Beverly Witt

Myrtle Beach and The Grand Strand, South Carolina

2008-07-23T16:33:00Z

South Grand Strand - Discover the Beauty

"While the Grand Strand stretches for nearly 60 miles from the North Carolina line to Georgetown, each area of the beach has developed its own personality, and the communities lying south of Myrtle beach are no exception! Through all are vibrant with activity, life is more relaxed on the South Strand".

Surfside Beach and Garden City Beach are both minutes from Myrtle Beach proper and were developed in the 1940’s and 50’s as “family beaches” lined with single-family cottages. Through change has come in the 50-plus years since, the two remain mostly family destinations, offering a taste of the way things used to be, with amusement parks, hot dog emporiums, arcades and fishing piers.

Beyond Garden City Beach is Murrells Inlet, a picturesque fishing village that proudly calls itself “The Seafood capitol of South Carolina.” Here you can take in the spectacular view of the marshes and inlet while enjoying a meal of freshly caught seafood. After dinner, stroll along the waterfront boardwalk, a community project designed to allow unparalleled access to the inlet’s beauty.

Rich in history as well, Murrells Inlet marks the northernmost end of the Waccamaw Neck, a narrow spit of land between the Waccamaw River and the Atlantic Ocean. The Waccamaw Neck was home to the antebellum rice plantations that once produced half the rice grown in the world!

Huntington Beach State Park and Brookgreen Gardens, just south of Murrells Inlet, are a must to see. The pristine beach and marshes at Huntington allow a look back at how the coast must have looked prior to the development. Rolling sand dunes covered with sea oats and other vegetation flank one of the widest and most beautiful beaches along the Strand. It’s a great place to view native wildlife, such as alligators and dozens of species of birds, and it’s also a super spot for shell hunting.

Huntington Beach exists in this near-natural state thanks to the foresight of Archer and Anna Huntington, creators of Brookgreen Gardens. Their winter home, Atalaya, is the centerpiece of the park.

Brookgreen Gardens, just across Highway 17, is well known for the world’s largest outdoor collection of American Figurative Sculpture, set among more than 2,000 species of native and nonnative plants. With native wildlife, historical and cultural exhibits, and tours and excursions, Brookgreen is worthy of several days’ visits.

Litchfield Beach’s natural beauty has been enhanced by careful development and landscaping and is the perfect alternative for those seeking a quiet getaway.

With name recognition built primarily on rope hammocks, Pawleys Island has much more to offer than a gentle swing in the breeze. This little barrier island, once the summer home for area rice planters, wears the phrase “arrogantly shabby” like a badge of honor. Several homes and inns on the island date to the 1800’s.

The South Strand is also the site of some spectacular golf courses including Wachesaw, True Blue and Caledonia, all built on and named for former plantations.

Take a drive south and discover all the South Strand has to offer!

The Grand Strand, South Carolina

2008-07-23T15:08:00Z

South Grand Strand - Discover the Beauty

Litchfield Beach’s natural beauty has been enhanced by careful development and landscaping and is the perfect alternative for those seeking a quiet getaway.

The South Strand is also the site of some spectacular golf courses including Wachesaw, True Blue and Caledonia, all built on and named for former plantations.

Take a drive south and discover all the South Strand has to offer!

Which Real Estate Company Is The Best?

2008-07-15T16:21:00Z

There is a trend in Myrtle Beach that isn't getting much attention yet. More local Realtors are getting brokers licenses and starting there own companies. Consumers don't really understand how real estate companies work. We are not employed by them, we are independent contractors. We pay for all the advertising and no one pays us to show houses or to sit in open houses. The real estate companies do not list the homes, nor do they sell them. The agents who have gone out on their own just have more paperwork and have to pay more for E&O insurance. They still do the same job that they did before.

I still hear consumers say things like XYZ company sold the house down the street. They don't understand how it works. It could be that the for sale sign had the XYZ logo on it but the home was listed by a Realtor, an independent contractor, and there is a huge chance that it was an agent from another company that sold the home, but that selling agent and company logo will never appear on the sign.

The real estate companies that have the most signs out there are the companies that have the most agents. It works that way because it is the agents who sell real estate. The companies with the biggest market share are also the companies with the most agents. Real estate companies increase their sales and market share by bringing on more agents.

Seniors seem to be the most brand conscious. They often choose a real estate company when they should be choosing the best agent. One of the best ways to find a great agent if you don't have one already is to ask family, friends and co-workers for a recommendation. Chances are if they were happy with the agent you will be to.

It really doesn't matter which company an agent is with. It is the agent that works directly on the sale of the home or with the buyers. It really does matter which agent you choose.

We Try to confuse you

2008-07-15T15:57:00Z

Home buyers are never confused, I was just making that up. I got an email last week from a buyer asking why the home that they would like to make an offer on is listed on several different web sites at different prices. Great question!

First of all the local Realtor and Real Estate company web sites are the best and most accurate source of listings, and fresh data. The listings are fed to these sites from the MLS and the information is updated a couple of times an hour. The home search button on this blog goes to such a site.

The national web sites are often designed to get home buyers to sign up so that some third party can charge a Realtor a fee to get the buyer's name. The buyer becomes a lead, we call these lead aggregation sites. They use our listings to sell buyers back to us. Other national sites are designed to sell ads to Realtors, or the real estate industry, or to related industries. These sites are able to get some of the listings but not all of them. I personally do not have control over which national web sites pick up my listings, and it is in my seller's best interest to have them on as many sites as possible.

Some of the national web sites require agents to feed data to them manually. Some agents use these sites, others do not. Some of us occasionally forget to update information on the site. When I change the price on one of my listings there are 10 places that I have to change the price. A messy cumbersome, almost unwieldy system. I use a check list for every price change and the process of getting the information out there takes at least an hour. Could I make a mistake and miss a site? Yes, I can and I have. Why are my listings on so many sites? That is what my sellers want, and is what is in their best interest.

As far as I know there isn't any rule that says home search web sites have to have accurate data on them. This statement is going to come as a shock to some but just because information can be found on the Internet doesn't mean that it is true.

