Blog Trooper : Real Estate

For Sale By Owner Listings

By Tim O'Keefe

Selling your home on your own, without a Realtor, is becoming less and less popular. This is surprising, considering that home values have skyrocketed and commissions have risen along with them.

The money to be saved can be significant enough to attempt to sell your home on your own. Especially when the market has historically low interest rates and high demand in most areas of the country.

To sell your home on your own however, you are missing the most significant marketing tool available to you. The Realtor's Multiple Lisitngs Service (MLS).

70% of all home buyers start out on the web. So it is crucial for you to be in the MLS. But, the challenge has always been that to be in the MLS you have to sign with a Realtor at 6% of your sales price.

So if your home is worth $399,000. You would spend 6% on your sales  commissions. Not to mention your title, escrow and other expenses.

So if you sell your house on your own you can save at least $23,940 ($399,000 x 6%).

But let's get realistic. Most buyers work with a Realtor.
So you will be spending at least 2% to 3% for the buyers commission.

I say you will be spending because even if the buyer is paying the agent as a buyers broker, that will still reflect a lower offer to that takes into consideration the commission. So you are paying for the commission indirectly-yes?

Additionally, you will find that you will have a much better reach into your marketplace by being in the MLS.

So how do you do this? Well depending on your State you can list your home for a flat fee as low as $500. But, you get listed in the MLS with zero service.

But, you get the reach of all the buyers brokers that subscribe to the MLS and you still save 2% - 3% of the price.

Estate Sale By Owner Listings
List on the MLS for less than $500.

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Selling A Home - What Attachments Stay or Go?

By Raynor James

The home selling and buying process can be confusing. This is especially true when it is a FSBO (for sale by owner) operation. It’s even tougher when neither the seller nor the buyer is in the real estate business. This article sorts through what stays in the house or condo when it’s sold.

Attachments – Literally!

In most states, the term “attached” takes on a unique meaning in real estate. Essentially, it boils down to this, “If it’s attached to the real estate, it’s no longer personal property.” Practically speaking, anything attached to the home stays with it when ownership is transferred. Applying this concept, it’s easy to see why chandeliers, doorknobs and kitchen cabinets stay.

To determine whether something stays or goes, focus on the attachment issue. Plants can often be a confusing item. Generally, it they are planted in the ground, they stay. If they are in planters, they go. With other items, just look to see if they are attached to the property.

I Am Seller – Hear Me Roar!

If you’re a seller, you’ve probably spent a good bit of time and effort on the property. What if you want to take a few attached items with you? Can you legally keep it? What if you’re thinking, “That fixture hanging over the breakfast table has a real Tiffany shade? It was a wedding present from Aunt Elizabeth. I’m keeping it!”

Keep your shirt on. There are a couple of ways that typically work when you want to keep an item or two of this sort. The first is to simply state in your offering “blah, blah, and blah do not convey.” (If it really matters, call an attorney to get the language right) This approach has one drawback. Human nature being acquisitive as it is, your buyer will probably immediately want at least two and the items will become a bone of contention.

There is a better way to deal with this situation. Before putting you home on the market, remove all items that have become attached to the real estate. Buy another hanging lamp, hang it and pack your Tiffany lamp. Do that for all items of this sort. Be sure to replace each with something attractive and do it well enough that it’s not obvious that a change has been made. When prospective buyers look at your home, everything they see will stay with the home. You are happy, they are happy, everyone is happy! Life is good.

Analyze your home for attachments before you put it on the market. You wouldn’t want to make Aunt Elizabeth angry by losing the wedding present she gave you.

Raynor James is with http://www.fsboamerica.org - providing FSBO homes for sale by owner. Visit our "sell my home" page at http://www.fsboamerica.org/seller.cfm to list and sell your home for free for one month. Visit http://www.fsboamerica.org/buyer.cfm to see homes for sale by owner.

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First-time House Buyers: to Buy or Not to Buy; that is the Question

By Richard Green

Buying your first house is always a difficult time.  There are so many important decisions to make, and problems to be solved, which combine to make it one of the most stressful events that will occur in most people’s lives.

