Oswaldo "Wally" Torres, Your Friend in Real Estate!

Can you no longer afford your home?

Oswaldo "Wally" Torres, Your Friend in Real Estate! (Future Home Realty) — Tue, 15 Dec 2009 11:33:26 -0600

Behind on your mortgage?
Is your mortgage more than the current value of your home?
Are you experiencing a financial hardship?
Are You Facing Foreclosure?
Can you no longer afford your home?

You are not alone! Know Your Options!

We will negotiate with your lender on your behalfto accept less than you owe on your mortgage, and forgive the difference; this is called a Short Sale! With a Short Sale you can basically list your home for FREE since my fee is paid by the lender - all while protecting your credit!

Call TODAY for a confidential interview!

727.247.6355

Oswaldo "Wally" Torres

REO, Short Sale & Loss Mitigation Specialist

$6,500 Existing Home Owner-Homebuyer Tax Credit

Oswaldo "Wally" Torres, Your Friend in Real Estate! (Future Home Realty) — Wed, 02 Dec 2009 15:06:20 -0600

The Worker, Homeownership, and Business Assistance Act of 2009 has established a tax credit of up to $6,500 for qualified existing home owners purchasing a principal residence after November 6, 2009 and on or before April 30, 2010. Homes with a binding sales contract signed by April 30, 2010 must close by June 30, 2010 to qualify for the tax credit.

The law defines a tax credit qualified move-up home buyer as a person who has owned and lived in the same home for at least five consecutive years of the eight years prior to the purchase date. For married taxpayers, the law tests the homeownership history of both the home buyer and their spouse.

The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $6,500. Purchases of homes priced above $800,000 are not eligible for the tax credit. Repeat home buyers do not have to purchase a home that is more expensive than their previous home to qualify for the tax credit.

The maximum income limit for single taxpayers is $125,000 and $225,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income above those limits.

To learn more, please contact me and let's get started!

First Time Home Buyer Tax Credit of up to $8,000

Oswaldo "Wally" Torres, Your Friend in Real Estate! (Future Home Realty) — Wed, 02 Dec 2009 15:04:01 -0600

The Worker, Homeownership and Business Assistance Act of 2009 has extended the First Time Home Buyer Tax Credit of up to $8,000 to qualified first time home buyers.

The tax credit now applies to sales occurring on or after January 1, 2009 and/or before April 30, 2010. Homes under contract by April 30, 2010 will qualify for the tax credit if closed by June 30, 2010.

The First Time Home Buyer Tax Credit is equal to10% of the purchase price up to $8,000.

To qualify for the Tax Credit a First Time Home Buyer is someone who has not owned a primary residence during the three years period prior to the purchase. For married couples, the law tests the ownership history for both the home buyer and the spouse. For sales occurring after November 6, 2009 the income limits for single taxpayers is $125,000 and for married tax payers filing joint returns $225,000. The tax credit amount is modified for taxpayers exceeding those income limits.

The purchase price for the home has to be equal to or less than $800,000.

To learn more about the advantages of the first time home buyer tax credit give us a call at 727.247.6355 and we'll be glad answer any questions that you may have concerning the tax credit.

Always seek the advice of a qualified tax advisor on this or any other tax related matters.

Featured Homes, Realtor.com

Oswaldo "Wally" Torres, Your Friend in Real Estate! (Future Home Realty) — Wed, 02 Dec 2009 14:50:47 -0600

Dear Homeowner(s),

Do you think being first is important? When it comes to selling homes for more I can assure you it does. Featured Homes on REALTOR.com^® are seen 10 times more often,¹ on average and this increased exposure can translate into potentially greater demand for your home and help it sell for more.

I am pleased to be one of the few REALTORS^® in New Port Richey utilizing the most powerful online real estate marketing program in America - the Featured Homes^TM Marketing System on the #1 real estate site, REALTOR.com^®.² When potential home buyers search for homes for sale, they will see your home prominently displayed first, with a full color photo, at the top of the page on REALTOR.com^®. Through powerful relationships, your home will also appear on MSN^®, the Wall Street Journal online, and over 50 additional real estate and franchise sites.

You can now benefit from this enhanced presence on REALTOR.com^®, where your home will stand out to more than 5.7 million individuals each month.¹ Couple this with the fact that home buyers and sellers spent 78% of the time they spent searching for a home online on REALTOR.com^®,³ and it's easy to see the powerful impact my Featured Home^TM spot can have for your home.

