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Tips for Selling a House Quickly

by Melissa Thompson


Nobody wants to be in a situation where a house must be sold quickly, but sometimes circumstances beyond our control occur and suddenly there is a mad rush to get a house on the market and sold pronto.  If you find yourself in that situation, don’t despair!  I am here to tell you that you CAN sell a house quickly and for the best possible price.  The following tips will help you get your house ready inexpensively, and before you know it you will receive an offer and be on the move!

  1. HIRE A PROFESSIONAL REALTOR: Seriously. You will be so glad you did. Find a Realtor with a track record of sales that lets you know that he/she can sell a house quickly.  One way to be sure you find the right Realtor is to check TESTIMONIALS. If a Realtor has a lot of happy clients, there is a good chance you will be happy too!  Now is not the time to hire someone because she’s the friend of a friend, or he went to the same college as you.  Do your research and find someone who will truly make this process as stress free as possible for you while successfully marketing and selling your home.
     
  2. RENT A STORAGE UNIT: You don’t have a lot of time to declutter your home, so you need to be smart about it.  Shoving extraneous items in your closets is not a solution because potential buyers walking through your home will be looking in said closets.  A better option is a storage unit that can house anything that you need to get out of the house while it is on the market.  The best rule of thumb is that if you don’t use something daily, store it. Keep in mind that if you rent a portable storage unit, you can have your things transported to your new home once you have moved. Portable Storage Units in Memphis TN
     
  3. USE A PROFESSIONAL STAGER AND PHOTOGRAPHER:  It’s always important that potential buyers get a stellar first impression of your home, but even more vital when you are in a hurry to sell.  Experienced home stagers are able to look at your house and see it from a buyer’s perspective.  They know how to emphasize the positive and down play the negative.  Equally important are your listing photos.  The more photos you have, the more likely your property will be viewed online.  If hiring a professional photographer is not in the budget, then do your homework and be sure to take the best photos possible. Top 33 Real Estate Photography Tips & Mistakes to Avoid
     
  4. TAKE THE “YOU” OUT OF YOUR HOME: Potential buyers want to look at a home and imagine it as their own. It’s hard to do that if they are surrounded by your family photos and personal treasures.  Let’s face it, your little one’s art project may be a “Mona Lisa” to you, but might just be distracting to a buyer.  Keep it simple with the art…you want them to see the house and how it could be their home.
     
  5. BRING ON THE LIGHT: A poorly lit home comes across drab and dreary.  Who wants that?  Brighten things up with both natural and artificial light. When your house is going to be shown, make sure window coverings are open and turn on lights in all part of the house.  Consider new paint if any of your rooms are dark colors.  A fresh coat of a light, neutral shade will not only make a room feel brighter, but bigger as well.
     
  6. MAKE SMALL HOME IMPROVEMENTS: Now is not the time to start a major renovation.  Focus on small improvements in rooms like the kitchen and bathroom, where return on investment is most likely to occur.  Small, inexpensive touches such as a new shower curtain or new hand towels can give a room a boost. And if you have old, run down appliances, spending a little money to get shiny new ones will be well worthwhile!
     
  7. SPRUCE UP CURB APPEAL: First impressions matter…A LOT. When a potential buyer pulls up to your house, it is vital that they like what they see on the outside, or they might not ever make it inside. Make sure your yard is tidy by mowing and edging the lawn, trimming up shrubs and putting down new mulch.  Use a pressure washer to clean the exterior of your home along with your driveway and sidewalks.  Put a fresh coat of paint on your front door and create a welcoming aesthetic on your front porch with some pretty flowers. Remember…you can’t sell your house if people don’t see it.  A lovely exterior indicates an equally lovely interior.
     
  8. SHARE, SHARE, SHARE: Take part in promoting your home. Your Realtor will take care of listing it, but you can use your own social media to get the word out too! Don’t be shy. Send your listing to as many people as you can. You never know who might know someone, who knows someone, who knows someone that is looking for a home where you live!