Some of the most obvious problems include the need to:

* find a suitable house to purchase

* plough through complicated financial information

* choose an appropriate mortgage that will cover the cost of the house and is within your own strict budgets

* save up enough money (usually whilst still renting another property) to cover a mortgage deposit

* deal with unfamiliar legal fees, surveys and other costs

* make a realistic offer on your prospective new home

* waiting to see if the offer is accepted

* complete the purchase

* move and get settled in the new house, with whatever decorating/rebuilding is required

Given these factors, it is perhaps not surprising that first-time buyers can be the first to get spooked by changes in the housing market.

First-time buyers (FTBs) make up an extremely important sector of the house buying market, and many analysts view them as the life blood of the whole housing market.  Without them a housing slowdown or even collapse of the system is inevitable.  Recent reductions in the number of FTBs purchasing houses, with Scotland achieving its lowest annual total for nine years, and the increasing struggles experienced by FTBs trying to get onto the first rung of the property ladder will have serious knock-on effects, which are already being experienced around much of the country.

National Savings and Investments (NS&I) Senior Savings Strategist Dax Harkins said: "Despite a recent cooling house market, house prices have continued to outstrip both savings rates and incomes over the last year which means potential first-time buyers need to start saving sooner and harder to get into the market."

Whilst house prices continue to increase at a faster rate than people’s incomes there will be fewer people able to afford a house.

In a recent study NS&I found that the average length of time required by FTBs, to save for a 5% mortgage deposit, ranged from five years in East Anglia, to three years, nine months in Scotland, with the average being four years and nine months, this is nine months longer than a year ago.  The average age of first-time buyers also has increased, going from 37 from 31 three years ago.

The property website Rightmove has warned that the housing market could remain static for several years whilst it waits for the incomes of FTBs to catch up with the housing prices.

Miles Shipside, commercial director of Rightmove, said "As many sellers are refusing to part with gains they have made, buyers are forced to make up the affordability gap…The reality is it will take seven years of static house prices and wage inflation to bridge this affordability gap.”
Marjorie Townsend, head of Edinburgh-based Lindsays Residential, says: "It was recently reported that an average home in Edinburgh costs seven times the income of the majority of nurses. This is a shocking statistic.”
With over one in six FTBs turning to relatives and more high street lenders offering 100% mortgages, or even 102% from Lloyds TSB and Scottish Widows, to help buyers get onto the property ladder, some may be able to squeeze onto the first rung, but end up with long-term crippling debt in the process, fuelling the continued house prices inflation.

Various banks have come up with innovative methods to help facilitate the ability of  FTBs to purchase a house which, whilst not addressing the real problem of house prices, will allow more people to own their own home.

A guarantor mortgage can increase the amount that can be borrowed, as long as the borrower’s parents have enough income to cover all their own debts, plus their child's mortgage each month; however the parent will not have to make any payments themselves unless their child’s mortgage goes into arrears.

An offset mortgage could mean that money from a parent’s savings account can be offset against their child’s mortgage.  Although the parent would not receive interest on their savings, the reduction in the amount to be paid by their child could make a big difference, and they would not incur tax on the amount either.

A ‘Professionals’ mortgage is a possibility for certain workers, which allows them to borrow more than their initially low-pay career would usually make them eligible for, on the understanding that their future pay will increase rapidly as they become high earners.

Whilst some may urge for caution to prevent the possibility of building up financially crippling levels of debt, others see a need for buyers to act fast.

Marjorie Townsend, of Lindsays Residential, believes: “The best advice for first-time buyers is to move quickly …There really is nothing to be gained by waiting for a competitive closing date, which will drive the price up. There are lots of sellers out there who are eager to sell and whose particular circumstances may require a quick transaction."

Overall it seems that the situation for FTBs will continue to prove difficult unless a major change occurs that bridges the gap between income and house prices for those in most need.  Recent government initiatives such as the Shared Equity scheme, that allows part ownership of property, may go some way to enabling some FTBs to start out, but Ed Davey MP, the Liberal Democrat housing spokesman, believes the policy could make housing even more expensive, "It seems to be looking at the demand side which could stoke house price inflation and make the problem of affordable housing even worse."

