By Hank Bailey
Prudential Blanton Properties
As the real estate market continues to stabilize, sellers may find that their property remains on the market significantly longer than the days of “list today, sold tomorrow.” There is also more competition for buyers. So, it can be frustrating to put your home on the market, expecting a fast sale, only to find that after six months you’re still waiting for an offer. This is especially true if you need to move quickly and leave your unsold home vacant.
Besides creating a marketing challenge, a vacant home can also be a target for vandalism. Here are strategies you can use to hasten a sale and protect your property during the process.
• Instead of producing a spacious appearance, an empty room tends to look smaller than a furnished room. So, leave behind a few select pieces of furniture and keep the window treatments in place. A chair or lamp on a small table will confer a sense of scale and help potential buyers gauge whether their furniture will fit the space.
• If you decide to remove the furniture, have the house cleaned and painted. Furniture, rugs and decorations tend to hide or minimize imperfections. When furniture and artwork have been removed, every blemish and bruise becomes accentuated, faded paint and wallpaper become more noticeable and scratches and nicks stand out.
• Repaint brightly and boldly colored rooms to a neutral tone. What was an eye-popping room when fully-furnished may appear stark and small when empty.
• To thwart unwelcome visits, give the house a lived-in look. Set a couple of lamps on timers, and ask a neighbor or friend check on the house daily to collect mail, park a car in the driveway, and close and open drapes and windows. Continue using a gardening service or hire someone to cut the grass regularly. During the winter months, arrange to have snow shoveled from the walks and driveway.
• If available, consider employing a home manager or house sitter. At little or no cost to homeowners, the house is furnished and decorated for show-to-sell condition. Most companies require home managers to mow the lawn, shovel snow, even pay pool maintenance and utilities. Having someone living on site discourages vandalism, protects against deterioration and weather hazards and may even reduce insurance costs. (Check with your insurance carrier.)
• Leave the utilities connected. Depending on the season, make sure the thermostat in the house is set at a comfortable level. You don't want a potential buyer to run through the home because it is too hot or cold.
• Review your homeowner's insurance policy with your insurance agent to find out what the stipulations and coverage pertain to your vacant home.
• Find a real estate professional with experience selling vacant houses. Often, these sales professionals specialize in relocation. You want to make sure that you are comfortable with your lines of communication. If you will be residing in another town, come up with an agreement on how often your representative will check on the home and what should be done if a problem develops.
Although a vacant house presents certain challenges, it does not need to be difficult to sell.
Hank Bailey, REALTOR can be reached at (706) 613-6040 Ex223. Prudential Blanton Properties is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.
Wednesday, May 28, 2008
Sunday, May 25, 2008
Many Issues to consider when Buying Foreclosures
Properties in foreclosure are possibly damaged goods. When people go into default on their homes, some may tend not to care for the property. They may not maintain the property and could damage the property deliberately.
Remember the term "As is." In a normal transaction, there are seller's disclosures. Sellers are liable for fraud if they lie, but that due diligence doesn't exist in foreclosures because there is no contract with the seller.
Title issues may arise. You get a title search in a normal purchase after your offer is accepted. In foreclosures, you are responsible for your own title search before your bid is accepted. If you don't have a title search, you may prevail at the auction but be subject to superior liens like tax liens or contractor liens that will stay attached to the property.
How do you like to deal with evictions? You have to determine if the homeowner is out of the property. The homeowner may still have personal property or still live on the premises, and it could take time and money to get rid of them.
Auctions are designed to get you excited. Some people are not mentally prepared to an auction in the right way and get caught in a bidding war. The auction could take place on the courthouse steps or in a courtroom, but the pace of the bidding matters. If it's fast-paced, don't get caught up in the excitement or you could overbid.
Remember the term "As is." In a normal transaction, there are seller's disclosures. Sellers are liable for fraud if they lie, but that due diligence doesn't exist in foreclosures because there is no contract with the seller.
Title issues may arise. You get a title search in a normal purchase after your offer is accepted. In foreclosures, you are responsible for your own title search before your bid is accepted. If you don't have a title search, you may prevail at the auction but be subject to superior liens like tax liens or contractor liens that will stay attached to the property.
How do you like to deal with evictions? You have to determine if the homeowner is out of the property. The homeowner may still have personal property or still live on the premises, and it could take time and money to get rid of them.
Auctions are designed to get you excited. Some people are not mentally prepared to an auction in the right way and get caught in a bidding war. The auction could take place on the courthouse steps or in a courtroom, but the pace of the bidding matters. If it's fast-paced, don't get caught up in the excitement or you could overbid.
