Jan

15

10 Homestaging Tips to Attract More Buyers

Filed Under Real Estate Listing Tips 

What a couple of easy tips to help you make a home look attractive to a buyer? Then you’re at the right place.

Understand, most buyers are looking for things in a new home that they DON’T have in their current homes.

Maybe it’s nothing more than a master bedroom. Or a fireplace. Or simply space. Then again, they may be nosing around for a showcase living room…you know, a living room you’d find in a major magazine.

If you can make the whole house look that way…then you should be looking at multiple offers. Here are a few steps

1. Everything should be clean. The furniture. The window sills. The appliances. All parts of the house should pass the white glove test.

2. Simplify. Every room should be expansive and airy. No clutter. If it’s a living room, keep the sofa, coffee table and flat screen. If it’s a bedroom, keep the bed and a dresser. That’s it. Put everything else in storage.

3. Remove family photos. Nothing personal, but you never see family photos on the walls of the homes in home design magazines, do you? You only see art.

4. Borrow some great paintings and large photographs of nature or an urban region from friends and families. And decorate the walls.

5. Paint. You can work some serious magic if you paint. This is a must do. But keep it neutral.

6. Bed linens. Borrow or buy some plump, fresh linens and pillows for the beds.

7. Remove the blinds and drape over-sized curtains from poles.

8. Invest in some large rugs. Rugs are great for covering up spots and anchoring a room with some depth and color.

9. Minimize the landscaping. Too much of it and you’ll give the person who doesn’t like to landscape an excuse to put this home on the back burner. Yes, good landscaping creates great curb appeal. Too much of it, though, and you create fear in some people.

10. Buy a kick-ass cool front door. Buyers are going to spend a minute or two at your front door while the agent fumbles with the lock box. You want that first impression to growl and say, “You know you want to come in.”

Staging a home might sound like a lot of work. But it’s worth every penny. In fact, you might stage the home and not want to leave. Better yet, you might sell the home in record time. Which is what you want.

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There has been a lot of controversy recently (and even a CNN news story) about sellers not being fully released when they sell their property through short sale.

I think, for the most part, a majority of the information that I have read has been accurate, but there is a major glaring issue that no article or blog has touched on. As agents we can get our sellers released from deficiencies!  This is all part of the negotiation, and I think there is a huge lack of education when it comes to this subject.

First off, in some states (depending on state law), the bank cannot pursue the seller for a deficiency, so check your state law to see if you are in a state that qualifies. Where I am in Maryland, banks can. I think a lot of agents assume that if the bank accepts the short sale, they are automatically letting the seller off the hook for the deficiency. This, unfortunately, is far from the truth. If the terms are not clearly spelled out in the approval letter with language such as, “seller shall be fully released from all further liability or debt, and we, “XYZ”, shall not pursue a deficiency judgment”, then you, as an agent, should be negotiating to have that language in the approval letter. On a principal residence this is a lot easier because most banks (not all) take the IRS perspective of letting the seller off the hook, but only if you make that part of the negotiation. 

If you are unfamiliar with the IRS perspective, The Mortgage Forgiveness and Debt Relief act passed in 2007 brought relief to sellers in this position. In most cases on a principal residence, this legislation relieves the buyer of any taxable “gain” on their home through short sale. In the past, the seller would receive a 1099 for the difference of the mortgage balance vs. what the property sold for at short sale (i.e., if the balance was $200,000 and the property sold for $150,000, the seller got a 1099 for a $50,000 gain) and they were taxed on that difference as income. (Another bright idea from the IRS. Don’t you love bureaucracy? )

Banks would certainly rather perform a short sale than perform a foreclosure, and if you are involved in a short sale it should be a requirement that your seller is fully released.  If not, you’re not negotiating for the seller’s best interest, and if you’re not acting in the seller’s best interest, then what really are you negotiating? Yes the bank will accept the sale, but if they reserve the right to pursue your seller later on, that doesn’t sound too much like a negotiation to me. Banks are more prone to doing this on principal residences and I have found that is fairly simple to get my sellers fully released when it is their principle residence.  When they have balked at doing this, I simply went over all the factors with them, and reiterated the amount of money they would lose along with the other factors I had presented with my package, and got it in the approval letter that they would release my seller!

