Buying and selling real estate for sale by owner

Today we'll examine how lending institutions can cause financial loss and what remedies consumers have available to rectify losses. The next series of post can help you recognize pitfalls of borrowing whether you're a buyer or refinancing your home.

Banks are often no different than the criminal. Look no further than business practices that created and environment that have taken many American families homes and forced them into foreclosure. Many experts say loop holes and or misinterpetations in lending law have caused the current economic downturn. Although banking is heavily regulated situtations can occur because of neglect, incompetence, and deceit. Each of these can cause a borrower hugh amounts of financial loss, stress and despair. 

 Our next post will be about neglect by lenders.

 At one point you'll recognize the crime. The first thing to do is contact a lawyer!

Like it or not our landscape in America is changing. Cap and trade will drastically change America as we know it. Some people in Washington think cap and trade will improve our living standards, others believe it will increase the living standards of those with special interest. People like Al Gore stand to make millions from cap and trade. Al Gore has a carbon offset company that will benefit from cap and trade legislation. GE will make billions in profits, plus GE owns a huge media network to sell the American people on the ideas.  

(It's a little self serving to promote global warming, isn't it Al Gore. It can also be construde as a conflict of interest using his power and position to promote global warming for personal benefit.)

 With that being said, I ask well intentioned people to ask one question of themselves. What proof do you know that global warming does not exist. If you believe global warming is manmade and real, then you should have a long list of facts that says global warming isn't real and it's false. If you cannot provide answers saying global warming does not occur because of burning fossil fuels or because of other manmade carbon then you made a choice to follow snake oil salesmen selling scare tactics. To believe in global warming without using any evidence it's false is not making an educated informed decision by weighing both sides. In other words your being foolish. For proof global warming is a scare tactic and a money grab learn more about it. Learn what you can't learn from Al Gore and the main stream media. Global warming fact or fiction. 

Go Green and SAVE at GreenGardenTools.com Eco Friendly Power Tools & More.

Don't only go green, save some green. Try ifsbo.info to market and sell your home and keep the green commission dollars in your pocket. We want you to use our website to do just that. After all if CAP AND TRADE BECOMES LAW you'll need all the money you can find to pay Washington.  

Plumbing Issues
Plumbing problems usually revolve around one of three things: clogs, leaks, or drips. It pays to be familiar with your plumbing system so you can minimize the damage caused by plumbing problems as well as fix minor problems on your own.

How to Prepare for an Inspection
No home is perfect. Anything from major damage to minor maintenance issues are often found. Even new homes are not immune – they could have problems with the plumbing, electrical system, heating and cooling system, or the roofing system just to name a few.

How do I prevent termite infestation?

There are many steps you can take toward preventing infestation if you know what termites look for and take steps to make your home less attractive to them.

Termites are ground insects that look for habitats that provide food, moisture and shelter close to the ground. Any place where wood meets ground qualifies, especially if the soil in that area stays moist. Correcting this situation may require re-grading to separate soil from any wood around your home. Since mulch and many other landscaping materials cause the soil to remain moist, you should make sure to minimize mulching around your foundation. Some experts recommend mulching no closer than a foot from your home’s foundation. You should also stack your firewood away from your home, preferably by several feet. Make sure that gutters and downspouts are in good condition and keep moisture from accumulating. You should also make sure to eliminate any moisture problems in and around your home, especially in basements and crawlspaces.

You can also hire professional termite exterminators to apply chemical treatments that protect your home. Be sure to find out how long the treatments last. The chemicals on the market today generally protect your home for up to 5 years.

How do I know if my home has termites?

It takes an expert to detect hidden termite damage. General home inspections do not typically include a termite inspection. It is highly recommended that you get a termite inspection in addition to your general home inspection.

If you suspect your home may have termites or if you would just like the peace of mind a professional inspection can offer, please contact a company that performs thorough inspections for termites and other wood destroying organisms.

What does it mean to steer? It could mean many different things to different people. But when it results in keeping a person away from housing it could mean big trouble and a big fine. Last February, 2009, a court found a Chicago area REALTOR guilty and fined him $120,000 dollars.

http://www.usdoj.gov/crt

www.usdoj.gov/fairhousing

http://www.hud.gov./

Use the links above to learn more about fair housing. It's your right to know!

