| Summit Appraisal Services, Inc. |
Home Sellers:
Determining the Selling Price:
Determining the selling price of your home is the single most important decision a homeowner must
make. Be very careful not to overprice or underprice your home. Buyers tend to have an advantage,
as they acquired experience while inspecting and negotiating prospective home.
A few Do's, and Don'ts:
- Don't- rely on friends and/or family members to determine the value of your home. Friends and
family members mean well but market conditions are constantly changing, their lack of
knowledge and experience can cost you time and money.
- Don't- rely solely on a real estate broker's opinion of value. Mortgages are not based on a
broker's opinion of value, they're based on a certified appraisal. By having your home appraised
prior to its sale, it's less likely you will lose your sale to the bank's appraiser.
- Do- hire a real estate broker based on his/her experience, not based on a personal relationship.
This is important, selling your home through an inexperienced broker will cost you time and
money. Don't be shy, ask your attorney, accountant, or appraiser for referrals. Professional
referrals are always better then personal referrals.
- Do- hire a good real estate attorney. This is important, you want your interests represented by
an experienced real estate specialist. Again, ask for referrals and remember professional referrals
are best. I've provide links and phone numbers to local Bar Associations, contact them as they
are a great source of information and referrals.
- Do- have your home appraised before you start looking for a real estate broker. Knowledge is
power! Knowing the market value of your home prior to its sale, will allow you to: 1) determine
your home's listing price, 2) enable you to distinguish between an experienced broker and an
inexperienced broker, and 3) will help you neutralize a potential buyer's unrealistic offer.
First Impressions:
- Walk the outside of your home as a potential buyer, what do you see? Are you impressed with
your observations? If not, what can you do to kick-it-up! A small investment can go a long
way, here are a few suggestions:
*Paint the outside of your house, at a minimum you should paint the faded and worn areas,
including your garage and shed.
*Replace worn outdoor electrical fixtures.
*Replace worn mailboxes.
*Remove and patch dead grass and shrubs.
*Remove any debris from the front, back and side yards. (CLEAN UP AFTER YOUR PET!)
- Walk the interior of your home as a potential buyer, ask yourself the same questions. Would you
buy your house? What would you want from the seller? Here are few suggestions:
*Painting the interior of the house brings it to life, at a minimum paint all worn and cracked
wall and ceilings.
*Have the flooring professionally cleaned, at a minimum rent a floor/carpet cleaner and clean
the high trafficked areas.
*Hire a cleaning service to clean and de-clutter your house, including the garage. At a
minimum hire your kids. LOL!
Home Buyers:
Who looks out for the buyer's interest? Please don't say the broker! The answer is: "The Buyer".
The purchase price of today's homes run in the tens if not hundreds of thousands of dollars.
The Buyer must be smart enough to hire qualified professionals to guide him/her through the
purchasing process, eg: certified appraiser, certified accountant, licensed home inspector, reputable
mortgage provider, real estate attorney, licensed contractor, etc.
- Before starting on your home buying venture discuss your situation with your accountant. When
purchasing your home it's important not to overextend your financial position. Your dream house
will quickly become your worst nightmare if you are unable to make the mortgage payments.
- It is important to work with an experienced, local, real estate agent. Within most communities
there are usually one or two primary real estate brokerage companies. Within these companies
there are usually one or two super agents. These are the people you want to work with as they
tend to have the respect of their community, and usually find it easier to get things done.
- Once you find your dream house, have the house appraised, do not base your purchase price on
the broker's opinion of value. Example: A Brooklyn home buyer was interested in purchasing a
house for $650,000, her father suggested she have the house appraised. My appraisal indicated
the house had a market value of $595,000. Please, have the house appraised!
*A certified appraisal is a great tool when negotiating the purchase price of a house. If the seller's
price is high what better way to educate that seller then by producing a certified appraisal.
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| Copyright 2007- 2011 Summit Appraisal Services, Inc. All rights reserved |
| Information for Sellers and Buyers |
| If you have any questions, feel free to contact us |
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