Please note that with any approval letter, you and your sellers should consult with an attorney to know the ramifications of the letter once received. I suggest never attempting to interpret an approval letter, no matter how versed or experienced you are, without a lawyer’s interpretation first. The reason behind this is the simple fact that as agents, it is not our job to interpret law, and with a lot of approval letters, state and federal law can get drawn into the equation. If you interpret something the wrong way, you could find yourself facing a law suit.

Second homes, investment homes, and second liens take a bit of a different approach. These are tougher situations to get your sellers fully released, but they’re not impossible. With these three cases make sure your seller talks to a short sale versed accountant, because these types of sales may have some tax ramifications. Second liens are the easiest of the three because the bank is in a second position, and, in almost every case, if the property goes to foreclosure, they get absolutely nothing. Second lien holders will usually require some type of payment from the first, and they will generally fully release the seller on a primary residence. (but only if you get in writing to get them released)

Even in a second position, on second homes and investment homes the situation can be tougher though. In a perfect world every second lien holder will be easy to deal with, but we’re talking about banks here! Principal residence or not, sometimes you come across that second lien holder that is going to try to hold the seller to some type of promissory note, or will not fully release them without some kind of debt repayment. There are going to be some cases where the second’s loss is so great they cannot stomach the small payment they are getting from the first. Again, if they are in a second position and the property goes to foreclosure, then they get nothing. Please keep this in mind when negotiating.

So what do you do if they won’t budge?: If a second lien holder simply will not budge(though in almost every case I have been able to get them to…), then whatever promissory note they hold the seller to should be a minimal amount with very favorable terms. Then of course, your seller has to agree to the terms which they may not want to do, so they have to be favorable to the seller not the bank.

Out of the 265 short sales I have closed, I have only had two in which my sellers had to sign a promissory note. Both were under $10,000 and in both cases the notes  were zero interest payable over ten years. In both these situations the second lien holder’s loan loss was over $150,000. Now, if your seller agrees to this, they have to be fully realeased from any other future liability. (If you run into this, please consult with an attorney as this can get complicated, and you and your seller need to have a full understanding of the situation before moving forward.)

With second homes and investments, you will have a harder time getting your seller fully released. Banks think of second homes as “luxury” items, and try not to let sellers off the hook as easy. Investments are often treated the same way, because the all-knowing banks think your sellers should be able to rent or sell the property (Obviously, if they could they wouldn’t be performing a short sale!). In both of these situations, remember—if they foreclose, their probable loan loss could be in the six figures, and depending on your state’s law, they may not get the property back for over a year! Keep this in mind, and just make sure whatever the bank throws at you to get your seller released, negotiate on your seller’s behalf!!!

Regardless of what the banks tell your or what you read in the media, you can get your sellers fully released, and successfully close short sales to your sellers benefit. I am living proof, and so are all the agents that I have trained and continue to train. To let you in on a little secret, there is no better word of mouth referral in the world than helping a seller complete a short sale!!! I hope this helps, and if you would like more information on short sales or would like to become short sale certified, please don’t hesitate to contact me. I am one of the only agents in the country who can currently certify other agents, and have helped develop short sale and REO coursed for accredited CE in several states.

If you enjoyed this article your likely to enjoy my websites at www.moorebrittingham.com, www.easternshorehomesolutions.blogspot.com, and www.thinkreal.com

AT LONG LAST, THE MARKET FOR LUXURY REAL estate is coming back to life.

Prices for primary residences, which plunged at least 20% from the peak in 2007, appear to have bottomed. In some of the snappiest locations, scattered bidding wars are breaking out and prices are turning upward.

