Thursday, July 20, 2006

Step 5: Making the Deal

Well we've gone through the preliminaries now it's time to make the deal.

A buyer has made an offer - now it is time to negotiate. Rely on me, your real estate professional to guide you through this process. I will help you arrive at an acceptable price, terms and conditions. Once you have accepted an offer, help keep the deal together by meeting deadlines and criteria, including home inspections, appropriate buyer visits, scheduled deposits and other steps.

In fact, during this period there may be a renegotiation of the accepted offer price depending on the outcomes of these visits. As the closing nears, you may also need to perform repairs or do additional work to the house as agreed upon in your contract. In addition, you will need to have the house "broom clean" prior to the closing so that the buyer can complete a final walk through.

When you finally arrive at the closing table, come prepared with the appropriate certificates and approvals as required by your town, county and state. Ask the appropriate agency or get a list of what you need from me, your REALTOR®. Once the money has exchanged hands and all the papers signed it's time to hand over the keys and concentrate on your next big project - getting YOUR new home in order.

Step 4: Protecting Yourself

Ok, so we've talked about getting your home ready to show with tips, and protecting you from costly repairs. We've also talked about setting the price correctly for a quick sale.

Let's take a minute to speak about safety:

In some cases, a home sale can also be an invitation for danger.

Here are some things as your Century 21 Professional, I will do to make the process safer:

• I will always qualify the potential >buyer before showing your home
• I will always get pre-approval letters
• I will always verify potential buyers identification
• I will always give you as much lead time as possible before showing your home


Here are some things you can do to make the process safer:

• Lock up and hide collectibles and valuables
• Remember "For Sale" signs bring in buyers. Do not allow your children to open doors to strangers.
• If you have pets, make sure they are controlled
• Remove any dangerous items such as lawn tools in the yard, bikes and skates etc.
• Talk to me, your CENTURY 21 Sales Professional about additional safety tips to help protect you and your family.

Remember, we are selling your house together. Your committment to the sale is very important to allow me to do the best I can for you my customer.

Step 3: Showtime

Now it's time to get your home ready for the spotlight. Start with a good cleaning, then eliminate any clutter, add a fresh coat of paint and tidy up the yard. Talk to me, your real estate professional about other tips that can help boost a home's curb appeal and impress potential buyers once they're in the door. One way to make a home more attractive is to purchase a Home Protection Plan. This insurance protects you, the seller, from paying repair or replacement costs of major items during the listing period. It also protects the buyer during their first year of homeownership.

In addition, make sure you are aware of all the federal, state, and local disclosure laws. This information can be obtained by the specific local and federal government agencies or directly from me.

Step 2: Setting the Price

Ok, now we have established that we need a marketing plan. Let's talk price!

A key part of the marketing plan is setting the list price. If a home is priced too low, it may cost you money. If a home is priced too high, potential buyers may be scared away. To determine the best asking price review the cost of recently sold homes, evaluate the competition and study marketplace trends. As a CENTURY 21 Sales Associates I am trained to use this information to help you reach the right asking price. We will also discuss other terms and conditions, such as timing and items that can be included with the sale of the home. Both of these can make your home more attractive to potential buyers.

Make no mistake about this topic, the selling price will either help you sell your home quickly, or it will cause the home to sit on the market for an extended period of time. The longer a property sits on the market, the more money it costs you the seller in Insurance and mortgage payments.

Perhaps you have already found a new home and are making two mortgage payments, the expenses will get very costly if the home is not priced correctly.
The #1 reason a home does not sell is the asking price!

Step 1: Creating a Marketing Plan

Ok sellers, it's your turn...

We will be focusing on sellers for the next few posts. I hope these posts are providing you with valuable information and giving you what you need to make informed decisions regarding your Real Estate purchases and sales.

Create a marketing plan for your home that will help distinguish it in your local marketplace and attract buyers to your property. This may include advertising in the newspaper, posting your listing on the Internet, holding an open house and more. As a CENTURY 21 Sales Professional, I often use the CENTURY 21 Customized Marketing System to create a personalized selling program for my clients. Its purpose is to sell a home at the best price possible in the shortest amount of time.

Sellers, it is imperative when working with a Real Estate Agent that you heed their advice. We are after all the experts. We continually educate ourselves to maintain current knowledge about the laws and markets in which we work.

In our next post, we will be discussing price. This is perhaps the most misunderstood and often compromised topic about selling a home that sellers face.

Step 5: Inspection & Insurance

Previously, we talked about making the offer and I've given you some Real Estate Terms to help you. So, the offer has been accepted and now it's time to inspect the property and obtain home owners insurance.

After your offer is accepted you will need to set up, coordinate and interpret various inspections, including insect, radon, building quality, oil tank, title, etc. You will also need to arrange for homeowners insurance and finalize the mortgage.

This is a major step in the buying process and there are many potential problems that can be discovered during this period. These include a leaky roof, radon gas, termite damage, a foundation problem, and wall cracks, to name a few. These problems happen all the time. The difference between closing on your dream home and starting the process all over again is what occurs during the negotiations between you and the seller.

As your CENTURY 21® Real Estate Professional and a Realtor® (member of the National Association of Realtors), I can help make these discussions go more smoothly. In most states you will also have the option of a "walk through" before the closing. This is your last chance to make sure that all of the items that you have agreed upon were completed to your satisfaction. I will be there for you at every stage of the process so you have an expert on hand when you need one!

Sunday, July 02, 2006

Real Estate Terms

The following are some common real estate terms used by buyers, sellers, brokers, real estate agents, bankers, and other professionals involved in the real estate transaction process. Check my blog frequently for more terms. If you have any questions about buying or selling real estate, contact Jennifer today at Panama City Real Estate or 800-728-0853

Disclosure laws:
State and federal regulations which require sellers to disclose such conditions as whether a house is located in a flood plain or whether there are known defects in or affecting the property.

Earnest Money Deposit:
EMD, A portion of a down payment given to the seller by a potential buyer indicating the buyer’s intent to complete the purchase of the property.

Easement:
A right to use the land of another.

Encroachment:
A condition that limits the interest in a title to property such as a mortgage, deed restrictions, easements, unpaid taxes, etc.

Equity:
The value of real estate over and above the liens against it. It is obtained by subtracting the total liens from the value.

Equity mortgage:
A mortgage based on the borrowers’ equity in their home rather than on their credit worthiness.

Escrow:
The placement of money or documents with a third party for safekeeping pending the fulfillment or performance of a specified act or condition.

Federal Housing Administration (FHA):
An agency within the Department of Housing and Urban Development (HUD) that administers loan guarantee programs and loan insurance programs to make more housing available.