Selling a Home and Trying to Lease the Home?

 

Selling a Home and Trying to lease the Home?  

It’s a well known fact that in most markets it is a buyers market.   With seasonally high number of listings on the market and a lower pool of buyers, this tilts the playing field to the buyers.

With that said, many homeowners that are trying to sell their home, also have their home listed for lease with either their agent or a property management company.   Either way the seller wins because if they sell their home, they will relieve themselves of the note, or if they lease it, they will get the note covered.

But seller’s keep in mind one thing.   When listing your house for lease with a property management company, often times they have the seller execute a power of attorney authorizing the property management company authority to sign and execute a lease on behalf of the seller.

On Monday morning, I found out that I was going to be receiving an offer on a house that I had for sale.   That same house was listed for lease with a property management company.   When I called the property management company on Monday morning to let them know we were receiving an offer, they mentioned that a deposit had been put down on the house over the weekend to lease it, but the lease had not been executed yet.   By noon that same day, the property management company had executed the lease (on behalf of the seller’s) and hence bound the property to a 12 month lease.   The seller’s probably would have wanted to first review the offer that was coming in before they decided which way to go, but since the power of attorney was in place, the property management company  signed the documents, not allowing the seller a chance to review the offer.   The property is now legal bound by a 12 month lease.

So just a thought that if you do what to advertise your property for sale and for lease, it might be best NOT to sign a power of attorney.   That way the seller, not the property management company, will have the final say  in the desision  process.

The goal of this seller was ultimately met so that is fantastic!    But what if the offer that was coming in was a full price offer?   Then the seller could have decided if they wanted to walk away with a hand full of cash, or be an out-of-state landlord for the next 12 months.   And normally, tenants never take as good of care  of the home as the homeowner would, so if the seller wants to sell the property after the lease expires, it might take some substantial money to get the house back to sellable condition.

Kevin Rhodes with Keller Williams Realty ~ Dallas/Fort Worth

832-233-0265

krhodes@kw.com

www.RealtorRhodes.com or www.SalesInYourNeighborhood.com

National Home Sales Numbers for February are in…

Yesterday I was sun tanning in 70 degree weather after a good day of work and today it’s 40 degree’s!!??

Well, just like the weather, the real estate market is a volitile machine in its own right.   (Find out what is for sael in the Dallas/Fort Worth area HERE!)

Below is a video of Lawrence Yun with  the National Association of REALTORS.   Mr. Yun is NAR’s chief econmist.   The national home sales numbers for February are in and in this video, he is reporting  on the current market condition and statistics.    You will hear and see that in Feburary 2011, exsisting home sales (which are completed transactions that include single-family, townhomes, condo’s and co-ops)  dropped 9.6% after a 3 month straight, continuing rise.   When compared to February 2010 (which was a federal government tax credit time for many buyers), 2011 is only 2.8% down.   Now that’s not  too bad at all if you ask me considering the governement was handing out cash to almost anyone who could qualify to buy a home last year.

An interesting note is that cash transactions were at a record high of 33% in February.

VIEW VIDEO:  http://link.brightcove.com/services/player/bcpid1465406675?bctid=845711346001

Call or email me with any questions and make it a good week America!

Kevin Rhodes with Keller Williams Realty Dallas/Fort Worth

832-233-0265

krhodes@kw.com

www.RealtorRhodes.com or www.SalesInYourNeighborhood.com

Foreclosures Post Biggest Drop on record

Now here is where reading a headline versus actually digging into the facts and processing the article and data for yourself might mix your emotions up a bit.  

Initially, reading this  headline will likely make you feel good.   It will make you feel like maybe we are beginning to pull of of the housing and financial slump.  But now actually read the  article focusing on  recent foreclosure drops.

Did you read it?   I mean the whole thing.   You really need to.

Well if you did, you will see a scary underlying future that may be presented to  the housing market.

According to the article, the USA recently saw the largest drop in foreclosures (year over year) to the tune of 27%.   This is great news right?!   Wrong.   Ever since the “robo-signer” scandal erupted late 2010, many lenders and banks have resisted selling their foreclosed properties until they have clean up their departmental fiasco.   Since that process is still being cleaned up, the foreclosures are basically off the table and waiting up on a high shelf.

So the question you have to ask yourself is, what happens when all those  foreclosures that are just sitting around on the shelf get released back into the market place?   Well to me, the word flood comes to mind.   Or maybe a better term would be Tsunami.   Especially considering the unfortunate recent events in Japan, I think that  visual is pretty strong.

No one really know, but before you celebrate a one line heading on a news article, ask yourself why it happened?   What impact will it have?   How could this change things?

Thinking like this my friends is what will help us crawl our way out of this recession… a recession that is doing everything it can to suck us back into it.

Kevin Rhodes w/Keller Williams Realty ~ Dallas/Fort Worth

krhodes@kw.com

832-233-0265

www.RealtorRhodes.com or www.SalesInYourNeighborhood.com

Euless – Glade Parks – Set to Rival Southlake Town Square

Leaving the Grapevine area, have you ever driven south on 121 wondered what that large vacant commercial lot was going to be just on the west side of 121 right past Glade Road (between Glade and Cheek-Sparger)?   Well so have I!

It looks as though after a 2 year break in construction on what is being called  Glade Parks (a Southlake Town  Square rival), construction will resume shortly.   Read more from the Fort Worth Star Telegram.

Apparently, the recession hit and halted construction on this project just after it began.   With the developer and city now looking at was to take baby steps towards progress, be on the lookout for those baby steps to begin walking soon.   This has the opportunity to have a huge impact on the surround community of Colleyville, Grapevine, and Eulessincluding the city taxing district of Euless (the city the project is being built in).   New plans call for Glade Parks to be constructed on the 193 acre tract of land in phases.   This will help intice commitments from retails and begin generating sales tax revenue dollars.   And that is something this economy needs each and every day!

Kevin Rhodes w/Keller Williams Realty Dallas/Fort Worth

krhodes@kw.com  or 832-233-0265

www.RealtorRhodes.com or ww.SalesInYourNeighborhood.com

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Home Buyers – Don’t Look at Too Many Houses!!!

Going looking for that new house sure can be exciting right?   But it can also be exhausting!   Almost every buyer that I work with initially wants to see everything that is on the market before they make a buying decision.   And then I ask, “But if we found that perfect house, that was 100% what you were looking for, why would you want to continue to search for the second best home when the first place home is right in front of you?”   This usually can help put things into perspective.

Many times buyers want to look at 10 or more  homes a day, sometimes day after day.   All I can say is… Don’t Look at Too Many Houses!!! Personally I recommend viewing no more that 6 properties in one trip.   Even at 6, it will be easy to forget the first home that you saw.   And forget about trying to remember where the 1/2 bath was or how big the pantry was in house number 2.   Even with the best of notes, the smartest buyer can easily still mix up the properties and their details in their mind.   not to mention the physical exhaustion that can set in after say, house number 8.

This is why I suggest limiting your search to no more than 6 houses per day if at all possible.   First see the homes that are in the buyers top criteria first (i.e. favorite city, subdivision & school district and exact home features they desire).   I call these, Category A.   Then if we can’t find anything that tickles the buyer in this category,  move to Category B (and so on, and so on…).

And when  you (or somebody you know) are ready to look at homes in the Dallas/Fort Worth area,  I look forward to helping you out!

Kevin Rhodes w/Keller Williams Realty Dallas/Fort Worth

832-233-0265

krhodes@kw.com

www.RealtorRhodes.com or www.SalesInYourNeighborhood.com