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For Sale by Owner – FSBO

Feb 1

Posted by admin in Real Estate FSBO

On the positive side :

Selling a home will save you literally thousands of dollars in real estate commissions. You are in control of the sale process from deciding when to show and where to advertise. Since it is your home you will be motivated to make it a priority.

On the negative side :

You will need to make a commitment in time and energy plus be willing to embark on a fairly rigorous learning curve. Selling is just that..dealing with potential buyers and working to close the sale. Closings too require an expertise in taking certain steps to get the paper work and legalities straight.

If you have the time and the willingness to learn a few basics and realistically believe you are up to the challenge, then you can essentially earn that big fat fee for yourself and smile all the way to the bank.

Do You Need to Give A Property Disclosure? Your state law may require that you give potential buyers one or more property disclosures? Disclosures deal with the condition of the property or facts about its location. Don’t assume that disclosures are only necessary for homes listed with real estate agents, because most for sale by owner sellers must usually furnish them, too. Even if a formal disclosure isn’t mandatory, you are probably required by law to tell your buyers about known problems, often referred to as material facts. Learn your obligations by contacting the agency that oversees real estate sales in your state. Many offer disclosure forms online Lead Paint? If your house was built prior to 1978, federal law requires that you disclose that the home could contain lead based paint and give buyers details about past tests for lead paints. You must also offer buyers the opportunity to do their own lead paint testing. Most people don’t perform the tests, but you must furnish them with a lead paint pamphlet, which is available free online from the EPA.

Can the Buyer Really Buy?
A good real estate agent verifies a buyer’s pre-approval status before he shows them property. When you sell by owner you’ll deal with many people, including those who are qualified to buy a home and those who don’t have a chance of getting a home financed.

People who know they cannot buy sometimes think that for sale by owner homes offer a better opportunity, because they’re hoping to find a seller who will finance the transaction.

Contract Forms
Who will provide the contract forms that will be used for an offer to purchase your house, you or the buyer? You can write a contract yourself on a piece of paper, but it probably wouldn’t offer much protection for either your or your buyer. The forms you use should be valid for your state’s real estae laws and cover issues that are important for your location.

If you aren’t contract savvy, have a real estate attorney review any offer before you sign it. Don’t cut corners, neglecting to get advice from an attorney or other knowledgeable person will cost you money, not save it.

The Buyer’s Deposit
The contract should spell out what happens to the buyer’s deposit money if the deal falls through:
? Under what conditions would the buyer get it back? (unable to get financing etc.)
? Under what conditions would you expect to keep it? (buyer backs out for no good reason)
The deposit money is NOT yours until the house sells or the buyer breaks the contract. It must be credited to the buyer’s funds on closing day and ideally should be held in someone’s trust account until then.

Bottom Line
Real estate laws and customs differ in nearly every state in the US, so it’s essential that you do some research on a state and local level to be sure you are complying with all laws associated with the sale of your home.

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Kentucky Real Estate Agents – Make the right choice, always!

Dec 24

Posted by admin in Real Estate

Buying or selling Kentucky real estate is not an easy task and often requires special expertise. It is your precious home, so make sure that you do not gamble with it! Buying or selling real estate is not as simple as it sounds. It can be troublesome, especially when large amounts of money are involved. Why not save yourself the trouble by choosing an experienced real estate agent?  To start with, you may not have a clear idea about the procedures involved in real estate transactions. Often the legal paperwork can be confusing. Urgency is another reason why you should hire a reliable estate agent. If you need to buy or sell property quickly, it is not possible for you to do it yourself.  Selling your home can be an emotional issue for you and your family. People living in a particular house form strong bonds with the place. Often generations spend their lives in a particular home. However, for a nominal fee, a good, licensed Realtor can negotiate a fair price for your valuable real estate.

