To Sell Or Not To Sell: Steps That Lead To The Sale You NeedWritten by Elaine VonCannon
When to sell is an important question for anyone in real estate market. Whether you are looking to sell a home, second home or investment property choosing right timing can be critical. Utilizing knowledge and expertise of a real estate professional is your greatest resource for making best decision. As a real estate expert in Williamsburg and Tidewater area of Virginia this article will address some common questions sellers have asked me in past. Remember, only reasons your home or investment property won’t sell are location, condition or price. Q. Should a seller list then buy, or buy then list?
A. Get your house under contract before you purchase.
Q. Should a seller do a “for sale by owner”?
A. Do not do a “for sale by owner”. Find real estate professionals you can trust to help you assess real estate market in your area. This will help you be certain you have covered all bases necessary to choose right price. To learn more about facts of “for sale by owner” transactions visit voncannonrealestate.com and read my article Debunking The Myth Of More Net Gain With For Sale By Owner.
Q. Should seller invest in a pre-listing inspection?
A. A pre-listing inspection is an important part of educating yourself about condition of your home. It will help you to price your home realistically and can save you time and energy during sale itself. Documentation from a recent inspection will appeal to your potential buyers. Make sure inspector is insured, licensed and certified.
Q. At what point should seller list home or investment property?
A. After your home has passed an inspection you should begin looking for a new home. Your agent can list property at this time, but be sure listing states that a replacement home must be secured before closing.
Q. What is first step to understanding real estate market in my region?
A. Gather information from a variety of sources and compare findings. Do not hesitate to approach more than one real estate agent and request a comparable market analysis (CMA). The CMA will show prices of recently sold homes and homes currently on market that are comparable to your home in size, condition and location. This provides you with an estimated worth for your property. Also, attend neighborhood open houses to get a feel for current trends. Be sure to look at home comparable to yours within a three-mile radius of your present home.
Clouds on the Horizon: Property Title Issues Which Affect SaleWritten by Elaine VonCannon
When buying or selling a home, proof of ownership, or property title, and issues affecting it, are critical. If you have a cloud or lien on your title, this means somebody or some business entity has laid claim to a portion of equity in your home. There are different types of liens that affect marketability of your home. For this article, I interviewed Chris Swynford, an attorney in Williamsburg, Virginia, whom I utilize frequently for real estate transactions. Mr. Swynford commented on several types of property liens that are common issues for homebuyers and home sellers. Property Title Insurance – for Matters NOT of Record In order to understand different types of liens, it is necessary to review concept of actual deed or title. A property title can be insured by a title company, and I always recommend my clients purchase owner’s title insurance coverage, even though not required by commercial lenders (which ALWAYS require lender’s carry title insurance). “Generally, many matters NOT of public record (including mechanics’ and materialmens’ liens for new construction) are covered under title insurance, including issues such as misrepresentation of marital status, forgery or fraud in executing documents, missing heirs, or unknown boundary contests,” said Mr. Swynford.
Matters of Record for Property Title According to Mr. Swynford, “state law where property is located covers most matters of title. East of Mississippi, excluding Louisiana, property is generally held in one of several ways: tenancy by entirety, title passing to survivor upon death of first party, and that exists only between husband and wife; and can be reached (lien) only by creditors of both; joint tenancy with right of survivorship, title passing to survivor upon death; but which may be severed by creditor of only one party in judicial proceedings; and, tenancy in common. Upon death of one co-tenant undivided interest of deceased passes by will or to heirs under state laws of interstate succession.”