Archive for the ‘Advice for Sellers’ Category
Components of the real estate offer – what to consider when you receive an offer on your home for sale
March 12th, 2010 | 
Author: Components of the real estate offer – what to consider when you receive an offer on your home for sale – When a Seller receives an offer on their home for sale, it’s important to look at all the components of the offer.
The Buyer didn’t offer full price – are you surprised?
Did the Buyer ask you to pay part of their closing costs? How much did they ask you to pay in repairs? Did they ask for a home warranty? Does the Buyer want to close in a time frame suitable to you?
Let’s compare the components of two real estate offers and assume that your home is listed for $200,000.
Buyer A offers $190,000, has conventional financing and is paying 20% down, asked for $500 in repairs and would like to close in three weeks.
Buyer B offers $198,000, has FHA financing and is paying the required 3.5% down-payment, asked for 3% in closing costs ($5,940), asked for $1,000 in repairs, asked for $500 in new guttering, a $420 residential service agreement and would like to schedule closing five weeks out.
Buyer A’s offer will net $189,500 and you will no longer be paying utility bills in three weeks.
Buyer B’s offer will net $190,140 — $640 more than Buyer A’s offer.
Do you see that Buyer B’s offer is beginning to look like a shopping list? The more a Buyer demands, the more red flags are raised.
Components of the real estate offer – what to consider when you receive an offer on your home for sale
There’s much to be said for what Realtors refer to as a “clean offer,” which means that the components of the real estate offer are simple, clean and less demanding. While at a glance, the offer with the higher sales price seems more attractive, it may not be when you put pencil to paper.
With each offer, your Realtor will prepare a “Net to Seller,” showing what you will net based upon the components of the real estate offer. Look at the bottom line. In this example, Buyer B’s offer will net $640 more, but this Buyer may be more difficult to work with. Remember that some re-negotiating may occur after inspections are done and repair bids are obtained. Which Buyer do you think will agree to repair a few items after closing instead of demanding that you repair every tiny thing found by the inspector?
Earnest money, repairs, residential service agreements, type of financing, closing costs – these are all components of the real estate offer that you will consider when you receive an offer on your home for sale.
Of course, you will most likely counter any initial offer that you receive that is less than full price. The longer your home is on the market, the more negotiable you will have to become. So, don’t be offended by what you consider a “low-ball offer” the first week on market. Evaluate all the components of the real estate offer and counter with your Realtor’s guidance.
Lori is a residential Realtor serving the greater Tulsa area, and specializing in midtown Tulsa real estate. Please visit Lori’s web site, LoriCain.com or call 918-852-5036.
_______________________________________________________________________________________________________
Let’s Get Connected!
If you’re looking for homes for sale in Midtown Tulsa, OK or just more information on Midtown Tulsa Real Estate, you can visit my primary website at www.loricain.com
Retweet this post
Posted in 
A Lender’s Appraisal Does Not Care About Your Upgrades
This post from an Indiana Mortgage Lender is a MUST-READ for home sellers, particularly the last paragraph. Of course home buyers are going to choose your home because of the landscaped yard and granite counter tops, but make sure the comps are there to support your sales price! Please call me if you have any questions!
Lori is a residential Realtor serving the greater Tulsa area, and specializing in midtown Tulsa real estate. Please visit Lori’s web site, LoriCain.com or call 918-852-5036.
Do you feel that pricing a home is a little like throwing darts these days? Sometimes you hit, most times
you miss?
At the end of the day Realtors have a next to impossible job trying to help clients price their home. I don’t think I ever met anyone that wants to lose money but most homes we price today should reflect a lower price than a few years ago. Now I’m on the mortgage side of things but I hear the same things. My house is worth XXX,XXX due to:
“I have nicer landscaping.”
“I just replaced the carpets.”
“I just repainted the walls.”
“I just had the bathroom toilet fixed.”
“I had my furnace replaced last year.”
