Buying and Selling Real Estate in Boca Raton FL

Tips For Preparing To Move

Thu, 17 May 2012 23:05:04 +0000

Packing Tips To Help You Prepare to Move

Relocating is never a fun prospect. For instance, if you're moving from Denver, Colorado to Boulder, having to pack and unpack for such a short move can be a real hassle. However, having a Boulder moving company or Denver moving company do all the packing can be an expense you don't want to have to bear. That's where doing your own packing can save you a lot of time and headaches.

Being effective at packing will aid the process immensely. Here are 10 great tips to help:

1) Make sure you have the right kinds of packing materials. While it would appear that peanuts would be the packing material of choice, that isn't always the case. With glassware, you want either sheets of paper or foam. With sheets of glass and good furniture, cloth blankets work best and with almost everything else, use peanuts

2) When it comes to packing boxes, do not pack them too tightly. Having a box packed to the point where there is no shift room means that any impacts get transmitted directly to what is in it. That means if you've got a valuable vase or other glass item in a tightly packed box, it will break.

3) Evaluate the cost benefit of replacing some things instead of moving. For instance, daily dishware that usually winds up being replaced every couple of years anyway may not be worth putting forth the effort to pack. Not only does that take time and effort, it may actually save you money to go to a dollar store and purchase new plates and glasses when you finish your move instead of spending the "money" in packing materials and labor.

4) If it will disassemble and is worth keeping, disassemble it before moving. Not only will it pack better, but you'll have less chances of breaking something. Most things that are designed to be disassembled, like bookshelves and other prefab units aren't designed to be moved once put together and can usually break fairly easily.

5) Using milk crate boxes from the grocery store can make for the best moving boxes. They're designed to be stacked, they hold a lot of stuff, yet are easily carried even when full.

These are just a very few tips that makes packing a lot easier and moving a lot more manageable. There are tons more tips out there, and incorporating those into your move can make the difference between working at it too hard and becoming frustrated, or actually having a pretty fun time doing so.

Natural Stone Flooring

Thu, 17 May 2012 23:05:04 +0000

Natural Stone Flooring

Whether it is remodeling an existing home decor or furnishing a completely new home, whatever you do, you need to ensure sustenance of long lasting finish to every aspect of your home. It is an investment of a lifetime and if you plan to design it for generations to come you must make sure that you use state-of-the-art materials with excellent shelf-life. Flooring is one such aspect of home improvement that needs to be given a lot of significance since it is that part of the house that faces a lot of foot traffic along with other things that needs moving around. Flooring issues, if neglected, may cost a lot in the form of undue damages and expensive repairs. It is thus imperative to choose a type of flooring that can sustain all the rough-usage and yet look elegant and posh for years to come. This can be attained by the use of natural stone flooring.

Natural stone flooring is not new a concept to floorings of homes and places of business or even places of worship. The practice of using natural stone flooring traces many centuries back, only now technologies used to carve and polish these stones have evolved. Scientists have strived to come up with inexpensive versions of fake stone tiles but to no avail. Natural stone still constitutes the exquisite floors of some modern decor’s enhancing the overall interiors manifold. Amongst the natural stone floorings the ones that are much common are marble, granite, slate, limestone and travertine. Travertine and limestone are examples of sedimentary stone, granite is an example of igneous stone and slate and marble like stones fall into the metamorphic stone category.

Granite is a commonly used rather expensive form of flooring natural stone tile that is consists of quartz, orthoclase or microcline and mica that are also used in monuments and possess sovereign handsomeness and glamour. Similarly, marble and slate floor tiles trace back to the ages of palaces and castles that were endowed with the glorious polished surfaces of these exquisite pieces of rock. They get better with age if correctly maintained. There are a range of marble stones in breathtaking colors and textures. It has varied uses other than those in flooring as well. Marble used sculptures are also ravishingly beautiful. These natural stone floor tiles are best for homes that are situated in places featuring a tropical climate, since they tend to stay low in temperature and improve the interior temperature as well.

Unlike other flooring tiles maintenance of natural stone tiles are comparatively easier and there are not many factors that might possibly cause any form of deformity except for certain chemicals. Stains are also easily removed from these floors with the use of the appropriate solvents.

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Relocation

Thu, 17 May 2012 23:05:04 +0000

The very thought of relocation brings in a lot of stress for many. Some people even try to sell their valuable possessions at a low price to reduce the relocation burden. Then there are those, who suffer the loss of breakage to their valued possessions while relocating to the new residential address. Now, this is where, professional Moving Services providers come into the scene and make things easier and simpler for those moving to a new place in Boca Raton ,Delray Beach,Highland Beach Florida.

Sprinkler Systems

Thu, 17 May 2012 23:05:04 +0000

According to experts, a healthy garden can considerably increase the value of your property. And even if you are not value concerned, it gives the house a good impression and feel. So taking care of your garden can be a very rewarding task.

This of course can involve the laborious and tiring task watering your greens on a regular basis. Aside from being time consuming, they can also lead to muscle pains.

But this does not mean that you should just forget about the idea of good gardening. By installing a sprinkling irrigation system, you can maintain a lush and healthy garden without the associated time and effort.

Different kinds and uses
If you have decided to install sprinklers, you may also want to know the different kinds and types of them. This will help you choose the right kind that caters to the special needs of your garden.

HomeOwners Associations

Thu, 17 May 2012 23:05:04 +0000

HomeOwners Associations

A homeowners' association (abbrev. HOA) is an organization created by a real estate developer for the purpose of developing, managing and selling a development of homes. It allows the developer to exit financial and legal responsibility of the community, typically by transferring ownership of the association to the homeowners after selling off a predetermined number of lots. It allows the municipality to increase its tax base, but reduce the amount of services it would ordinarily have to provide to non-homeowner association developments.

Most homeowner associations are incorporated, and are subject to state statutes that govern non profit organizations and homeowner associations. State oversight of homeowner associations is minimal, and mainly takes the form of laws, which are inconsistent from state to state. Some states, such as Florida and California, have a large body of homeowner association law, and some states, such as Massachusetts, have virtually no homeowner association law.

The fastest growing form of housing in the United States today is common-interest developments (CIDs), a category that includes planned unit developments of single family homes, condominiums, and cooperative apartments. Since 1964, homeowner associations have become increasingly common in the USA.

Location Location

Thu, 17 May 2012 23:05:04 +0000

In Residential Real Estate: It’s Still Location, Location, Location

Remember this: land is the element of real estate that appreciates. Man-made structures begin depreciating from the day they are constructed.
Think schools first.
Schools are often the first consideration for first time home buyers and renters – at least 80% to 90% of the time in our experience. These folks are most likely your biggest target market in your exit strategy for the investment properties you acquire.
Contact the main office of the district(s) serving the neighborhoods you’re interested in. Check the standardized test scores for the district. Obviously, the higher the better as an indicator of how well the district is perceived to be doing. You may be able to find the scores on line too.
Study kindergarten – sixth grade enrollment statistics (also available from the school district). Try to go back as far as ten years. You’re looking for growth in elementary school enrollment. Lots of growth equals desirable neighborhood.
Stay close to home.
Many books and courses advise you to purchase investment property located within a thirty mile radius of your personal residence. I say that’s still too far. Shoot for twenty miles, preferably fifteen.
Here’s what happens with too much distance between you and your investment. It will suffer from your neglect. An extra fifteen miles and minutes is enough to keep you away when an on site visit might really help.
Analyze the neighborhood.
Profitable neighborhoods have a common characteristic; people who can qualify for bank financing (now or in the near future) want to live there.
Ideally you’re looking for entry level to lower mid-range housing, 15 – 50 years old. It’s OK if the area is a little blighted as long as things are on the upturn. Look for visible signs of redevelopment.
Get acquainted with a competent real estate agent that does a lot of business in the neighborhood you’re investigating. Have him or her search the local Multiple Listing Service database and pull up “active listings, pending sales, and sold comps” for the area. If you plan to flip you want an active market – one, it makes it easier to estimate a final retail value for the properties you’re considering buying and two it shows that there are active buyers in the market now. Even if you plan to rent you still want to own in a location that is in demand.
Here are some things your real estate agent can help you sniff out.
• Look for closed sales transactions. There should be a healthy number. A lot of active listings and few closed sales is not a good omen for you.
• At least 70% – 80% of the closed sales should be to owner occupants – not investors buying rental units.
• The majority of buyers are purchasing with conventional bank financing, not various forms of owner financing and other creative methods.
At any rate, stay away from “war zones” with large tracts of run down, vacant houses, high crime rates, etc. These areas can be tempting because people do live there (generally renting) and the ratio of rental income to property values provides the landlord with a much nicer “spread” than is achievable in nicer areas. Some investors literally make a fortune in these neighborhoods. However, it’s probably the toughest segment of the business to operate in. And, alas, 90% of us cannot pull it off.
And now a few last thoughts about the layout and placement of the lot. If any of the following are present, we suggest you pass and move on to the next candidate. These kinds of functional negatives are either impossible or just too hard to overcome and in anything less than a red hot market they will significantly lengthen or kill your exit strategies for the property.
• The lot sits on a hill of any kind.
• The driveway or yard slopes toward the house.
• The lot is located in a flood plain, a valley or sits lower than the properties around it.
• The lot is close to a large stream or drainage ditch.
• The lot is on or backs to a busy or noisy high traffic, street.
• The lot adjoins commercial property or is in a commercial area where traffic, noise, lights, etc. might interfere with quiet enjoyment of a residential property.
• Any land that you know has formerly housed a manufacturer, dry cleaner, gas station or landfill.

The MLS System

Thu, 17 May 2012 23:05:04 +0000

The MLS System

When you’re looking for a Realtor® to list your property in Boca Raton,Delray Beach or Highland Beach, ask if the company subscribes to the MLS.

MLS, or Multiple Listing Service, allows your Realtor® to market your property to agents representing buyers locally, across the country and even around the world.

Depending on the MLS region, your property will be exposed to hundreds of member Realtors®.Your Realtor® wants to sell your home. With MLS it’s possible to expand the marketing of your home beyond direct selling to local buyers.

Information about the location, size, number of rooms, architectural style, and special features of your home are made available to other MLS subscribers. The MLS description also includes data on available financing, showing times and specific closing requirements.

MLS is regarded by many in the industry as the most dynamic and effective tool for matching buyers and sellers

Buy Real Estate

Thu, 17 May 2012 23:05:04 +0000

Over the last two years real estate prices have been collapsing at an incredible rate. As many struggle to maintain their credit ratings and work to climb out from underneath the high amounts of debt that they have accumulated as a result of taking second mortgages, home equity loans, sub prime mortgages as well other forms of debt. Now with mortgage rates at some of the lowest levels in history many are wondering if now is the time to go back into real estate. The real estate markets trade in one of four cycles which include: expansion, equilibrium, decline, and absorption. At present the markets are switching from a cycle of decline to one of absorption fueled in part by historically low mortgage rates, favorable FHA financing terms and many long term investors seeking great long term investment opportunities that have presented themselves.

As far as the residential real estate market is concerned, many of the once hot housing markets are down significantly from where prices were in 2006. For first time homebuyers, this along with favorable mortgage rates and refinancing is leading to absorption of some of the unsold homes at very favorable mortgage loan rates. Over the long term those who are purchasing in these markets will see significant price increases once the market conditions return to normal. Especially when you consider the fact that real estate prices have averaged to about 8.6% a year since the end of World War II. In the medium term the incentives from Washington which includes: an $8,000.00 credit for first time homebuyer and the efforts to remove those bad credit mortgages off the books of many of the financial institutions should lead to a stabilization in mortgage rates and an increase in the overall amount of lending that will be taking place by the various financial institutions. While this is encouraging there have been historical examples of when this massive type of action by the government action has lead to a bottoming in real estate prices some good examples of this include: 1933. During the very depths of the Great Depression real estate prices were falling at an even faster levels than they are today. With the passage of the New Deal legislation it created the first ever government agency to help people be able to avoid foreclosure and stay in their homes called the Federal Housing Administration (FHA). In just a few short years the FHA would be instrumental in bringing an end to the overall real estate and mortgage mess that country was in at the time.
In spite of what many are hearing, the real estate market is starting to show signs of absorbing the excess inventory that is out there. Some of this is being fueled by low mortgage interest rates, favorable investment conditions for speculators as well as first time home buyers and the ability to refinance at some of the best loan rates in many years. While these positives will play a role in helping turn the market conditions around the fact of the matter is that it will take time for the markets to finish absorbing the excess supply to create stable conditions once again. Those who have been aggressively buying during these challenging conditions that are willing to take a long term focus will be rewarded for their patience and foresight by taking advantage of the weakness in the current market conditions while others are fearful.

Housing Market Continuing To Fall?

Thu, 17 May 2012 23:05:04 +0000

Can Housing Prices Continue To Fall?

Certain signs seem to point to a bottoming out of the real estate market

It is quite possible that we are beginning to see the bottom of the housing market. We are not at the bottom yet and we don’t expect a general rise in home prices to accelerate rapidly, but there are indicators that the slide is slowing and a bottom could be on the horizon. If this sounds a bit vague, it is because there are still other factors that could offset any gains that we may see. It’s still anyone’s guess, but word on the streets of real estate is positive..

Applications for mortgages had a healthy upswing last week, providing some hope that the trend will continue. The Fed has indicated that they will hold interest rates at current levels at least for the next couple of months. Both mortgage applications for purchases and refinances were up 6.6%, a healthy gain. However, this week saw a big drop in applications, indicating that the demand for housing is still in a upswing-downswing volatility that may still take a few months to level out into a steady more forward. .
The housing dilemma seems to be improving in California. At first it may not mean much to you if you do not live in California. However, historically, California has been considered a leading indicator of where real estate will be headed for the rest of the country. There have been increases in California housing values over the last three months at a 4% rate. In addition, the number of homes on the market there has dropped significantly. If California’s real estate trends continue to be the bellwether for the rest of the nation, then things are looking up.

There are some government initiatives in the works that are designed to help low to median income families purchase foreclosed homes in neighborhoods that have had a hard negative economical impact. As with most government initiatives, there is a mound of paperwork involved, which is a task put on local governments who are already struggling under the strain of the many programs that are being pushed down from Washington. However, we do hear that the process of getting people into foreclosed homes is going better than expected and we will hopefully see the benefits soon. .
The First-Time Home Buyer Program may get a boost from Congress, if things go well, that will get more folks into a home. There is a bill under consideration that will expand the credit for the purchase of a home to all home buyers, not just first-timers. In addition, Congress did approve the use of the $8,000 credit as down payment money. Mortgage companies and banks are now allowed to use this money towards the mortgage. Now, if Congress would only increase the credit to $15,000, which has been floated around, we would expect to see a dramatic rate of improvement in the housing market. At least the government is moving in the right direction in that regard, although nothing is certain yet. .
Are we truly seeing an upswing in the real estate market that can continue and bring us and the economy out of this mess? We hear from real estate pundits that some indicators of improvement are strong and certain confidence abounds, but no one is sticking his or her neck out to make a positive statement. There are too many factors of variability that defy an accurate prognostication of events to come in the US housing market. .

A key factor in sustaining any meaningful improvement in the housing market will be home buyer confidence. There are enough potential home buyers who are ready, willing, and able to buy a home, but they are holding back because of too much uncertainty in their lives. People are frozen with inaction because of the news of rising unemployment, they are concerned about their job security, and for those home buyers who have to sell a home before they can buy another, they are fretting about the ability to sell their current home. Sad thing is, these are all legitimate concerns.

As we all know, real estate is local and not all areas are experiencing the same trends. There are some cities and towns where the housing market has held steady for long periods of time. There are areas that are seeing an increase in home sales at market prices and there are also areas in which home sellers are still underwater and the situation in housing is still dire. Overall, things look like they are taking a turn for the better. But don’t uncross your fingers just yet.

Protecting Your Home

Thu, 17 May 2012 23:05:04 +0000

How To Protect Your Property
Burglars are opportunists. So being aware of how vulnerable your property may be can decrease the chances of an intruder. In the following article we will discuss how to protect your property.

First of all did you know that a third of all burglars access properties through windows. Securing these is vital. All windows should be checked, even porch or pantry windows. If a human head can fit through it, then it needs to be secure.

Securing these windows is relatively straight forward depending on the glass and frame structure. The most secure glass is laminated glass which is harder to break. However attaching a window lock has the most benefits. no.1)It enhances the strength of the lock, making it almost impossible to open without a key. no.2)The opportunist would be deterred as even if they break the glass, they still have to unlock the window.

Often the window locks come with special keys. It is often tempting to leave these keys in easy to reach places, however it is recommended to keep these out of sight. When fitting locks to PVC windows make sure that you contact the manufacturer, this may invalidate the warranty if not carried out correctly.

Doors

While a third of all burglars enter the property through the window, two thirds enter through doors. If your door does not have a window or a means of checking who is there, it could be advisable to install a door viewer. A chain can add extra security during the day, but be aware that this may be a part of an exit strategy in case of fire. While it is always a good idea to keep keys out of sight, maker sure you know exactly where they are.

Checking that the frames and doors are in good condition, can help keep out a persistent intruder. Also be aware of any vulnerable parts such as glass panels.

It is sometimes much easier to keep keys in the doors for ease of access, however to an opportunist this an open invitation to enter your property. In fact most people keep a variety of keys with their door keys such as ; office keys, garage keys and car keys. This is a prize to any intruder. Now they have access to your house, your office and car.

Security Lights – Fitting security lights that are activated by somebody walking in front your property of within a designated area, can help protect you property at night. These are often built on passive infrared technology.

Vacation – When going away on holiday there a few precautions you can take to help improve the security of your property. Making your neighbors aware that you will be away, will make sure that you have somebody keeping watch for an strange visitors.

Buying a dimmer switch is also another great idea. These can turn on or off, depending on the time you allocate on the switch. A house sitter is also a good idea. They can open and close your curtains and make the property look as though it is still occupied.

In summary, the above points are not made to cause panic or fear. The truth is these are just precautions that we can take to improve the security of our properties. With the standard of living so high, we work hard for our possessions, it is only fair that we should want to protect them.

Space Sells

Thu, 17 May 2012 23:05:04 +0000

When it comes to making your home more market-friendly, nothing can enhance the value of your property like increasing the physical space of your home. Perhaps you've been considering remodeling a room or two to open up the floor space, or you're even looking into adding on additional space to the property. Whatever you choose, be sure to keep in mind the potential ramifications of any changes you make. Making sound decisions with your property space can really enhance the value of your home.

Let us help you with any home improvement issues you may have. Call or email us and we can start planning the future of your home today!

Choosing The Right Patio Furniture

Thu, 17 May 2012 23:05:04 +0000

Choosing The Right Patio Furniture

A beautiful home is a reflection of the taste and preferences of it’s occupants. As you have considered the beauty of your indoor furniture, don’t stop there, continue your decorating themes out to your patio and backyard or deck areas too. We live in a time that designers and decorators alike are touting the benefits of taking the beauty and comfort of the indoors and carrying that right through to your patio area. So the choices you make for your patio furniture in turn have a reflection back on your indoor decorating too.

While choosing your patio furniture there are many factors to consider, including budget. Once the amount you would spend on the patio furniture has been fixed, you need to find a way to be consistent with your decorating themes and stay within that budget. Are you going to be entertaining a lot of people? If yes then maybe you look for ways to accommodate your seating needs within the budget you have set. After this comes the style of furniture that you would like and then the colors. Often times a stepping stone approach whereby you purchase as the wallet allows while building your patio furniture collection over time, but with the masterplan always in mind.

If you have a garden space in your backyard then you could set it up with some right garden furniture which would add to the beauty of your garden. Having a garden is a luxury that not many can indulge in and with the right choice of furniture you could make it a sanctuary for you to unwind and relax.

For your outdoor patio furniture choices, the old rules still apply to buy quality. Why save a buck on an inferior product just to replace it down the road when it falls apart. With this in mind, tropical hardwood patio furniture has withstood the test of time. Balau, which is a sisterwood to teak, offers a weather resistant durability while still looking very upscale and expensive. Unlike teak, balau is not on the endangered species list and thus more affordable.

When you are choosing your patio furniture you must ensure that you take into consideration the space that you need to put it in. Is the place large enough for a chaise lounge or will a rocking chair fit, or is the space small enough for just a bistro set? Is the patio shaded from the sun and protected from the rain? If that is not so then you may need to choose furniture made from materials like teak, balau or aluminum which can withstand the weather conditions. These are some of the factors you need to consider before picking out your patio furniture.

Getting A Quick Offer

Thu, 17 May 2012 23:05:04 +0000

Your Realtor® has contacted just a few days after listing you house, to tell you about an offer just brought in. You would like to take some time to think about it because you may be thinking that someone else might come up with a higher offer. Be careful!

Your Realtor® knows that most often the first offer is usually also the best offer. So if the offer is within reasonable range of asking price, and the buyer has financing available, you may be wise to take the offer.

Most buyers place a deadline on the acceptance of their offer, which may cause pressure to the seller. However, try not to let this feeling influence your decision negatively. It may still be good offer!

Trust your Realtors® experience in this area. They have experience in negotiating transactions and know that there is a period in which the buyer may get "cold feet". If they have to wait too long for a response to their offer, they have time to second-guess and may experience doubt about whether they want to take such a big step.

Of course, no one wants to rush the buyer into making a decision they may regret, however, if they have made an offer that looks good it indicates they are ready to buy. This may be the best offer the seller receives and holding out for more may end up in "souring" a good deal.

Retirees Time To Buy

Thu, 17 May 2012 23:05:04 +0000

With the emergence of innovative product perfectly suited to meet the active lifestyle demands of today's retiring generation, the current slowdown in the overall national housing market represents a real opportunity to - literally - get in on the ground floor. As the housing needs and lifestyle choices of Baby Boomers continue to evolve, the demand for this already popular format will increase. As that happens, land prices will go up on prime development plots, and the overall expense for buyers will increase. Maintenance-free, managed community living is in what might be described as Great Living in South Florida. Supply is increasing, pricing are affordable, and the rising demand has not yet outstripped market availability.

For those looking to sell a house and move into an active adult community, gym facilities and other provided amenities such as community landscaping and exterior maintenance offer carefree living and are added incentives. Particularly in the context of the current market, residents are realizing that those features are more than just a convenience; they are an asset that adds to the value and affordability of the residence.

Asset... Value... Convenience... Affordability... are all words that accurately depict the current state of residential condo/townhome community living, and reminders that 55+ homeowners should see the current real estate market not as a potential liability, but as a valuable opportunity.

Travertine Information

Thu, 17 May 2012 23:05:04 +0000

Travertine Information

Travertine is a compact variety of limestone that contains various sized holes that are formed as a result of the continual flow of water through the stone. This creates bands that streak the travertine. It is the holes that exist in the bands of travertine that create its unique qualities.

Some travertine owners like to enjoy their stone in its natural state, enjoying the rough cut lines that streak the stone. While others prefer to fill in the holes that are found in travertine with material like cement of synthetic resin.

For those who appreciate travertine in its natural state, it is important to understand the need for specialized maintenance. The holes that were created due to the water running through the travertine over time, are easy targets for dirt and grime. If left untended, this can cause discoloration to the stone, detracting from the natural elegance of the travertine.

Buying A Condo Information

Thu, 17 May 2012 23:05:04 +0000

For those who are looking for a low-maintenance lifestyle, or a place in a popular downtown area to call home, condos are a very attractive option when looking for a new home. They can offer many bonuses that you won't find with most houses - plentiful amenities, helpful maintenance, an active and close-knit community. But along with these benefits comes a different lifestyle and new things to consider before you decide to make an offer.

Rules and Guidelines - Most condo communities have a set of rules that may be casual guidelines or strictly enforced restrictions. Make sure that you get a copy of the rules and guidelines before you put in an offer for a condo. Go through each one and decide whether they will be a good fit with your lifestyle. If you are going to be constantly at odds with a community's rules, it can lead to tension between you and management, or you and your neighbors, and that can make your home seem far less comforting and inviting than it should. Know what you're getting into ahead of time.

Know the Cost - Joining a condo community brings along with it a variety of possible extra fees that you will find yourself paying. Whether they be small maintenance fees or high costs to maintain the extravagant amenities provided will depend on the community. Get a complete list of the fees that will be expected of you so that you know what to prepare for. Also try and find out if the community is planning anything that may raise costs, such as significant building improvements or upgrades.

Do Your Research - Find out as much as you can about the community and condo association that you're planning on buying into. Learn what you can about the financial status of the condo association. If they run into money trouble, the cost will be passed on to the residents. If a large amount of units have recently been vacated or foreclosed on, the remaining owners will likely see their costs increased to make up the difference. Go around, if you can, and talk to some of the residents there. See how happy they are with where they're living and how their complex is being run. Remember that when you buy a condo, you're not just buying a home, you're buying yourself into an entire community. It's important to make sure that it's a lifestyle and a community that you will feel comfortable and happy being a part of.

Owning a condo can be a wonderful choice for those who are looking for a certain lifestyle, but it's important to know ahead of time what kind of community you're buying into. Do your research and you'll have no problem finding a place where you'll love to live.

Home Staging Questions

Thu, 17 May 2012 23:05:04 +0000

Here are a few questions home sellers have when thinking about staging their homes.

1) How much does it cost? Reasonable question, as a matter of fact it's the #1 question. It's the big mystery. This is why. I wish I could say every home stager could give you a standard answer, but we can't. Every stager should be their own business entity, and provide different services. Some charge an hourly rate, by the square foot, per room, a percentage of the list price or a flat fee. As every property is different, we really need to see the home to assess it and give you a solid number. Some stagers can estimate it, but shouldn't be held to that number until the property is viewed. There are too many variables that go into it. Is is vacant? Do furniture and accessories need to be brought in? Or is it occupied, and you just need a redesign of existing furnishings? These are just a couple of examples.

2) Who pays for the staging? The 2nd most popular question. The home seller is ultimately responsible for staging services.

3) Why doesn't my Realtor pay for home staging, they are making the commission? Again, ultimately a homeowner is responsible for staging costs. Some, but not all real estate agents will pay for a Home Staging Consultation, as a value-added service, but the actual costs associated with staging (furniture rental, actual hands-on staging) is paid for by the home seller. It is not the responsiblity of a real estate agent to pay for home staging costs.

4) Can I pay at closing? This is up to the stager. Most, do not do this as we do not know if a property will be on the market for 1 day or 3 months. Again, we all do it a little differently, some ask for 1/2 upfront, and some charge a monthly fee.

5) What do you do? Again, each home stager is their own entity. Some offer redesigns only, some offer accessories only, and some offer furniture and accessories. Some don't have the inventory to do a vacant home so they will have to use a third party source, and some use their own inventory. Different services can be offered, such as paint color consultations, personal shopping, organizing, curb appeal, some recommendations on cost-effective cosmetic changes such as flooring, counters, lights, fixtures, etc. The ultimate goal is to help a seller get their home sold faster and in the most cost effective manner.

6) How long does it take? It depends on how much you want done and to what extent. It can take a few hours or a few days, or maybe longer if there are some cosmetic changes that need to be taken care of.

7) When should I have my home staged? As soon as you decide to sell. Call a professional home stager and get a Home Staging Consultation. Once necessary recommendations are completed from your stager's list, your house is ready to be listed. Don't make the mistake of putting up that "For Sale" sign in the front yard before your home is ready. The first 20 days a home is listed will be when it will get the most interest and traffic. Make sure your house is show ready.

Home Pet Maintenance

Thu, 17 May 2012 23:05:04 +0000

It’s no secret. We love dogs. In fact, according to the American Pet Products Manufacturers Association, more than 40 million American households share their lives with more than 68 million dogs.
A messy house, however, is something we don’t love. And it seems like dogs go out of their way to get dirt, hair, stains, and odors, and all manner of nasty things everywhere.
Fortunately there are a few things you can do to “dog proof” your home. You’ll learn about them below, along with some easy ways to clean up those unavoidable doggy messes.
Preventing Dog Hair
If your dog sheds, as most do, you’re probably familiar with how irritating dog hair can be. It gets all over the carpet, furniture, rugs, and pretty much everywhere else the dog goes.
You can drastically cut down on the amount of hair that is shed by grooming your dog often. Once a week, take your dog outside and give its fur a good combing with the type of brush recommended for its coat. Give him lots of praise and maybe a few treats so he’ll come to love his grooming time.
Be sure to groom him away from the house so that the hair isn’t blown back into the house.
Regular grooming will not only make your dog more attractive and happier from the extra attention, it will spare your sofa and carpet from all that extra fur.
Removing Dog Hair
Even if you regularly groom your dog, chances are some stray hairs will still end up where they aren’t wanted.
A damp cloth works wonders for removing hair from furniture and other surfaces. A lint roller is another fantastic tool for getting rid of hair. It will allow you to quickly roll up stray hairs. A lint roller is perfect for a quick furniture check before company arrives!
A powerful vacuum should have no problem pulling dog hair out of rugs and carpets.
Rugs and Mats Are Your Friends
Rubber-backed mats collect dirt and moisture and clean up easily. Use them outside and inside doors, under food dishes, and in sleeping areas. Even car mats will do.
Wipe Off Those Paws
Train your dog to wait on the rug or mat until you wipe off his paws with a damp rag or towel. This will keep him from making mud tracks all over the house.
It might take a little extra time to get him trained, but you’ll spend much more time cleaning up after him if you don’t train him to wait.
Doggie Dishes
Stainless steel feeding dishes are the best choice for your dog. They are heavy and hard to topple by your over-enthusiastic pet. Be sure to wash it regularly.
Dog Allergies
If you or a family member is allergic to dogs there are a few things you can do to make life easier.
Restrict your dog to certain rooms of your home to create allergy-free areas. Bedrooms, especially, should be a no dog zone.
Use an air purification device to reduce allergens. These are also great at reducing odors. Keep your home well ventilated as well.

