HOT INFORMATION: How To Prepare Your Property for Auction

HOT INFORMATION: How To Prepare Your Property for Auction: If you are planning to auction your property, it is best to auction it in the best condition possible. You must make your property present...

How To Prepare Your Property for Auction

If you are planning to auction your property, it is best to auction it in the best condition possible. You must make your property presentable in order for it to be attractive to the buyers. There are several things that you should do in order to prepare your property. Property auctions are a great way for you to get a great deal for your property. That is why you have to present it in such a way that will attract some buyers. Here are some tips on how to prepare your property for an auction: Presentation. Go over your property and make a list of the things that need improvement. To help you do this, imagine that you are the buyer of the property. Ask yourself what the items are in the house that you wish were more presentable. This way, you can be able to fix the flaws of the property. You also have to have a budget for the restoration that you are going to do. This is a good thing to do regardless of the type of auction your property is going to participate in. There are home auctions, foreclosure auctions, public auctions and repossessed auctions. Paint. One of the cheapest ways to be able to improve the overall look of your property is to paint it. Whether it is a house or a commercial building, you can improve the overall appearance of the house by painting it. You have to choose bright colors so that your property will look welcoming. It is also good to use neutral colors so that it can fit with any color of furniture. Minor Repairs. Aside from painting the house, you can also do minor repairs. Check the walls if there are any holes or cracks that are unsightly. Patch up the holes and seal the cracks. You also have to check for missing fixtures or fixtures that are not working. You can buy light bulbs to replace them or you can also buy simple fixtures to help improve the look of the house. Clean. The best thing you can do to improve the look of your property without having to spend is to clean it. Make sure that the walls are free of cobwebs or dirt. Do a general cleaning of the entire house so that it will look as good as new. Vacuum any tight areas where dust can accumulate and wash the windows to make the mirrors clear. You will be surprised how new your house looks when you clean. Exterior. Aside from the interior of the house, you also have to clean the exterior. Make sure that there are no dirt patches on the site and rake the dead leaves that are on the ground. This will help in making your house or property look attractive. These are some of the tips that you can use when you are preparing for a property auction. Sometimes, it is also good to spend a little money on the preparation so that you will be able to increase the value of the property when it gets auctioned off.

HOT INFORMATION: How To Write a Short Sale Contract

HOT INFORMATION: How To Write a Short Sale Contract: 60 to 90 days -- that’s how long it will take the bank to work on approving a short sale that’s not even theirs in the first place. They ha...

How To Write a Short Sale Contract

60 to 90 days -- that’s how long it will take the bank to work on approving a short sale that’s not even theirs in the first place. They have a stake on it though because the bank is the lender and you are the seller. So when you have a buyer and the lender won’t budge for the transaction to push through, your buyer won’t wait and just move on to another property and much worse, another realtor. You would want to avoid this situation, right? There’s a way to do it. Offer a Short Sale Option Contract. This kind of contract will give you the room that you need to close the deal without waiting for a bank to get a move on and green light a short sale. How does this work? A Short Sale Option Contract gives you the choice to place a very modest sum of money on a real estate property. This is like marking your territory. You have now opted-in on the property. Then once you have a buyer, you will inform the buyer to pay a non-refundable security deposit. By the way, the security deposit is standard when buying property. Once the transaction pushes through, the property may become your “option- to-own” or the buyer’s—whichever way the pendulum swings. This deposit goes to the payment of the foreclosure fees for Housing and Urban Development or HUD in case the transaction is completed but if and when the buyer decides to change his mind, the deposit becomes yours to keep. Don’t be shocked. This is above board. If you haven’t tried this yet, here’s how to write one such contract: Do your homework. The first thing you want to find out is where the available properties are and if these are on short-sale. Prepare an option contract instead of the standard contract in owning property. To repeat, this is perfectly legal. State your intention to pay for the option. This option fee is minimal and will expire within a stated period. The amount is decided on by the U.S. Department of Housing & Urban Development (U.S. HUD). Keep in mind that your option payment is clearly what it says, “payment.” You are paying for the option to buy the property but your intention is to have a buyer complete the transaction with you as the “closer.” Have the contract recorded immediately after paying the option. This makes the transaction official. Get cracking on finding a buyer. Do this soon and do not wait until the expiration date stated in your contract. Negotiate the transactional funding. This will cover all the paperwork necessary to push things along until the sale in completed by you on behalf of your buyer. Close the deal. Finalize everything and make sure all the paperwork and requirements are filed to 100% satisfaction. Collect the payment. Congratulations! You have just completed a short sale using an option contract! Do not be surprised if some of your colleagues refuse to do this to close a sale. There is a bit of discomfort on the matter but for as long as you play by the rules and make sure that all the parties are informed about your intentions, you don’t have to worry about shortchanging some poor buyer on a short sale.