Parkville Homes - Do I "Lowball" The Seller??

Parkville Homes - Do I "Lowball" The Seller?

"It's a buyers market, shouldn't I lowball the seller?"

"What difference does it make? The seller will just counter right?"

"If the seller is motivated they will give me the house at whatever price I want right?"

These are questions I hear quite frequently in this market from many buyers.

As a professional REALTOR, and someone who purchased a home before, the worst thing you can do is submit a lowball price on a home you love!

Can this "lowball" method work? Well anything can work once. But doesn't mean that it's the best way to do things.

The home buying process can be stressful and emotional. My recommedation is if you don't feel the house is worth it, don't write on it! I'm not suggesting that all sellers are reasonable with their prices. There are a few sellers who have been on the market much longer than they should be. That could be for a number of reasons, but that is another blog article so, check back for that one.

Review recent sales with your REALTOR (or check the Market Analysis) and if the house is price several thousand dollars below what other comparable homes are selling for ,considering condition and location , you stand a chance of getting a counter or even being out bid if there are multiple offers.

Find a home that you feel is worth the price, meets your needs long and short term and within your range. This is even more so in the world of short sales. Banks want to sell the home, but not give it away.

Remember, the seller DOES NOT have to counter your offer. The seller can reject the offer and not consider any further offers from you.

For first time and primary resident buyers, the house is more that just price. If it were just price any old house would with a door and 4 walls would do.

Ready to explore a purchasing a home? What's your next step?

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EQUAL HOUSING OPPORTUNITY
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Keller Williams Realty Baltimore

610 South Curley Street, Price Dropped Dramatically!

Helene Kelbaugh | (443) 465-8443 610 S Curley St, Baltimore, MD 3BR/2BA Townhouse offered at $199,000 Year Built 1910 Sq Footage 1,008 Bedrooms 3 Bathrooms 2 full, 0 partial Floors 3 Parking Unspecified Lot Size 780 sqft HOA/Maint $0 per month DESCRIPTION Granite Counter Tops, Oak Cabinets, Stainless Steel Appliances, Hardwood in Kitchen, Temperature Controlled Addition to enjoy ALL YEAR ROUND! Clean & crisp finished basement, w/carpet & waterproofed! Top of line Washer and Dryer, Patio, Beautiful bathroom and sky light! Relax on your HUGE deck off the Master Bedroom. Walk to favorite restaurants, stores & more! MOVE IN READY! see additional photos below PROPERTY FEATURES - Central A/C - Central heat - Dining room - Refrigerator - Stove/Oven - Granite countertop - Stainless steel appliances - Basement - Washer - Dryer - Laundry area - inside - Balcony, Deck, or Patio OTHER SPECIAL FEATURES - Ground Rent ADDITIONAL PHOTOS Photo 1 Photo 2 Photo 3 Photo 4 Photo 5 Photo 6 Photo 7 Photo 8 Photo 9 Photo 10 Contact info: Helene Kelbaugh (443) 465-8443 or Contact REALTOR Keller Williams Realty Baltimore Equal Opportunity Housing Posted: Feb 1, 2012, 12:53pm PST

616 Lacewood Dr, Edgewood, MD | Powered by Postlets

This home is super spacious, clean and the best price! Large bedrooms in upper level. Spacious basement in lower

level. Or keep it as an office! Plenty of storage in basement for everything else. Fantastic driveway for multiple vehicles and plenty

of street parking. Shed and it's contents and grill WILL NOT, be sold with the property. Make an appointment today, don't miss this

gem!

616 Lacewood Dr, Edgewood, MD | Powered by Postlets

Top 10 Tips When Selling a Home

Home Selling Tip #1: Hire a reputable real estate agent.

• Selling a home can be stressful, and you want a reliable real estate agent you can trust.

Home Selling Tip #2: Give your home curb appeal.

• When selling a home, you need to keep your home looking its best. If a buyer is turned off by what your home looks like from the street, you will never get him or her inside to look around. Clean up your lawn, patch brown spots in the grass, clear sidewalks, and keep leaves and other debris picked up. Potential home buyers also notice things like chipped paint and dirty siding, so pressure-wash your home and repaint before putting it on the market if needed. Do whatever you need to do to show buyers that you're serious about your home's maintenance. Finally, let color help you when selling a home. Yellow evokes the emotion of buying, so plant yellow flowers near the entrance.

Home Selling Tip #3: Make minor repairs to your home.

• Don't give potential home buyers an opportunity to start nitpicking at the value of your home by leaving minor repairs unfixed. Replace cracked floor or counter tiles. Patch holes in walls. Fix leaky faucets. Fix doors that don't close properly and kitchen drawers that jam. Consider painting your walls neutral colors, especially if you have grown accustomed to purple or pink walls. Replace burned-out light bulbs.

Home Selling Tip #4: Stage your home.

