| HomeOwners Guide - Selling in a Buyers Market (mortgage refinance)
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HomeOwners Guide - Selling in a Buyers Market
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My Home Is Not Selling
If you own a property that has been sitting on the real estate market for a long time with no prospective buyers in sight, the first thing you'll need to do is modify your listing price. Get completely updated information on any recent local sales in the area of the property. If your price is already current, usually a price reduction of about 5 to 10 percent of the total listing price is needed t... Read mortgage refinance article
Mortgage Refinancing - Beware the Vultures
If you are in the process of mortgage refinancing you need to be wary of overpaying for your loan. Mortgage vultures overcharge you and even structure their loans to promote foreclosure so they can take your home. Predatory lending practices are common in the United States; however, if you take the time to do your homework and research mortgage offers, abusive lenders are easy to spot. Here are se... Read mortgage refinance article
HomeOwners Guide - Selling in a Buyers Market
Selling an existing home in this emerging buyer's market takes more creativity than it did two years ago. The inventory of homes has more than doubled in many communities in the past twelve months, and the average length of time that a house sits on the market is also increasing. Additionally, homeowners have the challenge of competing with new home sales where national corporations have large marketing budgets to lavishly furnish and decorate models, and they even offer bonus incentives, such as new cars, to entice buyers.
Anyone wanting to sell their house in today's market needs to consider how to make their "product" stand above the rest. Smart homeowners are turning to staging, also known as property enhancement, to gain competitive advantage, enjoy higher selling prices and to sell their houses faster. Property Enhancement is simply the craft of making a house appeal to the broadest range of buyers and creating a positive first impression. Although staging is widely used in the higher end of the real estate market, it is an affordable consideration for more moderate priced homes also.
Property enhancement can deliver several benefits. For example, the cost to de-clutter, clean up and rearrange the furniture is so much less than a $10,000 or $20,000 drop in the asking price. Moreover, recent statistics show that a house that is staged will sell for 7.4% more money, and in half the time of a house that is not staged.
Before you call the realtor, I suggest the following 10 tips to get your house ready to sell.
1. Develop "buyers eyes" - That is the ability to look at the house as the prospective buyer would, to see the dripping faucet, to notice the rickety gate, and the many other minor quirks that you may have learned to live with. It can be difficult to separate your feelings about your home from the house itself. Spend an afternoon going to a few open houses in your neighborhood and put on your "buyer's eyes". When you come home, you will have a new appreciation for your own house, from a buyer's point of view.
2. Repairs - First impressions are lasting, and you only get one chance at it. With your "buyer's eyes", beginning at the entrance to your property, go through the house room by room, and around the yard too, and make an objective repair list. Complete all those repairs before the house goes on the market.
3. Neutralize and Simplify - How you live in your home is very different than how you want to display your house to sell. Creating a neutral, yet comfortable atmosphere is important in order for prospective buyers to be able to imagine them selves living in a new space. Tone down dramatic wall colors, put away all but a very few family photos, and minimize the knick-knacks.
4. Clutter eats Equity - When buyers step into your house, you want them to immediately see the best features of the house, not to be distracted by your stuff. You can pre-pack any seasonal belongings and clothes that you will not be using before you move. If you are planning to have a yard sale, schedule it before you even list the house.
5. Organize - Clear out and organize closets and cupboards, so they look more spacious. Every room's purpose should be obvious to the prospective buyer. If it is a guest bedroom, make sure the exercise equipment, camping gear and Christmas wrap are out of there, packed up, and neatly stored in the garage.
6. Clean - Clean - Clean -Your house should be meticulously clean. Sparkling windows, no pet odors, bright tile grout, ceiling fan blades dust free, no fingerprints on the door frames, and carpets professionally cleaned. Everything in the house needs to sparkle; giving the buyer the feeling of a well cared for home.
7. Pet owners and Smokers take note - Move the kitty litter box to the garage and caged pets such as birds and hamsters need to be kept exceptionally clean. Vacuum daily if you have dogs or cats, or if you smoke. You do not want odors to be the memorable feature of any room!
8. Personal Security - Create a safe place to lock up all personal papers when the house is being shown.
9. Enhancement - Once the house is repaired, neutralized, de-cluttered and cleaned, it is time for a little enhancement. The key areas to create visual impact are, the entry and living room, the kitchen, the master bedroom and the bathrooms. Arrange the furniture to highlight the architectural features of a room, such as a great view, or a fireplace. If the furniture is a little tired looking, purchase inexpensive slipcovers and a few new throw pillows. Open the drapes to let in natural light. In the bathrooms, clear counter tops of all the personal items. The only things to have out should be a new, decorative soap, a hand towel and one ornamental accessory. The same idea applies in the kitchen. Keep the counter tops clear except for one or maybe two appliances and one decorative element, such as a large bowl of fruit.
10. Have a Quick Clean up Strategy - Be ready to show the house at a moment's notice. A plastic bin that will fit under the bed can be used to scoop up and hide miscellaneous clutter, and you will know where to find those items later.
Potential buyers decide in the first 30 seconds whether a house is right for them. Make those precious 30 seconds work for you to sell your house quickly, and for top dollar.
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Commercial Mortgage Strategies - 1031 Exchange
Commercial mortgage lenders will frequently have very specific requirements stipulating that purchase funds must have been in a verifiable account for a specific period of time, often 3-6 months or longer (this is called seasoning because it is tantamount to requiring that the funds have matured by being in the same place for a while). Seasoning of ownership for commercial mortgage loans is similar to seasoning of funds, except this requirement involves the minimum time someone has owned a commercial property before they can refinance the property. Most traditional banks require a minimum holding period (usually a year or more) before a commercial mortgage loan can be refinanced. That minimum period is the ownership "seasoning limitation", and if it is one year then it means that a commercial mortgage loan cannot be refinanced for at least a year.
That is not a particularly troubling limitation EXCEPT in the case of refinancing after a 1031 Exchange. In the case of Commercial 1031 Exchange properties, commercial borrowers should benefit from commercial mortgage loans for 1031 Exchange Refinancing without seasoning of ownership limitations , and there are a limited number of sources which do not impose ownership seasoning limitations on refinancing 1031 Exchange Properties.
WHAT IS UNIQUE ABOUT THE 1031 EXCHANGE REFINANCING SCENARIO?
In simplified terms, with a 1031 commercial real estate exchange, owners are required to reinvest their equity in a subsequent qualified purchase. Commercial mortgage borrowers who have properly completed 1031 Exchanges might want to tap into some of their equity shortly after a 1031 Exchange is completed via 1031 refinancing. These borrowers will usually encounter seasoning of ownership limitations from most lenders that will effectively prevent such a refinancing. If a commercial mortgage borrower wants to consider 1031 Exchange refinancing and has recently completed the 1031 Exchange, they should seek out a lender without seasoning requirements or limitations. However, there are many technical issues surrounding a 1031 Exchange and 1031 refinancing that will require commercial borrowers to consult with a qualified 1031 Exchange advisor before proceeding with refinancing of commercial 1031 Exchange properties.
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HomeOwners Guide - Selling in a Buyers Market
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