How Do I Set The Price On My House?

 

While this video simplifies things to help you remember when selling your Fort Myers or Cape Coral house, your aim is to get the best price AND terms in your market during the period you’re selling.

Market conditions, interest rates and competition all matter.

The price you want, and the price a buyer will pay are framed by those complex conditions so pricing isn’t completely predictable.

Other factors include:

  • How your home compares to other homes for the same buyers
  • The inventory of homes and the level of buyer demand

Your needs also affect negotiations – for example, if you must sell quickly – but the final price will be determined by the market not by your needs.

Buyers look at the same comparables and market conditions and they want to pay as little as possible while meeting their needs.

Remember that the price isn’t the entire deal – repairs, closing, points, appliances and other factors can all change the value you finally receive. Listen to your broker, stay informed, be patient if you can and make your best reasonable, unemotional decisions.

At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.

In case you missed it, check out our last Title Junction post to learn more about Why Using a Realtor may be a great consideration when selling your home.

Why Use A REALTOR®

 

A state license is required to sell real estate. But roughly half of those licensed take the additional step of becoming a REALTOR®.

As we show you in this video, only members of the National Association of Realtors – NAR – are entitled to use that registered trademark and call themselves a REALTOR®.

As members, they adhere to a strict Code of Ethics and have access to classes, seminars and certification. Their aim is to be experts in their community aware of real estate trends and local and neighborhood issues. They apply that expertise to help buyers and sellers succeed.

You can find a certified REALTOR® in Fort Myers or Cape Coral by looking in local sources, asking around or searching here: http://www.realtor.com/realestateagents

At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.

In case you missed it, check out our last Title Junction post to learn more about How Do I Make A Home Ready To Sell?.

6 Selling Mistakes

 

If you’re selling a home in the Fort Myers, Cape Coral or surrounding areas, don’t do these things – take some notes from the video!

1. Don’t Sell Before The House Is Ready.

If it doesn’t present well, it won’t sell well.

2. Don’t Over-Improve

People buy houses in neighborhoods.

If yours is so “improved” that it sticks out you’re hurting your chances at selling.

3. Hire Wrong

Make your agent choice for business reasons.

Personal relationships matter, but experience and expertise will determine financial success in your sale.

4. Don’t Hide Anything

Covering up or ‘failing to mention’ real problems doesn’t work.

State disclosure laws are strict and you can be sued after the sale for anything that should have been made clear.

5. Don’t Rush

You should know about your mortgage, including pre-payment penalties your market conditions and trends and your options for your next home before jumping on the market.

6. Don’t Get Too Emotional

Your attachment to your house and your own financial needs don’t really matter in the transaction.

If you can’t set them aside the sale won’t go as you’d like it to.

Remember – it was your home but to the buyer it’s as a house.

At Title Junction we care about helping you succeed with your real estate goals. Have questions? Give us a call at 239.415.6574.

In case you missed it, check out our last Title Junction post to see How You Should Prepare The Inside For An Open House.

 

How Should I Prepare The Inside For An Open House?

 

For many homes and markets, professional help from someone in “staging” makes good financial sense.  Like this video says, check your staging options first.

If you are doing it yourself, here are 5 key tips.

One – Depersonalize.

You want the buyer to envision this house being their home?

Remove the things that make it YOUR home – photos, awards, collections, and STUFF.

Two – MOVE the stuff.

It’s tempting to shove things in closets and attics but your prospective buyer will see a much smaller house if those spaces are full.

Move it to a storage space or a friend’s garage.

Three – Warm it up.

Baking bread or cookies

adding fresh flowers

and colorful pillows and throws

are touches used by professional stagers to make a place warm without your stuff.

Four – Light it up!

  • Light sells homes.
  • Clean windows, inside and out.
  • Light bulbs all working and curtains open or even gone.

Five – Go Away.

Don’t hover – leave.

Pack for a day trip and have your realtor tell you when to return

Buyers won’t envision themselves buying if you’re around.

Depersonalize and move stuff out;

Warm it up and light it up.

Then leave and let your realtor do their job.

At Title Junction we care about helping you succeed with your real estate goals. Have questions? Give us a call at 239.415.6574.

In case you missed it, check out our last Title Junction post to see How You Should Prepare The Outside For An Open House.

How Should I Prepare The Outside For An Open House?

 

Thinking of selling your a home in the Cape Coral, Fort Myers or surrounding area? Remember to leave a great first impression from the outside to inspire a prospective buyer to see what is on the inside!

Professional “staging” may include the exterior, but if you’re doing it all yourself, try the five things outlined in this video.

1 – Landscape & lawn.

That’s the first impression; make it a good one.

Mow, prune, edge and get rid of junk!

2 – Paint And Clean!

