Real Estate Services

By Sofia Rucc

A lot of people today have the luxury and the time to be able to sell their home on their own terms and by themselves. When homeowners forego the use of a real estate agent of broker, the real estate community refers to the situation as ‘For Sale By Owner’ or FSBO. If you’ve never sold your home on your own before, then there are four things you are going to want to do to make sure your home is sellable.

Prepare your entire home for selling.
Always make sure the interior of your home is in as tip top shape as possible in order to sell it. Make any necessary repairs, clean out the clutter and go for the minimalist look with furniture in all rooms, and make sure the home is clean. Update your kitchen and bathroom if you think it will help sell the house.

Do the same things outside by improving the landscape, making sure the lawn is cut and repairing anything outdoors – such as the fence or porch – to make your home have ‘curb appeal’. Paint the exterior, make all minor repairs, and don’t worry about what everyone thinks about the money you are putting into the home. As long as you break even or make a profit, everything you do is worth the effort.

Use a professional for all appraisals and home inspections.
Make sure that you use a professional appraiser and inspection officers in order to get a fair market asking price for your home. Plus, if there is any additional damage that you are responsible for fixing before the house is sold, they will alert you to the problem. Sometimes it’s better to drop the price of the house and leave the problems for the new owners to fix than it is juggling around fixing it yourself.

Advertise, advertise, advertise.
Use a large ‘For Sale By Owner’ sign in your front lawn to make sure that everyone sees it. List your home in the classified section of all the local papers and on the FSBO sites available on the Internet. You can pay small fee to the Realtor’s Multiple Listing Service (MLS) to have your home listed in there, opening it up for the buyer to approach you through a real estate agent. Place fact sheets about the house in a box by your sign, distribute them around the neighborhood and local shopping centers if allowed, and always make sure you are available for prospective buyers to come look at the house. And don’t get offended when they inspect every little nook and cranny of your home.

Finally, make sure the buyer’s deal is legal

and binding before accepting an offer.
You as the seller have every right to request a copy of the buyer’s pre-approved or pre-qualified loan certificates. Make sure that they sign a legal and binding intent to buy contract. You can purchase these at your local office supply store or download them from the Internet. Hire a real estate attorney to close the deal with you and make sure there is nothing unusual that will pop up during the sale when you least expect it.

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By Nick Adama

An important point that homeowners should consider is keeping on top of all of the court proceedings if the bank sues them for foreclosure. Borrowers have every right to know and defend against any actions taken against them by their lender; simply falling behind on a mortgage payment does not automatically mean eviction is inevitable and will occur randomly, which is what many homeowners irrationally fear. If for no other reason, homeowners should keep up with the legal process just to know how much time they have left to save the house before a sheriff sale or move before being forced out.

The first way to track any foreclosure court proceedings is to keep an eye on the mail, especially any certified letters or documents posted directly on the property. All documents that are filed with the court in connection with a case, from the initial complaint to the order for eviction, must be sent to both the plaintiff and the defendant. Banks often have the local county sheriffs department or a professional process server hand deliver the complaint and any orders of the judge to the homeowners to make sure that they have been notified of all the steps taken during the foreclosure.

Also, many county governments now have the docket for each case available online through the official county website. This may be just a chronological listing of all of the actions taken during the case up to the present time, or it may even include digital scans of the actual documents filed, which may be available for download or purchase. In many cases, the most basic information given will include the contact information of the parties involved in the foreclosure lawsuit, any attorney information, the most recent motions filed and by whom, and if there is a hearing scheduled for any reason and when.

A final way to track foreclosure proceedings through a court is to call or visit the county clerk of court, who retains copies of all documents filed in civil and criminal cases. Homeowners are able to review or make their own copies of the complaint, answer, and all other motions right at the courthouse where a government official can answer (or not) any questions. This is also a useful resource for learning how the foreclosure process works in that individual state and county, as rules and laws vary considerably throughout the country.

One of the most common complaints of homeowners in foreclosure is that they feel they are in the dark about how the process works and how much time they have left. Especially if they have failed to pick up certified letters from the bank or have not read the complaint delivered by the sheriff, it may be difficult to know where their house is in the legal system. Too many homeowners do not find out about the auction of their house until the new buyer shows up to inspect the property or the bank is granted an order for eviction. Even if homeowners have no intention of defending a foreclosure lawsuit, though, they should pay careful attention to where the case is in the courts so that they can adequately plan for the future.

