Thus you should be aware of the changes and extras you’ll need to make.

“Attractive nuisances” is the biggest problem with lakefront homes. Trampolines, docks, skidoos, hottubs, and swimming platforms are all considered enticing and then of course, dangerous. Attractive nuisances are defined as something on the homeowner’s property that could possibly attract a liable loss. Other than putting up a chainlink fence around your beautiful property, the way to combat attractive nuisances is with insurance.

You want to bring this up with your insurance agent. Some companies don’t cover attractive nuisances and others hike up your premiums. It’s best to know on the front end when you’re buying a home.

Boat Coverage

If you have a boat, you’re going to need some extra coverage. If the boat is big, you’ll need “inland marine” insurance to move the boat from its current location to your dock at your home . Your homeowner’s insurance won’t cover it if it is big. Row boats and canoes on the other hand sometimes fall in the homeowner’s insurance policy.

Seasonal Issues

If your Lake of the Ozarks home is just a seasonal dwelling your insurance will be calculated differently no matter how you look at it. Insurance doesn’t consider seasonal dwelling to be primary residence dwelling – so that will be written differently.

While away, you may just need a fire policy (unless there are attractive nuisances). And your boat will likely not need liability but does damage coverage. These are all things you’ll need to fact into your Lake of the Ozarks Home.

Water Accidents

Accidents that happen on the water can’t typically be made a homeowner’s fault. Even if someone has an accident 20 feet of your property. The exception to that is the homeowner’s negligence. So make sure you don’t have fraying rope swings right off your back balcony.

Water accidents that happen to a homeowner will be covered by riders to the homeowner’s insurance policy and by their health insurance coverage. Nothing unique there.

The foreclosure process is the action that a bank takes when a homeowner defaults on a mortgage.  The process allows the bank to gain back as much money as they can from the sale of the home in order to recover the money that was originally loaned to the homeowner.

Foreclosure occurs when the homeowner stops paying their mortgage for any reason:  death, illness, and loss of employment are common reasons.  Once a homeowner stops making payments, their property is at risk of being foreclosed.

This is a very distressing time for the homeowner.  By taking the time to understand what the foreclosure process entails, it will help alleviate some of the anxiety and frustration.  The first thing a homeowner facing foreclosure needs to do is contact the bank and learn about their foreclosure process.  Here are the three different types of foreclosure processes:

Power of Sale

This type of foreclosure is allowed by most states as long as there is a “Power of Sale” clause in the mortgage.  Once the homeowner has defaulted on mortgage payments, the lender sends them notices demanding payments until an established waiting period has been met, which is typically 90 days.  At that time the mortgage company carries out a public auction typically held in the county in which the property is located in.  A Power Sale is also known as a “Statutory Foreclosure.”

Strict Foreclosure

Only a small number of states allow a “Strict Foreclosure.” The lender files a lawsuit against the homeowner due to the default in the payments. The court may grant the homeowner a specific time-frame in which to bring the debt current.  If the homeowner is unable to perform, then the property goes directly to the mortgage holder.

Judicial Foreclosure
All states allow this type of foreclosure, and some even require it.  The lender files suit with the judicial system once the homeowner has defaulted.  The homeowner is notified by mail demanding payment and has 30 days to respond with a payment in order to stop the foreclosure process.  If payment is not made within the time-frame, the bank proceeds with foreclosure and holds a publicly held auction where the highest bidder receives the home.

Foreclosure laws vary from state to state, which is why it is important to contact the bank who holds the mortgage to learn not only what the bank’s procedures are, but what laws govern them.  Most states also have information available either on their website or by contacting them by telephone.

Once the homeowner has contacted the bank and has become educated on the process, the next step is to continue discussions with the bank to learn if there are any options available to avoid foreclosure.  The bank may be interested in re-structuring the loan, refinancing, permitting a short sale, or accept the deed in lieu of the foreclosure.  The foreclosure process is an expensive option for the bank to carry out, so if there is an alternative solution, they may be interested in moving forward in a different direction other than foreclosing.

