Real Estate Online Marketing Plan – Part 6 – How to Use a Free Follow-Up System to Get More Leads

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You’ve learned that with email addresses captured from website visitors you can put in an automatic email follow-up system. You’ve learned that the majority of website visitors who give you emails and become part of this follow-up system will eventually become your customers.

Wow. It’s like a marketer’s dream come true. Actually, it IS a marketer’s dream come true.

Here’s why:

1. You don’t have to spend any time with an email follow-up system. Once it’s set up right, you forget about it and just answer phone calls from all the prospects calling you. (We can load in 52 emails in the system so every new visitor gets a different email from you every week for a year, automatically.)

2. It’s free. Again, once it’s set up, your emails are sent out without any cost whatsoever. Given the prices of stamps and stationery, this is important. Plus it frees up marketing budget dollars for other things that are effective.

3. It’s automatic. By this I mean: you can’t mess it up by not doing what you’re supposed to do.

OK, I know how it works: you’re supposed to make follow-up calls and mail follow-up letters, and send newsletters to your “list.” But it doesn’t always happen does it?

Why is it that we always seem to find a dozen other things to do when we’re supposed to be following up with prospects?

Well, don’t worry about it. Now you can have your follow-up machine do all the dirty-work for you. And it never makes excuses or finds something else to do instead of sending your newsletters and emails.

If you do only one thing with a website, capture visitor emails. If you do only one internet marketing activity, make it this: put in an automatic email follow-up system.

If you do it right you could be the laziest millionaire Realtor the world has ever seen.

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Source by Leo J. Vidal

FSBO’s: Sure Fire Market Appraisal

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Do you want an absolute way of getting a Market Appraisal for your home, without much muss, or fuss?

Here a Simple SolutionFor A Market Appraisal:

What I’m about to suggest is like winning one of those 4 day/3 night vacations to a great time-share resorts. Your getting a 4 day and three night stay, but you pay for it by attending a 2 or 3 hour “presentation”, by the time-share sales team.

As long as you have the stamina to withstand the sales offers, then you can enjoy the benefits of your vacation!

It’s not quite that bad, but it is similar. What I’m suggesting is to call, 3, or 4 local real estate agents for a “free” market analysis.

Have them bring their presentations to your home, sit through those presentations and if your will power can withstand their offers to let them sell it for you, they will each leave you with their market analysis.

Once they’ve left and at YOUR convenience, gather the 3, or 4 analysis’ together, read through them carefully and with a piece of paper and pencil, close by, go through them and write down what common thoughts they all offer and as importantly, where they differ.

Armed with this information, you should now be able to establish, what your competition is, in your surrounding neighborhood, what houses have sold in the relative short past, in your neighborhood and most importantly, what they each think your house should be listed (priced at). Along with that information, the reports will also contain photos, inside and out of each of those properties.

If any of their criteria, don’t agree, then simply add all 3, or 4 of their figures up and divide by 3, or 4, this should provide with their average agreed on listing (the price you should start from) price.

As importantly, their reports should tell you the listing price AND THE SELLING price of each home, for sale AND sold, in your neighborhood. With that information, just divide the selling (sales price) by the list (price you start off selling for) price and the result will be your expected percent off you should anticipate taking off the price of your home, in order to obtain an acceptable price for you.

This is all current information and good information, but still it is no more than an opinion and we all know what opinions are worth. But, if you are selling a home for the first time, don’t have a clue as to what homes (in your area) sell for and have no one, you trust to help you in this endeavor, this is probably the surest and best way to come to a general conclusion of your homes value and have someone else do the majority of the work for you.

Sitting through the “sales pitches” of each real estate salesperson won’t be the easiest thing you’ll ever do, but it’s not that hard either.

The wealth, you’ll acquire for that time spent will be well worth the aggravation. For your time and angst, you’ll be well compensated with a treasure trove of good information, that you can use to benefit you greatly and assure you of a smarter, more defined way to price your home and expect good results, based on a professionals efforts!

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Source by Ray Morgan

For Sale by Owner – Blessing or Curse?