Price Reduced on 101-418 Mahogany Drive in Marcliffe West at Blackmoor

2008-07-11T22:08:00Z

Marcliffe West at Blackmoor, Murrells Inlet - Horry County - Announcing a price reduction on 101-418 Mahogany Drive, a 2,100 sq. ft., 2 bath, 3 bdrm townhouse "One Story Paired Ranch". Now MLS® - Reduced To Sell!.

Property information

“How To Sell Your Home Yourself, For The Highest Possible Price, And Avoid Paying A Big Commission!”

2008-06-22T16:02:00Z

Like thousands of other homeowners, you want to sell your house. Except unlike most of them, you want to sell it yourself, without the use of a real estate agent.

Why? Probably because you want to save the commissions.

Sure! Why not. I can’t blame you one bit. The thought of saving thousands of dollars certainly is appealing.

I’m not like most real estate agents who will try to convince you that selling your home yourself is silly. In fact, if you are willing to learn the process, and invest the time and money to do it, you can sell your home yourself, and save thousands of dollars in real estate agent’s commissions.

THIS REPORT WILL SHOW YOU HOW, STEP BY STEP!

The techniques and suggestions in this report are not just some random ideas thrown together. They have been tested and proven over many years and thousands of successful sales.

This report is organized, and right to the point. Everything you need to know is here, but there’s not much fluff thrown in that would waste your time. (You’ll need every minute to work on the sale!)

Hey, wait a minute, why in the world would a real estate agent want to show me how to sell my home myself?

It does seem a bit odd, but there is a perfectly logical explanation.

I mentioned before that I am not like most other agents you’ll meet. I know that what goes around comes around.

I will do everything I can to assist you so that you can achieve your goal of selling your home yourself, and there is absolutely no obligation.

Here is the reason why:

The facts are that nearly 90% of all the people that put their home up for sale by themselves eventually end up listing with an agent.

If your situation changes and you decide to list with an agent, I hope that you will allow me to show you my marketing plans and that you will at least consider me for the job.

If you are successful selling your home yourself (and your chances are excellent with the tips in my report), experience has proven to me that you may remember the help that I provided and give my name to others who might need my services.

No matter what happens though, it’s okay with me. I know that in the long run If I help enough people to get what they want, I will get what I want…which is to make a good living providing top-notch service to my clients.

So, there you have it, pure and simple.

Now, let’s move on to the real task at hand…getting your home sold!

You can sell your home yourself, without listing it with a real estate agent.

Lots of work needs to be done, which means that you need to do the work of the agent. If you’re willing to put in the effort and learn the process that top agents use, your chances of success will increase greatly.

First off, you need to adopt a business attitude about the entire situation. Homeowners are often quite emotional about their homes, and it can prevent them from making rational decisions when selling.

They reminisce about all of the holiday get togethers, back yard barbecues, and how the family grew together in the home.

Potential buyers are not interested in, nor affected by, your emotional attachments to your home.

Potential buyers are not looking to buy your home; they are looking to buy a house that they can make into their home.

You must put your emotions aside and realize that you are going to have to make a dollars and cents business transaction.

Studies have shown that home sellers want three main things:

If you are like most sellers, you probably want the same things. Only since you are selling it yourself, you are willing to give up some on number three, because you are going to have to take on the work that a real estate agent would normally do.

Yes, that’s right.

YOU MUST DO THE JOB OF THE REAL ESTATE AGENT!

It can be a very overwhelming task, so the best way to tackle it is to learn and understand the six-step home selling process:

1. Understanding Market Conditions And Pricing Your Home

2. Calculating Your Bottom Line

3. Preparing Your Home For Sale

4. Marketing and Showing Your Home

5. Negotiation And Contract

6. Closing And Moving

Let’s get right to it and examine the six steps in closer detail.

Step 1 – Understanding Market Conditions And Pricing Your Home

This is far the most important, yet most often misunderstood step.

Failure to understand the market and properly price your home is the single biggest factor that will cause it to NOT SELL for top dollar and set unsold for months on end!

To make sure that this doesn’t happen to you, you must first focus on two main areas:

1. CURRENT MARKET CONDITIONS

2. YOUR TIME REQUIREMENTS

Let’s look at how current market conditions can affect selling and pricing.

Suppose that there were very few homes on the market for sale, and a large number of eager buyers. What would that do to prices?

That’s right, prices would go up. This is referred to as a seller’s market.

Conversely, if there were very few buyers and lots of eager sellers, what would that do to prices?

Sure, prices would go down. That would be a buyer’s market.

It is the basic laws of supply and demand.

Of course, that is a very simple example. Your local market may be at one of the extremes, or anywhere in between. You must consider things like interest rates, new home sales, and local economic factors such as large businesses opening or closing, etc.

To properly analyze your current market conditions, you will need to research homes currently available, under contract, and recently sold in your area.

There are several ways to get information on homes that have sold.

The first way is to do the research yourself. The sales prices of homes that have sold and closed is public record, so you can go to your county or city records office and dig for all of the information. I don’t know exactly how long it would take, but don’t make any other plans that day!

Many title companies will provide you with data on sold homes. Most will do this for free, to entice you to use them for your title insurance policy.

To get the most complete information, give me a call. With the click of a few buttons on my computer, I can have a complete computerized market analysis of your area (including available, under contract, and closed homes, average price per square foot, average days on market, etc.) printed out in a matter of minutes.

I will be happy to bring it over for you, with absolutely no obligation, sales pitch, or pressure to list.

Once you have the market information on homes in your area, take some time and drive around the area, stopping in front of the homes on your list. Make notes about the appearance and other details of the homes.

If any of the available homes are having an open house, take a look inside. Be up front with the owner or agent, and tell them, “We live in the area and are planning to sell our home ourselves. Do you mind if we take a quick look?”

This driving around is an important step, because it gets you more familiar with the market, and will help you make a more objective decision on pricing your home.