Until the issue of supply and demand is addressed, there will continue to be problems.  According to the Barker Review, which was published in April, up to 140,000 new homes need to be built each year in the UK if supply is to keep up with demand.  Even if new homes are built at this rate, the time taken to stabilise the market will mean further delays for prospective new buyers who want to own property.

Further information:

Moneynet mortgage price comparisons

House price reports

Richard works in Edinburgh for Bigmouthmedia, occasionally writing for the personal finance blog Cashzilla, and drinking too much coffee.

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Investing: Commercial Property

By Thomas Murrell

Investing in commercial property is well beyond the financial means of most people. Few can afford the large sums of money involved in buying commercial real estate. For most of us our investment in real estate is limited to where we live - our home.

But unfortunately our home doesn't generate any income or cash flow. In fact it probably costs us money in maintenance, rates and upkeep.

Sure the financial incentive to invest in your own home is to offset the cost of renting or the capital gains you get when you sell your house if it's value has gone up.

Most financial advisors will tell you the best investment strategy is to pay off your home mortgage as quickly as possible to reduce your debt.

But what about after that if you want to invest in property? You have a choice - invest in another residential property or a commercial property.

Residential properties can often provide a good cash flow from rent, but there are associated hassles with getting good tenants, poor tenants trashing your property and the ongoing cost of maintenance. If you like playing the role of the landlord and being involved in all those activities great! But what if you want a hassle free commercial property professionally managed.

An increasingly popular investment amongst smaller investors and retirees is through syndicated property trusts. This is known as direct property investment where smaller investors buy small parcels of a larger property through a prospectus. These projects are managed and marketed by licensed property dealers.

The prospectus is lodged with the Australian Securities and Investment Commission and the property and syndicate is professionally managed.

As of December 1999 there were 77 Property Syndicates operating in Australia with more than $1.45 billion invested. Nearly 60 per cent of these investments use borrowed money, known as "gearing".

The benefits for investors buying into property syndicates is they can purchase relatively small parcels, for example as little as $10,000 and gain exposure to the commercial property market.

There is also the added benefit of the commercial property market often being in negative correlation with the share market so investors can spread their risk across their portfolio.

Another benefit provided is the regular income provided by syndicated property trusts, high yields and relatively low risk.

A typical breakdown of a property syndicate is the property management company buys a commercial building ranging from between $10 to $30 million and then they market this to around 300 individual investors who each have an equity subscription of between $40,000 and $50,000 each.

Simon Toovey is the Managing Director of Glenmont Properties a Perth-based property syndicate.

He says their main objective is to invest in properties that have quality tenants, long-term leases, strong returns and good potential for capital growth.

"The benefits of investing in a property syndicate are that it can enhance your lifestyle by providing a regular income, you can set and forget it," he said.

Toovey gives the example of a typical investor profile of someone looking for secure, regular income rather than capital growth.

'The most important aspects are location, lease, tenant and management. It's no good having a lease when the tenant holding that lease is a $2 company. Ideally the tenant is either a government department or a major, "blue chip" corporation," he said.

"Ultimately, it's all about income. The right property investment should provide you with more income, income that will enhance your lifestyle, either now or in the future."

Property syndicates may not be for all investors but they do provide an option for diversifying your investment portfolio.

Ten Tips for First Time Property Syndicate Investors

1. Set your objectives and work out a budget for how much you want to invest.

2. Understand the risk/reward tradeoff. The higher the return the higher the risk. Aim for syndicates with a return of between 8 and 10 per cent.

3. Understand the risks of property syndicates. These are a potentially unfavorable market when selling, rising interest rates, member liabilities and future potential tax changes.

4. Remember this is a long-term investment, usually around 7 years. It is "illiquid"; meaning you can't take your money out of the investment during this time.

5. Identify investment syndicates with quality property in a good location with potential for capital growth. Ask for a copy of any independent investment and ratings reports.

