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To Fsbo Or Not To Fsbo?
By Nef Cortez
Each year many homeowners decide to maximize the profit on their home sales by selling it “For Sale By Owner”. At first glance, this is the most tempting option to most homeowners especially in the current real estate market with its rapid appreciation rate. Why pay substantial broker fees when they can pocket several thousand dollars themselves? While this attitude is completely understandable it doesn’t realistically reflect the services a professional realtor truly does offer.
Last year, according to the National Association of Realtors “Profile of Home Buyers and Sellers”, 13 percent of all home sellers chose the FSBO route. More telling than these numbers, is the fact that one third of all FSBOs sold their homes to someone they knew prior to the transaction which means that the actual figure of FSBO transactions to strangers is realistically at eight percent. This is a significant downward trend from 18 percent eight years ago.
Even more telling was that only half of last year’s FSBOs, according to the article, plan to go it alone again. Why? Many FSBOs are not aware of the increasing complexities of the transaction process, especially in California, with more complex disclosures and legal requirements required than ever before. In addition, they were often unprepared for the required time to market and show their property, the competitiveness of the real estate industry, and awareness of the various fees required for outside consultants, inspectors, appraisers, title companies, escrow and loan officers.
Of course, this does not mean that selling your home via FSBO is not a good option for some home sellers, in some cases it may be. However what it does mean is that you need a clear idea of what responsibilities you will be assuming in contrast to hiring a professional realtor and calculating whether
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the costs and time invested will be worth it to you. Some questions to consider if you intend to FSBO: 1) Do I have the time, energy, skill-set and ability to devote in selling my home? 2) Am I prepared to deal with an onslaught of buyers, including savvy investors and realtors, who perceive FSBO’s as targets for low balling? 3) Do I know how to market my property properly? 4) Am I familiar with the trends in the national real estate industry as well as my local real estate market? 5) Am I prepared to offer financing options to the buyer? 6) Will I be dealing with only pre-qualified buyers? 7) Am I prepared to answer questions about financing? 8) Do I fully understand the disclosure process and legal ramifications for my state? 9) Do I have the skill-set to successfully negotiate the handling of legal contracts, agreements, and any disputes with buyers before or after the offer is presented? 10) Am I familiar with competent professionals that will be involved in the transaction such as title, home inspectors, appraisers, escrow company and their fees? 11) Am I able to project and account for all the hidden costs, time factored in, marketing costs, and fees paid? The above items are a few of the factors that the home seller should consider before selling his home on his own. Also, one important item to keep in mind is that very much like the title of Harvey Mackay’s famous book, “Swim With The Sharks”, real estate is very competitive and the buyer is just as equally motivated to get the lowest sales price, with the most concessions as the seller is to get the highest sales price the market will bear. Most importantly, the facts are, sellers make more money when they use a real estate professional. According to the National Realtor’s Association survey, “Homes sold with the assistance of a real estate professional in 2005 sold on average for 16 percent more than FSBO sales.” As in many other industries, realtors vary in experience and skill level. Real estate is as populated with mediocre realtors as well as with excellent ones. However, hiring a skilled, full-time professional realtor, who is in the top twenty percent of his industry, to handle your sales transaction will be worth every penny of his or her’s broker fee. Nef Cortez has been a licensed real estate broker and has held various positions in the real estate industry for over 25+ years. Visit his website at Diamond Bar Homesfor information on foreclosures. for more information visit http://www.nefcortez.com Nef Cortez has been a licensed real estate broker and has held various positions in the real estate industry for over 25+ years. Visit his website at Chino Hills Real Estate for information on foreclosures.
Here are some more estate planning articles...
Think Property First For Commercial Real Estate Mortage
By joseph hanoa
Make sure the condition of the property you want to buy will survive market conditions before seeking a commercial real estate mortgage. When you go to purchase a new residence, a good lender does a Read more...
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Estate Planning- Not Just For The Wealthy
You've worked hard, accumulated assets, and been diligent in saving for a comfortable retirement. Now it is important to implement a plan to protect those assets in the event something were to happen Read more...