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Currently there is an abundance of real estate for sale. Nearly everywhere you turn you find “For Sale” signs peppering the landscape of communities throughout the nation. Newspapers contain page after page of real estate listings, while newsstands offer a bounty of magazines portraying every conceivable type of real estate property.

With so much real estate for sale it’s become a “Buyer’s Market”, meaning there is too much property available and not enough buyers. When a buyer’s market appears, homes take longer to sell and owners are forced to accept less money or sit on their property for longer periods of time.

A buyer’s market is good news for those who have money to invest in real estate. Investors can purchase property under market value and eventually sell it for a nice profit. On the flip side, a buyer’s market can cause financial discord for those who need to quickly sell their real estate.

Today, many people who have real estate for sale are opting to sell the property on their own. This is referred to as “For Sale by Owner” or “FSBO.” When a property owner offers FSBO, there is a potential to save thousands of dollars. There is also potential for financial disaster. Therefore, anyone choosing this route must take time to become educated about the process.

When placing a house on the market, homeowners must first establish its value. This can be done by hiring a professional appraiser. Real estate values are based on a variety of factors including location, condition, amenities, and comparison of similar properties in the area.

In addition to the appraisal, home inspections are required before a sale can be closed. Experts recommend obtaining a whole house inspection prior to listing the real estate for sale. This allows ample opportunity to make repairs and prevent unforeseen problems at closing.

Those who embark on the For Sale by Owner path should become familiar with sales contracts and real estate jargon. It’s imperative to learn negotiation terms and techniques and understand the legalese of closing and settlement documents.

The Internet provides many resources to assist homeowners in selling real estate. Most of the required legal forms can be downloaded for free or for a nominal fee. For Sale by Owner kits are available for purchase and include a variety of forms and resources. There are numerous websites where sellers can post information and photos of their home to attract potential buyers.

Selling real estate on your own puts everything in your hands. If you take time to learn the process before diving in, you can save yourself a lot of stress and a fistful of dollars. Education is the key to your real estate success, so don’t skimp on the process.

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Source by Simon Volkov

Benefits of Selling Your House For Cash

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    Honesty Alert! I May Not Be Your Best Option.

What are the benefits of selling your house for cash? As with everything you’ll read or hear from me, I’m going to be completely honest with you. Selling your house to me may not be your best option. That’s right, for many people who have plenty of time and have a house in perfect condition, selling your house to me may not be your best option. You will probably get more money for your house by selling with a realtor and waiting however long it takes to sell on the open market.

    Time Is Money.

However, if you don’t meet the requirements above and want or need to sell your house quickly, there are many benefits to having me buy your house. Since your time is valuable, I’ll start with the most important benefit first. Cash buyers buy your house fast! Don’t underestimate the value of this. We’ve all heard that time is money, and it couldn’t be any more true than in real estate. Not even calculating in the actual value of your personal time that gets eaten up trying to sell a house, just owning a property is very expensive. The insurance, taxes, utilities, and maintenance can easily eat up thousands and thousands of dollars over the many months it takes to sell a home the conventional way. All that money could stay in your pocket very shortly after you call me.

    Avoid Frustrations

I seriously considered making avoiding frustrations the number one benefit, but a fast sale is just too important. Since I could literally write dozens of articles on the ways selling a home can be frustrating, I’ll summarize the most common ones in a list. In no order of precedence, just a few of the ways that selling a home can be frustrating are; fixing your home, staging your home, keeping your home in show ready condition, having to leave your home on short notice for a showing, 18 page Colorado real estate contracts, picky buyers, window shoppers, nosy neighbors, paying for a house you don’t live in, worrying about when or if your home will sell, negotiating with buyers, buyers backing out of contracts after you’ve moved out, realtors commissions, and mostly just the uncertainty of it all.

    Cash is King.

Which would you rather have? A house worth $200,000 or $200,000 cash in the bank. Of course you’d rather have the cash as you can do anything you want with that. If you have a house you have to sell it first to get the cash. The most you could possibly hope to walk away with after selling a $200,000 through a realtor is around $182,000, and that’s if you didn’t have to do any repairs and sold for full price. Do the math, 6% realtor commissions and 3% closing costs add up to $18,000! More likely you’ll have a few thousand in repairs and have to negotiate down an average of 5% in price reductions and paying the buyers closing costs. This means you’ll likely only receive around $170,000 cash for your $200,000 house. As I said, “Cash is King”, so getting a quick cash offer from me is very likely your best option.

