Seller Tips

Tips on selling your home...

Showcasing Your Arizona Home

by | Sep 20 2011 | 2 Comments

Are you planning on showcasing your Arizona home for sale?  If so, you probably already know the obvious: repair broken items, clean, organize, etc. But maybe you haven’t thought of everything. Following are some things that may help you get that home sold even faster:

1. Use Neutral Colors And Decor

Of course, everyone has different taste and we all think our taste is stylish. But what you consider modern and chic may not be to interested home buyers.  In fact, it may just turn them off and send them right out the door!  When showcasing your home it’s best to use neutral colors, basic decorative items, and don’t go overboard.  You want to appeal to a large number of buyers when showcasing and the best way to do that is remain neutral rather than committed to one motif or another.  You can also solicit the advise of your agent or of a professional home designer or someone who stages homes for a living.

2. Remove Personal Items

If you can move most of your stuff out, do!  If not, pack and put things away as much as possible.  Again, your taste may not be theirs and people aren’t interested in your family photos or personal belongings.  Try to make the home inviting and comfortable when showcasing but at the same time remove your own personal element and taste.  Pack what you can and if need be, think about paying for storage space.  The less clutter the better.  It’s very difficult for someone to imagine your house as theirs if all of your stuff is still in it.

3. Check Out The Competition

You may want to take the time to visit some other open houses in your area.  What are other sellers doing when showcasing that you haven’t thought of or should avoid?  Pay attention to other potential buyer reactions to what they see and capitalize on what they like and what works.  Form your own impression and then when you get home, you may find you have a whole different view of what you’ve done with your own home.  You may discover things that you like and may even want to invest in reasonable things that you see others using to enhance the appeal of their home.

4. Invite Your Neighbors

Let’s face it, how much you get for your home affects the value of other homes in the neighborhood so it may behoove the neighborhood folks to join in your showcasing efforts and maybe even pitch in to help set it up.  They may even decide to spruce up their own properties outside to make the whole area look nicer.  They may also offer some insight on the decor and themes you’re using for showcasing your home.  Neighbors can also make the open house go a lot more smoothly by simply removing dead foliage from their yards, moving vehicles and allowing for more parking space temporarily, or just being attentive to outside noise on their part.  And it can’t hurt to have them around to develop a rapport with folks who are seriously considering your property – they’ll already feel “at home” in the neighborhood.

5. Help The Neighbors Help You

Do you live next to a hoarder?  Maybe you might politely offer to help them box up some of the stuff in their yard or haul away trash.  If they have an excessively high lawn, maybe you or your teenager could offer to mow for them.  These kind of efforts will improve the quality of the whole neighborhood.  Even if someone loves your home, they can be easily turned away by an unappealing neighborhood.  Reach out and see what you can do to help your neighbors help you!

Overall, having a cleaned, organized, welcoming home will help you sell it more quickly. Extra efforts like those listed here may help you stay a step ahead of the competition.

Category: News & Updates & Blog, Real Estate, Selling Tips

6 Ways To Beat A Slow Real Estate Market

by | May 5 2011 | 3 Comments

Are you selling your home or thinking of selling your home? Don’t let a slow market get you down. Instead, take action and increase the chances of getting your home sold faster and for more money. These tips should help you stand out from the sea of homes in today’s buyer’s market:

Give Your Home A New Makeover

Before you go and buy all new appliances, get someone you trust to take a look at your home from a different set of eyes. You can ask your local Realtor to come look at your home and give you advice on what things can be done to make your home look new again.

Be sure to ask the Realtor to give you honest feedback and take what they suggest as constructive criticism. You can also hire a local designer for a quick run through. They should be able to give you samples of flooring, paint, fixtures, and quick fix items that would make your home pop.

A Pre-Inspection Can Save Your Sale From Buyer’s Cold Feet

If you do a home inspection before you put your home on the market you can fix any problems upfront before a buyer finds them. You can also let the buyers know you’re home is in tip top shape and ready to be moved into.

