There’s a lot of chatter out there right now about the housing market and what to expect over the next few months. Below I'll share where I think the market currently stands and some things for prospective buyers and sellers to keep in mind.
Attorney review is the first critical period of any real estate sale.
It is the period AFTER the agreement is signed when buyer and seller's attorneys review the contract and make any necessary changes, additions, etc.
Maria needed to sell her home in Union FAST. Her plan was to use the cash to buy another home further south by the beach. She found a great deal on a cute home by the water and she knew it wouldn't last long, so she'd have to move quick.
WHAT IS AN AS-IS SALE?
An "as-is" sale in real estate basically happens when the seller doesn’t want to make any repairs or give the buyer any credits or concessions. It acts as a shield for sellers to protect them against giving up any money later on during the inspection period It also relieves them of the responsibility to make repairs, should something serious come up on the home inspection.
The problem is that an as-is sale usually not compatible with most buyers if they are using mortgage. That's because even if the buyer accepts the condition of the house as-is, the buyer’s lender may request repairs as a condition for the loan, and most buyers are advised against spending money on repairing a home prior to taking ownership of it.
That's why most as-is properties are sold to cash buyers. Even still, just because the buyer is paying cash doesn't mean the transaction is truly an "as-is" sale.
A REAL as-is sale happens only when the buyer agrees to: #1 Waive all rights to inspections or forfeit the right to cancel the contract because of a home inspection issue, and #2 Incur the cost of obtaining all required town and state occupancy and fire certificates, permits etc. Only when these 2 conditions are agreed to and enforced is a home being truly sold "as-is.
This means that the buyer cannot back out of the contract no matter what he/she happens to find wrong with the home. Typically, only seasoned investors and risk-takers will purchase a property under those conditions.
WHEN TO SELL "AS-IS"
Not every property is a good candidate for an as-is sale, and because as-is homes have lower value, it's not always a good idea to sell a home this way. However, there are cases when selling “as-is” is appropriate. For example: If the home is an estate, if it’s been vacant a long time, if it needs major repairs, bad tenants, divorce, or any situation where the owner is willing to take a reduced price in exchange for a quick, hassle-free transaction.
But remember that if the home has been updated or is in otherwise very good condition, selling “as-is” is not really an advantage.
Talking about foreclosure real estate can be hard enough without even entering the market. That's because foreclosures tend to have their own language, employing many obscure words originating in govermnent housing legislation and real estate law. Without a background in these areas, it can be difficult for a homeowner This article lists some of the more common foreclosure-related terms as a reference for people interested in this lucrative market.
More and more people head online to find real estate information nowadays. Zillow is by far the most popular - but is it accurate? Can Zillow really put an accurate value on your San Antonio home?
The short answer to those questions is no. Zillow pools a lot of data from different sources and comes up with a very good ballpark number of your home's value. However, there are many factors Zillow can't take into account, such as neighborhood details and any updates you have made to your home.
Zillow readily admits that it is often off by 5%-15%. If you have a $300,000 home, they could overprice or underprice your home by as much as $45,000! That's why it is absolutely essential to have a real estate professional assess your home. They will note the differences between your home and other homes that are selling in your neighborhood, and will account for other details that Zillow has no way of accounting for.
f you're selling, you need to do everything in your power to make your home stand out. To help you, we want to share a few tips to make buyers fall in love with your home. Here are some things to keep in mind before you place your home on the market:
There are quite a few details in these three steps, but if you are able to do all these things before putting your home on the market, you will have greatly increased your chances of having a successful home sale. If you have any questions about this topic, or if you would like real estate assistance of any kind, please don't hesitate to reach out to us. We would love to hear from you!
Social media has taken the modern world by storm. People today are more connected than ever before thanks to platforms like Facebook, Twitter, and Instagram. In terms of real estate, this means that many potential home buyers are starting their home search online. If you are planning on selling your house, you will want to make sure that internet advertising is part of your marketing plan. Here are just a few examples of how to market on social media.
1. Zillow Listing - Posting on Zillow is an easy way to put your property in front of thousands of potential homebuyers. To do this, just type in the address of your home and click on "owner" tab. Then you can fill in the details about your property such as the price and number of beds and baths. Make sure to write up a nice concise description and use high quality pictures. When you are finished, publish the listing and share it on your favorite social media platforms.
2. Facebook Groups- If you live in a town that has a facebook group, this can be a great way to reach potential buyers that work or live in the area. Share your zillow listing or create a post from scratch with a short description and nice pictures of the property. Remember to tell people how to get in contact with you.
3. Facebook Ads- This is a little more advanced and requires some basic understanding of "pay-per-click" advertising works, What you want to do is create an ad that targets potential home buyers that live or work near your home. For the ad you'll want to include a nice picture and a short description with a "call to action". Tell buyers where to go or who to call for more information. Finally, set your daily budget and how often you want the ad delivered. Once the ad is live you can monitor the traffic and feedback using facebook's ad management tool.
