29 Valuable Tips You Should
Know To Get Your Home SOLD FAST and for TOP DOLLAR
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.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. Keep the Reasons You are Selling
to Yourself.
The reasons you are selling your home will affect the
way you negotiate the sale. By keeping them 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 reasons you are selling
are only for you to know.
2. 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, and pricing too low can
result in selling for much less than you were hoping
for.
3. 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. Because of this, 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 real estate professional or appraiser 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 RealtorŪ.
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 candidates
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-yourselfers 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 law suits 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 RealtorŪ
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. You've been advised against it.
Now is not the time to take any chances of the deal
falling through.
28. 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 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.
29. CALL LANCE MOHR AND START
PACKING!
I hope you found this information
useful. If you have any questions please don't hesitate
to give me a call at 813-317-4009. If you are going
to be working with a real estate professional I would
like to interview for the job.
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