Tip # 1 - Setting Your
Price: There are three pricing
strategies for selling your property: Above Comps, At Comps, Below
Comps.
-- Above Comps:
List your property above comps if your property is in move-in condition such
that the buyer does not have to fix, repair, paint, replace or even clean-up
before they move in. Or list your property above comps ONLY if you
intend to fix, repair, paint, replace, clean and honor anything that he
buyer might request be done as a condition of the offer.
-- At Comps:
To set your price at comps means to choose a value that is somewhere between
the highest comp and the lowest comps for your immediate area. This
strategy may result in buyers paying more than you are asking IF your
property is in good condition such that the buyer may only need to paint,
lay carpet and clean before moving in..
-- Below Comps:
Set your price below comps if you are unwilling to pay for anything except
what you are required to pay by law. In this case, your property is
called a "fixer." The smart buyer will make you a
"clean" offer and will not ask you do to anything to the property.
Tip #2 - Home Warranties:
Always pay for a Home Warranty even if the buyer doesn't ask for it.
The cost is only about $250 to $350 dollars and will cover repairs or
replacements to electrical, plumbing, heating or appliances if there is a
problem in the first year. I know the heater worked perfectly the
whole time you lived with it, but they always seem to brake just after the
buyer starts using it, right? With the Home Warranty, the buyer will
call the warranty company and not you 9and their attorney) if there is a
problem. It can be paid through escrow.
Tip #3 - Pre-Approval:
Insist on a Pre-Approval Loan Letter from the buyer BEFORE yo accept an
offer.
Tip #4 - Curb Appeal: Curb
Appeal is what buyers see when they drive up to your property. Plant
flowers, paint, even hang a shiny new porch light or house address sign, cut
the grass, anything that will make your property reasonably attractive.
Tip #5 - Open Houses:
Make sure all valuables and small keepsakes are put away for Open
Houses. It is also recommended that you leave during the open house so
buyers can discuss freely.
Tip #6 - Counter Offers: If
an offer comes in that does not meet your expectations, don't get
upset! Simply make a Counter Offer.
Tip #7 - Compliance Requirements:
Expect to fumigate, do the additional termite work, fix any broken glass
windows, install an earthquake valve on the gas meter, and to meet all
mandatory compliance requirements. You cannot and should not try to
pass these costs on to the buyer.
Tip #8 - Help To Make A Smooth
Transaction: If buyer asks for something like carpet or
painting, and you are willing to pay for it to make the deal, offer cash at
the close of escrow instead of doing the work before the close of
escrow. Doing the work before the close of escrow can be a scheduling
nightmare and can delay closing if the buyer is not satisfied with your
choices or the workmanship of your installer or contractor. Offer the
buyer $2,000 toward the cost of carpet, for example. The buyer may not
actually get the carpet (even though they asked for it) or may spend more
than $2,000. In either case the buyer will welcome the cash and you
can close your escrow smoothly..
