Avoid These Mistakes

The 9 Step System To Get Your Home SOLD FAST And For TOP DOLLAR!   The Real Estate Market Has Changed...Remember not so long ago, when you could make your fortune in real estate. It was nothing then to buy a home, wait a short while, and then sell it at a tidy profit. And then do it all over again. Well, as you probably know, times have changed. As good as the market is right now, home prices are still below what they were at their peak. Buyers are far more discriminating, and a large percentage of the homes listed for sale never sell. It’s more critical than ever to learn what you need to know to avoid costly seller mistakes in order to sellyour home fast and for the most amount of money. The 7 Deadly Mistakes Most Homesellers Make 1. Failing to analyze why they are selling. 2. Not preparing their home for the buyer’s eye. 3. Pricing their homes incorrectly. 4. Selling too hard during showings. 5. Signing a long-term listing agreement without a written performance guarantee. 6. Making it difficult for buyers to get information on their homes. 7. Failing to obtain a pre-approved mortgage for one’s next home. The 9 Step System to Get Your Home Sold Fast and For Top Dollar Selling your home is one of the most important steps in your life. This 9 step system will give you the tools you need to maximize your profits, maintain control, and reduce the stress that comes with the home-selling process: 1. Know why you’re selling, and keep it to yourself. The reasons behind your decision to sell affect everything from setting a price to deciding how much time and money to invest in getting your home ready for sale. What’s more important to you: the money you walk away with, the length of time your property is on the market or both? Different goals will dictate different strategies. However, don’t reveal your motivation to anyone else or they may use it against you at the negotiating table. When asked, simply say that your housing needs have changed. 2. Do your homework before setting a price. Settling on an offering price shouldn’t be done lightly. Once you’ve set your price, you’ve told buyers the absolute maximum they have to pay for your home, but pricing too high is as dangerous as pricing too low. Remember that the average buyer is looking at 15-20 homes at the same time they are considering yours. This means that they have a basis of comparison, and if your home doesn’t compare favorably with others in the price range you’ve set, you won’t be taken seriously by prospects or agents. As a result, your home will sit on the market for a long time and, knowing this, new buyers on the market will think there must be something wrong with your home. 3. More homework. (In fact, your agent should do this for you). Find out what homes in your own and similar neighborhoods have sold for in the past 6-12 months, and research what current homes are listed for. That’s certainly how prospective buyers will assess the worth of your home. 4. Find a good real estate agent to represent your needs. Nearly three-quarters of homeowners claim that they wouldn’t use the same realtor who sold their last home. Dissatisfaction boils down to poor communication which results in not enough feedback, lower pricing and strained relations. 5. Maximize your home’s sales potential. Each year, corporate North America spends billions on product and packaging design. Appearance is critical, and it would be foolish to ignore this when selling your home. You may not be able to change your home’s location or floor plan, but you can do a lot to improve its appearance. The look and feel of your home generates a greater emotional response than any other factor. Before showings clean like you’ve never cleaned before. Pick up, straighten, unclutter, scrub, scour and dust. Fix everything, no matter how insignificant it may appear. Present your home to get a “WOW” response from prospective buyers. Allow the buyers to imagine themselves living in your home The decision to buy a home is based on emotion, not logic. Prospective buyers want to try on your home just like they would a new suit of clothes. If you follow them around pointing out improvements or if your decor is so different that it’s difficult for a buyer to strip it away in his or her mind, you make it difficult for them to feel comfortable enough to imagine themselves an owner. 6. Make it easy for prospects to get information on your home. You may be surprised to know that some marketing tools that most agents use to sell homes (eg. traditional open houses) are actually not very effective. In fact only 1% of homes are sold at an open house. Furthermore, the prospects calling for information on your home value their time as much as you do. The last thing they want to be subjected to is either a game of telephone tag with an agent, or an unwanted sales pitch. Make sure the ads your agent places for your home are attached to a 24 hour prerecorded hotline with a specific ID# for your home which gives buyers access to detailed information about your property day or night, 7 days a week, without having to talk to anyone. It’s been proven that 3 times as many buyers call for information on your home under this system. And remember, the more buyers you have competing for your home the better, because it sets up an auction-like atmosphere that puts you in the driver’s seat. 7. Know your buyer. In the negotiation process, your objective is to control the pace and set the duration. What is your buyer’s motivation? Does s/he need to move quickly? Does s/he have enough money to pay you your asking price? Knowing this information gives you the upper hand in the negotiation because you know how far you can push to get what you want. 8. Make sure the contract is complete. For your part as a seller, make sure you disclose everything. Smart sellers proactively go above and beyond legal requirements to disclose all known defects to their buyers in writing. If the buyer knows about a problem, s/he can’t come back with a lawsuit later on. Make sure all terms, costs and responsibilities are spelled out in the contract of sale, and resist the temptation to diverge from the contract. For example, if the buyer requests a move-in prior to closing, just say no. Now is not the time to take any chances of the deal falling through. 9. Don’t move out before you sell. Studies have shown that it is more difficult to sell a home that is vacant because it looks forlorn, forgotten, simply not appealing. It could even cost you thousands. If you move, you’re also telling buyers that you have a new home and are probably highly motivated to sell fast. This, of course, will give them the advantage at the negotiating table.

