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PLAYING HOUSE One of the best ways to create a buzz when selling a home is to hold an open house – here are 5 tips to ensure yours is successful

W

hen selling their homes, homeowners can employ several strategies in an effort to drum up interest among potential buyers.

One such strategy — and definitely the most popular and well-known — is to host an open house, which invites prospective buyers to tour the property.

Realtors have long used open houses to introduce properties to the market, and a well-planned open house can help sellers generate numerous offers in a single day.

Whether working with a Realtor or listing homes on their own, homeowners can follow these 5 simple tips to ensure their open house is a success: 1. Generate publicity online: Nowadays many prospective home buyers do the bulk of their research via their computers and devices. By advertising Unless you’re open houses online, sellers have the selling the home their potential to reach a wide array of buyers. on your own, resist the Aside from SierraSun.com, many real estate agents employ sites such as Zillow.com temptation to attend and Trulia.com to promote open houses and showcase properties, so sellers can your open house. make sure their agents are taking advantage of these wildly popular sites. Some even allow sellers to list their homes on apps that buyers can peruse on their smartphones.

2. Generate publicity in traditional ways as well: Traditional publicity should not be overlooked when promoting an open house. A $5 ‘Open House’ lawn sign is an effective and inexpensive way to attract buyers who are driving through desirable neighborhoods looking for their next homes. While the Internet is a valuable resource to promote your open house, the sheer volume of online listings can make it hard to reach potential buyers. A traditional lawn sign and a listing in your local newspaper are budget-friendly promotional opportunities that can generate interest in your open house.

3. Invite your neighbors: Neighbors can be great salesmen for your home and the community where you live. Invite friendly neighbors to your open house and encourage them to chat with prospective buyers.

Buyers will appreciate neighbors’ firsthand knowledge about the community, and their friendliness can help to create a strong first impression that increases buyer interest in your home.

4. Consider some changes to your home decor: When hosting an open house, you might not need to go so far as to stage your home, but you may want to make some changes to the decor to make your home more neutral and appealing to buyers from all walks of life. Remove any potentially controversial artwork or decorative items, replacing them with more neutral items that won’t offend or distract any potential buyers.

5. Leave the hosting to the professionals: Unless you’re selling the home on your own, resist the temptation to attend your open house. Let your Realtor do the work. Your absence can make it easier for potential buyers to see themselves in your home, while your presence may make them uncomfortable or hesitant to explore the property and ask any questions.

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This article was provided by Metro Creative Services.

When hosting an open house, sellers can take several steps to make their homes more appealing to buyers.

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When’s the right time to cancel escrow?

By Lisa Wetzel and Jim Valentine

R

eal estate Agents work hard at the beginning of a transaction to prevent problems during the course of the escrow. Buyers get pre-qualified or pre-approved for their loan and counseled about the property and how it will work for them.

Sellers often get property inspections when they list the property and get it ready for market.

Regardless of how cautious the Agents are in their early efforts to protect the parties in the transaction, things do happen that can cause a transaction to fail.

Escrows cancel for a variety of reasons. The most common reason for cancellation is the Buyer not being able to get a loan. Property condition surprises are also a common cause for canceling.

Regardless of the reason, most bona fide problems can be

solved with time and/or money if the parties are willing to work through them. The seasoned Agent will explore possible solutions that can work to the benefit of both parties, i.e. an extension of time to perform, an adjustment in price or other financial component of the terms such as the owner carrying a small portion of the purchase price. There are many ways to mitigate a problem to prevent having to cancel an escrow.

Buyers must be aware that buying a car, or opening a line of credit to buy furniture before the escrow is closed can impact their ability to get a loan. Surprises can also occur such as forgotten collection items like a $25 nuisance claim from years ago.

That is why it is important to be pre-approved which includes a credit report. Credit or incometo-debt ratio changes during an escrow can kill an escrow.

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Nobody likes canceling an escrow. But remember — when one door closes, another one opens.

