Published on Jun 26, 2014 Timing is critical when buying a new home while selling your old one. Learning whether you can afford to carry both mortgages simultaneously will help determine how the process needs to play out. In most cases, buyers need to plan for living accommodations should the old home sell before finding and closing on the new home. Key Takeaways • If the old home sells before the new home closes, buyers can choose to stay with relatives temporarily, find a short-term rental property or negotiate a rent-back period with the buyers of the old home. • If the new and old homes are scheduled to close on the same day, it’s important to let your lender know ahead of time. • Work with your lender and real estate agent to determine key dates and deadlines to ensure one transaction doesn’t hold up the other. Videos are for informational purposes only and represent the opinions of the speakers. Chase does not warrant the completeness, timeliness or accuracy of the content. ______________________________________________________ VIDEO TRANSCRIPT Jenny: This is our second home. So our first house we lived in for… Eric: Seven years. Jenny: Yeah, seven years. Eric: We kind of out grew the house. Amy: If a homeowner is in the process of wanting to sell their home, and then purchase another property, the first thing I do of course is tell them talk to your lender because they need to determine and figure out are they able to purchase without selling. Most aren’t willing or able to do that. Jenny: We had two options: we could find the new house and move into a new house or we could we were thinking about finding a place rent for a few months. Until we found the right house. Eric: And then we found this house. Called a realtor to make it happen. Amy: So we just got busy. We started figuring out what their house would sell for. Jenny: We had to get our old house ready. Kinda had to, we had a lot of stuff. Amy: I think I also had a stager meet them to just go room by room and boss them around a little bit. Telling them how to get the house ready to sell. Just de-cluttering. Putting things into storage. Doing any minor repairs or maintenance work at the house that needed to be done. Eric: To sell the house there was a few bumps you could say. We actually sold our house four days prior to us buying this house. Greg: There is nothing more stressful then a consumer or anybody that’s selling a home and on the same day they’re having to close on their new home. I call that stacked. You know, there stacked transactions. Amy: Clients get very nervous when they start to talk about the realities of how do they make that happen. How is the timing going to work? Greg: We do our very best to stay on top of our closings where if we’re ten day out from that closing, and especially if it’s a stacked closing like that, we’re going to do all hands on deck. Eric: In working with the finance guy also helped us determining when was the last day we could get paperwork in. They were willing to kind of speed things up. Amy: And they were just wonderful. They worked so hard. They did everything right and that’s really important when you’re trying to get your house ready to put on the market.
If you’re on the selling side of today’s real estate market, these tips will help you sell your house, stat!
By Tara-Nicholle Nelson from readersdigest.com
We’ve all heard about how “bad” the real estate market is. But what’s bad for sellers can be good for buyers, and these days, savvy buyers are out in spades trying to take advantage of the buyer’s market. Here are 13 thing you can do to help sell your house.
1. Audit your agent’s online marketing. 92% of homebuyers start their house hunt online, and they will never even get in the car to come see your home if the online listings aren’t compelling. In real estate, compelling means pictures! A study by Trulia.com shows that listings with more than 6 pictures are twice as likely to be viewed by buyers as listings that had fewer than 6 pictures.
2. Post a video love letter about your home on YouTube. Get a $125 FlipCam and walk through your home AND your neighborhood, telling prospective buyers about the best bits – what your family loved about the house, your favorite bakery or coffee shop that you frequented on Saturday mornings, etc. Buyers like to know that a home was well-loved, and it helps them visualize living a great life there, too.
3. Let your neighbors choose their neighbors. If you belong to neighborhood online message boards or email lists, send a link to your home’s online listing to your neighbors. Also, invite your neighbors to your open house – turn it into a block party. That creates opportunities for your neighbors to sell the neighborhood to prospective buyers and for your neighbors to invite house hunters they know who have always wanted to live in the area.
10 Best-Kept Secrets for Selling Your Home
Tricks of the trade to help you get top dollar when selling your home.
HGTV’s Buying and Selling offers up the industry’s best-kept secrets to help you get top dollar when selling your home.
