Congratulations! You’ve finally found the house of your dreams and submitted an offer. Now on to the tricky part – getting your loan approved.

How Long Should it Take from Purchase to Closing on a Home?

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Once your offer is accepted by the seller, your loan application will be submitted to an underwriter for approval or disapproval based on your financial and credit standing. This process, which can take as short as two weeks or as long as two months, is often the most stressful time for a new homebuyer.

It is common for a new buyer to be excited about their home purchase only to hear horror stories that their loan may be denied or the offer may fall through. This anxiety or uncertainty can also be heightened if the buyer needs to move quickly, and has to consider a temporary rental until the house closes. While this situation is never ideal, there are certain steps that can help move the closing process along. Here are a few tips and quick close solutions:

· Know what you can afford. Knowing how much house you can afford is a crucial part of getting approved for a home loan quickly. Consider your monthly bill obligations and income. What are you currently paying for rent and how much more could you afford or be willing to pay for a mortgage?

· Know your credit score. Before deciding to purchase a new home, you should make sure your credit is in good standing. There are many free resources to pull your annual credit report without a fee, and you should do this before getting too far involved in a home purchase.

· State all financial information upfront and truthfully. This may go without saying, but if there’s something with your work or credit history that may raise a red flag to a lender, it’s better for them to know ahead of time. Many buyers are given pre-approval to purchase only for a lender to overlook a detail in their employment or credit history which can cause their loan to be denied.

· Provide paper and electronic copies of all financial documents. Make sure your lender has a copy of your recent tax returns, bank statements and other asset information. If you own any other property or vehicles outright, make copies of the titles for the lender to know what assets you have.

· Ask the right questions and think ahead. Regularly ask your lender if there is anything else you can provide to help your portfolio. Chances are they are swamped with paperwork and may not have time to be thinking ahead about your underwriting and escrow. By politely asking, ôWhat’s next?ö you may help create a sense of urgency that can help speed the process and get you into your new home more quickly.

If you’ve done your buyer homework, crossed all your T’s and dotted your I’s, your home will be more likely to close in a desired time frame. However, if you’re still in escrow and need to move quickly due to a lease expiration or other unforeseen event, you may find yourself looking for a temporary rental. According to associates at the
David Morris Group, the best advice in this situation is to plan for the short-term. If you have a lot of furniture and belongings, you may want to put them in storage for a month or two while you find a smaller month-to-month rental. If you’re unable to find a temporary living arrangement, you can also consider staying with family and friends during this time. This ômoving to moveö may cause an unneeded headache, but at the end of the day, you will be much happier you decided to wait out your loan when you’re able move into your new house and call it home.

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Robert Schantz, President

Trebor Enterprises, Inc

an Associate of Keller Williams Realty San Diego Metro

3965 Fifth Avenue, Suite 300

San Diego, CA 92103

619.398.3916 preferred

619.398.3915 career line

619.985.5074 c

619.512.4693 f

DRE License #01360786

www.robertschantz.com

Eco-friendly home designs are one bright spot in today’s struggling real estate economy. As homeowners look to buy new, green-constructed homes, real estate builders are doing everything they can to lower the cost of living with energy and environmentally efficient designs.

According to a new report by NPR, green construction accounts for almost one third of all U.S. construction since 2005 (based on industry statistics from McGraw-Hill Construction). One of the main motivations for progress in eco-friendly home designs is due to the success of the private U.S. Green Building Council (USGBC), which started in 1993.

Green Construction Creative Commons License photo credit:
Dept of Energy Solar Decathlon

The USGBC is responsible for creating the Leadership in Energy and Environmental Design program, which dominates the commercial real estate sector as one of the strictest energy efficiency classifications in the nation. While the LEED certification started out as just a marketing pitch, construction companies realized its potential as a major selling point, as well as a cost saving measure for homebuyers. Even the University of Michigan did the math, and they agree that LEED is worth the investment as they plan to seek certification on all future building projects worth more than $10 million.

How to Achieve LEED Certification

LEED certification works by awarding points for factors like air quality, water conservation, and energy efficiency based on the design of homes and office buildings. Some of the ways buildings and homes gain high LEED marks include using green materials for flooring, paint and windows, and by installing equipment like dual-flush toilets and Energy Star appliances, which use less electricity compared to older appliances.

