I'm curious if anyone out there knows the home buying rules for aliens residing in the USA.  For example, can an alien residing in the USA in possesion of a tax ID and paying income taxes buy a home in the USA.  In this example the buyer does not have a social security card but has a passport.

In a 2006 study of home buyers and sellers conducted by the National Association of REALTORS® it was found that buyers rated neighborhood quality as the number one factor in purchasing a home. So what if your neighborhood lacks a little (or a lot) to be desired? Check out this quick list of ideas compiled by Trish a REALTOR® from Mississippi:

Cleaning Up the Neighborhood

Strike a Deal - If your neighbor's homes are dragging your listing down why not spring for a landscaper to give their yard a makeover? Why pay for a neighbors yard to be improved? So you can sell your home for top dollar!

Call the City or Chamber of Commerce - Ask them if they are any neighborhood clean up programs available. Many volunteer organizations pick an area each month to clean or improve. Why not your neighborhood?

Team Up - If there are other homeowners attempting to sell their homes in the neighborhood why not team up to tackle the problem? A combined effort over one weekend - picking up trash, cleaning out storm drains, or painting over graffiti could inspire others to follow your lead.

Item number 3 in my last blog post mentioned appraisals.  Thought this post might help to expand on this very important issue.

1.  It's an objective opinion of value, but it's not an exact science so appraisals may differ.

2.  For buying and selling purposes, appraisals are usually based on market value-what the property could probably be sold for. Other types of value include insurance value, replacement value, and assessed value for property tax purposes.

3.  Appraised value is not a constant number. Changes in market conditions can dramatically alter appraised value.

4.  Appraised value doesn't consider special considerations, like the need to sell rapidly.

5.  Lenders usually use either the appraised value or the sale price, whichever is less, to determine the amount of the mortgage they will offer.

Used with permission from Kim Daugherty, Real Estate Checklists and Systems (http://www.realestatechecklists.com).

1.   Don’t Just Show Your Home – Show It Off

 Like it or not, your home is competing with many more homes in the area. Buyers buy on emotion, not rationale; therefore, even the savviest marketing program in the world can only bring lots of buyers into your home – it can't make them WANT the home. A motivated seller will do everything possible to promote the property’s strengths. For suggestions, see our "How to Show Your Home" flyer.

2.   Commit to a Long-Term Listing Only with a Performance-Specific Guarantee

 Don't rely on verbal promises. Make sure that when you enter into a listing agreement, you receive a written guarantee of performance, with the option to cancel without charge if those standards are not met. Otherwise, any vague language may result in a performance dispute that will only end up hobbling your sale in the long run.

3.   Obtain a Lender Appraisal Before Listing the Property

How would you feel if your home sold for $150,000, only find out from the bank appraiser that it was worth $175,000? In today's real estate market, this happens more often than you’d think.  Eventually, your home will have to be appraised by a state licensed bank appraiser anyway. Why risk losing several extra thousands of dollars in your pocket?

4.   Insider Secret

Buyers are afraid of paying too much for a house. That's why they often make low offers. A certified bank appraisal helps you sell for full price because the buyer can see that the price was established by a professional third party.                                                                   

5.   Secure Financing Terms and Commitment for Potential Buyers

Before you can consider deeming any buyer as “serious”, you should obtain a pre-approval letter from the lender before taking the time and effort to start the process. After all, what could be more heartbreaking than believing you’ve sold your house, only to find out the buyer is not in the financial position he represented?

One of the many details affecting a smooth real estate transaction is the transfer of important information. The following list is just a few of the actions that could make this very exciting process a good memory or a bad one.  A good Realtor understands the details and makes sure these items are handled in a professional manner.

1.   Owner's manuals for items left in the house.

2.   Warranties for any items left in the house.

3.   A list of local service providers-the best dry  cleaner, yard service, etc.

4.   Garage door opener.

5.   Extra sets of house keys.

6.   Code to burglar alarm and phone number of monitoring service if not discontinued.

Buyers and Sellers have a tendancy to view a real estate transaction in simple steps.  i.e. Buy side-look for a home, make an offer, get a loan, close, move in.  Well, this view make work for senior level executive summary, however, as we all know the devil is in the details.  The following are just some of the many issues that an experienced Realtor deals with on a daliy basis.

