When you list your home for sale, the objective is to get the most money in your pocket as possible. It seems intuitive that you would get the most money by paying the least money to get it sold. The reality, however, is that you get what you pay for.
Your listing options run the gamut from putting a "for sale by owner" sign in your front yard to signing with an agent who will list your home in the Multiple Listing Service and possibly on-line to choosing a Realtor who will market your home. Any of these approaches can get your home sold, but how quickly it sells and how much you ultimately receive for the sale of your home can vary widely.
I used to have an income tax preparer named John who had been doing taxes for individuals and businesses for many years. In other words, John had a lot of experience. Best of all, John was cheap, and I enjoyed the value I thought I was getting every year when he did my taxes, particularly since I have a fairly complicated tax situation with two businesses, employees, retirement accounts, etc.
One year I happened to take a tax planning seminar that gave a lot of advice in those areas. When I asked John about some strategies recommended at the seminar, he told me that those strategies really wouldn't save me any money in the long run. I decided I should get a second opinion on my overall tax situation, so I had my return processed by both John and a local accounting firm. John processed pretty much the same return he had done for me for years.
The accounting firm, however, had me bring in a lot more information than John ever had requested. I had several meetings with a CPA for my businesses, a tax attorney for my retirement accounts, and their respective assistants. Needless to say, when I got their bill I wasn't happy (they bill by the hour)..... until I saw the tax return they prepared for me. To my delight they found several areas where I was overpaying. They were able to save me so much money that all of a sudden their fee seemed reasonable.
At first I was upset with my old friend John. But then I realized that I pretty much got what I paid for. John was doing the best he could with his available resources and charged me accordingly. My new accounting firm, however, had a vast amount of resources and were able to really spend the time my situation demanded. In the end, yes, they cost me more to prepare my taxes, but they also saved me money.
I mention my tax experience because selling a home has many similarities to preparing a tax return. Marketing a home involves so much more than just picking a price and sticking a sign in the front yard. The more resources employed in marketing the home, the faster it will sell.
When a home sells faster the owner almost always gets a better price since the market has not had a chance to beat that price down. The owner does not get worn out after months of showings, nor is the owner paying interest, taxes, insurance, and utilities for this home month after month waiting for the sale.
So what is the difference between one real estate firm and another and what is the difference between one agent and another?
Do some research and interviews regarding the agents experience, resources, marketing plans, technical expertise, local community knowledge, and references from the Realtors that you interview.
Do not rely on just the name of a large well known brokerage, all agents are independant contractors, and sales volume, ability, resources, contacts, marketing skills and expertise will vary widely from agent to agent.
Its the agent that makes the difference...not necessarily the brokerage.
For more information on properties in the Orlando Area, call us.
Kevin and Stephanie Borland Venture I Properties 675 Douglas Avenue Altamonte Springs, Fl 32714 Phone: 386-848-4341 Cell: 386-848-4361 Fax: 386-232-7086 Email: theborlandteam@cfl.rr.com Website: http://www.theborlandteam.com/
You probably have lots of emotion "built in" to your house. Maybe you fixed it up, or you raised your children there. Your home is your "special" place. However, when it's time to sell, don't let emotion play a roll in your pricing decision!
Many sellers don't understand that overpricing can actually result in your getting LESS for your house than if you had priced it correctly in the first place. Knowledgeable agents and buyers often won't bid on an overpriced home. By the time you "wise up" and reduce the price to where it should have been priced in the first place, many of your best prospects will have bought other houses. This decreases demand for your now properly priced home! The problem is exacerbated if you placed your home on the market in the spring, it sat on the market "overpriced" throughout the summer, and now that you've reduced your price, the market has slowed.
Also, consider that agents tend to steer buyers away from homes that have been in the Multiple Listing Service for long periods of time. Agents and buyers become suspicious that something is wrong with your property if it didn't sell relatively soon after it went on the market. It's important to price it right the day you put it on the market!