If you are in the market to buy or sell a home in the Memphis area, contact professional Realtor Melissa Thompson and let her help you with all your real estate needs! Give her a call today at 901-729-9526!

Selling When There Are Pets in the Home

by Melissa Thompson


When selling your house, having pets presents some challenges.  Your fur babies are a beloved part of your family.  But it’s important to realize that not everyone feels comfortable around animals. So, it is vital that you consider the impact a pet may have on the bottom line when selling your home.

Some potential buyers may be perfectly fine with pets in the home, but for others, it might be a deal breaker. They might not ever walk through your front door if they know there are animals inside. Pets make some people very nervous, and others may have a fear of animals.  In addition, keep in mind that your pets are not their pets.  Even if they are pet owners and animal lovers, they don’t know your pets or what you allow them to do.

The best solution for home-sellers with pets is to relocate them while your house is on the market.  It may be upsetting for you to do this, but it is the best option.  At the very least, you should do your best to remove your pets from the house during open houses and when your home is being shown.  That means having a plan for those last-minute home showings. How to Prep Your House for a Last-Minute Home Showing

It’s also a good idea to remove all signs of your pet from the home when it is being shown. You want your home to look and feel as appealing as possible to homebuyers.  Cat litter boxes should be clean and kept out of sight.  If your carpets have pet stains, hire professionals to get rid of them. Replace them if necessary.  And be hyper aware of pet odors. Because you live with them, you likely don’t smell them. Have a neighbor come in and do a sniff test…and tell them to be honest if they smell pet odors.  If eau de doggy (or kitty) is present, try enzyme cleaners such as Simple Solution or Nature’s Miracle to get rid of it.  Put away food and water bowls when not in use and hide pet paraphernalia such as toys, kitty condos, leashes, animal beds etc.  Most importantly, vacuum religiously.  Every day. Sometimes twice a day. How to Get Rid of Pet Smells Fast

Remember that whatever steps you take to “de-pet” your home are temporary.  The sooner your house sells, the sooner you will be reunited with your precious pets and life with them will go back to normal.

If you are in the market to buy or sell a home in the Memphis area, contact professional Realtor Melissa Thompson and let her help you with all your real estate needs! Give her a call today at 901-729-9526!

Photo Credit: earth911.com

Avoid These Deal-Breakers for Home Buyers

by Melissa Thompson


When trying to sell your house, you want to make the best possible impression on potential buyers.  While some buyers will say that they knew a house was right for them the minute they walked in the door, other buyers will tell you they knew immediately that a house was NOT right for them. Sometimes deal-breakers are personal, but often they apply to many and can damage your chances of a profitable sale (or any sale at all).  Avoid these deal-breakers to get the best deal when you sell:

  1. Pests - It seems obvious that people would be turned off by seeing bugs in a home, right?  But sometimes homeowners get used to having “bug problems” and don’t think about how they might negatively influence buyers.  Seeing one or two bugs, like maybe a fly or random little spider, might not be that big of a deal. But if a roach crawls out while people are looking at your house? Forget it.  They are out of there!  If you have any kind of infestation, you need to nip it in the bud before you start showing your house.  13 Best Pest Control Services in Memphis, TN
     
  2. Pets - Just because you love your pets and consider your home very “pet friendly” does not mean other people feel the same way.  There are a myriad of reasons why having pets can hurt your home sale. Sometimes it’s simply that animals make people nervous.  Taking your pets out of the home during showings can solve that problem.  But other things, such as visible food bowls, kitty litter boxes etc. can turn off people who don’t live with animals.  And any kind of pet odors can do a lot of damage as well.  It is a good idea to make sure your house is free of any pet paraphernalia and pet odors before opening it up to buyers.
     
