The Residential Real Estate Buying Process in Austin Texas

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Decide to Buy

The first step in buying a house is to try and understand what you hope to achieve. When you begin to think about buying a new house, there are many questions you should ask yourself such as: Why do I want to move? How soon do I want to move? How long do I plan on living in the home? For some people renting or putting off buying makes sense. Expect to commit to your home for 3-5 years if you want to avoid losing money on the home.

Needs Analysis

Once you decided that home ownership is right for you will want to decide a few things: What are the most important features to you in a house? How much do you want to invest in your home? Initially? Every month? Do you have lifestyle changes coming, such as adding a baby, having kids move out, or retiring? What part of town do you want to live in? What school district do you want your kids to go to school in? Once your goals are clearly defined you have your target.

Get Pre-Qualified

An important part of the home buying process is to be qualified for a loan. You should get a “pre-qualification” letter before you start actively looking for a house. Most lenders can provide this over the phone or with a simple 1-page questionnaire. This typically takes 20 minutes. Some data you should have ready is your and your spouse’s name, address, phone numbers, social security numbers, and past two years of employment, residential, bank, asset and debt information. If possible, you should try to get pre-approved for a loan which is a more serious level of commitment from a lender than a pre-qualification. To receive a loan pre-approval, all employment and credit is verified. This will mean that you are approved for a loan, subject to a final credit check and an appraisal of the subject property.

Make sure to inquire about all loans costs (origination fees, discount points, etc) and find out about closing costs. Closing costs are the fees for services, taxes or special interest charges that surround the purchase of a home. They include up front loan points, title insurance, escrow or closing day charges, document fees, prepaid interest and property taxes. Studies show that the closing costs, which can average 2 to 3 percent of a total home purchase price, are often more costly than many buyers expect. Unless, these charges are rolled into the loan, they must be paid when the home is closed. Finally, make sure your lender provides a Good Faith Estimate according to the Truth in Lending Act (Regulation Z). This allows you to “compare apples to apples” between different lenders.

Home Search

After you’ve found a house that you like, fits your needs, and has potential, you’ll need to prepare an offer. Determine whether or not the house is priced fairly by doing a thorough Comparative Market Analysis. Then review the seller’s disclosure and make appropriate adjustments and write your initial offer. Offers should include an earnest money check (made out to a title company), and an option money check (made out to the seller).

Some of the words in the previous paragraph may not be familiar to you. Let’s look at them:

  • Option Money – a check made out to the seller in exchange for the unrestricted right to terminate the agreement for a specified number of days. This is not found in many states.
  • Earnest Money – a check made out to a Title Company as a show of “good faith” that you are seriously intending to buy the house. The amount is usually around 1% of the home’s value.
  • Escrow Account – a special account administered by the Title Company that holds your earnest money until closing.
  • Title Company – a company that verifies the validity of a title and offers insurance to protect against problems with any liens on a property or clouds on a title. This company also conducts the closing.
  • Closing – the actual process of transferring the title of a house from the seller to the buyer (including assigning any liens to lenders for mortgages).

Inspection and Repairs

To protect your best interests, have structural and systems inspections done by qualified inspectors of your choice. Your lender will typically also require a termite and wood destroying insect (WDI) inspection. The inspection is a great opportunity to ask questions about your prospective home and learn important information about where everything is and how it works.

When the inspection reports come in, you will need to decide if the home is acceptable “as is”. If you require repairs to be made, then you will have to negotiate with the seller. At that point, you make a counter offer to the seller requesting either that the repairs be done before closing or extra money to be given to you at closing to cover repairs. The seller can either negotiate these points with us or decide to not continue to negotiate. If the seller rejects the offer and you do not want to buy the home as is, the contract falls through, the seller would be free to accept another offer, and your earnest money would be returned to you. If you come to terms an amendment to the contract will be made and we will waive our option to terminate. Then you will contact your lender to request an appraisal and start planning your move. A day before closing or on the same day, it is recommended that you walk through the house to make sure that everything is in order. This protects you from closing on a home that has been damaged in the move out process or that has been taken possession of by another party.