Move Up Guarantee

How to Avoid Getting Stuck With Two Homes   The Problem   We’ve all heard the old saying about being caught between a rock and a hard place. Well, unfortunately, that’s where most homeowners find themselves when they decide to move from one home to another.   The Real Estate Catch 22   You see, if you buy before selling, you could run the risk of owning two homes. Or, just as bad, if you sell first, you could end up homeless. That’s what is known as the Real Estate Catch 22, and for thousands of homeowners, it’s an extremely stressful position they find themselves in.   “ If you buy before selling, you could run the risk of owning two homes...”   How to Avoid The Real Estate Catch 22   “...or just as bad, if you sell first, you could end up homeless”   This financial and emotional tightrope is one many homeowners feel they have to walk alone. However, you should seek out agents offering specialized programs that can eliminate the stress and worry associated with selling and buying another home.   The Solution The Dilemma The biggest dilemma when considering purchasing another home is deciding whether to buy first or sell first. Either way is risky because you could end up owning two homes or no home at all. Let’s face it, the real estate market has become a tough environment for buyers and sellers alike. The fact is that it’s more difficult to get homes sold today and therefore it’s essential that real estate agents look for new and innovative ways to meet the demands of the market.   The Solution   A new and innovative program that some agents offer actually guarantees the sale of your home and takes away all of the worry and stress associated with selling and buying another home.   Here’s How it Works 1. Your agent will prepare a total market analysis including a computerized print-out of all comparable home sales and listings in your area. 2. With this information you and your agent can determine a market value for your home. 3. This establishes your guaranteed price and list price which you will receive up front (in writing) before your home is marketed. 4. You are doubly protected because you know that your home will sell for the guaranteed price. However if you receive an offer from an outside buyer for more than the guarantee price you get the higher offer. 5. You can confidently look for your next home and immediately place a firm cash offer (not a conditional one) when you find a home you like because you know the minimum that your home will sell for and when you can expect to receive the money from it’s sale. 6. This service eliminates the usual stress and worry (the emotional roller coaster ride) of whether to buy first or sell first so you can avoid the risk of getting stuck with two homes or no home at all. Remember, not all agents are alike and you should consider only those that can offer you the most innovative marketing plan available to ensure that your needs are completely and properly met.

