Should I Accept This Offer?
February 29, 2012 -- Realty Times Feature Article by Carla Hill
Being a seller in today's market can present its share of challenges. How do you know when to accept an offer and when to hold out for something better?
Is the current offer a low ball offer or are you simply hesitating over attachment to the home? This is the first and most crucial question to ask yourself.
You see the memories and the upgrades you've made to the home. You know down the cent how much you've invested in the property. In today's market, however, home values have fluctuated and dipped. It's time to detach emotionally from your home and view it in a financial light. Is this a low ball offer or is a reasonable offer for your current market?
How long has your home been on the market? If your home is new to the market, especially if you've had multiple requests for showings, then accepting the first offer can be a gamble. You might not receive another offer, but on the other hand if this offer is too low you might be dealing with a vulture.
Are the terms agreeable? Some offers are right on target with asking prices, but are demanding when it comes to closing cost concessions and even move-out dates. If you don't have a new home lined up and the buyer is wanting you out in 2 weeks you'll find yourself in quite the scramble! Consider all the factors included in the sale.
Will you lose money on the sale? Many homeowners have found that their homes have depreciated in value over the last six years. Can you afford to sell at the offered price? Think about if this will cause you to be too far in debt on your mortgage to buy your next home.
How fast are you needing to sell? -- Are you moving to another state or city? Many of today's sellers are needing to move and that means buying a home. Even if you're not moving, you may have already found, or purchased, your next home and don't need two mortgages hanging over your head. In this instance it would be best to run the numbers, negotiate competitively, and accept a fair (even if lower than expected) offer.
Are you are risk of going into foreclosure? If you are selling because you can no longer handle your payments and don't want to ruin your credit for the next seven years then it would be wise to accept even low offers. Buyers are few and far between in today's market.
This is where the expertise of your agent comes in. They can tell what market activity is like for your area. How long are homes staying on the market before selling? Do they think you'll receive another interested party? If they think the offer is too low and that you'll get more money by waiting a short period for another buyer, then you should wait it out.
Buyers today are just like anyone looking for a deal. They know that home prices are on the decline and that inventory far outweighs demand. They come in shooting from the hip, wounding asking prices with their offers. Don't be afraid to shoot back with competitive counter offers. If someone is truly interested and not just low-balling they'll play the game.
As the seller it is up to you to decide on what deals to accept. If your home is on the market or you are consider listing it, then it would serve you well to figure up your bottom line now. What selling price can you afford? Be aware of what you will and won't sell your home for. Then when offers come in you'll know just how you can respond.
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© Copyright 2012 Realty Times. All Rights Reserved.
Showing posts with label home for sale. Show all posts
Showing posts with label home for sale. Show all posts
Saturday, March 10, 2012
Monday, February 13, 2012
Avoid These 8 Staging Mistakes
Avoid These 8 Staging Mistakes
You may love your home, but that doesn’t mean that everyone coming through the door will feel the same way. What may be “charming” to the seller may seem off-putting to a prospective buyer. Many sellers attempt to stage their home themselves and, in doing so, create mistakes that can actually sidetrack the sale of their homes.
Here are some of the biggest staging mistakes, according to professional home stagers.
1. Getting too personal: Home staging is meant to create a neutral canvas that will appeal to the majority of buyers. Staging is all about de-personalizing the space, and creating more of a luxury hotel or a model home look that will appeal to most everyone. This is not the time to bring in your unique style and create a look that appeals to just you.
2. Using dark colors: If painting, you should choose a nice, neutral and warm color, such as beige tones, grey tones, or light blue or pale greens. You’ll be amazed at the transformation a few coats of fresh paint will make on your home.
3. Not taking advantage of natural light: People love natural light, so blocking off any light with heavy curtains or furniture can hurt your sale, especially if the home has attractive views. Anything dated in a home is a turn-off to a potential buyer and window treatments are one of them.
4. Thinking more is better: Scale down your furniture. The size of the furniture needs to be in balance with the scale of the room and the other furniture in it. Remember that the purpose of furniture when selling a home is to define the purpose of the room and to show what will fit where. It is not meant to show that you can provide seating for 15 in your living room and every seat has a side table to rest drinks on.