Closing

The exciting day is finally here! You will review the settlement statement (HUD-1) so that you can clear up any questions before closing. Possession of the home generally happens the same day that papers are signed, but sometimes a snag in the funding of the loan will cause a delay in possession. For this reason it’s best to allow an extra day (or more if we are closing on a Friday or day before a holiday) before you need to be able to move in.

After closing you should file a change of address. File an official change of address form at you local post office or online in the advance so that your mail delivery will not be interrupted. Many corporations, such as credit card companies and magazine subscriptions, take 1 or 2 months to process a change of address.

Congrats! You are now a proud homeowner!

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Source by Joe Cline

Buying a Home – How to Save More Time With the Process

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Buying a home doesn’t need to be a one man job. A person who wants to buy a home has the option of getting himself a realtor to make the job light and be able to find a home faster! If you don’t know, more successful realtors believe that the key to get want you want in real estate whether you are buying or selling a home is hiring a great realtor.

Agents can provide services that non-real estate agents can’t provide. They specialize about knowledge in real estate business which makes them the right group of people to ask for advices. The good news is agents are not hard to find. There are agents in almost every city. You can make a quick search in the internet to find out the list of real estate companies and real estate agents.

When hiring an agent, be sure to hire who has a good record, and I mean someone who have done many transactions and closed deals with clients. That alone shows that d he has the great qualities of a great agent. He is someone

1. Experienced

2. Professional

3. Reliable

4. Trusted

5. Has networks of people

6. Has a set of strong marketing skills

There are people who don’t want to hire an agent because they think that agent will cost them more. What they don’t know is having an agent is a great advantage. In fact, when you have a great realtor, it is like saying you found a great agent so you are half way to your home ownership! Here is the list of services they provide in behalf of you:

• Agent does the task of finding you a home to become a light task.

• Agent provides market appraisals of properties.

• Agent Negotiate the sale of properties. This is the very reason why you need an agent. They know better how to negotiate with the clients.

• Agent answers your questions and other concerns.

• Agent can help you not to have your time wasted on clients who could never qualify for your place in the first place.

• Agent could make recommendations when it comes to the home selling or buying pricing. Your agent knows better what price is right and what is not! This will save you more time, effort and money!

Finding your perfect home doesn’t have to be a challenge. Just take your time and follow these guide lines.

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Source by Monte H Mohr

5 Tips for First-Time Home Buyers

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If you are a first time home buyer, you may want to have the right strategies to save a down payment, apply for a mortgage, and buy a house that you desire. Just like any large project, you need to get the details right for a successful home buying experience. With these steps, you can navigate the process and get a great deal. Given below are some of the tips that can help you purchase the best home. Read on to find out more.

1. Start Saving as Early as Possible

Make sure you start saving as soon as possible. This way you will have plenty of money to spend on the best house. You need money for making a down payment and meeting closing costs and move-in expenses. Generally, the down payment is 10% of the full value of the property.

2. Decide on your Budget

Find out how much you can spend on the property prior to starting your search. You can use an affordability calculator in order to set a price range on the basis of a lot of factors, such as your credit rating, down payment, and income, just to name a few.

3. Work with a Real Estate Agent

Working with a reliable real estate agent can help you check out homes that can meet your needs. They can make it easier for you to negotiate with sellers and get the best deal possible. You may also want to get referrals from other home buyers. We suggest that you interview at least five agents and ask them for references. Make sure that the agent has at least 10 years of experience in the field.

4. Go for the Right type of House

You may want to compare the advantages and disadvantages of different types of properties based on your budget and lifestyle. Unlike a single-family home, a townhome or condominium can be a much better choice. Another great option that you may want to consider is a fixer-upper. They come with lower price tags. But you may want to set some money aside for remodeling these properties.

You may want to consider your long-term needs, especially if you are planning to expand your family. In other words, you may want to purchase a house that has additional rooms.

5. Stick to your Budget

You may not want to spend more than what you can afford. Therefore, it is not a good idea to spend more than what you can payback. This is important if you want to avoid financial stress in the future. It is better that you consider properties that are priced lower than your maximum budget.

