This comprensive guide will show you how to sell your house fast in Las Vegas. We will cover pricing strategies, preparing your home for the showings, why to have your home pre appraised, finding the right real estate agent, and even how to sell by owner.If you are wondering what your home might sell for in today’s Las Vegas Real Estate Market, Call 702-482-7739 or use our Instant Home Value Calculator. It only takes 15 seconds. We will follow up with you once you receive your estimate.
- Pricing Real Estate to Sell Quickly
- Here’s what Colors Help Sell a House Fast
- How to Update Not Renovate Your Property to Sell Fast
- How to Bury the St Joseph Statue to Sell Your Listing Fast!
- How to Sell a Home with Code Violations
- Staging Tips – Sell your Las Vegas Real Estate Quicker and for More Money
- Choosing the Best Time to Sell a House Fast
- How to Sell your Home when it’s Underwater
- How to Sell with Bad Neighbors
- Sell Faster by having a Pre-Appraisal and Preparing for the Appraisal
Pricing Real Estate to Sell Quickly
Some home owners need to sell for financial reasons. Perhaps they need as much cash as possible to put down on another house or to pay college tuition or pay off debt. Many reasons exist for needing the most from a house sale and each one impacting the pricing strategy. In this scenario the condition of the house significantly impacts the ability to get a maximum price. Buyers are willing to pay a premium for updated kitchens and baths, well maintained and upgraded systems such as roof, heating, plumbing and electric as well as newly painted interior/exterior or newly finished hardwood floors. Home owners who want maximum price need to be objective regarding the condition of their house and be prepared to make improvements or lower the price. In any market, comparable properties that have recently sold or are on the market establish the price range to expect for a house. Within that price range the condition of your house can make the difference between getting the high end of the range versus the lower end of the range.
Establishing the right price for a home to sell must take into account the reasons for selling. When there are life-events that create a short timeline for the sale, home owners need to understand how significantly price will impact their ability to meeting that timeline. In cases where getting the best return on investment is the top priority, home owners can be flexibility on how long the property stays on the market. However, getting the maximum return also means that the house is in excellent condition. A house that needs work cannot be premium priced. Ultimately the market place will let you know your home value and if you have priced it to sell. Knowing your motivations and priorities for selling your home is critical to set realistic expectations for price.
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The Right Selling Price Affects Your Bottom Line
When you’re selling your home, the price you set is a critical factor in the return you’ll receive. That’s why you need a professional evaluation from an experienced realtor. This person can provide you with an honest assessment of your home, based on several factors including:
- Market conditions
- Condition of your home
- Repairs or improvements
- Time frame
In real estate terms, market value is the price at which a particular house, in its current condition, will sell within 30 to 90 days.
If the price of your home is too high, several things could happen:
- Limits buyers. Potential buyers may not view your home, because it would be out of their buying range.
- Limits showings. Other salespeople may be less reluctant to view your home.
- Used as leverage. Other realtors may use this home to sell against homes that are better priced.
- Extended stay on the market. When a home is on the market too long, it may be perceived as defective. Buyers may wonder, “what’s wrong,” or “why hasn’t this sold?”
- Lower price. An overpriced home, still on the market beyond the average selling time, could lead a lower selling price. To sell it, you will have to reduce the price, sometimes, several times. In the end, you’ll probably get less than if it had been properly priced at the start.
- Wasted time and energy. A bank appraisal is most often required to finance a home.
Agents have known it for years – Well-kept homes, properly priced in the beginning always get you the fast sale for the best price! And that’s why you need a professional to assist you in the selling of your home.
Similar to the hues that are chosen for indoor color schemes, exterior house colors should be planned carefully. Aside from being the colors you will come home to every day, they can also make the difference in your home’s value – dramatically. That’s right, if you’re planning to sell your home in the future, you may want to carefully consider the exterior paint colors you choose to reach the widest selection of buyers.
Home colors that work best with resales
Neutral colors can help a home to sell and if you choose traditional colors, these can present a warm and esthetically pleasing look to the exterior of your home. With warm and inviting colors, potential buyers are more inclined to want to check out the interior as the colors invite them in. If a color is too stark, this can alienate the potential buyer as they won’t feel comfortable in the home. Unique colors that are too loud or outlandish can turn away potential buyers, so if you’re painting with a future resale in mind, give some thought to house colors that encourage curb appeal.
Just take a look at these colors and the perception they can give potential buyers:
Off-White: One of the safest colors, off-white is neutral and can help make or break someone’s perception of your house. Look for paint colors by Behr in Hazelnut Cream, Gallery White and Dark Truffle.
Putty: With warm colors, putty, gray hues and taupe can blend into their natural surroundings. When paired with stones that line the driveway or the foundation of the home, this can increase the curb appeal.
Taupe: An easy color because it’s a neutral shade, taupe is a very popular exterior paint color and a great way to play it safe when looking at a future resale.
Gray: With different shades of gray, you may find that your house stands out as the colors can be very inviting. Look for Benjamin Moore exterior paint in Copley Gray and consider partnering it with Benjamin Moore Elephant Tusk for a matching finish on your trim.
Blue-Gray: Giving a home a nautical feel works in some markets, especially homes that are near the ocean. This color works well when a good complement is used such as a white trim.
Yellow: Depending on the shade, yellow can be a good color that shows a ‘happy’ look. Keep in mind that lighter shades work better and the end result can be a bright and cheerful hue.
Light-Blue: Commonly used for Victorian homes, this color can help to enhance the home’s exterior architectural elements. Look for great colors by Behr in Skipper with a Burnished Mahogany finish.
