There’s nothing like your second week on the job and finding a police man standing outside the door of your office with a loaded M16.  Check out the complete story at http://www.fayettevilleflyer.com/2010/07/29/robbery-at-first-federal-bank-on-college-ave/

It’s good to know what your options are… But do you know the consequences? 

 If you or someone you know is going through a financial hardship and need someone on YOUR side, keep in mind... Help is a phone call away!  For your private consoltation please call your local Certified Distressed Property Expert at 479-442-9099.  We are always here to help.

●NOTE: I am not licensed as an attorney or CPA, and this information is in no way advice on the consequences, legalities and/or tax ramifications of a short sale.

 The Next Heavyweights in The Housing Market  

       The largest generations of young people since the ‘60s are beginning to come of age.  They’re called “echo boomers”.   Echo boomers were born roughly between 1977 and 1995.  There are approximately 76 million echo boomers between the ages of 15 & 28.  In 2009 their spending habits exceeded $192 billion.  As you wrap your head around those figures, think about the impact that this generation is going to have on the housing market in the coming years.       

      According to current U.S. Census, 67.2 percent of this generation can be expected to become homeowners by their mid 30s.  Considering that builders are currently developing about 500,000 housing units a year, and within the next 5-7 years echo boomers will have purchased 35.5 million homes, one can quickly surmise that in the foreseeable future we are going to have a housing shortage! 

1.     Drafting the real estate contract on your own.  Although you maybe tackling the challenge to sale your property on your own regarding the marketing, showing and negotiating details trying to do the legal side of the real estate transaction is something most for sale by owners should avoid. It is always good practice to hire an attorney to help with your real estate contract if a real estate professional is not involved in the transaction.

 2.   Failing to provide the potential buyer with a seller’s disclosure. Normally most real estate transactions involve a detailed disclosure provided by the seller to the buyer outlining minor and major issues regarding the real estate that is being sold.  Things such as: mechanical and structural defects that have occurred over the owner’s ownership. Some courts have determined that if particular items are not disclosed to the buyer that a contract could be resented or monetary damages could result to the previous owner. Naturally only a court of law can make these determinations and it is good practice to provide a sellers disclosure any time you are selling a property. Consult your attorney for this form if you choose not to hire a real estate professional for this transaction.

 3    Failing to provide the federal lead based paint disclosure documentation.  If your property was built before 1978 (in certain circumstances for properties built during the year 1978) then you’re required to provide a lead based paint disclosure to the buyers. Failing to do so could result in legal consequences. Consult your attorney for this form if you choose not to hire a real estate professional for this transaction.

 4.   Neglecting to register all potential buyers who preview your property.  Although ever one that comes to look at your home may appear and seem to be a potential buyer in reality and unfortunately some people previewing you property have more in mind than buying your home. It is always a good idea to make note or register potential buyers along with their license plate numbers and other details incase a problem was to occur after the sale. Such as a theft or loss of personal property.

 5.   Providing too much information.  Although many sellers know how much money they have invested in their property and believe that is a good selling feature to provide potential buyers. Sometimes telling too much information during the showing of the property can make it appear as though you’re desperate or that something is wrong with the real estate.  This mistake is not emphasizing to hide information from the buyer but just to remind for sale by owners not to appear over anxious in selling your real estate.

 6.   Failing to disclose material defects.  As noted earlier with the sellers disclosure which normally does provide for this situation. Failing to disclose a material defect in the property can become a major liability in the future after the sale. If you know any major defects in the property, structural, mechanical or other issues or items that you feel the buyers should know about then it must be disclosed! Always disclose all material defects in the property.

 7.   Pricing your property incorrectly.  Even though most for sale by owners want to sale their property because they can save the marketing fee a real estate brokerage charges. Studies have indicated that most for sale by owners end up selling their property for less monies than what it is actually worth on today’s market. Even though you maybe planning on selling the property on your own it is always a good idea to have an independent appraiser or two or three real estate broker offer you a price opinion so that you can feel confident that your property is priced accurately.

 8.   Neglecting to negotiate.  Most for sale by owners are not used to negotiating price and other terms during the real estate transaction.  Understanding important issues such as earnest money, possession, loan commitment and inspection dates all can play a major role in negotiation in the sales contract. Understanding what items can be negotiated for more or better terms is something the for sale by owner should take into consideration.

 9.   Failing to understanding contingencies. Sometimes it may be easy to get an offer to purchase on your property as a for sale by owner. However, what kind of contingencies have been placed in the verbiage of the contract? How quickly must the buyers get their loan approval? What about building inspections? All of these issues can play a major role in determining whether your real estate will close or not in a timely fashion or at all. Most for sale by owners generally have problems in this area of the sales contract and a good knowledge of all contingencies and how they work is suggested and required for any for sale by owner.

