Archive for home sale
Mar
11
Tips for a Quick Home Sale
Posted by: | CommentsFor a quick sale, you need to make your home look better than the competition. When I look through pictures of real estate online, I see so many pictures of messy rooms. People haven’t taken the time to even tidy up a little before they or their agent take the photos that will be any buyers first impression. So often in these photos, the tv’s are on and there are cans of pop on the coffee table. This looks so ugly! So I think the easiest way to make your home look better than most is to simply clean it up.
First off, tidy the surfaces. Clearing away dishes and your daily clutter is the bare minimum you can do to at least let a buyer see the house that sits underneath it all. Then make the beds. If you want to do more, and really you should, take a hard look around. Are your surfaces covered in decorations? If so, are these here because they enhance the room, or because they have sentimental value? If the answer is the latter, get rid of it, at least for the time being. Start packing, even if you don’t know where you are going to move. You will be glad you did for at least a couple of reasons. First, potential buyers won’t be distracted by your clutter, and second, you’ll be that much further along when it does come time to move.
Look around the home again. Is it crowded? If you have more furniture than you absolutely need, or than fits comfortably in the room, consider packing it up also. The same goes for projects you’ve been working on. If you aren’t actively working on them, put them away until after the move. Renting storage space is a good idea once a critical eye shows you just how much you can remove from your home while it is for sale.
But all this doesn’t mean emptying your home to achieve that un-lived-in feel. On the contrary, you want your home to be cozy. There is a balance between cluttered and cozy, and you must find it. Once you’ve done a thorough clean-up, which obviously includes making bathrooms and kitchens shine, make the beds and toss the pillows neatly on the couch. Position your remaining decorations in a way that truly accents the room, such as placing two dramatic candle sticks on the mantel, or even a teddy bear on a tidy bed. To help make the rooms feel live-able and warm, turn on the lights and open the windows. Play some quiet, mellow music during showings, but by all means, leave the tv off. By making your home stand out, you increase your chances of a quick sale, at the rate you are asking. So do yourself a favor and put in that extra effort. You’ll be glad you did.
Rent Back Fast
Mar
07
Whether to Buy or Rent a Home
Posted by: | CommentsAs a Realtor in Florida, I realize that there are many factors contributing to the decrease in the number of South Florida home sales. They consist of high home prices, high property taxes and high taxes. One factor that is contributing to the collapse of the sale market that many people do not seem to consider is the influence of the South Florida rentals market. At this time, this factor is probably having the strongest effect.
Home ownership was the American dream. Since the South Florida real estate boom the lower and middle class have been driven out of the real estate market, because of the high costs associated with home ownership. Because of the uncertainty of the direction of home prices, consumers are not stepping back into the market. Prices are still unrealistic and continue to drop.
Adding to the current situation, are the people who invested at the height of the market. As I look through the MLS, the number of short sales, pre-foreclosures, new listings, and expired listings and back on the market listings are increasing at alarming rate. This is adding to the existing inventory. It has been a buyers market. The problem is that there are no buyers.
For example, today in Dade, Broward and Palm Beach County the following are the figures for the activity by category from the MLS:
New Listings
1253
Price Change Listings
496
Contingent Listings
50
Pending Listings
183
Sold Listings
195
Expired Listings
2242
Temp Off Market Listings
63
Cancelled Listings
363
Rented Listings
260
Withdrawn Listings
6
Back On Market Listings
121
To go into my explanation of the influence of the massive effect that the South Florida rentals market is having on the sales market, you have to take into account the fact that apartment complexes do not list on the MLS. Also, the number of rentals done by private owners is not included.
The most important factor is the economics of renting versus buying. Rental prices have been dropping, as inventory has been building. Consumers can rent a home at a price that they could never afford to buy. To attest to this, I would like to point out two examples. In my first one, a consumer rented a home that had been purchased for $950,000 for $2500 a month. If he had bought the home, his taxes alone would have been $20,000 a year. In the second case, a home purchased for $550,000 was rented for $2000 a month. The rental payments totaled $24000 a year. If you figure mortgage, taxes, insurance and homeowners fees, the landlord is paying approximately $50,000 a year. By renting, the renter could put $26,000 a year in the bank and would get a much better rate of return on his money, then the landlord who is losing money, since his property is depreciating and he is paying $26000 out of pocket to maintain his investment.