A professional inspector will go throughout your house form the roof to the basement checking every minor detail. Knowing your house has no surprises can give you confidence when a buyer writes an offer. This will give you negotiating power and help you get more money for your home.

Fix Any Problems Upfront Before Putting Your Home On The Market

Every home has something that can be fixed unless it’s brand new. If you’re inspection showed problems with the home or potential problems such as an aging furnace, get them fixed right away. Don’t put your home on the market knowing your home has problems.

If you know it, you have to disclose it, and buyers won’t be willing to pay top dollar for a home that needs repairs. They can buy a foreclosure instead. So, make the fixes before you market your home and that way you won’t have anything negative hindering your potential sale.

Hire A Stager

Stager’s can do some amazing things with a home that many people just don’t see. A professional Stager will be able to make your home dazzle and stand out from the competition. If you can’t afford a Stager, try to think about how a buyer would see your home.

Are there a lot of personal items that distract from your homes other features? Does your entrance entice buyers to keep going? Get rid of the clutter and remember, less is almost always more.

Hire A Full Service Brokerage

A full service brokerage will do more than put your home on the MLS and a sign in the yard. In today’s market it’s important use every avenue of marketing and expertise available. Full service agents have the connections and experience to get your home sold in any market.

You can find a great agent by talking to friends and family, but don’t stop there. Make sure you check out their online presence and see if they are tech savvy. In today’s world buyer’s are looking online more and more. If you have a Realtor who doesn’t know how to post your listing to all of the hot listing sites, you’re losing out on ton of potential buyers.

Price Your Home Correctly From The Beginning

If you followed all of these steps and over-priced your home, they wouldn’t matter. Buyer’s today have access to more information than ever before. They know the homes that are priced to sell and the ones that aren’t going anywhere. Buyer’s are very picky in a buyers market. They want the best home for the best price in the best neighborhood.

If you’re home doesn’t fit that description, you’ll be sitting on the market for a long time. You can make sure your home is priced right by doing what buyers do. Research homes in your price range online and have your Realtor walk you through your competition to get a feel of what you need to do to stand out. If the homes in your price range are in better condition than yours, you’ll need to beat them on price to get it sold.

Guest contributor: Lisa Udy, an Ogden Utah real estate agent servicing both Weber County and Cache County in Northern, Utah. You can read more by Lisa by visiting her Logan Utah real estate website.

Category: News & Updates & Blog, Selling Tips

Documents Needed To Buy or Sell Real Estate

by | Apr 5 2011 | 3 Comments

In the bigger picture, it’s all about fraud, hardship, and qualification.  Are you who you say you are?  How can you prove that?  Do you truly have a hardship that requires a short sale?  As a buyer, do you have adequate, stable income?  For all of these instances, having the appropriate paperwork readily available can save tons of time and heartache.

Typical Lender Required Documents

Identification
State-issued ID, drivers licenses, or passports can also be used.  Buyers and Sellers have to provide this to the lender to ensure identity and avoid fraud.  Additionally, you will be asked by the closing agent for this when you close escrow on the house because they are notarizing your signatures and have to verify your identity to do so.

Proof Of Income (POI)
POI is needed and this usually consists of two months or more of your pay stubs from employment.  If you’re self employed, you will be asked to provide copies of your 1099 tax forms.   In a short sale, lenders want to see POI from the sellers to substantiate their financial hardship and the purchase price for buyers is determined in part by their income.

Two Months of Bank Statements
These are required for buyers because lenders want to see stable, long-term income and verify that the money belongs to the borrower.  For short sellers, this is part of the documents required by the seller’s lender to establish a hardship.

Two Years of Tax Forms
Two years of tax forms are required by lenders for short sellers to establish a hardship and as another tool to review the seller’s finances.  For buyers, again, lenders want to see stable, long-term income.

