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Things To Consider If You Are Ever Going To Sell A Home
by Dallas Appraiser L.L.C. on 08/25/14
Title:
Things To Consider If You Are Ever Going To Sell A Home
Word Count:
687
Summary:
Considering the resell value of a house is key no matter what you do to it. In this article we'll explore a variety of things to consider on your home to better prepare you for reselling.
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Article Body:
Purchasing a home is a large investment no matter what age you are. On average people own, list and sell many houses throughout their lives and the last 50 years has seen a dramatic upswing of people moving regularly. Society has changed dramatically in the last 50 years, people work shorter periods at jobs and with the majority of women now working as well this has been one contribution to the moving craze. Due to the frequent buying and reselling of property it is important for us to consider the resell value of a house before we purchase.
If you are in the real estate market consider what it is your looking for and how long you'll be there. Your intentions for this new purchase and time frame of ownership can affect the value when it comes time to sell. If you are planning on staying a while and this area of the city is known as a 'hot' market now when you buy, the current value may be more than what it will be say 10 or 15 years from now if that area of the city is no longer a desired living area.
Regardless of your purchasing intentions, there are many factors to consider that will affect the reselling potential of your home.
1. Location. The location of your new investment does make a difference and like I stated above different areas of the city can be valued differently.
Here are a few items that will make certain areas of the city more desirable:
A. mature trees
B. wide sidewalks
C. proximity to schools
D. shopping and public transit
These simple location items will help boost the resell value quite a bit more than a house located in areas not offering similar benefits. Population, and up or downward growth trends will also help you too determine desired areas to plunk down your hard earned coin.
2. Demographics. A large portion of society is heading into retirement to live out their golden years so take note that single level houses with wide hallways and rooms large enough to accommodate wheelchairs may become more popular in certain areas, while suburbs filled with young families may put more of an emphasis on large yards and ample public green space and playground facilities. Spend some time finding out about the population before you invest there.
3. Learn the market. By staying current on what the market is desiring you'll know what to look for. Things to keep your eye on are amount of rooms in the house, energy efficient windows, number of bathrooms and their locations within the home, fireplaces, kitchen and related accessories. You might find some trends in the market and by knowing what people are looking for will help you to make the right purchasing decision in the start, which is way easier than trying to renovate down the road.
4. House Life Span. Determining the value of a home according to how old it is will be something you'll need to consult a residential building inspector about. They should be able to give you what's called an inspection report that will help you determine the value of things like the roof, driveway and heating or cooling systems. These items will have to be replaced and repaired at some point so consider that the older these items are the less value you'll have when it comes to reselling. Of course this is just as important to consider if you are in the purchasing mode because you'll need the funds to fix up these items one you take ownership and they become critical.
So whether you are buying a house for personal usage or investment put some thought and research into your investment. It can turn out to be a quicker and easier sale in the end and even turn a handsome profit many years in the future once you are ready to sell. A wise investment is one that considers your current needs while looking forward to future resell value. Quite often this will help you to continually upgrade and move you into bigger and more expensive homes each time you move or invest.
The Truth About Rent To Own
by Dallas Appraiser L.L.C. on 08/25/14
The Truth About Rent To Own
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Most of us are very familiar with the term “rent to own.” Places such as Prime Time and Rent A Center have built an empire with rent to own merchandise, although the buyer normally ends up paying double what the merchandise is actually worth. While this may be great for those who have bad credit, most of us prefer to avoid going this route. Homes are no exception, especially if you are buying a home on a rent to own basis.
Even though rent to own may be good for a short period of time, it proves to be an expensive way for someone to buy something they intend to keep. Rent to own merchandise for example, may sound quite compelling at a few dollars a week. The agreement is normally for around 15 - 20 months, which is where the company makes their money. Although you may be paying just a few dollars a week, the total amount quickly adds up to nearly twice the cost of the item.
Along with paying rent, you will also have to pay applicable sales tax as well. Like merchandise, rent to own real estate has it’s disadvantages. Even though it can be great for those with not so great credit, you will normally end up paying back a lot more than you would with a mortgage. You will still have to pay back your lender with a mortgage, although that amount will not be nearly as high as it would if you decided to get a house on a rent to own basis.
In most cases, rent to own houses are put up on the market by the owner. This way, you will deal directly with the owner. It will start out as a traditional lease, then proceed to a rent to own basis if you decide you want to keep the home. You and the owner will then work out an arrangement, which will normally be quite a few years. Some owners are very flexible and will work with you just to get the price they want for their home, while others will charge you quite a bit more, in order to make a hefty profit.