  3. Small/Outdated Kitchens - Big, open kitchens are one of the most desirable features for homebuyers.  If you have a cramped, closed off kitchen, updating it before you put your home on the market will be well worth it.  Not only will you be able to sell it faster, you will get a better price for it and odds are you will likely recoup the money you spent sprucing it up and then some. Best Home Remodels to Get a Higher Sale Price
     
  4. Cheap Upgrades - Poor quality shows.  While you don’t want to spend a ton of money on a house that you are leaving, you also don’t want to hurt your chances of selling it by making cheap upgrades and repairs that are poorly executed.  Unless someone is looking for a “fixer upper”, they are going to lose interest quickly if they see a lot of shoddy upgrades.
     
  5. The Roof - A roof in bad condition will scare away potential buyers quickly.  The idea of buying a house and immediately having to foot the bill for a new roof is not appealing.  If your roof is old or in need of repair/replacement, take care of it before putting your house on the market.  Otherwise, expect to have to lower your asking price.  A new roof will not only improve resale value, it will also boost the curb appeal of your home, both of which will increase your chances of selling and getting the best price possible!

If you are in the market to buy or sell a home in the Memphis area, contact professional Realtor Melissa Thompson and let her help you with all your real estate needs! Give her a call today at 901-729-9526!

Photo Credit: pinterest.com

Harmful Home Pricing Myths

by Melissa Thompson


When you are putting your home on the market to sell, your top priority is money.  As in, how much money can you get for your house?  And it should be.  Owning a home is likely the largest financial investment you will ever make and it is only natural that you want to get the most profit possible when you sell.  Setting the right asking price can mean the difference between selling quickly or having your home languish on the market for months.  The following myths can be harmful when trying to decide on the best price to ask for your house:

  • YOU’LL GET A BETTER OFFER IF YOU WAIT -  Receiving an offer right away when you list your house can give you a false sense of confidence that it is a hot commodity.  You may think that if this buyer was willing to make an offer so quickly, then surely many other people will be interested in your property as well.  But the truth is, you might not get another offer…at all, let alone for more money.  With no other offers guaranteed, it may be in your best interest to accept the first offer if it is a fair one. 7 Reasons to Accept the First Offer on Your House
     
  • YOU SHOULD LEAVE ROOM TO NEGOTIATE WHEN PRICING YOUR HOME -  You want top dollar for your home.  Of course you do!  But overpricing it, thinking that will leave room for you to accept a lower offer, may backfire on you.  Buyers might see the high price and not even bother looking at the property.  And if you keep dropping the price, buyers might wonder what is wrong with the place.  Price it fairly to begin with and you are more likely to achieve a successful, profitable sale.
     
  • YOUR HOME IS WORTH MORE THAN YOUR REALTOR SAYS IT IS -  An experienced, professional Realtor will be able to tell you how much your home is worth based on the current market.  You should trust your Realtor.  While online estimates might tell you that your home is worth more (yay!) or less (boo!) than your Realtor states, they are likely not accurate.  Trust your Realtor over the internet. It’s as simple as that.
     
  • YOU CAN GET BUYERS TO PAY FOR HOME IMPROVEMENTS YOU MADE IN ORDER TO SELL -  While some home improvements have a better return on investment (ROI) than others, you are not likely to get back all that you spend getting your house ready for the market.  It is wise to educate yourself about which home improvements will help you sell, which will get you a better ROI than others, and which might not be worth bothering. Six Best & Worst Home Improvements for Your Money
     
  • REDUCING THE ASKING PRICE IS A SIGN OF WEAKNESS -  Nobody wants to drop the asking price of a home. But it’s important to remember that time is money.  And if time is passing and nobody is showing any interest in your home, you are still stuck paying the mortgage, taxes and insurance. This will be especially stressful if you have already purchased a new home. Lowering your price a little may be all it takes to generate interest and who knows? You might end up getting your original asking price anyway!

If you are in the market to buy or sell a home in the Memphis area, contact professional Realtor Melissa Thompson and let her help you with all your real estate needs! Give her a call today at 901-729-9526!

