Garage Sales

Carey Buck asked:


Ok folks, here it is, the down and dirty on how to sell your PA house yourself quickly and keep thousands in your pocket (by not paying real estate commissions!)

First and foremost, you’re probably wondering how the heck do I know what I’m talking about, right?

I’ve been investing in Pennsylvania real estate for 9 years now and I’ve invested in all different facets of real estate from buying and financing mobile homes to buying bank-owned properties and fixing them up and renting them out to just helping folks get rid of an ugly, fixer-upper house that they didn’t want. I’ve been a landlord (still am,) I’ve fixed and flipped properties (still do,) I’ve fixed and kept properties (still do,) and I’ve wholesaled properties (still do.)

Also, I’m a licensed real estate agent with the Commonwealth of Pennsylvania and I’ve been licensed for 5 years plus now with Keller Williams Realty Group (now located in Limerick, PA.) And I’m also a member of the National Association of Realtors, the Pennsylvania Association of Realtors and the Surban West Realtors Association. Sooooo that makes me, yep you guessed it, a Realtor as well (Didn’t know there was a difference between being a real estate agent and a Realtor, huh?)

Ok so now that all of that is out of the way, let me tell you how you can sell your Pennsylvania house yourself quickly and keep thousands of money in your pocket. I’m going to give you an outline to follow and if you follow it to the T, you should be alright!

Do Your Research About Your Homes Value

You need to find out what your house is worth so you can put a price tag on it. How can you find this out?

-Interview a handful of real estate agents (at least 3) and get Comps (Comparables of houses that have sold like yours) from them. Do not tell them what YOU think your house is worth, just let them do their thing and present you with their evidence of what they feel your house is worth.

-Check public records if you have online access or if you know how to do this at the courthouse yourself (or if you have a real estate agent friend that will allow you to look over their shoulder as they access their public records on the MLS.)

-Drive around your neighborhood and call on ALL of the for sale signs that you see. If they are having open houses too then GO TO THEM.

-Research your local papers classified section for houses for sale in your area. Call the numbers and get the facts on the house (remember, you’re comparing all of these houses to yours.)

-Hop on craigslist.org and reseach the real estate for sale ads there that are in your area. Alot of times folks will have pictures and even videos in here, so you can actually see the houses. If there isn’t much info then email or call the person who is selling their house.

-Go to Realtor.com and research houses that are for sale in your area. Again, if there isn’t much info, then call the agent up and ask for some info about the house.

-Check out zillow and cyberhomes and see what they come up with as values for your house. Also, the comps that they list, drive past the houses to compare at least the outside of your house and the sold house. (I wouldn’t put as much weight on these 2 sites, but there is definitely more information here for you.)

 Now, you should have a good idea of what you could sell your house for. By the way, when looking at public records, comps from agents and places like zillow and cyberhomes you only really want to look at sold houses within the past 6 months. Some folks will tell you to go back a year, but I think that’s even too far. Honestly, in this market, I’d say look at them in the past 3 months!

Ok so you have a value in mind. Well I need you to be honest with yourself about the value and how you came up with it, ok? Does the value indicate a house that is in pristine condition and your house isn’t that pristine? Does the value indicate a fixer-upper price and your house doesn’t need any work? Those are the things you have to think about when getting the comps from all of your resources above.

Make note of the condition and location of all of the comps that you get from your resources above then you have to HONESTLY compare it to your house. Honestly being the keyword here. If your house smells like dog, well admit that to yourself and know that it’s going to lower the price of your house. If your house is right next to an active railroad track, well don’t ignore the obvious and know that it will lower the price of your house as well. If your house is totally trashed and needs a lot of work, please, please, please don’t think that you are going to get maybe a couple thousand less than what a pristine house sold for. That is UNREALISTIC!

And always keep in mind the type of real estate market we are in. Right now at the writing of this blog posting, here in Pennsylvania we are in a BUYERS MARKET. Please recognize that and adjust your gameplan (and more importantly) your thinking accordingly. If you don’t adjust your gameplan and thinking accordingly, believe me your house will sit there and it will NOT sell (until you come to your senses.)

Market Your House Like Crazy

Your house being for sale at the prefect price doesn’t mean anything if nobody in the world knows that it’s for sale, does it?

So here’s what you need to do to market your house and to tell the entire world (or at least folks in the Pennsylvania area) that it’s for sale.

- Break out your digital camera, cell phone, disposable camera or what you have and take pics of your house. Outside front, back, side, yard, living room, dining room, kitchen, etc. you get the picture. If you have a video camera, you can do a walk-thru of your place with a video camera too. The pictures are a NECESSITY but the video is not. Upload them to your computer and resize them because you’re going to need them in future steps.

