5 Ways to Sabotage Your House Sale

It’s a seller’s market – meaning there are less houses available for sale than there are buyers looking to buy. If your house sits idle in a seller’s market, it’s time to take a hard look at the reason – or reasons – why.

Realizing you may have a problem is the first step toward resolving it. There could be many reasons your house isn’t selling.

What are the Top 5 Ways to Sabotage Your House Sale? 

The answers may surprise you!

Over Confidence

In a seller’s market, a seller may feel confident that a higher asking price will be accepted by the market because there is high demand, yet low supply.

A seller can usually expect to get more money for their house. This should not be the time to “test the waters” or to see what the market will bear. If a seller lists home at a price that is above market value, they may discourage prospective buyers from even visiting and that can be a huge mistake!

The best way to make sure a house will sell is to analyze the neighboring market comparables and determine a fair price.

Age of Amenities

Most owners hate to pay for home improvements - especially for someone else! However, in many markets it is a necessary step in order to sell for full asking price. It is important here to consider the neighborhood market. The seller’s property should have amenities comparable to other properties for sale in a similar price range. 

If all the neighboring houses have upgraded kitchens and baths and fashionable new appliances but the subject property does not, these properties may not even be considered as comparables by today’s standards. In some areas this can even extend to the type of air conditioning, garage doors and landscaping. 

The seller will need to adjust their price downward or undergo the renovations or changes to get full price.

Title Issues

Nothing will blow apart a house sale as quickly as a problem with title. This can give the average buyer good reason to back out of a sale. Most buyers are buying because they need to move in the near future and resolving these issues may take much more time than is expected for standard escrow. 

Problems with title occur for various reasons:

• Errors in public records such as clerical errors or filing errors that affect the deed or survey of the property
• Unknown liens on the property for unpaid debts against the current or previous owner
• Illegal or forged deeds made by an undocumented immigrant, a minor, a person of unsound mind, or one who is reported single but in actuality married
• Undiscovered wills, missing heirs or contested ownership
• Unknown easements or survey issues

These are just a few examples of possible title issues. The best way to ensure that a potential sale will go through escrow efficiently is to verify title before putting the property up for sale.

Bad Photos

Some people underestimate the importance of photos when selling their house. These days most buyers will make their determination to visit based on the photos they see with the online listing.

If there are few or bad photos buyers often assume the worst. The impression is that the seller may be hiding something if there are few photos. If the house looks messy or the furniture appears to be dated or worn, buyers will assume the same is true for the house and that it will need a lot of work.

It is important to have the house professionally staged and photographed.

Odor

There’s an old saying in real estate: “If I can smell it, I can’t sell it,” Many buyers will be put off by an offensive odor. This includes dampness, mildew, old carpeting and cigarette smoke as well as more transient smells like cooking or perfumes.

If you’re immune to the smell of your home, get a friend’s honest opinion and take the appropriate action to have the odors properly neutralized through cleaning and purging. 

Get carpets, drapes and upholstery professionally cleaned. Keep linens freshly laundered and do not let laundry accumulate. Be conscious of cooking smells before visits or open houses. Avoid any heavy artificial smells like perfumes colognes or air fresheners before visits. It is often recommended to bake cookies or a pie to give an appealing aroma for visits.

These are the top five reasons houses do not sell as quickly as expected. There may be others, but only the seller will be able to determine their particular issues. It is important to take an objective look at the situation. A buyer is not buying your experience or memories of the property. To them it is a purchase of a building that they intend to turn into a home.

If any of these situations is something you are dealing with, we can help.

If you have come to the realization that it is time to move right now to have a better life, but your house isn’t ready for the traditional market, we can help. 

If you are juggling too many responsibilities to sell your house yourself this summer, then there are people who specialize in the sale of properties "as is" - usually within a week to resolve the situation quickly. We have a team of professionals able to assist you immediately.

Contact us for details.

So thanks for reading my post. I'm so glad you're here! If you have a question you would like answered, just let me know! 