Wednesday, May 14, 2008
Moving with Children
Moving is an exciting time full of commotion that can be tough on everyone, including the children. The impact the move will have on kids usually is age-related. Babies, toddlers and young children tend to deal well with moving, while adolescents may resent and resist the move.
Here are a few timeless tips that may help all families on the move:
• Clearly explain why you’re moving. Children like to be in the loop and talking to them about the move, what it means and what it will entail can help limit move-related anxiety.
• Familiarize the children with the new location by providing them with exciting information about the area. Some useful tools include maps, news stories and pictures. Highlight some of the location’s points of interest that you think your children will appreciate, like an amusement park or nearby lake.
• Make sure everyone has packed and clearly labeled their most-used items and keep these items easily accessible. For a small child, this could include a few favorite toys or a security item. Older kids may not be able to survive without certain electronics or favorite clothing items.
Moving Babies and Toddlers
Babies and toddlers typically are easy to move, but they also can become confused or scared. Consider the following tips for them:
• Pack their rooms last and keep favorite toys and other must-haves close at hand.
• Try to stick to established routines like lunchtime and naptime.
• Once in the new house, young children may need to be reminded about which household appliances are dangerous and other safety precautions or rules they learned at the previous house.
Moving Preschoolers and School-Age Children
Kids this age can get excited about moving and may be eager to help. If you’re moving with school-age children, consider the following tips:
• Let the children help pack their own rooms and once you’re in the new house, let them help decorate and arrange their new rooms.
• Locate the recreational facilities and children’s group activity centers. Once you’re in the new location, enrolling your children in group activities can help them quickly make new friends.
Moving Adolescents
Adolescents are deeply involved in their social network. Child development experts suggest these kids receive news of the move as soon as possible. They will need more time to get used to idea and to say good-bye to their friends. Some other tips to consider:
• Spend time together getting to know the new area by driving around and noticing what other kids are doing and wearing. Discuss how you can help your child “fit in.”
• If your child is a senior in high school, some child-development experts suggest letting the child stay behind to finish the school year. These experts emphasize that this decision only makes sense if your child’s living conditions will be appropriate and safe.
Moving is an exciting time when families tend to work together to make sure the adventure goes smoothly.
Here are a few timeless tips that may help all families on the move:
• Clearly explain why you’re moving. Children like to be in the loop and talking to them about the move, what it means and what it will entail can help limit move-related anxiety.
• Familiarize the children with the new location by providing them with exciting information about the area. Some useful tools include maps, news stories and pictures. Highlight some of the location’s points of interest that you think your children will appreciate, like an amusement park or nearby lake.
• Make sure everyone has packed and clearly labeled their most-used items and keep these items easily accessible. For a small child, this could include a few favorite toys or a security item. Older kids may not be able to survive without certain electronics or favorite clothing items.
Moving Babies and Toddlers
Babies and toddlers typically are easy to move, but they also can become confused or scared. Consider the following tips for them:
• Pack their rooms last and keep favorite toys and other must-haves close at hand.
• Try to stick to established routines like lunchtime and naptime.
• Once in the new house, young children may need to be reminded about which household appliances are dangerous and other safety precautions or rules they learned at the previous house.
Moving Preschoolers and School-Age Children
Kids this age can get excited about moving and may be eager to help. If you’re moving with school-age children, consider the following tips:
• Let the children help pack their own rooms and once you’re in the new house, let them help decorate and arrange their new rooms.
• Locate the recreational facilities and children’s group activity centers. Once you’re in the new location, enrolling your children in group activities can help them quickly make new friends.
Moving Adolescents
Adolescents are deeply involved in their social network. Child development experts suggest these kids receive news of the move as soon as possible. They will need more time to get used to idea and to say good-bye to their friends. Some other tips to consider:
• Spend time together getting to know the new area by driving around and noticing what other kids are doing and wearing. Discuss how you can help your child “fit in.”
• If your child is a senior in high school, some child-development experts suggest letting the child stay behind to finish the school year. These experts emphasize that this decision only makes sense if your child’s living conditions will be appropriate and safe.
Moving is an exciting time when families tend to work together to make sure the adventure goes smoothly.
Sunday, May 4, 2008
Making Sense out of Real Estate Lingo
As with all industries, the real estate industry has developed a lingo and acronyms to help them communicate with each other more easily. For the first-time homebuyer (and even some veterans), making sense of property listings can sometimes leave you feeling like you’re deciphering the DaVinci Code.
