Sellers

In this environment, my best advice to you is DON’T SELL UNLESS YOU ABSOLUTELY MUST!  Do you remember the old maps from the days when people thought the earth was flat? At the edge of the map would be a drawing of a dragon and the map would say, “Enter At Your Own Peril – Here There Be Dragons!”  Well, the effect of all the foreclosures on the market is that prices continue to decline. And while tax credits have definitely spurred many buyers into the market, this is NOT an environment for the casual seller that simply wants to “test the waters”. So – enter at your own peril. Here there be dragons!

However, if you must sell, there are two key areas where you need to focus in order to make selling your home a reality.

1) You Never Get A Second Chance To Make A Good First Impression:

Many buyers today will not even consider a home unless there are interior photos posted on the Internet. It is absolutely critical to your marketing efforts that professional photos be taken of the exterior AND interior of your home – the more pictures the better! Be prepared for your photo shoot – make sure your home is putting its best foot forward – inside and out! De-clutter: clean it up and box it up. You’re moving anyway – might as well get a head start on the project! You may want to consider consulting with a home staging expert to give you ideas of how to arrange your furniture and objects for maximum effect. And if you have already moved and the property is sitting vacant, “staging” your home is an absolute must to get top dollar. (Think new construction and how developers create a model home. )

2) Price Your Home Competitively:

Never mind that your home is nicer than the neighbor’s that got top dollar last summer. Prices have continued to decline. While having your home in tip-top condition helps, nothing is more important than pricing the property at – or even BELOW! - market value. Here’s why:

In a declining market, time is NOT a seller’s friend! Pricing is always tricky - more art than science. If you err on the side of being too high – thinking, “I can always come down”, you will sit on the market without little activity and no offers. And just like day old bakery is always sold at a deep discount, sitting on the shelf is not good for your home either.

But if you err on the side of being too low, it will generate more showings and more interest. It will, in effect, create a sense of urgency in the mind of the buyer: “I’d better jump on this before someone else does!” The market will correct your mistake by bringing you multiple offers. This creates an “auction” environment – a seller’s best friend  - and it will drive the price back up. Much better this scenario than having a bottom feeder at long last – after you’ve been on the market for many months – bring you a low ball offer that you ultimately settle for.

A Word To Those That Are Upside Down On Their Loans:

Sadly, if this is the case, there are few options available to you. If you owe more than what the property will sell for - and you can’t rent it or otherwise continue to make the payments on to it - your only option may be to turn it back over to your lender. This is called a “deed in lieu of foreclosure”. An unthinkable option just a couple of years ago, today many homeowners share your situation and it is more common place than anyone would like to think. Homeowners are rightfully concerned about preserving their credit rating – and it can take years to bounce back from an adverse credit rating. But if you are struggling to keep food on the table and your home heated, it’s really not an option. Once you are back on your feet, you can work on restoring your credit rating. But for now, you are in crisis and you must first deal with the reality facing you.

Go to my section “Foreclosure Prevention” for some guidance. There are many local charitable and governmental agencies that conduct homeowner workshops that will assist you in negotiating with your lender. Be sure you affiliate with a reputable agency – one that is recognized by HUD or some other governmental body. There are many predators and con artists lurking to take advantage of desperate homeowners. Never, never, NEVER!! sign any documents or give anyone money unless you have an attorney or a knowledgable 3rd party review the documents first! You do NOT want to become the victim of a con artist!

Most importantly – know that you are not alone. After all, life is what happens when you make other plans. Many people share your plight and there are many legitimate agencies poised to assist you. So don’t waste valuable time and energy beating yourself up. Pick yourself up, deal with the current crisis and move forward as best as you are able. It can take a lender over a year to claim possession of your home once you stop making your payments. You can use that time wisely to find more work or re-negotiate your loan terms with your lender.

I do well when YOU do well!
mary!

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