Closing Procedures
A sale is not a sale until it is closed, and in order for the closing to go smoothly, all parties need to be aware as to what the closing procedures are and what is to be expected of the clients before and at the closing. It is important that all parties are prepared for what to bring and how the closing will go. There are certain responsibilities of the buyer and other responsibilities of the seller.
Before the closing the Buyer needs to make share that he/she gets the correct numbers from the attorney on what amount of money should be brought to closing. The buyer needs to know this amount because a certified check needs to be provided at the time of closing. The buyer should get the amount first, then get a certified check. It is always a good idea to bring a checkbook in case there are any variations. It is important for the buyer to bring his/her drivers’ license to the closing for verification purposes as well. Always make sure that you confirm the time and date of the closing.
At the closing, the lender will typically deliver a package of documents to the title company. This package includes the note and mortgage and also disclosures and agreements. The buyer’s attorney needs to walk the buyer through all of the documents and explain what they mean.
Another part of the closing procedure is that the seller needs to come to the closing with a package of documents. This package will include the deed to the property. The buyer’s attorney will review the documents to make sure that the buyer is purchasing and the seller is conveying the property correctly, that there are no liens on the property and that the title is clear. This usually entails a review of the documents and a survey provided by the buyer.
At the actual closing, the closing agent conducts the settlement meeting and reviews to make sure that all the documents are signed and recorded and that the closing fees and escrow payments are paid and properly distributed. Typically in a closing, the buyer pays for fees charged for obtaining a mortgage, inspection fees, homeowners’ insurance, transfer taxes, title insurance and escrow fees. The seller typically pays the loan payoff fees, the real estate commissions, title insurance, termite repairs for the property and all or part of the transfer taxes and escrow fees.
All buyers and sellers should be aware of the closing procedures so that the transaction closes and both parties walk away with a win-win situation.
Tips for Putting Your Home on the Market
Tips for Putting your Home on the Market
Selling your home can be a stressful process. Many people do not realize the work that goes into putting your home on the market. The reality usually sets in after the seller has met with a real estate agent and the agent has given them a different perspective on what the seller thought was the perfect home. It is very important to know some tips for selling your home.
Make sure to hire a reliable real estate agent. This means, someone who will work hard for you and be available to you when you need him/her. Also, see if you can get an agent through a referral. Start asking around and see what people have to say. This will give you confidence when choosing the right realtor.
You also want to make sure that you are not wasting any time on buyers who are just looking or are not interested. Too many times, sellers and agents spend many hours and a lot of energy trying to convince people to purchase when they are just not ready. Focus on the motivated buyers. Work with your agent to determine who the motivated buyers are. Maybe the buyer is on a deadline, this includes people who are relocating for a job, investors who are on tax deadlines, college students and staff who need to get in before the school year, etc. I think you get the point. Find out more about the buyers who are viewing your property and see what their situation is.
When putting your home on the market, it is a good idea to make sure that you price it to sell. A home that is priced too high for the market, will almost never sell! Make sure to price it low right off the bat. If you start high and do small price increases, you are just wasting time. Price it low, get some activity. If you do it right, you will price low and sell high!
It is always a good idea to have good curb appeal. This includes, sprucing up the landscaping, cleaning the gutters and touching up the paint. You want to keep the buyers safety in mind by making sure the stairs and walkways are clear and free of clutter. Speaking of free of clutter, always remember less is more. The less furniture and décor you have, the bigger the space feels. Having just the right amount, will give any place a cozy and spacious feel! Again consulting with a realtor when putting your home on the market would be a good first step as they will assist you with letting you know how to prepare before selling your home. Go to OwnACondo.com to learn more about putting your home on the market!
Selling a Condo
If you're looking to sell a condo but do not know how to go about it, this article may be of interest to you. Selling a condo starts with choosing the real estate firm you would like to represent you. There are all types of real estate agencies out there today. National brands dominate, but there are also the mid-size local firms and the small mom and pop type shops as well. Where do you start, who do you choose?
My first suggestion is to start with finding a condo real estate brokerage first. There are all types of real estate firms, but if you're selling a condo, why not choose a real estate agency that specializes in selling condos. Think if you own a Cadillac and you'd like to have someone buy it off of you. Or better yet, let's say you want to buy a Cadillac. You wouldn't go to a Lexus dealership for a Cadillac. A buyer of a condo is going to end more often in front of a real estate agent that represents condominiums. By going to a real estate company that specializes in the sale of condominiums, you're more likely to have an agent that will have a database of buyers that can potentially buy your condo immediately saving you time and money.