Long story short, if you are a first-time home buyer, we suggest that you follow these steps and you will be able to buy your first home without getting into trouble. Just make sure you have set a budget and taken into consideration all the important pointers given in this article.

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Top 8 First Time Home Buyer Grants, Programs and Freebies

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A survey by Harvard Business School found 78% of baby boomers and millennials want to buy a home. The catch? Most ‘think’ they can’t afford one.

In many cases, this may be true. But the research also discovered many can. It found many had an income, credit rating, and time on the job good enough to qualify for the many first time home buyer programs and grants I’ll mention in this article.

Note: For more details, Google all phrases in bold.

1. Federal Housing Administration Loan (F.H.A).

If you have a credit score of at least 580 you could qualify for a mortgage for as low as 3.5 percent of the price of the home.

F.H.A loans have helped more first time homeowners than any other type of loan.

2. United States Department of Housing and Urban Development (H.U.D).

H.U.D offers many first time owner grants and low interest loans, depending on the state, city or area you live in.

Note: For those who now live in public or government housing you may qualify to purchase the home, condo or apartment you now live in through the HUD Public Housing Homeownership Program

3. V. A (Veterans Administration) Loans.

If you’re an active duty service person or veteran you may quality for a no down payment low interest rate loan. The VA loan is the lowest cost mortgage on the market because you’re not required to pay for mortgage insurance.

4. The Good Neighbor Next Door Program.

This program for first time home buyers offers home for up to 50% off the retail price. To qualify you must be a teacher, police officer, fire fighter, or EMT. A $100 down payment is all that’s required.

You must commit to live in the home for at least 36 months.

5. Energy Efficient (or Green) Mortgage.

The energy efficient mortgage was created to help first time homeowners add energy efficient improvements to their home. These loans are insured through VA and FHA programs.

This mortgage let you build an energy efficient home without requiring you to make a larger down payment.

6. HomeReady HomePath Mortgage.

  1. Another popular program for first time home buyers. To quality you must take a short buyer education course. After you complete the course you’ll receive 3% toward closing cost for a mortgage loan. The down payment, 3%, is lower than the lowest FHA loan.

7. HUD Dollar Home Program.

After 180 days on the market, certain unsold HUD Properties are offered exclusively to local governmental entities for $1 for 10 Days. Local city of counties then offer these properties to residents to revitalize communities or neighborhoods.

8. USDA Home Loan Program.

This program focuses on homes in mostly rural areas, if you like or can tolerate country living this loan may be for you. This program guarantees 90% of the loan, which means there may be no down payment required and the loan is fixed. Sweet!

These are the top 7 programs available for first time home buyers. As always, like ocean waves government programs come and go. But as of this writing these programs is helping thousands of first time home buyers who thought they couldn’t afford a home realize their dream. Check them out… you could be next!

First Time Home Buyer Love and Other Freebies

1. No Penalties.

A first-time homebuyer can take out up to $10,000 in contributions from the Roth IRA to pay for the home without penalties. Check with your tax advisor for the latest rules.

2. Real Estate agent. This person can be your greatest fountain of information when looking for your first home. They know your local housing market, the advantages and disadvantages of specific homes. They can help you pick the right home to fit your personal and financial needs and much more. The best part? They’re free if you’re a buyer.

3. Pre-Approvals. Another amazing freebie is pre-approvals. They help save you time and energy. How? They let you know what price range you can afford, helping you and your agent know which houses you should be looking at.

4. First-time Home Buyers’ Tax Credit (HBTC): The HBTC is a non-refundable tax credit for first-time home buyers and is worth $750. The first-time home buyers’ tax credit must be claimed on an income tax form no later than one year after the home is purchased.

5. The RRSP Home Buyers’ Plan (HBP)

This program was designed to let you withdraw funds from your Registered Retirement Savings Plan (RRSP) before retirement for the purpose of a first home purchase. The advantage of the HBP is that the withdrawal is completely TAX FREE.