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Sellers, on the other hand, may be surprised by inspection results that call out expensive repairs. If that wasn’t factored in to the sales price considerations and the parties can’t agree on how to handle the repairs it may be time to cancel the escrow. It is usually in everyone’s best interest to negotiate a resolve to an escrow surprise if the parties are reasonable in their expectations.

For example, a new roof will benefit the Buyer much longer than it will the Seller. They will likely sell prior to the roof reaching the end of its life expectancy and they have the security and aesthetic pleasure of having a new roof in the interim.

A reasonable split can usually be negotiated, but if not a Seller may cancel and try to get more money with a new roof from another Buyer.

When it is apparent that an escrow has terminal problems it is important that the information be shared as soon as possible. Agents will work to solve the problems until there is no apparent resolve.

At that time they should inform

the other party that the problems are irreparable and that the escrow must be canceled. That allows the other party to find another house or another Buyer depending on which side of the transaction they are on.

Our Advice: Sometimes things just happen along the way that couldn’t be foreseen and can’t be resolved. When that happens it is time to cancel the escrow so everyone can get on with their lives. The timing is important, not too soon and not too late.

A simple change of mind isn’t a good reason to cancel an escrow, but if they are in a position to not perform later without penalty in accordance with the terms of the contract it is usually best to let them go. If there are real damages you may have a legal claim against the non-performing party, but be realistic in your assessment of the risk of litigation, sans emotion.

Nobody likes canceling an escrow after investing so much time and emotion in the collective effort of putting it together and moving it along. It is best for everyone, however, to let it go if it has “flat lined.”

Credit or income-to-debt ratio changes during an escrow can kill an escrow.

W

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The importance of playing nice & communication

By Lisa Wetzel and Jim Valentine

T

he business of real estate is really a business of people. The land is what it is, but the people involved make the difference when it comes to buying, selling and utilizing the property.

While we normally celebrate our differences and our coming together to be together, when it comes to business and differences in temperament, morals, and ethics, finding a cause for celebration can be a challenge.

Buyers and Sellers don’t interact directly very often, but Agents certainly do. We think it is important that Agents interact in a civil manner. Yes, we are negotiating for our clients, but successful negotiations don’t mandate adversity.

Save that for the courtroom folks.

Ironically, while they may appear to have adverse positions, Buyers and Sellers, in reality they are pursuing a common goal, the close of escrow.

Price is rarely a cause for concern in

negotiation. Price is either going to work for the parties, or it isn’t. Price will be established based on sales in the neighborhood, competition in the market, and the wants and needs of Buyer and Seller.

Once terms of a sale are agreed to is when things can get interesting. Bumps happen along the way in escrows, and when they do we learn of the character of the players.

The first thing to do when the going gets rough is communicate. Don’t go underground — be available and make sure everyone understands what is happening and why.

Be flexible with your thinking and your time. Don’t shut down at 5 p.m., as Buyers and Sellers have a tremendous emotional and financial investment on the line and they won’t stop thinking about it at 5 p.m.

Most likely, they will think of it all night foregoing most of their sleep. When communicating, don’t be snippy or snide.

It serves no one any good regardless of what you may think is occurring on the

other side.

Maintain a professional decorum, like a football Head Coach trying to keep everyone focused, calm and performing at the end of the fourth quarter. If he acts out how can he expect the players to remain composed? The same goes for Agents in a tumultuous escrow.

Communication these days is often via text or email, so it is important to remember that the written word will be interpreted by the recipient according to his or her communication filters.

What do they think you are saying? Is it accurate? Don’t forget that everything you communicate by virtual means will be of record in the file. Are you working to resolve the situation, or in a contest

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of egos? No one wins such a contest in business, especially the impacted Buyers and Sellers.

Our Advice: There are customary practices in real estate that most Agents adhere to. Some transactions will dictate a deviation from the norm as they aren’t normal, not the proverbial “cookie cutter” situation.

