Don’t let the slow market get you down. Despite everything you hear in the news, you can get your property sold these days. All you require are some tricks that the pros use. To get your home sold in a short time span, ramp up your real estate property potential using these helpful pointers.

Give your home a makeover that contributes value. That doesn’t mean you ought to run out and install Italian marble. But if hardwood floors are the norm in your neighborhood, replace the carpet. One more thing you can do is to implement the secrets of staging experts, or hire one. Staging could be as easy as a fresh coat of paint, new cabinet hardware and strategically-placed lighting. Think of it as a creative, inexpensive facelift for the home.

Learn what’s wrong with the house and get it fixed. Don’t delay until that serious buyer finds faulty wiring or a termite problem and after that backs out of the deal. Pay for an inspection before hitting the market. Also, it is advisable to come up with a comprehensive home-selling strategy. Don’t put an advertisement on Craigslist, stick a sign in your yard and call it a day. Whether you’re going FSBO or employing an agent, selling your residence in a buyer’s market uses a well thought-out plan with accurate pricing, targeted improvements and focused marketing and exposure.

In today’s world your best option is to hire an aggressive, well-connected property agent. Find a highly skilled agent with a established track record. In this market, name recognition is important, so discover the go-to person for buyers and their agents in your community. Also, consider helping the purchaser buy your home. Offer incentives that put money in the buyer’s pocket, such as buying down the interest rate, absorbing many settlement costs or offering seller financing.

Consider renting or offering a lease option. Minimize the impact of two mortgages by renting your residence out until you find a buyer. Or offer a lease option to a motivated buyer who doesn’t have sufficient cash to buy a home outright. Have the house move-in ready. Include the furniture, flat-screen TV, washer/dryer, appliances, backyard Jacuzzi AND the drain. The less cash a buyer will have to shell out to furnish the home, the higher the perceived value.

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Unforeseen costs connected with buying a property in the UK can incur extra costs of £30,000 to purchase price.

Added property buying costs-The cost of purchasing a property may be £30,600 more than people think asunforeseen costs kick in, it is claimed. A fifth of home buyers fail to set realistic budgets when buying, and then suffer financial strain, according to recent research.The study discovered that 21% of home buyers paid out far more for their new properties then they expected to, that budget gap averages out to approximately £23,000 per purchaser.

In addition, home buyers on average lay out over £8,000,just in the first year post purchase, but at least 23% do not budget for this extra outlay. In total, those unforeseen extracosts could add up to £30,600 for more than a fifth of home buyers.

For the average under budgeted buyer, 60% of the shortfall comes from long term savings, weakening the ability to cope with future rainy days.

That leaves another £13,400, of which just over half, 63%, is funded using credit in the form of personal loans (15%), credit cards (27%) and extended mortgages (21%).  For quite a few, these are long term debts, with only a third, 35%, paying them off within the first year. One fifth of home purchasers pay these debts off in conjunction with their mortgage payments.

These findings demonstrate why methodical planning and budgeting are such important first steps to buying a property. It’s all too easy to overlook expenses and find themselves in a precarious financial position. Households with debt piled upon debt are most likely to be at risk during tough economic times.

House buying and remodelling can be quite a rewarding and lucrative exercise, when done properly and to a budget. But hasty decisions on must have properties, fixtures or fittings will just result in financial turmoil.

The home buyer’s budget gap is symptomatic of a wider feature of the nation’s money management characterised by a propensity to react to circumstances rather than plan ahead.

Managing your own finances efficiently can seem like an enormous task for some.  More than half of adults would like to be more financially astute and in control of their own financial destiny. That’s not a surprise considering the complexity of modern personal finance, with many people operating more than five products but left largely to their own devices when it comes to the tools and guidance needed to really make the most of them.

With house prices forecasted to stagnate and mortgage rates remaining relatively low, there are undoubtedly bargains to be had for home buyers who take the time to plan in advance.

It’s not only about having extra funds put away, although this is key when requesting a mortgage,(mortgage lenders are looking for hefty deposits), it is also very important to be totally aware of all costs and not just the overall purchase figure.

Are you looking to buy or sell property? Why not get the ball rolling and find a top conveyancing solicitor today.

Stamp Duty Land Tax was introduced by the Finance Act 2003, to replace Stamp Duty. It’s a tax payable on real estate purchases by the buyer of land relying on the value of the purchase and subject to any reduction reported.

A land transaction means a transaction where the legal title to a property changes hands, such as a sale, transfer of equity or gift (remortgages where there isn’t any switch are chargeable for duty) and the amount of duty payable is determined by the particular consideration (purchase price) paid, the total amount attributed being a percentage of the consideration, between 0% – 5%.

SDLT Thresholds:

Duty is charged at various rates with respect to the amount of consideration paid for the property. The table below displays what rates are payable:

0 – 125k = 0%

125k – 250k = 1%

250k – 500k = 3%

500k = 4%

From 06 April 2011 a new higher rate of 5% for transactions worth over 1,000,000 will be introduced.

First Time Purchaser Relief:

For purchases finished between 25 March 2010 and 24 March 2012 inclusive, in which the buyer is a first-time purchaser and also the cost is 250k or less, the buyer will be able to claim full respite from duty. An SDLT return will still have to be submitted and an SDLT5 document acquired.

