THINKING OF BUYING OR SELLING YOUR HOME THIS YEAR? SETH HAS A FEW EXPERT TIPS ON THE BEST WAYS TO TACKLE THE PROCESS.
WHAT ARE TWO OF THE MOST IMPORTANT VARIABLES TO CONSIDER WHEN LOOKING AT HOMES TO PURCHASE?
Location and floor plan are vital. The location of the property is essential because it is the one element of the property that cannot ever be changed. The actual functionality and flow of the existing floor plan of a property is equally as important as the location. While it is true that you can always alter the architectural layout of a floor plan or even add to the physical size of the original floor plan, this can be and often is extremely costly and time consuming. As such, physical location of a property and the functionality of the existing floor plan should always be high on the list of priorities when a Buyer is evaluating a home and whether or not to write an offer on it.
IS A SELLER ONLY REALLY CONCERNED ABOUT THE ACTUAL PRICE I AM OFFERING ON A PROPERTY?
The simple answer is NO. While price is indeed a very important element of the offer, it may surprise you to learn that it is by no means the only important element that a Seller takes into consideration. The strength of the Buyer’s loan qualification, the type of loan being used, the amount of first and second deposits, the duration of the “inspection period”, the duration of the “loan approval period” and the actual closing date are all variables that will have a significant role in determining an offer’s true viability to a Seller. A seasoned Realtor should be able to carefully structure a Buyer’s offer so that it is considered strong and viable by the Seller and yet still adequately protects the Buyer.
WHAT CAN A BUYER OR SELLER EXPECT TO ENCOUNTER WHEN DEALING WITH A POSSIBLE “SHORT SALE” PROPERTY?
The simple answer is “uncertainty”. A “short sale” occurs when a Seller is trying to sell their property for less money than they still owe on it. Although the Seller’s lender is not considered a “party” to the contract, the “short sale” of the property is ultimately subject to their third party written approval. Therefore, it is strongly advisable for a Buyer and Seller to work with a seasoned Realtor who is very experienced in the short sale process. Additionally, a Seller should always consult a Real Estate Attorney who has successfully handled and negotiated short sales as well as an Accountant in order to obtain their professional advice as to whether a short sale is the best course of action to pursue.
WHAT ARE SOME OF THE MOST EFFECTIVE AND LEAST EXPENSIVE WAYS FOR A SELLER TO INCREASE THEIR ODDS OF RECEIVING AN OFFER ON THEIR PROPERTY?
Hire a professional photographer to take pictures of the home and have the entire home professionally cleaned. De-clutter kitchen countertops and bathroom vanities and rearrange furniture to maximize the utility of each space in the home. Curb appeal is the key because a Buyer’s first impression as they approach a home is a lasting impression and it can and often will impact the rest of the showing. So, trim back hedges and trees, replace worn out areas of the lawn with fresh sod and place a fresh layer of mulch in the flower bed areas around the home. Sellers are often completely amazed at how these inexpensive suggestions can make such a significant difference in the number of showings and offers a property will receive.
By SETH IAN SAPERSTEIN, PA
MULTI-MILLION DOLLAR PRODUCER
KELLER WILLIAMS LEGACY