In Greenwich, Conn., realty brokers say, the final months of 2009 were almost record-setters for sales volume, as two years of pent-up demand was unleashed. Even the megadeal is back. In Beverly Hills, film producer Jeffrey Katzenberg just plunked down $35 million for an 8,700-square-foot home on six acres.

There's nothing like a stabilized economy and a huge rebound in stocks to send folks looking for the perfect manse. The return of hefty Wall Street bonuses hasn't hurt, either.

View Slideshow

With all that in mind, and with summer just around the corner, Barron's sized up the market for upscale second homes, one of the greatest luxuries of all. We scoped out dozens of deluxe enclaves across the country, speaking with brokers, homeowners and others. Our conclusion: Now could be an excellent time to buy.

Prices are way down -- 40% off the peak in some locations. Seemingly at or near bottom, they are starting to attract the first wave of bargain hunters -- and not just families in need of R&R. Hard-nosed investors also are on the prowl, says Jan Reuter, head of residential real estate at U.S. Trust Bank of America Private Wealth Management: "We've seen an uptick in buying in just the last couple of months."

More Penta Articles

To help you in the hunt, Barron's has selected the 10 best places in America for second homes. These alluring locales have it all: gorgeous houses, spectacular views, world-class golf, fishing and skiing, fine dining and great shopping. You'll find the complete range of lifestyles, from peaceful and easy to vigorously social.

Some warnings: 1) Our selections are every bit as subjective as tastes in homes themselves. 2) The prices cited are based mainly on conversations with locals, because hard data isn't available. 3) Your plush new retreat may take some time to rise in value. Serious appreciation will require a better economy and, quite possibly, another big rally in stocks.

But hey, you could do worse than marking time in paradise.

Mary Sloan

1. Maui Consistently rated the "Best Island in the World" by travel experts, this Hawaiian beauty underwent a growth spurt during the past decade that some critics bemoaned as excessive. But the southern coast, anchored by the hamlet of Wailea, has weathered it all well. One of the first master-planned resort communities in the nation, it's a balanced blend of understated gated communities, luxury resort hotels, three excellent golf courses, a tennis center and, of course, several crescent sandy beaches. Wailea has 500 single-family homes, and their views are stunning: lush, verdant hills, brilliantly blue ocean and, after the steamy sun showers, rainbows over the horizon.

Median Price: $1.5 million
Drop From Peak: 27%
Neighbor: Oprah Winfrey

2. Kiawah Island, S.C. Languid elegance defines South Carolina's coast, and Kiawah, just off Charleston, may be its ideal expression. The island has one developer, Kiawah Development Partners, and an architectural review board that protects the 4,500 or so properties from the excesses often seen when wealth meets water. It has 10 miles of hard-sand beaches and abundant wildlife: bobcats, gray foxes, loggerhead turtles and more. Its Ocean Course has long been favorite of golfers; it hosted the 2007 Senior PGA Championship. Want to tee up some culture? Charleston is just 45 minutes away.

Median Price: $1.4 million
Drop From Peak: 21%
Neighbor: Dan Marino

David Dietrich, Corcoran

3. The Hamptons Long the favored retreat of high-powered New Yorkers, the Hamptons are a just now experiencing a fresh jump in home sales, realty brokers say. Credit the revival in Wall Street bonuses. Southampton, bastion of old money, is known for its grand estates, but lovely homes can be found in what not long ago were potato fields. In chic East Hampton, the choicest real estate is on Georgica Pond. Alas, most of the area's finest properties never come to market. Once you own a home in the Hamptons, you own it forever.

