For Sale By Owner Real Estate Trends for October 2009

For Sale By Owner Real Estate Trends

Most Popular*

Top Cities 1. Brooklyn, NY 2. Tampa, FL 3. San Antonio, TX 4. Lexington, KY 5. Louisville, KY 6. Chicago, IL 7. Staten Island, NY 8. Topeka, KS 9. Naples, FL 10. Greensboro, NC Top States 1. Kentucky 2. Pennsylvania 3. Texas 4. Missouri 5. Florida 6. Indiana 7. Ohio 8. Maine 9. Arkansas 10. Oklahoma Most Viewed Properties 1. Single Family - $149,950 - Seattle, WA 2. Single Family - $299,900 - Birmingham, AL 3. Single Family - $419,000 - Pangburn, AR 4. Single Family - $171,900 - Conway, SC 5. Log Cabin - $185,900 - Mount Airy, NC 6. Duplex/Triplex - $399,000 - Miami, FL 7. Single Family - $299,900 - Elmhurst, IL 8. Single Family/Rental - $625 - Aiken, SC 9. Single Family - $32,000 - Amityville, NY 10. Duplex/Triplex - $28,000 - Denton, TX *Based on property views on ByOwnerMLS.com in October 2009.

About the Author:

Greg Sullivan is the President of www.ByOwnerMLS.com, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit www.byownermls.com.

For Sale By Owner Real Estate Trends for September 2009

Most Popular* Top Cities
1.Brooklyn, NY
2.Lexington, KY
3.San Antonio, TX
4.Flushing, NY
5.Greensboro, NC
6.Louisville, KY
7.Jamaica, NY
8.Knoxville, TN
9.Dallas, TX
10.Tampa, FL

Most Popular* Top States
1.Texas
2.Kentucky
3.Pennsylvania
4.Missouri
5.Ohio
6.Indiana
7.Florida
8.Maine
9.West Virigina
10.North Carolina

Most Popular* Viewed Properties
1.Single Family - $149,950 - Seattle, WA
2.Rental - $1300 - Lacey, WA
3.Rental - $600 - Mesa, AZ
4.Rental - $2400 - San Jose, CA
5.Log Cabin - $185,900 - Mount Airy, NC
6.Single Family/Rental - $625 - Aiken, SC
7.Duplex/Triplex - $399,000 - Miami, FL
8.Single Family - $299,900 - Elmhurst, IL
9.Duplex/Triplex - $28,000 - Denton, TX
10.Single Family - $32,000 - Amityville, NY

*Based on property views on ByOwnerMLS.com in September 2009.

About the Author:

Greg Sullivan is the President of http://www.byownermls.com/, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit http://www.byownermls.com/.

Moving Services by ByOwnerMLS

ByOwnerMLS is a FSBO-For Sale By Owner website, dealing with the property transactions like purchasing, selling, renting & mortgaging. This website also provides with the Moving Service, where there is a complete package starting from packing the whole household to delivering it to the destination. The person seeking this service need not worry at all about anything after hiring it.
Following are the complete details of the Moving services:

• We provide the complete as well as nuclear package for Moving. Both the packages are accessible as per the requirements of the customers. These packages are at very nominal rates & very specific, when it comes to the payment & security of packed luggage to be moved.

• There is an option of planning the budget, as well as all the details of Moving with its Customers before they can choose any options. The complete details of the available services are shared clearly before signing-in any deal with the customers by our Professionals.

• The packing of the articles is done in a very professional manner, where there are no chances of the destruction of these packed stuff. The person seeking the service of packing can be rest assured & can leave the complete procedures on our packing professionals without any doubt.

• Our professionals for moving take the complete information from its customers before suggesting them anything for their service. Also, they make sure that the service is very aptly given, within the budget asked by the customers.

• Our customers can always be tension free taking safety in consideration, when it comes to Moving their house. Our professionals can be always trusted as we do believe that these professionals are our representatives; their behavior will leave the impression over our customers.

• We always respects the investments that are made by its customers. Our pricing are always customer-friendly, which is the reason that it always retains its customers for any service they need.

We have been very successful in providing all the services related to the property matters & transactions to its customers with the utmost satisfaction level which has proved in the maximum customer turn-ups very successfully.

Log on to ByOwnerMLS for more details.

FSBO: FOR SALE BY OWNER

Property selling, purchasing & renting is one of the very sensitive issues as it includes a lot of research & knowledge of the market, and also needs a lot of knowledge about handling the clients. For these purposes, usually people hire the assistance of real estate agents and brokers as they are the ones with proper knowledge about the current market situations & about the proper property dealings. But these middle-men consume a lot of time & money from the buyers as well as sellers. Once the deal takes place, these agents and brokers are typically compensated a percentage of the sales price, which dependent upon the selling price of the real estate, could be tens of thousands of dollars.

So, to reduce these extra costs for both the ends, there are some solutions available across internet, where the purchasing & selling of property takes place and also, there are no extra costs incurred in these transactions. The solution to this problem is our website ByOwnerMLS, which has FSBO-‘For Sale By Owner’ technique, helping out the property owners to sell their properties most efficiently. Though it is an online solution, it has very few drawbacks compared to the other modes of transaction of properties. This website offers numerous effective services that are very useful for selling & purchasing properties. FSBO is an effortless Direct Property Marketing Method, which is why it has certain advantages that are incomparable.

♦ TYPES OF PROPERTY:

This website has multiple listing service, as it contains all sorts of properties, not only residential but also commercial. Including from the variety of properties like Homes, Condominiums, Town homes, Rentals, Land, Vacation Homes, Time Shares, Multifamily, Foreclosures, New Construction, it also gives the options of price selection, No. of bedrooms as well as bathrooms according to the personal preferences. It also gives the options of listing the properties along with the snaps & videos for the better views for better sales.

♦ COST-CUTTING & MONEY SAVING:

In this process of people approaching to buy & sell the properties, there are NO middle-men existing, because of which there is a definite cost-cutting & it also saves a lot of money. The middle-men do take their shares from the buyers as well as sellers, which is not a very small amount. So, listing the properties on ByOwnerMLS.com saves lot of money for both the parties.

♦ FACILITIES AVAILABLE:

The FSBO portal provides with many other facilities that no other property website would give. It gives all the details regarding the city in which the property is sought, like the educational centers, weather information and also many other required information about the surrounding areas. It gives the complete information about the latest trends about buying & selling the properties.

♦ EVALUATION OF PROPERTY:

ByOwnerMLS.com also gives a service to evaluate the property well, incase the person listing the property does not know it. In such cases, there is failure faced in selling the property efficiently. So, through this website, people can evaluate their properties well so that there is no hindrance in selling the property.

♦ FINANCING SCHEMES:

There are also different financing schemes available on this website, aiding the people to purchase the property without any financial deficits. People can apply for loans online & get the financial problems solved to purchase their dream homes!

♦ OPTIONS FOR THE PROPERTY MOVERS:

The people who want to move to other places also do have the benefits from this website, as it also provides with facilities like movers & packers, transportation to move the things in house, and so on. These services help in taking up the hasty task of packing the entire luggage of the household and moving it thereon to the other places. So, not only to buy & sell the property, people who want to move out to other places can also avail the services offered by us, which are again at very nominal rates.

Log-on to ByOwnerMLS.com, deal your property purchase, sale, renting, mortgaging directly yourself without any extra costs incurred and experience the benefits of taking your own decisions!

For Sale By Owner Real Estate Trends for August 2009

Most Popular*

Top Cities 1. Brooklyn, NY 2. Lexington, KY 3. San Antonio, TX 4. Louisville, KY 5. Chicago, IL 6. Staten Island, NY 7. Tampa, FL 8. Dallas, TX 9. Miami, FL 10. Jamaica, NY		Top States 1. Kentucky 2. Pennsylvania 3. Texas 4. Missouri 5. Ohio 6. Florida 7. Indiana 8. Alabama 9. Arkansas 10. Maine		Most Viewed Properties 1. Rental - $2400 - San Jose, CA 2. Rental - $600 - Mesa, AZ 3. Single Family - $149,950 - Seattle, WA 4. Rental - $1300 - Lacey, WA 5. Log Cabin - $185,900 - Mount Airy, NC 6. Duplex/Triplex - $28,000 - Denton, TX 7. Duplex/Triplex - $399,000 - Miami, FL 8. Single Family - $32,000 - Amityville, NY 9. Single Family - $299,900 - Elmhurst, IL 10. Single Family/Rental - $625 - Aiken, SC
*Based on property views on ByOwnerMLS.com in August 2009.

About the Author:

Greg Sullivan is the President of www.ByOwnerMLS.com, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit www.byownermls.com.

For Sale By Owner Real Estate Trends for July 2009

For Sale By Owner Real Estate Trends

Most Popular*

Top Cities 1. San Antonio, TX 1. Virginia Beach, VA 2. Raleigh, NC 4. Charlotte, NC 5. Huntsville, AL 6. McVeytown, PA 7. Chicago, IL 8. Naples, FL 9. Greensville, SC 10. Greensboro, NC Top States 1. Florida 2. North Carolina 3. Texas 4. Georgia 5. New York 6. Tennessee 7. Wisconsin 8. Michigan 9. Pennsylvania 10. Virginia Most Viewed Properties 1. Log Cabin - $45,000- McVeytown, PA 2. Farm/Ranch - $129,500 - Creston, NC 3. Log Cabin - $399,000 - Cass, WV 4. Single Family - $389,000 - E. Denton, NC 5. Single Family - $478,000 - LaFayette, LA 6. Cabin/Home - $174,900 - Crab Orchard, TN 7. Acreage/Land - $205,000 - Cleveland, OK 8. Cabin/Home - $199,900 - Orwell, NY 9. Single Family - $25,000 - Kailua, HI 10. Condo/Townhome - $329,000 - Chicago, IL *Based on property views on ByOwnerMLS.com in July 2009.

About the Author:

Greg Sullivan is the President of www.ByOwnerMLS.com, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit www.byownermls.com.

Things not to do When Applying for a Loan

This is a list of things to steer clear of when you are seeking to obtain financing for a home. The following items may prove to be a detriment when you wish to move forward with the loan process.

1. Don't buy or lease an auto! Lenders look carefully at your debt-to-income ratio. A large payment such as a car lease or purchase can greatly impact those ratios and prevent you from qualifying for a home loan.

2. Don't move assets from one bank account to another! These transfers show up as new deposits and complicate the application process, as you must then disclose and document the source of funds for each new account. The lender can verify each account as it currently exists. You can consolidate your accounts later if you need to.

3. Don't change jobs! A new job may involve a probation period, which must be satisfied before income from the new job can be considered for qualifying purposes.

4. Don't buy new furniture or major appliances for your new home! If the new purchases increase the amount of debt you are responsible for on a monthly basis, there is the possibility this may disqualify you from getting the loan, or cut down on the available funds you need to meet closing costs.

5. Don't run a TRW report on yourself! This will show as an inquiry on your lenders credit report. Inquiries must be explained in writing.

6. Don't attempt to consolidate bills before speaking with your lender! The lender can advise you if this needs to be done.

7. Don't pack or ship information needed for the loan application! Important paperwork such as W-2 forms, divorce decrees, and tax returns should not be sent with your household goods. Duplicate copies take weeks to obtain, and could stall the closing date on your transaction.

All About FSBO

FSBO stands for ‘for sale by owner’ and is the process of marketing and selling your houses and real estates over the net. It has a huge benefit over the dealings made via agents as it saves money and time and one can get genuine buyers for their beloved house. With the FSBO industry growing at a steady pace, it makes sense to use the facility and get the right candidate and the right deal.


When looking out for houses or lands or rooms, people generally contact a property broker who acts as a mediator between the owner of the property and the person wanting to buy it or rent it. Some amount of money from both the parties goes to the mediator. Subtract the mediator and one is staring into a FSBO deal. FSBO may be defined as the process of selling and buying real estate without the help of a mediator directly from the person who owns the property. However sometimes the FSBO is also referred to the property itself, example: that apartment is a FSBO. Similarly sometimes, FSBO is also referred to the person selling the real estate, example: he is a FSBO. ‘fizbos’ is a slang, often used for FSBOs .

To get a listing in one of the FSBO websites will cost u some money but that is definitely less than the money one would have to give away to the agent as his ‘commission’ which amounts to about 6 to 7 per cent of the selling price.

However if your house does not sell then you don’t have to pay the websites. Definitely nothing is better than selling your house by your own.

You can make a fair deal and need not bother about the various formalities with the agent, example: you don’t have to go out of your own home when the agent wants to show it around to the buyers.

FSBO involves direct discussion and direct selling, and one can indeed make a wiser decision of the costs related to the various assets the house has. Genuine buyers can find genuine sellers.

This facility saves time and one can also expect buyers from across the borders rather than just the local buyers the agent will get in touch with.