    It’s Just Too Easy.

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Source by Darren A. Smith

Want to Sell Your House Fast? Get Some Tips!

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You may face some situation in life that you may want to sell your home fast. However, you might get perplexed about what to do and how to achieve your target. However, if you implement right selling tactics, you can attract more buyers, obtain better and more offers.

Make a survey of your house and fix all the major and minor problems. It should be done prior to listing of your house in the market. You may not be able to see any problem in your house since you may be emotionally attached to your house. It is a good idea to ask someone else to inspect your house. Buyers are least interested in the house that requires any kind of repairing work before they can use it.

Before you show your house to any prospective buyer, make some easy changes such as clean your housetop to bottom, de-clutter it, and remove away any personal belongings such as photos, artifacts, books and other stuff. Get the whole house repaint in neutral colors to allow the buyer view the house as her own. Besides keeping the clutter away, stage each room of the house carefully.

Improve the look of the entrance of your house since an attractive entrance can impress the buyers as first expression. Improve the curb appeal of your house by mowing the lawn; repaint the exteriors, clear the driveways and walkways areas. Also, make sure that there is no rusty hardware on the main door and doorbell works.

One more thing, I want to put emphasis on is keep your house in “show” condition at all times as you never know when a potential buyer comes to see your house without any prior notice.

You should hire the services of an experienced real estate agent who has knowledge about neighborhood and can works to sell your house. He can advice you about what to do o sell your house fast.

Despite taking care of all other things, asking price can be the deciding factor in most deals. Keep the price for your home very reasonable to attract more buyers.

If you think you will not be able to follow all these tips, you can contact cash house buyers to sell your house fast. They will buy your house in any condition and at any location.

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Source by Damien Wilson

Why You Should Work With a REALTOR

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Some people may be tempted to buy or sell a home independently so that they can avoid paying the Realtor’s® fee or commission. However, more often than not, it can turn out to be a more difficult, time consuming, and even costlier option in the end.

Knowledge and Experience

Realtors® are professionals and members of the National Association of Realtors (NAR) who subscribe to the Associations code of ethics. A Realtor® has extensive knowledge of the market and sufficient experience in handling sale and purchase of real estate. There is usually no way for an average individual to have the latest insights about the realty market or to possess the expertise of negotiations and legal formalities involved in sale and purchase of a home.

Real estate transactions are not just about bargaining the price and filling out some forms to complete the deal. The negotiation process can be long drawn out in order to receive the best possible deal. Secondly, the legalities involved in the property documents and making an agreement to buy or sell must be followed appropriately in order to have a secure deal.

Protecting your Legal Rights

Sale or purchase of a home is a very major transaction, and it may involve multiple negotiations even after the agreement to buy or sell has been made. It is important to be aware of your legal rights in such situations when the agreement is already signed, and you discover some new fact about the deal later.

For instance, if after you have signed the agreement to buy a home, you realize that a government department or agency, a huge department store, a school, or a gas station has plans to move in just opposite to your location. If you no longer wish to buy that home, for many and obvious reasons, the realtor is the best person to intervene on your behalf and protect your legal rights in such case. Similarly, if the seller backs out of the deal after the agreement, the Realtor® will know your position from a legal standpoint in such a situation.

Getting the Best Deal*

If you are in a hurry to sell your home, a Realtor® can help you sell it faster and without any compromise on the price. Experienced Realtors are in contact with many potential buyers and sellers, and they are in the best position to achieve a fair deal for all parties. In many cases, a buyer or a seller who makes a deal without the involvement of a Realtor® may end up making a poorer realization, even after adjusting for the potential savings in realtor’s commission or fee.

Leading Realtors® usually have their own website or have online and offline listings on several prominent platforms. Therefore, your listing receives a focused exposure at the right places, and chances of attaining the best deal in the shortest possible time improve. A Realtor® with experience will also be able to suggest alternative locations and options that a potential buyer may not have considered, but may find them ideally suited to his or her needs.

