Archive for the ‘Selling’ Category
Selling
July 1st, 2009 | 
Author: DO YOU WANT TO SELL YOUR HOUSE?
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Working with me will ensure that you will be receiving the best professional service
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For more information please visit the following: ina Nezhinsky’s Personal Listing Site
GETTING THE HIGHEST PRICE IN THE SHORTEST TIME
In order to get the highest price in the shortest time, you need to know how to market your home. The better you market your home, the more offers you will get. And the more offers you get, the more choices you have to get the price and terms you want.
The most important factor of marketing your home is pricing it right. Your price should be adjusted to reflect the market, and the property’s worth. The key is to get many people checking out your property at a fair price instead of having no buyers because your price is set too high.
Another important factor is the condition of your home. Make sure that your home looks ready to be sold. Fix any defects (peeling or faded paint, cracks, stains, etc.) Condition alone can sometimes prompt fast buying decisions. Not only should you fix any defects, but consider upgrading your home by making major repairs and cosmetic improvements before selling. A nice looking home triggers the emotional response that can lead to a financial response.
Learn how to negotiate the best terms for all parties involved. Terms are another factor which may be adjusted to attract buyers. If you insist on getting your asking price, think of what you can offer to the buyers, for example, improvements you’ve made, or even offering seller financing at a lower than market interest rate on a portion of the sale price. Convince them why they should be paying the price you have set.
Lastly, get the buzz out about your home. List your house with a hot agent that ensures your house is listed on the MLS and on the Internet. On your own, get the word out. It should be visible to passerby’s that your house if for sale, whether it be signs, local advertisements or you telling friends, family, and acquaintances.
Making a Good First Impression
If you want buyers to be interested in your home, you need to show it in its best light. A good first impression can influence a buyer into making an offer; it influences a buyer emotionally and visually. In addition, what the buyer first sees is what they think of when they consider the asking price. �
A bad first impression can dissuade a potential buyer. Don’t show your property until it’s all fixed up. You do not want to give buyers the chance to use the negative first impression they have as means of negotiation.
Ask around for the opinions others have of your home. Real estate agents who see houses everyday can give solid advice on what needs to be done. Consider what architects or landscape designers have to say. What you need are objective opinions, and it’s sometimes hard to separate the personal and emotional ties you have for the home from the property itself.
Typically, there are some general fix ups that need to be done both outside and on the inside. As a seller, you should consider the following:�
Landscaping: Has the front yard been maintained? Are areas of the house visible to the street in good condition?
Cleaning or Redoing the Driveway: Is your driveway cluttered with toys, tools, trash etc.?
Painting: Does both the exterior and the interior look like they have been well taken care of?
Carpeting: Does the carpet have stains? Or does the carpet look old and dirty?
If you know exactly why you are selling, then it is easier for you to set the right plan of action to get what it is that you want.
If you are a seller who needs to close a sale as quickly as possible, then you should know that getting the highest price possible is not one of your priorities. It does not mean that you won’t or cannot get the highest price, but it means that the price is not the deciding factor. A buyer who can give you a quick closing time will appeal much more to you than a buyer who can offer you more money but the negotiation and closing time drag on.
It’s always good to know how low you will go, in terms of selling price. This will help to eliminate some of the offers that you find simply offensive or ridiculous. Even though you should consider all offers seriously and take into consideration the terms of each offer, sometimes, if you know the bottom line and are strict about it, you can save yourself time.
Once you know what your limits and reasons are, discuss them with your agent so that they can help you set your goals realistically. If you decide to list your home on your own, make sure you do research on the current market, and you get the proper advice you need in terms of legal issues, etc. The key is to be realistic and to know what your goals are so that they can be met.
The price is the first thing buyers notice about your property. If you set your price too high, then the chance of alienating buyers is higher. You want your house to be taken seriously, and the asking price reflects how serious you are about selling your home.
Several factors will contribute to your final decision. First, you should compare your house to others that are in the market. If you use an agent, he/she will provide you with a CMA. The CMA will reflect the following:
- houses in your price range and area sold within the last half-year
- asking and selling prices of houses
- current inventory of houses on the market
- features of each house on the market
From the CMA, you will find out the difference between the asking price and selling price for all homes sold, the condition of the market, and other houses comparable to yours. Also, try to find out what types of houses are selling and see if it applies to your area. Buyers follow trends, and these trends can help you set your price.
Always be realistic. And understand and set your price to reflect the current market situation.
