TTime to move on, move up, or "get out"? Just follow my top 5 tips for Sellers and you should have an easier time!
1. Do your homework – research recent sales in the area before you list your property.
2. Speak with your accountant and lawyer before listing your home to understand the financial and legal impact of the sale
3. Understand the current state of the market vs. 6 months ago so you can be realistic in setting a fair market price with your agent
4. Find a real estate agent that has listed and sold successfully in the area INTERVIEW at least three. Get letters of referral from their past and present clients.
5. Make sure that you are showing your property at its best. Fresh paint, clean surfaces, consider staging or even minor renovations – first impressions are everything
5 ways to add value to your home
Looking to make your home look more valuable? Maybe it's in preparation to sell, or maybe you'd just like to upgrade things a bit. Here are my 5 most impactful, and easy, ways to add some value... over night!
These ideas are at first take an out of pocket you my want not to consider but spending here will get you a far better offer compared to what you spend here.
1. Upgrade lighting to make sure that the home is bright and cheery
2. Organize your closets to make them feel spacious
3. If old, buy up-to-date appliances that will make the kitchen look new
4. Refinish floors and paint walls where needed
5. Have all windows washed to maximize light and views
Top 5 tips for Buyers
Ready to buy? Here are our top 5 rules to follow before you sign on that bottom line:
1. Get qualified for a mortgage before you start looking but renew your lenders authorization if it is over 4 or more months old
2. Interview real estate agents looking for professionalism and expertise – hire one who listens EVEN BETTER: hire a CERTIFIED BUYER AGENT
3. Research recent sales of comparable properties. This is where a buyer agent does the work for you. You can have the confidence of the true value of a property you are considering.
4. Ask when the home was last renovated and if there were any major repairs
5. Do complete due diligence on the mechanicals to estimate any future expenses – hire a professional home inspector
Tips for Negotiating a Mortgage Deal
Getting a mortgage loan these days can be a slow and frustrating experience.
Here are some things that buyers should know as they go through the application process:
1. Ask for the "Good Faith Estimate" early. It won’t be released until it is officially "complete" and all the questions are answered. Push applicants to find answers right away to all the lender’s questions.
2. Read and ask questions about the fine print. Identifying and negotiating all the fees and charges can cut an applicant’s costs.
3. Shop title insurance. Your Real Estate Agent may have a Title Company like PDE Title that offers a lesser fee than who the attorney may historically use.There are web sites where you can comparison shop.
4. Get a commitment. Insist that the lender or loan broker agree that there won’t be any other charges on the HUD-1, which most borrowers don’t see until they are at the settlement table. "If [the lender] won't agree to that, you have to be a little suspicious," says Claire Fennessey, senior vice president of Entitle Direct.
5. Question flood insurance. If a property requires flood insurance, ask a civil engineering firm with experience with the Federal Emergency Management Agency’s resources to ensure that you aren’t paying too much. Eligibility for a preferred risk policy can cut costs substantially.
Sabrina Teplin is a licensed associate real estate broker with Prudential Douglas Elliman and has successfully marketed and closed traditional and distressed properties in the Greater Huntington area for over 8 years. She holds seminars for homeowners seeking to avoid foreclosure and can be reached with confidentiality at (631) 549 1330 x 225