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Puzzles-of-property-market
By Monica-Craft
Cool, sleek, swish, slick and all the other words that go their inadequate way to expressing the luxury and joy of a Nothing but where you live your life, means your home. And that has all the style Read more...
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Indian Real Estate - A Booming Industry
By James Marriot
Real estate market, which is about US$ 16 Billion at present, shall reach nearly US$ 60 Billion by the year 2010. And, approximately US$ 28 Billion of this will likely be provided by foreign Read more...
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| chicago estate planning attorney news: |
Waste Connections reports higher earnings for 2011
Waste Connections Inc., a Texas based company that is in the process of moving from Folsom, reported higher revenue and earnings for 2011.
The solid-waste company posted sales of $1.5 billion, up 14 percent from the prior year. Net income was $165 million, up 22 percent.
Earnings per share for the year were $1.47, up from $1.17.
The company quoted chairman and chief executive Ron Mittelstaedt as saying cost controls helped to propel earnings. For the coming year, the company expects revenue to increase to $1...<div class="feedflare">
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</div>Parent of Bank of Sacramento earnings up 228% in 2011
Greater Sacramento Bancorp earned $2.3 million in 2011, up 228 percent from earning $713,000 the year earlier.
In the fourth quarter, the holding company for Bank of Sacramento earned $601,000 compared to earning $612,000 in the fourth quarter of 2010.
Greater Sacramento Bancorp (OTC: GSCB.OB) ended 2011 with assets of $407.6 million, up 10 percent from assets of $369.3 million in 2010.
?During the past several years we have diligently and successfully addressed our problem loans and the results of these efforts are witnessed by our 2011 earnings performance,? said Bill Martin, bank chief executive and founder, in a statement...<div class="feedflare">
<a href="http://feeds.bizjournals.com/~ff/bizj_sacramento?a=Zqk1SuJlka4:2Fq1kfbcQaU:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/bizj_sacramento?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_sacramento?a=Zqk1SuJlka4:2Fq1kfbcQaU:V_sGLiPBpWU"><img src="http://feeds.feedburner.com/~ff/bizj_sacramento?i=Zqk1SuJlka4:2Fq1kfbcQaU:V_sGLiPBpWU" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_sacramento?a=Zqk1SuJlka4:2Fq1kfbcQaU:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/bizj_sacramento?i=Zqk1SuJlka4:2Fq1kfbcQaU:F7zBnMyn0Lo" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_sacramento?a=Zqk1SuJlka4:2Fq1kfbcQaU:qj6IDK7rITs"><img src="http://feeds.feedburner.com/~ff/bizj_sacramento?d=qj6IDK7rITs" border="0"></img></a>
</div>Sacramento loses 1,300 private-sector jobs in 2011
<img src='http://assets.bizjournals.com/sacramento/print-edition/Downtown-Old-Sacramento-Quam*100.jpg?v=3'>Sacramento continues to be near the bottom in terms of job growth in the private sector. It lost 1,300 jobs in 2011, according to a new analysis.
On Numbers looked at private-sector jobs employment growth in 2011. Sacramento ranked No. 93 out of 100 of the country?s largest markets. In 2011, the city had 577,400 private sector jobs, compared to 2010?s 578,700.