Realtors work very hard with comparables, pictures and stats to help support the price. I’m not saying that these upgrades are not important. They just don’t really add value. They add eye and curb appeal to help a potential client say yes to the listing.
What goes into a Lender’s Appraisal?
For Fannie Mae, Click here
For Freddie Mac, Click here
For FHA, Click here
Most homes are financed. So these appraisal standards are important when you price. Remember we are in a Lender’s Market. Nothing will turn a buyer off more than working hard on a price agreement only to find out the appraisal comes in short. So to best serve our clients remember that most of the weight for your pricing strategy must be Lender comps.
At your service,
Tony Grego
Senior Mortgage Banker American Bank – Indianapolis, IN Branch
www.getmyratequote.com
www.tonygrego.com to learn more about me317-348-0280 direct line
317-536-3754 fax
“Bankers with vision, helping people with dreams!”
_______________________________________________________________________________________________________
Let’s Get Connected!
If you’re looking for homes for sale in Midtown Tulsa, OK or just more information on Midtown Tulsa Real Estate, you can visit my primary website at www.loricain.com
Retweet this post
Turning a Negative into a Positive: the great synergy of Active Rain
Turning a Negative into a Positive: the great synergy of Active Rain
I posted last week on Active Rain about the Listing Sales Book that I keep at my listings and all the contents that I include. Wow, did I get a lot of great suggestions from the comments!
Liz Bolton commented that she had seen a “Seller Questionnaire” of sorts at a listing that included where the school bus stops, trash and recycle days, where to vote and the Seller’s comments about what they liked most about their home. Obviously, I’m going to include this in my next Listing Sales Book!
Now, I’m selling my personal home in Florence Park that has a shared driveway, which most would consider a negative feature. I was brainstorming with my home stager, Peggy Givens,about who would most likely purchase my home and what were the positives and negatives of my home. I told Peggy that my home would most likely be purchased by a single person and first-time home buyer.
When we discussed the issue of the shared driveway, Peggy commented, “I think that would not be a negative – I think a single person would appreciate the safety factor of sharing a driveway.”
Bingo! What was once a negative is now a positive!
So, on my Seller questionnaire, I wrote about the many things I love about my home and added that I appreciated the safety factor of the shared driveway, noting that my neighbor Elizabeth is an awesome neighbor! Maybe someone who falls in love with my home will read that and say, “I hadn’t thought of it as a safety factor, but it does seem comforting to have a neighbor so close to watch my home.”
Turning a Negative into a Positive: the great synergy of Active Rain
So, thanks to Liz and Peggy, I’ve turned a negative into a positive – turned lemons into lemonade!
The synergy here in Active Rain is contagious – we all do truly pay it forward. Often here in the Rain, we learn much more from the blog comments that the blog post itself!
Lori is a residential Realtor serving the greater Tulsa area, and specializing in midtown Tulsa real estate. Please visit Lori’s web site, LoriCain.com or call 918-852-5036.
_______________________________________________________________________________________________________
Let’s Get Connected!
If you’re looking for homes for sale in Midtown Tulsa, OK or just more information on Midtown Tulsa Real Estate, you can visit my primary website at www.loricain.com
Retweet this post
My Listing Sales Book – a Valuable Sales Tool: Benefit to both Seller and Buyer
My Listing Sales Book – a Valuable Sales Tool
When I list a property for sale, I prepare a Listing Sales Book that I keep in the kitchen or on the dining room table where the Buyer’s agents and Buyers will easily find it. In it, I include several items that may answer the Buyer’s questions while they are viewing our property. 
I include the Seller’s disclosure. Having the disclosure on site will be a quick reference for the Buyer’s agent if the Buyers want to know the age of the roof or ask if there have been any foundation repairs.
I include a CMA (Comparative Market Analysis) to show how the Sellers and I arrived at the price. I’m getting ready to list a property in a neighborhood where 1-car garages are the norm. Out of the last 19 properties sold, only four had a 2-car garage. So, yes, I’m going to prepare a CMA of only homes with 2-car garages because our listing is priced to reflect the desired and rare 2-car garage.