Let’s take a look at a sample real estate listing:
2,500 sf on a c-d-s, 2BR, 2.5BA, CA, spac grt rm w/ wbfp, grmet kit, det gar
Looks a lot like alphabet soup. However, using this type of abbreviated property description saves valuable advertising space. Some abbreviations you’ll probably encounters are:
• AC or A/C: air conditioning
• BA: bathroom
• BR: bedroom
• CA: central air
• C-D-S: cul de sac
• DET: detached
• DK: deck
• EIK: eat-in kitchen
• F/FIN BSMT: finished basement
• FDR: formal dining room
• FP, frplc: fireplace
• GAR: garage
• GRMT KIT: gourmet kitchen
• GRT RM: great room
• HDW, HWF, Hdwd: hardwood floors
• HOA: home owners association
• LR: living room
• KIT: kitchen
• OFC: office
• PVT: private
• SF: square feet
• SPAC: spacious
• VW, VU: view
• WBFP: wood-burning fireplace
In addition to the abbreviations in property listings, here are a few other common terms you should become familiar with.
FSBO—For Sale By Owner. This term refers to a property which the homeowner is trying to sell independent of a real estate professional.
MLS—Multiple Listing Service. MLSs are comprised of a group of real estate brokers who have agreed to share their property listings. This listing is then provided to the group through a database or directory. If you are buying your home, this is the service that your sales professional will use to search for potential homes for you to purchase. If you are selling your property, your real estate professional can list your home through the MLS. For-Sale-By-Owner
(FSBO) properties are typically not listed through the MLS.
CMA—Comparative Marketing Analysis. This analysis is an informal assessment of a property’s market value. This is one of the tools your real estate professional can use to help you determine a reasonable listing price.
Usually, the CMA compares your property with similar properties that have sold in your area within a certain time frame. Besides purchase price, some of the information typically listed is the number of bedrooms and baths, approximate square footage, size of major rooms, amenities such as fireplaces and pools, age of the home, and property taxes.
During the real estate process, you’ll more than likely come across more acronyms and lingo. Make sure you ask your real estate professional to explain any terms you are unfamiliar with so that you are not in for any surprises.
By the way, the listing above was a 2,500 square-feet home on a cul-de-sac, with two bedrooms and two and a half baths, central air, a spacious great room with a wood-burning fireplace, and a gourmet kitchen and detached garage.
Let’s take a look at a sample real estate listing:
2,500 sf on a c-d-s, 2BR, 2.5BA, CA, spac grt rm w/ wbfp, grmet kit, det gar
Looks a lot like alphabet soup. However, using this type of abbreviated property description saves valuable advertising space. Some abbreviations you’ll probably encounters are:
• AC or A/C: air conditioning
• BA: bathroom
• BR: bedroom
• CA: central air
• C-D-S: cul de sac
• DET: detached
• DK: deck
• EIK: eat-in kitchen
• F/FIN BSMT: finished basement
• FDR: formal dining room
• FP, frplc: fireplace
• GAR: garage
• GRMT KIT: gourmet kitchen
• GRT RM: great room
• HDW, HWF, Hdwd: hardwood floors
• HOA: home owners association
• LR: living room
• KIT: kitchen
• OFC: office
• PVT: private
• SF: square feet
• SPAC: spacious
• VW, VU: view
• WBFP: wood-burning fireplace
In addition to the abbreviations in property listings, here are a few other common terms you should become familiar with.
FSBO—For Sale By Owner. This term refers to a property which the homeowner is trying to sell independent of a real estate professional.
MLS—Multiple Listing Service. MLSs are comprised of a group of real estate brokers who have agreed to share their property listings. This listing is then provided to the group through a database or directory. If you are buying your home, this is the service that your sales professional will use to search for potential homes for you to purchase. If you are selling your property, your real estate professional can list your home through the MLS. For-Sale-By-Owner
(FSBO) properties are typically not listed through the MLS.
CMA—Comparative Marketing Analysis. This analysis is an informal assessment of a property’s market value. This is one of the tools your real estate professional can use to help you determine a reasonable listing price.
Usually, the CMA compares your property with similar properties that have sold in your area within a certain time frame. Besides purchase price, some of the information typically listed is the number of bedrooms and baths, approximate square footage, size of major rooms, amenities such as fireplaces and pools, age of the home, and property taxes.
During the real estate process, you’ll more than likely come across more acronyms and lingo. Make sure you ask your real estate professional to explain any terms you are unfamiliar with so that you are not in for any surprises.
By the way, the listing above was a 2,500 square-feet home on a cul-de-sac, with two bedrooms and two and a half baths, central air, a spacious great room with a wood-burning fireplace, and a gourmet kitchen and detached garage.
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