Patty O'Brian Real Estate Blog » best value

Exciting Opportunities – Take a Guide with you!

pattyobrian — Wed, 30 Jun 2010 21:01:03 +0000

There are two apparently attractive options for buyers scoping out a deal. One type is the “short sale,” where sellers have made an agreement with their lender to sell the home for less than they still owe on the mortgage. The second type is the REO (bank-owned) home, which has fallen back into the hands of the lender after the sellers defaulted.

While these properties may be appealingly priced, buyers need stomach and smarts to take proper advantage. If you’re considering a short sale purchase, focus only on those with a price pre-approved by the lender. Otherwise, you may be wasting precious time in negotiations that may still ultimately fail.

Also seek out foreclosures that are protected by the Cash For Keys program, which offers the current (or former) owners a cash incentive to prevent them from neglecting the property before vacating it. Either way, inspections are crucial, especially if the house has been vacant for some time. Talk to your agent about having the utilities temporarily reconnected for the inspection, so you’re sure all is in working order.

And finally, don’t focus on the asking price alone. Location in a declining neighborhood or extreme maintenance and repair issues will eclipse any perceived value in a low price. Great homes are here in Columbia, MO. and at bargain prices, but let an agent guide you through potential pitfalls.

When Push Comes to Shove

pattyobrian — Tue, 20 Oct 2009 14:33:12 +0000

If you’re under pressure to sell your home quickly in a challenging market, you may have to swallow a large dose of reality and take some radical steps to increase your home’s visibility. While making concessions can seem difficult, please consider the following proven suggestions to produce a quick sale.

Remember that there are myriad possibilities for exposure in today’s internet-driven society. In addition to your agent’s traditional print and online marketing tools, use social networking sites like facebook and Twitter to promote your listing to younger first-time buyers.

When setting your price, place it ten to fifteen percent below your competition. All other things being equal, your home will readily appear as the best value.

Also consider the price “range” your home will fall into, and make sure you’re on the lower end of that range. For example, a $199,000 home falls into the upper end of the $150,000 to $200,000 range, but that same home priced at $201,000 is in the lower end of the $200,000 to $250,000 range. Buyers tend to look in ranges of prices, so again, make yours look like the best value.

Finally, talk with your agent about incentives you can offer, like paying buyer closing costs or a decorating allowance. If you have a strong need to sell quickly, any or all of these suggestions should produce results.