Nick writes for the Foreclosure Fish website, which aims to teach borrowers how to stop mortgage foreclosure before it is too late. The site describes various solutions to the foreclosure process, such as loan modification, deed in lieu, cash for keys, short sales, and more. Visit the site to read more articles about various aspects of foreclosure, and download a free e-book: http://www.foreclosurefish.net/

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By Andrew Stratton

A Realtor works for you; he is your employee. As with any job, employees can expect to be interviewed before being hired and the same is true for a real estate agent. You have a choice and should consider carefully who wants to help you find your new home. Why take this step? Aren’t they all the same, because they want to make a commission which means putting you in a house? Why bother meeting with several before deciding on one? Isn’t it just a waste of time? Actually, just the opposite is true. Interviewing several people and carefully considering each one can end up saving time and make the house-hunting process less stressful.

First, you need to decide, who you want to interview. Ask for referrals from friends and family. Talk to your bank and see if there is a company or agent they recommend. If you are moving to a brand new place and don’t know anyone, do some online research. Just by checking out a personal or company web page, you can tell a lot about a person. The types and price range of homes he typically sells. There may be a personal statement or bio to give you more insight into his personality and experience.

Here are a few questions to ask, when conducting your Realtor interviews:

* What is his experience in real estate? This includes, since how long he has been licensed and how long he has been working in the particular area you are shopping.

* Is his license current and is it issued by the State you are living in? Typically, licenses must be renewed every couple of years. It is common to require continuing education as well, which is a plus in the ever-changing market. So, verifying his credentials is important.* What is the community like? Any good agent should be able to give you information about the schools in the area, emergency services, clubs etc. Think of him as walking yellow pages for the area.

* Does he have a dollar limit? An online search of different agents usually reveals the typical price range they sell within. That is not to say that a person who only sells million dollar homes won’t be interested in helping you buy a $250,000 house. But, it saves you both a lot of time if you simply ask up front.

* Does he have time for you? Obviously this is important. You want to make sure that after you hire him, you do not get pawned off on an assistant for the actual process. The agent you hire should give you the same personal attention as anyone else, no matter how much money you have to spend.

During the interview, pay close attention to the other person. Do you like him? If you have a negative feeling towards the person or you just feel like your personalities are too different, it is better to move on to the next interview. You should be able to trust, that this person has your best interest at heart. If there is a personality conflict, neither of you will enjoy the process, nor can resentment flare up. Buying a house is a stressful process. Also, does he seem organized? Was he on time to your meeting? Obviously, you want someone who respects your time (just as you should respect his). It is also important that the person who takes on the job, can keep your information organized and at hand because he will be dealing with the seller’s agent as well as your bank and scheduling the appraisal and inspection. You want to make sure that everything is in line for a smooth closing.

There are a lot of people out there who would love to sell you a home, but that doesn’t mean they all can or should. By asking questions and paying attention, you can pick the right Realtor to find your dream home.

Finding a home is a significant task and choosing the right realtor helps you to find your home with ease. New Orleans real estate agents from the Latour team will guide you throughout the house-hunting process. To contact them, visit http://www.thelatourteam.com/.

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By Denice Gierach

Both individuals and businesses are faced with the choice of whether to lease or purchase property.

Many of the same considerations apply whether the property is an automobile, a personal residence or an office condo or building. These considerations need to be weighed by the individual or company to determine which is the right decision for you. The following are just a few of the considerations to weigh. They are set out using the example of a purchase versus a lease of an office condo or building:

• Cash outlay. Typically, if you are planning to buy office space, you can expect to make a down payment of up to 25 percent of the purchase price, depending on the lender and your credit. When you lease office space, you won’t need to put down nearly as much. With good credit, the typical outlay is the first and last month’s rent, which is only about 10 percent to 15 percent of the cash outlay required when buying office space.

• Opportunity cost. With a large outlay of cash required to purchase office space, the opportunity cost of that money needs to be taken into consideration. You need to compare the return would you expect to receive on that money invested in the office space to the return you would expect to receive if the money were invested in your business or other investments.