Recession Tips

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A recession does not seem to be an ideal time to buy property. In fact, considering the U.S.'s Great Depression of 1929 that lasted for an entire decade, with World War II ultimately serving as an economic stimulus for the nation, it showed that recession could be a good opportunity to buy a property. While all recessions since that one have created various devastating results for the U.S. economy, they have also created prime times to purchase real estate. Here are some helpful real estate shopping tips, during a recession:
In some cases, you should quickly buy property in a recession
In various situations, you should sell your property as soon as you can. If you can use a temporary housing situation, sell your home now. If you can sell your home quickly and then purchase another one, the savings from the sale will significantly offset the loss from selling your home in a recession. If you want to upgrade to a more expensive home, you should consider doing it now. Within time, that more expensive home that you have your eye on could simply become more expensive as the recession starts to end.
1. Factor in interest rates
It is important to factor in interest rates, when doing your calculations. In particular, consider the trend in interest rates. Keep in mind that each 0.5 interest rate increase translate into your purchasing power dropping by $25,000.
2. Factor in the original cost of the house
When selling your home, do not merely factor in the selling price of your home; also consider the price that you paid to buy it. Remember that in the long-term, property values tend to increase. Thus, even when considering losses in the sale of your home, it is highly likely that you would turn a profit by selling your home during a recession-even before buying a new one!
3. Consider how demand affects the sale of your home
The primary drawback regarding the housing market in a recession (including Boca Raton/Delray Beach Real Estate), is the selling of homes. Primary supply-demand factors include fewer buyers and more available houses. Thus, you must do the math to determine precisely how much of a loss you would experience, by selling your house in a slow housing market.
4. Factor in the savings of buying a new home
In a recession, whichever percentage of loss you experience in the sale of your home, will generally apply in the purchase of a new home. Thus, here is where buying a more expensive home than your current one, becomes a factor. The higher cost of the home you buy, including Boca Raton/Delray Beach Real Estate, will result in a higher profit margin.
5. Compare interest rates and purchase prices
Waiting for interest rates to further drop, could result in the perceived value of properties to drop subsequently.
Buying and selling property during a recession can be a wise decision. However, it is important to focus on your particular situation. Do the number crunching to determine if a downturn in the housing market can create an upturn in your life!

Buying A Home In 2009

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Sometimes, when looking to buy a home, it feels as though you are looking for a needle in a haystack. Often times, people do not even know what they want in a home when they go looking. This is why realtor's jobs are so stressful at times! With that said your first step would be to find a good Realtor that understands your needs, is patient, professional and willing to go the extra mile. After all, that is what their business entails.

When first thinking about the size of your home, think about the size and space you will need. What features are needed for you or you and your family to live comfortable? This is sometimes the hardest question for people to answer because their first instinct is what they want and not what they need. Once you establish what your minimums are, you can go establish what your wants are. Then, you can establish a maximum price you are willing to spend on a home. You should know what general market conditions are like and what a minimum value home will typically bring regarding space and what a maximum value home will bring regarding space. Your realtor can bring the specifics, but it is also best to be knowledgeable yourself.

When you narrow down your houses from your Realtor or internet searches, etc., you can then begin to look at them. Keep in mind; homes are being sold every day so one you look at today might be gone tomorrow. Do not get your heart set on one too quickly, or you will be very disappointed if it falls through or is taken. It is best to really evaluate all your options before selecting one specific one. There are many houses on the market, especially in this market, that are a great deal. If you are looking for a home to live in and trying to get a great deal, please note, investors are usurping these properties like there is no tomorrow. If you are looking into foreclosed home resale's, or bank owned properties, you will need to be quick to the punch. One hour they will be there, one hour they won't.

In general, make sure the structure of the home is in good condition. If you are interested in a home, you will want to get a home buyer's inspection. This saves a lot of headaches down the road. Although it costs money out of pocket on top of the purchase of the home, it will definitely be a lot less than if your roof needed to be replaced. A typical home buyer inspection costs around $300-$400 for a standard home. The rest of the home, besides structural, will be the home buyer's preference. This is where a good seller versus a bad seller plays out. If the home is esthetically pleasing and well kept, you can pretty much rest assured that this home is free of neglect. Those homes that look like they have been beaten need a closer look.

Selling Tips

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Nowadays, selling your house may seem difficult. This is especially true because of the economic crisis inflicting the country. The home values are flat and it is obvious that the real estate market trends are moving downwards. As unbelievable as it seems, there are still methods you can carry out to make this process a little easier. It only takes a little innovation and creativity on your part to be able to encourage a higher sale price for your home. The following are helpful tips that can set you and your house apart from the rest of the marketplace.

•Creativity is the key in successfully selling off your house even in a struggling real estate market. Keep in mind that there are thousand of other homes in the market out there. Even if your home is a Boca Raton real estate property which offers charming sandy beaches and is a prime location, you still need to think of a way to separate yourself from the competition.

•You must also understand the true worth of your home. Although you love your home, this does not mean you can sell it for a much higher price than what it is truly worth.

•To increase the appeal of your home, do cost-effective preparations. Make sure that everything inside your home is fixed and every room is cleaned.

•It is significant that you also determine who your potential buyers are. As soon as you resolve this issue, you and your Realtor can now establish the advertising strategy you have to work on. For example, if you have a Boca Raton or Delray Beach real estate property and decided upon targeting families who wants vacation houses, you should advertise your home with features that appeal to them.

•Traditional methodology has often recommended listing your house higher than the true rate to prepare for a lower price later on. However, this is no longer a good strategy because it can definitely discourage a future client. People have a tendency of going for a much lower price because of the economic crisis and this will be a disadvantage for you. List your house in its true worth and start the negotiations from there.

•Be confident in negotiating with the sales terms. Tell the Realtor exactly what the terms are in an authoritative manner without being demanding. In this way, the buyer will be reassured that he is really receiving a great deal.

There are still numerous ways that can help you sell off your house, these are only some of them. Price your property right and you will definitely be on your way of selling your house in a great price and a fast sale.

Home Security Lighting

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Home Security Lighting

Home Security Lighting is often overlooked as one of the most important aspects of home and house security. The major benefit that home security lighting has is that it helps to prevent and not just protect against intruders and vandals. Not only is this there this but also the advantage of protecting the homeowner against anybody who may be lurking on the property when getting to the premises at night.

The home security lighting that is used on the property can vary and when implemented should consider the neighboring property and homeowners. It is imperative that the lighting used is not too bright and does not illuminate over to other peoples boundaries causing complaints. There are on the market today many different types of security lighting available, some of the products that are available include porch lighting, halogen floodlights, infra red detection lights and motion sensor lighting.

The Patio lighting is a popular form of security lighting and is the preferred choice for many households. The basics behind the lighting is it provides a permanent source of light at very low wattage, usually the lighting is controlled with a light detector so will automatically come on and off from dawn to dusk periods. This is an essential element of the product; you can still obtain manual light switches however the automatic ones offer the protection for your property when you are away from home on business or vacations.

Another form of home security lighting that is becoming more popular with home owners are the halogen floodlights. The basis behind these is they are tripped by motion detection, for example if an intruder was in your back garden then the lighting would be activated along the boundary of your property when any movement occurred. The light levels from this form of security lighting needs to be no more than 150 watts, if the light is any brighter then this can cause blind spots from the glare of the light. These lights also use PIR sensors, these stop the lighting being tripped by animals or birds during the night. It is very important that the lighting is configured correctly and is not illuminating any of your neighbors’ gardens or homes. Usually these products will have a range of around 8 – 10 meters from the light to activation and will be triggered either by infra red motion detection or body heat sensor detection.

Pricing of these products are in today’s market are very competitive and you should be able to obtain a suitable product for reasonable prices. The PIR style lights and traditional floodlights come in at very similar price levels so you can base your decision on what best suites your needs. The highlighted security lighting products in this article are the two main security lighting options available however you can also get other forms of lighting such as garden lights which store solar powered energy. These can be used to improve the look of your garden whilst providing additional security. Plus you can also get standard porch lighting systems or path way lighting that will serve a purpose of illuminating areas of your property to prevent unwelcome visitors. The home security lighting systems can be used in tandem with other forms of security to provide a complete home security system.

Selling Tip

Thu, 17 May 2012 23:05:04 +0000

The housing market in most parts of the country is now in its second year of a deep recession. Many experts predict many months of the same. The fact that housing values continue to deflate is enough to scare most homebuyers away, but when you add the fact that home loans are even harder to get right now, the house buying process becomes an even more difficult decision. So if you have a house that is going to go up for sale or if your thinking about entering the housing market as a seller, here is a good idea to improve your kitchen and ultimately improve the marketability of your house.

When a home buyer is looking at a house the first impression is always the most lasting. Curb appeal is basically what this is called and that part of selling your house is for another day. What we want to focus on is the number two reason people buy houses; the kitchen. 8 out of 10 potential buyers who walk through a house remember what the kitchen looks like and what its benefits verses faults were. That is a surprising number because most people only remember small bits of each house that they have looked at during a house hunting session. (Factors that help this are the number of houses, the size of the house, and the different locations of the houses).

So in this slow housing market, you want to focus on something that is going to stand out in the home buyers mind; the kitchen. This leads to the question -- what is the most significant part of the kitchen? Choices include floors; appliances, lighting, but the part that stands out the most is the kitchen cabinets. It is the most dominant aspect of the kitchen, and the easiest way to create a "wow" factor. Most people will remember a kitchen cabinet; it could be because of the color or stain, the design of the cabinet, or mostly because of the clean feel that a new kitchen cabinet gives.

Tips For Selling Your Home

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Sellers must be able to attract and deal effectively with buyers in today's real estate market in order to sell their homes now. Dealing with buyer's agents is a very important step in getting the property sold. Consider the following tips when listing your home for sale. Listing the property in the MLS, pricing the property right, paying a competitive real estate commission, offering a bonus to the buyer's agent, making the property easy to show, not talking to buyers directly are the 6 tips to sell your home now.

1. Listing in the MLS - Listing the property in the Multiple Listing Service is essential in order to generate the most exposure to sell your home. Chances are the listing agent will not sell the house. The buyer's agents are the ones who will bring all potential buyers to see the property. Buyer's agents get the list of properties available for sale from the MLS. If you are not listed on the MLS you are missing out on the whole real estate market selling process.

2. Right Price - Pricing the property right is essential. If the sales price is too high the buyer's agent will not show your home. The seller and the listing agent set the price. Don't overprice the listing price and assume the buyer will make an offer for less. In most cases the property won't be shown at all if the price is too high.

3. Competitive Commission - Don't discount the commission offered to the buyer's agent. The buyer's agent won't even show your listing if you are paying a lot less than the standard commission. The seller will generate a lot of activity if the commission is higher than the standard commission. Sellers must pay a real estate commission that is competitive.

4. Bonus to Buyer's Agent - Offer a bonus to the buyer's agent. Your house will be shown first on the list if you offer a bonus to the agent who sells it. This bonus is in addition to the already establish sales commission in the MLS. The bonus is an incentive to Realtors to show and sell your house to their customers.

5. Easy to Show - The property must be easy to show at anytime. Sellers must be open and flexible with the showing times of their property. Don't require a 24 to 72 hours window for showing appointments. The average Realtor will make the appointment with only 2 or 3 hour notice. If the property is not easy to show the agent will skip it and show the next one. Consider placing a lockbox on the door so that the buyer's agent can show the house at anytime.

6. Don't talk to buyers - Sellers should not talk to the buyers directly. Also do not give buyers your business card or other contact information. If possible the seller should not be home at all when the property is being shown. The buyers will feel more comfortable and preview the property more at ease when the sellers are not there. The potential buyers won't feel like they are intruding and came at the wrong time if the seller is not home.

Selling your home in today's market is a continuing challenge. Don't try to do it yourself. Sellers must deal with buyer's agents in order to get their homes sold now. Do not underestimate the buyer agent's role in selling real estate. Buyer's agents play a crucial role in the real estate sales process.

Buy or Renovate?

Thu, 17 May 2012 23:05:04 +0000

So now you have a new addition to the family - or your present house just seems to be bulging at the seams! The question is - do we add on? Or do we move?

First, look at your neighborhood. If you overbuild - i.e. if you have the "best house in the worst neighborhood' - you will probably not recoup your renovation dollars when you sell. The type of neighborhood you live in will put a ceiling on how much future purchasers are willing to pay, no matter how lovely your home.

If the neighborhood is not an issue then next examine your tolerance for dealing with the hassle of renovating versus dealing with the process of finding a more suitable house and moving. Should you decide to add on, you would need to find out if your house can, structurally, allow you to do the renovations without spending a fortune to reinforce the existing structure before you begin adding to it.

You also need to check your zoning regulations as to the square footage that you are allowed to build on and how close to property lines you may build.

If you are unsure as to what to do, you might find the decision easier to make if you get a quote from a builder for your planned renovations and then add that figure to the price your Realtor® feels your house will sell for.

Armed with those figures go out with your Realtor® to see what you can purchase with that amount. You may find that you can afford to move into a home that provides all you want and...... The work is all done for you!

Correct Selling Price

Thu, 17 May 2012 23:05:04 +0000

Setting the Price

The price is the first thing buyers notice about your property. If you set your price too high, then the chance of alienating buyers is higher. You want your house to be taken seriously, and the asking price reflects how serious you are about selling your home.

Several factors will contribute to your final decision. First, you should compare your house to others that are in the market. If you use an agent, he/she will provide you with a CMA. The CMA will reflect the following:
*houses in your price range and area sold within the last half-year
*asking and selling prices of houses
*current inventory of houses on the market
*features of each house on the market

From the CMA, you will find out the difference between the asking price and selling price for all homes sold, the condition of the market, and other houses comparable to yours.

Also, try to find out what types of houses are selling and see if it applies to your area. Buyers follow trends, and these trends can help you set your price.

Always be realistic. And understand and set your price to reflect the current market situation.

Making The Most Of A Buyers Market

Thu, 17 May 2012 23:05:04 +0000

Make the Most of a Buyers' Market

After years of soaring price appreciation, the U.S. real estate scene has finally cooled off, making it a buyers' market again. If you are looking to buy a house, you have great advantage over home sellers because there are plenty of new and existing homes available, with each seller competing with the others for your offer. Prices in many areas of the country are lower than they have been in years and interest rates are still low based on historical standards. Yet even with all this on your side, it is possible to slip up. Here is what you need to know to make the most of this buyers' market:

Get a Great Real Estate Agent A real estate agent can be an invaluable resource in helping you find and buy the perfect house at this time. Agents work on your behalf to locate potential homes for you. While you can certainly use the newspaper and the internet to search for homes for sale, agents specialize in learning exactly what is out there at any one time and can do the searching for you. You just let your real estate agent know your criteria and she will provide you with a list of possibilities and will set up walk-throughs so you can take a look at the promising listings. Once you find the house you want, the agent can do all the bidding for you and walk you through the buying process. And best of all, a real estate agent is paid a commission out of the profits of the sale, so you don't end up paying for the services out of pocket.

Don't Wait If You Find the Right House There is a lot of hesitation in a buyers' market because buyers often get scared that prices will keep going down and they will miss out on better deals, or that they will experience negative equity. While those scenarios could happen, the truth is that it is impossible to predict whether the market will keep falling and there is even a chance that prices might start to rise before you find the "right" deal. The best plan is to aggressively search for a home and only buy one that you can truly afford, no matter what the market does. Most home prices will appreciate over the long run, so in the end a little negative equity at the beginning will not hurt you if you start out in a sensible, affordable home loan.

Use Your Negotiation Power In a buyers' market, sellers are very eager and sometimes even desperate to sell their houses. This gives you enormous bargaining power to negotiate for a really good price. This is especially effective if you have done your homework and know how similar real estate in the area is priced. You can let the seller know that you have found lower prices elsewhere and ask if they will match them. In most cases, there is plenty of wiggle room when it comes to the selling price.

Look for Real Savings, Not Gimmicks In hard times, sellers will try to offer incentives to get buyers to close the deal. New home sellers will often advertise free big screen televisions, cruises, and even new cars to those who buy their homes. Yet keep in mind that you are not in the market for these things; you are trying to buy a house. Instead of taking the "door prizes," ask the seller to take the value of those incentives off the price of the home. Or if that is not an option, make sure the bonuses are things like free upgrades or landscaping. These types of incentives actually add value to the real estate and make it a better purchase for you.

Wall Fountains

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Lighted Wall Fountains

Lighted wall fountains are becoming all the rage and it’s no wonder why. While all water fountains and water features, be they wall fountains, cast stone or slate fountains or indoor waterfalls, can liven up the drabbest interiors. It is illumination that can truly bring out their magical effects. When the sun goes down and all is dark, a wall fountain, helped by some imaginative illumination, helps bring out hidden accents in the design that may have not been visible in the daylight. The color of the polished river stones, urns, basins, and other objects and adornment that complement the fountain can be highlighted by the use of clever lighting.

Lighted Wall Fountains Bring Out Hidden Accents

Almost always, wall fountains will look better when they are illuminated. Think of the Bellagio Fountain in Las Vegas. It’s one of the most enduring and endearing symbols of the city, beside the clubs on the Strip of course! The Bellagio Fountains are beautiful by day, expansive and large scale as they are. But it’s at night, accented with spectacular illumination and complemented by music, that the sheer overwhelming beauty of the iconic fountain is made clear.

For those who wish to add such illuminated fountain magic to your home, without having to purchase the next 4 houses on the block to make room for the new fountain, lighted wall fountains provide the answer. Not to mention, you can choose your own soundtrack to accompany the sophisticated luminance of your wall fountain in the comfort of your home.

A Wall Fountain Offers Imaginative Illumination

The use of light is one of the oldest and most invisible tools that an artist can utilize. It is with skilled placement that the magic of illumination occurs successfully. The beauty of a lighted water feature can be traced to more than the positioning of bulbs. Too much light and the intricate details will wash away, not enough and the sculptural accents will be obscured by darkness. These lights have to be strategically placed for the true beauty of the fountain to shine through. For instance, imagine a fountain that shows a girl pouring a pitcher of water. The effect is beautifully enhanced when fully lit.

Consider; however, if the illumination was to include only the statue of the girl and the falling water, but exclude the point at which the water hits the base. Then you have the illusion of water falling into unseen depths. This creates a spectacular and intriguing effect. This is the power of illumination, the power to tantalize and provoke. Lighted wall fountains present countless such possibilities. Any interior designer will certainly attest to the intrinsic value of lighting in the creation of well defined interior space. With the use of some imagination, and the right amount and color of illumination, lighted wall fountains can enthrall and awe the viewer.

Selling A home In 2009

Thu, 17 May 2012 23:05:04 +0000

You wouldn't think the housing market could get any worse than it is right now, but if conventional wisdom holds true, things will get even slower between now and February. Even in a strong real estate market, wintertime is the slowest season. So, if you aren't forced to sell now due to job change, relocation or other personal circumstance, you may be thinking of waiting until next spring to put your house on the market.

Instead of complaining the fact that the market is dead right now, use the next few months to start preparing your house for sale so that, when the market does start to turn around, you can act quickly.

Traditionally, Super Bowl Sunday marks the beginning of the spring selling season in real estate, which means you've only got about three months to get your house in shape. Here are five things you can do right now to get ahead of the curve and ensure your home is ready to hit the MLS in February:

1. Cut the Clutter: If you're like most people, you've accumulated a lot of stuff over the years. Moving provides a great incentive to finally get rid of the junk you've been hoarding. Starting now will give you ample time to take that trip down memory lane as you go through old papers, letters, photographs and other mementos. If you set aside a couple hours to do this each weekend, by February you will have weeded out a lot and moving will be much less stressful.

2. Improve Curb Appeal: Your yard will still be frozen on Super Bowl Sunday, so it makes sense to get some of those outdoor chores done now, while it's still relatively mild out. Clean up the yard, edge the beds, fertilize the lawn and plant clusters of bulbs for a show of color in the spring. Make sure your front entry is as inviting as possible. Give the door and door frame a new coat of paint, polish the door knocker and make sure the house numbers, mailbox and porch lights are in a consistent style. In addition to making the house more attractive to future home buyers, you'll also impress your holiday guests.

3. Paint the Interior: Nothing will give you more bang for the home improvement buck than a fresh coat of paint. Keep your potential buyer in mind and go for a neutral palette. Using the same color family in adjoining rooms will improve the flow of the house and tie everything together. And remember, neutral does not necessarily mean white or beige. In fact, white can be quite stark and cold, while beige can be boring and blah. Go for warmer tones in the main living areas to make the rooms more inviting.

4. Donate to a Good Cause:This is the time to edit your wardrobe. Take everything out of the closet and force yourself to let go of those 80's outfits and anything else you haven't worn in a year. Be ruthless about what you get rid of. You will thank yourself when it comes time to move. This is also a great time to collect all the winter coats, boots and gloves your family has outgrown or grown tired of and donate them to the needy. Several organizations do winter coat drives for the homeless this time of year and would be thrilled to have your cast-offs.
5. Make a List of Needed Repairs: Go through your house, inside and out, and look at it objectively, as a buyer would. Write down everything that needs fixing. These are things you simply must take care of before listing your house. Otherwise, buyers will see small problems and wonder what bigger problems await them. Call a handyman and get those repairs done of by the end of January.

There will be lots more to do when your listing date gets closer, but taking care of these things now should make the whole process less stressful.

Pool Accessories

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Having a swimming pool at your own home is the unsurpassed preference of soothing. Your family and friends will have a great time and everyone will enjoy the summer a bit more. However, any pool builder will tell you that owning a swimming pool requires expected upholding, from cleaning to water testing and treating. Make persuaded you pay for pinnacle eminence swimming pool supplies so your pool is protected to swim in. You will find a broad array of swimming pool supplies at net so don’t be indecisive to look up. For those that are fluky enough to boast a pool, pool maintenance is fraction of the package. Pool maintenance is extremely important to promote cleanliness and good pool chemistry. But pool maintenance isn’t all bad. It just takes some attention to detail and some routine care to ensure a clear, clean pool.

Shield Your Swimming Pool:

Pool cover protects your swimming pool in a variety of ways, as well as your loved ones and neighbors. A swimming pool cover works to keep rubble out of your pool. An astral pool cover will help in heating the pool water with the suns heat. Additionally, a pool cover will put a stop to any unwanted visitors like animals or human sort from entering your pool and protect them from any dangers. Lastly, a pool cover works to protect your swimming pool from climatic differences such as the winter months. Maintain a chart which will allow you to maintain track of the maintenance you carry out on your pool and the levels of chemicals you put in each time, as well as the chemical readings from test performed.

When it comes to swimming pool provisions, there are many folks who routinely think of cleaning supplies. You will need to purchase cleaning supplies, to rally round keep your pool nice and clean, but there are supplementary items that you should purchase as well. Some of those items are often referred to as pool safety equipment. If you have children in your home, you are definitely advised to purchase pool safety equipment, as it can, literally, help to save the lives of your children one day. Even if you don’t have children, you should still make sure that your pool is protected with pool safety equipment because you honestly never know who may end up building their line of attack into your enclosure.

This type of cleaners is almost self-reliable. Debris, dirt and leaves are kept in a bag or cartridge that is within the robotic cleaner itself. Robotic cleaners run with 110 volts electric supply. This kind of pool cleaner is very easy to use because you do not need incorporate it with your existing filter system. You can very well use it as a secondary filter system. These may be expensive as compared to other cleaners, but it’s well worth the money.

These are the two common types of cleaners. You can choose one over the other; just make sure it benefits you the most.

Buying Your Luxury Property

Thu, 17 May 2012 23:05:04 +0000

South Florida

Buying Your Luxury Property

In buying luxury homes, you need to find and work with a real estate company and agent that specializes in luxury real estate. In choosing a company, make sure it has a global marketing reach. What should your real estate company do for you?

• Sit down and talk with you about your home requirements as well as your preferences on price, location and style.

• Search for and show you the luxury homes that best fit your requirement and taste.

• Help you to critically evaluate the viewed properties and, at your request, prepare a comparison chart on the properties.

• Handle all the details and negotiations related to buying the property.

• Prepare a purchase agreement between you and the property owner.

• Follow through until you are the legal owner of the property. That being said, you can now go out and buy.

Mistakes when selling A Home

Thu, 17 May 2012 23:05:04 +0000

Mistakes When Selling A Home

#1 House is not spotless
Ask yourself this, would you ever sell your car without washing and waxing it? Of course not. You know you will get top dollar if it is spotless and shiny! Enough said about this one.

#2 Landscaping is not in tip top shape
This is the first impression. Many buyers feel that if a home seller does not take care of the yard maintenance, what else are the neglecting?

#3 Front door and entry not freshly painted
Again, it's all about the first impression. While your real estate agent is getting the key from the lockbox, chances are that the buyer is looking around the entry. Is the door painted? Are the cobwebs overhead all cleaned and removed. This might seem like a pretty small issue but again, first impressions are important.

#4 Home is cluttered with to much furniture and "stuff".
Make sure that you go through each room and remove furniture that is not adding to the look of the room. If it is just taking up space, get rid of it! Remember, you want the rooms to look large.

#5 Hire a full time real estate agent
For many years it has been easy to sell a home. Times are now very different. Do you want an agent that is focussed on getting your home sold? I don't believe you can do this job in a quality way and do it working part-time.

#6 Hire a full service firm
Don't be fooled by the "limited service" companies that say they are full service. In real estate as in all areas of life...you get what you pay for! Now more than ever you need a full service agent that will do everything it takes to get your home sold for top dollar.

#7 Hire an agent that is good at marketing themselves
If an agent does a pretty good job of marketing themselves, chances are much better that they will do a good job of marketing your home. We have all seen the cheap, low budget postcards that agents send to your neighborhood. Is this how you want your home presented? What about the internet? Do they show up anywhere on a Google search? If they don't do you think your home will do any better?

#8 Hiring a local expert
Hiring an agent that claims they know the area better than anybody really does you no good! How can this be you might as? Knowing an area well does not help you be better at marketing. Let's face it, selling a home is more about marketing than anything else.

#9 Hiring an agent that is NOT tech savvy in terms of marketing
This is a big one! Why? Because 85% of buyers now begin their home search on the internet. As I mentioned above, selling a home is mostly about the marketing and in this day and age it is mostly about marketing online! Be aware as most agents will tell you that they will be "marketing your home online" Putting your home on their corporate website is fine, but it is just a start. Putting your listing on their personal website sounds great, that is until you realize that their website gets no real traffic. "I will put your home on 10 different websites!" Again, it sounds good, but in reality it doesn't get seen much. One sure fire way to check to see if your agent does a good job of marketing is to do some Google searches in areas they may have listings. Are you selling a luxury home in Boca Raton? Search "Boca Raton luxury homes" on Google to see if the agent shows up anywhere. If he does show up, is it his or her personal website or one of their listings. Hopefully it's the later. Remember, buyers are going to the internet to buy a home, not find a Realtor. Yet most of the websites you find on these searches are agents selling themselves...not their listings. Hire the agent that is selling his listings!

Bathroom Lighting

Thu, 17 May 2012 23:05:04 +0000

Bathroom Lighting

Do you find yourself not wanting to look at yourself in your bathroom mirror in the morning? It may simply be because you have poor lighting. Lighting naturally creates shadows and if you don’t have your lighting properly planned, you may find that your newly remodeled bathroom isn’t the happy place you thought it would be.
I’m writing this article as a result of numerous questions from my neighbor who is remodeling. Being a lighting professional, they have lots of questions for me regarding their bathroom lighting. It really seems to be a daunting task for them. In Bathroom lighting design, there are many decisions to make. From design and placement to what fixture to use to what light bulbs are best. I’d like to take you around the room to give you a rule of thumb when planning your own bathroom lighting design.
Shower Lights
Showers are a space that you no doubt need a form of recessed lighting. It’s very important to use a recessed fixture that is made for the shower and rated to work under conditions of humidity and possible contact with water. In addition you’ll want to use a light bulbs rated to use in the shower. Most products will be clearly marked as such.
Personally, we have a dimmer on our shower light. It allows for a slow wake up by anyone getting into the shower before the light of day. But it’s important to provide enough light to allow you to shave and see what you are doing.
Bathtub Lighting
Depending on the height of your bathtub and if it is separate from your shower, your lighting solutions here will be different. Let’s assume you have a separate bathtub here. If not, you won’t do anything different than what I’ve outlined above. Typically, you will be using recessed lighting above your bathtub area. It is not necessary to have water rated fixtures and light bulbs in this spot. One or maybe two recessed fixtures aimed at the outside of the tub will provide what you need. Aiming to the outside of the tub will provide light to see what you are doing yet will cut down on any glare.
Mirror and Vanity Lighting
This area might be the most crucial spot to get it “right.” Improper lighting when you are trying to apply make-up or shaving can be the pits. Lighting companies have come up with a number of functional and decorative choices for vanity/mirror lighting.
Topping and flanking your mirror with vanity strips is one way to provide light. Insure that you purchase vanity light bulbs that have a lower wattage or frosted glass so you don’t blind yourself. The mistake I’ve seen many make is that their light bulbs are too powerful and then they unscrew several of them to take the light level down. This totally defeats the purpose of having a vanity strip as it is suppose to distribute light evenly.
What we decided to use is our home is wall sconces. And now that I think about it, we used it in all three bathrooms. The master has 3 as we have a long vanity and there are holes cut in the glass where the sconces sit. The other two bathrooms have the sconces flanking the mirror. When you choose to have more than two, it’s important that the spacing be such that the light is coming from either side of each sink. Spacing here is not as critical; just insure that they are evenly spaced. Most folks tent to stand in front of the sink and you wouldn’t want to have the sconce right in front of your face! Their height should be about eye height. This will need to be adjusted slightly according to the type of sconce that you choose. Bottom line is that you don’t want to be able to see the light bulb itself when standing and looking at the sconce.
Ceiling Fixtures
If you are lucky enough to high ceilings in your bathroom, go for a small decorative fixture like a small chandelier. The rule of thumb on the size of chandelier is calculated by taking the width of the room added to the length of the room. (Or if you are installing multiple lighting fixtures, use the dimensions of the area that this fixture is meant to light.) That number should equal the diameter of the fixture. Ie. A master bath that is 15’ X 13’ would need a chandelier or decorative fixture about 28” in diameter.
Recessed Lighting
I’m all for recessed fixtures in your overall bathroom lighting design. What I don’t care for are ceilings that look like swiss cheese. After you’ve planned for all other lighting, it would be prudent to fill other lighting needs with recessed lighting. If using recessed in the toilet area, locate the can in front of the toilet and not right over. No reason to be in the spot light!
Use recessed to light dead areas or to light sitting/reading areas. Yes, some bathrooms are big enough for reading or lounging areas. Above a bench or reading area is a perfect place to insert a recessed fixture. Now, I’m going to throw this in now. My neighbor wants to put a sconce above the toilet for reading purposes. Use the same rule of thumb as mirror sconces and place the fixture at about eye level.
Night Light
Some sort of lighting that can be left on all night is not only a safety solution but will allow you to make the middle of the night trip to the bathroom without totally waking yourself up. Lots of folks use a night light and if you don’t have much space in your bathroom, this is a great solution. I love to use accent lamp lighting when there is room. A small lamp with a long life light bulb or compact fluorescent light bulb in it provides a wonderful accent light day and night. Either place on your vanity or on a small accent table.
There are numerous components to bathroom lighting design. The above should get you started in the process or at least give you the confidence that your electrician is putting junction boxes in the correct spots. One last suggestion I’ll make is to put all of your bathroom lighting on dimmers. Many of us use our bathrooms as a serene get away. To achieve this; lighting is a huge component. Having the ability to dim the lights will provide the perfect atmosphere.

