The Monarch Group Real Estate Blog

The Monarch Group Real Estate Blog

Things to Know Before Selling Your Home

We think it’s safe to say that when selling a home, there’s a chance you’ll run into some bumps along the way.  There are normal complications that can be avoided with an experienced agent, but no agent has seen it all!  Before you decide to list your home, make sure you’re aware of the common problems people face when they try to sell:

The home doesn’t appraise.

  • If a buyer plans to buy your home with borrowed money, be prepared to go through the appraisal process. Be extra prepared to lower your price if the sales price comes back too high.
  • How to avoid this? Hire an honest agent who gives your the real numbers, not the highest ones. An agent who is experienced knows the process well, and knows you will most likely have to face an appraiser.

The home comes with a “past”.

  • And we aren’t talking about age. A title search will be preformed when someone tries to purchase your home which will provide any liens, missing permits, or other blemishes that can halt a deal.
  • How to avoid this? Hopefully you bought title insurance when you originally bought the home, which will fight off any claims to the home that aren’t yours. If you didn’t, make sure your proactive in clearing any title issues with the closing attorney/title company.

 The home needs work.

  • We mean major work. Since the inventory of homes for sale is larger than we’ve seen in recent history, buyer’s have more to choose from. This means buyer’s have a better chance of finding a home that’s “move-in ready”  AND priced to sell. Not to mention that some loans require repairs be made to the home, and...

Quick Tips: Getting Through the Appraisal

If you've sold your home or tried to sell your home in recent years, you know one of the most challenging obstacles during the process is the appraisal.

Here's what you need to know: They don't have to be an obstacle!

Now, here's what you can do:

1. If you really want an exact number, hire an appraiser.

*Important Tip: Make sure they are local! Some appraisers travel from long distances, you want someone who knows your area.

2. Hire a Real Estate Agent to complete and in-depth Comparative Market Analysis (CMA)

*Important Tip: Hire someone who is honest and someone you trust. You don't want to hire an agent just because they are giving you the highest numbers for you home. The highest numbers aren't always the right ones.

3. Have Realistic Expectations.

*Important Tip: Try and become as emotionally detached to the value as you can. We know, no one loves your home more than you, and rightfully so. You've put alot of hard work and memories into the place! However, appraisers don't include those factors when deciding their appraisal.

4. Make your home look as good as possible.

*Important Tip: This is like your home's job interview, so "dress to impress!" Just as you would clean up for your big interview, clean your home up and make it stand out!

5. Don't use automated website values

*Important Tip: Real Estate Websites now feature "Automated Values" and are not a reliable form of information. Even though you might start there, don't end there. Make sure to do further research!

 

If you are interested in finding out what your home is worth, contact us for a free CMA!

 

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How to Avoid Buying a 'Money Pit'

Buying a home is one of the most exciting times in a person’s life. But it can also be a the most nerve racking. How do you know the home you’re buying truly is a good investment?

Here’s how you avoid buying a “Money Pit”

Always make sure to check the quality of the construction of the home, especially in areas that matter most. The structural stability of the home is always the most important feature.
Check for a basement, and if the home has one, take an in-depth look. The basement is the most revealing part of a home, allowing you to see the plumbing, heating and air conditioning, and construction quality and materials. You’re standing in the foundation of the home!
Examine the foundation. Don’t worry about calling in a structural engineer, just look for a few warning signs in and around the home. Such as, are there large trees close to the homes exterior? If so, the roots can grow towards the home and cause the foundation to become weak or crack. Also, check floors and dry wall for cracks.
Look long and hard for water damage. Some of the most costly damage that can happen to a home comes from water leaks. Be sure to find if any exist. Check the bathrooms and kitchen, but also check around windows and other seals to see if storm water is leaking through.
Don’t forget to check cosmetics. They may seem like quick fixes or things you can look over, but unless your budget calls for a major face lift you will eventually find yourself in a money pit.

Having a good real estate agent helps avoid the stress of investing your money in the wrong home. We are here to help you seek out these answers and make sure you’re getting the best home possible, for the best price possible.

Contact the Elizabeth Monarch Group for more information.

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