Properties For Sale, what I look for, are you looking at them the same way?
Every day I am looking at properties, for my clients (Buyers & Investors) all over town from Capitol Hill heading South thru Mt. Baker, Seward Park and then West to West Seattle and then NW, to Magnolia and Ballard. Don't get me wrong; I hit a lot more neighborhoods besides these.
What I saw and continue to see from some other Brokers is disappointing; these are listings that come on to the market and they are not prepared for the buyers. The sellers have one opportunity to make a first impression and when I walk up the house and grab onto a post to open a gate and the post is wobbly, I loose trust, then I say, well let’s see maybe that was overlooked. Then I see other items that make me nervous and concerned. These are minor items such as cover plates missing off electrical devices and poorly executed finishes. These are items that should have been addressed prior to putting this home on the market. Why? If these are not an issue then these items don’t turn off people.
As a professional I am coaching my clients on getting the best return for their investment and this means installing cover-plates on switches and receptacles, fixing a wiggly post for a fence and dealing with a heap fix to meet a code issue. Oh I forgot to mention, the house smelled! I work hard for my clients and my clients know that when I ask them to do something, they know it is in their best interest, not mine and for them to maximize their return, they do what makes sense.
I can see that several items feel thru the cracks for this listing, and I don't know where it was but I am glad to say I am thoroughly disappointed in what I saw. I saw another property that was on the market for a while and I can say the pictures online look great! The in person comments are, peeling paint and cracks in the walls. For a fixer upper, not a problem, but overpriced is what we see and this will attract the low ballers.
Look at the listing as what the buyer will see, the “Buyers Eyes”. Remember if a buyer sees items that don't look good, they start thinking what else is wrong with the house?
Don’t let the buyer drive the price down, get the price up.
Let me know if I can help you.
Tom Fine
Windermere RE, Capitol Hill, Inc.
Tree Masters Makes a Tall Order
Tree houses like none other, a creative contractor is creating some very unique and fun tree houses.
Mike Nelson from Fall City, Washington, (Northeast of Seattle) Mike creates a magical outdoor space, bringing happiness in many forms. Mike Nelson is a bubbly energetic contractor with incredible vision. These tree houses are not the typical tree house your father built for you or your friend’s tree house. See these links for some of the tree houses Mike and his crew has built.
This is a cool link to a tree house retreat in Fall City, Washington, Treehouse Point
Mike has a show on Animal Planet on Fridays; my family enjoy watching this funny cast of characters.
You most likely won't get your return on investment as monetarily, yet I would think you would maximize a fulfillment of happiness and pleasure knowing your family has a unique item that other homes in your area may not have.
What Do Buyers and Sellers Pay in Closing Costs?
If you’ve never been through a real estate closing before, you might imagine convening around a large table where, at the end of escrow, you’re presented with an itemized list of big expenses required to close the deal.
But that’s not always the reality. While people still do meet around a table at the closing, today some closings happen virtually. The buyers and sellers can sign the necessary documents remotely and wire money for the closing.
More importantly, it’s unlikely that a buyer or seller would show up to closing without any idea of what their costs will be. If you’re new to real estate, or haven’t bought or sold in a while, here’s what you need to know about closing costs.
Buyers have more costs, but usually pay less than sellers
In a closing, both buyers and sellers have costs. Usually, the buyer is faced with more line-item expenses than the seller. For starters, most buyers are getting loans to make the purchase; many of the charges stem from the loan.
A buyer should receive a “Truth in Lending” statement early on in the sale process. This document spells out all the approximate costs the buyer will face when making the purchase, so there aren’t any surprises at closing. Some buyers use the “Truth in Lending” statement to shop for different lenders, interest rates and costs.
Aside from the costs of getting a loan or buying a home, some expenses, such as property taxes orhomeowners association dues, are pro-rated and paid at the time of closing. For example, if you’re buying a home and you close toward the end of the property tax period, you’ll likely need to pay the balance of taxes upfront. The same holds true for pre-paid loan interest. If you close toward the end of the month, the lender may ask for the first month’s payment upfront.
Typically, buyers getting a loan will see some of the following costs:
- Appraisal fee
- Origination fee
- Pre-paid interest
- Pre-paid insurance
- Flood certification fee
- Tax servicing fee
- Credit report fee
- Bank processing fee
- Recording fee
- Notary fee
- Title insurance
Be sure to go through these fees line by line with your mortgage professional to understand exactly what they are and how they apply to your loan.
Sellers pay the commission
For sellers, there are always fewer line items on an estimated closing statement. But the seller generally bears the biggest brunt of the fees: the real estate commission.
The commission is based on a percentage of the total sale price, so it tends to be the biggest fee. In addition to the real estate commission, sellers may have to pay the balance of their property taxes, if they haven’t done so already.
There’s some room for negotiation
All fees and charges can be negotiated during the real state transaction. For buyers, coming up with an extra 1 to 2 percent in closing costs can be a bigger deal than a $5,000 reduction in the purchase price. A credit for $5,000 to go toward closing costs will be a much bigger bang for your buck for the buyer. The price reduction won’t amount to much more than a few dollars per month over the length of the home loan. Saving $5,000 at the closing will be money right back in the buyer’s pocket.
Related:
- Ways to Get Creative in a Real Estate Transaction
- Why Real Estate Listing Photos Matter
- The Anatomy of a Real Estate Purchase
Brendon DeSimone is a Realtor and a real estate expert. His practical advice is regularly sought out by print, online and television media outlets including FOX News, CNBC, USA Today, Bloomberg, FOX Business and Forbes. An active investor himself, Brendon owns real estate around the U.S. and abroad and is licensed to sell in California and New York. Consumers often call on Brendon for advice and to help them find a real estate agent. You can find Brendon on Facebook or follow him on Twitter or Google Plus. posted on Zillow Blog