Author: Ray Morton

First Time Home Sellers

 

 

In a seller’s market there s a high demand on re sale properties.  If you currently own a home, it is the perfect time to consider selling and buying another home.   Here are some things you need to consider before you sell a home for the first time.

 

How much will it cost you?

When you are buying a home, you will pay the cost to make the loan and take ownership of property.  When you sell a home, you may pay for improvements, inspections, realtor fees, and possibly buyer concessions.  All things are negotiable depending on what you owe on the property and the amount of equity you have.  Your realtor will advise you on what is required, and your net proceeds will be should you sell your home at the suggested price.

 

 

Is it necessary to make improvements?

Many sellers prolong moving on to their future because they desperately want to avoid the task of cleaning, clearing, and improving their home.  The question always becomes, is it necessary or will it make a difference?   Working with a savvy realtor will help you sell your home with as little out of pocket expense as possible.  They will advise you on what is really required to be financing compliant, or what is just preference.

Does your home have curb appeal?

The difference in why some homes sell faster than others can come down to if it looks nicer than the next.   A home does not have to be larger, or new than the next.  However, it should be as clean and inviting as possible.   Curb appeal attracts buyers, and goes a long way.

 

How do you choose the right agent?

If you already have a trusted relationship, continue to work with your realtor.  If you didn’t develop a relationship with your real estate agent, then you should seek a realtor that meets or exceeds your expectations.   When you clearly communicate your objectives, the right realtor will listen and advise you on how to accomplish them.  If your goals are not readily attainable in the current market, a great realtor will explain what options will allow you to move forward in the future.   Choosing an agent should be based on both FACTS and FEELINGS.  You should work with the agent that can show you the statistics so you understand WHY.  You should work with the agent that inspires confidence.

Just like purchasing your home for the first time, selling can be even more exciting!  Working with a knowledgeable and experienced realtor makes all the difference.  We have over 40 year of real estate experience and would love to be this agent for you and those you know!    For more information on how to sell or buy in this market, contact us at 888-362-1706.

www.mwrealtors.net

7 things you need to know about real estate and mortgage

7 things you need to know about buying real estate

  1.  Working with a Realtor

It is customary for the seller to pay for all realtor fees.  If for some reason you decide to purchase a home that is for sale by owner, you’ll pay your buyers agent.

When you buy a home, you should always be represented by your own realtor who is your buyer’s agent. Especially if you are buying new construction or FSBO (for sale by owner)

If you are selling your home, your realtor is there to protect your interest in the transaction, A dual agent is a realtor that represents both buyer and seller.

2.  Values of homes are based on data not desire

If you are financing a home, an appraisal is required by your lender.  The contract is negotiated prior to an appraisal value.  If the home does not appraise, you have 4 options as a buyer

Ask the seller to sell for appraise value—they are not required to do so.

Agree to pay ½ of the shortage with the seller

Pay all the shortage of appraisal value

Find another home

Most cash deals do not require appraisals, which is another reason they close faster.

3. Supply and Demand

There are very few homes for sale in relations to available buyers.  Demand is HIGH!  When you shop, be ready to offer immediately, or you will miss out.

Currently we are in seller’s market.  This means that homes are selling at or above what sellers are requesting them to sell for.  Most sellers are not offering closing cost to buyers.  Be prepared to pay your down payments and closing cost.

4. Repairs and Renovations

When you purchase a home, you are buying it the way it presently is.  We call it an “as is” sale.

You get an opportunity to negotiate any repairs needed with the seller based on the home inspection.

Due to the current demand of the market, many sellers are not making repairs to their home.

You may have to prepare to get a renovation loan for repairs that are needed for the home.

Renovation Loans are ideal because you can purchase in a fantastic location for excellent value, and make the improvements to your desire/requirements.

5. Due Diligence

It is the buyer’s responsibility to find out any concerns with the property before closing on the home.

This is why you order inspections.  A buyer must pay for all inspections done to the property in advance of closing.

It is best to get a home inspection so that you confident in the condition of the home, and or you can make any repairs needed.

The NC contract gives you a period of time to complete your “due diligence”.

When you go under contract you are required to give contract deposits.  The due diligence fee is money you pay to the seller for going under contract with you.  It is nonrefundable.

The Earnest Monday deposit is held in escrow with the realty firm or real estate attorney, and can be refunded upon termination of contract, (if all terms are met)

When you go under contract for a house, you need to be vested in the transaction WIN or LOOSE.

The same is true for new construction

6. Possibility vs. Probability

When you are buying a home, it’s exciting!  You are telling your friends and family.  You are comparing details to prepare yourself.

All things in real estate are negotiable.  However, just because you want it to be a certain way, does not mean that the it will be that way.

You may have to choose a highest desire/priority, and improve a property later to meet you other standards.  Sellers are not required to sell to you, and don’t have to negotiate.   Keep an open mind and listen to the advisement of your professional real estate agent

 7. Experience Matters

 Any realtor can sell your house, or help you buy one.  However, all realtors are not created equal.

The difference is experience.  Some realtors have seen enough transactions, they know how and when to respond to many difference circumstances.

When working with a realtor, you need the person that knows the business, and the market.  Most importantly that is there to protect your interest of time and money.  Work with a referred realtor with experience.

We are a  veteran owned business that  employees over 20 agents.  We specialize in listing foreclosed properties, and creating home ownership.  We have over 40 years of experience with selling real estate, and would love to be your realtor.  For more information please contact us at 888-362-1706;  Morton Malloy Realty.

Bidding Wars and Selling Frenzy

 

Bidding Wars

How do you avoid a bidding war in a seller’s market? You don’t avoid It. You can control your time and effort by giving the asking price or a slightly higher amount.

Some tips for placing highest and best offer

  • Know your limitations. Pre-determine a max offer price and what that payment with out of pocket expenses will be.
  • Offer odd increments. (ex.$345670) Sellers want the most money in their pocket—even by a few dollars
  • Lead with your highest and best offer. If you’ll be told no, then you’ll get that answer sooner, vs. later.
  • Check the value. Work with a SMART realtor who is advising you with factual market data. It is foolish to over bid on a property where it will NOT appraise for that amount If you don’t intend to pay the difference.

Selling  FRENZY

What makes one house sell faster than the one next door? We call these slight differences, “curb appeal”.

There are few things you can do this year to increase the demand for your home.

http://www.hgtv.com/design/outdoor-design/landscaping-and-hardscaping/10-curb-appeal-tips-from-the-pros-pictures

For more information in buying or selling your next property with an advantage, please contact us at

Morton Malloy Realtors

www.mwrealtors.net