Two For Sale By Owner Deal Killers

You’ve just negotiated a deal with a buyer and have a signed sales contract. The good news is that you’re almost there. The bad news is the finish line is still not as close as you think. Even though you and the buyer have agreed upon a price, there’s still room for the deal to fall through. Two big parts of the transaction still lay ahead – the inspection and the buyer’s mortgage.

Home Inspection

With most standard sales contracts, the buyer will request that they be allowed to perform a home inspection. If this inspection isn’t satisfactory to the buyer, the deal could die right there. There are three major types of inspections that the buyer can have completed.

  • Termite Inspection. Depending on your state’s laws either you or the buyer could be responsible for the termite inspection. If it is your responsibility as the seller, then you must have a letter from a licensed pest control company that states your home does not have any termites. Whether you or the buyer pays for the inspection, it is your duty to clear up the problem before closing.
  • Roof Inspection. Should the roof inspection result in repairs to be completed, you are required to cover the repairs.
  • General Inspection. This is an inspection of major appliances, air conditioning, heating, plumbing, and electrical systems. As the seller, you are required to repair or replace any of these items that fail inspection.

Avoid inspection problems by having your own inspection completed before you put your home on the market. That way you have time to make the repairs before a buyer’s inspector catches them.

Alternatively, you could sell your home „as is.“ Such a stipulation must be included in the sales contract and lets the buyer know that you won’t be fixing any problems that may arise from any inspection.

The major drawback to selling your home „as is“ is that any potential buyer will assume that you know of problems in your home that are too expensive for you to fix, thus making them extremely reluctant to want to even make an offer. If they do, don’t be surprised if it’s significantly lower than your asking price.

Mortgage Pit Falls

Your buyer’s ability to purchase your home is contingent upon his or her approval for a mortgage. If the buyer does not get approved for a mortgage that’s large enough to purchase your home, the deal will fall through unless you’re willing to lower the purchase price. Without financing, it is impossible for the buyer to purchase your home.

What can you do to avoid this problem? Make sure all buyers are pre-qualified before you begin negotiations. Ask prospective buyers for a pre-approval letter from a lender. Serious buyers will already have gotten pre-approved for a mortgage. Make sure the amount the buyer has been pre-approved for will cover the sales price of your home.

You might also work with the buyer to obtain financing. If you are working with a real estate attorney, he or she might be a resource that can assist the buyer in contacting a lender or mortgage broker. Alternatively, you can contact a local real estate agency to get recommendations on lenders or brokers.

Just because they’ve been turned down by one lender doesn’t mean that another won’t approve them for a loan. Be patient and keep working.

As a Realtor I’ve seen my fair share of home sales fall through because of failed inspections and lack of financing.

As an owner, you’re in control of the inspection. You can choose to fix any and all problems that an inspector finds.

Financing on the other hand requires a significant amount of faith, and often times hope. So while you’re waiting for the a buyer’s financing to be approved keep your home on the market and continue to work for offers in the hope that you can end up with a secondary offer that you can fall back on if the original offer falls through.

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Source by Adam E. Holberg

Real Estate Deposit vs Down Payment

When you’re selling your home, you have to be familiar with related real-estate lingo. You have to know the difference between a canopy and an awning; a mortgage and a loan; and most importantly, the difference between a deposit and a down payment.

Believe it or not, there are a lot of home sellers who think that deposits and down payments are one and the same, when in reality they are not.

A deposit is the money given or handed over to the owner when a buyer indicates a sincere desire to purchase the property being sold. It is a token amount that could be as small as a few hundred dollars, or as big as 5% of the total purchase price. The deposit can be returned when the transaction does not fall through for reasons beyond the control of the buyer, and can also be forfeited in favour of the seller. When the purchase pushes through, the deposit is credited to the buyer and forms part of his down payment.

A down payment or equity, on the other hand, can be considered as an initial payment on the property itself. It is given when the buyer has decided to actually purchase the house (unlike in deposit, where it is given when the buyer indicates a desire to buy the unit). The down payment is the total amount of money a buyer can give as a partial payment and is generally of a bigger value (10% of the total property cost, or more) than regular deposits.

It’s fairly easy to differentiate. Just remember that a deposit is smaller and, once the transaction pushes through, becomes part of the down payment. The total of these two, plus any outstanding balance, should be the agreed upon purchase price of the property.

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Source by Gloria Smith

Realtor Lockboxes Explained: A Summary of Lockbox Options and Alternatives for Real Estate Agents

Real estate professionals today have a plethora of high tech options out there to enhance their business, but rarely do we fully consider the value of the lockbox – the sole piece of equipment responsible for allowing agents to show the homes that we sell everyday. The lockbox itself has evolved over time, and today agents find themselves comparing the value from a standard combination lockbox to that of a more high-tech electronic lockbox. Real estate agents today are pressed from all sides for fees, dues, and expenditures that are unavoidable costs of doing business, so when it comes to making a decision between a combination lockbox that’s just a few bucks versus a high-tech electronic lockbox that is substantially more expensive, does the increase in cost justify the value? Also, what are all the options out there for electronic lockboxes? This article highlights the findings of current industry options available.

Having the ability to show a home without the sellers there to watch your every move was a move in the right direction for the real estate industry. Agents know very well the situation where a seller will remain in a home during a showing and „pretend“ like they are minding their own business while the buyers tip-toe through the home trying not to impose while attempting to get a sense of what the home was like.

This is a wild departure from the typical showing when the sellers aren’t there; clients love to snoop around in order to get a good sense of the home. With the sellers not there, the buyers get a good opportunity to get a true sense of how that particular home would feel and if they can see themselves living there. Put simply, it allows for a better, more convenient showing experience.

