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To finalize the sale of the home a neutral, third party (the escrow holder, a.k.a. escrow agent) is engaged to assure the transaction will close properly and on time. The escrow holder insures that all terms and conditions of the seller's and buyer's agreement are met prior to the sale being finalized, including receiving funds and documents, completing required forms, and obtaining the release documents for any loans or liens that have been paid off with the transaction, assuring you clear title to your property before the purchase price is fully paid. The documentation the escrow holder may be collecting includes:

• Loan documents
• Tax statements
• Fire and other insurance policies
• Title insurance policies
• Terms of sale and any seller-assisted financing
• Requests for payment for various services to be paid out of escrow funds

Upon completion of all instructions of the escrow, closing can take place. All outstanding payments and fees are collected and paid at this time (covering expenses such as title insurance, inspections, real estate commissions). Title to the property is then transferred to the seller and appropriate title insurance is issued as outlined in the escrow instructions.

At the close of escrow, payment of funds shall be made in an acceptable for to the escrow. As your real estate agent, I'll inform you of the acceptable form.

The Escrow Holder Will:

• Prepare escrow instructions
• Request title search
• Comply with lender's requirements as specified in the escrow agreement
• Receive funds from the buyer
• Prorate insurance, tax, interest and other payments according to instructions
• Record deeds and other documents as instructed
• Request title insurance policy
• Close escrow when all instructions of seller and buyer have been met
• Disburse funds and finalize instructions

The Escrow Holder Won't:

• Give advice - the escrow holder must maintain neutral, third-party status
• Offer opinions about tax implications

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Whether you are buying or selling a home, you should have a professional home inspection performed. A home inspection will look at the systems that make up the building such as:

• Structural elements, foundation, framing etc
• Plumbing systems
• Roofing
• Electrical systems
• Cosmetic condition, paint, siding etc

If you are buying a home, you need to know exactly what you are getting. A home inspection, performed by a professional home inspector, will reveal any hidden problems with the home so that they may be addressed BEFORE the deal is closed. You should require an inspection at the time you make a formal offer. Make sure the contract has an inspection contingency. Then, hire your own inspector and pay close attention to the inspection report. If you arent comfortable with what he finds, you should kill the deal.

Likewise, if you are selling a home, you want to know about such potential hidden problems before your house goes on the market. Almost all contracts include the condition that the contract is contingent upon completion of a satisfactory inspection. And most buyers are going to insist that the inspection be a professional home inspection, usually by an inspector they hire. If the buyers inspector finds a problem, it can cause the buyer to get cold feet and the deal can often fall through. At best, surprise problems uncovered by the buyers inspector will cause delays in closing, and usually you will have to pay for repairs at the last minute, or take a lower price on your home.

It's better to pay for your own inspection before putting your home on the market. Find out about any hidden problems and correct them in advance. Otherwise, you can count on the buyers inspector finding them, at the worst possible time.

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1. Over pricing their home
2. Not allowing their home to be shown.
3. Not keeping their home clean and in good showing condition.
4. Not leaving their home during a showing.
5. Talking to the buyer or buyer’s agent and giving wrong information or wrong impressions.
6. Panic selling, I’ve got to sell my home now!
7. Not seeing their home through buyer’s eyes. “My home is the best in the area” syndrome.
8. Believing an Open House will sell their home.
9. Demanding their Realtor change how they market their home instead of relying on the Realtor’s experience and expertise.
10. Choosing the wrong Realtor.
Gilles and his Team will help you avoid the common seller pitfalls listed above. Contact us today for more information.

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A: When selling your home, setting the correct price is very important.
Setting the right price will mean either more or less money in your pocket. Follow these steps to make sure you've set the best price for your home: ??· Review the current real estate market and price you home accordingly?·  Be sure to take into consideration such aspects as square footage, number of rooms, location, and the local market. ? Because real estate prices are constantly on the move, it's critical that you base your home price on the most recent comparable sales in your vicinity.?· Consider employing the use of a Comparative Market Analysis (CMA)-these background reports will help you create a reasonable list price for your home.

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A: The two standard contingencies found in a purchase offer are:

Financing Contingency: In this case, the home purchase is contingent upon whether or not a buyer can secure a loan from a lender.

Inspection Contingency: In this case, a buyer has the right to have the property to be inspected for any issues that may have not been disclosed by the seller. If significant issues arise, the purchase offer could be revoked.

In either contingency, the outcomes can vary. For example, if buyers back out of a sale for reasons other than those contained within the contract agreement, their deposit could be forfeited. Additionally, if the seller does not fulfill their responsibility (e.g., clear title, agreed upon repairs not made, substantial changes to the property effected before closing), there could be ramifications to the purchase as well.

