Friday, October 19, 2012

If you can't get them in you can't sell the listing

No curb appeal = fewer buyers.
Fewer buyers= longer hoding periods.
Longer holding periods = more seller holding expenses
More seller holding expenses = less profit.
Less curb appeal = lower listing price to entice buyers to look inside or inside photos in advertising to the public that will tell the buyer its worth looing inside.

So if you want lower selling expenses and have no curb appeal the lower the price the faster the sale. The faster te sale the lower the caring costs that cut into your profit. Over priced listing shave higher advertising and caring costs and result in slower sales or no sale at all.

Selling staged or empty

Do you want to sell staged or vacant? The answer is that depends on what your budget is and the condition of the property and staging materials. If at all possible stage at lease the rooms that will be shown in on line advertising. Vacant homes never should be advertised as vacant for safety reasons. Staging photos can be taken prior to a property being completely empty or a property can be staged with a minimal amoung of furnishings or prior to old owners moving out if furniture will not date home. Or photos can be limited to exterior pictures, and only a few interior shots of kitchen, baths, fireplace, a close up of hardwoods or flooring. So the answer is that depends. Sometimes less is more. But to much stuff may bring a smaller price or overpower a buyer so they can not picture themself in your property.

Get a home inspection

Have a certified home inspector review the home your purchasing to show you how your home works and to elimate as many visible surprises immediately before or after making an offer.  This will keep you from having as few problems as  possible after you own or beyond the period you maybe able to renegotiate the purchase.  If you are planning on havig a home inspection and have not done this at the time of offer, make sure this is clearly part of the offer.

Home inspectors are licensed and trained to look for more things than the buyer. Unless your family or friends are licensed inspectors even if problems are found you may not be able to renegotiate unless the offer states this specifically ( and seller may not take you as a serious buyer

Friday, October 12, 2012

Don't test drive without a license.

You wouldn't get behind the wheel of a car with out a license. Don't buy a house without a few basis steps. Sellers: (1) Clean, remove all clutter and personal reminders of you and your family (as much as possible)completely from the entire property, and neutalize all colors so any buyer can see their pocessions in your home as their new home. (2)Repair anything that is broken in a professional manner. (3)Market & Price your property correctly. You can't get emotional on a low ball offer or be insulted. Consider hiring a professional Realtor not just a real estate agent. Realtors need to adhere to a code of ethics. (4) Be prepared to negotiate. Buyers: (1) Get pre approved, aprroved, or even get a letter of commitment subject to finding a property and it appraising. The further you are in the process the more seriously the seller will take you as a buyer. Cash buyers need proof of funds. (2) Update your docuemnts regualarly with your lender so you can close quickly. (3) Get a Realtor that is a buyers agent to represent your interest. (4) Be prepared to negotiate on all offers.

Monday, August 15, 2011

Why should I consider a rehab

(1) I'm going to remodel any way.
(2) The propoerty has good "bones".
(3) Location, location, location.
(4) I'm handy or have a contractor that will renovate to my needs.
(5) This works in my price range. 
(6) The works for all of the above reason.

Need a great rehab propoerty? Contact me. You will need to be preapproved for a rehab loan with a trusted lenders or have a proof of funds letter. Either should be in hand to me at or before the time of appointment with a contact person at the lender to verify the authenticity of the lender document prior to any appointment. This is for (1) safety, (2) to make sure you can buy what you are saying you want to buy, & (3) so you will understand what portion of the unrenovated property you will need funds to purchase prior to looking at even one property.

Wednesday, May 11, 2011

Short Sales

Short sales are properties for sale on the market that the seller owes more to the lender than the propoerty is valued for at the current market value.  The seller loan is referred to as upsidedown.  The property has a 2 part negotiation involved on an offer.

(1) The seller aaccepts the sale.
(2) The lender accepts the sale.

Otherwise on offer the sale is similar to a traditional sale except longer 60 to 90 days or even more.  The more lenders the more step(2) partners involved to accept the sales price & terms.

Lika a tradional sale the seller can accept, reject or renegotiate the offer.  Then the process is repeated by each lender tharough a short sales negotiator assigned by each lender.  Besides the other steps on the buyers side of a traditional sales extra appraisals or breoker price opinions are on going to evaluate the market value of the property and negotiate the short fall with the sellers.  

Will a buyer get a better buy with a short sale is dependent on the lenders acceptance of the terms & price on each transaction.  As with every transaction the seller and the seller's lender(that owns more than 100% of the value of the property) must accept the final terms of the price & negotiations for the property to proceed and close with the buyer meeting all of the usual pre-approval process steps of a traditional sale.

Buyers should consult with both a realtor a competent attorney that is knowledgable working short sales transactions to protect there interests as every short sale may not be accepted at the original seller accepted offer price and terms.

Home inspections: pre or post offer

Home inspections are important.  They tell you how the house works and give you visible details of the property condition.  Depending on the stat you live in it's customary for the buyer or the seller to do the inspection.  However, if your the buyer you want to be present to ask how things work and to make sure that everything that needs to be in the report makes it to the written report itself.

Inspections help you determine if (1) you still want the property, (2) if you want to renegotiate the offer, or (3) if you don't want to renegotiate and move on.  It's better to spend a small amount up front on an inspection than a large amount later because you skip this smaller cost step that you may regret later.

On note of caution: get a licensed inspector or the terms of your contract and state law may require a licensed qualified inspector so you can renegotiate an offer.