Don't Sell Your Short Sale Short!- From a Stager's Perspective in NY

By
Home Stager with Homestyling101, Westchester County

Don't Sell Your Short Sales Short!

In these recent tough economic times, every Realtor I know has a Short Sale property in their portfolio of listings. But only the savviest of those Realtors have been Staging their short sales! I admit, at first, the suggestion to Stage a Short Sale seems a bit counterintuitive...the homeowner is in financial distress and possibly headed towards foreclosure- How can I responsibly suggest that they Stage this property? But in truth, these are exactly the properties that need to be Staged! A homeowner who is in a Short Sale position is facing selling their home for less than what they owe on the mortgage so every dollar counts! That is why it is always in the best interest of every seller that you suggest that they have their home Staged! It has been proven that a Staged home sells for more money than an un-Staged home.  So Staging a Short Sale home will earn the seller the highest possible bid and will keep their Short Sale from falling as short!

This leads me to the discussion about the investment of Home Staging when the homeowner is already in a financial crisis. We believe very strongly at Homestyling101 that Staging is not about remodeling, redoing or spending a lot of money- it is about revitalizing the assets that a home already has to offer.  Our One-on-One Verbal Consultations are a very affordable Staging option (starting as low as $250). A thorough walk-thru of the home is conducted (for about 2 hours from the curb into the corners of the home) and the homeowner is given all the information they need to Stage their own home on their own budget. And for those homeowners who really can't afford the small investment, many of our most astute Realtors have been splitting the cost with the homeowners or covering the cost of the One-on-One Verbal Consultations as part of their marketing costs with the belief that any marketing dollar spent after Staging will be much more effective. So don't overlook the importance of Staging your Short Sales- they need to earn every last dollar they can and Staging will certainly do that for them. Don't sell your short sales short!  

 

Comments (2)

Bridget Cella
Re/Max Connection - Sewell, NJ
e-Pro, Realtor

Good ideas and thoughts.  $250 sounds like a good price.

Jul 16, 2009 02:26 PM
Elaine Stroman
Patriot One Mortgage Bankers LLC - Brooklyn, NY

Joanne:

I have to comment that you are a forward thinker and I agree with you.

In addition to the importance of staging the home,  marketing renovation loan program customized to that home will also help increase the number of offers. 

If the house has been neglected in some areas due to financial hardship,  those items can be addressed and financed into the loan so the Buyers doesn't have to come out of pocket.

With these loans the $ amount for renovation can be as low as $5000.00. 

Even better, these loans are based on the "after improved" value of the property,  so homes that are sold short and need quite a bit more work,  as is value is not a major concern!

I have helped my Realtors sell several home over the years with this product.  Remember most borrowers move in and spend the first few years making changes.  Why not help them with their vision and financing of those projects UPFRONT!!!

 

Jul 16, 2009 02:56 PM