Median Price: $1.5 million
Drop from Peak: 30%
Neighbor: Steven Spielberg

4. Park City, Utah Skiers love Park City for its powdery winters, but homeowners relish the summers, too. The crowds thin out, life slows down and the tall aspens lining the nearby Wasatch range shimmer in the breeze. The one-street Old West downtown is dotted with classic Victorian houses, while Deer Valley, an understated year-round resort community, sits on the eastern edge. Its namesake ski hill has been crowned by readers of Ski Magazine as North America's top ski resort for three years running. For $100,000, you can join the nearby Talisker Club, with links designed by PGA Tour Champion Mark O'Meara. Bonus: Salt Lake City International Airport, a Delta Air Lines hub, has direct flights to the East and West Coasts.

Median Price: $1 million
Drop From Peak: 45%
Neighbor: Robert Redford

BJ Adams and Co. Real Estate

5. Aspen, Colo. Aspen isn't just a year-round playground; it's also a cultural oasis, the home to the Aspen Institute think tank, a world-class symphony, and dance and art festivals. The four major ski hills speak for the themselves. The Maroon Creek Club includes a challenging golf course designed by Tom Fazio. The city's West End has a mix of 19th-century Victorians and modern abodes not far from the "beachfront" -- downtown neighborhoods within walking distance of the lift. The posh shopping is so good that some folks never find their way up to the trails.

Median Price: $5.6 million
Drop From Peak: 6%
Neighbor: Jack Nicholson

6. Pebble Beach, Calif. Golfer Jack Nicklaus once said that if he had one last round to play before he died, it would be at Pebble Beach. The site of four U.S. Opens, The Links are rated the No. 1 public course in America by Golf Digest for 2009-10. There are several other public and private golf courses within the guarded gates of the verdant Del Monte Forest, which surrounds the community of Pebble Beach. Stunning estates not far from the first tee offer sweeping views of Monterey Bay. Duffers who buy in can play the Golden Bear's dream course every day.

Median Price: $1.1 million
Drop Since Peak: 20%
Neighbor: Clint Eastwood.

7. Palm Beach This Florida island hovers above reality, and at $30 million-plus, so do its finest pads. Oodles of socialites and tycoons wouldn't have it any other way. Neither would Jimmy Buffett, Rush Limbaugh and too many other boldface names to mention. In addition to the never-ending social whirl, residents like the shopping on Worth Avenue and the beauty of Addison Mizner's Mediterranean-style architecture. Mortals can enjoy the town by buying "over the moat" -- in Jupiter, North Palm Beach, Palm Beach Gardens and Delray Beach.

Median Price: $3.5 million
Drop From Peak: 11%
Neighbor: Henry Kravis

Sotheby's Intl Realty

8. Captiva/Sanibel Island, Fla. Sitting off the coast of Fort Myers, a nerve center of America's foreclosure crisis, the barrier islands of Captiva and Sanibel are the very picture of laid-back living. Linked by a bridge at Sanibel's northern point, the islands are renowned for their pristine beaches and abundant seashells. Then there are the hiking trails; half the island is a nature preserve. The late Robert Rauschenberg is, even in death, one of the largest landowners. His 35-acre spread, complete with studio, is intact on Captiva's northern end.

Barron's Penta inaugural list of second-home communities from the Hamptons to Hawaii.

Median Price: $3.5 million
Drop From Peak: 40%
Neighbor: Ted Koppel

9. Asheville, N.C. Nestled in the mountains of North Carolina, Asheville offers a four-seasons lifestyle with just enough culture and good restaurants to keep urban-withdrawal pangs at bay. Some homebuyers come from the Northeast, and many come from Florida to beat the heat. The locals call them "halfbacks," since Asheville is halfway up the East Coast. The town has a university and a thriving art scene. We like the 1920s-vintage Tudor homes in the Biltmore Forest district, once part of the adjacent Biltmore Estate. The funky Grove Park neighborhood is also worth a look.

