Archive for the ‘Selling’ Category

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Should you sell the house to an investor? January 3rd, 2012

Patricia

People who opt to sell their home to an investor or company may not always be in a situation of financial distress.  Maybe a seller is in a rush to move and prefers to unload their house as quickly as possible. It may occur where a home owner unexpectedly moves into a nursing home and a decision has to be made about the house.  Family members who are located out of state may feel it’s a hassle to list the home, wait for a buyer, and go through the process (inspection, appraisal, etc…).

Carefully weighing out the options before deciding to sell to an investor is wise.  After meeting with a real estate agent you should have information about the home’s market value in addition to an estimate of net proceeds.  Investors should give you a price of what they are willing to pay for the home as well.  Take some time to crunch numbers and find out which option will work out best for you.  Although, you do not have to pay commissions to any real estate agents when selling to an investor, the sales price of the property will likely be lower than its market value.

Ultimately, your decision will be impacted by the goals you have in mind.  For those that just want to sell the house and do not want to deal with the home selling process, selling to an investor may be the option they choose.  Others who prefer to net more (unless is’s a short sale situation), may decide to hire a Colorado Springs Real Estate Agent to assist them.

Keep in mind, the seller can price the home competitively in order to sell it quickly and potentially, still make more than selling it to an investor.  Sellers who do make the choice to sell to an investor or company, should consult with an attorney to ensure everything in the transaction, including transfer of title, is done properly.

 Contact Patricia Beck at 719-660-9058 if you would like assistance in selling your home in Colorado Springs

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Should sellers stay home during a home inspection? November 3rd, 2011

Patricia

If you are selling a home for the first time in Colorado Springs, you may not know what your role is in certain aspects of the transaction.  For example, many home sellers do not know whether they are should be present during the home inspection.  The majority of home buyers hire a professional home inspector to go through the home and report any issues or repairs that need to be addressed.

Some home sellers prefer to be present during the home inspection so they can be available to answer any questions the inspector may have or to explain or clarify something that may arise during the inspection regarding the home.  Although sellers may see being present at the home inspection as a benefit to all parties involved, it can actually make it more complicated.

It can be unnerving for sellers when they are present during a home inspection.  They are constantly wondering what problems the inspector is uncovering and whether or not those findings will cause the buyers to terminate the contract.  The sellers’ interference during the inspection can make it challenging for the inspector to do his job and make the buyers uncomfortable.

Sellers may find it difficult not to question the buyers, inspector, or their real estate agent about the inspection or issues at hand.  Normally, the seller’s agent will receive an inspection notice from the buyer’s agent after the inspection indicating what repairs or issues the buyer would like to have taken care of by the seller.  If a seller is present at the inspection, they may become impatient and want to find out what the buyer is going to ask them to fix right then and there.

When sellers are absent during the inspection, anxiety for all parties is alleviated.  If the inspector has a question about the home, his inquiries can be answered through communication between the real estate agents.

There are instances where sellers are present during a home inspection or walk through because their agent never advised them to do otherwise.  It is important you hire a qualified real estate agent in Colorado Springs who will provide you with guidance and advice during the home selling process.

Colorado Springs Realtor Patricia Beck, providing real estate services to home sellers.

 

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What happens if a home in Colorado Springs doesn’t appraise? July 2nd, 2011

Patricia

 

 

 

 

 

 

 

The buying process has become a bit more complicated than it used to be now that we have more distressed properties for sale in Colorado Springs.  Unless you are paying cash for a home, the lender is going to require an appraisal.  Appraisal issues are not uncommon in this market and often times, appraisers that do not even live in Colorado Springs are performing the appraisals.  Many of these appraisers from other cities may not  be as knowledgeable of the real estate market or areas in Colorado Springs when compared to local appraisers.

Many buyers wonder what happens if the home comes in higher than the agreed purchase price.  Nothing, but you can compliment your real estate agent for negotiating a good price on your behalf!  Buyers are not required to tell the seller what the appraised value came in at.

Although the buyer and seller may agree on a price, the appraisal may not support the contract purchase price.  So what happens when a home does not appraise?  A home buyer in Colorado Springs has a few options:

1.) The seller can reduce the contract purchase price.  Some appraisals such as FHA or VA appraisals can stick with the property so if the seller wants to move forward and sell the home, reducing the price to the appraised value may be the only option.  The bank is not going to loan a buyer money to buy a home that is worth less than the loan.

