About Collin County, TX

Smart ideas to help you sell your home in North Texas Part 1

The first impression prospective buyers have when they come into your home can make a huge difference. If your home appears clean, tidy and well maintained, they can begin imagining themselves living in it. But if your home looks like it needs alot of work, a prospective buyer may cross it off their list.

• Buy a home warranty while you are on the market
• Replace heating and AC filters
• Clean areas around the indoor and outdoor heating/cooling equipment
• Clean all decks and patios
• Inspect all faucets for corrosion or hard water deposits
• Have slow running drains cleaned
• Make sure all sinks and bathtubs hold water
• Label all circuits in your electrical service panel
• Have the AC serviced and the condensation lines cleaned

Make your home stand out from the rest!

More home selling tips to come!

Finally, training for Short Sales !

A short sale is a situation in which the seller owes more money on the loan than the property will produce on the market. The lender allows for the woner to sell the property to partially satisfy the amount owed to the lender.

I attended a Short Sale training class presented by the National Association of Realtors yesterday. The class qualified for the SFR, Short Sale and Foreclosure Resource certification from NAR. Even though I have been doing short sales for a couple of years now, I was not sure if I was doing them totally correct because there was no guidelines for realtors to go by!

A National Association of REALTORS member survey shows that short sales and foreclosed properties accounted for a third of existing home sales in July 2009.

Short sales represent a number of challenges, including but not limited to long timelines, substantial documentation & multiple approvals.

Achieving SFR certification offers a number of benefits:

• Electronic toolkit with practical forms
• Free Webinars that you can download anytime
• Access to the SFR logo and marketing materials
• Differentiation as and SFR at www.Realtor.org and www.Realtor.com

Short Sales are preferable to Forclosure because short sales lessen the impact a foreclosure can have on the community and won't damage the distressed owner's credit as much as a foreclousure.

If you would like a market analysis of your home to see if you qualify for a short sale, please give me a call.

This question had crossed most Sellers' minds at least once or twice in the decision-making process when thinking about selling their homes. Whether it's selling their first home or their 6th house. Now, know that I am a real estate agent and the reasons I share may sometimes sound biased but have an open heart to receive the information below. It is written only after I know what it truly takes to sell a home. Now, I can say, I got that T-shirt, been there and done that.

It is not to deter any Seller who may want to consider this option. But here are some things to consider when selling your Home For Sale By Owner.

Bottom line

When you are ready to put your home on the market, your home is no longer "your home". It now becomes a property and inventory in the marketplace. However, I do understand "in that home, memories are made". For that reason, it may not be as easy for you to disengage your heart from your mind in looking at this solely from a business standpoint. Here is how your real estate agent can help you focus.

In business, it is ALL about the BOTTOM LINE. There are several statistics show when utilizing the services of a real estate agent can sell your home faster and net you more. In fact, on average, it should net you 16% more (estimate). Sellers are concerned about Realtors' fees, but after paying the realtors' fees, you should still come out ahead than you would doing it yourself.

Negotiations & Probing Questions

Because this is an emotional process for you, you should always use a third-party negotiator to negotiate your contract. You could be strong and get into hard core negotiations to save a few bucks but this process can be draining if you have tough buyers. Buyers in any economy would not want to pay more than he/she has to. Worst still, if the buyers are represented while you are not, negotiating may seem one-sided.

Here in Texas, we are a non-disclosure state. This means sales prices are not made public unless you have access to the Realtor MLS system. We have used this as a guide with SOLD prices published in them. As a seller, you would at most know how much your neighbors listed their homes for sale through Internet sites such as Trulia, Zillow, etc. but you would not have accurate information. You do not even know what is the average sellers before you get in terms of sold price versus list price. Zillow has NOT been accurate information for North Texas.

Information is power to the one who has more.

During a negotiation, agents gather information to get ready for a negotiation. When you start "talking", you gather alot of voluntary information that you could use for your negotiation. A good negotiator has already gather so much information by asking probing questions, yet the average buyer does not even know he/she has volunteered that information for the negotiation.

Negotiation is a honed skill. The more you practise, the better you get at it. When selling your home, if you would agree with me, it's not the time you want to practise. You pretty much want to make sure You're right.

Contingencies

Even if you know that the sale of your home is a business transaction, it's about the bottom line (ie how much you net) and you are an expert negotiator, real estate contracts are written with many contingencies along the way. Contingencies - in layman terms are called weasel clauses to let Buyers get out of the contract should things go wrong. Most contingencies are to protect the buyers from losing their earnest monies. In order to play fair, Sellers curb the contingencies to make sure they are not out of the ordinary and reasonably to expect from the buyers.

Here in Texas, we have our Option period where the Buyers pay some monies to purchase a time period to consider and to inspect the property. The option fee purchased them an unrestricted right to terminate the contract during which the Sellers cannot accept another offer. If you are not familiar with this process, you would not know how much is norm to expect to charge for how long. We have an industry expected amount for earnest monies also. If too little, the buyers have no fear of losing it and if too much, it might scare the buyers away altogether.

We also have Buyer needing to sell a home Contingency, we have buyer financing approval contingency, we have a property approval contingency, we have a title objection, survey objection and HOA objection contingencies. We have an interest rate cap objection, we have short sale addendums, we have many other forms that realtors use to protect both parties to the transaction.

Most buyers use Realtors because their fees are paid by the Sellers (normally). To the buyers, it's almost a non-issue to consider. Buyers represented by agents are now geared up and ready for this showdown.

How about the Seller who may consider doing this his/ her own?
Are you ready to take on the challenge on your own?

Here is also another reason how an agent to watch your back.