Two Months of Mortgage Statements
Sellers with mortgages will need to provide at least two months of mortgage statements. This provides the information the escrow or title company will need for getting applicable payoffs to be included in the real estate closing.  These payoffs must be included before the title to the property can be insured covering lenders for new loans on the title and clearing the seller from all obligations (i.e. making sure the title is free and clear for the sale).

Short Sales
You’ll want to remember that because of the length of the transaction, all the documents required by buyers and sellers has to be updated, typically every 2 months for the lenders. This is one of the areas that holds up short sales the most – make your buyers or sellers aware of this up front and prepared to provide their documentation regularly so as not to slow the process.

Other Miscellaneous Documents

Divorce Decree
For instance, if a divorce has taken place since the property was purchased, the lender will want a copy of the divorce decree to ensure that the seller has a right to sell the property exclusively.  Buyers may need to provide this for name changes and/or to show that they are not responsible for the credit history or debts of their prior spouse.

A Quit Claim Deed or Disclaimer Deed
This type of deed may be necessary for married buyers and sellers who are living in a community property state such as Arizona.  If you are married and buying property, your spouse will need to sign a disclaimer if you want to buy the property in your name only.  A seller who is separated for example, but not yet divorced, will need a Quit Claim Deed if their spouse is not to gain proceeds from the sale or be part of the transaction.

Disclaimer: This is not legal advice, talk to the title company or lender involved as they can inform you of any documents that are needed for any situation and legalities.

Category: Buying Tips, Financing, Mortgage Lending, News & Updates & Blog, Real Estate, Selling Tips

Short Sale Q&A

by | Mar 14 2011 | Leave a Comment

Often when a home is foreclosed on by lenders, they are left with [sometimes substantial] losses.   For example, if the lender loaned the homeowner $100,000.00 and it is still owed when the home is sold in foreclosure for $80,000.00 the lender is now out $20,000.00. 

What is an Anti-Deficiency?

In some states lenders are given the ability to sue the homeowner for these losses or “deficiencies.”  Arizona’s anti-deficiency statutes actually prevent lenders from suing a homeowner for losses on a home after foreclosure.  As outlined in Arizona Revised Statutes, Title 33, Chapter 6.1, a person may not be sued by their lender if the property is located on 2.5 acres or less and is a single family residence or duplex (this only applies if the decrease in value is not due to negligence on the homeowner’s part).  Notably, if a lender seeks a deficiency judgment in Arizona, they have 90 days after the sale of the property to begin judicial proceedings to recover any losses.  If they fail to do so, they may forfeit their right to recover the deficiency.  The only exception to Arizona’s anti-deficiency statutes are VA loans. VA is allowed to obtain a deficiency judgment despite current state laws that prohibit such actions.

What is a Deed in Lieu?

The homeowner can avoid a deficiency judgment altogether if they deed the property back to the lender prior to foreclosure.  This is known as a deed-in-lieu of foreclosure.  By accepting the deed, the lender is agreeing to accept the property for the amount the homeowner (mortgagee) owes, thus eliminating any potential deficiency.  Keep in mind, if a homeowner deeds the property back to the lender, they may be taxed on the amount of the deficiency that was forgiven by the lender.  In other words, if the homeowner in the example above deeds the home back to the lender, the lender will forgive the $100,000.00 loan and accept the $80,000.00 as payment in full.  However, the homeowner may now have to report the $20,000 as taxable income on their next tax return.

What is a Short Sale?