 10.  Choosing an unqualified closing agent.  It is always a good idea to make sure the transaction is closed at a local escrow or title insurance company that handles in a certified and insured to participate with a real estate closing. You could as choose a local attorney to close your real estate transaction. But the bottom line is that you make sure an insured and qualified settlement closing agent is selected. 

 These are only ten mistakes that many for sale by owners make when trying to sell their property on their own.  Although this is not a comprehensive and through list of mistakes that could arise, it is a compellation of mistakes that do occur on a regular basis for many for sale by owners. Naturally as a real estate professional, I encourage all potential home sellers to use the services of a qualified residential real estate agent or an attorney when selling their home or real estate.  However, I understand the need and desire for many people to try to sell their real estate on their own. If you choose in the future to secure the services a real estate professional I would love to have the opportunity to visit with you and share my detailed marketing plan with you. You can reach me at 479-442-9099 or   e-mail me at Elizabeth@McNaughtonRealtors.com

Don’t miss out on the Fayetteville Farmers’ Market tomorrow around the Fayetteville Square!  Come rain or shine, local vendors will there with fresh picked fruits, vegetables, eggs, meats, herbs, plants, and plenty of fresh flowers. 

The Fayetteville Farmers’ Market is open SATURDAYS 7am –2pm, until Nov 20th and TUESDAYS and THURSDAYS from 7am – 1pm,  through October 28th.

This gorgeous, green 7 plus acres of pasture land has a pheonominal view! This land, which is GREAT for horses, has tons of potential for that beautiful farm house you've always dreamed of! It's also located minutes to beaver lake and is a great place to build your relaxing fishing pond! This 7 acres has it all, so don't miss out! Call the McNaughton Team for more information!

WWW.MCNAUGHTONRENTALS.COM

Qualified first time home buyers can receive up to an $8,000 tax credit & others can receive up to $6,500 if they have lived in their homes 5 of the last 8 years! Don't miss out on this great home buying opportunity!

 This breathtaking French provincial home features lush landscaping in a privacy fenced yard and is wired for a security system! It offers many amenities including lovely granite countertops, beautiful custom cabinets, gorgeous arches throughout, and many more than you could possibly count! We’re excited to have listed this beautiful home and know it won’t be on the market for long! Call the Terri Lynne McNaughton Team today to set up your private showing!

This adorable home is located within walking distance to Washington Regional Hospital and Medical Park and the biking trail! This jewel of a house is filled with UNENDING updates, including new wood floors throughout the entire house, granite countertops in the bathrooms, new kitchen countertops, new paint, and a new range and oven! It also comes with a 1 year AHS home warranty! You'll never find another one like this. Guaranteed to knock your socks off! Call the Terri Lynne McNaughton TEAM Today for more details!

Sarah Tuller
Certified Distressed Property Expert
&
Director of First Impressions

Qualified first time home buyers can receive up to an $8,000 tax credit and others can receive up to $6,500 if they have lived in their homes 5 of the last 8 years.

Thanks, 
Jerry Sisson
Executive Broker, CRS GRI

This GORGEOUS 4 bedroom, 2 bath home features an over flow of amenities, including a fireplace, a whirlpool jacuzzi and hot tub, beautiful ceramic tile and wood floors, an adorable eat in kitchen and a pantry, lush landscaping, a 2-car garage, a detached workshop, a lovely deck in the back yard, and is conveniently located near local schools and shopping! For more information on this stunning listing, call the Terri Lynne McNaughton TEAM today!

Numbers from the Skyline Report show that the inventory of new but unoccupied homes dropped to normal or slightly below normal levels.  Sales of the new homes have led to record high inventories and created some great bargains in the used home market.

 NW Arkansas New Completed but Unoccupied  Homes 4^th qtr 2005 to 2009 

http://www.nwarpc.org/pdf/Transportation/Long_Range_Transportation_Plan/Long_Range_Plan_Maps/bella_vista_bypass_ahtd.pdf

Thanks, 

Jerry Sisson

Executive Broker, CRS GRI

The Terri Lynne McNaughton Team has listed their fair share of beautiful homes, but this one may just “take the cake!”

 11333 Frisco is an absolutely PRISTINE 3,440 square foot, 4 bedroom/3.5 bath home and its amenities are overflowing! This not-so-humble abode is complete with granite countertops, crown molding, huge walk-in closets in every bedroom, wood and ceramic tile flooring, a luxury master suite with a Whirlpool Jacuzzi, stunning 10 ft. ceilings, a beautiful covered patio, lush landscaping with handsome outdoor lighting and a 3-car garage! All of this and more, sitting on a lovely lot with a golf course!

 We’ve never seen anything like it and we know you’ll never find another one like it, so if this sounds like your cup of tea, call the Terri Lynne McNaughton Team today to find out how you can enjoy that cup of tea in your lavish new home!

 -Sarah Allyn Tuller-
Director of First Impressions
&
Certified Distressed Property Expert