Why For Sale by Owner Does Not Usually Work

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There are multiple reasons why an FSBO or For Sale By Owner does not usually work. The theory is actually quite good in that an owner is going to try to sell the property in order to avoid paying the real estate agent's commission. The real estate agent's commission can be somewhere around 5%. If the owner is selling a $ 400,000.00 home, that is a hefty 20,000 dollars that will usually go into the home owner's pocket.

Interestingly enough, most homeowners who are conducting an FSBO and have had trouble selling a home will agree to pay someone who approaches them and offers to help find a buyer for the home. Astute real estate agents will often approach a home that is For Sale By Owner and offer such help. However, the agent will more than probably be working for a buyer and you will end up working against yourself.

Moreover, most homeowners do not necessarily know what a real estate agent normally does in a real estate deal. Although a real estate deal is not rocket science, it sometimes involves very intricate legal aspects that a layperson may not even be aware of. It simply means that you must be prepared to do all of the things that a real estate agent normally does without having the experience that the agent has.

If you are unaware of the legalities involved a real estate transaction, you would have to pay a real estate attorney. It is either that or doing the legal research that is required. Either way, you would be spending money on research or on the attorney's fees and there goes some of the money you would have saved by not hiring an agent.

You will need some sort of marketing plan if you want to sell your home quickly and efficiently. You would have to start by setting a fair market price, but to do that you would first have to determine fair market prices in your particular area. Is your home comparable to those in your area? Do you even know how to go about setting a fair market price? Once you do that, you need to make signs, post flyers, find out how to list your house, possibly advertise on the Internet and so on. This involves both time and money, and there goes more of the money you were supposedly to have saved by not hiring an agent.

It is also a good idea, if you are going to do an FSBO, to prepare a brochure which lists your home's special features. You would want to list taxes, assessments, school districts, size of rooms and other amenities your home might have and there goes more time and another chunk of the money you would have saved.

The recurring word in all this has been time and it is a commodity that most people simply do not have in today's day and age, unless you are retired and have lots of free time. If not, you are probably busy with your career, the family and every day activities. An FSBO will only work if you have the time to dedicate to making it work.

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Source by Marco D Benavides

The For Sale By Owner Handbook: Your Step-by-Step Solution To Marketing and Selling Your Home On Your Own

The For Sale By Owner Handbook: Your Step-by-Step Solution To Marketing and Selling Your Home On Your Own

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Now a complete guide to selling your own home. No matter if you have sold a previous home yourself or this is your first time selling, this book will help you receive the most dollars that the market will yield. Covered subject includes Interior Make-Ready Services and Maintenance; The Marketplace; Showing Tools; Advertising; Buyer Preparation and Showings; and much more.



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What to Fix Before You Sell Your House As a FSBO

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For Sale By Owner – The Master List

You've decided to sell as a For Sale By Owner (FSBO), however when it comes time to sell their homes, many people wonder what items they should repair and which ones are better left alone. This is often a question of budget, and market value but in today's real estate market where open disclosure is the norm, many savvy homeowners are pondering this question carefully.

If a home is listed with a real estate agent, the agent is compelled by law to tell purchasers all the property's dirty secrets. Many get the home owner to sign a Vendor disclosure form. As a For Sale By Owner, you're also compelled by law to distinguish those items that could pose a risk to health or safety, or that could be considered a structured defect of a major sort.

On the one hand, smart For Sale By Owners, do not want to spend needless amounts of money repairing items that are not going to bring in a return on their investment, but on the other hand, failing to repair some critical items could spell trouble during or even after the sale. For example, if the property suffers from a mold infestation then the Vendor is legally obliged to declare or repair the problem before a sale can be completed. If the Vendor fails to do so, then they are legally liable for this problem, and will likely have to pay the full price to repair it, plus accrued legal fees.
How does a smart For Sale By Owner go about intelligently deciding what to repair and what to leave undone? The answer is surprisingly simple, just make a master list then pare it down. In my previous article, entitled Doing The Walk Around, I describe a method that any FSBO Vendor can use to create a master repair list for this purpose. In this article, I will discuss taking that master repair list and paring it down to its bare essentials.

Health and Safety First

With the trusty master repair list in hand, take a moment to inspect all of the items on it and put a check mark around those items that if left undone, could pose a health or safety risk. You're on the hook for these items anyhow, so you may as well address them now. This is where the dreaded mold issue would be included. This is also the place to check off the broken stairs or loose handrails. Scuffs or holes in the walls, while still important to the sale, are not in the health and safety risk area of ​​the list. In short, any item that could pose a health or safety risk must be included in your checked off items to repair.

