Light Bulb Moments for Buyers and Sellers:
- #1 Rule for Real Estate Investing -Buy the ugliest (cheapest) home on the nicest neighborhood you can find. Do not be distracted with new carpet and fresh paint on a Flip when there are 10 For Sale signs on the street. It will make the difference if you are laughing or crying when you go to sell.
- Sellers- "Housekeeping Pays." You better believe that Buyers see that dirt and clutter and start mentally reducing the price of the home....click click click. They are calculating their time & suffering as they picture themselves scrubbing and finding hair balls. It can add up to tens of thousands
- Sellers- Make sure you leave the home completely for showings and give the buyers some breathing room. Do not linger in the backyard and do not park across the street and sit in your car with binoculars!
- Buyers - If you are planning to get approved for a mortgage..... Keep a paper trail on your finances. Keep documentation or a ledger of major cash deposits, shuffling of funds from different accounts, file your tax returns. There will be a test at the end. Just Joking
- Buyers- Making multiple offers is not cheating! If you offer on 2 homes and get them both, you still have to bottom line the acceptance to solidify the binding contract. The likelihood of you getting both homes, (especially in the current trend of "LowBalling") is highly unlikely. Like winning the lotto while being struck by lightening.
- Buyers- 50 cent on the dollar offers on foreclosure properties are going in the trash. This is a huge nasty rumor that people are stealing these properties from the banks. Foreclosures are priced under market value to invoke a feeding frenzy and drive in competing offers, which in turn drive up the final sale price OVER asking!
- Sellers- Do not "over improve" your home for the neighborhood. You have to love where you live, but do not throw money into a home thinking you will get more for it than what the homes down the street are selling for. Sure your home is special but the sold comparables are what the appraiser is going to use to determine the value.