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Nothing Happens Until It's Sold You often hear people in sales quote an old saying: "nothing happens until somebody sells something". This is certainly true in real estate sales. A Realtor spends hours obtaining your listing and filling out the paperwork to get your home in the Multiple Listing Service, but is not paid a dime for doing it. The agent will spend countless hours coaching you on preparing your home, and more hours showing it, but the earns nothing until the sale is actually made. Only after a sale has finally closed does the sales professional see any commission. Are you still concerned about their motivation to keep being productive? This approach directly benefits you, the seller, because you have a marketing professional who wants to sell your home as badly as you do. You also have the assurance that he or she will make every effort to get the maximum price for your home. The higher the selling price, the better it is for everyone. Posted 2011-07-04 by Martha Hunley

Working With Appraisers After the buyer and seller come to a "meeting of the minds" on the price of a house, there is one more person who must be convinced that the house is worth the selling price--the mortgage company's appraiser. The appraiser looks for three similar houses that have sold in the same area within the last six or so months, and compares the selling prices of these homes with the one you are buying. They make adjustments to account for the differences in each property, and the price for your house will be the average of the adjusted prices of the other three homes. In subdivisions or condominium projects where there are many similar properties and plenty of recent sales, the appraiser's job is fairly easy. In neighborhoods of older homes that have been renovated or remodeled over the years, it can be like comparing apples and oranges. If the appraiser's evaluation is lower than the selling price, it can threaten the transaction if the lender declines the buyer's loan based on the appraisal. In that case, a knowledgeable Realtor can sometimes work with the appraiser to make the transaction work. Posted 2011-06-29 by Martha Hunley

What Is Your House Worth? One of the saying from the "gold-rush" days--"Them that's got the gold, sets the price!"--is also a principle that applies to real estate. We say that a house is only worth what someone will pay for it, even though the owner, the bank, and the agent all have their own opinions about the "market value" of a home. In other words, no sale ever takes place until the buyer agrees with the price. How can sellers arrive at the maximum "fair" price that buyers are willing to pay? Buyers (and appraisers) make their decision based on comparisons. While shopping for a home, buyers will visit many similar homes in their price range and measure the features of each one against the price. They decide which house offers them the maximum value for the price. Buyers do not expect a home to be a "steal" or dramatically under-priced, but they do expect it to be a fair value. Sellers must determine the value that their home offers in order to arrive at the right price. The Realtor will advise the sellers what buyers should be willing to pay for their home, but the asking price is set by the seller. Posted 2011-06-27 by Martha Hunley

What Really Works to Sell Your House? If you are trying to sell your home quickly, some Realtors may recommend that you offer a bonus to the agent who brings in the buyer. They feel that a monetary incentive will cause Realtors to push your house over the one down the street. Do such bonuses work? You cannot expect a bonus to sell an overpriced house or overcome housekeeping shortcomings that detract from your home's overall appeal. If your house looks great and is priced right, offering a bonus to the Realtor could help it sell quicker. Realtors earn their reputations by helping people find homes that they love. When deciding which homes to show prospective buyers, their decision will be based on whether the home will meet their needs. If the Multiple Listing Service indicates that a bonus is being offered, it could encourage more agents to preview the house and result in more showings. Posted 2011-06-22 by Martha Hunley

The Season for Selling Houses We hear a lot of talk about which months are the most lively ones for getting our listings sold. Many people think the ideal time to put a house on the market is when the azaleas are in bloom and the grass is the greenest. In many parts of the country, the "spring market" is thought of as the real estate industry's Christmas season. There are important factors that strongly influence the sale of houses. Interest rates, the availability of local employment, tax rates, and the overall economic health of the community all play a large part in determining how quickly homes move and how well the sellers will do at the closing table. Your home may sell quickly during a month when the weather is gloomy but the interest rates are low. Waiting for spring flowers to bloom before planting your "For Sale" sign may improve your home's curb appeal, but may not have as much effect on the sale of your home as interest rates that go up as quickly as your tulips. Posted 2011-06-20 by Martha Hunley