In short, by understanding the foreclosure process and keeping open communication with the bank that holds the mortgage, a homeowner may be able to initiate other ways to get out from under the burden of the current mortgage.  Foreclosure does not have to be imminent if you educate yourself and stay informed.

A question that is being asked frequently in the lake of the ozarks real estate market is, “What is a short sale?”  Short sales used to be an infrequent type of real estate transaction, but with current economic conditions, more and more homeowners are opting for this type of sale. A short sale occurs when a homeowner sells their home for less than what is owed to the mortgage holder. There are pro’s and con’s for both the homeowner and the bank in a short sale.

Bank

There are several reasons why a mortgage holder, or bank, would agree to accept less than what is owed.  A bank may benefit from a short sale for one or more of the following reasons:

• more cost effective for the bank to accept less because it would cost more to foreclose
• banks do not want to own property
• banks are in the business of making money

In a short sale transaction, the bank or banks involved must approve any offer that is received by the homeowner.  The primary bank, the one that holds the first mortgage, will review the offer received to determine whether enough money will be made in order to make it worth agreeing to the short sale versus moving forward with foreclosure procedures.  This may take some time as each bank has a lot of “red tape” the offer must go through.

Homeowner

There are reasons a homeowner may opt for a short sale on their home.  A homeowner may benefit from a short sale for one or more of the following reasons:

• credit score suffers less from a short sale than a foreclosure
• remain in the home until an offer comes in that the bank accepts
• payments may be suspended depending on the bank’s policy

To initiate a short sale, the homeowner must first contact the bank to discuss the option and learn the process the bank requires.  General requirements are to provide a hardship letter outlining why they homeowner can no longer keep up with monthly mortgage payments, as well as providing earnings documentation.  This should be done immediately, before the bank begins foreclosure proceedings if there have already been late payments.  The bank will inform the homeowner whether or not they “may” accept a short sale, which will be dependent on any offers that are received.

The Downside

There are a few downsides to short sales.  For the bank, they forgive a portion of the mortgage in exchange for receiving some of the payment in full.  For the homeowner, it means possible credit history hits, as well as being a very lengthy, stressful process.

In the end, a short sale can be a beneficial alternative for distressed homeowners and banks alike.  It provides the homeowner with a way to get out from under a mortgage that they can no longer support, and it provides the bank with an option to costly foreclosure.  It is a good idea for homeowners to consult a real estate professional as well as seek advice from a tax specialist to learn if there are tax consequences to a short sale.

There are several differences between a short sale and a foreclosure.  Homeowners who find they are having difficulty meeting their monthly mortgage payments should be careful to understand these differences before taking action.  Discussing the options with their mortgage company, scheduling a meeting with a real estate consultant, and learning what potential taxable and credit report consequences may be, are all important facets to understand before making a decision.  Let’s first look at the definition of these terms:

Short Sale – when a lender agrees to accept less than what a homeowner owes on a mortgage. In a short sale the home is listed by the owner and sold.

Foreclosure – when the homeowner stops making monthly mortgage payments and the bank takes legal action against the homeowner and the deed of the home returns to the lender. In a foreclosure, the deed is transferred to the bank in a legal action.

Now that we know the difference, let’s take a look at the specifics of the short sale and a foreclosure:

A short sale provides the home owner the opportunity to put the home on the market at or near market value even if more than the market value is owed on the property.  When the home is offered for sale, it must be advertised and marketed with verbiage such as “short sale” and “all contracts must be approved by bank.”  This informs potential buyers that the seller cannot accept any offer without approval from the mortgage holder.  In some cases, the bank will wait until several offers have been received before making a decision as to which one, if any, to accept.  The reason for this is so the bank can be sure to accept the highest offer, thereby receiving the most money back on their initial investment.