From this dilemma the lockbox was invented. A device securing the key for entry by licensed real estate agents to show their prospective buyers, and it allowed sellers (or their agents) the opportunity to have the home shown without the need of their presence. It saved time, and allowed for a better showing experience. Truly, it was a win-win.

However, early lockboxes were simply a combination lockbox. They are certainly inexpensive, but an obvious downside was the lack of security for the home in question once the lockbox code was known. Sellers would rely on the professional ethics of real estate agents to keep the code confidential, but sometimes the code would slip into hands of non-agents. Less frequently, the code would be found by people with malicious intent.

With the obvious shortfall of relying on the honor system to keep lockbox codes confidential, it offered the opportunity for a better solution that would allow for accountability along with the ability to show a home without the seller being present. As a result, it did not take long for „smart“ lockboxes using electronic technology to come into existence, thus revolutionizing the process of showing a home. Before a seller and their agent wouldn’t really know who was showing the property other than the confirmed appointments that were made. Flash forward to today, and you have the ability to know exactly who and exactly when someone shows a property through the use of an electronic lockbox. With these smart electronic lockboxes, only an agent or other authorized party can access the lockbox itself, further emboldening the assurance to a seller that only licensed agents and properly authorized individuals are showing or entering their home.

Today there are 2 main companies that provide these smart electronic lockboxes to real estate agency associations. They are Supra key and Sentrilock. Together they comprise the majority of the lockbox industry market; nobody else comes close.

Supra (or SupraKey) is owned by general electric and provides lockbox solutions to all sorts of niche industries, real estate lockboxes being one of them. Bill Love, national account manager for Supra, says that out of a given state or region in the country, Supra, on average, maintains an 80% market share. Supra has sold several million lockboxes throughout the years to real estate agents, and currently Love estimates that there are 1.5 million+ Supra lockboxes currently in use by about 750,000 real estate agents throughout the country.

The supra key itself features a cylindrical design up to the „shackle“ (the loop part of the lockbox that will noose around something and keep it in its place securely) where the shackle fits in seamlessly. Its simplistic design is pleasing to the eye, and to activate the lockbox, an agent has a „digital key“ that’s about the size of a small flip phone and has a number pad and screen on it. The agent sets the key to open a box and points it in the direction of an infrared sensor on the box itself. When the lockbox recognizes that it being accessed by the remote digital key, it will release to allow access and the bottom of the lockbox will fall out when it’s pushed by the agent, and voilà, the key to the home is available for the agent to take and open the door for the showing.

Love says that Supra has plans for upgrades to the current model lockbox that will include the ability for wireless Bluetooth access and syncing. Also, rather than having the digital key, if the agent has a smartphone, Supra offers an app for access with the phone instead, which makes it easier and more convenient, for a monthly fee. Love claims that the key difference with a Supra Lockbox is that „it keeps intelligence in the hands of the user.“ Rather than having to rely on extra equipment or other trades people, the user has the control. Supra has had the current model for several years now with incremental software updates along the way. If an agent wants to buy a new Supra lockbox, it costs around $90, but the actual price that an agent will pay is determined by the association that they belong to.

Sentrilock is the other major player in the real estate lockbox industry. Sentrilock, which is based out of Indiana and is partially owned by the National Association of Realtors has been around for less than a decade and currently services about 250 of the 1000+ Realtor associations throughout the country and Canada as well. These associations comprise about 250,000 agents and approximately 500,000 lockboxes in current use. Sentrilock has 2 main models that are currently used; one is a silver lockbox that resembles a cell phone from the late 1980’s, bulky and heavy and somewhat longer in size than the supra lockbox. It has a key pad directly on the front of the lockbox itself, and holds the key within a drop-down door that pops open when accessed.

The other lockbox they offer is a smaller, more compact blue lockbox that is more cube-ish in shape but with the similar functionality features. The main difference between the silver and blue lockbox is that the blue lockbox allows for more space within the lockbox itself (which is important for people trying to sell a condo and who need to include an „access fob“ in addition to the key to the front door of the unit itself – there just isn’t enough room for multiple keys or when including the access fob with Sentrilocks‘ silver lockbox). Sentrilock sells their lockboxes for about $125 a piece, but this also depends on where you are getting it from, as the actual retail price is determined by the local real estate association that sells the boxes.

Both lockbox companies offer substantial warranties on the product themselves. They also have a support team that is almost always available in the event there is difficulty in accessing a lockbox, or for troubleshooting purposes. Both companies offer a comprehensive online tool that can provide the analytics from the showings and use of a specific lockbox which agents can use to share with their clients.

Some of the main differences between these two are how the lockbox itself is accessed. Sentrilock doesn’t need an extra piece of equipment to open a box. Rather, they utilize a „Smart-Card“ which is essentially a credit-card that fits into the lockbox and has a chip inside it that shares your information with the lockbox you are accessing. This card is all you need to access the lockbox, whereas Supra requires the digital key, although they have addressed this by means of offering the smart-phone app so an agent can use their phone in place of the digital key. Both systems require updating; in other words, the smart card for the sentrilock system requires you to stick your card in a „card reader“ that you get when you buy your smart-card that hooks into your computer. Every few days (the exact amount of days is determined by your local Realtor association) you must update the card through the card reader, which will allow you to show property, and at the same time uploads the information of the places you have shown to the Sentrilock system, which in turn is then able to be seen by the agents who owned the lockboxes of the places that you accessed. In a pinch you can update your card over the phone, but you can only do this once or twice.

On the other hand, supra keys update wirelessly. They didn’t always do this, where you were required to keep your „digital key“ docked on a charging station that was hooked up to a phone line. You had to do this every day and that’s how the system would both update your card as well as share your showing information to the system. The wireless updating feature has been in place for a year or two now, and takes the headache out of the equation of having you update your key each and every day.