Signed, Sealed, and Delivered When a real estate deed is signed, it is effective, right? Even if a deed is properly executed, it is not effective until it has been delivered to and accepted by the buyer. This can sometimes create bizarre results. An elderly man properly signed, sealed and acknowledged a deed to his nephew and placed it in an old tin box in his room, where it was discovered shortly after he died. The nephew lost a contest with other heirs over the property because the deed was not delivered, and therefore, was not effective at the time of the old man's death. Until the deed is delivered, the title remains with the seller, and he could change his mind and destroy the deed. But once the deed has been properly delivered and accepted, the title passes and cannot be revoked. Thus the old, old saying: signed, sealed ( and notarized)--and delivered. Posted 2011-06-20 by Martha Hunley

It's a Pain in the Neck! Ideally we like the properties we market to look spotless, but even the most impeccable housekeepers find it difficult to keep the house in prime showing condition all the time.Keeping the beds perpetually made, dishes washed, bathrooms spotless and the closets neat is a lot of work. Is it worth it? It is if you want to get your house sold in a reasonable amount of time for top dollar. Buyers often see normal clutter, and what registers is "this place hasn't been maintained." They see bathtub rings and think "plumber's bills." They see lint under the refrigerator and grease on the electric range and imagine having to replace all of the appliances. It isn't very logical, but people are often less than logical about buying a house. When making their final selection, they may be going on emotion and adrenaline rather than imagination. You can help your broker by minimizing the amount of imagination they will need to fall in love with your home. Posted 2011-06-15 by Martha Hunley

Keeping Your House Safe Home safety precautions are always important, but it is especially important to make your home "accident-proof" while it is on the market. Many strangers will be coming through your home who won't be aware of the minor hazards that you and your family instinctively avoid.Go through your home with an eye for potential hazards. Remove the obstacles that you can and post "watch your head" or "watch your step" signs where they are needed. Look for loose banisters, uneven steps, precariously placed plants, art objects or anything else that could fall on someone, wet spots on bath or kitchen floors, toys that someone might fall over and anything that you have to step over or duck under. Make sure that rugs will not slip, especially those at the bottom of stairs. There aren't many things that will more quickly dampen a buyer's enthusiasm for a house than a bump on the head or an unexpected trip down a flight of stairs. Posted 2011-06-13 by Martha Hunley

Preparing for the Walk-Through The movers have just pulled away from your house, leaving it totally empty--except for years' worth of grime and dust. If you don't have the time or energy to clean your house for the new owners, you should consider paying a professional to do the job. Before going to the closing table, your buyers will have a last chance to go through the house to check the appliances, mechanical systems and overall condition to make sure it is consistent with the sales contract. Even though they really want the house, at this point "buyers' remorse" may be prompting them to look for a reason to call the whole thing off. It is the little things that can trigger last-minute cold feet, so your best insurance is to make sure that the house looks great, everything is working properly, and all the agreed-upon repairs have been made. Taking special care in preparation for the walk-through will help to promote a more relaxed atmosphere for the closing. Posted 2011-06-08 by Martha Hunley

Not at ARM's Length A sale of a house is just a sale, right? Not necessarily. If you are selling your house to your children or transferring title outside the open market, then the transaction may be characterized as "not at arm's length". Since such a transfer may have tax consequences, you should discuss it with a tax attorney or accountant before taking action. The transfer of title to a son or daughter may cause the parents to lose favorable property tax treatment, require the payment of state gift taxes, or have other unexpected consequences. From a capital gains point of view, it may be more prudent for children to inherit property than to receive it as a gift. The disposition of any real estate should be considered within the entire framework of your tax and estate planning. For answers to all your real estate questions, consult experienced professionals who are familiar with this area. Posted 2011-06-06 by Martha Hunley

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