The reason a bank will even consider a short sale is because oftentimes they will retain more of the money owed them as opposed to going through a costly foreclosure.  The foreclosure procedure is expensive for banks as they include attorney fees, court fees, realtor fees, and tax expenses.  Often it is simply more cost effective for them to accept the short sale.

Homeowners who are considering either of these options should also consult a real estate professional, a tax specialist, and perhaps a tax attorney.  There are real estate professionals who specialize in short sales.  They can provide additional information, such as the current market value of the home, the potential for it to sell at a specific price, and how long it will take to receive an offer.  They will also be able to manage the short sale transaction, assisting the homeowner with forms, communication and anything else required of the bank.  In addition, a tax specialist or tax attorney will be able to provide advice on any potential taxable consequences the homeowner may be responsible for in either a short sale or a foreclosure.

When determining what is best for a particular situation, short sale vs foreclosure, consult the professionals, discuss options with the mortgage holder, and understand what it will take to be successful in either case.

In a buyer’s market, it is imperative that sellers be more cognizant of the choices and actions they take prior to putting the home on the market.  In some instances, It may even be wiser to keep the home off the market until they are fully prepared to offer it for sale.  Potential buyers may not reappear to see your freshly painted entry.  How should you prepare yourself for this competitive market?  Here is a brief rundown of a must-do list to get your house noticed and sold:

The Right Agent

Rushing into choosing a realtor could be your first mistake in a competitive market. You must begin by interviewing several agents in order to choose the best realtor available for your individual circumstance, especially in such a competitive housing market.  Begin by asking some standard questions to find out what marketing plans are offered, what internet presence can be expected, a list of past clients as references, and what type of administrative and communication systems are in place.

Putting your house listing in the MLS is no longer adequate to get a house sold. Now that places like Craigslist.org, Homes.com and Realtor.com exist – home buyers are skipping the basic MLS altogether. Make sure your Realtor is using YouTube, Google Maps, Craigslist, small mini-sites, MLS, their own site and more. You can’t have too much.
The realtor who understands the market, who is not interested in appeasing your over-priced value on your house, and who can explain what it means to sell a house in a buyer’s market is the agent for you. Choose the agent that gives you the straight talk while keeping a good rapport with you, and you will have a successful relationship and sale.

Repairs

It’s time to prepare the home for sale.  Aggressive sellers will hire a home inspection company to conduct what is termed a “pre-inspection” of the house.  This pre-inspection will identify potential defects in the home that will eventually show up through a buyer’s inspection, possibly terminating any offers on the table.

By discovering defects and making the corrections well before a buyer has an opportunity to back out, the home will get a second and third showing, resulting in more offers.  When a pre-inspection is conducted, it is best to inform potential buyers of it by leaving a copy of the inspection report at the home as well as have it posted on the multiple listing service.  Don’t forget to do those little repairs, too.  It’s not just about whether the furnace works; buyers notice things like broken light switches and squeaky doors.  It may seem trivial, but each one starts a fingernails-on-the-blackboard response in a buyer which can result in losing a follow-up showing.

Curb Appeal

In addition to making repairs to the actual home, taking a look at the landscaping and entry is another key to selling a home in a buyer’s market.  Landscaping and your front door has a tremendous impact on the first impression a buyer will get when they first see the home.  You may be thinking that buyers are fickle, and they may very well be.  But, regardless of whether you think something like a few flowers and a fresh coat of paint is trivial, your buyer may not.  Having a potential buyer come back for a second look because they felt welcomed by the first impression they got at your front step can make the difference between selling and sold.

Photos of your home will be posted on the internet, printed on flyers, and used in other publications if you have an aggressive agent.  Simple things like potted plants, trimmed shrubbery, and neat entries make a difference.  Photographs aren’t very forgiving.  You can’t make up for that peeling paint or pile of dead leaves with a clever description of your home or even cinnamon rolls baking in the oven.  Pictures are not forgiving, so be sure your landscaping and entry are meticulous, even if you have to postpone your listing until you get it done.