Also, consider what you could have done with the profits from the sale of your home if you had priced it right. Suppose you priced it right and sold relatively quickly, and invested that money in a rising stock or bond market. On the other hand, suppose you overpriced your home, and after several months, had to reduce it to where it should have been priced in the first place. Even worse, the house still isn't sold! You get the picture.
The Dangers of a Lack of Exposure
It's a fact that most real estate transactions occur between buyer's and seller's agents. Buyer's agents typically find properties for their clients through the Multiple Listing Service. Not being in the MLS makes it extremely difficult to get buyers through your door. If your home is not in the MLS, you're off the radar! Hire a good real estate agent, and get into the MLS!
Also, make sure your real estate agent uses aggressive marketing strategies to make sure your home sells. In a red-hot market, the MLS is probably the only exposure your home will need. However, if the market is anything less than red-hot, your agent will need to print flyers and introduce your home to other agents in his or her office, as well as other local sales offices. Also, exposure in home magazine ads, classified ads, and the Internet will help generate demand for your home. Make sure your agent uses a powerful marketing program!
The Dangers of not "packaging your home" for sale!
Curb appeal is everything! You can take two identical homes next door to each other, both for sale. The first home has a cluttered yard with tall grass and weeds. The shutters on the house are chipping. There are toys in the yard. When you open the screen door, it's half way off the hinges. The inside is fairly cluttered as well, and the wall could use a coat of paint. On the other hand, the owners of the home next door paid $300 for a landscaper to mow the lawn, trim the shrubs and clear the gutters. Inside, they added a fresh coat of paint and cleared up all the clutter. Again, the two homes are identical. Both owners paid the same amount for the same model. Guess which home is going to fetch more money?
Don't be lazy. A few days of labor and minimal investment can make the difference between your house sitting on the market and selling the day you put it on the market. Cosmetic appeal is essential!
Finally, don't negotiate foolishly!
Don't appear overly eager when you negotiate with buyers. If you appear too eager or too anxious to make a deal, buyers may become suspicious. Worse, they may lower the offer because they think you're desperate to sell your home. Stay cool! Also, don't appear too tough. A good deal can fall apart if buyers find you too rigid to work with.
You probably have a lot of emotion invested in the house, which can certainly get in the way of effective negotiations. The best thing you can do is let your real estate agent handle your negotiations. She or he is emotionally detached from the home and has strong negotiation skills.
If you Don't have a Realtor:
Then get a recommended Realtor to market it for you. An Experienced Realtor who knows the neighborhood, is an invaluable asset, With the ever increasing complexities in marketing, Finding and qualitying buyers, helping them find, and obtaining a mortgage, dealing with title companies, closing documents, you will appreciate the guidance of a full service Realtor who will accompany you step by step to the closing.
For more information on properties in the Orlando Area, call us.
Kevin and Stephanie Borland Venture I Properties 675 Douglas Avenue Altamonte Springs, Fl 32714 Phone: 386-848-4341 Cell: 386-848-4361 Fax: 386-232-7086 Email: theborlandteam@cfl.rr.com Website: http://www.theborlandteam.com/
The real estate market is far different than it was several years ago. Now, homes may linger on the market for months or years without a sale or even an offer. Nevertheless, some properties do sell quickly. Understanding why some sell and others do not is essential to helping your own home sell quickly in a buyer's market.
The first two reasons listings expire are condition and staging. High housing inventories and longer market times allow buyers to be more discriminating, so the home in the best condition and best presentation is more likely to sell first.
The third essential element in ensuring a successful sale is an effective marketing program. Previously we examined the difference between listing and marketing: listing is simply announcing that your home is for sale; marketing involves developing and implementing a strategy for attracting potential buyers to your home.
A listing may sell, eventually, even with very little marketing. In a buyer's market, however, without marketing the odds are it will not sell or will take a long time, which can be expensive in both holding costs and price erosion.
Proper marketing involves getting the word out and making sure your home is promoted differently than the average home for sale.