A short sale is a real estate transaction in which the seller’s mortgage lender agrees to accept a payoff of less than the balance due on the mortgage loan.  Short sales are better for the homeowner than foreclosure because they are somewhat easier to recover from and they aren’t quite as bad on a person’s credit report.  A short sale transaction takes place between a buyer and seller and the seller’s lender and their investor who actually owns the mortgage note (such as Fannie Mae or Freddie Mac) as well as the  buyer’s lender, if applicable.  The investor of the seller’s mortgage has  a lot of control in a short sale.  They can dictate many of the terms of the sale such as the selling price, the allowable commission amounts to real estate agents, and what they will and won’t pay for on the seller’s side of the transaction.  Short sales can be cumbersome as there is a lot of documentation required by the seller to their lender such as their financials, a hardship letter explaining why they stopped making their mortgage payments, proof of income, W-2 forms, and bank statements.  In addition, short sales can take a long time while information is collected and buyers are qualified.  Moreover, many negotiations often take place between the seller and their lender and the buyer and their lender, as well as between the two lenders.  With so many entities involved and so much required for a short sale, buyers often give up waiting and forego the transaction altogether.  Many short sales have more than one buyer as a result and the process is drawn out even more as new buyers get qualified and sellers have to provide updated information regularly.  A short sale is further complicated if the homeowner has two mortgages, which is often the case.  The first mortgage lender may not agree to pay off the entire amount on the second mortgage and this can put a standstill on the short sale as negotiations take place between the two.  However, lenders do have an interest as they stand to take a smaller loss on a short sale than a foreclosure and under the new Home Affordable Foreclosure Alternatives (HAFA) program, they receive a monetary incentive for participating. Investors get $2,000 in exchange for sharing proceeds of the short sales with any second lien holders and second lien holders receive up to $6,000 for releasing their claims.

Who Should Take Advantage Of Short Sales?

Sellers who cannot provide the appropriate information to the lender for a short sale should not waste their time.  A participating seller also has to be willing to send updated information regularly, no matter how cumbersome.  If you’re a buyer who is looking to close quickly on a home, you may want to consider other options.  A seller who is going through bankruptcy may want to avoid the short sale option since the bankruptcy has to be finalized and documented for them to continue the process.  Sellers who have personal issues such as conducting a divorce, may also want to reconsider.  The lender’s investor will require either dissolution of the marriage on paper, or any parties on the recorded documentation will have to sign in the closing and in these types of situations, many times this becomes a problem.  In general, if a seller is willing to cooperate fully, and a buyer is willing to wait, a short sale is a viable option allowing the seller to better recuperate their credit over a foreclosure and providing the buyer with an opportunity to buy a good home for a great deal.

There is free help and assistance for home owners facing the possibility of foreclosure.  If you would like to talk with someone about your situation, click here.

Category: News & Updates & Blog, Real Estate, Selling Tips, Short Sales

Add Value to Your Home with Home Alarms

by | Feb 16 2011 | Leave a Comment

In today’s Arizona real estate market, there are many homes available in all ends of the economic spectrum from luxury to budget. For sellers, installing or updating a home security system can greatly increase the value of a home and its sales potential. Home buyers seek out housing that’s safe and secure. Properties protected by home alarms have substantially more curb appeal than unprotected homes.

Phoenix & Scottsdale Burglary Statistics

After all, from Scottsdale to Phoenix, robberies, burglaries, and thefts are an unfortunate dark cloud over Arizona’s sunny landscape. According to Citydata.com statistics, for every hundred thousand residents, there were over 1,300 burglaries alone in quiet, suburban Scottsdale in 2009. Phoenix saw over 16,000 burglaries in the same period per one hundred thousand residents; vandalism and theft similarly, affect thousands. The best way to avoid being part of such statistics and to convince potential home buyers that they won’t become a part of them is by securing your home. The Greenwich Study of Residential Security reports that residences without alarms were up to 3.5 times more likely to be burglarized than secured homes. And, installing a security system will not only encourage home sales and create a safe environment for your family and future residents, it can also decrease your home insurance costs. Perhaps most importantly for home sellers, an up to date home security system will not only help draw buyers to a home, it can actually increase the value of the property. In other words, installing a security system may mean a substantial increase in your sales price.

Increasing Home Safety

The key to increasing safety and sales through home security is utilizing a package of security features. Home alarm systems that protect a residence from potential intruders and theft should also include monitoring systems, capable of alerting home owners to fire or carbon monoxide danger as well as having the capability to notify security personnel and local law enforcement should an emergency occur.

