Are you planning to sell your Ocean City home without the services of a real estate agent? If that’s the case you had better start a cram course in financing. How much money will you want down? How will you determine the prospect’s credit history? How much cash should you get with the offer? Will you accept a second mortgage? Have you been in close contact with financial instituions, the FHA or the VA?

Can you advise a prospect where to get mortgage funds and walk them through the process? Who will pay what closing costs?

On the other hand, real estate agents know that many sales are lost for want of proper financing. We also know the the intricate methods and sources of financing.

Honestly, the best way to market your home-probably your most valuable asset-in the professional way. It must make financial sense. Over 90% of all home sales are handled by people in the real estate profession.

You are a house-hunter and have been working with “XYZ” real estate office in Ocean City. You are happy with them and have an excellent relationship. While driving home from work you notice a FOR SALE sign on a house that interests you, but with another agent’s name on it. Can you ask your friends at “XYZ” about it? Absolutely!

Understanding how the MLS (Multiple Listing Service) operates is an important part of the home buyer’s education. First time buyers especially, are not aware that one REALTOR® can provide them with information about homes listed by another REALTOR® using the MLS. Or, for that matter, nearly any other home listed on the market.

If you are working with a firm you like, and you see a house with another company’s sign in front, don’t feel that you might be bothering your broker if you ask for information regarding the other house. Any REALTOR® in the MLS can sell the house and it’s easier working with one than two or more brokers.

Call us today if you have any questions, we’re here to help!

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True, a real estate agent can suggest a selling price for your home if you intend to list it with their office. This is common practice and a part of the value of selling through a REALTOR. However, this should not be construed as an official appraisal. 

An appraisal is the valuation of your property by a qualified appraiser for a fee. This is based solely on the amount of work involved-not the market value of the property. His/Her detailed written instrument will carry its full weight as documentation if used in any official capacity such as for tax or legal problems.

An appraiser will provide you with a dated document which will cover in detail all of the elements which go into the valuation such as: prices of comparable properties that have sold, value of location, construction, age and depreciation of the property, zoning, restrictions and reproduction costs. If it is income property, he will capitalize the present and future income potential. Qualified Real Estate Appraisers will probably be members of the American Institute of Appraisers.

If you have any questions about the appraisal process on your Ocean City home or condo, please contact us!

Selling your home on your own, puts you at a decided disadvantage. On the other hand, selling your home through a REALTOR® will bring you as much or more profit – with none of  the attendant problems and headaches you can expect when you try to sell it on your own. I realize that many homeowners think that by not paying a commission to a Realtor will save them money, that is usually not the case.

Besides having knowledge of the market and the skill to suggest realistic prices, the REALTOR® has built up a list of prospects that no homeowner can possibly match.  Prospects who are honestly interested in finding a home and financially able to buy versus the casual looker or snoopy neighbor. The Realtor knows how long to hold out, whether to take a second mortgage, how to handle earnest money, whether to lease with option to buy or sell on contract.

Your REALTOR® will recommend how to stage your home, provide a to do list to improve the curb appeal for example, and correctly price your home for a quicker sale. Once you have a negotiated agreement in hand your REALTOR® will be knowledgeable about all necessary inspections, paperwork needed to close on time, and negotiate any repairs if necessary. As a “For Sale By Owner” you can not list your property on your local MLS. (Multiple Listing Service) FSBO’s are locked out of many home search engines including the gigantic Realtor.com. Sure, a determined FSBO can put a for-sale sign in is or her front yard and run an advertisement in the local newspaper, but the home won’t receive nearly as much exposure as it would on the MLS. Plus, when you list with a Realtor you do not pay for advertisement – your Realtor does.

The REALTOR® is knowledgeable on real estate transactions and will most likely keep their client out of legal trouble. Let your REALTOR® handle your home selling and believe me – listing with a REALTOR® will save you time, stress, and make you money.

FYI:
“REALTOR®” and “real estate agent” are not interchangeable, although some real estate agents might like them to be. The term REALTOR® is a registered certification mark that identifies the quality of services rendered by licensed real estate agents who are members of the National Association of Realtors. All real estate agents are not REALTORS®, but all REALTOR® members are real estate agents. REALTOR® members are committed to a strict code of ethics known as the REALTOR® Code.

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As a home buyer, you have made an offer to the seller which was much lower than the asking price. If the seller has countered the offer you made, you are now in the same position the seller was in when he received your offer.  As the Indians say, “you are now walking in his moccasins.”

