So your home listing expired and now your upset and frustrated with your agent. What a terrible person, I can not believe they didn't sell my home. I should be out of this house and moving on with my life. While yes your agent may have dropped the ball and may have over promised and under delivered but there are some factors that you should consider first.
Price: I understand that you want top dollar for your home and as an agent I want top dollar for your home but Realtors do not have any control of the values or perceived value. The market and potential buyers do. Think about it, the agent will get paid more if he sells your home for more but they also know that 3 other homes similar to yours only sold for X amount of dollars and that is most likely where your home will sell. If the buyer knows this and they do, they will only offer so much. If you are over priced they most likely will not even want to see the home because they think you are not a serious seller.
Cleanliness and Clutter: You want Top Dollar for your home right? Then make your home look it's absolute best. If you don't use it, put it away, clean the counters off in the kitchen, store that old lazy-boy, landscape, pressure wash, pull weeds, etc. Your home may have sold if you did these items. If the buyer can not get past the clutter to see the home, you have just lost a potential buyer.
Canceling a Showing: I instruct all my home sellers to never cancel a showing. That showing could be your sale and I guarantee they will never reschedule and will buy the home down the street. I understand they are inconvenient, I personally hated showing my home as well. However, a showing is necessary to sell your home.
What Your Realtor Could've Done Better: Now there are some things your agent could of done better I am certain of that. In fact the biggest issue is not marketing the property correctly. Listing the home in MLS and letting others Realtors sell the home is not enough anymore. Ask your next agent where they list the home, which websites can they find their home, do they do any non-internet marketing like post cards, fliers, newspaper ads etc. There is not one magic trick that will work to sell your home, It is a collective of all ideas that may sell the house. For example I sold house through a link on Trulia.com but then I sold a house from a call in a home book. The more exposure the better.
Ask your next agent for this information. Be sure to ask about how many homes they've sold and where the buyers came from. Be sure to use an agent who markets in your area. In the Brandon-Valrico area of Tampa we have agents that are exclusive to Fishhawk Ranch try to sell homes here. They are not doing the home seller a service because the buyers that find that agent want to live in Fishhawk Ranch not Brandon-Valrico. You may want to hire an agent with RE/MAX or even Coldwell Banker before a small independent or other type of brokerage. The bigger companies spend millions on advertising and send many home buyers to their site looking at homes and they are going to see that companies listings first.
There are so many other factors for why your did not sell but if you are interested in more information please visit my website at www.ChrisJohnsonRealEstate.com
Today I want to write about what you need to do to sell your home? Most of this is pretty basic but I have seen a decrease in seller awareness lately and then I wonder what their Realtor ® was thinking when they listed the home.
Sometimes just doing some basic things will help sell your home faster.
Everyone should listen to their agents suggestions. They want to sell your home as much as you want it sold but if you do not listen to their recommendations this suggest that you do not trust your agent and do not respect their professional opinion. Remember they sell homes for a living; they most likely have sold more homes than you.
Clean the exterior of the home, remove weeds, trim shrubs, trees, grass, wash your walk and driveway, and remove cobwebs and debris in the corner of garages and entrance ways. Add some color!
Remove excess furnishings, paintings, plants, and stuff. I would suggest boxing everything extra and renting storage space. You may be surprised by removing the extra chair in the family room, the flow of the room will be better and the room will appear more spacious.
Rooms and closets, yes your closet is for you to hang your clothing and shoes and store a few items but if you open the door and something is jumping out at you or your clothes are hung so tightly you need to iron them, you may want to box and store or even give away that old sweater you haven't worn since 1995.
In the kitchen, remove nearly everything from the countertop. A coffee maker or micro would be ok but the mail, blenders, medicine, toaster ovens, books, or anything not useful should be put away and not on the counter. You want to show the potential buyer that you have plenty of counter space. Maybe add flowers or a small plant. Do not store items on your refrigerator, this tells the buyer you do not have enough storage space in the pantry, clean your dishes or put dirty dishes in the dishwasher, get them out of sight.
SMELL - Be mindful of the smell, dogs, litter boxes, food etc all smell and be sure to clean the air.
As a Realtor and a home seller I understand this gets to be a pain in the rear but this will help sell your home. You don't want the buyer to remember your home for all the wrong things!
For more tips visit www.ChrisJohnsonRealEstate.com
Today I want to write about what you need to do to sell your home? Most of this is pretty basic but I have seen a decrease in seller awareness lately and then I wonder what their Realtor ® was thinking when they listed the home.
Sometimes just doing some basic things will help sell your home faster.
Everyone should listen to their agents suggestions. They want to sell your home as much as you want it sold but if you do not listen to their recommendations this suggest that you do not trust your agent and do not respect their professional opinion. Remember they sell homes for a living; they most likely have sold more homes than you.