 - Place a for sale sign in your front yard and rear and side yards if you have them.  I get mine from banditsigns.com  Make sure you get the 18 x 24’s and make sure you pick up some metal stakes (get extra to use in the next step) so you can stick them into the ground. By the way, please do not under any circumstances forget to put your phone number on your signs when you get them home. (Sounds silly to say that doesn’t it? But some folks have done it.)

- Now here is a tactic that will get your phone to ring off the hook of potential buyers. You need to buy anywhere from 10 to 50 blank corrugated plastic signs (you can get these from banditsigns.com too.) They should be 18 x 12 in size and they can be any color you want, but white probably works the best and is the cheapest. After you get them home you’ll need to get a thick, black, permanent marker. When you have that you want to write in your own handwriting with the marker on the signs the following:

 3 bed/2 bath House Must Sell! Pottstown Area, $150k 610-555-1212

Of course, you’re going to change out the information above with your appropriate information for your home. If you house is a fixer upper try something like this:

3 bed/2 bath Needs Work! Must Sell Quickly. Area, Price, Phone Number

You can use any combination of wording, but make it seem URGENT that you need to sell. Now you need to place these signs all around your neighborhood. Put them at popular intersections, at popular stores (like Walmart, WaWa, etc.) and just put them in heavy traffic locations. You want extras because some of these will get taken down, some will blow away and some will just become dirty and ugly so you’ll want to replace them with fresh ones. I promise you that you will get calls.

 - Next you’re going to want to create what’s called a Postlet. Go to Postlets.com and create an account. It is free. You’ll want to create a postlet about your house. Post your pictures, list all of the features, write up a nice description. People want to know about square footage, school districts, beds and baths, taxes, etc. You can upgrade to Postlets Plus and this will allow you to post more pictures on your postlet and also allow you to post a video, but honestly, I don’t think it’s necessary. But it can only help you market your house.

- Now, you want to go to craigslist.org and post your house for sale there too. This is free also. You’re going to want to post in the portion of Craigslist that’s for your area. Most of you will be either posting in the Philadelphia section or the Reading section of craigslist. You then go to housing and real estate for sale. Follow the steps, it’s pretty easy. Also, there is a craigslist section in your Postlets, so you can merely click that link and copy and paste the code they give you into your craigslist post and a nice little ad will appear. Don’t forget that you’re craigslist ad is NOT posted until you get the email from them and publish it. That is the final step.

 Those few things should get your phone ringing, but since you are saving thousands by not using a real estate agent you should really market even more. So here are some extra things you can do that will cost some money.

 - Place a classified ad in your local paper. There are all kinds of papers that will work. You can place an ad in a daily paper, weekly paper, monthly paper, throw away papers like the Penny Pincher, etc. You can even try them all if you like. The smaller papers will be more cost effective. And keep in mind that you do not want to just run the ad for a day. That’s a waste of time and money. I suggest running it at least from Thursday to Monday for a month. See what kind of action you get and go from there. If you are under major budget constraints then you can work out a game plan that works with your pocket book. Generally, your ad will look something like this:

Downingtown, 3 bd/2 ba twin for sale by owner. New roof, central air. Must sell. 610-555-1212

Of course, insert the info that is appropriate to your home. You can even use the same type of ad that you handwrote on your blank corrugated plastic signs. Remember that with classified ads you are pretty much paying per word. One word of caution: don’t try to create crazy abbreviations for your ad so you can fit more words in. A lot of folks may not know what your abbreviation means so it may confuse them and keep them from calling. The classified ad rep from the paper will sometimes suggest abbreviations for words to make things fit, just be cautious that it is a standard abbreviation that most folks know what it means like br for bedrooms or ba for bathrooms. Don’t get fancy with abbreviations, trust me. 

- Post an ad on ForSaleByOwner.com (or any other type of FSBO site) They have all different pricing levels starting at $89.95 (which I don’t like because it’s a monthly fee) all the way up to an $899 one time fee. The basic plan is pretty decent, it gets you an unlimited listing on their site until it’s sold and an awesome thing about their ads is that you get a private voicemail system (so you don’t have to give out your home phone number!) Just so you know, the Gold package for a $699 one time fee is definitely worth checking out. It’s the cheapest of the packages that gets you listed on the MLS (multiple listing service, which is what all real estate agents use to list properties and find properties for their buyers) and on realtor.com Please keep in mind though, if you got with an MLS option, you are going to have to pay a commission to the agent that brings you a buyer (typically between 2 to 3%, but commissions are negotiable and you state when you pick your package the commission you are willing to pay.) Keep in mind, if you make the commission for the agent with a potential buyer they may not even show your house. So, personally, I’d stay within the 2 to 3% mark.