You don’t have to do the whole house, but the front door and lintels should either be painted or cleaned.

3 – Leaks & Repairs

Small visible problems can become large mental objections and change how someone feels about your house.

Fix ‘em beforehand.

4 – Pets

Some people have allergies and concerns.

Time for Fido to visit a friend.

You weren’t including him with the house anyway.

5 – Get Fresh Eyes

Have your realtor or a friend who’s willing to be candid tell you what you missed. Or pay a staging professional for a report.

We don’t really see familiar things well – so let them be your ‘test buyer’ so you can present the best first impression to the real ones.

At Title Junction we care about helping you succeed with your real estate goals. Have questions? Give us a call at 239.415.6574.

In case you missed it, check out our last Title Junction post to see How To Prepare For An Internet Showing.

 

For Sale By Owner – Going it alone The Closing – Part III

After all the nuts and bolts have been completed and ironed out, it’s time to get to the closing table. For most it’s a sigh of relief that their Cape Coral or Fort Myers For Sale by Owner is actually closing.

The closing

If you’ve done all your homework along the way, “the closing” — the day you sign on the dotted line and the deed is transferred from seller to buyer — should be relatively easy. So then, just a few more things to wrap up to get to the table.

Do a final walk-through inspection of the home. This should be done with buyer and seller and it can be completed a few days before closing up to the morning of closing. If you have worked together closely there should be no outstanding problems. You will want to make sure that seller has removed all items and left what they said they would and any repairs that may have been agreed upon are completed.

When you go to closing — at your title company’s office — take your time to review over your closing statement. Ensure that you completely understand it and that you were only charged what you were supposed to be charged. Sometimes the buyers lender will attend, which is always a plus for the buyer.

As a seller you will not want to cancel homeowner’s insurance until the deed of sale is recorded. You own that home until you don’t  — including all the liability. Ask your title agent if you have any further questions before you leave the closing table.

Congratulations — one of you is proud new homeowner and the other is moving on!

For Sale By Owner – Going it alone The Nuts and Bolts– Part II

Last time we left off with the offer and negotiations. Once the deal has been made all parties can move on to doing the homework. In any Fort Myers or Cape Coral For Sale by Owner transaction all parties need to work together.

So now the real work begins and there are lots of people involved to accomplish the task.

Nuts and Bolts

Who do we need to hire and what do they all do?

You will want to start calling in the pros. Most people think when they sell a home themselves that they will do everything themselves — from marketing to closing — and save accordingly! Be ready to bring in some professionals when needed, though.   As you weed through the contract and contingencies there will be the “crew” that you will need to call in. The inspector, the surveyor, the insurance agent, the title insurance company, the appraiser , the lender and the list could go on.

While all of these are needed it can be a simple process. This is where the buyer and the seller will need to work together to get these items done. The seller will need to be flexible to allow for buyers people to access the home to do inspections and or repairs. And of course the buyer will need to be courteous of the seller and their time.

The buyer will need to make sure they have a closing checklist so they can schedule their time for lender requirements. And the seller a timeline to close so they can move on.

For all of this to come together smoothly, you will want to choose a local, reputable title insurance company. They will handle the escrow (good faith) deposit and act as a neutral party for funds. They will be very helpful is assisting the seller and buyer in getting to the closing table and keep you informed of what is going on.

Between the buyer and seller finalizing the sale of the house, many things have to happen — some taken care of by the buyer, some by a third party and some by the seller. Make sure you’ve hired a title insurance company to handle your closing for you — someone who will take care of several requirements, such as a survey and title search, as well as provide the proof of a marketable title and deed.

And then we can get to the closing table.

Part III – coming soon!

For Sale By Owner – Going it Alone (Offer and Negotiations – Part I)

Go on, admit it, you’ve thought about selling your home yourself, instead of hiring a real estate agent? If so, you’re not alone — especially these days. More and more homeowners are planting “for sale by owner” signs in their front yards.

One of the biggest reasons is the savings on real estate commissions – 6% being the standard commission amount. The next biggest reason is control, many people like to make their own decisions.  No one knows the home like the seller, they know it inside and out!

While there are many ways to go about the Cape Coral and Fort Myers For Sale By Owner route, here are a few tips on how to proceed once a seller already has a buyer.

Offer and Negotiations

Someone wants to make an offer on your home. Now what?

First, make sure your buyer can buy it. Simple, right?  You want a buyer who can afford your home, before signing anything ask for proof of funds or a pre-approval letter from their mortgage contact.  You don’t want to waste time with unqualified buyers, so recruit a mortgage officer to meet with potential buyers. The officer can preapprove or prequalify the buyer — potentially saving you time and aggravation — while drumming up business.

The offer stage is one of the most important points in the whole For Sale By Owner process

You are going to want to brush up on how to negotiate to get the outcome you want.