This is just one of the key ways I leverage recent changes in home buyer online behavior to get your home the maximum exposure it deserves when you are ready to sell. I invite you to visit my personal website at www.wallytorres.com to learn about my commitment to real estate marketing, or if you prefer, you can call me at 727.247.6355.

I would be delighted to meet with you in person to demonstrate how I can use the REALTOR.com^® Featured Homes^TM Marketing System and Future Home Realty's expert marketing resources to powerfully market your home.

Sincerely,

Oswaldo "Wally" Torres Future Home Realty

¹ Based on REALTOR.com® internal analysis for May 2007 average measure of property views with Featured Homes versus property views for non-Showcased Listings REALTOR.com^®each month of 2007 Net Ratings - ^®and other comparable real estate aggregation sites and excluding sites of franchisors/brokers

Don't list your home unless is featured in America's #1 Real Estate Website, REALTOR.com®

Oswaldo "Wally" Torres, Your Friend in Real Estate! (Future Home Realty) — Sun, 15 Nov 2009 11:13:41 -0600

As one of the few Featured Agents™ for New Port Richey on the #1 real estate site1, REALTOR.com®, I provide home sellers with a unique marketing system that can increase demand for your home. As a Featured Agent, I am prominently displayed to the over 5.7 million consumers who visit the site per month,¹ and I am able to utilize my marketing skills to make your property stand out and create substantially greater demand and, possibly, a higher sales price. While no REALTOR® can guarantee a certain price for your home, I can help ensure that your home receives greater exposure to help stimulate greater demand. My goal is not to sell more homes – it is to sell homes for more. I invite you to visit REALTOR.com® and my website at www.wallytorres.com to learn more about my commitment to real estate marketing, or if you prefer, please call me at 727.247.6355. I’d be delighted to meet with you in person to demonstrate how I, as a Featured Agent on REALTOR.com®, can leverage powerful marketing resources to help sell your home for more! Sincerely, Oswaldo “Wally” Torres Future Home Realty 1 Media Metrix – Number of unique users on REALTOR.com® each month of 2007.

Do You Owe More On Your Home Than Your Home Is Currently Worth!?!

Oswaldo "Wally" Torres, Your Friend in Real Estate! (Future Home Realty) — Wed, 07 Oct 2009 14:29:50 -0500

Do you or some one you know, owe more on their home than their home is currently worth! Most likely the home was purchased at the height of the market; 2004, 2005 or 2006 and now the mortgage is upside down, not current, or maybe both.

First things first!

What caused this unfortunate situation; illness, divorce, job loss, accident? Has the situation been corrected? In other words, if you lost your job did you find another? Are you capable of making the monthly payments now?

Please carefully review and write down the answers to these questions before you read any further.

What are your options?

1.You can work out an agreement with your lender or forbearance. In essence you are asking the lender to work out a payment plan that you can afford and that allows you to bring your mortgage current. This is a good option if the situation has been corrected and you now can afford to make the monthly payments. This arrangement may include; no payments for a predetermined number of months, reduced payments for a predetermined number of months, interest rate reduction, taking the past due payments and adding them to the end of the loan, or taking the delinquent payments and spreading them out through a predetermined number of months and adding them to your monthly payment (this last option will make your payments temporarily higher). Before this is approved, the lender will usually require that a financial statement be submitted and that you provide financial records including: W2's, current paystubs, and bank statements.

2.Many people file for bankruptcy as a delay tactic to the foreclosure process and/or to give them more time to sell their home. Bankruptcy should only be considered as a last resort. This decision should only be made with the guidance from an attorney.

There are two types of bankruptcy; Chapter 13 or Chapter 7!

A Chapter 13 bankruptcy is when you consolidate all your debt into one single payment and you make payments until your debt is paid in full. Typically for three years. Most people find that making payments is difficult and never complete the process.

Chapter 7 allows you to wipe off all debt and start from scratch and for most people this is their best option as it provides them with a fresh start. Once again, Bankruptcy should only be considered after consulting with an attorney that specializes in bankruptcy law.

3.If the problem that caused you to fall behind has been corrected you may borrow the money from a family member or friend and bring your mortgage current. However, this is only an option if you have the ability to stay current on your monthly payments and pay back the money you borrowed. Think this very carefully as a hasty decision here can cause you not only to go further in debt but to put a strain in your relationship with the person who lends you the money if you are unable to pay back the money you borrowed.

4.You can list your home and sell it as a "Short Sale". A Short Sale is when you, your attorney or your real estate agent negotiates on your behalf with your lender or lenders to allow you to sell short. In other words, the lender accepts to take a discount on the mortgage note instead of going through the often lengthy and expensive process of foreclosing on the home.

