When visiting an open house don't just look at the house in isolation.
Are other homes in the area presentable and are they of the standard which you want to live with?
Do neighbors take pride in their properties?
What are the neighbors like?
You might even consider introducing yourself to neighbors and ask them about the neighborhood.
A real estate office usually takes property listings and represents the seller. However, a lot of real estate agents are also happy to represent a buyer of the same property. They become what's known as a "dual agent".
The problem with a dual agent situation is the perception that neither party is truly "represented" due to the conflict of interest. Despite reassurance of indepenence, there is always that element of doubt as to whose interests the dual agent is really representing.
Some real estate agents have a policy not to work as dual agents and will only represent one client in any real estate transaction. Personally, I'd rather have a real estate agent who is representing me and me alone.
Many home sellers have high stress levels, or fail to succeed to sell their own home FSBO because they won’t, or cannot, sweat the details. It is important to see the big picture, but it is equally important to get details right.
Any expert in time management will tell you to prioritize your tasks. The best way to achieve this is to detail everything you have to do to sell your house FSBO. Write tasks down on a “TO DO” list and then prioritize them. Do the most important tasks first and the least important last.
When you use a real estate agent to market your house for sale, he or she usually hears all the comments (good and bad) about the property. The realtor will usually provide you with feedback from open house days and show throughs. When providing feedback, the realtor might "tone-down" some of the comments, so that you don't get offended by what people say.
However, when you are selling your property yourself (FSBO) , you’ll probably hear these comments first hand. Although, realize that sometimes people will have a different attitude when talking directly with the property owner. Either they’ll be more polite by not telling you what they really think about your house, or they’ll be very direct and attempt to knock the price down by criticizing the property at every opportunity.
Anyway, be prepared for people to pick holes in you home. It may not always be pleasant as to some extent they are criticizing your personality. You probably chose the décor... you planted the trees... you designed the kitchen layout etc. So when someone says “it sucks!” …that’s not very nice to hear.
Accept that you are never going to please everyone.
TO SELL YOUR HOUSE -IT TAKES ONLY ONE QUALIFIED BUYER!
By using a systematic marketing plan you should have a steady flow of potential buyers that make the negative observations of any single person look irrelevant.
If you had a property with high vacancy rates, then the first thing is to figure out why. You could start by talking with neighboring tenants, property owners and business owners to see what you can find out.
These are the sort of things you will want to clarify:
After you have determined your own personal strengths, do the same thing for the house or property you are about to buy or sell. Better still, do a SWOT analysis. Here is an example of what I mean:
Grab a sheet of paper and using a pen divide it into four. Head the top left rectangle "S" for Strengths, the top right rectangle "W" for weaknesses, the bottom left "O" for Opportunities and the bottom right rectangle "T" for Threats. SWOT stands for Strengths, Weaknesses, Opportunities and Threats.
STRENGTHS - Here are some examples of strengths you could include:
If you have decided to sell your own home FSBO then your role will be pivotal in the whole sales process. You will be chief organizer, sales person, negotiator etc. So, start by making a list of your personal strengths and weakness. You’ll then be better prepared to capitalize on your strengths and overcome your weaknesses. You might be quite surprised at what you come up with.
You might also become more aware of the areas where you may need help from others especially professionals like an accountant and real estate solicitor.
You could end up concluding that you might be better off using the services of a real estate agent. We are all different and some people are better suited to selling their own home.
The main thing is to think through the FSBO process before you decide either way.
Selling your own home FSBO is not like selling some goods at a flea market or holding a garage sale. Your home is more important than that, so the FSBO sale deserves far more attention to planning for the right outcome. Unlike a garage sale, your house will have a higher price ticket and it’s not going to sell in a few hours.
The key to selling FSBO is to be organized and to have a systematic plan for reaching your goal. One of the advantages of having a plan is that it helps you keep your eye on the ball.
It is easy to get distracted by what might be happening on the sidelines. Don’t be put off by a neighbouring property suddenly coming on the market. Be aware of what they are doing and understand their strategies and tactics (if they have any). Know their strengths and their weaknesses. Know your strengths and your weaknesses. Don’t be put off your game...just run your own race.
The key to successfully selling FSBO is to have a road map. That way you’ll know you’re doing everything you possibly can to get your house sold FSBO.
So, don’t just put an ad in the newspaper and expect to sell your house... there’s more to it than that. Have a plan, because it can be your road map to help you get were you want to go.
