Selling a house can be a stressful point in your life, especially if it has been on the market for a while and just does not seem to be moving. There are ways that an owner can help their agent speed the process along. Right from the start, you need to take some matters in your own hands in order to get that house off the market and the money from the sale into your pocket. Most of the tricks to getting your house sold are fairly basic; they are things that should be done regularly anyway.
When people will be looking at your house
There are several ways in which potential buyers will go over your home to see if it is right for them. These different types of viewing are never mutually exclusive; in fact, buyers will probably look at your house with a combination of a few or all of the following strategies.
? Street Viewing. A for sale sign on your lawn communicates the fact that your house is for sale. A lot of the time it is the first thing that potential buyers are going to see; after that, their attention will be drawn to the exterior of your house.
? Open Houses. Although open houses have never been the best strategy for selling, they remain popular. The home owner will set aside a day (usually on the weekend) in which interested parties can tour the house on their own, usually with the owner present. A disadvantage here is that even though you may clean the house up nicely before entering, it might soon become dirty with people tramping through. Also, a successful open house will call attention to a crowded entryway!
? Viewings through appointment. These are the most common ways in which potential buyers make decisions to purchase a house. The viewings are set up between the buyer's agent and the seller's agent. They give the owner enough time to clean up (if they still live in the house), or to touch the house up a bit (if they do not).
? Virtual tours. A new craze in the real estate business is the virtual tour. These are quickly phasing out the open house, in fact. Potential buyers can view your house from the comfort of theirs, and an infinite number of people can look at it without actually going through the house.
Preparing for street viewing
As soon as you put that for sale sign up, you need to start very close attention to the exterior of your house. If it is summer time, make sure all of your flower beds are weeded and the grass is cut to a nice length. Don't leave anything out in the yard that can be moved (tools, toys, machines). In fall, rake up your leaves regularly, and in winter shovel every time it snows.
Check the paint on your house and if it is peeling, apply a fresh coat. Since you are doing all the other work, now is as good a time as any to clean the outside of the windows as well. Any trees or shrubbery should be pruned. Remember, this could be the difference in a serious buyer scheduling a viewing or passing by!
Preparing for an open house
The advantage of an open house is that you have plenty of advanced warning, and can do a really thorough cleaning of your house. Don't leave anything out; dust, vacuum, mop, and scrub every room.
Before actually showing the home in any way, you might want to hold a yard sale. This will help you get ready for the move as well as making sure your house is uncluttered in the sight of potential buyers.
You should also be sure that there are no repair or maintenance issues with the interior of your house. The furnace and hot water heater should be in good working order; if they are older models, you might want to consider upgrading. Agents know to look for good heating equipment!
Preparing for a viewing
Viewings will entail a lot of the same preparation as open houses, but you will not have as much notice. It is best to keep your house in the tidiest conditions possible throughout the sale period, to avoid having to do a huge cleanup weekly (if you are going to have an open house, then it is a good idea to have it soon after the house hits the market. That way, you know the deep cleaning is out of the way).
Go over your house every time you schedule a viewing with an agent. Make sure that you and anyone else who lives in the house can go somewhere else during the time; it will allow the potential buyers to talk frankly with the agent and will avoid any potential leaks about disadvantages to the home. If you can, try to get your pets out as well.
Preparing a virtual tour
Virtual tours are a great way to show off your house. They eliminate the need for an open house as people can view the rooms from their own computers, or those of an agency. There are both video and pictorial tours; if you can get the video ones, go for it.
Virtual tours still mean that you have to clean up your house; you just won't have to do it as often as with an open house, and the risk of theft is downgraded somewhat. Virtual tours will never replace showings; potential buyers will always have to see the house one-on-one. You might have to shoot the footage yourself; it depends on the equipment your realtor possesses. Be as thorough as possible, and some narration on the facts of the house (not anything personal!) will be of help.
Getting your house ready to be seen by potential viewers is one of the most important tasks you have as a seller. The way in which people perceive the house, and consequently the amount they are willing to pay, will depend in part upon the shape and cleanliness it is in. A spotless house will not always mean an immediate sale, but it is a step in the right direction.
Occasionally a "for sale by owner" seller can have difficulty selling his home. If you have a difficult house to sell, don't be alarmed, for there are many options that can make the process of selling your home easier. They say that "even ugly homes have buyers". Not to imply that your house is ugly, however, if you are experiencing difficulty selling your home, there may be many reasons your home is a hard house to sell. Some factors could include your location and neighborhood.
One option most sellers are hesitant to take is to decrease the asking price of their home. Don't forget, you'll never sell your home if analogous homes in the area are a lower price. In order to sell your house for the same price as your neighbors down the street, the condition of your home must be analogous.
A more reasonable option might be "assumable mortgage". If you take this route, you would grant the buyer the ability to assume your current mortgage without ever having to qualify with another mortgage company. It would be reasonable for you to sell your house for a higher price than a analogous house without an "assumable mortgage". This will definitely be a benefit to you if the interest rate on your mortgage is less than the current rate. Only your mortgage company will know if this option is available to you.
Another reasonable choice is "Owner Financing". Some sellers find a good buyer who, at the moment, cannot obtain a large enough mortgage to buy your home. In the event that the buyer should have funds stuck in an IRA, or children in their final year of college, it's likely that they will be willing to pay a higher price. With the help from a seller's mortgage, they might find purchasing your "for sale by owner" home much easier. You can make this one of two options, a regular mortgage or a balloon mortgage.
Should you choose a balloon mortgage, the buyer will make payments monthly, but the balance of the mortgage must be paid by the end of a given time period. This time period can last from as short as six months to up to three years. In this case, you are allowing the buyer additional time to obtain a bank mortgage of his own to repay you. This type of transaction uses a form called the Balloon Note.
In most instances, a regular mortgage is a second mortgage which covers the portion of selling price that the buyer is receiving financing for. Should you choose this type of mortgage, the buyer will continue paying the monthly payments until the mortgage is paid off. A Mortgage Bond is required for this type of transaction. The Discharge of Mortgage form is used to certify that the regular mortgage or the balloon mortgage has been paid.
The "lease with the option to purchase" is yet another method of owner financing. This is beneficial for the buyer who cannot qualify for a mortgage loan. After renting the property for six months to two years, the buyer has the option to purchase the home. Should the buyer choose to make use of this option, he will pay a lump sum of three to five percent of the selling price to you. The buyer pays an additional monthly sum of fifty to three hundred dollars with this down payment included with the monthly rental payment. This non-refundable money goes toward the purchase price of the home. In order for this transaction to take place, one must obtain a "lease with option to purchase" agreement form.
One can acquire all of the above mentioned forms at any of the major office supply stores.
Other options for selling a hard house to sell will require using a real estate agent or a multiple listing service.
Both David Beart & Tom Beaty are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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