Selling a House
What to do in order
to sell your
home as quickly:
Price It Right: A home priced too high may turn off
many potential buyers.
Clean The House:
Various things turn-off buyers. Keep rooms open and clean.
Paint The House:
Scuffed walls and messy paint jobs are bad. Hire a
professional.
Update The House:
Fix / Repair damaged carpets, cracked tile and scuffed
hardwood floors. Be flexible. Adjust your schedule, if
necessary, to accommodate requests for showings. You don't
want to lose out to another seller down the street.
Home Selling Negotiation
Techniques
During Busy Real
Estate Seasons, you should consider requiring buyers
to show their proof of mortgage pre-approvals. Don't
settle for pre-qualifications with their offers.
During Slow Real Estate Seasons, you should require
proof of pre-approval within five days of accepting their
offer. That way, if the buyer can't proceed, you haven't
wasted much time.
Negotiating and
Setting a Real Estate Selling Price is a very
difficult task to handle. Most real estate agents get
caught between the market price and what the customer
asking price is. In most cases, sellers base their pricing
on what a neighbor sold their home for a few months ago.
Perhaps the neighbor's home sold 6 months ago, with
perhaps less home inventory and lower interest rates.
About "For Sale By
Owners" Homes - The seller seeks to save the real
estate commission from the sale of his/her home. A fair
number to use as a real estate sales commission is between
4% to 6% of the selling price. Some homework may help you
assess the asking price versus recent home sales of
similar homes in the surrounding area.
Bridge Loans For First Time Home
Sellers -
Are you
currently looking to buy a house? Have
you realized that you will have to
time the selling of your home before
you can buy? Be very careful and be
very cautious, you are playing a new
game with different sets of rules to
follow.
Well it's Spring Time and your Well is
Dry. No Liquidity? Many families are
looking to upgrade to bigger homes,
but can't afford to buy the house
before they sell the current home.
New House Rule Tips:
1) Price your home well in order to
sell it quickly.
2) No over pricing.
3) Create a 30 Day Plan.
4) Be prepared to accept less money.
5) Contingency Sales - buyer attempts
to arrange with seller. Purchase is
contingent on the sale of the old
home. If the buyers can't sell their
home within a period of time, the
purchase is cancelled. Sellers don't
like these such arrangements, of
course, and are more likely to accept
them in slowing markets than hot ones.
6) Bridge loans - Buying one home when
you're selling another will cost you
money. Either there'll be pressure to
accept a lower bid for your old
property or you'll be scrambling to
find a new one and wind up spending
more than you want. What you need is
to be able to do is find the best buy
on a new home while your old one
fetches the highest price the market
will bear.
Bridge loan are known as "swing
loans". Bridge loans span the gap
between the time you buy a new home
and you sell the old one.
There are two types of bridge loans
- The first kind gives you the money
to pay off an existing mortgage and to
pay down on the new house. You make no
payments on the bridge loan, just on
the new home. When you sell the old
home, you pay off the bridge loan,
including interest.
In the second kind, you keep
your first mortgage and borrow against
the equity in the first home to make a
down payment on the second. Your old
home is worth $250,000, the new one
costs $400,000, and you owe $100,000
on your existing mortgage. That means
you have equity of $150,000. You're
able to put 37.5% down on the new
home, which is $150,00.