White: White can be timeless and a traditional choice with potential home buyers. Just steer clear of stark white as you want to complement the home with softer shades.
Cypress Green: A mix between gray and green, this is a neutral color that is far from boring. It can work well when partnered with gray or black shutters. Look for Benjamin Moore exterior paint in Cypress Green.
Red: Red can be cheery if it’s a lighthouse color. It gives a traditional look and fresh appeal. For a great color that stands out, look for Benjamin Moore in Million Dollar Red.
Wheat: Wheat is in the beige family. It’s not white and yet it’s not yellow either. It has a softness to it that pairs well with blue or gray accents and a well-manicured lawn. Check out Behr exterior paint in Oklahoma Wheat.
Brown: For a warm and inviting color that’s earthy, look for sable brown. Sherwin-Williams has an exterior paint in Sable that works well with other complementing colors like blue, black or red.
Green: When using green, look for traditional colors like forest green. A rich and rewarding color, the natural shade is very clean and crisp. Look for Sherwin-Williams exterior house paint color in Vogue Green.
Colors to avoid
To help with a resale, avoid neon colors, anything pink, bright yellow, orange or purple. If a buyer specifies these color preferences, that’s a different story, but typically, potential buyers are looking for light, warm or earthy colors that translate into “shelter” and “warmth”. Remember, they’re visualizing themselves in your home, so the exterior should be inviting and warm.
In general, darker colors can make a house look smaller but more substantial. The problem with darker colors is they can quickly start to fade in the sun. A lighter color or an earthy color can help to increase your curb appeal as these colors are very inviting and help to showcase the home. Ultimately, that’s what you want when you’re looking at a future sale!
How to Update Not Renovate Your Property to Sell Fast
Selling a House Faster by Installing New Carpet
Selling your home takes a lot of time and hard work, especially if you want to make sure you get the absolute best value for your home. Oftentimes, homeowners end up doing a bunch of repairs in the hopes of increasing the appraisal amount on their property. Appraisals are more important than you might even realize. The appraisal amount can determine whether a bank will finance a loan or not. Because of this, you want to do everything you can to boost the value of your home so you don’t lose out on a sale because the property didn’t appraise for enough.
People often have different ideas in terms of what they think is going to boost the appraisal amount for their property. While some things are more obvious such as upgrading the siding or cleaning up the yard, other things remain a mystery to some. One of those things is whether upgrading the carpet is going to increase the appraisal value or not. In reality, the answer isn’t as simple as you might think.
For example, you have to think about what type of flooring was in the home already. If you are thinking about tearing out hardwood floors and putting in new carpeting, you could end up costing yourself money. Hardwood floors are viewed as a luxury item and often cost more to install. As such, that means that you should do whatever you can to try to preserve the hardwood and spruce it up a bit. While new carpeting might look nice, hardwood floors will always do more for your resale value than what carpeting will.
In the event that your existing carpeting is worn, tattered and stained, you might want to consider going with new carpeting. When an appraiser walks into the home and takes a look around, they are looking for things like decent carpeting, clean walls, well-kept yard and so on. Even though you might be moving soon, you are far better off investing in new carpeting than you are letting the carpeting stay in its current state. Not only does it give off the impression that you care about your home, but it also appeals to potential buyers.
You might also like: What is an Appraisal?
When a buyer walks into the home and sees everything neat and tidy, they are going to be more interested in putting in an offer than what they would if your home was disheveled and the carpeting was torn and stained everywhere. However, you want to make sure that you are choosing a neutral color that is going to look nice with almost everything in the house and for those looking to purchase.
On average, some report that for every $1 you spend, about 20-25 cents goes into the actual upgrade, while the other 75-80 cents comes back as an increase to your home’s value. To help make sure your home gets the maximum return and yields the highest appraisal amount, consider some of the following flooring options:
54 percent of all buyers said they were willing to pay more for a home with hardwood floors than one with carpeting, not to mention the price point for both options is fairly comparable. Tile floors are often the preferred alternative to laminate flooring. By going with a tile flooring, you could boost the value of your home by $5-10k easily.
While new carpeting might not be the best way to boost the appraisal value of your home, it can definitely help under the right circumstances. Take a step back and think about what the state of the current flooring is before making the decision to replace it with new carpeting. In doing so, you can make an informed decision and make sure you get the maximum appraisal amount for your property.
Wondering what your home might sell for today?
How to Bury the St Joseph Statue to Sell Your Listing Fast!
Bury a statue to sell a house? If you are like most of us, you’ve probably never heard of the very oldCatholic tradition of burying a St Joseph statue upside down to expedite selling property. Venerated in the Catholic, Lutheran and Eastern Orthodox religions as a saint, Joseph (the husband of Jesus’ mother Mary), is thought of as the patron saint of workers and declared by Pope Pius IX as the protector of the Catholic Church in the 19th century.In addition to being the patron saint of selling homes, Joseph is also the saint of:
- (Against) hesitation and doubt
- Fighting communism
- Enjoying a happy death (because Joseph is said to have died in the arms of Mary and Jesus)
- Many countries, including Canada, Mexico, Austria and Vietnam
- Expectant mothers
- Immigrants and travelers
- Working people
How Did the Tradition Begin?
Historians think that around 1500 A.D., European nuns living at a cloister needed more land on which to plant vegetable gardens and raise livestock. They had medals made that were imprinted with Saint Joseph’s image and wondered if burying them in the ground would help their prayers be heard and answered more quickly. Evidently, it worked because they nuns gained more land after burying their medals and were able to remain self-sufficient at their cloister. However, why the medals were ultimately forsaken for statues of Joseph is unclear. By engaging in this ritual, the nuns essentially reinforced the concept of turning something over to the will of God. Catholics and anyone else who believes that having faith can cause good things to happen believe that it is not the act of burying a medal or statue that precipitates the sale of house but that it is faith in the Lord and his saints which propels the materialization of desired property transactions.