Next, sit down at the table and review the data and make honest, unbiased comparisons based on criteria such as:

Ø Size

Ø Age

Ø Bedrooms

Ø Bathrooms

Ø Pool/Spa

Ø Basement

Ø Garage

Ø View

Ø Lot Size

Ø Other Features and Upgrades

Start by taking a brief look at the homes that are currently available for sale. The purpose of looking at the availables is to get a feel for what other people in your area are asking, NOT to necessarily use the information to base your price on.

A seller can ask any price for his home, regardless of what it is really worth. Many of the available homes are priced in “dreamland”. These prices DO NOT reflect the realities of the market. In fact, professional appraisers cannot use available prices at all when appraising a home, only closed sales within the past six months.

Now, move on to the pending and closed sales. This is the real bottom line, where the “rubber meets the road”. It is the hard reality – what buyers were willing to pay and what sellers were willing to sell for in a free, open market.

Study the closed sales. The first thing you may discover is that the actual sales price of the neighbor’s home that sold two months ago is less than what they told you when you saw them out in the driveway. Imagine that!

Identify the homes that are similar to yours, ones that are nearly the same size, style, etc. Then look for items that are different like a remodeled kitchen, pool, fireplace, etc. and make adjustments.

DO NOT make the mistake of thinking that maintenance items can be considered as improvements that increase value. Things such as a new roof or new heating/cooling unit are really maintenance items.

While these items may make your home sell faster, they typically do not add much to the potential asking price of the home. After all, a buyer will expect a home to have a roof that doesn’t leak and a properly functioning heating/cooling unit.

For example, let’s say that there are four homes like yours that have recently sold, priced at $166,500, $169,900, $179,000, and $183,900. The home at $183,900 has some extra features that yours doesn’t, but yours is superior to the one that sold for $166,500. Overall, the two other homes are pretty close to yours.

This gives you a current price range of $169,900 to $179,000. Now all you have to do is pick a price within this range!

Once you determine the proper price range for your home, how quickly you want to sell will dictate whether you price at the lower or higher ends of the price range.

This is where your own time requirements come into play.

Your own personal situation will have some effect on the price you ask for your home. It is easy to see that if you needed to sell your home within four days, you would have to price it lower than if you had four months to sell it.

If you were not in a major rush, but still wanted a sale in a reasonable amount of time, you might decide on an asking price of $175,000.

If you are still having difficulty determining the proper price for your home, you can call me for assistance (no obligation, of course), or hire a fee appraiser which you can find listed in the phone book.

It is natural for very homeowner to have a certain “pride of ownership” and to think that their home should be worth more than the one down the street. This is where you must be objective, and try to take your emotional attachments to your home out of the situation.

You must be reasonable. Unless you are in a total seller’s market, if you price your home too high, IT WILL NOT SELL! It will set on the market for months on end, getting the reputation of a “problem property”.

People will assume that since the home has not sold, there must be something wrong with it. They will start to avoid it like the plague!

Even if you then drop the price, the damage is already done…the stigma is there, and you may need to drop the price even further to entice skeptical buyers.

DO NOT FALL INTO THIS TRAP!

Improper pricing is the single biggest mistake that sellers make. Don’t let this happen to you. Make sure that you set a reasonable price for your home right from the start.

Step 2 – Calculating Your Bottom Line

Once you have determined a fair market price for your home, you can calculate your bottom line. This is the amount that you will net (get a check for) after paying all of the expenses associated with selling a home.

Remember, by selling your home yourself, the only cost you avoid is the real estate agent’s commission. You will still have to pay all of the other closing costs, just like any other seller.

Closing costs vary from area to area and also depend on how each individual contract is structured. The following are items that you may need to deduct from your sales price to determine your net proceeds:

Ø Mortgages or Loans – Any first, second, etc. loans, or mortgages. Also any liens that occurred if you used your home as collateral. Call or write your lender and ask for the amount to pay the loan in full (often not the same as the principal balance).

Ø Loan Discount Points – In many areas it is customary for the seller to pay points on the buyer’s loan. This is negotiable, except on certain government loans. One point is equal to one percent of the loan amount (not sales price). For example, if the sales price was $175,000, and the buyer put a 10 percent down payment of $17,500, the loan amount would be $157,500. One discount point would be $1,575; two points $3,150, etc.

Ø Prorated Interest - Mortgage interest is generally charged in arrears. This means that when you make your July payment, you are actually paying interest for June. So if your home sale closes on July 26^th, you will still owe interest for 26 days even though you already made your payment on July 1^st.

Ø Buyer’s Closing Costs – Many buyers will ask the seller to pay part or all of their closing costs. On some government loans it is required by law that the seller pays them. These costs can include, but are not limited to: loan application fees, credit report, loan origination fee (usually one percent of the loan amount), loan discount points, title, escrow, attorney fees, funding fees, tax service, mortgage insurance premiums, and impounds for taxes, insurance, and interest.

Ø Attorney Fees/Escrow Fees - Escrow companies or attorneys are disinterested third parties that hold funds, handle paperwork, and make sure that all necessary conditions are met before releasing money or transferring title.

Ø Transfer Taxes/Charges – Transfer fees are often charged by state or local governments as a way to increase revenue. They vary widely, and are often based on a percentage of the sales price.

Ø Appraisal Fees – If the buyer is obtaining new financing for the purchase, the lender will require a professional appraisal on the house. This is another negotiable item, but is often paid by the seller in some areas.

Ø Termite Inspections – Required on some government loans, and requested by many buyers.

Ø Structural/General Inspections – Professional, independent inspection services, are required by law in some areas and often requested by buyers to make them more confident about the purchase.

Ø Title Insurance Fees – Title insurance protects the buyer and lender against issues of improper ownership or transfer. The title insurance company will research the title to make sure there are no liens, judgments, or clouds on the title that would affect the ownership rights.

Ø Homeowner Association Fees – If the area has an HOA, chances are that there will be a fee to transfer from one owner to the next.

Ø Prepayment Penalties – Many private and some conventional loans have specific monetary penalties if the loan is paid off prior to a certain date.

Ø Reconveyance Fees – This fee may be charged by an attorney or escrow company to clear off the lien on the title when your existing loan is paid off at closing.

