The Hidden Horrors of Going FSBO (For Sale by Owner)

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piggy bank surrounded by coinsMany home sellers have considered skipping the real estate agent to save on closing costs, but very few have actually succeeded in seeing those savings. There’s a good reason: the average homeowner doesn’t have the rigorous training and real estate knowledge that a licensed agent does.

But just what makes For Sale By Owner (FSBO) such a bad idea? From incessant inconveniences to costly paperwork mistakes, here are a few of the horror stories that FSBO sellers inevitably encounter.

The Daunting Task of Marketing Your Home

It takes more than a “For Sale” sign in your front yard to make buyers notice your home. According to the National Association of Realtors, 95% of buyers use the Internet in their home search.

This means that online marketing — starting with listing your home on the local listings database, sharing your listing to dozens of social media platforms, and advertising your listing on numerous websites with a global audience — is essential to selling your home.

Without an Agent, Home Marketing Isn’t Cheap

This is where it gets expensive: yard signs, newspaper ads, brochures, high-quality photographs, and a professional-looking website — things real estate agents have at their disposal — are your responsibility to finance and maintain when you have to do your home’s marketing yourself.

Incorrect Home Pricing: The Ghosts of Lost Profits

chart of fluctuating home valuesEven after all that marketing, FSBO sellers don’t actually make more money. In fact, many lose money.

The research backs it up: the National Association of Realtors reports that the average home sold with an agent sells for $240,000. FSBO homes, however, sell for only $185,000. What you could save in commission you lose by pricing your home incorrectly or skimping on the marketing.

Without an Agent, Finding the Right Price is Impossible

Part of the problem with a low-dollar sale is the asking price. Real estate agents have more tools and resources, plus an intimate knowledge of the local housing market, so they can spot a wrongly priced listing from a mile away. FSBO sellers, however, have only limited access to home value tools and resources about past sales activity.

The Mountains of Paperwork

stacks of papers in bindersUnderstanding the paperwork involved in a real estate transaction is one of the biggest challenges of selling For Sale By Owner.

After all, the contract isn’t just an agreement about the price; it also includes contingencies (like those for home inspections and financing), the closing date, and other important terms.

Without an Agent, Sellers Can Make Costly Mistakes

The paperwork involved in a home sale can be complicated and full of legal jargon. An oversight could mean a costly mistake or even a lawsuit. Real estate agents, however, have the knowledge and understanding to take care of all the necessary disclosures.

Don’t Become the Next FSBO Horror Story

Sign that says For Sale By OwnerYes, commission is a sizable chunk of change. But so are the hidden fees and lost profits, not to mention the added stress, that come with selling a home by yourself. The best way to save money, save time, and save headaches is to work with an experienced real estate professional.

We’re here to help! Give us a call and let’s talk about the home selling process.



It pays to Shop Home Insurance on Hilton Head Island

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It’s a good idea to shop your property insurance in the Hilton Head area.  One of our clients will save $10,000 per year in flood insurance alone(with some modifications).   These savings may not be available for every property, but it certainly pays to shop.  This article on flood insurance  could be good news for many Hilton Head home owners.  If you would like some recommendations for Insurance Agencies in the Hilton Head area just let us know.  We can be reached at info@hiltonheadproperties.biz or call us at (843)785-7111.



6 Reasons Why Owning a Hilton Head Home is Awesome

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From personalizing your living spaces to turning a profit when you sell, there are dozens of reasons why first-time home buyers can’t wait to find a home and make it their own. Though there are plenty of benefits of owning a home, here are the six benefits that stand out from the rest.

decorated room in a home

1. You Can Customize Your Space

Whether you want to invest in the latest high-tech home features or paint your walls neon green, owning a Hilton Head home or villa gives you the freedom to do just about anything you want.

cute dog in a backyard

2. You Make the Rules

Unlike with a rental property, where a landlord can dictate what you can and can’t do while living there, living in your own home means you have the freedom to host parties, adopt a pet, plant a garden, you name it. As a homeowner, you are in total control!

calculator next to accounting sheet

3. You Can Take Advantage of Tax Breaks

It’s true what they say: owning a home or second home is an investment. But that doesn’t mean there aren’t ways that you can reap financial rewards up front. The IRS allows homeowners and second homeowners to deduct mortgage interest and property taxes.  Primary homes also can deduct capital gains from their annual taxes.

flowers in a street median

4. You Can Better Invest in Your Community

Eager to make friends with your neighbors? Want to participate in homeowners association meetings, go to the beach more or spend a little more time with family? When you own a Hilton Head home, you can truly become an important part of the community.

cozy home

5. You Can Put Down Roots

Speaking of getting involved in your community, owning a home also allows you to settle down and establish roots in a home and Hilton Head neighborhood that you love.

increasing heights of coin stacks

6. You Can Earn Money Back When You Sell Your Home

The longer you own your Hilton Head home, the more equity you could build. And if the homes in your neighborhood are appreciating in value, you can earn a significant amount of money back when you decide to sell your home — maybe even thousands of dollars!