1. A real estate transaction is complicated. In most cases, buying or selling a home requires disclosure forms, inspection reports, mortgage documents, insurance policies, deeds, and multi-page government-mandated settlement statements. A knowledgeable guide through this complexity can help you avoid delays or costly mistakes.
2. Selling or buying a home is time consuming. Even in a strong market, homes in our area stay on the market for an average of 100 days. And it usually takes another 60 days or so for the transaction to close after an offer is accepted.
3. Real estate has its own language. If you don’t know a CMA from a PUD, you can understand why it’s important to work with someone who speaks that language.
4. REALTORS© have done it before. Most people buy and sell only a few homes in a lifetime, usually with quite a few years in between each purchase. And even if you’ve done it before, laws and regulations change. That’s why having an expert on your side is critical.
5. REALTORS© provide objectivity. Since a home often symbolizes family, rest, and security, not just four walls and roof, home selling or buying is often a very emotional undertaking. And for most people, a home is the biggest purchase they’ll ever make. Having a concerned, but objective, third party helps you keep focused on both the business and emotional issues most important to you.
6. REALTORS© are members of the NATIONAL ASSOCIATION OF REALTORS©, a trade organization of more than 1 million members nationwide. REALTORS© subscribe to a stringent code of ethics that helps guarantee the highest level of service and integrity.

It seems to me that most people choose a Realtor through word-of-mouth, at an open house, or through some advertising.  What buyers and sellers don't seem to understand is they are hiring an employee.  Just as a business person interviews an employee prospect, so should a buyer and seller interview a Realtor.  Now, since a buyer or seller has no experience in hiring Realtors, the following questions may help with selecting one that they are comfortable with:

1.       How long have you been in residential real estate sales? Is it your full-time job? (While experience is no guarantee of skill, real estate, like many other professions, is mostly learned on the job.)

2.       Does your company have a Value Proposition?

3.       What designations do you hold? (Designations, such as GRI and CRSÒ, which require that real estate professionals take additional, specialized real estate training, are held by only about one-quarter of real estate practitioners.)

4.       How many homes did you and your company sell last year?

5.       How many days did it take you to sell the average home? How did that compare to the overall market?

6.       How close to the initial asking prices of the homes you sold were the final sale prices?

7.       What types of specific marketing systems and approaches will you use to sell my home? (Look for someone who has aggressive, innovative approaches, not just someone who's going to put a sign in the yard and hope for the best.)

8.       Will you represent me exclusively, or will you represent both the buyer and the seller in the transaction? (While it's usually legal to represent both parties in a transaction, it's important to understand where the practitioner's obligations lie. A good practitioner will explain the agency relationship to you and describe the rights of each party. It's also possible to insist that the practitioner represent you exclusively.)

9.      Can you recommend service providers who can assist me in obtaining a mortgage, making repairs on my home, and other things I need done? (Keep in mind here that real estate professionals should generally recommend more than one provider and should tell you if they receive any compensation from any provider.)

10.   What type of support and supervision does your brokerage office provide to you? (Having resources, such as in-house support staff, access to a real estate attorney, or assistance with technology, can help a real estate professional sell your home.)

11.   What's your business philosophy? (While there's no right answer to this question, the response will help you assess what's important to the real estate practitioner-fast sales, service, etc.-and determine how closely the practitioner's goals and business emphasis mesh with your own.)

12.   How will you keep me informed about the progress of my transaction? How frequently? Using what media? (Again, this is not a question with a correct answer, but that one reflects your desires. Do you want updates twice a week or don't want to be bothered unless there's a hot prospect? Do you prefer phone, e-mail, or a personal visit?)

13.Could you please give me the names and phone numbers of your three most recent clients?

Although most homeowners eventually decide to use a real estate agent to sell their home, many of them often try to sell the property themselves, usually with mixed results.

However, if you’re the type of person who welcomes the challenges of any task as big as marketing your home as efficiently and effectively as possible, then here are just a few of the Forms you’ll need:

Property Disclosure Form. This form requires you to reveal all known defects to your property. Check with your state government to see if there is a special form required in your state.

Purchasers Access to Premises Agreement. This agreement sets conditions for permitting the buyer to enter your home for activities such as measuring for draperies before you move.

Sales Contract. The agreement between you and the seller on terms and conditions of sale. Again, check with your state real estate department to see if there is a required form.

Sales Contract Contingency Clauses. In addition to the contract, you may need to add one or more attachments to the contract to address special contingencies-such as the buyer's need to sell a home before purchasing yours.

Pre- and Post-Occupancy Agreements. Unless you're planning on moving out and the buyer moving in on the day of closing, you'll need an agreement on the terms and costs of occupancy once the sale closes.

Lead-Based Paint Disclosure Pamphlet. If your home was built before 1978, you must provide the pamphlet to all sellers. You also must have buyers sign a statement indicating they received the pamphlet.

Make your home more appealing for potential buyers with these quick and easy tips.