Ø Failure To Notify Penalties – Some government lenders can charge one extra month interest if you fail to notify them at least 30 days in advance of your intent to pay off the loan.

Ø Assumption Fees – Loans that are being assumed by the buyer often have an assumption fee charged by the lender.

Ø Home Warranty Coverage – Depending on the plan, a home warranty covers items in the house (plumbing, electrical, appliances, etc.) for a period of usually one year.

For a list of specific charges, you can contact a title/escrow office, mortgage lender, or a real estate attorney.

After completing the first two steps in the process it is entirely possible that you may decide not to sell after all. Perhaps the market values are not what you had thought, and you won’t be able to net enough money on the sale to be able to accomplish your next goal.

The important thing is to accept the realities of the market. If the timing isn’t right for you, it isn’t right!

Step 3- Preparing Your Home For Sale

Properly preparing your home for sale can make the difference between a quick sale at full price, and a home that sets unsold for months…even after several price reductions.

The first order of business is to forget your emotional attachment to your home and look at it through the eyes of a potential buyer. Be impartial, and recognize the weaknesses of your home.

How does it stack up?

Remember, potential buyers are going to be viewing lots of other homes, and if yours doesn’t stand out, it will be much more difficult to sell.

Buyers buy what they see. If what they see is dirty, messy, and worn looking, you don’t stand a chance.

It’s just like if you were going to sell your car. The first thing you would do is clean and “detail” the car inside and out. Your house is no different.

With a mental picture of a model home in your mind, make an “attack list” of items to be completed on your home. It may be a short or long list, depending on the condition of your home, but keep in mind that all your efforts now will pay off big on closing day.

The objective is to make your home appear well maintained, spacious, organized and clean. Many factors such as how light it is, the colors, sounds and smell subtly effect the buyer’s impression of your home.

Start by walking out to the middle of the street and take a good, focused look at the overall appearance of the exterior of your home. Good “curb appeal’ will make the critical proper first impression. Remember, if a home is unattractive from the outside, buyers won’t bother to see the inside!

This means well groomed, healthy looking lawn, trees, shrubs, and flower beds.

Check your driveway and clean any oil stains with cleaning solutions, and move any old vehicles, trailers, or boats off the premises to a storage facility.

Replace or repair any loose or missing roof shingles or tiles.

If needed, replace or repaint the mailbox.

Your front door is a focal point for potential buyers. Make sure it is scrubbed clean or completely refinished if necessary.

Fix any broken windows or screens.

Completely repainting the exterior of your home may be necessary if it is peeling or blistering, but often simply doing the trim, window sashes, shutters, and garage door is sufficient.

Remove any political or other signs.

Now do the same to the side and rear yards. Remove all debris, junk, and clutter. Clean and neatly arrange any lawn furniture, barbecues, etc.

Next move to the inside of your home.

Begin with a complete, top to bottom, military-style scrubbing of every room, nook and cranny. Be especially diligent in the kitchen and bathrooms, which should pass the white glove test. Clean houses sell!

Attack the garage and basement, if you have them. Now is the time to get rid of any old junk, and clean and organize everything else.

If the interior hasn’t been painted in several years, you should probably go ahead and do it. A fresh coast of white or off-white paint will make the place look bigger and lighter, and give it a “new” smell. It doesn’t cost that much, and makes a big difference in a buyer’s perception. If not, do a thorough job of touch-up painting.

Have the carpet cleaned. If it is worn, replace it. This is a fairly big cost, but it makes a hugh difference in how the home shows. You should more than make up for the expense with a faster sale at a higher price.

Install the highest intensity bulbs allowable in all the light fixtures. This will make the rooms appear larger, brighter, and more cheerful.

Clean all windows and curtains/blinds.

Clean out the closets to make them look bigger. Store out of season clothes elsewhere and neatly arrange what’s left.

Too much clutter will make a home feel small and disorganized. Move out excess furniture, especially worn or outdated items, and take down pictures that hide the walls. Clean off the magnets from the refrigerator, and box up any other clutter-causing knick knacks.

Clean all the heating/cooling system vents, and replace the filters.

Fix or replace all of the little things that you have been meaning to get to. Make sure that everything is working properly (toilets, appliances, doorbell, etc.)

If you have lived in your home for a while, by the time you finish with your attack list you will probably have truckloads of stuff to sell, give away to charity, or take to the dump. Your motto should be: “If in doubt, move it out!”

Consider having a hugh garage sale. Not only will you reduce the clutter in your home, but you can use the proceeds to pay for some of your touch-ups and repairs. Plus, movers charge by the pound, so you’ll save there too!

Make sure that your cars are clean as well. It all adds to the impression that you are people that take good care of your things.

If you smoke, DO NOT SMOKE IN THE HOUSE! A smoky smelling house turns buyers off faster than nuclear waste, even buyers who themselves smoke!

If you have smoked in the house much, you will probably need to paint the interior, and have the carpets, drapes, and furniture deep cleaned.

This brings us to pets. While household pets may be nice for everyday living, they are one of your worst enemies when it’s time to sell.

If you have pets, you’ll have pet odors, whether you notice them or not. About 25 percent of prospective buyers will not consider a home with pets in it – either because they have allergies, or simply think it is dirty. Plus, a dog barking, sniffing, and scratching hardly makes a potential buyer feel relaxed and comfortable.

If at all possible, see if a neighbor, friend, or relative will take the animal until the home is sold. I know you may be quite attached to your pet and this may be a touchy subject, but it’s up to you if you want a sale for top dollar.

It can be a lot of work, but it will be worth it. Clean, organized, clutter-free homes are always the first to sell!

Step 4 – Marketing And Showing Your Home

Now that your home is ready, it’s time to find some interested buyers to show it to. The effort required to attract potential purchasers depends on the current market conditions in your area.

If you are in the midst of a sellers’ market where there is a shortage of homes for sale, simply throwing a FOR SALE sign out in the yard can produce a frenzy of activity.

Unfortunately, most markets are nowhere near that good, so you better plan on putting in some long hours. You are competing with all of the other homes for sale, and the competition is often fierce.