Getting the Word Out It is essential that your home be listed and advertised in as many places as possible. The larger the potential buyer pool, the more likely that the "right" buyer will find your home. The five main outlets are the Multiple Listing Service (MLS), internet, print advertising, signage, and inter-office and outer-office networking.
Setting Your Home Apart It's not enough to simply alert the buyers. Reaching the largest potential buyer pool possible increases the likelihood of finding the right buyer quickly. Your home must stand out from the rest. Here are several ways your agent can maximize your home's visibility:
MLS - Make sure the information is complete and accurate. This is not the area to take shortcuts. Photos should be taken by a professional to best showcase your home. Multiple photographs illustrating key features of your home and a virtual tour are a must.
Maximize Exposure - If you're in an area with overlapping MLS's, be sure your agent lists your home in both systems. Again, the more potential buyers who learn of your home, the more likely your home will sell quickly.
Internet - In most MLS's your home is on the internet as a service of the MLS. Steps can be taken in many of the national key websites to enhance the listing. More comments can be added, as well as photos, room counts, virtual tours etc. It's extra work and more expensive, but well worth it. You want to be sure your home makes the buyer's "short list" of homes to visit in person.
Print Advertising - Some would argue that print advertising is not that effective but personal experience has been the more we do the better the results. Many local "move up" buyers who are casually shopping will look at local homes magazines before sitting down to do a dedicated search. Frequently the print ad gets the buyer's attention, then they go to the internet for more information.
Signage - The bigger the better. Directional signs work well if allowed by town ordinance.
Networking - This is the "extra mile" that you need your agent to go. Networking involves a lot of extra work, but a busy agent is in contact all day long with other agents - both in their own office and in other agencies - who have buyers in various price ranges. Taking the time to make sure those agents know about your home expands the potential buyer pool even farther. As much as the internet has helped increase visibility, you still can't beat good old fashion person-to-person promotion.
Direct Mailings - Targeted mailings to your neighborhood can help. Your neighbors probably won't buy your home, but they might have a friend who would.
Open Houses - Although open houses are notoriously ineffective at producing a sale, a professionally-hosted open house will produce a direct buyer in about 1 of 50 open houses. Yours may be the 50th! Plus the more people who see your home, the more likely the right buyer will see it.
A Lead Capture System - Your agent should have an effective way of getting a prospective buyer's name and phone number. Brochure boxes are very convenient for buyers, but they provide no means for your agent to follow up with prospects. There are systems that can capture the buyer's name and phone number so your agent can check with the buyer to see if there is any interest.
Guaranteed Sale Program - The buyer who has a home to sell before they can buy yours is at a disadvantage unless your agent has a guaranteed sale program. This sort of program may encourage a buyer to choose your home over someone else's since it removes the hassle of a contingent offer.
The Choice is Yours A great agent will do everything they can to market your home and get it sold quickly and for top dollar. When selecting an agent, don't make assumptions. You need an agent with a proven and consistent track record. Don't rely on the reputation of the agency as every agent is an independent contractor with their own level of experience and success. If you want the best working for you.
Then get a recommended Realtor to market it for you. An Experienced Realtor who knows the neighborhood, is an invaluable asset, With the ever increasing complexities in marketing, Finding and qualitying buyers, helping them find, and obtaining a mortgage, dealing with title companies, closing documents, you will appreciate the guidance of a full service Realtor who will accompany you step by step to the closing.
For more information on properties in the Orlando Area, call us.
Kevin and Stephanie Borland Venture I Properties 675 Douglas Avenue Altamonte Springs, Fl 32714 Phone: 386-848-4341 Cell: 386-848-4361 Fax: 386-232-7086 Email: theborlandteam@cfl.rr.com Website: http://www.theborlandteam.com/
Selling your home is a major life event; buyers and agents will come and go on a regular basis. Getting top dollar for your home takes a little know-how and insight on the little things that just might "make or break" a sale. Listed below are a few things you can do to boost the value of your home; believe us-buyers and agents will notice these things!!