The back end system for Sentrilock allows an agent to create specific access codes for one-time access of a specific lockbox. This makes it really convenient for a contractor, appraiser, termite inspector, etc. to be able to access a property with a code, but only one time because that code will expire after the day the code was intended to be used. This is a great feature that Supra doesn’t have an answer to.

Although there are benefits to both systems, any agent can’t simply choose which lockbox system they want to use – this is decided, agreed to and contractually obligated between either Sentrilock or Supra and an agent’s local real estate association. These associations, once they have agreed on a system to use can then „tweak“ the system to their discretion and preference. Things like the cost of a lockbox, whether the lockbox is leased or sold to agents, the amount of times an agent can renew their key by phone, the amount of days that can elapse before an update of an access key is required, these and more options can be tweaked and most real estate professionals are unaware that other options or preferences exist.

When comparing the benefits over your standard combination lockbox, an agent must be able to justify the added cost of a smart-electronic lockbox by the value it provides. It’s easy to do so, especially when taking the seller’s best interests at heart, as the smart lockbox will ensure accountability and a better safety and security measure for the showing process and for the home itself. Its analytics information and the ability to control who can actually gain access to the home are tantamount to successfully being able to gauge the interest in a home by means of how many people are interested in seeing it as well as being able to rest assure the seller that a home is being shown but in the most secure manner possible.

During this most recent downturn in the economy, most real estate markets throughout the country were inundated (and some still are) with foreclosure property. Certain real estate brokerages that specialized in this type of distressed property had the best years of production on record for the 2008 and 2009 years. All of these properties that needed to be shown and sold needed lockboxes, but the value provided by a smart lockbox through Sentrilock or Supra didn’t justify the cost to acquire, as distressed-property brokerages had inventories of 50, 100, 200 or 300 properties at a given time. The smart lockboxes were too expensive, especially when taking into account that the home in question was owned by the bank, it was vacant and the analytics of showings didn’t matter when a given foreclosure property is selling in no time at all with multiple offers. If an agent is carrying even 50 listings with a smart lockbox, it entails $5000 worth of lockboxes needed on all the properties he/she has for sale. At this point, a less expensive combination lockbox from Lowes for $7 looks way better and the total outlay for the lockboxes is substantially less. It’s a combination of utility value and overall price paid from the standpoint of the real estate professional, so it begs the question, why are the smart lockboxes so expensive?

Put simply, the market will bear the current price point of both the Supra and Sentrilock lockboxes because the value they provide are well worth the cost. That being said, certain companies have come into existence that are poised to take advantage of the amount of agents that want to sell their used lockboxes as well as the agents out there who don’t want to pay retail for the lockbox(es) they need for their business. Blake Nolan, co-owner of San Diego based LockboxSwap has created a website where a secondary market has been created and regulated for both the Sentrilock and Supra lockbox systems. Nolan says his company can help agents buy or sell their lockboxes and in the process save time and money. „Right now there is no real place online that offers what we offer“ Nolan Says. He continues that „if you call into (any association) and ask about used lockboxes, or where to sell your own lockboxes, they say to go try craigslist or Ebay. We created LockboxSwap to address this vast and untapped market opportunity.“

Nolan’s‘ LockboxSwap company plans to unveil the business this summer, and preliminary beta-test users have offered rave reviews.

In the world of Realtor lockboxes, smart-lockboxes are preferred because the overall value inherent in being able to secure a home, controlling the use of entry and having analytical accountability far outweighs the alternative of your standard combination lockbox (or no lockbox at all) Although the 2 main players in the Realtor lockbox arena have 2 excellent products, both fall short of being 100% perfect. They both do some things quite well and have the capabilities that the other does not. It would be great to be able to merge both products and concepts together, but since that is not possible, it’s up to each individual Realtor association to interview and determine which company is a better „fit“ for them. At the end of the day, the 2 companies and respective products, although imperfect, represent competition between one another which keeps productivity and innovation high while keeping prices in check. Companies like that of LockboxSwap help to do this further by inventing and establishing the precedent for an industry that hereto has yet to exist, but has the ability to offer a cost-efficient alternative to Realtor professionals when it comes to their lockbox needs.

No matter what, it’s obvious the industry is moving in the right direction; we are witnessing technological advancements that help to serve Realtor professionals do their job better and more efficiently, and it is interesting to see what will be the norm in the near future as well as the long term. For now, Realtor professionals should be confident in knowing that while it’s great where we stand today, the future is only getting brighter.

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Source by Michael Justin Wolf

The 4 Top Things The New Generation Of Home Buyers Want

The new generation of home buyers grew up with smart phones, apps and internet. They are used to having technologies that make their lives easier and more convenient so it is not surprising for them to wish for a home with these technologies installed.

1. Media Room

Many buyers prefer homes that have a private room with great quality surround sound system equipment, large flat screen TV and the latest A/V device.

Some buyers are not satisfied with having just one high tech room. They prefer their entire residence to be installed with the latest automated system. Given the significance of technology will continue to grow; investing in a smart home is a wise decision.

2. Home Offices

A home office is one of the top requirements for most of the new generation buyers. To lessen the risk of deterring some home buyers, do not create a home office with built-ins. If there are numerous rooms, then these buyers can do the customization of the home office themselves. They will want an office where there is enough space for their printers, laptops and other work related activities.

3. Hardwood Floors

Buyers are showing a preference for gleaming hardwood floors as they make the rooms look new, clean and less confined. Some buyers just do not like the feel of stepping into someone else’s carpet no matter how clean and attractive it is.

If you are the buyer and see a home you love yet you are turned off by the carpeting, do not move on to the next house right away. Try to see what’s underneath since there is a chance it has a hardwood floor which you will love.

