Here are some more tips for home sellers – whether you are selling your Lake Wallenpaupack home, Pike County, Wayne County – it matters not; these tips are for any market. Welcome to this June 3 edition of 2Tips4-2sDay (Two Tips for Tuesday).
- SELLING BONUS vs. BUYER INCENTIVES
I’ve had more than one seller ask which would get a quick sale – a bonus to the selling agent, or some sort of buyer incentive. While I certainly would love some extra money in my paycheck, I suggest offering a buyer’s incentive.
Many of today’s buyers are scouring the Internet themselves and contact an agent when they’re ready to make a formal move on the property. Buyers frankly could care less if an agent is going to earn a bonus on a sale; what matters to buyers is their own bottom line. Incentives that may get a savvy seller with lots of competition from “FOR SALE” to “SOLD” include:
- Home warranty
- Paying some of the buyer’s closing costs
- Renting a boat slip for the season
- Covering the capital improvement fee
- Paying the first year’s association dues
No, this isn’t a guarantee – but my opinion is that it will lead to a sale quicker than a bonus to the selling agent.
- HAVE YOUR OWN HOME INSPECTION There are two areas during the home sale process that set everyone on pins & needles and can make or break the deal: the home inspection, and appraisal. One of those situations can be diffused early with a pre-inspection.
Having a pre-inspection will alert you to potential problems, or it can put your mind at ease, depending on the outcome. Naturally, the buyers will still retain the right to have their own inspection (and they should do so), but if you already know what issues may arise, you can head them off at the pass. You can either repair the issues yourself, or have an estimate of repair on hand when the buyer says “Ummm, this came up in the inspections…”
- JUST ONE MORE THING – ABOUT APPRAISALS….
Like my hero, Lt. Columbo, I have to add one more thing. Consider paying the $350 or so to have an appraisal. While a CMA provided by a real estate agent may very well be an accurate indication of the value of your home, an appraisal is what the mortgage company will stand by. Nothing is more heartbreaking than to get past the initial negotiations and home inspections only to have the home come up short at the appraisal. Knowing ahead of time can save aggravation and heartache.
Be advised, appraisals are technically only good for the day they are written; but I’ll stick my neck out and say if you already have an appraisal that’s more than three to six months old, consider it null and void and irrelevant to the current market.
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