Buyers Market Tips

Thu, 17 May 2012 23:05:04 +0000

Buyers Market Tips

After years of soaring price appreciation, the South Florida real estate scene has finally cooled off, making it a buyers' market again. If you are looking to buy a house, you have great advantage over home sellers because there are plenty of new and existing homes available, with each seller competing with the others for your offer. Prices in many areas of the country are lower than they have been in years and interest rates are still low based on historical standards. Yet even with all this on your side, it is possible to slip up. Here is what you need to know to make the most of this buyers' market: Get a Great Real Estate Agent A real estate agent can be an invaluable resource in helping you find and buy the perfect house at this time. Agents work on your behalf to locate potential homes for you. While you can certainly use the newspaper and the internet to search for homes for sale, agents specialize in learning exactly what is out there at any one time and can do the searching for you. You just let your real estate agent know your criteria and she will provide you with a list of possibilities and will set up walk-throughs so you can take a look at the promising listings. Once you find the house you want, the agent can do all the bidding for you and walk you through the buying process. And best of all, a real estate agent is paid a commission out of the profits of the sale, so you don't end up paying for the services out of pocket.

Don't Wait If You Find the Right House There is a lot of hesitation in a buyers' market because buyers often get scared that prices will keep going down and they will miss out on better deals, or that they will experience negative equity. While those scenarios could happen, the truth is that it is impossible to predict whether the market will keep falling and there is even a chance that prices might start to rise before you find the "right" deal. The best plan is to aggressively search for a home and only buy one that you can truly afford, no matter what the market does. Most home prices will appreciate over the long run, so in the end a little negative equity at the beginning will not hurt you if you start out in a sensible, affordable home loan.

Use Your Negotiation Power In a buyers' market, sellers are very eager and sometimes even desperate to sell their houses. This gives you enormous bargaining power to negotiate for a really good price. This is especially effective if you have done your homework and know how similar real estate in the area is priced. You can let the seller know that you have found lower prices elsewhere and ask if they will match them. In most cases, there is plenty of wiggle room when it comes to the selling price.

Look for Real Savings, Not Gimmicks In hard times, sellers will try to offer incentives to get buyers to close the deal. New home sellers will often advertise free big screen televisions, cruises, and even new cars to those who buy their homes. Yet keep in mind that you are not in the market for these things; you are trying to buy a house. Instead of taking the "door prizes," ask the seller to take the value of those incentives off the price of the home. Or if that is not an option, make sure the bonuses are things like free upgrades or landscaping. These types of incentives actually add value to the real estate and make it a better purchase for you.

Buying A Home In Boca Raton/Delray Beach

Thu, 17 May 2012 23:05:04 +0000

Are you considering buying a home in Boca Raton or Delray Beach? In wanting to buy a home , you need to look for and think about the exact location that can suit your favorite activities.

Of course, there are lots of homes in Boca Raton or Delray Beach, so you need to find a community that can go with your needs, wants and lifestyle. You have a life, you and your family, so you want to be in a neighborhood that can fit your life each day.

There are lots to consider such as the distance from work. Of course, you have to drive each day to go to work, so you need to go with a community that provides convenient transportation systems train and bus. Make sure that you go with a community that has such services.

If you have kids, there are also some factors to consider in looking for community that you can get a home with good schools. Of course, you need to check out the school systems. Definitely, you want to go with a community that provides added preschool childcare, school and university. Most important is the childcare, since you need to drops you kids just within the community in order not to be in a rush each day to drop your kids and go to work. And of course, it should be a dependable preschool daycare that can assure you that your kids will be safe and sound. You can at least do a little research in order to make sure that you'll be going with what you really need and looking for.

Aside from work and school, there are also other factors that you need to consider. You have to check out the things that can go with your lifestyle. Most of us go to the grocery stores for fruits, vegetables, meats and other stuffs, so you need to make sure that you'll gain convenience in going to grocery stores when looking for a community.

If you are the type of person who loves shopping, definitely, you want to have an easy access to department stores.

Indeed, location is very important when seeking for a home in Boca Raton or Delray Beach. So make sure to find a location that can cater to your passion, your lifestyle and of course your needs. You also have to consider what you need in a home like how many bedrooms, bathrooms and the likes.

So, it is better to sit back and list down all what you need, want and the activities that you usually do and cant live without. In this way, you can make sure that you'll be getting the right home.

Storage

Thu, 17 May 2012 23:05:04 +0000

It really seems to be a law of nature that people tend to grow out of the available storage space however much they may have available.

Buyers looking for their first home come from apartments, and often-small rental homes where their storage space was severely limited. Those looking to trade up often do so because of an increase in family size: they, too are space conscious.

Whatever the situation, the closets and storage areas of your home are sure to receive close scrutiny during a showing. Accordingly, you should do your best to see that they are kept uncluttered and don't appear too crowded.

You need to capitalize on what you have and the best way to do it is for these spaces appear to be more than you need, not less. You will likely have numerous items that you won't want to take with you when you move, so holding that planned garage sale before you list the property will help in this regard.

You may even want to find temporary space elsewhere for items you need to retain.

Tips On Staging

Thu, 17 May 2012 23:05:04 +0000

Staging a home can end up being a valuable tool in selling the house. Not only can it assist in selling a house, but it can also help the seller get top dollar.

The amount of staging needed varies wildly from a small scale de-cluttering of a home to hiring staging professionals to the tune of several thousand dollars, but the goal is the same- creating a pleasant mood by making a house appear bigger, brighter and warmer while neutralizing the area so prospective buyers can visualize how their own furniture and belongings can be incorporated into the home.

In a good or bad housing market, some studies have shown that staged homes can add between 10 and 15 percent to the sale price of many homes. Sellers who don't take the time to properly stage may end up with their house on the market for longer periods of time, and agreeing to a lower selling price to a buyer who can see the potential the home has that other viewers did not.

Though professional home stagers may be needed if a home is completely empty, the majority of staging can be accomplished by the seller. A quick visit to some newly built model homes can help a seller get an idea of how interior designers and stagers prepare a home. There's a delicate balance between keeping the home sparse enough to appear as spacious as possible, and picking the right pieces to maintain a warm and livable space.

The first impression a potential home buyer will have of a house will be of the exterior, so nice curb appeal is important. A fresh coat of paint on the front door, a nicely trimmed lawn, and fresh flowers in a garden or on the front porch are easy and effective staging techniques. A brightly colored patio set in the backyard can help the home's exterior appearance when the buyer steps out the back door.

Kitchens and bathrooms are two of the most important rooms in buyers' eyes. Kitchen counters should be clear of all small appliances and other items that tend to gather on them. When counter tops are cleared of clutter, the amount of working surface increases. A splash of color, such as a bowl of fruit is acceptable, but a refrigerator, covered in personal pictures and comic strip cutouts, is not.

Bathrooms should look as open and airy as possible, and above all clean. A new white toilet or tub, or a new set of sink faucets could be a worthy investment during the staging process. Personal toiletries, like toothbrushes, should be removed from sight, while the addition of scented soaps, lotions and clean white towels could give the room more of a spa type feeling.

For bedrooms, remove as much unnecessary furniture as possible, and keep it in the garage or in storage if need be. For smaller rooms, hang curtains high on the wall, and do not cover the actual window with them. Doing so will increase the apparent height and width of the room. Neutralize the rooms by removing all personal pictures and keeping wall colors a nice warm, clean color.

By following a few simple and effective staging guidelines, a home seller can increase his or her chance to sell the home quickly, and the time and effort will pay off by netting the highest offer as well.

Tips For Selling Your Home

Thu, 17 May 2012 23:05:04 +0000

Tips For Selling Your Home

Before you contact your real estate agent, think about making your home more ‘marketable’. Making a good first impression with your real estate agent can prove to be profitable. Get them excitied about selling a wonderful property with great potential, and they can focus all their energy on finding you a qualified buyer for your home.
Remember, you can significantly increase your home’s market value by following a few simple steps to uncover your home’s full potential. In the end, you will attract more potential homebuyers and ultimately increase the listing price of your home. These easy tips are designed to help you showcase your home’s distinct appeal.
1.Remove clutter.

ALL CLUTTER. The more you simplify each room, the better your buyer can envision their furniture and style in your home. Take your trinkets, figurines, and knick-knacks and store them in boxes.

2.Keep the décor simple.

Think of your home as a hotel. Keep the basic furniture, and add a few matching accents. Remove your individual personal style. Make your home feel clean, fresh and contemporary with a style that’s appealing to anyone.

3.You never get a second chance to make a first impression.

As this is true, make sure you home’s front entrance is immaculate. Repaint or replace the front door if necessary, polish the door’s hardware and make glass shine. Also ensure your front lawn is trimmed and the walkway is clear of snow, sand and ice.

4.Go over your home with a fine-toothed comb.

Chances are you may not notice damage or problems that a new buyer would. Be critical, and don’t give your buyer a reason to lose interest.

5.Consider renovation.

Though not a necessity, certain renovations, such as new kitchens, bathrooms and professional landscaping may reap a financial benefit that far outweighs their cost. Consult with your real estate agent before beginning any work to ensure it will be a profitable decision.

6.Freshen up.

A fresh coat of paint is often enough to update the rooms in your home. Remember to choose natural tones, as these are the most complimentary and flattering for all furniture and styles. Say good-bye to your outdated pink, lime green or tacky faux finish walls!

7.Sweat the small stuff.

Dripping faucets, loose cupboard handles, sticking windows and other minor flaws are often more visible than you think. Take the time to make these small repairs.

8.Beautify from bottom to top.

Don’t forget to organize all the junk you’ve stored in your attic over the years. Display the full value of these spaces by removing unnecessary articles and use proper storage solutions to organize what’s left.

9.Make your home inviting.

Light scented candles, check all your light bulbs and replace as necessary, and ensure your home is odour & smoke-free. Show that you care about your home’s appearance. During a showing, turn on lamps for extra lighting and shine, and open curtains and draperies to add a cheerful appeal.

10.Your home should sparkle!

Clean your house and keep it that way. Make your home ready for a showing any day of the week. Yes, people will be critical when it comes to cleanliness, so don’t disappoint in this area. Scrub your shower, clean your fridge, steam your carpets, poop & scoop and freshen that litter box!

11.Ensure all appliances are in working order.

Especially if you are selling them with the house. No one wants to pay for a dishwasher repair as soon as they move in.

12.Clean parts of your home you normally don’t pay attention to.

Dust windowsills, scrub windows inside and out, paint the eaves trough, remove scuff marks from walls, weed the cracks in your driveway…make your house immaculate inside and out.

13.Make the exterior as inviting as the interior.

Outdoors: plant flowers and shrubs, seed and water your grass, add a small patio set or some outdoor lighting, paint your mailbox. Indoors: decorate with fresh flowers, make rooms feel cozy and complete with proper drapery, rugs, books and matching accessories.

14.Pay attention to details.

Clean up cobwebs, fold towels in your linen closet to perfection, remove family photos (max. of 2 small), protect your valuables, clean your a/c ducts, and make every detail perfect. Make sure home buyers fall in love with your home by leaving no stone unturned. It’ll be worth it!

15.Make space.

Organize closets, cupboards and the garage to make them look bigger. Neat, uncluttered spaces increase the visual dimensions of the space.
Once you’re done, don’t be surprised if you love your home more than you ever have. Looks attractive, clean and stylish right? If you’re impressed, home buyers will be too!
Placing your home on the market is more than simply finding the right real estate agent and setting the right price. It’s also about presenting the most desirable product possible for potential homebuyers. With all the homes they will view, make yours the most memorable. All your efforts will increase your chances of impressing buyers and landing offers. You have a great deal of control over how your property is perceived, and there are several things you can do to prepare it for sale to maximize its value in the eyes of potential buyers. Take advantage of this and showcase your home with pride!

Current Market Conditions

Thu, 17 May 2012 23:05:04 +0000

It's a great time to buy real estate in South Florida. Four factors benefit home buyers in The Palm Beach County real estate market:

1) Low interest rates - We're seeing interest rates in the 6% range. A lot of home owners are refinancing right now. Most of what you hear about refinancing in the news right now is related to adjustable rate mortgages. But, there are also a lot of people refinancing to take advantage of the good rates. So, the rates are good news not just for home buyers, but also for current home owners.

2) Large selection of homes - Right now there are numerous active listings on the Palm Beach County MLS. It's great that we're seeing a reduction in homes for sale because that means that homes are being taken off the market - due to selling, renting them out instead of selling, or simply being withdrawn from the market. As this number gradually comes back down, we'll see more of a balance in the market - so there won't be such a strong buyers market here. The bottom line is that buyers have a lot of choices right now for homes. And, a large inventory leads to the next factor.

3) Lowest prices in years - Because there are so many homes for sale in South Florida, sellers are having to compete in order to sell. This means lower prices for buyers. You can get a lot more for your money in Boca Raton,Highland Beach,Delray Beach & Boynton Beach than you could have even a year ago.

4) Motivated sellers - Sellers are not only reducing their prices, but they're also willing to do a lot more now to get their homes sold. Of course, not all sellers are motivated. But, for the most part, sellers know that they have to be reasonable to sell their homes. Having more flexible sellers is great for buyers wanting to negotiate.

Palm Beach County's real estate market really benefits buyers, especially those looking to move up and those who don't have a current home to sell (like first-time home buyers). On the other hand, the market does not benefit buyers who are downsizing or investors who are trying to liquidate properties. These two groups of buyers should wait until the market picks back up again - hopefully that won't be too long, since we've already seen a reduction in listings in the past few months.

Buying & Selling In Todays Market

Thu, 17 May 2012 23:05:04 +0000

Today's market benefits two groups of buyers: first-time buyers, and buyers moving up. It is an excellent market to buy, especially if you don't have a current home to sell. For this reason, we're seeing a lot of first-time home buyers opting to buy instead of rent. Since these first-time buyers are not having to make contingencies to sell a home before buying another, they are able to use that negotiating power elsewhere (price, for example).

Even if you have a home to sell, it's a very good time to move up. It may take a little while to sell your current home, and you won't get for it what you would have gotten even a year ago. But, remember that you'll also be paying considerably less for the home you'll buy if you're moving up. For example, let's say your current home is worth $250,000 on today's market. If you move up and find a larger or nicer home for, say $350,000, you'll be saving a lot of money in the long run by buying now. Depending on area, you're looking at a roughly 5-8% drop in prices for the past year. That percentage difference for savings is much higher for the more expensive house - in other words, that 5-8% loss in selling your house will be more than made up in buying a more expensive house now rather than later.

Many buyers are using this opportunity to move up, since prices in the next couple of months seem to be about as low as they're going to get. We've seen a lot of past clients coming back to us to move up, as well as buyers who have been sitting the fence waiting for prices to get as low as possible. This is a great time to buy with Charleston's strong buyers' market.

In short, today's market is ideal for first-time home buyers and buyers looking to move up. On the other hand, it's not beneficial for buyers looking to downsize or liquidate assets. So, if you're considering downsizing, it would be better for you to wait until the market picks back up. Less than a year from now prices should be well on their way back up, and you should get considerably more money for your home than if you sold now.

Pre-Forclosure

Thu, 17 May 2012 23:05:04 +0000

With so much competition in the marketplace today, it's imperative that you position yourself to be as attractive as possible to a seller. The best way to do that is to obtain a pre-approval letter from your lender stating that you have been approved for a home loan. Not only will this save you time later on, but it will help you gain an advantage over other buyers as well.
Before we find the right home for you, let's make sure we cover our bases by getting you pre-approved for the loan

Technology

Thu, 17 May 2012 23:05:04 +0000

In an age of cellphones and PDAs, Americans have become dependent on our technology. In fact, a recent survey found that almost half of all homes now have a home office, with the vast majority utilizing personal computing technology.

As your real estate professionals, we rely on the Internet and other devices to get the latest market data. If you'd like, we can apply our tech-savvy to help you find your new home. Call or email us today!

Should You Buy A Home Or Wait

Thu, 17 May 2012 23:05:04 +0000

Timing is one of the biggest concerns of many prospective home buyers today. It is certainly a fact that home prices have dropped considerably in many areas around the country during the last two to three years. Yet, there are also indications that prices could continue to drop in the coming months. This has left many prospective buyers in a quandary as they wonder whether they should make their move now and buy or wait to see whether prices will drop further.

The complex real estate market which is now a reality is certainly confusing. While low interest rates, record price drops and a significant number of homes on the current market would certainly seem to indicate that now is the right time to buy, there are some buyers are still hesitant to make the move. That is certainly understandable, considering the fact that lending restrictions have tightened, foreclosures have reached an all-time high and there is still quite a bit of uncertainty regarding housing values.

Perhaps the most important guiding factor that should be taken into consideration when thinking of whether now is the right time to buy or not is whether you plan to be in the home for quite some time. There is no getting around the fact that prices could very well continue to drop. If you are thinking of purchasing a home in the current market; however, and you think you will be in the home for quite some time in the future, it might not affect you as much if prices do continue to fall in the coming months. This is because while the market is certainly gloomy at the moment, it is certainly expected to rebound in the future. This is not the first time the real estate market has experienced a slump and just as in times past, experts expect that it will eventually settle.

If you are thinking of becoming a homeowner right now; however, you do need to make sure that you are fully prepared. This means making certain that you have a sufficient down payment and your credit is strong as well. When the market was hot, these two factors would have been considered to be a bonus to lenders. That is no longer the case today; however, as lenders have found it necessary to tighten lending restrictions.

The simple fact of the matter is that mortgages are not as easy to obtain as they were even last year. Due to the fallout of the subprime market and the rising amount of debt that is spreading across the country, lenders must be more cautious. Now it is even more essential that buyers have the down payment in order to qualify for a mortgage loan.

Buyers who have the down payment available to them right now and who have found a property that interests them may very well be better off going ahead and making the decision to buy now rather than trying to wait it out. Currently, sellers are more than willing to negotiate regarding price and terms. When, and not if, the market begins to bounce back and swings more into becoming a sellers market again, the flexibility on price negotiation will probably disappear. Ultimately, if buyers think they are going to stay in a home for at least five years, they probably are not going to be at risk of losing money on their home, even if prices do drop a bit further before the market finally begins to rebound again.

Currently, not only do buyers have a tremendous amount of leverage in terms of price but there are also many other types of seller concessions that are being offered as well. One of those options is the ability to frequently negotiate regarding closing costs. In many cases, sellers today are willing to pay a portion of the buyer's closing costs if that means they can sell their home faster. This can free up more money for buyers either to put toward the costs of their down payment or save out-of-pocket cash that they can then use in settling into their new home. For first-time home buyers, this can certainly bring a lot of appeal.

Ultimately, the decision regarding whether now is the right time to buy is a personal one; however, fear that the market may drop further should not prove to be frightening enough that it deters a serious home buyer from the advantages available in the current market.

Who To Notify When Moving

Thu, 17 May 2012 23:05:04 +0000

With moving comes a great deal of hard work. Even if you hire professional movers, there are tons of tasks and chores that you need to do by yourself. One such task is notifying people, companies, and organizations about your move and change of address. Sure, there already are companies that offer this kind of service, but that would mean another bill for you to pay. Top that with your moving expenses, then your wallet is in for a beating.

Notifying people of your move is particularly easy. It is remembering who to notify, and not miss anyone, that is hard. First and most important of all on your list should be the post office. Do not forget to head there first to file a change of address form. This will redirect mails sent to your old address.

How do I notify others of my address change?

Sending emails is most probably the fastest and cheapest way to inform someone of your move, since almost everyone and their dog has an email address. But it lacks personality and seems informal in some cases. If you want to make it more personal, then send a postcard or a snail mail. This is recommended for people who do not have direct internet access.

Phone calls are also a good way to get the word out. Sending text messages may do, but people might accidentally delete your message and lose your new address. For your neighbors, drop by to say hi and let them know that you will be relocating. Also this way you can say your goodbyes. Meanwhile, giving a simple note with your new address to your co-workers will do.

To get you started, below is a helpful list of some more people to notify of your change of address. Create a personalized checklist of your own to make sure that you will not miss anyone important.

Family and friends. Your family should come first. In case you miss informing someone of your move, they will most likely ask a member of your family for your new address. Your friends will be the second choice for others to ask where you moved.

Financial companies. Make sure that your bills and statements move with you. You do not want anyone else looking at your sensitive information. This includes banks, insurance, credit card and pension companies, social security, and loan providers.

Services and utilities. Take care of your services and utilities before hand and let them know that you will not be needing their services. Ensure that they cut off your subscription on the exact day, or after, of your move. This includes water, gas, electricity, telephone, cable TV, internet service provider, and other rental equipment that you may have.

Health professionals. Arrange for the transfer of your medical records if possible. Notify your doctors, dentists, and veterinarians if applicable.

Others. Subscriptions to magazines, newspapers and video stores should be advised as well. Either cancel them or have them redirected to your new home. Do not forget to advise your memberships like health clubs, gym, spa, and other social clubs.

Granite Countertops

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Granite countertops are now the most popular choice for kitchens and bathrooms. But it wasn't always that way. Not too long ago granite was somewhat rare and expensive since it was so hard to quarry and cut. Now that effective techniques and machinery has been developed, the price of granite has come way down and the availability has skyrocketed. Today, granite is imported to the United States from quarries around the world. With over 2700 varieties of granite, there is seemingly no end to your choices for color and pattern. Advantages Of Granite Countertops Granite is nature's most perfect countertop. It's been created over millions of years and as a consequence has a hard, generally impervious surface. You can drop things on it, spill stuff on it, set hot pans and cut on granite without damaging it. Some of these activities are not recommended because in extreme circumstance you could cause damage, but the risk is low. Granite is very tough and durable. However, not all granite is created equal and many stones with similar qualities are sold as granite, but are not true geological granite. They are not "fake" granite necessarily. Scientifically speaking, they simply are not classified as granite, but in your kitchen they perform very similar to granite, so commercially they are sold as one group. But again, performance can vary with different colors or species of granite. For instance, some granite counter tops should be sealed to retard staining, but many granite varieties are naturally non-porous, nearly impossible to stain and don't need sealing at all. You can perform simple tests to determine if the granite you like is a good choice for your kitchen. Disadvantages Of Granite You will get a tiny seam where the different slabs of granite have been placed together. Most likely you will also have a break in the color and pattern due to the seam. In most cases, however, the break can be minimized with good planning by the fabricator when cutting the slab and matching similar sections during installation. Proper installation and support is paramount. Installing granite is not a do-it-yourself job. Granite is very hard and strong, but if not handled, installed or supported properly, cracks can develop. You must seal many types of granite as soon as it is installed in order to avoid staining. You will also have to reseal it on a regular basis. This is not a difficult or complicated process and it only takes a few hours. So, you must maintain the surface, but that is true with any surface. And remember.... you can test your granite samples and choose a granite that doesn't need to be sealed or one that won't need re-sealing but every 3-5 years. Tip: Go to the granite importer's warehouse with your designer or fabricator and pick out the exact slab that you want to ensure you get the color and pattern you like. Even among granites with the same color and name, from the same quarry, there are variations from slab to slab. Most people view that as a benefit since your counter top will truly be one-of-a-kind. Price Granite countertops are most commonly sold by the square foot of the slab needed to cover your entire countertop including leftover scraps. Currently the price varies, depending on the quality and supply of the granite you choose, from a low of about $25/sq ft to a high of about $125 per square foot including edge detail. Edges come in a variety of styles to match your design theme whether ornate or sleek. Some of the fancier edges are created by gluing or laminating the edge for greater thickness and then cut to style. You really can't go wrong with granite. There are other surfaces that are very good, but when comparing all the pros and cons, none are better than granite.

When Should You Purchase A Home

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Despite all of the negative news stories in the press about the housing market, it still remains true that Americans would love to own their own home. So how do you make sense of all the negativity when you are looking to purchase a home? The easy answer is to hire a Real Estate professional to assist you through the home buying process. The more difficult answer and the one to promote here, is to hire a Real Estate professional but also do everything you can to educate yourself about the home buying process.

Purchasing a home is not like buying a car or a new television. When you purchase a home, you aren't just buying a place to live, you are also making an investment into a piece of property which will hopefully bring you financial gain in the future. When you purchase a new television, you talk to one salesman, you make your decision and you buy. When you purchase a home on the other hand, you need a team of professionals that can educate you in the home buying process. This will allow you to make an informed decision about the kind of property you wish to purchase.

Many potential home buyers are scared away because they don't understand the process or because they have had a bad experience with a Realtor who was unprofessional. If you don't understand the process or if you've had a bad experience, you shouldn't shy away from the Real Estate market. Like most things in life, you will have good and bad experiences with the different people you meet but there are plenty of good Realtors who know the market and understand your concerns when purchasing a home.

A good place to start is to ask friends, family members, church members, your doctor or anyone else you might know who they used to buy their home. An expert Realtor appreciates good referrals and if someone you know had success, it might put your mind at ease. As long as you understand that buying a home is a process which takes time and education and as along as you surround yourself

Preparing A Home For Sale

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It's no surprise that a well-maintained, pleasant looking home will sell faster and at a higher price than a home that looks uncared for and run down, even though the features may be the same. So, don't consider it simply cleaning when you have homes for sale. Think of it as a marketing strategy.Before you keep your homes for sale, make sure the all the dusts are gone and that no clutter is lying about. You should also have to think about the features that will attract a buyer. Try to put yourself in the buyer's shoes and take a good look inside and out. Although this can be a bit of a challenge since you're used to seeing your own house day after day, it's important to see it through the fresh eyes of a prospective buyer.However, if you are having difficulty seeing your home impartially, consult your real living agent. He is skilled in preparing homes for sale and will be able to give you specific directions to help get you started. The outside of your home is the first thing a buyer will notice. Never underrate the significance of curb appeal.The first impression people see is your outdoor area. The lawn should be mowed and any dead trees or leaves should be removed. Nice fresh flowers and bushes add a lot to the landscape. Also if anything on the outside needs to be repaired or painted that must be done. This will guarantee a great first impression.Try to make every room look as spacious, organized, bright, warm and inviting as possible. Washing the walls and ceiling will help to give a good look to your home. If possible, paint with light, neutral colors. Repair cracks in plaster. Tighten loose doorknobs, pulls on drawers and cabinets, towel racks, switch plates and outlet covers. Fix leaky faucets and remove water or rust stains. Organize the basement and attic so that they appear as spacious and neat as possible. Organize kitchen cabinet contents and remove clutter from counter tops.The little jobs can make a person feel very busy, but completing them can show the difference in the final sale price.He can opt for the sell and rent back system if he has a financial crisis but wants to stay in his own home. He can sell the house to a company that works in purchasing houses There are several properties to rent back and many people choose this option.

Dogs Are Sweet,BUT!

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Dogs are sweet, BUT!

Your dog Muffin may be the most lovable, docile puppy in the world with you and your family. But when strangers come around he suddenly turns into "Cujo". It's his job to warn away strangers! But this can be a problem when the real estate agent is showing your house to a steady parade of strangers.

Just as you and your children have agreed to be elsewhere when your property is being shown, your dog is a member of the family too and needs to be "elsewhere". Perhaps this would be a good time to take him for a run at the beach or a nice time to visit a dog-loving friend.

Many people are frightened of dogs and will not enter the premises even if a dog is confined in the basement. One of these people could have turned out to be the buyer. Many Realtors® have concerns about entering premises where a dog has been left and rightly so! The Realtor® doesn't know the dog and vice versa.

If you must leave your dog at home during the open house, please leave signs advising that your dog is confined and where he is. Most of us love dogs and know that they can be our best friends and fiercest protector. It's just that we don't want them protecting to the point of scaring off potential buyers.

Steps When Preparing To Sell

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Steps When Preparing to Sell

Preparing yourself emotionally and psychologically for the sale of your house is a key aspect of selling. When you are selling your house it becomes a product, and now is the time to emotionally detach yourself and your family from the place you have called "home".Your goal is to ensure the prospective buyers who view the house see it as theirs. The first step is to look at you house objectively. Every house has features and benefits - start listing yours. Documenting the house's positive features helps you to get into "Sales Mode", which will enable you to remain business like throughout the selling process. Start with the selling features - are there architectural details or is there a period style that it amplifies? Have there been any recent upgrades - lighting, taps and faucets, flooring to name a few? Are there any high-end finishes like hardwood flooring, granite counter tops, or maple cabinetry? Are there any energy efficient enhancements? Consider the neighbourhood as well. Was it built by a major builder with a solid reputation? Was it built during a period when construction practices were really sound? Is it close to major amenities like shopping malls, schools, public transportation or entertainment venues? Is the neighbourhood well established and well kept? Start to highlight those particular selling features that make your property unique compared to other properties on the market. Likewise, identify less positive features about the property. Was it built during a major economic boom when houses were built very quickly? Are the finishes dated and worn? Is the layout conducive to one particular lifestyle, i.e. are there ramps or does it have only two bedrooms on the main floor? Are there significant renovations required to bring it into the 21st century? Is the yard small in proportion to the house? What condition is the roof and foundation in? Is it structurally and mechanically sound? Is it located close to a major traffic route or a new construction site? Working through this process of documenting the features -- both positive and negative -- and the benefits of the property will prepare you for four things: 1) the repairs that are required before you start showing, 2) your methods to effectively sell the property, 3) the offer, especially if it comes in low, and 4) the negotiation. The next step is to Stage the property. Staging is a process of neutralizing the house so that it appeals to the broadest buying public, no matter gender, age or decorating style. Neutralizing begins with removing personal pictures and removing your personal decorating style. This step alone helps sellers start accepting the fact that they are moving, and allows them to get excited about their next home and this new adventure. There is an abundance of television programs that highlight staging and provide wonderful ideas for preparing a house for sale. But if you struggle with how to present your house, call in a professional. Their training and experience will provide you with an objective point of view, and they will give you house-specific ideas to implement so that your house stands out from the competition. And getting buyers in to see your house is all about visual appeal - it must stand out. Selling a house can be emotionally draining, so the sooner you detach from the home and start considering it a house the easier it will be on you. Replace the sadness with excitement, and the whole experience will be a positive one.