Selling Secret #10: Pricing it right
Find out what your home is worth, then shave 15 to 20 percent off the price. You’ll be stampeded by buyers with multiple bids — even in the worst markets — and they’ll bid up the price over what it’s worth. It takes real courage and most sellers just don’t want to risk it, but it’s the single best strategy to sell a home in today’s market.
Selling Secret #9: Half-empty closets
Storage is something every buyer is looking for and can never have enough of. Take half the stuff out of your closets then neatly organize what’s left in there. Buyers will snoop, so be sure to keep all your closets and cabinets clean and tidy.
Selling Secret #8: Light it up
Maximize the light in your home. After location, good light is the one thing that every buyer cites that they want in a home. Take down the drapes, clean the windows, change the lampshades, increase the wattage of your light bulbs and cut the bushes outside to let in sunshine. Do what you have to do make your house bright and cheery – it will make it more sellable.
Selling Secret #7: Play the agent field
A secret sale killer is hiring the wrong broker. Make sure you have a broker who is totally informed. They must constantly monitor the multiple listing service (MLS), know what properties are going on the market and know the comps in your neighborhood. Find a broker who embraces technology – a tech-savvy one has many tools to get your house sold.
Selling Secret #6: Conceal the critters
You might think a cuddly dog would warm the hearts of potential buyers, but you’d be wrong. Not everybody is a dog- or cat-lover. Buyers don’t want to walk in your home and see a bowl full of dog food, smell the kitty litter box or have tufts of pet hair stuck to their clothes. It will give buyers the impression that your house is not clean. If you’re planning an open house, send the critters to a pet hotel for the day.
Selling Secret #5: Don’t over-upgrade
Quick fixes before selling always pay off. Mammoth makeovers, not so much. You probably won’t get your money back if you do a huge improvement project before you put your house on the market. Instead, do updates that will pay off and get you top dollar. Get a new fresh coat of paint on the walls. Clean the curtains or go buy some inexpensive new ones. Replace door handles, cabinet hardware, make sure closet doors are on track, fix leaky faucets and clean the grout.
Selling Secret #4: Take the home out of your house
One of the most important things to do when selling your house is to de-personalize it. The more personal stuff in your house, the less potential buyers can imagine themselves living there. Get rid of a third of your stuff – put it in storage. This includes family photos, memorabilia collections and personal keepsakes. Consider hiring a home stager to maximize the full potential of your home. Staging simply means arranging your furniture to best showcase the floor plan and maximize the use of space.
15 Home Staging Secrets SEE ALL PHOTOS
Get expert advice on how to highlight your home’s strengths.
Selling Secret #3: The kitchen comes first
You’re not actually selling your house, you’re selling your kitchen – that’s how important it is. The benefits of remodeling your kitchen are endless, and the best part of it is that you’ll probably get 85% of your money back. It may be a few thousand dollars to replace countertops where a buyer may knock $10,000 off the asking price if your kitchen looks dated. The fastest, most inexpensive kitchen updates include painting and new cabinet hardware. Use a neutral-color paint so you can present buyers with a blank canvas where they can start envisioning their own style. If you have a little money to spend, buy one fancy stainless steel appliance. Why one? Because when people see one high-end appliance they think all the rest are expensive too and it updates the kitchen.
Selling Secret #2: Always be ready to show
Your house needs to be “show-ready” at all times – you never know when your buyer is going to walk through the door. You have to be available whenever they want to come see the place and it has to be in tip-top shape. Don’t leave dishes in the sink, keep the dishwasher cleaned out, the bathrooms sparkling and make sure there are no dust bunnies in the corners. It’s a little inconvenient, but it will get your house sold.
Selling Secret #1: The first impression is the only impression
No matter how good the interior of your home looks, buyers have already judged your home before they walk through the door. You never have a second chance to make a first impression. It’s important to make people feel warm, welcome and safe as they approach the house. Spruce up your home’s exterior with inexpensive shrubs and brightly colored flowers. You can typically get a 100-percent return on the money you put into your home’s curb appeal. Entryways are also important. You use it as a utility space for your coat and keys. But, when you’re selling, make it welcoming by putting in a small bench, a vase of fresh-cut flowers or even some cookies.