5. Leaving pets at home: You need to remove all traces of animals from the house and make sure “Fido” or “Sunshine” is away during showings. Having a pet could kill a sale before someone even steps into a house.
6. Neglecting the outside: People care about the outside space just as much as the inside, so add flowers, make sure the lawn is mowed, the yard is tidy and add a few backyard accessories for the kids.
7. Only dealing with “main” rooms: People are quick to stage living rooms, kitchens and bedrooms, but don’t forget to spruce up the garage, basement and closets as well.
8. Forgetting fixtures: When staging a home, it’s important to ensure all lights are burning with fresh bulbs, and that all fixtures are working.
Remember, staging a home means showcasing the property’s many features, not concealing its flaws. Make sure your house is in good condition and use staging to cast the home in the best light.
Prudential Fox & Roach is an independently owned and operated broker member of BRER Affiliates, Inc. Prudential, the Prudential logo and the Rock symbol are registered service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide. Used under license with no other affiliation with Prudential. Equal Housing Opportunity.
You may love your home, but that doesn’t mean that everyone coming through the door will feel the same way. What may be “charming” to the seller may seem off-putting to a prospective buyer. Many sellers attempt to stage their home themselves and, in doing so, create mistakes that can actually sidetrack the sale of their homes.
Here are some of the biggest staging mistakes, according to professional home stagers.
1. Getting too personal: Home staging is meant to create a neutral canvas that will appeal to the majority of buyers. Staging is all about de-personalizing the space, and creating more of a luxury hotel or a model home look that will appeal to most everyone. This is not the time to bring in your unique style and create a look that appeals to just you.
2. Using dark colors: If painting, you should choose a nice, neutral and warm color, such as beige tones, grey tones, or light blue or pale greens. You’ll be amazed at the transformation a few coats of fresh paint will make on your home.
3. Not taking advantage of natural light: People love natural light, so blocking off any light with heavy curtains or furniture can hurt your sale, especially if the home has attractive views. Anything dated in a home is a turn-off to a potential buyer and window treatments are one of them.
4. Thinking more is better: Scale down your furniture. The size of the furniture needs to be in balance with the scale of the room and the other furniture in it. Remember that the purpose of furniture when selling a home is to define the purpose of the room and to show what will fit where. It is not meant to show that you can provide seating for 15 in your living room and every seat has a side table to rest drinks on.
5. Leaving pets at home: You need to remove all traces of animals from the house and make sure “Fido” or “Sunshine” is away during showings. Having a pet could kill a sale before someone even steps into a house.
6. Neglecting the outside: People care about the outside space just as much as the inside, so add flowers, make sure the lawn is mowed, the yard is tidy and add a few backyard accessories for the kids.
7. Only dealing with “main” rooms: People are quick to stage living rooms, kitchens and bedrooms, but don’t forget to spruce up the garage, basement and closets as well.
8. Forgetting fixtures: When staging a home, it’s important to ensure all lights are burning with fresh bulbs, and that all fixtures are working.
Remember, staging a home means showcasing the property’s many features, not concealing its flaws. Make sure your house is in good condition and use staging to cast the home in the best light.
Prudential Fox & Roach is an independently owned and operated broker member of BRER Affiliates, Inc. Prudential, the Prudential logo and the Rock symbol are registered service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide. Used under license with no other affiliation with Prudential. Equal Housing Opportunity.
Sunday, April 17, 2011
10 Ways to Protect Your Family From Fires
10 Ways to Protect Your Family From Fires
According to the National Fire Protection Association (NFPA):
In 2009 there were 1,348,500 fires reported in the U.S., resulting in over 3,000 deaths, 17,050 injuries and property damage of $12.5 billion. One home fire was reported every 87 seconds. Households can expect to average a home fire every 15 years, or five fires in an average lifetime.
Pretty sobering statistics, which suggest it’s just a question of time before the average household is faced with the task of dealing with fire. The good news is that fire deaths have slowly declined over the past decade, due in large part to greater fire prevention awareness. In case of fire, the difference between death and survival is often simple preparedness and practice.
