Five People You Will Meet at Your Next Open House

by Katie Weismiller On April 9, 2014 (abbreviated version)

1.) Qualified Buyers:

Watch for serious buyers during your open house.  These buyers come prepared with thoughtful questions, so be familiar with important property information. How to Make the Sale: Follow up within 24 hours to increase chances of an offer.

2.) Seller’s Family and Friends:

Your sellers may invite their family and friends to make the property look more popular to other guests.  Don’t discount these visitors, they may be looking to move in the future or might have friends that could become potential clients. How to Make the Sale: Treat these guests as you would any other potential buyers. They will notice your dedication and increase opportunities for future referrals.

3.) Next-Door Neighbors:

Neighbors often visit open houses because they are curious and want to compare property prices and details. No one knows the area better than local residents, so use their insight to your advantage.

How to Make the Sale:  Pre-open house, introduce yourself and extend an invite to your open house. Ask their opinion on the local area and their favorite neighborhood places. Use this information during your open house to give potential buyers an insider perspective on living in the neighborhood.

4.) “Not Yet” Buyers:

You will meet plenty of people at your open house who are browsing or not seriously considering buying. These visitors could become future clients, so ask if they are working with an agent or looking to buy in the near future.

5.) Other Local Agents:

Real estate agents often visit open houses to see how their listings compare or if they are representing a buyer who is unable to attend. Give them a brief overview of the property and let them walk through solo.

Courtesy of Kansas City For Sale By Owner – The FSBO Store – FSBO-KC.com

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Home staging 101: Stash the nudes

Feb 28, 2014

When you’re selling a home, you don’t want to put off potential buyers with edgy art like a nude painting on the wall, say a handful of agents interviewed on the subject by the Wall Street Journal.

Though homeowners sometimes push back, ”No nudes is good nudes,” Re/Max agent Lyn Sims told the Journal.

A 2011 Duke University study cited in the article backs up Sims’ assessment: Getting rid of edgy art like nudes is one of the most effective things owners can do when staging their homes, receiving a 5.98 ranking on a 7-point scale (7 being considered a highly effective action) by the study’s 457 participants. Home shoppers tend to remember the stand-out art rather than the home itself, the study showed.

Source: Wall Street Journal

KC FSBO Fall Homes Tour 2013

“Kansas City’s Trusted Leader in Private Home Sales Since 1996”

Please visit our Homes For Sale in the Greater Kansas City, Lawrence and Topeka areas for this years Kansas City FSBO Fall Homes Tour!

Many of our KC FSBO Homes for Sale have been former Models and shown in previous Parade of Homes events both Spring and Fall. View our Homes For Sale.

And for homes with that little something “extra,” please visit our Distinctive Lifestyle homes.

Please note: Coinciding with the Kansas City Fall Parade of Homes, September 28th through October 13th, making for the ideal time to get out and view the best homes, builders, neighborhoods and HOME VALUES in our area.

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Don’t confuse “pre-approved” and “pre-qualified” with a Loan Commitment

For Real Estate Buyers and Sellers:

When you are “pre-qualified,” the lender is making an educated guess about how much you can borrow based on information you’ve provided. When you are “pre-approved,” the lender has verified everything you’ve provided and is offering to lend you up to a given amount at current interest rates — under certain conditions.

It’s much better to be pre-approved when shopping for a home because both you, your real estate agent and the seller know what you can afford. Whether pre-qualified or pre-approved, final clearance and a check at closing — a loan commitment — are subject to an appraisal satisfactory to the lender, good title, a last-minute credit check, and other verifications.

When meeting with lenders, always ask what additional steps will be required to obtain a loan.

And for Buyers…ALWAYS:

Postpone any big-ticket purchases until after you buy your house.

 

Excerpts from “Ten Mortgage Mistakes You Can’t Afford from Realtor.com” By Lew Sichelman

Copyright © by Move, Inc.

Advice for Homebuyers and Sellers

TODAY Chat: Advice for homebuyers and sellers

By Herb Weisbaum, TODAY contributor

Ilyce Glink

It’s a seller’s market in many parts of the country right now. That’s a big change from the past six or seven years. With buyers competing for the same property, home prices are going up. It’s a good thing mortgage interest rates are at historic lows.