The Secret To Selling Your Home

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The Secret to Selling Your Home

The real estate market is slow. If you want to sell in this market, you need to spice things up. One of the best ways is to do a little plastic surgery on your home. Time has a negative impact on our bodies. Hair goes gray or falls out. Thinks sag or wrinkle. Well, the same goes for your home. If you are going to sell it, you need to make an objective assessment regarding it and then do a bit of plastic surgery. First impressions. We'll skip the clichés, but they are truly important. In real estate, the first impression is known as curb appeal. Simply put, you need to have the front of your property in tip top shape. When potential buyers pull up, you want them to immediately be taken with the property. So, how do you do this? we are glad you asked. Landscaping is a wonderful thing. The return on investment is tremendous. For a relatively small amount of money, you can change the entire feel of a property. That being said, this is where you should spend some money. Have professional landscapers bid on the project and present you with ideas. You'll be shocked at how much a difference it can make. So will buyers! Oh, the weather is frightful...and it beats up the paint on your home. When performing plastic surgery, repainting the front of your home is money well spent. Don't just repaint the same colors. Consider adding highlights by painting window frames in different colors and so on. This small step can give an older home a more updated look. That can be the difference between getting an offer or not. If you see buyers walking up to your house with their heads down, there is a reason. A tip buyers are given in books is to look at the paths and driveway of a home for sale. Why? Well, most sellers don't take the time to clean up or improve them. This makes their condition a better indicator of how the home has been maintained. To counter this, you need to make sure all stains are removed and cracks repaired. Again, money well spent. There is no denying that buying a home is an emotional decision. Perform a little plastic surgery on the front of your home and the offers should roll in.

Questions For Pre-Qualifing Buyers

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Questions for Prequalifying Buyers

Every salesperson has war stories about indecisive, demanding, disloyal or financially irresponsible customers. They've learned first hand how important it is to prequalify buyers. Many Realtors sk buyers to fill out a detailed questionnaire to determine their motivation before signing a contract. Here are some of the questions asked:

1. How long have you been looking?

2. Are you working with another salesperson or broker? If so, who?

3. Do you rent or own your current home? Rent amount? Mortgage payment?

4. Must you sell your home or complete a lease period before buying? How long is the lease?

5. How soon do you need to move?

6. If we find the right property, are you prepared to make a decision now?

7. What is your price range?

8. Do you have a budget for monthly payments?

9. Has a lender prequalified you for a loan? If so, for how much?

10. What's the name of the lender that nrl'm 1::Ilifipn VnI i?

11. How much cash do you want to use for the purchase?

12. Is there a particular location you' prefer?

13. How many bedrooms do you need?

Square feet?

14. Do you have a particular style of home in mind?

15. Will anyone else be helping you make the buying decision?

16. What special requirements do you need in a property?

17. Where are you employed?

18. What times are best for you to view properties?

19. How do you like to communicate by phone, fax, mail, or e-mail?

20. What's the best time to reach you?

At what number?

How To Pack Like A Pro

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How to Pack Like a Pro

1. You can save a lot of money if you do the bulk of the packing on your own. Limit yourself to non-fragile items such as books, linens, clothing and shoes; and replaceable items such as plates, dishes (not fine china or expensive silverware), and small kitchen appliances. These items will be cheaper to replace in case of damage as opposed to hiring workers for the extra labor. Leave the furniture, mattresses, and heavy appliances to be packed by the mover.

2. The heavier the item, the smaller the box it should occupy. Don't toss everything into one huge box. It will make the hauling much more difficult. A good rule of thumb is if you can't lift the box easily, it's too heavy! Keep the weight of the box under 50lbs and remember to always lift with your knees, not your back.

3. You should never let the movers pack your jewelry, family heirlooms, or other priceless items. Should they be lost or damaged, the insurable value will not come anywhere near the value you would place on them. Such items include jewelry, sports memorabilia, photo albums, and various hobby collections. Pack these items yourself and take them with you, either in the car or as carry-on luggage if size allows.

4. Get the proper boxes for your items - the right sizes and strengths. Have enough wardrobe boxes, as they'll save you ironing time later. You can pack t-shirts and jeans in suitcases and regular boxes but you don't want to pack your fine clothing such as suits or dresses in the same place. Save space by tossing in shoes at the bottom of the wardrobe box, but be reasonable. Don't let the box become too heavy or susceptible to fallout from the bottom. Purchase the padded dish boxes with dividers to protect your fine china. For your replaceable and non-fragile items, save money by using the free boxes that you can obtain from supermarkets and wrapping the items in old newspaper.

5. Take the time to pack everything carefully. It is important for you to buffer and separate the fragile items that you pack with old newspaper, bubble wrap, sheets, blankets, pillows and towels. Wrap each fragile item separately. Fill in empty spaces to minimize movement during transit. Pack plates and glass objects vertically, rather than flat and stacked. Purchase strong tape- not masking tape but either duct tape or the plastic and strapping tape that movers use.

6. For the safety of your items, movers are required to inspect each box tendered for shipment. Immediately point out to your mover each and every box that you packed yourself, especially if they're fragile or valuable. The mover will advise you on whether the boxes need to be repacked in sturdier, more appropriate boxes. They have the right to refuse to load any box they deem improperly packed. Any improperly packed boxes must be repacked either by you or the mover. All repacking services are additional costs. However, if you agree to use used boxes, they may give them to you for free. Professional moving companies use only sturdy and reinforced cartons. Although the boxes you can obtain from your neighborhood supermarket may be free, they are not nearly as strong or padded. They are more susceptible to causing damage to your valuables in transit. Keep in mind that movers are not liable for items they didn't pack.

7. To protect themselves, movers will not disconnect your major appliances. Before the movers arrive to pack and load, unplug and prep your refrigerator, dishwasher, stove, washer and dryer. Also prep your computer and back-up your important files.

8. Movers will not transport living things such as your plants or pets. If you do not wish to give them away, don't forget to prepare them for the move. They will need a "plant/pet suitcase" of their own.

Common Selling Mistakes

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Common Selling Mistakes

Mistake #1 -- Placing the Wrong Price on Your Property
Every seller obviously wants to get the most money for his or her product. Ironically, the best way to do this is NOT to list your product at an excessively high price! A high listing price will cause some prospective buyers to lose interest before even seeing your property. Also, it may lead other buyers to expect more than what you have to offer. As a result, overpriced properties tend to take an unusually long time to sell, and they end up being sold at a lower price.

Mistake #2 -- Mistaking Re-finance Appraisals for the Market Value
Unfortunately, a re-finance appraisal may have been stated at an untruthfully high price. Often, lenders estimate the value of your property to be higher than it actually is in order to encourage re-financing. The market value of your home could actually be lower. Your best bet is to ask your realtor for the most recent information regarding property sales in your community. This will give you an up-to-date and factually accurate estimate of your property value.

Mistake #3 -- Failing to "Showcase"
In spite of how frequently this mistake is addressed and how simple it is to avoid, its prevalence is still widespread. When attempting to sell your home to prospective buyers, do not forget to make your home look as pleasant as possible. Make necessary repairs. Clean. Make sure everything functions and looks presentable. A poorly kept home in need of repairs will surely lower the selling price of your property and will even turn away some buyers.

Mistake #4 - Trying to "Hard Sell" While Showing
Buying a house is always an emotional and difficult decision. As a result, you should try to allow prospective buyers to comfortably examine your property. Don't try haggling or forcefully selling. Instead, be friendly and hospitable. A good idea would be to point out any subtle amenities and be receptive to questions.

Mistake #5 - Trying to Sell to Lookers
A prospective buyer who shows interest because of a "for sale" sign he saw may not really be interested in your property. Often buyers who do not come through a realtor are a good 6-9 months away from buying, and they are more interested in seeing what is out there than in actually making a purchase. They may still have to sell their house, or may not be able to afford a house yet. They may still even be unsure as to whether or not they want to relocate. Your realtor should be able to distinguish realistic potential buyers from mere lookers. Realtors should usually find out a prospective buyer's savings, credit rating, and purchasing power in general. If your realtor fails to find out this pertinent information, you should do some investigating and questioning on your own. This will help you avoid wasting valuable time marketing towards the wrong people. If you have to do this work yourself, consider finding a new realtor.

Mistake #6 -- Being Ignorant of Your Rights & Responsibilities
It is extremely important that you are well-informed of the details in your real estate contract. Real estate contracts are legally binding documents, and they can often be complex and confusing. Not being aware of the terms in your contract could cost you thousands for repairs and inspections. Know what your are responsible for before signing the contract. Can the property be sold "as is"? How will deed restrictions and local zoning laws affect your transaction? Not knowing the answers to these kind of questions could end up costing you a considerable amount of money.

Mistake #7 - Signing a Contract with No Escape
Hopefully you will have taken the time to choose the best realtor for you. But sometimes, as we all know, circumstances change. Perhaps you misjudged your realtor, or perhaps the realtor has other priorities on his or her mind. In any case, you should have the right to fire your agent. Also, you should have the right to select another agent of your choosing. Many real estate companies will simply replace an agent with another one, without consulting you. Be sure to have control over your situation before signing a real estate contract. Mistake #8 - Limiting the Marketing and Advertising of the Property
There are two obvious marketing tools that nearly every seller uses: open houses and classified ads. Unfortunately, these two tools are rather ineffective. Less than 1% of homes are sold at open houses, and less than 3% are sold because of classified ads. In fact, realtors often use open houses to attract future prospects, not to sell the house. Your realtor should employ a wide variety of marketing techniques. Your realtor should also be committed to selling your property; he or she should be available for every phone call from a prospective buyer. Most calls are received, and open houses are scheduled, during business hours, so make sure that your realtor is working on selling your home during these hours. Chances are that you have a job, too, so you may not be able to get in touch will many potential buyers.

Mistake #9 - Choosing the Wrong Realtor®
Selling your home could be the most important financial transaction in your lifetime. As a result, it is extremely important that you select the realtor that is best for you. Experienced real estate agents often cost as much as brand new agents. Chances are that theexperienced agent will be able to bring you a higher price in less time and with fewer hassles. Take your time when selecting a real estate agent. Interview several agents; ask them key questions. If you want to make your selling experience the best it can be, it is crucial that you select the best agent for you.

Finding The Right Home

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Finding the home that is right for you and your family can be a complicated undertaking. Add to this the fact that you will likely need to find a home that will perfect for many years to come and the process becomes even harder. So how can you best be sure that you will find the right home? Preparation and patience. There's no two ways about it, when looking for a home you need to do your homework (pun intended) and be patient and not jump on the first "acceptable" home that comes up.You have the right to be choosy when buying a home, after all you are spending a rather large amount of money. Set some time aside with your realtor and compile a definitive list of requirements for your perfect home. This is the list that you should not deviate from no matter what. The things on this list should be absolute necessities. Keep all the things that would be nice to have in a home for another list. This necessity list should contain things like room requirements, location, access to schools and transit if needed. Now is the time to work closely with your realtor finding a group of homes that fit your criteria and having a look at each. Keep in mind that if you find a house that suits all your needs, you don't have to jump to make an offer. You never know, there may be other homes that will suit you even better so take the time to consider all the options. It's a good idea to make sure that you have your mortgage pre-approved and ready to go at this time so when you choose to make an offer, there will not be any hold ups in the financing.

How Long Is The House On The Market?

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A common question that Buyers ask is how long a house is on the market. If it is too long, interest is lost quickly. It is a natural reaction to not be interested in something that no one else is interested in. The natural assumption is that there must be something majorly wrong with the home. But there are many reasons why a house has been on the market for a while. A very common reason is that the home was originally listed to high. When a home is first on the market, it will get a large amount of traffic with the group of Buyers currently looking. It is crucial for it to not be over-listed, or those potential Buyers will pass, either because it simply is not showing up in the right price range or those people looking in that price range are finding better deals. So, the house sits on the market for the first couple weeks without intriguing any interest. Even if the price is lowered, the initial rush of Buyers is over. And the damage of the house being on the market for a while with no offers was already done. Another reason a house is on the market for a while is that the showing procedure for the house is difficult. There could be unwilling tenants, or even some Sellers themselves make it extremely hard to show a property. If the home cannot easily be seen, there will be lots of missed opportunities to have possibly sold the house. So, the place stays on the market for a while. Also, some Sellers or even their agents could be unreasonable. They do not want to sell their properties for a dime less than what they are asking. It may be a ridiculouse price, but it may also be entierly reasonable. But, not negotiating at all turns away a lot of Buyers. So, the property will sit until a Buyer is willing to give in completely to the Seller. If you are interested in a house that has been on the market a long time, do not dismiss it soley on the number of days on market. One thing to check out is the average days on market of the neighborhood. If the average is high, get your agent's opnion as to if that is normal or because the neighborhood is a undesirable area that will be hard to resell. If the average is lower than that particular house, just investigate the house, as you would with any property. Get it thoroughly inspected. Check that it is not in a restricted area, like a flood zone or endangered species area. Also, most MLS systems will show if the property ever went pending. If so, ask the listing agent what happened the last time the home went under contract and why those Buyers chose not to purchase the property. In the end, choose a property because you enjoy it and any repairs are something you can handle. Days on market could be an indication of the property having severe problems, but that is not always the case. Look at it in context of the market area and get it inspected as you would with any home. Some of the best deals are properties that are being ignored by everyone else.

Buying In A Changing Real Estate Market

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Unless you are a mind reader it is hard to find out which seller is motivated to divest of his real estate. They normally do not run around with a sign "Accepting Lowball Offers". Real estate agents are sometimes instructed to convey to the market that the seller is motivated. There is only one way to find out just how motivated somebody is. MAKE AN OFFER Making offers in the changing real estate market is like throwing pudding at the wall. You just need to find out what sticks. Writing offers does not cost you any money and actually will put your real estate agent to good use. You will soon find out if he is really willing to work for his money.
Do not get set on any one property. Falling in love with a house is the surest way to overpaying. Find 10 properties that fit the bill. If you are a cash buyer deposit your money with the title company. Write personal letter accompanying the offers to all seller. Explain to them that you have deposited a sum equal to the offer price with the title company and that you are willing to close in 7 days if you offer is accepted. Make it clear that you have extended these terms to more than one property owner and that you will only accept one offer, the first accepted offer.
With the help of a good real estate agent you will be able to find out how low to bid. Use the 7 days due diligence to have the property inspected. Make sure you have an inspection objection clause in your contract. If the property checks out OK you have minimized your purchase price.
If you are not a cash buyer have your mortgage approved subject to an appraisal. Talk to an appraiser and see that he is standing by to appraise in short order after an offer is accepted. This way you should still be able to close in 7-10 days.
Short sales, where the owner owes more than the property is worth you will run into motivated sellers that need to deal with their banks to see if a transaction is doable. So the above strategy works best in flat to moderately weak markets with sellers who fear for a more severe downturn.

2008 Housing Market

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The housing market declined substantially in the last quarter of 2007. The average selling price of a single family home was down by 8.4%. Analysts are predicting a weaker market for real estate in most areas of the country for at least the first half of this year also. Many sellers will have to settle for a lower price if they plan to sell a house in 2008. Dream houses may be easier to afford for many people now. The interest rates on mortgages are still very low by conventional standards, and the recent cuts in the prime rate by the federal reserve board may help people buy better housing at a lower overall cost. Many new home buyers are getting the best of both worlds if they buy a house now. The waters have not been this good for a long time. The average buyer in the housing market will be able to buy more house for the money if this trend continues. For example, if a house previously was priced at $210,000, the same property would sell for $181,860 if the housing market were to decline by another 5% in the coming months. If a sharp buyer was to keep posted on the many foreclosures that are coming up, they would be in a good position to make an excellent deal on a good property. Foreclosures have been on the rise during this period of market unrest. Now is a good time to be on the lookout for distressed properties to buy. The options for a person looking to buy a house have not been this good for quite a while. This combination of factors makes it very lucrative for the purchase of a new home. Many mortgage companies will be competing fiercely for the home buyer's business in 2008. Be aware that every 1/4 point less that you pay on your mortgage does make a difference on the payment, and the overall cost of your new home. For a complete analysis, you must consult a mortgage calculator or an amortization table. With new housing starts down also, lenders will be looking to fill the gap with loans on existing homes. It is a good idea to shop around for the best interest rate and terms on a mortgage in the near future because the market will be dynamic and the conditions will change daily. In this case, the early bird will be the one catching the best worm. Keep a sharp eye for the mortgage deal that you want. With a house to sell for much less, and lower interest rates, the opportunities can come quickly. Stay focused on your goal of home ownership. This time may be the best yet for you to get the house you really want.

Is It The Right Time To Buy A House?

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The current financial conditions are something to be considered by people who want to buy a home. There are three conditions that may help make an educated decision. The three market conditions are: lower house prices, larger number of homes for sale and lower mortgage rates. Although by looking at the news, it seems like it is a bad time to buy a house, the reality may be very different. As with any other area in life, many successful people get to be at that point in their lives by going against the crowd. One of the main market conditions is the decreasing home prices. House prices in most markets have been going down for the last 12 months. This means that you can buy a home today for the same money that you could buy it over a year ago. In addition, there is a very large supply of houses for sale at the present time. By having so many houses for sale, you can choose the house you really want in the neighborhood that you've always dreamed of. Since every neighborhood has several houses for sale, most sellers are willing to negotiate not only the price of the sale but also the conditions of it. Often, they will be willing to reduce the price of the home or help you with the closing costs. You can also take advantage of the low interest rates. Interest rates have gone own several times during the last 12 months. They are at one of the lowest levels in the last decade. This translates in money being saved on your monthly payments.A lower interest rate may mean a few hundred dollars in savings every month. In turn, these savings translate into tens of thousands of dollars over the life of the loan; Money you can use to pay additional debt, make improvements or simply use it for investment reasons. There are a lot of people who think that buying a home right now is a bad decision because of the chance that home prices will go further down. Actually, it's hard to tell how much lower prices will go down or how long it will be before they come back up again. However, we can use history as an indicator of how the market will behave. History shows that real estate always ends up going up. Real estate is, as a matter of fact, one of the most secure investments available given its proven record. Taking all these market conditions into account, buying a home may be the right choice to make in order to take advantage of the current market circumstances. Of course, it all depends on your financial conditions and on how long you plan to be in the house. If you plan to stay in the home for only a few years, then buying a home now may not be a good choice. However, if you plan to make the house your new home for many years to come, then buying a house is something you should seriously consider.

Buying A Holiday Home In South Florida

Thu, 17 May 2012 23:05:04 +0000

It was not so long ago that staying in a hotel was your only option when vacationing abroad. In recent years however things have changed with an increasing number of people investing in holiday homes overseas. Although most British people tend to buy homes in countries close to the UK (France and Spain are amongst the most popular destinations) some are also choosing to purchase property places further such as South Florida.Having your own place to stay when you go away quite literally gives you a home from home. Whether you have chosen to buy a villa, apartment or house, you can furnish and decorate it entirely as you wish. This means that it will suit your needs and you will feel comfortable from the moment you arrive. Furthermore, unless you rent a suite, if you stay in a hotel you will only have a bedroom and bathroom in which to enjoy complete privacy. This is of course not the case with holiday homes. In your own home you can spread out to your hearts content. After all, chances are you will have a kitchen and living room as well as bedrooms and bathrooms- in other words a lot more space than if you stayed in a hotel. Another advantage that holiday homes offer over hotels is flexibility. If you have your own place abroad you do not need to worry about leaving your room by a certain time on your last day or the cost of eating out all the time since you will have the facility to cook for yourself. Of course there can also be a financial benefit associated with owing a home abroad. For many people it is a relatively safe investment offering a potential return through both capital appreciation and/or rental income. In many parts of Europe, the property market is booming and while the pound is strong, for many it is an excellent time to buy in the US.

Buy or Sell First?

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When it's time to sell your house and look for a new one, one of the biggest questions that enter homeowner's minds is whether they should sell their current home before buying a new one, or buy and then sell. This can be a tough decision, as there are pros and cons to both.When selling the current home first, the homeowners place themselves in a better position to actually sell their home. This is because they will not be as anxious to sell and so, they can hold out for a better price. There is little need for a quick sale and so the homeowner will make more money.But selling your home first also places the homeowner in a better position once they sell their home and are looking to buy. This is because sellers generally prefer to sell to buyers that have few conditions attached to their offer. A condition to sell their current home first is often scary for sellers, as no one can be sure as to when that will happen. This can also save the buyer money. Sellers will generally sell their property for a lower price to those that have sold their home rather than those that still have property to sell. Selling the current home first will also help keep the buyer within their budget, as they already have the money from the sale of their home and know exactly how much they have to spend.One of the major risks homeowners take when they sell first is that they cannot find a new home to buy. This can be very frustrating because people don't often wish to sell their home so that they can move into a rental temporarily. If the market is hot, prices may be very high and so finding a new home that one can afford can become increasingly difficult. However, if the market is slow, finding a new home could be easier than ever.One way to avoid both of these situations is to write a condition into any offer. If you're selling first, it may be on the condition that you can find a home to buy before closing. If you're buying first, you may want to consider writing in that it's on the condition that you sell your home first.What homeowners decide depends entirely on their own situation and what the market is doing at the time. Unfortunately, there is no right or wrong answer and either way, it can be a risk.

Get A Home Inspection

Thu, 17 May 2012 23:05:04 +0000

Many people decide they don't need a Home Inspection for either a new home or a resale, until something breaks down. No matter if you are buying a brand new home or a pre-existing home, it is important to get one. Yes, it is one more thing to pay for but it will be well worth it in the long run. Some home warranties won't cover items if you didn't get a home inspection, i.e. Air Conditioning repair. If you didn't have the AC checked out, they won't cover anything on the repairs and we all know how expensive that can be. Your Realtor can give you several companies to select from, don't hesitate to call around and find the right fit for you. You only want to use licensed Home Inspectors and I have found that established and bonded Home Inspectors are a plus. The more knowledgeable and experienced they are, the better your home will be inspected. Home Inspectors come in to make sure your plumbing is working, faucets, appliances, roof condition; they make sure your gas and wiring is working correctly and grounded properly. They see things, where you as the excited soon to be home owner, would miss. Many times, it is also recommended to get a structural inspection. In this climate, our soil is mostly clay and when it dries it shrinks, wet it expands... sometimes causing a foundation to move. As a result of a moving foundation your home will experience cracked slabs, sheetrock and veneer cracks. You obviously don't want to be stuck with that problem. What a Home Inspector does is give you a more detailed outline of the condition. They evaluate the physical condition: construction, mechanical and structural. They identify items that are in need of repair so that you can have them repaired or replaced. They can also give you a prediction on the life of the major systems. Because these Inspectors know what to look for you will save yourself heartaches and headaches for the preventative you took before the home closes. Now, one of the things my clients fight me on from time to time is getting new homes inspected. "But they are new!" they say. I say "that's exactly why you need the inspection." Just because it is new doesn't mean it meets everyone's expectations. There are many things that could go wrong in a new home. I had one inspected and the shingles were put on the wrong way....you can't tell me that wouldn't have been a nightmare. Dishwashers have backed up because the hose wasn't installed correctly; A.C.'s not cooling because of poor installation. Microwaves igniting in flames. You name it, I have seen it and it's never pretty. Appraisals are different from home inspections. Appraisals are for lenders, not for homebuyers. If you are going FHA financing, FHA does not guarantee the condition of your home. If there are problems after closing, FHA cannot and will not give you any money to fix the repairs. In addition, to the many values of getting a home inspection, it is also a wise decision to ask the seller for a Home Warranty. There are many good companies out there that give you a wide range of packages to select from. You will find this information valuable for you to get a good night's sleep and to enjoy your new home, no matter how old or new your home may be.

Renovation Is The Key

Thu, 17 May 2012 23:05:04 +0000

Selling your house is a great experience; not only will you be in the center of the advertising attraction, you will practically call the shots in every aspect of it. Selling real estate can be very rewarding; the success and profit you get from it is enough to stay on the business. But the most rewarding part of it all is getting the profit with minimal investment.

Renovation is the key

Even if your home is located in a rich area or the surrounding institution will contribute much to its cost. The main profit will only come from the house itself, or any properties in it. Trying to check out if the house is sellable should be your main concern at this point in time. Most buyers look at home physically. They will make sure that the house is solid and livable before they choose to buy it. But the main ingredient to get the mix right is how the house will look. A sound and appealing property will bring in more buyers than those less conditioned ones. You should start considering doing something about how your home looks if you want to get the best deals.The value of your home would be determined on how your house is well maintained. Since buyers will go mostly for the looks and feel of the house before they buy it, you should do something about it. Little repairs like patching cracks on the walls or changing rotting wood on your ceiling can be a form of investment. Landscaping will definitely add to the overall appeal of your home and maybe some added fixtures could do well to improve it. By taking time to address the beauty of your home will guarantee a higher value attached to it.If you're planning to sell everything even the kitchen sink, then you better make sure that everything inside the house is in good working order. Plumbing can be a major source of irritation to both seller and buyer. If you want to make the buyers happy then fix the plumbing issue. Double checking your furniture like couches, chairs, tables and even decors should also be your concern. Making sure that everything would be presentable to the buyers. Avoid common problems like wobbly chairs, or torn covers, even a patched up leg of a table, these will bring your home value down. If you take some time to properly repair broken furniture you can be sure that the price could go high as well. Electronic appliances like air conditioning or entertainment systems should be checked to be in good working order; or doing some slight repair when its not should be your paramount concern. If you are planning to sell your home, you just need to make sure of one thing: everything should look good and stay good if you want your home value to go to an all time high.

Buyers Rights

Thu, 17 May 2012 23:05:04 +0000

Buyers Rights

Every buyer of real estate has certain rights regarding the purchase of a property. The following is a summation of those rights:

1. You have the right to be represented by a real estate agent, exclusive or otherwise, to protect your best interests.

2. You have the right to purchase any/all properties that you choose, without being discriminated against by a Seller on the basis of your race, color, religion, handicap, familial status, or national origin.

3. You have the right to complete disclosure of all property information, including, but not limited to, water supply, insulation, waste disposal system and hazardous materials.

4. You have the right to ask for information regarding the previous year’s property taxes, and/or maintenance and fuel costs.

5. You have the right to receive a market price comparison analysis for the properties you wish to make offers on, prior to signing the offer.

6. You have the right to receive a copy of the Agreement of Sale, prior to signing it, to allow you time to have it reviewed by an attorney.

7. You have the right to choose the lender that will finance the property and to receive full disclosure from that lender regarding the type and term of the loan and the true cost of the loan.

8. You have the right to test and/or inspect the property’s systems and to choose the person(s) to complete those tests or inspections.

9. You have the right to walk through the property one last time prior to closing to confirm it meets the conditions of the Agreement of Sale.

10. You have the right to use the homeowner’s insurance company of your choice.

11. You have the right to purchase personal coverage title insurance from the company of your choice.

12. You have the right to purchase a home warranty program from the provider of your choice.
13. You have the right to review the Settlement Statement prior to closing.

Definition Of Value

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What Is Value?

Value means different things to different people, depending on how they are involved in a real estate transaction. The Buyer may have stars in their eyes and see "the castle of their dreams" when they look at the property they are purchasing.

Assessed Value

The tax assessor will see a very different picture. The assessor wants to create value equality among the town or city's citizens in order to fairly assess taxes and share the tax burden in an equitable manner amongst all property owners. Towns periodically undertake re-evaluations to update their assessed market valuations for all property. While based upon historical sales data, it does not always represent current market data. It is a useful tool in comparing the values of similar properties.

Appraised Value

Appraisers must protect the interest of the lender and therefore must be more conservative in the value they place on a property. The appraised value is more typically based upon historic sales data and may or may not agree with market value.

Hot ,Normal, Cold Market

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Hot, Normal, and Cold Markets

Hot Market -

This is an extremely competitive market, one that is advantageous to the seller. Sometimes, homes will sell as soon as they are listed or even before homes are listed. Typically, during a hot market, multiple offers will be made on each home and more often than not, homes will sell for more than their asking price. It is even more crucial to be prepared and to be ready as a buyer when the market is hot. It can be easy to get caught up in the bid for a home, but if you are prepared (pre-approved, solid in price range, realistic about your needs), it is easier to remain focused on your housing needs and price range.

Normal Market -

In a normal market, there is fairly a large number of homes available and an average number of buyers. This market does not necessarily favor the buyer or the seller. A seller may not have as many offers on their home, but he or she may not be desperate to sell either. Again, it is the buyer's responsibility to be prepared. During a normal market, the chances to negotiate are higher than in a hot market. As a buyer, you can expect to make offers at lower than the asking price and negotiate a price at least somewhat less than what the sellers are asking.

Cold Market -

In a cold market, houses may be listed for more than a year and the prices of houses listed may drop considerably. This market is advantageous to the buyer. As a buyer, you have the time to make an offer that works to your best interest. It is not uncommon to low-ball and to find that sellers are accommodating to meet your needs. Keep in mind that even though this market is a great time for buyers, you do not want to lose your dream home by being unrealistic. Your goal is to get your dream home at the best possible price.

Let The Sunshine In

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Let the Sunshine In

Whether you live in a climate where people typically have " Florida " rooms attached to their houses or in the more northern areas, a house is always more appealing when there is more daylight in the home. As the song says, "let the sun shine" in!

Enlarging a window in a strategic area can make a huge difference to light levels in your home. Almost everyone finds that bringing the "outside in" makes a home more appealing. Look at your home, or prospective home, and see if there is a place where you can install a sliding glass door. Creating a patio, deck or garden area outside the doors very effectively brings the outside in.