For Sale By Owner

Sell Your Own Home   For Sale By Owner   If you ask anyone who has ever tried to sell their home themselves they’ll tell you that from the moment the “For Sale by Owner” sign goes up, the phone begins to ring. Unfortunately, many of those calls will not be from prospective buyers, but rather from real estate agents looking to obtain your listing. Obviously the idea of not having to pay a commission to a real estate agent is attractive to any homeseller. But because of all the issues involved in the process, selling a home on one’s own can be challenging as many homesellers will attest to. The key is to be properly prepared. If you are not, your home could remain on the market longer than you expect because you are not attracting and getting offers from qualified buyers. This can be a point where many homeowners become frustrated and consider giving up their dream of selling their home themselves. However, there are sellers who accomplish selling their own homes, very well. You can be one of them. This industry report has been especially prepared to assist homesellers, such as yourself, understand the elements involved so you, on your own, can sell your home quickly and for the most amount of profit. To help you prepare, here are 10 inside tips that you should be aware of before you make the decision as to whether or not this is the right approach for you. 10 Inside Tips for Selling Your Home Yourself 1. Price it Right Correctly setting your asking price is critical. Setting your price too high can be as costly as setting it too low. Home prices are determined by fluctuations in the marketplace not by your emotional attachment or by what you feel your home is worth. In order to establish a realistic price for your home, objectively compare the price, features and condition of all similar homes in both your neighborhood and other similar ones which have sold in recent months. It is also important for you to be familiar with the terms of each potential sale. Terms are often as important as price in today’s market. Carefully budget your selling costs and prepare a net proceeds sheet to calculate your best estimate of what you will take away from your home sale. Prospective buyers may also request this kind of analysis of buying costs. 2. Prepare Your Home for Sale First impression is crucial. Make sure your home makes a positive statement by carefully inspecting all details and viewing it through the objective eyes of a buyer. Don’t gloss over needed repairs and fix-ups, as your prospective buyers won’t. Your job is to ensure that your home stands out favorably from the competition. 3. Prepare Yourself With All Necessary Legal Documentation Not surprisingly, there are many important legal contracts and documents which you must assemble, complete and understand. A partial checklist of forms that you will require for prospective buyers and for legal documentation is as follows: Seller Disclosure Purchase Contract Mortgage Payoff Loan Application Deposit Receipt Property Profile Fact Sheet Buyer’s Cost Sheet Closing & Settlement Personal Property Exclusion List Property Survey/Plot Plan Sellers Statement of Representation 4. Market Your Home Effectively Beyond the sign you will put on your lawn, you should find effective ways to spread the word about your home. Local buyers can be reached through the newspaper, but this is only a small part of the market you are after. Be sure you include the many buyers who could already be working with a Realtor®. To locate them, target as many top agents as possible in your market to see if the criteria of their buyers matches that of your home’s. Because out-of town buyers are also an important target, you should create a strategy to reach these people as well. Above all, you should be very service minded and make it easy for prequalified buyers to view your home. Ensure there is always someone available to answer the phone, pick up messages promptly, and be ready to give qualified prospects a tour of your home as soon as possible. 5. Remain Objective During a Showing of Your Home Keep emotion out of the sale of your home, and the best way to do this during a showing is to remain physically in the background. If a prospective buyer says something negative about your home, it is better to counter-balance this point of view by illustrating the positives rather than becoming defensive. 6. Pre-Qualify Your Prospects Don’t waste your time entertaining buyers who could never afford your home. Research their financial steadiness with respect to job security, salary, debts, liabilities and credit standing. 7. Negotiate Effectively & Knowledgeably There will be many details to resolve before a sale can be considered final: price, terms, inspections, possession date, buyer concerns and objections. Make sure you fully understand the contract you have drawn up so you can in turn explain details and ramifications to the buyer and make any amendments to the sale that are necessary. The contract you use should be thoroughly examined by your real estate attorney. Some real estate brokers may be willing to help you do this. While this is going on, manage the buyer’s interest in your home so that it doesn’t wane during negotiations. 8. Know Your Buyer Your objective during negotiations is to control the pace and set the duration. Try to determine what your buyer’s motivation is. Does he or she need to move quickly? Do they have enough money to pay your asking price? Knowing this information will give you the advantage in the negotiation because you will know up front, what you will need to do in order to get what you want. 9. Don’t Move Out Before You Sell Studies have shown that it is more difficult to sell a home that is vacant. It looks forlorn, forgotten, simply not appealing. It could even cost you money. If you move, you’re also telling buyers that you have a new home and are motivated to sell fast which can, of course, give them an advantage at the negotiating table. 10. Know Why You’re Selling and Keep it to Yourself The flip side of “understanding your buyer” is to “understand yourself”. Your reasons for selling will affect everything from your list price to how much time and money you will invest in getting your home ready for sale. Your motivation will help you determine what is more important to you: the money you walk away with, the length of time your property is on the market, or both. Different goals will dictate different strategies. As someone who wants to sell without a real estate agent in an effort to save the commission, it is likely that money is one of your primary considerations, (see below). Whatever your reasons, however, it is very important to keep them to yourself so as not to place yourself at a disadvantage at the negotiation table. When asked, simply say your housing needs have changed. How to Assess Your Net Gain To analyze whether or not you will end up ahead by choosing to sell on your own, consider the fact that most buyers do use a real estate agent because it doesn’t cost them anything for this service (i.e. the seller pays the agent’s fee). Be cautious as buyers, investors and speculators who seek out For Sale by Owners are typically those in search of a bargain. The low-ball offers from these types of buyers will often net you much lower in the long run. What you will have to judge for yourself is the following: 1. Be as prepared as possible with your marketing, negotiations, evaluations, showings and all legalities. 2. Consider what it will cost you to effectively market your home and assemble all necessary materials from the “for sale” sign to any contracts? 3. What price will a buyer offer you as a For Sale by Owner minus the costs identified in point 2 above. Is this net price higher than the price an experienced agent could net for you minus his/her commission?