The Natural Resources Defense Council estimates that an LEED certified green building can cost up to two percent more in upfront costs and, as LEED rises in popularity, many eco-friendly building materials are beginning to fall below standard construction costs of an average non-LEED home.

In 2009, the number of homes receiving LEED certification tripled compared to 2008 with more than 3,000 new buildings and homes. As more than 155,000 architects, contractors and consultants passed a USGBC test to become a LEED accredited professional or green associate, everyone in the developer community expects this trend to continue to lead the economic reform to the real estate market in the future.

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Robert Schantz, President

Trebor Enterprises, Inc

an Associate of Keller Williams Realty San Diego Metro

3965 Fifth Avenue, Suite 300

San Diego, CA 92103

619.398.3916 preferred

619.398.3915 career line

619.985.5074 c

619.512.4693 f

DRE License #01360786

www.robertschantz.com

The mortgage settlement process, often referred to as the mortgage closing, can sometimes seem confusing and a little overwhelming. Whether you are buying a new home or refinancing an existing home, there are various fees to be paid and steps to go through. Two steps that are often confused by homebuyers are the home appraisal versus home inspection.

Remember the Difference: Home Appraisal versus Home Inspection

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One easy way to remember the difference between an appraisal versus a home inspection is that a home inspection is for your protection. A home inspector will not estimate the value of your home.

Typically, home appraisals are for lenders; home inspections are for buyers.

What is a Home Appraisal?

A home appraisal is a document that provides an estimate of a property’s price, otherwise known as its market value. Your home will serve as collateral for the mortgage, so a lender will require an independent appraisal on the property prior to the approval of your mortgage loan application. This is to ensure that the mortgage loan amount is not more than the value of the home and lot you want to purchase or refinance. Most lenders will loan you no more than 95 percent of the appraised value of the home or purchase price, whichever is less.

The person who conducts the home appraisal is called an appraiser. This person will consider several factors in developing the home appraisal, including location, square footage, recent sales of similar properties, and construction quality to estimate the property’s market value.

There is a fee associated with getting a home appraisal. Some lenders and brokers will include the appraisal fee in the loan application fee; you can ask the lender for a copy of the appraisal. If you are refinancing and have a recent appraisal of the property, some lenders may waive the requirement for a new appraisal. If you are in this situation, you could save a few hundred dollars by using the existing appraisal.

FHA Loans Appraisal

Many mortgages are insured by the federal government through the Federal Housing Administration (FHA.) The FHA requires lenders to get an FHA loans appraisal on properties prior to loan approval. According to the FHA, they require appraisals for three reasons:

* To estimate the market value of the property.

* To make sure that the property meets FHA minimum property requirements/standards for health and safety.

* To make sure that the property is marketable.

An FHA loan appraisal document will indicate property defects that are easily noticeable and found not in compliance with U.S. Department of Housing and Urban Development’s minimum property standards. These defects may not be the same as those items noted in the home inspection report. The estimated cost of a property appraisal is $263 to $444, with a nationwide median cost of $292.

What is a Home Inspection?

There are two types of home inspections, those required by the lender and home inspections initiated by the buyer.

A Lender’s Home Inspection

A lender, especially one that offers Veteran’s Affairs (VA) or FHA-insured mortgages, may require a home inspection and an analysis by an engineer or consultant to check for things like water damage, termite damage, and the structural condition of the home. In rural areas, lenders may want a test of the septic system (if applicable) and a water test to make sure the well and water system will maintain an adequate supply of water for the house. These water tests usually will check for water quantity, not quality. The health department of the local city government may require a water quality test as well, but this might be done outside of the mortgage settlement process and require a separate payment. Keep in mind that a lender’s inspection is for the benefit of the lender, not you. You may want to ask for a buyer’s home inspection to make sure the property is in good condition. The cost of a lender’s home inspection will likely be between $300 and $500.

A Buyer’s Home Inspection

Often, a buyer will make the purchase offer of a home contingent on the results of a home inspection. You will have to pay for this inspection. The cost varies by region, but spending hundreds of dollars could save you thousands.