Further, choosing a great real estate agent is as vital as selecting the best home. He or she is an expert in home and property prices and thus can advice you with the best possible business deal. The agent is also conversant with the current market price as well as local variations and saves you from the long legal procedures. Investigating in a prospective area for a target estate or questioning some of the neighbors can give you valuable information. But again, it is a cumbersome process, which few undertake. For all who desire to hire the very best in this industry, let us introduce you to Rick Scott, who specializes in Lexington, Nicholasville and Georgetown Kentucky property. Rick believes that real estate transactions are not an investment to gamble with!

The first priority for Rick is to reduce the anxiety associated with the issues of real estate. With his vast experience, he knows the movement of Kentucky’s real estate market and gets you the best deal in the most organized manner. Since 1980, he has utilized his marketing tools and communication patterns to make your real estate dealings truly memorable for more than 1500 clients in Lexington, Georgetown and Nicholasville and other KY cities.

Mr. Scott helps you avoid the legal loopholes and prevent careless legal mistakes that can be extremely costly in the future. He is also an expert in local real estate issues and market rates. Stopping you from buying an undesirable house is a challenge that he successfully undertakes. Due to his immense contacts, he can help you complete your real estate dealings in the quickest and smoothest way. His familiarity with local government bodies, neighborhood associations, contractors, lawyers, survey specialists etc. will definitely come in handy for you. And last but not the least Mr. Scott is a remarkable negotiator a quality you would not dare miss if you are in the labyrinth of real estate business.  It is time to make a right choice for your real estate it is time to welcome Kentucky’s real estate guru.

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Enjoy the Benefits of Owning Your Own Home

Jul 8

Posted by admin in Real Estate

Owning a home is a lifelong dream of many couples and families who want to start their new life. With a new home, every member of the family can fully experience to enjoy the rewarding privileges of owning a home and here are some of them. When you own a home, you can do whatever you want to it. You can choose and implement any modern home designs or styles you want on your house. You can also make some renovations on some parts of the house that you don’t like or you don’t feel comfortable. For an instance, you don’t like the colors of the wall; you can change and paint it with a different color that suits your own taste and preferences. You have the power to do whatever improvements you want for your house.

Doing these improvements are truly worth spending for because you are the owner of the house and you’ll be able to experience the benefits of modifications you make. Unlike when you rent, you are usually limited to do some changes. You still need to ask for the permission from your landlord. In most cases, they usually want to keep their budget to a minimum so probably they won’t spend too much on the home improvements. Thus, the improvements you desire may not be achieved.

Another good advantage of owning a home is you can get many tax cuts. There will be a deduction from your gross income in all the interest and property taxes you pay in a given year. As a result, this will significantly reduce your taxable income. Perhaps, this is one of the best privileges you can truly enjoy when you buy a new home.

With owning your own home instead of renting an apartment, you can save a lot of money. The payment on buying a new house will be fixed monthly throughout the lifetime of the home loan if you are able to get a fixed-rate mortgage. Unlike with renting, you are throwing your money away because you pay for something that you cannot own in the future. Aside from that, the renting fee will certainly increase each year so this may cost you more money in the long run.

It’s a good investment to own a home and it can reflect to your credit rating. If you have a good payment history, it can help improve your credit rating.

Indeed, owning a house can be very beneficial. It’s a great investment because you have a property to keep for and an asset that will also increase its value in the future. So it’s important that careful planning should be done before buying a new home. You should make an assessment of your finances. It’s best to stick to a realistic price so you won’t end up with spending over the budget. Although it feels great to implement all your desired home designs for your dream house, you probably won’t be too delighted about being stuck with one you can’t pay for.

You should also do a lot of research before you consider buying your new house. As much as possible, you should take time to look around for some reliable display home websites that offer a large selection of new homes for sale, house and land packages and a lot more. You should do a comparative analysis for you to see which of them can give you the best deal.

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Distressed Homes – Real Properties for Real People

Jun 27

Posted by admin in Real Estate

With everyone thinking of saving money, it does not come as a surprise why distressed properties have attracted much buyer interest. By buying such homes, you get to enjoy real benefits. If you consider the state of the country, you know that to be real, you need to be practical. For this reason, it is only understandable why a lot of home buyers are considering distressed homes. The story behind these houses is quite sad. The original homeowners, who thought that they could afford their homes, find themselves in mortgage default. The banks that own the mortgage are then left with no choice but to repossess the property and hope that they could recover their loss by offering them to the public.