Want to Own a Home of Your Own? We Can Help!

Hilton Head ownership is a rewarding experience, especially if you have the right tools and resources at your fingertips. If you’re considering buying, give us a call and let’s talk about your plans!  Our agents can be reached at info@hiltonheadproperties.biz or by phone at (843)785-7111.



Come Visit Buoy #8 This Fall

Be the first to comment on this post Categories: Communities and Areas, Great Properties, Hilton Head Buyers, Hilton Head Sellers, Hilton Head Vacation Rentals, Vacation Getaways

Fall on Hilton Head Island offers a relaxed pace, wonderful temperatures, beautiful sunsets and Buoy #8.  Thanks to Irma, we have a 13,000 pound buoy that washed up on Coligny Beach.  It has become a popular photo-op for visitors and locals.  Some Islanders want to keep it to symbolize our Island’s resilience to challenges like Irma and Matthew.  While she blew in only a week ago, the Island Resorts are open for business and agents are busy showing real estate once again!  
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How Buyers and Sellers Have Lost Thousands of Dollars to Email Scams

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laptop and smart phoneEmail scams are as old as, well, email, but as the years go by, these scams have become more and more sophisticated. Recently, several home buyers have fallen victim to specially targeted email scams that attempt to rob them of their closing costs — sometimes up to hundreds of thousands of dollars.

These types of scams are devastating both financially and emotionally, especially when your home is involved. But to help protect you from email scams targeting the real estate industry, we have outlined a few tips about what these scams are and how to avoid them.

What Email Scams Are Common?

Though the method through which hackers collect personal or financial information is always changing, there are a few basic types of scams that buyers and sellers should be aware of.

Phishing

fishingThis type of scam attempts to “fish” for sensitive personal or financial information (such as passwords or credit card numbers). Many emails used in recent phishing schemes look legitimate; they may use the name of a trusted company or individual as the sender name, but the email address is slightly different than the company’s or individual’s verified address.

These types of email messages may also ask you to verify information or click on a link, which could install harmful software on your computer.

Wire Transfer Fraud

A specific type of phishing email that has been targeting home buyers recently is one that asks buyers to wire their closing costs to another account. The email typically crafts some urgent scenario, such as a last-minute change in wiring instructions, and urges the recipient to act quickly by wiring the money to the new account. This phishing email has led to home buyers losing thousands of dollars — in some cases, the entire purchase price of the house — to scammers. Unfortunately, the money can’t be returned once it’s gone.

Wire transfer fraud scams are especially dangerous because the emails appear to be sent directly from the real estate agent, the electronic signature company, or the title company. There may not be any misspellings or grammatical errors in the email message (which were surefire signs of a scam in the past), the message itself may be friendly and conversational, and any information related to the real estate transaction may be detailed and accurate.

How You Can Avoid Falling Victim to Email Scams

Now that you know what types of scams have plagued the real estate industry, here are a few tips you can follow to prevent yourself from falling victim to a devastating email scam.

person dialing a phone numberVerify that you received an email from the right person. Ensure that any emails you receive are legitimate by contacting the sender directly. Make sure you look up their phone number instead of clicking on the number provided in the email signature, which may be the scammer’s phone number.

Verify that the email address is legitimate. When you receive emails that appear to be from your real estate agent, title company, or attorney, check to make sure the sender’s email address does not contain misspellings, extra characters, or anything unusual.

Never share sensitive information via email. Your real estate agent will never ask you to send sensitive personal or financial information in an email.

Don’t touch an email that looks suspicious. Never click on any links or download any attachments from an unverified email, even if it looks legitimate. These links or attachments could be malware that will harm your computer.

Always use strong passwords. Use passwords that contain letters, numbers, and special characters, and change them periodically.

Update your antivirus software. Protect your computer from malware by ensuring your antivirus is up to date.

Report suspicious emails. If you receive an email that seems suspicious or is in fact a scam, report it to the Federal Trade Commission immediately.

Contact Us to Learn More

We’re aware of scams like these, so it’s our goal to keep you informed whether you’re buying or selling a home. Give us a call and we’ll provide you with any additional resources you need!



Hilton Head Is Open For Business!

