Selling a Home

There are five major factors to consider when selling a home

These factors will greatly influence not only the final price you will get for the property, but also how quickly it will sell and how much grief you will suffer through the sale.

Location.

Over history it’s been said the three things to look for in buying a property are (1) Location, (2) Location, and (3) Location. There are positive and negative factors to almost every location. Let’s pretend your property is right next door to a fire station. You need the kind of marketing professional that can sell the benefits of not having to worry about your new home burning down, or perhaps the savings on fire insurance. Seriously, no matter where your property may be located, there is a ready, willing, and able buyer in the marketplace. The "problems" with the location of a property can be overcome, you just need a Realtor who will work hard to do so.

Your Realtor and his/her Company

Not all Realtors are the same. We each take different approaches to the marketing of your home. These range from as basic as placing the home on the MLS system and hoping it will sell, to Realtors who actively market the home through newspaper advertising and the Internet. You will likely have a positive Real Estate experience if you pick a Realtor who meets the following criteria.

• Personality. It’s hard to work with an agent you don’t like. You won’t trust him/her, and the entire experience will be a difficult one. You have enough on your mind without having to argue and bicker with your agent. No matter how good an agent is… if you don’t like each other, then it won’t be a good experience.
• Availability. Having a full time Realtor (or a team of them) is vital to the successful sale of your home. If your Realtor isn’t available to sell your house because he/she’s "working a day job", then how committed is that Realtor to you?
• Work Ethic. Just like any other professional in your life, you need a Realtor who is organized, professional, and hard working. Have you ever seen a lawyer show up for a case in sweat pants and a t-shirt? Or a doctor say; "I’m sorry, I can’t deliver your baby because I have a 4:00 t-off time"? How about an accountant who can’t manage his own finances? You should be able to expect the same level of professionalism from the agent you choose to represent you.

By having a professional Realtor working on your behalf, your entire experience will be more positive.

Terms

Are you flexible on possession dates? Is your property easy to show? Are you prepared to negotiate on appliances or other chattels? This flexibility makes your home much more attractive to potential buyers. For example, many out-of-town buyers won’t even consider a home if the possession is not flexible. First time home buyers often have to purchase the appliances with the home because they have to put all of their savings into the down payment. Where are they going to get $3000 to buy appliances?

Condition

Making a good first impression is important in getting a property sold. Painting the front door and trim, making sure the doorbell works, putting furniture and clothing in storage, and cleaning off counter tops and fridges are just a few of the little things that can be done to make properties more marketable. Just remember, cleanliness and pride of ownership will get you more money than used dirt.

Price

Determining a price is more than just picking a number. It involves careful analysis of the property. Many things come into account when determining a price. In fact, it is often through price where short comings in the other factors are balanced. For instance, if your home has been damaged from bad renters, is difficult to gain access to, is right next door to a "drug-den", and is located between the city dump and the airport, then the home will have to be priced accordingly. But watch out, while the price can fix almost every short coming, it’s not always the best solution.

Having a Realtor who will be honest with you about these factors is important, and could save you several thousand dollars.

Negative Aspect of Free Foreclosed Listings

Unfortunately, a large number of free foreclosed listings are a waste of time. Because the information is readily available to anyone, most of the properties are contracted before you receive the list. Real estate investors are always in search of free listings. Hence, they generally have the first pick of cheap properties. Moreover, free listings are not updated on a regular basis. If you are serious about buying a foreclosed home, spending a few bucks a month for an accurate and useful list will provide the best results.

Carrie Reeder is the owner of ABC Loan Guide, an informational website about loans and bad credit mortgage loans.

Free Listing Nationwide HUD, VA, FDIC, GSA, IRS, SBA, Bank RE

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Real Estate Investors Buying Formula

Strategies for buying investment properties don’t vary much across different type of properties. Basically paying the least amount you can to insure a nice profit when you sell or refinance. Here are some basic formulas that work every where and a new twist that your real estate agent or title company can help you with

1. Determine the best use and highest market value of the property in excellent condition. This research can be done by your real estate agent (comparable Market Analysis) or by your expert knowledge (experience) in the marketplace (you should know your market inside-out and not by guessing)

2. Estimate cost of repairs use contractor estimates (you should have a team of experienced contractors) that you can trust and depend on. Your experience will help you quickly estimate ball park numbers on most any project.

3. Calculate the carrying costs of the property. Purchase costs, taxes, insurance, Title, attorney, appraisal, utilities, financing (points, interest), selling costs (commissions), advertising (for tenants or to sell), overhead expenses and may be some miscellaneous costs not listed. On a quick paint and replace carpet the work may take 2 weeks but you should plan on 2 to 3 months holding time. Larger projects may take a month or two to complete you may want to consider 4 to 6 months carrying costs.

4. What’s your profit do you want to make 10% to 20% on the deal not a bad profit but 10% on a $35,000 deal is only $3,500 for two months work and headaches. You may want to consider paying yourself a minimum $20,000 to $25,000 per deal this can guarantee a good profit at the end of every transaction.

5. Offer price is the highest market value less repairs, carrying costs and profit. This is the most you will pay for the property you want to start somewhere lower, some where a lot lower, an offer somewhere lower like your agent will be ashamed to present your offer.

6. A new twist to the formula, there are a tremendous amount of bank owned properties on the market today and there be more tomorrow. When a bank takes over a property they list it for sale with a real estate broker who prices it at the market value it usually sells somewhat less than that. But what did the bank actually pay for the property or what was the mortgage balance when they took it over. Many times what the bank has in the property is much less than the listed price

Example 1:

123 Main St - highest market value $250,000, brokers listing price $240,000, bank costs through foreclosure $165,000. In this example the property needs only minor cosmetic work and can be turned over quickly so you offer $210,000 and will make a nice $25,000 profit. But what about the other $45,000?.

Example 2:

729 New St – highest market value $195,000, brokers listing price $190,000, bank costs through foreclosure $102,000. This is another property with minor repairs; you offer $98,000 and close at $102,000 (depending on the marketplace you may close a little higher). Using our normal formula we would have offered $140,000 to close at $145,000 a difference in your pocket of +$43,000

To the bankers it's a numbers game they are building a backlog of properties to move so you may have some good opportunities in your area. Work with your real estate agent or title company do a little more research into what all parties have in the property and you may make some bonus money on top of your planned profit

Bill Carey with over 30 years in real estate sales, investments, and home building offers a unique perspective to the buying and selling process of residential real estate for F*R*E*E consumer information and reports log on to http://www.CharlotteNCExecutiveHomes.com and see "Insider Real Estate Secrets Revealed" ...a must-read for Home-Owners and Renters! It's a F*R*E*E 12-lesson e-course covering more than 20 topics exposing the realities behind buying and selling a home. It Could Make(or Save) You Thousands of Dollars.

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Baltimore Real Estate

Search Baltimore, MD MLS listings of Baltimore homes for sale. If you are buying a home in Baltimore Maryland you should get mortgage preapproval or prequalified for a mortgage prior to searching Baltimore real estate listings of homes for sale. This will help save you time by limiting your home buying search to only Baltimore real estate you can afford.