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Property for sale in Orlando Florida
Victorville Real Estate
How to Sell Your House By Lease OptionMany people buy a house then have to move within a few years, due to divorce, relocation or financial difficulties. Without any equity though, it can be nearly impossible to find buyers and you still have realtor fees to contend with. There is a simple, easy way to have your payments taken care of for you and find a buyer, so that you can move onto your new life quickly and easily. Homeowners can sell their homes by lease option. What are the benefits of selling my house on a lease option? When you lease option your house, you sell the right to purchase your home at a set price within a predetermined period of time. During that time, the purchaser of the lease option pays you a set monthly fee. They pay what amounts to their ?rent? to you with the provision that they can purchase your house within a certain period of time and have part of the rent that they have paid you applied to their final purchase price. Q What are the advantages of selling my home by lease option over listing it with a Realtor? By selling your home in this way, you avoid realtor fees and some other closing costs. You also have a tenant who intends to purchase your property. They will take better care of the home than a renter would and may even fix it up a bit for you. You also, naturally, have your payments taken care of and keep the tax benefits of owning your home, until the final sale. Q How long does it take before your tenant/buyer cashes me out? A That depends on a number of different factors. Many people with less than perfect credit can rebuild their credit and receive a mortgage from a mortgage broker within 6 consecutive payments. Q Why don?t I just sell the house myself? If you have little or no equity in your home, it will not be considered a good investment by most buyers. Q What if my tenant/buyer doesn?t buy the house? A It is important to pre-screen buyers to make sure that they want to buy the house and are able to buy it at some point in the future. However, circumstances can change in someone?s life, such as an unexpected job transfer, that make it necessary to move. In situations like that, a new tenant buyer would have to be found. About Author Caterina Christakos Website: Howtowriteachildrensbook.com Email: cchrist896@aol.com Caterina Christakos is an independent real estate investor and facilitator. For more information or help setting up your lease options and screening buyers
Article courtesy of Global Success Network
Negotiating the Real Estate Contract
What do we want to achieve in a negotiation? The best negotiators bring an attitude of high expectations to the table. They are hard on the problem and soft on the people. Letting the seller know what you need, in a clear and reasoned way, is the first step toward getting it. We try to keep all of these goals in mind: Enable you to move into your new home. Obtain the lowest possible price for the property. Close within an acceptable time frame. Solve any repair issues fairly. Have no title, survey or loan problems, or solve any that do arise. Develop a good working relationship with the seller. Have no future problems after closing. Is a cooperative or combative approach more effective? Our experience shows that the cooperative style is the most effective and efficient way to complete a transaction. Professional negotiators usually try to preserve the relationship between the parties, and work together to resolve problems. The goal is not to reach an impasse in which neither the seller's nor the buyer's needs are met. Buyers sometimes submit a letter to the seller describing why their house is not worth what they are asking, pointing out deficiencies, etc. This almost always backfires, and starts the negotiation off with a defensive seller. It is best to anchor your price to the marketplace, while remaining very complimentary of their home. How do you work with a combative strategy by a seller or agent? The combative style is sometimes encountered. This strategy includes: negative comments, emotional statements, table pounding, threats to walk out, ego involvement, and stated positioning. Creative solutions and trade offs are not as likely to be found in this environment. Working with a combative style negotiator requires a considered approach: Do not respond emotionally. An angry or defensive response will escalate the negotiation into a no-win battle. Do not argue. Arguing usually positions them more strongly and drags the negotiation process off course. Do not ignore their arguments or statements. Listen carefully, but do not accept or reject. Firmly anchor pricing and other terms to outside data. Show that the price has not been chosen arbitrarily. Reduce misunderstanding by following up with written summaries of discussions. Do not allow hazy or unclear proposals to stand. Offer some "wins" on some of the terms. Face saving is very important. Look for ways to meet their underlying interests. Remember that they may have a beautiful home that satisfies the buyer's goals. Is every point in the contact negotiable? Yes. However, one of the most effective means of coming to an agreement is to rely on consistent standards or norms when possible. For example, it is common practice for the seller to pay for the title policy and for the buyer to pay survey cost. Using accepted standards prevents buyer and seller from haggling over every point. Working within the accepted "norms" for our area helps to legitimize offers, and focus the negotiation on just a few points. On the other hand, all the points in an offer can be used to help structure the deal. They offer trade-off opportunities for both parties to get what they want from the negotiation. The value of trust in a negotiation: The value of trust in a negotiation cannot be overstated. Most people are fair minded and reasonable. They respond well to respectful treatment and to having their concerns heard. If the seller feels that the buyer and agent are acting with integrity, their attitude will be much more cooperative. Contract negotiation is a sensitive area, and anxiety can be high. The buyers may have had an unpleasant past experience with buying a home. The seller may be under pressure, with future plans at stake. Acting with integrity does not mean that all "cards have