Two common problems in selling your property in today's Real Estate Market!
Two common problems in today's market are foreclosures and short sales. (Short Sale; This is when a lender agrees to accept less than is owed on the property) These sales can effect the appraisals in your neighborhood by about 20%. A realtor survey last year found 18% of sales contracts had been canceled because of appraisals that did not meet the selling price. Many homes in today's market simply are not worth what the owners think they are because of the depressed real estate market. Home prices have fallen far below the values of a few years ago. The secret to selling your home in today's market is to listen to your real estate agent and get a CMA on your property. You can also have a local contractor evaluate the condition of your home for a small fee.
Foreclosure help: Emergency Homeowners Loan Program: Interest free loans to pay a portion of your monthly mortgage for up to two years or $50,000 whichever comes first. Call 855-346-3345 or visit www. FindEHLP.org Orange County Rural Development Advisory Corp: 524-4663 or www.ocrdac.org Legal Services of the Hudson Valley: 877-574-8529 or www.lshv.org Empire Justice Center:www.empirejustice.org
Before you close on your new home a Walk -through with your Real Estate Agent is very important.
You should always do a walk through with your Real Estate agent and if needed your home inspector before you close on your property. This is your last chance to have problems corrected before it may cost you. It is recommended a walk-through be done within 24 hours before your closing. If there was issues with a home inspection make sure they have been corrected. If problems exist have your Real Estate agent contact your attorney before closing to have this issues resovled.
When is the best time to put my house on the market?
Most potential home buyers get spring fever as early as March so your listing should be in place by February. What I mean by in place is that you have signed a listing agreement with your realtor, property is in your areas MLS ( Multiple Listing Service) system and the marketing campaign is under way for your property. Some agents will take your listing, promise you the world, give you a low commission rate and than place your property in the MLS system and hope it sells. An experienced Realtor will market your property by MLS, magazines, newspaper, and web site services.
Owner Financing may help you sell your house!
If you are having trouble selling you house you may want to try owner financing. Benefits for the seller are: Increased number of potential buyers that would not qualify for a loan, higher interest rate than you would not receive from other investments.
Owner financing can be a good investment because you are able to ask for a higher purchase price and a higher interest rate on your money.
Most seller's who offer owner financing will limit the terms to 3 to 5 years with a balloon payment at the end, the buyer can then refinance with a traditional lender. The higher interest rate is one reason the buyers would look for refinancing.
Mortgage Lenders want it all
If you are shopping for a mortgage beware, lenders are looking for tax return information and not just the first two pages but he whole return. Why the sudden interest in the buyers tax returns? Lenders are looking for any signs of loan fraud with income irregularities. Income property: If you have a rental property and charge $1,200 a month and have $1,000 month expenses that you show on your tax returns then your positive rental income is $200.00 Buyer's need to build up their taxable income for at leased two years before they can qualify for a loan.
Are your offers being turned down because of your buyers agent?
Some buyers agents are not happy earning the commissions offered through the MLS system and are asking for addition commission fees to be paid by seller. Sellers will reject these offers in today's market due to the already reduced prices of homes. Before you sign an agreement with a buyers agent read the fine print! If you have any questions about buyers agent your can email info@nysbroker.com for free information.
Did your realtor over price your home!
In today's market it is important to price your property right . When a realtor does a Comparative Market Analysis of your property they must compare apples to apples (ex. Bi level to Bi level, Colonial to Colonial)
to get your market value. Some realtors over price your property just to get your listing this is call buying your listing, and a month or two later they ask you to drop the price. Always hire a licensed NYS Realtor who is a member of your local MLS System.
How to pick your Realtor
There are 3 types of Real Estate Licenses:
Principal Broker- Licensed Real Estate Broker that owners the Company
Associate Broker- Real Estate agent that has pass the brokers course
Salesperson- Licensed real estate agent
There are 4 types of agents:
Buyers Agent
Sellers Agent
Brokers Agent
Dual Agent
Choosing a Realtor is important if you want results in selling your home. Here is what to look for:
NYS Licensed ?
Member of a MLS System that covers your area?
How many Years of experience in real estate?
Full time (not just a weekend real estate agent)?
Can be reached after hours?
Internet marketing plan?
Lawn Tips Fertilize your lawn in the fall keeps it healthy for next summer. As the winter approaches your lawn needs to stores food before going dormant, this help your lawn to a better recovery in the spring. Also add seed where needed to fill in bald spots. Now is the time to apply grub and insect control to your lawn don't wait till the spring it will be too late.
Kitchen & Baths. When preparing to sell your home pay special attention to the kitchen and baths. These rooms are the clinchers when it comes to home sales.
Fire Safety Tips Keep a multi-purpose fire extinguisher in the kitchen and also on each floor of your home. Have a fire escape plan that you can review with the family. Twice a year have a mock fire drills, this may save your live in case of a fire. Change batteries in smoke and CO detector every 6 months.
Painting Tips fresh coat of paint is a great idea, but sometimes the smell of paint can raise suspicion with potential buyers. Add 3 drops of real vanilla extract to each gallon of paint used. This will neutralize 90% of the paint smell. *Always check with your paint manufacturer before.
Home tips Things we don't think about that will make our life easyer should as clean and lubricate locks, hinges, and moving windows parts and door hardware once a year. to maintain ease of use. Keep furniture, and other items that children might climb, away from windows for safety.
Garage door openers To make sure your garage door opener is working properly you should test the auto-revers function and familiarize yourself with the door's release system in case of power failure or an emergency.
Keep people clear of opening while door is moving.
Do not allow children to play with door or operator.
Do not operate a door that jams or one that has a broken spring.
