SHORT SALES: TOP 10 MYTHS DEBUNKED!

SHORT SALES: TOP 10 MYTHS DEBUNKED!
Myth #1: The homeowner must fall behind on mortgage payments in order to qualify for a short sale.
Debunked: Years ago this may have been true, but not in 2012.
• A financial hardship must exist, such as the ARM (Adjustable Rate Mortgage) increasing in monthly payments.
• Loss of job or income.
• Health or medical issues.
• Extraordinary loss in home value (which may be considered a hardship).

Check back tomorrow for myth #2.

Why isn’t your home selling?

Whether it’s a buyers market or a sellers market, there’s always a reason a home is NOT selling. There are three major elements to consider. 1. Location. 2. Condition. 3. Price. If any of these three major areas are neglected, the market value  or the resale value of your home may be in question and it will most likely be very difficult to sell your home.

Let’s take a closer look at each of these elements. When it comes to location here are just a few things that may make a difference. Does the home sit near an airport, freeway or railroad tracks. What is the crime rate in the area? Or does your home sit on a quiet tree lined street, close to parks, recreation, schools and shopping? It’s been said before and I’ll say it again … location, location, location.

What is the condition of the home? Is it the best house on the block or the worst? Are there many things to be fixed, updated or replaced? Do you have a unique style (that you love) but may not appeal to the masses? These things can be deal breakers. If your home is a “Fixer Upper“, the third element is crucial (Next paragraph). As a professional Realtor and Home Stager, I’ve found if you neutralize the home, most can then see the potential. Don’t be afraid to hire a staging professional to help you make your home looks its absolute best. Staging works! Whether you’re currently living in your home or if it’s empty … Staging works! At the very least, get a “Staging Consultation”. You never know if the potential buyer is looking for a home to fix up and “put their stamp on” or if they are looking for move in ready… either way, I believe you’ll find a Staging Consultation to be most beneficial.

Be sure your home comes on the market at the right price. It’s important to look at comparable homes in your area. Add value for upgrades or features in your home and decrease value for elements that are less desirable. It’s difficult for most to place a value on their own home; after all, you purchased this home because you loved it … someone else must feel the same way … right? This is where having a good Realtor comes into play. A good Realtor, like myself, understands what buyers are looking for and what they typically do not want to see and will price your home at its best current value.

I’ve only mentioned a few things that can make a difference in whether or not your home sells quickly or at all. Please note, homes typically get the most traffic from buyers when it’s first listed, so be sure you’ve addressed any location issues, made any necessary adjustments to the condition of the home and that you have priced the home to sell!

Jill Denton

Professional Realtor, Interior Designer and Stager. Consultations available.

Changing Spaces ~ Hometown GMAC Real Estate