Register Real Estate Advisors

When I list a property for sale, I always ask my sellers to put a home warranty on their property.  There are several reasons why I encourage my sellers to put a home warranty on their home.  The main reason is that the buyer is going to ask for it in the contract.  They always do!  To be competitive, you need to go ahead and have it on the property so it can be marketed with the property.  I like to use the American Home Shield Warranty, but there are several out there to choose from.  If you want to know how comprehensive the home warranty is, check the policy to see which items are covered.  Be sure to check whether the policy covers the full replacement cost of each item:  plumbing, electrical systems, water heater, furnace, heating ducts, water pump, dishwasher, stove, cooktops, ovens, microwaves, and swimming pool. 

Second reason I encourage sellers to put a home warranty on their properties is because during the buyers inspection, the inspector will find things wrong with the property that are going to need to be repaired.  It saves the seller money during the sell of the home.  Lastly, it protects the seller if something breaks while the home is on the market.  This way the seller does not incur additional expenses while trying to sell the property. 

Home Warranties are like buying insurance for your home.  There is still a co-pay when a service call is made, but it lowers the seller or buyers cost for repairs.

1.  Price it Right.  Set a price at the lower end of your property’s realistic price range.

2.  Get your house market-ready for at least two weeks before you begin showing it.

3.  Be flexible about showings.  It’s often disruptive to havea  house ready to show on the spur of the moment, but the more often someone can see your home, the sooner you’ll find a seller.

4.  Be ready for the offers.  Decide in advance what price and terms you’ll find acceptable.

5.  Don’t refuse to drop the price.  If your home has been on the market for more than 30 days without an offer, be prepared to lower your asking price.

Reprinted from REALTOR Magazine Online by permission of the National Association of REALTORS.  Copyright 2005.  All rights reserved.  http://www.REALTOR.org/realtormag

A new grant issued by the National Association of Realtors has been given to the Texas Association of Realtors to aid consumers and realtors alike in preventing foreclosures.  This grant will develop a training program for Texas Realtors in the practice of identifying foreclosures and short-sales opportunities.  With the assistance of housing giants: TDHCA (Texas Department of Housing and Community Affairs), HUD (Housing and Urban Development), Texas Foreclosure Prevention Task Force, and NeighborWorks, this resource will be a vital lifeline for distressed Texan homeowners and the Texan housing market.  An educational web site is also available for consumers, www.KeepMyTexasHome.com, which will include a homeowner’s checklist that you can use as a reference guide to stopping foreclosure.

Congress has passed new legislation that:

• Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
• Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040.