6. Analyze the lease arrangement. Ask how much rent or income will the property produce, what the income growth is and how long will this continue?

Thomas Murrell MBA CSP is an international business speaker, consultant and award-winning broadcaster. Media Motivators is his regular electronic magazine read by 7,000 professionals in 15 different countries.

You can subscribe by visiting http://www.8mmedia.com. Thomas can be contacted directly at +6189388 6888 and is available to speak to your conference, seminar or event. Visit Tom's blog at http://www.8mmedia.blogspot.com.

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Maximising Property Investment for New Entrants

By Julie-Ann Amos

So you are new to buying investment property and you need to know about investment property loans. Borrowing money to invest in property can be a very tricky business and it is a good idea to research your field before committing yourself to a huge loan. One way of doing this is to get advice from the people who have already dealt with investment property loans and who are happy to advise new entrants into the property market.

That’s all very well, I hear you say, but I am looking at buying investment property and I have no idea where to look for advice. The only place that most people go for advice on investment property loans is their bank, who already have a vested interest in loaning the money. One way of getting independent advice on this subject is to check out a property investment forum. There are ones that really are worth a look. A lot of the people on there have been buying investment property for some time and are well aware of both the pitfalls and advantages surrounding investment property loans. The property investment forum, in fact, is worth a visit for anything to do with the property investment market. The way the market is at the moment there are people around who are dedicated to maximising the property investment market to attract new entrants.

This is a double edged sword, on the one hand it is great news for those who are well informed when it comes to buying investment property or dealing with investment property loans, but those who don’t do their homework stand to lose a great deal of money. This is in addition to all the heartache and hard work that is associated with investing in the property market.

Despite the sometimes problematic nature of the property market you are already a good way towards buying investment property. You’ve gone to the auctions, perhaps bid more than you should, and you are now beginning to wonder whether your finances will cover the mortgage and the work that needs ot be done. Somebody has suggested to you that you get yourself a bridging loan or investment property loan and you are not really sure what they are or how to go about it. Not to worry you will find plenty of useful advice at the property investment forum. These people have experience in buying investment property and more than a few of them have had bridging loans or property investment loans so it’s worth having a  look at what they have to say and taking their advice. You need to be aware of the different property types and their usage, although most beginners will start with a residential property. There is a lot of advice out there in the form of articles like this and on the property investment forum, do your research well. Try to understand the market and if you have a property investment loan get the best rate that you can. This way you stand more chance of success in the property investment market.

Julie-Ann Amos is a freelance writer with www.exquisitewriting.com. She recommends www.singingpig.co.uk as a comprehensive source of business information and their great property investment forum.

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Foreclosure Dangers!

By Bill Young

Anyone can lose their home to foreclosure, even you!

The loss of a job; divorce, illness or some other “trigger event” could start the ball rolling. According to the American Banker’s Association, most people have less than 3 month’s worth of cash in reserve.

You may not realize that foreclosure can be the first step in the destruction of your family’s financial future.

The foreclosure of your house can lead to the bank seizing anything you own; property, cars, stocks, your kid’s college savings! Even the IRS can get involved, perhaps garnishing your salary. Could you imagine that?

Get ready. There is a foreclosure Tsunami coming!

If you purchased your house or refinanced in the last 4 years, you are vulnerable. The National Association of Mortgage Banker’s (NAMB) records show that more mortgages go into foreclosure 3-5 years after issue than at any other time.

A recent report by the Federal Reserve Board showed that historically, interest rate rises of 3% or more, started a housing market slump. Their increase last month brought the total rate increase since last year to 3 percent.

Also, you may have been among the 40% of mortgagors that took an adjustable mortgage recently. Those “teaser” rates of 5% or less are set to explode your mortgage payments by 25-33% or higher when they adjust. In 2006, over $300 Billion dollars worth of mortgages will adjust with $1 Trillion more in 2007, according to Freddie Mac, the secondary mortgage lender.

The last piece of this looming disaster is the tiny amount of equity the average homeowner has in his property, less than 25%, according to NAMB.

