1. Price it right from the get-go
The old-school strategy of real estate sellers crossing
their arms and holding out for a better offer will be brushed off by most
homebuyers. Consider that of the homes that took four months or more to sell in
the past year, almost half of their owners accepted less than 90 percent of the
asking price, according to the National Association of Realtors. For a gauge,
have your agent produce the latest comparable sales including short sales and
foreclosures as well as a recent summary of sales prices versus original list
prices. But be wary that such information doesn't reflect the homes that failed
to sell.
2. Put your best footage forward
Prep, paint, stage, scrub, improve, repeat. Efforts can
include caulking, plastering, planting flowers, adding potted plants, making
the windows spotless, pressure washing that oily driveway, edging the walks,
trimming the bushes and trees, and mending the fences. None of these is
excessively capital-intensive, but when applied en masse, they say "buy
me."
3. Be flexible
I'm not saying bend over backward to accommodate real estate
buyers. Bend forward and sideways, too. Be ready to negotiate and offer extras
such as closing costs, paid property taxes, remodeling work (or a cash credit),
appliances, paid condo association/homeowner association dues, a few months of
mortgage payments or even seller financing. Home sellers who've been on the
sidelines and who advised their agents to ignore offers by lowballers don't
have that luxury now. Instruct your agent to listen intently to prospective
homebuyers' misgivings about the home and adjust accordingly and immediately.
4. Trump your techo-fears
Hire a listing agent steeped in mobile platforms. Sellers
and buyers are routinely using Facebook and other social media to sell and
seek, not to mention dozens of online selling sites. Some owners are even
making YouTube videos to showcase their homes, making it easier to quickly link
to potential buyers via email. There's also an abundance of smartphone apps
cropping up to review real estate listings and refine searches.
5. Don't fall prey
Fraudsters are targeting distressed homeowners with
"deals" that can sound perfectly legit. Some offer loan modifications
for upfront fees while others offer fee-based "help" in navigating
government housing assistance programs, sometimes claiming they're attorneys.
There are also con-artist "investors" compelling
desperate owners to sign over their homes with quitclaim deeds in return for a
typically empty promise to remain there indefinitely. Others are telling former
owners they can get their homes back for a lump sum. Be forewarned: Never sign
blank documents or documents with blank lines.
If you're unsure of an offer, have an attorney or other
trusted adviser look it over.
6. Finance 101
Realize it's harder to qualify for loans these days. Credit
records are under greater scrutiny, and lenders are often demanding a 20
percent down payment and some pricing flexibility from the sellers, especially
if the lender's appraisal doesn't reach the asking price.
Consider cash offers, even if they're not the highest.
Reject too-low offers from homebuyers gently and with encouragement, telling
them they're oh-so-close. You don't want to give away the farm, but you don't
want to give it back to the bank either. These days, meeting halfway usually
means meeting buyers on their half.
7. Be your own spokesperson
Agents once advised home sellers to retreat from view during
showings, lest they disclose something unsavory or otherwise botch the deal.
That's changed. If you can control your ego and emotions and come off as an
earnest, flexible seller, you can serve as your best spokesperson. Be ready to
answer would-be buyers' questions about the neighborhood and area schools. Be
careful about making verbal promises!
8. Flight to quality
Worried about durability? Buyers who place a heavier focus
on brick or concrete-and-steel housing may find they're more enduring, safer
and quieter.
Are you worried about sustaining value? Buy near a
prestigious hospital, university, large government employer or newly vibrant
central business district. These entities typically aren't going away, and the
demand for good housing around them won't either.
9. Expanding your buying universe
There's still an overabundance of well-priced inventory out
there, which means you needn't immediately narrow your search to the first
house you fancy. That's especially the case with short sale homes, which can be
a nightmare to close in a timely manner. There are some for-sale gems that need
only a little polishing.
Shop around. Don't dismiss foreclosures and other bank
properties, pre-foreclosures, auction homes, for-sale-by-owner or lease-to-own
homes. Pick at least three favorites and work from there.
10. 'Site unseen' equals shortsightedness
Are you perplexed by the home valuation you did on your
place on the website of a large, seemingly reputable real estate organization?
Puzzled how that valuation can be 25 percent or more above or below a firsthand
appraisal you've had done? Well, value estimates on these sites can vary
widely, sometimes by hundreds of thousands of dollars, even by the admission of
the companies themselves. There are way too many variables in the valuation
game to give too much credence to blind, algorithm-based estimates that are
impersonally calculated. Nothing beats a nuanced firsthand professional
appraisal.
11. Expand your buyer's due diligence
Aside from the financial details, contracts, disclosures and
protections you typically tend to as you prep to buy a home, add these to the
list:
•Hire a title company
to check the house for liens and tax arrearages.
•Hire you own
inspector. Don't use the seller's!
•Have the inspector
check for unpermitted work such as illegal room additions and garage
conversions.
•Consider the overall
energy efficiency of the home with an energy audit.
•Be sure property
lines are accurate. If there's any question, hire a land surveyor to research
the original deed and to stake out the property's lines and your neighbors'
property lines to avoid future disputes.
12. Make a quality-of-life due diligence checklist
•Go to the National
Sex Offender Public Website at Nsopw.gov to search for neighborhood predators.
•Spend some time
around the neighborhood and briefly interview neighbors. Determine if there are
noisy neighbors, signs of gang activity, nocturnal barking dogs, indigent
lingerers, frequent loud parties and/or suspicious nighttime visits. Are there
lots of rental homes? Is the block a cut-through point during rush hour? Does
the school bus go past the block? Is there a restrictive homeowners
association?
•Determine what types
of buildings can be constructed on vacant lots adjacent to the neighborhood.
This helps avoid unpleasant future surprises. Is there constant noise from a
nearby highway or busy street? Are there odors from nearby industrial plants?
Taken from Bankrate.com
Read more: 12 Reliable Real Estate Tips for 2012 Bankrate.com
http://www.bankrate.com/finance/real-estate/12-real-estate-tips-2012-1.aspx#ixzz1jAU0kp