2.) Reconsideration: The listing agent may have a sold comparable that was not used in the appraisal or clarify inaccurate information in the appraisal report.  If the appraiser is willing to make changes or adjustments to the appraisal,  the final appraised value may come in at the agreed price.

3.) Terminate the contract:  If the seller is unwilling to adjust the purchase price, the buyers may elect to terminate the contract and find another property that meets their needs.

4.) Come up with the difference:  Although it may not be a wise option, the buyers can come up with the difference at closing if they really want the home and have the cash to fill the gap.

5.) Appraisal issues.  The appraiser may have conditions that must be met before the loan can be approved.  If an older home has peeling paint on the exterior, the seller can remedy the issue and the appraiser can come back out to confirm the appraisal requirements were resolved so the lender can approve the loan.  There is a cost associated with an appraiser coming back out to a property.

 

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For information on the buying process and available Homes in Colorado Springs please go to www.patricia-beck.com.

What is my home worth?

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Sellers, review online listing information July 1st, 2011

Patricia

The majority of buyers go online to find homes for sale in Colorado Springs, particularly, members of the armed forces that relocate to one of the military installments in our city.  If your home is not advertised online, your home is not getting the necessary exposure to potential home buyers out there; especially if your home is located near the military bases in town.  Additionally, many out of state buyers who consider retiring in Colorado Springs look on the Internet and you are missing out if your home is not on there.

Once your home is posted on the Multiple Listing Service (MLS) it is often syndicated to other websites.  If an error about the property is made in the MLS, that error will carry through to any other sites that the information is sent to such as Realtor.com

Ask your Colorado Springs real estate agent to print out the information about your home that is posted in the MLS or send you a link to the listing online for review.  Thoroughly look over all of the property detail information and inform your agent of any changes or corrections that need to be made.  If your home has central air and it is not listed in the MLS, your home may not be considered by buyers solely looking for homes that have air conditioning.

Some agents do not fill out the property description/remarks or thoroughly fill out all of the MLS listing information (e.g. window type) for a property and although some details may seem insignificant, it is important they are included.

Are the items that are included and excluded correctly listed?  If the washer and dryer are listed as inclusions in the MLS and you plan on taking the appliances to your new home, you may encounter problems with the buyer who is under the impression that they stay with the home.

Are the specific schools for your area listed?

Did the agent include directions to the property?

Is the property tax information correct?

Are room measurements listed?  Room sizes are important to many buyers especially if they have large furniture.

Are miscellaneous items such as auto sprinklers, vaulted ceilings, or a security system noted?

Are the types of flooring properly specified?  Some agents will indicate a home has hardwood flooring when it is actually wood laminate.

Work with your agent to correct errors or add information in the MLS listing early on so you can ensure your home is accurately presented online to potential home buyers.

If you adjust the price of your home, the information does not automatically change on every single website so your agent will need to update any price changes online.  If you reduce the price but buyers looking online still see the outdated original list price, you may lose buyers.

Did you paint the house or upgrade the kitchen?  If so, you want updated photos of the home online as well.  If your home has been on the market a while, the exterior photo may need updating as well.  An exterior photo of a snow covered yard when the home is on the market during the summer months needs to be changed.
Colorado Springs Real Estate Agent, Patricia Beck, providing real estate services to home buyers and sellers.

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You may not want to sell your home right now unless…. April 29th, 2011

Patricia

The home is priced right - Bank owned and short sale properties are still around and will probably continue to be a part of our real estate market for the next couple of years.  Although these types of properties are normally distressed, they appeal to many buyers since they are often priced below the market.  More than likely, you will be competing with a bank owned or short sale property in your area if you list your home for sale.  Pricing a home correctly is critical in this real estate market.  Those looking to test the market to see if an overpriced home will sell right now will realize it is just a waste of time.

The home is ready to sell - Buyers have many choices when it comes to purchasing a home in Colorado Springs.  With all of the information out there about real estate, buyers are more knowledgeable and understand what to look for when making a decision on which home to purchase.  Move in ready properties sell quickly for a reason, buyers like the idea of moving in and not having to remodel a home while maintaining all of their daily responsibilities at the same time.  In fact, banks are realizing homes that are cleaned up sell faster and many that are for sale now have new paint and carpet.  Some improvements are more expensive than others, discuss what changes are most important in order for the home to sell with your real estate agent.