The average foreclosure process can be an expensive and lengthy proposition for the lender. A contested foreclosure can add months to an already lengthy process and it includes expenses such as; attorney fees, court fees, lost interest, sales expenses, closing costs, repairs, insurance, title insurance, taxes, damage from vandalism and/or storm damage, etc.

In addition, an REO (real estate owned), adds to the amount the Federal Government requires the bank to keep in reserves, affecting the money they have available to lend. Banks are not in the business of foreclosing on homes they make money from lending money. They are better off taking the "Short Sale" today, close on it and get it off their books.

5.How does this benefit you; the seller? By getting your property sold today you are relieved of a very stressful situation allowing you to concentrate on getting your life back on track. Especially, if you can not afford to make the monthly payments.

A good real estate agent, who is knowledgeable on short sales may help the seller by explaining the pros and cons of the "Short Sale", help the seller prepare the lenders package, help find an able and willing buyer and negotiate with the lender on behalf of the seller to accept a discount on the mortgage.

A "Short Sale" may help the seller find a solution that may help them avoid bankruptcy and/or foreclosure. However, every situation is different and you should always seek professional assistance.

6.There are many risks to the seller associated with the short sale, including; possible tax liabilities, the lender may still go after the seller for the money they lost, the lender may require the seller to sign a note, the lender may file a deficiency judgment against the seller or the short sale may never go through resulting in foreclosure.

Many sellers fear the "Short Sale" because of these risks. Truth is whether they "Sell Short" or the lender forecloses on the home they will have a deficiency. The further the foreclosure process goes through the higher the costs associated with the lender and the less likely they are to negotiate with you.

The lender can only take one of three actions at a time against you; have you sign a note agreeing to pay back the remainder of the loan (all or part), chase you by filing a deficiency judgment, or write it off and send you a 1099 at the end of the year. The later may produce a tax liability.

Once an offer has been received on your home and approved by the lien holder(s), you should proceed with the short sale only if: (a)Lien holder(s) has prepared a note and payment plan for the deficiency that is satisfactory to you or (b) Lien holder agrees to forgive the debt and waive their right to have you sign a note and/or file a deficiency judgment against you

The later is your best option and may be written as a contingency in your contract and may be negotiated as part of the lien holder's written approval of the short sale.

Just remember; the lien holder does not have to approve the "Short Sale" and does not have to forgive your debt or waive their right to a deficiency judgment. This is something that may be negotiated as part of the "Short Sale" process.

In the event that the negotiations have been successful and the lien holder has agreed to forgive a portion of your note, you may receive a 1099 at the end of the year showing the forgiveness of debt as earned income. A good tax advisor with knowledge of The Mortgage Forgiveness Debt Relief Act can help you minimize or prevent any tax liability resulting form a "Short Sale".

Please consult with your Tax Advisor, CPA and/or Tax Attorney for possible tax ramifications and/or go to www.irs.gov and review The Mortgage Forgiveness Debt Relief Act and Debt Cancellation before listing your home for sale.

No Real Estate Agent, Attorney or Mitigation Company can guarantee any results when it comes to a "short sale". Never pay any advance fees for these services and always seek the advice of an attorney in all legal matters and/or tax advisor or CPA in all tax matters.

These blog is not intended as legal or tax advice and Oswaldo "Wally" Torres, Future Home Realty and their affiliates are not attorneys or tax advisors. No part of this Blog is intended as legal or tax advice and shall not be interpreted as providing legal or tax advice to anyone reading this Blog.

© Oswaldo "Wally" Torres - 2009

The Florida Housing Opportunity Program (FHOP) - Pasco County

Oswaldo "Wally" Torres, Your Friend in Real Estate! (Future Home Realty) — Thu, 01 Oct 2009 12:51:08 -0500

FYI received this email from Pasco CDC, read below;

The Florida Housing Opportunity Program (FHOP) is a special program to provide up to $8,000 in assistance to first-time homebuyers to receive advance funding for the homebuyer's tax credit. Right now, this program is set to expire November 30, 2009. To help the program along, Pasco County is SUSPENDING the requirements for all recipients to go through the County's homebuyer education class. We know for a closing to occur before November 30, a contract needs to be signed now. One-on-one counseling will still occur, but that will not delay closings.

Please contact us if you have any questions. Information about the program is available at the following website:

http://portal.pascocountyfl.net/portal/server.pt/community/citizens/299/home_buyers_documents_and_forms

How Well Do You Roll the DICE!