If you’re wondering do you have to list your property on the MLS for sale, the answer is no. I just want to make you aware that the MLS is what over 32,000 real estate professionals in this area use to view properties for sale. That’s a HUGE market that you’d be missing. But it’s ok, the basic package will at least get you in front of folks who are searching for a house to buy for themselves.

- This marketing method may be a little more than most of you want to get in to, but you can send out postcards to either folks in your area or to renters in your area.  At vistaprint.com you can get some free postcards and more for relatively cheap.

You’re going to most likely want to purchase a list of renters or homeowners in your area from a list broker (you can search on google or look in your phone book.) For homeowners in your area you can get their names and addresses from public records and that is free, especially if you go to the courthouse. Just get a simple House For Sale postcard or Why Rent When You Can Own Postcard? And send them out.

- A free alternative to use is the same kind of House for Sale or Why Rent When You Can Own ad for the postcard above but print it out and make flyers at home. (Btw, if you are savvy with your computer you can even print out postcards.) A flyer that I like to put together to hand out to the neighbors on the same block as a house I have for sale is the “Pick Your Own Neighbor” flyer. Folks love that and you never know? They could have a friend or family member that is looking to move into the neigborhood. Your general flyers you can post in laundromats, grocery stores, around rental apartments, etc.

- One last free marketing tip that I forgot to mention is word of mouth. Don’t forget to tell everyone you know that your house is for sale. You never know who knows someone that is looking to buy.

When You Get The Calls Coming In

A lot of folks are just gonna wanna know the price at first if you don’t have it listed already. Then they may want to set up an appointment to check the house out. If you’re not careful you could be wasting ALOT of time. Here’s what I do:

- First I tell interested folks to do a drive-by of the house. If they like it after driving by I tell them to call me back to set up an appointment.

- If they call me back to set up an appointment I ask them if they are pre-approved for a mortgage. If they say yes, I inform them that they must send me their pre-approval letter before I will set up an appointment to show them the inside of the home (be nice about this, not rude.) If they say no, then I tell them that they must be pre-approved before I will set up an appointment to show the inside of the home. I generally will refer them to a mortgage person or a small, local bank that I use. (You should do the same. Hook yourself up with a small, local bank in your area that will get people pre-approved to buy your house. You can do this with a mortgage person too, if you have one in mind.)

- If they pass all of the above then I will set up an appointment. PLEASE BE CAUTIOUS. These are strangers that you are letting into your home. Always have more than one adult home when having showings and it’s a good idea to have a sign-in sheet for folks to sign and you should make them even show their driver’s license or some form of i.d. I know that you may feel uneasy asking this stuff, but it’s for your own protection.

Word of Caution: If you ever, ever feel uneasy about someone that you are talking to on the phone, do not, under any circumstances let them into your home, especially when you are alone. Women..use that women’s intuition that you have. Fellas, use that gut feeling that you can get.

(This is probably the scariest part about selling your house yourself, in my opinion.)

- If folks are interested in your house then write up an agreement with them! (we’ll get into that in a few.)

- If they aren’t interested, ask them if they could give you some feedback so that you can improve your chances of selling your home. Tell them to be honest as you won’t be upset or take anything personally (and hold true to that!)

 When You Find A Qualified Buyer

After you find a qualified buyer you want to write up an agreement of sale. I’m going to assume that you don’t know anything about an agreement of sale or about how to fill one out. With that in mind, my advice is to then NOT DO IT.

- You should have a competent real estate attorney that you use to help you draw up an agreement of sale and that helps you with all of the rules and laws associated with selling your house (like fair housing laws, seller disclosure forms, etc.) The real estate attorney can even do the closing for you and your buyer (they will take care of EVERYTHING associated with getting your transaction done and getting you your check in your hand.)

- If you know how to fill out an agreement of sale then you should have a title company that you want to work with to get your transaction to the closing table and get your check in your hand. They can help you with any questions that you may have, but they may not be permitted to give you legal advice in regards to rules and laws regarding selling your house, but ask, because a lot of them have real estate lawyers within their company that will be happy to help.

 Now take you big check to the bank baby and you can now say “I can save tons of money on commissions because I can sell my house myself in Pennsylvania!”



THURMAN

Short Sale asked:


A real estate short sale occurs when a property owner sells their property for less than the mortgage amount owed to their lender(s). On the surface, this may seem like only the borrower benefits from such a transaction. However, that couldn’t be further from the truth. Note:  See our “Are You a Short Sale Candidate” to find out if you or someone you know are short sale candidates.

 

For discussion purposes we are going to assume a homeowner is a short sale candidate.

 

For the homeowner, a short sale makes it possible to sell their home for less than the total amount owed. The sale of the property releases the homeowner from their debts and obligations without having to file bankruptcy or endure foreclosure. The homeowner is able to save their credit, regain their dignity and their peace of mind. Lastly, the homeowner will be closer to rediscovering the American dream of homeownership because they are able to amicably resolve their lender(s)’ concerns.