How to avoid listing with a broker and why they call FSBO’s. Let’s face it; some for sale by owners get called by real estate agents relentlessly. Aggressive prospecting, fast talking sales pitches and shady practices are part of the real estate agent cliché. Try placing an ad in the paper or a sign in the yard and the stereotype is quickly confirmed. The last thing you want is an agent wasting your time with the promise they are working with a buyer that wants your home. False offers get the agent in the door. The reason agents want this is; statistically sellers’ only interview between one to three agents. The first agent that makes contact has the greatest chance of securing the listing. Claims of over-valuing or introducing mortgage brokers or developers who might have a reason to buy a sellers home is all in the bag of tricks. Why? Simple; for sale by owners send out red flags when the place the ad in a newspaper or place a sign in the front yard. Effectively they’re saying to these agents: “call me, here’s my contact number”. Of course not all real estate agents are guilty. However, buying and selling real estate involves a lot of money. Your money and they want a piece of your pie. Limit these phone calls from agents who prospect fsbos by placing the kind of advertisement that says; “I don’t need your help”. Below is a short list that can help. · Use newsprint effectively by providing information unique to the property and using a web address in it that interested buyers can access more information and contact you. · Place signs directing buyers to the property. The sign in the yard should include a web address and your contact number. · Place flyers convenient for buyers to get and keep them available. · Make sure flyers include enough information to create desire to go inside. Include a web address to get more information and a contact number. · Pay attention to what marketing techniques attract you to products and makes you react. What motivates you to act will probably motivate the buyer to your door as well.  Have you searched the web for your next home? If you have a good marketing plan in place agents will have less incentive to contact you. What can they offer you if you can do what they do? Keep in mind that who ever is going to buy your home will pursue all leads to contact you. They will read any and everything about your home. Buyers want to be informed. Allow them an opportunity for independent discovery. This builds desire and a need for what you’re offering. They will also become very competitive if they perceive another buyer might beat them to the front door. Family and friend’s count, no one wants to make costly mistakes especially when the stakes are high. Buyers often ask parents and close friends for advice or opinions when making big decisions. Having photos and as much information available online allows them to do this privately. If they kill the deal so be it. You don’t want to get into a legal mess and waste your valuable marketing time. There was a home online that had a private URL that got over 80 hits in one weekend from family and friends of the buyer. They bought the home and settled quickly. Consider the services from www.Ifsbo.info to complete an effective marketing campaign.

Buying bank owned properties
There is a lot of interest in buying bank owned properties these days. A lot of information, some good and some bad, is floating around about the subject.   Often the information offered is for sale, with the promise that you can make a lot of money with little effort once you know “the secret formula”.  The fact is that there are no secrets, and to make money does require effort.

What’s an REO?
REO stands for “Real Estate Owned”.  These are properties that have gone through foreclosure and are now owned by the bank or mortgage company.  This is not the same as a property up for foreclosure auction.  When buying a property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees accumulated during the foreclosure process.  You must also be prepared to pay with cash in hand.  And on top of all that, you’ll receive the property 100% “as is”.  That could include existing liens and even current occupants that need to be evicted.  A REO, by contrast, is a much “cleaner” and attractive transaction.  The REO property did not find a buyer during foreclosure auction.  The bank now owns it.  The bank will see to the removal of tax liens, evict occupants if needed and generally prepare for the issuance of a title insurance policy to the buyer at closing.  Do be aware that REO’s may be exempt from normal disclosure requirements.  In California, for example, banks are exempt from giving a Transfer Disclosure Statement, a document that normally requires sellers to tell you about any defects they are aware of.

Is it a bargain?
It’s commonly assumed that any REO must be a bargain and an opportunity for easy money.  This simply isn’t true.  You have to be very careful about buying a REO if your intent is to make money off of it.  While it’s true that the bank is typically anxious to sell it quickly, they are also strongly motivated to get as much as they can for it.  When considering the value of a REO, you need to look closely at comparable sales in the neighborhood and be sure to take into account the time and cost of any repairs or remodeling needed to prepare the house for resale.  The bargains with money making potential exist, and many people do very well buying foreclosures.  But there are also many REO’s that are not good buys and not likely to turn a profit. 

Ready to make an offer?
Most banks have a REO department that you’ll work with in buying a REO property from them.  Typically the REO department will use a listing agent to get their REO properties listed on the local MLS.  Before making your offer, you’ll want to contact either the listing agent or REO department at the bank and find out as much as you can about what they know about the condition of the property and what their process is for receiving offers.  Since banks almost always sell REO properties “as is”, you’ll want to be sure and include an inspection contingency in your offer that gives you time to check for hidden damage and terminate the offer if you find it.  As with making any offer on real estate, you’ll make your offer more attractive if you can include documentation of your ability to pay, such as a pre-approval letter from a lender.  After you’ve made your offer, you can expect the bank to make a counter offer.  Then it will be up to you to decide whether to accept their counter, or offer a counter to the counter offer.  Realize, you’ll be dealing with a process that probably involves multiple people at the bank, and they don’t work evenings or weekends.  It’s not unusual for the process of offers and counter offers to take days or even weeks.

Find a specialist who deals with reo properties. Make sure you know who they represent. Hire a lawyer to answer any questions your unsure about.

If you want to go green for the plant it earth do something simple to start. Helping doesn't have to be complicated. Consider the following to do a part in the big theme of being planet friendly. The following websites can give you some tips on being green:

CAMPAIGNEARTH

GOCARBONZERO

GENGREENLIFE

IDEALBITE

1-800-volunteer 

Do you know someone who should be nominated for the president's Volunteer Service Award? You can nominate them at pointsofflight.org

What are some of the hazards in your home?

