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Selling
Your South Bay Home
Understanding the Process
Even
for Realtors, every home sale and every transaction is
different with new challenges and new questions. Needless
to say sellers are going to have questions and some have
been asked almost every time. Here are just a few of the
many questions that are frequently asked. If you have
a question please feel free to contact me...even if you
don't think you are ready to sell.
Do
sellers have to disclose the terms of other offers?
Sellers
are not legally obligated to disclose the terms of other
offers to prospective buyers.
Should I add on or buy a bigger
home?
Consider
these questions before making a choice between adding
on to an existing home or moving up in the market to a
bigger house:
-
How
much money is available, either from cash reserves or
through a home improvement loan, to remodel the current
house?
-
How
much additional space is required? Would the foundation
support a second floor or does the lot have room to
expand on the ground level?
-
What
do local zoning and building ordinances permit?
-
How
much equity already exists in the property?
Are
there affordable properties for sale that would satisfy
housing needs?
Ultimately, the decision should be based on individual
needs, the extent of work involved and what will add
the most value.
What
are some tips on negotiation?
The more you know about a seller's motivation, the stronger
a negotiating position you are in. For example, seller
who must move quickly due to a job transfer may be amenable
to a lower price with a speedy escrow. Other so-called
"motivated sellers" include people going through
a divorce or who have already purchased another home.
Remember, that the listing price is what the seller
would like to receive but is not necessarily what they
will settle for. Before making an offer, check the recent
sales prices of comparable homes in the neighborhood
to see how the seller's asking price stacks up. Some
experts discourage making deliberate low-ball offers.
While such an offer can be presented, it can also sour
the sale and discourage the seller from negotiating
at all.
How
do I prepare the house for sale?
First and foremost, put it in the best condition possible,
especially if you are in a market with few buyers and
lots of homes for sale. That means taking care of any
major repairs that could deter a buyer (such as replacing
any broken windows or replacing a leaky roof) if you can
afford it. Next, work on your home's curb appeal. Make
sure your landscape is pristine. Mow the grass, clean
up any debris and weed the garden beds. Plant a few annual
flowers near the entrance or in pots to be placed by the
door. Other quick fixes that don't cost a lot of money
but can help you get top dollar for your home:
-
Clean
the windows and make sure the paint is not chipped or
flaking.
-
Be
sure that the doorbell works.
-
Clean
and freshen up rooms, furnishings, floors, walls and
ceilings. Make sure that bathrooms and kitchens are
spotless.
-
-
Make
sure the basic appliances and fixtures work. Replace
leaky faucets and frayed cords.
-
Eliminate
the source of any bad smells, such as the kitty box.
Use air freshener or bake a batch of cookies before
your open house to ensure that the house smells inviting.
-
Invest
in a couple of vases of fresh flowers to place around
the house and next to any information about the house
you have prepared for buyers.
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