And I really look forward to getting into more great stuff in future posts -- so that you can 

Turn Your House To $OLD!

Feel free to ask me any questions through the contact info below. I would be very happy to help.

Linda  623-335-2662

Write to Turn My House To Sold

Turn My House To Sold on Facebook

More Info

_____________

Article Sources:

Lynda Bathory

Why Can’t I Sell My House?

Apples and Oranges: How To Price A House

When Wright Goes Wrong

Top 5 Reasons You Need To Sell Your House

Everyone knows that in our modern age, sometimes the family home can become more of a burden than a sanctuary.

It used to be that families would stay in their house for generations. Now, with a national – or even global – economy, that is less often the case. People have become more mobile – especially when drawn to new and better opportunities. Changes to the modern family structure may mean divorce or living apart for professional reasons. Kids are more likely to leave home to find the best education, and not settle for a local one.

So how do you know when it’s the right time to let go of your house?

Top 5 Reasons You Need To Sell Your House

1 Under-used or Empty House

Lately you’re feeling uncomfortable moving through vacant rooms and living in silence. This is a natural progression for most families. Once children have grown and moved out, you may find yourself in a house with several extra bedrooms. It can also happen when you part with your spouse. If you are recently divorced, or your beloved has passed on, it may not take long to realize that maintaining a house on your own can be incredibly demanding.

In addition, there may be features you don’t use. 

Did the kids love to swim, but you have never even stepped into the pool? Do you have a den, family room, bonus room, and billiard room… all to yourself?

It may no longer makes sense to have all this extra space. Utility bills, taxes and other maintenance fees may be keeping you from enjoying your life. 

While it can be difficult to leave the family home, celebrate your time there. Have a party, take some great photos with your family and friends  - and move on to something more suitable.

2 Your House Doesn’t Suit Your New Lifestyle

It was perfect when you bought it, but now there just doesn’t seem to be enough room. Your family grew, you needed to set up a home office for your new business or you have a new hobby that needs more space.

These can all be good reasons why the house you once loved is holding back your growth. 

Something bigger would alleviate the cramped quarters and stress.

Another reason could be a job change. You once lived minutes from your employer, but now find yourself traveling hours to your new job. You could be losing a lot of precious time with your family. A house closer to your work could add as much as a day every week to the time you could spend with your family!

3 There Goes The Neighborhood

It was a pretty and peaceful residential area when you moved in, but over the years the neighborhood has changed. 

Whether is a new highway passing behind your house that is ruining your peace, growing industry that has killed the charm of the area, you find it's just uncomfortable. 

Did your neighborhood transform into something full of absentee owners and uncaring tenants, or has the crime rate increased to the point where you don’t feel your family is safe?

Sometimes when neighborhoods transform in undesirable ways, it's not a good idea to stick around and hope the neighborhood will turn around. It may be better to get out, take the money and run!

4 Remodeling Won’t Work

Sometimes all you need is a new kitchen or bath to fix things. Other times that won’t fix the problem. This is especially true when the house needs a new roof, new floors, foundation repair and renovations to modernize the interior. If your home is already similar in style and condition of some of the priciest homes in the neighborhood, remodeling Won’t get you more money when you sell.

The same is true for a rental property. There is only a certain level of upgrade that you can do for a particular clientele or area. If your property is in an area where tenants routinely trashing the place before leaving, putting in granite counters probably will not attract better, respectful residents.

5 You Can Sell And Not Lose Money

There was a time when most properties sold and made money. Since the housing melt-down in 2007 when a lot of people suddenly owed more than the house was worth, it was no longer a sure thing.

If your property value has increased to the point where you won’t lose money, it might be time to get out. 

Depending on the latest value of the house and the amount of equity, it might be possible to use a realtor. If there is no equity, a seller could sell  as a For Sale By Owner.

If you still are in a position of negative equity, it is possible to arrive at a mutually advantageous arrangement by agreeing to terms. This option is possible even if you don’t have the funds to update and prepare your house for the open market.

If any of these situations is something you are dealing with, we can help.