I include a list of features that might otherwise go unnoticed. If the Seller has added extra insulation in the attic or has high quality shingles on the roof, I want to point that out. Here’s our opportunity to toot our horn!
I include the average utility costs. I currently have a 3,000 square foot, totally-electric home listed with an average monthly utility cost of $145 — don’t you know we want to BRAG about that? That definitely goes in the Listing Sales Book.
I include a list of nearby amenities — shopping, groceries, restaurants — maybe even distance to the airport or access to major highways. Why make Buyers wonder where the closest grocery is located or what would be the best route to drive to work?
If the property is located in a desirable school district, I include information about the schools. If the property is located in an area with an active HOA (Homeowner’s Association), I include information about the cost of the Association (if any) and what benefits the Association provides. If the Association provides a quarterly newsletter, that goes in the Listing Sales Book as well.
More and more often, I am asking my Sellers to provide a square-footage appraisal. If that’s available, it goes in the Listing Sales Book.
If I’m listing a property in the dead of winter and all the landscaping is looking shabby, I ask the Sellers if they have photos of their home when the azaleas are in bloom. If that’s available, it goes in the book.
If new appliances have been purchased or if repairs have been made, receipts and instruction manuals go in the book.
Not only am I providing the prospective Buyers much needed information that may positively affect their purchasing decision, they are going to stay IN THE HOUSE longer perusing the information provided in the Listing Sales Book. Maybe during that time, one Buyer will wonder off to inspect something mentioned and they will begin to feel at home.
My Listing Sales Book – a Valuable Sales Tool
What goes in the book:
- Seller’s Disclosure
- CMA
- List of features
- Utility bills
- List of nearby amenities
- School, HOA information, neighborhood newsletter
- Appraisal
- Photos taken when flowers are in bloom
- Repair receipts, appliance warranty information
Lori is a residential Realtor serving the greater Tulsa area, and specializing in midtown Tulsa real estate. Please visit Lori’s web site, LoriCain.com or call 918-852-5036.
Retweet this post
Stage A Laundry Room With The Martha Stewart Stamp Of Approval!
Sellers, please look at Teresa’s blog posts about staging even the laundry area. I’m telling ya, THIS is the stuff that sells homes! Lori
Lori is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa area, including midtown Tulsa, downtown Tulsa, Broken Arrow, Owasso, Bixby, Sand Spring and Jenks, Oklahoma. Please visit Lori’s web site, LoriCain.com or call 918-852-5036.
I have a confession to make…I’ve got a thing about staging Laundry Rooms. The Kitchen may be the “heart of the home” but many hours are spent each week in the laundry room. And THAT makes this room a very important space to feature when selling your home.
Many times when I am consulting with homeowners and we get close to the laundry area, they’ll ask if I want to see it because after all, it’s only the laundry room. In their minds, it’s that space that’s a catch-all for dirty clothes, shoes, coats, 5 cases of water bottles, dog food and old paint cans. Oh yes! I tell my clients, I DEFINETLY want to see what’s behind that door.
The Laundry Room needs some attention and staging too. This is one space you don’t want to forget about! The biggest issue is getting rid of everything that is not needed so the room can breathe and look spacious. Yes…that means you have to get rid of the 20 pairs of shoes on the shoe rack behind the door, the dog food has to find a new home and you’re going to have to store all that water neatly in the garage.
(Image: Hampton Designs)
Here’s a few Staging Tips that can help you transform your laundry room into a fabulous space that buyer’s will love:
- DECLUTTER: Get everything out that you don’t need. The only thing that should be in there is the stuff you need to do laundry…(detergent, softener, etc.) Now is not the time to buy the HUGE 50 gallon jug of detergent. I’ll tell you why in a minute.
- CLEAN LIKE CRAZY: Wipe down that washer and dryer from top to bottom. Push it back against the wall if needed. I’ve seen a lot of washer and dryers pushed out with all those hoses showing. Tuck the hoses in while you’re at it. Think NEAT and ORGANIZED.