• Once you have a potential home buyer inside, it's important that your home has been spruced up and has been staged for the market. Think of your home as a product for sale, and imagine walking through it from the buyer's perspective. Depersonalize it by packing up family heirlooms and photos. You want buyers to imagine themselves living in the home and they won't do that if they can't see past your stuff. Rent a storage unit and clear out the junk. De-clutter. Remove unused pieces of furniture and window coverings and light fixtures you are going to take with you. Each room should be left with just enough furniture to showcase it as the perfect room for its purpose. Remove books, knickknacks, and anything that seems deeply personal. Clear out closets and neatly arrange your dishes in the kitchen cupboards.

Home Selling Tip #5: Clean your home!

• Wash windows inside and out. Clean out cobwebs from corners, ceiling fan blades and light fixtures. Re-caulk tubs, showers and sinks. Polish chrome faucets and mirrors. Clean out the refrigerator. Vacuum daily. Wax floors. Dust furniture with an oil-based furniture polish that leaves a ôcleanö scent behind. Bleach dingy grout. Remove or replace worn rugs. Hang up fresh towels in the bathroom. Eliminate any musty odors.

Home Selling Tip #6: Price your home right.

• Of all of the 10 tips for selling a home, this one is the most important. You need to price your home competitively, perhaps slightly lower than comparable homes in your neighborhood. Unfortunately, many sellers choose the real estate agent who suggests the highest listing price, but this can come back to haunt you. Pricing your home to sell involves looking at similar properties, making adjustments for the differences between them, tracking market movements and considering present inventory to arrive at a realistic value for the price of your home. Setting your listing price just right could lead to a bidding war, resulting in a higher sales price for you. Work with your listing agent to price your home correctly.

Home Selling Tip #7: Capture initial excitement.

• Don't put your home on the market before your home and you are completely ready. Make sure you have taken all of the steps above before placing your home on the market. When selling a home, you need to get the most out of the initial excitement that a new home listing creates in potential home buyers. Home buyers will feel like they have discovered a great find if they snatch up a home just as it comes on the market. Once it's been listed for a few weeks, however, home buyers will conclude that it's not such a great value. Therefore, when selling a home, make sure you've done everything you can to make your home attractive to potential home buyers.

Home Selling Tip #8: Don't get in over your head.

• Put your home on the market well in advance of looking for a new home. Don't place an offer on your next home until you have solid offers on the one you have to sell now. The last thing you want to do is juggle two mortgage payments.

Home Selling Tip #9: Only divulge information on a need-to-know basis.

• Don't do anything to create a perception that you will lower your potential selling price. For example, if you are moving due to job relocation, don't offer up that information. Don't let the potential home buyers think there is any urgency on your part in selling the home. If you are asked why you're selling, simply say that you're ready to trade up. You have a legal obligation to disclose information about the condition of the home and property, but you are not obligated to disclose your personal situation.

Home Selling Tip #10: Be flexible.

• Be willing to work with potential home buyers to help your chances of making a quick sale. Offer to pay for closing costs or repairs, and be adaptable when it comes to showing your home and holding open houses. If you really need to sell, you need to accommodate buyers' busy schedules. This might mean opening your home to strangers on weeknights and weekends.

Using these 10 tips when selling a home can help you sell your home fast and for a good price.

For a consultation contact your local REALTOR today!

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Home Appraisal versus Home Inspection

The mortgage settlement process, often referred to as the mortgage closing, can sometimes seem confusing and a little overwhelming. Whether you are buying a new home or refinancing an existing home, there are various fees to be paid and steps to go through. Two steps that are often confused by homebuyers are the home appraisal versus home inspection.

 

 

  

Remember the Difference: Home Appraisal versus Home Inspection

 

  

One easy way to remember the difference between an appraisal versus a home inspection is that a home inspection is for your protection. A home inspector will not estimate the value of your home.  Typically, home appraisals are for lenders; home inspections are for buyers.

 

 

 

What is a Home Appraisal?

 

A home appraisal is a document that provides an estimate of a property's price, otherwise known as its market value. Your home will serve as collateral for the mortgage, so a lender will require an independent appraisal on the property prior to the approval of your mortgage loan application. This is to ensure that the mortgage loan amount is not more than the value of the home and lot you want to purchase or refinance. Most lenders will loan you no more than 95 percent of the appraised value of the home or purchase price, whichever is less.

 

The person who conducts the home appraisal is called an appraiser. This person will consider several factors in developing the home appraisal, including location, square footage, recent sales of similar properties, and construction quality to estimate the property's market value.

 

There is a fee associated with getting a home appraisal. Some lenders and brokers will include the appraisal fee in the loan application fee; you can ask the lender for a copy of the appraisal. If you are refinancing and have a recent appraisal of the property, some lenders may waive the requirement for a new appraisal. If you are in this situation, you could save a few hundred dollars by using the existing appraisal.

 

 

 

FHA Loans Appraisal

 

Many mortgages are insured by the federal government through the Federal Housing Administration (FHA.) The FHA requires lenders to get an FHA loans appraisal on properties prior to loan approval. According to the FHA, they require appraisals for three reasons:

 

 

 

• To estimate the market value of the property.

• To make sure that the property meets FHA minimum property requirements/standards for health and safety.

• To make sure that the property is marketable.