Summary:

It is always a prudent idea to hire the services of an experienced Realtor® when buying or selling a home. It helps save time, obtain the most appropriate deal and achieve the best market value, which makes it worthwhile even after paying the Realtor’s® commission or fee.

* http://www.realtor.com/Basics/AllAbout/Realtors/Why.asp?source=web

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Source by Jennifer A. Steele

Sell Your Own House and Pocket the Profits

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So you want to sell your own house? Perhaps you want to save money on a commission that would be paid to a broker. Perhaps you are one of those individuals that believe that selling a home is a simple process because it appears so easy on TV. I understand it’s probably not as difficult as performing a root canal on yourself, but if attempted without preparation it might feel like you attempted the aforementioned.

The first thing to consider when selling your own house is to determine what the current market is like in your local area. This does not mean you should buy a copy of the Wall Street Journal and try to extrapolate what your local market is like based on national or worse yet, international trends. Some markets never experienced a large up or down over the last decade despite what was going on elsewhere. So how can you find out information that is pertinent to the local area? One way is to contact a local real estate agent and ask, but that can bring on some unwanted pressure to list with them instead; which I actually suggest for the vast majority of homeowners. Another way is to check local papers that may disclose certain statistics such as average days on market, a comparison of sales prices to listing prices (they are rarely the same, except perhaps in a hot market), and local interest rates. Now what do you do with all this information? For now hold onto it, as we will be using it to help price your home.

Once we have gathered some basic data the next step is to start finding some comparable properties. A comparative market analysis is the most accurate way to price a “normal” home. It may not be the best way to assess the value of a new home, historic home, income property, or commercial property. What you will want to do is gather the SOLD price of at least SIX comparable homes, that have sold in the last 6 months. If you use home sales older than that, you risk the comparison not being very accurate. Comparable homes should be as similar to your home as possible, but do not have to be identical. These homes should be in the same school district, zip code, and if possible same housing complex if applicable. Explaining exactly how to do this process can be very verbose, so what I will say is that for an amateur analysis make sure your home is priced less than homes offering greater amenities and size and greater than homes offering less size or that are not as updated. Knowing exactly how much these differences effect the price of your home from the comps takes market knowledge that most homeowners don’t have. Remember that money spent on renovations does not correlate 100% to an increase in value.

Ok, so we now have an idea about the list price. The next thing we need to do is go back to what is happening in the local market. If homes are selling fast, I would suggest sticking near your estimated price for a quick sale of your home. If homes are selling at an average rate 3- 6 months (again average is different depending on location) I’d consider sticking at your estimate list price or as much as ten percent less if you are hoping for a quick sale. If homes are not selling on average in less than 120 days, as a for sale by owner you will need to price yourself well below the competition 10% or more. My reasoning for this is that highly marketed homes are not selling, where your home will have a fraction of the advertising versus those listed with a broker. You will need an edge to beat out the competition.

Well, we accomplished step one; pricing our home. This is actually one of the easier tasks we will have to do. Step two will be determining our budget for marketing the home. This is actually the main reason I suggest hiring a broker, since advertising if done haphazardly can cost MORE than hiring an agent. Now you can advertise on sites that cater to for sale by owners, but honestly the traffic they generate is simply pathetic compared to many of the better known sites. If you are serious about this, I suggest you list on a big name site. As far as advertising in the local paper goes, it certainly does not hurt, but realize that more buyers find their home online than through the local paper. The local paper though does appeal to the older generations and can help with a cross generational marketing campaign. Another consideration is that according to the national association of REALTORS 89% of surveyed home buyers in 2011 used an agent to buy. That means, whether you want to or not, you will likely have to deal with and or pay an agent. As a for sale by owner you can offer to pay an agent for bringing a buyer to you. This may help you save some money compared to having an agent list it as well. A good number to start with is offering a 2-3% commission to any buyer’s agents. This will ensure that the 89% of buyers searching for a home with the aid of an agent will not totally avoid your home. Another marketing tool you can use is a yard sign. These can be obtained relatively cheap from a local printer or online. If you are gutsy enough to let total strangers roam through your home, you can also host an open house. It is estimated that nearly 5% of home purchases are done on impulse, so it cannot hurt your sales effort. I would like you to consider that bringing strangers in your home can be unsafe so proceed with caution.

