After the recent housing crisis, buyers were seeing more and more homes listed “as-is”. This is a strategy that was being used to benefit sellers, but what was not always clear was whether or not this was a good deal for buyers or something that would pose problems later, states Dean Graziosi.
In legal terms, “as-is” is typically used to cover more than the reluctance on the seller’s part to make the necessary repairs that the home may need. It is also used to release the seller from any liability or responsibility for the current condition of the home. This means that the buyer purchases the home without a guarantee that it does not have any major problems.
In the majority of cases, there is a reason why a seller chooses to sell their home in “as-is” condition. This makes it even more important for potential buyers to have a professional inspection performed on the property. You should choose an inspector who is experienced, and will know what to look for during the inspection process. An inspection is a valuable source of information for buyers; it can provide them with information relating to problems with the property and may even show them areas that may become an issue in the near future. If you’re interested in a home listed “as-is” you should always have an inspection performed.
When purchasing a home listed “as-is”, it is important that the buyer understand that repairs on the home will likely not be made. If the home is an REO, which is a home that is owned by a bank, it may be possible to negotiate some type repairs being performed. This is especially true if the repairs will be taking care of any safety issues in the home. Repairs may also be made if there are government mandates that must be followed in order for the home to be sold.
If you’re a buyer who has the ability and funds necessary to make some of the repairs needed, then you may not have a problem purchasing an “as-is” home. However, if you do not have the necessary knowledge or skills, the purchase of an “as-is” home may become rather expensive. Once you finalize the sale of the home, it is your responsibility to maintain and repair, which means that you should only make the decision to purchase after you have thoroughly thought over everything that is involved in the process, states Dean Graziosi. Purchasing an “as-is” home is not a decision that should be rushed into, it should only be done after you have decided it is something that you can financially live with.
The longevity of the relationship between you and your real estate agent depends on your ability to get along and have some type of chemistry. While that may sounds like the requirements for a romantic relationship, they do tend to be based on the same key principles. Chemistry and good communication between both parties is extremely important. Dean Graziosi has shared some help tips to ensure that you find a real estate agent you enjoy working with until your deal is closed.
In today’s technologically driven world, it has become common for many prospective buyers to begin their search online long before they ever contact an agent. During this time, as a buyer you should ask your friends and family if they have an agent that they enjoyed working with. It is recommended that you gain some insight into your local market before you contact an agent. This will allow you to become familiar with what is available and what the asking prices tend to be. Once you have determined what you want and what you can afford, you should then contact an agent and begin the formal home buying process.
The next step in ensuring that you have found an agent that you can imagine working with for possibly months is to take it slow. Take some time to get to know them and learn about their experience and history in the real estate market. This will provide you valuable insight into whether or not you are a good fit for each other. The process of purchasing a home can be rather emotional for some buyers, which is why you need to trust that your agent will be supportive during the process. You are also going to be sharing a lot of your financial and personal information with this person, this means that you need to have some level of trust that you are comfortable with. Rushing in and simply working with the first agent you contact may be a mistake you come to regret later, take your time and choose the agent that is right for you.
Another key to building a successful relationship with your agent is the ability to communicate clearly with each other. This is perhaps the most important element of the relationship. You should be upfront from the beginning on what you expect from them and what they can expect from you. Don’t hesitate to express any concerns you may have during the process. You will be spending a lot of time together, so the better you are able to work together the more successful your relationship will be. And when it comes time to part ways, you will be able to part on good terms.
Dean Graziosi shares that it is traditional for spring to be the primary home buying season, while this may be true, you can also successfully sell your home during the winter season as well. Although it may be a bit more stressful than selling during the prime buying season, it can be done. While your yard may not be a large selling point when it is covered with snow, it can still stimulate the imagination of potential buyers who can imagine their own landscaping in the yard.
Just as you would take care of any exterior cosmetic issues during the warmer selling months, you should also do the same when selling your home in the winter. Small upgrades can make all the difference when selling your home in the winter. Cleaning up any debris that may have fallen in your yard and ensuring that all the walkways and driveways are free of ice can greatly increase the visual appeal of your home. If it is possible, you should clear out any dead plants or shrubbery that may be located in the flower beds or along any walkways surrounding your home.
On the interior of your home you should remove any clutter that may be found on your countertops or tables. You should also make sure that your carpet is clean and doesn’t show any significant signs of wear. You should try to make the interior of your home feels as welcoming and charming as possible. Open your window coverings to allow natural light to enter the rooms and provide a level of warmth to your home. When showing your home during the evening, you should take the time to create a warm and inviting feel using your table lamps or any floor lamps you may have. This will provide your home with a comforting and warm glow.
As a seller, you should also ensure that any special features in your home are properly showcased. This will help ensure that buyers notice these features and they receive the attention they deserve. To help prospective buyers imagine what the exterior of your home looks like during warmer months, you may want to include a photo portfolio that includes photos of your yard and landscaping when everything is lush and green. This is a great way to show buyers the potential and the beauty of your yard that is currently covered in snow.
When selling your home, you shouldn’t wait until warmer weather arrives. You can have just as much success selling your home during the winter as you would during the warmer months. In fact, you may have a better chance because there tends to be less inventory during the winter than any other time of year.
DISCLAIMER: We provide real estate education and training. We do not sell a business opportunity. We make no earnings or return on investment claims. Additionally, we do not offer tax, accounting, financial or legal advice. Prior to undertaking any real estate transaction, you should consult your own accounting, legal and tax advisers to evaluate the risks, consequences and suitability of that transaction. Most of the students attending the introductory preview event do not make money.