 

For the lender(s), a short sale can be less costly than foreclosure and can provide an acceptable hedge against future price declines within the market. Also, for lenders that have become insolvent and need to liquidate assets, a short sale is a way to quickly raise capital when compared to the foreclosure option – a process that could take a year or more to accomplish. Lastly, for lender(s), a short sale means a guaranteed loss now as opposed to an uncertain loss in the future. This may be in many instantances a much larger loss.

 

For the investor buyer, a short sale offers them the opportunity to “Buy a property for as much as 40% or more below market value.” This discount means that they are able to make substantial profits.

 

For the home buyer, a short sale offers them the opportunity to buy a more affordable home. For some, this is the only way to experience the American dream and obtain homeownership, as the lower price relates to a lower and more affordable monthly mortgage payment.

 

For the Realtor or consultant, a short sale provides the opportunity to earn a fee or commission for helping a struggling homeowner. In many down markets short sales are the only viable option for continued real estate sales. During difficult economic times and recessions, one or two extra sales per month may be the difference between earning a living or looking for another job. Those extra sales each month can come from negotiating a short sale.

 

If you are a Property Owner and realize the benefit of negotiating a short sale for your property instead of facing foreclosure or bankruptcy, then we encourage you to Become a Property Owner Member today!

 

If you are a Realtor and realize the benefit of being able to negotiate short sales, sell discounted properties, and increase your ability to take future listings, then Become a Realtor Member today!

 

If you are an Investor and realize the benefit of having access to a step-by-step system that teaches you how to successfully negotiate and purchase properties, discounted up to 40% or more below market value, then Become an Investor Member today!

We offer dozens more free articles on our site as well as the Internet’s first step-by-step, “how to” guide that walks everyday people as well as seasoned professionals through successfully negotiating their very own real estate short sales - and at a price you can afford.

 

Visit http://www.StepByStepShortSale.com for additional information.



BRANDEN

Timothy Crane asked:


Selling or leasing your house can be frustrating and overwhelming! We want to make it easy and stress free. This article gives you all of the information needed to sell your house in 7 days or less. We do not make any promises.

There is not a shortage of interested, qualified buyers house hunting. After reading this article, you’ll know the answers to commonly asked questions. You will also have a clearer picture of what we are looking for in the houses we purchase.

It is important that you know we are NOT realtors.

People who’ve never sold a house on their own do not know what to expect or how complex the process is. One factor that is crucial and potentially financially devastating is the amount of precious time wasted with those who are not serious about purchasing your house. Our professionals are committed to doing everything possible to help you sell your house in 7 days or less!

Selling your house can become an ordeal, possibly costing you more valuable time and money than what you have. Since we are people like you and not realtors, we know what homeowners experience when selling their house. Maybe it is only a possibility and you are in the “thinking about it” stage. Have you already tried listing your house through an agent? Are you unsure of all your options?

It does not do any harm to have your home listed with a Real Estate agent or broker, but do they have the same “feel” for your house as you do? After all, your house is one of the several nice, beautiful ones in a variety of designs, sizes, and price ranges… with so many choices, how will your house stand out from the rest? And more pressing is how hard will they work to sell it?

What are the chances of your realtor devoting all of their time and energy to selling your house? Slim When showing houses, they pick out a selection for prospective buyers, hoping to close on one and not necessarily yours.

We all know real estate is a numbers game. The realtor does not hold any personal liability when a seller’s home sits for many weeks and more listings appear every day. Your home is one of many, and there is nothing special about that.

Just for that reason, more and more people are going with “For Sale By Owner.” Buy your sign, place an ad, show your house and wait. Leave messages on potential buyers answering machines. Now you have a second full time job selling the house. If there are not any snags along the way, maybe you will find a serious buyer and get to closing the deal!

However, several weeks may pass with little or no contact. You start wondering what is going wrong. The you find they have a problem with financing. Financing? The buyer is supposed to get a loan, not you, right?

Maybe. Now you are right back where you started. Sitting in a beautiful house, for a great price and no clue on how to sell it quickly. There may be no clear way of hitting your move deadline. The reasons people sell their homes can be great, a new job, a transfer, building or buying another house. Other times the reasons aren’t pleasant, bankruptcy, divorce, foreclosure.

Just thinking about selling can quickly turn into wanting to sell, or even needing to sell “want to” can turn into “have to” really fast sometimes. No matter what your reason, you are in a situation that needs some serious help.

What if you heard a knock at the front door right now and opened it, and we were standing wanting to buy your house? Your credit problems are not a problem for us. We may even be able to close with a cash offer. A non-assumable loan, or an arrearage are not problems either. In fact, the whole situation can probably be handled within 24 hours. Would that get your attention?