The RRSP Home Buyers’ Plan allows you to withdraw up to a maximum of $25,000. Be sure to consult your tax consultant for more details.

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The Lowdown On Selling Your Property

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Did you know that just a few improvements on your house could very well improve the value of your home And that first impressions can mean everything?

The number one thing that a possible new buyer recognizes often is the out side of one’s residence. Charm is in all probability the most important variable in selling your house. If a future customer views the exterior and doesn’t feel impressed, they probably will not even care how the inside looks. Therefore, make it appealing.

Landscaping is really a must. Continue to keep the grass mowed, cut the hedges/shrubs, and clear the walkway. If it is summer, shell out a little of dollars and plant some flowers. Flowers make absolutely everyone smile. Does the exterior require a fresh coat of paint? View your house as an outsider. Is there anything you don’t like about it? Start there. You may always take a walk within your neighborhood. See what shines about your neighbors properties and what separates theirs from yours. You can actually learn from them. Ask your buddies for their tips.

The inside is just as significant as the outside. Keep it clutter free. This is a must, even if you have to rent storage space till you sell. Continue to keep the curtains open. Make it as airy as feasible. Open your windows, and don’t forget to clean them! You quite possibly already know that paint is an economical way for you to help make your home appear its very best. Keep the colors easy and fundamental. Soft warm colors will transform a residence. When my mates complain and want new furnishings, I normally inform them to just paint the rooms. It’s like getting new furnishings. It brings life to a home, regardless of how the furnishings looks.

Do you know that the MLS listing service is considered the most dynamic tool for promoting your property? You can list via a Broker or a Discount Broker. When you list your home on the MLS, Your home is listed in your areas local MLS. Realtors scan the MLS several times every day to search for properties for their prospective clients. Your listing entails color photos and all the details about the home together with its amenities. Agents are just as encouraged to sell your home as any other property on the MLS. After your property is listed on the Multiple Listing Service, it quickly syndicates to Realtor.com, which happens to be the most used real-estate web-sites. The internet is tremendous. Your property will likely to be found by 1000’s.

Another effective tool is to make sure you have fantastic online pics of your house. Having quite a few great photos of the home on-line as possible could assist your showings, given that these days most of the people shop via the web just before picking out just what homes to go look at personally. Many times having no pics could get your listing skipped all together. People want to see pictures!

Did you know that another reliable tool is the Yard Sign? Displaying a FOR SALE sign is strongly encouraged for advertising your home. It indicates that you are truly serious about selling your home.

I hope you found this article beneficial. Thank you and good luck with your sale!

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Source by Cody M Porter

Flat Fee Listing 101 – Know The Facts Before You List Your Florida FSBO Flat Rate In The MLS!

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Who are you going to believe about how the flat fee MLS industry works?

There are four “business models” offering flat fee MLS listings in Florida:

1) National Website: They are not licensed in Florida but collect money and then refer you to a Florida discount real estate broker-who gets a portion of the fees collected. National websites are competent business enterprises that usually have a real estate broker’s license in one state but not in all states.

2) Florida part-time amateur flat fee website: There must be 70 or so of these “websites” in Florida. They are licensed real estate brokers that do flat fee listings part-time or are testing the waters to see if they can make a few bucks at flat fee.

3) Florida broker that is masquerading as flat fee: They seem like flat fee but their business model is not consumer friendly and I see their business practices as questionable. They may or do take your buyer leads from Realtor.com and other sources for their own agents; or possibly charge a cancellation fee as high as $500; or hold your listing hostage until you pay up ($500) by only “conditionally” withdrawing your listing from the MLS if you attempt to cancel and move to a full-service agent – your listing will be trapped in this “conditional” status until you pay the ransom of $500.

4) Florida licensed flat fee MLS broker that is established, trusted, transparent and paperless, specializes in Internet marketing and offers real customer support.
(Note: There is more than one trusted MLS flat fee firm in Florida but there are also plenty of firms that do fall into the # 2 and #3 categories above as well.)

Flat fee MLS requires more than simply inputting a listing into a local MLS…

1) Flat fee MLS sellers in Florida are 100% driven by control. They want their MLS listing correct at all times.