Oswaldo "Wally" Torres, Your Friend in Real Estate! (Future Home Realty) — Mon, 14 Sep 2009 15:37:30 -0500

I have worked in real estate since 1992. Started as a Realtor© moved on to mortgages and eventually property management; including managing a portfolio of 20 properties for a large REIT out of Chicago. Now I have come full circle working again as a Realtor©.

During all those years there was a lesson that stuck with me. Whether I was qualifying someone to buy a home, get a home loan or qualifying for a rental; the end decision always was affected by the acronym DICE.

DICE stands for Debt, Income, Credit and Equity.

Let's review them one by one and see how they affect your ability to buy a home and qualify for a loan.

Debt - this is the amount of credit card, car loans, personal loans, student loans, mortgage(s) that you are responsible for at any given time. If you are maxed out on your lines of credit, it will have a negative impact on your credit score. You may have a $100,000 in credit from credit card companies but if they are all maxed out, lenders see you as a high credit risk and you would be less likely to get a loan even if you always pay on time. You should always try and keep the credit card balance to no more than 50% of your credit line. I always tell people to use your credit wisely and always pay your credit card debt in full.

Income - This is your gross monthly or yearly income. Lenders will take this number and determine what percentage goes into paying monthly debt. This is called the debt to income ratio. There are two ratios lenders look at; front end and back end.

Front end is your projected monthly mortgage payment including taxes and insurance. The back end is your projected monthly mortgage payment, including taxes and insurance, plus all consumer debt.

For example, a conventional loan may use the 33%/38% debt to income ratio; on the front end your mortgage payment including taxes and insurance should not exceed 33% of your gross monthly income and on the back end your mortgage payment including taxes and insurance plus all consumer debt should not exceed 38% of your gross monthly income. For FHA loans this number may be higher. Also lenders may make exceptions depending on other factor such as... YOUR CREDIT SCORE!

Credit - while most lenders will tell you they do not use a credit score to qualify for a loan all of them have guidelines that affect your qualification according to your credit score. The higher your credit score the less of a credit risk you are perceived to be. Of course this is greatly affected by your debt to income ratio and the amount of your down payment in other words; your Equity!

Equity - This is the amount of money you are using as a down payment on your home. This will determine your loan to value ratio. Obviously the larger your down payment the more flexible lenders are with the other three factors affecting your loan approval. Of course there are, limits to that flexibility and is affected by your credit worthiness and your debt to income ratios. For example an FHA loan the minimum down payment is 3.5% of the purchase price. For a conventional loan this is more in line with at least 10% down.

So how well do you roll the DICE!

Don't Pay Another Cent in Rent To Your Landlord . . .

Oswaldo "Wally" Torres, Your Friend in Real Estate! (Future Home Realty) — Wed, 19 Aug 2009 15:16:33 -0500

Don't Pay Another Cent in Rent To Your Landlord . . .

"If you're like most renters, you feel trapped within the walls of a house or apartment that doesn't feel like yours."

It's a dream we all have - to own our own home and stop paying rent. But if you're like most renters, you feel trapped within the walls of a house or apartment that doesn't feel like yours. How could it when you're not even permitted to bang in a nail or two without a hassle. You feel like you're stuck in the renter's rut with no way of rising up out of it and owning your own home.

Don't Feel Trapped Anymore

It doesn't matter how long you've been renting, or how insurmountable your financial situation may seem. The truth is, there are some little known facts that can help you get over the hump, and transfer your status from renter to homeowner. With this information, you will begin to see how you really can:

save for a down payment
stop lining your landlord's pockets, and
stop wasting thousands of dollars on rent.

6 Little Known Facts That Can Help You Buy Your First Home

The problem that most renters face isn't your ability to meet a monthly payment. Goodness knows that you must meet this monthly obligation every 30 days already. The problem is accumulating enough capital to make a down payment on something more permanent.

But saving for this lump sum doesn't have to be as difficult as you might think. Consider the following 6 important points:

1. You can buy a home with much less down than you think

There are some local or federal government programs (such as 1st time buyer programs) to help people get into the housing market. You can qualify as a first time buyer even if your spouse has owned a home before as long as your name was not registered. Ensure your real estate agent is informed and knowledgeable in this important area and can offer programs to help you with your options.

2. You may be able to get your lender to help you with your down payment and closing costs

Even if you do not have enough cash for a down payment, if you are debt free, and own an asset free and clear (such as a car for example), your lending institution may be able to lend you the down payment for your home by securing it against this asset.

