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Feng
Shui Concepts to Help a Home Sell
To put the best face on a
listing and appeal to buyers who follow feng shui principles, keep these
tips in mind.
1. Pay special attention to the front door, which is considered the
“mouth of chi” (chi is the “life force” of all things) and one of the most
powerful aspects of the entire property. Abundance, blessings,
opportunities, and good fortune enter through the front door. It’s also the
first impression buyers have of how well the sellers have taken care of the
rest of the property. Make sure the area around the front door is swept
clean, free of cobwebs and clutter. Make sure all lighting is straight and
properly hung. Better yet, light the path leading up to the front door to
create an inviting atmosphere.
2. Chi energy can be flushed away wherever there are drains in the
home. To keep the good forces of a home in, always keep the toilet seats
down and close the doors to bathrooms.
3. The master bed should be in a place of honor, power, and
protection, which is farthest from and facing toward the entryway of the
room. It’s even better if you can place the bed diagonally in the farthest
corner. Paint the room in colors that promote serenity, relaxation, and
romance, such as soft tones of green, blue, and lavender.
4. The dining room symbolizes the energy and power of family
togetherness. Make sure the table is clear and uncluttered during showings.
Use an attractive tablecloth to enhance the look of the table while also
softening sharp corners.
5. The windows are considered to be the eyes of the home. Getting the
windows professionally cleaned will make the home sparkle and ensure that
the view will be optimally displayed.
Source:
Sell Your Home Faster
With Feng Shui by Holly Ziegler (Dragon Chi Publications, 2001)
Reprinted from REALTOR®
magazine (REALTOR.org/realtormag) with permission of the NATIONAL
ASSOCIATION OF REALTORS®.
Copyright 2008. All
rights reserved.
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5 Things to do Before Putting Your Home on
the Market
1.
Have a pre-sale home inspection.
Be proactive by arranging for a pre-sale home inspection. An inspector will
be able to give you a good indication of the trouble areas that will stand
out to potential buyers, and you’ll be able to make repairs before open
houses begin.
2.
Organize and clean.
Pare down clutter and pack up your least-used items, such as large blenders
and other kitchen tools, out-of-season clothes, toys, and exercise
equipment. Store items off-site or in boxes neatly arranged in the garage or
basement. Clean the windows, carpets, walls, lighting fixtures, and
baseboards to make the house shine.
3.
Get replacement estimates.
Do you have big-ticket items that are worn our or will need to be replaced
soon, such your roof or carpeting? Get estimates on how much it would cost
to replace them, even if you don’t plan to do it yourself. The figures will
help buyers determine if they can afford the home, and will be handy when
negotiations begin.
4.
Find your warranties.
Gather up the warranties, guarantees, and user manuals for the furnace,
washer and dryer, dishwasher, and any other items that will remain with the
house.
5.
Spruce up the curb appeal.
Pretend you’re a buyer and stand outside of your home. As you approach the
front door, what is your impression of the property? Do the lawn and bushes
look neatly manicured? Is the address clearly visible? Are pretty flowers or
plants framing the entrance? Is the walkway free from cracks and
impediments?
Reprinted from REALTOR®
magazine (REALTOR.org/realtormag) with
permission of the NATIONAL ASSOCIATION OF REALTORS®.
Copyright 2008. All
rights reserved.
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8 Reasons Why You Should Work With a
REALTOR®
Not all
real estate practitioners are REALTORS®. The term REALTOR® is a registered
trademark that identifies a real estate professional who is a member of the
NATIONAL ASSOCIATION of REALTORS® and subscribes to its strict Code of
Ethics. Here are five reasons why it pays to work with a REALTOR®.
1.
Navigate a complicated process.
Buying or selling a home usually requires disclosure forms, inspection
reports, mortgage documents, insurance policies, deeds, and multipage
settlement statements. A knowledgeable expert will help you prepare the best
deal, and avoid delays or costly mistakes.
2.
Information and opinions.
REALTORS® can provide local community information on utilities, zoning,
schools, and more. They’ll also be able to provide objective information
about each property. A professional will be able to help you answer these
two important questions: Will the property provide the environment I want
for a home or investment? Second, will the property have resale value when I
am ready to sell?