to be put on the table." It is not proper to discuss personal issues that affect the buyer, such as your financial ability or urgency to move in. It is valuable to develop rapport because trust increases your leverage. Here are ways: Listen and understand what the seller has to say. Express appreciation for the seller's home, gardens, decorating. Respond within a reasonable time to counter offers. Reassure the seller of your ability to close. Reveal some personal information about yourselves. Finding common ground with the seller can be a very powerful tool in the event of multiple offers. I can think of several instances in which sellers selected their contract for very personal reasons. (The family reminded them of themselves when they moved in with young children years before. Or, they were both of the same religion. Or, the new owners would care for their gardens.) The more we can find out about the seller's needs, the better chance we have to find solutions to negotiation hurdles. We will be able to offer information or concessions that appeal to the seller's deepest concerns. Obviously, if the house has been on the market for 300 days, you have a lot more leverage than you would with a brand new listing. If their time frame is immediate, and you can meet it, you have some leverage. If they have multiple offers, you have very little leverage! How much under list price should you offer? Buyers usually offer less than list price, unless it is a strong sellers market. There is no standard percentage "under list price" that can be used. A market analysis will show recent sales for the neighborhood, which is the best way to establish the offer price. It is usually counter-productive to offer so low that the seller will automatically reject the offer. This will set a negative tone, and may result in an emotional response from the seller. What if we have a multiple offer situation? Occasionally the seller receives more than one offer on their property. The Austin Board of REALTORS® has a policy that allows two options: disclosure to all parties that multiple offers have been received, or disclosure to no one that there are multiple offers. We prefer disclosure to all parties. However, the listing agent and seller will make the decision as to how they will handle offers. By simply disclosing that there are multiple offers, they are not "shopping" your contract. Shopping occurs when the seller discloses the terms of an offer to induce a buyer to submit a better offer. This can result in major distrust of the process by the parties, and the likelihood of loss of the buyers. Usually the procedure is to notify each party that multiple offers have been received. Each party is then given the opportunity to raise or adjust his offer by a certain time. After that time, the seller is free to review all offers and choose one to work with. They are not obligated to choose the "first" offer that came in. The selected offer may be countered, or accepted as is. About Author Roselind Hejl Website: Weloveaustin.com Email: roselind@hejl.com
Roselind Hejl, CRS Top 25 Agents in Austin Texas - Let us help you make your move to Austin.
Article courtesy of Global Success Network
10 No Money Down Ways to Buy Real EstateTurn the Television on any Sunday morning and you?ll find yourself in the middle of a ?how to buy real estate? infomercial. Can you really buy a house with no down payment? Can you really make thousands or millions of dollars buying real estate. Of course the answer is ?yes? and ?no?. The real question is, are you willing to pay anywhere from $500 to $5000 for the information, classes and hotline? Most important are you self disciplined enough to follow the program. Before you spend money on these expensive programs, here are my top ten ?no money down? ways to buy real estate. If you?re self disciplined and willing to hear the word ?no? many times before you get a ?yes?, then maybe you can buy a house without a down payment. 1. First is to check out the many new zero down programs now available from lenders. Especially if you?re a fist time buyer. Also FHA and VA have loans that may not be zero down, but are very close. 2. Borrow money for the down payment ? Borrow the money from family, friends or a business partner at a high interest rate or a percentage of the profit when the property is sold 3. Raise the price and lower the terms ? Offer the seller more than he is asking provided he is willing to accept the down payment in the form of a note. If the seller is asking $150,000 with $15,000 down and willing to carry the balance of $135,000. Try offering $155,000 in the form of a promissory not instead of cash. The seller gets a little more money for the additional risk. 4. Borrow against a life insurance policy ? Many life insurance policy?s let you borrow against the policy for the purpose of investing in real estate or other investments. 5. Use other property as collateral ? Create a note on existing property that you or a partner own and use it as the down payment for the property you are buying. 6. Home equity loan ? Home equity loans are generally easy to qualify for as long as there is adequate equity in the property. 7. Seller refinance ? Have the seller refinance the property, receiving the cash he needs from the proceeds of the new loan, the buyer gives the seller a note for the balance of the seller?s equity. 8. Find an investor ? There are many people who have money but no time. Their current profession keeps them too busy. Work out a deal where they put up the money and you split the profits when you sell. 9. Lease with option to purchase ? Lease a property with the right to buy it at some future time. Provide for the rental payment to be credited towards the down payment if you decide to exercise your option. 10. Give them something they need ? If the seller is planning to purchase something in the future that you own or can buy, use it as a trade. This can be anything such as furniture, boat or motor home. About Author Richard Massey Website: http://www.unitedfinancialresources.com Richard Massey is a note broker with United Financial Resources and a real estate investor. You can get more information at http://www.unitedfinancialresources.com or to read more articles go to http://unitedfinancialresources.com/news.html
Article courtesy of Global Success Network
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