Installing an alarm system with these features increases a home’s value and increases the chances of a timely sale. And of course, the better the alarm system, the higher your home value and the lower your insurance costs. Professionally installed, up-to-date wireless monitoring systems that feature adequate motion sensors offer a high return on your security investment.

Keeping Your Home Safe

Taking both safety and sales appeal a step further, property owners should be sure that their home includes reinforced front door locks, sturdy window locks, and automatic garage door openers as additional crime deterrents. Lawn areas should be cleared of overgrown trees or brush that conceal a home from sight and allow any hiding places for would-be intruders. A clear street view from windows and doors greatly discourages intruders. Lighting is also important; as is installing a warning sign on your property indicating an alarm system has been installed.

Remember, in today’s real estate climate, Arizona home owners increase not just their own safety and property value, but also greatly increase the appeal of their property to potential buyers by protecting their homes. Installing a technologically up-to-date home security system means greater home value and safety, and enhances the possibility of a faster and more profitable sale.

Guest Contribution: Ed O’Brien is passionate about home security. Having to learn the hard way about adequate home security, he offers free advice and knowhow to those looking into purchasing home alarms.

Category: News & Updates & Blog, Selling Tips

Home Seller – Deciding on a Price

by | Dec 19 2009 | 6 Comments

Value Your Homes

It’s not uncommon for first-time sellers to lose sleep over choosing the best selling price. Even experienced sellers struggle to find the right spot in the market, but it doesn’t have to be a daunting task if you keep these pricing guidelines close at hand.

  • Have at least two recent appraisals. It’s always best to have a second opinion when it comes to appraisals. Keep in mind, however, that appraisals are an estimated value, not what someone is willing to pay. That said ….

  • Know the market in your area. Appraisals mean nothing if they don’t reflect the current market. Shop around as if you were a buyer, attend open houses, check real estate guides, and price your home accordingly.

  • Don’t price above the market with the idea of dropping down low. The current real estate market is a buyer’s heaven, so going with the old tactic of starting high then “making a sweet deal” by dropping down to the home’s actual value will `leave you high and dry. With an abundance of reasonably priced homes already in the market to choose from, you’ll likely never even get a chance to offer that sweet deal to a buyer.

  • Check prices on homes that have recently closed. This is the best possible pricing information available, because it reflects actual selling prices as opposed to asking prices. Most real estate agents are happy to offer up such information, even if you’re selling on your own.

  • Consider your motivation: Good things come to those who wait, so if you can afford some time, starting out at the high end of the market may work to your advantage. If the sale needs to happen yesterday, however, plan to lowball right from the beginning. In this competitive market, it’s the only way to garner the attention needed for a quick sale.

More Information…

Category: Selling Tips

Home Seller – Selling a Home in a Buyer’s Market

by | Dec 19 2009 | Leave a Comment

Value Your Homes

Between record foreclosures, job losses, and an economy in shambles, it goes without saying that the real estate market is a vicious place for folks trying to sell. That doesn’t mean you’ll have to take a wicked gut-punch to sell your home, but it will take some special effort to make your home more appealing than the others on your block.

  • Make it pretty. Real pretty. Forget about listing your home as a fixer-upper unless you want to give it away. Take care of every major issue and all the minor ones as well, because the house for sale down the street is exercising the same due diligence. That goes for outside the home as well as inside.

  • Have it professionally inspected. Most buyers will pay for their own inspection anyway, but knowing ahead of time what inspectors might find will give you a chance to address any issues before they become a problem.

  • Don’t go it alone. Having your home listed with a professional agent is almost a necessity in this market. Aside from the added exposure, agents offer a level of expertise that appeals to many buyers.