Here then are 10 ways to protect your family from fires:
Fire Prevention Equipment
Install smoke detectors on every floor, place one outside each sleep area.
Check smoke detector batteries every 6 months, at the same time you’re re-setting your clocks for daylight savings.
Another option is hard-wired smoke detectors. The advantage of these is that you will hear the alarm throughout the house regardless of which individual unit detects smoke or fire.
Purchase several ABC- class fire extinguishers for various locations such as the kitchen, utility room, hallway, and garage.
Train each family member in their proper operation, and when to use them.
Residential fire sprinkler systems have become very affordable, and can enhance the market value of your home considerably. Check out some other advantages at FEMA.
Fire Escape Planning
Draw an escape plan for your home.
Discuss with each family member where the escape routes are.
Identify two exits for every room in your home.
Practice fire escapes, in daylight and at night, at least twice a year.
Establish a meeting place near the home for the family to gather after evacuating.
Have the phone numbers for emergency personnel and nearby contacts programmed into your home and cell phones. Make sure every family member knows who to call, and how to call them.
Home Heating Precautions
Have chimneys and wood stoves inspected and cleaned at least once a year.
Wood stoves should be installed near walls made of fire-resistant material.
Fireplaces equipped with glass doors should burn with doors open to avoid creosote buildup in chimney. Close doors when fire is out.
Stack firewood away from house.
Space heaters should be placed away from all objects, and have a tip-over shut-off switch.
Kitchen Safety
Never leave cooking unattended. This is the leading cause of fires in the kitchen.
Keep flammable items like oven mitts and potholders away from the stove top.
Avoid wearing clothing that can come into contact with cooking surfaces (long sleeves, loose-fitting clothes).
Never use metal objects or aluminum foil in microwave ovens.
If fire erupts in your microwave oven, unplug it and leave the door closed.
Stay Plugged-in (Electrical Issues)
Discard extension cords or electrical devices which have frayed or damaged wiring or plugs.
Install safety covers over electrical outlets in households with small children.
Never bypass or remove the grounding terminal on three-prong plugs.
Be aware of the maximum current rating for each circuit in your home; never exceed their limits.
Do not run electrical cords in traffic areas or under rugs.
Smoking Savvy
If you must smoke, take it outside.
Use ashtrays that are sturdy and deep-sided.
Consider switching to fire-safe cigarettes, which are made with paper that burns slower.
Try using ashtrays or buckets filled with sand to ensure those butts are extinguished, and
Make sure they are before emptying those trays.
Put Your Worries to Bed
Keep bedroom doors closed at night. In the event of fire, they offer protection and help limit the spread of fire.
Check that electric blanket for faulty wiring. Make sure it’s UL-approved.
Pre-2007 mattresses should be replaced with newer ones meeting the 2007 Federal Mattress Flammability Standard.
Candles in the Wind
Never leave burning candles unattended.
Candles should be placed in sturdy, non-flammable holders and positioned where they won’t be easily knocked over.
Keep matches out of children’s reach.
Keep candles away from drapes, which can blow into the flame or knock the candle over.
Car Care
Check vehicles regularly for fluid leaks or faulty wiring.
Examine exhaust system for excessive smoke plumes or leaks.
Avoid smoking in vehicles.
Keep a fire extinguisher in each of your vehicles.
Stormy Weather
Unplug electrical appliances during a storm.
Turn off air-conditioners.
Stay off corded phones.
Ensure outdoor antennae, electrical lines are properly grounded.
As you can see, fire prevention is 90% common sense. Preparedness, the other 10%, is really nothing more than putting that common sense into practice. Knowing what causes fires, or even how to prevent them, is a good start; but the difference between knowing and putting that knowledge to work, could be the difference between surviving and becoming another statistic.
According to the National Fire Protection Association (NFPA):
In 2009 there were 1,348,500 fires reported in the U.S., resulting in over 3,000 deaths, 17,050 injuries and property damage of $12.5 billion. One home fire was reported every 87 seconds. Households can expect to average a home fire every 15 years, or five fires in an average lifetime.