Where to Buy the Statue
Available online in varying sizes (typically four inches or eight inches high), St Joseph statues are made of sturdy plastic, resin or pewter material and come in packages that provide a burial sack, prayer cards and instructions about how to bury the statue to sell a house. Catholic supply stores also carry St. Joseph statues meant for house-selling rituals. Some statues feature Joseph standing alone while others have him holding the baby Jesus.
- Always bury the statue upside down. The theory behind this request claims that Joseph will work harder to leave the ground when buried upside down so he can find a comfortable home in which to dwell.
- Some say that burying the statue sideways so that Joseph’s praying hands are pointing directly at your house helps direct potential buyers to your home.
- Bury a St Joseph statue in the backyard of your home near a flowerbed, shrub or other natural growth to expedite selling your home.
- You can also choose to bury St. Joseph one feet underground (again, to make Joseph work harder to leave the ground and quickly find a nice home) next to your For Sale sign, even if it is in the front yard.
- Once your house is sold, dig up the St Joseph statue and give it a place of honor in your new home.
Traditional St Joseph Prayer
Say this prayer once a day for nine days after you have buried a St Joseph statue on your property:
In the Name of the Father, and of the Son, and of the Holy Spirit. Amen Come to my aid, O God. O Lord, make haste to help me Almighty God, Father of mercies and giver of all good gifts, I come before you to honor you in your saints and ask their help in my many needs You promised those who ask, would receive, those who seek, would find, those who knock, would have doors opened to them Hear the prayers of your church, grant my requests, and pardon my sins. Amen St. Joseph, just and true, with a father’s care you raised the child Jesus, and with a husband’s love, you shared your life with Mary, his mother I entrust myself to your care and place in your hands this request of mine In quiet Nazareth, long ago, the Holy Spirit spoke to your heart and you followed God’s will with wonderful faithIn the quiet of my days, and in the hard choices I must make, help me follow the Spirit’s guidance and believe when I cannot see Repeat one of these prayers along with the one above:
Day 1: Oh God, guide of those who listen and helper of those who hear your voice, speak to me, as you did to St. Joseph, and help me accomplish the things you give me to do .
Day 2: O God, you love your people and bless the ordinary lives we quietly live. As you blessed St. Joseph, bless what I do, however hidden and simple it may be, and let all I do be done with love.
Day 3: O God, ever faithful, you remember us always and in time reveal your blessings. Help me trust in you, as St. Joseph faithfully trusted, and never let me lose faith in the wonderful gifts you promise me.
Day 4: God of families, bless the family that’s mine. Keep us safe from harm, and never let evil come between us. Let peace remain in our hearts.
Day 5: O God, who loves children, be kind to our children today. Give them eyes of faith for seeing far, a loving heart for welcoming life, and a place always at your side.
Day 6: God of our heavenly home, bless our home on earth. Let the spirit of Mary and Joseph rest at our table, shape our words and actions, and bring blessing to our children.
Day 7: God, our Father, give your fatherly spirit to those who are fathers now. Like Joseph, give them hearts of devoted love for their wives and children and strength for forgiveness and patience.
Day 8: Give shelter, O God, to those who need it, and bring together families divided. Give us enough to eat, and decent work to earn our bread. Care for us, O God.
Day 9: Bless all families, O Lord especially those in need. Remembering the life of your Son, we pray for the poor, for those who lack a good home, for those in exile. Grant them a protector like Joseph, O God.
How to Sell a Home with Code Violations
Code violations span everything from breaching minimum construction standards to broken smoke alarms. While most building codes are designed to keep you safe, some cities aggressively flag homeowners who allow garbage to collect in their yards, don’t clean their pool or forget to mow their lawn. Often, the code violation is cleaned up before the house goes on the market and the buyer is never aware of it. Other times, code violations sink a real estate deal.
What Are Code Violations?
If your home falls short of a county or municipal building code, it has a code violation. Many homes have some form of code violation. This is because building codes change all the time, and a house that was code-compliant when you bought it may now lag behind current standards. These innocent violations are “grandfathered” in, which means they are not regarded as violations if the home was up to code when it was built. Unless there’s a safety issue, you won’t have to bring the home up to current code.
Most serious code violations happen because the homeowner adds more living space without the proper permission. Other examples include water heaters or electrical points installed without a permit, failure to use non-flame retardant roofing material and the absence of smoke detectors: the list is endless.
Why Do They Matter?
Once you purchase a home you inherit the violations along with it. Buyers want you to provide them with clear and marketable title: few buyers will buy a property with liens, fines and open code violations against it. Selling a home with code violations can be impossible. Many municipalities levy huge fines and daily interest rates on the homeowner and these penalties accrue for years after the illegal work is carried out. Decades after the event, the code enforcement officer can require the current homeowner to fix the problem and bring the home up to the most current building code – often at great expense.
Can’t I Just keep Quiet About the Violation?
No, you can’t. By law, sellers must make certain disclosures about the property to potential homebuyers. For example, the federal government requires sellers to notify buyers about lead paint in the property. State disclosures vary by state, but typically require the seller to disclose known structural problems, defects with the HVAC, electrical and plumbing systems and known code violations. And, if the buyer asks, you have to tell him about code violations openly and honestly, regardless of disclosure law. Closing a deal without making the necessary disclosures can bring a heap of trouble. At the very least, you’ll have to compensate the buyer for any financial loss.