3.
Help finding the best property out there.
Sometimes the property you are seeking is available but not
actively advertised in the market, and it will take some investigation by
your REALTOR® to find all available properties.
4.
Negotiating skills.
There are many negotiating
factors, including but not limited to price, financing, terms, date of
possession, and inclusion or exclusion of repairs, furnishings, or
equipment. In addition, the purchase agreement should provide a period of
time for you to complete appropriate inspections and investigations of the
property before you are bound to complete the purchase. Your agent can
advise you as to which investigations and inspections are recommended or
required.
5.
Property marketing power.
Real estate doesn’t sell due
to advertising alone. In fact, a large share of real estate sales comes as
the result of a practitioner’s contacts through previous clients, referrals,
friends, and family. When a property is marketed with the help of a
REALTOR®, you do not have to allow strangers into your home. Your REALTOR®
will generally prescreen and accompany qualified prospects through your
property.
6.
Someone who speaks the language.
If you don’t know a CMA from a PUD, you can understand why it’s important to
work with a professional who is immersed in the industry and knows the real
estate language.
7.
Experience. Most
people buy and sell only a few homes in a lifetime, usually with quite a few
years in between each purchase. Even if you have done it before, laws and
regulations change. REALTORS®, on the other hand, handle hundreds of real
estate transactions over the course of their career. Having an expert on
your side is critical.
8.
Objective voice.
A home often symbolizes family, rest, and security — it’s not just four
walls and a roof. Because of this, homebuying and selling can be an
emotional undertaking. And for most people, a home is the biggest purchase
they’ll every make. Having a concerned, but objective, third party helps you
stay focused on both the emotional and financial issues most important to
you.
Reprinted from REALTOR®
magazine (REALTOR.org/realtormag) with
permission of the NATIONAL ASSOCIATION OF REALTORS®.
Copyright 2008. All
rights reserved.
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12 Questions to
Ask When Choosing Your REALTOR®
Make
sure you choose a REALTOR® who will provide top-notch service and meet your
unique needs.
1.
How long have you been in residential real estate sales? Is it your
full-time job?
While experience is no guarantee of skill, real estate — like many other
professions — is mostly learned on the job.
2.
What designations do you hold?
Designations such as GRI and CRS®, which require that agents take
additional, specialized real estate training, are held only by about
one-quarter of real estate practitioners.
3.
How many homes did you and your real estate brokerage sell last year?
By asking this question, you’ll get a good idea of how much
experience the practitioner has.
4.
How many days did it take you to sell the average home? How did that compare
to the overall market?
The REALTOR® you interview
should have these facts on hand, and be able to present market statistics
from the local MLS to provide a comparison.
5.
How close to the initial asking prices of the homes you sold were the final
sale prices? This
is one indication of how skilled the REALTOR® is at pricing homes and
marketing to suitable buyers. Of course, other factors also may be at play,
including an exceptionally hot or cool real estate market.
6.
What types of specific marketing systems and approaches will you use to sell
my home? You
don’t want someone who’s going to put a For Sale sign in the yard and hope
for the best. Look for someone who has aggressive and innovative approaches,
and knows how to market your property competitively on the Internet. Buyers
today want information fast, so it’s important that your REALTOR® is
responsive.
7.
Will you represent me exclusively, or will you represent both the buyer and
the seller in the transaction?
While it’s usually legal to represent both parties in a transaction, it’s
important to understand where the practitioner’s obligations lie. Your
REALTOR® should explain his or her agency relationship to you and describe
the rights of each party.
8.
Can you recommend service providers who can help me obtain a mortgage, make
home repairs, and help with other things I need done?
Because REALTORS® are immersed in the industry, they’re wonderful resources
as you seek lenders, home improvement companies, and other home service
providers. Practitioners should generally recommend more than one provider
and let you know if they have any special relationship with or receive
compensation from any of the providers.
9.
What type of support and supervision does your brokerage office provide to
you? Having
resources such as in-house support staff, access to a real estate attorney,
and assistance with technology can help an agent sell your home.