Convenience

Okay now. Even if you are a sophisticated seller and you are truly an experienced seller. The next question is: Do you want to do it all or hire a professional to take care of the nitty-gritty of the real estate transaction for you? Would you see the VALUE of not having to worry about the transaction but instead focus on where you want to go?

Remember, the sale of your home is just an obstacle to stop you from going where you want to go. Where you want to go is really the result you desire.

Many homeowners hire house cleaners to clean their houses and landscapers to mow their yards. You could do it yourself but you rather spend your time doing something else. In other words, you pay for convenience. You let someone else worry about the sale of your home.

Most of the time, selling a home is a stressful process. Thinking about where to go next already require alot of time, effort, energy and emotions to ponder. Even after you receive a contract, it is time to pack. There are just many parts to a "move" and the actual selling process is just a part of the equation. It is not the end-all.

Here is how the agent can take that stress away from you to let you focus on where you should go next.

I hope I have written this article with you having an objective and open heart to receive this information. Prior to getting into real estate, I never knew how much it takes to get a transaction closed. It is more than decluttering, staging, getting the contract, putting a yard in the sign. It requires extensive marketing knowledge about the neighborhood and years of home selling experience to know what to protect in a real estate transaction. It is also about handing off the process to a qualified professional.

Because in the end, all you care about is your home sold.

Related Articles:

• Pricing Motivation into Home Prices
• My Secrets to Selling in 30 days
• Frisco TX Home Sellers say, "I Dont Want to Give My House Away"
• When Sold is the Only Acceptable Outcome
• Is Your Frisco TX Home Bringing The Right Energy?

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Contact:

Loreena Yeo
Realtor®/ Broker of 3:16 team REALTY
(214) 783-2210
loreena@loreenayeo.com

Super-serving Frisco, Plano, Dallas, McKinney, Allen, Little Elm, Prosper, Celina, Richardson, Dallas M-Streets, Dallas White Rock Lake area communities and other surrounding areas.

Copyright © 2009 by Loreena Yeo (3:16 team REALTY).
Should You For Sale By Owner?

McKinney- ‘Litter Force' teaches kids litter prevention- Thursday, November 19 at 10:15 and 4:15- Litter Force superheroes Hawk, Bolt, Ultra and K-900 teach children what litter is and the importance of litter prevention in a action packed show that includes interactive skits! FREE to the public. For free tickets, visit www.mckinneyperformingartscenter.org or call 972-547-7335 for more information. For more information about Litter Force visit www.dontmesswithtexas.org/litterforce.

McKinney-Twilight New Moon party- Thursday, Nov. 19 from 8 to 10 p.m.-Calling all Twilight fans! The McKinney Community Center is hosting a party to celebrate the upcoming release of the latest movie in the Twilight series, New Moon. Dress as your favorite character from the book and movie to enter in the costume contest, and stay for the showing of the first movie, Twilight. The cost is just $5 per person. Call the Community Center at 972-547-2690 to register.

Allen-Kids Night In!- Kids ages 5-10 can participate in arts and crafts, story-time, movies and more while mom and dad take the night off! Cost is $20 and the event will take place at the Joe Farmer Recreation Center on Friday, November 20 from 5:30-8:30PM. For more information call 214.509.4750.

McKinney-Paula Cole in Concert- Sunday, November 22 at 7PM- A perfect blend of sublime and sultry. Paula Cole is a Grammy award winning artist. You won't want to miss this! For more information call 214-544-4630 or visit www.mckinneyperformingartscenter.org

Allen-Bob Skaggs Memorial Food Drive- Monday, November 23 thru Wednesday, November 25-

Non perishable food items will be collected at The Village at Allen, between the Target and Best Buy parking lots. The food drive will benefit The Salvation Army McKinney Center. Drive is sponsored by Nissan of McKinney, 97.5KLAK, and Grayson Home Health. Food drive hours are Mon & Tues 8AM-7PM, Wed 8AM-Noon.

The Worker, Homeownership and Business Assistance Act of 2009 has extended the tax credit of up to $8000 for qualified first-time home buyers purchasing a principal residents. It also authorizes a tax credit up to $6500 for qualified repeat home buyers. Are you eligible? Are the qualifications as clear as mud? You can check the full requirements at http://www.federalhousingtaxcredit.com. Your tax advisor is also a great source for getting the scoop in plain speak.

Thanks to Colonial National Mortgage (Russell Dobbs, Sr. Loan Officer 972-989-9811) for putting together this brief synopsis of the differences between the qualifications:

$8,000 First-Time Home Buyer Tax Credit

*First-time buyers only, defined as someone who has NOT owned a primary residence in the last 3 years.

*The tax credit does not have to be repaid unless the home stops being the primary residence within 3 years.

*The tax credit is equal to 10% of the home's purchase price up to a maximum of $8000.

*The tax credit only applies to homes priced at $800,000 or less.

*The sale must occur between January 1, 2009 and April 30, 2010. However, if a binding contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

*For homes purchased before November 6, 2009 under the original program, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.

*For homes purchased after November 6, 2009 under the new extended and expanded program, the income limit is $125,000 for single taxpayers and $225,000 for married couples filing jointly.

$6500 Move-Up / Repeat Home Buyer Tax Credit

*To be eligible, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.

*The tax credit does not have to be repaid unless the home ceases to become the primary residence within three years.

*The tax credit is equal to 10% of the home's purchase price up to a maximum of $6500.

*The tax credit applies only to homes priced at $800,000 or less.

*The credit is available to homes purchased after November 6, 2009 and before April 30, 2010. However, in cases where the binding contract is in place by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.

*Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

Have a blessed day!

Ronda