If you have bad credit and can not get approved for a mortgage, then rent to own would be your next best option. Although some do not like to do it due to the price, for many it is a better alternative than an apartment. With rent to own houses you are paying money towards the home, instead of just paying rent. In some cases this is fine, although you should make sure to double check with the owner before you agree or commit to anything. This way, you will know how much you will be paying for the home - and for how long.
The Value of Building Home Equity
by Dallas Appraiser L.L.C. on 08/25/14
Title:
The Value of Building Home Equity
Word Count:
304
Summary:
There are numerous advantages to owning a home. One of the serious advantages is the equity that is built over time. As equity builds, you create a pool of money to access in trying times.
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Article Body:
There are numerous advantages to owning a home. One of the serious advantages is the equity that is built over time. As equity builds, you create a pool of money to access in trying times.
Home Equity
Equity is simply the value of a property after all debts have been deducted. If your home appraises at $500,000 with a home loan of $250,000, you have $250,000 in equity. Whether you realize it or not, this equity can get you through hard times or provide you with a funding resource. Let us look at some examples.
Emergency
If you get through life without any family or financial emergencies, you are one lucky person. Unfortunately, most people are not so lucky. Home equity can provide a financial cushion when life gets hard. You can use it to pay medical bills, legal fees and any other expenses that arise from your particular problem. You will be extremely thankful you purchased a home if you ever run into this situation.
Education
If you have ever watched "The Simpsons," you may have seen the episode where Bart and Homer go camping. Bart tells Homer a scary story, but you only see the end of it and Homer screaming in terror. The words Bart whispers are, “and that is how much it will cost to send Maggie [baby] to college.” It is a very funny scene until you, a parent, actually investigate the cost of college tuition. Trust me, nightmares will soon follow.
Home equity can put an end to college tuition nightmares. You can borrow against the equity to pay college expenses. As with an emergency situation, home ownership will give you the ability to pay the bills.
Making the decision to buy a home can be stressful and frightening. As time passes, you will be incredibly happy you made the leap.
The Secret to Negotiations for FSBO Sellers
by Dallas Appraiser L.L.C. on 08/24/14
Title:
The Secret to Negotiations for FSBO Sellers
Word Count:
449
Summary:
When it comes to buying or selling a home, the idea of having to negotiate can be intimidating. Most of us aren't aware we have negotiating skills even though we skillfully negotiate daily. (Who walks the dog, takes the children to school, goes out to pick up lunch, prepares the report, etc., etc.?) Let's debunk some myths about negotiating, shall we?
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Article Body:
When it comes to buying or selling a home, the idea of having to negotiate can be intimidating. Most of us aren't aware we have negotiating skills even though we skillfully negotiate daily. (Who walks the dog, takes the children to school, goes out to pick up lunch, prepares the report, etc., etc.?) Let's debunk some myths about negotiating, shall we?
This Is Not Negotiable
Sellers often say to themselves, "This is the deal I'm willing to make. It's not negotiable." That's not necessarily because there is no room to negotiate. It is the simple result of anxiety about negotiating.
Take this approach and you may be chasing away otherwise good potential buyers. The buyer gets into a huff about the seller's inflexibility and everything goes down hill from there. This need not happen. Sellers should be willing to enter into reasonable negotiations and just remember that they can say "no" at any point along the way toward working out a deal. However, they need to ask themselves when each subject comes up, "Am I willing to lose this deal over this point?"
The buyer needs to have a similar mindset. When seller and buyer are thinking along the lines outlined above, and each acknowledges the possibility of working out a deal in which both buyer and seller come away feeling like winners, the stage is set for successful negotiations. It is fortunate that most folks do think along these lines.
It's also helpful that buyers and sellers are not always focused on the same things to the same degree. Price might be more important to one, and the time of the sale's completion more important to the other. Sometimes negotiations are just a matter of balancing things out.
Typical Pattern
Successful negotiations don't usually drag on for a long period of time. There's usually an offer, and a counter-offer which is accepted. Many times the first offer is actually accepted if it is the result of a conversation between buyer and seller where subtle negotiations took place. At most, successful negotiations are usually concluded with an offer, a counter offer, and a counter-counter offer. It's usually a sign that the deal is not going to work out if negotiations continue much beyond that.
There are exceptions to everything, of course, and the minuet of negotiations can go on for quite some time where two people who love to negotiate are involved. However, even in those cases, most of it tends to be verbal with the written sales contract changed very few times.
The biggest point of this article is don't get intimidated. If you stay objective, you will be able to get what you need from your home.