10.
What’s your business philosophy?
While there’s no right answer to this question, the response will help you
assess what’s important to the agent and determine how closely the agent’s
goals and business emphasis mesh with your own.
11.
How will you keep me informed about the progress of my transaction? How
frequently?
Again, this is not a question with a correct answer, but how you judge the
response will reflect your own desires. Do you want updates twice a week or
do you prefer not to be bothered unless there’s a hot prospect? Do you
prefer phone, e-mail, or a personal visit?
12.
Could you please give me the names and phone numbers of your three most
recent clients?
Ask recent clients if they would work with this REALTOR® again. Find out
whether they were pleased with the communication style, follow-up, and work
ethic of the REALTOR®.
Reprinted from REALTOR®
magazine (REALTOR.org/realtormag) with
permission of the NATIONAL ASSOCIATION OF REALTORS®.
Copyright 2008. All
rights reserved.
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Does Moving Up Make Sense?
These questions will help you decide whether you’re ready for a home that’s
larger or in a more desirable location. If you answer yes to most of the
questions, it’s a sign that you may be ready to move.
1.
Have you built substantial equity in your current home?
Look at your annual mortgage statement or call your lender to find out.
Usually, you don’t build up much equity in the first few years of your
mortgage, as monthly payments are mostly interest, but if you’ve owned your
home for five or more years, you may have significant, unrealized gains.
2.
Has your income or financial situation improved?
If you’re making more money, you may be able to afford higher mortgage
payments and cover the costs of moving.
3.
Have you outgrown your neighborhood?
The neighborhood you pick
for your first home might not be the same neighborhood you want to settle
down in for good. For example, you may have realized that you’d like to be
closer to your job or live in a better school district.
4.
Are there reasons why you can’t remodel or add on?
Sometimes you can create a bigger home by adding a new room or building up.
But if your property isn’t large enough, your municipality doesn’t allow it,
or you’re simply not interested in remodeling, then moving to a bigger home
may be your best option.
5.
Are you comfortable moving in the current housing market?
If your market is hot, your home may sell quickly and for top dollar, but
the home you buy also will be more expensive. If your market is slow,
finding a buyer may take longer, but you’ll have more selection and better
pricing as you seek your new home.
6.
Are interest rates attractive?
A low rate not only helps you buy a larger home, but also makes it easier to
find a buyer.
Reprinted from REALTOR®
magazine (REALTOR.org/realtormag) with
permission of the NATIONAL ASSOCIATION OF REALTORS®.
Copyright 2008. All
rights reserved.
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Moving
Checklist for Sellers
□
Provide the
post office with your forwarding address two to four weeks ahead of the
move.
□
Notify your
credit card companies, magazine subscriptions, and bank of your change of
address.
□
Create a list
of friends, relatives, and business colleagues who need to be notified about
your move.
□
Arrange to
disconnect utilities and have them connected at your new home.
□
Cancel the
newspaper, or change the address so it will arrive at your new home.
□
Check
insurance coverage for the items you’re moving. Usually movers only cover
what they pack.
□
Clean out
appliances and prepare them for moving, if applicable.
□
Note the
weight of the goods you’ll have moved, since long-distance moves are usually
billed according to
weight. Watch for movers that use excessive padding to add
weight.
□
Check with
your condo or co-op about any restrictions on using the elevator or
particular exits for moving.
□
Have a “first
open” box with the things you’ll need most, such as toilet paper, soap,
trash bags, scissors,
hammer, screwdriver, pencils and paper, cups and plates,
water, snacks, and toothpaste.
Plus, if
you’re moving out of town, be sure to:
□
Get copies of
medical and dental records and prescriptions for your family and your pets.
□
Get copies of
children’s school records for transfer.
□
Ask friends
for introductions to anyone they know in your new neighborhood.
□
Consider
special car needs for pets when traveling.
□
Let a friend
or relative know your route.
□
Empty your
safety deposit box.
□
Put plants
in boxes with holes for air circulation if you’re moving in cold weather.