Alright, we are moving right along to getting our home sold. We have a price, we know how we are going to market it, and we are ready to list right? No, I’m sorry we still have some work to do. The next thing we have to do is complete a seller’s disclosure form to give to potential buyers. This form can be obtained from a local housing authority or online. In addition, we need to provide potential buyers with a lead-based paint disclosure act if your house was built in 1978 or earlier, thanks to a 1992 law. In addition, this is the time to neutralize your home, fix peeling paint (trust me, fix peeling paint), and complete any other small maintenance tasks that need done.

Ok, now we can go ahead and list the home. The easy part is done, we are moving onto the hard and hardest parts of selling a home. Now if you listed it yourself I suggest purchasing a land line phone number to use for advertisement purposes. There are many places where you can find one cheaply. When your first perspective buyer calls, greet them politely and share whatever information they need. As tempting as it may be, before having them over to view the house, make sure they have be pre-approved, or at least pre-qualified for a loan; ask them to bring their pre-approval letter. People have no problem wasting your time. If they refuse to bring any such paperwork, skip the viewing because it is likely they are not that interested in your house anyways. In fact, they cannot even make a real offer at this point. Show buyers around that have met the pre-qualifications, but refrain from harping about anything personalized within the home, as they will likely be envisioning how they can change your house to suit their needs. If they are interested in making an offer, please do not entertain a verbal negotiation of price. First, their offer is not legally enforceable by the statute of frauds and back and forth negotiations may elicit an emotional response on your part. Instead, insist on a written offer and binding contract. It is likely they will be working with an agent, so this is usually a mute point. When the offer is presented, remain emotionless whether it is more than you had hoped for, or less since most buyers will expect the savings you received from not paying a commission to be passed onto them (Now if you used my suggestion of offering a buyer’s agent commission you might find that you receive a more reasonable offer). You have two options; accept or reject the offer. If you reject the offer, you can always counter-offer. Some things to expect during this time is the buyers wanting you to purchase a home owners insurance warranty (which you should do to save yourself a headache 6 months from now when your water pipes burst or your furnace dies at only 4 years of age). The second is that they will likely place several contingencies on the offer, which are completely normal. These contingences may include a home inspection, land survey, title insurance, dye test, as well as several others.

Ok so you have found a buyer and your home is under contract. The coming 30-90 days will be the roughest yet, but hang on because you are almost there. During this time a home inspector after examining your home will come up with a list of several hundred problems that your house has. If you already disclosed these items in your seller’s disclosure there should be little concern, as they will not be items that your potential buyer could use to back out of the transaction. Now for the things you were unaware of, buyers may try to haggle the price even lower. I suggest for small ticket items, hold your ground. Bigger ticket items will likely require some concessions on your part. Your other option is to not give any concessions and try the whole process over again, disclosing the newfound issues. If things do progress past this point, prepare for yet more expenses at closing. You will need to pay transfer taxes on the property, as well as, prorated property taxes if you have not yet done so for the fiscal year. Again, there will be some other expenses and rather going into detail here, I suggest you take a look at a HUD-1 form to get a strong understanding of what expenses are dealt with at closing. If closing is not being taken care of by their agent, I suggest you hire either a transaction licensee or lawyer to handle the paperwork. DO NOT attempt to complete this stage on your own unless you are an agent or an attorney.

Well if you made it past closing, you have done what only 15% of for sale by owners are able to! Congratulations, and when you go to look for your next home use an agent.

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Source by Adam M Slivka

Home Buyers, Does Your Agent Work For You?

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As a buyer, you may be looking at many properties — those listed with an agent as well as those sold privately, “by owner.” Let’s say you call a real estate agency regarding a listed property you have found in MLS (multiple listing service), the newspaper, or by driving by. Traditional agencies will offer you ‘buyer assistance’, meaning that they will show you properties, direct you to mortgage lenders, etc., all without a contract.

The agent you meet who shows you that property will be anxious to show you other properties, of course. You begin to feel that this agent is “your agent.” NOT TRUE. This agent works for the agency that listed the property, and most likely is working for the seller of the property, not you. Anything you say may be carried back to the seller at any time.

