Sometimes sellers have their own ideas of what is right, what works, and what it takes to sell in this market. This is a list of just a few that I have run into:
1. Pricing too high. What I do for my clients when pricing their house is to pull comparable properties, not just properties in the neighborhood, or what they want for it, and I use the same addition and subtraction that an appraiser would use when setting fair market value. You are much more likely to get a full price offer on a house that's priced right than you are to get a low ball offer on a house that's priced too high.
2. Questioning the first offer. If there's one thing I've learned from my broker (who's been selling real estate for some 40 years) it is that the first offer is usually the best offer. It's likely from the person who's been out there looking and just waiting for their perfect house to show up.
3. Not responding to all offers. Sure a low ball came in, but what do you expect from a buyer in this market...that's what their programmed to do! Never be the one to let the negotiations die.
4. Using a stager. That's what you're realtor is for! I work with plenty of buyers, and I know what they notice, how they see it, what makes a room look usable vs cramped...let your realtor work for you!
5. Picking the wrong buyer. The highest bidder might not be the best one, especially when it comes to closing day and oops their not qualified after all! Your realtor will be familiar with area lenders and will know the signs of what to look for in qualifying a buyer.
Of course nothing is fool proof. But as you can see, using a well qualified realtor will lessen your chances of making a mistake by using their expertise in marketing, person skills, and knowledge in the closing of the deal. It pays to use a realtor!
Wednesday, August 20, 2008
Tuesday, August 12, 2008
Testing Potential Dangers in a House
When purchasing a home, you have the right to have a home inspection done. You do not have a right to certain testing, unless it's written in and agreed upon in the accepted offer. Some testing you might know beforehand, some the home inspector might recommend. These common tests are:
1) Radon
2) Lead
3) Asbestos
4) Mold
RADON is a colorless, odorless gas that seeps into the home from the ground, such as from a basement. There are radon mitigation systems to remove the gas from the home.
LEAD based paint was used prior to 1978, and can contribute to many health problems. A buyer, when submitting an offer, will need to either ask for the right to have this tested, or must waive their right to testing. There is a separate form that must accompany an offer to purchase on all homes built prior to 1978.
ASBESTOS This fibrous material was very popular in building materials but was banned in 1985. It is still found in many homes. Asbestos is dangerous when it's been disturbed, causing fine dust particles to enter the air.
MOLD The opinions vary greatly. Mold needs water and dampness to grow, and finding the source of the leak is something the home inspector can try to do.
1) Radon
2) Lead
3) Asbestos
4) Mold
RADON is a colorless, odorless gas that seeps into the home from the ground, such as from a basement. There are radon mitigation systems to remove the gas from the home.
LEAD based paint was used prior to 1978, and can contribute to many health problems. A buyer, when submitting an offer, will need to either ask for the right to have this tested, or must waive their right to testing. There is a separate form that must accompany an offer to purchase on all homes built prior to 1978.
ASBESTOS This fibrous material was very popular in building materials but was banned in 1985. It is still found in many homes. Asbestos is dangerous when it's been disturbed, causing fine dust particles to enter the air.
MOLD The opinions vary greatly. Mold needs water and dampness to grow, and finding the source of the leak is something the home inspector can try to do.
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