Reprinted from REALTOR®
magazine (REALTOR.org/realtormag) with
permission of the NATIONAL ASSOCIATION OF REALTORS®.
Copyright 2008. All
rights reserved.
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Simple Tips for Better Home Showings
1. Remove clutter and clear off counters.
Throw out stacks
of newspapers and magazines and stow away most of your small decorative
items. Put excess
furniture in
storage, and remove out-of-season clothing items that are cramping closet
space. Don’t forget to clean out the garage, too.
2. Wash your windows and screens. This will help
get more light into the interior of the home.
3. Keep everything extra clean. A clean house will
make a strong first impression and send a message to buyers that the home
has been well-cared for.
Wash
fingerprints from light switch plates, mop and wax floors, and clean the
stove and refrigerator. Polish your doorknobs and address numbers. It’s
worth
hiring a
cleaning service if you can afford it.
4. Get rid of smells. Clean carpeting and drapes to
eliminate cooking odors, smoke, and pet smells. Open the windows to air out
the house. Potpourri or
scented candles
will help.
5. Brighten your rooms. Put higher wattage bulbs in
light fixtures to brighten up rooms and basements. Replace any burned-out
bulbs in closets. Clean the
walls, or
better yet, brush on a fresh coat of neutral color paint.
6. Don’t disregard minor repairs. Small problems
such as sticky doors, torn screens, cracked caulking, or a dripping faucet
may seem trivial, but they’ll give
buyers the
impression that the house isn’t well-maintained.
7. Tidy your yard. Cut the grass, rake the leaves,
add new mulch, trim the bushes, edge the walkways, and clean the gutters.
For added curb appeal, place a
pot of bright flowers
near the entryway.
8. Patch holes. Repair any holes in your driveway
and reapply sealant, if applicable.
9. Add
a touch of color in the living room.
A colored afghan or throw on the couch will jazz up a dull room. Buy new
accent pillows for the sofa.
10. Buy a flowering
plant and put it near a window you pass by frequently.
11. Make
centerpieces for your tables. Use brightly colored fruit or flowers.
12. Set the scene.
Set the table
with fancy dishes and candles, and create other vignettes throughout the
home to help buyers picture living there. For example,
in the basement
you might display a chess game in progress.
13. Replace
heavy curtains with sheer ones that let in more light. Show off the view if you have one.
14. Accentuate
the fireplace. Lay fresh logs in the fireplace or put a basket of
flowers there if it’s not in use.
15. Make the bathrooms feel luxurious.
Put away those old towels
and toothbrushes. When buyers enter your bathroom, they should feel
pampered. Add a new
shower curtain,
new towels, and fancy guest soaps. Make sure your personal toiletry items
are out of sight.
16. Send your pets
to a neighbor or take them outside.
If that’s not possible, crate them or confine them to
one room (ideally in the basement), and let the real
estate practitioner know where they’ll be to
eliminate surprises.
17. Lock up
valuables, jewelry, and money.
While a real estate salesperson will be on site during the
showing or open house, it’s impossible to watch
everyone all the time.
18. Leave the
home. It’s
usually best if the sellers are not at home. It’s awkward for prospective
buyers to look in your closets and express their opinions of your
home with you
there.
Reprinted from REALTOR®
magazine (REALTOR.org/realtormag) with
permission of the NATIONAL ASSOCIATION OF REALTORS®.
Copyright 2008. All
rights reserved.
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Low-Cost
Ways to Spruce Up Your Home’s Exterior
Make your home more
appealing for yourself and potential buyers with these quick and easy tips:
1.
Trim bushes so they don’t block windows or
architectural details.
2.
Mow your lawn, and turn
on the sprinklers for 30 minutes before the showing to make the lawn
sparkle.
3.
Put a pot of bright
flowers (or a small evergreen in winter) on your porch.
4.
Install new doorknobs on your front door.
5.
Repair any cracks in
the driveway.
6.
Edge the grass around
walkways and trees.
7.
Keep your garden
tools and hoses out of sight.
8.
Clear toys from the lawn.
9.
Buy a new mailbox.
10.
Upgrade your outside
lighting.
11.