What if you were laid off and fell behind on your bills 2-3 months, including the $180,000 mortgage on the house you bought for zero down a couple of years ago, worth $200,000 today?

How hard would you fight to keep your home with prices falling and similar properties renting for less than your ballooning mortgage payment?

You might be very tempted to send the keys to the bank and walk away.

DON'T!

You must not let the bank take your house under any circumstances!

Banks generally send out Notices of Default or foreclosure notices when you miss 3 payments. This starts the countdown to the sale of your home on the courthouse steps.

In some states, this is a matter of weeks, in others it may take months. In the interim, you watch helplessly as the unpaid mortgage payments, bank’s fees, late fees, legal fees, inspection fees, etc. blow up your indebtedness like a hot air balloon.

By the time of the auction, the balance of your mortgage could have expanded by $20-$30,000 or more. The softening housing market and the flood of foreclosures means your home would probably sell at a discount at the auction.

If the proceeds of the sale do not cover the bloated total you owe the bank, you are in trouble.

In most states, the bank can get a “deficiency judgment” against you for the balance. They can seize anything you own, as we noted before.

If the bank cannot recoup their deficiency from you, or your state will not allow a deficiency judgment, they will write the deficiency off on their taxes.

The IRS now comes into the picture. They consider money you owed and did not pay, your mortgage deficiency; to be income to you!

They will add it to your annual income and expect you to pay taxes on the total amount, in cash with your next return.

If you cannot pay, the IRS can come after everything you own, including your paycheck.

Don’t let your family’s financial future be destroyed. If you are facing foreclosure, seek professional help as quickly as possible.

Copyright 2005 Bill Young. Bill is a former bank loan officer. He is currently a personal financial consultant and offers assistance to those facing foreclosure. For more information, visit his website at http://SaveMyHomeLLC.com

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Can a Mortgage Actually Save Your Life

By Robert Ashby

Almost everyone has savings in the bank, right?  Well, the data from the Bureau of Economic Analysis (BEA) shows that despite our personal income increasing, our personal savings has decreased .2 percent during the months of October and November of 2005.  That was even before the Christmas season.  Recent data shows that for sixteen straight months, there has been a negative savings number.

What does this data mean?  It means that on average, the typical American family is spending more than it earns.  That amounts to increased use of credit cards or reducing our savings accounts.  Ultimately, we are heading down the path of destruction.

Did you know that financial planners and those books you read on personal financial planning, including “Personal Finance for Dummies” by Eric Tyson, states that you should have three to six months of living expenses tucked away as an emergency fund?

Obviously, most Americans do not have this emergency fund.  Most Americans do have a lot of equity in their homes due to the appreciation of their homes over the last few years.  So there is a simple solution to many Americans lack of establishing an emergency fund.

So how does a mortgage save your life?  Simply, it allows you to have an emergency fund available and ready for you.  This will allow you to survive during an emergency situation.  As in the case of unemployment, if you do not have the funds, you may not be able to pay your mortgage monthly and will end up in foreclosure, likely resulting in complete loss of all equity, no matter how much you had.  It may even give you the money needed to pay for medical procedures that are required to save your life.  It will definitely relieve stress in your life, keeping you healthier overall, just by knowing you have money available to pay the bills if necessary.

Also, in a disaster such as a hurricane, which would you rather have, $100,000 in equity in your home or $100,000 in cash or other investments?  You can ask the mayor of Port Arthur, Texas that question.  His statement after his house burned down in the aftermath of Hurricane Rita was, “The sad thing is, we just paid off our house!”  Remember, the money you keep in liquid investments can pay your bills for months, even years.

The solution is to take out a mortgage in some form now, before the emergency happens.  One reason is if the emergency keeps you from working, you will not qualify for the new loan at the time you need it.  Also, if the house is damaged, you are not likely to obtain a mortgage until it is repaired.  If you do not have an emergency fund, and you have some equity in your home, you need to look into your mortgage options now, before it is too late.