The purchase price is the best benefit. We immediately assume the monthly financial burden and we take care of all needed repairs or maintenance, whether it is large or small. You also have the comfort of knowing that we close when you are ready.

Since we handle the whole process, we can make that house for sale a profitable deal. When we agree to buy your house, we treat the transaction as if it were our own. Through all of our experiences, we found there really is not any other way to do it.

This is your chance to get that fresh start!

The reasons for selling a house are as different as the people selling them. Perhaps it’s an out of state promotion, the inability to meet house payments or you are making two payments. You may also be facing a company that downsized or restructured and left you out of a job. Bankruptcy or foreclosure, building a house from the foundation up, needing to expand to fit a growing family, the reasons are endless!

No matter what the reason is, the current house is your stepping stone. To sell, to resolve your financial situation, so you can get on with living your life the way you choose to do so.

We strive to make this situation as painless and worry free as possible. By using our years of experience, we get your house through the sale process as quickly and as professionally as possible.

Here’s the fast and easy, streamlined process we use to buy your house in 7 days or less…

Once we agree on the purchase price, the amount is verified of what you owe. If the circumstances meet our needs we might pay cash at closing. If it does not, there may be an agreement where we handle the monthly payments for a time period. Whichever route it goes, the goal is always to get it done FAST!

Right away the burden of your monthly financial obligation to the mortgage company is lifted from your shoulders. Don’t make the mistake of assuming that we somehow do not play fair or that your must have a great deal of equity for us to want to buy it. The reality is that we work with sellers in every situation, with every type of problem. Our professionals are experts in creating solutions when other real estate professionals have passed.

We can not know how long your house has been for sale (or how long you have been thinking on it), but every minute passed is costing you added expenses, burning through your hard earned income and assets. Your house is your biggest asset, treat it that way. Don’t let it become a liability and an unwanted burden. We can probably help and with only a few moments of your time invested.



SCOT

Reed Lattin asked:


Like many people in the Phoenix area, I recently had to sell my house in Phoenix while dealing with financial worries and a lost job. I had never been in this position before and having to sell my house in Phoenix was something I found hard to take. To sell my house in Phoenix I had to realize that I was losing memories, and going to the bank was very difficult. The bank was not very understanding about my situation when I had to sell my home in Phoenix, and I found that the real estate agents told me that it was a soft market to sell my Phoenix house. I needed to look at my options.

I called up the company that buys homes directly from the homeowner for a fast cash settlement to sell my house in Phoenix. They treated me with respect and understanding and knew that it was a tough decision for me to make to sell my home in Phoenix. They told me that the actual sale, to sell my house in Phoenix, could happen within the same week. I was very surprised, as the real estate agent told me it would probably take months if not longer to sell my Phoenix house. I needed to sell my house in Phoenix immediately.

With a real estate agent I was going to have to face all sorts of various costs including closing fees, commissions and appraisals to sell my home in Phoenix. I would also have to continue paying my mortgage before it was sold, which was not an option for me at the time. I had to sell my house in Phoenix quickly, since I only had two months mortgage payments saved up. To sell my house in Phoenix to the company, I was offered a straight price with no hidden charges or fees attached. For me, it was the best solution to sell my Phoenix house.

In order to sell my home in Phoenix, I had to do a little paperwork and a little banking. That was all I had to do to sell my house in Phoenix. It was an easy and relatively painless process to sell my house in Phoenix because I had worked with an honest company. I needed an honest company to sell my house in Phoenix and I knew this company was honest because they were registered with the Better Business Bureau. I wasn’t happy to sell my Phoenix house, but I found the best way to do it. If I ever need to sell my new house in Phoenix, I recommend calling a professional home buying company versus going with a Realtor.

One thing that I learned was to make sure that you do proper research on each company. There are many “fly by night” companies that are here today but gone tomorrow. Keep in mind that you are selling your home. A person’s home is usually the most valuable asset they possess. So make sure you do it the right way; with an honest and ethical company.



DONOVAN

The CreditLawGroup asked:


A short sale represents a great opportunity for a homeowner who owes more than their home is worth.  Ideally, it gives them a chance to sell their home without owing the difference to their lender.  As home values continue to decline, short sales have become one of the most viable solutions for millions of underwater homeowners who are facing foreclosure.  Unfortunately, it is very difficult to successfully negotiate a short sale with most lenders today.

A short sale can also benefit the community in which the home is located. Foreclosed homes often stay vacant for many months before they are finally sold. Lenders have a policy of not performing any maintenance or repairs on a foreclosed property. As a result, the home begins to deteriorate and causes the values of surrounding properties to drop. When a short sale is purchased by a buyer or investor, the property is often fixed up and inhabited rather quickly, as these individuals have some real stake in the property. They will not let the property fall apart over time.  Thus, the surrounding homes’ values will not suffer.