“If you want to get the home of your dreams, you need to be really serious,” advises real estate expert Ilyce Glink, author of the book Buy, Close, Move In. “You’ve got to get pre-approved, not pre-qualified for your purchase. You have to know what you want and how much you feel comfortable spending (it may be less than what the bank suggests). If you know what you want and how much you want to spend, and you’ve spent a lot of time in your neighborhood of choice, when the right property comes up, you can pounce.”

During a TODAY Money web chat on Wednesday, Glink, shared some great advice.

TODAY: What do you say to all of the people who still find themselves underwater? Will they ever get back to the plus side again and have some equity in their home?

Ilyce Glink: We’re seeing tens of thousands of Americans get back to positive equity every month, as home prices rise. In some places, like Georgia, about 40 percent of all homeowners are underwater. But the national average is now 20 to 23 percent.

Those who bought in 2005 to 2007 might not go positive for the next 10 years, if they were in the hardest hit areas, but most other people will or they will do short sales and have the debt be forgiven.

We will get most of America right-side up again and probably by 2015.

TODAY: What’s the biggest mistake buyers make?

Ilyce Glink: Buyers often make the mistake of buying in the wrong location. The think they can live somewhere, but don’t really take the time to thoroughly investigate the neighborhood. They don’t walk by the school or visit local stores or dining establishments.

They might check out the school district for the age their kids are today, but not the schools they’d go into 5 years from now.

And, speaking of the future, buyers often forget that they’re supposed to live in this house for 5 to 10 years – they think they’ll flip it in 24 months and triple their money. NOT!

TODAY: And what’s the biggest mistake sellers make?

Ilyce Glink: Most folks think that their home is worth much more than it is – even if it is in great shape. It can really get in the way of selling your home.

When I tell people that homes values are rolled back to where they were in 2003, a full 10 years ago, they don’t fully comprehend what that means. But think back. Your home was probably worth 20% less than it is today – or even less.

Published in Today.com – 9 May, 2013, 1:44pm, EDT

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Give us a call or come visit us at The FSBO Store today!

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Lease-to-Own Real Estate Deals – Buyer and Seller Beware

Rent-to-Own (or Lease-to-Own) Real Estate Deals – Buyer and Seller Beware

by Clayton Clossonon July 13, 2007 in Home Buying (still as true today)

Although they’ve actually been around for decades, rent-to-own contracts that substitute for mortgages and conventional home loans are enjoying a surge in popularity in several regions of the country. The slumping real estate markets in parts of the U.S. fuels these deals, where homes can sit on the selling block for months at a time.

Add to this the recent tightening of rules and regulations for bad credit loans and a near perfect storm has been created for rent-to-own scenarios. It sounds like a great way for home sellers to speed up the sale of their home.

Think of it this way: Lots of folks with bad or bruised credit simply can’t qualify for a home loan under current guidelines. So, instead of just renting a place to live, they opt for non-traditional arrangements to buy a home. These arrangements are contracts between the buyer and seller and don’t involve a bank or mortgage company. One of the most common rent-to-own contracts is the land contract.

A land contract is essentially an agreement between the buyer and seller where the seller “finances” the buyer to purchase the home. A payment schedule (monthly amount multiplied by the number of months) is agreed upon, and the buyer pays a down payment as a security deposit to the seller. The title of the home remains with the seller until the buyer has made all the payments. The payment schedule usually covers only a part of the sale price of the home, which means that at the end of the payment schedule, an outstanding balance remains. This is usually paid using what’s called a balloon payment. So, the buyer pays payments for a set period of time, and then must pay the remaining amount to buy the home. For example, the buyer may pay $800 a month for 10 years and have a balloon payment of $50,000 due at the end of the 10-year contract.

Here is the risk: Land contracts aren’t always publicly documented and recorded; rarely a good idea when dealing with real estate and this much cash at risk. Another common rent-to-own scenario is renting or leasing with the option to buy. Such options are different from land contracts in that the agreement is usually filed and is a legal arrangement. They give the renter or lessee the option to buy the property at a set time during the loan. With an option, rent payments become equity in the property.