The FSBO industry is growing at a tremendous pace with websites generating revenues at over $2 million in 2007 and making sales upto 16,700 properties with a success rate touching 64 per cent. MLS, Multiple Listing Service is a facility that most of the FSBOs provide. MLS was a listing in the newspapers in the days of fore but now MLS has taken to the internet and is easily available with a simple click of the mouse. One can properly define the characteristics of the house and can make a fair bargain on the price on the internet. This time saving process is now being appreciated all over the globe and gives both the seller and buyer a stable platform to make deals.

Ready Your House For A Great Sale

Selling your house requires you to follow some simple tips in order to make a great sale. Once you have placed your house on one of the For Sale By owner listings and have fixed appointments with someone who likes your house, you need to make sure that every aspect of your house is well presented to the prospective buyer.

You need to make sure that the buyer comes home to a house that he falls in love with at first sight. For that to happen, you need to make sure that you fix all the defects in your house and repair all the flaws. The minor defects can be a big turn off for the buyers. Cracks in walls and ceilings need to be repaired at once. Similarly if the furniture is not in a good condition you need to either get it repaired or get it replaced.

You might even consider repainting your house. The cost you will put in will be taken care of in the final deal. Dirty walls make the cost fall at once. Make sure that the surroundings of the house are properly cleaned up. It aids to the curb appeal and gives the buyer a pleasant site to witness. If you have a lawn or a garden, be prepared to mow and groom it properly before the buyer comes. Buyers love to see greenery associated with the house. A well groomed garden is a big turn on for the buyer. Get rid of all the unnecessary vegetation and unwanted weeds around your garden.

You need to make sure that the interiors of your house are well arranged and properly cleaned. The basements and closets should be thoroughly checked for defects and they should be accordingly fixed. Do not let the bedrooms be a mess when the buyer walks in. Keep all your stuff properly stacked up in cupboards and almirahs. Similarly keep all the utensils in the kitchen properly arranged.

Do not leave your personal belongings lying around in the house. You wouldn’t want the buyer to think he does not belong their. Pack them up in a box and put them in the store room. Buyers are generally game for home inspections. So you can have your home inspected a few days before the buyer comes in order to get rid of the left out faults. This way even if the buyer gets a home inspection you would not have to worry about it.

For Sale By Owner (FSBO) Trends - June 2009

For Sale By Owner Real Estate Trends

Most Popular*

Top Cities 1. Brooklyn, NY 2. Lexington, KY 3. San Antonio, TX/a> 4. Louisville, KY 5. Kansas City, MO 6. Chicago, IL 7. Staten Island, NY 8. Huntsville, AL 9. Tampa, FL 10. Greensboro, NC Top States 1. Texas 2. Kentucky 3. Florida 4. Indiana 5. Pennsylvania 6. Maine 7. Missouri 8. Alabama 9. Ohio 10. Arkansa Most Viewed Properties 1. Single Family - $150,000 - Arnold, MD 2. Duplex/Triplex - $329,900- Philadelphia, PA 3. Single Family - $149,950 - Seattle, WA 4. Log Cabin - $45,000- McVeytown, PA 5. Log Cabin - $185,900 - Mount Airy, NC 6. Duplex/Triplex - $28,000 - Denton, TX 7. Duplex/Triplex - $399,000 - Miami, FL 8. Condo/Townhome - $149,000 - Calabasas, CA 9. Log Cabin< - $200,000 - Sandy Lake, PA 10. Condo/Townhome - $369,000 - Wildwood, NJ *Based on property views on ByOwnerMLS.com in June 2009.

About the Author:

Greg Sullivan is the President of www.ByOwnerMLS.com, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit www.byownermls.com.

Tips for selling your home

According to the National Association of Realtors, about 12% of home sellers decided to sell their homes without the help of a real estate agent. Since these figures do not include those sellers that put their homes on home listing databases, the percent is actually a bit closer to 21%.

Despite the large percentage of home owners that are deciding to sell their homes on their own, however, many choosing to sell their own homes are struggling a bit in our current economy. Just a few years ago, For Sale By Owner homes were practically selling overnight. Today’s sellers, however, have to work a little hard to get their homes to sell. If you are trying to sell your home in today’s market, these five simple tips are sure to help.

Tip #1: Determine the Right Price

If the price you are asking is far more than the value of the home, you certainly will never find a buyer. Therefore, it is important to do your homework and determine the proper price for your home. During this step of the process, you might want to consult with a real estate agent in order to learn the prices of homes in your area that are similar to yours.

Tip #2: Place Your Home on MLS

In the past, selling your home without a real estate agent was as easy as putting a sign in your yard and an ad in the newspaper. In today’s market, you are going to have to cast your net a little further. By placing your home in a Multiple Listing Service, you will be able to reach more potential buyers and increase your chances of selling your home.

Tip #3: Stage the House Before Showing It

When you sell your home, you need to see it through the eyes of the buyer. It can be difficult to separate yourself from your home, so you may want to get the help of a friend who isn’t afraid to be honest with you about what needs to be changed in your home. Make sure your home is clutter-free and smells fresh. Complete all required repairs and make sure every room is designed in the way that is intended.

Tip #4: Choose Renovations Wisely

While making some renovations to your home can really give its value a boost, going overboard can cost you more than you get back in return. Bathrooms and kitchens are good places to make renovations. Landscaping can also go a long way toward increasing the home’s value and can be done fairly cheaply when you do it yourself. In addition, it will increase the curb appeal of your home, which will help draw in potential buyers.

Tip #5: Do Your Research

Before you get involved in selling your home yourself, make certain you are fully aware of what you are getting involved with. Selling your home on your own can be a time consuming process. Also, be prepared to hire a real estate lawyer once you have a serious buyer. This way, you can be certain you are following the proper legal procedures.


For more information, please visit www.byownermls.com.

Home Inspection and Insurance

When you are looking to purchase a home, you will need to get done with a lot of paperwork. While your lender and other applicable parties are getting the paperwork together in preparation for your closing, there are several things you might want to get taken care of. First up, you would want to get your home inspected and get your homeowner's insurance policy in place. But, what exactly is a home inspection and what types of insurance do you have to select from?

Understanding Home Inspections

When you hire someone to complete a home inspection, that person is responsible for determining the mechanical and structural condition of your home. This includes looking at many aspects of your home, including the condition of all of the following:

Air Condition
Electrical Wiring
Heating
Plumbing
Roof

By completing a thorough inspection, you can learn about any items that may need to be repaired before the sale is finalized. Therefore, it is best to have the home inspection completed after you have agreed on a selling price with the seller but before you have actually signed a contract or put down a deposit. Although home inspections typically cost anywhere from $250 to $500, it is money well spent because it can help you avoid purchasing a home that is nothing but a money pit.

Choosing the Best Homeowner's Insurance

When it comes to your homeowner's insurance, you can choose between two basic types of coverage. The first, which is referred to as a replacement cost policy will replace any damaged items for the amount it would cost you to replace the item today. The other type of policy, which is called a cash value policy, will pay you the amount of money the damaged item would be valued at today. If you had a replacement cost policy, on the other hand, you would receive a payment for the amount it would cost you to purchase a new television.

If you are purchasing an older home and your belongings are also older, you might want to consider obtaining a replacement cost policy. Just keep in mind that this type of policy is more expensive than the cash value policy. Therefore, you should evaluate the value of your home and its belongings carefully before deciding on the type of policy you wish to have.

It is important for you to have your home inspection completed and your home owner's insurance in place before you come to the closing. This way, you can feel confident you are getting the best deal possible and your lending institution will be comfortable with moving forward with the transaction.

MLS with Byownermls.com

In the real estate world the competition is tough and keeps getting tougher with every passing day. One needs to rise up to the fact that real estate agents are not the only way to go about it. There are various websites on the internet where you can make deals with buyers looking to buy a real estate property. These are called MLS (multiple listing services) where houses and other properties for sale are displayed. Buyers can choose from them and find the desired properties.

The houses that are placed on these listings are For Sale By Owner houses that don’t have an agent attached to them. This way the owners of the For Sale by Owner properties save themselves the money they would have to pay the agents as commission. It requires a little money to place your real estate property on the MLS listing but it is far less than what you would pay your agent.

Byownermls.com helps you find apartments and houses in every part of the country. There are virtual tours that have been put up by buyers on the sites. One can take a tour of the house and decide if they want the property. There have been many families who found their dream homes through MLS. Apartments of all kinds are available, single, duplex, triplex, etc.

Once you find your apartment or house you can then contact the owner and fix an appointment with them. You can then deal directly with the owners and there is no indirect negotiation involved hence the buyers and owners can deal directly with each other and decide on a final price.

Byownermls.com helps you find many real estate properties in almost every part of the country. It gives you a wide range to choose from. For more details on real estate properties, visit http://www.byownermls.com/

Impress your guest

How do you get the prospective buyer to fall in love with your house? This is one question that is always in the minds of the sellers once they have fixed an appointment with buyers.

There are a few things to take into consideration before you decide how to make the buyer fall for your house. Once you have put up your house on one of the For sale by owner listings, then it is evident that the prospective buyers who approach you already liked your house else they wouldn’t have called you for an appointment. So your work is already half done. Now all you need to take care of are the little flaws in your house that might upset the buyer.

The curb appeal of your house matters the most when the buyer is driving towards your house. The surroundings should be cleaned up and made rid of all the unwanted rubbish. The façade of your house should be pleasing to the eye. You need to clean up the surroundings and do away with unwanted vegetation around your house. If you have a lawn, make sure that you mow it and groom it to perfection. A good lawn always gives out positive vibes and makes a person feel close to nature. It is a big turn on for the buyers.

Once you have cleaned the exteriors, it is time to fix the defects and correct the flaws in your house. There are minor and at times major flaws in your house that you need to fix before the buyer comes. When you put up pictures on the For sale by owner listings, you would have made sure that your rooms are in perfect condition at the time of clicking photographs. And that is what the buyer has fallen for. If he comes to your house and finds those rooms to be a mess he would be thoroughly disappointed. In stead if he finds those rooms to be in an even better condition, he would perhaps buy your house at once.

Now comes the time to fix the flaws. Cracks in walls leads to leakages which further leads to running away buyers. Make sure that the ceilings and walls of the basement and bathrooms are taken care of. In fact you may also consider repainting your entire house. Fix the broken shingles and tiles. You can repair the stucco water stains using a mild bleaching agent. Re-grout tile walls and floors and Replace light fixtures, dated faucets and the knobs and handles on your kitchen cabinets.

Then comes the psychological part of making a sale. Don’t leave things that you are emotionally attached to lying around in the house. This way the buyer can not see himself living in the house. It is unwelcoming to the buyer. Pack things that are personal to you and make sure that the kitchen is well organized and the things are properly arranged in closets and cupboards.

The above tips will perhaps help you make a good sale. For more tips visit www.byownermls.com

Sellers Checklist - Your Home's Exterior

• The exterior of your house is the most important aspect when it comes to buyer appeal. Touch up trim paint on window frames, doors, fascia, etc.
• If your lawn isn’t all that green, use fertilizer and water to help better its color. Mow and edge the lawn properly on a regular basis until the home is sold.
• Overgrown shrubbery, unwanted plant growth and obnoxious weeds should be extirpated in order to show as much of the exterior as possible.
• A low-cost investment in seasonal flowers or ground cover will add a personal touch.
• Replace missing shutters, gutters, and downspouts and eliminate any debris.
• Inspect the roof for required repairs and fix any visible broken shingles or tiles.
• Cracks in the driveway and sidewalks should be repaired at once with ready-mix cement. There are easy-to-use cleaning agents at your home repair store to remove excessive stains.
• Stucco water stains can be repaired using a mild bleaching agent.
• Fences should be mended and painted.
• If the street sweeper does not show up regularly, make sure the area in front of your curb and driveway are clear of debris. Wash it down with a hose.
• Wash all windows inside and outside.
• All of these suggestions may also apply to your back yard or child's play area.

How to yield a great price for your house

Is yours the perfect home for sale by owner? Sounds a little awkward? For selling your home, you need to know certain information about For Sale By Owner properties to get the correct price for your property. In this fast moving world, sellers need to be really smart and updated with requirements of the buyer.

Identify the Expectations of the Buyer

As a good seller, you need to understand and identify the demands and requirements of buyers. You need to research on the internet to know the current market wave in the real estate business. In order to make your house a hit amongst the buyers you need to know the kind of properties are in fashion and modify your house accordingly. Gathering information about the type of property, prices and other taxation details is always a great help

First Impression

In order to get desirable and effective deals, a seller needs to put the photographs and pictures of his property online, on the FSBO listing services. By doing so a seller can give a brief idea about how his house looks and a buyer can also get a rough idea about the various aspects of a property like area and other details. This also helps in correct price estimation of the property.

Maintain Your Home

To make buyers to convert their desire into a purchase, a property owner should mainly focus on improving the looks of his real estate properties. Proper and good maintenance involves little tasks like mowing of garden, placements of furniture, painting, removal of unnecessary garbage and unwanted vegetation and cleanliness of the surroundings.

