For Sale by Owner in California, 8th Edition

Save thousands of dollars -- sell your home yourself! Using a broker to sell your home can cost you up to six percent of the selling price -- in other words, if you sell your house for $400,000, you can lose up to $24,000. But you'll save that money if you sell the house yourself, and it's not hard to do! Thoroughly revised and scrupulously researched, For Sale by Owner in California takes you step by step through the entire selling process, from putting the house on the market to transferring the title. Even if you choose to use an agent, this book is a great way to prepare yourself for the home-selling process. Find out how to: *pick the best time to sell *prepare your house for sale *advertise widely and inexpensively *sell while you're buying another house *set the sale price *screen buyers for financial feasibility *make all disclosures required by law *negotiate with potential buyers *handle multiple offers *remove contingencies *complete the escrow process The 8th edition of For Sale by Owner in California reflects the most recent changes in the housing market and laws, and now includes beefed-up sections on disclosure obligations, making a house look good and using the Internet to advertise a sale. It also provides all the forms you need, including: *disclosure forms *offer and counteroffer *sales contract *contingency releases *deeds *second mortgage note *and more All forms come with complete instructions for filling them out. A note to those outside California: Even though For Sale By Owner in California provides state-specific forms and information for Californians, there's plenty of material in the book that can help home sellers in the other 49 states as well. Don't sell your home without it! Table Of Contents......Page 10 Introduction......Page 14 1 When Is The Best Time To Sell Your House?......Page 16 B. Why Sell Your House?......Page 17 C. The Best And Worst Times To Sell A House......Page 18 D. Selling One House And Buying Another......Page 20 E. Benefits Of Timing Your House Sale......Page 23 2 Legal Requirements For Selling Your Own House......Page 26 A. Property Sales Rules......Page 27 B. Encumbrances That May Impede Sale Of Your House......Page 31 C. Dealing With Brokers And Other Third Parties......Page 33 D. Legal Prohibitions When Selling Your Own House......Page 35 3 Tax Considerations When Selling A House......Page 36 A. Calculate Your Gain......Page 37 B. Strategies For Minimizing Capital Gains Tax......Page 39 C. Tax Implications Of Short Sales......Page 41 D. Keeping Track Of Tax Deductions When Selling A House......Page 42 4 How To Work With Real Estate Agents......Page 46 A. Services Offered By Real Estate Agents......Page 47 C. Standard Broker’s Contract: Exclusive Listing......Page 49 D. Modifying The Standard Contract And Commission......Page 50 E. Alternative Real Estate Contracts......Page 51 G. Evaluating Real Estate Agents......Page 54 H. Getting Rid Of A Broker You Don’t Like......Page 58 5 How Much Should You Ask For Your House?......Page 60 A. Determine Prices Of Comparable Houses......Page 61 B. Hire A Professional Appraiser......Page 63 D. Learn The Asking Prices Of Houses For Sale......Page 66 F. Price Your Own House......Page 67 6 How To Tell The World Your House Is For Sale......Page 70 A. Advertise—In The Classifieds......Page 71 C. Hang “For Sale” Signs......Page 74 D. Distribute Your Own Printed Property Fact Sheet......Page 77 E. Marketing Your House On The Internet......Page 81 7 Preparing, Showing, And Making Disclosures About Your House......Page 84 A. Handling Phone Calls......Page 85 B. Making Your Home Attractive Before Showing It......Page 87 C. Preparing For A Safe Showing......Page 90 E. Holding An Open House......Page 91 F. Protecting Your Safety And Property......Page 94 H. Making All Disclosures......Page 95 J. Following-Up After The Open House......Page 109 8 Making Sure The Buyer Is Financially Qualified To Buy Your House......Page 112 A. House Financing Basics......Page 114 B. Evaluating Potential Buyers......Page 116 C. How Bankers Qualify Buyers For Home Purchase......Page 120 D. Seller Financing......Page 121 9 The House Sale Contract......Page 126 B. Only A Written Offer Is Legally Valid......Page 127 D. Types Of Offer Forms......Page 128 E. Understanding The Offer Form......Page 129 10 Offers, Counteroffers, And Negotiations......Page 152 B. The Offer Conference......Page 153 C. Revoking An Offer......Page 157 E. Counteroffers......Page 158 F. Accepting An Offer Or Counteroffer......Page 160 G. Revoking A Counteroffer......Page 161 H. Backup Offers And Wipeout Clauses......Page 162 11 After The Contract Is Signed: Proceeding Through Escrow......Page 166 A. Opening Escrow......Page 167 B. Removing Contingencies......Page 170 C. Title Report And Title Insurance......Page 175 E. Closing Escrow......Page 176 12 What If Something Goes Wrong During Escrow?......Page 178 B. The Buyer Backs Out......Page 179 E. The Escrow Holder’s Role In A Dispute......Page 180 13 When Your House Is Difficult To Sell: Lease Option Agreements......Page 182 A. Lease Option......Page 183 B. Provisions To Include In A Lease Option Contract......Page 184 C. Modifying And Signing The Option Agreement......Page 195 Appendix......Page 196 Quitclaim Deed......Page 198 Moving Expenses With Tax Consequences......Page 200 Hourly Broker Fee Agreement......Page 202 Sign-In Sheet......Page 204 Disclosure Of Information On Lead-Based Paint And......Page 206 Protect Your Family From Lead In Your Home Pamphlet......Page 208 Real Estate Transfer Disclosure Statement......Page 216 Natural Hazard Disclosure Statement......Page 220 Credit Information Form......Page 222 Promissory Note......Page 224 Offer To Purchase Real Property......Page 226 Deposit Receipt......Page 234 Short Form Counteroffer......Page 236 Counteroffer To Purchase Real Property......Page 238 Acceptance Of Purchase Offer......Page 246 Counteroffer Revocation......Page 248 Seller’s Demand For Removal Of Contingencies......Page 250 Contingency Release......Page 252 Extending Time To Meet Contingencies......Page 254 Release Of Real Estate Purchase Contract......Page 256 Lease Option Contract......Page 258 Index......Page 264 Related Products......Page 272 The California real estate market is great for sellers right now. Homeowners can save thousands of dollars by selling a home on their own, or with help from a real estate agent. Thoroughly revised and scrupulously researched, For Sale By Owner in California takes you step by step through the entire selling process. Even if you choose to use an agent, this book is a great way to prepare yourself for the home-selling process. Learn how pick the best time to sell prepare your house for sale advertise widely and inexpensively sell while you're buying another house set the sale price screen buyers for financial feasibility make all disclosures required by law negotiate with potential buyers handle multiple offers remove contingencies complete the escrow process The 8th edition of For Sale By Owner in California reflects the most recent changes in the housing market and federal and state laws. New to this edition are beefed-up sections on disclosure obligations, making a house look good, and using the Internet to advertise your sale.