For those of you who have been wondering if these distressed homes could meet your real needs and provide you with real perks, consider their qualities:

If you compare these repo houses to other existing real properties for sale, you will be pleased with how big their difference is, in terms of selling price. Their affordability can easily be attributed to the fact that the banks sell them at a discount in order to get rid of them quickly. You will never find a foreclosure being sold based on its current market value.

Foreclosure investors have long since unearthed the great return potential that these distressed properties offer. These houses have actually become the logical choice for rental homes or fixer uppers. In addition, buyers enjoy instant equity as soon as they close the deal. For certain, you will never go wrong with these foreclosed homes especially in terms of savings.

Considering the tough economic situation, consumers have become more practical in their choices even when it comes to home buying. And with the many repo homes to choose from, home buyers find them very easy to search for. Most utilize an online foreclosure listing to hasten their search. If the listing is really good, they could discover really hot leads to the best distressed properties for sale in the market quickly.

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How To Find the Perfect House to Buy

Jun 22

Posted by admin in Real Estate

You can only find the “perfect” house in if you know what you’re looking for before you start your search. And you can save considerable time and money if you talk over the following points with your real estate agent. This will help you focus in on the best possible matches for you.

Is there a perfect location for you? Do you need to be near work or family? Do you have to be in a place where most services are within walking distance? Or do you prefer to be further away from an urban neighborhood? Luckily, there are many choices: town, country, suburban, etc. For years realtors have said the three secrets to finding a great home are location, location and location. But a perfect location for one person may not be the same for another. Let’s talk and figure out what’s perfect for you.

Are there certain features in a home that you must have? For instance, if you’re a gourmet cook, you’ll need a large kitchen. If you have children, you’ll need extra bedrooms, and perhaps yard space. Perhaps there are features you would like in a home, but are not necessarily critical, like a fireplace or a finished basement. I’ve prepared a handy tool called a “Home Wish List” to help you sort through your preferences for home features.

What do you know about the neighborhood? “Knowledge is power,” as the saying goes. You can go online and find lots of useful information about a neighborhood and even specific houses you might be considering. You’ll learn about the school system, public services, the crime rate, demographics, etc. The Chamber of Commerce is a great resource for you, and will have free visitor packets available, chock full of useful information. Another great resource is the local newspaper. Visit their website and scan some month’s worth of headlines. This will tell you all kinds of information about the health of the area.

It’s important to work with a local realtor who is very familiar with the area. This will save you hours of search time, as she will already know about all the properties for sale. Consider interviewing several realtors. You can find names online or in the local phone book. You’ll be sharing personal information with your realtor, so you’ll need to feel comfortable with her.

Have you visited the neighborhood? While you can learn all sorts of things about an area online, there’s nothing to replace visiting it in person, seeing what potential properties look like in context of their surroundings, checking out noise levels at different times of the day, etc. This is the only way to get a real “feel” for a place.

Have you spoken with a Loan Officer about pre-approval for a mortgage? The pre-approval process saves you a lot of time and helps you narrow your search. Your loan officer will give you a pre-approval letter that identifies the price range of homes you can afford. It’s also an important tool to have on-hand to show a seller that you’re a serious buyer.

If you do the preliminary work described above, you’ll be in a great position to jump quickly on the perfect opportunity!

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How To Find the Perfect House to Buy

Jun 18

Posted by admin in Real Estate

You can only find the “perfect” house in if you know what you’re looking for before you start your search. And you can save considerable time and money if you talk over the following points with your real estate agent. This will help you focus in on the best possible matches for you.

Is there a perfect location for you? Do you need to be near work or family? Do you have to be in a place where most services are within walking distance? Or do you prefer to be further away from an urban neighborhood? Luckily, there are many choices: town, country, suburban, etc. For years realtors have said the three secrets to finding a great home are location, location and location. But a perfect location for one person may not be the same for another. Let’s talk and figure out what’s perfect for you.