Get your home "white glove" clean; this may mean wiping down windowsills, baseboards, around the faucets and switch plates. This might seem like a painstaking task, however a spotless homes sells quicker than a dirty one. Hiring a housekeeper for a one time super-spot clean may make the difference between three months on the market and nine
Get rid of any lingering odors: pets, cigarettes, mildew and dampness. If we can smell it, we can't sell it.
Spruce up the yard; this is the point of first contact for all buyers. The first impression is always the strongest. Trim trees and shrubs, plant some flowers in empty flower beds, hang potted plants around the front door. The home should have an attractive and inviting feeling from the start.
De-clutter, de-clutter and de-clutter....the family knickknacks or antique figurines may play a huge part in you family history, however buyers want to imagine their stuff in your home. They want to see the structure, not your personal belongings. Organize the garage, clear out closets full of stuff; rent a small storage unit just for a short time. Buyers don't want to see how much stuff can fit into a home; they want a blank canvas to fill with their own personal clutter.
Remove outdated wallpaper and carpets; these are some of the biggest red flags for buyers. Use neutral colors such as beige or cream, these colors make a room look larger and will help the buyer imagine their stuff in the room. A buyer with blue couches does not want to walk into a room with bright yellow walls. Spend a little now, get a lot more later.
Clean tile grout and re-caulk bathroom fixtures. A fresh, crisp look is better than a worn look.
If the kitchen or bathroom is outdated, replace the faucets. A new, shiny sink head will attract more attention then an old worn one.
Paint the garage floor if there are old grease spots and cracks. This is very simple and rather inexpensive, and it adds to the clean, fresh look.
If all this seems like too much to handle, hire a home staging expert. The money you spend on a professional will come back ten fold when your house sells quicker than you imaged it would.
Then get a recommended Realtor to market it for you. An Experienced Realtor who knows the neighborhood, is an invaluable asset, With the ever increasing complexities in marketing, Finding and qualitying buyers, helping them find, and obtaining a mortgage, dealing with title companies, closing documents, you will appreciate the guidance of a full service Realtor who will accompany you step by step to the closing.
For more information on properties in the Orlando Area, call us.
Kevin and Stephanie Borland Venture I Properties 675 Douglas Avenue Altamonte Springs, Fl 32714 Phone: 386-848-4341 Cell: 386-848-4361 Fax: 386-232-7086 Email: theborlandteam@cfl.rr.com Website: http://www.theborlandteam.com/
Selling a house is a very complex procedure that takes lots of preparation, research, patience in order to do it the right way. The first thing every home owner who wants to sell a house is to see it no longer as a home but as a product which needs to be marketed in order to get a fair price from property buyers who are looking for a good house at the lowest price available.
The next thing to do is consider having a professional whole sale inspection so that all major flaws will be uncovered before they can cause troubles to potential clients. Also, by doing this it will prove that you are a responsible seller which will greatly improve the overall perspective of the house. After doing this it is advisable to literally prepare the house for the upcoming sale. In other words, what you need to do is stand back and look at the house objectively and think if you would buy such a house. Asking friends, relatives, neighbors what they think of the house is a wise thing to do as you will get an objective opinion about the house. All this because overlooking flaws can cost you money and nobody wants to lose money for no reason. Detecting flaws and repairing them will improve the value of the house.
Make sure your house is fresher, cleaner, better maintained so that it will stand out from the competition which will convince property buyers that if they purchase your home they will be making a wise decision. After you have done this, try removing all the "imprints" that you have made to the house. You should still keep a few photos of your family but don't exaggerate because if your house is full of personal pictures, property buyers can't envision themselves in the house so there are slim chances that they will buy it.
Then get a recommended Realtor to market it for you. An Experienced Realtor who knows the neighborhood, is an invaluable asset, With the ever increasing complexities in marketing, Finding and qualitying buyers, helping them find, and obtaining a mortgage, dealing with title companies, closing documents, you will appreciate the guidance of a full service Realtor who will accompany you step by step to the closing.