3. You may be able to find a seller to help you buy and finance your home

Some sellers may be willing to hold a second mortgage for you as a seller take-back. In this case, the seller becomes your lending institution. Instead of paying this seller a lump sum full amount for his or her home, you would pay monthly mortgage installments.

4. You may be able to create a cash down payment without actually going into debt

By borrowing money for certain investments to a specified level, you may be able to generate a significant tax refund for yourself that you can use as a down payment. While the money borrowed for these investments is technically a loan, the monthly amount paid can be small, and the money invested in both home and investment will be yours in the end.

5. You can buy a home even if you have problems with your credit rating

If you can come up with more than the minimum down payment, or can secure the loan with other equity, many lending institutions will consider you for a mortgage. Alternatively, a seller take-back mortgage could also help you in this situation.

6. You can, and should, get pre-approved for a home loan before you go looking for a home

Pre-approval is easy, and can give you complete peace-of-mind when shopping for your home. Mortgage experts can obtain written pre-approval for you at no cost and no obligation, and it can all be done quite easily over-the-phone. More than just a verbal approval from your lending institution, a written pre-approval is as good as money in the bank. It entails a completed credit application, and a certificate which guarantees you a mortgage to the specified level when you find the home you're looking for. Consider dealing only with a professional who specializes in mortgages. Enlisting their services can make the difference between obtaining a mortgage, and being stuck in the renter's rut forever. Typically there is no cost or obligation to enquire.

There are many important issues you should be aware of that affect you as a renter. Why on earth would you continue to lose thousands by throwing it away on rent when with your agent you could take a few minutes to discuss your specific needs so that you can stop renting and start owning.

This conversation costs you nothing. And, of course, you shouldn't have to feel obligated to buy a home at the time you review this. But by taking the time to explore your options, and learn about the ways you can afford to buy a home, think how prepared and relaxed you'll be when you are ready to make this important step.

Click here to gain access to our VIP members only area

FREE Quick Over-The-Net Home Evaluation

Oswaldo "Wally" Torres, Your Friend in Real Estate! (Future Home Realty) — Tue, 18 Aug 2009 10:30:03 -0500

FREE Quick Over-The-Net Home Evaluation

Knowing what your home is worth is important information to have if you are thinking of selling your home.

Using the information you submit to us in the form below, we will conduct a thorough comparative market analysis by searching the database of all homes listed or sold in your area.

With this current market data, we will be able to determine what your home might sell for if you decided to put it on the market.

There is no cost or obligation for this valuable service.

For a FREE Home Evaluation, please click on the link below:

FREE Quick Over-The-Net Home Evaluation

Ask a Real Estate expert

Oswaldo "Wally" Torres, Your Friend in Real Estate! (Future Home Realty) — Mon, 17 Aug 2009 10:02:54 -0500

Ask a Real Estate Expert

To submit a question just click on the above link, fill out the form and click the SUBMIT button at the bottom of the form.

Your question will automatically be forwarded to an appropriate Real Estate expert for response.

Better be running...

Oswaldo "Wally" Torres, Your Friend in Real Estate! (Future Home Realty) — Mon, 17 Aug 2009 09:55:17 -0500

"Every morning in Africa a gazelle wakes up. It knows it must run faster than the fastest lion or it will be killed. Every morning a lion wakes up. It knows it must outrun the slowest gazelle or it will starve to death. It doesn't matter whether you are a lion or a gazelle - when the sun comes up, you'd better be running."

-Unknown

The Real Estate Market Has Changed . . .

Oswaldo "Wally" Torres, Your Friend in Real Estate! (Future Home Realty) — Sun, 16 Aug 2009 08:07:18 -0500

The Real Estate Market Has Changed . . .
"Buyers are far more discriminating, and a large percentage of the homes listed for sale don't sell the first time. It's more critical than ever to learn what you need to know to avoid costly seller mistakes in order to sell your home fast and for the most amount of money."

Remember not so long ago, when you could make your fortune in real estate. It was nothing then to buy a home, wait a short while, and then sell it at a tidy profit.

And then do it all over again.

Well, as you probably know, times have changed. As good as the market is right now, home prices are still below what they were at their peak. Buyers are far more discriminating, and a large percentage of the homes listed for sale never sell. It's more critical than ever to learn what you need to know to avoid costly seller mistakes in order to sell your home fast and for the most amount of money.