By following above stated points, you as a seller and property owner can yield a great price for your house

For Sale By Owner Real Estate Trends for May 2009

For Sale By Owner Real Estate Trends

Most Popular*

Top Cities 1. Brooklyn, NY 2. Anchorage, AK 3. Virigina Beach, VA 4. Chicago, IL 5. Seattle, WA 6. Chesapeake, VA 7. Lexington, KY 8. Greensboro, NC 9. Staten Island, NY 10. Austin, TX		Top States 1. Pennsylvania 2. Florida 3. Illinois 4. Washington 5. Alabama 6. Georgia 7. Connecticut 8. Arizona 9. Texas 10. California		Most Viewed Properties 1. Single Family - $150,000 - Arnold, MD 2. Duplex/Triplex - $329,900- Philadelphia, PA 3. Single Family - $149,950 - Seattle, WA 4. Log Cabin - $45,000- McVeytown, PA 5. Log Cabin - $185,900 - Mount Airy, NC 6. Duplex/Triplex - $28,000 - Denton, TX 7. Duplex/Triplex - $399,000 - Miami, FL 8. Condo/Townhome - $149,000 - Calabasas, CA 9. Log Cabin< - $200,000 - Sandy Lake, PA 10. Condo/Townhome - $369,000 - Wildwood, NJ
*Based on property views on ByOwnerMLS.com in May 2009.

About the Author:

Greg Sullivan is the President of www.ByOwnerMLS.com, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit www.byownermls.com.

Tips for foreclosures

If a lender puts you on notice

Homeowners have many options once a lender has filed a foreclosure notice. Foreclosure specialist’s advice:

Don't ignore mail from your lender; stay in touch even after a foreclosure notice has been filed. Most lenders would rather work out options than foreclose on a home.

Beware of foreclosure companies calling themselves "mortgage consultants" or "foreclosure services" promising to save your credit or pay the closing costs. Beware of deals that take over ownership of your home. If you turn to a foreclosure rescue firm, be aware such companies do not need a state license to operate in Florida unless the business is selling or buying properties.

Never transfer your property deed or title to a rescue firm. Never sign a contract under pressure and without legal advice. Do not pay your mortgage payments to someone other than your lender.

Things to do before your show your house around

• Eighty six the clutter in hiding spots! Buyers love to look behind your doors, in closets and basements.

• Do away with dead plants and unwanted vegetation and weeds.

• Fix the cosmetic flaws.

• Re-grout tile walls and floors.

• Replace light fixtures, dated faucets and the knobs and handles on your kitchen cabinets.

• Pack anything that won't be used between now and moving day. Don’t store the boxes near the high traffic areas.

• Deep Clean Carpets and discard worn out carpet. Make the surface floors shine.

• Don't commence with any major renovations during the days when you have put up your house for sale. The chaos in your home may just turn out to be a big turn off for the potential buyers.

For more information and to view recent property listings, please visit www.byownermls.com

Tag your house as an FSBO

One needs to wise up to the fact that selling his house is not a task that would require toiling day and night with no fruits in the end. In fact many buyers now prefer FSBOs than real estate agents.

Having your house listed as an FSBO also helps avoiding the exorbitant sum of money that your agent will ask you for. It is always better to sell your house yourself as you know each and every part of your house and can put the right price tag on it. You also save yourself the risk of being scammed and fooled into selling your house for a lesser price than what it is worth.

When you look to sell your house on your own, you may need to put in a little money to have the defects fixed and get the repairs done but then the money it will cost you will be much less than what you would pay the agent. Also it helps keeping the original price of your house intact.

When you are exposed to so many people rather than only the buyers in the local area then you have more chances of getting the right deal for your house. People search for their dream houses on the internet and are willing to pay a fantastic amount for the right house. Your house might be The House someone is looking for.

While selling your house using FSBO, it is required of you that you put up attractive pictures and arrange virtual tours for the buyers to see on the internet. You need to apply a proper aesthetic sense when putting up the photographs of your house on the listings. If you put up the pictures of the exteriors of your house then make sure that the surroundings are clean and the curb appeal is 'appealing' enough for the buyer to come and have a look.

Contrary to what real estate agents will tell you, tagging your house as an FSBO saves a lot of time and money and keeps you away from the stress and tension that has been noticed in the sellers who wish to sell their house through an agent. Moreover it gives quicker results and your decision is not based on external factors when you sell your house on your own.

Clean up Before you Show Your House Around

Once you have done all the necessary things to market your house and have made appointments with prospective buyers, you need to make sure that your house is in a presentable condition. This apparently is one of the most important aspects of getting the best deal for your house.

Every house has little things that have literally been of no use for years. These things that have long been stacked up in your house need to be either thrown away or donated to someone who could put it to good use. You would not want the buyer to look at that stuff with dust settled over it for years. The required knick knacks should be stored in boxes and properly arranged in the closet.

Pack all your personal things like photograph albums and gifts. This way you can make the buyer can see him living in the house. Personal stuff distracts the buyer and hampers his perception of the house. You would want the house to be inviting to the buyer and should take care that none of the stuff that you are emotionally attached to gives him unwelcoming vibes.

Showing a kitchen that is well arranged rarely fails to entice the buyer. Alphabetized jars and neatly stacked dishes make the kitchen look beautiful. Buyers would open the cabinets to check out the space so it is required that the things in the cabinets are properly arranged. Things falling out of the cabinets when the buyer opens the door are a big let down. Similarly shelves need to be arranged or emptied according to your needs.

Similarly the bedrooms and other rooms should be rid of furniture and things that are not required. Spacious rooms give the buyer a better view of the area of the rooms. Other defects in the rooms should also be taken care of. Cracked floors or counter tiles should be fixed as fast as possible. Leakages and patch holes in walls is something that directly chops off some price off the original price of your house.

Repainting walls and replacing burned out bulbs may cost some money but will not lower the price of your house and there would be no complaints if the buyer decides to have the house inspected. Polishing and waxing the doors and furniture gives a good aesthetic value to the house. Dusting and getting rid of cobwebs is obviously a must before an appointment. You can wash the porch and clean up the windows to provide your house a good curb appeal.

Once everything is done, you would want to take a final tour of your house in order to check for any left out flaws. Step into the shoes of a buyer and check the exteriors of the house for garbage or any unwanted stuff. Then enter the house and look for flaws in the interiors of your house. Get all the defects fixed if any are encountered and you have a perfect house ready for sale.

Tips to make a good sale

Make your home presentable and attractive: This step involves bettering the exteriors and interiors of your house. You need to use your aesthetic sense and make your house look remarkably good. Getting rid of garbage and unwanted vegetation, cleaning up the dirt on the windows, repainting the walls, getting the leakages in the kitchen and bathroom fixed are a part of this step. Check for all the damages and flaws, have them repaired and then fix an appointment with the prospective buyers.

The price tag: You should do a little research for the market and FSBO trends in your area. This way you make sure that your house does not have too exorbitant a price tag attached to it. You can visit various real estate sites on the internet and check for the prices of houses in your area and price your house accordingly.

Hire a real estate lawyer: There are many legal aspects associated with selling your house. In order to get done with the legal documentation part of it is recommended that you hire a real estate lawyer. This may cost you a little dough but is definitely less than what you would be paying your agent.

Get your home inspected: A buyer may bring with him home inspectors. The buyer has the right to get your house inspected from a third party. The home inspectors check for all the damages and flaws in the house and require you to either have them repaired or slash the cost on your house accordingly. So its good to have your home inspected before fixing an appointment with the buyers. This way you can have non functional things fixed and repaired and are not in for surprises.

Closing day: Closing day comes after 30–40 days after the deal has been finalized and the sales contracts have been signed. On the closing day, the buyer checks for all the concerned repairs that were decided upon earlier. They make sure that no more damages have affected the house. If he is not satisfied then the downpayment stays in escrow until the repairs are made. Hence you should make sure that all the damages are taken care of before the closing day arrives.

FSBO: The Advantage

FSBOs are substantially swapping places with real estate agents in the present times. While it is true that real estate agents have a better knowledge of the market trends, it is also true that FSBO is proving to be a more effective way of selling homes.

The fact lies, that your home is YOUR home and no one else can know every single detail better than you. Hence you are the most apt person to market your home. It is a known fact that to sell a product effectively one should have a thorough knowledge of the product. Hence if you have lived in your home for several years, you form the ideal person to market the home to potential buyers as you know all about it.

Direct talks with buyers helps communicating to the point and no misconceptions can seep in. It helps you understand the buyer better and vice versa. There are lot many a things that real estate agents don’t communicate to the buyer. While dealing with the buyer without a link, you get the freedom to decide on the time line and other such matters. A direct negotiation with the buyer can help save a lot of money as well.

You understand the sincerity of the buyers who come to see your house. Real estate agents often show many houses to a buyer in order to allow him to give them a basis for comparison.

You can pick the most appropriate buyer out of all those who have come to buy your house and decide the terms of sale. You also save time that you would, otherwise, consume in having long talks with your broker.

More than 30% percent of the houses are sold by the owners themselves and it helps chopping off the hefty commissions (5 to 7 percent) being paid to the broker.

There may be some reasons that do not encourage direct selling but more often than not it comes down to money and when selling your house on your own you save a nice chunk of cash. All you need to do is put in a little time in it and give a good presentation of your house to anybody who comes to see it.

Home Marketing on the Internet

Ever since the recession has hit the economy, selling houses has been difficult. However some nabob buyers still are looking for houses. A good home marketing technique helps selling the house easily.

Mostly people search for houses on the internet so it becomes a must to attach a photo of the house with the listing. The photo too should be such that it immediately entices the seeker. One needs to provide a full picture of the house. Angled photos and close ups are a good way to go about it. Things that are not aesthetically sound and appear unwanted in the photograph should be cropped out, such as vehicles from the driveway, vegetation at the front door that blocks a person’s way inside etc.

Taking photographs of rooms and putting it up on the internet also gives the buyer a good idea of the house and one should make sure that the rooms are in a good condition to be photographed. If there is a stand out feature of the room then there can be an exclusive photograph of that particular element. If the room has very nice flooring, then one can put of the floor image on the internet. Dilapidated furniture should not be included when clicking images. The rooms should be organized and properly cleaned before a photograph is taken.

Virtual tours are appreciated by the buyers to the fullest. A virtual tour helps the buyer to get a good view of the house from the outside and the inside. Virtual tours provide a very good picture of the house to the buyer hence it is important that virtual tours are proper and fully organized. Including sounds and small one liners in the tours may leave a very good mark in the buyer’s mind.

Signage has its own advantages too. Signage helps providing the contact details to the buyer. putting up a board down the road directing the passerby to your house with your phone number or the agents phone number helps attracting many potential buyers.

There are other ways of print marketing too other than internet. Newspapers and magazines both local and national can help selling the house pretty soon. However internet is one of the strongest mediums for home marketing and one can have his house listed at Byownermls.com and make a good sale. Byownermls.com provides all kinds of home listings for houses in every part of America.

ByOwnerMLS.com - For Sale By Owner Real Estate Trends for April 2009

For Sale By Owner Real Estate Trends

Most Popular*

Top Cities 1. Brooklyn, NY 2. Anchorage, AK 3. Virigina Beach, VA 4. Chicago, IL 5. Seattle, WA 6. Chesapeake, VA 7. Lexington, KY 8. Greensboro, NC 9. Staten Island, NY 10. Austin, TX Top States 1. Pennsylvania 2. Florida 3. Illinois 4. Washington 5. Alabama 6. Georgia 7. Connecticut 8. Arizona 9. Texas 10. California Most Viewed Properties 1. Single Family - $150,000 - Arnold, MD 2. Duplex/Triplex - $329,900- Philadelphia, PA 3. Single Family - $149,950 - Seattle, WA 4. Log Cabin - $45,000- McVeytown, PA 5. Log Cabin - $185,900 - Mount Airy, NC 6. Duplex/Triplex - $28,000 - Denton, TX 7. Duplex/Triplex - $399,000 - Miami, FL 8. Condo/Townhome - $149,000 - Calabasas, CA 9. Log Cabin< - $200,000 - Sandy Lake, PA 10. Condo/Townhome - $369,000 - Wildwood, NJ *Based on property views on ByOwnerMLS.com in April 2009.

About the Author:

Greg Sullivan is the President of www.ByOwnerMLS.com, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit www.byownermls.com.

Types Of Mortgages in Real Estate

The word ‘mortgage’ is a very important term in the real estate world. There are various kinds of mortgages and it is always good to know what the various kinds of mortgages can be. There are various types of mortgages other than the conventional and orthodox fixed- rate mortgages.


