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Getting Serious and Getting Ready

So….you’d like to sell your house? Great! Everyone’s doing it.  But this is your first time and you’ll be doing the sale yourself.  Nervous?  Of course!

The fact is, it’s only unnerving because you haven’t got a clue about the dynamics of selling a house – your house.  It’s the one asset you have where you’ve plunked down your lifetime savings.  Now you want it all back!  

That equity you were slowly building over these years will come back to you a hundredfold because you’ve thought about it long enough to realize that there is a handsome profit waiting to be made.  

Don’t worry!  This episode in your life doesn’t need to be a drama of horrors.  In this book, we’ve collected important tips for you – the first timer - all 101 of them, in fact.  

And when that check finally lands on your hands and the last box has been shipped out of your house to make way for the new owners, it will be exhilarating – more exhilarating than you’ve ever imagined it to be.

Study the tips.  Some you already know, no doubt.  But even with 101 or 1001 tips, you’d still need professional advice – you managed to eliminate the real estate agent, but you’ll still need your lawyer (or notary) and your accountant.  

You need to consult with other professionals as well – like the professional house inspector who can dish out valuable advice about repairs and maintenance.    

These tips can help you map out a selling strategy for your house, and when you turn the lock for the last time, you’ll come out of the experience wiser.  And yes, wealthier, too.

The confidence you gain by getting your feet wet the first time could – who knows? – make you want to do it the second time, and then a third time…and more!

Getting Serious and Getting Ready

Time to go “pro”

Earlier we provided tips on getting to know your house and going around inside and outside to see what needs to be improved.

Now it’s time to closely inspect your home for hidden defects. It’s time for a professional inspector. Get him to examine those details that can make or break a deal.

One is the electrical wiring. A fire caused by faulty wiring is serious business. Instead of enjoying the cash from the sale of your house, your hard-earned equity is going towards paying damages and lawyers’ fees.

The radon test?

Experts love to mention the radon test. If you run a radon test in your house, this is a huge plus in the eyes of buyers.

The longer the radon test, the more accurate are its results. High radon levels can be fixed.  Always do retests, and provide results to your buyers.

This isn’t a multiple choice test.

See to it that the professional inspector or home inspection company you hired provides you with a well written report.

The fill-in-the-blank forms and check boxes type of report may be accurate, but a written, detailed analysis looks better to buyers. It demonstrates to them that you’ve done your sacred duty as seller.

The well’s run dry.

Don’t overlook details that can jeopardize the sale or put you in an awkward position later.

If you have a well (most homes out in the far country still have wells!), have this inspected. If you have a written report, show this as well to the buyers.

What’s that smell?

If you have a septic system, have a percolation test performed. If repairs are necessary, you either repair them before you sell, or disclose them to the buyers. Don’t kill your chances of selling your house because of this detail.

Actually, now that you ask…

Show all repairs in a written report to all prospective buyers. This will eliminate unpleasant surprises later that might delay the sale. Disclosing all house defects and problems will help reduce the time or process leading to the final sale.

Non-disclosure can even cause a re-negotiation of the sale price if the buyers discover the defects themselves. If there is anything you don’t want, it’s being forced to re-negotiate the price down because of non-disclosure of a fact that you were legally required to disclose.

Show that you mean business!

When the professionals have done their inspections and all reports are in your possession, make copies. You’ll want to have as many copies of each report at arm’s length, so you’re not scampering around for them at the last minute.

Show buyers that you’re acting conscientiously and being considerate of their concerns. This will indicate clearly that you’re a serious seller – and a professional one. Make sure the dates are clearly visible on each and every report.

If I were buying this house…

After you’re satisfied that the professional inspectors did their job correctly, act like one. Take one, long last look.

Put on your eagle eyes, and ask yourself: if I were buying this house, what would I want done or repaired?

Is there an expert around?

In terms of repairs and fixes, follow the advice of Bill Effros: there are three categories of things you should fix:

• Legally required repairs;
• Little things that make a BIG difference;
• Big things that make a HUGE difference.