The first step in your marketing plan is to put up a for sale sign in the front yard. Before you run down to the corner drug store, keep in mind that a cheap, flimsy looking sign does not convey the quality image that you want. Invest some money in a nice looking, quality sign that will last longer than the first rain storm.

If should be at least as nice as the ones that the real estate agents use. Call some sign painters and get some bids.

Next, put together a professional looking brochure that communicates all of the features and benefits of your home. Include a nice picture of your home and touch on such items as proximity to schools, shopping, major transportation routes, major employers, and recreation areas.

Also cover neighborhood amenities, age, appearance, condition, bedrooms, bathrooms, type and style, landscaping, garage, kitchen, family room, laundry, pool/spa, basement, etc.

Don’t forget financial information such as the price, down payment, monthly payment, year round utility expenses, property taxes, what items are included in the sale (such as appliances, shelving, etc.) and of course, directions to the house along with your name, address, and phone number.

A representative from a local mortgage company should be willing to provide you with all of the information you’ll need regarding loan programs, down payments, interest rates, monthly payments, etc.

With personal computers, desktop publishing is much easier than ever before. If you have access to a computer, you should be able to put together a nice looking brochure if you take your time and think it through. Please…no junky looking flyers!

If you can’t do it yourself, sketch out a rough draft by hand and take it along with a picture of your home to a quick print shop. They should be able to fix you up fairly inexpensively.

Once you have your brochures, you need to have a weatherproof information box to put them in next to (or attached to) the yard sign. The box should read: FREE INFO – PLEASE TAKE ONE. Monitor the box and keep it full.

Also pass out the brochure to all of your friends and neighbors, pass them out at area businesses, drop some off at the relocation office of any large employers in the area, and put them up on bulletin boards wherever possible.

Now write a good, enthusiastic sounding ad to run in the newspaper. Try to make your ad stand out from the others. It is important to have an attention-getting HEADLINE such as:

“MOVING TO TEXAS” “OUR LOSS, YOUR GAIN”

“DIVORCE FORCES SALE” “YOU WON’T BELIEVE THIS”

“MUST SELL QUICK” “WALK TO SCHOOL”

“ENJOY PRIVACY” “SPACIOUS HOME NEEDS LOVING FAMILY”

Test different ads and see what the responses are. You can try running a different ad each week, or a different one in separate publications.

Focus on the benefits of your home. Don’t write a boring ad that sounds like all the others and will get lost in the crowd. Stress items such as views, quiet street, landscaping, master bedroom, kitchen, and family room.

The whole purpose of the ad is to get your phone to ring.

THIS MEANS THAT SOMEONE NEEDS TO ANSWER IT!

The biggest complaint that buyers have with for sale by owners (FSBOs) is that no one answers the phone when they call; or they get a child or babysitter that is not prepared to handle the call properly.

You are competing against professionals. You need to be home, or utilize a cellular phone, call forwarding, or pager. If a buyer can’t get through to you, they often just go to the next ad or call a real estate agent.

Keep a copy of your brochure next to the phone, it can help you stay organized and not miss any features when callers inquire. If callers don’t want to set an appointment yet, offer to mail them a brochure.

Also keep a call log handy, so you will know how many calls you are getting from which ads, and to keep track of names and phone numbers.

Look into all possible avenues to market your home. Your area may have a For Sale By Owner (FSBO) magazine, or cable TV program, etc.

An open house can help get your home exposed to the market. Get some directional open house signs and place them at corners leading to your home from major streets, and one in front of your house. Make sure to check local regulations before placing signs.

You also may want to run an advertisement in the newspaper; many have separate open house sections.

I am now going to suggest an option that can add a large amount of exposure to your home and still save you half of the normal commission you would pay an agent.

Before you have a heart attack, I am not talking about listing your home with an agent. You do not have to use this option, but in most markets it makes a lot of sense.

On your sign and in all of your ads, insert the words “Agents Welcome”. When agents call, tell them that you are NOT listing with an agent, but that you will be happy to pay them a three percent commission –or more - if they bring you a buyer that successfully buys your home.

The commission is about the same as an agent would make if they sold another agent’s listing, and a majority of homes are sold by an agent other than the listing agent.

This option can generate a lot of additional interest in your home. If an agent does end up selling it, not only will you still save a substantial amount compared to a full commission, but you will have professional assistance along the way as well.

Once you have attracted interested buyers, it’s time to show your home. This is where all of your time and effort in preparing your home will really pay off!

Before you set an appointment, make sure that the buyer is looking for what you have. If they need six bedrooms and you only have three, they probably won’t be serious about your home.

Also take a few minutes to politely “qualify” the buyer by asking questions about how long they have been on the job, do they on a home currently, have they been pre-approved for a loan by a lender, and for how much, etc.

You don’t want to waste your time showing your home to prospects who can’t afford to buy it!

Also, a few words of caution. People are not always who they seem, and you can never be too careful. One look at the newspaper or evening news is proof enough.

It is recommended that you ask for identification and the license number of their car prior to letting strangers into your home. Serious buyers won’t mind, especially when you cheerfully tell them that it is simply a security precaution that was recommended to you.

Stash all small valuables and prescription medications out of sight. Even though you will try to stay with the buyers as they tour your home, you never can watch them completely.

It is probably a wise idea for women to avoid showing the home without someone else present. This is not intended to be sexist, just cautious. You decide for yourself.

Okay, It’s Show Time!

To get the most out of every showing, there are certain procedures you should follow, both prior to the buyer’s arrival and after they come in.

Shortly before the appointment, open all of the drapes and blinds and turn on all the lights, even in the daytime. Turn off the TV and put some soft music on low volume. Set the thermostats so that it is not too hot or cold. If you have children, send them to a friend, or put them on their best behavior.

If you still have pets in the house, get them out and freshen the air. Make sure all of the beds are made and do a quick pick-up throughout.

When the buyers arrive, your home should sell itself. Be friendly and cheerful, and try to make them feel comfortable. Hand them your brochure and take them on a tour of the property.

Show the most appealing parts of your home first. Casually point out all of the features and benefits of your home, but don’t oversell or say obvious things like “this is the kitchen”.