For more information on properties in the Orlando Area, call us.
Kevin and Stephanie Borland Venture I Properties 675 Douglas Avenue Altamonte Springs, Fl 32714 Phone: 386-848-4341 Cell: 386-848-4361 Fax: 386-232-7086 Email: theborlandteam@cfl.rr.com Website: http://www.theborlandteam.com/
For more information on properties in the Orlando Area, call us.
Kevin and Stephanie Borland Venture I Properties 675 Douglas Avenue Altamonte Springs, Fl 32714 Phone: 386-848-4341 Cell: 386-848-4361 Fax: 386-232-7086 Email: theborlandteam@cfl.rr.com Website: http://www.theborlandteam.com/
Florida Real Estate Prices are coming down. Ads in the June 24 Orlando Sentinel
EUSTIS -- 3/2 like new, appraises $95K. Sacrifice $74,900
DELTONA -- 3/2.5/1, 1524sf, $189k, as low as $3k down. 2-story, fenced
ORLANDO 5/2. SKI LAKE, POOL, 2050 sq ft, large great room. Updated kit & bath.$259.9K
CASSELBERRY -- New 2007 3/2 includes Large Lot, Great area, NO HOA $145K
4/2 w/pool short sale $235,900.00
2Br, $50K, 3Br, $55K. Owner finance, 10% down or lease option
Saturday June 23, 2007, 10:00am. Bid on this fabulous Visconti West 2/2 1,048 sq.ft condo. Opening bid $167,900. Developer selling same condo's at $203,000!
DEBARY / TRADERS COVE -- New 3/2 on St John's River, $199,990
ORLANDO -- 3 /2.5, on 3/4 acre lot, furnished. $89K/obo.
For more information on properties in the Orlando Area, call us.
Kevin and Stephanie Borland Venture I Properties 675 Douglas Avenue Altamonte Springs, Fl 32714 Phone: 386-848-4341 Cell: 386-848-4361 Fax: 386-232-7086 Email: theborlandteam@cfl.rr.com Website: http://www.theborlandteam.com/
Many people dream of home ownership but it mandates homework, legwork and considerable effort on your part to ensure that the process goes as smoothly as possible. Here's how to make your dream become a reality.
Tuscany Place Condominiums, Winter Springs Florida
1. Strengthen your credit. Pay off credit cards and resolve any credit disputes or delinquencies. Your credit rating takes into account both how you use the credit you have available and whether your outstanding credit is too high for your income. Get Your Credit Report for Free so you can see what the lenders see on your credit history.
Use a mortgage calculator to determine how much house you can afford, and how much you'll likely be able to borrow. Get preapproved (not prequalified) to get the actual amount you can pay . Most lenders allow you to put up to 28 percent of your gross income or 36 percent of your net toward a house payment. Most homesellers will not accept offer from buyers who are only prequalified.
Be ready to hand over a substantial down payment. Most mortgages are based on the buyer putting down 10 to 20 percent of the purchase price. Putting down less up front often, but not always, requires you to pay private mortgage insurance (PMI), which increases your monthly housing cost and is not tax deductible.
Always meet with a loan officer or mortgage broker before contacting a real estate agent. This way, you'll have a clearer idea of what you can truly afford considering your personal financial situation.
If this will be your first home, strongly consider attending a free first-time buyer's seminar before house shopping. Your loan officer might be able to recommend a seminar.
Calculate whether buying or renting makes more financial sense for you. If you are planning on moving in the foreseeable future, renting may be more cost effective. Also, in some very hot real estate markets you can rent a house or apartment at a lower payment than a mortgage for that same house.
Sign up for an MLS alert service to search on properties in your area so you can get a feeling for what is on the market in your price range.
