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27 Tips You Should Know To Get
Your Oakland
County Home Sold Fast and For Top Dollar
"...discover how to protect and
capitalize on your most important investment.."
Because your home may well
be your largest asset, selling it is probably one of the most important
decisions you will make in your life. To better understand the home-selling
process, a guide has been prepared from current industry insider reports.
Through these 27 tips you will discover how to protect and capitalize on your
most important investment, reduce stress, be in control of your situation, and
make the most profit possible.
1. Understand Why You Are
Selling Your Home
Your motivation to sell is the
determining factor as to how you will approach the process. It affects
everything from what you set your asking price at to how much time, money and
effort you're willing to invest in order to prepare your home for sale. For
example, if your goal is for a quick sale, this would determine one approach. If
you want to maximize your profit, the sales process might take longer thus
determining a different approach.
2. Keep the Reason(s) You are
Selling to Yourself
The reason(s) you are selling
your home will affect the way you negotiate its sale. By keeping this to
yourself you don't provide ammunition to your prospective buyers. For example,
should they learn that you must move quickly, you could be placed at a
disadvantage in the negotiation process. When asked, simply say that your
housing needs have changed. Remember, the reason( s) you are selling is only for
you to know .
3. Before Setting a Price - Do
Your Homework
When you set your price, you
make buyers aware of the absolute maximum they have to pay for your home. As a
seller, you will want to get a selling price as close to the list price as
possible. If you start out by pricing too high you run the risk of not being
taken seriously by buyers and their agents. If you are pricing too low it can
result in selling for much less than you were hoping for.
Setting Your Home's
Sale Price
If You Live in a
Subdivision - If your home is comprised of similar or
identical floor plans, built in the same period, simply look at recent sales in
your neighborhood subdivision to give you a good idea of what your home is
worth.
If You Live in An
Older Neighborhood - As neighborhoods change over time
each home may be different in minor or substantial ways and you will probably
find that there aren't many homes truly comparable to your own. In this case you
may want to consider seeking a Realtor ® to help you with the pricing process.
If You Decide to Sell
On Your Own - A good way to establish a value is to
look at homes that have sold in your neighborhood within the past 6 months,
including those now on the market. This is how prospective buyers will assess
the worth of your home. Also a trip to City Hall can provide you with home sale
information in its public records, for most communities.
4. Do Some "Home Shopping"
Yourself
The best way to learn about
your competition and discover what turns buyers off is to check out other open
houses. Note floor plans, condition, appearance, size of lot, location and other
features. Particularly note, not only the asking prices but what they are
actually selling for. Remember, if you're serious about getting your home sold
fast, don't price it higher than your neighbor's.
5. When Getting an Appraisal
is a Benefit
Sometimes a good appraisal can
be a benefit in marketing your home. Getting an appraisal is a good way to let
prospective buyers know that your home can be financed. However, an appraisal
does cost money, has a limited life, and there’s no guarantee you’ll like the
figure you hear.
6. Tax Assessments - What They
Really Mean
Some people think that tax
assessments are a way of evaluating a home. The difficulty here is that
assessments are based on a number of criteria that may not be related to
property values, so they may not necessarily reflect your home's true value.
7. Deciding Upon a Realtor®
According to the National
Association of Realtors, nearly two-thirds of the people surveyed who sell their
own homes say they wouldn't do it again themselves. Primary reasons included
setting a price, marketing handicaps, liability concerns, and time constraints.
When deciding upon a Realtor® , consider two or three. Be as wary of quotes that
are too low as those that are too high.
All Realtors® are not the same!
A professional Realtor® knows the market and has information on past sales,
current listings, a marketing plan, and will provide their background and
references. Evaluate each candidate carefully on the basis of their experience,
qualifications, enthusiasm and personality. Be sure you choose someone that you
trust and feel confident that they will do a good job on your behalf.
If you choose to sell on your
own, you can still talk to a Realtor® . Many are more than willing to help
do-it-your-selfers with paperwork, contracts, etc. and should problems arise,
you now have someone you can readily call upon.
8. Ensure You Have Room to
Negotiate
Before settling on your asking
price make sure you leave yourself enough room in which to bargain. For example,
set your lowest and highest selling price. Then check your priorities to know if
you'll price high to maximize your profit or price closer to market value if you
want sell quickly.
9. Appearances Do Matter -
Make them Count!
Appearance is so critical that
it would be unwise to ignore this when selling your home. The look and "feel" of
your home will generate a greater emotional response than any other factor.
Prospective buyers react to what they see, hear, feel, and smell even though you
may have priced your home to sell.
10. Invite the Honest Opinions
of Others
The biggest mistake you can
make at this point is to rely solely on your own judgment. Don't be shy about
seeking the honest opinions of others. You need to be objective about your
home's good points as well as bad. Fortunately, your Realtor® will be unabashed
about discussing what should be done to make your home more marketable.