Skylights make an enormous difference in light levels and can be installed in any room without loss of privacy. Increasing the light levels in your home will also help plants to thrive and the plants in turn will help the air quality of your home

MOVING INFORMATION

Thu, 17 May 2012 23:05:04 +0000

If you’re moving a relatively short distance to a new home, you can find local moving companies in the Yellow Pages, the Pennysaver, and local newspapers. If you’re moving a longer distance, the Yellow Pages and the Internet are good places to search for long-distance moving companies or you can call me and I may be able to assist you. You should always obtain a free estimate and you should always get your estimate in writing, including a detailed explanation of what the estimate covers and what it does not cover.Moving companies are required by law to carry insurance. The insurance covers damage to your possessions that can be proven to have been the fault of the moving company. You may wish to consider packing your most valuable possessions yourself because you should not expect other people to pack with the same kind of attention and love that you have for the things you value most. You may also wish to consider moving your computer, monitor,printer, audio receiver, and any other sensitive equipment in a separate vehicle, wrapped in blankets and seated on pillows. Sensitive equipment can be damaged by the rough vibrations in a truck. Somebody I know lost a computer and an audio receiver because it was impossible to prove that the equipment was not damaged prior to the move. Your best insurance for a computer is to back up all important files onto safety disks – which is actually a very good safety policy regardless of whether you’re moving or not.

Staging Your Home

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Every home seller wants to ensure they get top dollar when selling their home and get those offers rolling in quickly. Properly preparing or 'staging' your house before you list the house for sale can help get that sold sign up quickly. It is urgent these steps be taken before you list the house on the market because the first few weeks are the most critical.

Clean thoroughly - This is the one time when you need your house to be spotless - both inside and outside. Potential buyers will be turned off by dishes in the sink, a bad-smelling litter box or dusty furniture. Professionally steam clean your carpets. Remember, you want to create a lasting impression - a positive one. Clean your windows, wipe down floor molding, clean counter tops, replace moldy or aged caulking and even clean your garage. Prepare yourself and your family for the challenge of keeping your home spotless for the duration of the pre-sale listing. Reward your children for helping and keeping their rooms clean.

Eliminate clutter - To ensure your house looks as big and roomy as possible you will need to remove clutter and excess furniture. Proceed with one room at time. Work through every closet, drawer and cabinet of every room. Sort items into three groupings: things you must leave in the room because it is a necessity, things you need to keep but can keep at an alternate location and things that you can discard. Your goal as you de-clutter is to make your home look as spacious as possible. Keep in mind that potential buyers will look into closets, cabinets and even drawers as they walk through your home.

Take away excessive furniture - Leave only those furniture items that are necessary and those items that reflect the purpose of the room. If furniture blocks a pathway, move it to storage. This is not the time to save money and store everything in the garage. You need to remove clutter from the garage as well so it looks as spacious as the rest of your de-cluttered home.

Neutral Colors - While you might love that vivid red family room, many potential buyers will be turned off by bold paint and carpet colors. Most buyers walk through a house and try to visualize how it will look with their furniture in the home. They may find this difficult to do if the color set up clashes with their furniture and accessories. Think neutral and warm to appeal to the widest audience. Repaint rooms and strip wallpaper that does not fit this neutral definition. Replace carpeting that is not neutral in color or is highly worn. Once the walls and carpeting are neutral colors, you can add back some color with tactful accents and accessories.

Accentuate key features - Take advantage of unique or key features of your home. If you have beautiful hardwood floors, don’t hide them with a large area rug. Removing the rug and polishing the hardwood floor will show off this key element of your home. For fireplaces, be sure to thoroughly clean the inside of the fireplace and spruce up the mantel with some small topiaries or other decorative accents. Take advantage of other key features of your home and accentuate them so they become a focal point of the room.

Curb Appeal - Once you've cleaned each room inside, you need to clean up the outside as well. First impressions are lasting. Potential buyers will gain their first impression of your home as they drive up for a showing. Paint the exterior of your home and window trim if needed. Trim your bushes and trees. Mow and edge your yard weekly while the house is on the market. Remove leaves and weeds from your flowerbeds.

Schedule showings - After you have staged your house and listed in on the market, be ready for the showings and take steps to enhance the experience for the potential buyers. Be careful of what you cook. Having fish for lunch may sound appetizing, but the smell could linger into your unplanned evening showing. Strategically place air fresheners throughout the house, but use them in moderation. You should plan to leave the house for every showing. Be sure to take your pets with you; a barking dog can be a significant turn off for a potential buyer. Empty all trash cans and turn on all lights before you leave. Be patient and hang in there. Showings can be a significant interruption and the effort it takes to keep your house spotless may seem overwhelming. In the end, it will be worth the effort and will help you find the right buyer early in the process.

If you follow these suggestions sincerely, you may have second thoughts about selling your home now that it looks so appealing. You'll see the most potential buyers during the first few weeks the home is on the market. Capitalize on this traffic and be sure to turn up the charm during this critical time period.

"A Buyers Market"

Thu, 17 May 2012 23:05:04 +0000

We are in a buyers market with todays economy. What this means is more homes to tour before making that final decision for your Dream Home.

The home search can be a frustrating and long process, leading to the wrong choice if you don't do your home work. The savvy home buyer utilizes the tools and resources available to streamline the buying process. Approach your home purchase as you would do with any investment by taking a Due Diligence approach.

What the buyer should consider before making the largest investment in life:

1. Create a personal budget of your household expense. Target your purchase price.

2. Pre-qualify for a mortgage.

3. Create a Wish List of needs for your family and yourself. Think about the future, will your family be growing, will you need more bedrooms?

4. During the home tours, utilize a Walk through Check List to track the features of each home. Making return trips are inconvenient to you, the seller and the agent.

5. Use a Buyer's Home Rating Program that ranks the homes according to your taste. This will help narrow down the search to the best home that meets your families needs.

Put together a team of Professionals. This may include an Agent, Builder, Mortgage Broker and Home Inspector, etc that will help in the decision process.

TIPS TO HELP MARKET YOUR HOME

Thu, 17 May 2012 23:05:04 +0000

Tips To Help Market Your Home

Let's get straight to the point by mentioning that it can be a really frustrating and draining experience trying to sell one's home. If it were our choice, we'd snap our fingers, and "boom", the job is done. It's time to move into our newly purchased house. Unfortunately though, this simply isn't the case. Typically, you would need to find yourself a real estate agent, and the real estate agent would have to find you potential buyers. Those potential buyers would then have to make a decision. They either take interest, or they don't. The question then becomes, is there anything that can be done to help ease the process? In order to help answer this question, I have listed some tips that I personally believe will help benefit in the marketability and potential selling of your home.

Usually, the first place your potential buyer is going to see, will be the front of your house. The goal here is to make it as attractive as possible, but more importantly, inviting. First impressions are very important. First positive impressions, if you will, are even more important. The key here is to make sure everything looks neat and clean. Cut the grass, pull out the weeds, trim the bushes, plant some flowers, and clear out the walkway.

Make sure your home is clean. These include things like steam cleaning your carpets, mopping your floors, dusting hard-to-reach areas, and cleaning your windows (both inside and out). Potential buyers are very picky people, and as such, they like to inspect as much as they can.

Try and keep both colors and styles neutral. The key here is not to influence your buyer with your own personal style. Someone might walk in, look at a red wall, and be immediately turned off. The idea is to try and make them visualize the colors for themselves. Keeping things neutral is a good solution to this "problem."

Check lighting. No one wants to look at a house that they can't see. Seems obvious, right? Unfortunately, as a real estate agent myself, I've had quite a few cases where this element has been overlooked. Check your light bulbs, and make sure they're working. Although I recommend checking all the light bulbs, I'd be more concerned with the areas in the house that are darker or that require more artificial lighting. These include places like the basement and bathrooms. It's also a good idea to open your curtains. Simply put, the more natural light, the better.

Make repairs if necessary. These include things like a fresh coat of paint, patching up of any holes in the wall, and torn patio screens. You want your buyer to feel like your home has been well taken care of. This is a big plus.

Try to avoid clutter. One of the worst things that can happen is when your buyer feels "boxed in." Try and keep clutter to a minimum. Remove any unnecessary items such as too many pictures and accessories. The goal here is you want to have your house feel like a home, yet at the same time have it as spacious and organized as possible. You want the buyer to get a good sense of the space and visualize it as their own.

Applying these simple rules or tips should help increase the chances of getting your home sold. The ultimate goal to keep in mind is that you want to have your home feel inviting, and have your potential buyer view it as their own.

Real Estate Web Design Copyright

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This real estate web site is fully copyright protected and you must get written (not email, only a faxed signature) permission from the licensee of the web and/or Real Estate Web Design enhancement by NailSoupMedia. You can contact the licensee here or NailSoupMedia by contacting them here .

Gated Estate Communities

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More and more real estate developments are gated estates. They offer security, privacy and a better sense of community as well as peace of mind. Our area has many gated estate communities. For more information about gated communities contact Jill & Herb.

Golf and Country Club Communities

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Golf and Country Club communities, its a lifestyle that many don't really know about. Florida is the greatest place for this type of lifestyle; great weather and a social life that makes moving here all worth while. For further information about South Florida Country Clubs contact Jill & Herb.

What does being in the top 1% mean to m..

Thu, 17 May 2012 23:05:04 +0000

Being in the top percentage of your office is good. Being in the top10% of the area takes even more talent and having to know more than the average real estate agent.

However being a top producer representing 1% of ALL realtors nationwide?, that doesn't happen by just being lucky. It doesn't happen by doing the things the typical real estate agent does. These Delray Beach Real Estate Agents and Boca Raton Real Estate Agents have proven they focus on you and use their vast experience and sphere of influence to represent you in a way that will have you referring friends and family.

What this means to you? that they know of the great homes, the new areas, how to help you sell your house back home. They have the team to help you get your home ready to sell for more, get you through financing and escrow. Being a top producer means you are the best at making things happen for all parties.

The Wesellhomz team is waiting to put its top producing talent to work for you.

Understanding Your Credit

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If you have ever applied for a charge card, student loan, or other kinds of credit, you probably have a credit report (or credit profile). Credit reporting agencies collect and organize information about you and your repayment history, and make it available to those who are considering granting you credit. Landlords, employers, government licensing agencies, and insurance underwriters can also obtain your credit report. Lenders will look at things like: How promptly do you pay your bills? How many credit cards do you own? What is the total amount of credit extended? How much do you actually owe on all of your accounts? If they find a history of late payments, bankruptcies or other collection activities, too many accounts, too much indebtedness, maxed out lines of credit, or multiple inquiries in the past 12 months, this could negatively impact your ability to get credit. What is on your credit report? Personal identifying information - name, social security number, date of birth, current and previous address and employers Credit account information - date opened, credit limit or loan amount, balance, monthly payment, payment history Public record information - bankruptcy, tax and other liens, judgements, and (in some states) overdue child support Inquiries - names of companies that got your credit report Your credit report does not contain information on checking or savings accounts; medical history; race, gender, religion or national origin; credit scores; friends; political preferences; or criminal record. Negative information stays on your credit report for 7 years--10 in the case of some bankruptcies. Positive information stays on indefinitely. Inquiries stay on for 6 months to 2 years, depending on the type of inquiry.

Mortgage Funding Info

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The reason why most commercial mortgage deals don't get funded is not because you can't find a lender. More often than not, the reason can be traced back to the "presentation" of the loan request. For example, when completing a residential loan, you fill out a 1003 using Point, Genesis, or another FNMA 1003 program. For a commercial loan request, what do you fill out?

Since there is no uniform commercial mortgage application, most brokers submit a 1003, an operating statement, and possibly a rent roll. However, this would be akin to submitting only the borrower's tax return and pay stubs, expecting a preliminary approval. In other words, it is clearly inadequate.

"A s lenders we see hundreds of loan requests, and most of these requests are incomplete and poorly prepared," says Chris Lewis, VP of Commercial Lending for Wells Fargo, Los Angeles. "Complete loan requests, however, go to the top of the stack as this shows that the broker understands the issues and has some control over the deal."

P ackaging a commercial mortgage loan is significantly different than packaging a residential loan. The main difference is that you need to determine whether the property -- not the borrower -- is generating sufficient "rental" income to cover the mortgage payments on the proposed loan amount (e.g., DSCR), and whether there is commensurate value to meet the lenders' loan-to-value requirement (e.g., LTV).

To calculate the DSCR and LTV, the stabilized net cash flow (NCF) must be determined. In most cases, lenders must re-create the operating statements to conform to their respective underwriting models, which requires identifying certain property-specific expenses.

Credit Info

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Did you know that 75% of all mortgage lenders use a three-digit credit score to determine your loan eligibility? This score is based on the information contained in your credit report. And the interest rate you will be charged is based on your credit score, so raising your credit score as little as 15 points could result in a lower interest rate and thousands in savings. You can save anywhere from a few hundred dollars in credit card interest charges, thousands of dollars on your next car loan, and tens of thousands of dollars on a mortgage loan simply by improving your credit score as much as possible.

The information below offers general guidelines as to what your credit score might be. Each lender sets its own guidelines for approving loans and issuing credit. For this reason, the information below offers only general guidelines. Your debt-to-income ratio also plays a role in determining whether or not you will be issued credit. Some lenders require a debt-to-income ratio that may be higher or lower than those stated below. See bottom of this page to find out how to calculate your debt-to-income ratio.

The information below is based on the FICO scoring model which ranges from about 375 to 900. Other lenders might use their own in-house scoring systems or another scoring model. General rules to determine your credit score and creditworthiness are as follows:

A rating [Credit score 660 or higher] -- You can easily obtain financing at the best rate; you can get approved for a credit card online in a few seconds. Note that a score above 700 means you have extremely good credit.

Typical debt- to- income ratio: Below 35%

Mortgage: You have not been late with a payment in the last 24 months

Installment loan: You have been 30 days late making payments 0 or 1 time within the last 12 to 24 months

Revolving credit: You have been 30 or 60 days late with a payment 0 or 1 time in the last 12 to 24 months

Additional requirements: Good/excellent credit during the last 2 to 5 years; no bankruptcy within the last 2 to 10 years

B rating [Minimum credit score 620] You can get approved, but not at lowest rate. You can get credit cards and such, but at a higher rate than someone with an A rating.

Typical debt-to-income ratio: Around 50%

Mortgage: You have been 30 days late with a payment 2 or 3 times in the last 12 months

Installment Loan: You have been 30 days late with a payment 2 to 4 times during the last 12 months

Revolving credit: You have been 30 days late with a payment 0 to 2 times in the last 12 months

Additional requirements: You have no 60-day late mortgage payments; if filed bankruptcy, it must be discharged 2 to 4 years ago

C rating [Minimum credit score 580] Have trouble getting approved. Very high rates.

The lender might ask you to get someone to co-sign for you.

Typical debt-to-income ratio: 55% or higher

Mortgage: You have been 30 days late with a payment 3 or 4 times in the last 12 months

Installment Loan: You have been 30 days late with a payment 4 to 6 times during the last 12 months

Revolving credit: You have been 60 days late with a payment 2 to 4 times in the last 12 months

Additional requirements: If you filed bankruptcy, it was discharged 1 or 2 years ago

D rating [Minimum credit score 550] Serious trouble getting approved. Co-signor required.

Typical debt-to-income ratio: Around 60%

Mortgage: You have been 30 days late with a payment 2 to 6 times in the last 12 months; and 60 days late 1 to 2 times during the last 12 months

Installment Loan: You have a few 90 and 120 day late payments during the last 12 months

Revolving credit: You have a few 90 and 120 day late payments during the last 12 months

Additional requirements: If you filed bankruptcy, was discharged within last 12 months

E rating [Credit score under 550] Unlikely to be approved.

Typical debt-to-income ratio: Around 65%

Mortgage: You have a pattern of 20, 60, 90 and/or 120 day late payments

Installment Loan: You have a pattern of 20, 60, 90 and/or 120 day late payments

Revolving credit: You have a pattern of 20, 60, 90 and/or 120 day late payments

Additional requirements: You may have a current bankruptcy or foreclosure

How to Calculate Your Debt-to-Income Ratio

The formula for calculating your debt-to-income ratio is monthly fixed expenses divided by gross monthly income (before taxes and deductions). Monthly fixed expenses include all debt, such as the following: house payment or lease, credit card and other revolving credit balances that it will take you longer than 6 months to pay off; car payments, alimony, child support, etc. Do not include grocery, telephone, and utility bills or any debt that will be paid off in the next few months.

Sample calculation:

Gross monthly household income: $5,000

Fixed expenses: $1,560 

[house payment $540.00 + car payment $370.00 + credit cards $250.00 + child support $400.00]

Debt-to-income ratio calculation:

$1,560

$5,000 = 31%

Fico Scores Effect Purchasing

Thu, 17 May 2012 23:05:04 +0000

FICO scores were developed by Fair Isaac & Company, Inc. for each of the credit repositories. The scores are: (Equifax) Beacon, (Experian formerly TRW) Experian/FICO and (TransUnion) Empirica. They are simply repository scores meaning they only consider the information contained in a person's credit file; they do not consider a persons income, savings or amount of a down payment for a mortgage.

The scores were designed to assess risk. They are useful in directing applications to specific loan programs and to set levels of underwriting, i.e. streamline, traditional or second review. The scores are objective, consistent, accurate and fast.

Many people in the mortgage business are skeptical about the accuracy of FICO scores. Scoring has only been an integral part of the mortgage process in the past few years; however, the scores have been in use since the 1950's by retail merchants, credit card companies, insurance companies and banks for consumer lending. The data from large scoring projects emphasizes the accuracy, the predictive quality of the scores. Large portfolios have been scored for mortgage servicing and investment groups, and again, they demonstrate that FICO scores work.

The scores were developed from each repository's database using actual loan performance. A sample of over 750,000 consumers per repository was used. The repositories have each made great strides to increase the accuracy of their respective database through computer technology and internal monitoring. There is a new standard reporting format for credit grantors to use when sending electronic information to the repositories; this is the critical first step to providing accurate data.

The scores use a multiple scorecard design. Each repository uses 10 individual scorecards, and the models at each repository are the same. This increases accuracy and optimizes the predictive variables for each subpopulation. (For example, a borrower with two 30-day late payments will be scored against a population with some minor delinquencies.) This feature may cause a borrower with delinquencies to score in the same range as a borrower without delinquencies. Scorecards are reviewed and updated every twenty-four months.

The actual scoring process is proprietary, and the algorithms are copyrighted. We can share the predictive variables, the portion of the credit file considered and the weight as provided by Fair Isaac. They are:

Previous credit performance (35%)
Current level of indebtedness (30%)
Time credit has been in use (15%)
Types of credit available (15%)
Pursuit of new credit (less than 5%)

FICO has changed the way it factors credit checks, inquiries. These changes should minimize the "negative" effects that aggressive rate shopping or the normal mortgage process can have on a mortgage applicant. In the new Beacon version, the deduping process has been expanded beyond seven days. One variable counts the number of days within 365 days of scoring. If there has not been an inquiry, the deduping mechanism is not activated. If there is a consumer originated inquiry within the past 365 days from mortgage or auto related industries, these inquiries are ignored for the first 30 calendar days from scoring; then, multiple inquiries within the next 14 days are counted as one. Each inquiry will still appear on the credit report.

Scores should not change significantly because the variable in the model using inquiries contributes less than 5% of the predictive power of the model. According to Equifax statisticians, an average of 5% of the credit reports in the Equifax consumer credit reporting database (over 200 million consumer files) will see a change in score due to this. Fewer than 5% of those will see a change significant enough to effect a loan decision.

In order to get a score a borrower must have the following conditions in his/her file:

No "Deceased" indicator on the credit file
At least one undisputed trade line that has been updated in the last six months
One trade line open at least six months

Scores range from 350 (high risk) to 950 (low risk). A scorecard of 660 will be 660 on Beacon 96, Empirica and Experian/FICO if the data on each file is the same. However, each repository is likely to contain different data.

Every score is accompanied by a maximum of four reason codes. Reason codes identify the most significant reason that a consumer did not score higher. They are not red flags. Consumers with scores in the 800 range get reason codes just as consumers with scores in the 500 range. The reason codes may be used in describing to the consumer the reason for adverse action. Scores are not part of the credit file and are not covered by the Fair Credit Reporting Act. Scores, if disclosed to the consumer, must be related to the credit file - using the reason codes - since the score has no meaning in itself; the meaning or risk level is assigned by the lender and the investor.

When applicants have erroneous information reported, document the inaccuracies. The easiest way to do that is to have your credit-reporting agency upgrade the merged in-file to an edited mid-range report or to a Residential Mortgage Credit Report. With the upgraded report, you can ignore the score! The file will have to be handled in a traditional manner for underwriting and investment purposes. The developed report will provide the paper trail that investors want.

Property Rights

Thu, 17 May 2012 23:05:04 +0000

You have a right to do with the land as you please, subject to restrictions imposed by law. When you own land, you can do many things with it, such as:

use it
rent or lease it to others
sell or transfer it
give it away
use it as collateral for a loan
bequeath it to intended beneficiaries (by will or trust upon your death)
let it sit where it is without doing anything to it
(although this could create problems due to restrictions imposed by law.)

Real Property Definition

Thu, 17 May 2012 23:05:04 +0000

Real property is generally defined as land and the things permanently attached to the land. Things that are permanently attached to the land, also can be referred to as improvements, include homes, garages, and buildings.

Substances that are beneath the land (such as gas, oil, minerals) are also considered permanently attached. Other items which can be attached to the land, such as mobile homes and tool sheds, are not considered to be real property.

Property Investment

Thu, 17 May 2012 23:05:04 +0000

If that's the question that keeps you up at night, welcome to the club. Many investors are wondering where to park their cash. And with the stock market in the dumps and real estate going gangbusters, who hasn't wondered if becoming the next Donald Trump is where it's at?

Nationally, housing prices are up 6.4 percent as of August, but in some places they've soared more than 20 percent in the past 12 months, the National Association of Realtors reports. Why not bag the bears and bulls, purchase a tax-friendly rental property and watch your investment grow? After all, you reason, it'll continue to appreciate while producing a steady income stream.

Trouble is, it's not that simple. Housing prices do fall from time to time and there's already word of a housing bubble that's likely to pop.

So, let's say you've got an extra $100,000 or just came into a $50,000 inheritance. Do you plow it into real estate or put your faith in Wall Street?

The quick answer: There isn't one. Yes, real estate can pay off big time - as can stocks. But both can plummet in value. And while real estate may provide steady rental income, it's a non-liquid asset so you can't sell it in a pinch. Variables aside, however, there is some math to crunch. So pull out that calculator and let's take a look.

First, consider the two ways you can potentially make money on rental property. That'd be rental income and/or a fat payout if you sell the place at a profit.

If you've got a monster mortgage and high expenses, rent may not cover your overall costs, even though they're deductible. By the way, don't forget some of those costs could include a professional caretaker to deal with tenants if you're not the kind of person who wants to put a lot of effort into property management.

Once you figure the costs, you've got to determine if your rent will leave you in the red or the black. In general, if you want to break even your rental income should equal 10 percent of the property's value.

So, let's say you take that $50,000 and use it as a 20 percent down payment on a $250,000 rental home can you make at least $25,000 in rent a year? Check out ads for rental units in your area to see if your projection holds up.

These days, while the housing market remains hot, you may have trouble renting at all. If someone can buy as cheaply as renting, they'll often buy. That means landlords have to lower prices to attract tenants. In fact, they're already doing so. While rents have risen about 3.5 percent nationally in the past decade, this year they're down an average of 2 percent. And in some markets, like San Jose, San Francisco and Austin, rents have dropped 12 percent to 25 percent in the past year, according to NAR.

"We're looking at a very strong housing market so more renters are becoming homeowners," said NAR economist Sigrid Fennemore. In fact, rents should drop nationally by another 1 percent next year, she predicts, as massive layoffs take their toll.

As it turns out, it doesn't take much to beat the Street. Consider your $250,000 rental property.

If it climbs 6 percent in value the first year - the historic average annual gain on housing nationwide - you'd be sitting on an asset worth $265,000. You would have made 30 percent on your $50,000 downpayment.

"That's the effect of leveraging," said Gerald Weiss, a certified financial planner in Dublin, CA, who notes the value of your entire investment goes up, rather than just the value of the downpayment you contributed.

Now let's try a similar equation using stock investments.

Assume you plunk that $50,000 into an S&P 500 index fund that returns a conservative (though difficult to achieve lately) 8 percent. That's a $4,000 gain.
Not bad. But in order to make the same amount on your rental property, it would have had to appreciate far less by just 1.6 percent. (To do the math, divide $4,000 by $250,000 and you'll get 1.6 percent.)

So, is real estate a slam dunk?

NO.

Experts like Schatsky and Weiss say they advise clients to have 5 percent to 10 percent of their portfolios in real estate including Real Estate Investment Trusts (REITs).

REITS have earned more than 30 percent since 2000 - plus they've delivered 7 percent dividends. Best, to make this money you never have to deal with a tenant.

Property Trust(s)

Thu, 17 May 2012 23:05:04 +0000

An REIT is a company dedicated to owning and, in most cases, operating income-producing real estate, such as apartments, shopping centers, offices and warehouses. Some REITs also are engaged in financing real estate. Most importantly, to be a REIT a company is legally required to pay virtually all of its taxable income (90 percent) to its shareholders every year.

An REIT may deduct the dividends paid to the shareholders from its corporate tax bill so long as

the company's assets are primarily composed of real estate held for the long term,
the company's income is mainly derived from real estate, and
the company pays out at least 90 percent of its taxable income to shareholders.

The main benefit of being a REIT: one level of taxation.

The main limitation of being a REIT: a restriction on earnings retained by the company.

For a REIT to grow, capital must come from money raised in the investment marketplace as well as money generated internally. REITs, like other stocks, are carefully monitored by others, including the SEC, each REIT's independent directors, independent auditors, and the business and financial media.

Negotiating a Contract

Thu, 17 May 2012 23:05:04 +0000

When writing a purchase contract, avoid expensive terminology such as paying a buyer's closing costs, and of course you should watch out for all the contingencies that could cost you time with your home off the market. If the buyer wants to close on the sale contingent with the selling of his or her house, include a kick-out clause that will allow you to back out of the contract within seventy two hours if you receive an offer that does not contain contingencies

Buyers vs. Sellers Market
The first job before making a contractual offer is understanding the housing market that is working in your local area. This will help you determine how quickly you need to buy when looking at homes.

If you happen to be in the buyer's market, you will of course have plenty of time to find and search out several homes in different areas and price ranges before you negotiate best possible price.

If you happen to be in a seller's market, things are different, you may have a very short time to make and write an offer before your house slips away!

Buyers Market - The real estate market has more sellers than it has buyers and time is on your side! You will find plenty of homes that you can visit, and even revisit again for comparisons, before you negotiate favorable contract terms.

It would be very advisable to run a CNA, or comparable neighborhood analysis on homes that you have visited before making your offer.

Items you should compare include:

The age and the condition of similar homes in the same neighborhood

The homes that are sold within the last six months in the same area.

Real Estate Negotiation

Thu, 17 May 2012 23:05:04 +0000

If you happen to be in a seller's market, things are different, you may have a very short time to make and write an offer before your house slips away!

It would be very advisable to run a CNA, or comparable neighborhood analysis on homes that you have visited before making your offer.

Items you should compare include:

The age and the condition of similar homes in the same neighborhood

The homes that are sold within the last six months in the same area.

Dont Let It Fall Through

Thu, 17 May 2012 23:05:04 +0000

The following represents the most common reasons why deals fall through

Moving too fast.
It can be tempting to push negotiations through quickly, especially if you need to sell for financial or relocation reasons, or if the market is fast (if there are many buyers but few listings). Take the time to read offers carefully. If a buyer makes a low offer because the house needs repairs, make sure the buyer's estimate of the cost of those repairs is accurate. It may be better to make the repairs yourself before selling, rather than accept a big price cut.

Letting emotions rule.
Remember that the house you are selling is a commodity. Don't take offense at comments about the landscaping or decor, especially when the buyer makes a lower offer based on those factors. If the market is not in your favor, you may have to offer a decorating allowance or accept a lower price. If you're in a seller's market, counter with a full-price offer. In any case, don't avoid dealing with a buyer who has insulted you.

Reluctance to counter.
Countering an offer is a time-honored tradition in real estate. Countering means that you come back at the buyer with a different price or different terms. Remember that negotiating to sell a house is a give-and-take process. If you fail to counter offers, you may end up accepting a lower price for your home. Make all counteroffers in writing to avoid misunderstandings.

Bad-faith bargaining.
This means that one or both parties is not bargaining seriously or with the intention of actually completing the transaction. Bad-faith bargaining not only can result in a failed sale but also possible legal action. If you aren't serious about selling your propertythat is, you won't accept anything but an overpriced offeryou probably shouldn't be in the market. If you're a serious seller, watch out for the bad-faith buyer who will waste your time by making unacceptably low offers or engaging in endless negotiations. Even worse are bad-faith buyers who misrepresent their ability to purchase your home and take you off the market for several weeks before their failure to secure financing nullifies the contract. If you have any qualms about a buyer's means, ask for a pre-approval letter from a lender.

Sell Your Home Fast

Thu, 17 May 2012 23:05:04 +0000

Don't waste time.
The longer a house sits on the market, the less likely you are to get the best price. Put your house on the market during the spring or fall, when the most buyers are looking; avoid the seasonal slow periods of mid-summer and mid-winter. Remember, you're paying property tax, insurance, and other costs while you're selling. If you've already bought your next home, expenses can quickly add up.

Real Estate Tax Advice

Thu, 17 May 2012 23:05:04 +0000

You may qualify to exclude from your income all or part of any gain from the sale of your main home. Your main home is the one in which you live most of the time.

Ownership and Use Tests

To claim the exclusion, you must meet the ownership and use tests. This means that during the 5-year period ending on the date of the sale, you must have:

Owned the home for at least 2 years (the ownership test) Lived in the home as your main home for at least 2 years (the use test) Gain

If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases).