Adjustable rate-mortgage

The mortgage loan wherein a fixed initial interest rate and a fixed initial monthly payment is made after which the interest rate is adjusted on a regular interval depending upon various indices. These indices are

1. Constant-maturity Treasury (CMT) securities
2. The Cost of Funds Index (COFI)
3. The London Interbank Offered Rate (LIBOR)

The initial interest rate is lower than that of a fixed-rate mortgage. The interest rates are changed periodically. The interest rate is a summation of two factors: the index and the margin. Margin is the extra amount that the lender asks for and the indices give the figure of the interest rate to be paid.

Balloon payment mortgage

This kind of mortgage involves small periodic payments till the completion of the term and then rest of the amount is paid in lump sum by the person concerned. It is called the Balloon payment because the final amount that is paid at the end of the term is a huge figure. As the definition suggests, this kind of mortgage is a fixed-rate non amortized mortgage. The maturity term finishes with the completion of a few years and then the borrower has to pay the left out amount as a whole in lump sum.

FHA mortgage

These types of loans involve the Federal Housing Administration that insures the loans or the conventional mortgages. One can purchase or refinance the loans with a low down payment. This kind of loans is of great advantage for the first time buyer, although anyone can subscribe to FHA mortgage loans. This kind of loan also offers a great home-purchasing opportunity to the American citizens with a low income.

Purchase-money mortgage

This is the type of purchasing and selling which involves a direct agreement between the seller and the buyer. The buyer borrows money from the seller instead of/in addition to other organizations or banks.

Biweekly Mortgage

A fixed rate mortgage wherein the payments are made every 2 weeks. A month consists of approximately 4 weeks hence the monthly amount is divided into two. Approximately 26 payments are made in a year by the borrower. The principal amount is paid faster than normal and the interest rate over the whole mortgage term decreases substantially.

FHA Insured Loans: The Advantage

There are various ways in which the government makes buying a real estate easy for its country’s citizen. In 1934 another attempt was made to taper the troubles of people wanting to buy a house. Federal Housing Administration was set up and since then the various FHA programs have helped many moderate income families buy houses.

When a person looks for a loan he may go to a bank or a money lender. Some of these lenders are FHA approved lenders. The FHA provides insurance on loans made by these lenders. In case of defaulters who cannot pay back the mortgage loans, the FHA helps curbing the losses encountered by the money lenders. The cost of the insurance is charged from the borrower on a monthly basis.

FHA approved money lenders have helped many Americans get a home loan. Along with this the FHA also helps providing loans to people with a not so good credit history. FHA has set various loan limits and one can only borrow up to a certain limit in case of an FHA loan. The misconception that many people have is that FHA loans are available only to first time buyers. However this is not true and FHA loans are available to anyone interested in buying a house.

FHA has a great advantage as compared to the conventional loans one would make when buying a house. The real estate search engine www.byownermls.com helps people get FHA insured home loans. It would also require a little cash investment if one is to close the loan in case of FHA loans. Hence to make it easy to buy the house of your dreams you can definitely hit our page.

MLS with ByOwnerMls.com

Multiple listing service is one of the most important aspects of the real estate sector and helps people from all over the world find homes and estates in other parts of the world. Earlier MLS used to be a column in the new papers thus keeping the properties confined to only the local neighborhood. However with the internet attracting the masses a decade ago, MLS shifted to the internet and since then there have been a lot of websites who have forayed into the real estate sector and have helped people get homes at cheaper prices and have helped the seller get the right price for their houses .

With MLS one can also describes the features of the house like air conditioning, flooring, pool, acreage, etc. Byownermls.com helps people buy and sell real estates like homes, Rentals, Land, Vacation homes, timeshares, Multifamily, Foreclosures etc. The site helps the sellers sell their homes at the right prices and helps the buyers get a fair deal too. Ranging from a few dollars to large sums of money, all kinds of homes are available on the website.

It makes it easier for the buyers to just type the kind of apartment they are looking for and have a list of their kind of apartment displayed on the screen. The site also gives a Mortgage Market Survey and has all the FSBO (for sale by owner) listings in the country. The legal aspects are also explained in the website itself. At times it creates confusion to deal with the legal aspects of real estates, so the site gives all the data available about the legal aspects of the dealings.

One can also look for a loan center to buy the house depending upon his or her score on the website itself. In a nutshell once registered, everything from the step one of thinking to sell a house to completing the legal formalities of the deal can be done on the site. It provides a great medium to look for potential buyers and saves time and money.

ByOwnerMLS.com - For Sale By Owner Real Estate Trends for March 2009

Most Popular*

Top Cities 1. Louisville, KY 2. Brooklyn, NY 3. Lexington, KY 4. Anchorage, AK 5. Philadelphia, PA 6. Lincoln, NE 7. San Antonio, TX 8. Omaha, NE 9. Virigina Beach, VA 10. Arlington, TX   Top States 1. Florida 2. Texas 3. New York   4. North Carolina 5. Pennsylvania 6. Kentucky   7. Georgia 8. Missouri 9. Tennessee 10. Illinois    Most Viewed Properties 1. Single Family - $150,000 - Arnold, MD 2. Duplex/Triplex - $329,900- Philadelphia, PA 3. Single Family - $149,950 - Seattle, WA 4. Log Cabin - $45,000- McVeytown, PA 5. Log Cabin - $185,900 - Mount Airy, NC 6. Duplex/Triplex - $28,000 - Denton, TX 7. Duplex/Triplex - $399,000 - Miami, FL 8. Condo/Townhome - $149,000 - Calabasas, CA 9. Log Cabin< - $200,000 - Sandy Lake, PA 10. Condo/Townhome - $369,000 - Wildwood, NJ   *Based on property views on ByOwnerMLS.com in March 2009.

About the Author:

Greg Sullivan is the President of www.ByOwnerMLS.com, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit www.byownermls.com.

Close the Deal By Passing the Home Inspection

If you are planning to put your home on the market, one step you will have to take before you can finalize your sale is the home inspection. If the home inspection comes out poorly, you may find yourself losing out on a potential buyer. Or, you may have to make many costly repairs before you can finalize the deal. Therefore, before the inspector ever shows up at your door, it is a good idea for you to take a few steps to help make certain your inspection goes well. Here’s a look at a few key areas you should address in order to help things move along smoothly and quickly.

Take Care of Dampness

Dampness in any part of your house, particularly your basement or crawlspace, will send up red flags with the home inspector. When the inspector comes to your home, he or she will take a close look at the floors and walls in order to find any sings of dampness or mildew. The inspector may even use a special meter to help determine how much moisture there is in the area.

To help reduce the moisture levels in these areas, be certain to cover any exposed earth with plastic. In addition, take steps to improve the drainage around the foundation. This way, poor drainage won’t be mistaken for being a leaky foundation. You can improve the drainage around your home by making certain your gutters are clean, by pointing your drainage downspouts away from your home and by making sure your drainage lines are not plugged.

Update Electrical Systems

If your electrical systems are outdated, you will need to upgrade them before you can finalize your deal. This means it will take much longer to close the sell of your home and, quite possibly, you can lose out on an interested buyer who wants to complete the transaction quickly. Therefore, it is in your best interest to update your electrical system before the inspection ever takes place. Make certain to install ground fault circuit interrupters in your kitchen and bathrooms and make certain your circuit breaker configuration is adequate for your house.

Repair Your Roof

It won’t take a home inspector to notice that your shingles are deteriorating, as this is one of the first things buyers look at when considering a home. Once the inspector gets on the roof and determines that the area beneath the shingles is rotted or moist, however, you can be certain the potential buyer will want the roof to be repaired or for you to drop your asking price. Therefore, be certain your roof is in good shape and that the flashing around your chimney is watertight. The better the condition of your roof, the more quickly you will be able to find a buyer and close the sell of your home.


About the Author:
Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for http://www.byownermls.com/, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit http://www.byownermls.com/.

Keeping Yourself Out of Legal Trouble When Selling Your Home

As you start to consider how to market the home that you are putting up for sale, it is important for you to keep a few things in mind in order to keep yourself out of legal trouble. The reality is that there are many rules and laws that a real estate agent needs to follow in order to avoid the possibility of being sued or facing other legal problems. Therefore, in order to keep yourself protected, it is important for you to keep the same factors in mind.

Considering the Fair Housing Act

One of the most important legal guidelines that a real estate agent must follow is the Fair Housing Act. This act was put into place in order to prevent discrimination from taking place when selling property. As such, it should come as know surprise that the Fair Housing Act was put into place as part of the Civil Rights Act that was put into place in 1968. According to this act, which was later modified in 1988 by the Fair Housing Amendment Act, there are seven different classes that are protected. These include:

Color
Familial Status
Handicap
National Origin
Race
Religion
Sex

Due to this Act, there are several specific items that cannot be included in the marketing material when trying to sell a particular property.

Writing a Discrimination-Free Listing

In order to avoid being faced with a discrimination lawsuit, there are certain words that agents have to avoid using in their listings. Therefore, it is a good idea for you to avoid using these terms as well. Some of these include:

Bachelor Apartment
Children Welcome
Couples
Gentleman's Farm
Golden Agers
Handicapped
Integrated
Married
Mature
Mother-in-Law Quarters
Professional
Section 8
Seniors
Singles Only
Sports-minded

Similarly, a real estate agent cannot tell a potential buyer about churches or other religious institutions that are in the area. The same is true when it comes to providing information about the ethnic makeup of a neighborhood. Therefore, in order to prevent getting yourself into trouble, you should also avoid sharing this type of information. If a potential buyer is interested in the demographics of your neighborhood or wants to know more about religious groups in the area, encourage the buyer to complete some independent research instead. That way, the buyer can get the information he or she needs while you keep yourself out of trouble.


About the Author:
Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for http://www.byownermls.com/, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit http://www.byownermls.com/.

Questions to Ask Potential Buyers Before They Leave Your House Showing

While trying to sell your home, you might be surprised by the help you can get from potential buyers if you ask the right questions. Unfortunately, many people are afraid to ask questions, but performing a quick “exit interview” before the potential buyer leaves can provide you with important feedback that can help you make the changes necessary to sell your home more quickly and for a greater profit. Here are a few of the questions you might want to ask and what you can learn from them.

What Did You Like Most About This Property?

As the homeowner, it is easy for you to start taking the positive characteristics of your home for granted. By asking potential buyers what they liked the most about your property, you can find ways to highlight these characteristics during future showings.

What Did You Like Least About This Property?

Just as you become used to your positive features, you also grow immune to the least attractive features your home has to offer. Don’t get offended if the buyer says she doesn’t care for your carpeting or if he mentions an unusual smell in the home. Rather, take this feedback and make some changes – they just might be the changes you needed to make in order to get the home sold.

How Does This Property Compare to Other Properties You Looked At?

By getting an idea of what other homes have to offer, you might get good ideas for improvements that you can make in order to make your home more desirable. You can also determine which characteristics and features your home has to offer that help it stand out from other homes. Again, this will give you an idea of which characteristics you should emphasize and make certain to point out to potential buyers.

What Do You Think About the Price of This Home?

Don’t be afraid to ask the potential buyer what he or she thinks of the price you are asking for y our home. If the buyer says the price is too high, find out what the buyer thinks would be a fair price and why. You should also ask the buyer how the price compares to the prices of other homes that he or she has been looking at. Although you certainly won’t want to immediately reduce the price based on what one buyer has to say, you might want to consider a price change if many buyers have made the same observation.

Can You See Yourself Living in This Home?

Your number one goal when selling a home is to make the potential buyer “see” himself living in your home. Therefore, if the people you are showing your home to cannot see themselves living in the house, you might need to make some changes. For example, you may need to remove some of your personal items or you may need to point out how one of the bedrooms could easily be made into a home office. By asking potential buyers whether or not they can see themselves living in the home and finding out why they can’t, you can make the changes necessary to entice future buyers.


About the Author:
Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for http://www.byownermls.com/, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit http://www.byownermls.com/.

February 2009 - For Sale By Owner Real Estate Trends

For Sale By Owner Real Estate Trends

Most Popular*

Top Cities 1. Brooklyn, NY 2. Lexington, KY 3. Louisville, KY 4. San Antonio, TX 5. Philadelphia, PA 6. Houston, TX 7. Knoxville, TN 8. Huntsville, AL 9. Naples, FL 10. Staten Island, NY Top States 1. Texas 2. Florida 3. North Carolina 4. Georgia 5. Virginia 6. New York 7. Ohio 8. Kentucky 9. Missouri 10. Illinois Most Viewed Properties 1. Duplex/Triplex - $329,900- PHILADELPHIA, PA 2. Duplex/Triplex- $220,000 - LOUISVILLE,KY 3. Log Cabin/Home- $194,900 - WALLINGFORD, KY 4. Single Family - $750,000 - SEATTLE, WA 5. Single Family - $459,900 - CHICAGO, IL 6. Duplex/Triplex - $28,000 - DENTON, TX 7. Log Cabin - $45,000- McVeytown, PA 8. Duplex/Triplex - $131,500 - PLANO, TX 9. Log Cabin< - $79,000 - DAWSON SPRINGS, KY 10. Log Cabin/Home - $215,000 - Wallingford, KY *Based on property views on ByOwnerMLS.com in February 2009.