Staging

Take a look at your home from a buyer’s perspective.  I know this is hard to do because you have an emotional attachment to your home.  But, consider coming into your home for the first time as a new owner.  You may have furniture that perfectly matches your purple walls, but not everyone does.  You may have the perfect kids’ rooms for your toddlers, but not everyone has toddlers.  Invest in neutral tone paint and cover up all those lovely colors.  You also need to take a look at replacing carpeting, putting away all your knick-knacks, rearranging your furniture, and even storing most of your items to clear the way for a buyer’s imagination.

Many sellers benefit from hiring a home staging professional.  These experts are trained to see the potential, and for understanding how difficult it is to de-personalize your home while it’s on the market.  A home staging expert is trained to see homes through the buyer’s eye and will present the home so that the buyer actually looks at the qualities and features of the home, rather than be distracted by the stuff the owner either loves or has become immune to.

When selling a home in a buyer’s market that is saturated with a large inventory of homes for sale, it is imperative sellers take proactive steps prior to putting a for sale sign in the yard.  Interview and hire the best realtor, review and repair any defects of the home, and properly stage the home so you will maximize the interest each time you show your home.

If you’re looking to sell your home – call us and ask for Mark. We’ll provide a marketing plan you won’t see anywhere else. 573-302-3660

A “buyer’s market” is, in simple terms, one in which there are more homes for sale than there are buyers for those homes; basically a glut on the market.  This can occur when the banking industry experiences a record number of homes they have in foreclosure.  In this case, these foreclosed homes have saturated the real estate market, increasing inventory beyond the market.  Another factor may be that people who are currently renting are hesitant to commit to a long term mortgage, even at lower interest rates, because of job instability.

What this means to someone who is attempting to sell a home is that the asking price must fall within the range of what a buyer will pay for a home in a specific location.  This “magic” price is determined by the following statistical facts:

• comparison of asking price of other, similar and non-similar, homes that are in the vicinity of the subject home
• comparison of actual sold price of other similar and non-similar, homes in the vicinity of the subject home that successfully closed escrow
• how many homes are currently on the market that are comparable to the subject home
• how long other homes in the vicinity of the subject property have been on the market
• location of the subject home
• condition of the home

A seller’s true competition is the other homes on the market.  By looking at the asking price of other homes, it can be determined what the current competition is.  Upon analyzing competition, whenever possible it is best to come in slightly under asking prices of the other homes if at all possible.  This places the seller’s home in the primary position when buyers are making their lists of the best priced homes.  It is a mistaken belief that buyers and sellers are in an adversarial position.  In actuality, a buyer and a seller want the same thing.

The actual sold price of other homes provides guidance as to how much the market will bear for the property.  It is best to look at homes that are the same style, similar amenities, and within the same area as the subject home, but not absolutely necessary, especially in today’s market.  Buyers are looking for the best deal, not necessarily a particular style.  The actual sold data is the strongest indicator as to how to price a home to sell.

There are a couple of helpful pointers when reviewing how long other homes have been on the market:  those that are currently active on the market, those that have received a contract on them but have not closed escrow, and those that have closed escrow.  This number, termed “days on market” or “DOM,” provide information on an estimated time it will take to sell the home.  This figure needs to be analyzed with the asking price history.

The location and condition of a home are generally the easiest to consider.  If the home is located in a desirable area, but is in poor condition, or vice-versa, it will have an impact on the price.

In essence, you need to tie the contributing facts together, starting with the hopeful sale price based on other listings, then what they are actually selling for, and the volume of houses in your price range, and neighborhood.  Then, throw in the desirability and condition of your home, and your price will finally be set.  This takes some patience and courage, but the final result will be more showings which means more potential for a successful sale.