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A: When selling your home, you as the seller as well as your broker, are responsible for disclosing any known issues that could materially affect the value of the property.
More specifically, disclosure must include items which may not be obvious to the casual observer, such as a cracked foundation, of which you as the homeowner have personal knowledge. ??When dealing with the sale of homes, the seller usually is required to provide a Real Estate Transfer Disclosure Statement. This statement identifies the current condition and history of all physical aspects of the house.

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A: Surprising as it may sound, there are actually better and worse times to sell your home.
Of course, the ultimate selling factor comes down to supply and demand and general economic health, but the month in which you list your home can actually net you a higher selling price. ??On average, the real estate market begins to pick up in February. However, the strongest selling typically occurs during the spring months of May through August. Interestingly, November & December are the slowest months of the year as home buyers, sellers, and real estate agents alike are busy getting ready and celebrating the Holidays. ?

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A: There are numerous factors that go into the speed with which a house sells.
Generally, however, in a healthy sales market, a house sells most quickly when it has been well-maintained, priced similarly to other houses selling in the area, and-understandably-if your home has been remodeled within the past 10 years, you'll find it will not only sell more quickly, but will also top the prices of the other contenders in your neighborhood.

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A: If you always plan to live in your house and enjoy home improvement the answer to this question might be "there is never too much."
However, most individuals will not live in their home forever-the hands of time catch up with us all-so, there is generally a cap to the amount of home improvement that should be done, especially if you intend to own to sell. In other words, there are high-return improvements that generally will recognize a higher sales price (e.g., kitchen, bathroom, and master suite remodels), but other less obvious upgrades may not have such significant returns. The ultimate test is in determining what the market will bear over time.

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A: In today's real estate market it is rare to have empty Open Homes, but it does happen.
Why? There are a few reasons why you might not be seeing the kinds of interest you were expecting, but the most frequent is a too high price tag. As you well know, being a homeowner yourself, homebuyers are a savvy lot. They will be doing their research, comparing home prices, and knowing exactly what homes in your neighborhood are selling for. Unless you have some hidden gem that you've well-advertised, buyers aren't going to spend time looking at an unreasonably priced home. Check your list price against other comparable homes in the neighborhood and assess if you need to adjust your price. If it's an issue of too high a price tag, believe us, when you bring it down to the appropriate pricing, you'll sell that home faster than you imagined possible. ?

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A: MLS simply stands for "Multiple Listing Service."
When a real estate agent is a member of the MLS, s/he can be a part of any aspect of a home purchase or sale. In other words, even if a property is listed with Company 1, it may be sold by an agent working at Company 2. ??If you as the seller list your property with a real estate agent who is a member of MLS, you'll give yourself the extra benefit of having more agents aware of your listing and ultimately working for you. ?

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A: The short answer is absolutely "Yes!"
With the booming real estate market in full swing, a professional agent can assure you of getting the best price for your home. Negotiating the complex workings of the market becomes even more involved in the current market. Having a professional's knowledge of the market to help you through every aspect of the transaction-from financing to the purchase contract-is absolutely invaluable. ?

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A: First of all, don't panic.
It is not uncommon for houses in the same neighborhood to sell for differing prices. Location is just one of the components that factor into home price. Before raising your asking price, take into consideration such other factors as the age, features, size, style, and any recent additions or remodels you may have made to your home. You quickly find that the difference in price is reasonable given the differences you discover with your assessment. If there is no discernible difference in your two homes, consult your real estate agent to get a clearer idea of whether you should consider adjusting your asking price.

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A short sale in real estate is not always a pleasant transaction.
There are many ways to lose a home but signing away ownership in a manner that destroys credit, embarrasses the family and strips an owner of dignity is one of the hardest. For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a "short sale."
Almost half of my sales in South Florida over the past few years are short sales. That's how prominent short sales have become.
When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose; moreover, not all sellers nor all properties qualify for short sales.
If you are considering buying a short sale, there could be drawbacks. For your protection, I suggest that all borrowers:
    •    Obtain legal advice from a competent real estate lawyer
    •    Call an accountant to discuss short sale tax ramifications
As a real estate agent, I am not licensed as a lawyer nor a CPA and cannot advise on those consequences. Except for certain conditions pursuant to the Mortgage Forgiveness Debt Relief Act of 2007, be aware the I.R.S. could consider debt forgiveness as income, and there is no guarantee that a lender who accepts a short sale will not legally pursue a borrower for the difference between the amount owed and the amount paid. In some states, this amount is known as a deficiency. A lawyer can determine whether your loan qualifies for a deficiency judgment or claim.
Although all lenders have varying requirements and may demand that a borrower submit a wide array of documentation, the following steps will give you a pretty good idea of what to expect.
    •    Call the Lender?, you may need to make a half dozen phone calls before you find the person responsible for handling short sales. You do not want to talk to the "real estate short sale" or "work out" department, you want the supervisor's name, the name of the individual capable of making a decision.
     
