Articles

1.  How should I prepare my house before selling it?

Preparing your home for sale can be a daunting task.  Clutter and filth are the enemy here and  you want to conquer those first.  It’s better to stuff your closets and drawers with things than to leave them in plain sight.  You should get rid of anything you don’t need or move things into storage if necessary.  You want a lightly decorated home that is easy to move around in free from any obstacles.  Ideally, it should be clean and fresh looking.  A coat of paint can go a long way in making a house shine!  If you have any deferred maintenance you are aware of it might be best to handle that first as well to maximize your sale price.

2.  Should I order a home inspection?

Home inspections are very important when purchasing real estate.  Qualified experts who inspect homes for a living can give you insight and information on the home that can help you determine if this is the right house for you.  They identify issues that need to be addressed both now and in the future so you can plan accordingly.  If you choose to forgo the inspections you are rolling the dice on any issues with the home and you could easily end up with a money pit!  It’s important to understand the condition of a home and any maintenance it will need to protect you and your investment.

3.  How long will it take to sell my home?

The time it takes to get an offer on a home can vary due to market conditions.  In a buyer’s market where there are more homes for sale than there are buyers for those homes, it can take several months and you may have to lower your price several times to finally attract a buyer.   In a seller’s market, where there are more buyer’s than homes for sale, your home could sell very quickly and even have multiple bids from different buyers all competing for your home! 

4.  If there are competing bids, does the seller have to take the highest offer?

No!  When there are multiple offers on a property the seller may choose any offer or none of them!  Many offers have various different terms and conditions and its important for sellers to weigh all of these differences and choose the offer that makes the most sense for them.  Sometimes it makes more sense for a seller to accept a lower offer that is cash and waives inspections vs. a higher offer that is contingent on inspections and financing.  Its completely up to seller which offer they wish to pursue.  The exception to this would be an AUCTION property where people bid on a home.  These auctions are often run by special companies and the terms and fees are disclosed and rigid so every bid has to conform.  In those instances, there aren't any neogtiations and every bid is essential equal except for the price.   Those types of transactions are truly "high bid wins!"

5.  Can I buy a home before selling my current one?

It depends.  Banks loan money to buyers based on their income, credit and debt load.  If you owe money on your current house, that debt is factored in when qualifying you for a new home loan.  If you have the income to afford 2 loans then you should have no problem purchasing a home without having to sell your current one.   However, if you owe too much on your current home then that debt will have to be retired  before you can acquire another loan.   Some banks offer a bridge loan that will help you with this.   A bridge loan allows you to purchase a new home and then the package the debt on the new home with your current debt on your old home and give you a larger payment that is usually just interest only.  This interest only bridge loan is temporary and will convert into a normal fixed loan once your old house sells and you roll in your equity from your old loan into the new one.