Are there certain features in a home that you must have? For instance, if you’re a gourmet cook, you’ll need a large kitchen. If you have children, you’ll need extra bedrooms, and perhaps yard space. Perhaps there are features you would like in a home, but are not necessarily critical, like a fireplace or a finished basement. I’ve prepared a handy tool called a “Home Wish List” to help you sort through your preferences for home features.

What do you know about the neighborhood? “Knowledge is power,” as the saying goes. You can go online and find lots of useful information about a neighborhood and even specific houses you might be considering. You’ll learn about the school system, public services, the crime rate, demographics, etc. The Chamber of Commerce is a great resource for you, and will have free visitor packets available, chock full of useful information. Another great resource is the local newspaper. Visit their website and scan some month’s worth of headlines. This will tell you all kinds of information about the health of the area.

It’s important to work with a local realtor who is very familiar with the area. This will save you hours of search time, as she will already know about all the properties for sale. Consider interviewing several realtors. You can find names online or in the local phone book. You’ll be sharing personal information with your realtor, so you’ll need to feel comfortable with her.

Have you visited the neighborhood? While you can learn all sorts of things about an area online, there’s nothing to replace visiting it in person, seeing what potential properties look like in context of their surroundings, checking out noise levels at different times of the day, etc. This is the only way to get a real “feel” for a place.

Have you spoken with a Loan Officer about pre-approval for a mortgage? The pre-approval process saves you a lot of time and helps you narrow your search. Your loan officer will give you a pre-approval letter that identifies the price range of homes you can afford. It’s also an important tool to have on-hand to show a seller that you’re a serious buyer.

If you do the preliminary work described above, you’ll be in a great position to jump quickly on the perfect opportunity!

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Why Invest in Tulsa Real Estate?

Apr 17

Posted by admin in Real Estate

There is no better investment than investing in real estate. Every banker or financial expert will corroborate with this. It is a huge saving as the real estate is most likely to appreciate and will depreciate rarely. Now if you looking for a strong market for investment in the recession-struck United States, then consider Tulsa real estate. It is a rapidly growing real estate market which is at a bay from the crisis of lousy global economy.

Besides this, there are dozens of reasons to invest in Tulsa real estate. Tulsa has been given the title of “America’s Most Beautiful City”. The region is blessed with panoramic beauty. The Arkansas River and the beautiful Oklahoma countryside give it a breathtaking landscape.

In the 1920, when the oil boom took place in the United States, the town of Tulsa witnessed the building of some of the most iconic homes in the midtown area. Some of these neighborhoods have been registered in the National Registry of Historic Places.

Another reason for investing in Tulsa real estate is the Tulsa’s growing economy. The population is touching close upon 1 million people. Jobs in the fields of health care, telecommunications, oil and gas, aerospace, and other sectors are available here. Moreover, Tulsa is also working upon a project called the Vision 2025. This is a strategy to expand Tulsa’s economy. It will lead to growth of small business, bring in investment, create jobs, and generate funds for education.

Tulsa is ideal for students and faculties. The Oral Roberts University and the University of Tulsa are renowned for their excellence in academic, athletic, and arts programs. The University of Tulsa cuts a niche in the list of top ten colleges in the country.

The suburbs are also good investments for housing. One of them is Jenks. The U.S. government has felicitated the Jenks Public Schools with one of the highest governmental honors, the Malcolm Baldrige award. Another suburb, Broken Arrow, has recorded the lowest crime rate in all of Oklahoma. Bixby is fine blend of rural and urban living. These suburbs are also offering good job opportunities. Buying homes in these places are cheaper than Tulsa real estate. Moreover, the suburbs are easily commutable from Tulsa. The connecting highways are free of traffic congestions.

Tulsa real estate ranks #15 in maintaining property values according to a survey conducted by Business Week. Thus investing in real estate here is a safe investment that will gain value in the coming years.

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