Find a good real estate agent to represent you in the search and negotiation process. The real estate agent should be: amiable, open, interested, relaxed, confident, and qualified. Learn the agent's rates, methods, experience, and training. Ask for a referral from your loan officer.
Decide from the beginning that you will not "fall in love" with the house until after you close the contract. Otherwise, you will pay full price (or more) on the home and the real estate agent will be powerless to negotiate the price down. Be willing to walk away from any home; no home is so perfect that the seller can charge what one desires. If it comes down to it, you can always hire a builder to design and build your dream home.
Define the area you'd like to live in. Scout out what's available in the vicinity. Look at prices, home design, proximity to shopping, schools and other amenities. Read the town paper, if there is one, and chat with the locals.
Visit a few open houses to gauge what's on the market and see firsthand what you want, such as overall layout, number of bedrooms and bathrooms, kitchen amenities, and storage.
Go into exhaustive detail when describing what you want in a home: number of bathrooms and bedrooms, attached garage, land and anything else that may be important, like good light or a big enough yard for the kids.
Shop aggressively. Unless you're under the gun time-wise, look at as many homes as possible to get a sense of what's available. Don't rush into buying if you don't have to.
Look beyond the home to the neighborhood and the condition of nearby homes to make sure you aren't buying the only gem in sight. The area in which your home is located is sometimes a bigger consideration than the home itself, since it has a major impact on your home's resale value. Buying a fixer-upper in the right neighborhood can be a great investment, and being able to identify up-and-coming communities--where more people want to live--can lead you to a bargain property that will only appreciate in value.
Visit properties you're seriously interested in at various times of the day to check traffic and congestion, available parking, noise levels and general activities. What may seem like a peaceful neighborhood at lunch can become a loud shortcut during rush hour, and you'd never know it if you drove by only once.
Determine whether you need to sell your current home in order to afford a new one (see Related wikiHows). If so, any offer to buy that you make will be contingent on that sale. Contingent offers are more risky and less desirable for the seller, since the sale can't be completed until the buyer's house is sold. You may want to put your current house on the market first.
Include earnest money with your offer.--usually $1,000 to $5,000. Once you sign an offer, you are officially in escrow, which means you are committed to buy the house or lose your deposit, unless you do not get final mortgage approval. During escrow (typically 30 to 90 days), your lender arranges for purchase financing and finalizes your mortgage. This is also when all inspections must be completed.
Make sure final acceptance is predicated on a suitable home inspection. Request the following surveys and reports: inspection, pests, dry rot, radon, hazardous materials, landslides, flood plains, earthquake faults and crime statistics.
Close escrow. This final step in buying a home, usually conducted in a title office, involves signing documents related to the property and your mortgage arrangements. The packet of papers includes the deed, proving you now own the house, and the title, which shows that no one else has any claim to it or lien against it. If any issues remain, money may be set aside in escrow until they are resolved, which acts as an incentive for the seller to quickly remedy any problem areas in order to receive all that is owed.
Tips
Find out your credit rating early on to assess how strong your mortgage application is. The higher your FICO score, which ranges from 300 to 800, the better rate you'll qualify for. Go to MyFICO.com and for a fee request a report, or request a complete credit report from a major credit reporting agency and ask that your FICO score be revealed on it.
If you qualify, check out first-time buyers' programs, which often have much lower down payment requirements. These are offered by various states and local governments. You may also be able to access up to $10,000 from your 401(k) or Roth IRA without penalty. Ask your broker or employer's human resources department for specifics regarding borrowing against those assets.
Get a firm estimate of how much you can expect to pay in closing costs (charges that the lender levies connected to the purchase of the house). These take in various charges that generally run between 3 to 6 percent of the money you're borrowing. Credit unions often offer lower closing costs to their members.
Try not to fall in love with one particular property. It's great to find exactly what you need, but if you get your heart set on one home, you may end up paying more than it's worth because you're emotionally invested. The deal may also fall apart.