If they are not interested, they will probably politely thank you and head for the door. Don’t take it personally, the layout or something else about the house probably just doesn’t fit their personal needs.

If the buyers are interested, you will know it. They will stay longer, and ask lots of questions.

If they show serious interest, don’t be afraid to suggest that they buy it!

It’s time to get a signed contract!

Step 5 – Negotiation And Contract

Being familiar with the market conditions and knowing your personal motivation to sell will guide you in the negotiations.

Get a standard real estate purchase contract and make sure that you are completely familiar with it and how to fill it out. Review it with a real estate attorney if you are not comfortable.

Generally, the buyer will present you with an offer for you to consider. In most states, only written contracts for the purchase of real estate are enforceable, so make sure it is in writing, not merely verbal.

The buyer may not have the proper forms, so always make sure to have several contracts ready to go.

Starting negotiations face to face with the buyer with both of you staring at a blank page can be a bit awkward, but just keep your objectives in mind and forge ahead. Politely but firmly take control of the situation.

This is where things can get a little sticky, and you will need to have done your homework. Having a contract that is not worded properly can put you into a real hornet’s nest.

Make sure to spell out every little detail in the contract. A misunderstanding (honest or otherwise), could end up costing you thousands of dollars or even tying your home up for months.

When you are presented with an offer from a buyer, you have three basic options:

1. Accept the offer

2. Reject the offer

3. Make a counter offer

Here are some items that you should consider when structuring an offer or deciding how to respond to an offer that is presented to you:

Ø Price

Ø Down payment

Ø Earnest money deposit (minimum two percent of sales price)

Ø Is the buyer pre-approved

Ø Is the interest rate they want available

Ø Closing/possession dates

Ø Prorations

Ø Loan discount points – who pays

Ø Closing costs – who pays what

Ø Appraisal – who pays

Ø Home protection plan – who pays

Ø Inspections – what type and who pays

Ø Items included (washer/dryer, refrigerator, etc.)

Ø Title/escrow company/attorney

Ø Contingencies – what and how long

Contingencies may seem like a minor issue, but they can be a major stumbling block. A contingency means that something else must happen in order for the deal to go through.

A purchase may be contingent on the buyer getting approved for financing, selling the home that they already own, getting a favorable inspection report, or any number of other things.

Make the contingencies as specific as possible, and spell out exactly what will happen if the contingency is or isn’t met. Also try to make them self-canceling. For example: “If buyer does not object in writing within 14 days from acceptance of this offer, contingency shall be considered removed.”

Spending some extra time to make sure that the contract is “clean” can save you enormous headaches down the road.

Once you have a contract mutually agreed upon and signed by all parties, take it with the buyer’s earnest deposit to an escrow company or real estate attorney.

Step 6 – Closing And Moving

You are on the home stretch, almost there. Now is not the time to get lazy or drop the ball.

Once all of the terms and conditions of the contract are agreed upon by you and the buyer, you will really need to stay on top of things on a daily basis. There are at least a hundred things that can go wrong and foul up the sale.

You will probably be dealing with a mortgage company, title company, escrow company or attorney, appraiser, and inspector, among others. Make certain that the buyer’s deposit check clears the bank, that their credit report and other financial information is okay, and that all deadlines and contingencies are met.

Make darn sure that everything is in order BEFORE you start loading things into the moving truck. You don’t want to have to put the house back on the market after you have moved out! Plus, once you move out, the buyer has a lot more leverage to get you to alter the contract in his favor.

Don’t forget the little details like transferring the utilities out of your name, and change of address for U.S. mail and newspapers.

There you have it. If you have taken the time and energy to handle your sale properly, you will be rewarded with a nice proceeds check from the escrow company or attorney’s office!

I hope you have found this report to be a valuable source of information to aid you in selling your home yourself. If you follow the tips and recommendations outlined here, you will be way ahead of most others attempting to sell their homes.

Every home sale is unique, so if you have any questions that I can help you with, please don’t hesitate to call me. As I mentioned before, I am not like most other agents!

Any time you call me you can count on knowledgeable assistance without any obligation, pressure, gimmicks, or sales pitch.

Good luck and happy selling.

Beverly Witt

843-421-2472

Drive By

2008-06-09T12:00:00Z

I work with home buyers but I work with sellers too. Part of my job as a listing agent is to make homes look as attractive as possible on the internet and in the marketing materials.

I spend a significant amount of time taking interior and exterior shots from just the right angles to make them as appealing as possible, it is my job. I emphasize anything about the home that I think will make it attractive to buyers.

When I work with buyers, sometimes we drive up to a home that they asked to see and they are disappointed. They say that it doesn't look the same when they see it as it did on the internet. It is a good idea to drive by homes before making appointments to see them. The drive by gives buyers a chance to see what is next door, and a cross the street. Peeling paint and roofs that need repair become obvious too. Those types of problems don't always show up in photos and most agents don't go out of their way to highlight anything about a home that does not look appealing.

Anyone purchasing a home will need to see it first. They do look different during a tour than they did on the internet. Some homes look better than how they are portrayed in the marketing materials. It takes some practice to look at listings on the internet and try to decide if they are worth seeing.

Driving or walking past a home is also a great way to get a feel for what the neighborhood is like. The internet is a wonderful tool but is still not as good as seeing the homes. I like to use it as a screening tool to figure out which properties are not worth looking at.

Short Sales, What's The Hype?

2008-05-27T20:42:00Z

Short sales have been in the local news again with a lot of hype. A short sale is when a bank will except less than what is owed on the home as full payment. Home owners sell their homes after reaching an agreement with the bank, thus avoiding foreclosure. A short sale will hurt the borrowers credit rating just like a foreclosure will.

Short sales are the hardest kind of deal to work out. There are bank employees in far away states with 300 offers on properties located all over the country to plow through. What that means for buyers is that they may have to wait months when they make an offer before they get an answer.