When reading an offer, keep in mind that you are out to get the best price AND the best terms for you. If you focus solely on the price, you may overlook terms that could be favorable to you as a buyer.
Some terms that may work in your favor:
Analyze why you are selling – If you understand your motives, you will be able to better negotiate and to get what it is that you want, whether it be a quick sale, high price, or somewhere in the middle.
Prepare your home for the buyer – Maximize the strengths of your property and fix up it’s weaknesses. You want the buyer to walk away from your home with a lasting good impression.
Find a good real estate agent that understands your needs – Make sure that your agent is loyal to you, and can negotiate to help you achieve your goals. In addition, they should be assertive and honest with both you and the buyer.
Be prepared for negotiation – Learn and understand your buyer’s situation; what are their motives? Can you demand a big deposit from them? Try to lock in the buyer so that the deal goes through.
Negotiate for the best price and the best terms – Learn how to counter offer to get more from every offer.
Make sure the contract is complete – Be honest with your disclosures; you do not want to lose the deal because you were lying or diminishing your home’s defects. Insist the buyers get a professional inspection. This will protect both you and the
WORKING WITH YOUR REAL ESTATE AGENT
Buyers want to know details; having the answers is a powerful sales tool. You help your sales associate by collecting or providing the following information:
· The legal description of the property
· The number of rooms and their sizes
- A list of things not attached to the house that you’re offering for sale, such as window treatments, carpet, fixtures, swing sets, etc.
- Past utility bills, property taxes and insurance
- Information about your mortgage, including the type, terms and assomptions
- Financing assistance, potentially through your own lender
- Any liens against the property
- If you live in a condominium or a townhouse, include a copy of the association’s declaration, bylaws, and financial statement, monthly fees and special assessments
- Special items or improvements about the house. (Point out things that may not be apparent on a walk-through.)
- The positive points about your neighborhood, such as demographic information and proximity to services, shopping, schools and other areas
- Any defects that aren’t apparent. (You should inform your sales associate about defects so a buyer can be informed.)
A few checklists to help you deal with the sale of your home:
Exterior:
· Check condition of and clean window wells.
· Check for termites and other insect infestations.
· Check the siding for splits, dents, and decay. Is the paint worn off, blistering or peeling? If your home is brick, check for missing mortar and cracks in mortar joints.
· Check soffits (overhangs) for indications of moisture buildup.
· Check soffit and attic vents for blockage.
· Check for worn, loose, or missing shingles. Look for possible roof leaks.
· Check condition of chimney and flashing (sheet metal used in waterproofing the angle between chimney and roof). If it’s a masonry chimney, check condition of mortar.
· Lubricate and check operation of attic fan.
· Check roof valley and flashing for poor seal.
· Check television antenna for secure anchorage.
· Check to see that television antenna is properly grounded and lightning arrester is attached.
· Check condition of and clean gutters and downspouts.
· Check windows for loose or crackled glazing. Check wood around windows for cracking, rotting and warping. Are window sills sloped for water drainage?
· Check for damaged screens or broken glass.
· Check caulking around all joints and openings between dissimilar materials.
· Clean around condensing unit of conditioner and check for obstructions to air flow.
· Check hose or leaks. Drain outside waterline before freezing weather. Unhook all hoses from outside faucets.
· Check condition of all locks on all windows and doors and lubricate all moving parts.
· Check weather stripping and caulking on all windows and doors. Do exterior doors have sills raised above the entrance piece platform to prevent wind, rain, or snow from blowing under doors?
· Winterize and remove window air conditioners.
· Convert all electrical outlets to ground fault interruption type.
· Check for proper drainage away from house.
· Check sidewalks and steps for unsafe conditions and cracking.
· Check caulking and grouting around tub and sink area.
· Check for correct drainage in sinks, tubs, and toilets. Are there any leaks in the plumbing and pipes or fixtures, and is water pressure adequate?
· Check to make sure fire extinguishers are properly charges.
· Clean filter on oven hood.
· Check appliances and drop cords for loose and frayed wires.
· Clean the coils on the back or underneath the refrigerator.
· Check the foundation and basement walls for cracks and deterioration. Check condition of floor for cracks or evidence of sagging.
· Check condition of electrical service entrance.
· Drain, clean and check all parts of the dehumidifier.
· Clean and check condition and operation of sump pump and sump pit. Is floor drain working properly?
· Check plumbing for any drips or possible leaks.
· Check basement for dampness or leakage after heavy rain.
· Partially drain and check condition of water heater.
· Check furnace filters monthly; change as needed. Have heating system checked and serviced. If it’s a hydraulic system, check for leaks. Service radiators and valves.