Air Tight In and Out

Have a look at the condition of the roof, chimney, windows and exterior doors or entrance ways. These items should be in good form to avoid losing a sale on inspection. Nothing is more frustrating than having a sale conditionally completed and losing it on a bad inspection report from a home inspector. As a FSBO you should expect the Purchaser to insure on an inspection as a condition of the sale. By the way, do not imagine for a moment that the purchaser will forget to get an inspection. If they do not insure on it themselves, their lawyers will usually include it in the offer for them. Either way, you do not want to go there.

High Return Areas

Next, have a look at items that are in the kitchen or bathroom (s), and to a lesser extent the master bedroom. These items will likely get you a return of your investment. Now, I did not say you were going to get rich on these items, what I said is that you'll probably get the money spent on these items back in the sale price. Historically, kitchens and bathrooms have been known to return the greatest percentage of the money invested to improve them. Be very careful to avoid overspending on these items because it's easy to do. I would be remiss if I did not mention that in some cases, money spent in the kitchens and bathrooms is not fully recovered in the sale price.

Looks Nice and Easy To Do

Now comes those items that will increase the visual appeal of the property as a whole. These are things like painting the interior and exterior of the house in warming neutral tones. Replacing worn carpets, and repairing broken interior doors, walls or ceilings. This could also include landscaping and gardening.

Show Me The Money

Now that your list contains the bare essentials, it's a matter of figuring out how much the "have to do" items will cost, and then deciding if you have enough of a budget to proceed down to the next category. If you have a small budget, and you can only cover the bare essentials then do so, but remember that your end sale price will reflect this fact. If you do not have enough of a budget, and you're not forced to sell for some reason, then you might reconsider if selling is a good idea at all. I would say that if this describes your situation, then talk to your real estate lawyer to see what bare minimums you're legally responsible for doing, or at least disclosing. This is one of those time when the truth will legally set you free.

Until next time, this is George Grosso wishing you a profitable sale.

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Source by George R Grosso

Create a Short Sale: Your Guide Through the Short Sale Maze, Fourth Edition

Create a Short Sale: Your Guide Through the Short Sale Maze, Fourth Edition

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This book is designed for real estate professionals, but it will explain a Short Sale in detail to anyone. This Fourth Edition includes latest information and regulations up through early 2012. You will learn that in a Short Sale, a property is sold and the lenders get paid less than the full amount owed on the loans, i.e. the payment is “short”. This is an important alternative to foreclosure because the sellers move with dignity with less damage to their credit, the buyers get a house in better condition, the neighborhood avoids a vacant, vandalized, foreclosed house and the bank makes on average 30% more money. You can help America’s financial recovery because the more Short Sales we do, the quicker the economic recovery will be. You can speed up the recovery by learning about HAFA Short Sales where an offer is accepted in 10 days. This book is a must for anyone who has to deal with Short Sales.Used Book in Good Condition



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Why Should I Short Sell My Home?

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Are you stressed out about your mortgage payments? Are you thinking that bankruptcy is your only option at this point? Maybe a Short Sale is right for you, millions and millions of homeowners are in the same position and many millions more will come to the realization that they can not keep up with the current decline of home values. They are paying for a home that is only worth half or less then what they paid for it when they purchase the home.

It is projected that 20,000,000 homeowners will have negative equity in their homes in the very near future and this may short of the real number. In other words, they will owe more on their homes than they are worth for many years o come. Over 2.9 million homes have been foreclosed on in the last three years and this number is expected to grow much larger in the next two years or more.

So how did we get where we are today?

Well it all started with the government not watching over the financial market and allowing mortgage companies to have a free run of the money and to let it flow like a fire hydrant. In the years between 1999 and 2007 the mortgage and banking were legally giving away the store. Many people were given the opportunity to purchase homes where the values ​​were inflated and the money up front was cheap. They also made the approval process so easy that anyone could get a mortgage if they just made their situation fit into the mold. The mortgage and banking industry found a whole in the donut and filled it with green filling.

Because of the flow of money and the ease of access, coupled with corruption and greed this real estate recession will be around for many years to come. There is expected to be massive tsunami of homeowners who are simply making the decision to sell through sort sales versa staying in their homes and hiring that one day their home will be worth what they paid for when they purchased it.