4. Urban Areas

Most of the new generation of home buyers prefer to live in big cities with small urban areas. These are the buyers who want to live in areas where there is potential to meet new people and stay active. Aside from buildings that are near the transit hubs, they want those with the essential convenience of a local gym, spa, business centre, etc.

As the preference of home buyers change, so should be the home. Shrewd investment in the possible alterations on the home you plan to sell can reap big rewards on sale day. Although real estate has its ups and downs, it is still a very attractive venture. Supply the demands of the new generation of buyers and you will not only sell your home in as short a time possible but also get a great deal out of it.

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Source by Josh Mezger

How to Become a Jamaica Real Estate Agent – The Licence to Sell Jamaica Properties Legally

If you are looking to sell real estate in Jamaica, you can do so by attending the Real Estate Salesman’s Course #100H that is offered at the University of Technology, Jamaica. After passing the course, you are required to go through a few background checks to ensure you don’t have any skeletons in your closet. The final step is an interview with the Jamaica Real Estate Board to get final approval for you to become a Sales Agent.

Salesman’s Course #100H

This course is four weeks full time at the Faculty of the Built Environment, University of Technology, Jamaica. It offers material that is necessary for you to become an efficient agent in the local market, because what you don’t know can hurt you. You will be trained to handle transactions for Jamaica Properties such as Sales, Rentals and Leases.

Background Checks

The nature of the industry involves huge monetary transactions and in such a field you might find persons of a dishonest nature. In order to protect persons and their assets from thing like fraud, a background check is done on each applicant for a license approval, one of these checks is a police report.

The Interview With The Board

After gathering all the documents from your background check, you should submit these documents and attend an interview with an officer from the real estate board that puts the final stamp of approval on you application to become a sales agent in Jamaica.

Start Selling

After you have passed the exams and checks to practice in Jamaica legally, in most cases you must be employed to a licensed Dealer in Jamaica. There are some exceptions where persons can sell properties without being licensed but you should check the Jamaica real estate Act for the conditions.

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Source by Jerome C Campbell

Knowing The Best Home Plan Selling Can Help You Renovate To Sell

If you’re thinking of doing some renovations before you put your house on the market it helps to know what buyers are looking for in a new home. One good way to get an idea of the features that buyers want in a house is to take a look at the best home plans selling in each of the major categories of house plans. Whether your home is country, Victorian, Mediterranean, Ranch or Cape Cod, by studying the best home plan selling in your category, you can strategically emphasize the features that buyers want and sell your home faster.

The best home plan selling in the Victorian style, for instance, features gingerbread woodwork and scrollwork and lots and lots of windows. If you’re planning to renovate a Victorian home to be more appealing, then, you might choose a paint scheme that plays up the delightful gingerbread detailing by painting it in a contrasting color to the main house.

Ranch homes feature efficient use of interior space. The best home plan selling in the ranch design features a dramatic entryway and clean contemporary design with few interior walls. Make your ranch home more appealing to buyers by making the most of those interior spaces with wide sweeps of clean white or neutral colors, or emphasize the entry hall with a mirror or fresh arrangement chosen especially to accent the space.

All of the suggestions above are drawn from the concept of ’staging‘ – a selling tool that is being used by more and more realtors. The basic idea behind staging is to use principles of psychology to make prospective buyers feel good in your house. The principle is sound – people want to buy a house that makes them feel good. By using color, space and decorating touches, you can set up your house to induce positive feelings in anyone that walks through the front door of the house for sale.

When you fine tune the principles of staging to suit particular house styles and emphasize the features that attract buyers to that style, you’re taking a step further into staging your home for sale. By taking the time to study the best home plan selling in the style of your home, you can pinpoint the features that buyers like about that style – and make your house stand out from the crowd.

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Makler Heidelberg


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Source by B Shelton

HUD-1 As A Marketing Tool – For Realtors

How Can HUD-1 Help You Generate Business?

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HUD-1 is a standard form you use very often. The form serves not just as a settlement closing statement, but also as a proof of payment of different tax deductions. Understanding the form and the tax deductible items and communicating them to your clients will help your clients to minimize their taxes and help you to build trust and get more business exposure.

What is the HUD-1

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HUD-1 is a form used by the settlement agent (closing agent) to itemize all incoming funds and all charges paid and accrued by a borrower and seller for a real estate transaction.

When is the HUD-1 Issued?

The Real Estate Settlement Procedures Act (RESPA) requires that the form be issued in all real estate transactions in the United States which involve federally related mortgage loans. RESPA states you should be given a copy of the HUD-1 at least one day prior to settlement.

When Do Clients Need HUD-1 For Taxes?

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Clients use the information included in the form when they file their annual taxes. The filing deadline is normally April 15 of every year for the proceeding year. To allow the client enough time to file taxes using the HUD-1 information, it is recommended that a copy of the HUD-1 will be sent to the client in January.

Because the real estate transaction takes place during the year, usually long before filing the tax return, the HUD-1 given to the client at closing time could be lost or misplace. Sending the client a copy of the HUD-1 with a cover letter will be very helpful and time savings to the client.

HUD-1 Client Sample Letter

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The following is a sample letter you can use to send your clients:

[Date]

TAX TIME IS COMING

Dear [Client’s Name]:

Tax time indeed is just around the corner, and the first thing you will need is a copy of the Closing Statement on your property. Moving can be a very busy time, and you may have misplaced this very important document.

I would like to be sure you avail yourself of all the tax advantages possible from our transaction. If your accountant has any questions, please have him or her call me (if you need a referral to an accounting you can trust, I’d be happy to provide you with one).

I look forward to continuing as your realtor and providing you the highest level of service possible.

Yours sincerely,

[your name]

Oh, by the way… If any of your friends or relatives are thinking about buying or selling a home, I’d love to be of service to them. So, when you think of these people, just give me a call with their name and number. I’ll be happy to follow up and tend to their Real Estate needs.