    •    Submit Letter of Authorization?Lenders typically do not want to disclose any of your personal information without written authorization to do so. If you are working with a real estate agent, closing agent, title company or lawyer, you will receive better cooperation if you write a letter to the lender giving the lender permission to talk with those specific interested parties about your loan. The letter should include the following:?
    ?    Property Address
    ?    Loan Reference Number
    ?    Your Name
    ?    The Date
    ?    Your Agent's Name & Contact Information
    •    Preliminary Net Sheet?This is an estimated closing statement that shows the sales price you expect to receive and all the costs of sale, unpaid loan balances, outstanding payments due and late fees, including real estate commissions, if any. Your closing agent or lawyer should be able to prepare this for you, if you do not know how to calculate any of these fees. If the bottom line shows cash to the seller, you will probably not need a short sale.
       
    •    Hardship Letter, ?The sadder, the better. This statement of facts describes how you got into this financial bind and makes a plea to the lender to accept less than full payment. Lenders are not inhumane and can understand if you lost your job, were hospitalized or a truck ran over your entire family, but lenders are not particularly empathetic to situations involving dishonesty or criminal behavior.
       
    •    Proof of Income and Assets?It is best to be truthful and honest about your financial situation and disclose assets. Lenders will want to know if you have savings accounts, money market accounts, stocks or bonds, negotiable instruments, cash or other real estate or anything of tangible value. Lenders are not in the charity business and often require assurance that the debtor cannot pay back any of the debt that it is forgiving.
       
    •    Copies of Bank Statements? if your bank statements reflect unaccountable deposits, large cash withdrawals or an unusual number of checks, it's probably a good idea to explain each of those line items to the lender. In addition, the lender might want you to account for each and every deposit so it can determine whether deposits will continue.
      
    •    Comparative Market Analysis ?Sometimes markets decline and property values fall. If this is part of the reason that you cannot sell your home for enough to pay off the lender, this fact should be substantiated for the lender through a comparative market analysis (CMA). Your real estate agent can prepare a CMA for you, which will show prices of similar homes:?
    ?    Active on the market
    ?    Pending sales
    ?    Solds from the past six months.
    •    Purchase Agreement & Listing Agreement? when you reach an agreement to sell with a prospective purchaser, the lender will want a copy of the offer, along with a copy of your listing agreement. Be prepared for the lender to renegotiate commissions and to refuse to pay for certain items such as home protection plans or termite inspections.
Now, if everything goes well, the lender will approve your short sale.  As part of the negotiation, you might ask that the lender not to report adverse credit to the credit reporting agencies, but realize that the lender is under no obligation to accommodate this request. Credit report status is not always negotiable.

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1. First Impressions Last
Buyers want to inspect your house and neighborhood for the things that are important to them. Buyers always over estimate the cost of painting and repairs. It is always preferable that you prepare your home to look its best resulting in a faster sale at a higher price.Leave your house and trust your professional Realtor to show and sell it for you.

2. The Front View Greets the Buyer
Make sure it is inviting. Keep your lawn well manicured and your gutters cleaned. Power washing the house, sidewalks, decks and driveways will greatly improve curb appeal. A new coat of paint on the front door and porch rails will give your entrance a fresh look!

3. Dust & Dirt Reduce Appeal
Inspect for cobwebs in the corners, dusty ceiling fans, dirty baseboards and carpets. A small investment in time and good cleaning will make your home look its best and give the greatest return.

4. Make Rooms Look Larger
Remove excess furniture, pictures and posters. Neat, orderly rooms and closets will make rooms look larger!

5. Soft Music and Sweet Aromas are Inviting
Have the intercom or stereo tuned to a station of soft background music. Scented candles and potpourri give the home a pleasant aroma.

6. Kitchens and Bathrooms Sell Homes
Check and repair caulking around tubs, showers, sinks and countertops. Remove as much from countertops as possible and place remainder neatly on a tray or in a basket. Make these rooms sparkling clean.

7. Display the Full Value of Your Storage Space
Remove all unnecessary articles from your closets. Perhaps now is the time to start packing for your move. Neatly stacked boxes look much better than cluttered shelves and floors.

8. Pay Attention to Details
Loose knobs, sticking doors, dirty air return filters, ovens, and tile grout, loose wallpaper seams and other minor flaws detract from your home's value.

9. Let the Sun Shine In!
Open blinds, shades, and curtains to show how cheerful your home is. Turn on every light in the house. Make sure light fixtures are clean. When possible, wash windows and remove screens -- this can increase light by 50%!

10. Pets Underfoot?
Many buyers are very pet sensitive. Keeping them out of the way-preferably out of the house is best. Pay special attention to pet odors. Removing of pets, beds, bowls and toys will reduce pet odor and buyer rejection.

For more advice on the steps to take before listing your home, fell free to contact the Rais Team.

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