- PAINT. Most laundry rooms need a fresh coat of paint and a different color. For some reason, I see alot of sponge painting in these spaces. Probably because it was a “safe” room to try your hand at the technique years ago. I’m speaking from personal experience here and mine looked just dreadful! Trust me, a fresh coat of paint goes a long way.
- STAGE: Canvas Bins and Baskets make a HUGE DIFFERENCE visually when used to store all those detergents. Buyers do not want to see all those bottles that look like clutter anyways. It looks so much more organized and fresh staged with these pretty bins or baskets. This is why you don’t want to hit Cosco for the jumbo size detergents. I want you to hide it in the bins.
- KEEP UP THE LAUNDRY: Not letting the laundry get out of hand during selling can be a challenge. We lead busy lives. Doing a load a day keeps you on top of the process. Buyers should NEVER see dirty clothes in piles, in a basket, anywhere. Ever. The same goes for clean laundry. It should not be sitting out on the counter or top of the dryer waiting to be put away or hanging around. Buyers don’t want to see your laundry. They want to see the space. Show them an organized room they can emotionally connect to. Not how much work laundry can be.
- HANGERS & CLOTHES BASKETS: Yes…we need them to do laundry but during showings, they should not be anywhere in sight. Storing all those extra hangers on the clothes rack is not an option either. Throw them in one of the bins/baskets or if you are lucky to have a closet in your laundry room, store them there.
- HIDE IT: And one last mention here. If you have a last minute showing or you are just REALLY behind on laundry because you didn’t listen to my “one load a day” advice, make sure you get it out of sight and HIDE those baskets. When I sold our house a few years back, I would actually take those baskets of dirty laundry and hide them on the garage shelves during a last minute showing. (They were concealed well and no one ever knew!) I have also been known to take it with me in the car. Hiding it in the actual washer or dryer is good too. For those that have always kept your laundry up, stop laughing. The rest of you know what I’m talking about and it’s a great strategy to use.
Here’s a few examples of past clients that followed my advice and created FABULOUS Laundry Rooms:
Ready to prepare your home for the Spring selling season? We’re ready to help you and look forward to your call!
Happy Staging!
Teresa Meyer is the Owner and Lead Staging Designer at Stage a Star, Cincinnati’s Premiere Real Estate Staging company located in Cincinnati, Ohio. Teresa is an ASP, Accredited Staging Professional and CSPE, Certified Staging Professional Elite and Ohio Certified CSPE Trainer to real estate professionals in Cincinnati. She is a member of RESA, Real Estate Staging Association and currently is the State of Ohio RESA President. Teresa can be reached at 513-379-5488 or by email: teresameyer@fuse.net to answer your questions about the staging process and looks forward to assisting you in preparing and staging your house for the Cincinnati real estate market.
JOIN OUR FAN PAGE for exclusive coupons, tips, ideas and our latest staging projects here in Cincinnati!
Stage A Star provides home staging services to Hamilton county Ohio, Butler county Ohio, Warren County, Ohio, Clermont county Ohio, West Chester, OH., Liberty Twp, OH., Mason, OH., Fairfield Twp., OH., Monroe, OH., Hyde Park, OH., Loveland, OH., Maineville, OH., Morrow, OH., Deer Park, OH., Indian Hill, OH., and surrounding Cincinnati and Northern Kentucky areas.
Retweet this post
Preparing my home for sale in Florence Park
Preparing my home for sale in Florence Park AND am I a difficult Seller for THIS Realtor to work with?
Those that follow my blog know that I’m preparing my home for sale in Florence Park. My husband laughed today, “You need to blog about this – I think you’re being a difficult Seller!” He’s funny -ha ha.
- Buff the hardwoods or completely refinish them?
- Spend a thousand dollars on new light fixtures, ceiling fans and door knobs, but skip painting the closet interiors?
- What to do about the patio that didn’t fare well through our last snow/ice storm?
