Tips To Prepare For An Open House
By Editor | June 6, 2008
By: Lesley Field
To gain maximum exposure, your real estate professional may recommend you hold one or two types of open houses. The first type is an open house for Real Estate Agents only. If your home is well priced and attractive, some of the Real Estate Agents may bring clients to see it immediately. The second type if an open house for the general public. This type of open house often attracts a lot of "browsers" if your house looks great and is well priced, it could turn a "browser" into a buyer.
The majority of public open houses are held on the weekend, in the afternoon. This is when potential buyers often have more time to drive through neighborhoods. Your Real Estate Agent will most likely suggest that you and your family leave the home for the duration of the open house. Prospective buyers may feel uncomfortable viewing your home and may rush their visit to avoid disturbing you. You want to make sure that potential buyers feel relaxed and welcome and take their time to really visit your property.
Here are some general tips to help you prepare for your open house:
Address potential hazards such as exposed wires, slippery stairs, fragile items, etc. Lock away money, jewelry, cameras and other valuables. Avoid cooking strong smelling foods just before the open house.
You can also use this check list to address what needs to be cleaned, repaired of changed before potential buyers walk through your door.
Kitchen and bathrooms Make sure all surfaces are clean, including the floor. Organize and de-clutter countertops. Ensure all sinks and faucets are in good working order.
Other rooms Vacuum and dust. Remove all clutter, including excess furniture that may make your room look smaller. Put away books, toys and clothes. Clean mirrors. Open drapes to let the light in.
Windows Ensure they open easily and do not squeak. Clean.
Doors Fix squeaks and any weather stripping damage. Make sure handles work properly. Address any stains.
Floor coverings Try to remove all dirt and stains. Address any damaged areas.
Walls, ceilings, baseboards Clean away fingerprints or stains. Repair holes, cracks, water damage. If possible, repaint in fresh neutral colors.
Lighting Verify that there is sufficient light and no burnt bulbs. Fix any broken switches or exposed wires.
Pet areas Make sure they are clean and odor free. You should also try to remove your pet from your home for the duration of the open house.
You would also want to ensure that all exterior areas are clean and tidy and that gates open easily. The lawn should be mowed, leaves removed and in winter, snow removed from driveway and walkway.
An open house can be a very powerful marketing tool in selling your home. It allows you access to potential buyers who may not be working with a Real Estate Agent. It also offer you the advantage of having a number of prospective buyers visit your home in a short period of time. Often times, an offer will be presented shortly after the open house.
Tags: tips for selling your home, how to sell your home, selling your home in northern michigan, boyne city real estate, real estate sales in boyne city
Topics: Selling Your Home | No Comments »
How to find the right real estate agent
By Editor | November 11, 2007
All Realtors are not the same
Why not having the right realtor can turn your home buying experience into a nightmare.
Imagine if you will the idea of finding the perfect home or real estate investment and then watching as it vanishes right in front of you, or even worse after you sign the paperwork to buy your dream home you find out there are hidden problems with it. What do you do? Who is to blame? And more importantly how do you protect yourself from becoming the victim of your own real estate nightmare?
The answer is quite simple… Find a qualified and experienced real estate agent first!
There are many guides for homebuyers out there on the Internet and available through Government agencies that make an emphasis on getting pre-approved loans, searching the market before you seek an agent and many other important things that the potential homebuyer should do before actually starting the home buying process. And while getting a pre-approved home loan and researching the real estate market is sound advice, without an experienced and qualified real estate agent at your side to guide you through the sometimes confusing and complication process you stand a greater chance of becoming a another of those real estate nightmares you read about on the Internet.
So ok, now the question is; how do I find the right real estate agent to help me with my new home purchase? Before answering that question, lets take a minute to define the roles realtors take in the real estate industry. There are in laymen terms two types of agents; a buyers agent, and a sellers agent. Both are driven with the same goal; to represent and protect the interests of their client.
A buyer’s agent represents the buyer’s interests in finding and purchasing a home. Using a buyer’s agent will cost you a bit more money, but the benefits are well worth the investment. An experienced buyer’s agent is well versed in the local real estate market and laws and has an established presence in the community he works in. After defining your needs and situation a buyer’s agent will work with you in all phases of the home buying process. There will be many things to consider when buying a home and your real estate agent will be able to offer sound advice and information every step of the way. Getting you the best possible deal on home is a buyer’s agent’s number one priority!
A seller’s agent is the agent that lists and represents a property for sale on the MLS system (Multiple Listings Service). He has a contract with the owner of the property for sale and he represents the seller’s interests in all aspects of the listing and sale of the property. The seller’s agent is bound by the same local real estate laws as a buyer’s agent, and it is the seller’s agent’s objective to sell his clients property for the highest price possible with terms that benefit the seller.
Finding your Real Estate agent
The following tips are only a few of the many suggestions of effective ways of finding a qualified real estate agent to help you buy your next home.
1. REALTORS® and Real Estate Agents
All Realtors® are licensed to sell real estate as an agent or a broker but not all real estate agents are Realtors®. Only Realtors® can display the Realtor® logo. Realtors® belong to the National Association of Realtors and pledge to follow the Code of Ethics, a comprehensive list containing 17 articles and underlying standards of practice, which establish levels of conduct that are higher than ordinary business practices or those required by law. Less than half of all licensees are Realtors®.
