Top Tips for Buying and Selling a Home

Buyers

Looking for a home

-Use Internet for overview of properties, communities, and schools.
-Visit potential neighborhoods at different times of day.
-Research price trends in communities and neighborhoods.
-Consider resale prospects on home before you purchase.

Get your new home inspected before you buy.

-Hire a home inspection professional who is certified or licensed.
-Attend inspection, ask questions and take notes.
-Use inspection tour to verify home fits your needs.
-Submit inspection problems to seller for remedy.

Research home financing options before making a decision.

-Fixed rate. The interest rate you pay is fixed over the term of the loan.
-Adjustable rate. Interest rate changes at end of adjustment period.
-Seller financing. Mortgage contract between property seller and you.
-Avoid paying Private Mortgage Insurance. An insurance fee charged monthly to higher-risk borrowers less than twenty percent down payment.

Retain a real estate attorney and buyers real estate agent. -An attorney should review contracts before you sign them. -Your attorney is your legal advocate from contract to closing/escrow. -Locate a real estate agent who has a fiduciary responsibility to you. -Fiduciary. Part of the common law of agency, indicates a relationship based on trust.

Understand common contract terms.

-Contingencies. A provision in a contract requiring certain acts to be completed before the contract is binding.
-Approvals. Contract period where the sellers, their attorney, you or your attorney can approve or void the contract.
-Earnest money deposits. Money given to the seller at the time of contract is made as a sign of the buyer's good faith.
-Tax Pro-rations. Credit issued at closing from the seller to the buyer for unpaid property taxes.

Sellers

Gather opinions of value from professionals on your home.

-Invite three real estate agents to submit a price range based on recorded recent sales.
-Consider hiring an independent real estate appraiser.
-Use similar properties based on age, condition and size.
-Properties sold in the last six months offer the best indicators of value.

Stage your home before buyers come through.

-Streamline clutter and place the focus on your home.
-Neutralize colors so buyers can visualize their belongings in your home.
-Visit new-construction model homes to gather ideas from the pros.
-Invite family, friends or real estate agents over for feedback.

Internet marketing provides wide exposure for your home.

-Have a virtual or digital tour of your home in multiple websites..
-Post interior and exterior photos of your home on the Internet.
-Hire a professional to write a description of your home.
-Utilize maps to showcase your location for out-of-town buyers.

Understand the elements of a contract to purchase.

-Require all offers to be in writing.
-A good contract has favorable terms in addition to price.
-Limit fixtures excluded from sale of home to a maximum of three.
-Keep negations non-emotional and amicable.

Recognize the variables that real estate agents can't overcome.

-Buyers bypass over-priced homes.
-Homebuyers discount homes in poor condition.
-Homes with poor locations have longer market times.
-Buyers are more relaxed and curious during showings when sellers are gone

Mark Nash real estate broker, writer and author of 1001 Tips for Buying and Selling a Home (Thomson 2005) specializes in helping others succeed in real estate. http://www.1001realestatetips.com

---

Appraisal vs. Market Value: How to Avoid Pitfalls in the Sale of Your Home

When you sell your home, appraisers use comps (comparable market... Read More

The Costs of Transforming Your Home into a Buyers Dream House

Turning your house into the home of a buyer's dreams... Read More

Real Estate Investing - Basis Explained

Our complex IRS code requires that your, as a real... Read More

Selling Your Home ? Alone or with a Broker?

How do you decide whether to sell your home (or... Read More

Finding Structural Problems During Escrow ? Small Rural Home Example

In rural home purchases, the transaction is often subject to... Read More

Follow-Up - The Key To Successful Closings

If everyone always did everything they said they'd do, we'd... Read More

The Benefits of A Real Estate Agent 101

Buying and selling property is not as easy as you... Read More

Real Estate Tax Incentives

Lower Your TaxesTax incentives for real estate investors can often... Read More

Negotiating A Short Sale ? The High Road to Huge Foreclosure Profits

Buying foreclosures can be extremely profitable for real estate investors.... Read More

Buying A Home ? Zoning and Architectural Review Board Restrictions

When you buy a home, you need to be aware... Read More

Real Estate Investments

Real estate investments come through a variety of different options.... Read More

18 Easy Steps to Buy a Bargain House

What is a "distressed" property? What is "bargain" real estate?A... Read More

Cape Coral Realtor

As the second largest city geographically in Florida, this beautiful... Read More

Why Canadian Real Estate is Such Good Value

Real estate agents, Canadian citizens and foreign investors interested in... Read More

Home Owner Association Restrictions ? Read Before Buying

Many communities have associations for homeowners, property owners, condo owners,... Read More

Buying Overseas Property

Fourteen Top Tips for Overseas Property Investment:1. Buy what you... Read More

To Buy or Not to Buy

Purchasing a home is a major emotional and financial decision.... Read More

Make Money With Room Rentals

I don't know why I didn't do it sooner, but... Read More

Getting Started in Real Estate Foreclosure Investing

Decide to Invest in Real Estate Foreclosure InvestingWith the increase... Read More

An Often Overlooked Secret of Marketing and Negotiating for Real Estate Investors Looking for Deals

When you call sellers, what do you say? When you... Read More

How To Get Started In Preconstruction Investing?

Through our website the most common question that we receive... Read More

Old House? New House? Weighing Your Options

Maybe it has something to do with a childhood home... Read More

Why Commercial Real Estate is the Hottest Retirement Asset

For small business owners, commercial real estate investment is the... Read More

Home Equity or Debt Trap?

Are you using the equity from your home to purchase... Read More

Various Aspects Of The Lease Purchase Business

In a previous article, we wrote why we believe that... Read More

OPM - The Art of Leveraging

Equity lender, hard money lender, private investor or what ever... Read More

How To Get Top Dollar For Your Home ? Fast

1. Time is money when selling your homeAfter you've made... Read More

Commercial Real Estate Industry - Is the Condo Craze Over, or Just Gaining Steam

Over the last two years there has been so much... Read More

Rehab Your Way to Wealth: The Quick Way to Fixer-Upper Success

Completely rebuilding a house is not necessary to make money... Read More

A Real Estate Primer

There are a great many books and web sites devoted... Read More

Real Estate Investors Kick Away $1,000

Those new to real estate investing often fail to take... Read More

Prepare Your House for a Successful Sale

Whether you list with an agent or sell on your... Read More

How to Prepare Yourself for Owning a Dual Purpose Second Home

If you are thinking about buying a second home, you... Read More