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August 28, 2008
...about Selling
Can I find out the value of my home through the Internet?
What is the difference between list price, and appraised value?
What are the standard ways of finding out what a house is valued at?
What’s a house worth?
How is the asking price set?
How do I find a good real estate agent?
Where do I get information about closing costs?
Where do I get information on lease options?
What is a lease option?
How do lease options work and what are the benefits?
How do you prepare a house to sell?
What repairs should the seller make?
How does someone sell a slow mover?
How long do bankruptcies and foreclosures stay on a credit report?
Do sellers have to disclose the terms of other offers?
Can I find out the value of my home through the Internet?
You can get some idea of your home’s value by searching the Internet. A number of Web sites and services use the numbers from historic public records of home sales to produce the statistics. Some services calculate an estimate of value based on acceptable software appraisal standards, but these are not official appraisals. They don’t factor in specific market characteristics or many other issues a certified appraiser or real estate professional might in assessing the value of your home.
What is the difference between list price, and appraised value?
The "list price" is a seller’s advertised price, a figure that usually is only a target that the seller wants to get close to. Sellers can price high, low or close to what they hope to get. To judge whether the list price is a fair one, be sure to consult recent comparable sales prices in the area.
The "sales price" is the amount of money you as a buyer would pay for a property.
The "appraisal value" is a certified appraiser’s estimate of the worth of a property, and is based on comparable sales, the condition of the property and numerous other factors.
What are the standard ways of finding out what a house is valued at?
A "comparative market analysis" and an "appraisal" are the standard ways consumers, lenders and realty agents determine what a home probably is worth.
Your real estate agent will be happy to provide a "comparative market analysis," which is an informal estimate of value based on comparable sales in the neighborhood. You also can research "the comps" yourself by checking on recent sales in public records. Be sure that you are researching properties that are similar in size, age and location.
This information is available at your local recorder’s or assessor’s office and also through private companies and on the Internet.
An "appraisal," which generally costs $400 to $1,500 to perform, is a certified appraiser’s opinion of the value of a home at any given time. Appraisers review numerous factors including recent comparable sales, location, square footage and construction quality.
What’s a house worth?
A home is worth what someone will pay for it. Everything else is an opinion or estimate of value.
How is the asking price set?
It’s very important to price your home appropriately relative to current market conditions. Because the real estate market is continually changing, and market fluctuations have an effect on property values, it’s imperative to select your list price based on the most recent comparable sales in your neighborhood.
A comparative market analysis provides the background data on which to base your list-price decision. Study the comparable sales material presented to you by the different agents you interviewed initially. If the analyses are more than two or three months old, have your agent update the report for you.
If all agents agreed on a price range for your home, go with the consensus. Be very careful if an agent gives an opinion of value considerably higher than the others.
How do I find a good real estate agent?
Getting a recommendation from a friend or work colleague is one way to find a good agent. Be sure to ask if they would use the agent again. You also can call the managers of local real estate firms and ask them for recommendations of agents who have worked in your neighborhood. In any case, it is important to know whether the agent works full-time at real estate, how much experience he or she has, how many homes he or she had sold in the last year, etc. (Also see numerous articles in the .Selling Tips. about selecting an agent.)
Where do I get information about closing costs?
For more on closing costs, ask for the "Consumer’s Guide to Mortgage Settlement Costs," Federal Reserve Bank of San Francisco, Public Information Department, P.O. Box 7702, San Francisco, CA 94120 or call (415) 974-2163. Also see a local escrow office if you are in California.
Where do I get information on lease options?
For information on lease options, "How Lease Options Benefit Realty Buyers, Sellers, Agents and Investors" is available for from Tribune Media Services, 435 N Michigan #1500, Chicago IL 60611. 1-800-245-6536.
What is a lease option?
