Archive for the ‘Action Plan for Moving’ Category

By Kim Coleman

You’ve made the decision to sell your home. Even if you’ve sold a house before, this process can be daunting because it is a major financial transaction that involves many steps from selecting a sales professional and marketing the home, to negotiating with buyers and finally receiving funds at the closing. Yet, the home-selling process doesn’t have to be intimidating if you know what to expect. The process can be divided in nine steps.

Step 1: List your property with a real estate professional. Select someone who is knowledgeable, listens carefully, and with whom you feel comfortable. Interview at least three real estate professionals. Use their listing presentations to compare their preparation and professionalism. Don’t base your selection solely on selling price or commission. It’s probably best to avoid working with someone who promises you the moon—in this case, an unrealistically high price—then has to make price reductions until the property sells. Instead, focus on marketing plans, service and past results.

Step 2: Establish price and time frame. Determining a fair asking price is crucial in this market. Price the property too high and it could languish on the market. Of course you could always decrease the price later, yet you’ve lost potential buyers. Your real estate professional can help you determine true market value based on a comparable market analysis, which will include recent home sale transactions as well as homes currently on the market. Supply and demand, craftsmanship, amenities, condition and any special circumstances can also impact price. For instance, a relocation move might necessitate a quick sale.

Step 3: Develop and implement a marketing strategy. To get the most exposure for your home, you should have a marketing plan with clear objectives and an outline of specific resources to be used. Your plan should include a mixture of conventional and online marketing to optimize your reach to potential buyers.

Step 4: Get Your Home in Show Condition. Remember, you only get one chance to make a first impression. So make sure your home is in tip-top shape inside and out. Eliminate clutter and remove personal items. Refresh the paint, clean the carpets and make minor repairs. Keep the grass trimmed and add color to your landscape. You may also want to consider hiring a professional to stage your home. A home in move-in condition is much more attractive to buyers in a competitive market.

Step 5: An offer is submitted. Once your home is on the market, a buyer will make an offer through his/her real estate sales professional. The buyer’s sales professional will present the offer to your representative, who will promptly relay it to you and help you evaluate the offer.

Step 6: The negotiation process begins and eventually an offer is accepted. One of the most critical roles played by your real estate professional is in the negotiation phase. Negotiations over the terms of a home-purchase contract can be extremely sensitive. The process of offer and counter-offer may go on until parties arrive at an acceptable contract, which can go very quickly or take days, even weeks.    

Step 7: Buyers submit a loan application and home inspections are scheduled. Most often, the loan approval is contingent upon a satisfactory appraisal and various inspections.

Step 8: The loan is approved and the closing process begins. Once the buyer’s home loan has been approved, preparations begin for the closing. The closing, also referred to as settlement or close of escrow, is the final step toward completing the sales transaction between the buyer and seller. During this process, your sales professional will funnel all the necessary closing documents to the escrow agent. This may include the deed, mortgage, tax receipts, a Certificate of Occupancy and other documents. A final walk-through will also be scheduled. Once the escrow agent receives the paperwork and the funds pertaining to the sale of the property, the escrow is closed.

Step 9: Time to move!

Of course this is a simplification of what is otherwise a complex transaction. As you are going through each stage of the process, look to your real estate professional to provide guidance so that you feel comfortable every step of the way.

Prudential Vision Properties can be reached at 573-449-6200. Prudential Vision Properties is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.

By Randi Bishop

REALTOR®

Prudential Vision Properties

(573) 808-5215

Unlike an automobile, you can’t test drive a home before you purchase it. You have to base your decision on other factors such as layout, condition and much more. And, of course, the seller is obligated to disclose the property’s condition that may alert you to issues such as previous mold, defective water heater or leaky roof. Yet, that still doesn’t always paint the entire picture. Here are six questions you should consider asking the seller to gain additional insight about the prospective home before you make a final decision.

1. Why is the seller selling the house?

This question may help you evaluate the “real value” of the property. Is there something about the house the seller does not like? If so, you may be able to adjust the purchase offer accordingly.

