Monday, May 4, 2009

How do I sell my home in this market?

This is the question that sellers have been asking for years.

First, you need to figure out what your goal is. Most sellers have one of two goals:

1. Sell Fast

2. Sell for as much as I get in this market

You are probably saying to yourself, my goal is both! I want it all! Most sellers want to have their cake and it too, as the saying goes. However, in order to get what you want, you have to be willing to do the ground work in order to achieve both of these goals.

You have to be able to put yourself in a buyers shoes. When you bought, what stood out to you? What was it that you didn't like? Buyers right now want a "deal" so if you can't give them that, then you have to give them the other thing they really want, a home they love.

One of the most effective, but seldom used is staging your home. Have you ever walked in to a home where it seems so well don, then you could just already see yourself moving in there? That's what staging does. It makes buyers start to move in to your home when walking in. It also sells your home 3 times faster than a home that isn't staged. Ultimately, it helps your home sell for more money.

Currently, Bridge Coast Realty has a promotion going on: LIST WITH ME AND I'LL STAGE YOUR HOME FOR FREE. Call or email today to see if your home qualifies and to get more details.
Bridget Fanning
Bridge Coast Realty

Wednesday, April 8, 2009

The truth about "Short" Sales

Broker Bridget is provided by Bridge Coast Realty

What is a short sale?

A short sale is a listing where the the seller owes more money on the property than it is currently worth. They must ask the bank to take the loss. As a buyer, you have to negotiate with both the bank and the seller.

Here we are in another month of increase foreclosures (REOs) and yet we continue to write offers on short sales. However, only a relatively small # of all short sales actually close escrow. The rest go to foreclosure or back to the current owner. I'm sure by now you have heard about how difficult they are. Perhaps you've heard they can take anywhere from 2-6 months (or longer) just to get approved, and then you go into escrow. Maybe you have even heard that even with "lender approval" they can still reject offers at the approved price.

However, what you may have not heard is the buyers perspective. In this market, it is not uncommon to see the short sales listed at "deal prices" The agents collect multiple offers and submit to the bank. However, the bank doesn't have to take the offers (even ones that are way above list price or at current market value).

The bank must approve the property and the seller for a short sale. The seller must prove financial hardship. So what does that mean for you as a buyer? It means that even if you are an "A paper" buyer, you could still get rejected.

To understand a short sale, you must look at it from the banks prospective. They don't want to lose money, but banks certainly don't want the home to go into foreclosure, where they'll lose even more money. (This is why loan modifications have become popular over the last 6 months.) However, the banks only have so much man power to handle the flood of new short sales and foreclosures each month. They have asset management departments in house or have hired outside management companies. Bank owned properties go to the top of their pile (they usually respond within 1-5 days) while short sales typically take a lot longer.

My advice to potential buyers: if you can, stay away from them. If you don't have that luxury, work with a good realtor/broker who can help you make the best decision. Its not common to work with a listing agent directly either because they are received many offers on the same property. How can they represent you as well?

The homebuying process isn't what it used to be. Its time to re-acclimate yourself with the new market.

There are plenty of good buys out there, you just need to know where to look!

If you have any questions, please feel free to email me at