Encumbrance is a claim on a property. This could take form of a mortgage, an easement (right to the use of/access to land owned by another), or a lien (a claim to the property for payment of a debt).
This is a transaction where the lender(s) agree to accept less money for the sale of the home than is still owed by the homeowner on the mortgage. Though a short-sale may be better than a foreclosure for both parties, the homeowner will still experience damage to their credit score and walk away without making any money on the sale (as it all goes to the lender).
This is a special type of real estate contract where the seller of the home acts as the loan lender too, providing funds for the buyer to purchase the property at the agreed price and repay it in installments. This can be a more common financing option for property transactions between family members and friends.
This is the process that involves evaluating the property, the borrowers credit, and their ability to pay the mortgage. Simply put, it is the process used to determine loan eligibility and approval.
Underwriting guidelines vary loan program to loan program. The borrow and property will need to meet certain guidelines that go along with the loan program. Government backed loans like FHA, RD and VA can have stricter guidelines as far as the house is concerned but looser guideline when it comes to qualifying the borrower. Conventional loans have looser guidelines for the house but more strict guidelines for the borrower.
When getting ready to put your property on the market, It’s important that we are set up for success.
Here is a story about how we took a house with some challenges and made sure its shortcomings didn’t derail a possible sale.
A short time ago, we took on a listing with a very odd floor plan. It was evident from the start that the lack of functionality may turn off many buyers.
We priced the home based on nearby comparable sales without making much of an adjustment for the odd floor plan.
Many agents may just list the house hoping to find a buyer that is willing to deal with an odd floor plan. However, we wanted to maximize and take advantage of whatever interest we had in the house.
To overcome the odd floor plan, we brought in the help of a stager. Using staging furniture, we staged the house to show how the floor plan could work. Instead of relying on a buyer’s imagination to figure out how to make the floor plan work, we illustrated it for them.
The efforts and added costs paid off when we had multiple offers and were able to sell the house within a handful of days.
As you prepare to sell your home, I wanted to share some key strategies that can help you maximize your sales price. Selling a property is a significant undertaking, and getting the best possible price requires careful planning and execution. Here are some effective tips to ensure you achieve the highest return on your investment:
Enhance Curb Appeal – First impressions play a big role in how a buyer views your property.
Stage Your Home – Staging your house helps a buyer envision themselves in it.
Make Necessary Repairs – Taking care of any maintenance items will help prevent a buyer from trying to negotiate down the price.
Update Key Features – Updating areas like the kitchen or bathrooms can result in a good return on investment. When those areas are dated, it can cause a buyer to turn away.
Set the Right Price – Much of the interest in your home will arrive in the first week that it is listed. To take advantage of the surge of interest, it’s important to set the price right to be able to negotiate from a place of strength as a seller.
Professional Photography and Marketing – Great marketing will attract much more interest. It’s important to choose an agent that is willing to invest in marketing your home.
Work with a Real Estate Professional – Partnering with an experienced real estate agent can provide you with valuable insights and assistance throughout the selling process. They can help you with pricing strategies, marketing plans, and negotiations to ensure you get the best possible deal.
It may seem the value of your house can be determined by a totally objective approach of comparing it with similar homes that have sold. To be clear, to a certain extent, it is. However, when it comes to selling your house for its determined worth, it’s not as simple as just putting a sign in the yard!
Your home’s value must be adequately and convincingly communicated to the next buyer.
In short, how your property is marketed matters!
Sellers have lost thousands of dollars when their agents did not use professional photography, comprehensive listing details and descriptions, print and online advertising, video and social media, agent-to-agent networking, open houses, proper buyer follow-up, and persistent effort.
We do all of the above!
Our goal is to put our sellers in the best possible position to sell for top dollar.
To learn more, feel free to reach out.
We work with all kinds of buyers and sellers and give each and every one an exceptional level of service. We call this the DeLacey Homes Promise. The DeLacey Homes Promise is:
Expert Guidance – Helping you make good real-estate-related decisions.
Responsive – Responding quickly to your questions, comments, or concerns.
Proactive – Steering around potential obstacles to make the transaction go as smoothly as possible.
Strong Client Advocate – Working hard to promote and protect your interests.
Dependable – Reliable service making us your go-to resource for all your real estate needs.
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