In essence, real estate agents work for themselves, developing their own way of marketing and selling homes, so every real estate agent is different.  These differences may be slight, or they may vary greatly, but the only way to discover what services each one provides is to interview the agent.  Interview at least three real estate agents at your home, well before you must put the home on the market if possible.  The interviews should focus on several aspects that you may not be aware of yet.  Let’s take a look at what a proper real estate agent interview should involve:

The Interview

It is important to understand that the interview process is not to find out which agent claims to be able to get the most money for your home.  In fact, pricing should not even be discussed at the initial interview.  The object of the interview is to discover what services each agent provides, learn what type of marketing plan they have in place, how that marketing plan applies to your situation, and what systems are in place to manage the paperwork generated by a pending contract.

However, as important as these details are, it is just as important to learn whether or not you are comfortable communicating with the agent.  Many sellers make the mistake of simply hiring an agent who promises to sell the house for the most money, even when they do not feel comfortable with the agent.  A real estate transaction can be extremely strenuous and emotional; that is why open, clear, comfortable lines of communication are critical to a successful sale.

Questions to ask each agent should be written out and utilized during each interview.  Asking the same questions of each agent will provide you with a standard way to compare them after the interview process is completed.  Below are some of the most critical questions to ask a potential real estate agent:

How many active clients do you generally assist at any given time?

What is your marketing plan?

Describe how my home will be presented on the internet as over 80% of buyers seek homes there.

How do you manage a contract?  With all of the paperwork, the numerous service providers involved, and the buyer’s side of the transaction, it must be difficult.  How do you keep everything straight?

Are you a full time real estate agent?

Do you have any vacations planned?  If yes, how will you manage my business during your absence?  How will you be able to handle an offer or showing?

Be sure to take plenty of notes during the interviews. Once the interviews are over, go over your notes thoroughly.  It is a good idea to schedule a second interview with the realtor you’ve chosen, this time requesting that the agent provide you with statistical information and recommended pricing on your home.  You may even want to have each agent provide this information in a second interview as well, just to be sure of your final decision.  Although this adds to your time-line, it is critical to make the best possible choice in an agent in order to avoid the all-too-familiar pitfalls.

The Seller And Real Estate Agent Relationship – What The Homeowner Should Expect

We all want the sale of our house to go smoothly.  We know that somewhere between sticking that sign in the front yard and packing up the moving van, there are a lot of details that need to be handled.  With these details comes stress, all bundled up in emotion.  Selling our home means more than signing on the bottom line.  That’s where hiring the right real estate professional can be invaluable.

Listing with a trustworthy real estate agent that you feel comfortable with can save a lot of money and time, but also a great many headaches and heartbreaks.  A knowledgeable, experienced agent understands the nuances of the real estate transaction as well as the emotions of the sale of one’s home.  It takes a special understanding of what happens between the seller, or sellers, and potential buyers to keep everyone on track during potentially difficult times.

Contacting a real estate agent early in the process will help alleviate many of the problems that could arise in those first discussions about selling a house.  Once the right agent has been chosen by the seller, it’s time to get to work finding out how to build a good relationship with their client.  This starts with learning about their clients and what motivates them.

A homeowner may be highly motivated to sell their home quickly.  For this type of imminent sale,  the time-frame may be tight.  Perhaps a job transfer is coming soon, or a new school year starts, or any number of reasons; some pleasant and some unpleasant.  A good agent wants to know the motivation in order to better serve you.  Be open and honest with the agent you choose.  There is no need to beat around the bush, your agent will soon know more about your personal life and finances than you would believe.  That is why choosing an agent with experience and integrity is so important.

Sometimes, a move is not imminent.  A homeowner may want to test the market for future decisions. Instead of guessing, homeowners should use a real estate agent’s expertise to find out the true value of their home.  It prepares them better for making decisions for the future.  In other words, guessing what your home is worth is no way to prepare for a future sale of your home, or purchase of another. Your agent will want to know if this is the case so he or she can do some projecting into the future markets for you.  There is no reason to ‘fool’ an agent into thinking you’re ready to list your home when you’re not.  A good agent wants to help you determine the value of your home whether or not you’re ready to list.