About the Author:

Greg Sullivan is the President of www.ByOwnerMLS.com, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit www.byownermls.com.

Making Minor Changes to Increase Your Home's Value

About the Author:
Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for www.ByOwnerMLS.com, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit www.byownermls.com.

About the Author:

Greg Sullivan is the President of www.ByOwnerMLS.com, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit www.byownermls.com.

4 Ways to Save Money When Hiring a Contractor

Do you need to make some changes to your home before you put it on the market? If so, you most likely plan to hire a professional to do the work for you. This way, you can be certain you will get good results. Unfortunately, hiring a contractor to do the work for you can really cut into your profit margin. Therefore, if you are looking for a way to save some money on your home improvement projects while still getting the job done by a professional, you might want to consider using one of these options.

Money Saving Option #1: Hiring a New Company

Contracting companies that have just recently been formed tend to offer low prices for their services. After all, they have to find a way to stand out from the competition and to build a reputation, so offering low prices and getting some professional references under their tool belts is the best way to accomplish this. Just make certain the company is properly licensed and insured. In addition, follow up with the few references the company does have in order to make certain their previous clients were happy with their work.

Money Saving Option #2: Time Your Improvements Wisely

If you have the flexibility in your schedule, you might also want to consider hiring a contractor during "off" season times. Most contractors are in a bit of a slump in December and January, which means you might be able to get a good deal on the cost. March, April and May, on the other hand, tend to be the busiest and most expensive months.

Money Saving Option #3: Offer to Serve as a Reference

Every contractor needs to have a number of people that can be used as references. So, you might want to consider offering to serve as a contractor as part of the negotiation process. Not only can this help you save some money, it will also increase the chances of your contractor doing a great job on your project. After all, if there is a possibility of future clients taking a closer look at the work, the contractor will want to be certain to make a good impression.

Money Saving Option #4: Consider Serving as a Fill-In

You might also be able to save some money on your project if you are willing to serve as a fill-in project. A fill-in project is one that the contractor works on while he is waiting for items needed for another project. For example, if he is waiting on the cabinets for the kitchen remodeling project that is his main project, he can get to work on your project during that down time. While this will certainly make it take longer to get your project done, it can save you a significant amount of money. Of course, you need to consider the type of project you are having completed in order to determine if a fill-in project is right for your personal situation.


About the Author:
Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for www.ByOwnerMLS.com, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit www.byownermls.com.

Selling Your Home With an Open House

Are you considering holding an open house in order to sell your home? While putting together an open house does involve a great deal of preparation, hosting one of these events can also go a long way toward helping you get your property sold. Therefore, if you are looking for one more marketing tool to help you with the selling process, an open house is definitely one place you should look.

Determining if You are a Good Candidate for an Open House

There are several things that need to be taken into consideration. First, you should take a closer look at the condition of your home. If your home is a "handyman special," it may not be a very good candidate for an open house. Similarly, if you are located in a relatively desolate area, you probably won't get enough visitors to your open house to make it worthwhile. If you have a home that is in good shape and is generally easy to get to, however, your home may be the perfect candidate for an open house.

Deciding When to Hold Your Open House

As with anything in the business world, finding the right timing is essential when it comes to hosting an open house. Although it can vary in some communities, Sunday afternoon is usually the best time to host an open house. You should also check your community schedule in order to make certain you are not scheduling your open house when a major event is taking place. Similarly, you should avoid holding an open house around the time of major holidays or events such as the Super Bowl, as most people won't be out shopping for homes at this time.

Once you have decided on the day when you will hold your open house, you should plan on making the event at least two hours long. You may want to consider holding the open house for up to four hours, however, as this will make it easier for potential buyers to fit the event into their schedules.

Preparing for Your Open House

Before you actually open your home up to potential buyers to view, there are several steps you should take in preparation for your open house. Namely, you want to make your home as attractive and appealing to the buyer as possible. In order to accomplish this, you should remove some of the furniture from your home. This way, the rooms will appear more spacious and less cluttered. You should also remove semi-permanent items that are not included in the sell of the home, such as dishwashers and lighting features, as potential buyers may insist on having that item included in the sell. You can avoid these problems by removing the items prior to your open house.

Of course, you will also need to clean every room in the house and to tend to your lawn and garden to make certain they are looking their best. Adding fresh flowers in vases throughout the home will also help make it look and smell great while your guests are looking through your home.

Although holding an open house is certainly a time-consuming process, you will be glad you invested the time when your open house results in a sell!

About the Author:
Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for http://www.byownermls.com/, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit http://www.byownermls.com/.

For Sale By Owner Real Estate Trends for January 2009

Most Popular*

Top Cities 1. Brooklyn, NY 2. Lexington, KY 3. Louisville, KY 4. San Antonio, TX 5. Philadelphia, PA 6. Houston, TX 7. Knoxville, TN 8. Huntsville, AL 9. Naples, FL 10. Staten Island, NY   Top States 1. Florida 2. Texas 3. New York   4. North Carolina   5. Tennessee 6. Kentucky 7. Georgia 8. Pennsylvania 9. Missouri 10. Alabama    Most Viewed Properties 1. Log Cabin - $195,800 - Cuba, NY 2. Duplex/Triplex- $329,900 Philadelphia, PA 3. Condo/Townhome - $369,000 - Wildwood, NJ 4. Duplex/Triplex - $128,000 - Denton, TX 5. Single/Family - $62,000 - Honey Grove, TX 6. Single Family - $28,000 - Pompano Beach, FL 7. Log Cabin/Home - $79,000 - Dawson Springs, KY 8. Single Family - $460,000 - Naples, FL 9. Duplex/Triplex - $131,500 - Plano, TX 10. Login Cabin/Home - $215,000 - Wallingford, KY   *Based on property views on ByOwnerMLS.com in January 2009.

About the Author:
Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for www.ByOwnerMLS.com, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit www.byownermls.com.

About the Author:

Greg Sullivan is the President of www.ByOwnerMLS.com, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit www.byownermls.com.

Increasing Your Home's Value with an Outdoor Kitchen

A growing number of people are choosing to expand their living space outdoors. In fact, according to the Property and Environment Research Center, 43% of homeowners in the Northeast have some sort of outdoor room. 32 to 34% of those living in the west, Midwest and the south also have an outdoor living space. So, if your home doesn't have any type of outdoor living space, you might want to consider adding an outdoor kitchen.

Increasing the Value of Your Home with an Outdoor Kitchen

By adding an outdoor kitchen to your home, you can potentially increase the value of your home by a significant amount. This is because an outdoor kitchen offers the future homeowner a wide variety of benefits, including:

Providing a great space for social gatherings that helps keep the crowd outdoors
Offering the perfect place for cooking without heating up the house, which helps keep the air conditioning bill down
Keeping all of your cooking in one, easy-to-clean area

So, if you are planning to move soon, you might want to consider adding an outdoor kitchen to your property before you put the property on the market.

Exploring Types of Outdoor Kitchens

You may be surprised to learn that there are actually several different types of outdoor kitchens that you can add to your property without having to spend a great deal of money. In fact, you can easily add on a simple outdoor kitchen for less than $3,000 and you can complete the project in a matter of a couple of weekends if you do the work yourself.

If you have a little more money available for the project, you might want to consider creating a patio addition on your home. With this type of home improvement, you might add a patio cover, a barbeque island, tiling and even a small fireplace. In addition, a patio provides you with plenty of opportunities for landscaping and other décor that can help make your home look more visually appealing. Although a patio addition could cost over $10,000, you can recoup all of the money you invest while also making your home a faster sell.

If money is no object, you might add a luxury outdoor kitchen to your home. With this addition, you would install outdoor ovens, special lighting, fire pits and more. If you are adding an outdoor living area in an effort to increase the value of your home, however, you probably should not create such an elaborate outdoor living space because you are not likely to recoup the cost right away. If you plan on living in the home for a few years before selling it, on the other hand, this type of project will help make your home even more enjoyable while increasing its value when you do put it on the market.


About the Author:
Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for http://www.byownermls.com/, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit http://www.byownermls.com/.

Creating a Contract with Your Contractor

Are you getting ready to hire a contractor to perform some work on your home before you put it on the market? If so, it is essential for you to have a contract in place before any money exchanges hands. But, do you know what kind of information should be included in your contract? Although every situation is different, there are a few essentials that you should insist upon being included in your contract before you sign it and allow work to begin.

Some Basic Information

It may sound obvious, but many homeowners proceed with a contractor without having some of the most basic information included in the contract. Some of the basics that should be covered regardless of the project include:

· Contractor's name
· Contractor's mailing address
· Contractor's physical address
· Contractor's phone number
· Your name
· The location of the job site
· Your address
· The current date
· Estimated start and completion date

By including these basics, it is clear where and when the job should start and how each party can get in contact with the other whenever necessary.

Covering the Costs

In addition to including information about the basics, your contract should also include plenty of information regarding how and when the contractor will be paid. Namely, the contract should include:

Estimated cost of the job
Payment schedule

The payment schedule included within the contract should be a schedule that you have discussed with the contractor and you have both agreed upon. In addition, this section should be quite detailed and clear. For example, you may agree to pay 1/3 of the cost before the job is started, 1/3 halfway through completion and another 1/3 when the job is complete. Regardless of how your payment schedule is set up, however, be certain to keep track of the payments you have made and never pay in cash. In addition, never make the final payment until after you have inspected the work and are satisfied with the end result.

Keeping Yourself Protected

There are also several things that should be included in your contract in order to keep yourself protected. Some of these include:

Release of lien clauses - provides you with copies of lien releases after the subcontractors get paid
Written warranty - provides names and addresses of those providing warranty coverage as well as the limitations and the length of the warranty
Dispute resolution clause - provides information regarding how problems will be resolved when they occur
Right of rescission - makes note of the Federal Trade Commission's right of rescission clause, which allows homeowners to back out of a contract within three days after signing without any repercussions
Inspection failure clause - stipulates that the contractor must make any necessary corrections at no cost to the homeowner if the work does not pass inspection
Proof of insurance - your contractor should have personal liability, automobile and workman's compensation insurance in place and should provide you with proof of this coverage

In addition to having these legal documents in place, your contract should also clearly state the duties the contractor is expected to perform as well as include a list of materials that are to be used on the job. The list should be very specific in order to ensure the materials you have requested and utilized. Remember, the more specifics you include in your contract, the better protected you will be!


About the Author:
Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for http://www.byownermls.com/, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit http://www.byownermls.com/.

For Sale By Owner - December 2008 Trends

For Sale By Owner Real Estate Trends

Most Popular*

Top Cities 1. Brooklyn, NY 2. Houston, TX 3. Louisville, KY 4. Philadelphia, PA 5. Knoxville, TN 6. Plano, TX 7. San Antonio, TX 8. Kansas City, MO 9. Tampa, FL 10. San Dallas, TX		Top States 1. Florida 2. Texas 3. New York   4. North Carolina   5. Georgia 6. Pennsylvania 7. Tennessee 8. Illinois 9. Missouri 10. Louisanna		Most Viewed Properties 1. Duplex/Triplex- $329,900 Philadelphia, PA 2. Log Cabin - $195,800 - Cuba, NY 3. Condo/Townhome - $369,000 - Wildwood, NJ 4. Duplex/Triplex - $128,000 - Denton, TX 5. Single/Family - $650,000 - Normandy Park, WA 6. Condo/Townhome - $424,000 - Seattle, WA 7. Single Family - $384,000 - Edison, NJ 8. Single Family - $510,000 - Rhinelander, WI 9. Single Family - $839,000 - Mokena, IL 10. Condo/Townhome - $224,900 - Houston, TX
*Based on property views on ByOwnerMLS.com in December 2008.

About the Author:

Greg Sullivan is the President of www.ByOwnerMLS.com, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit www.byownermls.com.

Increasing the Value of Your Home with the Help Bathroom Remodeling

If you are getting ready to put your home on the market, you certainly want to do everything you can to make your home as appealing to potential buyers as possible. One area where you can make some improvements and enjoy a great return is with a bathroom remodeling project.

Deciding Whether or Not You Should Remodel Your Bathroom

Although a bathroom remodeling project can potentially increase the value of your home, you should first ask yourself a few questions in order to make certain the investment is worthwhile. Some of these questions include:

Is my bathroom outdated?
Is my bathroom in need of repairs?
Can I recoup the money I invest in the remodeling project?
Does my bathroom appear cramped or dreary?
Can I complete the remodeling project in a reasonable amount of time?

If you answered yes to any of these questions, it may be a good idea for you to remodel your bathroom before you put it on the market.

Simple Remodeling Tips for Your Bathroom

Depending upon the condition of your bathroom, you may be able to complete a remodeling project at a fairly minimal cost. In fact, there are some simple improvements that you may be able to implement for less than a couple hundred dollars. Yet, by implementing these improvements, you may be able to increase the overall value of your home significantly. In addition, the improvements may help you sell the home more quickly.