2) Third party websites such as Realtor.com, local MLS systems and IDX feeds to local real estate brokerage firms must be monitored constantly because listings do fall out of these systems. Technical glitches happen frequently.

3) Sellers make adjustments to their listing such as pictures, price, commission and their property descriptions. There are needed forms such as mold, lead-based paint and property disclosures.

4) The Florida Flat fee MLS broker is charged with the responsibility of buyer lead capture, agent showing requests, Internet marketing, trouble shooting, customer service, negotiating, editing and peace making. Flat Fee MLS brokers must be prepared to dedicate their time and energy.

Flat Fee MLS brokers must be prepared to dedicate their time and energy…

1) Taking $200 bucks and throwing a listing into the MLS as an afterthought is not what flat fee should be about. There are more moving parts that make up a “real” flat fee MLS company than one can imagine. For example: Last week, Orlando Regional MLS just took over Venice Board of Realtors. When they did this conversion, it knocked out 53 Realtor.com “showcased” properties from Mid-Florida Regional (Orlando area). It occurred on a Thursday evening and took the resources of the vice-president of Mid-Florida Regional and the Director of Operations and many phone calls to straighten out the major glitch.

2) Amateur or part-time flat fee MLS “website” operators might not have the resources or experience to deal with such matters.

3) The flat rate MLS broker must be prepared to back up the customer with support and market effectively on the Internet.

4) If the MLS discount broker requests that you print out forms, fill them out and fax back, this means they have put no thought or investment into on-line automation. This means listing changes, edit, status changes will all be fax this-fax that….back to caveman days.

What to look out for before you list flat fee

1) If the flat fee MLS “website” does not display the “listing agreement”, that should be a warning.

2) Carefully read the listing agreement “beginning-to-end” before you give any flat fee company money whether a National or a Florida based service.

3) Understand the process and policy about how buyer leads from Realtor.com and other sources get to you, the seller, if at all.

4) Realize that many calls do go to the flat fee broker. As many as 70 calls a day can come into a flat fee MLS broker. Miss one, that could be your sale.

5) Consider and verify what the hours are for the flat fee MLS service.

6) Flat fee websites that offer just one marketing option are really just a “website.” There are many marketing approaches besides just a basic MLS listing. What about marketing directly to Realtors®. For example, if a seller wishes to offer a 4% buyer’s agent commission, does the flat fee service provide a way to promote this higher than average commission? Some flat fee services do offer a Realtor eblast program which sends about 12,000 or so emails to all Ft Lauderdale, Miami, Orlando and Jacksonville real estate agent every 15 days. This is an effective marketing approach and Realtors do respond.

7) Flat fee sellers should think about contract representation. Contract-to-close flat fee programs help get the deal done faster. Having a seasoned real estate professional handle the contract negotiations results in a smoother transaction for the seller, as well, possibly netting a higher sale. One of the trickiest parts of negotiations is the possible- subsequent re-negotiations after the inspection. Negotiating an inspection report does mean re-roofing the house because some inspector or Realtor® says the roof is at the end of its “useful” life. There is an art to getting the buyer’s agent, the buyer and the seller on the same page. As well, there are some important nuances that do help get more Realtor® showings such as allowing the flat fee broker to schedule showings (more professional), using an Exclusive Right of Sale (not Exclusive Agency Listing Agreement) and use a professional looking metal sign.

How to flat fee list in Florida and stay out of trouble

1) Read the listing agreement.

2) Call the flat fee service and ask how they handle buyer leads.

3) Call and verify the hours of operation.

4) Ask if there any penalties or conditions if you cancel the listing.

5) Ask if the listing company will “unconditionally “withdraw your listing from the MLS if you choose to cancel and go with a full-service agent.

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Source by Keith Gordon

Flat Fee MLS Listing, the Pros and Cons

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  1. What is a flat fee Multiple Listing Service (MLS) listing?