When a tenant signs a lease with an option or right to purchase the property for a specific price within a certain time frame, that is called a lease option. In most lease-option situations, a portion of the rent is applied to a future down payment. Lease options are most popular among buyers who don’t have enough funds for a down payment and closing costs. If the tenant has paid extra for the option, that option money is forfeit unless the tenant exercises the option and buys the home.
How do lease options work and what are the benefits?
Most lease-option agreements specify that a portion of the rent on the property in question is applied toward the purchase if the option is exercised. This is referred to as rent credit. Institutional lenders accept rent credits as part of the down payment if rental payments exceed the market rent and if a valid lease-purchase agreement is in effect, a copy of which must be attached to the loan application.
For sellers, lease options give them several advantages, especially in a slow market. These include a monthly rent higher than market rent, top-market value for the property and tax-free use of the option consideration until the option expires or is exercised. Also, the tenant is more likely to treat the property like an owner.
Lease-options should be read carefully for details on transferring the option and other important concerns.
Always check with your tax advisor or the IRS before making any decision that may result in tax consequences.
How do you prepare a house to sell?
Doing whatever you can to put your house’s best face forward is very important if you want to get close to your asking price or sell as quickly as possible. Short of spending a lot of money, there are several steps people can take to make their home show better: Look at the home from a buyer’s perspective. See which negative first impressions can easily be resolved, such as small cracks in the walls, peeling paint, torn screens, badly weathered front door, etc. Remove clutter as much as possible, especially on counters and in walking areas of rooms. Have the house smell fresh. Clean windows and be sure all light bulbs work so the house feels brighter. Do basic landscape cleaning and add some color plantings especially near the entry. Put out nicer towels and put away cleaning tools and supplies. (Also see .Selling Tips. about staging, etc.)
What repairs should the seller make?
Many sellers like to make minor repairs before going on the market in order to seek a higher sales price. In addition, nearly all purchase contracts include a buyer inspection contingency, which allows a buyer to back out if any defects are found. Once the problems are noted, buyers may attempt to negotiate repairs or a lower price.
How does someone sell a slow mover? Even in a down market, price and condition are the two most important factors in selling a home that the seller has control over.
The first step is to lower the price. Also, go through the house and see if there are cosmetic defects that can be repaired.
Secondly, home sellers should make sure that the home is getting the exposure it deserves through broker open houses, advertising, good signage, open houses, a listing on the multiple listing service (MLS) and numerous fully descriptive internet sites exposure with photo and perhaps virtual tour.
Another option is to pull the home off the market and wait for the market to improve.
If the real estate agent has been doing very little to try to sell the home, see if the agent will agree to release the listing so you can find another agent or talk to the real estate office manager about alternatives.
Finally, frustrated sellers who have no equity and are forced to sell because of a divorce or financial considerations could discuss a short sale or a deed in lieu of a foreclosure with the mortgage lender.
A "short sale" is when the seller finds a buyer for a price that is below the mortgage amount and has to negotiate the difference with the lender.
In a deed-in-lieu-of-foreclosure situation, the lender agrees to take the house back without instituting foreclosure proceedings. But these would be considered more radical options than lowering the price, and also may have a significant tax disadvantage.
Always check with your tax advisor or the IRS before making any decision that may result in tax consequences.
How long do bankruptcies and foreclosures stay on a credit report?
Bankruptcies and foreclosures can remain on a credit report for seven to 10 years.
Some lenders will consider an borrower earlier if they have reestablished good credit. The circumstances surrounding the bankruptcy can also influence a lender’s decision. For example, if someone went through a bankruptcy because their employer had financial difficulties, a lender may be more sympathetic. If, however, the bankruptcy was because of overextended personal credit lines, the lender probably will be less inclined to be flexible.
Do sellers have to disclose the terms of other offers?
Sellers do not have to disclose any of the terms or conditions of other offers.
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Michael Edlen, MBA, Coldwell
Banker
15101 Sunset Blvd. Pacific Palisades, CA 90272
Direct Number (310) 230-7373
Email : Michael@michaeledlen.com |
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