 

An FHA loan appraisal document will indicate property defects that are easily noticeable and found not in compliance with U.S. Department of Housing and Urban Development's minimum property standards. These defects may not be the same as those items noted in the home inspection report. The estimated cost of a property appraisal is $263 to $444, with a nationwide median cost of $292.

  

 

What is a Home Inspection?

 

There are two types of home inspections, those required by the lender and home inspections initiated by the buyer.

 

 

 

A Lender's Home Inspection

 

A lender, especially one that offers Veteran's Affairs (VA) or FHA-insured mortgages, may require a home inspection and an analysis by an engineer or consultant to check for things like water damage, termite damage, and the structural condition of the home. In rural areas, lenders may want a test of the septic system (if applicable) and a water test to make sure the well and water system will maintain an adequate supply of water for the house. These water tests usually will check for water quantity, not quality. The health department of the local city government may require a water quality test as well, but this might be done outside of the mortgage settlement process and require a separate payment. Keep in mind that a lender's inspection is for the benefit of the lender, not you. You may want to ask for a buyer's home inspection to make sure the property is in good condition. The cost of a lender's home inspection will likely be between $300 and $500.

 

 

A Buyer's Home Inspection

 

Often, a buyer will make the purchase offer of a home contingent on the results of a home inspection. You will have to pay for this inspection. The cost varies by region, but spending hundreds of dollars could save you thousands.

 

When you make a purchase offer, sometimes called a binder, contingent on the results of a home inspection, it allows you to cancel closing on the deal if an inspector finds problems with the home or property. If deficiencies are found with the home, you may want to renegotiate for a reduced price or require the seller to make repairs to the home. If you are getting a VA or FHA loan, you will need a certificate from a qualified inspector stating that the home is free from pests such as termites and rodents. In this case, you can also make your purchase offer contingent on pest inspection results.

 

Similar to the lender's home inspection, an inspector should examine the home for structural soundness, water damage, and pests. In addition to these basic home inspection criteria, you may want to have the home inspection include an examination of the condition of the roof and the plumbing and electrical systems. It is also wise to have the home tested for environmental hazards that may not be visible to the casual observer. This may include testing for radon gas emissions, water quality, asbestos, lead-based paint and other toxic materials. If you are making your purchase offer contingent on the results for environmental hazards, make sure this is stated clearly in the conditions of your offer.

 

Remember, the easiest way to know the difference between an appraisal versus a home inspection is that an inspection is for your protection!

 

 

Sources
http://www.federalreserve.gov/pubs/settlement/default.htm

 

 

For more information contact a local REALTOR
 
Keller Williams Realty Baltimore
443-465-8443
HeleneSellsHomes@gmail.com

Could this be the best time ever to buy Baltimore Real Estate?

Mortgage rates at a 40-year low, home affordability at a historic high, record-high inventory to choose from, extremely motivated sellers, deep discounts among distressed properties, and rents on the rise in more than 500 cities-could there possibly be a better time to invest in real estate?

If you need any more grounds to be convinced that now is the time to build wealth through real estate, the foreclosure pipeline is filling again as the delays in processing-which have artificially lowered foreclosure filings over the past year-are now being lifted. More foreclosures mean more inventory and a higher demand for rental units among former homeowners.

Considering increasingly pronounced stock market volatility, residential real estate has risen to the forefront of the most solid investment available. And an added benefit for real estate investors: the assurance that they are part of the solution to the countrys economic woes-removing discounted inventory from the bank'ss books and keeping real estate market moving.

Search Foreclosures:

Baltimore County

Baltimore City

Harford County

Keller Williams Realty

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Sell my Baltimore House in RECORD time!



 "How do I sell my Baltimore house quick?" This is the question on a lot of seller's minds these days.

However, it is very simple.  Even in this buyers market, IT IS possible to sell your home.  You can visit
Market Insider to see for yourself.

The real question is "Why am I selling?" 

Think about it.  Do you need to sell or do you want to sell?  In a buyers market, price will control who sells their home the quickest.  Holding on to Baltimore Home values from when the bubble burst will keep your property lingering on the market for several months if not years!

The best way to start the home buying processing is to speak with a Licensed REALTOR who practices in your market. 

Determine value first!  Just because your neighbor sold their house for $300,000 in 2006 has no effect on what your home will sell for today.

Second thing to consider is based on the value, will what you make on the sale meet your needs?  Will it pay off your mortgage? Will it give you that down payment for a new home? If not, you may need to hold on or even rent.

Do you have a hardship? A loss of income could happen to anyone!  Speak with a Certified Distressed Property Expert in Baltimore to explain the short sale process.  Banks are working with homeowners each and everyday!  Visit http://www.baltimoremarylandshortsales.com/ to see all the Short Sales listed right now in Baltimore! 

The other very important reason to price your home right is the appraisal!  Chances are the buyer will be using financing.  If the house doesn't appraise you have a problem.  That appraised value IS ALL the bank will finance for the buyer.  Can you accept it?  If you can't accept the true value of your home because you will be short or can make your goals, you have wasted a lot of time and energy for nothing.

These frustrating scenarios can be avoid if we go back to the basics.  What is your home worth now?