Pat O'Reilly Coppell Realtor, Real Estate Agent. Great article by J. Weber..
Being in the real estate business for over a decade, I have never seen so many deals fall apart in the 11th hour than I have in the last 12 months. This is primarily due to poor pricing by the home owner and/or real estate agent listing the property. When you sell by owner, be sure that you have done enough due diligence to really drill down on a fair asking price for your home. If you want to learn more about one of the most important ingredients for how to sell a house in this current market, please continue reading.
Do you remember when a willing and able buyer met with a willing seller and together they negotiated and agreed on the price? It wasn't long ago that sellers were asking way too much for their properties, buyers were taking the bait, and banks would appraise the home for the asking price just to get the loan underwritten and in the system! Those days are well behind us. We're all familiar with the phrase "he who has the gold writes the rules". The banks have tightened their lending regulations and are being extremely cautious with appraisal values these days. Let me tell you what I have witnessed, time and time again, in this current market. A seller places their home on the market and is asking too much. A buyer comes along and purchases the property for close to what the seller is asking, and it is about $20,000 above what the true "bank appraisal" price might be. A few months go by, and in that time the sellers have already located another property and perhaps even closed on their next home at this point. They have swept through their home, cleaned it top to bottom, and packed everything up. The movers are on schedule and the utility companies are on notice to cancel utilities the day of closing. And then, disaster strikes. The bank, at the 11th hour, notifies all parties involved that the property did not pass final underwriting review and the buyers will no longer get the loan for the property. Unless, of course, the sellers are willing to come down about $20,000 on their asking price or the buyers are willing to bring an extra $20,000 to closing. Can you guess what the typical outcome for this situation is? The sellers either have to come down on their price while experiencing an emotional roller coaster (that could have been easily avoided!), or they have to completely cancel the transaction. If you were the seller in this example, what would you do? If you already had a contract on another property, or even closed on another property at this point, do you have much of a choice? What if the proceeds from the sale of the home were already spoken for? Now you find yourself short $20,000! Let's say you don't have any other commitment on another home, and you decided to cancel the transaction.
Can you imagine the negative influence it would have on your home for sale? Now you would have to drop the listing price by whatever the difference is, and your property is approaching 75-90 days on market, otherwise known as "stale". You have now wasted 3 months of your life away pulling your hair out! What an absolute fiasco simply due to the fact that the seller, or agent representing seller, didn't due their homework and figure out a proper value for the home.
At the end of the day, right now is in fact a nice time to sell by owner. Rates are at new lows, new first-time home buyer credits are available, and there is plenty of buyer activity in this market. Even if you don't know how to sell a house, chances are with the right marketing tools available today on the internet coupled with a laser-focused asking price, you will be successful. Just make certain that you have a sound asking price so you avoid any and all of the headaches sellers have gone through in the last 12 months.
Article Source: http://EzineArticles.com/?expert=Jonathan_Weber
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