Which HUD-1 Information Is Important For Your Client’s Taxes?

The information reported in the HUD-1 relates to the following tax statements and schedules:

Tax form HUD-1 line

Schedule A (itemized deductions), Line 10 – Annual mortgage interest deduction Line 901

Schedule A (itemized deductions), Line 10 – Points deduction Line 802

Schedule A (itemized deductions), Line 6 – Real estate taxes deduction Line 1003, 1004

Schedule E (rental income), Line 20 – Depreciation (cost of property is required) Line 101, 102

Schedule E (rental income), Line 12a – Mortgage Interest Deduction Line 901, 802

Schedule E (rental income), Line 9 – Insurance 903, 1001, 1002

Schedule E (rental income), Line 16a – Real state taxes 1003, 1004

Schedule E (rental income), Line 18 – Other deductions 703, 801-811, 1005, 1101-1110, 1201-3, 1301-1302

Schedule D (capital gain) Part I, II, Column d – Sales Price 401, 402

Schedule D (capital gain) – Part I, II, Column e – Cost or other basis 101, 102

Form 6252 (installment sale), Line 8 – Selling price 401, 402

Form 6252 (installment sale), Line 8 – Cost or other basis 101, 102

Form 4797 (sale of business property), Part I, Column d – Cost or other basis 401, 402

Form 4797 (sale of business property), Part I, Column f – 101, 102

HUD-1’s two sections

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Section J, Summary of Borrower’s Transaction

This section contains 6 sections, and basically summarizes the entries made to the section L (Settlement charges, see below).

o Section 100, Gross Amount Due from Borrower

o Section 200, Amounts Paid By or In Behalf of Borrower

o Section 300, Cash at Settlement From/To Borrower

o Section 400, Gross Amount Due to Seller

o Section 500, Reductions in Amount Due to Seller

o Section 600, Cash at Settlement To/From Seller

Section L, Settlement Charges

That’s where many entries are tabulated before being brought forward to page 1. Columns contain charges that are paid from either the borrower’s or the seller’s funds. Your closing statement probably won’t have entries in all lines.

o Section 700, Agency Commissions

o Section 800, Items Payable in Connection with Loan

o Section 900, Items Required by Lender to be Paid in Advance

o Section 1000, Reserves Deposited with Lender

o Section 1100, Title Charges

o Section 1200, Government Recording and Transfer Charges

o Sections 1300 & 1400, Additional Settlement Charges and Totals

Line By Line Description

Section 700, Agency Commissions

701 Commissions paid to real estate agencies

702 Commissions paid to real estate agencies

Section 800, Items Payable in Connection with Loan

801 Processing or originating loan fees. If the fee is a percentage of the loan amount, the percentage will be stated.

802 „Points“ charged by the lender. Each point is 1% of the loan amount.

803 Appraisal fees. If paid with loan application before closing, it should be marked „POC,“ (paid outside of closing). The amount would be shown, but would not be included in the total fees you bring to settlement.

804 Cost of the credit report if it is not included in the Origination Fee.

805 Inspections fee, done at the request of the lender.

806 Private Mortgage Insurance (PMI) application fee.

807 Assumption fee, when buyer takes over seller’s existing mortgage.

808 Miscellaneous items connected with the loan, such as fees paid to a mortgage broker.

809 Miscellaneous items connected with the loan, such as fees paid to a mortgage broker.

810 Miscellaneous items connected with the loan, such as fees paid to a mortgage broker.

811 Miscellaneous items connected with the loan, such as fees paid to a mortgage broker.

Section 900, Items Required by Lender to be Paid in Advance

901 Interest collected at settlement for the time period between closing and the first monthly payment.

902 Mortgage insurance premiums due at settlement. Escrow reserves for mortgage insurance are recorded later. If your mortgage insurance is a lump sum payment good for the life of the loan it should be noted.

903 Hazard insurance premiums due at settlement. It is not used for insurance reserves that will go into escrow.

904 Miscellaneous items: flood insurance, mortgage life insurance, credit life insurance and disability insurance premiums.

905 Miscellaneous items: flood insurance, mortgage life insurance, credit life insurance and disability insurance premiums.

Section 1000 Reserves Deposited with Lender

1001-1007 Funds used to start the borrower’s escrow account, from which the lender will pay next year’s premiums. Each mortgage payment includes an amount that covers a portion of these recurring expenses.

1008 Escrow adjustment calculated by the settlement agent by comparing different escrow formulas to assure the lender does not collect more escrow funds than allowed.

Section 1100, Title Charges

1101 Settlement agent’s fee.

The fees for the abstract or title search and examination are entered in lines

1102 Abstract / title search fee

1103 Examination fee

1104 Title insurance binder (also called a commitment to insure). Payment for title insurance policies is entered later.

1105 Deed preparations record charges and work on mortgages and notes

1106 The fee charged by a notary public for authenticating the execution of the settlement documents

1107 Attorney’s fees.

1108 Title insurance (except the cost of the binder).

1109 Informational lines disclosing costs for the separate title insurance policies (Only line 1108 is carried forward.)

1110 Informational lines disclosing costs for the separate title insurance policies (Only line 1108 is carried forward.)

1111-1113 Other title-related charges which vary by location: tax certificate fee / private tax fee

Section 1200, Government Recording and Transfer Charges

1201 Recording fee

1202 City or County recording fee

1203 State recording fee

1204-1205 Miscellaneous recording fee items

Section 1300, Survey and inspections fees (for pests, lead-based paint, radon, structural inspections, inspections for heating, plumbing, or electrical equipment) and home warranty.

Line 1400 Total settlement charges paid from borrower’s and seller’s funds. They are also entered in Sections J and K,

lines 103 and 502.