Buy a new doormat for
the outside of your front door.
12.
Clean your windows,
inside and outside.
13.
Polish or replace your
house numbers.
14.
Place a seasonal
wreath on your door.
Reprinted from REALTOR®
magazine (REALTOR.org/realtormag) with
permission of the NATIONAL ASSOCIATION OF REALTORS®.
Copyright 2008. All
rights reserved.
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12 Tips
for Hiring a Remodeling Contractor
1.
Get at least three written estimates.
2. Check
references. If possible, view earlier jobs the contractor completed.
3. Check
with the local Chamber of Commerce or Better Business Bureau for complaints.
4. Be
sure the contract states exactly what is to be done and how change orders
will be handled.
5. Make
as small of a down payment as possible so you won’t lose a lot if the
contractor fails to complete the job.
6. Be
sure that the contractor has the necessary permits, licenses, and insurance.
7. Check
that the contract states when the work will be completed and what recourse
you have if it isn’t. Also, remember that in many instances you can cancel a
contract within three
business days of signing it.
8. Ask if
the contractor’s workers will do the entire job or whether subcontractors
will be involved too.
9. Get
the contractor to indemnify you if work does not meet any local building
codes or regulations.
10. Be sure
that the contract specifies the contractor will clean up after the job and
be responsible for any damage.
11. Guarantee
that the materials that will be used meet your specifications.
12. Don’t
make the final payment until you’re satisfied with the work
Reprinted from REALTOR®
magazine (REALTOR.org/realtormag) with
permission of the NATIONAL ASSOCIATION OF REALTORS®.
Copyright 2008. All
rights reserved.
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Understanding Capital Gains in Real Estate
When you sell a stock,
you owe taxes on your gain — the difference between what you paid for the
stock and what you sold it for. The same holds true when selling a home (or
a second home), but there are some special considerations.
How to
Calculate Gain
In real estate,
capital gains are based not on what you paid for the home, but on its
adjusted cost basis. To calculate, follow these steps:
1. Purchase price: _______________________
The
purchase price of the home is the sale price, not the amount of money you
actually contributed at closing.
2. Total adjustments: _______________________
To
calculate this, add the following:
-
Cost of the purchase — including transfer fees,
attorney fees, and inspections, but not points you paid on your mortgage.
-
Cost of sale — including inspections, attorney
fees, real estate commission, and money you spent to fix up your home just
prior to sale.
-
Cost of improvements — including room additions,
deck, etc. Note here that improvements do not include repairing or
replacing something already there, such as putting on a new roof or buying
a new furnace.
3. Your home’s adjusted cost basis: _______________________
The
total of your purchase price and adjustments is the adjusted cost basis of
your home.
4. Your capital gain: _______________________
Subtract the adjusted cost basis from the amount your home sells for to get
your capital gain.
A Special Real
Estate Exemption for Capital Gains
Since 1997, up to
$250,000 in capital gains ($500,000 for a married couple) on the sale of a
home is exempt from taxation if you meet the following criteria:
·
You have
lived in the home as your principal residence for two out of the last five
years.
·
You have
not sold or exchanged another home during the two years preceding the sale.
·
You meet
what the IRS calls “unforeseen circumstances,” such as job loss, divorce, or
family medical emergency.
Reprinted from REALTOR®
magazine (REALTOR.org/realtormag) with
permission of the NATIONAL ASSOCIATION OF REALTORS®.
Copyright 2008. All
rights reserved.
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What to
Have on Hand for the New Owners
·
Owner’s manuals and warranties for appliances left in the
house.
·
Garage door opener.
·
Extra sets of house keys.
·
A list of local service providers — the best dry cleaner,
yard service, plumber, etc.
·
Code to the security alarm and phone number of the monitoring
service if not discontinued.
·
As a courtesy, you could provide numbers to the local utility
companies.
·
If it’s a condo, leave information on how to contact the
condo board.
Reprinted from REALTOR®
magazine (REALTOR.org/realtormag) with
permission of the NATIONAL ASSOCIATION OF REALTORS®.
Copyright 2008. All
rights reserved.