Pretty sobering statistics, which suggest it’s just a question of time before the average household is faced with the task of dealing with fire. The good news is that fire deaths have slowly declined over the past decade, due in large part to greater fire prevention awareness. In case of fire, the difference between death and survival is often simple preparedness and practice.
Here then are 10 ways to protect your family from fires:
Fire Prevention Equipment
Install smoke detectors on every floor, place one outside each sleep area.
Check smoke detector batteries every 6 months, at the same time you’re re-setting your clocks for daylight savings.
Another option is hard-wired smoke detectors. The advantage of these is that you will hear the alarm throughout the house regardless of which individual unit detects smoke or fire.
Purchase several ABC- class fire extinguishers for various locations such as the kitchen, utility room, hallway, and garage.
Train each family member in their proper operation, and when to use them.
Residential fire sprinkler systems have become very affordable, and can enhance the market value of your home considerably. Check out some other advantages at FEMA.
Fire Escape Planning
Draw an escape plan for your home.
Discuss with each family member where the escape routes are.
Identify two exits for every room in your home.
Practice fire escapes, in daylight and at night, at least twice a year.
Establish a meeting place near the home for the family to gather after evacuating.
Have the phone numbers for emergency personnel and nearby contacts programmed into your home and cell phones. Make sure every family member knows who to call, and how to call them.
Home Heating Precautions
Have chimneys and wood stoves inspected and cleaned at least once a year.
Wood stoves should be installed near walls made of fire-resistant material.
Fireplaces equipped with glass doors should burn with doors open to avoid creosote buildup in chimney. Close doors when fire is out.
Stack firewood away from house.
Space heaters should be placed away from all objects, and have a tip-over shut-off switch.
Kitchen Safety
Never leave cooking unattended. This is the leading cause of fires in the kitchen.
Keep flammable items like oven mitts and potholders away from the stove top.
Avoid wearing clothing that can come into contact with cooking surfaces (long sleeves, loose-fitting clothes).
Never use metal objects or aluminum foil in microwave ovens.
If fire erupts in your microwave oven, unplug it and leave the door closed.
Stay Plugged-in (Electrical Issues)
Discard extension cords or electrical devices which have frayed or damaged wiring or plugs.
Install safety covers over electrical outlets in households with small children.
Never bypass or remove the grounding terminal on three-prong plugs.
Be aware of the maximum current rating for each circuit in your home; never exceed their limits.
Do not run electrical cords in traffic areas or under rugs.
Smoking Savvy
If you must smoke, take it outside.
Use ashtrays that are sturdy and deep-sided.
Consider switching to fire-safe cigarettes, which are made with paper that burns slower.
Try using ashtrays or buckets filled with sand to ensure those butts are extinguished, and
Make sure they are before emptying those trays.
Put Your Worries to Bed
Keep bedroom doors closed at night. In the event of fire, they offer protection and help limit the spread of fire.
Check that electric blanket for faulty wiring. Make sure it’s UL-approved.
Pre-2007 mattresses should be replaced with newer ones meeting the 2007 Federal Mattress Flammability Standard.
Candles in the Wind
Never leave burning candles unattended.
Candles should be placed in sturdy, non-flammable holders and positioned where they won’t be easily knocked over.
Keep matches out of children’s reach.
Keep candles away from drapes, which can blow into the flame or knock the candle over.
Car Care
Check vehicles regularly for fluid leaks or faulty wiring.
Examine exhaust system for excessive smoke plumes or leaks.
Avoid smoking in vehicles.
Keep a fire extinguisher in each of your vehicles.
Stormy Weather
Unplug electrical appliances during a storm.
Turn off air-conditioners.
Stay off corded phones.
Ensure outdoor antennae, electrical lines are properly grounded.
As you can see, fire prevention is 90% common sense. Preparedness, the other 10%, is really nothing more than putting that common sense into practice. Knowing what causes fires, or even how to prevent them, is a good start; but the difference between knowing and putting that knowledge to work, could be the difference between surviving and becoming another statistic.