When you make a purchase offer, sometimes called a binder, contingent on the results of a home inspection, it allows you to cancel closing on the deal if an inspector finds problems with the home or property. If deficiencies are found with the home, you may want to renegotiate for a reduced price or require the seller to make repairs to the home. If you are getting a VA or FHA loan, you will need a certificate from a qualified inspector stating that the home is free from pests such as termites and rodents. In this case, you can also make your purchase offer contingent on pest inspection results.

Similar to the lender’s home inspection, an inspector should examine the home for structural soundness, water damage, and pests. In addition to these basic home inspection criteria, you may want to have the home inspection include an examination of the condition of the roof and the plumbing and electrical systems. It is also wise to have the home tested for environmental hazards that may not be visible to the casual observer. This may include testing for radon gas emissions, water quality, asbestos, lead-based paint and other toxic materials. If you are making your purchase offer contingent on the results for environmental hazards, make sure this is stated clearly in the conditions of your offer.

Remember, the easiest way to know the difference between an appraisal versus a home inspection is that an inspection is for your protection!

Sources

http://www.federalreserve.gov/pubs/settlement/default.htm

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Robert Schantz, President

Trebor Enterprises, Inc

an Associate of Keller Williams Realty San Diego Metro

3965 Fifth Avenue, Suite 300

San Diego, CA 92103

619.398.3916 preferred

619.398.3915 career line

619.985.5074 c

619.512.4693 f

DRE License #01360786

www.robertschantz.com

For many 1st time home buyers requiring down payment assistance, the idea of putting the traditional 10 or 20 percent down on a home purchase can leave them feeling drained or hopeless. Will they have to sacrifice their dream neighborhood or home size simply to afford a pricey down payment?

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Fortunately, it may be possible for certain buyers to put no down payment on a home and still qualify for a competitive loan. Whether you are short on cash or just don’t want to spend your cash on housing, 100 percent financing can be an attractive option for first time buyers.

Prior to 2007, putting no down payment on a home was a common option for 1st time homebuyers. However, with mortgage lending practices coming under fire in recent years, the option to finance 100 percent has lost popularity. Yet there are still programs available to 1st time home buyers requiring down payment assistance who meet certain eligibility requirements.

100% Financing Options û No Down Payment

USDA Loans – A
USDA Guaranteed Loan is a Government insured 100 percent purchase loan. These USDA Guaranteed Loans are only offered in rural areas and serviced by direct lenders that meet federal guidelines. While they may be an attractive option for first time home buyers, there are income restrictions and loan limits that first time home buyers must meet.

VA Loans – The Department of Veterans Affairs (VA) backs loans provided by certain lenders to help qualified veterans, reservists and active-duty service members to finance their homes. For those first time home buyers that qualify, there are flexible income, debt and credit requirements.

ADDI Program – The
American Dream Down Payment Initiative (ADDI) provides down payment, closing costs and rehabilitation assistance to eligible individuals. The amount of ADDI assistance provided may not exceed $10,000 or six percent of the purchase price of the home, whichever is greater. To be eligible for ADDI assistance, individuals must be 1st time home buyers interested in purchasing single family housing. Additionally, individuals who qualify for ADDI down payment assistance must have incomes not exceeding 80 percent of area median income.

90%+ Financing Options

FHA Loans û FHA Loans offer a 30-year fixed-rate loan for first time home buyers with a 3.5 percent down payment. The down payment can be a gift from a family member or other grant program, and there is a maximum mortgage amount for each county.

Fannie M’ HomePath Loans û Fannie M’ HomePath offers a five percent down payment program on many of their foreclosed properties. To be eligible, you must have a minimum 660 credit score.

1st Time Home Buyers Down Payment Assistance Programs

If you’re a first time home buyer and don’t qualify for any of the above scenarios, you may be wondering where you can find down payment help. Fortunately, there are multiple ways to receive 1st time home buyers down payment assistance.

Junior Loans û Many banks offer Junior Loans to first time home buyers, which are typically smaller loans (under $50,000) that help buyers meet tough down payment requirements.

Gifts and Gift Registries û An increasingly popular option for buyers is to register for down payment gift registries, which allow family and friends to donate funds in lieu of buying a traditional wedding, birthday or graduation gift.