Learn the "The 9 Step System to Get Your Home Sold Fast and For Top Dollar" by clicking on the link below:

The 9 Step System to Get Your Home Sold Fast and For Top Dollar

27 Tips You Should Know To Get Your Home Sold Fast and For Top Dollar

Oswaldo "Wally" Torres, Your Friend in Real Estate! (Future Home Realty) — Sat, 15 Aug 2009 10:50:22 -0500

27 Tips You Should Know To Get Your Home Sold Fast and For Top Dollar

"...discover how to protect and capitalize on your most important investment.."

Because your home may well be your largest asset, selling it is probably one of the most important decisions you will make in your life. To better understand the homeselling process, a guide has been prepared from current industry insider reports. Through these 27 tips you will discover how to protect and capitalize on your most important investment, reduce stress, be in control of your situation, and make the most profit possible.

1. Understand Why You Are Selling Your Home

Your motivation to sell is the determining factor as to how you will approach the process. It affects everything from what you set your asking price at to how much time, money and effort you're willing to invest in order to prepare your home for sale. For example, if your goal is for a quick sale, this would determine one approach. If you want to maximize your profit, the sales process might take longer thus determining a different approach.

2. Keep the Reason(s) You are Selling to Yourself

The reason(s) you are selling your home will affect the way you negotiate its sale. By keeping this to yourself you don't provide ammunition to your prospective buyers. For example, should they learn that you must move quickly, you could be placed at a disadvantage in the negotiation process. When asked, simply say that your housing needs have changed. Remember, the reason( s) you are selling is only for you to know .

3. Before Setting a Price - Do Your Homework

When you set your price, you make buyers aware of the absolute maximum they have to pay for your home. As a seller, you will want to get a selling price as close to the list price as possible. If you start out by pricing too high you run the risk of not being taken seriously by buyers and their agents. If you are pricing too low it can result in selling for much less than you were hoping for.

Setting Your Home's Sale Price

If You Live in a Subdivision - If your home is comprised of similar or identical floor plans, built in the same period, simply look at recent sales in your neighborhood subdivision to give you a good idea of what your home is worth.

If You Live in An Older Neighborhood - As neighborhoods change over time each home may be different in minor or substantial ways and you will probably find that there aren't many homes truly comparable to yourown. In this case you may want to consider seeking a Realtor ® to help you with the pricing process.

If You Decide to Sell On Your Own - A good way to establish a value is to look at homes that have sold in your neighborhood within the past 6 months, including those now on the market. This is how prospective buyers will assess the worth of your home. Also a trip to City Hall can provide you with home sale information in its public records, for most communities.

4. Do Some "Home Shopping" Yourself

The best way to learn about your competition and discover what turns buyers off is to check out other open houses. Note floor plans, condition, appearance, size of lot, location and other features. Particularly note, not only the asking prices but what they are actually selling for. Remember, if you're serious about getting your home sold fast, don't price it higher than your neighbor's.

5. When Getting an Appraisal is a Benefit

Sometimes a good appraisal can be a benefit in marketing your home. Getting an appraisal is a good way to let prospective buyers know that your home can be financed. However, an appraisal does cost money, has a limited life, and there's no guarantee you'll like the figure you hear.

6. Tax Assessments - What They Really Mean

Some people think that tax assessments are a way of evaluating a home. The difficulty here is that assessments are based on a number of criteria that may not be related to property values, so they may not necessarily reflect your home's true value.

7. Deciding Upon a Realtor®

According to the National Association of Realtors, nearly two-thirds of the people surveyed who sell their own homes say they wouldn't do it again themselves. Primary reasons included setting a price, marketing handicaps, liability concerns, and time constraints. When deciding upon a Realtor® , consider two or three. Be as wary of quotes that are too low as those that are too high.

All Realtors® are not the same! A professional Realtor® knows the market and has information on past sales, current listings, a marketing plan, and will provide their background and references. Evaluate each candidate carefully on the basis of their experience, qualifications, enthusiasm and personality. Be sure you choose someone that you trust and feel confident that they will do a good job on your behalf.

If you choose to sell on your own, you can still talk to a Realtor® . Many are more than willing to help do-it-your-selfers with paperwork, contracts, etc. and should problems arise, you now have someone you can readily call upon.

8. Ensure You Have Room to Negotiate

Before settling on your asking price make sure you leave yourself enough room in which to bargain. For example, set your lowest and highest selling price. Then check your priorities to know if you'll price high to maximize your profit or price closer to market value if you want sell quickly.