Clean the exterior of the home, remove weeds, trim shrubs, trees, grass, wash your walk and driveway, and remove cobwebs and debris in the corner of garages and entrance ways. Add some color!
Remove excess furnishings, paintings, plants, and stuff. I would suggest boxing everything extra and renting storage space. You may be surprised by removing the extra chair in the family room, the flow of the room will be better and the room will appear more spacious.
Rooms and closets, yes your closet is for you to hang your clothing and shoes and store a few items but if you open the door and something is jumping out at you or your clothes are hung so tightly you need to iron them, you may want to box and store or even give away that old sweater you haven't worn since 1995.
In the kitchen, remove nearly everything from the countertop. A coffee maker or micro would be ok but the mail, blenders, medicine, toaster ovens, books, or anything not useful should be put away and not on the counter. You want to show the potential buyer that you have plenty of counter space. Maybe add flowers or a small plant. Do not store items on your refrigerator, this tells the buyer you do not have enough storage space in the pantry, clean your dishes or put dirty dishes in the dishwasher, get them out of sight.
SMELL - Be mindful of the smell, dogs, litter boxes, food etc all smell and be sure to clean the air.
As a Realtor and a home seller I understand this gets to be a pain in the rear but this will help sell your home. You don't want the buyer to remember your home for all the wrong things!
For more tips visit www.ChrisJohnsonRealEstate.com
This came out through NAR and is perfect for the first time home buyer.
Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.
Previously, most buyers wouldn't receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORSR has been calling for the change.
"We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment," Donovan says. His remarks came in an address to several thousand REALTORSR gathered Tuesday morning at "The Real Estate Summit: Advancing the U.S. Economy," at the 2009 REALTORSR Midyear Legislative Meetings & Trade Expo in Washington, D.C..
He says FHA's approved lenders will be permitted to "monetize" the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.
Other Solutions for Today's Market
During his address at the summit, Donovan went on to say that the Obama administration plans to further stabilize the housing market. "I do think we have some early signs that the market overall is stabilizing," Donovan says. "Since January we've seen both home sales moving up and down around a relatively stable number and we are seeing the first signs that the rapid decline in home prices is starting to abate."
The morning session included a panel discussion that was moderated by CNBC's Ron Insana. Panelists examined cutting-edge solutions necessary to promote and preserve homeownership and real estate development, stimulate the economy, and protect the nation's taxpayers. They also shared their ideas on what the role and responsibility of the federal government is in the revitalization effort.
"Right now the Federal Reserve is the market," said panelist Jay Brinkman, chief economist for the Mortgage Bankers Association. "What will be the effect when the Fed stops buying?" Brinkman explained that an exit strategy must be planned for the long-term; the federal government cannot continue to support the mortgage markets indefinitely.
"We are thrilled that so many high-caliber individuals were able to join us today at this important meeting to promote stability in the housing market and the U.S. economy," said NAR President Charles McMillan. "We look forward to an ongoing dialogue and action toward this goal, during our midyear meetings this week and beyond."
The real estate summit is part of the 2009 REALTORSR Midyear Legislative Meetings & Trade Expo. During the week ending May 16, more than 8,500 REALTORSR will attend meetings, visit lawmakers and inspire action on Capitol Hill.
Are you twittering your listings? Are you even twittering? I started twittering listings and information about local Real Estate and general business information a few weeks ago and received my first lead last night.
Since you are limited to the amount of characters you can type I would recommend a brief description and a link back to the website view of your listing.
This weekend in both the Tampa Tribune and St. Petersburg Times there was an article about a local agent and his business partner who are making money flipping short sales. Basically they negotiate a low price with the seller's bank and then flip it to a buyer as a same day closing for a higher amount most times netting about 10-15k per transaction. They are using funds A-B and B-C and the option contract they are using is being sent to the original bank so they know what the buyer is going to do. The Tribune article was less flattering but it was written by Shannon Behnken who is a "Doom and Gloom" journalist.
Now, is there anything wrong with it? I think as long as the transactions taking place are disclosed to all parties then why not. Is it unethical to make money in this market? Is it illegal to flip a property? As long as full disclosure has been made then so what. Now the question is since he is a Realtor how does he list the properties for sale. Is it in MLS? He is not technically the owner just an agent/flipper so can he list it in MLS. I am not sure. That would be the only issue I would have.
Basically, a short sale is when the owner of the home attempts to sell their home for less than the amount owed on the mortgage or mortgages. Essentially selling it "short" of the mortgage owed.