The MLS is an all-inclusive database shared by local Realtors. Agents can access this database to search for exactly what their buyers are looking for. This one resource provides Realtors with a significant advantage over anyone who is selling on their own. In fact, over 90% of buyers find their new homes through the MLS.

Real estate companies that offer flat fee MLS listings will input the information and pictures to the MLS for a fee which varies from between $99 and $995 depending on the level of services provided. However, a fee is typically offered to an agent who brings in a buyer. This fee can be any amount by law but is typically 2% to 2 ½% versus the 6% to 9% charged for full service listings.

  1. What is the difference between flat fee listings and full service Realtor listings?

The owner undertakes duties usually provided by a Realtor. These include taking pictures, providing promotional copy, gathering information about the property, identifying repairs and improvements that will promote the sale and increase the return on investment, deciding on the best marketable price, monitoring the market, price adjustments if and when necessary, Arraigning showings, negotiating with buyers directly, obtain legal counsel, facilitating inspections, possible renegotiating and whatever else is necessary to bring the sale to closing.

  1. What services are typically provided by flat fee brokers?

    Besides adding your listing to the regional MLS, the listing is typically syndicated to dozens of portal websites like Zillow, Trulia, Homes.com, AOLrealestate.com, etc. plus local real estate companies directly. Owner provided pictures that are added to the MLS and portal sites. A sign &/or lock box is usually provided.

    Some companies provide free renewal or listings that do not expire. If available in the area, companies will often provide appointment center services which provide a convenient means of scheduling showings. With higher priced listing packages more services are added.

  2. What are the downsides of flat fee listings?

    Selling by owner is a lot of work. Over half of owners who were successful report that they would not try to sell on their own again. This is because besides the work involved it may not improve the return on investment. Realtors have years of hard won experience. If they can’t typically provide their clients with a better return on their investment than the owners can themselves they would not survive in the profession. Besides the logistics that can reasonably be handled by an owner, there is a good deal of judgment required. One misstep and the deal often falls through. Inexperience, even in new licensed real estate agents, can cost thousands of dollars or the entire sale. Most brokerages provide close supervision and training for their new agents for at least the first year. The owner does not have this essential advantage. Flat fee brokers who offer remote support cannot do so with the same expertise that a Realtor that has personal knowledge of the local market and property can. Finally, beware of invoking procuring cause claims.

In spite of the work and uncertainty involved many sellers do manage to sell on their own using flat fee broker resources to maximize their housing investment greatly.

  1. How to proceed.

Contact a reputable flat fee MLS broker who you can speak with directly to answer specific questions. This brief article can only provide an overview of the process.

While for sale by owner packages vary from broker to broker here are some important considerations:

  • Broker should be experienced and knowledgeable about local market conditions to provide ready guidance and counsel.
  • Broker should be local and able to provide market data and referrals for attorneys, contractors, inspectors, etc.
  • Broker should be readily available 12/7.
  • Broker should be a direct MLS member where property is located not a portal site that remotely lists properties through affiliates.
  • An exclusive website should be included that sends independent buyers directly to the owner to save co-broke commission.
  • Appointment center showing scheduling services should be provided at no additional cost.
  • Owner should retain right to sell on their own without paying addition commission.
  • Changes or pauses to listing should be provided at no additional cost.
  • Listing should not expire until home is sold or taken off market by owner.
  • Electronic lock box and sign should be provided and delivered at no additional cost.
  • All inquires should be directed to the owner.
  • Professional quality photographic services should be available.
  • Owner supplied photos and videos should be enhanced by broker to the standards typically found on the MLS.
  • Broker should also offer full service upgrades with flat fee credited to final commission.
  1. Steps to closing
  • Engage local flat fee broker
  • Provide details and pictures
  • Approve listing on MLS and submit fee
  • Arrange showing with appointment desk
  • Negotiate offers
  • Obtain legal counsel (recommended)
  • Fulfill contact obligations. This is done with the help of the co-broker and your attorney.
  • Close with more proceeds than if you had listing full service