It is fairly common for people to owe more on their homes than they are worth. I had a situation this spring where the seller paid too much for the home to begin with, and then it went down in value. The bank did accept a payment of less than what was owed on the home but it wasn't necessarily a bargain for the buyer who went through extra hoops to buy a home at about the market value. He was attracted to the listing when he heard from neighbors that it was a short sale.

There is a lot of hype about buying both short sale homes and foreclosures and most of it is just hype. Yes there are bargains to be found, but how and why a home is being sold, is not what makes it a bargain. The homes that have been foreclosed on with the rock bottom pricesmay require thousands of dollars in repairs and code compliance. It is not unusual for a 50K home to require 100K in repairs and when it is all done, the market value may only be 140K.

With short sales buyers should keep in mind that there is a difference between what is owed on a home and how much the home is worth. Just because the bank will accept less than the loan amount as a payoff on the loan does not mean that the bank is accepting less than the home is actually worth.

The best bargains I am seeing these days are on the homes where the sellers have equity and are motivated to sell. I can look at information on over-priced homes and see that they were often purchased in 2004 or 2005. The sellers paid top dollar for them and now they need to get their money back so they can move on. The homes that are priced right are often owned by people who have been in them for ten or more years. These sellers have equity and tend to be a bit more reasonable when they set a price.

The best way to determine the value of a home is by comparing it with other homes in the immediate area that have sold recently and are similar to the subject home. Who owns the home and how it is being sold has never been a valid way to determine if it is a bargain.

What Is A Pre-Approval Letter Worth?

2008-05-23T20:44:00Z

Is a Pre-Approval Letter Worth Much?

The first step for home buyers is to meet with a lender. The purpose of meeting with a lender is to find out how much money can be borrowed to purchase a home, and to receive that all important pre-approval letter.

Most of us will not let our sellers entertain any offers that are not accompanied by a pre-approval letter. When I get a letter from a lender with an offer on one of my listings, I call the lender and ask some questions. If I have never heard of the mortgage company I send an email to my colleagues and ask if anyone has ever worked with the lender.

Pre-approval letters are always conditional with no guarantees. For example, if the borrowers credit rating or income should change, the pre-approval letter can be withdrawn. When a lender writes a pre-approval letter, he or she has checked the borrowers credit score and has reviewed income tax statements for the last two years.

A few weeks ago I got a pre-approval letter and an offer on one of my listings. It came from a large mortgage company that I have done business with before. I called the lender and he said the buyer could pay for the home. My sellers accepted the offer and went on to write an offer on another home. The sellers of that home found a home that they wanted to write an offer on.

Two weeks before the closing I called the lender who wrote the pre-approval letter to check up on the appraisal. Lenders always appraise homes before writing a loan. The lender told me that he was not sure if the buyer could actually buy the home. This was news to me. Having a lender say that he is not sure two weeks before a closing is not acceptable. The answer needs to be yes, or no. He did not alert me to any problem, neither did the agent who represented the buyer.

If I had not checked on it, as I always do, I am wondering when he would have let me know that there was a problem. The good lenders let us know if there is a problem. Good buyers' agents also follow up to make sure their buyer will get final approval on time. I called the other agent and we sent the buyer to one of the best lenders in Myrtle Beach. He always gives a yes or no answer and understands that there are no maybes in a situation like this. That lender told me that the buyer could not buy the home, not even close.

For those of us who work in real estate, getting a pre-approval letter from a large lender that is not any good is very disturbing. It is always possible for financing to fall through but to get a letter that says someone is qualified to buy a home, when they are not, is a serious problem.

The buyer got her earnest money back and will have to wait a year or so to purchase a home. The sellers had to cancel the offer on their dream home and put the home they own now back on the market.

It will be hard for me to look at pre-approval letters in the same way.

No One Is Out To Get You

2008-05-23T20:14:00Z

Real estate transactions are about people. For most people their home is the most expensive thing they ever purchase. It isn't just a building either, where we live is an important part of life.

Even though purchasing a home is a business transaction emotions run high. We try to anticipate problems and do everything that we can to minimize the stress. Part of my job is to remain detached from the emotions so that I can help my clients.

Over the years I have learned that there are two ways of looking at problems or misunderstandings that sometime arise between buyers and sellers. Some people assume that if things go wrong the other party in the transaction are out to get them or trying to take advantage of them. For people who have that kind of an outlook everything that happens seems like some kind of a slight or a conspiracy.

Buyers and sellers are people and they can make mistakes or simply misunderstand the other party. Purchase agreements are in writing but there are sentences and paragraphs, written by well meaning experienced Realtors that can be misunderstood. There is not a lot of room for creativity when writing a real estate contract. I have seen addendums that don't really say anything. I never assume that the other party is trying to trick my client. I just ask questions until it all makes sense, and ask to have the document re-written so that there is no misunderstanding.

The people who have the easiest time buying or selling a home are those who do not assume that the buyer or seller is the enemy. A real estate transaction does not have to be an adversarial situation. Both parties can leave the closing table satisfied with the outcome, and in most cases it does work that way. Buyers and sellers make it harder for us all when they start seeing the other party or their agent as the enemy.

Sellers Seeking Advice

2008-05-23T20:04:00Z

Sellers Seeking Advice

I get phone calls from sellers who are not my clients. They are under contract with other agents. I can never call someone who is already under contract nor can I solicit their business.

They ask about why their home has been on the market for so long and if I think it will sell. When I ask them if their agent has ever recommended a price reduction the answer is almost always yes. It is as if they are shopping around to find an agent who will tell them something different. Some of the callers have had their homes on the market for less than 30 days.

I always send them back too their own agent. I won't second guess or even comment on how another agent is doing his or her job. That would be just wrong. When homes are on the market for a long time sometimes sellers just switch agents. I have seen homes on the market for as long as two years and homes that have been listed through as many as six agents.

I wonder if the sellers listened to their agents or just switched agents every time a price reduction or repairs were suggested. When these sellers come to me and I see that their home has been listed by other agents I ask a lot of questions before I agree to even look at the home Sometimes the problem isn't the home, or the previous agent, but the sellers.

