Saturday, July 01, 2006

Face Your Fears When Selling Your Own Home FSBO

There are advantages and disadvantages in selling your home through a real estate agent or for selling your own home yourself (fsbo). If you are going to sell your own home fsbo, then your level of success will depend you're knowledge, skills, time available and your level of motivation to see the task through.

What’s stopping you from making that important decision to sell your home yourself fsbo?

One of the most common answers is FEAR.

Fear is the greatest single barrier to success in our personnel and professional lives. The emotion of fear is intended to warn us of danger and to act as a cautionary tool.

Fear should make us stop and think before taking action. What fear shouldn’t do is dictate the course of action we take.

Communication Between The Real Estate Agent And Home Seller

It you are using a real estate agent keep those lines of communication open. Some real estate agents are not always upfront with the seller. For any number of reasons, the real estate agent may keep potential problems to his or herself. They might not communicate the concerns they have.

In this type of situation, the seller might be wrongly led to believe that the property will sell. When in reality, the seller could be waiting forever!

Both the seller and the real estate agent have a responsibility to each other, to keep the lines of communication open. If the real estate agent and the home seller stop communicating, or worse still, start verbally abusing or blaming each other – the intended house sale will be the victim.

Both the home seller and the real estate agent must stay focused on the goal – to get the best price in today’s market.

Friday, June 30, 2006

Common Real Estate Terms & Mortgage Terms Explained - Part 12

More definitions for commonly used real estate terms and mortgage terms:

Title
The actual legal document conferring ownership of a piece of real estate.

Title Company
Companies that ensure that the title to a piece of property is clear and provide title insurance.

Title Insurance
This is paid at closing and is to protect your ownership rights (title) from claims against it. Title insurance may be the responsibility of the buyer, the seller, or both, depending on where you live and what is the norm.

Waiver
A voluntary relinquishing of certain rights or claims.

Warranty
Covers either most of the house in a new home. In an older home a warranty may cover selected items such as the water heating or air conditioning/heating system. Warranties can vary widely and are optional in used homes (paid for by either the buyer or the seller).

Wraparound mortgage
A loan to a buyer for the remaining balance on a seller's first mortgage and an additional amount requested by the seller. Payments on both loans are made to the lender who holds the wraparound loan.

Zoning
Laws that govern specifically how a zoned area can be used. For example, an area may be zoned for single family residential, condominiums, commerical or retail, or a mix of two or more uses.

Zoning Variance
A one-time modification of existing zoning law.

Thursday, June 29, 2006

What's A Real Estate Agreement of Sale?

The name given to an "Agreement of Sale" contract depends on the location or jurisdiction. An "Agreement of Sale" is known by various names including: contract of purchase, purchase agreement, or sales agreement. It is a contract in which a seller agrees to sell and a buyer agrees to buy, under specific terms spelled out in writing and signed by both parties.

Wednesday, June 28, 2006

Does The Roof Color matter When Buying A House?

It sounds like a strange question, but roof color is one of the many factors worth considering when shopping for a home to buy.

Apart from the general look of the roof and how it matches with the rest of building, roof color can affect energy efficiency in a home. In colder climates, a dark colored roof can be a good option because it absorbs more heat. In temperate climates, a middle-range shade might be a better option. A light-colored roof tends to reflect the heat, so could provide energy savings in regions where air-conditioning is used throughout the year.

Tuesday, June 27, 2006

What does the term "as-is" mean?

Sometimes in a real estate transaction a property is sold "as is". This means that the seller is selling the property "as-is" with no repairs to property being required prior to sale.

However, the seller MUST disclose all known defects to the homebuyer. Selling "as-is" does NOT mean that the seller is exempt from disclosing known problems with the property. Homes sold "as is" will often attract a lower selling price because repairs are generally required to the property.

A buyer should arrange for a professional home inspection to help identify any faults or areas that are in need of work.

Monday, June 26, 2006

Where Is The Closing On A Property Transaction Done?

It is usually the job of a local title company or real estate attorney to perform the closing. The seller often selects the title company, however, this is open for negotiation.

They will have the mortgage documents at closing along with any other documents requiring signatures.

Sunday, June 25, 2006

Common Real Estate Terms & Mortgage Terms Explained - Part 11

More definitions for commonly used real estate terms and mortgage terms:

Real Estate Attorney
A lawyer who specializes in real estate transactions.

Real Estate Broker
A real estate agent who is licensed by the state to represent a buyer or seller in a real estate transaction. A real estate broker gets paid a commission. Most real estate brokers also have agents working for them.

Recording
The act of entering deed and/or mortgage information into public record with your local government jurisdiction.

Recording fee
A fee charged by real estate agents for conveying the sale of a piece of property into the public record.

Sub-Agent
A real estate agent who is working with a buyer but who represents the seller in the transaction.