Section J, Summary of Borrower’s Transaction

Section 100, Gross Amount Due from Borrower

Line 101 Gross sales price of the property.

Line 102 Personal property charges (draperies, washer, dryer, outdoor furniture, and decorative items purchased from the seller)

Line 103 Total settlement charges to borrower (from Line 1400 section L)

Lines 104-105 Amounts owed by the borrower or previously paid by the seller (include balance in the seller’s escrow account if the borrower is assuming the loan and uncollected rents borrower may owe the seller)

Lines 106-112 Item paid in advance by seller (Prorated portion of city/county taxes)

Line 120 Gross amount due from borrower. Total of Lines 101 through 112

Section 200, Amounts Paid By or In Behalf of Borrower

Line 201 Buyer’s credit for the earnest money paid when the offer was accepted.

Line 202 The new loan paid to the borrower by the lender.

Line 203 Loan borrower assumes or takes title subject to an existing loan or lien on the property.

Lines 204-209 Miscellaneous items paid by or on behalf of the buyer (allowance the seller is making for repairs or replacement of items or a note seller accepts from borrower for part of the purchase price)

Lines 210-219 Bills seller has not yet paid, but owes (taxes, assessments or rent collected in advance by the seller for a period extending beyond the settlement date)

Lines 220 Total for all items in Section 200. The total is added to the borrower’s proceeds.

Section 300, Cash at Settlement From/To Borrower

Lines 301 Summary of the total amount due from the borrower.

Lines 302 Summery of all items already paid by or for the borrower.

Lines 303 The difference between lines 301 and 302 representing the amount of money the borrower owes at closing. If negative number the borrower will receive funds back at closing.

Section K, Summary of Seller’s Transaction

Section 400, Gross Amount Due to Seller (amounts added to the seller’s funds)

Line 401 Gross sales price of the property.

Lines 404-405 Amounts owed by the borrower or previously paid by the seller (escrow account’s balance or uncollected rents)

Lines 406-412 Items paid in advance by the seller (prorated portion of city / county taxes)

line 420 is the gross amount due to the seller. Total of Lines 401 through 412.

Section 500, Reductions in Amount Due to Seller (amounts are subtracted from the seller’s funds)

line 501 When a third party holds the borrower’s earnest money deposit, and will pay it directly to the seller.

line 502 Total from line 1400, the seller’s total charges as computed in Section L.

line 503 When borrower assumes or takes title subject to existing liens which are deducted from the sales price.

line 504-505 First and/or second loans which will be paid-off as part of settlement (including accrued interest).

line 506-509 Miscellaneous entries

line 506 Deposits paid by the borrower to the seller or third party other than the settlement agent

line 510-519 Bills unpaid by seller (taxes, assessments or rent collected in advance )

line 520 Total of all items in Section 500. The total is deducted from the seller’s proceeds.

Section 600, Cash at Settlement To/From Seller

line line 601 Gross amount due to the seller, from line 420.

line 602 Total reductions in seller’s proceeds, from line 520.

line 603 Difference between lines 601 and 602. Cash amount paid to seller (if a negative number the seller owes money at closing)

Immobilienmakler Heidelberg

Makler Heidelberg


Immobilienmakler Heidelberg

Makler Heidelberg


Der Immoblienmakler für Heidelberg Mannheim und Karlsruhe
Wir verkaufen für Verkäufer zu 100% kostenfrei
Schnell, zuverlässig und zum Höchstpreis

Source by Arik Rozen

Verkaufen Sie Ihr Haus ohne Makler: Eine Schritt-für-Schritt-Anleitung

Braucht man heutzutage wirklich einen Makler? Ja und nein. Ja, Sie können Ihr Haus absolut selbst verkaufen. Nein, es ist nicht so einfach, wie Sie denken, aber im Folgenden werde ich skizzieren, wie es geht, falls Sie sich für diesen Weg entscheiden sollten.

Mit dem Aufkommen von Websites wie Zillow, Redfin und Trulia hat sich die Immobilienbranche von einer bedarfsorientierten zu einer wissensbasierten Branche gewandelt. Sie MÜSSEN keinen Agenten mehr beauftragen, bei vielen Agenten könnten Sie es sogar besser selbst tun. Ein guter Immobilienmakler weiß, wie man verhandelt, ist ein Community-Experte, ein großartiger Vermarkter und sehr sachkundig in Bezug auf alle Standardverträge und staatlichen Formulare.

Wenn Sie gerade genug wissen, um sich in Schwierigkeiten zu bringen, werden Sie sich selbst in Schwierigkeiten bringen.

Hier sind meine Schritte zu einem erfolgreichen FSBO (For Sale By Owner)

1. Bestimmen Sie Ihren Marktwert. Sie können sich natürlich mit dem, was in Ihrer Gegend verkauft wird, vertraut machen, indem Sie Zillow und dergleichen besuchen, aber zahlen Sie 30 US-Dollar für eine vergleichende Marktanalyse (CMA) von smartzip, um Ihre Immobilie richtig zu bewerten. Ein CMA liefert Ihnen vergleichbare Verkäufe und aktive Angebote. Sie müssen informiert werden, wenn Sie mit einem potenziellen Käufer verhandeln.

2. Bezahlen Sie etwa 300 $ für einen reinen MLS-Dienst, um Ihr Haus in der MLS aufzulisten, und bieten Sie jedem Makler, der Ihnen einen Käufer vermittelt, mindestens 2,5 %. Verwenden Sie Bilder von einem erfahrenen Immobilienfotografen (ja, das ist wichtig) und inszenieren Sie Ihr Zuhause, wenn es leer steht, oder machen Sie es präsentabel, wenn Sie noch dort wohnen (ja, das ist auch wichtig).