Tax Refunds û Buyers who typically receive a refund on their income taxes can easily put the extra cash toward a down payment.

Seller Negotiation û A less popular, yet worthwhile option may be to negotiate a donation of down payment funds from the home seller. Because of the extreme home surplus in recent years, many sellers are willing to negotiate untraditional payment terms or purchase agreements. It may be possible that the seller will consider giving you a portion of the home down payment in lieu of reducing the home price.

Regardless of your financial situation, buying a home is a big decision and all financing options should be considered carefully. With the right resources at hand, you’ll be prepared to make an offer on your dream home in no time.

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Robert Schantz, President

Trebor Enterprises, Inc

an Associate of Keller Williams Realty San Diego Metro

3965 Fifth Avenue, Suite 300

San Diego, CA 92103

619.398.3916 preferred

619.398.3915 career line

619.985.5074 c

619.512.4693 f

DRE License #01360786

www.robertschantz.com

In recent years, the average time to sell a home has dramatically increased. This is largely due to the unemployment rate and credit crunch, which are limiting the number of first time home buyers entering the market, as well as the increasing number of short and foreclosure sales. According to the Accredited Seller Agent Council, the average time to sell a home in the U.S. is 10 months. However, there are many factors that can impact how quickly your home will sell.

Factors Affecting the Average Time to Sell a Home

Home listing price - An asking price that is either too low or too high can dramatically reduce the chances of selling your home on a timely schedule. Your agent should be familiar with the local market and provide you with local comps (comparable homes that have recently sold) to help determine what your asking price should be. Whether you take or ignore this advice is a contributing factor to the length of time the house will remain on the market.

Condition of home - The condition of your home during viewings or appraisals is also a contributing factor. When anticipating a showing or other appointment, your home should be spotlessly clean and tidy with no visible flaws. Nail holes, carpet stains and other defects must be patched, cleaned or corrected. Many agents also suggest you ôdepersonalizeö your home by removing personal items such as photos, memorabilia, etc. If you own pets, they should be contained in a separate area of the house with no evidence they live on the premises. Home buyers need to be able to envision themselves living in the home – the less clutter or distraction, the more likely it will sell.

Location of home - Location is always a top factor in the desirability of a home, especially in a soft or surplus market. A home that is adjacent to a busy road, a messy neighbor, or a busy shopping center will be more difficult to sell than a home with open range, unobstructed views, or better school districts. If your home is not in a desirable location, it may take a price reduction as well as additional time to sell.

Region - Home markets vary from city to city based on the employment rate and inventory of available properties. For that reason, the average time to sell a home can vary by months depending on what city or market it resides in. According to ClearCapital, the average time to sell a home for soft markets such as Miami, Las Vegas or Detroit could be 10 to 12 months, whereas in a healthier market such as Washington D.C. or Houston, it can take as little as one to two months.

Home Seller Flexibility - A flexible seller who is willing to accept spur-of-the-moment or random viewings may be more likely to receive an offer than those who limit the schedule or frequency of potential buyers to view the property. Likewise, a seller who is flexible on the price of the property will be more likely to accept a reasonable offer. The seller needs to be realistic and understanding that, in order to sell a home, compromises are needed.

Type of Home Sale - The type of home sale is also a contributing factor in how quickly a house will sell. If the property is a short-sale or foreclosure, the process can take six months to a year (or more). However, if it’s a traditional home sale with a quick close, it can take as few as two to four weeks. Unfortunately, in these scenarios, the seller has little control over how long the process will take, as the majority of acceptance and paperwork lies with the lender and title companies.

Clearly there are a variety of factors that affect the average time to sell a home. Being aware of these factors, making the necessary adjustments, and having flexibility and patience will help smooth the process and bring your home to a close within a desirable time frame. If you want to get a better estimate of how long it will take to sell your particular home, let me know. Agents are happy to take these requests even if you aren’t sure you are selling your home.