Photo Credit: wsj.com

A Guide to Cleaning Your Home After Selling

by Melissa Thompson


SOLD!  The word you’ve been waiting to hear!  You’ve received that much wanted call from your Realtor that your home is off the market. It won’t be yours for much longer; soon you will be moving out.  Pride in ownership means that you will likely want to leave your house looking its very best for its new owners. In some states, real estate purchase contracts stipulate that the home is to be “swept clean” meaning the seller should at least sweep the floors and leave walls and ceilings bare. But the language can often be vague.  Sample Purchase and Sale Agreement for TN

Here is a list of cleaning tips for home sellers to help you leave the house reasonably clean and to create a feeling of goodwill toward your buyer:

Cleaning the Interior of the Home Before Moving Out:

  • Remove all personal property.
  • Vacuum the floors.
  • Clean kitchen appliances including the inside of the refrigerator and over.  Wipe down the counters.
  • Scrub sinks and tubs.
  • Wipe down interior cabinets and shelves.
  • Wash tile/vinyl/wood flooring.

Cleaning the Garage Prior to Closing:

  • Remove personal belongings.
  • Throw away trash.
  • Properly dispose of toxic chemicals.
  • Sweep the floor.
  • Stack items pertaining to the home such as paint cans, roofing materials or extra flooring.  Check to make sure the buyer wants the extra materials first.

Keep in mind that you want to leave the home in the condition that you would like to find your new home.  Your buyers will appreciate it! 

The smart thing to do is to NOT wait until you have sold your house to start getting it ready for moving out. Give yourself plenty of time to get it done so that you are not rushing to complete tasks on move-out day. You will be moving in to your own new home as well, and you won’t want to be going back and forth between homes trying to get things done once you’ve moved. 5 Things to Do Before Moving Out of Your House

If you are in the market to buy or sell a home in the Memphis area, contact professional Realtor, Melissa Thompson, and let her help you with all your real estate needs! Give her a call at 901-729-9526 today!

Home Sellers - How to Set the Right Price for Your Home

by Melissa Thompson


When you decide to sell your house it’s easy to get overwhelmed with all the details you need to think about.  The best thing to do is take things one step at a time. One thing that you will have to do is set a price for you home.  Deciding how much you want to ask for your home is complicated.  As the owner, the value you place on your home may be different that the value a potential buyer places on it.  You not only have a financial investment in it, but also and emotional one.  But when buyers think of value, they are thinking primarily about price.  The asking price for your property can attract buyers, or it can turn them off completely. A home that is not priced right can sit on the market for a long time, which can lead potential buyers to think there is something wrong with it.  The first step toward determining the right price for your home is to hire an experienced, professional Realtor who can use their expertise and knowledge of the market to assist you.

Working with your Realtor is crucial.  But it is also vital that you have a clear understanding of what your home is worth.  Learning about your home’s fair market value will help you evaluate the price your Realtor recommends.  Remember that you and your Realtor are a team and together you can decide on a price that will be profitable for everyone.

The first thing to do when trying to determine the right price for your home is to do some research. You can use an online  Estimating Tool  to plug in your address and find approximately how much your house is worth. They base their estimates on your home’s square footage and real estate data they have collected, such as recent home sales in your local market. But it’s important to remember that these results are very general and do not speak to your specific situation.  If the online estimate does not align with your Realtor’s advice, lean toward your Realtor’s suggested price. 

Another important aspect to consider when pricing your home is how it compares to other similar homes in the area.  Your Realtor will likely run the average sales prices of at least three Comps to assess your home’s value.  There are several factors that go into choosing “comps”. They are: age, location, square footage, and number of bedrooms and bathrooms. Your Realtor will look at the difference between each comp’s listing price, and the price at which it sold. Then there will be research into price reductions and why they happened, if relevant.  Meanwhile, your Realtor will also rely on their own knowledge of the local market.  When selecting comps, your Realtor will generally look for properties that sold in the previous three months, within a one-mile radius of your home. In addition, you will want to figure out what your competition is. So, your Realtor will check out properties that are currently for sale in your area to find out how your home compares to them. 