Some simple remodeling ideas you might want to implement include:

Add mirrors to the bathroom in order to make it more functional and appear larger. Consider purchasing decorative mirrors or mirrors with special features, such as those are resistant to fogging, in order to really impress your potential buyers.
Find ways to allow more natural light to enter the bathroom, such as expanding the size of the window or installing a skylight.
Make certain the bathroom is well lit so that it does not appear dark and dreary. Installing a mirror with lights around it can be a good way to make the bathroom appear larger while also increasing the amount of light it has to offer.
If your floor needs to be replaced, consider giving it an upgrade by laying down a heating cable before putting the new floor in place.

Of course, if your bathroom is outdated, you may also need to seriously consider making some updates to the space in order to make it more attractive to buyers. A home with an outdated bathroom can be a major problem when it comes to making a sale, as the potential buyer will instantly consider that to be a repair that will need to be made after purchasing the home. For those homeowners who are looking for a home that is ready for moving into, an outdated bathroom can be enough to cause you to lose a sale.


About the Author:
Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for http://www.byownermls.com/, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit http://www.byownermls.com/.

5 Tips for Choosing a Contractor

If you are planning to make a few home improvements or if you need to make some repairs to your home before putting it on the market, you may want to consider hiring a contractor to help you get the job done. Even if you are a do-it-yourselfer, hiring a contractor may be a good idea because it will increase your chances of getting the job completed in a timely fashion and that it will be competed according to building codes. This way, you can get the property on the market sooner and, hopefully, will get it sold in a more time manner. At the same time, you need to make certain that the contractor you hire is one that is reliable and that will get the job done right. With these helpful tips, you should be able to find the right contractor for the job.

Tip #1: Contact Multiple Contractors

When looking for a contractor, it is important for you to explore multiple options. Therefore, you should call at least three different contractors before you select the one you will work with. This way, you can compare what each contractor has to offer and make certain you hire the one that will provide you with the best work and the best prices.

Tip #2: Make Certain the Contractor is Licensed in Your City or State

Most states require contractors to be licensed in order to providing contracting services, so make certain the contractor you are considering is properly licensed. If licensing is not required, ask the contractor to provide you with information about the professional trade organizations he or she belongs to as well as where he or she was educated.

Tip #3: Check References

When you contact the various contractors on your list, ask each of them to provide you with references that you can check. Be certain to obtain references from individuals who have worked with the contractor within the past year. This way, you will receive timely information when you call and check the references you are provided with.

Tip #4: Make Certain the Contractor is Insured

Before hiring a contractor, you need to be certain he or she is properly insured. This way, you don't have to worry about facing liability issues if a problem should arise. At the very least, the contractor should have Workmen's Compensation liability insurance in place. Don't just take the contractor's word for it, though. Contact the contractor's insurance agency to check on the effective dates of the policy. You may also want to ask your contractor to name you and your property as co-insured when it is time to start the job.

Tip #5: Hire Someone with at Least 5 Years of Experience

Although you may be able to save some money by hiring a contractor that has only recently started his or her business, it is generally best to hire someone with at least 5 years of experience. This way, you can be more certain the contractor will be reliable and has solid business practices.


About the Author:
Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for http://www.byownermls.com/, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit http://www.byownermls.com/.

5 Tips for Marketing Your Home

Are you looking for some easy ways to better market your home? With these simple tips, you will be certain to get your home noticed and will significantly increase your chances of closing a sale.

Tip #1: Photograph the Front of the Home

Many potential homebuyers won't bother looking at a home if they cannot look at some great photos first. If you are limited to just one photo, take a picture of the front of the home and make sure your home looks as attractive as possible. You can increase the attractiveness of the photo by cropping streets and sidewalks out of the photo, by keeping vehicles out of the photo, by clearing any vegetation covering the door or pathway to the door and avoiding taking the photo while shade is cast on the home.

Tip #2: Make Use of Signs

Placing "For Sale" signs is an easy form of advertisement that is both free and effective. If your property is on a corner lot or if it has a long stretch of frontage, put a couple signs in the yard. If you have a good relationship with your neighbors, you might even want to ask those who live on corners if you can place a sign in their yard that points in the direction of your property so you can catch the attention of even more potential buyers.

Tip #3: Send Out E-Flyers

Thanks to the Internet, reaching a larger pool of potential buyers is made easier than ever before. Create some E-Flyers containing several photographs of the property and send them to your friends, family and co-workers as well as to real estate agents in your area and brokers who represent buyers in your area.

Tip #4: Use Print Ads

Print ads can also be an effective means for reaching potential buyers. Consider placing ads in major newspaper, local newspapers and real estate publications. If your budget allows, you can also create print ads to use in a direct mail campaign. Four color postcards are an inexpensive option that will still catch the eye of your potential buyers. Send these postcards to your neighbors, real estate agents who represent buyers in your area an even to buyers in areas where the residents frequently relocate to your neighborhood.

Tip #5: Host an Open House

Hosting an Open House is a great way to show your home to potential buyers in a non-threatening way. If your home is located in a high traffic area, your Open House is likely to be a great success. Just be certain to advertise the event in your newspaper as well as online. You should also place signs on the property advertising the Open House and you should invite your neighbors to attend.

If you can't host an open house or if you are located in an area where you are unlikely to see a great deal of traffic, you might want to consider creating a virtual tour of your home and placing it online. This way, potential buyers can "walk through" your home from the comfort of their own home and get an idea of whether or not your home is the one they have been looking for.


About the Author:
Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for http://www.byownermls.com/, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit http://www.byownermls.com/.

Deciding Whether Refinancing is the Right Move for You

Are you trying to determine whether or not refinancing is the right option for you? Perhaps you are interested in making some improvements on your home before you put it up for sale or maybe you are even having second thoughts about putting it on the market. Before you decide to refinance that mortgage loan, there are several factors you need to consider in order to be certain it is the wisest financial move for you to make.

Considering the Costs

Although refinancing your home can potentially help you save a substantial amount of money in the long run, there are also many expenses involved with completing the refinancing process. Some of the things you may have to pay for before you can refinance your home include:

Survey fees
Attorney fees
Appraisal fees
Recording fees
Inspection fees
Application fees
Underwriting fees
Credit report costs
Title insurance fees
Loan origination fees
Points fees needed to reduce your interest rate
Insurance costs - both private mortgage insurance and potential increases in your current rates

Obviously, these expenses can add up rather quickly. Although you may not have to pay for all of these expenses, it is essential for you to add up all of the fees you will have to pay in order to make certain the amount of money you save in the long run will be worth the upfront costs.

Determining if it is Worth It

Once you have calculated the costs associated with refinancing your mortgage and you have determined how much money you will save each month by refinancing your loan, you can decide whether or not refinancing is worthwhile. Basically, it all comes down to looking at your short-term and long-term goals.

If you will be saving $100 per month and it will cost you $1000 to refinance your home, you will need to continue with the loan for another 10 months before you break even on your investment. Therefore, if you still plan on moving within the next year, refinancing your home probably would not be worthwhile in this scenario. If you plan to live in the same home for a few more years, however, the time and money you invest in refinancing will likely be worthwhile.

When making this determination, don't forget to factor in hidden costs as well. For example, getting a cheaper loan means receiving a smaller tax benefit on your state and federal taxes. In addition, your current mortgage loan may have a prepayment penalty that you will have to pay when refinancing your loan. These fees can sometimes be quite costly, with some being calculated based on the amount of interest you would have paid over the next six months on 80% of your balance.

The bottom line is that refinancing a mortgage loan can be a great way to save some money or to access some extra cash. Nonetheless, there is no guarantee that refinancing is the wisest financial move you can make. So, take some time to shop around and to crunch some numbers so you can be certain you are making the best move possible.

About the Author:
Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for http://www.byownermls.com/, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit http://www.byownermls.com/.

For Sale By Owner Trends - November 2008

For Sale By Owner Real Estate Trends

Most Popular*

Top Cities 1. Philadelphia, PA 2. Albuquerque, NM 3. Miami, FL 4. Boca Raton, FL 5. Chicago, IL 6. Houston, TX 7. Louisville, KY 8. Virginia Beach, VA 9. Lexington, KY 10. San Antonio, TX		Top States 1. Florida 2. Texas 3. North Carolina   4. Pennsylvania 5. California 6. New Jeresy 7. New York   8. Georgia 9. Illinois 10. Kentucky		Most Viewed Properties 1. Log Cabin - $195,800 - Cuba, NY 2. Log Cabin - $219,000 - Towanda, PA 3. Duplex/Triplex - $329,900 - Philadelphia, PA 4. Duplex/Triplex - $220,000 - Louisville, KY 5. Duplex/Triplex - $128,000 - Denton, TX 6. Single Family - $377,000 - Wilmington, DE 7. Single Family - $350,000 - Venice, FL 8. Mobile Home - $14,900 - Fort Myers, FL 9. Condo/Townhome - $224,900 - Houston, TX 10. Condo/Townhome - $369,000 - Wildwood, NJ
*Based on property views on ByOwnerMLS.com in November 2008.

About the Author:

Greg Sullivan is the President of www.ByOwnerMLS.com, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit www.byownermls.com.

What You Need to Know About Mortgage Insurance

Are you planning to purchase a home with a small down payment? While the current economic crisis has caused many banks to insist upon larger down payments than they have been demanding in the recent past, it is still possible to obtain a mortgage loan with a down payment of less than 20% of purchase price of the home. When doing so, however, you will most likely be required to obtain mortgage insurance in order to help reduce the risks associated with low down payment mortgages. This is not a new phenomenon, however, as lenders have long required this insurance to be purchased by those who are unable to provide at least a 20% down payment. Nonetheless, there are a many things you should know about this insurance in order to make certain you aren’t paying for coverage that you do not need.

Understanding Your Rights
Before you purchase mortgage insurance, it is important to understand your rights. First, the lender is legally required to tell you how much of your mortgage loan needs to be paid down before you can cancel the insurance coverage. Keep in mind, however, that you will be required to continue carrying the insurance for the lifetime of your loan if you obtain an FHA loan.

For non-FHA loans, you will generally be able to cancel the coverage once the loan has been paid down to 80% of the home's appraisal value. In addition, once the balance on the loan drops to 78%, the lender is required to cancel the insurance on your behalf. The lender is also required to provide you with an annual statement showing how much you owe on your loan as well as who you can call in order to cancel the mortgage insurance.

The High Risk Borrower Exception
It is important to note that it is possible for a mortgage lender to require you to carry mortgage insurance for a longer period of time if you are considered a high-risk borrower. In this case, the lender may be able to require you to maintain the coverage until you have paid the loan down to 50% of the home's value. If you have missed a mortgage payment, you may be placed into this high risk category and will have to pay the insurance for a longer period of time. Therefore, you should take care to pay your mortgage on time each month.

Dropping Mortgage Insurance Earlier
If you want to put an end to your mortgage insurance payments sooner, there are several steps you can take. One option is to have your home appraised again at a later date, as some lenders will allow you to use the new appraisal value when determining whether or not you have reached the 80% threshold. With the current drop in property prices, however, most homeowners will not benefit from this tactic at this time.

Prepaying your loan by just $50 per month can also help you reduce your balance more quickly so you can drop your mortgage insurance. Or, you may want to make some changes on your home in order to increase its value, which can significantly change your loan-to-value ratio.

Remember, mortgage insurance is not in place in order to protect you. Rather, it keeps your lender protected if you default on your loan. Therefore, the sooner you can stop making these payments, the better it is for your personal financial situation.




About the Author:
Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for http://www.byownermls.com/, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit http://www.byownermls.com/.

Tying Up Lose Ends Before Attending the Closing for Your New Home

If you are purchasing a home from a private seller, you will still need to go through many of the same processes as a person who is purchasing a home with the help of a Realtor. Just as with any home purchase, you will need to complete a great deal of paperwork in order to close on the deal. While your lender and other applicable parties are getting the paperwork together in preparation for your closing, there are several things you might want to get taken care of. Namely, you may want to get the home inspected and to get your homeowner's insurance policy in place. But, what exactly is a home inspection and what types of insurance do you have to select from?

Understanding Home Inspections

When you hire someone to complete a home inspection, that person is responsible for determining the mechanical and structural condition of your home. This includes looking at many aspects of your home, including the condition of all of the following:

Air Condition
Electrical Wiring
Heating
Plumbing
Roof

By completing a thorough inspection, you can learn about any items that may need to be repaired before the sale is finalized. Therefore, it is best to have the home inspection completed after you have agreed on a selling price with the seller but before you have actually signed a contract or put down a deposit. Although home inspections typically cost anywhere from $250 to $500, it is money well spent because it can help you avoid purchasing a home that is nothing but a money pit.