If you can exclude all of the gain, you do not need to report the sale on your tax return If you have gain that cannot be excluded, it is taxable. Report it on Schedule D (Form 1040) Loss

You cannot deduct a loss from the sale of your main home.

Worksheets

Worksheets are included in Publication 523, Selling Your Home to help you figure the:

Adjusted basis of the home you sold
Gain (or loss) on the sale
Gain that you can exclude
Reporting the Sale

Do not report the sale of your main home on your tax return unless you have a gain and at least part of it is taxable. Report any taxable gain on Schedule D (Form 1040).

More Than One Home

If you have more than one home, you can exclude gain only from the sale of your main home. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your main home is ordinarily the one you live in most of the time.

Example One:

You own and live in a house in the city. You also own a beach house, which you use during the summer months. The house in the city is your main home; the beach house is not.

Example Two:

You own a house, but you live in another house that you rent. The rented house is your main home.

Business Use or Rental of Home

You may be able to exclude your gain from the sale of a home that you have used for business or to produce rental income. But you must meet the ownership and use tests.

Example:

On May 30, 1997, Amy bought a house. She moved in on that date and lived in it until May 31, 1999, when she moved out of the house and put it up for rent. The house was rented from June 1, 1999, to March 31, 2001. Amy moved back into the house on April 1, 2001, and lived there until she sold it on January 31, 2003. During the 5-year period ending on the date of the sale (February 1, 1998 - January 31, 2003), Amy owned and lived in the house for more than 2 years.

Amy can exclude gain up to $250,000. However, she cannot exclude the part of the gain equal to the depreciation she claimed for renting the house.

Property Inspection

Thu, 17 May 2012 23:05:04 +0000

A pre-sale evaluation from a qualified home inspector can save both money and heartache. You'll end up with a list of repairs you can address before you sell. The last thing you want is a surprise during the buyer's home inspection that will force you to lower the price or make costly, last-minute repairs before closing.

Once you've found the home of your dreams, it's time to make an offer to buy it. Before deciding how much to offer, HUD urges you to get a professional inspection. It can also be helpful to find out how long the home has been on the market-if it's been for sale a while, the seller may be more willing to bargain.

After you and the agent have prepared your offer, he or she will present it to the seller. It may be accepted or rejected, or the seller may counter your offer by asking for a higher price or by making changes in the sales contract.

WHAT DOES A HOME INSPECTOR DO, AND HOW DOES AN INSPECTION FIGURE IN THE PURCHASE OF A HOME?
An inspector checks the safety of your potential new home. Home Inspectors focus especially on the structure, construction, and mechanical systems of the house and will make you aware of only repairs,that are needed.

The Inspector does not evaluate whether or not you're getting good value for your money. Generally, an inspector checks (and gives prices for repairs on): the electrical system, plumbing and waste disposal, the water heater, insulation and Ventilation, the HVAC system, water source and quality, the potential presence of pests, the foundation, doors, windows, ceilings, walls, floors, and roof. Be sure to hire a home inspector that is qualified and experienced.

It's a good idea to have an inspection before you sign a written offer since, once the deal is closed, you've bought the house as is." Or, you may want to include an inspection clause in the offer when negotiating for a home. An inspection t clause gives you an 'out" on buying the house if serious problems are found,or gives you the ability to renegotiate the purchase price if repairs are needed. An inspection clause can also specify that the seller must fix the problem(s) before you purchase the house.

DO I NEED TO BE THERE FOR THE INSPECTION?
It's not required, but it's a good idea. Following the inspection, the home inspector will be able to answer questions about the report and any problem areas. This is also an opportunity to hear an objective opinion on the home you'd I like to purchase and it is a good time to ask general, maintenance questions.

ARE OTHER TYPES OF INSPECTIONS REQUIRED?
If your home inspector discovers a serious problem a more specific Inspection may be recommended. It's a good idea to consider having your home inspected for the presence of a variety of health-related risks like radon gas asbestos, or possible problems with the water or waste disposal system.

HOW CAN I PROTECT MY FAMILY FROM LEAD IN THE HOME?
If the house you're considering was built before 1978 and you have children under the age of seven, you will want to have an inspection for lead-based point. It's important to know that lead flakes from paint can be present in both the home and in the soil surrounding the house. The problem can be fixed temporarily by repairing damaged paint surfaces or planting grass over effected soil. Hiring a lead abatement contractor to remove paint chips and seal damaged areas will fix the problem permanently.

ARE POWER LINES A HEALTH HAZARD?
There are no definitive research findings that indicate exposure to power lines results in greater instances of disease or illness.

Pick An Offer

Thu, 17 May 2012 23:05:04 +0000

In many of today's strong real estate markets, home sellers can expect to receive multiple offers for their home. Multiple offers are a classic example of economic realities because they appear when the supply of homes for sale is limited and the demand for good-condition homes is strong. Sellers love multiple offers because they push up home prices and create an opportunity to spark a bidding war. Knowing how to respond to multiple offers can help you get the best price and terms for the sale of your home.

How can I make sure my home will attract multiple offers?
Hit the market at the right price and, assuming your home is in good condition, multiple offers should come in. "Sellers see [home prices] are going higher, so they want to go a little higher. Sometimes it works and sometimes it doesn't. You can end up having to wait for the market to catch up with you," says Bob Stallings, broker/owner of RE/MAX Real Estate Specialists in Long Beach, California.

TIP: Make sure your listing agreement states that your agent will put your home in the Multiple Listing Service (MLS) within 24 hours. Some agents will hold a home off the MLS for a day or two in hopes of selling it themselves or in-house. Putting the home in the MLS as soon as possible is in the seller's best interest because the home then will be exposed to a much larger number of potential buyers.

Do I have to accept the offer with the highest price?
No. If you prefer a lower-priced offer, perhaps with a better qualified buyer or more attractive terms, you can accept that offer instead. Or you can give counteroffers to one or more of the buyers. Caution: If you reject a full-priced offer, you may owe your agent a full commission even if you don't sell your home.

Being greedy can back-fire. REALTOR Rae Wayne of The Bizzy Blondes team with RE/MAX Westside Properties in Culver City, California, says one seller instructed her to tell all the buyers' agents that offers would not be considered until the property had been on the market for one week, unless the offer was full-price or better. One agent asked to submit an offer right away, but the sellers, who were hoping for multiple offers, insisted on waiting until the appointed time. A week later, that agent was still the only one ready to submit an offer. "The seller said to me, 'What if we plan a party and nobody comes?' I said, 'That's the risk you took when you didn't want to look at this offer four days ago,'" she says. If you delay, anything can happen, including the buyers losing interest or offering a lower price.

My agent says I should receive all my offers by fax, rather than having the buyers' agents present the offers. Is that okay?
Some agents recommend the fax-only option. "Very few agents who do a lot of business will [present offers] anymore," says Carole Geronsin, a Realtor-associate with Prudential California Realty in Anaheim Hills, California. "Before, everyone would meet and the agents would tell all about their buyers, then everyone would wait while the seller made a decision." If there are multiple offers, the fax-only practice is a time-saver for you and the agents. However, the jury is still out on this practice. "I wonder [whether] the sellers are getting the full picture of the buyers, unless there are cover letters telling them about the buyers' qualifications. It's hard to really understand [the offers] and make a clear decision," says Stallings. "I'm a strong believer that it's best for both sides to have the offers presented, so the seller can ask the buyers' agents questions about the buyers."

TIP: You might want to receive all the offers by fax, then have the top offers presented. Either way, you, as the seller, make the rules.

One of the buyer's agents is from the same brokerage company as my agent. Should I give extra consideration to this "in-house" offer?
No. All offers should be evaluated equally based on the net price and terms. "We often have offers on our own listings and the sellers don't pick ours. If my own offer is marginal and the other offer is good, the last thing I want is for my seller to be mad at me. I'm going to look for the best offer," says Judy Sheller, the other half of The Bizzy Blondes team.

TIP: Some brokerages give the seller a commission break for an in-house transaction. This concession is known as a "variable commission" or "listing broker advantage." It should be discussed in advance and disclosed through the MLS.

Can I counter more than one offer?
Yes. However, if you accidentally accept more than one offer you could be legally obligated to sell your home to two buyers. For safety's sake, use a standard counteroffer form that says the counteroffer isn't accepted until it is signed by the buyer and subsequently accepted by you.

Can I back out of my escrow with buyer A and accept a new higher offer from buyer B that my agent just received?
Trying to back out of an escrow is extremely unwise because an accepted purchase offer is a legal contract and the buyer can take action to enforce it. "Legally, once you have signed and agreed to the offer with buyer A, you can't get out of it. Your only hope would be that the buyer does an inspection and makes a bunch of requests. You flatly refuse everything and perhaps the buyer walks away," says Wayne.

My home has been on the market for four weeks, but I haven't received any offers. Is this situation my agent's fault?
If you ignored your agent's advice about pricing your home or making any repairs, it's not really reasonable to blame the agent for the dearth of offers. However, if the home is priced right and in good condition, you'll want to have a frank conversation with your agent and take corrective action. Never sign a listing agreement with a term of more than three months. As a last resort, you can ask your agent's sales manager to help resolve any complaints.

Open House Expectations

Thu, 17 May 2012 23:05:04 +0000

Your agent is closing up shop in your home after a weekend open house. You cleared out early, as instructed, but now you've returned home and are bursting with curiosity about the day's event. Here are some questions you might want to ask:

1. How many people stopped by and who were they? If the turnout was disappointing, you may want to quiz your agent about his or her efforts to attract people to the event. Was the open house listed in the newspaper? Mentioned around the agent's office? Did any of your neighbors drop by?

2. When and how will the agent follow-up with prospective purchasers or their agents? Hot prospects who seem well-qualified should be contacted as soon as possible after the event and asked whether they're interested in seeing the home again, have any questions or concerns about the home or are planning to make an offer to purchase it.

3. What positive and negative feedback did the agent receive about the home? You'll certainly want to know what people are saying about your home, but don't take minor criticisms too personally or overreact to any one person's comments. Do pay attention to repeated criticism of one or more specific aspects of your home. You can disregard one person who dislikes your taste in wallpaper, but if six or seven people make the same comment, you might want to have that offensive pattern stripped off.

4. Did any problems or mishaps occur during the open house? Many open houses attract only a handful of visitors, but it's also entirely possible for 15 or 20 people to traipse through your home in a couple of hours. If there were any problems -- someone injured a knee on your glass -- topped coffee table or slipped and fell on the wet grass in your backyard-you'll want to know about it.

5. What's next? Now that the open house is over, what else is your agent planning to do to find a buyer for your home? Does the agent intend to continue with the existing marketing tactics or will some new plans be put into action? Would another open house be worthwhile?

TIP: Unless open houses are particularly well-attended in your neighborhood, you might want to forgo these events altogether or just hold one open house the first or second weekend after your home is listed. Some surveys suggest that open houses are more beneficial for the agent than the home seller and that only a tiny percentage of homes are sold as the direct result of an open house.

Your Open House

Thu, 17 May 2012 23:05:04 +0000

The weekend open house is a time-honored tradition in real estate sales, but has it outlived its effectiveness? Quite possibly, according to a new survey conducted by the Real Estate Center at Texas A&M University. The survey results hint at the notion that public open houses may be more beneficial for the agents themselves than for the home sellers.

Almost all the agents who responded to the survey (97 percent) had held public open houses, but only 41 percent believe those events help sell the home that's being showcased. Thirty-two percent believe public open houses attract many potential buyers, but nearly three-fourths also believe those buyers are more likely to buy a home other than the one being held open. And 62 percent say most people attending open houses aren't serious buyers at all.

Even though open houses may be of only marginal benefit for sellers, they aren't necessarily a total loss for sharp agents. In addition to bringing in buyers for other homes, open houses create opportunities for agents to sign listing agreements with neighbors who stop by to see the open home. Fifty-five percent of the survey respondents agreed with the statement that open houses help them generate new listing contracts.

Public open houses also present a security issue for home sellers and agents. "Whether or not to hold an open house is a concern among agents," says Jack Harris, a research economist with the Texas A&M center. "Agents must be on-site for the duration of open houses. Safety is a growing concern because there is no way to know whether a visitor is a serious buyer, just curious or has more sinister motives."

Despite the potential for meeting prospects, many agents find open houses troublesome, dangerous and generally a waste of time. The first lesson for home sellers is: Unless your home is unusual (i.e., difficult to sell), you might want to spend your weekends enjoying your own backyard, rather than turning your home over to your real estate agent. If your agent is gung-ho on public open houses, find out what supplemental marketing efforts (e.g., advertising the open house in a local newspaper) he or she will use to attract serious buyers for your home to the event.

The falling favor of public open houses may be partially attributable to new marketing techniques, including real estate Web sites, cable television infomercials and yard signs that transmit radio messages about the home. Weekday agent open houses (also called "broker opens") remain popular and, agents say, worthwhile for sellers. "Agent open houses are held when the listing agent invites other agents to view the home when first placed on the market, hoping one or more agents will have a buyer interested in the home," Harris explains.

Virtually all of the respondents had held agent open houses. More than half believe agent open houses are effective and 65 percent believe they're more effective than public open houses.

The second lesson for home sellers is: On the day when your agent holds a broker open, be sure your home is as presentable and attractive as you possibly can make it.

Marketing Info

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Your home should be listed, whenever possible, in the local Multiple Listing Service and on my site, which has a huge online database of homes and virtually 100% of potential buyers who look for property on the Internet.

Advertising
The realtors largest expense has traditionally been classified advertising in the local newspaper. However, today properties are also exposed through popular Internet home search/listing services, radio and television promotions, and real estate guides. Even with all these additional advertising avenues, "For Sale" signs on the front lawn are still remarkably effective. Many realtors use brochure boxes along with these signs to market the property. When appropriate, and with your permission, your agent may send a mailing about your property to neighbors. Sometimes one of them has "a friend or relative who always wanted to live near me." You never know.

Showings and open houses
To prepare your home for viewing, make it as light, cheerful and serene as possible. Your realtor will probably find a tactful way to suggest that you not be present while the house is being shown to prospective buyers. This is done because your presence will inhibit their actions and conversations. They wont feel free to open closets and cabinets, test out the plumbing, and discuss their observations objectively as they walk through. It goes without saying that your children and pets should not be on the premises either.

If your realtor has scheduled an open house, you may want to notify the neighbors, and assure them that they'll be welcome. They'll jump at the chance to poke around in your house, and sometimes they can turn up a buyer among their friends. In preparing for an open house, you should:

Pull the drapes back
Light lamps
Simmer a few drops of vanilla on the stove
Light your fireplace
Set the dining room or kitchen table if you have particularly nice linen or china
Put fresh towels in the bathroom
Leave the house so your realtor is free to deal with prospective buyers in a professional manner.

TIP: When preparing your home, think about the techniques that are used to show builders' model homes.

How long has your house been on the market?
Professional appraisers sum up their entire body of knowledge in three words -- "Buyers make value." Your home is worth as much as some member of the buying public will come forth and pay for it. After it's been on the market for months, you've been given a clear message that the property may not be worth what you're asking for it. This is particularly true if there haven't been many prospects coming to see it. What you do at that point depends on whether you really need to sell, and whether you're working with a time limit. If you're not really motivated to move soon, you can always wait - years if necessary - and hope inflation will catch up with the price you want. The problem is that in that time, your home begins to feel shopworn. Buyers become suspicious of a house that's been for sale for a long time. If, however, you really do need to sell, discuss with your realtor a schedule for dropping your price gradually until you find a level that attracts buyers. There's no point in saying, "We simply can't sell our house." Anything will sell if the price is right.

If youre buying another home
Dont spend a great deal of time worrying about what will happen when you're selling one home and buying another. You're not alone. realtors , lawyers, and title and escrow companies have had plenty of experience in arranging contracts and loans so that the two transactions dovetail smoothly. It's best to list your present home for sale first.

Selling and buying a home is a very emotional event and if you create a "race" by locating your replacement property before you sell your current home, you may lose it to another buyer, who does not need to sell in order to buy. If you do find just the house you want, you can always put in a purchase offer contingent (dependent) on selling your present one. However, in a hot market you will have difficulty getting the house you want this way.

Sometimes the seller will sign a contract agreeing to wait a certain period of time while you find a buyer for your house - sometimes not. What would you do if you were presented with such a proposal, from a buyer who also has a house to sell? If you do find that you need to buy the next house before you've received the proceeds from the present one, lending institutions can sometimes make you a short-term "bridge" loan to tide you over between the two transactions. Make sure you fully understand the exposure and emotional investment before proceeding with this type of loan.

Listing Real Estate

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Realtors and buyers often work together without a written contract, but the opposite is true for realtors and sellers. On the listing side, written contracts are overwhelmingly the rule, not the exception. A listing agreement is a binding legal contract that shouldn't be taken lightly. The necessity of reading the contract carefully and understanding what it means before you sign it can't be overstated. If you need legal advice, consult an attorney.

Listing contracts vary considerably from place to place. However, most realtors use established listing agreement forms that are the de facto industry standard in their area or are dictated by their brokerage company. Everything on these preprinted forms is negotiable.

Here are some basic terms to consider:

1. Term of the Agreement. A longer agreement benefits the agent because it allows him or her more time to find a buyer for your home. In a weak market, that's okay, but if homes are selling quickly, you don't want to be committed to one agent for more than a few months. If the home doesn't sell within the initial period and you're satisfied with the agent's efforts, you can offer to extend the term of the agreement before it expires.

2. Commission. Although commissions are negotiable, most areas have a standard percentage that agents expect to receive. This amount usually is 6 percent of the sales price, but you will find agents who accept 5 percent and agents who ask for 7 percent. Whether you want to pay the percentage that's typical in your area or negotiate a lower rate is up to you. A lower commission will save you money. A higher commission will give the agent more incentive to invest in marketing your home. Other agents can find out how much commission is offered on your home through the MLS. The agent's commission technically shouldn't be renegotiated as part of the purchase agreement between the seller and the buyer, but some agents will give a little to close a price gap between the seller and buyer, consequently making the transaction viable.

3. MLS. A listing agreement typically authorizes your agent to post your home in the Multiple Listing Service (MLS). Unless you're selling a very exclusive property or have serious personal privacy concerns, the MLS is a no-brainer because it helps the agent market your home to the widest possible group of potential buyers. Today, most MLS databases are accessible by consumers on the Internet. The public does not have access to commission information on the listings.

4. Lockbox. A lockbox is a tiny key-holding safe that can be inconspicuously attached to the front of your property. Any agent who has the means of accessing the lockbox (e.g., the key or combination) can retrieve the keys to your home, unlock your door and show your home to prospective buyers even when neither you nor your agent is present. If you're concerned about strangers entering your home alone, don't authorize a lockbox. If your home is vacant, located in a low-crime area or if you've removed your valuables and are willing to take the risk, a lockbox might be reasonable. The more people who see the property, the better chance you'll have of selling it for a favorable price.

Selling My Property

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Making a good first impression can mean the difference between receiving serious offers for your home or being subjected to months of lookie-loos dropping by but never buying.

How can you ensure that your home will make the best impression possible? Here are six tips for savvy home sellers:

1. Focus on curb appeal. The outside of your house can be the source of a very good first impression. Keep the grass well-watered and mowed. Have your trees trimmed. Cut back overgrowth. Plant some blooming flowers. Store toys, bicycles, roller-skates, gardening equipment and the like out of sight. Have at least the front of your house and the trim painted, if necessary. Sweep the porch and the front walkway. After dark, turn on your front porch light and any other exterior lighting.

2. Clear out the clutter. Real estate agents say buyers won't purchase a home they can't see. If your home has too much furniture, overflowing closets, crowded kitchen and bathroom countertops or lots of family photos or collectibles on display, potential buyers won't be able to see your home. Get rid of anything you don't need or use. Fill up your garage or rent some off-site storage space if that's what it takes to clear out your home.

3. Use your nose. Many people are oblivious to scents, but others are extremely sensitive to offensive odors. To eliminate bad smells, bathe your pets, freshen the cat litter box frequently, shampoo your carpets, dry clean your drapes, and empty trash cans, recycling bins and ash trays. Place open boxes of baking soda in smell-prone areas, and refrain from cooking fish or strong-smelling foods. Introduce pleasing smells by placing flowers or potpourri in your home and using air fresheners. Baking a fresh or frozen pie or some other fragrant treat is another common tactic.

4. Make all necessary repairs. Buyers expect everything in their new home to operate safely and properly. Picky buyers definitely will notice-and likely magnify -- minor maintenance problems you've ignored for months or even years. Leaky faucets, burned-out light bulbs, painted-shut or broken windows, inoperable appliances and the like should be fixed before you put your home on the market. These repairs may seem small, but left undone they can lead buyers to question whether you've taken good care of your home.

5. Introduce lifestyle accessories and make your home as comfortable and attractive as possible. Set the dining room table with your best dishes. Put out your only-for-company towels. Make up the spare bed. Hang some fresh curtains. Put some logs in the fireplace. Use your imagination.

6. Get a buyer's-eye view. Walk up to your home and pretend you've never seen it before. What do you notice? How do you feel about what you see? Does the home seem inviting? Well-maintained? Would you want to buy this home? Your answer should be an enthusiastic yes!

Multiple Offers

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A "seller's market," in one in which competition for houses gives a seller the advantage! It is the result of all kinds of things we do not have control over, from the economy to the sudden and amazing popularity of any given city or neighborhood.

When this happens, home prices tend to rise with the demand, and home buyers are much more likely to meet or even exceed your asking price! They may even throw in bonuses, or eve offer their firstborn baby - I think you get the picture! When the market is hot, you're hot, and the chances are very good that you will be faced with multiple offers.

If you have a listing agent, this will be one of those times when you will be glad you do, as he or she will be able to lead the process and handle all the finer points of the negotiating! The other most important tool that you can bring into a multiple-offer scenario is an awareness of the legal land mines, and of course a sense of ethics, and lets not forget negotiating etiquette!

Getting Real Estate Ready

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From experience, realtors also know that a "well-polished" house appeals to more buyers and will sell faster and for a higher price. Additionally, buyers feel more comfortable purchasing a well-cared for home because if what they can see is maintained, what they can't see has probably also been maintained. In readying your house for sale, consider:

how much should you spend
exterior and curb appeal
preparing the interior

How much should you spend
In preparing your home for the market, spend as little money as possible. Buyers will be impressed by a brand new roof, but they aren't likely to give you enough extra money to pay for it. There is a big difference between making minor and inexpensive "polishes" and "touch-ups" to your house, such as putting new knobs on cabinets and a fresh coat of neutral paint in the living room, and doing extensive and costly renovations, like installing a new kitchen. Your realtor, who is familiar with buyers' expectations in your neighborhood, can advise you specifically on what improvements need to be made. Don't hesitate to ask for advice.

Maximizing exterior and curb appeal
Before putting your house on the market, take as much time as necessary (and as little money as possible) to maximize its exterior and interior appeal. Tips to enhance your homes exterior and curb appeal:

Keep the lawn edged, cut and watered regularly.
Trim hedges, weed lawns and flowerbeds, and prune trees regularly.
Check the foundation, steps, walkways, walls and patios for cracks and crumbling.
Inspect doors and windows for peeling paint.
Clean and align gutters.
Inspect and clean the chimney.
Repair and replace loose or damaged roof shingles.
Repair and repaint loose siding and caulking.
In Northern winters, keep walks neatly cleared of snow and ice.
During spring and summer months consider adding a few showy annuals, perhaps in pots, near your front entrance.
Re-seal an asphalt driveway.
Keep your garage door closed.
Store RVs or old and beaten up cars elsewhere while the house is on the market.
Apply a fresh coat of paint to the front door.

Maximizing interior appeal
Enhance your homes interior by:

Giving every room in the house a thorough cleaning, as well as removing all clutter. This alone will make your house appear bigger and brighter. Some homeowners with crowded rooms have actually rented storage garages and moved half their furniture out, creating a sleeker, more spacious look.
Hiring a professional cleaning service, once every few weeks while the house is on the market. This may be a good investment for owners who are busy elsewhere.
Removing the less frequently used, even daily used items from kitchen counters, closets, and attics, making these areas much more inviting. Since you're anticipating a move anyhow, holding a garage sale at this point is a great idea.
If necessary, repainting dingy, soiled or strongly colored walls with a neutral shade of paint, such as off-white or beige. The same neutral scheme can be applied to carpets and linoleum.
Checking for cracks, leaks and signs of dampness in the attic and basement.
Repairing cracks, holes or damage to plaster, wallboard, wallpaper, paint, and tiles.
Replacing broken or cracked windowpanes, moldings, and other woodwork. Inspecting and repairing the plumbing, heating , cooling, and alarm systems.
Repairing dripping faucets and showerheads. Buying showy new towels for the bathroom, to be brought out only when prospective buyers are on the way.
Sprucing up a kitchen in need of more major remodeling by investing in new cabinet knobs, new curtains, or a coat of neutral paint.

Real Estate List Price

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An agent can help you set your best list price because they have access to data you may not! Consider the free home evaluation tool. This is but a small taste of the data at the fingertips of of your real estate agent!

Consider these things when deciding whether or not to work with a listing agent to sell your home. If you're buying a home, think about working with a buyer's agent.

If You Work with an Agent

You sign a listing contract, which is a legally binding agreement that typically gives the agent the exclusive right to sell your property within a certain period of time (usually 60 to 90 days).

The agent researches the market in order to determine your home's market value and reach a sales price in consultation with you.

The agent prepares a written marketing plan that includes a schedule for listing, showing, and advertising your property.

The agent advises you on how best to prepare your home for sale and helps arrange for pre-sale tasks such as a home inspection.

The agent transmits any offers to you, negotiates the purchase based on your recommendations, and moves all the paperwork through the transaction.

You pay for the listing agent's services, either as a percentage commission (usually 4 to 6 percent) or a flat fee, as specified in your listing contract. The buyer's agent is paid out of that fee.

If You Work Alone

You are in charge of the transaction, including marketing your property, negotiating the purchase, and handling the paperwork. Educate yourself on relevant federal laws and state regulations governing real estate sales.

You do your own market research (including possibly hiring an appraiser) to determine your home's value.

You create your own marketing plan and decide how you will handle inquiries from prospective buyers or their agents.

You decide how to prepare your home for sale, including arranging for pre-sale repairs, inspections, or other necessary services.

You field all buyer inquiries, show the house yourself, handle all negotiations, and move the paperwork through the transaction.

You pay for the buyer's agent's services, unless the buyer is also working alone or has hired the agent for a set fee. You may also pay for services you require during the transaction, such as legal advice or help negotiating the contract. Discount brokers offer individual services for flat rates.

Housing Market Info

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Homeowners have a seemingly insatiable appetite for information about the housing markets. "Are prices going up? How's the market? Is now a good time to sell?" they ask. Research reports and newspaper articles provide useful answers, but the information is usually buried in economic jargon. What is a "median price" anyway? What does "seasonally adjusted" mean? Does anyone understand "unsold inventory index?"

To help you follow the numbers, here are some helpful definitions:

Median price. An oft-cited indicator of the strength and direction of a housing market, a median price is the midpoint of all the prices of homes sold in a given area during a specified period. Midpoint means half the homes sold for higher prices and half the homes sold for lower prices. The median isn't the same as the average, which would be calculated by totaling all the prices and dividing by the number of prices. The median price can be affected over time by the characteristics and sizes of homes sold as well as price trends. For example, if the market shifts from starter homes to luxury mansions, the median price will increase even if homes are not appreciating in value.

Seasonally adjusted. Housing markets are naturally more active in the spring and summer months because people prefer to move during the longer warmer days and between school years. That pattern means it's difficult to make meaningful comparisons between results for different months or quarters of the same year. To overcome this hazard, economists statistically tweak the reported number of homes sold during various periods to reflect seasonal variations. The tweaked numbers are denoted as "seasonally adjusted."

Price discount. The "price discount" is the percentage difference between the seller's initial asking price and the actual purchase price of the same home. For example, if a home were priced at $200,000 and sold for $190,000, the discount would be 5 percent. Price discounts are usually reported as an average for a set of home sale transactions. A small percentage, on average, means the market favors sellers, while a large average discount signals a buyer's market.

Unsold inventory index. This index, which indicates the pace of the market, is calculated by measuring how long it would take for all the homes currently on the market to be sold at the current rate of sales. A smaller index is a positive sign for sellers, while a higher number is good news for buyers.

Affordability index. An affordability index measures whether a typical family can qualify for a standard mortgage to purchase a typical home. A "typical" family is defined as one that earns the median income in a given area, and a "typical" home is defined as a median-priced single-family house in the same area. An index value of 100 means a median-income family has exactly the amount of income needed to purchase a median-priced home. A number higher than 100 means the family's income is more than adequate, while a number less than 100 means the typical family can't afford to buy the typical home.

Pricing Your Property

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If youve decided to sell your home, chances are youre caught up in a host of emotions. You may be looking forward to moving up to a new dream house or facing the uncertainty of a major move across country. You may be reluctant to leave your memories behind or eager to start new adventures. Whatever turbulent feelings youre experiencing right now, there are plenty of practical matters that need your attention. Keep in mind the following considerations to help the whole process go more smoothly.

Its a good idea to place your home on the market as far in advance as possible of purchasing a new one. If you find a new home first and then try to sell your present home, you may wind up with two mortgages. If this does happen, ask your real estate agent or banker about a bridge loan to help you make the double payments. Lenders use the same criteria for offering bridge loans as they use for mortgages. Should you choose to accept a bridge loan, beware of the expense; during the term of the loan you must continue to pay both mortgages. Shop around for the best terms.

Keep in mind that when people move, sell and buy, there usually is a domino effect. Closing and moving dates have to be coordinated, and the more firmly everyone commits to a window of dates and sticks to them, the better for all involved. Put all agreements about dates in writing, and protect yourself by negotiating financial penalties for failure to comply.

A home thats visually appealing and in good condition will attract potential buyers driving down the street. Use this checklist to view your property through an outsiders eyes.

Are the lawn and shrubs well maintained?

Are there cracks in the foundation or walkways?

Does the driveway need resurfacing?

Are the gutters, chimney and walls in good condition?

Do the window casings, shutters, siding or doors need painting?

Are garbage and debris stored out of sight?