The Process of Conveyance with FSBO Properties
by Dallas Appraiser L.L.C. on 08/24/14
Title:
The Process of Conveyance with FSBO Properties
Word Count:
330
Summary:
If you have chosen to sell your home yourself, or purchase a home via FSBO, then conveyance is a process that you might want to educate yourself on. Conveyance is the actual process whereby a home is transferred from the old owner to the new owner. By the process of conveyance, the buyer of the home will eventually, after the contracts are complete; have clear and authentic title to the property in question.
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Article Body:
If you have chosen to sell your home yourself, or purchase a home via FSBO, then conveyance is a process that you might want to educate yourself on. Conveyance is the actual process whereby a home is transferred from the old owner to the new owner. By the process of conveyance, the buyer of the home will eventually, after the contracts are complete; have clear and authentic title to the property in question. This is a process that under normal circumstances is seen to by the involved realtors and a number of attorneys and other legal professionals, including the mortgage lender.
While the actual act of conveyance has different elements depending on the State that the property is in, the basics of the process is much the same. At this time it is usually the representatives of both the buyer, seller and mortgage company that meet to exchange the deeds to the property. Of course, in a FSBO situation, this could very well be done by the actual buyer and seller. However, the deeds to the property are only the beginning of the documentation that must be dealt with during the conveyance. Other critical matters such as title insurance, promissory notes, pro rata property taxes and any other legal or financial documents concerning the sale of the home must be dealt with by the appropriate parties.
With an FSBO sale, its a good idea to get some help in these matters if you have never dealt with them before as they have a definite bearing on the outcome of the sale. A lot of the time, the mortgage company can offer you assistance or refer you to people who can assist with the paperwork. This is especially true if you are working with a mortgage company that specializes in FSBO funding. The legal implications of errors in this process are worth the time and effort needed to ensure that every step of the process is seen to with exacting detail.
The Process of Conveyance
by Dallas Appraiser L.L.C. on 08/24/14
Title:
The Process of Conveyance
Word Count:
281
Summary:
So what is the actual process that occurs when your home sells? The act itself is known as Conveyance. This is the legal and binding transfer of property from one individual to another. The process of transfer involves a number of contracts and additional parties such as attorneys. The end goal is that the buyer receives a authentic and legitimate title to the property. This is of course assuming that the seller possesses the right to sell the property from a legal perspective.
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Article Body:
So what is the actual process that occurs when your home sells? The act itself is known as Conveyance. This is the legal and binding transfer of property from one individual to another. The process of transfer involves a number of contracts and additional parties such as attorneys. The end goal is that the buyer receives a authentic and legitimate title to the property. This is of course assuming that the seller possesses the right to sell the property from a legal perspective. Conveyance is typically comprised of two elements, the exchange of contracts and completion. There are also three distinct stages of conveyance, before contract, before completion, and after completion.
Typically the process of conveyance is different in every state, however the basics of the act are similar. Representatives of the buyer, seller and the mortgage lender meet and exchange the necessary legal papers. There is a large number of legal documents that change hands at this stage; deeds are the primary documents that are involved at this stage however this is also the time when financial documents such as promissory notes, mortgage papers, pro rata property taxes, title insurance and such are dealt with.
So much more goes on during the process of conveyance than simply signing a few papers. It is a complicated business that can have huge ramifications on the outcome of the home sale. Any last minute conditions must be dealt with before the conveyance can come to a close. If you need more info about what happens during this process, ask your Realtor or contact your lawyer, either of these people should be able to educate you a bit more on the act of conveyance.
Three Party Closings In Real Estate
by Dallas Appraiser L.L.C. on 08/22/14
Title:
Three Party Closings In Real Estate
Word Count:
418
Summary:
One of the ways to make money in real estate is to move property as quickly as possible. Jumping from one home to another often leads to a double closing situation.
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Article Body:
One of the ways to make money in real estate is to move property as quickly as possible. Jumping from one home to another often leads to a double closing situation.
Three Party Closings In Real Estate
Traditional home sales involve two parties, a buyer and seller. You may, however, run into a situation where there are actually three parties involved. This can occur when you are dealing with a real estate investor. The situation essentially involves a flip of the home by your investor. Here is a closer look.
Assume you list your home for a certain price and accept an offer from a real estate investor. The investor is not really interested in owning your property. Instead, they are looking to make a profit as quickly as possible. The are also looking to move it as soon as possible to free up cash so they can invest in other properties. If they are particularly good at their job, they will often find another party to buy the home from them while they are still in escrow with you! This is where we get the three party closing.
