Ins and Outs of Buying (or Selling) That New Home
Posted: Tuesday, July 07, 2009
by Sandra E. Graham
My Books and Articles
If you're in the market to buy (or sell) a new home, check out Craig's List. I'm not trying to advertise for this website, I'm just a frequent and very satisfied user. If I were writing a review for this website, it would be a glowing review. I'm hard pressed to understand just how Real Estate Brokers stay is business since the advent of the Internet and since the For-Sale-By-Owner technique seems to have become a global enterprise.
Buyers, be ever vigilant in your initial walk-thru and all visits thereafter, as quite often, the first viewing may over-whelm you with new and usually very decorative sights. And it is not uncommon for things to look a little different and not quite so perfect on return visits. Make sure that you are ready to accept any flaws (even small ones) that you find, or point them out to the owner as needing to be repaired or have an agreement that repair costs be covered by the owner.
Recently I placed my own home of twenty-two years on Craig's List and it sold the very next day for my asking price to the very first prospective buyer. Having not sold a home for many years and the housing market in such a slump, I expected it to be on the market for two or three years. Selling so quickly put me in a limited time frame to find another home that would fill my particular requirements. My first instinct was to use a realtor. I thought this might be the best way to find a home quickly. After the first three homes were a bitter disappointment (pictures can be very deceiving)-rotting wood doesn't always show up in photographs, nor does sinking roofs, or floors that feel spongy under new linoleum after a previous water leak-I went to Craig's List.
There I found a beautiful For-Sale-By-Owner at a price that was within my range, a beautiful neighborhood, and an ideal location for my needs. I made three trips to the house to make sure I didn't miss anything and plan to make a few more before the closing. I even took friends and family on different visits just to have several objective views. We all agreed that the kitchen alone was to die for, not withstanding the beautiful 27-foot stone fireplace that could (according to the man of the house) actually be climbed!
For the seller, let me make a few recommendations that may possibly hasten your sell:
- Put in all new water faucets (ie., kitchen and bathroom sinks and tubs).
- Paint rooms a neutral color so that repainting isn't an absolute necessity by the prospective buyer.
- Clear away unnecessary clutter.
- Replace flooring if possible (new tile, hardwood, and carpet works wonders).
- Make sure outside of house is free of clutter, lawn is mowed regularly, and any weeds are trimmed.
- Fresh paint on any wood trim and shutters.
- Check on your state's building codes--some states require a vent every 25 ft. in crawl space walls. And if you're remodeling and close off the only window to a bedroom, it is no longer considered a bedroom, which could (for example) reduce your home from a 3 bedroom to a 2 bedroom and cause your appraisal to lower considerably.
- Make sure your termite inspection sheet and contract are up-to-date.
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Top-level comments on this article: (2 total)Great Article Sandra and good luck in your new home!Iris S. TaubParkland, FloridaI am so excited about getting moved in that I am actually wishing my life away---I'm counting the minutes!Thanks for reading and commenting.Sandra
Dear Sandra,This is quite an amazing article for people like me. It really makes one sensible in buying or selling a home.Thanks, Raveendran. Hope it was helpful. Thanks for reading and commenting.Sandra
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