So, you're looking at selling some real estate.  First things first, see what is other real estate is going for and request a free CMA (Current Market-Value Analysis).  Read through the Q&A for commonly asked questions by perspective sellers.

You've Got Questions??                       I've Got Answers!!
   

*****Types of Sales*****
Lease Options? A Lease-Option is different than a Lease-Purchase.

A Lease-Option allows the potential buyer the "option" of purchasing the home after the potential buyer has rented the home for a specified period of time.

A Lease-Purchase requires the purchase of the home after the specified period of rental time.

In both cases, the rent is higher than normal allowing part of the rent to be utilized for the down payment of the home.

Short Sales Sale occurring when the price is below the amount owed on the home.

The owner will need to negotiate with the lender and in some cases the mortgage insurance company must be involved.
   
   

*****Financial Information*****
Property Taxes? A local assessment required by the county or local authorities to assist in paying for public services.

Property tax is usually calculated via a percentage of the property value.  These taxes are usually due in December and April.

They may be added to your mortgage payment and escrowed for easier payment.

Some communities have programs which can reduce your property taxes.

 
Appraisals & Market Value? A professional estimate of a property's market value.

Appraisers perform a market comparison to establish the value.

The comparison evaluation includes location, square footage, construction quality, and sales of other homes in the area.

Appraisal fees usually range from $200 and up.

 
Insurance? According to the Insurance information Institute, a Washington, D.C.-based nonprofit group for the insurance industry, a standard homeowners policy protects against fire, lightning, wind, storms, hail, explosions, riots, aircraft wrecks, vehicle crashes, smoke, vandalism, theft, breaking glass, falling objects, weight of snow or sleet, collapsing buildings, plumbing, heating or air conditioning systems.

Insurance should be obtained for equal the replacement cost of the value of your home.  Mortgage companies will require this minimal amount of insurance.
Seller Financing? What is Seller Financing:

Sometimes homeowners are anxious to sell and will finance the purchase themselves, especially when they fully own their home.

Vs. Lender Financing

Sellers financing differs from traditional loan because there is no cash changing hands to complete the purchase.  Credit is extended against the price of the home while the buyer executes a promissory note and trust of deed in the seller's favor.

Paperwork is prepared by the title or escrow company.

The seller must be as careful as a traditional lender when it comes to the creditworthiness or the buyer.
   
   
   

*****The Selling Process*****
Preparing for selling? Make your home look as nice as possible.

Sweep sidewalks and patios.  Keep lawn mowed, bushes trimmed, and debris out of yard.  Clean windows and make sure there is no flaking paint  Make the interior look good by cleaning the furnishings, walls, and ceilings as well as the floors.  Keep the bathrooms and kitchen clean.  Organize the closets and garage and keep tidy.  Make sure all basic appliances and fixtures work, fix leaky faucets and frayed cords.  Make your home smells good when potential buyers are there, put on pleasant background music.    

Disclosures? Either the seller or the seller's broker must disclose all facts materially affecting the value or desirability of the property which are known or accessible only to him.

Usual Disclosures:

What are the homeowners association dues?  Were local building Codes and permits followed during updates to the home?  Are there any neighborhood nuisances or noises?  Any death within three years on the property?  Any Restrictions on the use of the property, zoning ordinances or association rules?
Deed In Lieu of Foreclosure? The owner will turn over the property to the lender to satisfy the loan due to non-payment and avoid foreclosure from occurring.

Webster Definition: A Deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e., the borrower) conveys all interest in a real property to the mortgagee (i.e., the lender) to satisfy a loan that is in default and avoid foreclosure proceedings.