No one is safe! News Stories across the nation tell tales of people from every level are considering selling by way of short sale. Selling your home by short sale does not need a shameful or a life running experience. It should be looked at as a way to structure a broken market and return the real estate market back to where I should be if the financial industry had not inserted huge profit mortgages into the economy.

To really look at a short sale it should eyed as a smart economic strategy to be used by many people who are totally upside down with no hopes of recovering losses. It should also be looked at as a way to combat the greed and ignorance of the financial system who capitalize on the back of the American consumer.

The Real Estate Market will recover when it has been stabilized and this will happen when values ​​get back to where they should have been before the boom years of the early 2000's. If the market did not see appreciation of 20, 30, 40 and in some are 100% appreciation per year. If we had stayed at or around the historic 5-10% appreciation, homeowners today would not be where they are today.

We are clearly in uncharted waters. The current housing crisis is different from all the previous housing recessions. It is well known that many financial institutions sold mortgages in a deceptive manner – for example, by approving people for loans they could not really afford – then why should homeowners feel obligated to honor their commitments?

From a homeowner's perspective, why should they stay in a home that is depreciating? Often times it's possible to rent the same style home in the same area for half (or less) than their current mortgage payment. Assuming it takes years for the market to recover, the homeowner who sells their home through a short sale now will be far ahead of the person who 'stuck it out'.

Here is a simple example that explains what is happening!

Starting May of 2008:

Homeowner paid $ 500,000 at the market peak in late 2006. Homeowner put down 5% and did a 7 year interest only mortgage. Monthly payment including principal, interest, taxes and insurance is $ 4200 per month. Assuming the property has depreciated 30% and is now worth only $ 350,000, the owner has negative equity or is 'upside down' by $ 150,000.The market is continuing to depreciate and was projected to level off in mid to late 2009.

Option 1

Homeowner can 'stick it out' and keep the home. They will continue to make their monthly interest only payment / house upkeep of $ 4200 per month. They will pay $ 50,400 per year to keep the home. They are deeply 'upside down' in the home with massive negative equity. By late 2009, the home's value has stopped depreciating. The market stands flat for at least a year thereafter. The inventory levels have to sell off. In late 2010 or early 2011 the market then starts to slowly appreciate again. Best case the home starts to appreciate at 5% per year. Based on this rough example it will take at least 7 years for that home to be worth what that owner paid in 2006. During that time the homeowner will have paid $ 50,400 per year. Do the math. That's $ 352,800 spent to stay in the home and 'stick it out'.

Option 2

Homeowner lists the home with an agent trained in doing short sales. The home sells and the bank agreements to accept the loss in equity as the short sale . Bank loses $ 150,000. Homeowner moves to a rental home in the same neighborhood and pays rent of $ 2000 per month. Half of his previous house payment! Homeowner saves the difference between what he had been paying for the owned home and his new rent payment. $ 26,400 per year! Yes, the homeowner does have significant negative credit ramifications as a result of their short sale. This negative credit will prevent them from buying a home for the next 18-24 months. With this option he can sit out the real estate recession and jump back in when the market has hit bottom. If he times right he can buy at the markets bottom. This time he will have a more significant down payment and a better quality mortgage.

Let's be clear about this next point, yes they will have damage done to their credit the hit will be less than a foreclosure and they will recover quicker. When the Real Estate market finally hits bottom these same people will be in a position to enter back into the market and start the cycle to make the market strong again. Which would you rather have 18 months of diminished credit or total damage for 10 years and not to mention what a foreclosure does to your neighbors home, the short sale saves more than just credit it can save a neighborhood.

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Source by Tim G Robbins

How To Sell Used Books On Amazon: How To Start Your Own Home Based Bookstore – 5 Amazing Tips To Sell Used Books On Amazon! (Passive Income, Selling Books On Amazon, Home-Based Bookstore)

How To Sell Used Books On Amazon: How To Start Your Own Home Based Bookstore - 5 Amazing Tips To Sell Used Books On Amazon! (Passive Income, Selling Books On Amazon, Home-Based Bookstore)

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How To Sell Used Books On Amazon

How To Start Your Own Home Based Bookstore – 5 Amazing Tips To Sell Used Books On Amazon!