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Source by Dennis Maier

Townhomes for Sale

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You can trace this word back to early England royalty where the term referred to a home that was kept “in town” when the primary home was in the country. Today, in the United States, it is a single-family home with at least two floors. The house shares a wall with another townhouse. Although they are like a duplex, there is one difference. Townhouses are owned by an individual and duplexes are not. You can find townhomes for sale in areas where property prices are high and land is in short supply. Many times people will look at both condominiums and townhomes for sale because they think they are the same. There is a difference though. Yes, some townhouses are sold under the listing condominium but the difference is the form of ownership. If you purchase a condominium or a townhouse that is listed as a condominium, you will just own the inside of the building. You may own the property outside as well if you purchase it as a townhouse. It depends on the rules of the homeowner’s association.

Advantages

• Living in a townhouse you are flanked on either side with other homes can give you lower heating bill since only two of the townhouse have outdoor exposure directly

• If it is part of a homeowners association you have little responsibility in regards to maintaining the outside, which can mean less maintenance costs

• Townhomes for sale are less expensive to buy than a freestanding house, which is good when money is tight.

• Being two floors there is less noise below or above and more privacy

Disadvantages

• They are lower in value and if you sell your townhouse there is less profit to be made.

• If you have to sell your townhouse in a depressed market you could lose money

• You may be disturbed by your neighbor noise

• Have little space to garden and a small backyard

• You have less say about what the exterior appearance of your townhouse

• Because there are two sides, three if you live at the end of the row can have windows so there is less light in your townhouse.

• In certain real estate markets, buying townhomes for sale can be financially risky

• There may be homeowner association fees you have to pay, and they can be high

If there seems to be more disadvantages than advantages to buying townhomes for sale there are many people who enjoy living in a townhouse and will put up with the disadvantages. They like the close proximity of their neighbors. They are glad they do not have to be responsible for the upkeep of the exterior property, even if they have to pay homeowner association fees.

Immobilienmakler Heidelberg

Makler Heidelberg

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Der Immoblienmakler für Heidelberg Mannheim und Karlsruhe
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Source by Lora Davis

How Any Real Estate Agent Can Generate New Leads & Listings from Foreclosures

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The title to this article is a pretty bold statement, but if you’ll allow me a couple of minutes of your time today, I’ll show you how you can take advantage of a brand-new Real Estate niche that most Agents don’t know about. It’s not that they aren’t aware of it; it’s just that they haven’t put two & two together.

This new source of Real Estate Leads could mean another 100 – 600 new, very motivated (Seller) Leads that are desperate for your professional help. And that’s only for a market of 100,000 homes. You’re market could have even more.

Why hasn’t this opportunity been available before?

Well, before now all the pieces were not readily available. Today, the technology is in place, the turnkey business-in-a-box-training-systems are available, and the market for this business is very ripe & growing.

Foreclosures will be the next big thing in Real Estate Leads

We are often asked by our Coaches Corner{tm} Newsletter Subscribers (350,000+): “What’s the next big thing going to be for Real Estate Agents?”

Well, if you asked me that question specific to Real Estate Lead Generation, I’d have to say Foreclosures & PreForeclosures are going to be the next big thing for New Real Estate Lead Generation.

You’ve probably already heard that Real Estate Foreclosures, as of April 2007 U.S. Foreclosure Market Report (published by RealtyTrac® – the #1 online authority for Foreclosure data), are up by 62% nationwide from April 2006. Some states are up by as much as 3,325% (New Hampshire).

Real Estate Foreclosures Rates continue to grow

Recently USA Today printed an article about the fact that 75% of the new home mortgages in California are No-Doc-Loans (some industry experts call them liar-loans). These No-Doc-Loans allow the homeowner to use stated income and often allow them to borrow more money at higher debt-to-income ratios than they could traditionally. The no-doc loans have become very prevalent in the last couple of years and are now widely used nationwide.

In my opinion, the majority of these liar-loans are Real Estate Foreclosures in embryo. It’s likely just a matter of time before the homeowners get into trouble and fall into Foreclosure.