Strong curb appeal will lure potential buyers inside, where you have to live up to their expectations. Fortunately, there are plenty of easy improvements you can make to your homes interior without spending a lot of money. Cleaning is No. 1. Your windows, floors and bathroom tiles should sparkle. Make sure you have clean heating and air conditioning filters. Shampoo dirty carpets, repair dripping faucets and oil squeaky doors. It may not seem fair, but a peek in the oven may be the hallmark by which a buyer judges how well you have kept up your home.

Remove unnecessary clutter from the garage, basement, attic and closets. If your home is crowded with too much furniture, consider putting some things into storage. If a room needs a fresh coat of paint, use a neutral off-white. Think, too, about how your home smells. You may be used to the smell of a pet or cigarettes, but such odors can be a strong turn-off to others. Finally, set a mood for the buyer. Make your house homey with live flowers and fresh guest towels in the bathroom. Place scented potpourri around the house or, on the day youre expecting a potential buyer, pop a batch of frozen cinnamon rolls into the oven for a welcoming aroma.

Remember, cosmetic changes do not have to be expensive. In fact, costly home improvements do not necessarily offer a good return on your investment when you sell. Its attention to the basics -- anything that says this home has been carefully maintained -- that will help you get the price you want.

Property Appraisal

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The preparation of any appraisal begins with an interior and exterior inspection of any given home, building or property. The appraiser then looks for assets and any and all detriments that the real estate will offer by viewing the property with an objective perspective.

Some of the more important items in the property is gross living area, condition, and quality of construction. Additionally, location, layout, number of bedrooms and bathrooms and lot size are also considered. The appraiser will also note the amenities such as central a/c, landscaping, fireplaces, decks, and all recent renovations including pool, fencing, kitchens and baths etc. It is important for the home owner to point out all the amenities, or improvements that may not be completely obvious to any appraiser in a normal and considerate walk through of the property.

The appraiser will also make an assessment of the neighborhood and surrounding areas, noting any location of amenities which could be important to a home owner and/or buyer. In many cases these same items may be considered a detriment to the property based on there distance to the subject. Oftne, residential properties that are too close to a non residential property may be viewed as less desirable by a purchaser, and reflected as such in any appraisal report.

Real Estate Appraisal Info

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The appraisal process is often considered to be the process of analyzing collecting and reconciling data that relates to any home or property being appraised. This data is then formatted in an order that can lead the reader of the report to the same conclusions as the appraiser.

You should look at each home for its individual characteristics. Generally, older homes may be in more established neighborhoods, offer more ambiance, and have lower property tax rates. People who buy older homes, however, shouldn't mind maintaining their home and making some repairs. Newer homes tend to use more modern architecture and systems, are usually easier to maintain, and may be more energy-efficient. People who buy new homes often don't want to worry initially about upkeep and repairs.

Only an appraiser can give a real home value, but one thing your real estate agent can help you with, is determining the 'sold' value of homes around the area. This is especially important when writing an offer!

More Tax Advice

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You may qualify to exclude from your income all or part of any gain from the sale of your main home. Your main home is the one in which you live most of the time.

Ownership and Use Tests

To claim the exclusion, you must meet the ownership and use tests. This means that during the 5-year period ending on the date of the sale, you must have:

Owned the home for at least 2 years (the ownership test) Lived in the home as your main home for at least 2 years (the use test) Gain

If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases).

If you can exclude all of the gain, you do not need to report the sale on your tax return If you have gain that cannot be excluded, it is taxable. Report it on Schedule D (Form 1040) Loss

You cannot deduct a loss from the sale of your main home.

Worksheets

Worksheets are included in Publication 523, Selling Your Home to help you figure the:

Adjusted basis of the home you sold
Gain (or loss) on the sale
Gain that you can exclude
Reporting the Sale

Do not report the sale of your main home on your tax return unless you have a gain and at least part of it is taxable. Report any taxable gain on Schedule D (Form 1040).

More Than One Home

Example One:

You own and live in a house in the city. You also own a beach house, which you use during the summer months. The house in the city is your main home; the beach house is not.

Example Two:

You own a house, but you live in another house that you rent. The rented house is your main home.

Business Use or Rental of Home

You may be able to exclude your gain from the sale of a home that you have used for business or to produce rental income. But you must meet the ownership and use tests.

Example:

Amy can exclude gain up to $250,000. However, she cannot exclude the part of the gain equal to the depreciation she claimed for renting the house.

Real Estate Agent

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One of the most complex and important financial events in peoples lives is the purchase or sale of a home or investment property. Because of this complexity and importance, people usually seek the help of real estate brokers and sales agents when buying or selling real estate.

Real estate brokers and sales agents have a thorough knowledge of the real estate market in their community. They know which neighborhoods will best fit clients needs and budgets. They are familiar with local zoning and tax laws and know where to obtain financing. Agents and brokers also act as intermediaries in price negotiations between buyers and sellers.

Real estate agents usually are independent sales workers who provide their services to a licensed real estate broker on a contract basis. In return, the broker pays the agent a portion of the commission earned from the agents sale of the property. Brokers are independent businesspeople who sell real estate owned by others; they also may rent or manage properties for a fee. When selling real estate, brokers arrange for title searches and for meetings between buyers and sellers wherein details of the transactions are agreed upon and the new owners take possession of the property. A broker may help to arrange favorable financing from a lender for the prospective buyer; often, this makes the difference between success and failure in closing a sale. In some cases, brokers and agents assume primary responsibility for closing sales; in others, lawyers or lenders do so. Brokers supervise agents who may have many of the same job duties. Brokers also manage their own offices, advertise properties, and handle other business matters. Some combine other types of work, such as selling insurance or practicing law, with their real estate business.

Besides making sales, agents and brokers must have properties to sell. Consequently, they spend a significant amount of time obtaining listingsagreements by owners to place properties for sale with the firm. When listing a property for sale, agents and brokers compare the listed property with similar properties that recently sold, in order to determine a competitive market price for the property. Once the property is sold, the agent who sold it and the agent who obtained the listing both receive a portion of the commission. Thus, agents who sell a property that they themselves have listed can increase their commission.

Most real estate brokers and sales agents sell residential property. A small number, usually employed in large or specialized firms, sell commercial, industrial, agricultural, or other types of real estate. Every specialty requires knowledge of that particular type of property and clientele. Selling or leasing business property requires an understanding of leasing practices, business trends, and the location of the property. Agents who sell or lease industrial properties must know about the regions transportation, utilities, and labor supply. Whatever the type of property, the agent or broker must know how to meet the clients particular requirements.

Before showing residential properties to potential buyers, agents meet with them to get a feeling for the type of home the buyers would like. In this prequalifying phase, the agent determines how much the buyers can afford to spend. In addition, the agent and the buyer usually sign a loyalty contract which states the agent will be the only one to show houses to the buyers. An agent or broker uses a computer to generate lists of properties for sale, their location and description, and available sources of financing. In some cases, agents and brokers use computers to give buyers a virtual tour of properties in which they are interested. With a computer, buyers can view interior and exterior images or floor plans without leaving the real estate office.

Agents may meet several times with prospective buyers to discuss and visit available properties. Agents identify and emphasize the most pertinent selling points. To a young family looking for a house, they may emphasize the convenient floor plan, the areas low crime rate, and the proximity to schools and shopping centers. To a potential investor, they may point out the tax advantages of owning a rental property and the ease of finding a renter. If bargaining over price becomes necessary, agents must follow their clients instructions carefully and may have to present counteroffers in order to get the best possible price.

Once both parties have signed the contract, the real estate broker or agent must make sure that all special terms of the contract are met before the closing date. For example, the agent must make sure that the mandated and agreed-upon inspections, including that of the home and termite and radon inspections, take place. Also, if the seller agrees to any repairs, the broker or agent must see that they are made. Increasingly, brokers and agents are handling environmental problems as well, by making sure that the properties they sell meet environmental regulations. For example, they may be responsible for dealing with lead paint on the walls. While loan officers, attorneys, or other persons handle many details, the agent must ensure that they are completed.

Real Estate FSBO Advice

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Granted, some people are able to sell their own homes without the services of a real estate agent. Some of these successful do-it-yourselfers are very experienced home sellers. Others are transferring ownership of their home to a child, a coworker or a tenant who's already living in the home. These circumstances are the exception, not the norm, however. For most people, a for-sale-by-owner (FSBO) transaction simply isn't in the cards. Here are five reasons why.

1. FSBOs can't list their home in the MLS. FSBOs aren't permitted to put their home in the multiple listing service (MLS) because these industry membership organizations are open only to licensed real estate brokers and agents. FSBOs are also locked out of many home search engines and Web sites, including this site. Sure, a determined FSBO can put a for-sale sign in his or her front yard and run a tiny advertisement in the local newspaper, but the home won't receive nearly as much exposure as it would through the MLS.

2. Agents won't show FSBO homes. In a typical home sale, the buyer's agent receives a percentage of the commission that the seller pays the listing agent. Without a listing agreement, there's no guarantee that the buyer's agent will be compensated for his or her services, unless the buyer has signed a buyer's brokerage agreement that specifically provides for such compensation. Even if a FSBO offers to pay the buyer's side of the commission, most agents won't want to go through a transaction with an unsophisticated self-represented seller across the table. That means the pool of potential buyers for FSBO homes is limited primarily to un-represented and probably unqualified prospects.

3. FSBOs usually overprice their home. Like most homeowners, most FSBOs honestly believe their own home is worth more than comparable homes in the same neighborhood. Usually, they're wrong. A real estate agent can provide an update on market conditions, an assessment of the likely selling price of the home and tips for improving the home's buyer appeal. Overpricing a for-sale home is a sure way to deter potential buyers.

4. Buyers will feel intimidated. Potential buyers will spend less time in a for-sale home if the owner is present during the showing, and they'll be shy about discussing its pluses and minuses with their own agent if the owner is within earshot. Buyers will also be less inclined to make an offer if they know they'll be negotiating directly with the seller. Having an agent on each side creates an effective emotional buffer between the seller and buyer.

5. FSBOs are likely to stumble into legal trouble. Real estate transactions are fraught with potential liability for unwary sellers, particularly in states that have extensive disclosure requirements (e.g., California). A FSBO who overlooks even one required form or legally mandated disclosure could face a protracted and expensive buyer lawsuit after the transaction closes.

Real Estate Appraisal

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Real Estate Tax Shelter(s)

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You May Be Able To Shelter Up to $500,000 In Your Home!

If you have a gain from the sale or exchange of your main home in 2003, you may be able to exclude from income up to $250,000 of the gain ($500,000, for certain married taxpayers filing a joint return). The exclusion may be allowed each time you sell or exchange your main home, but generally no more frequently than once every two years. You cannot deduct a loss from the sale of your main home.

If you sold your home under a contract that provides for part or all of the selling price to be paid in a later year, you made an "installment sale." Refer to Topic 705 for more information.

To be eligible for an exclusion, your home must have been owned by you and used as your main home for a period of at least two years out of the five years prior to its sale or exchange. You can meet the ownership and the use tests during different two year periods. However, both tests must be met during the fiveyear period ending on the date of the sale or exchange. If you and your spouse file a joint return for the year of the sale or exchange, you can exclude up to $250,000 of gain if only one of you qualified for the exclusion.

If you did not meet the ownership and use tests or if during the 2year period ending on the date of the sale or exchange you sold or exchanged another home at a gain and excluded all or part of that gain, you may be allowed to exclude a portion of the gain realized on the sale or exchange of your home if:

You sold or exchanged your home due to a change in health or place of employment or due to unforeseen circumstances

A qualified real estate professional can give you more details on other tax benefits and liabilities! Consult a professional for more information about the tax benefits of owning a home!

You may qualify to exclude from your income all or part of any gain from the sale of your main home. Your main home is the one in which you live most of the time.

Ownership and Use Tests

To claim the exclusion, you must meet the ownership and use tests. This means that during the 5-year period ending on the date of the sale, you must have:

Owned the home for at least 2 years (the ownership test) Lived in the home as your main home for at least 2 years (the use test) Gain

If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases).

If you can exclude all of the gain, you do not need to report the sale on your tax return If you have gain that cannot be excluded, it is taxable. Report it on Schedule D (Form 1040) Loss

You cannot deduct a loss from the sale of your main home.

Worksheets

Worksheets are included in Publication 523, Selling Your Home to help you figure the:

Adjusted basis of the home you sold
Gain (or loss) on the sale
Gain that you can exclude
Reporting the Sale

Do not report the sale of your main home on your tax return unless you have a gain and at least part of it is taxable. Report any taxable gain on Schedule D (Form 1040).

More Than One Home

Example One:

You own and live in a house in the city. You also own a beach house, which you use during the summer months. The house in the city is your main home; the beach house is not.

Example Two:

You own a house, but you live in another house that you rent. The rented house is your main home.

Business Use or Rental of Home

You may be able to exclude your gain from the sale of a home that you have used for business or to produce rental income. But you must meet the ownership and use tests.

Example:

Amy can exclude gain up to $250,000. However, she cannot exclude the part of the gain equal to the depreciation she claimed for renting the house.

Real Estate Tax Benefits

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The purchase - The IRS says you can deduct interest in the year that it is paid, and that is usually part of each monthly loan payment.

Mortgage interest - In general, you can deduct interest charged on a loan used to acquire or improve your principal residence in the year that it is paid.

The sale - Because your home is considered a capitol gain, there is no tax on the sale of your home.. (up to $500k for married, $250k for single)

If you sold your home under a contract that provides for part or all of the selling price to be paid in a later year, you made an "installment sale." Refer to Topic 705 for more information.

You sold or exchanged your home due to a change in health or place of employment or due to unforeseen circumstances

A qualified real estate professional can give you more details on other tax benefits and liabilities! Consult a professional for more information about the tax benefits of owning a home!

Loan Closing Advice

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WHAT MAKES UP CLOSING COST?
There may be closing cost customary or unique to a certain locality, but closing cost are usually made up of the following:

Attorney's or escrow fees (Yours and your lender's if applicable)

Property taxes (to cover tax period to date)

Interest (paid from date of closing to 30 days before first monthly payment)

Loan Origination fee (covers lenders administrative cost)

Recording fees

Survey fee

First premium of mortgage Insurance (if applicable)

Title Insurance (yours and lender's)

Loan discount points

First payment to escrow account for future real estate taxes and insurance

Paid receipt for homeowner's insurance policy (and fire and flood insurance if applicable)

Any documentation preparation fees

WHAT CAN I EXPECT TO HAPPEN ON CLOSING DAY?
You'll present your paid homeowner's insurance policy or a binder and receipt showing that the premium has been paid. The closing agent will then list the money you owe the seller (remainder of down payment, prepaid taxes, etc.) and then the money the seller owes you (unpaid taxes and prepaid rent, if applicable). The seller will provide proofs of any inspection, warranties, etc.

Once you're sure you understand all the documentation, you'll sign the mortgage, agreeing that if you don't make payments the lender is entitled to sell your property and apply the sale price against the amount you owe plus expenses. You'll also sign a mortgage note, promising to repay the loan. The seller will give you the title to the house in the form of a signed deed.

You'll pay the lender's agent all closing costs and, in turn,he or she will provide you with a settlement statement of all the items for which you have paid. The deed and mortgage will then be recorded in the state Registry of Deeds, and you will be a homeowner.

WHAT MAKES UP CLOSING COST?

Settlement Statement, HUD-1 Form (itemizes services provided and the fees charged; it is filled out by the closing agent and must be given to you at or before closing)

Truth-in-Lending Statement

Mortgage Note

Mortgage or Deed of Trust

Binding Sales Contract (prepared by the seller; your lawyer should review it)

Keys to your new home

Escrow Advice

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Escrow - A neutral third party holds documents and money for a real estate transaction and ensures that all conditions of a sale are met. Also refers to a special account that a lender uses to hold a borrower's monthly payments on property taxes and insurance.

The amount of money that you will be required to come up with at escrow depends on a number of factors, including the cost of the house and the type of mortgage you get. In general, you need to come up with enough money to cover three costs: earnest money - the deposit you make on the home when you submit your offer, to prove to the seller that you are serious about wanting to buy the house; the down payment, a percentage of the cost of the home that you must pay when you go to settlement; and closing costs, the costs associated with processing the paperwork to buy a house.

When you make an offer on a home, your real estate broker will put your earnest money into an escrow account. If the offer is accepted, your earnest money will be applied to the down payment or closing costs. If your offer is not accepted, your money will be returned to you. The amount of your earnest money varies. If you buy a HUD home, for example, your deposit generally will range from $500 - $2,000.

The more money you can put into your down payment, the lower your mortgage payments will be. Some types of loans require 10-20% of the purchase price. That's why many first-time homebuyers turn to HUD's FHA for help. FHA loans require only 3% down - and sometimes less.

Closing costs - which you will pay at settlement - average 3-4% of the price of your home. These costs cover various fees your lender charges and other processing expenses. When you apply for your loan, your lender will give you an estimate of the closing costs, so you won't be caught by surprise. If you buy a HUD home, HUD may pay many of your closing costs.

Home Loans

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You can save yourself a lot of wheel-spinning if you take a minute to figure out how much mortgage you can afford. Generally, a lender will want your monthly mortgage payment to total no more than 29% of your monthly gross income (that's your monthly income before taxes and other paycheck deductions are taken out.) You also need to consider current loan interest rates. The lower the interest rate, the more expensive the home you'll be able to afford. Follow our tips and use these simple calculators to see how much you can afford in a mortgage payment.

How Much Can YOU Afford?

Closing Costs

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HOW DOES THE LENDER DECIDE THE MAXIMUM LOAN AMOUNT THAT CAN AFFORD?
The lender considers your debt-to-income ratio, which is a comparison of your gross (pre-tax) income to housing and non-housing expenses. Non-housing expenses include such long-term debts as car or student loan payments, alimony, or child support. According to the FHA,monthly mortgage payments should be no more than 29% of gross income, while the mortgage payment, combined with non-housing expenses, 4 should total no more than 41% of income. The lender also considers cash available for down payment and closing costs, credit history, etc. when determining your maximum loan amount.

WHAT IS EARNEST MONEY? HOW MUCH SHOULD I SET ASIDE?
Earnest money is money put down to demonstrate your seriousness about buying a home. It must be substantial enough to demonstrate good faith and is usually between 1-5% of the purchase price (though the amount can vary with local customs and conditions). If your offer is accepted, the earnest money becomes part of your down payment or closing costs. If the offer is rejected, your money is returned to you. If you back out of a deal, you may forfeit the entire amount.

HOW LARGE OF A DOWN PAYMENT DO I NEED?
There are mortgage options now available that only require a down payment of 5% or less of the purchase price. But the larger the down payment, the less you have to borrow, and the more equity you'll have. Mortgages with less than a 20% down payment generally require a mortgage insurance policy to secure the loan. When considering the size of your down payment, consider that you'll also need money for closing costs, moving expenses, and - possibly -repairs and decorating.

WHAT CAN I USE TO PAY THE DOWN PAYMENT AND CLOSING COSTS OF AN FHA LOAN?
Besides your own funds, you may use cash gifts or money from a private savings club. If you can do certain repairs and improvements yourself, your labor may be used as part of a down 8 payment (called -sweat equity"). If you are doing a lease purchase, paying extra rent to the seller may also be considered the same as accumulating cash.

Review A Closing

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This will likely be the first opportunity to examine the house without furniture, giving you a clear view of everything. Check the walls and ceilings carefully, as well as any work the seller agreed to do in response to the inspection. Any problems discovered previously that you find uncorrected should be brought up prior to closing. It is the seller's responsibility to fix them.

Closing a Home

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After The Loan

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It usually takes a lender between 1-6 weeks to complete the evaluation of your application. Its not unusual for the lender to ask for more information once the application has been submitted. The sooner you can provide the information, the faster your application will be processed. Once all the information has been verified the lender will call you to let you know the outcome of your application. If the loan is approved, a closing date is set up and the lender will review the closing with you. And after closing, you'll be able to move into your new home.

Credit History

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The FHA is generally more flexible than conventional lenders in its qualifying guidelines. In fact, the FHA allows you to re-establish credit if:

two years have passed since a bankruptcy has been discharged

all judgments have been paid

any outstanding tax liens have been satisfied or appropriate arrangements have been made to establish a repayment plan with the IRS or state Department of Revenue

three years have passed since a foreclosure or a deed-in-lieu has been resolved

Negotiating Tips

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These tips will help you get the very best deal and write the best possible offer:

Have the home inspected - You can deal off any flaws!

Learn which financing options can benefit the buyer.

Ask for advice!

A seasoned real estate agent can help you with all three of these items. They're experienced negotiators and have written hundreds (thousands?) of offers on all types of property. They are also familar with the market and neighborhood so can be of some assistance when it comes to shooting for a low price!

Property Negotiation

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Unless you have a buyer's agent, remember that the agent works for the seller. Make a point of asking him or her to keep your discussions and information confidential. Listen to your real estate agent's advice, but follow your own instincts on deciding a fair price. Calculating your offer should involve several factors: what homes sell for in the area, the home's condition, how long it's been on the market, financing terms, and the seller's situation. By the time you're ready to make an offer, you should have a good idea of what the home is worth and what you can afford. And, be prepared for give-and-take negotiation, which is very common when buying a home. The buyer and seller may often go back and forth until they can agree on a price. If you're buying a HUD Home, you're required to use a real estate agent. While purchasing a HUD Home may be easier than many private real estate transactions, there are still some requirements which must be met, certain forms that must be used, and procedures that must be followed. But these requirements are clearly stated in advance, and the real estate agent will be there to help you through it all. There are no negotiations between buyer and seller when you buy a HUD Home. This can be a real advantage. There's no haggling about price--everything is spelled out in black and white. In some areas, HUD may accept a counter-offer from you, but if your counter-offer is not accepted, the home goes back on the market. What's more, HUD responds promptly to your offer, and if it's accepted, closing on the home will usually occur within 30 to 60 days. Finding a HUD broker is not difficult, especially since so many real estate brokers are happy to sell HUD Homes. All you need to do is to call a few brokers who work in the area you're interested in and you'll find someone willing and experienced. Some brokers specifically advertise their desire to sell HUD Homes in the real estate sections of newspapers. Best of all, the valuable help you'll receive from the real estate agent is usually free! In most instances, agents get their sales commission from the home seller, not you, the buyer. Even if you're buying a HUD Home, HUD will pay the broker's commission.

Safety Inspection

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Before you buy a home, you'll want to know exactly what it is you're getting. An inspector checks the safety of your potential new home. Home Inspectors focus especially on the structure, construction, and mechanical systems of the house and will make you aware of only repairs,that are needed.

If the house you're considering was built before 1978 and you have children under the age of seven, you will want to have an inspection for lead-based paint. It's important to know that lead flakes from paint can be present in both the home and in the soil surrounding the house. The problem can be fixed temporarily by repairing damaged paint surfaces or planting grass over effected soil. Hiring a lead abatement contractor to remove paint chips and seal damaged areas will fix the problem permanently.

Home Inspector Worksheet

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Though a final assessment can be made by an inspection service company, this checklist can serve as a reminder of some things to consider to make wise buying decisions.

Check the foundation, floors, walls and poured concrete.
Make sure there's no evidence of water seepage or moisture problems.
Minor settling cracks are usually not structurally significant.
Make sure there's drainage.
If necessary, make sure there's a sump pump for sanitary and foundation draining.
Check to see if the crawl space is dry.
Inspection by qualified exterminator is necessary for existing and potential problems related to wood rot and termites.
Check the condition of flooring, whether plank or plywood.
Check for solid construction of bridging and joists.
Check walls, whether drywall or plaster. Make sure there are no water marks.
Make sure the attic is sufficiently insulated and ventilated.
Check that the fireplace damper is in working order, and flues to the chimney are clear.
On heating and air-conditioning systems, check what minor periodic maintenance is required, such as oil fan motor, lubricate bearings, clean humidifier, replace filters, etc.
Check the hot water system -- type and gallon capacity. How long has the present unit been in service?
Check the electricity to make sure that the standard house current, number of circuits, outlets and fuses or circuit breakers are sufficient for everyday needs, and the condition of wiring is good.
Check for good water pressure throughout house and that the tie-in to local water supply facilities, etc. are all in working order.
Bathroom and kitchen fixtures should be in good shape. Make sure the range, refrigerator, dishwater/disposal, laundry facilities, etc. are all in working order.
Check exterior lot and landscaping. Is it properly graded or contoured? Are trees and shrubs sufficient for your needs?
Check that fences, walls, patio and driveway are in good condition.
Be sure exterior walls are suitable to weather conditions. Check doors and windows. Are they easy to open and close (or replace) for storm/screen removal or installation?
Are the roof, gutters and downspouts in good condition?
Is the garage door or opener in good working order? Is there sufficient electrical and heating access in the garage?

Home Insurance

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DO I REALLY NEED HOMEOWNER'S INSURANCE?
Yes. A paid homeowner's insurance policy (or a paid receipt for one) is required at closing, so arrangements will have to be made prior to that day. Plus, involving the insurance agent early in the home buying process can save you money. Insurance agents are a great resource for information on home safety and they can give tips on how to keep insurance premiums low.

WHAT STEPS COULD I TAKE TO LOWER MY HOMEOWNER'S INSURANCE COSTS?
Be sure to shop around among several insurance companies. Also, consider the cost of insurance when you look at homes. Newer homes and homes constructed with materials like brick tend to have lower premiums. Think about avoiding areas prone to natural disasters, like flooding. Choose a home with a fire hydrant or a fire department nearby.

IS THE HOME LOCATED IN A FLOOD PLAIN?
Your real estate agent or lender can help you answer this question. If you live in a flood plain, the lender will require that you have flood insurance before lending any money to you. But if you live near a flood plain, you may choose whether or not to get flood insurance coverage for your home. Work with an insurance agent to construct a policy that fits your needs.

WHAT OTHER ISSUES SHOULD I CONSIDER BEFORE I BUY MY HOME?
Always check to see if the house is in a low-lying area, in a high-risk area for natural disasters (like earthquakes, hurricanes, tornadoes, etc.), or in a hazardous materials area. Be sure the house meets building codes. Also consider local zoning laws, which could affect remodeling or making an addition in the future. Your real estate agent should be able to help you with these questions.

Home Inspection

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ARE POWER LINES A HEALTH HAZARD?
There are no definitive research findings that indicate exposure to power lines results in greater instances of disease or illness.

Debt To Income Ratio

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The lender considers your debt-to-income ratio, which is a comparison of your gross (pre-tax) income to housing and non-housing expenses. Non-housing expenses include such long-term debts as car or student loan payments, alimony, or child support. According to the FHA,monthly mortgage payments should be no more than 29% of gross income, while the mortgage payment, combined with non-housing expenses, 4 should total no more than 41% of income. The lender also considers cash available for down payment and closing costs, credit history, etc. when determining your maximum loan amount.

Your Loan

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There are several things you need to think about before you apply for your loan!

Example..How much money will I have to come up with to buy a home?
Answer: Well, that depends on a number of factors, including the cost of the house and the type of mortgage you get. In general, you need to come up with enough money to cover three costs: earnest money - the deposit you make on the home when you submit your offer, to prove to the seller that you are serious about wanting to buy the house; the down payment, a percentage of the cost of the home that you must pay when you go to settlement; and closing costs, the costs associated with processing the paperwork to buy a house.

When you make an offer on a home, your real estate broker will put your earnest money into an escrow account. If the offer is accepted, your earnest money will be applied to the down payment or closing costs. If your offer is not accepted, your money will be returned to you. The amount of your earnest money varies. If you buy a HUD home, for example, your deposit generally will range from $500 - $2,000.

Apply for a Mortgage

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To ensure you won't fall victim to loan fraud, be sure to follow all of these steps as you apply for a loan:

Be sure to read and understand everything before you sign.

Refuse to sign any blank documents.

Do not buy property for someone else.

Do not overstate your income.

Do not overstate how long you have been employed.

Do not overstate your assets.

Accurately report your debts.

Do not change your income tax returns for any reason.

Be truthful about your credit problems, past and present.

Be honest about your intention to occupy the house

Do not provide false supporting documents.

WHAT HAPPENS AFTER I'VE APPLIED FOR MY LOAN?
It usually takes a lender between 1-6 weeks to complete the evaluation of your application. Its not unusual for the lender to ask for more information once the application has been submitted. The sooner you can provide the information, the faster your application will be processed. Once all the information has been verified the lender will call you to let you know the outcome of your application. If the loan is approved, a closing date is set up and the lender will review the closing with you. And after closing, you'll be able to move into your new home.

Select a Mortgage

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WHAT TYPES OF LOANS ARE AVAILABLE AND WHAT ARE THE ADVANTAGES OF EACH?
Fixed Rate Mortgages: Payments remain the same for the the life of the loan

Types

15-year
30-year

Advantages

Predictable
Housing cost remains unaffected by interest rate changes and inflation.

Adjustable Rate Mortgages (ARMS): Payments increase or decrease on a regular schedule with changes in interest rates; increases subject to limits

Types

Balloon Mortgage- Offers very low rates for an Initial period of time (usually 5, 7, or 10 years); when time has elapsed, the balance is clue or refinanced (though not automatically)
Two-Step Mortgage- Interest rate adjusts only once and remains the same for the life of the loan ARMS linked to a specific index or margin

Advantages

Generally offer lower initial interest rates
Monthly payments can be lower
May allow borrower to qualify for a larger loan amount

WHEN DO ARMS MAKE SENSE?
An ARM may make sense If you are confident that your income will increase steadily over the years or if you anticipate a move in the near future and aren't concerned about potential increases in interest rates.

WHAT ARE THE ADVANTAGES OF 15- AND 30-YEAR LOAN TERMS?

30-Year:

In the first 23 years of the loan, more interest is paid off than principal, meaning larger tax deductions. As inflation and costs of living increase, mortgage payments become a smaller part of overall expenses.

15-year:

Loan is usually made at a lower interest rate.
Equity is built faster because early payments pay more principal.

Mortgage Alternatives

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Basic Mortgage

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Generally speaking, a mortgage is a loan obtained to purchase real estate. The "mortgage" itself is a lien (a legal claim) on the home or property that secures the promise to pay the debt. All mortgages have two features in common: principal and interest.