Understanding the current real estate market in your area will also have a large impact on your pricing strategy.   If you’re in a Seller's Market, that means demand from buyers is high and the number of homes on the market is low. In this market, you may be able to price your home slightly higher than market value. However, if it’s a Buyer's Market, buyers are at an advantage and you might have to price your home slightly below the market value to entice buyers. Your Realtor can help you navigate the current market in your area so that you price your home right.

If you are in the market to buy or sell a home in the Memphis area, contact professional Realtor, Melissa Thompson, and let her help you with all your real estate needs. Give her a call at 901-729-9526 today!

Home Inspection Checklist for Home Sellers

by Melissa Thompson


It’s very exciting when you accept an offer on your home and you are ready to sell. But that excitement can go away quickly if the buyer’s home inspection doesn’t go well.  Smart homebuyers will never make a purchase without having a property professionally inspected first, so you can pretty much count on that happening.  So, it’s important for you, as the seller, to be prepared for the home inspection.  By identifying potential problems beforehand, you can make the repairs needed to avoid unpleasant surprises during the inspection. Cheap Home Repairs That Can Save You Thousands

Use this checklist to help you prepare for the home inspection:

  1. Make sure that all lights are working and all switches are covered. The same goes for electrical outlets.  A general home inspection will include a visual review of the electrical system.  If the inspector finds that a light isn’t working, there is a likelihood he will recommend that a licensed contractor to check it out.
  2. Take care of routine maintenance.  Put new batteries in smoke alarms and carbon monoxide detectors and be sure they are working properly. Also, put fresh air filters on your air conditioning units and furnaces.  If buyers see that small things aren’t being maintained, they will be worried that big things aren’t either. 
  3. Clean out areas around appliances so they can easily be inspected.  It will be difficult for the inspector if your laundry room is full of clothes or the dishwasher is full of dirty dishes.  If you have a gas fireplace, be sure the pilot light is lit so that the inspector can turn it on.  If the inspector is not able to do that, he may suggest to the buyer that you show them the fireplace works before the sale is complete.  That just adds one more thing for you to worry about.
  4. Check out the exterior of your home.  View your house the way you would if you were buying it again. Is there peeling paint or hanging gutters?  If so, you can fix these problems prior to inspection so that they are not issues for the buyers.
  5. Test windows and doors.  Inspectors are going to be looking for windows and doors that open and close easily.  If you have windows that are sticking, you can fix this with very little money. Simply purchase a silicone spray from a home improvement store.  Clean out the tracks of sliding doors and lubricate them as well, if needed.
  6. Paint over old water stains.  Even after you have fixed a leaking pipe or roof, water stains can be left behind.  And even after the inspector has assured them that there any current moisture issues, old stains will scare buyers off just as much as new stains will. 
  7. Look for mold.  Mold will scare a buyer away fast!  So be sure to check basements, attics, bathrooms and garages for any signs of mold.  If you find any, deal with it before the inspection…and before you lose your buyers.
  8. Declutter before inspection.  The inspector isn’t going to care how messy your house it or how it’s staged, but he will appreciate being able to easily access everything he needs to inspect.
  9. Don’t try to hide issues.  Honesty matters. If you find something prior to inspection that is going to need to be fixed, notify the prospective buyer.  You don’t want the buyer to think you are trying to hide something.  If you don’t have the money on hand to make necessary repairs, you may be able to negotiate by offering a credit at closing so the new owners can do the repairs themselves.

Find Out What Home Inspectors Look For

If you are in the market to buy or sell a home in the Memphis area, contact professional Realtor, Melissa Thompson, and let her help you with all your real estate needs. Give her a call at 901-729-9526 today!

