HomeReport
Real Estate & Finance News That Affects Your Home                                                        August 2008 - Page 2

CREATIVE SELLING Continued Make It Easy With tighter loan standards and higher required down payments, some buyers need extra help to purchase a home. Show buyers how to buy your home. We can contact a lender to provide a “Buy Today” summary of down payment and monthly payment options for different types of loan programs based on your listing price. Be flexible with contingencies. A home-sale contingency, for example, allows buyers time to sell their current home, so they can afford to purchase yours. Or, let the buyers specify their move-in date, even if you have to rent temporary accommodations before moving to your next home. Remember, contingencies for financing and inspections (general, pest, radon, mold, etc.) are fairly common in a buyer’s market. Consider a lease/purchase. If you don’t need your funds right away, let the buyer rent your home with a delayed settlement, if you are sure the purchaser will eventually qualify for a loan. Part of the rent money could be applied to the down payment. Offer Incentives Pay some closing costs. This strategy helps buyers reserve cash for their down payment. They can also get an extra tax deduction for any loan points you pay. Take back a second mortgage. You’ll want to make sure the buyers can qualify, of course, but offering a loan for some or all of the down payment could put you way ahead of the competition. Add conveyances such as a chandelier, appliances, riding mower, yard tools, window treatments, playset, yard bench, porch swing, etc. Pay for a year of utilities, homeowners association dues, lawn service, pool cleanings, gym membership or offer a decorator’s or furniture allowance. Remember, every creative technique doesn’t fit every property. Together we’ll select the best creative strategies that will help you beat your neighbors to a sales contract. Simply give us a call to find out more! CHECK OUT THE COMPETITION Even before listing your home, as your agent we will help you find out about the other homes for sale in the neighborhood (or building, if you’re selling a condo or co-op). We can show you listings to compare features, and you can go online to view photos and virtual tours. Even better, drive by or visit competing homes to find out about any other features or considerations that might make your home look better (or worse) by comparison. Think like a buyer. OVERCOME DOUBTS   Get past the “objections.” If there’s something about your home the buyer really can’t get past—for example, wall colors—offer an allowance to cover the cost of making the change. Remember, though, lenders do limit the amount of cash buyers can get back at settlement (closing). A creative way is to make the change a contingency in the contract—e.g., repainting in the buyer’s choice of color before closing. Order a professional inspection. You’ll find out about everything not quite right with your home so you can address those issues before the home goes on the market. Purchase a home warranty. Starting around $300, home warranties put shoppers into a buying mood (especially first-timers), providing the peace of mind that if something goes wrong soon after buying, they won’t have to pay an arm and a leg to fix the problem.

 

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