Realtors charge the seller a percentage, usually between 5% and 7% depending on your area, on the negotiated sales price, called a commission. The buyer's Realtor is customarily paid a percentage of the total commission paid by the seller at closing, which amounts to about half, or 2.5% to 3.5% while the seller's Realtor receives the other half of the commission. An individual Realtor's commission is split again with their company resulting in the actual gross commission to your Realtor being closer to 1.5% to 2% of the total. Most states require disclosure of agency (who represents whom) and buyers are wise to agree to work with a Realtor who will contractually represent the buyer's interest alone. Realtors make their living through referrals from satisfied clients and therefore it's not in your Realtor's best interest to fail to negotiate the best possible price and terms for the buyer.(Example: A house offered at $100,000 could mean $3000 to the buyer's Realtor and their company. If the Realtor negotiates a price of $95,000, it would mean a reduction in commission to the buyer's Realtor and their company of only $250, or $125 to $150 gross to the agent--not an amount a competent agent would consider worth never getting a referral from the client in the future.) Buyers should be aware that a buyer's Realtor can and will help the buyer seek out houses sold directly by the owner (through signs or various websites)and negotiate not only a fair price for the home but their own commission as well. Realtors make it their business to know alot about neighborhoods and home construction, costs of repair and remodeling and determining actual value of a property. Their vested interest is in having a satisfied client who will send them future business, not sharing as little information as possible to get a home sold and assuming that the doctrine of "buyer beware" is acceptable.
Whether you go with a realtor or not, ask the seller to agree to a home-inspection and make your contract contingent on completion of same. A seller who won't allow a home-inspection has something to hide -- walk away! A home inspection costs between $150 and $500, depending on the area, but it can prevent a $100,000 mistake. This is especially true with older homes, as you want to avoid financial landmines such as lead-paint, asbestos insulation and mold.
Use a real-estate lawyer to review closing documents and represent you at closing. Realtors are *not* lawyers, and are in most cases utterly unqualified in the area of real-estate law. Lawyers may charge $200-$400 for the few minutes they're actually there, but they're paid to look out for you.
If you are unsure about the price, have the home appraised by a local appraiser. Never buy the most expensive house in the neighborhood! When appraising a home, appraisers will look for "comparables" or "comps", homes in the area which have similar features, size, etc. If your home is more expensive than the comps, or the appraiser has to find comps in a different subdivision or more than 1/2 mile away, beware! Your bank may balk at financing the home, and you probably won't see your home appreciate in value very much. If you can, buy the least expensive home in a neighborhood -- as homes around you sell for more money than you paid, your home's value increases.
If you can't afford a 10%-20% downpayment on your home, but have good credit and steady income, a mortgage broker may assist you with a combination mortgage. In that, you're taking out a first mortgage up to 80% of the value of the home, and a second mortgage for the remaining amount. While the rate on the second mortgage will be slightly higher, the interest on it is tax-deductible and combined payments should still be lower than a first mortgage with PMI. If you're buying new, consider the Nehemiah Program to get assistance with your down-payment.
I was reading through a stack of magazines the other day, you know the kind of stuff that finds its way into your mail box on a weekly basis. I was amazed at the number of ads and headlines using the word ...Direct.
Here are some examples;
Direct Deposit, Fence Direct, Factory Direct, direct import, Floors direct, Mortgages Direct, Direct TV, Appliance Direct, Direct Buy, Direct Cars, Direct Access and many more.
I was curious as to how many times the Google database referenced the word Direct, so I did a Google Search and came up with an astronomical figure of over 500 million.
It seems to me that everyone in the country including Realtors are guilty of participating in and the perpetuation of "Direct is better" scenario. It seems as if we are participating in our own demise.
Every time I turn around there is another FSBO sign up on the streets that I travel. A seller trying to eliminate the Realtor, and going direct to the buyer. Google's Database shows 14 million plus references to "Real Estate for Sale By Owner". All promoting that Direct is Better.
FSBO services are sprouting up everywhere you look.