Appraisers are taking 1.5% a month off the value of South Florida homes every month. This is lowering comps and causing a further decline in home prices. Builders are lowering prices, causing pre-construction buyers to either walk away from the closing table or buy a home and incur an immediate loss. Landlords are renting property and incurring monthly loses. Until this downward spiral ends, the answer is to rent. As the available rental supply tightens up and prices rise and rental prices and mortgage rates come to a point where it makes sense to purchase to get the benefits of home ownership the crises will not end.
Sell House Quick
Feb
11
The Pros and Cons of Rent-Back Home Sales
Posted by: | CommentsWith a struggling economy comes a prevalence of advertising for rent-back services; indeed, many people have probably noticed an increase in advertisements along the lines of “We Buy Ugly Houses.” Homeowners may choose the rent-back option for a variety of reasons, but any person who explores this route should consider the pros and cons of rent-back sales, as well as the options inherent in doing so.
WHY RENT-BACK SALES ARE AN OPTION
There are numerous reasons for this uptick in rent-backs: foreclosure avoidance, loss of employment, divorce, and a desire to reduce expenditures all factor into higher rent-back behavior. Though rent-back behavior often means taking a loss on one’s home, some choose this option as a way to buy time in avoidance of a foreclosure.
Those who take the rent-back route are often able to stay in the home during the sale, but rent must be paid in these cases. Though rent will likely be comparable to area rates, short-term rent will likely cost extra. However, one must balance an increase in rent against the extra costs associated with finding other short-term living arrangements.
SELLER ADVANTAGES
Though rent-back sales are likely to net lower prices for the seller, there are benefits for those taking this route. The seller may wish to allow their children to complete a school year prior to moving, which obviously lessens the stress level of a move as compared to mid-year moves.
In addition, those constructing new homes may need extra flexibility in existing housing arrangements to account for any delays in construction. Sellers who are in the market for a new house may want the peace of mind that comes with selling the existing home prior to buying the second. Both of these instances demonstrate the flexibility inherent in rent-back options.
SELLER DISADVANTAGES
Selling a home to an investor also has the potential drawback of the house being sold before the seller is ready to move out. Lease periods can be difficult to extend for this reason, and can especially be an issue when the loan is dependent upon possession of the property being taken by the new owner. Any of these issues should be investigated prior to striking an agreement with a buyer.
When one sells their home “as is,” a potential trouble arises concerning when the “as is” period actually is. Also, the buyer and seller need to agree on who will make any necessary repairs to the home as the need arises. As aforementioned, exploring these potential issues prior to sale will make the buyer-seller transition much easier, and will help to avoid future legal problems.
In the end, there is no easy answer to the question of whether one should follow traditional methods of sale or go the quick sale, rent-back route. However, if one considers all options, explores potential pluses and minuses, and does their research, then a suitable method of selling a home can be found.
In the end, there is no easy answer to the question of whether one should follow traditional methods of sale or go the quick sale, rent-back route. However, if one considers all options, explores potential pluses and minuses, and does their research, then a suitable method of selling a home can be found.
Repossession
Jan
28
How to Achieve a Quick Property Sale in 2007
Posted by: | CommentsHow to Achieve a Quick Property Sale this Year
You know how it is. You’ve just found the home you were looking for and had your offer for it accepted by the seller. All you need to do is sell your current home, a goal that won’t be hard to accomplish according to your realtor. Your home gets put onto the market and there’s a flurry of interest from possible buyers during the days following . Then it quiets down. A few weeks pass, then months and still you’re no closer to selling your home than when you first started. Even worse situation, the buyer pulls out the day before the closing will take place.