In any event, the code violation usually comes out during the buyer’s due diligence. If the home inspector doesn’t find it, the title company probably will when it checks the county records.
Fixing Code Violations
If your property has open code violations and fines that are accruing on a daily basis, contact the city immediately. Many times, the city is willing to work with homeowners to fix the problem. You may even be able to negotiate the sanction down to a reasonable amount. What happens next depends on the specific violation. Often, homeowners can hire a contractor to close an open violation. You’ll have to pay for the corrective work and pay off any fines, but once the work is done you can list your home for sale. If the work is beyond your budget but you need to sell, some real estate investment companies may buy your house cash and deal with the violations themselves. Keep in mind that when investors buy these properties, they expect a deep discount on the purchase price so they have room to fix the violation and pay off the penalty.
Thankfully the real estate market in Las Vegas has improved over the past 12 months, those who were previously under water have hopefully recoupled some of their investment. Many are using this time to sell their current home and invest in a new home.If you’ve decided to sell your house and would like to do so quickly, you will have to come up with ways that will set your home apart from the others currently on the market. One of the easiest ways to do this is to stage the home to highlight its benefits and down play any undesirable features in order to attract the most prospective buyers. Your home should look as clean and attractive as a model home that the perspective buyer can see themselves living in for many years to come.
Here are a few easy and inexpensive staging tips that will make your home attractive to new home buyers and hopefully lead to a quick sale.
Get Rid of Clutter. The first thing you need to do to prepare your home to sell is to get rid of all the clutter and junk that you may have laying around, and that includes your garage. Rooms with fewer pieces of furniture make the room appear larger than it is. Professional stagers often take as much as half of the furniture out in an effort to open up the room and make it appear bigger. You may consider renting a storage unit while your home is on the market to store items that aren’t currently needed or to store extra furnishings.
Make a Small Room Appear Larger. One trick that stagers use for small rooms is to paint it the same color as an adjoining room. A small kitchen and adjacent dining room will look bigger if they are the same light shade. Using the same color drapery as the walls is another trick to make a small room appear larger.
Neutral Colors. While we all have our own personal taste, when you’re selling a home it’s best to cover up bright and bold colored walls with a fresh coat of neutral colored paint in off white, beige and tan. Very light blues and soft greens work well too.
Remove Personal Items. You should de-personalize your house by removing personal items like family heirlooms and photos. You want perspective buyers to think of your home as their home, and it’s difficult for them to imagine themselves living in your home if it’s full of your memories.
Clean, Clean, Clean. No one wants to walk into a dirty home that smells like a wet dog that has stains on the carpet. Remember, anyone serious about buying your home will look under kitchen and bathroom cabinets for leaks, so everything from top to bottom should be sparkling clean. A dirty, smelly home will turn a buyer off immediately. Have your rugs and furniture professionally cleaned and get regular cleaning service keeping your home spic-and-span throughout the time it is on the market.
Don’t Forget About Curb Appeal. The first impression your home will make will be when the perspective buyer and their Realtor pull into the driveway. Make sure that all children’s toys and bikes are neatly put away. Make sure garbage cans are put behind your gate and be sure to cut the lawn. Here in Las Vegas many of the homes don’t have grass but decorative rock instead. If your home has rock, make sure there are no empty patches. Have a landscaper sculpt trees and bushes and trim any cactus, to make sure that your home makes an impressive first impression.
By following these inexpensive staging ideas, you will be making you home look more like a new model home and These points are especially important to selling your Las Vegas home, especially if the sale in contingent upon you buying another property.
Choosing the Best Time to Sell a House Fast
If It’s Got to Go, It’s Got to Go
You may find there isn’t enough room to swing a cat, let alone nurse a new baby, or that you’ve no use for the empty rooms your children vacated decades ago. Maybe you and your better half have gone your separate ways and the house simply needs to go, you’re trying to give your dog a more spacious yard to romp, or you need to take in some elderly relatives and the staircase won’t do. Perhaps you have greater professional opportunities if you move elsewhere.
It can be hard to cope with the upheaval of moving house. Moving home is one in a long line of lifestyle changes that the entire family must endure; however green the grass is on the either side of the ‘For Sale’ sign. Even if you’re not looking to relocate, but simply to dispose of extra property, and if children, pets and elderly relatives aren’t involved, you still have plenty to worry about, whatever the market.
Plenty More Where That Came From
These changes occur more often than we’d like to admit, but sad as it may be to leave a home behind; a new one will be right around the corner. There’s no shortage of white picket fence houses out there, and there’s no reason not to expect Lady Luck to smile on you when you strike your bargain.
Of the nearly 116 million homes built in the USA, according to the United States Census Bureau’s American Housing Survey, there’s bound to be one to your liking. And with the sale of homes picking up this year, you’re looking at a much nicer picture and an infinitely larger return for the house you’re leaving behind than you would have been able to expect six years ago.
What Goes Up Must Come Down
That said, the fluctuations on the market may be giving you the nagging feeling that you need to be constantly looking over your shoulder in case you miss any local or national real estate trends. And your apprehension would be justified if the events of 2008 are anything to go by.
Your decision to move out may or may not be in sync with market trends, or with your better half’s opinion, for that matter. It’s safe to assume that the state of the economy is reflected in the property market, and having a wider perspective could help you anticipate the outcome of your decision, pin-point the best time to act and find closure with the way things pan out. Still, deep down, you’re probably aware, like so many of us, that you’re grasping at straws. There’s no point trying to predict what the market will be like ten years from now. You’d just as soon find your answers in a crystal ball than by analyzing real estate statistics for the best time to sell a house.