Discount Brokerages are also contributing to the Full service Realtors demise, with their sometimes misleading ads, promoting the sale of any home for a flat fee of $2495.00 proclaiming that "We do Everything". Proclaiming to the world how much of your commission money they gave away. It does not take any talent to give money away!
They are making this a Wh-res industry, telling the world that you don't deserve your commission of $30,000.00 on the sale of a $500,000.00 home that you have worked your bunns off to sell.
Then I ran across a PR announcement , proclaiming the virtues of their new Direct Real Estate Matchmaking service. And they are doing a Great job of Diminishing the Realtors Value.
It seems that the value of the Realtors Services are being downplayed, diminished, and denigrated on every turn. That sellers will only use a full service Realtor as a last resort to get their property marketed, sold and closed.
The typical attitude on the street today is that the Realtor is Lazy, and overpaid for their service, that they do nothing but put up a sign, do the MLS, and sit back and collect their fat commission checks. Which we know is untrue but as a group do very little if anything to counter that prevailing attitude.
It's time to fight back...to educate the public of the value of the full service, Hard Working, Full Time Realtor.
I set up a "NEW GROUP" "RECOMMENDED REALTORS" last week to provide a distinct platform to the 35587 Realtors that are members of Active Rain, a place where each of you can promote each other to the world via the search engines. To post Testimonials about deserving Realtors. As of today there are only 5 members in this group. Thats pathetic! Looks like the industry is going "self Service" and Discount for sure.
Maybe you are apathetic, lazy and don't care where your industry is heading, Maybe you are just too busy, existing in your own small world and don't want to put forth the effort to preserve your honourable industry.
I Know a lot of local full service Brokers that are having to lower their commissions to 3-4% just to compete.
Looks like most Real Estate Agents will be selling homes and only making $1200.00 per sale if the trend continues, and the trend will continue. There will always be people willing to give their services away.
Many of you probably don't remember the Full Service Gas Station. I do, I built and owned the first self service gas station in Alabama many years ago and now where are the full service Gas Stations. They don't Exist except in very few places.
Looks like the Real Estate Industry is heading in the same direction!
Have you ever taken a Home listing with Pet Odors, Musty Mildew Smells, Smoker Smell, but were afraid to discuss it with your seller for fear of offending them? Maybe not get the listing.
I am sure that some of you may have. So what do you do? My neighbor gave me the answer!
This type of Home may be hard to sell without having your seller install Expensive new carpet, cleaning the furniture, drapes to try and get rid of the smell.
Most sellers will go to the local store and buy products to mask over these smells Unfortunately, most of these products are chemical based and will only cover up the problem and not really eliminate it. This is annoying because you will think that you had gotten rid of the smells, but then after a couple days or weeks the scent is back, with the addition of a faint chemical smell.
Since I am a smoker and smoke in my home, it had accumulated a smoker smell. One of my neighbors mentioned it to me one day when she was over to visit, telling me that it bothered her and that I should do something about it.
She told me about a product that she owned to purify the air in her home that she was sensitive to pet odors, pest control chemicals, smoke, dust, etc. When she got back home she phoned me the product information and I immediately ordered the same Ozone Odor eliminating unit she had.
It came in and I hooked it up and have used it ever since, my home is now odor free and she loves visiting us again.
If you run across this problem you may want to suggest buying a unit to your seller, it is much cheaper than installing new carpet, which will not completely eliminate the problem anyway as the smells have permeated the furniture, drapes throughout the home.
If they won't spring for one, then buy one for your home and loan it to them for a few days. it will make the home smells disapear and you will sell the home much faster.
I am including this product link in case any of you need it.
For more information on properties in the Orlando Area, call us.
Kevin and Stephanie Borland Venture I Properties 675 Douglas Avenue Altamonte Springs, Fl 32714 Phone: 386-848-4341 Cell: 386-848-4361 Fax: 386-232-7086 Email: theborlandteam@cfl.rr.com Website: http://www.theborlandteam.com/
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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