Robert D. Ashby is President of Solid Rock Mortgage, a licensed Mortgage Brokerage Business in the state of Florida.  He has been in the financial services business since 1998 and obtained his Series 6 and 63 Securities Licenses as well as Life and Health Insurance Licenses in the state of Virginia.  He moved to Florida in 2002 and decided to focus solely on mortgages, obtaining his Mortgage Broker License for Florida in 2003 and then opening Solid Rock Mortgage in 2004.  He has become Florida’s first Certified Mortgage Planning Specialist and Florida’s Debt and Equity Management Expert.

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Flipping Properties in a Bad Real Estate Market

By Bill Young

A "bad market" in this instance means a real estate market where there is little to no appreciation, the market is clogged with unsold houses, depressing sales and foreclosures are up; torpedoing home values.

So clearly, the traditional, "buy, fix up and flip" or buy and sell to a rehabber is not going to work in this environment. In fact, it is those very flippers who were late to the party or just plain greedy and are now bailing out and dumping their properties, that are helping to drive down home sales and prices.

So what is a real estate investor to do to make some quick money, especially if he or she is new or has no resources, which describes many flippers?

The solution to this dilemma lies in understanding the needs of property owners who have to sell in the reality of today's market.

People looking to sell in this environment are going to have problems; huge problems if they are forced to sell at this time.

The houses will sit on the market for months with no offers or very low offers. The homes value will slowly erode as the homeowner waits for Godot.

In fact, many people are or will be trapped in their homes; perhaps unable to afford to stay, unable to sell; especially if they have little or no equity in their homes.

In order to get out of their homes, they would have to bring cash to the closing and "buy" their way out of the house. This is impractical for most people, especially if their need to sell is financial as many are.

Rising mortgage payments, the result of financially incongruous mortgages, so prevalent during the recently departed "Boom;" called for "Resets" a few years after origination at 50-100% increases in payments.

Now, many of these families are unable to afford to keep their homes.

Job losses, divorce, illness and death are the other primary motivators that force people to sell their homes as soon as possible, regardless of market conditions.

Most people who have bought their homes or refinanced to "consolidate their debts" in recent years have very little equity in their homes. This means they can't lower their prices to meet the soft market or they will need to bring money to the closing to make up the deficit between their selling price and the fees and expenses of the sale.

These people need help, desperately.

If they cannot get out from under their homes, they face the ruination of their finances for decades to come. Contrary to popular belief, they cannot just "send the keys to the bank" and walk away, free of their troubled property.

If the bank forecloses and sells the property for less than they were owed, the homeowner would be liable for the difference and/or be subject to income tax on the deficient amount! Don't ask. It's just IRS rules.

The only way for these unfortunate homeowners to get out of the frying pan, is to get into the fire! If the homeowner filed bankruptcy, it would protect him from the deficiency judgment and the income taxes due on it.

Herein lies the opportunity to make fast money!

Find these people who are trapped in their homes and help them get out of their nightmare. Refer them to experienced real estate investors who can help them get rid of their property.

The investor will either pay you a small fee for the lead, or pay you a larger fee, say a percentage of the profits, when he or she disposes of the property.

The key is to be flexible. The real estate market changes and you must change tactics if you are to make money in the new environment.

Don't be like the rat who repeatedly went back to the box his cheese used to be stored in, even though it was no longer there.

Duck hunting season is over, Bunky; so go look for some turkeys!

Copyright 2006 Bill Young. Bill is a Financial Personal Trainer. He trains groups and individuals on how to Quit the Rat Race and find financial independence in a few short years. He has 20+ years experience as a real estate investor and personal financial consultant. He offers a free, 1 year course in real estate investing, MotivatedSellersOnline.com as well as free weekly lessons on how to solve your money problems: HowtoSolveYourMoneyProblems.Com.

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7 Steps to Writing a Good "For Sale By Owner" Ad

By Fred Turner

1. Decide how your home differs from other homes in your area and focus on those differences.

2.  Pick out 5 - 7 major highlights of your home and/or your neighborhood.

3. Pick out the 1 or 2 most important features of your home and put them in your ad "caption." (Remember, if you don't capture the buyer's attention with a good caption, they may not read your ad).