You may accept, counter, or reject the counter offer. The seller may give a prescribed amount of time to respond. If you accept the counter offer then you have agreed to buy the home on the new counter terms. If you decide to counter back, then you are again making an offer back to the seller as you previously did.

A word of caution:  there is a point of diminishing return reached very quickly when too many counter offers are shot back and forth. Primarily due to exasperation and the fact that the process is so emotional for both, more than one or two counter offers generally result in a failed attempt to reach an agreement.

A few tips:

• Try to keep your emotions out of this process.  Even if you’ve fallen in love with the house, take your enthusiasm and your anxiety out of the picture. Stick to your budget. Always be prepared to walk away.
• Be patient.
  Don’t be badgered into making too quick a move or going beyond your budget.
• Be courteous.
  Even if you think the seller is nuts about the value of his house or has maintained it like a slob or has made a ridiculous counter-offer, don’t say so. Keep the negotiations as cordial and neutral as possible.

Good Luck!

What do you need to know when you apply for a mortgage loan?  Here are some invaluable tips from Paul Soule with Coldwell Banker Mortgage.  He shares from his extensive personal experience, and from a very relevant article from Forbes.

“Much has been said and written in recent years about the tightening of standards in the mortgage industry. And some that has been written has been over-exaggerated when it comes to the availability of mortgage loans. Standards have tightened and in many ways returned to a place we never should have left as an industry. Overall however, a loan that qualifies still gets approved and settles.

What has changed dramatically is the rigors of loan processing. Documentation requirements are now as extreme as they ever have been in my 19 years in the business. The attached article explains why lenders are asking for so much paperwork to process a loan these days and what borrowers should do in response.

We don’t simply tell borrowers we need things because “We said so” and do educate them about the rationale behind what we need to get them approved. At the same time, we do often encounter resistance to provide the necessary items we need for a loan commitment. The attached article is a good piece for your buyer clients to read so they can better understand the processing/underwriting standards and requirements in today’s industry.

It also supports the notion that working with a seasoned/experienced loan officer who knows how to originate, process and underwrite a loan file will help smooth the process dramatically”.

Paul Soule

Senior Mortgage Advisor

The better the condition of your Ocean City home, the better price it will bring and the quicker it will sell. In a slow market, poor condition may very well mean that the home will not sell at all, given the competition of other homes that may be in better or newer condition.  Most people know this; however, since you actually see your home every day, hearing how to make your home appear better is not always easy.

First impression can only happen once! Fortunately, condition is something we have control over. Your real estate agent will have specific recommendations, but some advice here might be appropriate. Repairing those items that you have been putting off – a fresh coat of paint, thorough cleaning and organizing, can do wonders for a sale. Neatness counts. Eliminate clutter. Make the home appear as spacious as possible.

Some other things you can do to ensure your home’s exterior lands favorable first impressions include:

1. Mow your lawn and spruce up your landscaping

2. Clean your windows

3. Paint and repair your gutters

4. De-clutter your closets

5. Make your countertops free of clutter and appliances

6. Clean your fireplace

7. Eliminate odors

8. Stage your home – hire a professional if necessary

One of our favorite things on our to-do list for our clients is to pay special attention to the front door. This is where the prospective buyers stand while waiting for you or the agent to let them in. If they like your home, they will drive by again, maybe even with other family members to look at your home. Be sure it is clean, and given a fresh coat of paint.  Polish up your address number and put down a new welcome mat. The old saying that “you never get a second chance to make a good first impression” is still true.

Here are some key points to remember when selling your home:

1. Let your real estate agent do all the negotiating.

2. Look at all offers, even if they are low. Your agent has an obligation to present all offers. Some buyers feel they have to make a low offer to reassure themselves that they got the best price possible.  The offer is negotiable.

3. Do not become angry with a low offer and react with an unreasonable counter offer out of anger. Your goal is to sell the house – not punish the buyer.

4. Never judge buyers by the car they drive or how they are dressed. Be kind to all people viewing your home.

5. Your goal is to sell your home, so try not to place barriers about whom you want to buy it.

6. If you feel you have to make a counter offer, make the best one possible, and remember, there are not guarantees.

7. Listen to your realtors or stager’s advice: de-clutter, de-personalize, spruce up your front yard, and and stage the interior if needed.

8. Try a few social media tricks: post a video on youtube and tell all your Facebook friends -  let them spread the word!

Please contact us if you have any questions.