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.

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.

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!

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.

The purpose of the final walk-through is really simple and can take as little as 15 minutes, depending on the size of the house. This is the event where the buyer validates that the condition of the house did not change during the final weeks of the seller’s ownership. It gives the buyer assurance that he is receiving the house in the condition he anticipated.

Prior to settlement, buyers are entitled to walk through the property.  As a purchase, you want nothing more than to assure that the property is being delivered in the condition promised by the seller. If the property is to be “broom clean,” the house should be entirely devoid of trash and old furniture. If an old car was to be removed from the yard, it should be gone. If the appliances worked when contract was ratified, they should work now. Get the picture?

With new property, you’ll want to walk through with the builder’s representative and your inspector. Items that are incomplete or not done at all should be marked on the builder’s “punch list.” Naturally, a duplicate buyer’s list should be maintained.

Buyers should insist that all seller obligations, under the terms of the contract, are satisfied and if they are not satisfied, buyers could then demand suitable compensation. For instance, if a repair is not made, then an amount from the seller should be placed in escrow to assure completion.

The final walk-through is not the time for the buyer to raise new concerns about previously known issues. As an example, if the home inspector indicated the roof still has several years of serviceability, and the appraiser did not find a problem with the roof, the buyer cannot now walk away from the deal because of a roofing issue. He can halt the transaction if a large tree recently smashed through the roof though.

A buyer’s agent can easily and quickly step even a novice buyer through a meaningful final walk-through. So please don’t side step this process.

Did you know it can be a costly mistake to pay for expensive home improvements before putting your house on the market?  Only if your condo or home has a deficiency that could prevent it from being sold should you go through the major improvement route. Here are some reasons to support this theory:

1. The buyer may not want or like your improvements such as a swimming pool or an extra bedroom.  Many people will convert their garage into an extra room.

2. The buyer may need the lower end price range or you might be pricing your home out of the neighborhoods price range.

3. Your improvement may cost more than you will get out of the home.  It is always less expensive to put in the improvement while the home is being built.  To build an addition for example is more costly due to tearing down walls, hauling away debris, and protecting the rest of the house during the construction.  These are all added expenses.

If you do decide to add an improvement to your Ocean City condo or home to boost sales please check with your real estate agent.  You do not want the expense to be more than what the home is worth.  Pricing your home out of the neighborhoods price range will make selling your home very difficult and frustrating for you.  Your agent can tell you what will increase the value of your home and what will make the best improvement so that it will sell quickly.

One way to help your real estate agent sell your Ocean City home is to make it available.  Selling a home is not unlike any other kind of selling.  If a department store is usually closed, it cannot sell its merchandise.  You can imagine how long a store like that would be in business.

I’ve heard agents complain that some sellers, who insist on a fast sale often are not available when buyers want to drop by.  A buyer may be in the area for just a few days and have only two hours left to see your home.  There are always reasons (excuses) why a house is not showable: You just returned home from work, you are tired, the house is a mess, neighbors are coming over for coffee, etc.

Bear in mind that no prospect will buy your home or condo if he or she doesn’t see it and fall in love with it!  Also, a prospect may be willing to wait a day before seeing your house, but, in the meantime, may see another house similar to yours and fall in love with that one and make an offer on it.  If your home had been seen first, it might have been THE ONE and now off the market.  Lastly, if it becomes routine that your home is not available or “difficult” to show – real estate agents will stop trying.  Please, you have decided to put your home on the market, let us show it!  Someone will love it!

You are selling your Ocean City home or condo.  A prospective buyer inspects it, likes it, and decides to make an offer. You can depend on human nature. He will try to have you accept an offer lower than your asking price. This is a time to calm down and evaluate the offer.

Now what? First of all, if you are going to even consider an offer it must be in writing and signed. It must have a definite time limit, and it should be accompanied by a respectable amount of “good faith” money.  That amount will depend on the value of your home, the mortgage market and the buyer’s financial condition. Respect your Realtor’s advice on this subject.

Once these elements are fulfilled, it’s up to you to either accept his lower offer, reject it outright, or make a counter-offer to sell somewhere between the two. Just remember, if it’s not in writing and accompanied by a reasonable amount of money – taking your house off the market would be a poor judgment.

There is more to consider when you receive an offer than just the price and there are more ways to respond to any offer to buy your home than just a simple yes or no. Let your REALTOR do the negotiating. Please avoid speaking with the buyer directly.  Communicate your wishes to your agent so he or she can accurately represent your interests. By using your agent you can more freely speak your mind and much more easily express your emotions and frustrations without the risk of damaging the negotiations.  Don’t be afraid to ask questions.  Now, you hired a good REALTOR – let the negotiations begin!