Choosing the Best Homeowner's Insurance

When it comes to your homeowner's insurance, you can choose between two basic types of coverage. The first, which is referred to as a replacement cost policy will replace any damaged items for the amount it would cost you to replace the item today. The other type of policy, which is called a cash value policy, will pay you the amount of money the damaged item would be valued at today. Therefore, if you have a television that is 15 years old, you likely will receive nothing from a cash value policy if the television were to be damaged or stolen. If you had a replacement cost policy, on the other hand, you would receive a payment for the amount it would cost you to purchase a new television.

If you are purchasing an older home and your belongings are also older, you might want to consider obtaining a replacement cost policy. Just keep in mind that this type of policy is more expensive than the cash value policy. Therefore, you should evaluate the value of your home and its belongings carefully before deciding on the type of policy you wish to have.

It is important for you to have your home inspection completed and your home owner's insurance in place before you come to the closing. This way, you can feel confident you are getting the best deal possible and your lending institution will be comfortable with moving forward with the transaction.



About the Author:
Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for http://www.byownermls.com/, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit http://www.byownermls.com/.

Selling and Buying with a Short Sale

During these times of economic troubles, you may have heard the term "short sale" mentioned on the news or possibly within real estate circles. But, do you know what the term means? If not, it is important for you to do your research and to learn more about short sales, as you can be affected by this type of sale whether you are the buyer or the seller.

Facing a Harsh Dilemma

A short sale is a specific type of real estate transaction that involves completing a purchase that is less than what is owed on the property. For example, a homeowner may purchase a home for $350,000 and take out a loan for $300,000 for its purchase. As a result of the economic problems the world is facing, however, the homeowner may not be able to continue making mortgage payments on the home. Even worse, the value of the home may have fallen to just $220,000, which means the homeowner owes more on the home than it is currently worth. Obviously, it will be impossible for the homeowner to sell the home at a price that will help him pay off what is still owed on the property. This is where the short sale comes in.

Going for the Short Sale

In a situation where the homeowner owes more on the home than he can recoup through its sale, the bank or mortgage lender may agree to discount the balance due. This way, the homeowner can get out from under the loan without having to file bankruptcy and the lender can cut its losses rather than trying to collect the full amount due.

Of course, getting a short sale to go through can be a very time consuming and difficult process. After all, banks are not in the business of forgiving loans on a regular basis. At the same time, agreeing to a short sale can potentially be the best business decision for the lender.

If you are trying to sell a home and you owe more on it than it is worth or if you are trying to purchase a home at its decreased value but the owner still owes too much on the home, you can discuss the possibility of a short sale with the lender's loss mitigation department.

It is important to note that completing a short sale can be very time consuming and the lender has the right to approve or disapprove of the sale. In addition, the entire balance due after the sale is complete may not be forgiven. Rather, if you are the seller, you may still be responsible for a portion of the remaining balance. Therefore, it is important to discuss all of your options with your lender and to come up with the plan that is best for everyone involved.


About the Author:
Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for http://www.byownermls.com/, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit http://www.byownermls.com/.

Avoiding Common Homeowner Scams

As a homeowner, there are many scams that you need to watch out for. This is particularly true when your home is for sale and you are trying to sell it on your own, as scam artists will often look upon this as an opportunity for taking advantage of the situation. With the current state of our economy, getting taken advantage of by scam artists is an even graver concern. Therefore, you should keep your eye out for these common scams affecting homeowners.

Scam #1: The Remodeling Scam
When trying to sell your home, you want to make it look as attractive as possible to your potential buyers. Therefore, a scammer who sees a "For Sale by Owner" sign in your yard may approach you and offer to do work on your home to prepare it for sale. Keep in mind that you should never hire a contractor that comes to you, particularly if he says the prices being offered are only good for a short period of time. Reputable contractors don't go door-to-door or cut prices for no apparent reason.

Scam #2: The Thieving Contractor
Even when you seek out a contractor, it is always possible that he is a scam artist who will not get the job done. Therefore, you should be certain to check all of the contractor's references and higher only one that you know to be reputable. In addition, you should never give a contractor more than one-third of the cost of the job before he or she gets started.

Scam #3: The Loan
Some scammers will also pose as contractors and will offer to arrange financing on your behalf. Then, the contractor will bring paperwork for you to sign before the job can get started. Unfortunately, this paperwork is actually a home equity loan with high fees and a high interest rate. Even worse, now that the contractor has your money, he no longer bothers to show up for the job.

Scam #4: The Deed Stealer
When a scammer sees a "For Sale by Owner" sign in your yard, he or she may also assume that you are experiencing financial troubles and are trying to get rid of the home before it is foreclosed upon. In this case, the scammer will call you and pretend to be a lender who is willing to help you obtain new financing. In order to complete the deal, the supposed lender will ask you to temporarily sign your deed over so the house isn't foreclosed upon while you complete the deal. Of course, once the scammer has your deed, he or she is free to borrow against your home or to even sell it out from beneath you.

Unfortunately, there are many scam artists out there that will stop at nothing to take advantage of innocent homeowners. By being smart about your decisions and actions, however, you can avoid being taken advantage of and you can keep your finances and your home safe.

About the Author:
Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for http://www.byownermls.com/, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit http://www.byownermls.com/.

For Sale By Owner Trends - October 2008

For Sale By Owner Real Estate Trends

Most Popular*

Top Cities 1. Houston, TX 2. Louisville, KY 3. Chicago, IL 4. Philadelphia, PA 5. Tampa, FL 6. San Antonio, TX 7. Greenville, SC 8. Virginia Beach, VA 9. Naples, FL 10. Huntsville, AL Top States 1. Florida 2. Texas 3. New York 4. North Carolina 5. Georgia 6. Pennsylvania 7. Tennessee 8. Illinois 9. Alabama 10. Kentucky Most Viewed Properties 1. Log Cabin - $195,800 - Cuba, NY 2. Log Cabin - $219,000 - Towanda, PA 3. Duplex/Triplex - $329,900 - Philadelphia, PA 4. Duplex/Triplex - $220,000 - Louisville, KY 5. Duplex/Triplex - $128,000 - Denton, TX 6. Single Family - $377,000 - Wilmington, DE 7. Single Family - $350,000 - Venice, FL 8. Mobile Home - $14,900 - Fort Myers, FL 9. Condo/Townhome - $224,900 - Houston, TX 10. Condo/Townhome - $369,000 - Wildwood, NJ *Based on property views on ByOwnerMLS.com in October 2008.

About the Author:

Greg Sullivan is the President of www.ByOwnerMLS.com, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit www.byownermls.com.

Saving Money on Your Homeowner's Insurance

Are you looking for a great way to save yourself a little money when it comes to your homeowner's expenses? Sure, purchasing a home that is for sale by owner can help you save a significant amount of money when it comes to the actual purchase price of your home, but it is possible to save money in other ways as well. More specifically, by taking a few simple steps, you can actually decrease the cost of your homeowner's insurance while also potentially increasing the value of your home at the same time.

Saving Money with a Safer Home

One of the easiest ways to help drive down the cost of your homeowner's insurance is to simply make your home safer. There are several safety features you can add to your home that can potentially drive down the cost of your insurance while costing relatively little to install. Some of these include the installation of the following items:

Carbon monoxide detector
Dead bolt locks
Fence around the pool with a locked gate
Fire extinguishers
Grounded outside antenna
Handrails along the stairs
Heat detectors
Keeping flammable substances outside
Security system
Smoke detector
Sprinkler system
Updated heating system
Updated wiring system
Well maintained sidewalks

While there is no guarantee that these additions will bring down the cost of your homeowner's insurance, there is a good chance that they will. In fact, simply adding a home security system typically reduces the cost of homeowner's insurance by 5 to 15%. Of course, if you are looking to maximize the savings, it is a good idea to contact your insurance company before you make any changes to your home. This way, you can be certain to make the most cost-effective changes and to follow the proper procedures in order to get the most savings possible.

Additional Money-Saving Techniques

In addition to taking advantage of safety discounts, there are several other ways to save money on your homeowner's insurance. For example, many companies will provide a discount to their customers if they purchase both homeowner's insurance and car insurance from them. Therefore, it is worthwhile to check into the auto insurance rates offered by your homeowner's insurance company in order to find out if you may benefit by dealing with just one company.

You might also want to consider raising the deductible on your homeowner's insurance policy. Though raising your deductible means you will have to pay more if you file a claim, it can significantly reduce the amount of your premium and save you quite a bit of money each month.

Being a homeowner is both exciting and frightening at the same time. After all, purchasing a home is a major financial decision. While you obviously need to have insurance in place in order to protect yourself and your investment, taking these simple steps can help make the purchase far more affordable.

About the Author:
Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for http://www.byownermls.com/, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit http://www.byownermls.com/.

For Sale By Owner (FSBO) Real Estate Trends for September 2008 (most popular)

Most Popular*

Top Cities 1. Louisville, KY 2. Philadelphia, PA 3. Virginia Beach, VA 4. Houston, TX 5. Miami, FL 6. Chicago, IL 7. Lexington, KY 8. San Antonio, TX 9. Jacksonville, FL 10. Brooklyn, NY   Top States 1. Florida 2. Texas 3. New York   4. North Carolina   5. Pennsylvania 6. Illinois 7. Georgia 8. Tennessee 9. Virginia 10. Kentucky    Most Viewed Properties 1. Log Cabin - $219,000 - Towanda, PA 2. Log Cabin - $195,800 - Cuba, NY 3. Duplex/Triplex - $329,900 - Philadelphia, PA 4. Single Family - $350,000 - Seattle, WA 5. Duplex/Triplex - $128,000 - Denton, TX 6. Duplex/Triplex - $220,000 - Louisville, KY 7. Condo/Townhome - $369,000 - Wildwood, NJ 8. Single Family - $132,900 - Clinton Township, MI 9. Cabin/Home - $450,000 - McVeytown, PA 10. Single Family - $900,000 - San Diego, CA   *Based on property views on ByOwnerMLS.com in September 2008.

About the Author:

Greg Sullivan is the President of www.ByOwnerMLS.com, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit www.byownermls.com.

5 Tips for Selling Your Own Home

According to the National Association of Realtors, about 12% of home sellers decided to sell their homes without the help of a real estate agent. Since these figures do not include those sellers that put their homes on home listing databases, the percent is actually a bit closer to 21%.

Despite the large percentage of home owners that are deciding to sell their homes on their own, however, many choosing to sell their own homes are struggling a bit in our current economy. Just a few years ago, For Sale By Owner homes were practically selling overnight. Today’s sellers, however, have to work a little hard to get their homes to sell. If you are trying to sell your home in today’s market, these five simple tips are sure to help.

Tip #1: Determine the Right Price

If the price you are asking is far more than the value of the home, you certainly will never find a buyer. Therefore, it is important to do your homework and determine the proper price for your home. During this step of the process, you might want to consult with a real estate agent in order to learn the prices of homes in your area that are similar to yours.

Tip #2: Place Your Home on MLS

In the past, selling your home without a real estate agent was as easy as putting a sign in your yard and an ad in the newspaper. In today’s market, you are going to have to cast your net a little further. By placing your home in an MLS, you will be able to reach more potential buyers and increase your chances of selling your home.

Tip #3: Stage the House Before Showing It

When you sell your home, you need to see it through the eyes of the buyer. It can be difficult to separate yourself from your home, so you may want to get the help of a friend that isn’t afraid to be honest with you about what needs to be changed in your home. Make sure your home is clutter-free and smells fresh. Complete any necessary repairs and make certain every room is designed in the way that is intended.

Tip #4: Choose Renovations Wisely

While making some renovations to your home can really give its value a boost, going overboard can coast you more than you get back in return. Bathrooms and kitchens are good places to make renovations. Landscaping can also go a long way toward increasing the home’s value and can be done fairly cheaply when you do it yourself. In addition, it will increase the curb appeal of your home, which will help draw in potential buyers.

Tip #5: Do Your Research

Before you get involved in selling your home yourself, make certain you are fully aware of what you are getting involved with. Selling your home on your own can be a time consuming process. Also, be prepared to hire a real estate lawyer once you have a serious buyer. This way, you can be certain you are following the proper legal procedures.


About the Author:

Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for http://www.byownermls.com/, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit http://www.byownermls.com/.

Avoiding Lender Scams

One of the unfortunate side effects of being a homeowner is the fact that it makes you the target of a multitude of scam artists. Sadly, some of these scams are pulled off by seemingly reputable lending institutions, which makes it even more difficult to know who you can trust and who you cannot. Fortunately, if you are aware of these scams and you proceed with caution, you can avoid being taken advantage. Here are a few of the more popular scams being used against homeowners today.

The “You Can Afford This” Equity Scam

With this scam, the lender actually encourages you to lie on your loan application and to stretch your budget further than you can afford. By encouraging you to claim a higher income, you can get approved for the loan. Of course, this puts you at risk of defaulting on the loan, at which time the lender forecloses on your home. How to Avoid This Scam: Never lie on your application or take on an equity loan you cannot afford.

