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Dave Gresham
Associate Broker
Long & Foster, Realtors
Moneta, VA 24121
(540) 721-5050 or (540) 309-8440
davegresham@jetbroadband.com
Buyer and Seller Tips
Buyers
Mortgage Shopping
Compare everything, then choose without emotions. One buyer
liked a particular mortgage loan officer because she was very nice during
the 20 minutes they spent on the phone... When it was all said and done,
everything was equal between lenders except the nice one was charging 1/4%
more for the loan. This means that for $400,000 financed over 15 years, this
20 minutes was costing her over $10,000. That’s $30,000 an hour! She wasn't
that nice!
Also, if you will be borrowing a part of the purchase price, get your
mortgage loan pre-approved because it puts you in a
better negotiating position with the seller if you make an offer.
Visiting Properties
With 500 miles of shoreline you're going to need to budget a little
time.
Spend the first day here by yourself, no agent, and drive all around the place.
(Begin by purchasing a lake area map at the Welcome Center or at any local gas
station.) Now you can spend the second day with me, visiting a variety of different homes in
different lake locations.
Since you spent a day getting to know the place a little bit, you'll have a general idea where you are
wherever we stop,
and this will be a tremendous help in building a frame of reference
from which to judge.
Seriously, with 500 miles of shoreline you
need time. We can spend additional days looking at properties, as well, but at
some point you'll probably want to go back home to reflect on it all. In all my years of real estate, I have only sold a property on someone's
first visit here two times.
In addition, take notes when
you visit listings. Use memory joggers to reference them, for example: "huge
fireplace", "great shoreline", etc. I’ll give you an individual printout on
every property we visit. Only keep the ones you like, relentlessly throwing
away the ones you don't. Everything is a blur after looking at just 4 or 5
places and this helps keep your thinking clear.
Vacation
Rentals
They are a great way to supplement the mortgage payment if the
home will not be a full time residence. However, forget the fictional
stories about buying the home for free this way. Supplement your 2nd
mortgage, yes; cover it, no. That having been said, I have some great tips to
maximize your gain on this type of purchase!
Silt
This can be a problem on some lots. There are
literally a thousand homes here that can barely use the lake any more, and
hundreds that can’t use it at all now! What about dredging? Yes,
maybe you can, and it makes sense in some cases, but you’ll need a special
permit and a suitcase full of money.
Making an Offer
The #1 rule for how much
to offer on a property is virtually always "less", because you
just never know what someone will take, and you won't get it for less
if you don't try. I tell all my clients that real estate is not an exact
science and it's never
certain what a seller will take for the actual selling price (and terms) for a
property. So always offer less, maybe a lot less.
Sellers
Preparing Homes Before Selling
Two principles override everything: Neat and clean.
Years ago I listed a house that
eventually sold for about 10% less than what it was worth,
because the sellers were unwilling to make it neat and clean, even after
repeated urging. Every time the house was shown there were dishes in the
sink, clothes were piled all
over, they never did get to the yard work, and the basement was a junkyard. The home should have sold in a month, instead
it took a year. Meanwhile, the smart buyers (very smart), got
immediate equity worth thousands more than they paid, without even lifting a
finger, since the sellers cleaned it up simply by leaving!
Preparing Land Before Selling
Pictures
above are before
and after I bought and sold this lot. I was able to get twice it's purchase price
just one year later. It pays to make your lot nice! Nobody is going to part with their hard-earned money to buy a
building lot without taking a long hard look at it. If the property is overgrown
with weeds, saplings, briar patches and fallen trees, it’s hard to walk around
and see it... So will it sell? The problem is even worse at the Lake since buyers are often on
vacation, wearing shorts, and the wife probably has sandals on. I’ve
got a better chance of winning the lottery than convincing them to
wade thru your waist deep weeds and briars. So clean it up. If
you don’t have the time or money at least cut a pathway thru it.
What's
It Worth
Curious what your
property is worth? Call me and I'll work you up a
free analysis of everything in your neighborhood.
What's in it for me? It's simple: One day you'll want to sell, be
it a month or 10 years from now. When that time comes, the fact we met and
talked beforehand increases the chance I get your listing. In the long run
it's not much time for me to invest given the potential rewards.
Accepting an Offer
Here
is my best advice about selling your home: List it at a
fair price and stand firm. The buyer's agent will always offer less
than what you're asking... Just say "No".
If the buyer prospects really like the home
they'll come back to pay a fair price, if you make them. You like the house
(after all, you bought it), so you know it's a great place. Don't give it
away.
Also, what are the
terms? Is the buyer pre-approved with a lender? How many days until closing do
you want versus how many they want, etcetera, and etcetera... our purchase
contract is 6 pages and only 1 deals with the selling price.
This is just a sampling of things to look out for....Call me and we'll talk. Real estate is a service business and I take that maxim seriously.
Buyer and Sellers
Dave Gresham
●
Experience
●
Integrity
●
Millions in Sales
●
Aggressive Marketing
●
Multiple Websites
● Virtual Tours
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● Technology Expert
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