Any individual (in contrast to a company) who has never held a property, either on their own or collectively, anywhere in the world, is a first time purchaser and may be eligible for relief. Anyone who has owned a property in the name of his company may not qualify. Note that a person who acquires a house in England or Wales but had been resident in another nation and owned a property there may not meet the criteria. A person who possessed a property along with a spouse orpartner but included in any divorce settlement or parting understanding failed to maintain any interest or any of the equity would also fail to qualify.

Where a couple are purchasing collectively and one never held a property but the other has, there will be no entitlement to relief for either party.

Disadvantaged Area Relief:

Certain areas of the nation are designated “disadvantaged areas” for the applications of stamp duty. Over these areas complete relief from duty could be enforced on purchases between 125k – 150k. Just like any claim for relief, an SDLT return should be filled out.

To assist you to find out if a place is approved for relief you can use the postcode search tool on the HMRC internet site. Just make use of the search box on the home page and search “stamp duty land tax”. Be careful nonetheless that this particular tool is not conclusive because locations are split by council ward instead of postcode and the postcode search might not be correct for properties which are on the border of a disadvantaged area. If you’re unsure, contact HMRC.

Equity Transfer:

Any transfer of land which leads to at least one of the original holders still left within the title right after completion is known as a transfer of equity. These kind of deal do bring in duty and also the consideration on which it is dependent is the total of any money paid to an outbound owner or by an incoming one and the amount of liability for any mortgage loan that an incoming or remaining owner takes on. The two examples below demonstrate this:

Example one: Jack and Jill marry and Jack decides to include Jill on the deeds. The home is mortgaged and so Jill must become jointly chargeable for the financial obligation. Unwilling to take advantage and Jack’s  good nature she also choosesto pay Jack for her share. The house is worth 320k. The remaining mortgage is for 200k leaving 120k of equity. Jill as a result gives Jack 60k and takes accountability for 50 % of the mortgage debt (100k). The sum of the consideration she’s given therefore is 160k which means duty of 1.6k (1%) is payable. Even if she actually is a first time purchaser she can not claim relief because Jack is not.

Case two: Ben and Holly own a residence together but decided to split up. They aren’t married. The home is valued at 200k, and the outstanding mortgage is for 150k, for which Ben and Holly are jointly liable, leaving behind equity of 50k. Ben decides to acquire Holly’s share and she concurs to offer it for 25k provided Ben takes sole responsibility for the mortgage loan, which he agrees to do. Ben as a result pays Holly 25k and takes on here half of the mortgage debt (75k) generating a total consideration of 100k Duty thus remains “payable” at 0%. It means that although the financial transaction is not exempt and the SDLT return needs to be submitted by your conveyancing solicitor, for the reason that the consideration is lower than the 125k threshold no tax is due.

There’s one category of seller that is always available, whether the market is strong or weak: the extremely motivated seller, or “Don’t Wanter.” These are the people who beg you to take their house. They are ready to give you the deed. These are the people almost always willing to accept your terms. Come up with a Don’t Wanter and it’s your lucky day!

How do you find Don’t Wanters?

1. Check out your local newspaper and shopper for classifieds with headlines such as “Must Sell Now!” “Seller Desperate,” “Lost Job Must Sell,” or “Transferred Must Sell.” You can tell the motivation of the seller by the tone of the ad.

2. Craigslist, Backpage and Kijiji include For-Sale-By-Owner listings for many parts of the country. Look for the “must sell” desperation FSBO sellers in these sources and contact them.

3. Choose some neighborhoods that you would like to invest in, and drive around them. Look for houses that are in need of some maintenance, but are still lived in. Then send the owners letters or postcards that clearly explain that you can buy their house quickly and in any condition. If you are persistent with your marketing, you will be the one they call first when they decide to sell.

4. Look for the people who are in foreclosure and are getting close to the sale date. You can find them in the legal notices section of your local newspaper. These people will be most motivated to find a solution to their problem. The homeowner is likely to see a short sale as the only option out of the foreclosure.

5. Request lists of people who have not been able to refinance from mortgage brokers in your area. A mortgage crisis might be coming in the near future for these homeowners and they could be very motivated to sell.

6. Get the list of divorce filings in you area. Often times divorcing couples just want to sell their house as quickly as possible so that it’s easier to split their assets and move on.

If you want to invest in multi-unit properties, send marketing materials to people who have owner their properties for over 10 or 20 years. These people are more likely to be looking to sell their units and retire. One great option for these sellers is to buy it on a contract for deed that will bring in a steady income, but frees them from worrying about being a landlord.

Out-of-town-owners of single family homes and smaller multi-family properties are great prospects. Since rents have fallen below mortgage payments for these small-time investors, they could be steadily losing money every month. They might be running low on cash reserves and in need of a quick sale to avoid foreclosure.

Probate owners are also often anxious to sell the properties. They might not want to spend the time and money it takes to make a fixer-upper ready to sell, and they might not have the attachment to the property that one might assume. Many times, heirs will sell for a wholesale price just to be rid of a burden.

Take a good look at the property before you buy it. You want to make sure that you don’t inherit any expensive problem properties.

Find the Don’t Wanters in your market and you will be guaranteed a steady flow of very motivated sellers that are often invisible to your competition.

Want to find out more about how to find motivated sellers? Then get a FREE copy of Bob Massey’s eBook all about how to find motivated sellers.