25 Quick, Cheap and Easy Home Sale Tips
If you want to get a home sold quickly and inexpensively, you should review these sales and design tips.
AUGUST 2012 | BY BARBARA BALLINGER
Even with rising values and reduced inventory in certain markets, selling a home remains challenging. Buyers expect not just a shiny new stainless sink but pruned hedges, freshly painted walls, glistening hardwood floors, and more. Making everything look great can cost a pretty penny, and many sellers won’t be able to afford all the suggestions you might make.
You can help them prioritize based on the condition of what’s needed most, what buyers in the area typically request, what competing houses offer, and — of course — cost. Here’s a list of 25 affordable, easy-to-make changes from top design and real-estate pros:
- Add power outlets with USB ports in rooms that lack them, especially in the kitchen, bathrooms, and bedrooms where they’re most needed. “Younger, more tech-savvy couples and individuals love them,” says Tyler Drew, broker and property investor with Anubis Properties Inc. in Los Angeles.
- Eliminate acoustic popcorn-style ceilings since they look dated and tacky.
- Remove exposed posts and half walls. Today’s buyers want more space, and partial walls and posts gobble up room. The only walls that should remain are those that offer privacy or conceal electrical wires or plumbing stacks.
- Update wiring for the Internet and flat-screen TVs. You don’t have to run CAT-5 through walls, which can be costly and require opening and closing and repainting walls. Instead, find a place to put a wireless router, Drew says.
- Clean carpets and wood floors since they’re often the first part of a room that buyers check out; you don’t need to replace them unless they’re in terrible shape. A good carpet steam cleaning or wood floor waxing can be relatively inexpensive, sometimes less than $200.
- Expand a small kitchen to make it work better and look larger. Two quick fixes: Change the backsplash by adding mirrors, stainless steel, or paint, which will introduce light and views; and add an island, which requires only 30” between counters and the island to pass through comfortably. If there’s not enough room for an island, bring in a rolling cart with pull-out shelves underneath and a wood top, says Libby Langdon, an interior designer, author, and expert with Liebherr Refrigeration..
- Clear out and clean a garage, a big selling feature.Power wash the floor or paint it if it’s in bad shape, remove dated cabinets, and remove all junk that’s been stored there, so prospects can see how much space they would have for their stuff.
- Change out corroded or dented door knobs and levers. The replacements don’t have to be expensive but they should look new and clean, Chicago architect Allan J. Grant suggests.
- Pay attention to landscaping, which can add 7 to 15 percent to a home’s value, according to HabitatDesign.com principals Jessy Berg and Bonnie Gemmell. Focus on mowing grass, removing crab grass, and eliminating dead plants and tree branches. “I’d rather have dirt and the potential to paint a picture for the buyers’ mind than a backyard full of dead plants,” Drew says. But if you have extra funds, consider Sacramento, Calif.-based landscape designer Michael Glassman’s ideas: Add lots of seasonal color through blooming annuals and perennial plants and remove problems like too much noise from traffic or neighbors by installing an inexpensive fountain with trickling water.
- Paint exterior windows, doors, gutters, downspouts, and trim, then go inside and paint the home’s trim, doorways, and walls that are in need of freshening. Don’t worry about the colors but consider those that veer toward quiet and comfort such as Benjamin Moore’s Yosemite Sand, Edgecomb Gray, or Carrington Beige. “Gray is a hot interior color now,” says Manchester, Vt.-based designer Amy Thebault. Painting rooms other, lighter colors such as white, yellow, and beige help to bounce and reflect sunlight and use more natural and less artificial light, according to Chris Ring, vice president at ProTect Painters, a professional painting source. But in cooler months, Ring says, dark colors such as deep brown and blue absorb sunlight, thereby reducing heating costs. And don’t forget ceilings, which can be a “fifth wall.” You can improve them with paint or old-style metal or faux-metal tiles, says Beverley Kruskol, a general contractor and owner of MY Pacific Building Inc. in Los Angeles.