There are still sellers who tell me they have to have X amount of money by X date for their home. I wish it worked that way, it would make my job much easier. It doesn't matter how much sellers need or how much they paid for it. Buyers do not care how much money the seller needs or when they need it by.

The very best advice I can give any caller, and I do give it to every caller, is: please talk to your agent if there is a problem.

Effect On Credit By A Short Sale vs. Foreclosure

2008-05-14T15:19:00Z

I have been asked a fair number of questions lately on how a seller's credit is effected by a short sale. The effect on your credit report - foreclosure vs. short sale - is the difference between being hit by a train or a bus.

Sellers will take as big a hit on their credit by going through foreclosure as giving the lender a deed-in-lieu of foreclosure. Both of these solutions affect credit the same. Sellers will take a hit of 200 to 300 points, depending on overall condition of credit. This means if a seller's FICO score before foreclosure was 680, it could dip as low as 380. A foreclosure or deed-in-lieu of foreclosure stays on your credit record for 10 years.

The effect of a short sale on a seller's credit report is identical to that of a foreclosure. The ding on credit will show up as a pre-foreclosure in redemption status, which will result in a loss of 200 to 300 points. This means a short sale with a previous FICO of 720 will see it fall from 520 to 420 points. A short sale stays on your credit record for seven years.

A seller who wants to buy another home after foreclosure or deed-in-lieu of foreclosure will end up waiting about 36 months before a lender will offer any kind of interest rate that makes sense.

A notation on a seller's credit profile of 'settled for less than owed' (short sale) precludes the seller from obtaining an institutional loan for 24 months, depending on the lender's program and regardless of the FICO score. Fannie Mae guidelines require 24 months seasoning, and there's no way to get around this.

The bad news is a seller could be subject to a deficiency judgment after a short sale or foreclosure for the difference between the loan amount and the amount paid, less any mortgage insurance collected by the lender.

In California, purchase money loans are not subject to deficiency judgments; however, hard money loans, equity loans and refinances are. Some other states have laws regarding personal guarantees, which could also result in a deficiency judgment, if the seller is held personally liable for loan repayment.

The lender has sole discretion whether to pursue a deficiency judgment in those instances when the judgment is permitted. To determine whether a pending foreclosure or short sale is subject to a deficiency judgment, talk to a real estate attorney.

Don't Overpay...File A Property Tax Appeal

2008-05-10T12:26:00Z

I don't know how you feel, however, for me property taxes seem to jump up year after year. Unfortunately, I've become so accustomed to rising taxes that it's no longer a surprise. But here's something that surprised me. Did you know that over the last eight years, property taxes have actually outpaced inflation? Those rising taxes - combined with the recent plateau in home values in some areas - mean you and I may be paying more than our fair share.
In fact, the National Taxpayers Union estimated that as many as 60% of home values were assessed too high, resulting in a larger property tax bill.
Based on recent market activity and the rising property taxes across the country, like me, there's a chance you may be in the group of people paying too much. In fact, I received a solicitation from a company that charges $250 to help me lower my property taxes (I guess I know now I'm in a "declining market!"). But you can do it for free and the good news: it's easy!

Here's how...
First, contact your local tax assessor's office and ask for someone in the reassessment area. Find out when appeals are heard, and how the process for submitting a property tax appeal works.
Additionally, ask for a copy of your property card. Review the card and confirm that the basic information about your property is correct. For example, is the square footage and number of rooms for your home accurate? If the number is incorrect, the county may change the assessment without a formal appeal. If everything on the property card is correct but the assessed value still seems too high, your next step is to gather the following documentation to support an appeal. And don't be surprised if the assessed value is lower than what you think the market value for your home is--many counties - like mine - use a formula which uses a percentage of market value to determine assessed value. Ask what the formula is...because an assessment that is less than market value still might be too high.
If you have a current appraisal that supports the value being lower using recent market-value information, many counties will accept a copy of the appraisal with the appeal. If the appraisal is outdated, you can order a new one--just call me for a referral to a great appraiser. You can also visit the local assessor's office or search online, and look through the public records for other homes that have similar features to yours, but have lower assessments. They will be able to give you current market information for your neighborhood, and help you see how your market value and assessed value stacks up against your neighbors.

Submitting an appeal is generally a fairly simple process, but make sure to take the time to fill out all forms in advance and be prepared with your documentation if there is an in-person hearing that needs to take place.
More good news...

According to the National Taxpayers Union, about 33% of property tax appeals succeed! Taking the time to review the accuracy of a tax bill could easily save you hundreds of dollars per year, adding up to thousands of dollars during the time you own your home.

Time To Try Another Agent?

2008-04-11T03:07:00Z

Choosing the right agent to sell your home is important but there are other factors to consider. Price, condition and location, and competition.

Sellers have the most control over the price and condition. When buyers search for homes they do some comparison shopping. How does your home stack up against the competition?

Foreclosure Looming?

2008-04-09T17:41:00Z

Don't Talk to Strangers.

I am not sure how to explain this but I think it is important. People who are in danger of losing their homes call me and ask for help. That is OK, I am a Realtor and sometimes I can help. When they call they tell me things, some tell me everything. I guess that is good because it makes my job easier. Yet it causes me some concern.

It isn't a good idea to call a total stranger and tell him or her that you would do anything to keep your home. I worry because they are vulnerable to all types of scams and they are calling total strangers and giving them a lot of information. They are telling people that they are desperate. If they talk to the wrong person they could become a victim.

There are equity stripping schemes where people promise to help by lending the desperate home owners money. There are some places to go for advice and help that are safe, one is the home ownership center's foreclosure program. Also try Acorn. It is common for homeowners to wait so long before they get any kind of help that they don't have many, if any, options. They call me a few weeks before their redemption period is over. They are desperate.

Recently one of my sellers had some tenants that found out she was behind on her payments. They took advantage of the situation with a super low ball offer. We did get the offer up to a reasonable place but it was an extra tough one to negotiate becasue the seller had weakened her negotiating position by telling the buyers things she should not have. It is important to get help and the only way to get it is to talk to someone, but please be careful when choosing who to talk to. The very first call should go to the lender and that call should be placed before the first late payment.