Tag Archives: selling a home

One Reason NOT to Do Too Much Before You Sell

Usually, it goes like this: During a listing appointment I take a tour of the house and I make recommendations on what the sellers can do to make their home sell faster and/or for a higher price (the two are inter-related).

My recommendations usually involve things like getting rid of clutter (a good rule of thumb is that closets, cabinets, and shelves should all be no more than half-full, all other flat surfaces – tables, counters, etc. – shouldn’t be full at all), sometimes I’ll have them put a table or chair in storage to open up the floor space and to make the room feel larger, and I’ll always tell them to take down any personal pictures and other personalized items (you don’t want the buyers to feel like they are in your house – you want them to feel they are in their house).

Beyond that, if it is necessary, I’ll make some small suggestions as to how they can stage the home a little better. And if necessary, I’ll tell them what they can do to spruce up the house (if the carpets can get away with only a steam clean – then do that, otherwise replace them – and a fresh coat of paint is always a good idea) and we always take a tour of the yard to discuss landscaping. And if the appliances are more than 15 or 20 years old, those might need to be updated as well.

Almost always, a buyer will ask if they should do something major (remodel the bathroom, remodel the kitchen, build a deck, etc.) – my advice is not to do it.

And the reason for this is “the typical buyer spent $4,350 on home improvement projects within the first three months of buying the home. Repeat buyers spent more than first-time buyers.

“Nearly half of home buyers remodeled or made improvements to their kitchen.

“Close to half remodeled or improved a bathroom in that time frame.”

This is all from data collected in a survey of people who bought a home from late 2005 to early 2007 done by the National Association of Realtors.

It is true that in today’s markets buyers are expecting a house to be in move-in condition. Everything has to work and nothing can be broken – but every homeowner has their own ideas on what they want done in their house: whether it is a certain kind of appliances in their kitchen, or a special kind of whirlpool bath.

The point is, neither you as the seller or me as the agent can anticipate exactly what the buyers expectations are going to be, so we shouldn’t try.

Get your house ready to move-in by fixing it up the things that need to be fixed up, but you don’t need to do anything major.

Real Estate Agents and Selling a Home

Real Estate Agents and Selling a Home

As you probably know, selling a home can be a long and sometime stressful process. While some sellers get lucky and find a buyer within a matter of days, this is far from being the status quo. The fact of the matter is that most homes sit on the market for a month or longer. Are you going to be able to handle everything that comes along by yourself? If not, you need to look into hiring one of the many real estate agents that are surely doing business in your area. As you can imagine, getting the assistance of an agent is often times much easier than working on your own.

There are some people who would prefer to sell their home by owner. And if you decide to do so, there is nothing wrong with this. Just remember, when you sell by owner you are not going to have anybody to talk to or lean on during the process. Instead, you will be doing everything from staging open houses to negotiating on price on your own. Are you ready for such a large task?

When you hire a real estate agent to help sell your home, they will get a feel for you and your property and then take things from there. The nice thing about this is that you can let your agent do all of the difficult work while you sit back and hope for a buyer to come around. The best real estate agents are the ones who will actively seek out buyers for your home. They do this through various marketing techniques, as well as calling clients of theirs who are in the market. This is why hiring an experienced and well versed real estate agent is very important.

You can sell a home by owner, or you can do things the smart way. There are not too many people who sell by owner, and admit when everything is done that they were right. The bottom line is that real estate agents are in business to help you sell your home. If you are going to put your property on the market, you might as well let an agent assist you. This holds true even if you do have to pay them a small percentage of the selling price.

Owner Financing

One option to buying a house when you can’t get a mortgage for the full amount is called owner financing (or seller take back).

There are many details to consider if you are going to get involved with owner financing.

Remember, this is not the same as getting a loan from a bank or mortgage lender. If you are going to get involved with owner financing, that is perfectly fine. But with that in mind, you need to make sure that you are aware of the details that surround this type of deal. Remember, when you are not working with a bank or lender, things are going to be a bit different. While this may not bother you, some people feel that owner financing is a bit too risky.

All in all, this is a decision that you will have to make on your own.

The first thing that you must consider is how long you will have to pay your loan when dealing with owner financing. With a traditional 30 year fixed rate mortgage, you more or less know exactly what you are up against. But with owner financing, this may be far from the case. Make sure that the term of you owner financing is detailed in depth so that you do not end up getting the bad end of the deal in the long run.

To go along with the owner financing term, you also need to take a closer look at the interest rate that you are going to pay. Just like a loan that you will get from the bank, you are going to have to pay interest to the owner. Of course, this should be negotiable, but with owner financing you usually have to pay a higher rate. This is common because it goes a long way in protecting the owner of the property.

But speaking of protection, what are you doing to keep yourself safe? When dealing with owner financing, you need to make sure that you know what you are getting yourself into. Is the owner somebody that you can trust? Are you afraid that they are going to leave you hanging? The best way to avoid a skeptical situation is to not get involved at all. But if you are going to, make sure that you take the time to have a perfect contract in place.

As you can see, owner financing is not something that you should jump into without thinking about what you are doing. Take your time when deciding if owner financing would suit your current financial situation.