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10 Tips for
Moving With Pets
Moving to a
new home can be stressful on your pets, but there are many things you can do
to make the process as painless as possible. Experts at The Pet Realty
Network (www.petrealtynetwork.com) in Naples, Fla., offer these
helpful tips for easing the transition and keeping pets safe during the
move.
1.
Update your pet’s tag. Make sure
your pet is wearing a sturdy collar with an identification tag that is
labeled with your current contact information. The tag should include your
destination location, telephone number, and cell phone number so that you
can be reached immediately during the move.
2. Ask for veterinary records.
If you’re moving far enough away that you’ll need a new vet, you should ask
for a current copy of your pet’s vaccinations. You also can ask for your
pet’s medical history to give to your new vet, although that can normally be
faxed directly to the new medical-care provider upon request. Depending on
your destination, your pet may need additional vaccinations, medications,
and health certificates. Have your current vet's phone number handy in case
of an emergency, or in case your new vet would like more information about
your pet.
3. Keep medications and food on hand.
Keep at least one week’s worth of food and
medication with you in case of an emergency. Vets can’t write a prescription
without a prior doctor/patient relationship, which can cause delays if you
need medication right away. You may want to ask for an extra prescription
refill before you move. The same preparation should be taken with special
therapeutic foods — purchase an extra supply in case you can't find the food
right away in your new area.
4. Seclude your pet from chaos.
Pets can feel vulnerable on moving day. Keep them in a safe, quiet,
well-ventilated place, such as the bathroom, on moving day with a “Do Not
Disturb! Pets Inside!” sign posted on the door. There are many light,
collapsible travel crates on the market if you choose to buy one. However,
make sure your pet is familiar with the new crate before moving day by
gradually introducing him or her to the crate before your trip. Be sure the
crate is well-ventilated and sturdy enough for stress-chewers; otherwise, a
nervous pet could escape.
5. Prepare a first aid kit.
First aid is not a substitute for emergency veterinary care, but being
prepared and knowing basic first aid could save your pet's life. A few
recommended supplies: Your veterinarian's phone number, gauze to wrap wounds
or to muzzle your pet, adhesive tape for bandages, non-stick bandages,
towels, and hydrogen peroxide (3 percent). You can use a door, board,
blanket or floor mat as an emergency stretcher and a soft cloth, rope,
necktie, leash, or nylon stocking for an emergency muzzle.
6. Play it safe in the car.
It’s best to travel with your dog in a crate; second-best is to use a
restraining harness. When it comes to cats, it’s always best for their
safety and yours to use a well-ventilated carrier in the car. Secure the
crate or carrier with a seat belt and provide your pet with familiar toys.
Never keep your pet in the open bed of a truck or the storage area of a
moving van. In any season, a pet left alone in a parked vehicle is
vulnerable to injury and theft. If you’ll be using overnight lodging, plan
ahead by searching for pet-friendly hotels. Have plenty of kitty litter and
plastic bags on hand, and keep your pet on its regular diet and eating
schedule.
7. Get ready for takeoff.
When traveling by air, check with the
airline about any pet requirements or restrictions to be sure you’ve
prepared your pet for a safe trip. Some airlines will allow pets in the
cabin, depending on the animal’s size, but you’ll need to purchase a special
airline crate that fits under the seat in front of you. Give yourself plenty
of time to work out any arrangements necessary including consulting with
your veterinarian and the
U.S. Department of
Agriculture. If traveling is stressful for your
pet, consult your veterinarian about ways that might lessen the stress of
travel.
8.
Find a new veterinary clinic and emergency hospital.
Before you
move, ask your vet to recommend a doctor in your new locale. Talk to other
pet owners when visiting the new community, and call the state veterinary
medical association (VMA) for veterinarians in your location. When choosing
a new veterinary hospital, ask for an impromptu tour; kennels should be kept
clean at all times, not just when a client’s expected. You may also want to
schedule an appointment to meet the vets. Now ask yourself: Are the
receptionists, doctors, technicians, and assistants friendly, professional
and knowledgeable? Are the office hours and location convenient? Does the
clinic offer emergency or specialty services or boarding? If the hospital
doesn’t meet your criteria, keep looking until you’re assured that your pet
will receive the best possible care.