Having a lot of listings is often a sign of competent real estate agent, but that doesn't necessarily mean that the agent will best represent your needs.
Many real estate agents keenly boast of the number of successful transactions they've completed, or how many buyers they are currently working with, but does the agent have the time to devote to your needs? Will you be delegated to an assistant?
Working with a successful real estate agent can be extremely beneficial as long as you get the full service treatment. If the agent is working with several buyers, or has lots of listings, make sure you're comfortable with the time he or she will allocate working for you.
If on the other hand, the agent has few listings or sales, you might want to ask some questions to find out why. If the agent is new and lacks experience, then you will need to be reassured that he or she can tap into the resources and experience of others in the office.
Above all, it is really important to be comfortable with the real estate agent you are working with, and be confident of his or her ability to get the job done successfully. If you explain your requirements carefully, most real estate agents will do what it takes to achieve a satisfactory conclusion.
Get a feel for how much properties are worth by checking recent real estate sales statistics. Also search through MLS listings, real estate newspaper ads, real estate internet sites, drive around your preferred area and look for "FOR SALE" and "OPEN HOUSE" signs.
A good real estate agent will have a detailed plan and strategies to help a buyer find the right house. The real estate agent will have access to objective information about each property. He or she will also have access to professionals who can help with mortgage financing and home inspections, possibly legal matters etc. However, with that said, sometimes it is best to source your own support professionals.
Having a property foreclosured on you is not a pleasant experience for anyone to go through. Unfortunately, we live in the "real world" and foreclosures happen daily. Sometimes, it can be the unfortunate result of changed circumstances and other times it should just be put down to bad financial management.
Regardless of the reasons behind the foreclosure proceedings, finding foreclosure properties to buy can be a profitable and common ways to make a fortune in real estate. Like it or not, finding foreclosures is a way to profit from someone's misfortune and it is happening a lot.
Foreclosure (Delinquent Mortgage) is the legal process by which an owner's right to a property is terminated, usually when the borrower gets behind in payments. If the borrower fails to bring the payments up to date within a specified period, the lender (mortgagee) may begin foreclosure proceedings. A property foreclosure typically involves a forced sale of the property at public auction, with the proceeds being applied to the mortgage debt.
If you want to invest in real estate then buying a foreclosed property can be a good place to start, but you need to follow some basic rules to avoid getting your fingers burnt too. The first step is to find foreclosures and then do some homework on the foreclosed property and research the local property market too. Research can make or break the fortune to be made on a foreclosed property. The important thing is to know the true market value of the foreclosed property and NOT over bidding on the foreclosed property.
Find foreclosures and then know the value and fix up costs of the foreclosed property under the hammer and don't over bid.
Kitchens and Bathrooms
These two well used areas of the house will come under close inspection noting the condition and signs of wear and tear. The home inspection report will likely mention special features and highlight any problems like staining and rot under the counter-tops, caulking in the tub or shower area, leaking or faulty faucets, poor water pressure and cracks in floors, walls or fixtures.
Home Inspection Reports can vary in quality (thoroughness) and what is included. Although the home inspector will have a list of guidelines to follow, the report will only be as good as the person writing it. So, if the home inspector fails to notice problems they won't show on the report.
1. Doors and Windows
The home inspector should look for problems with paint or caulking, and rotted wood components (leaks). The home inspector will be able to tell how old they are and have a guess at whether they are the originals instaled when the house was built. The home inspector might randomly check that the windows and doors work.
2. Floors
The report will include details of the flooring. It may mention: the general condition, signs of uneven levels, water staining, or other damage like cracked ceramics.
3. Walls and Ceiling
The home inspector will look to see if the walls are level, check for any drywall seams or nails showing, look for cracks or loose plaster, stains, physical damage or signs of earlier repairs. The ceilings will be viewed for signs of leaks and cracks in the plaster.
The exterior walls will be checked too. The home inspector will most likely look for: bowed or leaning walls, missing mortar, loose, missing or rotten siding, deteriorating paintwork and flaking or cracking brickwork.
4. Foundations
They are integral to and building so the home inspector will check for bowing, bulging or other irregularities like cracks, flaking or damaged masonry or soft mortar. The report would usually point out any water markings and efflorescence (a white crystalline, powdery substance on the surface of concrete, brick clay tile etc).