The specifics of how three party closings occur are highly dependent upon the situation. Regardless of how it is done, the third party purchasing the property from your buyer will often submit the funds for payment of your contract. This essentially turns the investor into a middleman who is collecting a fee and profit for doing practically nothing. That being said, you will actually do two separate escrows with two completely separate sets of documents. As the seller, you will only have to deal with your transaction.
There are definite downsides to three party closings. Obviously, the more parties involved, the more chance there is something will go wrong. Three party closings can also make lenders nervous. That being said, there is often a bigger problem.
As a seller, you want to get the top price for your home. In a three party closing, you are confronted with the fact that you did not get the best price. Moreover, you agreed to such a low price that the investor was able to flip the house immediately for a profit. This situation leads to serious sellerís remorse. If you try to pull out of the deal, you can get into litigation and so on.
As a seller, there is not much you can do about a three party closing. Just try not to get to disillusioned about the situation.
Three Deadly Mistakes Every Home Buyer Should Avoid
by Dallas Appraiser L.L.C. on 08/22/14
Title:
Three Deadly Mistakes Every Home Buyer Should Avoid
Word Count:
578
Summary:
This article explains the three mistakes home buyers should avoid.
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Article Body:
Deadly Mistake #1: Thinking you can't afford it:
Today, buying the home of your dreams is easier than ever before. Many people who thought that buying the home they wanted was simply out of their reach are now enjoying a new lifestyle in their very own new home.
Buying a home is the smartest financial decision you will ever make. In fact, most American and Canadian home owners would be financially broke at retirement if it weren't for one saving grace - the equity in their home. Furthermore, mortgage rates are more flexible today than ever and tax allowances favor home ownership.
Real estate values have always risen steadily. Of course there are peaks and valleys, but the long term the trend is a consistent increase. This means that every month when you make a mortgage payment the amount that you owe on the home goes down and the value typically increases. This owe less-worth more situation is called equity build-up and is the reason you can't afford not to buy.
Even if you have little money for a down payment or credit problems, chances are that you can still buy that new home. It just comes down to knowing the right strategies, and working with the right people.
Deadly Mistake #2: Not hiring a buyer's agent to represent you:
Buying property is a complex and stressful task. In fact, it is often the biggest single investment you will make in your lifetime. At the same time, real estate transactions have become increasingly complicated. New technology, laws, procedures and competition from other buyers require buyer agents to perform at an ever-increasing level of professionalism. For many home buyers, the process turns into a terrible, stressful ordeal. In addition, making the wrong decisions can end up costing you thousands of dollars. It does not have to be this way!
Work with a buyer's agent who has a keen understanding of the real estate business and who is on your side. Buyer's agents have a fiduciary duty to you. That means they are loyal to only you and are obligated to look out for your best interests. Buyer's agents can help you find the best home, the best lender and the best inspector. Best of all, in most cases, the buyer's agent is paid out of the seller's commission, even though he/she works for you.
Trying to buy a home without an agent at all is, well... unthinkable.
Deadly Mistake #3: Getting a cheap inspection:
Buying a home is probably the most expensive purchase you will ever make. This is no time to shop for a cheap inspection. The cost of a home inspection is very small relative to the home being inspected. The additional cost of hiring a certified inspector is almost insignificant. As a home buyer, you have recently been crunching the numbers, negotiating offers, adding up closing costs, shopping for mortgages and trying to get the best deals. Do not stop now. Do not let your real estate agent, a patty-cake inspector or anyone else talk you into skimping here.
NACHI front-ends its membership requirements. NACHI turns down more than 1/2 the inspectors who want to join because they can't fulfill the membership requirements.
NACHI certified inspectors perform the best inspections by far. NACHI certified inspectors earn their fees many times over. They do more, they deserve more, and yes they generally charge a little more. Do yourself a favor...and pay a little more for the quality inspection you deserve.
Three Ways To Purchase Property
by Dallas Appraiser L.L.C. on 08/22/14
Title:
Three Ways To Purchase Property
Word Count:
704
Summary:
Ready to get into real estate but wondering how you'll purchase property? There are dozens of ways. Here are three to get you started.
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Article Body:
You can purchase property for cash, of course, and if you have it, this can be the best way to get a great price. What if you don't have the cash? Here are some of you other options.
Partner To Purchase Property
Join the local real estate investing group in your town. Then start taking notes, names, and numbers. Our group here in Tucson meets once a month. The best part of the meeting is the "I have / I want" part, where anyone can stand up and tell the rest what they are looking for, or what they have to sell. I have a list of people now that are looking for everything from mobile home parks to fixer-upper homes.