A common real estate question is whether or not you can buy a home from a family member. The answer, in most cases, is yes. If the home is current on payments (i.e. not a short sale or foreclosure), a homeowner can sell the property to any party they choose at a negotiated price. Similar to purchasing a car or other asset from family, there are many possible benefits to purchasing from a relative. Some of these include:

Quick close - Most family members have the opportunity to discuss the purchase face-to-face, and can agree on contract details before involving their real estate agent or title company. This can greatly reduce the amount of resources wasted on counter-offers and amendments and allow for a quick close date. It will also save on title and escrow fees due to the reduction of unnecessary paperwork.

Lower sale price – If you’re purchasing from family, chances are they will agree to a lower sale price than if they were selling to someone at arms-length. This is a great perk for buyers who are looking to build immediate equity in their new home. Buyers should be aware, however, that they may run into steep capital gain taxes if they choose to resell the home within a two-year time period.

Alternative or owner financing - If the seller owns the home outright, they may be willing to finance the property for the seller, which is very helpful if the buyer does not qualify for traditional financing due to low savings, poor credit or an untraditional employment history.

While the benefits of purchasing from a family member may be easy to understand, the downsides are not always so apparent. The old saying ôdon’t mix business and familyö did not become popular without a reason. Below are just a few of the downsides that arise from this common real estate question.

How to Safely Buy a Home from a Family Member

Purchasing from family can cause friction between relatives from the early stages of negotiation until well into home occupancy. Jealousy from other relatives, buyer remorse and resentment are just a few of the issues that may wreak havoc on family relationships. While these are all common downsides of business transactions, it’s important to remember when doing business with family that the business relationship often carries over into personal relationships. If you’re considering doing business with family, make sure both parties are aware of these potential pitfalls and understand the risks before entering into a purchase agreement.

Now that you have a clear understanding of the benefits and risks of buying a home from a family member, here are a few tips when buying from a family member:

Ensure mortgages are current û If the home is still financed, be sure that the mortgage payments are in good standing. The last thing you want is a lien put on the home when you are trying to purchase it.

Use a REALTOR® û Many realtors are experienced in dealing with sales between family members. If this is the first time you are buying from a relative, your realtor will be able to ask and answer the right questions for you to make sure your sale goes smoothly.

Seek legal advice û Make sure you have a lawyer look over all of the paperwork, including the offer, any counter offers and your purchase agreement. They will likely catch something you or your realtor may have missed, and make certain the appropriate verbiage is in your contract to protect your property investment.

Once you’ve covered all of your bases, including understanding the risks, benefits and best practices for purchasing a home from a family member, you can be well on your way to entering into an agreement that meets both you and your family’s needs.

ôWater, water everywhere à nor any drop to drink.ö û Rime of the Ancient Mariner

If you’re a first time home buyer, you might be able to sympathize with this statement. Thanks to the recent economic recession, there is no shortage of affordable homes, yet due to the mortgage crisis, lending has become tight. Prior to 2007, putting no down payment on a home was a common option for first time homebuyers. However, with mortgage lending practices coming under fire in recent years, the option to finance 100 percent has lost popularity. In today’s market, a typical down payment can range anywhere from 10 to 20 percent; however, in this economy, few people have that much cash available to them. Fortunately, there are ways to receive down payment help for first time home buyers, either through a third party lender or private funding.

Where Can You Find Down Payment Help for First Time Home Buyers?

Junior Loans û One option for first time home buyers who need down payment help is to apply for a Junior Loan. Many banks offer Junior Loans to help first time buyers who would otherwise be unable to meet the down payment requirements for purchasing a home. These loans are typically offered at the state level, are under $50,000, and have fixed interest rates.

Gifts and Gift Registries û Instead of using a traditional bridal registry, many couples who are also first time home buyers are opting to register for a home down payment gift registry. This allows family and friends to donate funds toward a down payment, helping newly married couples reach the goal of owning a first home. To find out more about a home down payment gift bridal registry as well as a graduation or birthday gift registry, check out myregistry.com or downpaymentdreams.com.

Other Down Payment Assistance Options

Tax Refunds û Buyers who are receiving a refund on their income taxes can choose to put the extra cash toward a down payment. It’s a great way to make use of money you were not expecting to receive, and depending on how much you choose to withhold each year, can easily contribute to a large portion of your down payment.

