5 Tips To Sell Your House Fast In Orlando

Are you thinking about selling your property in today’s current market? It is a seller’s market in Orlando, this means that there is not inventory for buyer’s to choose from which ends up driving prices higher. In this blog I will explain 5 tips to help you get multiple offers on your home…

A market where the seller has the advantage is often called a seller’s market. This means that there is a high number of buyer’s looking to purchase the same property. When this happens the price of the home can increase rapidly.

Even though you have an advantage in a seller’s market this does not mean that a seller can raise the price of the home to an insane amount that is not justified.  Many times the condition of a home is a huge factor in determining the price of a home. If the home still has the original cabinets from when it was built in the 1970’s and the green shaggy carpet, or the outdated wallpaper; a homeowner can’t expect to receive the same price as a newly renovated home. That is why many homeowners choose We Buy Houses Orlando companies like mine. If your home has had some updates and you believe that people will desire it in it’s current condition then you should still strive to get as many offers as possible and, in doing so, give you the opportunity to select the best offer for yourself.

As a seller you might be asking yourself “why would I want to have multiple offers?” Well the concept is simple. To get a higher price you want to go into what’s called a “bidding war” – when you are selling and you only get one offer, you might feel forced to take it. But multiple offers allows you to choose from many options, this allows you to negotiate from a stronger position.

So how does a homeowner go about in getting multiple offers? Below are 5 easy steps that you can take when selling your home that will help sell your home fast.

1. Marketing

As the old saying goes: Marketing is the lifeline. If no one knows that you are selling your home then how would they know to buy it? This is where hiring a Realtor comes in to play. The real estate agent that is experienced will know what prices homes are going for in your neighborhood based on their condition. They will help place the home on the MLS for thousands of other Realtors to show to their buyers.

2. Pricing

Pricing the home correctly is one of the most important factors on selling it fast. This is where the experience from your Realtor comes into play. Overpricing the home for it’s current condition will leave the home sitting on the market for months with no one interested. Underprice the home and you could be leaving money on the table.

3. Curb Appeal

Curb appeal is what a potential buyer sees as soon as they pull up to the house. If when they pull up they see fresh paint, nice landscaping, trimmed trees they will be excited about the home. If they pull up and they see what appears to be an overgrown jungle in front of the house with broken things they will not be receptive to living there.

4. Inside Presentation

The inside of the home is just as important as the outside. People have to imagine how the home will look like if they were living there. If you have a ton of clutter then it will be very difficult for them to visualize it and in turn will not be interested in purchasing it.

5. Offer Incentives

Offering a bonus to an agent that brings a buyer or offering a home warranty to a seller will bring value to the home and make you stand out over the competition.

For a more detailed version of these 5 quick tips take a look at this video.

 

What Is The Difference Between a Short Sale And A Foreclosure?

Before 2008 the words short sale or foreclosure were not very commonly used between people. That all changed when the real estate bubble burst and millions of Americans found themselves behind on their mortgage and on the path to having the bank foreclose on their home. Many homeowners quickly found out about the short sale process. But what is the difference between these two? Let’s take a look at the different advantages and disadvantages of each.

What Is A Foreclosure?

According to the real estate website Redfin… “A foreclosed home is one in which the owner is unable to make his mortgage loan payments and the bank repossessed the home” (source).  The foreclosure process is the legal way for a lender to take possession of the property if the homeowner stops making their house payments… This is the only way a lender can try and recoup the money they have on the house.

A home is normally foreclosed on when the person who borrowed the money fails to pay their mortgage payments. The lender then assumes ownership and possession of the property, and evicts the borrower. However, banks aren’t in the business of owning and managing real estate so these properties they take back possession on are then sold at the courthouse auction or by utilizing real estate agents. A foreclosure can damage the credit rating of a borrower, making it extremely hard to obtain a mortgage for many years.

Depending on the state that you live in… the foreclosure process can be done in different ways. Check out the foreclosure process information over here at the HUD Government website.

What Is A Short Sale?

According to Wikipedia the definition of a short sale is… “A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property, and the property owner cannot afford to repay the liens’ full amounts and where the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt” (source: Wikipedia)

After 2008 the phrase short sale became such a common term that many people were glad it excited. A short sale allows a homeowner to stay in their home and rework the loan they have in place. The new terms of the loan are agreed upon by both the lender and the borrower. The home is placed for sale at a price that is substantially lower than what the loan amount is. Depending on the agreement the balance that was not paid can be completely wiped out or the borrower could still be left on the hook for it.