How do you use this information to purchase property? Here is one of several ways: Make an offer on a property, and include in the offer the right to assign to someone else or bring in a partner. Call the people on your list until you find one that will put up the down payment or arrange financing as a partner.
I announced that I had some money at one meeting, and three days later got a call from a couple that had the financing and down payment on a project arranged, but needed a partner to bring in the money to rehab the property. If the deal is good, you can find the money. If you don't have a real estate investors group nearby? Start one.
The Two-Note Technique
This creative way to purchase property sounds more complex than it is. You make an offer for, let's say, $360,000 on a rental property, when the seller is asking only $350,000. Why, if the seller is asking $355,000 and probably only expects to get $340,000, do you offer more than the asking price? Because the seller will be financing the whole deal, and he needs cash, so you'll be selling one of the loan notes. Let me explain.
You offer two mortgage notes, one for $300,000, and the other for $60,000. The payments on the first might be around $2,000, and $400 per month on the second. You'll have total payments of $2,400 per month (Be sure you still have cash flow). As part of the offer, you arranged for the sale of the second note at closing for $45,000. That's all a note investor is likely to pay for an "unseasoned note". The seller gets $45,000 in cash, and payments of $2,000 every month for 30 years. The note investor gets your other payment of $400/month.
The numbers will be all different in every deal of this sort. Maybe you have some cash. Maybe the seller needs more cash, so the second note will have to be for a higher amount. Interest rates, balloons, and your credit rating all affect what a note buyer will pay for the note too. The point is that you can create cash out of seller financing, meaning you can purchase property with nothing down, or with less down.
No-Doc Loans
These loans used to be harder to find, and may still be in your area, but they're everywhere around here right now. The idea is that you don't need documentation of a job or even income, hence the name "no-doc." The bank loans based on your credit score and the property. I can get 95% financing on a $300,000 house without any job or income right now.
The catch, apart from needing either great credit or a larger down payment, is that the interest rate will be higher. Now, suppose you find a $100,000 fixer-upper and can put the $5,000 down payment and the repairs on your credit cards. In this case, the few thousand in interest over the six months you own the house isn't much if you intend to make a $25,000 profit.
On the other hand, the higher interest will really add up if you are going to live in the house for 30 years. At the moment, the banks around here seem to want about 2% more for these loans than for conventional mortgage loans, and that is a lot of extra interest over the years. Bottom line? No one way is right in all cases. That's why you need to know many ways to purchase property.
Ten Tips For Selling Your House
by Dallas Appraiser L.L.C. on 08/21/14
Title:
Ten Tips For Selling Your House
Word Count:
427
Summary:
You know you should clean up the house when you are trying to sell it. What else can you do to get it sold fast, and at a higher price?
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Article Body:
One of the biggest mistakes people make when selling a house, is not understanding real estate value. It doesn't matter at all what you think your home is worth. The value of your home, and any improvements you made, is determined by buyers. What you enjoyed about your house is irrelevant when it's time to sell it. Think in terms of what other people want, and use some of the following tips.
House Selling Tips
1. Know your market. Find out what other similar houses have sold for, and have those examples ready to show potential buyers.
2. Decide on your minimum price - the price below which you will just not move. Don't tell your agent what this minimum is, but work with any buyers who make an offer above it.
3. Clean the most visible things first. Buy a new mailbox, perhaps. If buyers fall in love with the house before they even enter it, they'll forgive a lot of problems.
4. Clean up the neighborhood. If there's a neighbor who's yard is a mess, give their kids $10 to pick up the yard. Spend another $20 to put flowers in any common-areas, and buyers will have a better first impression of the neighborhood.
5. If you or your agent aren't getting many calls, find out why. Is more advertising necessary, or is the price too high? Drop it fast, if price is the problem.
6. Listen to comments of prospects. They will be more objective than you. If you hear several times that the kitchen is dark, get out the white paint.
7. Find out what the average sales time is in your area. If your house is taking longer than average to sell, there is a problem. Usually it's price.
8. Be sure to ask your real estate agent what they plan to do - before you sign a listing agreement. Write down what he says, and hold him to his promises.
9. If there are any known problems, such as an old roof, get an estimate for repairs. The sellers may want a $7,000 allowance for a new roof - until you show them your $4,000 estimate.
10. Do any improvements that can realistically get you at least a two-to-one return on investment. If $300 to seal the driveway is likely to add $600 to the sales price of the home, do it. Consider first those things that are most visible.
There are dozens of things you can do to sell your house faster, and get a better price. If you don't have time to do them all, start with the ones that will get the most "bang for your buck."