Seller Negotiation û Another option may be to negotiate with the home seller for a donation of down payment funds. In a slow real estate market, many sellers may be willing to negotiate untraditional payment terms or purchase agreements. Some home sellers might even consider offering you a portion of the down payment rather than lower their selling price.

First time Home Buyers Tax Credit – $8,000 of tax credit was available for first time home buyers in 2010. A $6,500 tax credit for repeat home buyers was also available, yet both of these incentives have expired. However, service members who were on official extended duty outside of the United States for at least 90 days between Jan. 1, 2009 and May 1, 2010 may qualify for a one-year extension, which could be a great opportunity to leverage funds for your down payment.

Still Strapped for Cash? Consider 100% Financing

With mortgage lending practices coming under fire in recent years, the option to finance 100 percent has lost popularity. Yet there are still programs available to first time home buyers requiring down payment assistance who meet certain eligibility requirements. Before you throw in the towel on your home search, see if you may qualify to purchase with no down payment.

Buying a home is without a doubt one of the biggest decisions a person can make in a lifetime. It’s a large responsibility and all down payment and home financing options should be considered carefully. Before taking a loan or getting knee-deep in a large mortgage, be sure to do a thorough assessment of your financial situation and ensure that you can afford the home you have in mind. With the right financing and adequate information, you’ll be able to move confidently into home ownership.

Selling a home in a down economy can be a painstaking decision. Use the following 10 tips when selling a home to get the most out of your investment.

Home Selling Tip #1: Hire a reputable real estate agent.

Selling a home can be stressful, and you want a reliable real estate agent you can trust to take some of the burden of selling a home off your hands.

Home Selling Tip #2: Give your home curb appeal.

When selling a home, you need to keep your home looking its best. If a buyer is turned off by what your home looks like from the street, you will never get him or her inside to look around. Clean up your lawn, patch brown spots in the grass, clear sidewalks, and keep leaves and other debris picked up. Potential home buyers also notice things like chipped paint and dirty siding, so pressure-wash your home and repaint before putting it on the market if needed. Do whatever you need to do to show buyers that you’re serious about your home’s maintenance. Finally, let color help you when selling a home. Yellow evokes the emotion of buying, so plant yellow flowers near the entrance.

Home Selling Tip #3: Make minor repairs to your home.

Don’t give potential home buyers an opportunity to start nitpicking at the value of your home by leaving minor repairs unfixed. Replace cracked floor or counter tiles. Patch holes in walls. Fix leaky faucets. Fix doors that don’t close properly and kitchen drawers that jam. Consider painting your walls neutral colors, especially if you have grown accustomed to purple or pink walls. Replace burned-out light bulbs.

Home Selling Tip #4: Stage your home.

Once you have a potential home buyer inside, it’s important that your home has been spruced up and has been staged for the market. Think of your home as a product for sale, and imagine walking through it from the buyer’s perspective. Depersonalize it by packing up family heirlooms and photos. You want buyers to imagine themselves living in the home and they won’t do that if they can’t see past your stuff. Rent a storage unit and clear out the junk. De-clutter. Remove unused pieces of furniture and window coverings and light fixtures you are going to take with you. Each room should be left with just enough furniture to showcase it as the perfect room for its purpose. Remove books, knickknacks, and anything that seems deeply personal. Clear out closets and neatly arrange your dishes in the kitchen cupboards.

Home Selling Tip #5: Clean your home!

Wash windows inside and out. Clean out cobwebs from corners, ceiling fan blades and light fixtures. Re-caulk tubs, showers and sinks. Polish chrome faucets and mirrors. Clean out the refrigerator. Vacuum daily. Wax floors. Dust furniture with an oil-based furniture polish that leaves a ôcleanö scent behind. Bleach dingy grout. Remove or replace worn rugs. Hang up fresh towels in the bathroom. Eliminate any musty odors.

Home Selling Tip #6: Price your home right.

Of all of the 10 tips for selling a home, this one is the most important. You need to price your home competitively, perhaps slightly lower than comparable homes in your neighborhood. Unfortunately, many sellers choose the real estate agent who suggests the highest listing price, but this can come back to haunt you. Pricing your home to sell involves looking at similar properties, making adjustments for the differences between them, tracking market movements and considering present inventory to arrive at a realistic value for the price of your home. Setting your listing price just right could lead to a bidding war, resulting in a higher sales price for you. Work with your listing agent to price your home correctly.