3. Listen Sie Ihr Haus auf Craigslist und forsalebyowner.com auf, indem Sie postlets oder vflyer verwenden, um einen virtuellen Flyer zu erstellen.

4. Bringen Sie in Ihrem Garten ein Schild mit farbigen Flyern (Sie können ein paar schwarz-weiße Flyer zur Unterstützung aufhängen) und einer Webadresse an, die potenzielle Käufer mit Ihrem Haus verbindet.

5. Führen Sie eine Facebook-Werbekampagne durch, die sich an verlobte oder verheiratete Frauen im Alter zwischen 25 und 35 in Ihrer Region richtet, und erstellen Sie eine Google AdWords-Pay-per-Click-Kampagne für die Schlüsselwörter "[neighborhood (not city) name] Immobilien zu verkaufen", geben Sie besser Einzelheiten ein als nur den Namen der Stadt.

A. Ex.

I. Schwarzgold-Immobilien zum Verkauf

ii. Heim der Yorba Linda High School

iii. Pferdeimmobilien zu verkaufen

6. Beauftragen Sie ein gutes Treuhandunternehmen, um Ihnen bei der Transaktion zu helfen (dies kostet Sie im Durchschnitt etwa 1 % des Kaufpreises). Der Escrow Officer ist der „Quarterback“ der Transaktion. Ein guter wird den Unterschied in der Welt machen. Wenn Ihr Käufer von einem Agenten vertreten wird, kann er darauf bestehen, seinen Treuhänder zu beauftragen. Wenn Sie wissen, dass Ihr Treuhandagent ein guter ist, lassen Sie sich nicht von ihm überreden, seinen zu beauftragen. Hier in Yorba Linda und Anaheim Hills wählt der Verkäufer normalerweise die Treuhandunternehmen.

7. Bepreisen Sie es richtig! Wenn Sie in den ersten 3 Wochen nicht viel Feedback bekommen. Dies ist ein Hinweis darauf, dass Ihr Haus überteuert ist.

8. Offenlegen, offenlegen, offenlegen. Der von jedem Makler (zumindest einem kompetenten) verwendete Standard-Kaufvertrag für kalifornische Wohnimmobilien (California Residential Purchase Agreement, RPA) verlangt, dass Sie dem Käufer alle Offenlegungen innerhalb von 5 Tagen, nachdem Ihnen sein Angebot vorgelegt wurde, vorliegen müssen. Die Offenlegungen unterscheiden sich je nach verkaufter Immobilie. Ihr Treuhänder kann Ihnen dabei möglicherweise behilflich sein.

9. Bitten Sie den Käufer, seine Eventualitäten zu beseitigen (falls vorhanden). Eventualitäten werden in der Regel nach 17 Tagen nach Annahme des Angebots entfernt, hängen aber wiederum davon ab, was im Vertrag geschrieben steht. Lesen und verstehen Sie den Vertrag, bevor Sie ein Angebot annehmen.

Der Verkauf Ihres Hauses ohne einen Makler ist vergleichbar mit der Gründung Ihres Unternehmens oder einer Stiftung auf LegalZoom, sicher, dass dies möglich ist und Sie im Voraus Geld sparen, aber Sie wissen nie, was es Sie später kosten wird oder welche kleinen Fehler weh tun können Sie.

Informieren Sie sich und der Verkauf Ihres Hauses ohne Makler ist definitiv möglich.

Immobilienmakler Heidelberg

Makler Heidelberg


Immobilienmakler Heidelberg

Makler Heidelberg


Der Immoblienmakler für Heidelberg Mannheim und Karlsruhe
Wir verkaufen für Verkäufer zu 100% kostenfrei
Schnell, zuverlässig und zum Höchstpreis

Source by Mark Korte

Home Selling – FSBO – Hier sind einige der vielen Möglichkeiten, Ihren Hausverkaufspreis ohne Makler festzulegen

Sie brauchen keinen Immobilienmakler, um den Preis zu bestimmen, den Sie für Ihr Haus zum Verkauf im Internet anbieten. Sie müssen jedoch lernen, wie Sie es selbst tun und wie Sie an mehreren Stellen Hilfe suchen.

Immobilienmakler werden Ihnen sagen, dass Sie sie benötigen, um den richtigen Listenpreis mithilfe einer vergleichenden Marktanalyse (CMA) zu ermitteln. Ein CMA bietet viele gute Informationen über Immobilientransaktionen in Ihrer Nähe. Sie müssen Ihr Haus jedoch nicht bei einem Immobilienmakler auflisten, um einen zu bekommen, da Flat-Fee-Websites und FSBO-Websites diese anbieten.

Der Schlüsselfaktor bei der Festlegung Ihres Hauspreises ist, sich anzusehen, wofür andere Häuser in Ihrer Gemeinde verkauft wurden. Der ideale Preis wird vom Markt bestimmt, also vom tatsächlichen Umsatz.

Ich kenne einen Mann, der ein Haus auf einer kostenlosen Werbewebsite verkauft hat, der seinen Preis festgelegt hatte, indem er in seiner Nachbarschaft herumgefahren war und herausgefunden hatte, was die geforderten Preise für alle zum Verkauf angebotenen Häuser waren. Er passte sich an verschiedene Dinge an, wie:

  • Eigentumszustand
  • Alter des Hauses
  • Ausstattung und Besonderheiten
  • Ort

Dann ermittelte er einen idealen Preis für sein FSBO-Angebot im Vergleich zu den anderen Häusern auf dem Markt. Er beschloss, dass er sein Haus zu einem etwas unter dem Marktwert liegenden Wert auflisten wollte. Seine Argumentation war, dass er schnell einige Angebote haben wollte und dachte, dass er möglicherweise mehrere Angebote erhalten könnte. Manchmal bieten konkurrierende Käufer den Verkaufspreis, indem sie gegeneinander bieten.