Median Price: $700,000
Drop From Peak: 38%
Neighbor: Andie McDowell

Gasparilla Properties

10. Gasparilla Island, Fla. Katherine Hepburn used to rent a beach house here, and it's easy to see why. The small island off Florida's southwest coast has been lovingly preserved: The Gasparilla Act, a state law passed in 1980, put a tight lid on population density, building heights and commercial development. Golf carts -- some customized to resemble '57 Chevys -- are the favored mode of transportation. The historic downtown has gracious homes, and the waters around the island are renowned for tarpon fishing. To check it out, check into the plush Gasparilla Inn.

Median Price: $1.8 million.
Drop From Peak: 18%
Neighbor: Harrison Ford, frequent visitor.

E-mail comments to editors@barrons.com

Trailside and Mountain Ranch area real estate.

Trailside and Mountain Ranch Estates Area Homes, $800,000 - $1,000,000

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Under $600,000

$600,000 - $800,000

$800,000 - $1,000,000

$1,000,000 - $2,000,000

$2,000,000 - $4,000,000

Over $4,000,000

1 Search Results Found. Showing Results 1 - 1.

Stunning remodel and expansion on a prime lot in Trailside Park. Close to schoo...

MLS# 9983157

MLS ID: 9983157

Price: $899,000

City: Park City-Snyderville

Bedrooms: 5 Bathrooms: 5

Subdivision: Trailside Park

Square Ft: 5,800

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Only one home for sale in Trailside Park in this price range. Over 5000 feet for $899,000 in the Park City School District...somebody's getting a deal.

RISMEDIA, December 21, 2009%u2014It%u2019s easy pickings out there for many potential homebuyers. Housing prices are at their lowest in more than a decade, inventories are high, analysts are predicting a new wave of foreclosures and the government is offering two substantial tax credits for which many homebuyers qualify.

But bargain buyers beware, warns Vince Mastronardi, whose property preservation business has been busy preparing foreclosed homes for sale.

%u201CBuyers need to educate themselves about the potential pitfalls of purchasing distressed property,%u201D says Mastronardi, president of On-Site Specialty Cleaning & Restoration. %u201CIt%u2019s not so much what damage occurred, but the source of that damage and how long before the problem was addressed.%u201D

These 10 signs may indicate that trouble is around the corner.

1. Unheated house in winter months. If the home has been properly winterized, there%u2019s no need for heat. But if the home has not been properly winterized, pipes will burst and cause water damage.

2. Missing sinks, toilets and other fixtures. Make sure they%u2019ve been properly removed and not ripped from walls and floors.

3. Peeling, bubbling, and discolored paint; swelling in walls or ceilings (especially around kitchens and bathrooms) or a musty odor all indicate water damage and, potentially, the presence of moisture and mold.

4. Fungus growth inside cabinets, behind drawers and built-ins. Fungus could mean that there has been water damage. Since water falls down, look for the source above the mold.

5. Blocked drains or pipes will cause future problems and may have already created sewage backups.

6. Black cobwebs, greasy gray residue on walls and/or a strong oily odor. This could point to potential soot damage or a malfunctioning furnace.

7. An older home with extensive renovations. Check with the city for pulled permits in order to get remolding details. If asbestos is present and has been disturbed, be sure it%u2019s been remediated by a certified specialist.

8. Excessive painting of every nook, cranny, door and floor may mean that the seller is covering up mold.

9. Discolored subflooring. From the basement, check the subflooring above for stains and small holes, both caused by mold.

10. Air Quality. The air quality within a home tells a lot about the home%u2019s condition. Be sure to include air and surface testing in your home inspection. It%u2019s a few hundred dollars well spent.

%u201CTime and technique are the most important factors of effective clean-up and preventing future problems like mold or contamination,%u201D Mastronardi explains. %u201CIdeally, professional cleanup begins within a few days of the damage; technicians are trained, certified or licensed; and equipment is specialized and up to date.%u201D

Ask the seller to explain how the damage was fixed. Plus, check out the company that performed the repairs to ensure it has industry-recommended certification. If needed, follow-up with the seller or repairing company for specific repair details.

For more information, visit www.on-sitecorporation.com.

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