The Gift that Keeps on Giving
Few fixed assets can provide higher returns than a house. Recent global economic developments aside, houses are and always will be the most sought-after asset known to man, because they cover our most basic need, that of having shelter. Come rain or shine, there will always be a demand for housing.
Considering Astrology as a Time Factor
There’s really no best time of year to sell a house, because you’re likely to make a profit on it whatever happens. Even if you don’t try hard to pass it off as the perfect home, you should expect at least a 10% year-on-year rise in market value, provided it’s in a nice area, it was built using high-quality construction materials and you’ve owned it for at least a couple of years. If prices are low, your loss on the sale of the old house will be compensated by the fact that your new abode will be cheaper than expected. If prices are up, you’ll cash in more, and you’ll pay more for the new home, but you’ll also possibly pay more tax.
Even so, it’s good to keep in mind that real estate inventory usually goes up after the holiday season, with people flocking to put their houses up for sale as soon as the eggnog’s done, in January, or the stores start stocking new Christmas merchandise, which can be as early as September. It’s safe to say that spring and autumn are the best seasons to buy a new home, with so many new ones being put up for sale every day.
On the other end of the spectrum, buyers who are urgently looking for houses during the festive seasons will likely see that real estate inventory is pretty low, and so they’ll be eager to strike a deal, even if the prices are a bit steep. Therefore, winter and summer are the best time of year to put the house up for sale.
However, the appeal of a house that’s up for sale depends not only on the asking price, but also on the Las Vegas Real Estate market itself, the size of our cities inventory, our amenities, the infrastructure prospects for the area, the type of governing, the community budget, and many more aspects that tend to do more with community development than with the house itself.
As long as you do your best to show off your house’s most prized features, you should be able to secure your asking price. In fact, going overboard with your spending on renovating and sprucing up the appliances, fixtures and fittings can be a double-edged sword. Prospective buyers like to put their own stamp on their newly-acquired nests, and your interfering with their blank canvas can put them off.
Eyes on the Prize
In reality, you don’t need to worry much about when you should sell your house. The sooner you put it up for sale, the better. That way, you have plenty of time to sieve through the offers and to try to improve your listing. You simply need to make sure that you’ve done everything in your power to make the house attractive, within a reasonable budget, by the time you list the offer.
If the property is not appealing, the time of year is of little consequence. To make a property appealing, you need to ensure that it meets the needs of the people currently trying to move into the area. Condominiums may sell quicker than a waterfront estate and may bring potential buyers at any time of year, whereas a waterfront estate is a much more substantial investment, with fewer but often more serious buyers. Just because you have the most gorgeous property on the Las Vegas real estate market doesn’t mean prospective buyers will fall in love with it at first sight. Speak to an unbiased real-estate agent, if you know one, and try to find out what this year’s new generation of buyers is looking for in a property. Look into the categories of buyers typically choosing a house like yours. Then, look at your home from the perspective of a certain type of buyer and see what your property is lacking, and what it can offer as a bonus.
The White Picket Fence
Finally, don’t let all this planning and upheaval get the best of you. Buying and selling property is as much a matter of chance as it is a matter of careful planning. Do your best to offer a house others can wholeheartedly call home and don’t put off making the offer public. Know what you’re looking for in a new home (if you’re looking for one), and make sure your goal is always within reach. Then sit back and let the market take its course.
How to Sell your Home when it’s Underwater
What is a short sale?
Quite simply, the short sale is a process in which the sale of a property occurs, with the lenders permission, for less than the outstanding loan obligations on the property. This allows the homeowner to avoid foreclosure and the dark stain this can leave on a credit report. The short sale will still be a negative entry on the credit report, but not nearly as bad as a foreclosure.
If you already have your home on the market and are utilizing a real estate agent, you should inform the agent as soon as possible that the property is scheduled for foreclosure. The agent can take steps to guide you through the short sale process, help you work with your lender and possibly accelerate the home selling process. It is important in this situation to not procrastinate. Call your realtor and your banker, as both are willing to help you.
The first thing you will need to do if faced with foreclosure is to determine your property’s market value.This value is based upon what someone will currently pay for it, not what you paid for it or what you need to satisfy the mortgage. A realtor can help you immensely here. A realtor will perform a Comparative Market Analysis (CMA) on the property. This is not the same as an appraisal, which can only be done by a licensed appraiser. A CMA is a comparison of similar properties in the neighborhood which have recently sold, and real estate currently for sale. The average sale price of these properties will give a realtor some idea of what your home will sell for. If you need to sell quickly, you will need to sell your property for less than all of the similar homes currently on the market.
There will be some costs associated with selling your property and these may vary from state to state. These can include title insurance, closing costs and home inspection. A realtor, title company or real estate attorney can help guide you in determining these costs.
Now you need to find out how much is owed on the property via mortgage loans, home equity loans, business loans in which the property is the collateral, and any other liens against the property. You must also figure in the realtor’s fee in the cost of the sale if you are utilizing a realtor. There is also the matter of real estate taxes. You will probably have to pay a portion of the current year’s taxes. The county assessor will help you here. Now you know how much you need to settle all the financial claims against the property and may proceed with the next step in the short sale.