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Preparing to Sell Your House - Kid-Friendly Chores

by Melissa Thompson

There is a lot of work involved in Getting Your Home Ready to be Listed for sale. You want it to be in the best condition possible.  It can be overwhelming and stressful, but it must be done to get the best possible price for it when you sell.  If you have children, they can help!  Don’t underestimate their ability and desire to be a part of the process. Here is a list of kid-friendly chores that will allow your children to assist in getting your home ready to sell:

  1. Putting Toys Away - Have your children gather toys from all over the house.  The last thing you want is a potential buyer tripping over a Lego or matchbox car.  Once they have gathered all their toys in one place, have them go through them to decide if there are any they are willing to part with.  This will help with clearing out spaces.
  2. Depersonalizing - Give your children the mission of finding all the family photos in the home and taking them down.  It’s important that potential buyers are able to envision your home as their own and that’s challenging when they are looking at pictures of your family on every wall.
  3. Painting Exterior Fence - Do you have a wood fence surrounding your property?  Has it seen better days?  Giving it a makeover is a great way to spruce up your Curb Appeal. Depending on their age, children can do a great job giving the fence a fresh coat of paint.
  4. Dusting & Vacuuming - When your house needs to be sparkling clean for showings, you are going to want to vacuum and dust daily.  Little ones love to dust…give them a feather duster and let them go nuts!  Assign vacuuming duty to older children.  If they are tall enough to handle the vacuum, they are capable of helping keep the floors clean!
  5. Cleaning Up the Yard - First impressions are important!  Potential buyers may not even want to go in to look at your house if they outside is a mess. Have your kids help by removing debris such as sticks, branches, and leaves from the yard and flower beds.  If there are any toys outside, have them pick them up and store them appropriately.  Older kids can help with mowing and edging to keep your yard looking nice.
  6. Planting Flowers - Little ones love digging in the dirt!  If you’re going to plant some flowers to enhance your curb appeal, allowing your children to help will make it less of a task and more an activity you can enjoy together!

While you might think that you just want your kids to stay out of the way while you are preparing your house for sale, you might be surprised at how much they are capable of if given the opportunity.  A lot children thrive when given the chance to help their parents. You can kill two birds with one stone by not only keeping your children busy, but also getting things done quicker so you can have your house ready to list and show as soon as possible!

If you are in the market to buy or sell a home in the Memphis area, contact professional Realtor, Melissa Thompson and let her help you with all your real estate needs. Give her a call at 901-729-9526 today!

Photo Credit: aptparenting.com

It’s Time to Sell Your Home - Here is Why

by Melissa Thompson

Selling your home is a huge decision and one that should not be made impulsively.  If you are thinking about selling, but you’re not sure if you should, here are some signs to look for that will indicate that now is a good time to sell:

- Space is an issue.  Has your family grown since you bought your current home?  Do you have multiple people sharing bedrooms and bathrooms?  If your house is bursting at the seams, it might be time to let it go and find something a little bigger.  Alternatively, perhaps you have too much space.  If you bought the home when your family was large and now you are an empty nester, you may be ready to downsize.

- Neighbors are selling homes successfully.  If houses are selling like hotcakes in your neighborhood and your neighbors are making tidy profits on their sales, then that’s a cue that you should contact a Realtor to find out what your home is worth on the current market.

- Interest rates are low. When interest rates are low it is an advantage to sellers because a larger pool of eligible buyers can be expected.  Add to that the fact that the current inventory of homes for sale is low, and you have a seller’s market that will make your home even more desirable to prospective buyers.

- Remodeling won’t be worth it.  Maybe you want to stay in your current home and you think that remodeling is the answer.  But will the expense of remodeling to fulfill your wants and needs be worth it in the long run?  Will it add value to your home?  While you might have to do some updates to prepare your home for sale, if the market favors sellers, you might be better of selling and finding a new home to suit your needs.

- You’re confident the market is strong.  It’s important to educate yourself about what’s going on in the real estate market before you decide to put your house on the market.  An experienced Realtor like Melissa Thompson can help you understand the market and determine if now is the time to sell your house.

All signs are currently pointing at this being a good time to sell.  Contact the professionals at Your Key to Memphis and they can help you get your house on the market and sold for the best possible price! Call them today at 901-756-8900.