Friday, April 16, 2010
TOP TEN TIPS FOR STAGING A HOME
Top 10 Tips for Staging a Home
April 15, 2010 -- Realty Times Feature Article by Broderick Perkins
Provided your home-for-sale has the curb appeal to get potential buyers inside, keeping them inside for a further look requires a staging strategy that sticks the deal.
HGTV's FrontDoor.com offers what it considers the Top 10 tips that can turn a languishing listing to a multiple offer attraction.
• Reclaim the yard. First impressions rule. Spruce up curb appeal by maintaining a clean yard, adding plants for a splash of color and applying a fresh coat of paint to the front door.
• Let the foyer flourish. The home portal sets the tone for the entire home. Make the space up-to-date, well-maintained and eye catching -- top to bottom.
• Back off beige. Don't let neutral colored walls dominate a room. Splashes of color liven up boring spaces. Throw pillows, artwork and fresh flowers add pops of color and personality.
• Cure kitchen craziness. Consistency pleases. All countertops and cabinets should match. New hardware, a new backsplash and a thorough cleaning can transform a bleak kitchen into one with smiles.
• Denude the dining room. De-cluttering and depersonalizing is the first rule of home staging. Homebuyers can have trouble envisioning themselves living in a home that's full of the seller's personal items.
• Avoid focal point faux-pas. Highlight the great features in a home by positioning furniture to highlight them. Windows, fireplaces and other architectural details will be noticed by a buyer if they are emphasized in the home correctly.
• Perk up the patio. The outdoor space is an extension of the home. Capture a higher selling price by cleaning and adding style to any outdoor space with furniture, lighting and accessories.
• Master the master suite. The best approach to staging is often working with existing accessories. Using what is already in the room and repositioning the furniture will highlight the room's best features.
• Cure bathroom blues. Older vanities and dreadful wallpaper will make any bathroom feel outdated. Apply a fresh coat of neutral-hued paint and new hardware to modernize and brighten.
• Repurpose extra rooms. The value of a space decreases when homebuyers see a room without direction (think part office, part playroom, part home gym). Though almost every homeowner is guilty of having a "junk room," take sure to stage each room with a clear purpose before putting the home on the market.
--------------------------------------------------------------------------------
April 15, 2010 -- Realty Times Feature Article by Broderick Perkins
Provided your home-for-sale has the curb appeal to get potential buyers inside, keeping them inside for a further look requires a staging strategy that sticks the deal.
HGTV's FrontDoor.com offers what it considers the Top 10 tips that can turn a languishing listing to a multiple offer attraction.
• Reclaim the yard. First impressions rule. Spruce up curb appeal by maintaining a clean yard, adding plants for a splash of color and applying a fresh coat of paint to the front door.
• Let the foyer flourish. The home portal sets the tone for the entire home. Make the space up-to-date, well-maintained and eye catching -- top to bottom.
• Back off beige. Don't let neutral colored walls dominate a room. Splashes of color liven up boring spaces. Throw pillows, artwork and fresh flowers add pops of color and personality.
• Cure kitchen craziness. Consistency pleases. All countertops and cabinets should match. New hardware, a new backsplash and a thorough cleaning can transform a bleak kitchen into one with smiles.
• Denude the dining room. De-cluttering and depersonalizing is the first rule of home staging. Homebuyers can have trouble envisioning themselves living in a home that's full of the seller's personal items.
• Avoid focal point faux-pas. Highlight the great features in a home by positioning furniture to highlight them. Windows, fireplaces and other architectural details will be noticed by a buyer if they are emphasized in the home correctly.
• Perk up the patio. The outdoor space is an extension of the home. Capture a higher selling price by cleaning and adding style to any outdoor space with furniture, lighting and accessories.
• Master the master suite. The best approach to staging is often working with existing accessories. Using what is already in the room and repositioning the furniture will highlight the room's best features.
• Cure bathroom blues. Older vanities and dreadful wallpaper will make any bathroom feel outdated. Apply a fresh coat of neutral-hued paint and new hardware to modernize and brighten.