• Fixed versus variable cost. When you buy office space, you have fixed your cost, as you will be paying a monthly mortgage amount. If, on the other hand, you decide to lease, your lease cost may go up depending on the market conditions.

• Growth considerations. If your company is in a high-growth mode, buying property may be the wrong choice, as you cannot determine what amount of space you may ultimately need. Many businesses, even in the growth mode, will buy more office space than they need at the time and lease a portion of it to another business until they are ready to use it.

• Property management. Of course, if you own a property, you will need to maintain it, which will require your time or someone that you hire. This is not the case if you lease the office space.

• Appreciation. One of the primary reasons for buying office space is to obtain long-term appreciation. When there is a good, healthy real estate market, this is a strong factor in your decision.

• Tax factors. Lease payments are usually fully deductible, while on a purchase you will be able to deduct the interest costs and depreciate the building cost over a longer timeframe. It is a good idea to consult your attorney and tax professional about the legal and financial considerations of owning office space.

• Cash flow. It is a good idea to do a cash-flow analysis of the buying-versus-leasing decision, which will take into account your predictions on your holding period, anticipated appreciation, rental increases, interest rates and the costs of maintenance on the property.The decision to buy or lease property is not a “one size fits all” type of decision. It requires you to analyze all of the above factors to reach a conclusion that is right for you.

Denice Gierach is a lawyer and owner of The Gierach Law Firm in Naperville. She is a certified public accountant and has a master’s degree in management. She may be reached at deniceg@gierachlawfirm.com. For more information on Denice and The Gierach Law Firm visit Gierach Law Firm.

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By Matt Murren

When a person enters your house with the idea of purchasing it, the house needs to speak to that person. Home staging makes all the difference in what the house says when it speaks to the potential buyer. Potential home buyers need to feel a certain mood when they walk into a home. Dress your home to appeal to any buyer. Home staging needs to show a buyer—“this home will be great for you!”

Due to the fact that everyone does not have the same preferences, neutral colors can be used to appeal to just about anyone. Colors play a large role in setting a calm mood. A stunning focal point can play an even bigger role in setting a mood. If you have a breathtaking view, draw the customer’s eye toward that view with your arrangement of furniture. Don’t cover up the window that displays the wonderful view. A large window can make the buyer feel relaxed because it gives the home a more open feeling. Soft fabric like silky material, and simple, soft window curtains can give the room a calming effect also.

When a professional home staging artist finds a bonus room in a home he knows exactly what to do with it. Office areas are an appealing use of a bonus room—usually in fairly large houses. Sometimes a bonus room needs to be converted into a formal dining area or a den to give the home more living space—especially in a small house.

Now, let’s talk about the lighting in a room. Home staging must include adequate lighting. If a house looks dark, the potential buyer may assume you are attempting to hide something. First of all, don’t cover any windows with tall furniture or heavy dark drapes that keep the natural sunlight out. Sunlight can give a feeling of warmth to a room that is welcoming to a buyer. Some areas need dimmer of elegant lighting as in a formal dining room. Decorative lighting is nice over a dining room table or sconces are beautiful along the walls of a dining room or hallway. Recess lighting is great in a kitchen area. This area is one that requires bright light as does a bathroom area. Note that a well lit room appears and feels larger. Dim lights are great to accent walls that have exquisite paintings or wall decorations.

Clutter is a major problem when a person is attempting to sell his home. If a buyer has to kick his way through your home, this will leave a nasty taste in his mouth. That simple, wide open look gives the room a non- cluttered feeling. Sometimes the smallest, most inexpensive changes can say welcome to this home. You don’t always have to do high end redecorating or remodeling in order to sell a home. Many times drapery, wall coloring, tables, lamps, rugs, flower arrangements, and other inexpensive items make a world of difference in the appearance of your house. Also, a little elbow grease can make a difference in home staging. However, if there are unfinished projects, this does speak to the potential in a negative tone. It tells the buyer that there is a lot of work to be done in order to make the house suitable to move into. People like homes that are ready to move into. So, fix those little things that need to be repaired—things like a leak in the ceiling, uncovered plug-ins, paper falling or torn off the wall, and tattered areas or stained areas in the carpet, just to name a few. Remember that the idea of home staging is to appeal to the buyer.

Matt D Murren owns and operates http://www.home-staging-advisor.com

Home Staging

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