4. Put the biggest selling features first in the ad.

5. Don't be too wordy. Tell buyers just enough to capture their interest, but not everything about your home. If you tell everything about your home, buyers may not have a reason to call you or see your home.

6. Try to use good adjectives that describe your home's features well.

Don't use words that don't say much. For example, people often say "great home" or "nice area." Explain what make your home or your area so "nice."

7. Make sure you don't leave our the pertinent details and contact information in your ad such as: town, price, phone#, # of bedrooms, # of bathrooms and if your home has a basement.

Here is a good example of a good internet ad for the internet or a flyer:

GENEVA, IL                                                 $429,000

PHOTOS

OPEN AND AIRY DESIGN ON 1.2 NATURAL ACRES

4 Bedrooms       2.5 Bathrooms     2 Car Garage

Located in a prestigious desirable neighborhood with-in
walking distance to parks & school, this newer home features
a dramatic 2-story foyer with Brazilian cherry hardwood floors
and staircase. Family room with vaulted ceiling, skylights,
stone fireplace and windows galore. Eat-in island kitchen with

Corian counter tops, cherry cabinets, double oven, large pantry
and ceramic tile flooring. Formal dining room with tray ceiling,
living room with vaulted ceiling and bay window. Master bedroom
with cathedral ceiling,  his and her walk-in closets and master bath
with double vanity, Jacuzzi tub, separate shower, vaulted ceiling and
ceramic tile flooring. Full finished basement with rec. room, office/
5th bedroom, laundry room and workshop/utility room. You must see
this home to appreciate all the amenities!

View at www.SaveBigByOwner.com # XXXX

Call 630-587-6500 for an appointment.

Here is a good example of a good newspaper ad:

GENEVA, IL  $429,000  Open & airy design
on 1.2 natural acres 4 BR 2.5 BA full fin.
basement. www.SaveBigByOwner.com # xxxxx.

Call 630-587-6500

Try to include a website address to your home in your newspaper ad.
This will allow you to place a smaller ad and still give buyers more information to access.

By Fred Turner

Publisher of Homes For Sale By Owner Magazine

St. Charles, IL

Phone: 630-587-6500

Email: Fred@savebigbyowner.com

http://www.SaveBigByOwner.com

Permission to use this article is granted as long as the author information and website links are included.

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Life of an Escrow

By Nef Cortez

Escrow is one of the last stages in the purchase or sale of a real property.  When someone says that they are "in escrow", it means that they have either accepted an offer on the sale of their property, or their offer to purchase has been accepted.  The offer to purchase agreement is the instrument that is first signed by all parties before they “go to escrow”.  Although an escrow is not always required by law, it is an indispensable process by which an independent, neutral  third party handles the legal paperwork of a real estate sale.

The life of a typical escrow in a typical transaction follows these basic steps:

Escrow instructions are prepared along with other pertinent documents, and signatures are obtained.

Title search is ordered, a preliminary title report is received and sent out for review and approval by all parties. Demands for payoff are ordered on existing money liens, and clarification requested on tax liens and other liens.  While the escrow officer is processing the file, the lender for the buyer is also processing the loan application. If the buyer is assuming the existing loan, the escrow officer requests a beneficiary statement, forwards to buyer for review and approval, and requests loan documents for transfer or for the new loan.

Once documents are received, the file is “figured” and reviewed to determine that all conditions have been met, and all documents have been properly prepared.  Funds are obtained from the buyer, signatures on loan documents are obtained, loan funds are requested and received, and recording is ordered from title company.

All escrow instructions are confidential and disclosure can be authorized by the buyer or seller.

Keep in mind that there are some differences in how the escrow process is handled on the east coast as compared  to the west.  In addition, there are many other occurrences in the life of an escrow, and each one is unique because it involves totally unique circumstances and individuals in the real property transaction.

For any assistance in purchasing or selling, please feel free to contact me at (909) 348-0471 ext. 131 or visit my website at http://www.nefcortez.com for foreclosure lists.

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