• Repurpose extra rooms. The value of a space decreases when homebuyers see a room without direction (think part office, part playroom, part home gym). Though almost every homeowner is guilty of having a "junk room," take sure to stage each room with a clear purpose before putting the home on the market.
--------------------------------------------------------------------------------
Thursday, February 25, 2010
SHORT SALES EXPLAINED
What is a short sale and why do homeowners prefer it? A short sale happens when the mortgage is more than the value of the property itself. This could be because the value of the properties in the area where the property is located has decline. It could also be because of the condition of the property. Many property owners apply for a short sale because they want to avoid foreclosure. Through this, they can pay off the mortgage and star anew.
Before a short sale can take place, the lender has to approve the package presented by the homeowner first. The package presented has to be complete. It should have a hardship letter. This letter will explain to the lender why the homeowner could no longer make his payments. This could be because of unemployment, divorce or death in the family. In addition to that, you will be asked to present an offer from a buyer as well. Ask your lender about the other requirements you need to present.
The lender has the right to approve or reject the proposal because he will definitely lose if he agrees to this. However, this maybe a better option for him rather than foreclosing the property. It is not easy to get your lender’s approval. This shy you should be ready. All your requirements have to be complete. Moreover, you should be familiar with your documents so that you can defend your package and explain it thoroughly to your mitigating officer.
One of the major reasons why your lender would reject your short sale package is when the value offered is way lower than the value of the property. If this happens, the lender will send a broker to check the property. The broker will determine the value of the property and will recommend it to the lender. If the value is higher than the offer made by the buyer, your short sale package will be rejected. However, you can prevent this. Just make sure that the offer to your property is reasonable. Be there when the broker arrives and walk him through your property. You can also present to him images and documents of the repairs made in your property.
If the lender rejects your package, do not be disheartened and try to qualify again. Get a better offer for your home. You can ask your current buyer or you can look for another buyer who will be willing to make a better offer for your property.
If you are the buyer, make sure that you make a good offer. See to it that you consider several factors before you make an offer. Check the property as well as the location. Of course, you will offer a discounted value since it is a short sale but be careful not to make a very low offer.
Many turn to short sale to prevent foreclosure. However, getting an approval from the lender is not easy. You have to make sure that your requirements are complete and that the offer made is reasonable.
article alley
Before a short sale can take place, the lender has to approve the package presented by the homeowner first. The package presented has to be complete. It should have a hardship letter. This letter will explain to the lender why the homeowner could no longer make his payments. This could be because of unemployment, divorce or death in the family. In addition to that, you will be asked to present an offer from a buyer as well. Ask your lender about the other requirements you need to present.
The lender has the right to approve or reject the proposal because he will definitely lose if he agrees to this. However, this maybe a better option for him rather than foreclosing the property. It is not easy to get your lender’s approval. This shy you should be ready. All your requirements have to be complete. Moreover, you should be familiar with your documents so that you can defend your package and explain it thoroughly to your mitigating officer.
One of the major reasons why your lender would reject your short sale package is when the value offered is way lower than the value of the property. If this happens, the lender will send a broker to check the property. The broker will determine the value of the property and will recommend it to the lender. If the value is higher than the offer made by the buyer, your short sale package will be rejected. However, you can prevent this. Just make sure that the offer to your property is reasonable. Be there when the broker arrives and walk him through your property. You can also present to him images and documents of the repairs made in your property.
If the lender rejects your package, do not be disheartened and try to qualify again. Get a better offer for your home. You can ask your current buyer or you can look for another buyer who will be willing to make a better offer for your property.
If you are the buyer, make sure that you make a good offer. See to it that you consider several factors before you make an offer. Check the property as well as the location. Of course, you will offer a discounted value since it is a short sale but be careful not to make a very low offer.
Many turn to short sale to prevent foreclosure. However, getting an approval from the lender is not easy. You have to make sure that your requirements are complete and that the offer made is reasonable.
article alley
Friday, October 30, 2009
Tuesday, August 4, 2009
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