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The Pitfalls Of Selling Your Home Without A Realtor
By J Harris
For those individuals who use realtors to buy or sell a home, the transaction looks fairly seamless. It goes something like this:

•Buyers:
oContact a realtor, who elicits from them what type of property they wish to purchase.
oThe shows them several properties, until they make an offer on one and it is accepted.
oThey go with the to the mortgage lender, that the may have lined up for them and set the appointment. The buyers provide any information the lender needs and signs the appropriate paperwork.
o The buyers and meet at the closing to sign all the papers, get the keys, and go to their new home.

•Sellers:
oContact a realtor, who discuss with them their pricing preferences and timelines for the sale.
oRealtor does a walk-through of the property, suggesting things that should be done before listing the property.
oSellers make the repairs or renovations.
oThe lists the property.
oThe realtor, as well as other realtors, shows the property to potential buyers until an offer is made and accepted.
oInspectors and appraisers show up, then leave to make their reports, and the gives the results to the sellers and buyers’ agent.
oOnce the tells them everything is complete, the sellers move out before the closing.
oSellers and meet at the closing to sign all the papers, sellers and receive their checks, and they hand over the keys to the property.

This is very simplistic; yet when a is handling your buying or selling needs, this is pretty much how it appears.

Of the homes sold across the nation, 20 percent are sold by the owners, without a realtor. Surveys show that the primary reason is money; the sellers wish to save the cost of a realtor’s commission, which usually ranges between five and seven percent of the purchase price of the home. Unfortunately, many of these owners end up regretting their decisions, because it costs them that five-to-seven percent or more due to unexpected pitfalls in the sale.

First, there is a lot involved in the sale of a home. Realtors assist with the before-listing preparation; help you set a starting and deal-killer selling price (the price level you will not accept); setup and hold open houses; set up and coordinate all home inspections and appraisals; and set up and coordinate a real estate attorney and the closing. Realtors market your home to a broad base of interested buyers and other realtors, show your home or coordinate

Illinois and Wisconsin Mortgage Rates as of 08/28/2008 9:59 AM CST : Current Mortgage Rate Trend: steady
30 Year fixed: 6.500% (6.565% APR) 15 Year Fixed: 6.000% (6.105% APR) 3/1 Jumbo ARM: 7.000% (7.165% APR) 5/1 Jumbo ARM: 7.375% (7.543% APR) 5/1 ARM: 6.250% (6.313% APR) 3/1 ARM: 6.250% (6.313% APR) 30 Year FHA and VA: 6.500% (6.564% APR) 30 Year Rural Housing: 6.750% (6.815% APR) 3/1 ARM Lot Loan: 6.875% (7.034% APR) 1/1 ARM Lot Loan: 6.725% (6.882% APR)
Illinois and Wisconsin Mortgage Rates as of 08/27/2008 9:59 AM CST : Current Mortgage Rate Trend: steady
30 Year fixed: 6.500% (6.565% APR) 15 Year Fixed: 6.000% (6.105% APR) 3/1 Jumbo ARM: 7.000% (7.165% APR) 5/1 Jumbo ARM: 7.375% (7.543% APR) 5/1 ARM: 6.250% (6.313% APR) 3/1 ARM: 6.250% (6.313% APR) 30 Year FHA and VA: 6.500% (6.564% APR) 30 Year Rural Housing: 6.750% (6.815% APR) 3/1 ARM Lot Loan: 6.875% (7.034% APR) 1/1 ARM Lot Loan: 6.725% (6.882% APR)
Effective July 14, 2008 FHA mortgage loans will charge new mortgage insurance premiums
Effective July 14, 2008 FHA mortgage loans will charge new mortgage insurance premiums based on a combination of credit scores and percentage down. FHA will implement risk-based premiums on one- to four-unit single family mortgages.
Illinois First Time Home Buyer Mortgage Wisconsin First Time Home Buyer Loans
We pride ourselves on being able to assist the first time home buyer in learning and understanding the process. We take the time to review the credit process and explain the various lender programs available.
Illinois FHA Mortgage Wisconsin FHA Mortgage (Federal Housing Administration)
Ameristar Mortgage offers Illinois and Wisconsin FHA mortgage loans to Wisconsin and Illinois residents: Purchase a home thru FHA with no money down (100% financing). Cash our refinance with an FHA mortgage to 95%. Ameristar Mortgage is an approved mortgage broker for FHA loans in Wisconsin and Illinois including Chicago, Milwaukee and Madison.
Illinois and Wisconsin Jumbo Bank Statement Mortgage Program
Due to ever changing guidelines to the stated income program Ameristar Mortgage now offers jumbo bank statement mortgage programs to $1,500,000 available to Wisconsin and Illinois residents.

with you for other realtors to show it, negotiate offers, and close the sale. They even coordinate the timing of the sale, when you are buying other property that is dependent upon the sale of your home.

For buyers, realtors first help you to determine just how much you can afford to pay for a home — it is generally more than most people believe. They then weed through the myriad of homes that are on the market, matching potential homes to your purchase specifications. They arrange to show the homes to you, assisting in what to look for, what questions to ask, and after-showing discussions with you on possible problems or good points of the home. Realtors assist you in making an appropriate offer. They do all of the negotiations for you, representing your best interests — especially important when a seller has a professional representing them. Once your offer is accepted, the may even suggest mortgage lenders and accompany you to your first meeting. Your then works with the seller’s representative to ensure all inspections, appraisals, title searches, and permitting is properly completed, negotiating for you resolutions to any bad inspections. Again, working with the seller’s representative, the coordinates a real estate attorney for you, as well as the closing.

Realtors know the right questions to ask — it is their job as professionals to keep abreast of the real estate market for their area. They handle any problems that arise, protect you as the buyer or seller, know what to avoid in real estate and during negotiations, and know what is/is not covered by the home warranty of the sale. They also ensure that all compliance and disclosure issues are dealt with properly, making sure that nothing is overlooked that could cause you a legal problem in the future.

Most importantly, a maintains objectivity during an event that can be emotional for both buyers and sellers. Your remains objective during negotiations, executing the best deal possible for you.

To avoid the pitfalls of selling or buying property, use a realtor, who may save you a lot of money in the long run.

John Harris is an expert researcher and writer on real estate topics such as economics, credit improvement tips, home selling advice and home buying preparations. For more on San Diego Homes for Sale visit www.twtrealestate.com