A home inspection report will usually be very thorough and highlight features of the property as well as pointing out problems that need fixing either immediately or in the future. The home inspection may report on:
1. Soffit's and Fascia.
The home inspection report will usually state whether the soffit and fascia are wood, aluminum or plastic. The report may reveal details of any loose or missing sections, paint problems, and if there are any visible signs of rot.
2. Porches and Decking
The home inspector will usually thoroughly inspect porches and decks (including the underside) for signs of rotted wood, wood-earth contact, paint problems, cracking or flaking masonry, and report on any separation from the house.
When buying a property it is normal to arrange a home inspection. A home inspector's report can identify problems like: cracked walls, leaky walls or roofs, breach of firewalls, loose toilets, foundation problems and insect infestations. Many people negotiate repairs as part of the purchase and ask for a "walk through" before finalizing the paperwork on the real estate contract.
When selling a home it pays to fix minor problems before putting the property on the market. Major problems also need careful consideration and you will need to determine is involved in rectifying the problem(s). What will the costs be, the disruption factor and whether the problem(s) will affect the sale or the sale price.
It is usual for a property to undergo an inspection prior to sale, so be aware that problems exposed in a home inspector's report could potentially delay the sale, lose you the sale, or affect your final selling price or terms of sale.
Here are another two items that might appear on a home inspector's report:
1. Loose Toilets.
Many toilet bowls rest on a wax ring that can deteriorate over a period of time. A faulty wax ring can cause the bowl to move. Although it may not be that noticable, it could show up on a home inspector's report.
Here is how you can check for a faulty wax ring. This might sound a bit strange, but stand facing the toilet bowl with one leg on each sideof the toilet bowl. Squat down a little, and using the inside of your knees, grab the toilet bowl. Rock from side to side, and if the toilet bowl moves, it needs a new wax ring.
2. Dishwasher Drains.
The dishwasher drain may be clogged and need to be cleaned. Locate the flexible hose that drains the dishwasher into the garbage disposal and then out the sink drain. When this become clogged, water will come out of the overflow vent on top of the sink. YUK!
Some of these things are easily repaired and it is usually best to fix minor problems rather than have them show up on a home inspector's report and potentially delay, or lose you the sale, or affect the final selling price for your property.
If you are about to hire the services of a home inspector, ask about his or her qualifications and whether he or she holds Liability insurance. By this I mean - does the home inspector carry Professional Liability Insurance (Errors and Omissions Insurance)? Make sure you ask for a copy of his or her liability insurance policy. If you ever need to collect on a legal judgment, the home inspector's insurance policy could be able to pay on your claim. A home inspector without insurance my not be able to pay your claim.
A home inspector will normally thoroughly check a property for faults or urgently needed repairs.
If the house has a fireplace and chimney then this will probably be mentioned in the home inspection report. The report might highlight the need for repairs if the masonry cap is cracked or broken, or if any bricks or mortar is flaking or missing, or if the chimney is showing any signs of leaning or even collapsing.
When selling a home it pays to fix minor problems before putting the property on the market. Major problems also need careful consideration and you will need to determine is involved in rectifying the problem(s). What will the costs be, the disruption factor and whether the problem(s) will affect the sale or the sale price.
It is usual for a property to undergo an inspection prior to sale, so be aware that problems exposed in a home inspector's report could potentially delay the sale, lose you the sale, or affect your final selling price or terms of sale.
Here are three items that might appear on a home inspector's report relating to fire safety:
1. Self Closing Door Connecting The Garage.
In many countries the requlations require that a door from the garage to the house needs to have self-closing hinges to preserve the integrity of the firewall. The hinge is designed to ensure that the door will shut and latch automatically. It is true that people often wedge this door open to make it easy to get in and out of the garage, but this can be a fire hazard. Fires often start in a garage, so without a self-closing door, a fire could spread quickly into the house.
2. Breach of Firewall.
The wall between a garage and the rest of the house can be critical in slowing the spread of a fire into the main house. The door from the house to the garage should be a solid core door. This is different from internal doors in the rest of the house which could be hollow doors.
The integrity of the firewall between the garage and house can be destroyed when holes are cut in the firewall to run cables, or when a hole is cut in the solid core door to allow pets to go in and out.
3. Smoke Detectors Can Save Lives.
Have adequate smoke detectors strategically positioned throughout the house. And, check the effectiveness of smoke detectors at least twice a year. The batteries don't last forever and the smoke alarms are useless if they don't work. Most smoke alarms have a testing button so check if they are working or if the battery needs changing.
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