Also Consider LOAN TO VALUE (LTV) H
The loan to value ratio is the amount of money you borrow compared with the price or appraised value of the home you are purchasing. Each loan has a specific LTV limit. For example: With a 95% LTV loan on a home priced at $50,000, you could borrow up to $47,500 (95% of $50,000), and would have to pay,$2,500 as a down payment.

The LTV ratio reflects the amount of equity borrowers have in their homes. The higher the LTV the less cash homebuyers are required to pay out of their own funds. So, to protect lenders against potential loss in case of default, higher LTV loans (80% or more) usually require mortgage insurance policy.

CAN I PAY OFF MY LOAN AHEAD OF SCHEDULE?
Yes. By sending in extra money each month or making an extra payment at the end of the year, you can accelerate the process of paying off the loan. When you send extra money, be sure to indicate that the excess payment is to be applied to the principal. Most lenders allow loan prepayment, though you may have to pay a prepayment penalty to do so. Ask your lender for details.

Mortgage Loan

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Just as there is more than one kind of home, there is more than one way to finance it. Mortgage lenders have come up with many different methods of helping you pay for a home--each one with its own advantages and disadvantages.

First of all, you should know that HUD itself does not provide financing. You can obtain financing through a bank or mortgage lender. And since many HUD Homes are eligible for FHA-insured mortgage loans, this often makes financing easier to obtain. However, you are not required to get an FHA loan to buy a HUD Home.

Fixed-Rate Mortgage.With a fixed-rate mortgage, your interest rate stays the same for the term of the mortgage, which is usually 30 years. Your principal and interest payment remains stable, making it easier to plan a monthly budget. However, initial interest rates tend to be higher than with other types of loans.

Adjustable-Rate Mortgage. With an ARM, your interest rate and monthly payments start out lower than with a fixed-rate, but your rate and payments can change either up or down, depending on where interest rates in general are going. (If they're going up, your monthly payments will probably go up as well, sometimes significantly.)

FHA-Insured Mortgage. In this type of loan, the Federal Government insures the lender against loss in case the home buyer defaults on the loan. This program was set up so that Americans who can't afford the 10% to 20% down payment required by most lenders can still buy a home. Many HUD Homes can bought with FHA-insured mortgages, which allow you to purchase the home with as little as 3% down. You do not have to be a first-time buyer in order to qualify for an FHA loan.

VA Loan. Under this program, the Department of Veterans Affairs guarantees the lender against loss. HUD Homes may be purchased with a VA loan or any other loan.

Assumable or Non-Assumable. You may find a home with a mortgage loan you can "assume" from the previous owner. This means that the lender is willing to transfer the old loan on the home to you. These loans can be wonderful bargains, and the paperwork is usually not very complicated.

Before you decide which loan is right for you, talk to your loan officer. You'll get information that will help you figure out which option best suits your needs.

Effective Offer Writing

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HOW DO I MAKE AN OFFER?
Your real estate agent will assist you in making an offer, which will include the following information:

Complete legal description of the property

Amount of earnest money

Down payment and financing details

Proposed move-in date

Price you are offering

Proposed closing date

Length of time the offer is valid

Details of the deal

Remember that a sale commitment depends on negotiating a satisfactory contract with the seller, not just Making an offer.

Other ways to lower ins-insurance costs include insuring your home and car(s) with the same company, increasing home security, and seeking group coverage through alumni or business associations. Insurance costs are always lowered by raising your deductibles, but this exposes you to a higher out-of-pocket cost if you have to file a claim.

HOW DO I DETERMINE THE INITIAL OFFER?

Mental Control

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One tip that may be effective, is to take a deep breath!

If this doesn't work, remember that there are more homes! A home seller can smell anxiety and excitement, so keep caml and find several houses that you wish to buy. Dont buy into the 'dream home' mentality. Find several homes that fit your needs and ultimately purchase the home where your offer is accepted!

One tip to control your excitement is to focus on the negative! While you should not let this persuade your ultimate descision, you should always remember, that there are more homes available!

Many of your questions should focus on potential problems and maintenance issues. Does anything need to be replaced? What things require ongoing maintenance (e.g., paint, roof, HVAC, appliances, carpet)? Also ask about the house and neighborhood, focusing on quality of life issues. Be sure the seller's or real estate agent's answers are clear and complete. Ask questions until you understand all of the information they've given. Making a list of questions ahead of time will help you organize your thoughts and arrange all of the information you receive. The HUD Home Scorecard can help you develop your question list.

Comparison Shopping

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Print out this worksheet and make notes about the homes you visit.

Features	House #1	House #2	House #3
Address
Price
Location
# Bedrooms
# Baths
Square Feet
# Garages
Family Room
Air Conditioning
Formal Dining Room
Pool
Spa/Jacuzzi
Lot Size
Landscaping
Kitchen
Floor Plan
Storage Space
Condition
Extras (specify)
Curb Appeal
Commute Time

Neighborhood Features

Neighborhood	House #1	House #2	House #3
Crime Rate
Quality of Schools
Traffic
Proximity to:	House #1	House #2	House #3
Schools
Hospitals
Shops
Transportation
Cultural Activities

Overall Opinion

	House #1	House #2	House #3
Overall Opinion

Home Selection

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HOW CAN I KEEP TRACK OF ALL THE HOMES I SEE?
If possible, take photographs of each house: the outside, the major rooms, the yard, and extra features that you like or ones you see as potential problems. And don't hesitate to return for a second look. Use the HUD Home Scorecard to organize your photos and notes for each house.

HOW MANY HOMES SHOULD I CONSIDER BEFORE CHOOSING ONE?
There isn't a set number of houses you should see before you decide. Visit as many as it takes to find the one you want. On average, homebuyers see 15 houses before choosing one. Just be sure to communicate often with your real estate agent about everything you're looking for. It will help avoid wasting your time.

Before you start shopping for a home, you need to know what kind of home to shop for. To determine that , of course, you've got to figure out how much you can afford to pay each month.

Fortunately, there's a pretty simple formula for coming up with this number. It's the Federal Housing Administration (FHA) formula that many mortgage lenders use. The FHA has found that most people can afford to budget 29% of their gross monthly income to housing expenses, depending on total debt. Buyers with no debt can budget as much as 41% of monthly income to housing.

Once you have figured out what kind of home are looking for, the next thing to do is to search for the best possible deal. Although this is the toughest part of the whole home buying process, doing your homework certainly does help. There are two ways of doing this. Searching on your own or by hiring a real estate agent and letting them do the hard work for you! Leverage their experience!

In case you are looking to do it yourself, here are a few tips that would certainly help.

Research, Research and Research!

The easiest way to do this is the Internet! The best way to find what you should expect for your hard earned money is to surf all the real estate sites and see what is available in your price range! Make a Short list of all the houses that meet most of your (written down) requirements.

Searching Tip

Searching for real estate over the net is so much easier than browsing a newspaper because you can key in your personal search criteria and dont have to be bothered with the vast number of listings that arent for you. Internet real estate sites offer customized search options that allow you to zero in on your key requirements.

Local newspapers would be a better bet in case you are looking to buy a house in the same locality. Sunday newspapers generally have a number of good listings.

Make appointments to look at all the short listed houses

Make sure that you visit each and every house short listed. Call the landlord well in advance and set up an appointment. Dont shy away from taking as many inspections as you want.

Home Hunt

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Every neighborhood is different. It is strongly recommended that you research the neighborhood you plan on living in before buying your home. It is even advisable that you park nearby and walk to neighborhood after the normal work day is done to see what the area is really like! Depending on your own particular needs and tastes, some of the following factors may be more important considerations than others: quality of schools property values traffic crime rate future construction proximity to schools, employment, hospitals, shops, public transportation, prisons, freeways, airports, beaches, parks, stadiums and cultural activities such as museums, concerts and theaters.

Approval Letters

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Pre-qualification is an informal way to see how much you maybe able to borrow. You can be 'pre-qualified' over the phone with no paperwork by telling a lender your income, your long-term debts, and how large a down payment you can afford. Without any obligation, this helps you arrive at a ballpark figure of the amount you may have available to spend on a house.

Pre-approval is a lender's actual commitment to lend to you. It involves assembling the financial records mentioned in Question 47 (Without the property description and sales contract) and going through a preliminary approval process. Pre-approval gives you a definite idea of what you can afford and shows sellers that you are serious about buying.

Find Out About Your Credit History

There are three major credit reporting companies: Equifax, Experian, and Trans Union. Obtaining your credit report is as easy as calling and requesting one. Once you receive the report, it's important to verify its accuracy. Double check the "high credit limit,"'total loan," and 'past due" columns. It's a good idea to get copies from all three companies to assure there are no mistakes since any of the three could be providing a report to your lender. Fees, ranging from $5-$20, are usually charged to issue credit reports but some states permit citizens to acquire a free one. Contact the reporting companies at the numbers listed for more information. CREDIT REPORTING COMPANIES Company Name Phone Number Experian 1-888-524-3666 Equifax 1-800-685-1111 Trans Union 1-800-916-8800

Real Estate Ads

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4B/2B -- four bedrooms and two bathrooms. "Bedroom" usually means a sleeping area with a window and a closet, but the definition varies in different places. A "full bathroom" is a room with a toilet, a sink and a bathtub. A "three-quarter bathroom" has a toilet, a sink and a shower. A "half bathroom" or powder room has only a toilet and a sink.

assum. fin. -- assumable financing

Closing Costs: This has different meanings in different states, in some states a real estate transaction is not consider "closed" until the documents record at the local recorder which is the public official who keeps records of transactions that affect real property in the area, sometimes known as a "registrar of deeds" or "county clerk," s office, in others, the "closing" is a meeting where all of the documents are signed and money changes hands, costs -- the entire package of miscellaneous expenses paid by the buyer and the seller when the real estate deal closes. These costs include the brokerage commission, mortgage which is a legal document that pledges a property to the lender as security, that is, the property that will be pledged as collateral for a loan, for payment of a debt, instead of mortgages, some states use first trust deeds,-related fees, escrow or attorney's settlement charges, transfer tax which is state or local tax payable when title passes from one owner to another, is, recording fees, title insurance and so on. Closing costs are generally paid through escrow.

CMA -- comparative market analysis or competitive market analysis. A CMA is a report that shows prices of homes that are comparable to a subject home and that were recently sold, are currently on the market or were on the market, but not sold within the listing period.

Contingency -- a provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. One example is a buyer's contract which is an oral or written agreement to do or not to do a certain thing, dual right to obtain a professional home inspection before purchasing the home.

dk -- Most often refers to a deck

Expansion pot'l -- expansion potential mean that there's extra space on the lot or the possibility of adding a room or even an upper level, subject to local zoning restrictions.

Fab Pentrm -- fabulous pentroom, a room on top (but under the roof) that has great views

FDR -- formal dining room

Fixture -- anything of value that is permanently attached to or a part of real property which is land and appurtenances, including anything of a permanent nature such as structures, trees, minerals, and the interest, benefits, and inherent rights thereof, . (Real estate is legally called "real property," while movables are called "personal property.") Examples of fixtures include installed wall-to-wall carpeting, light fixtures, window coverings, landscape, that is, adjustable rate mortgages have fluctuating interest rates, but those fluctuations are usually limited to a certain amount, those limitations may apply to how much the loan may adjust over a six month period, an annual period, and over the life of the loan, and are referred to as "caps," some arms, although they may have a life cap, that is, for an adjustable-rate mortgage (arm), a limit on the amount that the interest rate can increase or decrease over the life of the mortgage, allow the interest rate to fluctuate freely, but require a certain minimum payment which can change once a year, there is a limit on how much that payment can change each year, and that limit is also referred to as a cap and so on. Fixtures are a frequent subject of buyer and seller disputes. When in doubt, get it in writing.

Frplc, fplc, FP -- fireplace

Gar -- garage (garden is usually abbreviated as "gard.")

Grmet kit -- gourmet kitchen

HDW, HWF, Hdwd -- hardwood floors

Hi ceils -- high ceilings

In-law potential -- potential for a separate apartment, subject to local zoning restrictions

Large E-2 plan -- this is one of several floor plans available in a specific building

Listing -- an agreement between a real estate broker and a home owner that allows the broker to market and arrange for the sale of the owner's home. The word "listing" is also used to refer to the for-sale home itself. A home being sold by the owner without a real estate agent, that is, a person licensed to negotiate and transact the sale of real estate, isn't a "listing."

Lo dues -- low homeowner's association dues. But find out how "low" the dues are compared to other dues in the area.

Lock box -- locked key-holding device affixed to a for-sale home so real estate professionals can gain entry into the home after obtaining permission from the listing agent

Lsd pkg. -- lease which is a written agreement between the property owner and a tenant that stipulates the payment and conditions under which the tenant may possess the real estate for a specified period of time parking area. May come with additional cost.

MLS -- Multiple Listing Service. An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. Membership isn't open to the general public, although selected MLS data may be sold to real estate listings Web sites. MLSs are local or regional. There is no MLS covering the whole country.

Nr bst schls -- near the best schools

Pot'l -- potential

Pvt -- private

Pwdr rm -- half bathroom or powder room

Title Insurance -- an insurance policy that protects a lender, that is, a term which can refer to the institution making the loan or to the individual representing the firm, for example, loan officer which is also referred to by a variety of other terms, such as lender, loan representative, loan "rep," account executive, and others, the loan officer serves several functions and has various responsibilities: they solicit loans, they are the representative of the lending institution, and they represent the borrower to the lending institutions are often referred to as "lenders" or owner's interest in real property from assorted types of unexpected or fraudulent claims of ownership. It's customary for the buyer to pay for the lender's title insurance policy.

House Search

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Start by thinking about your situation. Are you ready to buy a home? How much can you afford in a monthly mortgage payment ? How much space do you need? What areas of town do you like? After you answer these questions, make a "To Do" list and start doing casual research. Talk to friends and family, drive through neighborhoods, and look in the "Homes" section of the newspaper.

Your home should fit way you live, with spaces and features that appeal to the whole family. Before you begin looking at homes, make a list of your priorities - things like location and size. Should the house be close to certain schools? your job? to public transportation? How large should the house be? What type of lot do you prefer? What kinds of amenities are you looking for? Establish a set of minimum requirements and a 'wish list." Minimum requirements are things that a house must have for you to consider it, while a "wish list" covers things that you'd like to have but aren't essential.

Select a community that will allow you to best live your daily life. Many people choose communities based on schools. Do you want access to shopping and public transportation? Is access to local facilities like libraries and museums important to you? Or do you prefer the peace and quiet of a rural community? When you find places that you like, talk to people that live there. They know the most about the area and will be your future neighbors. More than anything, you want a neighborhood where you feel comfortable in.

Your Wish List

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Creating a Wish List on paper will help you decide which home you should buy! There are many things to consider when thinking of your new home and making a wish list. You can create check boxes to help you weed out the less than satisfactory homes. Be sure to prioritize your list so that each item will not count as much as other items.

A few Things To Consder:

Community
Select a community that will allow you to best live your daily life. Many people choose communities based on schools. Do you want access to shopping and public transportation? Is access to local facilities like libraries and museums important to you? Or do you prefer the peace and quiet of a rural community? When you find places that you like, talk to people that live there. They know the most about the area and will be your future neighbors. More than anything, you want a neighborhood where you feel comfortable in.

Schools
You can get information about school systems by contacting the city or county school board or the local schools. Your real estate agent may also be knowledgeable about schools in the area.

Resale Value
Your real estate agent can give you a ballpark figure by showing you comparable listings. If you are working with a REALTOR, they may have access to comparable sales maintained on a database. You should consider new developments and if the community is growing in a fasion that will increase the value of your hoem in the years to come.

Price
It is always advisable to purchase a home within your means. Use one of our calculators to be confident that your new home purchase is within your budget!

Find your Dream

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Almost everybody has a dream home. A place they like to wander through in their thoughts, choosing imaginary wallpaper and putting in imaginary skylights. But for too many people, dream homes remain just that--dreams. The reality of owning their own home never seems to become theirs.

In case you are looking to do it yourself, here are a few tips that would certainly help.

Research, Research and Research!

Searching Tip

Local newspapers would be a better bet in case you are looking to buy a house in the same locality. Sunday newspapers generally have a number of good listings.

Make appointments to look at all the short listed houses

Make sure that you visit each and every house short listed. Call the landlord well in advance and set up an appointment. Dont shy away from taking as many inspections as you want.

A REALTOR Can Help

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Using a real estate agent is a very good idea. All the details involved in home buying, particularly the financial ones, can be mind-boggling. A good real estate professional can guide you through the entire process and make the experience much easier. A real estate broker will be well-acquainted with all the important things you'll want to know about a neighborhood you may be considering...the quality of schools, the number of children in the area, the safety of the neighborhood, traffic volume, and more.

He or she will help you figure the price range you can afford and search the classified ads and multiple listing services for homes you'll want to see. With immediate access to homes as soon as they're put on the market, the broker can save you hours of wasted driving-around time. When it's time to make an offer on a home, the broker can point out ways to structure your deal to save you money. He or she will explain the advantages and disadvantages of different types of mortgages, guide you through the paperwork, and be there to hold your hand and answer last-minute questions when you sign the final papers at closing. And you don't have to pay the broker anything! The payment comes from the home seller - not from the buyer.

Confidence and Experience

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Start by thinking about your situation. Are you ready to buy a home? How much can you afford in a monthly mortgage payment (see Question 4 for help)? How much space do you need? What areas of town do you like? After you answer these questions, make a "To Do" list and start doing casual research. Talk to friends and family, drive through neighborhoods, and look in the "Homes" section of the newspaper.

Buying is almost always better than renting!The one advantage of renting is being generally free of most maintenance responsibilities. But by renting, you lose the chance to build equity, take advantage of tax benefits, and protect yourself against rent increases. Also, you may not be free to decorate without permission and may be at the mercy of the landlord for housing.

Owning a home has many benefits. When you make a mortgage payment, you are building equity. And that's an investment. Owning a home also qualifies you for tax breaks that assist you in dealing with your new financial responsibilities- like insurance, real estate taxes, and upkeep- which can be substantial. But given the freedom, stability, and security of owning your own home, they are worth it.

By using an experienced real estate agent, you leverage their confidence and experience. This can be especially important if you are attempting to purchase a house under market value or if things become 'sticky', as a seasoned veteran agent will have probably encountered a similar situation previously..

Ownership Advice

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Know Your Rights as a Homebuyer
Before you start, there are many laws that protect you from scams, unnecessary expenses, and discrimination in the process of homebuying. Know your rights!

Find out How Much Mortgage Can You Afford
You can save yourself a lot of wheel-spinning if you take a minute to figure out how much mortgage you can afford. Generally, a lender will want your monthly mortgage payment to total no more than 29% of your monthly gross income (that's your monthly income before taxes and other paycheck deductions are taken out.) You also need to consider current loan interest rates. The lower the interest rate, the more expensive the home you'll be able to afford. Follow our tips and use these simple calculators to see how much you can afford in a mortgage payment.

Create Your "Wishlist"
Make your wish list. Focus on the features you want in a home: 2 bedrooms or 3? 1 bath or 2? Garage or no garage? Knowing what you're looking for will help you focus your search. And it will help your real estate broker, too.

Find a Real Estate Agent or Broker
You'll want to start searching for a broker as soon as you decide to buy a home. Talk to several and find someone you think you'll be comfortable working closely with. Many of your friends and relatives have probably bought and sold their homes through brokers. Ask them who they used and what their experiences were. You can find out which brokers specialize in the kind of home or the area you want by looking in the Yellow Pages or your local newspaper's classified real estate ads. Or drive through neighborhoods and note the names of brokers on "for sale" signs. When you talk to prospective brokers, ask questions about the areas and types of homes in which you're interested. Do they seem knowledgeable? Most important, is their personal style a good fit with your own?

Mortgages and Homebuying Programs
Many different kinds of mortgages are available to you. Read about them, and make sure you understand the pros and cons of each. Your real estate broker can help you. HUD offers some special homebuying programs. Also, many local governments offer special homebuying programs to help low-income homebuyers. Shop around - you may be surprised at all your options!

Young Buyer

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Buying your first home can be scary, but if you follow these tips, you will do just fine!

Look at as many homes as possible to get a better feel for ones available in your price range. Keep track of what you like and dislike about each home that you visit by printing and using our Home Visits Worksheet.

Also consider the market value of the home, any special circumstances surrounding the sale of the home, how much you can afford to pay for the home, and the condition of the home when determining whether the home is right for you.

When you find a home in your price range and you want to buy it, visit the neighborhood at various times to get a more complete understanding of its activity. Talk with your prospective neighbors about what it's like to live in the area. Take a day and commute to your job from the area. And look at the home more critically -- you may discover flaws you hadn't noticed during your first visit.

Another aspect to consider is the financing you will use to purchase the home. For example, the seller may help pay closing costs such as transfer taxes or points on a mortgage. If this is the case, you may be more willing to accept the seller's asking price. Your real estate sales professional can offer some assistance regarding how much you should offer, but the final decision is yours.

Home Ownership: Are You Prepared?

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You can find out by asking yourself some questions:

Do I have a steady source of income (usually a job)? Have I been employed on a regular basis for the last 2-3 years? Is my current income reliable?

Do I have a good record of paying my bills?

Do I have few outstanding long-term debts, like car payments?

Do I have money saved for a down payment?

Do I have the ability to pay a mortgage every month, plus additional costs?

If you can answer "yes" to these questions, you are probably ready to buy your own home.

Buying an Affordable Home

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Home loans can be available from several types of lenders--thrift institutions, mortgage companies, commercial banks, and credit unions. Various lenders may quote you different prices, so you should contact several lenders to make sure youre getting the best price. You can also get a home loan through a mortgage broker. Brokers set up transactions rather than lending money directly; in other words, they will find a lender for you. The brokers contacts to several lenders can mean a bigger selection of loan products and terms from which you can choose.

There are many factors to consider when looking for a home

Types of homes - There are many different types of homes: single family, condominium, townhouse, and duplex. Additionally, the type of home you select may impact your buying power.

New or existing home - Consider whether you want to move into a new home or an existing home. In general, new homes are more costly than existing homes. However, the condition of an existing home can significantly increase your maintenance requirements.

Quality of home - Examine the condition of the home. Carefully inspect the structure, interior and exterior of the house for defects. The additional renovation costs may add up over time and exceed your maintenance estimates. Will the house need a lot of repairs? How old are the appliances? The purchase of the home is one step, but the renovations and repairs are added costs that need to be considered. Would you prefer to purchase a newer, costlier home or would you prefer to invest additional time and money into renovations and repairs for an older, less expensive home?

Features - Consider the features of the home. Does it have gas or electric heating? How many bathrooms does it have? How many bedrooms do you need? All of these characteristics will influence the price of the home and your monthly housing expenses. HUD's Wish List worksheet (A PDF Reader is necessary to view this file. PDF reader options for the visually impaired.) can help you identify and prioritize the features you are looking for in a home.

Location - Would you rather live in the city, the country, or the suburbs? Do you want to be near parks or the library? What about a shopping center? Is it important for you to be near major highways or public transportation? Get a feel for the surrounding area by exploring the neighborhood and talking to residents.

Crime rate - Look into the safety of the neighborhood. Does the neighborhood have a high crime rate? Has there been an increase in crimes committed in the area? If so, how will this influence the future property value of your home?

School system - The quality of the school system in a particular area is not only important to families with children but can influence the property value of your home.

Economic stability of area - The economic growth and stability of the area surrounding a home can influence its future property value.

Property tax - Examine the annual amount of real estate taxes and other assessments levied on homes in the neighborhood you are considering.

Brokers will generally make contact with several lenders regarding your application, but they do not have to find the best deal for you unless they are contracted with you to be your personal agent. You should also consider contacting more than one broker, just as you would with banks or thrift institutions.

Knowing if you are dealing with a lender or a broker may not always be cut and dry. Some financial institutions work as both lenders and brokers. And most brokers advertisements do not use the word "broker." So be sure to ask whether a broker is involved. This information is important because brokers are usually paid a fee for their services that may be separate from and in addition to the lenders origination or other fees. A brokers compensation may be in the form of "points" paid at closing or as an add-on to your interest rate, or both. You should ask each broker you work with how he or she will be compensated so that you can compare the different fees. Be prepared to negotiate with the brokers as well as the lenders.

Home Ownership : How To

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You probably started the home buying process in one of two ways: you saw a home you were interested in buying or you consulted a lender to figure out how much money you could borrow before you found a home (sometimes called pre-qualifying). The next step is to sign an agreement of sale with the seller, followed by applying for a loan to purchase your new home. The final step is called settlement or closing, where the legal title to the property is transferred to you.

At each of these steps you often have the opportunity to negotiate the terms, conditions and costs to your advantage. These pages will highlight such opportunities. You will also need to shop carefully to get the best value for your money. There is no standard home buying process used in all localities. Your actual experience may vary from those described here. These pages takes you through the general steps to buying a home, to eliminate, as much as possible, the mysteries of the settlement process.

Buying and Financing A Home
The real estate broker: frequently, the first person you consult about buying a home is a real estate agent or broker. The most common practice is for the seller to hire the broker to find someone who will be willing to buy the home on terms and conditions that are acceptable to the seller. Therefore, the real estate broker you are dealing with may also represent the seller. However, you can hire your own real estate broker, known as a buyers broker, to represent your interests. Also, in some states, agents and brokers are allowed to represent both buyer and seller.

Even if the real estate broker represents the seller, state real estate licensing laws usually require that the broker treat you fairly. If you have any questions concerning the behavior of an agent or broker, you should contact your States Real Estate Commission or licensing department.

Sometimes, the real estate broker will offer to help you obtain a mortgage loan. He or she may also recommend that you deal with a particular lender, title company, attorney or settlement/closing agent. You are not required to follow the real estate brokers recommendation. You should compare the costs and services offered by other providers with those recommended by the real estate broker.

Selecting an Attorney
Before you sign an agreement of sale, you might consider asking an attorney to look it over and tell you if it protects your interests. If you have already signed your agreement of sale, you might still consider having an attorney review it. An attorney can also help you prepare for the settlement. In some areas attorneys act as settlement/closing agents or as escrow agents to handle the settlement. An attorney who does this will not solely represent your interests, since, as settlement/closing agent, he or she may also be representing the seller, the lender and others as well.

If choosing an attorney, you should shop around and ask what services will be performed for what fee. Find out whether the attorney is experienced in representing home buyers. You may wish to ask the attorney questions such as:

What is the charge for negotiating the agreement of sale, reviewing documents and giving advice concerning those documents, for being present at the settlement, or for reviewing instructions to the escrow agent or company? Will the attorney represent anyone other than you in the transaction? Will the attorney be paid by anyone other than you in the transaction? Please note, in many areas of the country attorneys are not normally involved in the home sale. For example, escrow agents or escrow companies in western states handle the paperwork to transfer title without any attorney involvement.

Buy vs Rent

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Why should I buy, instead of rent?
Answer: You'll love the feeling of having something that's all yours - a home where your own personal style will tell the world who you are. A thriving vegetable garden in the backyard, a tiled entryway, a yellow kitchen...when you own, you can do it all your way! But there's more to owning a home than personal satisfaction. You can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes, too. And interest will compose nearly all of your monthly payment , for over half the number of years you'll be paying your mortgage. This adds up to hefty savings at the end of each year. And you're also allowed to deduct the property taxes you pay as a homeowner. If you rent, you write your monthly check and it's gone forever. Another financial plus in owning a home is the possibility its value will go up through the years.

There are advantages to buying a home versus renting. View these advantages in a financial comparison of buying versus renting in the Buy vs. Rent Calculator.

Savings: Buying

In many cases, the amount of money a renter spends on rent can be about the same as or less than the amount a homeowner spends on a mortgage. With the tax benefit for homeowners, the savings can be significant.

Buy vs. Rent Comparison
The renter starts out paying $800 per month with annual increases of 5% The homeowner purchases a home for $110,000 and pays a monthly mortgage of $1,000 After 6 years, the homeowner's payment is lower than the renter's monthly payment With the tax savings of homeownership, the homeowner's payment is less than the rental payment after 3 years

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Monthly Expenses: Buying

Your rental company takes part of your rent payment to cover certain housing expenses. When you decide to purchase a home, you accept responsibility for paying for these expenses (listed below). They are additional costs to your monthly mortgage payment and should be included in your budget estimates:

Property Taxes and Special Assessments

Home/Hazard Insurance

Utilities

Maintenance

Home Owner Association (HOA) Fee: Doesn't apply to all purchases. It pays for trash and snow removal and maintenance of common grounds if applicable.

Membership Fee: It may pay for recreational facilities and other services (cable TV).

Looking for an apartment? It can be both exciting - and frustrating! But if you approach the whole process systematically and if you know your rights, apartment hunting doesn't have to be a hassle. Read through this Renter's Kit before you begin. And happy hunting!

Before You Start Looking...
Know your rights and responsibilities: Federal law prohibits housing discrimination based on your race, color, national origin, religion, sex, family status, or disability. If you have been trying to rent a home or apartment and you believe your rights have been violated, you can file a fair housing complaint. When you live in an apartment, you have both rights and responsibilities. Be sure you know what's expected of you - and what you can expect in return.

Figure out what you need: It's a good idea to think through what you need in an apartment BEFORE you begin shopping. How many bedrooms do you need? Do you need to be close to schools? Do you need parking? Make a list before you begin...that will help you narrow down your search.

Checklist for Home Buyers

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Know Your Rights as a Homebuyer
Before you start, there are many laws that protect you from scams, unnecessary expenses, and discrimination in the process of homebuying. Know your rights!

Create Your "Wishlist"
Make your Wish Lst. Focus on the features you want in a home: 2 bedrooms or 3? 1 bath or 2? Garage or no garage? Knowing what you're looking for will help you focus your search. And it will help your real estate broker, too.

Find a Real Estate Broker
You'll want to start searching for a broker as soon as you decide to buy a home. Talk to several and find someone you think you'll be comfortable working closely with. Many of your friends and relatives have probably bought and sold their homes through brokers. Ask them who they used and what their experiences were. You can find out which brokers specialize in the kind of home or the area you want by looking in the Yellow Pages or your local newspaper's classified real estate ads. Or drive through neighborhoods and note the names of brokers on "for sale" signs. When you talk to prospective brokers, ask questions about the areas and types of homes in which you're interested. Do they seem knowledgeable? Most important, is their personal style a good fit with your own?