The Importance of Getting your House Ready to Sell

In today's market, getting your house ready to sell is more important than ever. Supply is high, but demand is not.

The condition of your home will affect your asking price, the time it sits on the market looking for a buyer, and most importantly, the final sale price.

Keep in mind, a negative first impression will not result in a second chance. Do yourself a huge favor and DO NOT show your home or put it on the active market until the house is READY.

Many times, Buyers will, either alone or with their Agent, simply drive by several addresses to create a list of a few houses for sale that will result in appointments.

Start with the outside of your home. You NEED Buyers to WANT to come in and see more. You must maximize your Curb Appeal:

• Make sure that there is no trash, leaves or debris anywhere in sight;
• Cut the lawn, plant some flowers or put out a hanging plant;
• Stand in front of your home and take everything in - do you need to touch up the paint on your front door; organize the kid's toys; fix a fence picket; repair a broken pane of glass; paint the front stairs, fill in a crack in the walkway, etc.

Next hurdle, the inside. Most Buyers do not have "vision", they cannot "see" the potential of a home. They say they can, but they really can't. Once they get to your home, you want them comfortable, not trying to imagine what your teenager's black painted -rocked out bedroom will look like in a neutral color. Don't leave anything to chance.

In my experience, there are 4 crucial issues you must address:

1. Clean your home until it sparkles. I mean a deep cleaning - windows, closets, basement, bathrooms, appliances, carpets, floors (even under the refrigerator);
2. Remove the clutter, excess furniture and unessential possessions. Minimal is better. Rent a storage unit if you must. The goal is to sell your home quickly and for the most money possible.
3. Address or Repair all the small stuff - the missing cabinet handle; that piece of floor tile that broke years ago; the missing light switch cover; missing light bulbs; a broken towel rack; the leaky faucet, etc. You do not want Buyers even attempting to make a mental list of repairs, they'll lose track and interest fast or low ball their offer;
4. Neutralize and de-personalize your home. Walk room to room and address what could stand out negatively to a Buyer - loud paint colors; an entire wall of photos and trophy's; mismatched furniture (use a cheap slip cover or crisp sheet); wild leopard curtains, etc.

Make your home easy for Buyers to walk through room to room and take in the HOUSE not your THINGS.

Finally, have a friend over and ask them to play the role of a Buyer and give you a final critique.

What is a Short Sale?

In today's market, the value of real estate is substantially less than it was a few years ago when it reached an all time high.

If you are looking for a home, you are probably seeing disclosures that state,"this is a short sale" or "offer subject to third party or lender approval". What does this exactly mean?

Here's an Example:

Jane Doe bought a home two years ago for $350,000 and obtained a mortgage for all 100% (she put no money down). Jane lost her (great paying) job of 15 years and is not making nearly the money she became accustomed to having. She is struggling to make her mortgage payment or possible has already stopped making the payments and is facing foreclosure.

She consults with an experienced real estate agent (Seller's Agent) to list her home for sale at today's current market value, $250,000, yes a $100,000 loss. Due to a "substantial change of circumstances" (loss of job) and once Jane gets an offer on her home, she will approach her mortgage company with a potential buyer's Offer and ask that a short sale be approved (the sale is short $100,000 and most times, it will be the bank that will be out the money with the Seller being able to walk away with the debt forgiven).

Now lets imagine that you are the one that put the offer in and your agent (Buyer's Agent) informs you that this is a short sale and a decision on whether your offer will be accepted or denied will take 2 weeks. Why so long?

Usually, once Jane contacts her mortgage company to request approval of your offer and therefore a short sale, this is the 1st time Jane's mortgage company will start the process (most mortgage companies will not even discuss this option until your have a potential buyer - remember talk is cheap but money talks) . It is at this point that Jane's bank will want:

• Proof that she cannot afford this loan (banks statements, tax returns, financial statement, etc.);
• Proof that Jane has had a "material change of circumstances", loss of job, divorce, etc.
• Proof of the current market value - Jane's mortgage company will usually hire another real estate agent from the local area that is not involved in this sale to go out to the property and report back to them with;

Once all this information is back to Jane's mortgage company, they will then be in position to address your offer.