Monday, November 2, 2009
Sunday, February 8, 2009
Why NOW Is The Time To Buy
The National Association of Realtors is a terrific resource for realtors, home buyers and sellers, AND investors! Click on the link above for information on the Housing and Economic Recovery Act of 2008.
Friday, October 3, 2008
Wednesday, August 6, 2008
Small Changes Can Make a Big Difference!
Sue and I recently took a listing which had been on the maket for 3 months with a broker who is not a full-time or full-service realtor. The gentlman happens to have his real estate license but selling residential real estate is not his business. I believe he took the listing in an effort to be of assistance to someone he had some other professional dealings with in the past.
When we got the call from the clients, for various reasons, they were at a point where selling the home quickly was their number one goal. We lowered the list price by a few thousand dollars and I went over to take new pictures. When I got there I went in the side door, which was where the lockbox was located. As soon as I went in I knew this entrance could not possibly give a prospective buyer the best first impression. Even though the house was in pretty good condition and was very clean, the first thing I noticed were the scuffs on the step risers, leading up to the kitchen's vinyl covered floor. From that level, I could also see that the edge of the flooring was starting to peel up.
Now, if at all possible, when I am showing a buyer a home and the lockbox is not on the front door, I have the buyer wait by the front and I go through and open up the front door for them. When was the last time you walked into a home via the side or back door and thought, "Wow! What a showplace!" ? But, I don't know if other agents do that or not. I decided not to take any chances. First impressions are so important!
As soon as I finished taking photographs, I promptly moved the lockbox to the front door. Wouldn't you know, the very next day, an agent came through with some buyers, they loved it and we finalized negotiations three days later!
I would love to claim that it was our brilliant marketing that sold this home but, I didn't even have time to make a flyer, create a virtual tour or make a single call!! Those people fell in love with the house right when they walked in and sow the gorgeous (faux!) fireplace and by the time they got to the steps that looked a bit worn and shabby, they didn't care because they were already sold! I am certain that moving the lockbox was the last little piece of the puzzle.
If your home is currently on the market, go ahead and give yourself a "tour" and make sure your home is giving all the buyers that go through it the best possible first impression.
When we got the call from the clients, for various reasons, they were at a point where selling the home quickly was their number one goal. We lowered the list price by a few thousand dollars and I went over to take new pictures. When I got there I went in the side door, which was where the lockbox was located. As soon as I went in I knew this entrance could not possibly give a prospective buyer the best first impression. Even though the house was in pretty good condition and was very clean, the first thing I noticed were the scuffs on the step risers, leading up to the kitchen's vinyl covered floor. From that level, I could also see that the edge of the flooring was starting to peel up.
Now, if at all possible, when I am showing a buyer a home and the lockbox is not on the front door, I have the buyer wait by the front and I go through and open up the front door for them. When was the last time you walked into a home via the side or back door and thought, "Wow! What a showplace!" ? But, I don't know if other agents do that or not. I decided not to take any chances. First impressions are so important!
As soon as I finished taking photographs, I promptly moved the lockbox to the front door. Wouldn't you know, the very next day, an agent came through with some buyers, they loved it and we finalized negotiations three days later!
I would love to claim that it was our brilliant marketing that sold this home but, I didn't even have time to make a flyer, create a virtual tour or make a single call!! Those people fell in love with the house right when they walked in and sow the gorgeous (faux!) fireplace and by the time they got to the steps that looked a bit worn and shabby, they didn't care because they were already sold! I am certain that moving the lockbox was the last little piece of the puzzle.
If your home is currently on the market, go ahead and give yourself a "tour" and make sure your home is giving all the buyers that go through it the best possible first impression.
Tuesday, August 5, 2008
Avoiding Foreclosure- Short Sale Basics
We keep hearing about "short sales" all over the news on tv and in the paper. But, I know there are a lot of home-owners who have no idea what a short sale is or does or, who to talk to to get this important information.
A short sale is when a lender agrees to accept less than is owed on a property's mortgage. Not all lenders will accept a short sale. Some lenders will okay the sale, agree on the selling price but will require the seller to to make payment arrangements for the balance.
Not all homeowners will qualify for a short-sale. In the short sale transactions we have been involved in as Realtors, the sellers had a prior history of being reliable payers of their mortgage and had fallen on devastatingly hard times. On the other hand, a fellow who contacted us for help had refinanced his home several times in succession, taking money out each time and had never made a single payment. Obviously, he was not a good candidate for this foreclosure-avoiding measure.
In my opinion, there are two really good things about a short-sale:
A short sale is when a lender agrees to accept less than is owed on a property's mortgage. Not all lenders will accept a short sale. Some lenders will okay the sale, agree on the selling price but will require the seller to to make payment arrangements for the balance.
Not all homeowners will qualify for a short-sale. In the short sale transactions we have been involved in as Realtors, the sellers had a prior history of being reliable payers of their mortgage and had fallen on devastatingly hard times. On the other hand, a fellow who contacted us for help had refinanced his home several times in succession, taking money out each time and had never made a single payment. Obviously, he was not a good candidate for this foreclosure-avoiding measure.
In my opinion, there are two really good things about a short-sale:
- It can help a seller get beyond a really troubling and traumatic period with their dignity intact and ready start a fresh chapter in their lives.
- For a buyer, it can be an opportunity to get "more" house or to buy in their "dream" community when perhaps they wouldn't have been able to otherwise.
- Navigating the choppy waters of a short-sale, even with an agent experienced in short-sales, can be rough. Everyone involved needs to be patient, thorough and patient some more. If your real estate agent has never worked a short sale and seems overwhelmed, ask them politely to refer you to an agent who is experienced in these transactions or find one yourself who can knowledgeably and competently guide you through the process.
- The only thing worse than a listing agent who does not know what they're doing on a short sale is a BUYERS agent who is clueless about the process. To combat this, we use a document that both the seller and buyer have to sign. If we know an offer is coming in on a property in a short-sale situation, we immediately send the agent our Short Sale Addendum. Basically, it becomes part of the purchase agreement and when both parties and their agents have reviewed and signed it, we know we are all on the same page as far as expectations are concerned. Short sales are a waiting game. It may take 90 days to get approved by the lender. It may take 90 days to find out it is NOT approved at all. It is a frustrating process at times even when you know what to expect. Imagine how batty you would feel if you didn't!
So, if you find yourself facing the possibility of foreclosure or, you must sell and have been experiencing financial hardship, don't despair. Take action before it is too late. Call:
- A Realtor
- A real estate attorney
- And an accountant to discuss tax ramifications of short-sales and foreclosure.
Do not bury your head in the sand! You do have options!
Emily & Sue Davis
Davis Real Estate Group
Keller Williams Realty
Greater Cleveland
216-299-7745
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