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A common problem in real estate sales is people trying to buy a house for more than it’s worth to “outbid” their competition. That’s fine when it’s an all cash deal, but what if it’s there’s a loan involved? The lender may not agree to participate.
So, you want to sell your house, but aren`t sure where to begin. There are a few things to consider before you get down to the nitty gritty of it all that will determine which direction you need to go in. Just deciding “I want to sell my house” isn`t enough, you`ll need to have a plan, as well. Weather your thinking of using a realtor or selling the house yourself you need to understand that the traditional methods of listing and selling houses simply don’t work in this market.
Let’s face it, most people aren’t selling JACK! To sell a house in this market you must be better at marketing than your neighbors. You must be different and better. To sell a house fast in this market you must have a “BIG EVENT!”
So what’s the Secret to success?
First off I want you to understand, there is no voodoo, magic or gimmicks. It’s really a simple matter of understanding basic human nature and applying a little lesson from economics 101.
What happens during a hot market? A perfect storm of human emotion and the laws of supply and demand. I call them the 3 most powerful marketing forces on the planet. Greed, Scarcity and Urgency. Most real estate professionals ignore these 3 basic laws. They list high, create no demand and have no deadline to create a sense of urgency.
In a “hot market” the 3 immutable laws of marketing are already at work so they get away with it. All ships rise with the tide.
But if times have changed and the market is slow then the traditional list high approach doesn’t work. Lets face it, if nobody is looking at houses and there is no sense of urgency even the greatest house in the world gets ignored.
I do the exact opposite of what most real estates professionals do! To create a “hot market”, I start LOW, and let the market bid the price UP! That’s right a do-it-yourself-auction-style-sale.
To sell a house in 36 hours I use a S.I.M.P.L.E. process.
S – Solicit Leads – Market the home using compelling headlines.
I – Inform Callers – Give auction info and pictures on my web site to get them excited.
M – Make the House Sparkle – Repair it. Clean it. Stage it.
P – Present the Home – Show the house Saturday and Sunday.
L – Let Buyers Drive Up the Price – Conduct a “round robin auction” Sunday night.
E – Execute the Contract – Close with the highest bidder.
When you know these secrets, it is really quite simple to create a “hot market bidding war” for any property even in the slowest of markets. Imagine, even in a slow market, getting 5 to 10 people who are excited to buy your house while most other sellers are facing very reluctant buyers.
Once you master this selling process you are never more than one weekend away form having a house sold. You can cash-in on all the deals that homeowners and investors are unloading.
Are you trying to sell your home fast? This is the situation for a lot of sellers who are in special circumstances.
ELDERLY Islanders could avoid selling their homes to pay for long-term care under a plan to increase social security payments by 2% in 2012.
All working Islanders would face increased charges – worth around £32m per year – under the scheme about to be proposed by Social Security Minister Ian Gorst.
The scheme follows the long-standing Guernsey model and would bring an end to old-age pensioners having to sell off the homes they have worked all their lives to buy in order to be looked after in their final years.
Article posted on 28th July, 2010 – 3.00pm
Selling house is not that difficult. However, there are things that you will need to do so that it can sell faster.
So, here’s the story.
We were trying to sell our house and nothing seemed to work. And then a real estate agent sent us a proposal. She would list our house, but she was also going to come in and stage it… and it would only cost us one dollar, if we didn’t pull out of the agreement before the allocated time and yes, we had to agree to any asking price that was over 90% of the price we had agreed on! I have an entire series on this topic… moving from one room to another and I will list all of the changes that she made to each room. Lets move into the kitchen… here’s what she did!
1. Weed… I know, I know, but it has to be done!
2. Plant annuals for color and then make sure you water them according to their needs.
3. De-clutter… it is amazing at how much junk finds its way into your yard!
4. Cut grass… it just looks nicer.
5. Tidy patio… sweep the deck/patio and then arrange chairs where they need to be.
6. Wash front/back door. People do notice while we seldom see our own front and back door. We are too busy trying to get inside to take any notice!
Needless to say, after having our house on the market for a couple of years… yes, a couple of years, our agent managed to sell our house for 95% of the asking price. We are now living in a brand new home that is pretty close to perfect and it’s all thanks to an agent, who knew her stuff!!
Tags: staging a garden, decorating a garden, selling your house, curb appeal
The Director of Mortgages at Legal & General, Ben Thompson, has cited the rising cost of living as some of the factors that are responsible for the increase of pressure on homeowners. He said, “While council tax, utility bills and household costs have risen by more than a third in the past four years, the average family is £1300 worse off a year.” With more than 27,000 homes repossessed in 2007, it is little wonder than many homeowners facing financial difficulty are considering trying to sell their property fast for cash.