Whether the sale of your home is planned soon or in the future, it is best to contact a qualified agent early in the process.  An experienced agent will help by getting the information straight right from the beginning in order to avoid mistakes early on.  The right agent will assist the seller in defining what is important during the process, provide a sounding board for ideas, and then help customize a plan of action.

Once you have interviewed several agents, asked all your questions, and finally chosen the one that’s right for you, it’s time for the agent to turn the tables and ask you a few questions.  Any good agent will be sure to ask a potential client these simple questions:

• Do you need to sell your home soon?
• What is the reason you’re selling your home now?
• Will you be open to negotiation with a buyer?
• Are you prepared financially to repair items that show up on the home inspection?
• Are you listing your home now in order to sell at a future date?
• Are you pricing your house as a way to test the market for a future sale?
• Have you tried to sell your house by yourself? If so, what have you tried?
• Are there back taxes owed?
• Are there liens on the property other than a mortgage?
• Are there any reasons that would prevent you from accepting an offer, other than price?

Of course some of this information will be discovered as the paperwork is prepared, but hearing it from the seller first matters.  If these questions seem intrusive, they are only designed to avoid an embarrassing, or worse, situation down the road.  Be prepared to share your story; this is only a short list of the questions you will expect a good real estate agent to ask a client.

There is much more to selling a house than getting the paperwork done.  An agent needs to learn first about the homeowner’s reason for selling, how desperately they want to sell, and how much they are willing to sacrifice in order to sell.  All these questions may feel very personal, but a good agent will help their client understand that this confidential information is necessary in order to get their home sold as smoothly as possible.

1.    Emotional Pricing

One of the most critical mistakes often made during a for-sale-by-owner listing is that the home is priced out of alignment with the market value.  Homeowners tend to view their property with emotional attachment, resulting in an escalated price because they include their personal experiences in the home as part of the value.

For example, a homeowner may personally paint a child’s bedroom with a fun mural, full of bright colors.  The homeowner believes the mural has value because it special to the child, but in reality, the mural is not only a hindrance to attracting a buyer, it devalues the home in the buyer’s mind because all the buyer sees is the fact that they need to paint the room. Your decorative touches, no matter how much you love them or how much you paid for them, do not add value to the home.

2.    Improper Staging

Buyers are very demanding when looking at homes they are interested in, especially in the current market.  They have a lot of homes to choose from, and the slightest problem with a home can cause them to move on to the next place of interest.  For sale by owners often make the mistake that what appeals to them will also appeal to all buyers, such as the mural story above.

Simple things such as paint, flooring condition, cleanliness, well-lighted rooms, uncluttered walls, all play a part in impressing buyers.  It is a good idea to actually hire a  home staging expert to provide advice on how to best show the home.  A staging professional will advise you about what changes can be made to not only attract, but keep buyers interested enough to make an offer on your home.

3.    Old Fashioned Marketing

Over 80% of people who are looking to purchase a home, surf the internet to find the right property.  Homeowners may not know how to properly market their home on the internet.  Not only does a seller need to know all possible internet marketing avenues, but also must possess a very good understanding of the ins-and-outs of using all the search tools available.

If this sounds like a tall order, it is.  There are hundreds if not thousands of for-sale-by-owner sites, as well as the popular auction sites, that are vying for the home seller’s listing.  How do you know which is best?  Where do you even begin to look?  Without a strong background is real estate and marketing, along with a firm grasp on internet posting, your home may be lost in the shuffle and never be seen.  With an uninformed eye on the internet, the for-sale-by-owner could be missing thousands of potential buyers.

4.    Improper Paperwork

One of the most frustrating, and costly, mistakes made during a for-sale-by-owner transaction is the lack of experience in managing the paperwork and communication that is necessary once an offer is received and accepted.  Considering just the pages of the contract, there are dozens of documents to understand with numerous disclosures that must meet precise dates for signing and filing.