Think of the common sense. All day long buyers are going to a "condo only" brand because they want to buy condominiums. They're not looking to buy vacant land. They have one purpose and that is to find the condo of their dreams. So to start off, find a real estate brokerage that specializes in the sale of condominiums. Once you've done this, you'll have to decide what real estate agent you'd like to represent you. There are dozens of Realtors that work in an office and all are different. You have to be very choosy on this. My best recommendation would be to ask the managing broker to have three different people in the firm for you to do a face to face or phone interview with. Remember, this will be a person that you'll be doing business with for possible the next six to twelve months. You're going to want to get to know this person and their assets.
This is your start. Selling a condo starts with the company and individual within the company that will handle your transaction. Choose them wisely.
Sell A Condo
Do you feel confident to sell a condo on your own? To sell a condo in today’s market place becomes quite a challenge. With the wholesale market currently in full swing with foreclosures and short sales going on, what is the average seller to do with a condominium they want to unload?
To sell a condo today, you have to pick the right real estate company to begin with. There are thousands of real estate firms but very few specialize on “just condosâ€. Think of the average Realtor that represents a home, a piece of land, an apartment building and a condo. It’s like going to a heart specialist to get your eyes checked. They might have a little background knowledge of it, but do they really know the eyes like an eye doctor?
A condominium specialist lives and breathes condos. They’re at it every single day and they only work with condo buyers. If you’re selling your Chicago condo, think of sitting across from a dedicated condo Realtor. Every single buyer that has come to him over the last six months are condo buyer because that is all he or she does. Every single person in their database of buyers are condos buyers, You’re a condo seller and they have only condo buyers. Makes sense?
Selling a condo under the conditions of having too much product unsold on the market, coupled with the market being slower than normal makes for a challenge, but not impossible. You have to make sure you price the condo right and the condo is in fantastic condition. Clean all the clutter out of the rooms and put a fresh coat of paint on the walls. A twenty dollar gallon of paint will pay back huge dividends. Do some major spring cleaning and get rid of the junk and musky smells.
How do I choose the right Condo Realtor? Interview until you find the one. It should only take three to five before the right one appears. Remember, Realtors are human and all of them are different. Choosing a Realtor is probably the most important part to this selling scenario. They will be the ones bringing in the condo buyers. Make you’re selection wise and you could be on tract to getting that condo of your sold.
Sell a condo, insure a condo or financing your condo can be preformed by a company called OwnACondo.com, head quartered in Chicago, Illinois. They can be reached at 866.696.2266.
Condo Selling
Condo selling is something quite a bit different than selling a home. In real estate, it is best to seek out a professional Realtor that focuses in on “only†condo selling. With a transaction that may be in the hundreds of thousands, it would be in your best interest if you seek out the absolute best in what they do. Find a niche in the industry, someone that focuses on nothing other than Condo selling.
There are several thousand condos currently selling today, so it’s imperative that you set your condo apart from other sellers. Price is no the only thing when trying to outsell the competition. You should consider how a buyer will be viewing your condo. Remember, they may have totally different taste than you do. Think neutral colors and do a spring cleaning on your condo removing as much junk as possible.
Condo selling is no easy task on your own. You should seriously consider choosing a professional that sells condos for a living. Also consider using a condo stager. Stagers will evaluate what the condo needs to look like inside to enhance the buyers view of the condo. They will have a non biased opinion, one that comes from experience. The suggestions they make will most likely be very cost efficient and should have an impact on the salability of your condo.
Another thing to consider when selling your condo are the prices for condos that sold in the area already. It’s great to evaluate your competition, but the best way to determine price for a condo is to see what other condos have sold for. A Realtor in the area should be able to run off a list of everything that’s sold over the last six months. This will immediately begin to give you an idea of what to possibly price the condo at.
The marketing of the condo should also be done by a professional. There are so many arenas to advertise nowadays, much different for even a few years ago. There are social networks such as Facebook and Youtube, Twitter and Linkin that can get the word out about your condo. In the past newspapers were used along with direct mail. Today there’s dozens of internet sites that will expose your condo the millions. Find the right Realtor, price the condo fairly and condo selling will not be that big a deal.
We Need Condo Sellers for Our Popular Rent to Own Product
OwnACondo.com has over 375 outdoor impressions that say rent-to-own condos. We''re getting swamped with over 50 calls per day, 1,500 people per month, looking for rent to own Chicago condos and suburban Chicago condos. We''re discovering that some of the buyers we''re servicing are finding the condos they want, while others are not, due to not enough of rent to own inventory.
In these times, there are strong advantages to making your condo available for purchase through our rent to own program.
If you''re a seller of a condo and want to be in our rent to own program, please call us at 866.696.2266 to go over all the details.