4. Video- Take a short (less than 5 minute) video of your home and post it online. The video should either be a virtual tour or a slideshow. Make sure to use a good quality camera and keep the video professional. Edit the video to include your name and contact information at the bottom. Then, post it to Youtube with the property address as the title. Once your video is live, link to it on your social media.
Are you considering putting your house up for sale after the New Year, but not sure where to start? Maybe you're afraid it will take too long to sell, or that you won't get the price you want? One way to make sure that doesn't happen is by giving the outside of your house a good makeover, and set the scene for buyers to fall in love with your home. Here are 3 tips to help you stage the outside of your home for the spring and summer market.
1. Foundation and Siding - Take a look at your home's foundation. Is the paint worn, cracked, and chipped? It might be time to repaint it and get it looking new again. Also inspect your drivieway and your home's siding. Don't worry - If you've taken care of your home you probably won't have to replace it, but a good powerwash can go a long way. Remember that when buyers see things like peeling paint or chipped siding they are going to think the house has not been well taken care of. Don't let them have that first impression!
2. Landscaping- Step outside your front door and look around your front yard for 2 minutes. What you are seeing is what potential buyers will see. Dead plants, old Christmas decorations in the middle of March? Again, it's all about making a good first impression. What you want to do is first remove all weeds, dead plants, and old lawn ornaments. Then cut the grass and throw down some fresh grass seed, watering it for a few days. Lastly, get a few plants and mulch from the local nursery and spruce up the front and sides of the house. Buy 2 of the same plant so you can create a nice symetrical design along the front.
3. Don't forget the backyard - While that might not be part of the potential buyers first impression experience, you should still make sure it's in the best condition possible. Make no mistake, backyards are a big deal to a lot of buyers. Pull up weeds, water plants, do some sweeping, and throw out any old raggedy furniture. Oh, and please - If you have a dog that normally uses the backyard for a bathroom, make sure you clean it up so buyers don't step in anything gross!
Imagine yourself as a potential buyer looking at your property for the very first time. What impressions are you getting? Would YOU buy your house? What would you like to see changed before you put an offer on your house?
Don't worry about spending a few thousand dollars to get your house ready to sell, because if you do it right you'll get it all back at the closing table. And if you're handy, you can save tons of money by doing it yourself. But keep in mind that if the property needs too much work, or has major issues like damaged plumbing, electrical, or structural, you may be better off selling "as-is" to a cash buyer. Sometimes the extra work is not worth the money in the end.
The Closing date is the most important date of the entire real estate transaction. It is the day in which title is finally conveyed between the previous owner and the new one. After weeks of negotiations and hard work, the last thing anyone wants is for a deal to fall apart at the closing table. That's why we've outlined a few key steps every buyer and seller should take before signing on the dotted line. Following each one of the tips below will help to ensure you have a smooth and successful closing:
1. Take 1 last walk through the home. Ask your realtor to walk the property with you. Bring the repair list with you and make sure all items were addressed. Make sure items that were to be removed were indeed taken out and anything that was supposed to remain behind is still there. Don't wait until the last minute to do the walkthrough, do it the day before closing so you have time to address any issues that might arise.
2. Read paperwork BEFORE the closing. There should be no surprises when you sit down to close the deal. Depending on the type of transaction there may be a lot of paperwork to sift through. There is no need to feel overwhelmed. Request that the attorney, mortgage company, etc send you the preliminary drafts of the closing documents 2 days prior to closing. calmly go through the documents and jot down notes on anything that isn't clear to you, Then consult with your attorney or mortgage rep to get a better understanding on those items.
3. Make sure all proceed checks, escrow payments, deposits, etc. are prepared in advance. Buyers should make sure they know in advance the exact amount needed to bring to closing. Decide ahead of time which form of payment (check, credit card, wire) is best. Sellers should decide ahead of time how they want to receive the proceeds. The bottom line is you want to make sure your money goes where you want it to go at closing.
4. Make sure all contingencies are satisfied. Were all repairs completed? Did someone obtained the municipal fire and certificates of occupancy? Were all of the buyer's mortgage contingencies met? Are there any outstanding judgements, liens, or bills that need to be paid at or before closing? Buyers should consult with their mortgage rep and attorney to tie up any loose ends. Sellers should stay in contact with their attorney and title company to make sure there are no outstanding issues that could delay the sale.
5. Make sure your moving arrangements are flexible. Too many people make the mistake of thinking the closing date is set in stone. Trust me when I say that it is not! Though there are exceptions, in most cases the closing date is a "floating" deadline. The date and time can usually only be confirmed 2-3 days in advance, at best. That's why it's important to have a flexible moving schedule, and to have temporary living arrangements set up if needed. If you are selling, don't wait until the day of closing to move out. Give yourself time to move your personal belongings without the pressure and stress of looming deadlines. Lastly, don't rent a moving van or hire a moving company until the exact date and time has been confirmed by all parties involved.
The closing is the most critical and emotionally charged moment of the real estate transaction. That doesn't mean it has to feel stressful and chaotic. Keep a cool head and these 5 tips in mind to help make sure your next closing is a smooth and successful one!