Have you ever thought about running your own used bookstore? What about doing it from the comfort of your own home and in your pajamas? There is money to be made in running your own used bookstore through Amazon since it is leading website in not only used book sales, but online retailing in general. Last year alone over 8 billion used books were bought online, and Amazon had their hand in over a third of those sales. Wouldn’t you like to be a part of that 8 billion? The market for used books is starting to sound better and better all the time.

In this book we’ll talk about the ways you can be successful in finding and selling used books on Amazon by discussing the following:

  • Why You Should Get into This Business in the First Place
  • Becoming a Book Hunter
  • What Kinds of Used Books Sell Online
  • The Best Ways to Keep the Customer Happy
  • How to Take Advantage of Everything Amazon has to Offer
  • How to Price Your Books Right



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Tips to Sell Your Home Yourself – Selling Your Home Yourself is Never Easy

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Selling your house is never easy, and can become more difficult if you decide to sell your home yourself. Sometimes the idea of ​​turning over the keys to someone else can cause all types of emotional problems. You want your house to go to the best possible owners at the best price. Here are some tips to be successful if you want to sell your home yourself.

Presentation is key. You have to make your first impression a good, lasting one. In order to sell your home yourself you have to do everything you can to make sure your house is the best it can be. Many prospective buyers rely on a drive by. You do not want your house to scare them away before they even come inside. Make sure your house has great curve appealing. Keep your lawn well groomed and the entranceway of your home appealing.

Fresh paint. Look objectively at your house. Does the inside need a fresh coat of paint? Should you replace the carpets? These two decisions may be the difference between your selling quickly and staying on the market for awhile. If the house around the corner shows better, you're in for a battle.

Get rid of the clutter. The new owners want to see a house that they can put their stuff in. They do not want to see a whole lot of your stuff. Get rid of things on counter tops. Clean up the garage, hang tools up on the wall. Pack things away in boxes. You're selling your home yourself so you'll be moving it anyway, get a head start.

Use good pictures. Take pictures from angles that flatter your house. Make sure you put a picture on any advertisement that you use.

Get a good support team. If you change your mind and decide to use a realtor, do not hesitate to interview a few different ones. Make sure you are both on the same page about what you expect. You want to feel comfortable with this person. Remember, it's useless to do the selling on your own if the money you save is spacious Heavily on fixing your own mistakes!

Since you want to sell your home yourself, you need to find a good attorney who can check over the paperwork. An attorney may also know of a good title company that you can use. If you're not using a realtor, you have a lot of work to do on your own.

The key to selling your home yourself is making sure that it is the best it can be and better than the rest. It does not have to be the cheapest, but the buyers must understand what they're getting for the extra money.

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Source by Reese Evans

The Smart First-Time Home Seller’s Guide: How to Make The Most Money When Selling Your Home

The Smart First-Time Home Seller's Guide: How to Make The Most Money When Selling Your Home

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Are you ready to maximize your earning potential by investing in the essentials and implementing expert advice? Are you prepared to completely transform your home to attract potential buyers? In “The Smart First-Time Home Seller’s Guide”, you will discover how to fetch the highest price tag possible for your home in any given setting. To do this, all you need is a willingness to accept help and to apply the steps when competing against today’s market. No longer will you fear or question your goal of preparing and selling your most precious asset. You will learn the secret to making a good first impression on potential purchasers from the moment they lay eyes upon your property. Your chances of reeling in the catch and closing a deal will soar. Knowing what investments are necessary and what buyers are looking for will guarantee an increase in final profit. The problem? Many sellers neglect the importance of investing in professional guidance and harbor misplaced doubts about hiring a real estate agent due to the cost. The truth about real estate agents (along with many other advantages) is explained in The Smart First-Time Home Seller’s Guide. In This Guide, You Will Discover: • How to get the Maximum Profit when selling your home • How to stage” your home for viewers without spending a lot of money. • 7 tips to grab the attention of potential buyers through curb appeal. • What factors directly influence the value of your home when establishing the asking price. • 10 steps to consider when marketing and showing your property with a Top Realtor. • How to conduct offers in order to successfully close a deal. • A Free Bonus Chapter that can help you save thousands of dollars When you download The First-Time Home Seller’s Guide, you will gain the expertise you need to professionally execute a speedy sale. As a beginner to the world of real estate, you will possess the ultimate advantage to defeat the odds set against you and to emerge victorious in reaching your highest aspirations.