A short sale is only for the patient, however. A typical short sale process can take months without any guarantee of even being approved by the lender. It’s not uncommon for a month or two to elapse without an update from your lender. It’s important to recognize that the banks are understaffed and overwhelmed with homeowners seeking assistance with their mortgage payments. Homeowners who have second mortgages on their property will have an especially difficult time negotiating a successful short sale. They usually negotiate each mortgage separately, so it becomes doubly long and difficult to accomplish a short sale. You must also prove to your lender that you are incapable of staying current on your payments or paying off your mortgage in full. Your lender will also demand to see the contract between seller and buyer to ensure they are receiving all of the proceeds from the sale. Another point to consider is whether you will have any tax implications after a short sale. The IRS may consider the debt forgiven as income and tax you accordingly. A good attorney or accountant can assist with this. Between foreclosures, short sales, and loan modifications, the banks are beyond their limits. The best way to ascertain if you will qualify for a short sale is to determine how much you will be “short” on the sale.

Here is a basic way to determine just how “short” you will be on your short sale.

1. Home Value/Worth:  Determine the approximate value of your home.  A good way of doing this is to enlist a real estate agent to perform a Comparative Market Analysis on your property.  A Comparative Market Analysis (CMA) is  an in-depth analysis of a home’s current value by comparing properties in its surrounding area that have been sold, current listings, expired listings, and pending sales. A real estate agent uses a combination of these tools to estimate the value of a home.

2. Cost of Sale: This is where you calculate the approximate cost of a short sale. A property sale can include expenses such as broker fees/commissions, advertising costs, legal fees, and closing costs.

3. Total Value of All Loans: Calculate how much you owe on your property (this can include second mortgages, home equity loans, etc. ).

Next, subtract the total amount owed on the property and the estimated cost of the sale from the expected sale revenue.  The number remaining is how much you will owe after the sale. This number is a good indicator of your chances of having a short sale approved by the bank. An experienced real estate agent can assist with this.

Here is a brief example:

1. Estimated Current Value of Home = $175,000

2. Amount owed on first mortgage: $200,000

3. Amount owed on second mortgage: $50,000

4. Estimated Sale Cost: $5,000

-          Add up values 2,3,and 4 = $255,000

-          Subtract from expected sale revenue (#1)

-          =$80,000. This is the amount you are “short” and will need your lender to forgive.

Anyone can negotiate a short sale on their own, but this could be detrimental to the outcome. Having a professional negotiate a short sale for you can significantly increase your chances of success. With so many fly-by-night companies cropping up, it’s becoming difficult to hire someone you can trust. A law firm is always the best option when seeking to hire someone to negotiate on your behalf. A law firm is familiar with your State and Federal laws, and is also bound by them. Most lawyers will not risk their license and livelihood to make a quick buck off a consumer.  Your lender will also take requests from a law firm much more seriously, and your short sale can move along much more quickly. An important obstacle to avoid during a short sale negotiation is a Promissory Note.  A promissory note is essentially a promise to pay the bank back the difference after a short sale. This is very bad for the homeowner trying to negotiate a short sale, because it leaves them responsible for the balance of their loan. An attorney can assist a homeowner with dealing with a Promissory Note, but there are no guarantees.

Fortunately, lenders are beginning to understand the benefits of a short sale. The Comptroller of the Currency showed that lenders completed three times the amount short sales in the 4th quarter of 2008 than in the first quarter of 2008. Now is the best time to try to negotiate a short sale with your lender. They have begun to realize that in many cases a short sale is a better alternative to foreclosure. After a foreclosed home sits and falls apart over time, it becomes extremely difficult for the lender to sell it at a competitive price. A short sale also gives the homeowner the responsibility of making their home “sale ready” to increase the chances of selling the home for a fair price. This helps the lender recoup more money than they would from attempting to sell a foreclosed property that has fallen apart over time.

If you would like more information or need assistance with a short sale, please contact the CreditLawGroup at (800) 508-0041



REINALDO

Hamed Mahmood Salehi asked:


If you are about to sell your home you may be tempted to “save the commission” by selling it yourself. It looks simple enough to do, but if you consider all the complexities of a real estate transaction you may find that it is actually much better, safer and cost effective to get a professional real estate representative to help you sell your home.

I used the word “complexities” when talking about selling a home. Let’s take a look at what is involved and then it will become clear why it is usually better to let an agent sell your home rather than to stick a sign on your lawn and do it yourself.

The first thing to consider is that it is time consuming to sell your own home, and you have to ask yourself whether you have the time, or if you do have the time, whether this is the best use of your time. The general principle that works here is that you should concentrate your time on what you do well and whenever possible delegate responsibility to skilled specialists.