Mold in the home 

Lead in the home

Radon information

You’ll hear it described as a slow market, or a buyers market, or maybe a cold market. But it all means the same thing. That home sales in the local area, or market, are slow. That there are too many homes for sale and not enough active buyers. There are several things you can do to combat a slow market. The most effective strategy is to sell at a lower price. Buyers are expecting to find bargains during a slow market. You can also help yourself by offering to pay some concessions to help a buyer that might not have a lot of cash. The ultimate way to beat a slow market is to simply wait it out. But that’s not always an option for many sellers. If you didn't pay a commission you could sell for less and still pocket more. Is that something you can do? Most people who think things through for a few moments realize they have enough know how to get thing done. Why then is selling a house so different.   

                                                                                                        …Yes! While the neighbors up the street are paying 7% to sell their home with a conventional real estate company. The internetforsalebyowner.info users are getting better market coverage paying only $49.99. While your Uncle paid a flat fee broker, $1000.00 dollars to sell his home. The www.ifsbo.info users got better exposure for only $49.99. While your boss used a discount broker and only paid half a normal commission and did all the showings ifsbo users paid only $49.99 and still got better results. The internet has changed the way real estate can be marketed. Why then would you pay to 7% for an old antiquated marketing system?

Read what ABC WORLD NEWS reported about consumers benefiting from using real estate websites like www.internetforsalebyowner.info www.ifsbo.info

Get Marketing tip by clicking here!

FACT: In todays real estate market you need to make your home stand out from all the other competition. For about the cost of advertising in your local newspaper classified section that run for only a few weeks, Ifsbo.info can create a website or internet advertising for you. Also Considering  many newpaper publications have been declining in circulation due to growing internet use it makes sense to include ifsbo.info in your marketing plan. It's easy to see why serious home sellers want results fast and insisit on maximum exposure for their properties. Ifsbo.info provides several internet marketing solutions to create that effective exposure.

Newspapers are going the way of the Dinosaur! Predictions of the next news cycle and what it might mean for the consumer. With Real estate brokers relying on local news print will thet be next to go extinct?

Chapter 11 has been filied for the owners of 33 major newspapers.

More and more people are turning to the internet every day for the things they need. News, weather, shopping and information are easy to find. Newspapers all over the United States are going broke. Circulations are declining every month. Advertising dollars are dying out. Foolish people would spend a large advertising budget in newsprint that doesn't give a reader a web address that directs prospect to find out more about what they are selling and make it easy to contact them. That's why success is found by those who leverage every dollar. It's easy, smart and effective to use ifsbo.info to make marketing your home complete, drive buyers to your ad and get your home sold.

Putting all your eggs in one basket isn't wise. Use Ifsbo.info as well as other advertising sources. Compare our services.

Setting the asking price

You’ve lived in your home for a number of years and now its time to sell. You think to yourself. How do I set a fair asking price?  We’ve added on, remodeled the kitchen and baths, and finished the basement into a family room. I’ve invested a lot of time and money into my home; plus, the house down the street sold for twice what I paid for my home 15 years ago. So then what’s a fair asking price if I sell my home today?

Consider what type of market your home is located in now, buyers market or sellers market? To do this consider some of the following.

Sellers Market: The ideal market to sell a home in is a sellers market. A sellers market is typically when there’re more buyers in a specific market area than homes available to buy. Buyers often compete with other buyers for homes often bidding higher than the asking price. A real hot sellers market could see multiple offers the same day the sign goes in the yard.

Buyers market: In a buyers market the reverse is true. There’re more homes than buyers and buyers often make offers well below asking price. Buyers are also willing to make offers on others homes before negotiating hoping to buy the best value in the market.

Housing inventory: To determine the type of market you’ll be selling in you’ll need to know the housing inventory. The inventory is all property available for housing in your area and includes homes listed with real estate brokers, builders, for sale by owners, through auctions and available by bank owned real estate (REO).

You can research inventory on the web. Sites like Realtor.com represents listed properties by real estate brokerage firms. You’ll also need to research for sale by owner sites as well as local newspaper or drive by yard signs to get the other homes in your market area. Some websites can give you a figure based on area selling trends, typically for a fee. Another place to get accurate information is a real estate company or appraiser. They will be looking for your business or a fee as well in most cases.

Next you’ll need to consider the amount of time each of those properties has been on the market or DOM (days on market). Real estate companies are a good source for this information. Zillow.com can also give you some idea weather prices are rising or falling. Try to compare the dom of current homes for sale today to homes that sold a few months ago. In general, if homes are selling faster than a few months ago you’re either in a sellers market or headed that way and can possibly receive a higher than asking selling price. If the reverse is true then a buyers market is what you’ll be dealing with and lower selling prices can be expected.

The last thing is new construction. If builders are building entry level housing and your home is more of a first time home buyers’ property then be prepared to sell for less than their asking price. On the other hand it may also indicate a demand for housing in that price range. Check with local government agencies to help determine your situation. If builder overbuilds they could offer big discounts to move their inventory as well.

Professionals in the business: It's up to you to seek out good advice. If you're uncomfortable with the answers you get ask for a second opinion. In the end regardless of whether you're selling on your own or through a brokerage firm it's always wise to get competent and reliable information. Ask questions if you don't understand. There are professionals that can help.

Chipping Away At Realtors' Six Percent

Lesley Stahl Reports How Realtors' Commission Fees Are Under Assault.

Read the full report.