2. Referrals
Most real estate agents stay in business because satisfied clients refer them to friends, family, neighbors and coworkers. Ask the people around you who they have used and ask them to describe their experiences with this real estate agent. Successful agents make customer satisfaction their number one priority and put their customers’ needs before their own. Try to find an agent who goes above and beyond her responsibilities. She’ll be the agent whose praises your friends sing loudest.
3. Search Online for Agent Listings
There are plenty of Web sites that will refer agents to you but that is no assurance of quality. The agents they refer are those who have paid the Web site owners a fee to be listed in their directory. A better bet is to Google the top real estate companies in your area go to those Web sites and look up profiles of individual agents at offices near you. Agents who are experienced will tell you but newer agents might have more time to spend with you. Look for customer testimonials.
4. Attend Open Houses
By going to open houses, you can meet real estate agents in a non-threatening working environment and interact with them. Collect business cards and make notes on them. If this were your home, would you be happy with the way the agent is showing the property? Is she polite and informative; appear knowledgeable? Does she hand out professional-looking promotional material about the home? Is she trying to sell features of the home? Or is she sitting in a corner reading a book, ignoring you?
5. Track Neighborhood Signs
Pay attention to the listing signs in your neighborhood. Make note of the day they go up and when the sold sign appears. The agent who sells listings the fastest might be better for you than the agent with the largest number of "for sale" signs. Results speak volumes.
6. Using Print Advertising
Real estate agents run real estate ads for two purposes. The first is to sell specific real estate. The second is to promote the real estate agent. Look in your local Sunday newspaper for ads in your targeted neighborhood. Then look up the Web sites of the agents who are advertising. These agents could be specialists in your neighborhood. Call and ask them about their experience.
7. Recommendations from Professionals
Ask other real estate agents for referrals. Agents are happy to refer buyers and sellers to associates, especially if the service you need is not a specialty of the agent who is referring you. Some agents specialize in residential resales while others work exclusively with new homebuilders. Other agents sell only commercial or investment property. Mortgage brokers are also a resource for agent referrals as many brokers have first-hand knowledge of exceptional agents. Pros tend to refer pros.
There are many ways possible to find the right real estate agent, but with these tips and a bit of footwork on your part in no time you will have found the right agent and will be relaxing enjoying a cup of coffee in the kitchen or living room of your new home!
For more information I invite you to visit Pat O’Brien & Associates on the web at www.patobrien.com or call them directly at 231-582-1700
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Topics: Featured Properties | No Comments »
More home buyers are using FHA home loans
By Editor | November 10, 2007
FHA mortgages are becoming popular again! It’s an institution that has been around for a long time, since June 27, 1934. The Department of Housing & Urban Development folded the Federal Housing Administration (FHA) under its umbrella in 1965.
FHA loans began to lose favor in the late 1990s, when home values began to inch upwards, surpassing FHA mortgage limits, and sellers balked at FHA’s stringent appraisal guidelines.
How FHA Loans Work
Now, FHA does not make loans or guarantee loans. It insures loans. The insurance removes or minimizes the default risk lenders face when buyers put down less than 20 percent. Without further approval from FHA, its approved lenders are authorized to:
* Take loan applications
* Process loan applications
* Underwrite and close the loan
FHA Increases Mortgage Limits
My parents bought our first home in 1955 for $9,000 with an FHA loan.
It’s almost inconceivable to think of a home costing that today. As a result, FHA periodically increases its mortgage limits. As of July, 2006, mortgage limits range from:
* $362,790 for high-cost areas
* $200,160 for low-cost areas
* $544,185 in Alaska, Guam, Hawaii and the Virgin Islands
Blemished Credit History
If your credit is less than perfect, FHA might be the loan for you. You may qualify for an FHA loan even though you have had financial problems.
* FICO scores do not apply.
* Bankruptcy. You can obtain an FHA loan two years from the date of your bankruptcy discharge, as long as you’ve maintained good credit since your debts were discharged.
* Foreclosure. If you keep your credit in excellent shape since a foreclosure, an FHA loan will be available to you two years from the final date of your foreclosure.
Competitive Rates & Terms
Today’s terms are pretty straightforward. In fact, in many markets the rates and terms are better than those for 80% / 20% piggyback loans.
* There is little or no adjustment to the interest rate for an FHA loan, as the rates vary within .125 percent of a conventional loan.
* Mortgage insurance is funded into the loan, meaning a premium of 1.5% is added to the loan balance instead of being paid out-of-pocket. In addition, a small portion for the mortgage insurance premium is added to the monthly payment, but it is far less than private mortgage insurance premiums.
* Borrowers can finance 97% of the purchase price and put down 3 percent. In some instances, when combined with other types of loans, the down payment can be zero.
* Allowable debt ratios are higher than the debt-ratio limits imposed for conventional loans.
Fewer Required Repairs
At one point, FHA repair demands were so excessive that sellers would discount the list price to buyers who would agree to obtain conventional loans over FHA loans. Today the requirements appear more reasonable.
* Defective roofs that leak still need to be replaced but an older roof does not necessitate replacement if it doesn’t leak.
* Windows that stick upon opening or have cracked panes do not require replacement.
* FHA appraisals do not take the place of a home inspection, never have. Buyers should still obtain a professional home inspection.
FHA loans are available to anybody but are used most often by first-time homebuyers and low- to moderate-income buyers. And you can even get help for free from Hud.
Additional helpful links:
Mortgage Calculator Free Credit Report Free Credit scams report from the Federal Trade Commission Credit and related resources from the FTC
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Topics: Buying a Home | 2 Comments »