In comparison, the country?s largest markets, Houston and Dallas-Forth Worth, added more private-sector jobs than any other U.S. metropolitan area during the past year...<div class="feedflare">
<a href="http://feeds.bizjournals.com/~ff/bizj_sacramento?a=tdNvpVAIfcs:cV7Tekxx388:yIl2AUoC8zA"><img src="http://feeds.feedburner.com/~ff/bizj_sacramento?d=yIl2AUoC8zA" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_sacramento?a=tdNvpVAIfcs:cV7Tekxx388:V_sGLiPBpWU"><img src="http://feeds.feedburner.com/~ff/bizj_sacramento?i=tdNvpVAIfcs:cV7Tekxx388:V_sGLiPBpWU" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_sacramento?a=tdNvpVAIfcs:cV7Tekxx388:F7zBnMyn0Lo"><img src="http://feeds.feedburner.com/~ff/bizj_sacramento?i=tdNvpVAIfcs:cV7Tekxx388:F7zBnMyn0Lo" border="0"></img></a> <a href="http://feeds.bizjournals.com/~ff/bizj_sacramento?a=tdNvpVAIfcs:cV7Tekxx388:qj6IDK7rITs"><img src="http://feeds.feedburner.com/~ff/bizj_sacramento?d=qj6IDK7rITs" border="0"></img></a>
</div>CalSTRS investing $500M in global infrastructure
The California State Teachers? Retirement System is investing $500 million in global infrastructure with an Australian-based fund.
The teachers? pension fund has teamed with Melbourne, Australia-based Industry Funds Management Pty. Ltd. to invest in utilities, roads, ports and pipelines.
This investment sector is promising for CalSTRS because it addresses issues that emerged during the global economic crisis of the past few years.
?What the recent economic crisis demonstrated was the need for greater diversification in our investment portfolio, in areas that would also serve as a hedge against inflation,? said Harry Keiley, chairman of the CalSTRS Investment Committee, in a statement...<div class="feedflare">
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CSC names Mike Lawrie CEO
<img src='http://assets.bizjournals.com/washington/quick_news/Headshot_Large*100.jpg?v=1'>Falls Church-based CSC has named Mike Lawrie, president and CEO. Lawrie was at the helm of British software firm Misys for five years after working for IBM for more than 25 years.
Lawrie succeeds Michael Laphen, who is retiring as CEO and chairman. The CSC board of directors also announced that Rodney Chase, a current director on the company's board, has been named non-executive chairman of the board of directors.
CSC Press Release
CSC (NYSE: CSC), a leading global IT services company, announced today that Mike Lawrie, 58, has been appointed president and chief executive officer, and will join the company no later than March 31, 2012...<div class="feedflare">
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</div>Startup VA study shows a ?sleeping giant? of tech M&A
Last week, we teased some of Jonathan Aberman?s report examining six years of acquisitions in the Greater Washington region and Silicon Valley. But there?s a lot more to this study than the nugget we included.
Aberman, managing director of McLean-based Amplifier Ventures and president of FouderCorps, crunched data from thousands of technology-related M&A deals in the two regions since 2006. He emerged with some interesting, and somewhat surprising, conclusions.
His focus was ?intramarket? buyouts ? those acquisitions in which both sides of the deal are based in the same region...<div class="feedflare">
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</div>Bethesda's Opnet reports record revenue
Bethesda-based software maker Opnet Technologies Inc. reports higher earnings and record revenue for its latest quarter.
The company, whose software is used for managing networks and improving their performance, had fiscal third-quarter 2012 revenue of $46 million, up 15.9 percent from $39.7 million in revenue a year earlier.
Net income was $5.3 million, or 23 cents per share, compared with $4.3 million, or 19 cents per share, in the year-ago period.
Opnet (NASDAQ: OPNT) forecasts fiscal fourth-quarter net income of $45 million to $49 million, and it issued full fiscal 2012 revenue guidance of as much as $177 million.<div class="feedflare">
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</div>Corporate Executive Board earnings up
The Corporate Executive Board Co., an Arlington-based corporate research company, saw higher quarterly earnings and revenue, will boost its quarterly dividend and announced an acquisition.
The company's fourth-quarter revenue rose 14.3 percent to $132 million. Net income was $16.95 million, or 50 cents per share, compared with $10.76 million, or 31 cents per share a year earlier.
For all of 2011, revenue was $484.7 million. The company had $52.7 million in 2011 earnings, up from $40.4 million in 2010...<div class="feedflare">
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refers to the actions which a person may take to arrange their affairs in order to maximise the value of their estate, minimise tax liability and give consideration to what should be included in a legal will, the appointment of an executor, provision for the power of attorney and the use of ...
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