This short sale process typically takes some time, during the mortgage crisis in 2008 a short sale on a home could take up to 2 or 3 years depending on how many loans in default the bank had. This became even more difficult when no one knew who currently owned the loan. This was due to the constant practice of reselling loans that become so popular by lending institutions before the crash. Sometimes a potential deal fell apart because one lender didn’t agree to the terms. In a short sale, all parties that have a stake in the property must agree to all the terms in the sale.

So What Are Your Options For A Short Sale vs. Foreclosure?

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Avoid Foreclosure

While both options do have their own ramifications, a short sale often has less of an impact on the borrowers credit history than a foreclosure does. A foreclosure could impact a borrower’s credit score by 300 or more points, where a short sale may only drop the credit score by 100 points.

The credit score isn’t the only negative side effect. Borrowers who are foreclosed on are often unable to purchase another house for 5-7 years using a conventional mortgage, where under certain circumstances, a short sale borrower can purchase immediately.

With the economy still not fully recovered from the 2008 crash, many Americans continue to have a hard time making monthly mortgage payments. Many homeowners have said the choice was easy when deciding between being foreclosed on or initiating a short sale.

Many times the lender is willing to work with the borrowers to complete a short sale, this helps them by avoiding the extensive fees and time involved with conducting a foreclosure.

If you’re in a situation where you’ve fallen behind on your house payments then our suggestion is always this:

  1. Speak with your  current lender and find out the different ways that they can work with you on modifying your loan. At M&L Investment Group, LLC we offer this service. We can help guide you in the right direction of the short sale process.
  2. Attempt a short sale or a loan modification program that your lender may have that forgives part of your loan, creates a new / more affordable monthly payment that allows you to get back on your feet.
  3. If the bank doesn’t want to work with you very much… your best option may have be to sell your house. With no cost to you to sell your house you can work with a local real estate house buyer service like M&L Investment Group, LLC to sell your house fast for an all-cash offer.  If you’re interested we can take a look at your current situation and we can make you a fair cash offer on your home usually within 24 hours.
  4. Foreclosure. The last option is to let the house go into foreclosure. This is the worst possible scenario. This can and will harm your credit and you could still be left on the hook for the money owed to the bank even after the foreclosure is completed.

Knowing your options, can help you dodge a significant hit to your credit score. This will allow you to purchase a new home whenever your situation improves. Remember that a foreclosure on your credit report can make it extremely difficult to purchase a home for 5-7 years, so if you have the opportunity, the better option is to do a short sale.

Preparing your home to sell fast

Every day millions of homeowners make the decision to sell their home. The problem is that many homeowners will not sell their home due to multiple reasons. So what can a homeowner do to sell their home fast?

How to sell your house fast

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Home for sale

Selling your house can be a very easy or complicated process. Two very important factors that will contribute to your house selling fast or not selling at all location of the home and the condition of the home. Most people don’t want to purchase a home that they will then need to update or change major components like the roof, HVAC, plumbing or electrical. Not to mention that most bank’s won’t approve a loan on a house that needs repairs to these 4 components.

When a prospective buyer goes to see a house they are looking for a home that will give them an emotional attachment. When they are walking through it they want to picture themselves living in it and how it will feel. This emotional attachment can be stopped from happening by many different factors.

Make the house look nice on the outside and inside

I’m not saying that to sell your house you’ll have to spend $30,000 renovating your kitchen or adding a pool. Sometimes it’s as easy as planting some new flowers on the outside and placing new mulch, or killing the weeds and spreading some grass seeds, a fresh coat of paint can go a long way on the outside.

For the inside you can very easily just get rid of all the clutter and make the house look more spacious. Try removing some things that are unique only to your taste. For example if you love the beach then having a palm tree inside or sea shells all over the house might not be so attractive to a buyer that is not a fan of the beach.

You don’t need to go too crazy removing everything inside the house and fixing all the little problems. You will have buyer’s that like a little work on the house. Take my company for example. We buy houses Orlando that are fixer-uppers all the time.

Listen to your real estate agent’s advice

This small piece of advice is HUGE! Most people want a fair price offer for their home. However I wouldn’t walk into a doctors office and tell him how to perform surgery. So why would you tell the person who specializes in real estate how to sell your house?

Picking a good agent can be a challenging task on it’s own. You should pick an agent that specializes in your neighborhood. I know, I know your cousin Bob is an agent in the town next to you and he told you he can sell your house fast orlando but that does not mean that you will save money or sell your house fast. Your neighborhood could be split between school districts and this is a big factor that can make your side of the street less valuable then your neighbor directly across who is zoned for the best school in the area. If your cousin Bob doesn’t know this and prices your home wrong you could be in for a long selling process.

These small tips alone can make your home selling process go a lot smoother and quicker. The last thing you want is to be stuck with a house that you can’t sell when you have to desperately sell it quickly.