Unfortunately, given that the average estimated time taken for UK house sales is now six months; those wanting cash for properties quickly are facing a stressful an expensive time when neither time nor money may be in plentiful supply. Last Seconds offers cash for properties and can offer completion within one week. In addition, we can offer homeowners who sell to us the chance to rent back their property through our ‘Buy to Rent’ option. This service is a simple and swift solution that thousands of our customers are happy to recommend.
Every week we hear from individuals and families who are suffering different problems, but have all reached the same conclusion: “I need to sell my property fast for cash.” Mortgage arrears, family split-ups and eviction notices are just some of the unforeseen circumstances that we help our clients to face.
Don’t waste time trying to decide what to do; call Last Seconds today for an obligation-free discussion about how we can help you.
A lot of questions “For sale by owner” sellers ask? “How can I do if a potential buyer can afford to buy my house to determine” the real estate industry this is known as “pre-qualifying” Buyer “means. One might think that this is a complicated process, but in reality it is actually quite simple and just a bit ‘of mathematics. Before we are to get on the math, there are some terms you should know. The first is PITI which is nothing but an abbreviation for “principal, interest, taxes andinsurance. This figure represents the cost of the monthly mortgage payment of principal and interest and the monthly cost of property taxes and homeowners insurance. The second term is “RATIO”. The ratio is a number that most banks use as an indicator of what the monthly gross income of a buyer could afford to spend on PITI. Still with me? Most banks use a ratio of 28% without consideration of other liabilities (credit cards, car payments, etc.). This relationship is sometimesas a “front end ratio”. If one takes into consideration other monthly debt, a ratio of 36-40% is considered acceptable. This is called the “back end ratio”.
Now for the formulas:
The front-end ratio is calculated simply by adding PITI monthly gross income. Back-end ratio is calculated by dividing PITI + Debt as calculated by the gross monthly income.
Let the formula in action:
Fred wants to buy the house. Fred earns $ 50,000.00 per year. We need to know FredMonthly gross income to divide $ 50,000.00 by 12 and get $ 4,166.66. If we know that Fred can safely afford 28% of this figure is multiplied by $ 4,166.66 X .28 to get up to $ 1,166.66. That’s it! Now we know how much Fred can afford to pay per month PITI.
At this point we have half the information we need and see if Fred can buy our house. So we need to know is what the PITI payment for our house.
We need four pieces of informationDetermine PITI:
1) sales (our example is 100,000.00)
Is subtracted from the selling price to pay to determine how much Fred needs to borrow. This could lead us to another term that you encounter. Value to value ratio or LTV. For example: Purchase price $ 100,000 and payment of 5% = LTV ration of 95%. In other words, the loan is 95% of property value.
) The second mortgage amount (interest + capital).
The amount of the loan isusually the purchase price less the deposit. There are three factors that determine how the IP and interest portion of payments). You need to know 1) The amount of the loan, 2) interest rate, 3) length of the loan years. With these three numbers you see an Internet payment calculator good as anywhere in the payment of the mortgage on this basis, but remember you must add the monthly fee from year toproperty taxes and the monthly risk insurance (property insurance). For our example loan with a 5% down Fred would be $ 95,000.00. We are at an interest rate of 6% and a maturity of 30 years.
3) annual fees (Our example is $ 2,400.00) / 12 = $ 200.00 per month
Let me come with annual fees of 12 monthly fee to property taxes.
4) Annual hazard insurance (our example is $ 600.00) / 12 = $ 50.00 per month
Divide the annual risk insurance to 12come with the monthly portion of property insurance.
Now we have everything together. A loan of $ 95,000 at 6% for 30 years would provide a monthly PI
That together
From our calculations above we know that our buyer Fred can afford PITI up to $ 1,166.66 per month. We know that the PITI is required for our house purchase $ 819.57. With this information we now know that Fred is eligible to buy our house!
Of course there are otherRequirements to qualify for a loan with good credit and a job with at least two consecutive years of employment. Learn more about this is our next topic.
See Also : Advertising Comnpany Divorce Attorneys Hostipal Business Start a new business Business websites How to start a new business
Staging the interior of your home is important, but staging your yard might be even more important. The view from your curb is what attracts buyers, and sets the expectation for what they’ll find inside.