Wenn Sie ein Haus verkaufen, das mit einer Hypothek belastet werden soll, benötigt der Kreditgeber eine formelle Bewertung durch einen zertifizierten Gutachter. Sie können auch früher oder später einen bekommen, da er Ihnen helfen kann, Ihren idealen Listenpreis festzulegen. Dies ist sowieso nichts, wofür Makler bezahlen.

Sie könnten noch einen Schritt weiter gehen und herausfinden, welcher Gutachter von einem hochwertigen Hypothekengeber in Ihrer Gemeinde eingesetzt wird. Dann könnten Sie mit dem Kreditgeber sprechen und Vorkehrungen für eine Hypothek für Ihren eventuellen Hauskäufer treffen. Ihre Bewertung wird bereits durchgeführt.

Immobilienmakler Heidelberg

Makler Heidelberg


Immobilienmakler Heidelberg

Makler Heidelberg


Der Immoblienmakler für Heidelberg Mannheim und Karlsruhe
Wir verkaufen für Verkäufer zu 100% kostenfrei
Schnell, zuverlässig und zum Höchstpreis

Source by Leo J. Vidal

So listen Sie ein FSBO-Haus auf

Wussten Sie, dass heutzutage nur noch ein Drittel aller Hauskäufer einen Immobilienmakler beauftragt? Wussten Sie, dass ein Verkäufer MLS-Angebote selbst und ohne einen Agenten nutzen kann? Im heutigen Immobilienmarkt sind das absolute Fakten! Es ist jetzt viel einfacher und rentabler, Ihr Haus als „For Sale By Owner“ (FSBO) Haus zu verkaufen als je zuvor. Um sicherzustellen, dass Sie mit dem Verkauf Ihres Hauses so viel Geld wie möglich verdienen, tun Sie es selbst! Vergiss die Agenten! Nur Sie werden Ihr Bestes im Sinn haben, wenn es ohnehin an der Zeit ist, Ihr Haus zu verkaufen. Es gibt jedoch einige Dinge, die Sie wissen müssen, bevor Sie Ihr Eigenheim verkaufen. Wir werden einige hilfreiche Tipps in diesem Artikel untersuchen.

Überprüfen Sie zunächst die Aufzeichnungen auf Ihrem Grundstück. Nutzen Sie die Akten und das Personal Ihres Bezirksgerichts. Stellen Sie sicher, dass keine Pfandrechte oder Rechtsansprüche einer anderen Person bestehen, um Ihr Haus in Besitz zu nehmen. Wenn Sie sich vom Gerichtsgebäude fernhalten möchten, kann Ihnen auch ein Anwalt für Immobilienrecht in diesem Bereich helfen. Tun Sie dies jedoch unbedingt im Voraus! Jetzt ist es an der Zeit, diese Informationen herauszufinden! Sie möchten nicht unangenehm überrascht werden, wenn Sie denken, dass Sie bereit sind, ein Geschäft für Ihr Haus abzuschließen.

Stellen Sie als Nächstes sicher, dass Sie die Schwächen und Stärken Ihrer Immobilie und Ihres Hauses persönlich kennen. Dies ist ein weiterer Bereich, in dem Sie nicht überrascht werden wollen! Lassen Sie frühzeitig eine Inspektion durch einen professionellen Inspektor durchführen. Sie werden Sie über alle Probleme informieren, die Ihrer Aufmerksamkeit bedürfen und sich wahrscheinlich auf Ihren Verkauf auswirken werden. Sie sind besser dran, wenn Sie diese Probleme sofort selbst beheben (nur mit seriösen professionellen Diensten). Wenn Sie sich entscheiden, sie nicht zu reparieren, müssen Sie Ihren Verkaufspreis entsprechend anpassen. Sonst kauft niemand das Haus.

Das führt uns zum nächsten Tipp für FSBOs – lassen Sie den Preis Ihres Eigenheims von einem objektiven Experten bewerten. Mieten Sie einen Gutachter für ein paar hundert Dollar. Sie sind am besten geeignet, Ihr Haus gründlich zu bewerten und diese Bewertung mit ähnlichen zum Verkauf stehenden Häusern in Ihrer Stadt zu vergleichen. Dies sollte kein Ratespiel Ihrerseits sein! Wenn Sie Ihr Haus zu teuer anpreisen, wird es niemand kaufen. Jedoch; wenn Sie es zu niedrig einschätzen, betrügen Sie sich selbst. Wenn Sie kein Experte auf diesem Gebiet sind, tun Sie sich (und Ihrer Familie) einen Gefallen – lassen Sie Ihr Haus von einem Fachmann schätzen!

Ein letzter Punkt, um ein FSBO zu sein, ist sicherzustellen, dass Sie eine Verkaufsstrategie für sich selbst planen. Einige Recherchen zu Ihren potenziellen Käufern von Eigenheimen sind hier angebracht. Finden Sie heraus, was ihnen auffällt, wenn sie ein Zuhause suchen. Heute informieren sich nur 36 % der Käufer über Immobilien bei einem Immobilienmakler. Das lässt einen großen Prozentsatz von Menschen zurück, die auf eigene Faust suchen. Vergessen Sie nicht – SIE wollen auch die Einsparungen, die ein FSBO bietet. Wenn Sie herausfinden, was sich die Öffentlichkeit in ihrem Zuhause wünscht, können Sie die Merkmale Ihres Hauses hervorheben, die ihren Kriterien entsprechen.

Immobilienmakler Heidelberg

Makler Heidelberg


Immobilienmakler Heidelberg

Makler Heidelberg


Der Immoblienmakler für Heidelberg Mannheim und Karlsruhe
Wir verkaufen für Verkäufer zu 100% kostenfrei
Schnell, zuverlässig und zum Höchstpreis

Source by Bill Len