2. How much did the seller pay for the home?

In some instances, the answer to this question may help you negotiate a better deal. However, it is important to remember that the purchase price is influenced by several factors, like the current market value and any improvements the seller may have made to the home. The original purchase price might not have anything to do with the current value of the house.

3. What does the seller like most and least about the property?

By asking the seller what he or she likes most and least about the property, you might get some interesting information. In a few cases, what a seller likes the most about a home might actually be something the buyer is looking to avoid. For example, if the seller describes his house as being in a “happening neighborhood,” the buyer might consider this a negative factor because the area may be too noisy or busy for his or her taste.

4. Has the seller had any problems with the home in the past?

It is also a good idea to ask the seller if he or she has had any problems with the home while living there. Has the seller had problems with a leakage from the upstairs bedroom in the past? If so, even if the leak has been corrected, the floor and walls around the bathroom might have been damaged. You should check that these items were repaired properly.

5. Are there any nuisances?

Use this question to find out about barking dogs, heavy airplane traffic or even planned changes to the community, such as a planned street widening. This may give you insight on why the seller is really moving.

6. How are the public schools in the area?

Because the value of a community is usually greatly influenced by the public schools in the area, finding out the buyer’s perception can give you some insight about the quality of the area’s schools.

Knowing all you can about a prospective home will help you make a more informed decision as well as offer. Your real estate professional can be a great resource in helping you get your key questions answered and give you advice on how to evaluate your findings.

Prudential Vision Properties can be reached at 573-449-6200. Prudential Vision Properties is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.

Credit scores range between 200 and 800, with scores above 620 considered desirable for obtaining a mortgage. The following factors affect your score:

1. Your payment history. Did you pay your credit card obligations on time? If they were late, then how late? Bankruptcy filing, liens, and collection activity also impact your history.

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2. How much you owe.  If you owe a great deal of money on numerous accounts, it can indicate that you are overextended. However, it’s a good thing if you have a good proportion of balances to total credit limits.

3. The length of your credit history. In general, the longer you have had accounts opened, the better. The average consumer’s oldest obligation is 14 years old, indicating that he or she has been managing credit for some time, according to Fair Isaac Corp., and only one in 20 consumers have credit histories shorter than 2 years.

4. How much new credit you have. New credit, either installment payments or new credit cards, are considered more risky, even if you pay them promptly.

5. The types of credit you use. Generally, it’s desirable to have more than one type of credit — installment loans, credit cards, and a mortgage, for example.

For more on evaluating and understanding your credit score, visit www.myfico.com.

For more information, call Prudential Vision Properties at 573-449-6200 to speak with a real estate expert without any obligation or cost. You can also email your questions to info@PrudentialVision.com (email responses usually come back within the hour)

1. Have a pre-sale home inspection. Be proactive by arranging for a pre-sale home inspection. An inspector will be able to give you a good indication of the trouble areas that will stand out to potential buyers, and you’ll be able to make repairs before open houses begin.

2. Organize and clean. Pare down clutter and pack up your least-used items, such as large blenders and other kitchen tools, out-of-season clothes, toys, and exercise equipment. Store items off-site or in boxes neatly arranged in the garage or basement. Clean the windows, carpets, walls, lighting fixtures, and baseboards to make the house shine.

3. Get replacement estimates. Do you have big-ticket items that are worn our or will need to be replaced soon, such your roof or carpeting? Get estimates on how much it would cost to replace them, even if you don’t plan to do it yourself. The figures will help buyers determine if they can afford the home, and will be handy when negotiations begin. 

4. Find your warranties. Gather up the warranties, guarantees, and user manuals for the furnace, washer and dryer, dishwasher, and any other items that will remain with the house.

5. Spruce up the curb appeal. Pretend you’re a buyer and stand outside of your home. As you approach the front door, what is your impression of the property? Do the lawn and bushes look neatly manicured? Is the address clearly visible? Are pretty flowers or plants framing the entrance? Is the walkway free from cracks and impediments?

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