Aside from simply signing and accepting an offer, there are inspections to be scheduled, appraisers to meet, and unacceptable conditions that must be negotiated.  If anything is missed, it could cause the contract to fall through, meaning that the home must go back on the market.  Most homeowners are not expected to know all these details; that’s what real estate schooling and training is meant for.

Although it is possible for a homeowner to sell their own home, it is extremely difficult and time consuming.  Homeowners are involved with only one, or maybe two or three, real estate transactions in their life, whereas a real estate a professional is involved with hundreds or thousands.  Leaving such a large investment to the professionals is often in a homeowner’s best interest.

The component you’re missing when you do a “for sale by owner” is the knowledge of the Realtor – not only of the selling environment but of the laws surrounding a home sale. On top of that Realtors are required to take ethics oaths, are always taking continuing education classes and serve as that unemotional go-between during the negotiation.

The process of selling “for sale by owner” (FSBO) requires the homeowner to be educated in how to market their home, who to market it to, and understand how to manage the paperwork involved in a real estate transaction.

There are companies who specialize in providing FSBOs with the tools necessary for selling a home.  These companies either charge a percentage of the sale, or a flat fee for services.  Such services may include signage, contracts, flyers, flyer boxes, and a link to the home on the company’s website.  These services usually do not include information on how to market the home for sale to attract as many buyers as possible.

Whether using FSBO services from a company or not, there are several steps that must be taken in order to sell a home and meet all legal, and taxable, requirements.  Here is a short list of what you need to obtain and understand before handling the sale of your own home:

Legal and binding contract forms
Federally mandated disclosures forms
Proper disclosure of defects
Tax ramifications, including but not limited to IRS capital gains requirements
Real estate tax information, distribution, and responsibility
Deed restrictions and liens

Some states will have standardized forms available for homeowners who attempt to sell on their own, and there are packets of forms available at many office supply stores.  If using the latter, it is a good idea to contact an attorney to review the forms to ensure they are legally binding, protect the seller, and meet all local, state and federal guidelines.  In addition, there are some federally mandated forms such as the Lead Based Paint Disclosure form that, if not included in a real estate transaction, can result in penalties for the seller.

One of the risks for FSBOs is litigation brought forth by angry buyers after the close of the transaction due to failure to properly disclose any known, and unknown, defects in the property.  That is why it’s imperative to have a home inspection on the property prior to putting it on the market.  Although most buyers will have their own home inspection conducted, some will not, further opening up potential law suits in the future after the close of sale.

FSBOs should always investigate the tax consequences of selling their home, whether on your own or with a realtor.  Consult a tax professional for advice on capital gains laws that may end up resulting in additional taxes due at the end of the year, on any unpaid local taxes, and the responsibility for the current year’s real estate taxes.

Attempting to sell a home “for sale by owner” is possible, but many critical issues must be researched in order to guarantee a successful, legal sale.  By contacting the right professionals, understanding the law, and being proactive about taxable consequences, selling a home without an agent can be achieved with success.

Home shopping isn’t easy. Long hours, house after house and often times cranky kids hanging on. To keep them interested, parents now are pointing to a room and saying “there’s plenty of room here for your Wii, in fact, there might be more room”. But what does that mean, exactly?

Well, both the Wii and the new XBox Kinect require a large area in front of the TV to operate effectively. In fact, the XBox Kinect requires that two players stand between 6 and 9 feet behind the TV. In a 10′ x 10′ room, that’s almost not possible with couches, chairs and tables.

For family friendly neighborhoods, consider staging the house with a video game system the kids can use while the parents pareuse. It will endear the kids to the house, give the parents a few moments relief and give everyone the sense that “yes, we could live here.”

If your place is small, but you know a room and an orientation that would work for a gaming system, print it on a small placard and tape it to the wall above the light switch in that room. “This is a great room for the Wii and XBox. With the TV in the corner, there’s plenty of room to play”.   With that, you not only put a positive in the mind of the parents, but you get the parents thinking about that when they visit other houses.