Real Estate Information Archive

In a slow market many sellers are so eager to sell they quickly take the first offer they get. This is most times a wise choice but here are some common pitfalls you would watch for before you accept.  Your Agent can help you recognize some warning signs to watch out for:

The buyer is not pre-approved for a mortgage loan. This person can tie up your home, preventing you from considering better offers. You can take your home off the market for 30 days and then find out the Buyer can’t secure the loan. 

Mortgage Fraud: A Buyer tells you to take your house off the market for a period of time, and in exchange, the Buyer will pay you more than the asking price later. This is usually a sign that the person plans on using your home as part of a mortgage fraud scheme in which he obtains a loan for more than the house is worth, pays you a little more than what you were asking, and pockets the excess proceeds.

A cash back at closing deal in which the person offers you more than the home is worth if you agree to kick back the extra money at closing. Don’t do it.

The offer comes with no or very little Earnest Money Deposit. A word to the wise: the lower the EMD, the more likely the deal will fall through.

The prospective buyers make the purchase agreement contingent upon their home selling.  This is a common one but you should understand that several other transactions must occur first. It may be a good deal but remember it may be months before you actually close on your home – if at all.

A good Agent will make certain you consider all the consequences of an offer. They should have plenty of experience and expertise to make certain you are not disappointed.  If you’re ready to sell or buy a home give me a call at 402-964-4251 or email me at Marie.Otis@cbshome.com and get ready to MOVE WITH THE BEST!

I hear Sellers say the same thing nearly every time we meet to set the asking price of their home.  “It’s important we set the price high so we have room to negotiate,” the Seller tells me.  I don’t agree and here are six reasons:

1. Agents sell homes.  They are the ones that get Buyers to your home.  They are reluctant to show a home they believe is overpriced because it isn’t in the best interest of their clients.

2. Competitive prices attract the best Buyers.  Serious Buyers have the money needed to buy a good value in their price range.  If the house is priced well the Buyer will usually buy now.

3. The longer your home is on the market the more costs you pay before closing.  Think of the taxes.

4. Overpricing your home will help the other homes in your neighborhood sell before yours.  Why pay a premium for a home when you can get a similar one down the street for less?

5. Many Sellers tell me they will ask the higher price for 2 weeks and then drop it.  This is a big mistake.  Most of the Buyers will come through during the first 2 weeks of your listing.  If you scare them away they rarely return – even if you lower the price.

6. Get the house sold and move on with your life.  If you’re serious about moving then price your house to sell. 

If you’re uncertain about how to price and you’ve discussed the matter with your Realtor consider paying for an appraisal of your home.  For $350 to $400 you can get a rock solid opinion on the value of your home.  The Buyer will appreciate it because it will alleviate the fear that they will pay too much.  Here in the Omaha Metro area I can help you arrange for an appraiser.  I will prepare a comparison of like homes recently sold in your neighborhood.  I assure you we can get your home priced right in any market.  You can depend on CBSHOME Real Estate and me.

Happy New Year to all of you! I wish you all the best for a prosperous year. In 2008 it may be that circumstances are such that you and your family are required to move. You most likely love your home and believe others coming to see it will feel the same way. To make certain they see your home in the best light possible you must check some areas for common problems and get them corrected.

We’ve talked before about de-cluttering your home, getting it cleaned, freshly painted and making the outside look inviting before you put it on the market. However, be warned, if a buyer is interested in your home they will begin to look at things with a magnifying glass. Is your home ready for that?

Make certain your home doesn’t have pests. Termite problems are the last thing you want the buyer’s inspector to point out to you so you should be proactive and get your home checked out. Mold and mildew will scare off buyers as well. Moisture causes so many problems and not just in Kitchens and Baths. Look for leaks in the house and make certain your plumbing is in tip-top condition.

Check to see your gutters are in good shape and make certain that moisture drains away properly from the house. Make certain enough soil is against the foundation and that it slopes away from the house. Just be certain no soil is touching any of the wood. 

It’s now time to check the roof. Better yet, hire your own inspector to make certain shingles are not damaged, moist or rotting. If they are get them replaced by a qualified roofer. Also have them check all the flashing around your chimney. You want everything watertight and in great condition.

Finally, check all the electrical, heating and cooling systems. An inspector will point out any improper wiring and improperly installed water heater. Seal cracks in the foundation, the sidewalks and driveway. You need to make certain these items are in excellent condition. The competition for buyers is fierce right now and will only get more so. Make certain you’re ready.

Give me a call at 402-697-4251 if you want advice on repairmen and other services for your home.  You can also drop me an email at Marie.Otis@cbshome.com.