It’s the law, sir.

Fix house problems because the law requires you to. These are usually environmental in nature or hidden hazards that can cause health problems for the buyers and their children. Examples are lead paint and asbestos removal, and harmful insulation material.

You and I are different.

Little things that make a difference are those tasks or jobs that you’ve somehow delayed or never got around to doing.

Remember that what may be petty to you may not be petty at all to your prospective buyer. No two people think the same way. Selling and buying a house are two different perspectives, two different people, and two different mindsets.

Did you inherit these doorknobs from your grandmother?

Try not to overlook old doorknobs and plates on light switches. If they look lifeless and worn, replace them to liven up the living areas. Try to go for neutral designs.

If your buyers are young, upward mobile professionals, you could go for bolder designs. Make sure that whatever you put on, the buyers can take them off easily should they decide to do so.

That noise is driving me nuts!

Has that leaking faucet been bothering you lately? You can be sure that minor things like leaking faucets can make buyers hesitate.

Faucets that have been leaking for some time demonstrate a homeowner’s negligence regarding basic maintenance.

Is this door going to fall on me?

Does your house have doors that sag, don’t close properly, squeak or have a knob missing?

There are beautiful ready-made and custom-made doors in your local home centre, so why don’t you pay them a visit; get an idea of what kind of doors would breathe life into your house?

So, how many insects do you have here?

What about broken screens that have ugly-looking holes gaping at you and your visitors? A simple thing such as broken screens can be a huge turn off so show consideration for your buyers by taking care of these minor fix-its.

For you or the buyer?

Some experts say that little repairs that can potentially annoy you or your buyers must get fixed.

Getting small, minor jobs done will help increase your chances of selling your house.

But getting big things fixed, they say, will only mean profits for the contractor and buyer, not you. This is a matter of personal opinion.

If you take integrity and professionalism to heart, you can proceed with the big repairs and cough up the expense.

Hold your horses!

Here’s what some experts are also saying about undertaking major repairs. If it’s going to cost you an arm and a leg and substantially reduce the sale price of your home, think twice.

For example, your house costs $200.000.00 in the market. You’re thinking of selling it for $250,000.00 – to make a neat little profit of $50,000. Repairs will cost you $30,000.00 that reduces your profit by $20,000. Are the major repairs worth that measly profit?

Crunch some figures before you undertake those major renovations.

I wish you hadn’t done that…

Undertaking major renovations may come out of the goodness of your heart, but have you ever thought of looking at the other side of the coin?

What if the potential buyers don’t particularly like the renovations you’ve done, and would have preferred to renovate the house themselves?

When an individual goes out looking to buy a house, that individual is not just buying a physical piece of property but is also thinking of making his future house an extension of his personality and his lifestyle.

So if you’re thinking of renovating your house before selling to make it look more presentable, those good intentions may backfire. That’s why it’s always good to gauge a buyer’s plans about your house when he/she first makes contact.

Bring in a contractor.

Some people actually think it’s a good idea to bring in a contractor to have a look at their homes after the professional inspection.

Because they know their business inside out, some contractors specialize in preparing homes for sale, and can tell you what should be fixed and what should be left alone.

They can help you save precious dollars. Show them all of the inspection reports. With the contractor’s opinion and the home inspection reports in your possession, you should be able to decide what to fix and what not to fix.

About the Author

Jameson Lee pursues a career as a real estate investor in his early 20s and now became a full-time real estate entrepreneur in Canada. He founded the Outlaw Real Estate Coach Membership for real estate investors and home buyers. He is a real estate consultant, mortgage consultant, and an author. An investor in all types of properties himself. Jameson is the publisher a weekly newsletters, reports, and books that sent out to his 500+ members which provides tips, strategies, and wealth building ideas for real estate investors and home buyers. Jameson’s unique approach has made him an in-demand author, speaker, and real estate consultant. You can get a free video and guide of Jameson’s home seller system by visiting http://www.FREEHomeSellerGuide.com.
www.OutlawRealEstateCoach.com is center in Toronto, Ontario Canada.

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