9.
Prep your new home for pets. Pets
may be frightened and confused in new surroundings. Upon your arrival at
your new home, immediately set out all the familiar and necessary things
your pet will need: food, water, medications, bed, litter box, toys, etc.
Pack these items in a handy spot so they can be unpacked right away. Keep
all external windows and doors closed when your pet is unsupervised, and be
cautious of narrow gaps behind or between appliances where nervous pets may
try to hide. If your old home is nearby, your pet may try to find a way back
there. To be safe, give the new home owners or your former neighbors your
phone number and a photo of your pet, and ask them to contact you if your
pet is found nearby.
10.
Learn more about your new area. Once
you find a new veterinarian, ask if there are any local health concerns such
as heartworm or Lyme disease, or any vaccinations or medications your pet
may require. Also, be aware of any unique laws. For example, there are
restrictive breed laws in some cities. Homeowner associations also may have
restrictions — perhaps requiring that all dogs are kept on leashes. If you
will be moving to a new country, carry an updated rabies vaccination and
health certificate. It is very important to contact the Agriculture
Department or embassy of the country or state to which you’re traveling to
obtain specific information on special documents, quarantine, or costs to
bring the animal into the country.
Source:
The Pet Realty
Network (www.petrealtynetwork.com)
Reprinted from REALTOR®
magazine (REALTOR.org/realtormag) with
permission of the NATIONAL ASSOCIATION OF REALTORS®.
Copyright 2008. All
rights reserved.
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How
to Hold a Successful Garage Sale
Garage sales can be a
great way to get rid of clutter — and earn a little extra cash — before you
sell your home. But make sure the timing is right. Garage sales can take on
a life of their own, and it might not be the best use of your energy right
before putting your home on the market. Follow these tips for a successful
sale.
1. Don’t wait until the last
minute. You
don’t want to be scrambling to hold a garage sale the week before an open
house. Depending on how long you’ve lived in the home and how much stuff you
have to sell, planning a garage sale can demand a lot of time and energy.
2. Get a permit.
Most municipalities will require you to obtain a special permit or license
in order to hold a garage sale. The permits are often free or very
inexpensive, but still require you to register with the city.
3. See if neighbors want to
join in. You
can turn your garage sale into a block-wide event and lure more shoppers if
you team up with neighbors. However, a permit may be necessary for each home
owner, even if it’s a group event.
4. Schedule the sale.
Sales on Saturdays and Sundays will generate the most traffic, especially if
the weather cooperates. Start the sale early, 8 a.m. or 9 a.m. is best, and
be prepared for early birds.
5. Advertise.
Place an ad in free classified papers and Web sites, and in your local
newspapers. Include the dates, time, and address. Let the public know if
certain types of items will be sold, such as baby clothes, furniture, or
weightlifting equipment. On the day of the sale, balloons and signs with
prominent arrows will help to grab the attention of passersby.
6. Price your goods.
Lay out everything that you plan to sell, and attach prices with removable
stickers. Remember, garage sales are supposed to be bargains, so try to be
objective as you set prices. Assign simple prices to your goods: 50 cents, 3
for $1, $5, $10, etc.
7. If it’s really junk,
don’t sell it.
Decide what’s worth selling and what’s not. If it’s really garbage, then
throw it away. Broken appliances, for example, should be tossed. (Know where
a nearby electrical outlet is, in case a customer wants to make sure
something works.)
8. Check for mistakes.
Make sure that items you want to keep don’t accidentally end up in the
garage sale pile.
9. Create an organized
display. Lay
out your items by category, and display neatly so customers don’t have to
dig through boxes.
10. Stock up on bags and
newspapers.
People who buy many small items will appreciate a bag to carry their goods.
Newspapers are handy for wrapping fragile items.
11. Manage your money.
Make a trip to the bank to get ample change for your cashbox. Throughout the
sale, keep a close eye on your cash; never leave the cashbox unattended.
It’s smart to have one person who manages the money throughout the day,
keeping a tally of what was purchased and for how much. Keep a calculator
nearby.