Total up the outstanding obligations. Now you must subtract this number from the estimated sale price. This will in all likelihood be a negative number. Now you need to call your lender to explain your situation. Most banks have a foreclosure department, and a person with authority to make an arrangement with you is who you need to talk to. Banks are all different in the procedure that they use. Some will be willing to set an amount that they will accept to settle the loan. Some will want to see a purchase offer from a buyer. They will then probably want to approve the sale before it can proceed. Most will want you to fill out some kind of financial disclosure form. If you are dealing with a realtor to sell your home, chances are you will have to send the lender a letter giving the realtor permission to discuss the account with them. The bank will also have other information the realtor will need to do a short sale.
Once the house is on the market, do what you can to help it sell. Follow the proper procedures in staging the home. You want the home to be as presentable as possible to ensure a quick sale. Again, a realtor can help you with this. If you get an offer, remember that the bank will probably have to approve the sale before you can proceed. Sometimes the bank will require the buyer to make up the difference between the short sale price and what is remaining on the mortgage. You may want to consult a tax accountant when the property sells, because the short sale is regarded as relief of debt. They may regard this money as income and tax you for it.
The short sale can help the homeowner avoid foreclosure and maintain a satisfactory credit rating. This can be achieved as long as they do their research and consult the proper professionals during the entire process. Homeowners must do all that they can to avoid foreclosure, and the short sale may just help them do that.
In life, you may sometimes find yourself in a crisis that is beyond your wildest imagination. Events like a sudden illness, divorce, job loss or some major unanticipated expenditure can put your finances into total disarray. These are traumatic times in themselves, but the financial impact and the inability to meet your commitments make them a lot worse. Bills and mortgages still have to be paid and tough times often call for some tough measures.
If you can’t afford your mortgage, it may be better to sell the house and move into a rented home. Selling your home may also become necessary if you are relocating due to a job change. If the property is an investment and prices are crashing, it is better to sell quickly and cut your losses unless you have the holding power to ride the storm and wait for prices to come up again. There are many possible scenarios in which it becomes necessary to sell a home quickly. This is easier said than done, especially in difficult market conditions.
The basics of short sales:
A short sale is a distress sale with the approval of the lender. The lender allows you to sell the property for less than what you owe on the mortgage. After a successful short sale, the lender will usually waive the shortfall. However, this is not guaranteed unless it is agreed in writing by the lender or the property is located in a state where the law forbids the lender from recovering the deficit. In the US, this law is currently in force in 12 states.
Lenders incur losses in short sales. Hence, they will not approve an application unless they are convinced that there is absolutely no hope of recovering the entire outstanding. Most lenders will not even consider a short sale application unless you are already in default and several months of mortgage payments are overdue. It may also become legally impossible for a lender to approve a short sale if you have filed for bankruptcy.
To prove your eligibility, you have to convince your lender that you are in a financial crisis with no possibility of any significant improvement in the near future. You must also show that the market value of your home is less than your mortgage balance. Some lenders may consider a short sale even if you are not in default as long as you convince them that you will soon be in default due to reasons beyond your control.
There is no guarantee that the lender will approve your short sale application. Your chances of getting an approval are much better if you already have a buyer who is ready to buy the property and has the money or a pre-approved loan to pay for it. Without a confirmed offer and a large earnest deposit to back it up, it can become difficult to obtain an approval.
Why a short sale is better than foreclosure:
The main advantage of a short sale over foreclosure is its lower impact on your credit rating. A foreclosure might set your credit score back by about 250 points and it will remain on your credit report for a number of years. In the case of a short sale, the hit on your credit score could be around 100 points and the impact on your credit report is far less damaging. You can expect to qualify for a new loan at reasonable interest rates within two years after a successful short sale. In the case of foreclosure, this can take up to seven years.
(*Please consult with your CPA on actual credit impact as these are “general” estimations)
The other disadvantage of foreclosure is that depending on the jurisdiction, the lender may be able to pursue a deficiency judgment. In the case of short sales, the deficit is usually waived. It is, however, important to get clarity on this aspect in writing from the lender before you go ahead with the transaction.
Most lenders prefer short sales over the long and tedious foreclosure process. Despite this, many short sale attempts fail even after the lender has given the approval. For a successful short sale, speed is critical. Things become easier and your chances of success are much better if you take the help of a real estate agent who is familiar with short sales.
Curious if you have enough equity to sell, or you might be facing a short sale? Call us at 1-800-805-8354 to discuss your situation or use our 15 second home value estimator to get a
Why might you consider short selling your home?
It is not your fault that the Nevada housing market is taking a while to rebound. If you are faced with financial troubles that are causing you hardship which leads you to not be able to pay your mortgage loan as agreed, you need to look at how the market is performing before you take the next step. If the market is on its lowest and there is not projection of an improvement, you don’t want to hold on to your home and pay more than the home’s equity. Short sales are a potential way of freeing you and your family from the financial woes and taking a fresh route to reconstruct your finances.
Allowing your home to be foreclosed can be detrimental in all aspects. First, you suffer the agony of not letting go an unsustainable project. Accepting the reality of the situation and moving on is an excellent way of making up for the same.
A short sale could be the right situation and free you to start a new life free of stress while protecting your record from a Nevada Foreclosure. Foreclosures have devastating implications, including damaging your credit. A foreclosure means you rub shoulders with your lender, meaning you risk being sued by the bank. Facing judicial foreclosure can wear you down, especially because the entire process if lengthy and expensive.
When you allow your home to be foreclosed upon in Nevada, you open up chances of being legally liable for all the losses, since the bank reserves the deficiency rights. This may attract a deadly deficiency judgment lawsuit. On the other hand, a short sale is a friendly way of saying “I can’t afford to pay you.” After you successfully complete a short sale, a bank will issue a 1099-C (cancellation), which is a legal document showing that you have been relieved from the debt. Here, the lender will not come after you to demand any money in the form of fines, or penalties.
