There is a movement underway to ban real estate resale fees. These fees take different forms and are a way a seller looses equity.
Here is what happens. A seller (often a home builder) establishes a resale fee at the time the home is sold. The next time the home is sold a fee is taken from seller proceeds and paid to a third, often undisclosed, party. This resale fee can be set up so that it is paid each time the property is sold over a 99 year period.
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We have a new report titled “A Guide to Mold, Moisture and Your Home”. This report is available for download at no charge. On our site click on Free Reports Download then find the report title within either the Buyers or Sellers folder.
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A recent survey revealed that more buyers are looking for homes with “mother-in-law suites.” The economy is causing more families to consolidate and become multi-genrational families. If you are selling a home with separate living quarters from the main residence be certain to emphasize it to set yourself apart from other sellers.
Don Grafues
Resource: REALTOR.org
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The real estate industry calls it ‘puffing” or the practice of exaggeration.
In today’s market (many homes on the market with few buyers) sellers want to promote their property to their best advantage in hopes to better their “competition.” Some typical statements could include;
- “Taxes are really low.” Don’t forget taxes are a public record available to anyone who wants to search. What is low to you could be quite high to someone else.
- “We had no major repairs.” If you filed a claim on your insurance, a company named Choice Point gathers that information and provides it in a report available to the buyer. So if a storm took off part of your roof, the buyer will know.
Don’t get caught in the “little white lies.”
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General wisdom has been that if you were to sell, the best time to list your home is March/April looking for a sale in June-August. Historically more home sales close in the summer months as it is less disruptive to families with school age children.
Some now suggest that is about to change and the best time to put your home on the market is now. Why?
There are a few reasons.
- The home buyer tax credit, as it now stands, applies to buyers closing on their purchase by April 30, 2010.
- Interest rates are starting to inch upward with forecasts of 6 percent by year end. See our post “Interest Rates Climbing?”
- Other sellers will realize they need to move earlier than normal so listing now can get you ahead of the competition.
Don Grafues
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If you are thinking about selling you need to be serious and listen to the price guidance offered by your agent. One of the worse actions you can take is to put your home on the market at an inflated price to “test the water.” Other real estate professionals know the market and if they see your listing is overpriced they will not show it. After a period of time with no price adjustments or other actions to sell your listing, it will quickly become what we refer to as “shop worn.” Once it has achieved this status in the minds of other real estate professionals the best action is to take it off the market.
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Josh Schoenly, who blogs about real estate investments and operates Capitol City Investments in southeastern Pennsylvania, says Craigslist.com helps generate quality leads for his business.
Here are his six steps to getting the most out of Craigslist as a low/no-cost marketing tool:
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