9. Appearances Do Matter - Make them Count!

Appearance is so critical that it would be unwise to ignore this when selling your home. The look and "feel" of your home will generate a greater emotional response than any other factor. Prospective buyers react to what they see, hear, feel, and smell even though you may have priced your home to sell.

10. Invite the Honest Opinions of Others

The biggest mistake you can make at this point is to rely solely on your own judgment. Don't be shy about seeking the honest opinions of others. You need to be objective about your home's good points as well as bad. Fortunately, your Realtor® will be unabashed about discussing what should be done to make your home more marketable.

11. Get it Spic n' Span Clean and Fix Everything, Even If It Seems Insignificant

Scrub, scour, tidy up, straighten, get rid of the clutter, declare war on dust, repair squeaks, the light switch that doesn't work, and the tiny crack in the bathroom mirror because these can be deal-killers and you'll never know what turns buyers off. Remember, you're not just competing with other resale homes, but brand-new ones as well.

12. Allow Prospective Buyers to Visualize Themselves in Your Home

The last thing you want prospective buyers to feel when viewing your home is that they may be intruding into someone's life. Avoid clutter such as too many knick-knacks, etc. Decorate in neutral colors, like white or beige and place a few carefully chosen items to add warmth and character. You can enhance the attractiveness of your home with a well-placed vase of flowers or potpourri in the bathroom. Home-decor magazines are great for tips.

13. Deal Killer Odors - Must Go!

You may not realize but odd smells like traces of food, pets and smoking odors can kill deals quickly. If prospective buyers know you have a dog, or that you smoke, they'll start being aware of odors and seeing stains that may not even exist. Don't leave any clues.

14. Be a Smart Seller - Disclose Everything

Smart sellers are proactive in disclosing all known defects to their buyers in writing. This can reduce liability and prevent lawsuits later on.

15. It's Better With More Prospects

When you maximize your home's marketability, you will most likely attract more than one prospective buyer. It is much better to have several buyers because they will compete with each other; a single buyer will end up competing with you.

16. Keep Emotions in Check During Negotiations

Let go of the emotion you've invested in your home. Be detached, using a business-like manner in your negotiations. You'll definitely have an advantage over those who get caught up emotionally in the situation.

17. Learn Why Your Buyer is Motivated

The better you know your buyers the better you can use the negotiation process to your advantage. This allows you to control the pace and duration of the process.

As a rule, buyers are looking to purchase the best affordable property for the least amount of money. Knowing what motivates them enables you to negotiate more effectively. For example, does your buyer need to move quickly. Armed with this information you are in a better position to bargain.

18. What the Buyer Can Really Pay

As soon as possible, try to learn the amount of mortgage the buyer is qualified to carry and how much his/her down payment is. If their offer is low, ask their Realtor® about the buyer's ability to pay what your home is worth.

19. When the Buyer Would Like to Close

Quite often, when buyers would "like" to close is when they need to close. Knowledge of their deadlines for completing negotiations again creates a negotiating advantage for you.

20. Never Sign a Deal on Your Next Home Until You Sell Your Current Home

Beware of closing on your new home while you're still making mortgage payments on the old one or you might end up becoming a seller who is eager (even desperate) for the first deal that comes along.

21. Moving Out Before You Sell Can Put You at a Disadvantage

It has been proven that it's more difficult to sell a home that is vacant because it becomes forlorn looking, forgotten, no longer an appealing sight. Buyers start getting the message that you have a another home and are probably motivated to sell. This could cost you thousands of dollars.

22. Deadlines Create A Serious Disadvantage

Don't try to sell by a certain date. This adds unnecessary pressure and is a serious disadvantage in negotiations.

23. A Low Offer - Don't Take It Personally

Invariably the initial offer is below what both you and the buyer knows he'll pay for your property. Don't be upset, evaluate the offer objectively. Ensure it spells out the offering price, sufficient deposit, amount of down payment, mortgage amount, a closing date and any special requests. This can simply provide a starting point from which you can negotiate.

24. Turn That Low Offer Around

You can counter a low offer or even an offer that's just under your asking price. This lets the buyer know that the first offer isn't seen as being a serious one. Now you'll be negotiating only with buyers with serious offers.

25. Maybe the Buyer's Not Qualified

If you feel an offer is inadequate, now is the time to make sure the buyer is qualified to carry the size of mortgage the deal requires. Inquire how they arrived at their figure, and suggest they compare your price to the prices of homes for sale in your neighborhood.

