not the educated seller
Part 1 of the Creating Multiple Offers Series
Offered by Greg Portlock
Over the next few months, I will be writing a series of articles to help you get multiple off ers when you sell your home. Although I want these to be useful and thought provoking, they are insights from over 23 years of selling homes, and should be just part of an overall marketing plan that hopefully I will play a part in creating for you. Most of my clients get me involved sometimes months before they go on the market and I love when they do because it helps build trust in our relationship and confidence through a well-planned process.
“Sellers are getting mulitiple offers for more than asking price”. Chances are this is not news to you. It’s happening all the time in this amazing sellers’ market. It almost seems like you could just fall into that situation no matter what you do or who you hire to do it. Sometimes that can happen, however I don’t believe in leaving something that important to chance. Multiple offers is what creates leverage for you the seller. Not only do they get your price up, they give you the ability to ask for the most favorable terms for you. I’m calling this series of articles Creating Multiple Offers.
The first item I want to talk about is condition. Buyers want to buy a home that is “move in ready”, and they will pay top dollar for it. It’s amazing how much this important item is overlooked. I’ve never heard of someone not writing an off er on a home because it was in too good condition, however the amount of off ers you get can be limited because of maintenance issues. This should be on the top of the list for people selling and wanting to be in the driver’s seat. What about painting, carpet or repair allowances? The truth is lenders don’t like them, and you have to give 40% more than you would pay just to do it. For instance, if the cost of repainting the outside of your home costs you about $3,000 you would have to give them a $5,000 allowance for it to mean anything to them, because they would want custom paint colors and or upgraded paint or whatever. This goes for carpeting, windows, roof, and any other repair items. Getting these things done up front will get you more offers for a better price, and put more money in your pocket in the end.
Where do you find the time, money, or resources to get this done? One way is to find trusted contractors to get things spruced up, and if money is tight maybe they will take the money after you close and still do a great job. Since this is not a fairytale, I have a real solution for you. My “Refresh To Sell” program, where we bring in proven contractors, and we get these things done and you pay me back at closing. You can call me for details, but it’s very straight forward. Most importantly make sure your home is ready for sale before you put it out there. Over the next few months, I will be talking about the best time to sell, as well as the best way to present your home to the market, to ensure you get multiple offers.
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