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How To Sell A House: 10 Tips For Selling Your House FAST (and for a great price!)

10 Steps to Sell Your House Fast

If you (or someone you know) is looking to sell, you will probably be looking to make the most amount of money from the sale, right?

So how do you go about makeing sure you net the most money possible?

How To Sell A House: 10 Tips For Selling Your House FASTBelow are 10 tips that a seller can follow to assure that the home gets the best price and most of all, get’s sold quickly.

Step 1: Use a broker that is familiar with your area

You need to expose your property to as many potential buyers as possible. That being said, who do prospective buyers get in touch with when they are house hunting? Most people turn to Real estate agents and brokers. So working with a broker/agent who is familiar with your local market is key. The National Association of Realtors says that 85% of purchasers rely on real estate brokers for their home selections, while the Internet accounts for the majority of the remaining 15%…. and who creates all of those online real estate postings? Real estate agents and brokers from the local area. If you need help with any of this, our would gladly apply for the job!

Step 2: Familiarize yourself with the listing sale agreement.

Standardized real estate contracts have become lengthy and complex over many years. If you sign one of those, read it carefully and be aware that you are agreeing to every unmodified term and condition. Make sure there is nothing in the agreement that needs to be taken out, rewritten, or added. Brokers will offer a copy of the sale agreement that they might use at listing presentations and go over it with you to avoid misunderstandings. Consult your attorney or broker for further detailed information.

Step 3: Be completely familiar with the current real estate market.

For the sake of negotiations, knowing recent comparable sales data isn’t always enough because often they don’t give the complete picture. As an example, two houses might have both sold for $300,000 but the owner gave one buyer a $20,000 seller credit for a new roof and appliances. Local brokers who are familiar with the details of recent sales are able to provide the best negotiation advice.

Step 4: Understand all of the terms you are offering.

You are confident that your property is going to sell at a satisfactory price, but instead of starting out with an inflexible amount, consider the property sale as a combination of price and terms. For example, it might make more sense in a slow market to help to offer to pay some of the buyer’s closing costs by offering a “seller contribution” instead of lowering the price of the property. Often the seller contribution could be significantly less than a reduction in price. Also, buyers who require cash to close the sale could find that more attractive causing your place to sell over your competition.

Step 5: Request a smaller deposit.

In order to create a legal contract, the buyer needs to make an “earnest money deposit”. In an ideal marketplace, a seller will receive a large deposit, but in a challenging market, a much smaller can be accepted. Buyers generally prefer to put down the lowest possible deposit because a huge deposit indicates a big financial and psychological commitment. You can ask for a lower deposit if the buyer has mortgage pre-approval or if the buyer shows a strong interest in the property and you have no other offers.

Step 6: Try to sweeten the pot.

Are you really planning to take large items like a swing set, sun awning, or washing machine? In certain cases it may be better to leave such items for a buyer to make an offer.

How to Price a Property correctly - Sell Real Estate FASTStep 7: Keep your photos updated.

For example, if your MLS photo shows snow around your home in the middle of the summer, potential buyers will know your house has been on the market a while. They may interpret that as a bad sign and will expect to submit a lower initial offer. Make sure your broker posts recent photographs.

Step 8: Fully understand the marketing plan.

The broker’s marketing plan should be reviewed quite often to see that it is being followed and is changed whenever it is needed.

Step 9: Check out the competition (open houses).

Going to open houses, also known as your competition is a great idea. It isn’t always easy to be objective. However, do other owners have selling ideas that might work in regards to your home? Is there something you can
use to bargain with? You could consider offering to do some painting or other cosmetic repairs.

Step 10: Don’t nickle and dime, keep everything in context.

Don’t worry about nickels and dimes when your main goal is to get the house sold. For example, before closing the deal, a seller had a buyer request an extra $500 to resolve last minute repairs that were discovered. That gesture seemed like nothing more than a case of buyer’s remorse, so the seller agreed to it, received an otherwise ideal price, and closed the sale. It wasn’t long before the prices softened in the local market. It was better to lose $500 than to find another buyer later when the market was lower and the final sale price would probably have been less by several thousand dollars. Would the seller have preferred to save that $500? Certainly. However, six hundred dollars was a small price to pay considering that the delays could have meant a big reduction in price (and getting stuck with another mortgage payment).

If you would like any additional information or have any questions, please contact us anytime.

Your friends and local real estate experts,

San Diego Realtors

Oliver, Sam, Sandro

The Home Team

Contact us today:

Oliver Graf – Direct: (760)237-8006
Sandro Natale – Direct: (949)290-2599
Sam Khorramian – Direct: (858)518-1533

Have a question? —>Contact or Email us direct <—

Big Block Realty
Always working hard for you!
www.BigBlockRealty.com
CA DRE #01885775

BUYING OR SELLING?: Don’t forget our Free Home Search Tool.
Search the MLS anytime! http://www.FreeSDHomeSearch.com

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Posted in FreeSDHomeSearch
How Does Short Sale and Foreclosure Affect My Credit Score?

How Does Short Sale and Foreclosure Affect My Credit Score?

Well, the Credit Impact for a Foreclosure vs Short Sale can be dramatically different.bigstock-The-house-in-human-hands-17017331

In a challenging market, many homeowners are faced with the decision to try a short sale or just let the property go to foreclosure.