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How To Sell A House Without A Realtor – 6 Steps To Success

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Are you thinking about selling as a FSBO (For Sale By Owner) but not sure how to sell a house without a realtor? Selling on your own could save you several thousand dollars in realtor contracts letting you put that extra money in your pocket. Many people may describe it as a complicated process, but learning how to sell a house is not as difficult as they want you to believe. In fact, if you break the process down, you can sell your house with just 6 essential steps:

1. Preparation

2. Determining a price

3. Advertising

4. Negotiating an offer

5. Contract and paperwork

6. Closing

Step # 1 – Preparing The House For Sale

The first step in how to sell a house without a realtor is preparing it for sale. This step is all about doing a self-assessment of what needs to be done to make your house as attractive as possible to prospective buyers. Take a good look around your home and put yourself in your buyer's shoes. How would they feel coming into your home and seeing it for the first time. They are likely to be Wowed! By your house? Horrified? Or somewhere in between? Is your house a model of perfection with everything in its proper place, or are the walls stacked with clutter to the ceilings?

When assessing your house, the first thing you want to do is clear ALL of the clutter. Beside not being neat, clutter makes rooms appear smaller and more closed in. Clearing all the clutter will make the room appear bigger, more open, and more inviting – hits that buyers want. Clear off every horizontal surface and wipe them clean. Break out the garbage bags and throw as much away as possible, and pack up and store the rest of site in either garage, attic, or closets, or even offsite at a self-storage company. A clean and clutter-free home will be warmly received by your viewers and, you will feel much better about your space as well.

After clearing the clutter, determine if your house needs any repairs. Is anything leaking or broken that can be fixed without too much expense? And finally, consider putting a fresh coat of paint on. Fresh paint costs very little but will make a room seem cleaner and more inviting, and may add a few thousand dollars to your sale price.

Step # 2 – Determine An Asking Price

The next step in how to sell a house without a realtor is to determine an asking price for your home. Find out what other houses in your area have sold for and what else is available. Pricing a house even 5% over the fair market value will eliminate half of your potential pool of prospects. Fewer prospects mean fewer offers. Determining a price is a critical part of the selling process so do your homework. Learn how to price a house effectively so you can attract the most buyers.

Step # 3 – Advertise Your Home

The third step in how to sell a house without a realtor is to advertise, or market, your home. You want as many people as possible to know that your home is up for sale. Word-of-mouth, flyers, listing on the MLS, FSBO websites, online classifieds like Craigslist, Facebook, and twitter are a few ways to get the word out that your house is for sale. Whichever methods you decide to pursue, make it easy for your prospects to get the information they're looking for.

Step # 4 – Negotiate the Offer

The fourth step in how to sell a house without a realtor is to negotiate the terms of sale. Once your prospects have seen the house, they will want to make an offer. Even if agreed to verbally, try to get any final agreed-to offer in writing, even if just for confirmation, so that you do not get into a he-said, she-said situation. Getting offers in writing also helps you keep track of multiple offers by multiple buyers. All written offers should include both the price and terms of the offer such as when or not the buyer will pay all cash, or relying on mortgage financing, how much the buyer is looking to put down at contract signing, the date the buyer is looking To close, any items included in the sale like appliances or light fixtures, and any conditions of the sale such as passing a home inspection, termite inspection, or mortgage-approval.

Step # 5 – Getting It Under Contract

The fifth step in how to sell a house without a realtor is getting the house under contract with a Contract of Sale or a Purchase and Sale Agreement. Many states have standard contracts or purchase agreements that are available for purchase through online legal forms websites. Alternately, consider hiring an attorney to prepare a contract of sale for you. A financial binder is typically accompanied with the contract to make it a legally binding contract. Depending on your state, you may need to enlist an escrow agent, usually a title company or an attorney, to hold any deposit monies.

Step # 6 – Close the Transaction

The sixth and final step in how to sell a house without a realtor is closing the transaction. Here you will need the assistance of a title company. The title company is responsible for collecting all of the documents required to transfer property from one owner to another and recording the transfer with the local county government. If the buyer is purchasing the property with a mortgage, the mortgage company will want any and all liens paid at the time of the closing to ensure that nobody else can have a claim on the title to the property ahead of them. The title company will help collect funds from the buyer and pay all liens appropriately. Communicate frequently with the title company to make sure that any issues that come up are deal with in a timely manner.

Learning how to sell your house without a realtor is a simple matter of following the 6 essential steps outlined above. Do each one in order and you will be on your way to saving thousands of dollars in realtor contracts.

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Source by Lauren Gifford