Archive for the 'Selling Real Estate' Category
August 25th, 2011 -- Posted in Real Estate, Selling Real Estate |
Once you decide to get into real estate the first thing you have to do is find a property to buy. But wait! Before you trot along to your local realtor, where else can you find a great bargain?
The first place that comes to mind is the Internet. But it’s a big wide cyber world and you don’t want to purchase an investment property in China if you live in the USA, or vice versa. (Unless you love flying). So make your search very specific. Go by postal code/suburb/price to see what comes up in your preferred area.
The local newspaper is a good bet too, but look especially for those properties that are advertised as For Sale by Owner. Why? This owner is most likely highly motivated to sell for one reason or another. Another place to watch in the paper is the foreclosure notices. If the bank has foreclosed on a property it will soon be up for sale at a good price. The court proceedings section could also turn up a few good leads for investments. Probate notices could mean that there is a property ripe for the picking. Trustees of an estate may come from afar and be anxious to settle up and get back to their own lives.
Another way to find a good investment property is to simply go for a drive. What to look for? Keep a look out for long grass, unkempt grounds and a deserted look. It will indicate a good price at least for you and with a little TLC and elbow grease you’ll transform your ugly duckling into a golden swan, both physically and financially. If you don’t have time to go driving yourself, think about bribing the local paperboy/girl with a few dollars to let you know if they see something you might be interested in. Give them a small notebook with pencil attached to make it easy for them to jot down the addresses, otherwise they are likely to forget.
You could incorporate your search into your daily activities. Off to work? Choose a different route each day. Picking up the kids? Take a detour and see what gem you might find. In fact, the kids will probably love to go house spotting with you. Keep your ears open at work and play. People talk about people and if you hear of a transfer or even an impending divorce this could provide you with the opportunity you’ve been waiting for. People who have been transferred overseas, interstate, or even just to another city are usually in a hurry to sell and leave. They often have a due date to be in their new place so may be open to accepting a lower price if it means a quick, hassle-free sale. Divorcees are often in a similar condition. They just want to get rid of all their problems, settle up and go their separate ways. Don’t get embroiled in any emotional situation, just offer to solve one of their problems for them, the sale of the house.
Oh, and don’t forget your local realtor. They will often have the inside information on why a house is being sold. So no matter where you source your real estate deal from, just make sure it really is a bargain before you buy it.
March 30th, 2011 -- Posted in Selling Real Estate |
If you’re facing a bank foreclosure or repossession of your house, then you may be desperate to sell it. Usually this means just one thing: You’ll have to settle for less money in exchange for a faster turnover. So if it’s possible to get into a financial situation that will allow you to sell the house at your own pace, then you should definitely do so. You will have to decide how much of a tradeoff you are willing to make. There are quite a few options for desperate sellers, and the one you choose will depend on how fast you need to sell your home, and how much of the market value you want to earn.
You can take some preparations to make your house sell quicker through traditional methods. You should be ready to vacate the house soon, so that means it could be a good idea to pack up stuff you aren’t going to use, and maybe even put some furniture into storage (whether it’s at a unit or in the garage of a friend). Depending on the state of your home, you might benefit from cleaning the carpets thoroughly, or even painting the walls. It’s also a good idea to get your home inspected professionally for any defects that may have occurred in the structure, the pipes, or the electric wiring. A certification from an inspector can move the sale process along a lot quicker.
Next, you will need to talk with a real estate agent about getting your house sold as fast as possible. The exact steps you will take depend on many things, such as your house, the local market at the time, and how fast you need to sell. Tell the real estate agent the date you need to sell by. If they say it’s impossible to sell it that fast, then you’ll either have to reevaluate your situation, or find another real estate agent. If it is possible, then you will have to find out if there is a catch to selling it that fast. Will you get as much money as you would regularly?
There’s another option that is very intimidating, but it can be one of the speediest ways to get rid of your house. That option is to sell it yourself. You can use the internet, newspapers, and fliers to find a buyer. After you find someone who is interested, you can move as quickly as you like.
Consider all of your options carefully, try not to rush things unless you really need to, and you’ll surely have a successful experience.
March 26th, 2011 -- Posted in Selling Real Estate |
Sometimes, it can be a good idea to sell your home and rent it back. It is a good idea if you have debts to pay, or you are facing the risk of an eviction or repossession. It can help you get back on the right financial track. Here is some information about selling and renting back.
The concept of selling and renting back is this: You have paid off a significant amount of money on your house, but you are facing some sort of impending event that will cause you to be unable to make more payments. So, you sell your house to a company or business which then rents your own house back to you. In doing this, you free up all of the cash that was locked up in your house. You get a different financial arrangement for your housing, but you don’t have to move. This makes it a great idea for many situations.
You will probably deal with a company that specifically deals with buying houses from people and renting them back. This means that they have a specific system that they use based on your equity and your home. Your equity refers to the amount of money that you have poured into your home so far, and this will be a huge factor in determining what will happen.
Before deciding to sell and rent back your home, you should do the math to figure out whether you will benefit or not. Find out what your new rental rate is going to be. Is it above the average for your region? Is it lower or higher than your current monthly payments? How long will you need to rent until you can get your finances together and get into your ideal situation? Renting should never be a permanent solution, and if it is the only financial option available to you then you need to consider making drastic changes to your situation.
If you’ve made the final decision to sell and rent back, then you should start talking to a few different companies. Get quotes on how much cash you will receive for your house, and also find out the specific renting terms that you will get. Be sure to find out about all of the small print involved with the different companies. Create a comparison, and add up all the figures to see which company will give you the most money and take the least.