I did learn a cool trick from my preferred home stager, Peggy Givens, owner of Staging Tulsa. I have a perfectly beautiful glass storm door that I purchased ten years ago and we’re unable to locate a handle to replace the worn brass handle. Peggy’s solution? “Remove the hardware, go over it with fine steel wool, clean it, then paint it with rubbed bronze metal paint.” Whodda thunk. It looks beautiful. I decided to paint the old, worn brass mailbox and return the new one I already purchased. [Please note home Sellers that THIS Realtor would NEVER think of selling her own home without the services of a professional home stager.]
After spending the last seven years in real estate, of course I have access to the best vendors . . . you can find them listed on my “Preferred Vendor list” always available on my web site as a resource for my community and clients. Jane Halliwell of Prime Painting & Restoration was the obvious choice to do all my painting.
Of course, Gil DeLozier will refinish my hardwoods – his family has been restoring hardwood floors in the finest homes of midtown Tulsa for almost 100 years. Local arborist, Greg Cole trimmed my trees. My life-saver and repair specialist, Gary Ellis, will do all the odd-jobs that nobody else wants to do – and he’ll do them as if my home were his home. Of course, I have my fav plumbers, electricians, etc. to install the new sink, new range, new shower head and lighting fixtures.
I will have Atkinson’s pre-inspect my home and will purchase an American Home Shiel
d (AHS) residential service agreement (home warranty) for the new owner’s comfort and protection. Roof bidding is still going on if you want in on that!
Lastly, my fav Lender: Juliana James-Thomas, 1st Capital Mortgage is going to provide mortgage payment information on the back of my flyers – this woman is the sharpest Lender I’ve met – years in the business and she has a heart of GOLD.
Preparing my home for sale in Florence Park
Several neighbors have noticed that my renters have moved and see that I’m preparing my home for sale in Florence Park – of course they have suggestions. I will definitely call on my neighbor Harriet for landscaping suggestions. Pat has suggestions about the shutters. Carol and Arleta will have suggestions about SOMETHING.
Nice to know I’m not selling my dream home alone – it’s my neighbors, my friends, cooperating REALTORS, my dear vendors and my family – we’re all preparing my home for sale in Florence Park together. What a great team!!
Oh, and I’ll be posting photos as soon as it’s ready. Honestly, you will WANT to buy it! Did I mention that I have a 2-car garage AND an inside utility?
Lori is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa area, including midtown Tulsa, downtown Tulsa, Broken Arrow, Owasso, Bixby, Sand Spring and Jenks, Oklahoma. Please visit Lori’s web site, LoriCain.com or call 918-852-5036.
Retweet this post
Can you get my house market ready by Friday??
This Calgary home stager offers excellent advice for home sellers. Meet EARLY with a REALTOR to discuss home improvements and plan before you sell. I love her comment, “Maintaining your home all along the way is the surest way to also maintain its value.”
Lori Cain is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa Oklahoma area, including midtown Tulsa, Owasso, Broken Arrow, Bixby, Sand Springs and Jenks. Please visit Lori’s web site, LoriCain.com or call 918-852-5036.
I started my home staging business not as an outlet for interior decorating — as some people would assume — but because I love the excitement of buying and selling real estate. In order to achieve any successful sale, you have to effectively merchandise your product. In this case, it’s a house.
What’s involved in home merchandising? It starts with saying your good-byes, first of all, and then overcoming the procrastination of dealing with all the stuff you’ve collected . . . and home maintenance you’ve put off . . . for someday when you’d have more time.
When you decide to sell your house, that day has arrived, more time or not!
The most important thing is to act early enough to … sort, organize, pitch, purge, donate, scrape, patch, sand, tape, paint, spray, saw, hammer, glue, nail, fix, tighten, whiten, lighten, brighten, dust, scrub, mop, sweep, wipe and polish.
Phew!
I mean, people detail their car before selling it. They wash it, vacuum it, Armor All it, and even squeegee both sides of the windows!