Agents may call themselves many things according to state regulations. In Massachusetts, for example, the “listing agent” is the agent who obtained the listing from the seller. The “selling agent” is the agent who actually makes the sale. In order to better understand this concept, bear in mind that a real estate agency makes the most money when one of their listed properties is sold by an agent “in house.”

Most properties are not shown or sold by the listing agent. Although the homesellers may have spent considerable time with the listing agent discussing the fine points of their home so that they will be knowledgeable when showing it, the property will most likely be shown by agents who are totally unfamiliar with their home. Remember, whether talking about a listing agent or a selling agent, unless you have signed a contract with a buyer’s agent, their allegiance is always to the seller.

As if this isn’t complicated enough. using Massachusetts regulations as an example, a broker can work for both the buyer and the seller on the same property provided the broker gets the consent of both parties and provides each with a written notice of the relationship. In this case, the broker is considered a “disclosed dual agent.” This broker owes both the seller and buyer a duty to deal with them fairly and honestly.

In this type of agency relationship, the broker does not represent either the seller or the buyer exclusively, and neither party can expect the broker’s undivided loyalty. Realistically, it’s hard to imagine that properties are not discussed over lunch or between agents sitting at the next desk. Undisclosed dual agency by a broker is illegal. The agent must present the buyer with an agency disclosure form upon first meeting to discuss a particular property.

The use of an agent becomes further complicated when the subject of seeing properties offered “by owner” is brought up. Unless the agent that is showing you properties is a buyer’s agent, the only way he/she can get paid is to get the private seller to list the property, something that is not likely to happen. You don’t need an agent to see a for sale by owner property and some sellers prefer not to negotiate with anyone but the buyer directly. If you do feel that you need representation, the one agent that has loyalty to you, the buyer, is a buyer’s agent.

A buyer’s agent (ie. buyer broker) represents you, the buyer, and never the seller. Some buyer brokers are known as “exclusive buyer brokers/agents”. Exclusive buyer brokers do not list property – period, nor are they housed in an agency that does. The buyer broker’s commission, typically 3%, is generally accommodated in the selling price of the property, paid at closing. The National Association of Exclusive Buyers Agents (NAEBA – http://www.naeba.org) is a good resource to locate buyer’s agents in your area. Buyers, remember that a buyer broker is able to show you listed properties, foreclosures, new construction, and for sale by owner properties.

A word of caution….make sure you tell the agent that you want to see ALL available properties without regard to who pays the commission. We have often heard of overly aggressive buyer’s agents who will not inform their buyers about a property unless the seller agrees up front to pay their commission. This behavior is unwarranted as the buyer has already agreed to pay any commission due.

NOTE: If you are currently working with a buyer broker and you are looking at a for sale by owner property, please let the seller know up front. Don’t wait until the negotiations are underway to bring in representation. It could easily kill the deal. Most sellers are very open to showing their property to you and your buyer broker – just don’t assume they’ll pay your agent’s fees.

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Source by Liz Provo

For Sale by Owner VS Foreclosure in Florida

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The state of Florida seems, on the surface at least, to be experiencing a real estate meltdown. Rampant real estate speculation, development and the sub-prime mortgage debacle are being blamed for the glut of homes for sale that has left the market upside down and many homeowners under water and facing the prospect of foreclosure. With many Adjustable Rate Mortgages (ARM) due to reset at higher rates the fallout may not be over. Further manifesting the situation is the insurance premium increases coming down the pipe to cover the devastation and property loss/claims associated with the last several hurricane seasons.

Compounding the problem is the expected increases in condo fees to cover property losses not covered by insurers. The fallout has created a unique opportunity to re-visit real estate opportunities right across the state. There are a couple of by-products to this type of market. One is a rise in For Sale by Owner properties. Homeowners are looking for any edge they can get when they are looking to get out from under a high equity mortgage or negative equity mortgages. A For Sale by Owner allows the homeowner more options when it comes to pricing. They can expedite the sale of the property by passing on the real estate commission savings associated with a For Sale by Owner. This can represent a substantial savings to the buyer and certainly make your property more attractive when you consider the real estate commission savings on a $280,000 property is $16,000! The For Sale by Owner also has more latitude when it comes to making their home “appear” to be more attractive.

