Legacy Real Estate Sales and Management San Marcos, Texas http://1.blogger.gmodules.com/gadgets/ifr? -

If you have the time and know how selling your property yourself s a good way to go. But besure you know the market. It is very important to know what similar homes are selling for in your area. Many FSBO (For Sale By Owner) people will save a few thousand on real estate sales commisions but inadvertanly sell their home too cheap thus negating any savings. In other words all the showings and inconveniences plus time dealing with the transaction really did not save them any money at all.

If you are planning on selling your property yourself then here are a few tips and resouces that should help.

1. Use TREC forms.

Use the forms that the TREC (Texas Real Estate Commision) has promulgated for real estate transactions. You can call the owner of this website for a package of these forms. These forms are approved by the State of Texas and can be used by anyone. Needless to say be sure you read and understand all of the Contracts, Notices, Amendments, and Adendums before you use them in any transaction. They have been promulgated by the State of Texas to help standardize real estate transactions, promote disclosure, and provide a basis from which disagreements can be settled either in court or through mediation.

Here are a few of these forms: 1-4 Family Contract (Re-Sale), Farm and Ranch Contract, New Home Contract (Complete Construction), New Home Contract (Incomplete Construction), Unimproved Property Contract, Residential Condominum Contract (Re-sale).

Along with each of these contracts there are related amendments, adendums, and notices regarding certain aspects of the transaction. For instance the "Seller's Disclosure of Property Condition Form" discloses to the prospective buyer any defects or other problems with the property. Knowingly selling a property with a defect or other problem can get the seller in legal trouble. If the home was built before 1978 federal law requires that a "Seller's Disclosure on LBP (Lead Based Paint) and LBP Hazards" be attached to the contract in most cases. If the buyers need to move into the property for a time before the property closes then a "Buyer's Temporary Residential Lease" should be attached to the contract. There are special notices, adendums and certificates regarding subdivision information and home owners associations that will be required by the title company or lender. If the buyers want to finance the property then the "Third Party Financing" adendum will be necessary to spell out the terms of financing as it is related to the contract. A FSBO person should be familar with all the TREC (Texas Real Estate Commission) forms to help protect himself against the legal ramifications that can occur in todays litigious society.

2. Get all the informaion for the sale

Be sure to get all the information on your property that you need to make the transaction go smoothly. Information like mortgage payoff. Many lenders will charge the seller pay off penalties if the property is sold with in a certain period of time. This is particularly true with commercial loans and/or adjustable rate loans. Along with this the seller needs to understand what part of the closing costs he shares. Seller usually pays for the title policy and other fees. Sit down with the title company escrow agent to get a clear understand of what the standard costs should be.

If your home or business has an on site sewage facility (septic tank) the buyer should want to know what type, when the last time was it was pumped out, whether it is registered with the county, whether it has a warrenty and whether he will be required to connect to the city utilities at some point. Also consider that the buyers should want to know about Deed Restrictions, Home owner Association Rules and By Laws, Zoning Issues, and any City Odinances that may affect the buyer's planned use for the property. Despite the fact that it may have been unintentional failer to inform the buyer this type of information can leave the buyer feeling like he was tricked or defrauded and could result in a law suit.

3. Preparing property for the Buyes

There is plenty of information of the internet and else where about preparing your property for showing. Here are a few basics. Mow and edge lawn, plant flowers if wheather permits, clean front porch and front door. Consider fresh paint, wallpaper and professionally clean your carpet. Take the time to clean out excess items now, have a garage sale or give away. All closets cabinets and garages need to look as clean as a pin. Make repairs: there should be no leaky faucets, loose knobs and doors and windows should operate flawlessly. Remove any excess furniture and place in storage. Your home should be uncluttered and have the appearance of spaciousness.

When you show the home becareful what you say and in general try not to talk too much. Let the buyers ask the questions. Be sure not to accidently give inaccurate information. Avoid statements like "I think the roof is 10 years old but I'll have to check." Or if they ask what will happen to the land directly behind you just say "I don't know" instead of repeating to the buyer what you heard from a neighbor. Remember any promise or statement that you make could come back to haunt you at the closing table or in a courtroom.

When you stage your property for a showing open all curtains to let the light in. Turn on all lights before the buyers arrive. Turn off all televisions, radios and try to get the children to play outside for a while. Try to avoid any over powering sales pitch. Let the buyers envision themselves as owners of the property.

For more information contact website owner, Stephen Jones, at 512-558-2651

FSBO First Aid Kit

FSBO First Aid Kit