- Remove outdated wallpaper, replacing it with paint and preferably a neutral color, says Shelley Beckes, ASID, CID, a designer with Beckes Interior Design in Los Angeles.
- Remove, store, or discard excessive accessories on tabletops and walls and in cabinets. “Less is more, and you want the house to be seen by prospective buyers without the distraction of too many personal items,” Grant says. Some suggest following the rule of three: Leave out only three things on any surface.
- Get the house inspected before it’s listed to know its condition and identify any structural issues that could derail sales. Many problems can’t be detected by an untrained eye, including those in a basement, crawl space, or attic, says BillJacques, president-elect of the American Society of Home Inspectors. “There might be roof damage or a plumbing leak. Many inspectors take photos and provide a detailed report,” he says. “And if home owners have repairs made, they should be handled by a qualified licensed contractor, so the home owner can get problems corrected.”
- Outfit closets for extra storage to make rooms look larger and less cluttered, but don’t redo all closets and elaborately. Top contenders for redos are an entry closet for a good first impression, kitchen pantries where storage is key, and a linen closet to keep sheets, towels, and other stuff neat, says Ginny Snook Scott, chief design officer at California Closets Co. “The costs needn’t be excessive. A linen closet can be fitted with baskets and cubbies for between $500 and $600, an entry closet for between $400 and $700, each dependent on closet size and features,” she says.
- Tighten a home’s “envelope” to improve energy efficiency and savings. Put money and effort into well-insulated double-paned windows, sealed furnace ducts, energy-efficient appliances, the newest programmable thermostats, LED and compact fluorescent lights, and a smart irrigation box on a sprinkler to cut water usage, says Kate Latham, energy consultant with WattzON, a service based in Mountain View, Calif., which analyzes home energy use to pare costs. “After a few months, sellers can show buyers how costs have dropped. They also should put together a green manual to show which features they added,” she explains.
- Improve a home’s healthfulness by using paints and adhesives with low or no VOCs. Point out these changes to prospective buyers in another list or manual, Latham says.
- Use what you have, and arrange each room in a conversational way if possible.Don’t set all furnishings in a family room so they face a TV, since most potential buyers like the idea of an open-room milieu for socializing.
- Remove and replaced faded draperies, fabrics, and rugs, or leave windows and floors bare to avoid showing lack of attention, Thebault says. Slipcovers, which can cover worn furniture can also provide an affordable decorative feature, changed for each season, says Hugh Rovit, CEO ofSure Fit, a manufacturer and distributor of ready-made slipcovers and other accessories. The company’s slipcovers range from $49.99 to $149.99, based on fabric and treatment.
- Replace old, dated, or worn bedding. Before any showing, fluff up pillows and covers, and make all beds neatly. Affordable choices can be found at stores like Target and Web sites likeOverstock.com.
- Toss out old magazines. “You don’t want a People magazine from a year ago; it looks like nobody lives in the house or cares,” Thebault says.
- Check smells regularly. Besides getting rid of bad odors from pets and mildew, introduce nice fresh fragrances, but don’t go heavy on scents from candles. A light lavender or citrus spray is smart and inoffensive. Open windows before showings to bring in fresh air.
- Make rooms lighter and larger for showings with good lighting. Thebault prefers warm, cool colors rather than fluorescents. Additionally, 60-watt bulbs are a good choice, even though they’re not as energy-efficient.
- Go with plants rather than flowers indoors since they last longer, but either choice can add vivacity to a room.
- Pay attention to your bathrooms. Specifically, make sure you have freshly laundered towels, new soap in soap dishes, spotless mirrors, and no mildew in view.
- Be sure your house is priced competitively with the current market and homes in your area. In most regions, it’s still the No. 1 “fix” to sell quickly. Go a bit under the market price, and you may even bring forth multiple offers that are higher than expected, says Jill Epstein, a REALTOR® with Nourmand & Associates in the Los Angeles area.