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Transaction costs are a fact of life in the real estate world. You cannot buy or sell a home in Sarasota without associated costs, from underwriting fees to appraisal charges. When you sell your property, you may concentrate on the equity value alone, rather than the costs that are eating away at your equity. By looking at the entire transaction process amounts, selling your home should be a careful consideration of all costs.

The 5% Myth

Real estate professionals, from the agent to the lender, typically quote the 5% to 6% transaction fee amount to each seller. However, this vague quote has underlying issues. In reality, the REALTOR® takes in a full 5% to 6% for their commission alone. This percentage doesn't take into consideration any of the other associated fees. When...

What does 'Sale Pending' Mean and Should I Still Make An Offer?

Sometimes, when you are house hunting, you discover the perfect home only to be dismayed when you find out there is a sale pending on the home. Hope is not always lost, and in some cases you can still get a contract on the home of your dreams.

Meaning of 'Sale Pending'?

A house with a pending sale basically means that there is a contract to buy that property and it is close to settlement. However,there are still things which may go wrong and cause the cancellation of the contract, such as the buyers changing their minds,job loss of the mortgagee, rejection of a mortgage loan and contract contingencies which fall through.

What Are the Reasons a House Sale Falls Through?...

Financial Trends for 2014: What’s In and What’s Out

Just which financial and lifestyle trends will gain favor in 2014? And which ones will diminish in importance? Let's discuss what might be "in" for 2014, versus what might fall into disfavor.

Smaller Lenders vs. Big Banks

In 2014, smaller mortgage lenders will continue to gain traction at the expense of the bigger banks. The smaller lenders already enjoy about 60 percent of the market, and that percentage is likely to advance further this year. Big banks, in many instances, are continuing a policy of retrenchment vis-a-vis residential mortgage lending. At the same time, a variety of other players, are increasingly competing for business. The end result for consumers could very well be enhanced customer...

Buying a home is one of the most important financial decisions in anyone’s life. Perhaps you are getting ready to start a family. Perhaps you are upgrading from your first home. Or perhaps you just want to make an investment. Whatever circumstances surround your purchase of a property, there are crucial steps to be followed to ensure you get the place that that suits your style, budget, and needs. Making certain that you do everything correctly can make the whole process much less of a hassle. Have a look at the seven steps to buying a home:

1. Figure out your finances

This is a vital first step. You must determine how much house you can afford. Get an idea of what kind of down payment you can make. Keep in mind that it is highly advised to pay 20 percent up-front for a home in order to avoid private mortgage insurance (PMI).Be sure...

Once you decide to sell your house, invest a little time and money in a quick makeover. Here's a list of easy and inexpensive do-it-yourself improvements that will make your home more attractive to buyers. Each of these quick fixes makes the house look less like your old, lived-in domicile and more like a new house waiting for a new owner.

1. Clean the House Top to Bottom

A new house is spotless; an old house is full of the dirt, smudges and scuffs that lived-in homes accumulate. No one wants to inherit a record of your kids' heights, even if the wall they're marked on is in the closet. Wipe them away. Sweep away the spider webs, wash the windows inside and out, clean every surface and pay special attention to corners. Your house...

Few things are as frustrating as an unexpected credit score drop when you are working so hard to achieve your home-buying dream. Fortunately, while many factors can negatively affect your credit score, most are easily remedied and your credit score can begin its upward momentum once again.

Late Payments

Credit accounts report late payments to credit bureaus, so late payments on any of your loans or credit cards will be reflected in your credit score. Paying even the minimum payment on time will help prevent negative marks from late payments. In the case of loans, if you cannot make the full payment, talk to the lender to see if you can make a smaller payment rather than paying late. Most are understanding of life’s circumstances and are willing to work with you.

Using Too Much Credit

A good rule of...

As the mortgage crisis deepened, many properties came onto the real estate market using the "short sale" process. This allowed the homeowners to sell the property at a reduced price and pay off some portion of the remaining amount on the mortgage. However, many people who engaged in purchasing homes via a short sale found that the process took much longer than a conventional purchase would. A look at the details of the process shows why this is the case.

Understanding the Short Sale

A short sale occurs on a property when the owners can no longer pay the mortgage. Instead of foreclosing on the loan, leaving the bank holding both the unpaid amount of the mortgage, and the property itself, an arrangement is made to allow another buyer to have the property at a reduced price....

Choosing to sell your home is one of the biggest decisions you will make. Whether you are selling your starter home and moving up, or selling your dream home to downsize, how quickly you sell your home depends on several variables. Consider the tips below when you list your home, and you may be packing boxes sooner than you think.

The Right Price

The first and perhaps most important aspect of selling your home is to price it right. Conduct your own research to find out how much comparable homes cost and have sold for in your neighborhood. These homes are called 'comps', and they will provide the best guidelines for pricing. When you consider the comps, try to think from the perspective of the buyer, not...

Before you even start looking for a home, it’s important to get your finances in order. Buying a home is going to be one of the largest financial investments you’ll ever make, after all! Not only will this financially prepare you for homeownership, but it can speed up the entire home buying process, and let sellers know that you're a serious prospective buyer.

Step 1: Follow a Budget

If you don’t already have one, we highly recommend setting and following a budget. You can create a simple spreadsheet, or choose from one of many free templates available online. Not only does this allow you to assess your current financial situation, but it also...