Renae's Real Estate Blog

What Is My Home Worth?

2008-02-24T15:18:00.000-08:00

Did you ever wonder who decides what the sale price of your home will be?

Many homeowners think the real estate agent determines the price of real estate, while others believe the price of the home is based on what they need or want out of their property.

In reality, the price of real estate is determined by the market. Market Value is defined as, the price an interested but not desperate buyer would pay and and interested but not desperate seller would accept on the open market assuming a reasonable period of time for an agreement to take place.

If you are considering the sale of your home, you can contact a real estate professional for a comparative market analysis. This is a free service your local real estate agent can provide to guide you in pricing your home. You may also contact a real estate appraiser, who will charge a fair price for their professional opinion. Each professional individual opinion may vary slightly, but they should also be able to explain how they arrived with the value. Ultimately, the final decision is up to the homeowner to decide what price tag to use. Just remember, if you price your home over the market value, expect it to stay on the market until you reduce the price. Discuss the consequence of over or under pricing your home with your real estate agent.

For more information visit my website at http://www.renaefulton.net/

Renae Fulton,GRI - Opening Doors for You

Real Estate Consultant

Short Sale - What is it??

2008-02-14T13:36:00.000-08:00

A short sale is when a lender agrees to accept less than what is owned on the mortgage at the time the property is sold. This can generally been seen more often when there is a high amount of foreclosed properties. Many times it is in the best interest of the mortgage company to accept the short sale and save money and time to foreclose the property. It can also benefit the borrower of the property. With a short sale you can save not only the stress level of a foreclosure, but it may not have the severe impact to your credit as a foreclosure.
If you find yourself in a situation where you think a short sale might work for you please keep in mind this is not a "quick" fix. The lender will require detailed documentation from you and must also learn the present value of the property.
Will the lender forgive your shortage? They may require you to sign a promissory note agreeing to pay back the shortage. What if they forgive the shortage? It's possible this could be considered as income and be taxable by the IRS.
It's always advisable to seek out professional’s to advise you in these situations.

Visit my website at www.renaefulton.net

Renae Fulton, GRI - Opening Doors for You!
Real Estate Consultant

Get Your Home Ready to Sale!

2007-09-04T14:09:00.000-07:00

It seems that as spring roles around people begin to think about putting their home on the market. Regardless 0f the time of year, here are some tips to help you move your home quickly and help bring you top dollar!
Curb appeal. It is the first impression. If they don't like it from the outside, there is a good chance they won't go through the front door. Address your yard, does it need to be treated for weeds, is it green, does it need mowed?? How about the landscaping? Be sure shrubs and trees are trimmed and neat. If the plant is not looking well, remove it. Add some color by adding annuals in flowerbeds or a colorful and healthy planter of flowers near the entrance.
Now, let's step inside. It requires planning to market your home. This is why I tell my clients this is a team effort. Remember, you are competing with many other homes on the market. Remove clutter. This is a good time to clean. Give it away, throw it away, put it in plastic containers and store it. You want your home to be spacious. Do the walls need to be painted? How does the flooring look? Does it need to be cleaned? Does it need to be replaced? Check the bathroom tub area's, does the tile need grouting, or re caulked. Always be sure the kitchen and baths are sparkling clean! Make the beds and pick up clothes and put them away. The homes that have the cleanest and most organized appearance sell faster and for top dollar. Most buyers gravitate towards this type of home. They want to be able to just move in. For those who wish to take your chances and allow for carpeting or decorating allowances, there is a strong possibility you will find your home on the market for a longer period of time and at a greatly reduced price.
Bring in a new pair of eyes to be critical of viewing your home. They will see things you over look because you see it on a daily basis. Be open and receptive to these comments. Stay focused on your goal......selling you home.

Need more info, just let me know. I will be happy to help!

Renae Fulton - Opening Doors for You!
Real Estate Consultant

www.renaefulton.net

First Time Home Buyers Guide

2007-08-30T20:05:00.000-07:00

Purchasing a home may be the largest investment of your life! While this may sound a little frightening, the transaction can be simplified and smooth if you find a real estate agent to represent you that you are comfortable working with and is knowledgeable. If your not quite ready, you can shop on line to become familiar with area's and learn about the cost of housing. Most agents will request you have secured financing before the process of showing homes begins. Many times your agent has a good working relationship with local lenders and will be glad to share this information with you should you need direction.
You and your agent should discuss the price range you would like to stay in and what features you are looking for in a home. As your agent schedules showings for you they will begin to recognize what your likes and dislikes are. When a home is located you would like to make an offer on, your agent should provide you valuable information to help you make an informed decision on making an offer and the negotiation process.
The contract will be executed, when both parties sign and agree to the terms of the offer and the buyer provides earnest money. Your agent should have a good understanding of the contract and be able to explain it to you. Always ask questions of you are unsure or uncomfortable.
On occasion multiple offers may be made on a property, the property may not appraise to the offered amount or upon inspection issues, may arise that need to be renegotiated.
Next steps, inspection, appraisal, final walk thru and closing.

Renae Fulton - Opening Doors for You!

Real Estate Consultant

http://www.renaefulton.net/