The benefits to a short sale are you will avoid a Foreclosure! Foreclosures are terrible and will affect your credit for many years to come. They are actually worse than a bankruptcy. You may be able to have the loan "paid in full" on your credit report. You should be able to avoid any kind of judgments filed against you. If you keep your other bills in line for the next 2-3 years you should be able to buy another home.
The negatives of foreclosure are you may be 1099 for the difference of what is owed to the bank. However, if this was your primary residence you may be eligible to file a Form 982, cancellation of debt because of the Debt Forgiveness Act signed by President Bush in 2007. I would recommend you speak to an accountant about that. The other is your credit rating will take a hit. You most likely have to stop or already have not made a mortgage payment and you will have several lates on the mortgage on your credit. The good news is, they fall over time. The third is you have to move, this stinks for some people but if you can not afford the house you are going to lose it anyway and be worse off.
The Loan Modification may work for some folks, but if they do not have jobs the lenders will not modify a loan. Be careful about all these Loan Modification companies. Many are operating illegally. Check with your state laws. I know in Florida there are strict laws on the books. http://www.myfloridalegal.com/newsrel.nsf/newsreleases/FF973C8A0EEE167B85257566006916E8
If you are intersted in more information regarding short sales or what to do next, give me a call or email anytime. Good Luck
I just read an article on www.TBO.com by Shannon Behnken about how Foreclosures in the Tampa area dropped 11% according to Realty Trac. Funny though, this is another solid piece of evidence that the real estate market has bottomed out yet, the article follows up this one sentence of good news with 3 paragraphs of how we should not get excited because it is only momentary since Lenders placed a moratorium on foreclosures etc. during the holidays.
I hate to be the bearer of bad news but the market has reached bottom. Homes are selling quite brisk. Just this weekend, a new REO/Bank Foreclosure in Riverview had 10 offers and sold for thousands over the asking price. Sure it was bank owned but that is needed to clear the way for the average homeowner to sell their property.
Here are 4 pieces of evidence that the market has bottomed out:
1. Since November of 2008 the Tampa area has seen sales increase by double digits.
2. The median price dropped. (yes this is a good thing. First time home buyers make a large majority of home sales every year and during the boom years, they were forced out of the market)
3. Interest are creeping back up (slightly).
4. Foreclosure rates in Tampa dropped 11%
I am not a journalist for the Tampa Tribune and I am not an economist or an Obamomist but the proof is in the pudding!
Great news today! Two short sales that my team and I have been working on finally got approved from Wells Fargo and Saxon respectfully and we are on our way to closing. The really great news for anyone who is working short sales or considering doing a short sale it seems as though the lenders are speeding the process up. Previously we would get a contract and you could count on the process taking 5 months. These last 2 only took 2 months to get the approva
I am very excited for both of my sellers. They both had real hardships and needed to the sell the home and avoid foreclosure. We successfully negotiated over $220,000 of debt from our seller in Riverview and nearly $80,000 for the seller in Brandon.
Remember to send a complete package to the lender after you get your contract. This includes all the listing paperwork, financial statements from the seller, BPO, Hardship letter and preliminary HUD statement. Don't forget the sale and purchase contract and short sale addendum's.
Great news for everyone if we can move these homes before they become Foreclosures.
P.S. I had a great experience with Wells Fargo's loss mitigation department. It may be the fact they are in South Carolina but very helpful and friendly, called back when they said and very quick to reply to emails. Now Countrywide....NOT SO MUCH! They are all automated now!
Christopher Johnson
"The Exclusive Realtor of the Tampa Bay Lightning "
I am finding it quite frustrating lately. I have been helping folks with short sales and avoiding foreclosure. This is saving their credit, getting them out of a house they can not afford and allowing them to move on with their lives. Now, I am seeing loan modification people popping up all over the place. This is not an "us" vs. "them" comment. I spoke with a couple yesterday who absolutely need to get out of the house and avoid foreclosure. They do not have jobs, have not paid their mortgage in several months and really have no chance to catch up. All they talked about was loan modification and someone will help them keep the house. I couldn't believe my ears, this woman was crying about how they can not afford to buy food and they may have to leave Florida and they are going to get swindled out of an upfront fee (I am not sure how legal that is) and still lose the home and now have a foreclosure on the books.
Before every loan modifier blasts me with negative remarks! I do see the benefit to loan modifications and have recommended them to many folks who are not too upside down in their home and have a rectifiable hardship. I know that the hope for homeowners willl help several people but I can not believe where this is going!
I also know that we all need to be careful about how we do business because it is getting out of control and that means "REGULATION!"
Discussion about all things Real Estate in the Tampa Bay Community. Bank Foreclosures, Short Sales, Vacant Homes, Mortgages and Financing, VA and FHA purchases, market trends, the media and their role in real estate.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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