So why is it that there are home owners who call on Monday for a pre-market consultation, going on to disclose that they are listing on Friday – (the photographer is already booked) — and then are stunned during the consultation that gets squeezed in on Wednesday evening (they were “too busy” Tuesday) that I’ve suggested they address the dozen or so unfinished jobs around the house, clear out closets and clean like they’ve never cleaned before? They gulp realizing they’ve got at least a month’s worth of work ahead of them, and ask if its really necessary.
Of course, it goes without saying, they are also expecting top dollar for their home. They called about “staging” because they hear it will help their house sell in a week, right?
Staging/styling is great for putting the finishing touches on presenting the home for sale, but it cannot make up for a home that is simply in poor condition — at least as far as the buyer is concerned.
The biggest favor you can do for yourself when thinking about selling your home, is to call a Realtor who works with a Home Stager, and get that pre-market consultation done 60 days ahead of time! Not only should you find out the real dollars and cents that your property is worth, but get an objective, professional opinion of what a buyer will think your home’s assets and shortcomings are — another function of home staging.
Then, take the time to address all of those shortcomings.
Nobody wants to clean up someone else’s mess. Maintaining your home all along the way is the surest way to also maintain its value. You can’t possibly cram this into the few days before you decide to list, any more than you can “cram” plowing, seeding, watering, and cultivating wheat into a harvestable crop!
As we all tell our kids, don’t leave your homework to the last minute!
When selling a home, let’s listen to our own advice.
Deena Cottingham
GreenApple Staging & Images
Serving Calgary and Okotoks, Alberta
Retweet this post
FHA has lifted the 90-day seasoning requirement!
Important news for you investors. I’m VERY disappointed by the 20% limit (read towards bottom of the article), but I believe if you document your expenses and improvements, the property can still appraise. The value in this is the removal of the time constraint that you must own the property before selling a “flip” property.
Lori Cain is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa Oklahoma area, including midtown Tulsa, Owasso, Broken Arrow, Bixby, Sand Springs and Jenks. Please visit Lori’s web site, LoriCain.com or call 918-852-5036.
The news is spreading fast… As reported out from FHA on January 15, 2010 -
HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERS
Measure to help bring stability to home values and accelerate sale of vacant properties WASHINGTON -
In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan today announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties.
The announcement is part of the Obama administration commitment to addressing foreclosure. Just yesterday, Secretary Donovan announced $2 billion in Neighborhood Stabilization Program grants to local communities and nonprofit housing developers to combat the effects of vacant and abandoned homes.
“As a result of the tightened credit market, FHA-insured mortgage financing is often the only means of financing available to potential homebuyers,” said Donovan. “FHA has an unprecedented opportunity to fulfill its mission by helping many homebuyers find affordable housing while contributing to neighborhood stabilization.”
With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This temporary waiver will give FHA borrowers access to a broader array of recently foreclosed properties.
“This change in policy is temporary and will have very strict conditions and guidelines to assure that predatory practices are not allowed,” Donovan said.
In today’s market, FHA research finds that acquiring, rehabilitating and the reselling these properties to prospective homeowners often takes less than 90 days. Prohibiting the use of FHA mortgage insurance for a subsequent resale within 90 days of acquisition adversely impacts the willingness of sellers to allow contracts from potential FHA buyers because they must consider holding costs and the risk of vandalism associated with allowing a property to sit vacant over a 90-day period of time.
The policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities. “FHA borrowers, because of the restrictions we are now lifting, have often been shut out from buying affordable properties,” said FHA Commissioner David H. Stevens.
“This action will enable our borrowers, especially first-time buyers, to take advantage of this opportunity.” The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner.
To protect FHA borrowers against predatory practices of “flipping” where properties are quickly resold at inflated prices to unsuspecting borrowers, this waiver is limited to those sales meeting the following general conditions: * All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.
* In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the waiver will only apply if the lender meets specific conditions.
* The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program. Specific conditions and other details of this new temporary policy are in the text of the waiver, available on HUD’s website.