· Test and start humidifier for proper operation.
· Check for adequate insulation in the attic. Make sure insulation doesn’t block vent openings.
Inspect rafters and roof sheathing for signs of dry rot, mold, decay or deterioration.
· Check all interior walls and ceilings for cracks. Check condition of paint.
· Check all floors for any signs of sagging.
· Check smoke detector charge.
- Make flow chart for days/weeks before move.
- Make daily schedules.
- Get estimates from moving companies and arrange method of payment.
- Get boxes of packing containers.
- Notify post office and send out changes of address to companies to inform of move:
ü telephone
ü insurance
ü mail order clubs
ü book and record clubs
ü gas or fuel oil
ü electric company
ü property tax dept.
ü laundry
ü newspapers
ü magazines
ü doctor
ü dentist
ü lawyer
ü community centre
ü stockbroker
ü accountant
ü cable television
ü utilities
ü motor vehicle branch
ü vets
ü credit card companies
ü motor club
- Transfer or resign club or association memberships.
- Sell, give away, discard unnecessary belongings.
- Get letter of introduction to church, new clubs, bank.
- Make arrangements to move family, hotel reservations, plane tickets.
- Get all medical, dental, birth, baptism and marriage records.
- Transfer house, car, personal insurance records and check auto licensing requirements.
- Check and clear tax assessments on your current property.
- Ensure that your moving out and in days do not conflict with the two other parties involved.
- Check storage facilities.
- Collect and send out items to be cleaned or repaired.
- Arrange for connection or disconnection of utilities.
- Have your car prepared for the trip or transport.
- Dispose of flammable items.
- Defrost and clean fridge one day before moving:clean stove.
- Arrange to have meter read on moving day.
- Make arrangements with caretakers if renting.
- Use up perishable food.
- Arrange to transport pets, plants and perishables.
- Clean rugs and drapes.
- Arrange for work that has to be done at new home.
- Get warranties and tips from previous occupants.
- Plan for children and pets on moving day.
- Get moving company appraisals of items for future claims.
- Check swimming pool equipment.
- Cancel cleaning staff, pool maintenance, window cleaners, gardener and snow removal.
- Leave house clean for new occupants.
- Transfer prescriptions for drugs and eyeglasses.
- Transfer government or private health and hospital plans.
- Return library books.
- Cancel or pass on subscription tickets.
- Arrange for money during move period.
- Transfer stocks, wills, bank accounts, contents of safety box.
- Ensure you have adequate insurance for goods in transit.
- Check land transfer taxes.
- Check tax increases, deductions and exemptions for the move.
- If the company is moving your family, check what they will pay for:
ü hotels
ü meals
ü movers
ü house-hunting trips
ü transportation
ü moving insurance
ü storage
ü lawyers
ü loss on house sale or rent
ü mortgage penalty
ü real estate commissions
ü overlapping expenses
ü travel for spouse prior to move
ü housing policy
- Net revenue from selling or renting current home.
- Cost of new home.
- Check lawyer fees.
- Check mortgage transfer.
- Will there be an increase in mortgage costs?
- Will there be a lapse in paychecks during move?
- Check movers’ fee.
- Check other costs re: move, transportation, food, kennels, sitter.
- Check living expenses in new community.
- Will you need a second car?
- Check new land taxes and personal taxes/exemptions.
- Maintenance and renovations to new home.
- Check real estate broker’s fee if selling.
- Check penalty if lease is broken if renting.
- Will there be an overlap of mortgage payments?
ü Get packing paper, pad for inventory, marking pens and boxes.
ü Heavy twine or masking tape.
ü Get boxes or containers.
ü Empty gas from lawnmower, outboard motors, etc.
ü Remove batteries from toys or appliances.
ü Mark cartons clearly as to contents and room to be put in.
ü Set aside things you will carry in car in carton “Do Not Load”.
ü Mark cartons you want loaded last and unloaded first.
ü Tie or tape curtain rods, mops and brooms into bundles.
ü Point out and mark fragile or delicate items.
ü Carry money, jewelry and valuable papers with you.
ü Do not overload drawers when packing items in dressers.
ü Liquids in bottles should have tops secured.
ü Blankets are best moved in large boxes; towels and pillows in dresser drawers.
ü Large mirrors, glass table tops and valuable pictures can be crated.
ü Cartons weight should not exceed 60ounds or 27 kilograms.
ü Pack lampshades in boxes by themselves.
ü Do not use newspaper to pack anything: the ink rubs off.