The “These Benefits Will Really Help” Credit Insurance

After applying for and being approved for a home equity loan, the lender provides you with a few unexpected papers at the closing. These papers are meant to provide you with extra “benefits” such as credit insurance. Of course, these extra benefits drive up the cost of your loan and, when in the midst of signing so many papers during the closing, you might not even notice what you have agreed to. How to Avoid This Scam: Check all paperwork carefully at the closing and don’t get bullied into signing papers you don’t agree with.

The “You Can Refinance It Again” Scam

This scam, which is often referred to as loan flipping, takes place when a lender encourages you to repeatedly refinance your loan. Of course, each time you refinance your loan, the lender adds on additional fees. The fees are added to your total loan amount, so you may not even realize you are actually putting yourself in more debt. How to Avoid This Scam: Only refinance your home if it will help reduce your overall debt or if you are truly in a financial bind and have no other options.

The “We’ll Just Confuse You Into Paying More” Scam

Some lending institutions simply send you so many account statements with confusing information that you are never quite sure what you are paying. This tactic is referred to as deceptive loan servicing and may include increasing your house payments for no good reason or adding on additional fees that you don’t understand. How to Avoid This Scam: Never take additional fees or payment increases lightly. Demand to have the costs explained to you and get a second opinion if you aren’t certain the costs are on the up and up.

About the Author:
Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for http://www.byownermls.com/, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit http://www.byownermls.com/.

Washington MLS Service Making Innovative Changes

In an interesting move that can certainly help homebuyers in the buying process, the largest MLS in Washington has decided to start listing how long a property has been on the market. Armed with this information, homebuyers can better strategize when they make an offer and how much they offer to pay. In addition, it will make it possible for sellers to track the sales of homes that are located near to their homes. As a result, they can have a better idea of how long it will take to find a seller.

“Right now, there’s tremendous anxiety about what a property is really worth and what you should offer,” said Glenn Kelman, who is the chief executive of an online brokerage based in Seattle, in an interview with the Seattle Times. “It is a much more progressive MLS than almost any we deal with. Our hat is off to the NWMLS. Those guys have guts.”

By looking at the price history on a home, buyers can easily see whether or not the price has already been cut back and when the drop occurred. If it has not been dropped or if the house has been on the market for a very long time without a recent drop, it may indicate that the buyer is ready to accept a lower offer. A house that has recently been dropped, on the other hand, likely isn’t quite yet willing to accept an offer that is much lower than the current asking price.

The decision to make this information available on their site is not the first time the Northwest MLS stood at the cutting edge of real estate. In fact, it was the first MLS in the nation to allow its brokers to put their entire inventory on the site – a move the MLS made back in 1996.

Tom Hurdelbrink, who is the president and chief executive of the listing service, is taking all of the hubbub in stride. In fact, he told the Seattle Times that he was just taking “a natural step toward providing more thorough information to consumers.”

Hurdelbrink went on to say that the listing service is trying to help brokers better meet the needs of their customers while also helping them become a trusted resource among buyers and sellers. Kelman agrees with that assertion.

“We want our own sites to be the authoritative source for information about real estate,” he said. “That’s why you’re starting to see more progressive policies.”

What remains to be seen is whether or not other MLS services around the country will be making the same change and whether or not home sellers will appreciate the new transparency or if they would prefer to keep this type of information a little quieter.

About the Author:
Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for http://www.byownermls.com/, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit http://www.byownermls.com/.

For Sale By Owner Real Estate Trends for August 2008

Most Popular*

Top Cities 1. Virginia Beach, VA 2. Louisville, KY 3. Chicago, IL 4. Philadelphia, PA 5. Lexington, KY 6. Houston, TX 7. Jacksonville, FL 8. Kansas City, MO 9. San Antonio, TX 10. Chesapeake, VA Top States 1. Florida 2. Texas 3. New York 4. North Carolina 5. Pennsylvania 6. Georgia 7. Illinois 8. Virginia 9. Tennessee 10. Kentucky Most Viewed Properties 1. Condo/Townhome - $369,000 - Wildwood, NJ 2. Log Cabin - $195,800 - Cuba, NY 3. Single Family - $900,000 - San Diego, CA 4. Duplex/Triplex - $128,000 - Denton, TX 5. Log Cabin - $219,000 - Towanda, PA 6. Duplex/Triplex - $329,900 - Philadelphia, PA 7. Cabin/Home - $450,000 - McVeytown, PA 8. Duplex/Triplex - $220,000 - Louisville, KY 9. Cabin/Home - $169,900 - Flinton, PA 10. Condo/Townhome - $699,999 - Long Branch, NJ *Based on property views on ByOwnerMLS.com in August 2008.

About the Author:

Greg Sullivan is the President of www.ByOwnerMLS.com, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit www.byownermls.com.

Choosing the Right Homeowner’s Insurance for You

Are you in the market for homeowner’s insurance? If you owe money on your home, your mortgage lender will require you to carry insurance coverage. But, even if you do not owe money, it is always a good idea to carry insurance in order to protect your investment. In order to determine the type of insurance coverage you need, it is important to understand the different types of homeowner’s insurance policies available.

HO-1 Homeowner’s Insurance

HO-1 homeowner’s insurance is generally offered in a standardized package and offers the most basic form of coverage. Still, this type of insurance will protect you against all of the following:

Fire
Theft
Certain liability issues

HO-2 Homeowner’s Insurance

HO-2 homeowner’s insurance is a bit more comprehensive than HO-1, yet still provides coverage for the same items covered by HO-1. Therefore, this type of insurance policy covers:

Fire
Theft
Certain liability issues
Damage from broken pipes, snow, and ice
Broken water heaters

HO-3 Homeowner’s Insurance

HO-3 homeowner’s insurance provides coverage for just about anything that could possibly damage the home. These policies usually exclude damage from certain types of events, however, including:

Earthquakes
Floods
Nuclear Accidents
Wars

Choosing the Right Coverage for You

Choose the amount of coverage you require is a personal decision that needs to be based on your needs as well as on your budget. Obviously, the more coverage you have on your home, the higher your insurance premiums will be. Therefore, you want to obtain enough coverage to keep you adequately covered while still being affordable. Also, keep in mind that it is possible to add additional coverage and to take away coverage you don’t need. By making some adjustments to the package policies offered by your insurance company, you can make the policy more affordable while also making certain your valuables are properly covered.

While creating a policy with your insurance agent, there are several questions you should ask in order to make certain you are getting the proper coverage. These include:

Do I need additional coverage for my home business (if applicable)?
What kind of coverage do I get for my jewelry and antiques (if applicable)?
How much personal liability protection does the policy provide?
Will my loss be paid at actual cash value or at replacement cost? What is the difference?
How much is my deductible? How much will my premium change if I increase my deductible?
What is included and excluded in the “personal property” coverage?
What types of home improvements can I make to reduce my insurance costs?
How do you handle claims?

By asking these questions, you can get the very best coverage possible while also making certain you are comfortable with that particular insurance company. Of course, you should always shop around in order to make certain you are getting the most coverage for the cost.

About the Author:

Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for http://www.byownermls.com/, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit http://www.byownermls.com/.

For Sale By Owner Real Estate Trends for July 2008 (most popular)

Top Cities
1. Virginia Beach, VA
2. Louisville, KY
3. Chicago, IL
4. Chesapeake, VA
5. Houston, TX
6. Tampa, FL
7. Lexington, KY
8. San Antonio, TX
9. Philadelphia, PA
10. Miami, FL

Top States
1. Florida
2. Texas
3. North Carolina
4. Georgia
5. Virginia
6. Pennsylvania
7. New York
8. Illinois
9. Tennessee
10. Kentucky

Most Viewed Properties
1. Condo/Townhome - $369,000 - Wildwood, NJ
2. Log Cabin - $195,800 - Cuba, NY
3. Single Family - $900,000 - San Diego, CA
4. Duplex/Triplex - $128,000 - Denton, TX
5. Log Cabin - $219,000 - Towanda, PA
6. Duplex/Triplex - $329,900 - Philadelphia, PA
7. Cabin/Home - $450,000 - McVeytown, PA
8. Duplex/Triplex - $220,000 - Louisville, KY
9. Cabin/Home - $169,900 - Flinton, PA
10. Condo/Townhome - $699,999 - Long Branch, NJ

*Based on property views on ByOwnerMLS.com in July 2008.

Exploring Your Mortgage Options

When you start your search for a new home and sit down with a lender to explore your financing options, you may be a bit surprised by the many different types of mortgage loans that are available. Although the many different options can seem confusing and even a bit understanding, it is important to gain an understanding of your options so you can make the decision that is best for you.

Some of the mortgage options you will have available to you when purchasing a home include:

Basic Home Mortgage
Government Mortgage Loans
Flexible Payment Mortgages
Balloon Mortgages
Interest Only Mortgages

Although each has the same basic premises, there are difference that need to be taken under consideration when it comes time to purchase you home.

Basic Home Mortgage

There are actually a couple of different options within the basic home mortgage category. The two main categories within this group, however, are:

Fixed Rate Mortgages
Adjustable Rate Mortgages

Approximately 70% of mortgage loans all within the fixed rate mortgage category. With this type of mortgage, the interest rate you pay does not change over the lifetime of the loan. Therefore, even if interest rates go up within the market, your rate will stay the same. The same is true, however, when interest rates go down in the market. In order to take advantage of a lower rate, homeowners have to refinance their homes at the lower interest rate.

Adjustable mortgages are different from fixed rate mortgages because the interest rate changes with the market rate. This means the monthly loan repayment amount may go up and down according to the market rate. This type of loan is generally more attractive to those that do not plan to keep the home for very long.

Government Mortgage Loans

There are three primary types of government mortgage loans a homebuyer may qualify for. These include:

FHA Loan
VA Loan
USDA Rural Development Guaranteed Housing Loan

FHA loans are a form of fixed rate mortgage, but only first time homebuyers can qualify for this program. In addition, the buyer must have a low to moderate income in order to receive an FHA loan, which is easier to qualify for and makes it possible to purchase a home with a smaller down payment. The interest rates are also generally lower on these loans than on traditional loans.

VA loans are only available to those that were in the military or to their surviving spouses. Veterans can often obtain one of these loans with a small down payment or without a down payment at all.

The USDA Rural Development Guaranteed Housing Loan is also provided to those with a low to moderate income level, but is restricted only to those purchasing a home in an area that has been designated as Rural Development eligible. These loans require no down payment and the buyer does not need to carry mortgage insurance. It is also much easier to qualify for one of these loans than a traditional loan.

Flexible Payment Mortgages

Flexible payment mortgages are a form of adjustable rate mortgage. Whereas traditional adjustable rate mortgages have a cap on how high the interest rate can become, however, flexible payment mortgages do not. This means the monthly payments may start off low, but can become significantly higher over time.

Balloon Mortgages

With a balloon mortgage, you will have a fixed interest rate and you will pay the same amount each month toward repaying the loan. At the end of a certain period time, which is generally about five to seven years, the remaining balance becomes due at once. This can either be paid out of pocket or by refinancing the home.

Interest Only Mortgages

As the name implies, homebuyers only pay the interest on these mortgages each month for a certain period of time. This results in monthly payments that are much lower than a traditional mortgage. Once the interest only period is complete, however, the payment increases dramatically in order to start working toward paying the principle along with the interest. This type of loan is generally best for those that anticipate having a much higher income in a few years but that want to purchase a home now.

About the Author:
Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for http://www.byownermls.com/, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit http://www.byownermls.com/.

For Sale By Owner Real Estate Trends - June 2008

Most Popular*
Top Cities
1. Chicago, IL
2. Miami, FL
3. Marietta, GA
4. Virginia Beach, VA
5. Cincinnati, OH
6. Tampa, FL
7. Philadelphia, PA
8. Louisville, KY
9. Huntsville, AL
10. Greensboro, NC

Top States
1. Florida
2. Texas
3. North Carolina
4. Georgia
5. Illinois
6. Pennsylvania
7. New York
8. Virginia
9. Tennessee
10. Alabama

Most Viewed Properties
1. Log Cabin - $219,000 - Towanda, PA
2. Duplex/Triplex - $128,000 - Denton, TX
3. Condo/Townhome - $369,000 - Wildwood, NJ
4. Condo/Townhome - $183,500 - Brandon, FL
5. Duplex/Triplex - $329,900 - Philadelphia, PA
6. Cabin/Home - $450,000 - McVeytown, PA
7. Log Cabin - $195,800 - Cuba, NY
8. Duplex/Triplex - $245,900 - Green Bay, WI
9. Single Family - $900,000 - San Diego, CA
10. Duplex/Triplex - $220,000 - Louisville, KY

*Based on property views on ByOwnerMLS.com in June 2008.

About the Author:

Greg Sullivan is the President of www.ByOwnerMLS.com, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit www.byownermls.com.