for a compelling
reason. These reasons can include foreclosure, relocation or
personal or health issues.
There are several methods of finding suitable properties
that can potentially be wholesaled. Some of the best
wholesale deals can be obtained from a county or city that
has taken over a property, often for failure to pay taxes a
procedure known in the industry as "landbanking".
Concentrate on looking for foreclosures. Apart from lists
provided by banks and other lenders, you can also locate
foreclosures by reading the notices issued by the city or
county and posted in the legal sections of business journals
and local newspapers.
Some properties are available to purchase when the city or
county has "red-tagged" them, meaning that the house is
unfit for human habitation because of a safety or health
issue.
Look for newspaper advertisements that state that the
advertiser buys properties. "We buy Houses" is often a
giveaway. These are usually ads that have been placed by
fellow investors and there is nothing to stop you calling
them and asking for their list of properties.
Networking is important when it comes to locating and buying
wholesale properties. If local realtors are aware that you
are interested in potential wholesale deals, you will find
it a lot easier to find properties. A good network of useful
contacts is invaluable and one of the best things you can
have in real estate. Make sure you always follow up with
your contacts rather than waiting for them to call you back.
And sometimes the simple approach is effective - many
successful investors advise that you can do worse than
simply drive around respectable neighborhoods and look for
slightly run down houses that are for sale.
Many people who are trying to locate wholesale properties
make the understandable mistake of concentrating on the
cheapest properties in their area. In fact, a profit can be
made from wholesaling more expensive homes as there are
usually homeowners who are desperate to sell their more
expensive home, too.
Wholesaling has been around for a while, but in recent years
it has become more widespread and acceptable and contrary to
what some people believe, it is perfectly legal. And with
the right knowledge, foresight and connections it can be a
profitable venture.
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