Home Selling Tip #7: Capture initial excitement.

Don’t put your home on the market before your home and you are completely ready. Make sure you have taken all of the steps above before placing your home on the market. When selling a home, you need to get the most out of the initial excitement that a new home listing creates in potential home buyers. Home buyers will feel like they have discovered a great find if they snatch up a home just as it comes on the market. Once it’s been listed for a few weeks, however, home buyers will conclude that it’s not such a great value. Therefore, when selling a home, make sure you’ve done everything you can to make your home attractive to potential home buyers.

Home Selling Tip #8: Don’t get in over your head.

Put your home on the market well in advance of looking for a new home. Don’t place an offer on your next home until you have solid offers on the one you have to sell now. The last thing you want to do is juggle two mortgage payments.

Home Selling Tip #9: Only divulge information on a need-to-know basis.

Don’t do anything to create a perception that you will lower your potential selling price. For example, if you are moving due to job relocation, don’t offer up that information. Don’t let the potential home buyers think there is any urgency on your part in selling the home. If you are asked why you’re selling, simply say that you’re ready to trade up. You have a legal obligation to disclose information about the condition of the home and property, but you are not obligated to disclose your personal situation.

Home Selling Tip #10: Be flexible.

Be willing to work with potential home buyers to help your chances of making a quick sale. Offer to pay for closing costs or repairs, and be adaptable when it comes to showing your home and holding open houses. If you really need to sell, you need to accommodate buyers’ busy schedules. This might mean opening your home to strangers on weeknights and weekends.

Using these 10 tips when selling a home can help you sell your home fast and for a good price. Do you have any additional home selling tips you’d like to share? Please comment and let’s make this top 10 list even stronger.

Deciding to put a home on the market can be a difficult decision for many homeowners. There can be many emotions selling a family home, especially if the family has lived in the house for multiple generations or years. While it may be difficult for children and other dependents to understand, a home is a financial investment, and should be treated as seriously as any other comparable investment. The decision to hold on to, cash out, or walk away from a home is the right of the homeowner.

Sounds like tough love, doesn’t it? Well, in the past three years, it has been. With the recent economic recession and mortgage crisis, many homes have lost 25 to 75 percent of their original purchase value. In January 2011 alone, one in every 497 housing units received a foreclosure filing, and many other underwater homeowners have resorted to selling a family home for less than the purchased value. Since 2008, the idea of making a profit on your home sale has been replaced with the notion of ôcutting your losses.ö Still, regardless of your financial situation, whether you’re moving to greener pastures or looking to downsize, the idea of selling a family home you’ve lived in for years can be a tough decision to make. Family home selling emotions come into play, which can often create miscommunication and wreak havoc on relationships.

Here are a few tips for homeowners selling a family home:

• Be honest about the reason you are selling. If it is financially related, don’t be afraid to admit the need to downsize. If it’s for more space or a shorter work commute, be clear on why that is important to you and how it will benefit the family unit as a whole. The better you communicate the need to move, the more your family will understand and have the ability to adjust to the news.

• Invite questions and feedback from family members. Allowing children and other dependents to participate in the conversation about selling a family home is a crucial component to gaining their support. By encouraging them early on to express their emotions, selling a family home can be a much smoother process. If they seem upset by the move, find out why and address the issue sooner rather than later. Also, keep in mind that the average time to sell a home is nearly 10 months, so in many cases you will have time to ease them into the idea of moving.

• Emphasize the importance of family versus material possessions. If the reason for selling a family home is to downsize or save money, be sure to emphasize that you have their best interests at heart and that the family unit is more important than any material possession or physical location.

• Find out what is important to your family in a new home. Be sure to invite ideas from family members on what would make them happy in a new home. If family members feel like they are contributing to the decision-making process and have more control, they will be more likely to adjust to selling a family home and may even have something to look forward to.

Selling a family home can raise difficult emotions and be a tedious or even torturous process, depending on how well you communicate the change with your family members. With these few tips in mind and the right amount of support, your home sale can put the past in the past and leave you excited for what the future has in store.