Call 702-482-7739 to get help with your short sale now.
How to Sell with Bad Neighbors
You may be able to ignore the trash and thigh-high grass in your neighbor’s yard, but a home appraiser won’t. A bad neighbor can bring down the price of a house by as much as 10%, according to the Appraisal Institute. That’s a dire situation to be in if you are trying to sell your property. So what, exactly, constitutes a bad neighbor in the home selling scenario, and what can a seller do about the situation?
Nuisance neighbors push down prices
“External obsolescence” – that’s appraisal speak for anything outside a homeowner’s control that affects value. Any neighborhood nuisance, from an overgrown yard to barking dogs, falls into this category. Some issues are not always apparent and you can get away with them. So a cranky neighbor who has never had a good word to say about you in his life is going to be less easy to spot than a yard cluttered with rusty cars. Bad neighbors can knock between 5 and 10 percent off a home’s value, depending on the severity of the problem. In general, the nuisance neighbor in an exclusive neighborhood will have a bigger impact than they would in a neighborhood where overgrown yards are the norm.
Objectionable and illegal are not the same thing
Home sellers can sort out some neighborhood nuisances with help from the local municipality. Persistent late-night music, for example, may violate local noise ordinances, and most cities have ordinances against unlicensed cars or dumpsters. But what an appraiser finds objectionable from a valuation perspective is not necessarily illegal. A common example is the disruption caused by heavy building works on a neighboring plot of land that may have all the official permits. In this scenario, you may have to come up with a creative solution to the problem, such as asking the neighbor to write a letter confirming the build schedule and confirming that no noisy work will be carried out late at night.
Start the ball rolling before you list
Home sellers have one goal: to sell their home as quickly as possible at the best possible price. Nuisance neighbors obstruct that goal. One sniff of trouble, and most buyers will look elsewhere – or negotiate a hefty discount from the price. So you need to fix the problem before you list your home for sale. Often, a friendly chat is all it takes to solve the problem. Many nuisance neighbors don’t even know they are causing you distress and will bend over backwards to rectify the situation.
Offer to fix things yourself
Some problems, such as a broken window pane or overgrown grass, are easily fixed. You could wait around for your neighbor to get his house in order – or you could offer to do it yourself. If the thought of helping out a difficult neighbor is galling, remember your goal. You want to sell your house quickly, for full market value. If a few hours of hard work or a couple hundred dollars paid to a handyman is what it takes to achieve a sale, so be it.
Incentivize a noisy neighbor to play ball
Few appraisers will devalue a property because a neighbor makes a lot of noise. Appraisers have to give solid, objective evidence for why they arrived at the value they did, and noise is a subjective issue. That said, an obviously noisy neighbor can deter buyers who come to view your property. Tell your neighbor when you schedule a showing. Ask them to keep the noise down during these times. If barking dogs are a problem, get your kids to take them for a walk during showings. A $100 gift card is a lovely way to “thank” a neighbor who plays ball.
Speak to your agent about your a duty of disclosure
To sell your home, you must fill out a seller disclosure statement, answering a suite of questions about your home. Disclosures vary between states, but the disclosure form will almost always ask you about nuisances in and around the neighborhood. The difficulty here is what constitutes a nuisance. Actions that are clear code violations are public nuisances and you should disclose them. You may not have to disclose a problem neighbor who has not acted illegally and whose only beef is with you.
The question here is one of degree. If the problem with your neighbor is so bad that you have repeatedly called the cops or the city, then this is a “material fact” that would affect a buyer’s decision to buy a home, and you must disclose it. A small issue of overgrown grass probably does not have to be disclosed. Do tell your agent what has been going on – she has seen it all before and can tell you what you need to tell buyers to protect yourself legally.
Most homeowners get nervous when it is time for an appraiser to inspect their property. After all, they are about to be judged for the appearance of their home. More importantly, they recognize that the asking price for their home is influenced by the appraiser’s evaluation. Fortunately, a few strategies can make it easier to get through this experience, while helping the homeowner to feel good about this process.Choose a Local Appraiser
You should begin this phase of selling your home by making sure the appraiser is familiar with real estate sales in Las Vegas. Choosing a local appraiser gives you access to someone who has seen what the market in your area is doing. You should also make sure the appraiser has the proper credentials for your state of residence.
Prep the House
Before you allow the appraiser to visit your home, take the time to get it ready. The value of the home depends on more than the number of rooms that it has and the age of the roof. The condition and appearance of your home also influences the home’s worth as suggested by the appraiser.
You should begin by repairing anything that needs fixing. Make a list of all of the problems you see and fix as many of them as you can afford to repair. Some of the repairs that you should tackle include:
- Stained carpets
- Loose woodwork
- Torn window screens
- Chipped paint on the walls or loose wallpaper
- Faulty locks and broken hinges
- Faulty heating and/or cooling system
- Faulty appliances
- Leaky roof
Next, you need to spend some time deep cleaning your home. A dirty home suggests that other problems with the home could exist, so make sure your home is sparkling clean. Wipe down all surfaces inside the home, including the windows and doors. Be sure to clean up the yard and garage as well.
Decluttering your home can make it look roomier. Get rid of anything you do not need and put everything else in its proper place.
Talk with the Appraiser
If you have insider information concerning nearby real estate sales, you should share it with the appraiser. For example, if the couple down the road lowered their asking price considerably to get a quick sale because they were getting a divorce, the appraiser should have this piece of information. Never assume that the appraiser is aware of these kinds of details, and always ask any questions that you have.
