You have just found out that you have to move. There is a lot of planning to do for you and your family. You need to think about new schools, new job, and new community activities. But don’t forget to plan one of the most important first steps. How are you going to sell this house? With the current market for real estate you could panic with just the thought of it. It doesn’t have to be that way. You must sit down and plan your methodology of getting out ahead of the crowd to get your house noticed.

 

Home Search - How Do They Know?

While this may not be news, houses searches mostly start on the internet. It does not mean that potential buyers buy directly from the internet but that is where the search starts. After the initial search is done, the potential buyer will either contact a Realtor or the home owner if the listing is a For Sale by Owner to see the property. Thus if your home is not to be found on the internet you have significantly reduced your chances of it being seen.

 

SELLING YOUR HOME RESOURCES!

That’s Not News

Now that you have taken the first marketing step of placing your home on the internet you go to step two. You have to ask yourself “Who would really benefit from living in this home, neighborhood or community?” Develop a profile of such a family and ask what their needs are? What does my house have to offer to fulfill their needs? Once you have developed this profile then match the needs to what your home provides for the needs. Then market to the needs. So many times when a house is marketed it is sold like one size fits all. Not true- a senior citizen may have absolutely no desire to move into a neighborhood with young families. Of course, there are exceptions but you go after the most likely buyer. Just by addressing their needs in your marketing approach you will likely attract interested parties.

The Price is Right

Now we come to the point of deciding a market value price for your home. This can be the real deal breaker. Even if you have a highly desirable home in a highly desirable area, buyers will walk away from a home that is grossly overpriced. The inventory of unsold homes is too great and buyers know this. You need to get the information on the sales of homes in your neighborhood or area during the last year. You have to discern which sales are distressed and which are regular sales. A distressed sale can really distort your homes market value. Do you play to the distressed sale? Unless you are in a distressed situation, then absolutely not. A fair market value is what price an informed seller and informed buyer agree to conclude a real estate transaction. You know what the market value of your real estate is worth when being sold not under duress.

 

Article Provided by Author: Jill D. Schmitt - Broker/Associate Selling Your Gainesville Florida Home

Due to the current financial crisis, the housing market has been in turmoil for well over a year and, as a consequence, there has been an enormous growth in home repossession - many of these end up at auction. Repossessed houses sold at auction typically go for anything between 20% -50% less than their market price, meaning they pose extremely good value for private buyers and investors as well.

Although there are some horror stories concerning repossessed houses being inhabitable or having no kitchen and bathroom, most repossessions are in a good state of repair - they are simply houses taken back by the bank after their owners could no longer maintain reimbursement on their mortgage.

If you are planning to buy a repossessed house at auction, look out for the property section of your local paper: estate agents sometimes advertise such houses and call interested parties to bid. Also, you can subscribe to a property auction mailing list; the company in question will then send you details of following auctions, either by post or via e-mail.

Below are some tips on how to successfully buy repossessed property at auction:

* Be prepared by doing your research beforehand: if you are unfamiliar with property auctions, visit a couple to get well acquainted with them. The auction catalogue will feature all properties in the auction, with {detailed description|description} and guide price, and conditions of sale: these are legally binding, so make sure you read thoroughly

* Always visit a house you are interested in before the auction takes place - do not rely on the catalogue description. You will need to see the building with your own eyes to make sure it is in good state
. It is necessary that you get an inspection done on any house you are interested in, in sequence to identify structural problems if there are any.

Primelocation.com can provide you an idea of how much similar properties sell for in a particular area, so you can bid accordingly, and upmystreet.com can provide you general information about an area, such as crime levels, socioeconomic background and amenities.

* Be sure of your budget prior to the auction and do not exceed this. You can get easily carried away with bidding in the auction room, but it is important to stick within your budget for affordability reasons. If you are not sure that you do so, consider taking somebody with you to the auction or get an auctioneer to bid on your behalf.

* Bidding at auction: you will be able to get access to a selling pack regarding any properties you are interested in, and this will hold details of local authority and environmental searches, leases, title deeds, and fixtures and fittings form (outlining all fixtures included in the sale).

If you are purchasing a house for rent, it is important to know a little bit about the area you will be purchasing into. First of all, it is important to choose an area where the rental market is particularly strong, e.g. towns or cities with hospitals and major universities usually have a considerable number of tenants.

* Arrange finance or a mortgage prior to the auction: If you bid on a property and win the auction, then you are legally required to pay a 10% deposit on the day and complete within 20-28 days. If you cannot complete within this time you will lose your deposit, so make sure you have the required money in place.

It is important to also take into account the cost of any renovation works needed, as well as any other associated costs, such as solicitor’s fees, insurance, and stamp duty. For properties costing over £175,000, stamp duty is 1%, 3% on properties in the £250,000-£500,000 bracket, and 4% on property worth in excess of £500,000.

Michael O’Flynn, head of content for FindaProperty.com, states:

‘In recent years auctions have become an increasingly popular way to buy and sell property; so much so that the number of flats sold at auction annually has increased by 40% since 2000. Over the same period, the number of houses sold has increased by 30%.

Provided you know what you are doing, auctions can be a great way to make a quick sale and the perfect place to pick up a bargain.

The lack of mortgage finance and a rise in the number of repossessed properties means that this trend will probably continue in the coming year.

However, buyers with little experience should approach the auction room with caution. Seek professional advice, set a limit beyond which you will not bid, and be sure to do the due diligence before you enter the auction room. Once the hammer comes down you have only 28 days to complete - so be sure you have the finance in place and know exactly what you’re bidding on’.