If you have come to the realization that it is time to move right now to have a better life, but your house isn’t ready for the traditional market, we can help. 

If you are juggling too many responsibilities to sell your house yourself this summer, then there are people who specialize in the sale of properties "as is" - usually within a week to resolve the situation quickly. We have a team of professionals able to assist you immediately.

Contact us for details.

So thanks for reading my post. I'm so glad you're here! If you have a question you would like answered, just let me know! 

And I really look forward to getting into more great stuff in future posts -- so that you can 

Turn Your House To $OLD!

Feel free to ask me any questions through the contact info below. I would be very happy to help.

Linda  623-335-2662

Write to Turn My House To Sold

Turn My House To Sold on Facebook

More Info

_____________

Article Sources:

Lynda Bathory

3 Shocking Mistakes Killing Your FSBO

In today’s digital age, the prospect of selling one’s own house can be enticing. Information is everywhere to help the home owner sell their own property. In spite of all the real estate sites and millions of Google articles, some sellers attempting a FSBO, or For Sale By Owner, are still making devastating mistakes.

Here are the Top 3 Shocking Mistakes Killing Your FSBO

Inaccurate Listing

When a property owner lists a property for sale, they must be careful to be accurate and truthful with the description. Any mistakes may be considered misleading, or even fraudulent. This could potentially lead to a lawsuit.

This accuracy applies to any materials in the house, such as hardwood or stone that may actually be veneers or other materials made to resemble top of the line surfaces. It may also apply to the structure, such as the condition of the roof or foundation at the time of sale. If it is found that there is a slow leak after the sale, the seller may be responsible for “hidden defects.”

One way the seller can protect themselves is to list the house “As Is,” but this can be seen as an undesirable property and may cause buyers to proceed with caution. It implies there are issues with the house and the seller is leaving it up to the buyer to discover them.

What to do:

The best way a seller can provide an accurate listing is to hire a top inspector and have the house evaluated independent of the buyer’s appraisal. This will give an accurate report on the house’s condition. The seller can provide a copy of this report to the buyer at any point in the sale process.

Expecting Efficiency

Sellers sometimes believe that cutting out the “middle man” will lead to a highly profitable and quick sale. Without an agent acting as a third party in the sale, many sellers believe they will pocket the 2-5% agent commission for themselves.

In certain markets, this may be true. In most cases, the seller may not be correctly pricing their house and may leave a lot of money on the table.

In addition, For Sale By Owner sales may take longer. Even with new sites like Trulia and Zillow, FSBO houses do not get the exposure that traditional sales receive.

Real estate agents are sometimes reluctant to show their buyers properties for sale by the owner – even if the property is exactly what their client is looking for - because it means additional work for them if the seller has not done their homework.

What to do:

The best way a seller can promote themselves for their house sale is to place ads where ever they can to increase the amount of views. By increasing views, the seller has a better chance of attracting a buyer.

This includes maintain their own listings on sites like Zillow and Trulia, but also on Craigslist, eBay Classifieds and other online marketing sites popular in the area. It is also important to maintain ads in local newspapers, to place signs on the property and in the neighborhood.

The seller should not underestimate the power of social media and “putting the word out there.”Telling friends, neighbors and coworkers – either on line or in person is a great way to tell everyone that their house is for sale.

In addition to spreading the word, frequent advertised open houses will entice buyers to come and look without having to make an appointment for a visit. Some buyers prefer this method as it provides them with a certain amount of anonymity.

Failing to Properly Assess the Sale

Some sellers think their house will sell in a month because the neighbor’s house sold that quickly. It is important to assess the market conditions accurately for an effective sale. What happened at your neighbor’s sleek mansion in the spring may not be what you will experience when you try to sell your outdated old ranch style in winter.

What to do:

There may be many factors contributing to the days on market for any property. The smart seller who wants to sell their own property will research the market in their area and even in their city to determine:

• How long it takes for the average house to sell

• How much the houses are selling for – including above, below or even with the original asking price

• How these house compare to the seller’s for size, style, condition and desirability of location

This process is known as getting “comparable listings.” 