12. Prepare for your home
sale. Donate the remaining stuff or sell it to a resale shop. Now that all of
your clutter is cleared out, it’s time to focus on preparing your house for
a successful sale!
Reprinted
from REALTOR® magazine (REALTOR.org/realtormag)
with permission of the NATIONAL ASSOCIATION OF REALTORS®.
Copyright 2008. All
rights reserved.
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Understand Agency Relationships
It’s important to
understand what legal responsibilities your real estate salesperson has to
you and to other parties in the transaction. Ask what type of agency
relationship your agent has with you:
Seller's representative (also known as a listing agent or seller's agent)
A
seller's agent is hired by and represents the seller. All fiduciary duties
are owed to the seller. The agency relationship usually is created by a
listing contract.
Buyer's
representative (also known as a buyer’s agent)
A
buyer’s agent is hired by prospective buyers to represent them in a real
estate transaction. The buyer's rep works in the buyer's best interest
throughout the transaction and owes fiduciary duties to the buyer. The buyer
can pay the licensee directly through a negotiated fee, or the buyer's rep
may be paid by the seller or through a commission split with the seller’s
agent.
Subagent
A
subagent owes the same fiduciary duties to the agent's customer as the agent
does. Subagency usually arises when a cooperating sales associate from
another brokerage, who is not the buyer’s agent, shows property to a buyer.
In such a case, the subagent works with the buyer as a customer but owes
fiduciary duties to the listing broker and the seller. Although a subagent
cannot assist the buyer in any way that would be detrimental to the seller,
a buyer-customer can expect to be treated honestly by the subagent. It is
important that subagents fully explain their duties to buyers.
Disclosed dual agent
Dual
agency is a relationship in which the brokerage firm represents both the
buyer and the seller in the same real estate transaction. Dual agency
relationships do not carry with them all of the traditional fiduciary duties
to clients. Instead, dual agents owe limited fiduciary duties. Because of
the potential for conflicts of interest in a dual-agency relationship, it's
vital that all parties give their informed consent. In many states, this
consent must be in writing. Disclosed dual agency, in which both the buyer
and the seller are told that the agent is representing both of them, is
legal in most states.
Designated agent (also called appointed agent)
This
is a brokerage practice that allows the managing broker to designate which
licensees in the brokerage will act as an agent of the seller and which will
act as an agent of the buyer. Designated agency avoids the problem of
creating a dual-agency relationship for licensees at the brokerage. The
designated agents give their clients full representation, with all of the
attendant fiduciary duties. The broker still has the responsibility of
supervising both groups of licensees.
Non
agency relationship (called, among other things, a transaction broker or
facilitator)
Some
states permit a real estate licensee to have a type of nonagency
relationship with a consumer. These relationships vary considerably from
state to state, both as to the duties owed to the consumer and the name used
to describe them. Very generally, the duties owed to the consumer in a
nonagency relationship are less than the complete, traditional fiduciary
duties of an agency relationship.
Reprinted from REALTOR®
magazine (REALTOR.org/realtormag) with
permission of the NATIONAL ASSOCIATION OF REALTORS®.
Copyright 2008. All
rights reserved.
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What is Appraised Value?
·
Appraisals
provide an objective opinion of value, but it’s not an exact science so
appraisals may differ.
·
For buying
and selling purposes, appraisals are usually based on market value — what
the property could probably be sold for. Other types of value include
insurance
value, replacement value, and assessed value for property tax purposes.
·
Appraised
value is not a constant number. Changes in market conditions can
dramatically alter appraised value.
·
Appraised
value doesn’t take into account special considerations, like the need to
sell rapidly.
·
Lenders
usually use either the appraised value or the sale price, whichever is less,
to determine the amount of the mortgage they will offer.
Used with permission from Kim Daugherty, Real Estate Checklists and Systems,
www.realestatechecklists.com
Reprinted from REALTOR®
magazine (REALTOR.org/realtormag) with
permission of the NATIONAL ASSOCIATION OF REALTORS®.
Copyright 2008. All
rights reserved.
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