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Pop in any time at one of our three offices…
 

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Hilton Head is Open for Business

Hilton Head Island is cleaning up this time with leaf blowers(not chainsaws) and in a matter of days(not months) our Island will be open for business as usual.  For the vacation guest and returning owners, it will be really hard for them to tell that a Hurricane rolled through. There have been conflicting reports about the closures on the Island and we wanted to let you know that the Island is now open for business.  So please pass it on!  Click here for a partial list of Business Openings.

Property Updates
 
New Listing #4 Little Harbour – $209,000
Big Views across the marsh to Port Royal Sound in this new gated community off Dillon Road.  Little Harbour will offer five residents some of the best views on the Island.  New model home will be available to see before the end of the year.  Home-site offered at $209,000
 
 
New Listing:  217 Barrington Court – $399,000
Oceanfront and wonderful!  Located in Palmetto Dunes this beautiful villa offers 2nd floor views to the Ocean, a big patio, open kitchen, granite tops, newer cabinetry and underneath parking!  Price to sell!
Robbie Bunting, 12 New Orleans Road, Hilton Head Island, SC 29928
Sent by info@hiltonheadproperties.biz in collaboration with
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Hilton Head Island is Open for Business

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Hilton Head Island is cleaning up this time with leaf blowers(not chainsaws) and in a matter of days(not months) our Island will be open for business as usual.  For the vacation guest and returning owners, it will be really hard for them to tell that a Hurricane rolled through.  There have been conflicting reports about the closures on the Island and we wanted to let you know that the Island is now open for business.  So please pass it on!  Listed below are just a few of the businesses open.

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In the wake of Irma, update for Hilton Head Island

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Tidal surges and coastal flooding in the Hilton Head area occurred at high tide yesterday at noon September 11.  Hurricane Irma brought water into our neighborhoods and some of our homes and we have cleanup ahead of us.  In Irma’s wake many properties are high and dry, but some properties did not fair as well.  If you would like an update on a neighborhood, vacation rental or property, please feel free to email us or call me at (843)341-4801.   We have also listed several links that provide helpful updates.  #HiltonHeadStrong

 

Helpful Links for the Hilton Head Area Post Irma



Hilton Head Properties Hires Internet Marketing Expert Group

Be the first to comment on this post Categories: Hilton Head Main, Hilton Head Vacation Rentals, Vacation and Long Term Rentals, Vacation Getaways

Hilton Head Island Realty and Rentals recently hired Tennessee marketing agency, Internet Marketing Expert Group (IMEG) to improve upon marketing efforts.

Darcey Sundling, Property Manager with Hilton Head Properties R and R stated, “Beginning on September 1, 2017, we will be working with the team at IMEG to continue growing our company while increasing bookings and revenues for each of our owners with proprietary software to improve our guest experiences.

IMEG is focused on growing businesses in the travel, tourism and hospitality industry with a proven track record of increasing revenues through their digital marketing strategies and tools. They have also been named to the Inc. 5000 List of fastest growing private companies in America each year since 2013.

“We are excited to add Hilton Head Properties Realty and Rentals to our list of clients. We love partnering with forward-thinking vacation rental companies, like Hilton Head Properties Realty and Rentals who are already successful and looking to partner with people to take their business to the next level. As business owners, we understand the amount of time, effort and money it takes to establish and maintain an organization. Because of this, we are determined to help Hilton Head Properties Realty and Rentals achieve the highest results possible for the company and their stakeholders, the property owners,” said Justin Jones, CEO and Founder of IMEG.

Property owners can expect an increase in visibility from social media to organic search as well as an improved guest experience and online reviews to help with conversion and repeat guests.

Some of the services IMEG will be providing include: search engine optimization, social media, email marketing and content marketing. Each of these services will assist in building our online presence and increasing revenues for our owners.

For more information about IMEG, please visit www.imegonline.com.  If you would like to contact Hilton Head Properties R and R for more information about rental management, rental proformas or vacation opportunities, please contact Darcey Sundling at (843)785-2242.



6 Questions to Ask When Considering a Neighborhood with an HOA

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community pool with inflatable innertubeLet’s say you have your heart set on buying a home in a community with a swimming pool, a clubhouse, and maybe even golf or a marina. Having access to these amenities often means living in a community with a homeowners association, or HOA/POA.

Generally, an HOA is responsible for keeping the neighborhood looking beautiful — and as a result, keeping property values high. But since no two neighborhoods are the same, no two HOA’s will be the same, either. Read the rest of this entry




Copyright © 2017 Hilton Head Real Estate. All rights reserved. Disclaimer: All content on this blog is my own opinion and should not be treated as fact or relied upon when purchasing or selling real estate.
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