Real Estate Web

Private Sale or choose a Real Estate Agent?
Some homeowners decide to sell their homes themselves in order to save the commission charged by a real estate agent. The commission rate may vary, depending on where you live or what agency you choose. However, handling your own sale means you will be responsible for placing ads, answering phones and showing your home to strangers. What's more, buyers who know you are saving on an agent's commission may offer less for your home, wiping out the financial incentive to do it all yourself.
Also, be aware that a real estate agent probably knows a lot more about the business of selling a home than you do. There are many advantages professional agents offer:
If you decide to sell through an agent, ask friends and neighbors for recommendations. Talk to several agents before picking the one you want to work with. Taking a walk through your home with an agent should give you a feel for how that person will handle prospective buyers. Ask prospective agents how they plan to market your home. Don't sign with an agent just because he or she suggests the highest asking price. Negotiate the agents commission prior to listing your home, and sign for a limited period of time -- usually three to six months.

Every seller wants a quick sale with multiple offers at higher than asking price. While market conditions play a role in how fast homes sell, there are certain steps sellers can take to help.

The first step is to make sure you're committed to selling. Putting a property on the market with less than a serious resolve is a mistake. This often leads to unrealistic pricing. Over-priced listings don't sell. If the sellers' motivation changes later and they become serious about selling, it may be difficult to generate interest in the property.

Once you've decided that it's time to move on, find out the current market value of your property. And get to work fixing your home up for sale. You can simplify these steps by finding a good real estate agent to represent you.

Find a reputable agent who works in your neighborhood. If you don't know such an agent, ask acquaintances who had a successful working relationship with an agent to recommend their agent to you. A local real estate specialist will be able to determine the market value of your home. He or she can also advise you about what you should do to your home before selling.

Fixing up your home for sale need not be an expensive proposition. Most homes need de-cluttering. Buyers need to see a home in order to form an attachment to it. If it's crammed with personal possessions, or over-furnished, it's hard for buyers to imagine themselves living there. Clutter is distracting. Too much furniture makes a home appear smaller than it is.

Time Becomes Money
It's a good idea to place your home on the market as far in advance as possible of purchasing a new one. If you find a new home first and then try to sell your present home, you may wind up with two mortgages. If this does happen, ask your real estate agent or banker about a bridge loan to help you make the double payments. Lenders use the same criteria for offering bridge loans as they use for mortgages. Should you qualify for a bridge loan, beware of the expense; during the term of the loan you must continue to pay both mortgages. Shop around for the best terms.
Keep in mind that when people move, sell and buy, there usually is a domino effect. Closing and moving dates have to be coordinated, and the more firmly everyone commits to a window of dates and sticks to them, the better for all involved. Put all agreements about dates in writing, and protect yourself by negotiating financial penalties for failure to comply.

Check Your Curb Appeal
A home that's visually appealing and in good condition will attract potential buyers driving down the street. Use this checklist to view your property through an outsider's eyes.
Are the lawn and shrubs well maintained?
Are there cracks in the foundation or walkways?
Does the driveway need resurfacing?
Are the gutters, chimney and walls in good condition?
Do the window, shutters, siding or doors need painting?
Are garbage and debris stored out of sight?
Are lawn mowers and hoses properly stored?
Is the garage door closed?

On the Inside
Strong curb appeal will lure potential buyers inside, where you have to live up to their expectations. Fortunately, there are plenty of easy improvements you can make to your home's interior without spending a lot of money. Cleaning is No. 1. Your windows, floors and bathroom tiles should sparkle. Make sure you have clean heating and air conditioning filters. Shampoo dirty carpets, clean tubs and showers, repair dripping faucets and oil squeaky doors. Keep your home neat, clean and picked-up at all times. It may not seem fair, but a peek in the oven may be the hallmark by which a buyer judges how well you have kept up your home.
Remove unnecessary clutter from the garage, basement, attic and closets. Also remove any items that might make a statement that would be offensive to others who may not share your same views, beliefs or sense of humor. If your home is crowded with too much furniture, consider putting some things into storage. If a room needs a fresh coat of paint, use a neutral off-white. Think, too, about how your home smells. You may be used to the smell of a pet or cigarettes, but such odors can be a strong turn-off to others. Be certain to remove valuables such as jewelry and other items from view. It might be wise to put these items in a safe deposit box before showing your home. Finally, set a mood for the buyer. Make your house homey with live flowers and fresh guest towels in the bathroom. Place scented potpourri around the house or, on the day you're expecting a potential buyer, pop a batch of frozen cinnamon rolls into the oven for a welcoming aroma.
Remember, cosmetic changes do not have to be expensive. In fact, costly home improvements do not necessarily offer a good return on your investment when you sell. It's attention to the basics -- anything that says "this home has been carefully maintained" -- that will help you get the price you want.

Setting a Fair Price
Naturally, you want to get top dollar for your home. But, at the same time, you don't want to scare off potential buyers with a price tag that's too high. Setting an artificially high price may cause your property to languish on the market for months. Reducing your asking price later on may lead buyers to wonder if there is something wrong with your home. Here are some of the factors to consider in pricing your home:
• Your location
• Economic conditions
• Supply and demand in the local housing market
• Seasonal influences
• Local schools
• Average home prices in the neighborhood
• Your home's extras -- pool, fireplace, central air, etc.
To determine the value of your home, you probably will want the advice of a real estate agent or appraiser. Ask an agent to prepare a market analysis for you, showing the recent selling prices of three neighborhood properties comparable to your own. The agent can help you adjust for the unique features of your own property.