Below are some points to think about when dealing with this subject.

If you have questions on whether missing mortgage payments and selling your property for less than the full amount you owe on it(short sale) will hurt your credit score, the answer is yes.

HOWEVER, that being said, the credit damage done by a short sale is significantly better than a Foreclosure or Deed in Lieu. In a short sale it does not show up on your credit report as long nor is the impact as severe as a foreclosure.

Take a look at some of the most common questions….

Question 1) When will I be able to buy another house? (Primary Residence)

Short Sale: Homeowner is eligible for re-purchasing in 2 years

Foreclosure: Homeowner is eligible for re-purchasing a primary residence in 5 years

Question 2) When will I be able to buy another property? (Investment Property)

Short Sale: Homeowner is eligible to purchase an investment property after 2 years

Foreclosure: Homeowner is eligible to purchase an investment property after 7 years

Question 3) On future loans will I have to disclose what happened with my house?

Short Sale: There is no disclosure required for a short sale

Foreclosure: On any future loan applications (1003 mortgage) when they ask, “have you ever had a property foreclosed upon…” you will have to mark YES, affecting what programs will be available to you and interest rate that you would qualify for.

Question 4) How will my Credit Score be affected?

Short Sale: Only late or missed payments on the mortgage will show up as derogatory items on the credit report. After the sale is completed the mortgage will report as paid or settled. Short Sales can affect your score differently depending on how many payments are missed, sometimes as little as 50 points. A short sale will have an affect on your score for approximately 18-24 months.

Foreclosure: The credit impact of a foreclosure is MAJOR and can reduce your credit score anywhere from 250-300 points and stays with you on your report for 7-10 years.

Question 5) How will my Credit History be affected?

Short Sale: Short sales are currently NOT reported in the credit history of a credit report. The loan is generally reported as “paid off, settled”

Foreclosure: A foreclosure will remain as public record on a homeowner’s credit history for 7-10 years, sometimes even longer.

For all the information on Fannie Mae’s guidelines, go to…https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0816.pdf

If you would like more Free information on Short Sales and foreclosures, please contact us anytime.

Your friends and local real estate experts,

San Diego Realtors

Oliver, Sam, Sandro

The Home Team

Contact us today:

Oliver Graf – Direct: (760)237-8006
Sandro Natale – Direct: (949)290-2599
Sam Khorramian – Direct: (858)518-1533

Have a question? —>Contact or Email us direct <—

Big Block Realty
Always working hard for you!
www.BigBlockRealty.com
CA DRE #01885775

BUYING OR SELLING?: Don’t forget our Free Home Search Tool.
Search the MLS anytime! http://www.FreeSDHomeSearch.com

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Posted in FreeSDHomeSearch
Understanding The 3 Step California Real Estate Foreclosure Process

Understanding The 3 Step California Real Estate Foreclosure Process…

In this market, there are many challenges for homeowner that could cause them to fall behind on their mortgage payments. It could be anything from job loss to a death in the family.

man_question_markWhat ever the reason is, as you fall behind on the payments you have state regulated guidelines that the lender must follow before they can foreclose on the property.

In a recovering market another potential scenario is when a homeowner needs to sell but the value of the house is “upside-down”, the market value of the home is actually less than the amount owed on the mortgage. In this scenario you could try a short sale, however if unsuccessful the threat of foreclose becomes real.

Foreclosure is the proceeding in which a mortgage holder, bank or other secured creditor sells or repossesses a real property after the Homeowner has failed on the terms of their agreement (a mortgage or a deed of trust).

Whatever the reason, after consistently missing payments the lender will usually consider the loan in default and begin with the foreclosure process. The Lender will have the right to sell the property or even call the loan due.

In California short sale / foreclosures have 3 steps in the timeline towards the property being sold.

1. Notice of Default (NOD):
A Notice of Default is a public notice given to the homeowner. It could be posted on the window or door, or mailed. When a borrower is in default, or behind in mortgage payments, the lender will attempt to collect by any means necessary, including seizing the home. In California lenders usually do not file an NOD until the homeowner is at least 90 days behind in payments. At this point many homeowners will try a short sale to avoid the property going to foreclosure.

2. Notice of Trustee Sale (NOTS):
A Notice of Trustee Sale is a public notice, given to the homeowner and published in a newspaper communicating a date for auction. This is also generally posted on the door; it is generally at least 21 days before the sale takes place.

3. Auction:
An auction is a public place, usually a courthouse, where properties are auctioned to the highest bidder.

Contact us today if you have questions or would like some assistance.

Your friends and local real estate experts,

San Diego Realtors

Oliver, Sam, Sandro

The Home Team

Contact us today:

Oliver Graf – Direct: (760)237-8006
Sandro Natale – Direct: (949)290-2599
Sam Khorramian – Direct: (858)518-1533

Have a question? —>Contact or Email us direct <—

Big Block Realty
“Helping You Win In This Market”
www.BigBlockRealty.com
CA DRE #01885775

BUYING OR SELLING?: Don’t forget our Free Home Search Tool.
Search the MLS anytime! http://www.FreeSDHomeSearch.com

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Posted in FreeSDHomeSearch