Be ready for some buyer expectation that you’re going to provide a bargain, let’s face it, you are doing this yourself and saving a lot of money! A deal is made when everyone will feel as though they’ve won.

It is also very important where the offer presentation will occur. Think about it, it’s a business conversation, you may want to recommend that the buyer present the offer at a coffee shop or even at a title company, however the best would be at your home, at the kitchen table – not sitting by the pool or on the sofa – it’s going to be one more opportunity to sell the property.

So now you and your buyer have settled on a price.

Now, a rule of thumb when selling your home yourself: Put every last thing in writing. Including the offer from the buyer, any counteroffers, the final agreed-upon price, and of course contingencies -making sure all parties sign off.

Remember this is not the end, there are many nuts and bolts that need to be put together.

Part II – coming soon!

What to expect from your Cape Coral or Fort Myers title insurance company

There are many expectations that we have of people we do business with. Here we outline what you should expect from your Cape Coral or Fort Myers title insurance company. A title company should not be looked at like you are going to McDonald’s for lunch. They are working for you on your real estate transaction.

The duties of a title company include:

Serving as a neutral party.  – Title agents and employees should not be taking sides as to protect a seller over a buyer. They work for the whole transaction in a neutral fashion.

Receiving authorization for escrow monies. – This can be done through a contract for a purchase. One party will designate the title company to hold escrow from the buyer (usually the seller).

Following instructions precisely and in a timely manner. – The seller, buyer, real estate agents and lender all have some instructions that will pertain to closing. It is important for the title company to work with these given to have a smooth transaction.

Paying bills as authorized. – A title company will be given invoices to pay through a closing. They will advise if this is able to be done or not.

Provide an accounting for the transaction. – All fees that will need to be collected or disbursed and paid will need to be shown on a settlement statement (HUD1).

Disbursing of funds. – It is most important that the funds be disbursed according to the settlement statement.

Transferring title and recording liens. – A title company should be sure that all documents are processed correctly in the correct county for transferring of property.

If you are ever unsure about a process, you should get a second opinion. Although you may be tied to the title company you are using, you should know what is expected from the one you use.

The Title Agency: Making Your For Sale By Owner Transaction Smooth And Hassle-Free

A reputable and qualified real estate title agency can make your for sale by owner property transaction flow smoothly with minimal delays.  Many people who are involved in a for sale by owner transaction question the role of the title agency and how the agent and agency can assist them with their purchase, but title agencies provide important services and safeguards throughout the sale process.

Your For Sale By Owner Property Purchase And Title Services

A real estate title agency performs many important functions during any property transfer, including for sale by owner transactions.  One of the most basic services provided by the agency is to conduct a title search on the property being sold.  This search will uncover any liens against the for sale by owner property, and ensures the property is legally eligible for sale.  A title company has extensive experience doing this type of records research.  They know where to look, what different terms and findings mean and how to comply with all applicable local, state and federal laws.  The title agency can be selected by either the buyer or seller and is a negotiable part of most real estate transactions.  In either case, the title agency serves as an impartial party that works to ensure a smooth closing for both buyer and seller.

Another primary function of the title agency is to provide the for sale by owner property purchaser and the mortgage lender with title insurance.  This indemnity insurance policy protects the buyer and lender from unseen claims that may arise against the property in the future, such as unpaid taxes or property liens, as a result of past owners’ actions.  Although the title search is supposed to find these liens, it’s always possible for a lien to be missed or a claim to arise against the property from an unknown source.  That’s where title insurance comes in.  The policy will help protect you from losses if such a claim does come up.

While conducting the title search, a title agency will also order a survey of the property, which will uncover any encroachments onto the land that the buyer may be unaware of.  Both title insurance and property surveys are examples of safeguards provided by title agencies.

Additional Services Of The Title Agency

Many title agencies also act as escrow agents which means they can hold the earnest money, pay off the seller’s mortgage and pay any necessary taxes after closing.  Title agencies also file the transaction records with the appropriate governmental entities so that the transfer of the for sale by owner property is properly recorded.

You will also find a notary public on staff at most title agencies.  Notaries assist during property closings and property transactions by verifying the identities of those involved.  This helps prevent fraud.

Last but not least, title agencies also often host the actual closing and facilitate the closing process.  From the moment the earnest money check is signed to the moment the last signature is written on sale documents, the title agency is involved.  The agency handles correspondence and forms from the buyer, the seller, any real estate agents involved, banks, mortgage lenders and more.  The agency will keep track of all of this correspondence and make sure everything is in order for the closing to take place.

It is important for buyers and sellers of for sale by owner properties to work with an experienced, full-service title agency.  These agencies will guide you through the closing process, ensuring all of the necessary transaction paperwork is in order and that the property is eligible for sale.