They can offer creative seller concessions like “no condo fees for a year” or “0% financing for 3 years”. Essentially instead of passing the savings directly to the buyer they create a “package” that may seem more appealing. I have personally seen everything from “Free Plasma TV’s” to “Timeshares in Puerto Rico”. Creativity can certainly perk someone’s interest, but I tend to prefer a straight “cash” discount or rebate. This allows the prospective homebuyer the opportunity to decide how they want to best use the monies. Cash has a set face-value; $2000 always carries a “value” of $2000 regardless of the buyer, whereas a “timeshare in Puerto Rico” will have different values to different people.

The 2nd by-product, unfortunately, is “Foreclosures” – which have been rapidly increasing in Florida since 2006. Industry experts blame this increase on “sub-prime mortgages”. Sub-prime mortgages are higher risk because they are made to borrowers that typically do not qualify under traditional more rigorous criteria because of limited or poor credit history. Sub-prime mortgage loans have a significantly higher failure rate then prime mortgages. Sub-prime mortgages typically have a higher debt service-to-income ratio and the homeowner simply can’t make ends meet. The end result is more foreclosures and an increase in houses for sale – the fact that they are “distressed” and vacant further erodes the overall values of all homes. As the inventory of unsold properties continues to grow, residential real estate prices decline.

The bottom-line is there is an abnormally high number of existing homes currently listed for sale in Florida. As supply outpaces demand, property values drop. For Sale by Owner may allow the homeowner to bridge that drop in value and allow them to avoid foreclosure.

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 Mark Camphaug

Sell Your Property FAST – With an Owner-Financed Mortgage Note

Kostenlose Immobilienbewertung

It is very well-known that Owner Financing sells properties fast, especially in cases where properties or prospective Buyers do not conform to traditional lending/mortgage requirements. The Seller offers to hold the mortgage note (owner-financed mortgage) and receive the monthly payments from the Buyer as a bank would.

The problem with this approach has been that Sellers sometimes don’t want to collect small monthly payments, but instead want to cash out shortly after closing to buy another property, or for many other reasons. The benefits of owner financing are many, but sometimes these are not enough to help close a deal.

Basically, this is how an owner-Financed real estate mortgage note works:

1. The Seller sets the sale price to exactly the appraised value and advertises “Owner Will Finance… No Bank Qualifying!”

Interested Buyers go through a pre-qualification process to determine the best prospect.

2. The Seller and Buyer agree on the structure and terms of the note to be created (note buyer may provide some suggestions) and sign a Real Estate Purchase Contract.

3. At closing the Seller creates a 1st mortgage and soon after sells/assigns the mortgage note to the note buyer.

4. The Seller receives the Buyer’s down payment plus the proceeds from the sale of the note. In a Seller-Financed note purchase the note buyer normally covers all closing costs and the cost for his own property evaluation.

Example:

Let’s say the Seller owns a property that has been appraised at $100,000, but because it’s not a conforming lot, he is having problems getting qualified buyers. Buyers don’t seem to commit to the purchase and the ones that do, don’t get their mortgage approved by the Bank.

The Seller has the house advertised at $90,000, expecting to get $80,000-$85,000 after incentives and costs have been paid out. But not even this price is attracting real buyers.

This is where a note buyer can step in. The Seller would be advised to create a $90,000 note, the rest ($10,000) would be the down payment. The interest may be 8%, term 360 months, paying $660.39 monthly (Principal + Interest).

The note buyer would buy this note for approximately $80,000 cash shortly after the real estate closing. To this add the down payment, and the seller gets $91,000 total (minus closing costs for the real estate transaction).

Shortly after the real estate closing and after the new note is recorded, the note buyer makes the purchase of the note and the Seller gets his money. A perfect example of how an Owner-Financed mortgage makes a real estate sale possible. And there are no hidden fees or costs other than the regular real estate closing costs that have to be paid anyway. The Note buyer generally covers all closing costs for the note purchase.

This approach attracts a good number of buyers and in a few days, the Seller can have his cash in hand.

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 Phyllis Espinoza

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