That means finding out about properties in the seller’s area and comparing things like asking price, square footage, number of rooms, year of construction, upgrades and location. 

The closer these sales happen to the time of the seller’s house going on the market, the more accurate the information. The best comparables are ones that happened in the past one to three months. Any longer than that and the information becomes less accurate.

Why would a seller go through all of this trouble to sell their house by themselves?

After the big housing crash of 2007, a lot of property owners owed more than their houses were worth. In the past year or so, most of these properties have increased in value to the point where the owners owe as much as the house is worth. They have moved from a position of negative equity to no equity.

This means that they no longer owe more than the house is worth and can sell without losing money. It also means that there is not enough equity in the house to be able to pay for an agent. In simple terms, if the owner owes $100000 and can sell the house for $100000, they can walk away without a loss. There is not, however, enough equity in the house to pay the $2000-5000 for the real estate agent (unless they are willing to pay that fee out of pocket).

Some of these sellers think they have no other option. That is not true.

If you are attempting to sell your own property right now, we can help.

If you have come to the realization that it is time to move right now to have a better life, but your house isn’t ready for the traditional market, we can help. 

If you are juggling too many responsibilities to sell your house yourself this summer, then there are people who specialize in the sale of properties "as is" - usually within a week to resolve the situation quickly. We have a team of professionals able to assist you immediately.

Contact us for details.

So thanks for reading my post. I'm so glad you're here! 

And I really look forward to getting into more great stuff in future posts -- so that you can 

Turn Your House To $OLD!

Feel free to ask me any questions through the contact info below. I would be very happy to help.

Linda  623-335-2662

Write to Turn My House To Sold

Turn My House To Sold on Facebook

More Info

_____________

Article Sources:

Lynda Bathory

The Nine States of Distress

What is distressed?

Most people know someone who has had a difficult time in life or with their house. A lot of times the term distressed is used. When some people think of distressed houses, they are not exactly sure what distressed means. Other people may be surprised by the many different situations that cause distress.

Sometimes the signs are obvious, and for others, there may be no indication at all. It can be sudden or a state that is built up over time. Whether it is the owners or the property itself, here are some of the reasons a property may be distressed.

Separation or Divorce

Often, when there is marital trouble, the couple may begin to neglect the house long before the issue is in the open. This may not be to lack of ability or money, but simply to spite the other partner. Cleaning may stop, or the yard is not maintained. At first, there may be no signs at all that the home owners are distressed. In cases where the legal course to a divorce is long, a house may be unmaintained for a year or more until the settlement is finalized. This can escalate into larger problems if the couple cannot agree and major work, such as a roof replacement, is neglected.

These distressed properties are usually sold quickly so the couple may settle accounts and get on with their separate lives. Typically very little work is needed to make the house presentable again.

Illness or Decline

An illness may mean that one of the home owners or a close family member has become the focus of the family. A severe illness such as cancer or a progressive, long term condition may eventually force the home owners to shift their focus from their home to the family member. In cases where medical expenses become overwhelming, a home owner may have to choose between home loan payments and medical bills. This type of financial distress can sometimes be quickly resolved with the sale of the house.

In some cases, the home owner's health may decline and require assisted living.The house is no longer a safe and suitable environment. A quick sale can help ensure that the proper care is received as soon as possible.

Death

A death in the family is tragic and is distressing in itself. Sometimes the surviving family members are not able to carry on and the property becomes a burden. If there is insufficient income, or no life insurance policy at all, the remaining spouse may not be able to fulfill the mortgage commitment on their own. 

In cases where there is just one owner, the family who inherits the property after the death may be out of state and do not want the responsibility of the property. They may put the property up for sale at a discounted price in the hope of getting it sold quickly before they default on the mortgage.

