Selling Your Home

Recently we had a prospect asking us about the difference between a Lease Option contract and a Seller Financing contract, so we wrote up what we thought, while trying our best to not "practice law" :-).

A lease-option (or "lease-purchase-option," or "option to purchase," or "rent to own" and their many other cousins) is usually a normal lease in conjunction with another option contract to allow the tenant to purchase the home at a later date. There is no title transfer at the time the contracts are signed.  The renter is normally required to put down some sort of “option money” to secure the “option” to purchase the property within a certain amount of time at a specified price.  Additionally, some people work out arrangement to even make…

There's a phrase in Real Estate that goes "Location, Location, Location!"  Yes, real estate is mostly about the location. If your house is in the "wrong" location, be it bad neighborhood, sub-par schools, or facing a major intersection, it's a pretty bad deal.  Well, unfortunately you can't change the location of the house, or make those things disappear.  What can you do to sell your house?  There are a few things you can try - fix it up really nicely or put in extra upgrades to entice the buyers.  Those things are great, and you definitely should employ them! However, there is another rather big factor the buyers have to consider - the PRICE! With all things being equal, the house with the lowest price will sell first! Simple logic, right?

In a…

You do.  Selling your home can be a daunting process and we understand that.  Incorporating showings, questions, and negotiations into your already busy schedule can seem overwhelming.  It can seem like such an overwhelming task that paying a large commission to a traditional Realtor would seem worthwhile.  The unfortunate assumption being that by saving money utilizing a Flat Fee Real Estate Company, service and support are sacrificed.  Not all Flat Fee Listing Services are the same though.  With the Complete Package from New Option Realty, receive the support of a traditional Real Estate Agent at a fraction of the cost.  What’s included?  Just about everything it takes to sell your home.  From advertising and signage to contracts and…

Traditionally the Multiple Listing Service (MLS) is considered a directory of properties for Real Estate Agents to market properties for Sellers and locate properties for Buyers.  Being listed in the MLS is invaluable exposure for a property owner, enlisting an army of Real Estate Agents to get a property sold, but these days the MLS goes far beyond that.  An MLS listing provides the option of automatically syndicating advertisements to over 55 public websites.  Up to 90% of Buyers start their shopping online and visit these websites to find their next home.  A Flat Fee MLS Listing with New Option Realty provides far reaching exposure to Buyers.

When ready to sell their home, many homeowners consider selling their house themselves to save on commissions. This is known as “For Sale By Owner,” or “FSBO” (pronounced fizzbo). As a real estate agency, you might expect that we would discourage this, but for some people this can be quite effective.

First, the good:

The Good #1 - Save on commissions.
Saving commission costs. Real estate agents must earn a living somehow, and usually (not always) this is done by collecting a percentage commission when a house is sold. This rate is negotiatable, usually between 4%-7% and most commonly 6%. A portion of this comission goes to the agent representing the seller and the other portion goes to an agent that might be representing the buyer. For an…