The Power of Negotiation

by Melissa Thompson

The Lost Art of Negotiation in the world of real estate is unfortunate because the truth of the matter is, if you don’t ask…you don’t get. While sellers want the highest price and buyers want the best deal, they must meet somewhere in the middle for the deal to close. Negotiation is a vital part of selling or buying a home because it is the largest asset people own and there is a lot of money at stake. Here are some guidelines for what sellers and buyers might ask for in real estate negotiations:

Price

Negotiating the best price means different things for sellers and buyers.  The seller wants the highest price and the buyer wants to pay as little as possible.  For a successful transaction, they must compromise and come up with a price that is acceptable to both.

Closing Costs

Prepaid closing costs are paid by buyers for their mortgage.  These are funds that the mortgage lender holds in escrow for expenses like taxes and insurance.  A buyer may ask a seller to cover some or all their closing costs either with a flat dollar amount or up to a percentage of what’s an allowable contribution for a lender.  If a buyer asks the seller to do this, they are likely going to pay a higher asking price.

Closing Date

Sometimes sellers want to get out of a home quickly because they need the capital from the house they are selling to put toward a new real estate purchase.  The closing date will also affect the buyer’s monthly cash-flow because when a buyer closes on a house, they skip the next month’s mortgage payment, therefore they may want to negotiate to close at the beginning of a month.

Financing Contingencies

When there is a financing contingency in place for a real estate transaction, it can tie up a seller’s property for a required 30 to 60 days.  For this reason, many sellers prefer buyers coming to the table with cash offers. If you are competing with cash buyers, you may want to figure out if you can drop the financial contingency, which will shorten the closing time line. You can do this by getting pre-approved for a home loan prior to making an offer.  Mortgage Preapproval shows that your finances are in order and you can afford the home.

Home Warranty

As a buyer, you can request a home warranty. As a seller, you can offer one. This home protection plan covers things like appliances and systems such as the hot water heater or air conditioning, in the event they need repair or replacement.

Leaseback

The moving process is stressful and labor intensive.  Sometimes a seller will need extra time to get into their new home.  When this happens, buyers can offer a zero-cost rent-back for 30 to 90 days to persuade the seller to accept their offer over others. 

Home Repairs

With a home that needs a lot of updating there comes ample opportunity for negotiation. Buyers need to consider the cost of bringing the home up to current standards and use the estimate of that cost to request a lower asking price.  The seller, on the other hand, can specify that the house is being sold “as is” and not offer any repairs.

Appraisal Contingency

A seller can push for a buyer to waive the appraisal contingency, however, if for some reason the appraisal falls short of the expected amount, they need to be prepared for the amount of cash they might have to pay should the bank only be willing to lend them money based on the appraised value.

Furniture

Personal property such as patio furniture, window treatments and chandeliers are all up for grabs. The buyer can ask for these things to be included in the contract. Sellers need to determine what they are willing to leave behind.  And any exclusions need to be specifically listed in the contract as well.

Appliances

Depending on the market, sellers don’t always leave every appliance for the buyer.  They may include the dishwasher, stove and built in microwave in the contract but not the refrigerator, washer, and dryer.  Sometimes they don’t want to give everything away up front so that they can use these as items for negotiation.

Inspection

When sellers waive inspection, they often find themselves with "buyer's remorse", but they can try to shorten the time frame for inspection, from ten days to five.  However, today’s lending practices and the TILA RESPA Integrated Disclosure (TRID) make this hard to do.

Condo/Co-op Assessments

These are fees that are used to maintain common areas in a community. If there is an open assessment, it can become a negotiation between the buyer and seller as to who will pay for it.

If you are looking for a professional Realtor to negotiate the best deal for you, call Melissa Thompson at 901-756-8900 today and let her help you with all your real estate needs!

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Melissa Thompson
Crye-Leike Realtors
6525 N Quail Hollow Road
Memphis TN 38120
(901) 729-9526
(901) 756-8900
Fax: (901) 435-0620