So, ask yourself if you have time to study the area’s real estate market and make a marketing plan, and  ask yourself if you know what alterations on your home will raise the value the most. If you don’t have the time to do this and don’t have the knowledge, then it is clear that using an agent would be a good option for you.

But let’s take it further, do you have the required expertise? A real estate transaction involves a lot of money. Small details in contracts can make a difference. Are you sure that you want go into this kind of transaction all by yourself? A professional real estate representative has the expertise that will allow you to sell your home without incurring unforeseen risks.

Do you really have the skill to determine the proper selling price for your home? If you are unrealistic you may set the price too high and potential buyers will scared away. If you set the price too low, you will lose money that you could have had.  Your loss can amount to thousands of dollars; more than you would have paid the sales representative. Real estate sales representatives sell houses day in and day out and they know the market in your locality. Sit down with a professional and take his or her advice in coming up with an asking price that is both realistic and advantageous for you.

When you are working out the proper selling price for your home it will also be good to know what you can do to get the highest price. Once again, a real estate representative is the person who knows what home improvements will bring the highest return. It may be just a few minor repairs that will improve the saleability of your home, and experienced sales representative will know what factors are most important in the eyes of a potential buyer.

Once you have a proper selling price and have improved the house you still have to attract the potential buyers. A simple newspaper advertisement and a sign on your lawn may not be enough to bring enough inquiries and visitors. This is another area where a professional can be most helpful. A sales representative can set up a marketing strategy that will not only put your house in front of the eyes of many home seekers, but it will be targeted to the ones that are most likely to buy your particular home.

Selling a home can also be tedious because, a lot of people come to your house, look around but are not serious about buying. You can save yourself this kind of agony by letting an agent screen potential home buyers, sending only the serious prospects to your door.

Once the buyers start coming you also have to handle them properly. Many of them will either be skilled negotiators or will be coming with their own professionals to guide them. Are you ready to negotiate the best deal all by yourself or would you rather have your own professional guiding you?

These are the kinds of considerations that you should make before trying to sell your home on your own. I think that if you weigh up all the factors that go into selling a home you will find it wise to take the help of a professional real estate sales representative.



TROY

Reed Lattin asked:


When I needed to sell my house in Phoenix really quickly, I turned to a company that was willing to give me an offer on my house right away. I was in debt, and I knew my only solution was to sell my house in Phoenix. I had read on the Internet that there were places that would give you money right away, so I decided to call one of them to sell my Phoenix house. What I found was that when you factor in all of the costs associated with selling a house through a real estate agent, I was going to save money if I chose to sell my house in Phoenix to this company. I really needed to sell my home in Phoenix very quickly.

If I had to sell my house in Phoenix with a real estate agent, I would have been hit with many fees. I was not prepared to pay any fees at the time to sell my home in Phoenix. I did not have to pay any fees when I needed to sell my house in Phoenix with the company I chose. I was also very happy to see that when I did sell my house in Phoenix there were no closing costs involved to sell my Phoenix house. I did not have to worry about contingencies either. In other words, there was no initial cost involved, and no final closing cost.

To sell my house in Phoenix with this company was a delight. I was given an offer to sell my house in Phoenix the very next day after having contacted them. I accepted the offer to sell my house in Phoenix because it was a fair and honest offer. I was happy to sell my home in Phoenix to this company because it was fast and easy, with no hidden surprise costs. I just received my cash money when I did sell my house in Phoenix, and was able to put it towards a smaller house. I made the choice to sell my Phoenix house to avoid a foreclosure that was inevitable.

I was happy to get a smaller house, but when I need to sell my home in Phoenix someday, I will definitely return to the company I was dealing with. When I needed to sell my house in Phoenix very quickly, they helped me with all the paperwork to make it as simple as possible. I know that if I had used a real estate agent to sell my Phoenix house it would have been too confusing and a very lengthy process. That’s why when I did decide to sell my house in Phoenix, I chose the fastest and easiest method I could.

One important lesson that I learned while going through this experience to do research on the company you are dealing. Call the Better Business Bureau to verify their track record. Furthermore, have an attorney review the documents before you sign anything.



JOE

Carolyn Capalbo asked:


Many agents have come across the client who wants to sell their house and who wants to get rid of their clutter, but has no idea of how to go about it.  A garage/yard/lawn sale is a terrific way to both get clutter out of the house and put some money in your buyers’ pockets.  It’s also a good way to develop a rapport with your clients.  Here are some tips for you to organize a garage sale with your clients and then get all the deadweight out of the house!