26. Ensure the Contract is Complete

To avoid problems, ensure that all terms, costs and responsibilities are spelled out in the contract of sale. It should include such items as the date it was made, names of parties involved, address of property being sold, purchase price, where deposit monies will be held, date for loan approval, date and place of closing, type of deed, including any contingencies that remain to be settled and what personal property is included (or not) in the sale.

27. Resist Deviating From the Contract

For example, if the buyer requests a move-in prior to closing, just say no and that you've been advised against it. Now is not the time to take any chances of the deal falling through.

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9 Buyer Traps and How to Avoid Them

Oswaldo "Wally" Torres, Your Friend in Real Estate! (Future Home Realty) — Mon, 03 Aug 2009 10:26:49 -0500

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9 Buyer Traps and How to Avoid Them

"A systemized approach to the home buying process can help you steer clear of these common traps, allowing you to not only cut costs, but also secure the home that's best for you."

No matter which way you look at it, buying a home is a major investment. But for many homebuyers, it can be an even more expensive process than it needs to be since they fall prey to at least a few of the many common and costly mistakes which trap them into either:

paying too much for the home they want, or
losing their dream home to another buyer or,
(worse) buying the wrong home for their needs.

A systemized approach to the home buying process can help you steer clear of these common traps, allowing you to not only cut costs, but also secure the home that's best for you.

9 Buyer Traps

This important report discusses the 9 most common and costly homebuyer traps, how to identify them, and what you can do to avoid them:

1. Bidding Blind

What price should you offer when you bid on a home? Is the seller's asking price too high, or does it represent a great deal. If you fail to research the market in order to understand what comparable homes are selling for, making your offer would be like bidding blind. Without this knowledge of market value, you could easily bid too much, or fail to make a competitive offer at all on an excellent value.

2. Buying the Wrong Home

What are you looking for in a home? A simple enough question, but the answer can be quite complex. More often than not, buyers have been swept up in the emotion and excitement of the buying process only to find themselves the owner of a home that is either too big or too small. Maybe they're stuck with a longer than desired commute to work, or a dozen more fix-ups than they really want to deal with now that the excitement has died down. Take the time upfront to clearly define your wants and needs. Put it in writing and then use it as a yard stick with which to measure every home you look at.

3. Unclear Title

Make sure very early on in the negotiation that you will own your new home free and clear by having a title search completed. The last thing you want to discover when you're in the back stretch of a transaction is that there are encumbrances on the property such as tax liens, undisclosed owners, easements, leases or the like.

4. Inaccurate Survey

As part of your offer to purchase, make sure you request an updated property survey which clearly marks your boundaries. If the survey is not current, you may find that there are structural changes that are not shown (e.g. additions to the house, a new swimming pool, a neighbor's new fence which is extending a boundary line, etc.). Be very clear on these issues.

5. Undisclosed Fix-ups

Don't expect every seller to own up to every physical detail that will need to be attended to. Both you and the seller are out to maximize your investment. Ensure that you conduct a thorough inspection of the home early in the process. Consider hiring an independent inspector to objectively view the home inside and out, and make the final contract contingent upon this inspector's report. This inspector should be able to give you a report of any item that needs to be fixed with associated, approximate cost.

6. Not Getting Mortgage Pre-approval

Pre-approval is fast, easy and free. When you have a pre-approved mortgage, you can shop for your home with a greater sense of freedom and security, knowing that the money will be there when you find the home of your dreams.

7. Contract Misses

If a seller fails to comply to the letter of the contract by neglecting to attend to some repair issues, or changing the spirit of the agreement in some way, this could delay the final closing and settlement. Agree ahead of time on a dollar amount for an escrow fund to cover items that the seller fails to follow through on. Prepare a list of agreed issues, walk through them, and check them off one by one.

8. Hidden Costs

Make sure you identify and uncover all costs - large and small - far enough ahead of time. When a transaction closes, you will sometimes find fees for this or that sneaking through after the "sub"-total fees such as loan disbursement charges, underwriting fees etc. Understand these in advance by having your lender project total charges for you in writing.

9. Rushing the Closing

Take your time during this critical part of the process, and insist on seeing all paperwork the day before you sign. Make sure this documentation perfectly reflects your understanding of the transaction, and that nothing has been added or subtracted. Is the interest rate right? Is everything covered? If you rush this process on the day of closing, you may run into a last minute snag that you can't fix without compromising the terms of the deal, the financing, or even the sale itself.

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Oswaldo "Wally" Torres, Your Friend in Real Estate!

Can you no longer afford your home?

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Is your mortgage more than the current value of your home?

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