ü Do not leave shelves loose in fridge or stove.
ü Small appliances should be wrapped and packed in bottom of boxes.
ü Do not pack cleaning products in same box as food.
ü Table lamps should be packed.
ü Place heavy china items at bottom of box: all flat pieces should be placed on edge.
ü Small items should be packed in a small box inside a larger one.
ü Move clothes and drapes in a wardrobe supplied by mover.
ü Do not roll mattresses or rugs; leave for movers (special cartons).
ü Do not wrap furniture or tie with rope.
ü Large power tools should be dismantled for moving.
ü Leave furniture in place for movers to move.
ü Take down any fixtures fastened to wall.
ü Be on hand for movers.
ü Keep personal luggage away from movers.
ü Arrange for a few favorite toys for the children.
ü Put all valuables in a safe place.
ü Get floor plan of new home.
ü Arrange for supplies for transition period.
ü Make shopping list for first day.
ü Get keys to new home.
ü Remove trash.
ü Disconnect telephone.
ü Ensure doors and windows are locked.
ü Notify neighbours.
ü Heat turned down.
ü Have necessary papers money, tickets, traveller’s cheques with you.
ü Arrange for sitter on arrival.
ü Final check of basement, rooms, cupboards, attic and garage.
ü Keep copy of mover’s inventory with you or in a safe place in case of serious loss or damage.
- higher-than-market-interest in a second mortgage for your home the buyer will pay for most or all of the closing costs
- the buyer will take care of any repairs
- quick close – the buyer is pre-approved and ready to close in a time that best suits you
- all-cash deal
When reading through offers, remember to look at the whole package. Take the time that you need to assess what is being offered and if it meets your needs
A professional home inspection protects both you and the buyer. It allows both you and the buyer the opportunity to learn about the property’s defects.
- Plumbing conditions – if there is leakage or clogging
- Roofing conditions – the extent of deterioration, if there is leakage
- Electrical conditions – if there are inadequate circuits or potential fire hazards
- Structural problems – if there are problems with the underlying foundation of your home
- As a seller, the home inspection reports protect you because it establishes the actual condition of the property at the time of sale.
The important thing to do when selling your home is to complete a Current Market Evaluation. Widely accepted and highly professional methods will be used to evaluate your home. Consultations will be provided to you for arriving to the appropriate and correct price for your property. Please look through this website for additional information and to view our listings.
Free Home Evaluation Request
I will provide you with a free evaluation of your home. A complete market analysis report along with recent and similar properties sold in your area will be sent to you upon request. By providing me with the most complete and accurate information, you will be given the most accurate market value of your home. The information that you provide to me will be entirely confidential and will be used only for home evaluation purposes. The information that you provide will not be released to a third party without your permission.
Our Home Market Evaluation will show:
- what’s happening in the local real estate market right now
- what buyers are willing to pay for homes similar to yours
- what they won’t pay
- which homes will be competing with yours for buyers’ attention
Marina Nezhinsky’s Personal Listing WEB Site
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Flipping Houses for Profit
The concept of buying low and selling high is not a new discovery. Just ask Donald Trump! He is a billionaire from the very concept. Having a rehab business is the same concept but on a smaller scale. We look for distressed properties to buy low and sell high!
To profit by Finding/Fixing/Flipping, we must:
- 1st – Find a house.
- 2nd – Fix the house.
- 3rd – Flip the house.
After purchasing a property, there are a couple of ways to go about fixing and flipping the house:
- Delegate all the repairs, doing little or none of the work on your own, or
- Complete some repairs on your own and eliminate potentially high contractor costs.
A good way to buy ‘fixer upper’ properties is by calling a local agent in the area.
- A good reason for this is because banks usually list their properties through real estate agents.
- The properties are usually cleaned out and you get a clear title at closing.
After you purchase a ‘fixer-upper’, you will then need to decide if you are going to get your hands dirty and cut costs or delegate the work to a contractor.You can also do minor work at the project in order to oversee the project.
Considering Offers
When reading an offer, keep in mind that you are out to get the best price AND the best terms for you. If you focus solely on the price, you may overlook terms that could be favorable to you as a buyer.
Some terms that may work in your favor:
- higher-than-market-interest in a second mortgage for your home the buyer will pay for most or all of the closing costs
- the buyer will take care of any repairs
- quick close – the buyer is pre-approved and ready to close in a time that best suits you
- all-cash deal
When reading through offers, remember to look at the whole package. Take the time that you need to assess what is being offered and if it meets your needs