Seek Legal Representation
When selling your home -- particularly if you are selling on your own -- it's a good idea to be represented by an attorney. Look for an attorney with expertise in real estate transactions. When a potential buyer puts an offer in writing and you accept it, the signed acceptance becomes the sales contract. Your attorney will be present at the actual closing to protect your interests and can assist you with the following elements of a sales contract:
• The sale price
• What is included in the sale price -- carpeting, light fixtures, heating oil, etc.
• The amount of the down payment
• The date of settlement and possession date
• Contingencies to the sale--inspections (e.g. structural, lead-based paint, radon), required improvements, legal review of the contract by the buyer's or seller's attorney, etc.
• The amount and length of the mortgage loan, interest rate and time limits to secure the loan
• Determining which closing costs are to be paid by the buyer and which by the seller.

Things to do:

1. Make the Most of that First Impression
A well-manicured lawn, neatly trimmed shrubs and a clutter-free porch welcome prospects. So does a freshly painted – or at least freshly scrubbed – front door. If it’s autumn, rake the leaves. If it’s winter, shovel the walkways. The fewer obstacles between prospects and the true appeal of your home, the better.
2. Invest a Few Hours for Future Dividends
Here’s your chance to clean up in real estate. Clean up the living room, the bathroom, the kitchen. If your woodwork is scuffed or the paint is fading, consider some minor redecoration. Fresh wallpaper adds charm and value to your property. If you’re worried about time, hire professional cleaners or painters to get your house ready. Remember, prospects would rather see how great your home really looks than hear how great it could look "with a little work."
3. Check Faucets and Bulbs
Dripping water rattles the nerves, discolors sinks, and suggests faulty or worn-out plumbing. Burned out bulbs or faulty wiring leave prospects in the dark. Don’t let little problems detract from what’s right with your home.
4. Make Room for Space
Remember, potential buyers are looking for more than just comfortable living space. They’re looking for storage space, too. Make sure your attic and basement are clean and free of unnecessary items.
5. Consider Your Closets
The better organized a closet, the larger it appears. Now’s the time to box up those unwanted clothes and donate them to charity.
6. Make Your Bathroom Sparkle
Bathrooms sell homes, so let them shine. Check and repair damaged or unsightly caulking in the tubs and showers. For added allure, display your best towels, mats, and shower curtains.
7. Create Dream Bedrooms
Wake up prospects to the cozy comforts of your bedrooms. For a spacious look, get rid of excess furniture. Colorful bedspreads and fresh curtains are a must.
8. Open up in the Daytime
Let the sun shine in! Pull back your curtains and drapes so prospects can see how bright and cheery your home is.
9. Lighten up at Night
Turn on the excitement by turning on all your lights - both inside and outside - when showing your home in the evening. Lights add color and warmth, and make prospects feel welcome.
10. Avoid Crowd Scenes
Potential buyers often feel like intruders when they enter a home filled with people. Rather than giving your house the attention it deserves, they're likely to hurry through. Keep the company present to a minimum.
11. Watch Your Pets
Dogs and cats are great companions, but not when you're showing your home. Pets have a talent for getting underfoot. So do everybody a favor: Keep Kitty and Spot outside, or at least out of the way.
12. Think Volume
Rock-and-roll will never die. But it might kill a real estate transaction. When it's time to show your home, it's time to turn down the stereo or TV.
13. Relax
Be friendly, but don't try to force conversation. Prospects want to view your home with a minimum of distraction.
14. Don't Turn Your Home into a Second-Hand Store
When prospects come to view your home, don't distract them with offers to sell those furnishings you no longer need. You may lose the biggest sale of all.
15. Defer to Experience
When prospects want to talk price, terms, or other real estate matters, let them speak to an expert - your Agent.
16. Help Your Agent
Your Agent will have an easier time selling your home if showings are scheduled through his or her office. You'll appreciate the results!

...also

• Choose the form of sale or agency, Auction, Exclusive agency, Private Sales, Sole Agency, Multi List or Open Listing.

• Look at the home as a buyer would. First impressions count. Complete minor repairs and make the property as presentable as possible, Sticking doors and windows, loose door-knobs, faulty plumbing, peeling paint etc. may affect your sale.

• Take photos when the yard is clean, choose a nice sunny day, pick up rubbish in the street to show that it is a tidy neighborhood. Remove any junk mail form the letterbox, keep the garden neat and tidy. Clean inside and out, Arrange outdoor furniture attractively to give a look of leisure, closed garage doors look tidier.

• Establish your property price based on market analysis and comparative sales techniques. A well presented home says "welcome". It doesn’t have to be a "show place" but it should appear a comfortable home in which to live. Your home will be one of many on the market at any time. You need to present your home in such a way to get the best price within a set time. Presentation counts.

• Experience shows that vendors who make this extra effort usually achieve a quicker sale and, in many cases, a higher price.