All must work together to make the best of such situations for the benefit of the clients. Emotion must be set aside and the facts of the matter ascertained and perspective obtained. When everyone is properly informed and counseled, magic happens, the bumps smooth out, and everyone is kept whole through to the end.

Communication these days is often via text or email, so it is important to remember that the written word will be interpreted by the recipient according to his or her communication filters.

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There are a few simple things you can do to spruce up your home before showing it for sale.

PRE-SALE PROJECTS Follow these 4 pro tips to make your house more attractive to potential buyers

By Alex Burnham CTW Features

O

ne of the joys of buying and moving into a new home is just that — everything is new, and everything. But if a seller doesn’t have newness to offer but rather a bunch of faulty features, the buyers may be scarce.

“Most people want to move in (to a home) and have the work already done,” says Jann Seal, a sales associate with Exit Realty Premier in Wellington, Fla. If you’re getting ready to sell, here are four pre-listing preparations to get your house ready for buyers:

1. Touch-Ups

The easiest thing a homeowner can do to make his or her property more attractive is to touch up the little things. This includes restructuring anything with a functionality problem.

Examples include fixing broken doors or cabinets or replacing failing windows. Replace any broken screens too, if more than the window frame is broken. And don’t

forget the outside.

“The most common suggestion we make is for color to be added to the exterior either in the form of flowers or through painting,” says Scott Newman, of Newman Realty in Chicago.

You should also depersonalize the property.

“Remove all personal photographs. Take the magnets off the refrigerator,” Seal says.

“Let the potential buyer imagine himself, his family and his belongings in the house.”

2. Painting

Painting may not be the first thing on a seller’s mind; but it can completely change the look of a home.

In addition to outside touch-ups, fresh coats on the interior can transform the way someone feels when walking into a room.

Seal says neutral colors are the best.

“Latte or dove gray gives the rooms a clean, modern feel,” she says. “Keep the trim white.”

Adds Todd Polinchock, a Realtor in Doylestown, Pa.: “Paint is worth its weight in gold.”

3. Carpets and Flooring

Alongside paint, new flooring affords the homeowners the opportunity to change the look and feel of a property.

Both Newman and Polinchock suggest replacing old carpet, noting it’s a “relatively small” investment compared to other home repairs, and since stained or dated carpet can be an eyesore to potential buyers, The same goes for hardwood flooring.

Though it is more expensive per square foot than carpeting — the World Floor Covering Association says carpet can start at just $2 per square foot installed, with wood starting at $6 per square foot installed — a study using data from the National Association of Realtors found that buyers are willing to spend more than $2,000 more on a house with hardwood flooring than a house without.

Both routes will make your house look much newer, but if replacement is not an option, try to find a cost-effective professional cleaning method to get flooring looking as fresh as possible.

4. Updates

The largest project a seller needs to worry about is updating the house that’s for sale. Ask your agent about what items or systems in your home need to be upgraded to compete with comparable houses.

It could be anything from kitchen upgrades (new countertops or appliances) or bathroom updates (new sinks, faucets and showerheads).

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It’s about making those changes (that) will give you the best chance to sell in the shortest period of time for the best price.

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“Today’s buyer is increasingly interested in modern, sexy upgrades from a much more expensive home and are the kinds of things their friends will say ‘oh’ and ‘ah’ to when they come over,” Newman says. “People love an eye-catching backsplash in the kitchen and hotel-style bathroom upgrades that look like something out of a five-star spa.”

While pricy updates may make your home attractive to buyers, Seal recommends not going overboard. Though many projects can recoup a significant portion of their cost, rarely do they recoup their full cost, according to Remodeling Magazine’s Cost vs. Value Report.

Instead of a full-on upgrade, Polinchock suggests picking one or two items to replace.

“It’s about making those changes (that) will give you the best chance to sell in the shortest period of time for the best price,” Polinchock says.

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