  • Offer incentives to buyers as well as agents. Offering to cover closing costs or providing a warranty on the home can go a long way in enticing buyers. And throwing in extras to your agent, like a paid three-day weekend at a resort or a commission bonus will have them working harder to not just sell a house, but to sell YOUR house.

  • Know the market and be realistic on price. If you’re priced well above other homes in your neighborhood, nobody will give you the time of day. Pretend you’re a buyer, go to some open houses, and check out the competition. See what they’re selling for, see what they’re offering, and then price your home accordingly.

More Information…

Category: Selling Tips

Home Seller – Seven Steps to Selling Your Home

by | Dec 19 2009 | Leave a Comment

Value Your Homes

In the current real estate market, selling a home is about as popular—and sometimes as painful—as pulling teeth. If you’re looking to sell, observing these seven steps may help ease the pain.

  • Fix the big stuff: These days, the only people selling fixer-uppers are giving them away for pennies on the dollar. A new roof and carpeting may cost $10,000, but not tending to those issues could cost double that on the sale.

  • Fix the small stuff: Pretty houses sell, so trim the trees, fix cracks in the sidewalk, and consider paying a landscaper to dress up the front yard. Inside, replace worn or stained carpet, repaint the walls, and address even the smallest of flaws.

  • Keep in neutral: Neutral colors give buyers the opportunity to visualize how they might turn your home into their home, and that’s a major step on the road to making a sale.

  • Keep it clean: Vacuuming, dusting and scrubbing are no-brainers, but also keep the home clutter-free. This might entail renting a storage unit to move out all but the basic necessities, but the result will be a home that feels much more open and comfortable.

  • List your home with an agent: Going solo is a tempting measure, but the fact is most people purchase homes through a real estate agent, and with such a saturated market, you’ll need every possible advantage.

  • Be realistic on price, and be prepared to deal: Research the real estate market in your area, see what comparable homes are selling for, and be prepared to match those figures. Incentives like warranties or offering to help with closing costs can sweeten the deal.

  • Stay current on the market: Prices can swing quite drastically in a relatively short time frame. Monitor local trends and keep your home priced accordingly. Such diligence can help you get the most from your home sale.

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Category: Selling Tips

Home Seller – Preparing Your Home for Sale

by | Dec 19 2009 | 1 Comment

Value Your Homes

Selling a home can be difficult in more ways than one. Sellers are often stuck between financial considerations, fluctuating markets, and emotional attachments because after all, it’s still your home. Following these suggestions can help ease the stress:

  • Distance yourself and de-personalize the space: This could be the hardest step to take, but it’s absolutely necessary. Pack up your pictures, remove your personal touches. If it’s still uniquely your old home, potential buyers won’t be able to visualize it as their new home.

  • Fix what needs fixing: Nobody wants to spend big bucks on a home that needs work. Unless you’re selling the home cheap as a fixer-upper, take care of outstanding issues big or small.

  • Have the home inspected: Yes, most buyers will have their own inspection performed, but a professional inspection prior to putting your house on the market can tip you off to problems that could hinder the sale.

  • De-clutter the space: Make your home feel as spacious and comfortable as possible by removing all but the basic necessities. Don’t forget to organize your closets, as buyers will likely check them out as well.

  • Clean, clean, clean: Not only does a spotless home look better, it also sends a message that it was taken care of by someone who loved their surroundings. Sweep, dust, mop, wax, and don’t forget commonly-overlooked areas like stove vents and ceiling fan blades.

  • Go for curb appeal: The outside of your home is the first thing potential buyers will see. Keep the lawn tidy, trim the hedges and around sidewalks, and address any maintenance concerns.

  • Dress up the home: Sometimes referred to as “staging”, bringing in flowers, hanging generic pictures, landscaping the front yard and similar efforts can make the house feel warm without being personalized, which can bring potential buyers back for the all-important second look.

More Information…

Category: Selling Tips


Fidelity National Title

Fidelity National Title

Tobias Team @ Nova Home Loans

Jon Tobias Team

Phoenix Metro Deals

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