Over a Million Real Estate Foreclosures Each Year

According to RealtyTrac®, with whom we’ve established an exclusive partnership, the number of Foreclosures will likely exceed 1.2 million this year if we continue at this pace. To read the complete May 15th, 2007 press release for RealtyTrac®’s U.S. Foreclosure Market Report click here.

What this means for the average Real Estate Agent in a market with 100,000 households is that about 127 new properties will enter some state of Foreclosure per month. Some of the not-so-average counties will see 431 new foreclosures per month for those same 100,000 households. So, that means that there will be 14 new Real Estate Foreclosure Listings per day per 100,000 households.

If you had the home seller information in a timely manner and were equipped to deal with this specific type of lead, it could mean 100 – 500 brand new leads every month in a market with 100,000 households.

Most Real Estate Agents don’t know how to handle prospects in Foreclosure and usually see them as junk prospects. So, there’s very little competition for you in this niche if you become a Real Estate Foreclosure Expert.

Couple that with a very highly motivated home seller, and you have a recipe for New Lead Generation Success.

Do you know your State’s Foreclosure Rate? If it’s only the national average, you’ll have 1 Foreclosure for every 783 households like quite a bit of the country? How many households do you have in your market, and what does that equate to in Foreclosures? A whole lot no matter where you live!

The Foreclosure Rates are growing almost everywhere and there are already an enormous amount of potential leads for you where you live, so take action and equip yourself with as much information as you can on Real Estate Foreclosures. The information will help you carve out a brand new niche in Real Estate Foreclosures in your area and help you grow your Real Estate Business.

Immobilienmakler Heidelberg

Makler Heidelberg

Immobilienmakler Heidelberg
Der Immoblienmakler für Heidelberg Mannheim und Karlsruhe
Wir verkaufen für Verkäufer zu 100% kostenfrei
Schnell, zuverlässig und kompetent


Source by Dan Matejsek

The Best Way to Find Vacant Houses For Sale

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Finding vacant properties is often much more difficult than it would first appear to be, as said homes generally don’t have an owner who can be contacted in relationship to making a sale. This may be because the house is a new build, but in some cases the house may have ended up being abandoned for whatever reason.

However, if you are interested in buying a vacant property, there are still a number of different avenues that you can consider exploring to find them.

Ask A Real Estate Agent

Your first step should be to contact a property industry professional to get their take on the situation. Many will not maintain a full database of vacant properties in the same way that they maintain one for properties that are for sale, but they may be able to point you in the right direction in regards to who you would need to speak to in your particular state.

You may even get lucky and find an agent who specialises in this form of property sale, though those are fairly rare and will often cost a pretty penny if you want them to search for you.

Find The Owner

In some cases a vacant home will still have an owner and has simply been abandoned for one reason or another. In these cases you may find that the owner is a very active seller – if you can find them in time.

The key here is getting any new address details, if they exist. You can try speaking to neighbours or leaving a note at the house in case the owners return, but you can also check tax records to see if they filed a new address. You can even try sending a postcard to the house you are interested in, with a written message stating “Do not forward – address correction requested”, which the post office will return with new address information, if they have it.

Driving Around

Vacant houses often have a certain feel to them that people can detect when they pass by. Overgrown gardens and a slight eeriness are commonly reported and can be tell-tale signs that nobody is in the house.

As such, if you are trying to find a vacant property then it could be a good idea to simply drive around a couple of different areas every day to look for the signs that a house no longer has an owner. You can then start looking into ways to buy it.

Speak To Postal Carriers

As invasive as it might sound, there are few people who know the state of a property better than the people who deliver mail to it.

Try to arrange a conversation with the mailmen and women who deliver to a particular neighbourhood and ask them, politely, if they are aware of any properties that don’t appear to be housing anyone at the moment. If you’re lucky they may just give you the information you are looking for, allowing you to start looking into ways of acquiring it.

Immobilienmakler Heidelberg

Makler Heidelberg

Immobilienmakler Heidelberg
Der Immoblienmakler für Heidelberg Mannheim und Karlsruhe
Wir verkaufen für Verkäufer zu 100% kostenfrei
Schnell, zuverlässig und kompetent


Source by Bill Len

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