Selling a house isn't as cut-and-dry as it used to be. Real estate listings are plentiful, but they are not all sold the same way.
1. MLS: Traditionally, a homeowner lists a house with a licensed Realtor who, in turn, places the home's information on the Multiple Listing Service. The MLS is a computerized database of all the homes for sale in the area. Any licensed Realtor can access the information for buying clients.
2. FSBO: This is the commonly used abbreviation for homes sold by owner, without the help of an agent. FSBO, pronounced 'fizz-bo,' is an option for some people, but they typically take longer to sell and sell for less money.
3. 'Pocket' Listing: This little-known option is used by some of the top Realtors in the industry. Basically homeowners tell a trusted Realtor that they are interested in selling their home, but they do not want it announced to the world via the MLS. The Realtor then discretely tells a few key buyers who may be interested in the property.
4. Auction: Selling a home through an auction service has been used to sell distressed and foreclosed properties frequently, but it is also a great way to sell regular homes as well. The excited air surrounding an auction can help sell a home for more money.
5. Deed Transfer: Depending on the financial resources and tax bracket of an individual, it may be wise to simply do a deed transfer to another family member. This method of transferring ownership is often used by older parents who wish to put a home in the name of an adult child for inheritance purposes. A tax adviser should always be consulted prior to transferring a deed in this manner.
6. Deed in Lieu: When homeowners are having trouble keeping up with their mortgage payments, some banks propose a deed in lieu of foreclosure. The homeowner signs the deed back over to the bank and the bank forgives any remaining loan and associated fees, saving the bank thousands of dollars in legal fees.
7. Short Sale: Unlike a deed in lieu, a short sale requires the homeowner to go through the process of selling the home with a licensed Realtor. The bank negotiates any offers that are received and generally accepts less than what is owed in the existing loan.
While the options are plentiful, the fact remains that working with professionals, such as Greenways Real Estate & Auction, is the key to the sale of any successful real estate listing.