Author: Home Bay

  • Seller's Guide to Financing Terms

    By Home Bay

    Posted on October 14th, 2014

    To list your home for sale on the MLS, you will need to indicate the type of buyer financing you are willing to accept. Read on to learn about common real estate financing terms and find out what each one means. Types of Financing: * Traditional Financing: All sellers should indicate they are willing to accept "Cash" and a "Conventional Loan". A conventional loan is the most common loan for buyers. * Owner Financing: This type of financing means you're willing to accept monthly payme

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  • Taking photos of your home can be tricky - but there are a few key things you can do to prepare to make sure your photos turn out great. Read on for five simple photo prep tips for home sellers. 1. Use natural light: Open blinds and curtains and shoot during the time of day your home is most filled with light. 2. Clean, clean, clean: Put away laundry, fold blankets, vacuum rugs, clean windows and oven doors to remove streaks and remove crumbs from counters and tables. 3. De

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  • 8 Seller Tips to Accurately Price Your Home

    Coming up with a sale price for your home can seem overwhelming. However, with good guidance and the help of online home value tools, it’s easy to set a price that will both entice potential buyers and give you good returns. Consider the following to be sure your pricing

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  • Looking for pricing advice? Check out this handy checklist! Follow the steps outlined below to come up with a fair and well-researched price for your home. Pricing Checklist: 1. Don't only rely on the Zillow's Zestimate tool [http://www.zillow.com/how-much-is-my-home-worth/]. (Their estimates are a good starting point, but have a "median error rate" of about 8%, according to Zillow's CEO [http://www.latimes.com/business/realestate/la-fi-harney-20150208-story.html] .) 2. Do

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  • How to Write a Home Description That Sells

    A listing description gives you the opportunity to explain what makes your home and neighborhood an amazing place to live. When you sit down to write it, your main goals are to not only describe your home and neighborhood, but also to paint a picture of the lifestyle that comes

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  • Earnest Money: Defined & Explained

    By Home Bay

    Posted on October 24th, 2014

    When you purchased your home, you most likely were asked to put down earnest money after your offer was accepted. But do you know what it's for and do you understand how the amount requested is calculated? This post will answer those questions! Earnest Money - Defined: After a seller accepts an offer, an earnest money deposit (also known as a good faith deposit) is paid into escrow by the buyer. The earnest money deposit is typically 1 to 3% of the purchase price and is applied to the buyer's d

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  • When you list your home on the MLS, you have to state what type of ownership you have. This post will explain the two main types of ownership and will also provide detailed definitions for additional, less common types of ownership. Read on to learn more! The two most common types of real estate ownership are "Condominium" and "Fee Simple". Here are the specific definitions for each: * Condominium: The seller owns the interior of a unit but shares an ownership interest in the land and c

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  • Real estate has lots of terminologies and it can be difficult to keep it all straight. This post will take a look at sales restrictions and will explain what they are, how they work and how they can impact your real estate purchase or sale. First, let's define what a sales restriction is. When a property has "sales restrictions", it means there are specific conditions that must be met in order for a property to be sold. For example, in some cases, only certain buyers may purchase the property.

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  • In most real estate transactions, accepted offers become completed sales and the buyer's earnest money becomes part of the purchase price. However, when real estate transactions fall apart, earnest money is refunded to the buyer more often than not. Let's take a closer look. When Deals go Bad The typical reasons for a broken deal are: 1. Buyer dissatisfaction with property reports 2. Buyer's inability to obtain financing Both of these circumstances are typical “contingencies” in the Califor

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  • There are standard offer contingencies [https://www.homebay.com/resources/real-estate-contingencies-how-they-impact-your-home-sale/] in every real estate transaction, like your buyer's ability to inspect the property and to view the title report. Those contingencies are normal, but there's one contingency all sellers should be wary of. If you get an offer that's contingent on the sale of your buyer's home, you'll most likely want to pass. But why? Cons of Accepting a Contingent Offer The main

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