While the benefits of rent-to-own arrangements may seem strong, both the buyer and seller need to be aware of problems that can result from poor planning. A few of the most common problems faced with rent-to-own scenarios are:

•Repossession can be difficult if the buyer defaults on payments
•The seller is stuck with any repairs, even if the buyer caused them
•The seller may be responsible for real estate tax and property insurance
•If anything goes wrong, the buyer may lose any money paid, including the deposit
•When the time comes, the buyer may not be able to finance the balloon payment after all (remember, the buyer couldn’t get financing to buy the home in the first place)

The most important factor to remember with rent-to-own is that all terms of the contract or option must be spelled out to the smallest detail to avoid any problems. Who is responsible for repairs to the home? Who is responsible for maintenance? What happens if the buyer misses a payment? When is a late fee added? When is the down payment refundable, or at what point does it become non-refundable? Are pets or roommates allowed? Who is responsible for paying property tax and insurance? These are just a few of the important questions buyers and sellers should consider and work out prior to entering into an agreement.

It’s not hard to see why hiring a lawyer to review a land contract or “option to purchase” agreement is a very good idea. There are so many details and potential issues that need to be covered that it’s almost impossible for people to set these up correctly without professional guidance.

A little painstaking preparation setting up a land contract or option-to-purchase will help prevent a lot of problems down the road. And even with proper legal and real estate guidance, know the risks.

A traditional mortgage to buy and sell the home may still be worth the wait.

Read more: http://www.quickenloans.com/blog/rent-to-own-real-estate-deals-buyer-and-seller-beware-5176#ixzz2CsvY7fAH

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Beware of Scams and Other Internet Fraud

Beware of Scams and Other Internet Fraud in Real Estate

Scams are a reality of shopping online and offline.  One critical piece of information you should take wherever you go:

Always be wary of giving personal information, financial information, if you have an offer on your home, or payments of any kind to people you don’t know personally.

Red Flags for Scams, Use caution with the following:

•    Inquiry contact information not completely filled out.

Take extra care when you receive an e-mail inquiry with missing basic information (i.e. a “First and Last Name”, “No Phone Number”, or one that can’t be verified). There have been scam attempts that ask for information like “sending photos or more photos” when the listing has more than enough photos for an interested buyer (or buyer’s agent) to take the next step and schedule a showing.

If they are truly a serious buyer (or buyer’s agent), they will give you their Full Name, Phone Number and a reasonable request for information (including identifying themselves as a buyer’s agent, if they are representing an interested buyer) and most requests should be regarding a showing. Also, call them back by “pressing *67 then the phone number they gave you in the request” (blocks your phone number) instead of just responding to the e-mail blindly.

•    Long-distance inquiries.

Take extra care in long-distance situations, especially from users in foreign countries. There have been a number of scam attempts that involve individuals in foreign countries who say they are interested in purchasing or renting out a home.

•    Requests that you send a check or money order, or wire funds.

Most scams eventually involve such a request, and there are many variations. A scammer may have convincing reasons why they need to deal remotely. They may wire overpayment of funds to you and request that you wire back a refund. They may ask you to use a false online “escrow service”. Do not wire funds to anyone you haven’t met personally. Also, do not accept wire funds that you did not initiate.

•    Requests for personal and/or financial information.

With identity theft on the rise, it is a good general rule to provide your personal/financial information sparingly, and only to trusted sources.

•    Offers to facilitate a home purchase or loan or rental by an individual claiming an affiliation with ANY investor or investment group.

Any such offers are fraudulent activity.

•    Suggestions to assist in money exchanges.

Money is handled by the Title companies at closing. Anyone telling you otherwise is trying to scam you.

•    Typos, grammatical errors and inflated stories.

Emails that are filled with spelling and grammatical errors are usually a sign of fraud. Also, the sender might claim the importance of themselves or the person they are representing (“I work with the United nations development program”) and could also weave an involved story about family issues.

•    A buyer’s agent or individual buyer should never ask for personal information or a phone verification code prior to seeing a property.

Any requests for bank account numbers, Social Security numbers, or being asked to provide them with a code sent to your cell phone via text or call are all signs of a potential scam.

Report Scams and Fraud

You may also contact the following authorities to report possible fraud:

•    Federal Trade Commission:  via its toll free hotline: 877-FTC-HELP (877-382-4357) or the FTC online complaint form https://www.ftccomplaintassistant.gov/

•    Federal Bureau of Investigation’s Internet Fraud Complaint Center http://www.ic3.gov/default.aspx

•    Non-emergency number for your local police department

It’s a Big Internet…Be Careful Out There!

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