You’re ready for the truth – It is not unusual for a buyer to view up to 10 properties in one outing so they see how properties stack up against each other and know the seller’s competition.  Sellers will often review feedback from the buyer’s agent regarding the property.  Feedback received may not always be positive especially if the home needs work or is overpriced compared to the other homes in the area.  If sellers receive the same feedback over and over again about something concerning the house or the price, it may be necessary to make a change in order for the home to sell.  The market does not lie so if your home is overpriced, that will most likely be the feedback you receive.

You have too – If you can no longer afford the mortgage payments for your home and do not qualify for a loan modification, you may choose to short sale your home in order to avoid foreclosure.  Fortunately, the Mortgage Forgiveness Debt Relief Act has been extended through 2012.  Communicating with the bank and hiring a Colorado Springs Real Estate agent that has experience with short sales is key.

Renting your home is an alternative to selling but seeking the advice from a CPA prior to converting your property to a rental is wise especially if  you may end up short selling the property in the future.

 

Colorado Springs Real Estate Agent, Patricia Beck, providing real estate services to home buyers and sellers

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Don’t wait until the day before closing to start packing! April 13th, 2011

Patricia

There is plenty to move once you sell a home especially after living in it for many years.  Often, sellers don’t want to deal with the clutter so they put off the process of moving items into a storage unit.  Less is more when it comes to selling a home in Colorado Springs.  Buyers can’t see the space a home has to offer if it is cluttered.  Packing in advance not only prepares your home for sale but it also alleviates the stress of having to do everything last minute before closing.

Many sellers think they have plenty of time to pack up prior to moving out but once they receive an offer only to find out they have 30 days to do everything, panic sets in.  Packing up seasonal items like Christmas decorations, clothing, toys, and whatever else you are not currently using is a good place to start.  Neatly stacking the boxes in your basement or garage is an option if you cannot afford a storage unit.  You may even have a family member or friend that will allow you to temporarily store bulk items in their basement.

Once under contract, you may have to focus your efforts on repairs that may arise from the buyer’s inspection.  Obtaining estimates and getting the repairs completed can take time.  Don’t wait until the last minute to pack, you’re going to have to  do it if you sell your house anyway!

 

Colorado Springs Real Estate Agent, Patricia Beck, providing real estate services to home buyers and sellers.

 

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Colorado Springs home sellers ~ carpet allowance vs. new carpet April 12th, 2011

Patricia

After years of living in a home, carpet may stain, look worn, or dated; cleaning the carpets in a home may not always take care of the problem.  Home sellers have a few options when it comes to worn carpet:

1. Leave the carpet alone and sell the home as is

2. Provide a carpet allowance to the buyer

3. Replace the carpet

If the seller’s financial situation does not allow for a carpet replacement or allowance, adjusting the price to compensate for the carpet may be necessary.  Many sellers struggle with the decision of providing a carpet allowance vs. having new carpet installed; there are pros and cons to both.

Instead of having to pay for new carpet out of pocket up front, sellers may prefer a carpet allowance since it can come out of their net proceeds at closing.  Although an allowance gives buyers the opportunity to choose a carpet of their preference, some buyers may not be able to look past the original carpet during showings regardless if an allowance is provided.

Most buyers in this real estate market do prefer a home that is move in ready.  Buyers do not have to visualize what a home would look like with new carpet if it’s already there!


Providing real estate information and services for Colorado Springs home buyers and sellers.

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Should I finish the basement in my home? March 17th, 2011

Patricia

Homeowners often wonder if it is worth finishing the basement in their home, especially if they plan on selling it in the near future.  Many home buyers like finished basements when looking for a home but is it worth the expense for the seller?  Some homeowners choose to hire a professional contractor to finish their basement while others finish the basement themselves.  Regardless who does the work, the basement must be permitted by the Pikes Peak Regional Building Department.  The cost to finish the basement will vary depending on the size but homeowners can plan on it costing somewhere around $15,000 to $25,000 if they hire a professional.  If the homeowner finishes the basement, it will be less expensive but  may take a lot of time!