A home appraisal is an important part of the selling process because it sets a value on your property. This amount is used in determining how much the asking price should be. Therefore, it is important to fix and clean up the home prior to the appraiser’s arrival.
Here are some reasons why you may want to have an appraisal prior to finding a buyer.
SAVES THE BUYER TIME AND EXPENSE
One of the best reasons to get your Las Vegas appraisal and inspection before listing your home is that people don’t like surprises. How many people have purchased a home only to discover that it was infested with termites or other problems? Then the new home owners were forced to call in an inspector after the fact. They may resent having to do this and it takes money and time for them to have to deal with this. Getting a home inspection and appraisal saves the buyer from having to do it themselves, and this is a strong selling point for your home when you list it.
LEADS TO HIGHER OFFERS
Another significant reason to do a pre-home inspection and home appraisal is the fact that it will lead to higher offers. As explained above, it becomes a strong selling point. The buyer knows it has been recently inspected for termites, repairs, and problems. This also makes you more honest as a seller (in the mind of the buyer) because you will have a report for them regarding the findings of the inspection and appraisal. This gives them a sense that they are getting exactly what you say you are selling, and they do not feel you can be dishonest in such circumstances. This often leads to higher offers due to the fact that buyers believe what you are saying more since there is an appraiser’s signature to back it up.
LEADS TO MORE OFFERS
Just as doing a pre-home inspection and appraisal leads to higher offers, it can also often lead to MORE offers. As word spreads that you have had the home inspected, repaired, and appraised, it will increase the number of people who are interested in your home. This is why you will want to place this in a prominent location in your ad once you have had this process completed, so that people will know that you have taken the extra steps to ensure that your home is up to par before listing it. This will also lead people to trust you more and that leads to more offers too.
SMOOTHER CLOSING PROCESS
The most important step in a home sale (or any kind of sale) is the close. You can present your home in the best light possible, tell them how wonderful it is, have your Las Vegas real estate agent show them pictures which accentuate the best features of the house, and connect with the buyer. But, if they don’t complete the sale, it is wasted time. Offering a home which has been pre-inspected, repaired, and appraised with an official Las Vegas appraisal company goes a long way toward convincing them that you are offering an excellent home for sale, and that you are someone who can be trusted. And this leads to more sales.
ANSWER THEIR QUESTIONS WITH A SIMPLE APPRAISAL DOCUMENT
Many sales are lost in the last minute, not because the buyer did not like the home, but because the seller or real estate agent did not convince them that you were telling the truth about the house. Or there is some looming problem about some of the fixtures, the carpet, under the floor, or some other discreet area of the home which is not as obvious to the eye.
Many home buyers believe that sellers sometimes cover up the problems, and only show the best aspects of the house. Getting a pre-home inspection and appraisal takes this doubt away from potential buyers, so that they focus on closing the deal. It’s just good basic sales practices: you are answering the lingering questions buyers have by presenting them with the proof that your house is all you say it is.
WHAT HAPPENS IN A HOME APPRAISAL PROCESS?
The home appraisal process includes the following:
- A complete walk through of the house to get an idea of the overall condition and room count
- Documentation of the entire condition of the property, both inside and out.
- The Quality of construction and modernization of the home
- An evaluation of the value of the house
- Information on the house, including square footage, and the condition of the garage, carport, or other peripheral properties
- Estimates of the “contributory value,” which is any additions or repairs you have done to the home prior to listing
- Other attributes of the home which would add to the market value of it
HOME APPRAISER CREDENTIALS
The typical home appraiser has a state license or certification in home appraisal processes from an accredited school or real estate training. This means that they are highly qualified to make an assessment of the final market value of the house. This figure is highly influential to the buyer in communicating how much the home is worth and in determining how much they are willing to pay.
It is important to note here that an appraiser is NOT an inspector. For this reason, he or she cannot do structural assessments, termite checks, under the floor evaluations, or any of the other things the home inspection team can do. This is why it is important to have both a pre-home inspection and a pre-home appraisal completed prior to listing your house for sale.
DO BOTH: INSPECTION AND APPRAISAL
Keep in mind that it is the whole picture that completes this process in the mind of the buyer: both the inspection and the appraisal are important. The appraisal gives them a number of the market value according to a certified appraiser, and the home inspection ensures the buyer that the home has been checked out from the inside out and meets up to standards. Both of these pieces of the puzzle are important as you prepare to put your home on the market. These two together, along with a record of whatever repairs or additions you have done, will add greatly to the value of your home and increase the likelihood of closing the sale with buyers in the final analysis.
Las Vegas home values may fluctuate and the market is unpredictable but getting your home both inspected, repaired, and appraised (in that order) will greatly increase its value both in the minds of buyers as well as on the open market.
Taking these extra steps ahead of time, before you prepare to list your property could be the one factor in the amount of money you get for your home, the number of offers you get, and the final selling price. In addition, if you decide to get into real estate investing sometime in the future, it gets you into a series of good business habits which will ensure that your selling experience will be a successful one.
Nothing is guaranteed, but getting your home inspected and appraised puts you head and shoulders above the crowd in terms of presenting your home and yourself with the highest standards and allowing potential buyers to feel that they are getting a straightforward approach to your real estate offerings.
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- How to Bury the St Joseph Statue to Sell Your Listing Fast!
- How to Sell a Home with Code Violations
- Staging Tips – Sell your Las Vegas Real Estate Quicker and for More Money
- Choosing the Best Time to Sell a House Fast
- How to Sell your Home when it’s Underwater
- How to Sell with Bad Neighbors
- Sell Faster by having a Pre-Appraisal and Preparing for the Appraisal