Selling your property with a real estate agent may be a lengthy process. The rates are through the roof, especially after you factor in on top of the real estate agent’s fees the extra legal fees and mortgage payments you will be paying while you wait for your house to sell. If you can’t get a quick property sale you could possibly lose out on the home of your dreams too. Given these trying circumstances, it’s no wonder that relocating is said to be one of life’s more difficult affairs.
There are basically two alternatives to selling your property through a real estate agent. One is to sell privately online. The other option is finding a company that specifically buys homes direct. Such businesses advertise cash property buyer offers in newspapers or on the internet. You will find some advantages as well as disadvantages with each one of these options.
Hundreds of home owners sell their homes in the UK every month privately. You save money on agent fees, which can be as high as 3%, and you have complete control over the transaction. You also won’t have to buy a Home Information Pack from the Government when they become necessary in the summer of 2007 (private sales are exempt). There are disadvantages you need to consider. If you decide to advertise through the Internet, and need to sell a house quickly, you’ll need to commit a lot of time advertising the home. You should sign-up on several internet sites, to increase your chances, put together a detailed description of your property and add it on the web sites along with suitable pictures. Next you’ll be dealing with all of the inquiries on your own and spend a great deal of time coming up with answers to help sell the property. You will also continue to be running the risk of not locating a buyer fast or the risk of broken chains and potential buyers backing out before the sale is final.
The next option when selling privately is getting in touch with companies who work with providing quick sale services. You will get an offer from them, usually after 24 to 48 hours, and the sale takes less time to close. The condition of the house doesn’t matter, and you don’t have to spend time trying to ’sell’ it to the buyer.
However, do be prepared to take a lower than market value offer on your property. This type of company will, in return for a fast home sale, purchase at 10% to 20% discounts. If you’re willing to make a compromise on price, you’ll have a quick sale and, most importantly, one that is simple.
About the Author
Oliver Darraugh is a freelance online journalist. He lives in Birmingham. Website.
Sell and Rent Back
Nov
30
Fast Property Sale
Posted by: | CommentsFast property sale is something that many homeowners are interested in for a number of reasons. First of all, the real estate market fluctuates and the price of real estate can change considerably in just a matter of weeks. Second of all, there is a significant amount of cash tied up in that property. The sooner the property is sold, the sooner you have the money, which you can invest in something and generate considerable profit. Time is money, so holding on to a property that you have no use for instead of opting for fast property sale makes no sense. Moreover, you never know when might a large amount of cash urgently, at which time you will probably be sorry that you have never considered fast property sale. Furthermore, the traditional sale process can take a lot of time and possibly some investments. In order to find the perfect buyer of your property, you may need to do some renovating or repairs, which, in turn, equals investment of both time and money. These are just some of the reasons why fast home sale is a better solution in many instances.
If you are already in a situation where you need a large amount of cash that no loan or sale can provide, fast home sale is once again a very wise decision. However, many homeowners dismiss this option on account of misinformation. At first sight, fast home sale equals selling your home for less than it is actually worth, and, of course, the dreadful prospect of losing your home and having to relocate. It’s needless to say what impact that would have on all the members of your family. Fortunately, things can be completely different, provided you make the right choice. You can opt for fast home sale, and get the cash that you need, and then rent the property back and continue to live in it together with your family as tenants. In many ways, this is like getting a loan from a financial institution, except for the fact that you will no longer have ownership of the property. This may seem like a radical action, but in fact it is a very sound decision when no other options are available. However, you should know that fast property sale and the sell and rent back scheme are not widely available. In fact, there is a relatively small number of companies that can help you with fast property sale, and also offer you the chance of renting your property and even buying it back a few years later.
In conclusion, if you are interested in fast property sale, either to overcome a difficult financial situation or to release the cash tied up in the property and invest it in something else, going directly to investors is the best option. Given the fact that fast home sale has grown in popularity a lot over recent years, you should be able to find at least a few interested investors in your area. They will ensure that the sale process is completed in the shortest time possible, giving you what you wanted or needed in the first place: a large amount of cash and fast property sale.
Rent Back Fast