Take your clients through the concepts of staging.  Impress upon them the need to have everything uncluttered to attract buyers. Give your clients an action plan.  For instance, have them divide each room into “Keep, Consider and Sell.”  Once everything is divided, they need to go through the Consider pile and make a final decision. Offer to put the ad in the paper. Tell them to consider buying a few flats of pop to sell for $1 during hot garage sale days. Help them obtain enough tables for the day; people like browsing on tables as opposed to blankets on the ground. Help them with pricing items.  A price tag should be on everything.  One thing that can help are pre-printed stickers that you can purchase at most print shops or print out yourself using your computer. Remind them that the main goal is to get rid of clutter, not get the maximum price.  For more valuable items that they wish to dispose of, suggest consignment shops, Craigslist or E-Bay. Ensure that their float is suitable.  A good number is $100 broken down into a $20, $10s, $5s and change. Provide them with a cash box for use on the day. Offer to assist with set-up and take-down. Help put up signs. Arrange for transporting the articles they don’t sell to thrift stores, family centers or the dump.  Don’t give them a chance to get it back in the house, because it will stay there.

You certainly don’t have to organize a sale for your clients if you don’t want to, but it’s a great way to bond with them and show them that you care about their situation and their home.  Also, money from the garage sale is a good incentive for your clients to get their home staged quickly.



DOYLE

Laura Rupert Garcia asked:


Do you want to stay in the same home you live in now, but you are having problems paying the mortgage? This happens to many people and they unfortunately choose to move away from their beloved home to get away from the high mortgage payment. However, there is an option for you to sell to rent back. This is basically you selling your home so that you may then rent it back. This is a great option for many people who want to sell house fast for financial reasons yet continue living in the same home. There are several reasons why you might want to sell your house and then rent it back.

Reason #1 Financial

The biggest reason you would want to sell your home and then rent it back would be financial. In many instances, people find they are unable to make their house payment. In this situation, there are not many options. One is to simply quit paying the mortgage and let a foreclosure take place. Or, you could continue sacrificing everything to pay the mortgage yet have no money to afford other things. Selling the house to rent back allows you to stay in the home without being financially worried about it.

Reason #2 Comfort

Another reason to sell your home fast is so you can continue living there without the financial responsibility. This results in you and your family continuing your comfortable lifestyle. This is definitely one of the reasons why UK residents continue to sell and ret back their homes. It is really a convenience to sell the home yet continue living there on a monthly basis.

Reason #3 Embarrassment

Nobody likes to talk about his or her financial situation in front of others. That is especially so for those who are not financially well off. However, if you sell your home many will question why and others will simply assume it is for the financial responsibility. You can quietly sell your home quickly and easily and avoid the embarrassment by continuing to live in the same home.

These are just a few of the reasons why you should sell your home and rent it back. It really is a great opportunity for you if you find that making the monthly mortgage payments is not feasible for you. Consider the options offered by Sell My House Fast to find the best option for you.

Remember, many people worldwide are finding that they can’t afford their mortgages. If you find this happening to you don’t despair because there are options available to you. Act sooner, rather than later, to ensure you are able to sell your home and save your credit! Then you will be in a better position in the future should you want to buy a home again when you are financially able to afford it. Recognize you need help as soon as possible in order to sell your home and minimize your losses rather than potentially losing your home to the bank!



WILMER

Shaun Greer asked:


Lets face it, the real estate market has changes and many of you got caught with high mortgage payments and now have a house that you can not sell, or can you. When the real estate market slows, the demand for houses goes down and appreciation stops.

The majority of home buyers wait on the side lines for the real estate market to come back around.

If you own a home that you can not afford then you need to sell now, not a few years from now when the home buyers decide to buy.

Well, know that you still do have options. One great option to sell your house now, is to sell it to a real estate investor and then rent it back. Yes some real estate professionals do buy houses and then allow the home owner to rent it back.

The sell and rent back process is fairly simple actually. If your home qualifies then you sell your house to a professional home buyer, keep living in the house, pay rent, and if you decide you want to purchase the house in the future you have the option to.

The rent back option is great for home owners who are over extended and can not afford their mortgage payment. Possibly they purchased a home and now their mortgage is adjusting and they can not afford the new payment. Just contact your local home buyer, ask them to buy your house and let you rent it back. If your home selling situation works for the real estate investor then you will have no problems.

Another great thing about the sell and rent back home selling option is that you can find out if your selling situation qualifies quickly and painlessly. All offers by professional real estate home buyers are no obligation offers which means you have nothing to loose.

Who knows, you could sell your house this month, get your finances in order and buy back your how in a few months. Like I said the process is simple and can be done quickly. Besides, when the offer is a no obligation offer, you have nothing to loose.

If you need to sell your house fast and do not know where to turn, contact your local home buyer. They can explain your free home selling options and help you.

Just taking a couple minutes to find out ways to sell your house could save you from a foreclosure and save your credit.



CHADWICK