Dave Rosenmarkle
Broker/Owner
Highland Realty
Arlington, VA
(703) 538-2566
davidrose@mris.com
www.HighlandAgents.com
Retweet this post
Update, clean and improve, but don’t OVERBUILD for your neighborhood!
Update, clean and improve, but don’t OVERBUILD for your neighborhood!
Many times home sellers cringe when I begin listing what I recommend they do to prepare their home for sale. However, I almost had to “lasso” the home Seller I met with yesterday. He wanted to build an addition, add a bathroom, plus completely remodel the existing home.
Do not overbuild for your neighborhood if your current or ultimate goal is resale. It does no good to have a $175,000 home in a neighborhood with an average sales price is $120,000.
We struggled, discussed and compromised and finally came up with a list of $15,000 in improvements:
- Fresh interior paint
- Updated light fixtures
- Closet addition to 2nd living area that could be used as bedroom, den or office
- New appliances
- Refinished hardwoods
- Basic repairs
- Minimal landscaping
This home is likely to be purchased by a first-time homebuyer. As most Buyers, they will be impressed with a sparkling clean, move-in ready home with updated fixtures, newer appliances and no needed repairs.
Update, clean and improve, but don’t OVERBUILD for your neighborhood!
It was refreshing to see a Seller so anxious to make this a perfect home for the new owners, and he was smart to consult a REALTOR familiar with the area before incurring major expenses.
If you are considering updates or a remodel, I’m happy to advise you, regardless if you are ready to sell your home in the near future or further down the road.
I’m also happy to share my list of preferred vendors with you – available on my web site as a resource for current, past and future clients!
Lori Cain is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa Oklahoma area, including midtown Tulsa, Owasso, Broken Arrow, Bixby, Sand Springs and Jenks. Please visit Lori’s web site, LoriCain.com or call 918-852-5036.
Retweet this post
Most home buyers assume that all home sellers are desperate to sell – not so!
Most home buyers assume that all home sellers are desperate to sell – not so!
Since I represent both home buyers and home sellers in real estate transactions, I am able to see both sides of the coin. I am continually shocked to learn that most home buyers assume that all home sellers are desperate to sell.
I work as a single-party broker unless forced to work in the capacity of a transaction broker. If I’m representing the Seller, obviously my job is to “net” the most I can from their home sale for them. Conversely, if I am representing a home Buyer, my job is to get them the most desirable home at the lowest cost. 
My tendency is to be rather inflexible when listing a home – get it move in ready and price it fairly and competitively. Don’t “pad” the price. Let the condition of the home and the comparables sell the home at the price listed.
Yet, I received an offer on a listing this week at almost ten percent below list price in addition to several other unattractive conditions in the contract. My knee-jerk reaction was to “reject” the offer, but after drinking a cup of coffee in my “relaxing chair” and giving the offer some thought, I came up with some reasonable suggestions for my Sellers to counter.
Most home buyers assume that all home sellers are desperate to sell – and that’s just not so!
My Sellers are not upside down financially – in fact, their mortgage is quite small. They are in no hurry to move. They are down-sizing and already own the smaller home they will move to – they only need to give their tenant thirty-days notice to move.
Yes, my Sellers want to SELL their home – that’s why it has a “For Sale” sign in the yard. But, they’re not going to GIVE their home away.
So, Buyers, I appreciate that you and your Realtor are looking for the perfect home at the lowest cost – that’s exactly my approach when working with Buyers. But, please take time to look at comparables, look up my Seller’s mortgage balance and investigate before making what can be perceived as an insulting offer.
It is always possible to make a real estate transaction a “win-win” for all parties if we simply do our homework and treat each other with a little respect.
Lori Cain is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa Oklahoma area, including midtown Tulsa, Owasso, Broken Arrow, Bixby, Sand Springs and Jenks. Please visit Lori’s web site, LoriCain.com or call 918-852-5036.
Retweet this post
Posts
Lori Cain
Created by Philip Norton