11. Get it Spic n' Span Clean
and Fix Everything, Even If It Seems Insignificant
Scrub, scour, tidy up,
straighten, get rid of the clutter, declare war on dust, repair squeaks, the
light switch that doesn't work, and the tiny crack in the bathroom mirror
because these can be deal-killers and you'll never know what turns buyers off.
Remember, you're not just competing with other resale homes, but brand-new ones
as well.
12. Allow Prospective Buyers
to Visualize Themselves in Your Home
The last thing you want
prospective buyers to feel when viewing your home is that they may be intruding
into someone's life. Avoid clutter such as too many knick-knacks, etc. Decorate
in neutral colors, like white or beige and place a few carefully chosen items to
add warmth and character. You can enhance the attractiveness of your home with a
well-placed vase of flowers or potpourri in the bathroom. Home-decor magazines
are great for tips.
13. Deal Killer Odors - Must
Go!
You may not realize but odd
smells like traces of food, pets and smoking odors can kill deals quickly. If
prospective buyers know you have a dog, or that you smoke, they'll start being
aware of odors and seeing stains that may not even exist. Don't leave any clues.
14. Be a Smart Seller -
Disclose Everything
Smart sellers are proactive in
disclosing all known defects to their buyers in writing. This can reduce
liability and prevent lawsuits later on.
15. It's Better With More
Prospects
When you maximize your home's
marketability, you will most likely attract more than one prospective buyer. It
is much better to have several buyers because they will compete with each other;
a single buyer will end up competing with you.
16. Keep Emotions in Check
During Negotiations
Let go of the emotion you've
invested in your home. Be detached, using a business-like manner in your
negotiations. You'll definitely have an advantage over those who get caught up
emotionally in the situation.
17. Learn Why Your Buyer is
Motivated
The better you know your buyers
the better you can use the negotiation process to your advantage. This allows
you to control the pace and duration of the process.
As a rule, buyers are looking
to purchase the best affordable property for the least amount of money. Knowing
what motivates them enables you to negotiate more effectively. For example, does
your buyer need to move quickly. Armed with this information you are in a better
position to bargain.
18. What the Buyer Can Really
Pay
As soon as possible, try to
learn the amount of mortgage the buyer is qualified to carry and how much
his/her down payment is. If their offer is low, ask their Realtor® about the
buyer's ability to pay what your home is worth.
19. When the Buyer Would Like
to Close
Quite often, when buyers would
"like" to close is when they need to close. Knowledge of their deadlines for
completing negotiations again creates a negotiating advantage for you.
20. Never Sign a Deal on Your
Next Home Until You Sell Your Current Home
Beware of closing on your new
home while you're still making mortgage payments on the old one or you might end
up becoming a seller who is eager (even desperate) for the first deal that comes
along.
21. Moving Out Before You Sell
Can Put You at a Disadvantage
It has been proven that it's
more difficult to sell a home that is vacant because it becomes forlorn looking,
forgotten, no longer an appealing sight. Buyers start getting the message that
you have a another home and are probably motivated to sell. This could cost you
thousands of dollars.
22. Deadlines Create A Serious
Disadvantage
Don't try to sell by a certain
date. This adds unnecessary pressure and is a serious disadvantage in
negotiations.
23. A Low Offer - Don't Take
It Personally
Invariably the initial offer is
below what both you and the buyer knows he'll pay for your property. Don't be
upset, evaluate the offer objectively. Ensure it spells out the offering price,
sufficient deposit, amount of down payment, mortgage amount, a closing date and
any special requests. This can simply provide a starting point from which you
can negotiate.
24. Turn That Low Offer Around
You can counter a low offer or
even an offer that’s just under your asking price. This lets the buyer know that
the first offer isn’t seen as being a serious one. Now you’ll be negotiating
only with buyers with serious offers.
25. Maybe the Buyer's Not
Qualified
If you feel an offer is
inadequate, now is the time to make sure the buyer is qualified to carry the
size of mortgage the deal requires. Inquire how they arrived at their figure,
and suggest they compare your price to the prices of homes for sale in your
neighborhood.
26. Ensure the Contract is
Complete
To avoid problems, ensure that
all terms, costs and responsibilities are spelled out in the contract of sale.
It should include such items as the date it was made, names of parties involved,
address of property being sold, purchase price, where deposit monies will be
held, date for loan approval, date and place of closing, type of deed, including
any contingencies that remain to be settled and what personal property is
included (or not) in the sale.
27. Resist Deviating From the
Contract
For example, if the buyer
requests a move-in prior to closing, just say no and that you’ve been advised
against it. Now is not the time to take any chances of the deal falling through.
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This Report was brought to
you by your local Realtor Brian LaDue.
If you have any real estate
needs, call (586) 873-2242 and I'll will be happy to assist you.
Feel free to browse this
site as all of my years of real estate knowledge are here at your disposal.
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