6 Tips for First Time Home Sellers in San Diego
Homeowners do not usually think about filling the shoes of a first-time home seller until they decide to buy a new house. The motivating factor is typically the need to move due to work-related issues or the needs of a growing family. This generally involves buying another home. It is when the homeowners consider the move that it may dawn on them that they are now a first-time home seller.
Selling a house is very different from buying a house. Whereas buying a house generally involves emotions and feelings, selling a house usually centers on what listing agents like to call maximizing profit potential.
When it comes to pricing, you should enlist the help of a reputable listing agent. Do not choose a family member who dabbles in real estate. You will fare much better if you select an experienced real estate agent who sells a fair number of listings in San Diego.
A real estate agent will analyze comparable sales and prepare an estimate of value often called a for comparative market analysis or CMA. It is alright to compare the Zestimate at Zillow but note the variances the real estate agent will point out because your listing agent should have the experience and education to provide you with a more accurate opinion of value.
Ask an agent to advise you on preparing your house for sale. Most properties show better with about half of the furniture removed. If a home buyer walks in the door and wonders if anybody lives in the house, you have done your job correctly. You should consider home staging to boost your selling power and appeal.
Painting is the single most effective home improvement you could make. Do not let dings in the woodwork or scraps on the walls make your home reflect deferred maintenance.
Listing Your House
Choose the best day to list your house. The time period will vary depending on the weather, time of year, your local community and a host of other factors. You basically get one chance to present your house in hopefully its best light the first day on the market.
Be flexible with home showings. If home showings are too much of an imposition, you should consider going away the first weekend your home is on the market. It could feel a bit intrusive to allow strangers to trek through your home and check out your soft-closing drawers in the kitchen. The best way to sell your house is to let a buyer inside with her buyer’s agent to tour in peace and quiet.
You should leave the home when the buyer’s agents show up. Anything you say could and will be used against you and buyer’s agents prefer to show without interference.
Not every house is a viable candidate for an open house. If your house is located in an area close to major traffic, this is generally indicative of a reasonable expectation that the open house signs will pull in visitors. Ask a real estate agent if he or she advertises the open house online. Most home buyers have no desire to buy a home until they spot an open house and subsequently fall in love.
Are you a first-time home seller who needs an agent in the San Diego area? Click here to contact Shay Realtors today!
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Real Estate Tip: What is the Difference Between Foreclosure and Housing Repossession?
Foreclosure and housing repossession are legal processes that both refer to a creditor taking away your property. These processes are alike, but also have significant differences.
Foreclosure refers to the process that your lender needs to follow if you go into default on your home loan and stop making payments. States have different regulations for how long the foreclosure process could last. In some places, a foreclosure could happen within a few months to a year or more.
In a foreclosure, a home is sold as collateral after the homeowners default on their loan. Housing repossession is a more general term for when a lender or loan provider takes ownership of a home because the owners have not paid their monthly bills. This is a consequence of foreclosure. A home is not considered repossessed until the foreclosure becomes final.
The foreclosure process could be long
Homeowners usually have to be at least one hundred twenty days late on their mortgage payments before their bank or mortgage lender starts a foreclosure. It typically takes up to six hundred twenty-five days complete a foreclosure.
Repossession of the property does not usually happen during the foreclosure process.
You do not need to move out when foreclosure proceedings start. You will be given a date on which you must leave the property if the foreclosure process is complete.
What should you do if you’re facing foreclosure?
Many banks are willing to work with homeowners who are missing monthly payments, especially if there is a legitimate financial hardship.
Homeowners who are dangerously close to having their house foreclosed on should not wait long to contact their mortgage lender.
If you get into financial trouble, do not pretend nothing is happening. You need to take action. If you contact your lender and explain what is happening, you will still have a chance of saving your house.
There are also resources to help you find your options. The United States Department of Housing and Urban Development could connect homeowners facing foreclosure with housing counselors who could give you free help. The sooner you contact your mortgage lender, the greater your outcome is likely to be.
Selling your house to avoid foreclosure
If you are struggling to make payments, selling your house to avoid foreclosure is an option. If the home can sell for more than you owe your mortgage lender, you could walk away from the sale with some money in your pocket and no loan debt. It will just be important to move fast to sell your home. The closer you get to home foreclosure, the more difficult the sale could become.
If your home cannot sell for more than you owe on your mortgage, you are looking at a short sale. Short sales are a bit more complex than traditional home sales and will require approval from your lender. It could take a long time to finish the process and it will most likely lower your credit a bit, but not as much as a home foreclosure.
If you think you are headed in the direction of a short sale or foreclosure, contact Shay Realtors here!
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