Homeowners can break even but many may not recoup the cost spent to finish a basement dollar for dollar due to the current real estate market in Colorado Springs.  In a good market, many homes could sell for around $15,000 to 20,000 more with a full finished basement when compared to homes of the same model with an unfinished basement.  Making a profit or recouping the cost on a basement finish is dependent on many factors including  the quality of finish, type of house, area of town, and the real estate market.

If you are considering finishing your basement and not sure if it is worthwhile, check with your real estate agent in Colorado Springs for additional advice.  If you plan on living in the home for a few years and could use the expansion space, finishing the basement may not be a bad idea.  It may not always be about the expense with every homeowner, some finish their basement just to enjoy it!

 

Colorado Springs Real Estate information and services
What is my home worth?

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5 more reasons your not getting showings February 20th, 2011

Patricia

The real estate market in Colorado Springs is competitive and if your home is not receiving showings it is important to figure out why.

Here are five more reasons you may not be receiving showings on your property:

1.) Days on Market – If a home has been on the market for many, many days, buyer will wonder why the home hasn’t sold.  They may automatically assume something is wrong with the house.  Stale homes are not as attractive to potential home buyers; yet another reason why pricing correctly early on is so important.

2.) Financing Terms Offered – The buyer pool can shrink considerably if the home has issues and will not work for FHA or VA buyers.  If possible and affordable, sellers may want to resolve the issues that would cause problems with loan approval for FHA or VA borrowers.  Issues may include structural problems, a bad roof, peeling paint, missing windows or carpet, etc…

3.) The key doesn’t work – Believe it or not, this is not an uncommon occurrence!  When making a copy of a key to put in a lockbox, make sure it unlocks the door!  Sometimes the deadbolt on the front door doesn’t work or agents cannot access the lockbox on the door if the screen door is locked.

4.) Animals – If you have a big dog that is not kenneled, buyers who are afraid of animals may hesitate on viewing the home.  Keeping animals out of the way for showings is important.

5.) It just looks bad!  – Even if there are multiple photos in the MLS that were taken by a professional photographer, if the home looks unappealing, buyers will not look at it.  Whether it is the color of the carpet, wallpaper, outdated kitchen, or bright yellow paint in the bedroom, buyers may prefer to view another home that is updated and move in ready.  Talk with your Colorado Springs Real Estate agent and a stager to find out what work needs to be completed before putting the home up for sale.

Additional Reading:  5 Reasons your home is not getting showings

Colorado Springs Real Estate Agent Patricia Beck, providing real estate services to home buyers and sellers.

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5 Reasons your home is not getting showings February 20th, 2011

Patricia

The real estate market in Colorado Springs is competitive and if your home is not receiving showings it is important to figure out why.  Look below to view common obstacles that can affect showings.

1.) Photos in the MLS – If there is only one photo of the home in the MLS, buyers often assume the interior must not be attractive or that it may need work since the agent did not include additional photos.  If there are multiple photos of the property in the MLS, the quality of the photos may not be up to par.  Look at the photos for your home…  Are they blurry?  Do the rooms look cluttered?  Were the photos taken by a professional?

2.) Location – If a busy street name is part of the address, people may automatically reject the property from their list of homes to view on their next outing.  This is a tough challenge to overcome.  Brainstorm with your agent about ways to market the property (i.e. centrally located).

3.) Showing Restrictions – Buyers may move on if the available hours for showings are complicated (i.e. no showings on Mondays, Thursdays, or Saturdays).  If sellers are not easily accessible to confirm showings, the showings won’t happen; ensure the individual scheduling showings has correct contact information during the day, evening, etc…

4.) Price – With so many options available in their price range, buyers don’t need to waste time on viewing overpriced properties.  Know your competition and make price adjustments when necessary.  Chasing the market down isn’t fun so price your home correctly from the beginning.

5.) Property Description – Property description?  What property description?  Many homes in the MLS don’t have one, does yours?  Buyers want to read information about a home and if there is none, they may assume there is nothing good to say about the home and will move on to something else.

Additional Reading:  5 more reasons your not getting showings

Colorado Springs Realtor Patricia Beck, providing real estate services to home buyers and sellers.

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