Rental Money Transfer

What happens to the advance deposits you have already collected for this year?

If you are selling a rental property, there is a good chance you will be in possession of advanced rental deposits at the time of closing. This money is considered rent and therefore belongs to whoever owns the property at the time the renter occupies the premises. What this means is you might owe some or all of these advance rents to the buyer.

Here is an example of how this might play out; A buyer looks at your house in the end of May and makes an offer in June. The closing takes place on a Wednesday in July while renters are enjoying your house on their vacation. The rental money will be prorated so that all the proceeds collected by you or the rental company for the timeframe before the Wednesday closing will remain yours and any money collected for the timeframe after closing will go to the buyer. If the closing takes place in the middle of the day, you and the buyer will each receive one half of that day's rent.

If the closing takes place in May, before any renters check in but after you have already collected the advanced rental income for the season, you will have to turn over all of the rental proceeds to the buyer. You will not be the owner during any of the time the house is rented so none of the money goes to you.
This may not seem fair but if the renters will be using the house at a time when the buyer is the new owner then it really is only fair that the new owner receives the rental income.

This is one of those little things that gets routinely overlooked by everybody up until the closing statement is distributed. You need to know this up front to avoid the shock that many sellers experience just before closing when their closing attorney notifies them of their proceeds. Don't worry if you have already spent this money as the funds can just be subtracted from your closing proceeds, so no money needs to actually ever changes hands.

Choosing an Agent

Value Guarantee - What other company is willing to guarantee their home evaluations?
Easy Exit Listing Agreement - If you think you made a mistake choosing Shore Realty, we don't lock you into a listing you don't want.
Feedback - Learn what other agents and their clients think about your property.
Commission - You choose how much you want to pay.
Electronic Signatures - easy peasy paperwork.
Rental Income Protection - see how we help protect your rental income.
Brand Name Realty - Not here.
Agents Buying Listings - The last thing you want to do is use price as the criteria for deciding which agent to use!
Sneaky Agents ....learn to protect yourself.

Pricing

What's Your Property Worth? What the neighbors say is usually wrong.
Chasing The Market - Easy trap to fall into and expensive.
Absorption Rate How long to get rid of existing housing inventory?
Market Value What is Fair Market Value?
Fair Market Value - how fair is fair?
Competitive Market Analysis - You will be provided with a complete Competitive Market Analysis showing you just how your house compares to others in the same neighborhood. Sign up HERE

Marketing

Print Advertising - Your property will receive unprecedented continuous exposure every month it is listed for sale. Your ad will appear every month in the Homes and Land magazine, instead of the typical ad rotation.
Virtual Floor Plan - Each residence is measured room by room for a concise virtual floor plan with lots of inter grated pictures of the property for a true Virtual Tour and not just a slide show of pictures.
Maximum Internet Exposure - Your property will be exposed to millions of people on 30 national real estate websites and with 8 news organizations including ABC, FOX, New York Post, Washington Post, New York Times and Cox Media.
Professional Photography - Don't let your house languish on the market because of poor quality pictures. Too many listing agents treat photos like it was still the last century. Pictures sell real estate!
Lock Boxes - Electronic lock boxes provide 21st century access.
MLS - Your property information will be entered into the Multiple Listing Service, including color photographs of the interior and exterior of the house, if applicable.
Open Houses - If the first Open House has a good turn out we will follow up with more.
Reverse Offer - Backwards real estate.
As Is - Is this the best way to get what you want?

The Offer

Low Offers - Blessing in disguise!
Loan Contingency Protection from flaky buyers.
Counteroffer What to do after the offer comes in.
Earnest Money Deposit Who gets to keep it.
Due Diligence You won't believe how the state treats sellers in the new Offer To Purchase.
Time is of the Essence Hurry up and get in line.
Emotions - Don't let them get in the way.

The Closing

Advanced Rental Deposits Who gets the money?
Out of State Sellers do not need to worry.
Closing Costs - How much more will it cost?
Utility Transfer Lastly, let's get rid of those utility bills.

Not Ready Just Yet? Home Selling Articles

Sold Update - Receive automatic email updates when a property sells in your Neighborhood!
Home Warranty ....while your property is for sale.
Buyer Agency And You The Seller
Termites - Save $500 or more on the sale of yurt house!
Tips For Selling
Do Not Call Stop the annoying phone calls.
Home Inspections - should you get one?
Working With Real Estate Agents explains agency and is required reading by the state of North Carolina.