1. Trim bushes so they don't block windows and cut down on light.
2. Buy a new doormat.
3. Put a pot of bright flowers (or a small evergreen in winter) on your porch.
4. Put new doorknobs on your doors.
5. Put a fresh coating on your driveway.
6. Edge the grass around walks and trees.
7. Keep your garden tools out of site.
8. Be sure kids put away their toys.
9. Buy a new mailbox.
10. Upgrade the outside lighting.
11. Use warm, incandescent light bulbs for a homey feel.
12. Polish or replace your house numbers.
13. Clean your gutters.
14. Put out potpourri or burn scented candles.
15. Buy new pillows for the sofa.
16. Buy a flowering plant and put it in a window you pass by frequently.
17. Make a centerpiece for your table with fruit or artificial flowers.
18. Replace heavy curtains with sheer ones that let in more light.
19. Buy new towels.
20. Put a seasonal wreath on your door.

Selling your home can be an exhausting experience. Inconvenient phone calls, broker previews, endless showings, price adjustments and the possibilities of being stuck with two mortgages are very real concerns for many of today’s homeowners. If you’re adequately prepared, you could end up losing hundreds, even thousands of dollars in profit. Oftentimes, the right agent can make the difference between a smooth, profitable transaction and an unhappy experience. By utilizing the knowledge of a competent, qualified real estate professional, you’ll be better equipped to avoid the following mistakes most commonly made by sellers:

1. Refusing To Invest in Potentially Profit-Inducing Repairs:

It always costs you more money to sell 'as is' than to make repairs that will increase the value of your home. Often even minor improvement will yield as much as three to five times the repair cost at the time of sale. Your agent will be able to point out which repairs will significantly increase the value of your home. Even seemingly small “touch-up” jobs can have an impact on the eventual sales price.

2. Failure to Consider Alternative Financing Terms:

Cash is not always the most advantageous transaction. Income level, tax benefits, and current legislation are all crucial factors when considering purchase terms. Professional real estate agents are experts in facilitating your home transaction. A smart agent will lead you to the path that will result in the highest yield.

3. Neglecting to Provide Easy Access For Showings:

Accessibility is a major key to profitability. "Appointment only" showings are obviously the most restrictive, while a lock box is the least. However, there are certain considerations to take into account, such as your lifestyle, time frame for the desired sale and the strength of your relationship with your agent. The more accessible your home, the better the odds of your finding a person willing to pay your asking price. And by developing a trusting relationship with your agent, he or she will show the home with your best interests in mind.

4. Settling on a Purchase Price Lower/Higher than Comparable Sales:

One critical reason to find the right professional is to make sure the property is priced appropriately for a timely and profitable sale. If the property is priced too high, it will sit and develop the stigma as a “problem property”. If it's priced too low, it could cost you considerable profit in the long run. The real estate market has subtle nuances and market changes that should be re-evaluated by your agent every 30-45 days to help you maximize your return.

5. Relying Solely On Traditional Methods To Sell Your Home:

The innovative agent who is willing to offer new strategies for attracting homebuyers will always outperform the agents who rely solely on traditional marketing methods. As a motivated seller, you should demand around-the- clock advertising exposure, innovative lead generation methods and lead accountability. In today’s competitive real estate market, these services are readily available, and your agent should offer them to help sell your home.

6. Overdependence on Market Timing & Seasonal Selling:

Just as a broker who continually follows the trends of a stock, your professional real estate agent should be continually following trends of your real estate market, a practice that could make you aware if and when the market cycle is poised to net you the most money. Although you may hear otherwise, the prevailing myth that property sales are seasonal is just that: a myth. In any market, real estate is always selling.

7. Failing to Make Necessary Cosmetic Changes:

As you’re undoubtedly aware, the prospective homebuyer's first impression is all-important in the sales process. An inconceivable amount of home sales have been lost to unkempt lawns, cluttered rooms, bad stains, and unpleasant odors, all seemingly minor blemishes that ultimately spoiled a buyer’s motivation. The easiest way to avoid this costly error is to imagine that you are the homebuyer and clean your place from top to bottom.

8. Wasting Time With An Unqualified Prospect:

Your agent's responsibility is to screen a prospect's qualifications before valuable time is lost. Be sure to align yourself with the right professional and eliminate negotiating with unqualified prospects.

9. Missing an Opportunity by Testing The Market:

Never put your property up for sale unless you are serious about selling. If you’re motivated enough, the right real estate professional will find you buyers. If you are flirting with indecision, however, you may just blow the sale.

 10. Believing You Are Powerless To Make A Difference:

Don’t be a spectator in your own transaction: take an active role with your agent to see what you can do to facilitate your sale. Networking with professional peers and personal friends has frequently resulted in the sale of a home. In fact, you may be surprised how often homes are sold simply by word-of-mouth.