Relocation

Relocation may be triggered by several factors. Perhaps the happiest is marriage. When a newly-wed couple is fortunate to have the choice of two residences, one is usually sold. Another type of exciting relocation is moving for a new job. A promising career opportunity is a good reason to sell a house and move! This type of sale is usually done very quickly, unless the owner is comfortable carrying two home loans.

A less than happy relocation is to care for an aged or ill family member. In cases where the potential duration of this care is unknown, a home owner may choose to sell their house and move permanently.

In most cases a quick sale will relieve the owner of the responsibility of a house that may be across the country or in a neighboring city or state. It affords the opportunity of moving forward with one’s plans.

Financial

Financial distress can come in many forms. Some of the previously mentioned scenarios have a financial component that may cause the property owner to move towards a quick sale to unburden themselves of a property.

The loss of a job, or pay cut would be another reason to cause financial distress. The owner may find it difficult to manage the expenses of a house, such as loan payments, taxes, services or insurance. A property owner may have an “emergency fund” to cover these costs for a few months, but in the event that another job is not on the horizon, a sale might relieve the owner of the financial strain. It is also possible the owner may have already missed some payments and is working to get their note holder to accept a short sale to prevent the property from going into foreclosure.

Condition

The condition of the property may sometimes be a factor indicating that the house is in distress. The property could just be severely outdated. In some cases these properties need cosmetic changes like new kitchen and bathroom cabinets and fixtures. In other cases the house may need new plumbing, electrical work, a roof replacement, foundation repairs – or even a complete gutting. Sometimes the owners prefer to sell at a discounted price than to live in a “renovation zone.”

Sometimes an owner may start work and not be able to complete it. It may be that the project was underestimated and more resources are required than are available. 

There could be something like electrical problems or foundation issues behind busted up dry wall. It is also possible that the owner is a professional landlord and is juggling several properties and has run out of funds for repairs.

In most of these cases – except for the gutting or unfinished renovations– a house may continue to be livable, all be it not in the best of condition. 

This is important because it means a potential buyer can qualify for a loan. In cases where a house is not habitable, sales often are “cash only” and tend to be lower than market average.

Disaster

There are many events that may be considered to be disasters. A house may burn partially or completely and the owners may walk away. In addition, a flood either natural or from faulty plumbing may leave a house with mold issues. A foundation, wall or roof might collapse leaving the property exposed to the elements. In most of these cases, the owner might take the insurance settlement and walk away. If they retain ownership to the destroyed house as part of the settlement, they may wish to sell it quickly before it deteriorates further.

A fast sale will get them money before further problems arise.

Partnership Dispute

In some cases, usually for rental properties where the property is part of a business, there may be a partner dispute. 

When there is a disagreement between co-owners, a sale of the property might be the best way to cut ties and move on. 

Once a business agreement has reached this point, the parties involved usually prefer to dispose of the property quickly and might offer a discounted price.

Bank Owned (REO)

Most people have seen signs for bank owned properties in recent years. Fortunately they are becoming fewer and fewer. When lenders repossess properties, sometimes the inhabitants damage it on the way out. They might bust up walls or damage plumbing. In these cases, the buyer must be wary because many of these properties need extensive renovations and they may have been abandoned for a long period of time.

Sometimes the houses are perfectly fine, but the lender doesn’t want to keep the property in inventory. These properties usually are priced below market value. Banks make money by lending cash – not holding on to houses!

If you are selling a distressed property right now, we can help.

If you have come to the realization that it is time to move right now to have a better life, but your house isn’t ready for the traditional market, we can help. 

If you are juggling too many responsibilities to sell your house yourself this summer, then there are people who specialize in the sale of properties "as is" - usually within a week to resolve the situation quickly. We have a team of professionals able to assist you immediately.

Contact us for details.

So thanks for reading my post. I'm so glad you're here! 

And I really look forward to getting into more great stuff in future posts -- so that you can 

Turn Your House To $OLD!

Feel free to ask me any questions through the contact info below. I would be very happy to help.

Linda  623-335-2662

Write to Turn My House To Sold

Turn My House To Sold on Facebook

More Info

_____________

Article Sources:

Lynda Bathory