You are ready to sell your home, but there are a number of outdated aspects to your house. You have wallpaper in the bathrooms and my favorite…brass colored runway lights over the bathroom sink (You know the ones that I am talking about!) Should you spend the money and effort to upgrade or sell as is? After all, it is easy enough for the buyer to do those things. My professional advice is to spend the money and time to upgrade. I’m not talking about spending millions to renovate your home. I’m talking about strategically updating your home. Will you recoup the money that you spend when you sell? What you will do, is to place your house in a much more competitive position in comparison to others on the market. You can definitely decrease the days on the market if you update and price correctly. If you are considering selling, ask a real estate agent for their professional opinion on what needs to be done in your house to prepare it for selling. And if you are in the Fayetteville, NC area, sign up at www.debbiewaitleyrealtor.com to look at pictures of available homes and see how your home compares.
Fayetteville
USDA Home Loans in the Hope Mills Area
As we live near a military base, a lot of the mortgage loans that are used here are VA loans. Another very popular loan is the USDA loan. USDA loans are popular because they are no down payment loans. The USDA loan was set up to assist homebuyers in rural areas. Most of Fayetteville, NC is not eligible for a USDA loan. Currently Hope Mills is a favorite destination for home buyers to qualify for USDA loans (along with Hoke County). As of Oct. 1, 2013, that will change. Hope Mills growth has finally caught up with them and on the first of Oct, most of Hope Mills will become ineligible. You can go online and research the location of any houses that you might be interested in buying before you consider buying them if you plan to finance with USDA. Your real estate agent should be aware of this change and should be able to advise you. It will be a big change for this area. Make sure you do your homework and get a knowledgeable real estate agent and mortgage lender.
Short Sale/Can I Rent It??
If I need to sell my home because I have had to move/relocate or can’t afford it anymore, can I rent it until I decide what to do? Not if you want to get approved for a short sale by the USDA/FHA. Make sure that you don’t move out of the house or if you have to in order to relocate, don’t rent it out. What a catch 22 mess!! Before you get too far behind on your payments or your bills, talk to your lenders and make sure that you understand what the ramifications are. If you still think that a short sale might be a viable option, call a realtor experienced in short sales and get their help.
SOF K9 Memorial
What a proud day in Fayetteville this past weekend when a statue was unveiled in downtown to honor the wonderful canines that have lost their lives defending our country. It is a very special memorial to our fallen canine soldiers. The community here supports Fort Bragg and our soldiers in many ways. I hope that everyone will take an opportunity to visit the memorial soon.
Contractural Obligations
I am going to meet one of my home sellers this afternoon. We have not been successful in getting any buyers interested in her house. It is staged and marketed very well, but without putting extra money into it and some layout challenges, it is not currently attracting any buyers. My seller called me a couple of days ago and wanted to know what her options are. What she was asking was how could she get out of her contract early without repercussions or would that even be possible. This is the moment, that being able to make those decisions myself, allows me to do what I feel is best. In this situation, the best thing is to release her from her contract and allow her to rent the property, until some time in the future that we feel that the home has a better chance of selling. She and I have worked very well together and both of us have held up our end of the contract. Sometimes things are beyond our control, such as a couple of issues that are preventing the sale of her house. By professionally and respectfully letting her terminate her contract early, she and I will be able to maintain our professional relationship and do business together in the future. It’s not hard to do what is right. You just have to make sure that you always keep the long term effects in mind also. Again, remember quality, not quantity.
How to Pay For A ReHab
There are a lot of good deals in the Fayetteville/Fort Bragg area now for new homeowners. This house in Spring Lake on Goodyear Drive is a good example. It has a new roof, brick façade and a new HVAC unit. What it doesn’t have is an updated kitchen and both bathrooms need major work. But it does have a huge yard and is located very convenient to Fort Bragg. The positive in all of this is that the home is priced well below others being sold in the neighborhood, so that means this home is perfect for a 203K renovation loan. Borrow the money to purchase the home, plus make the updates needed and have instant equity and a fantastic home. Contact me with questions or for a chance to look at this home yourself.
Entitled Buyers
I work with both buyers and sellers. Each brings different challenges and rewards. I do have a question for you about buyers’ expectations. How do you guide your buyer in their expectations of seller concessions. I have run into several buyers lately that seem to feel as if they are entitled to certain seller concessions, such as all repairs completed, all closing costs paid and adding concessions as the deal progresses. Now, I admit, that in the current market climate in the Fayetteville/Fort Bragg area, that it has been a buyer’s market and the buyers have expected some, if not all, of their closing costs to be paid. But, and I emphasize this, you are not buying a new house and it will not be perfect. I feel that the purpose of a home inspection is to make sure that you are not buying anything with hidden problems. I do not think that it is a reason to make a 5 page list to expect the seller to repair every little imperfection in the house. If I am representing a buyer, then I will do everything in my power to represent and support them, but I will always caution them to proceed with common sense and prioritize their concerns. What is your opinion?
A Rehabbed Bargain
I have had the honor to work closely with a family that has made a couple of real estate purchases here in Fayetteville. They are from NY and most recently they purchased a short sale and it was in really bad condition. The house itself was well made and structurally sound. The issues were extensive cosmetic ones inside. The buyers were able to see beyond the issues and they came up with a plan to renovate the house and resale it. They opened the space up by removing a wall, closing in an outside door and installing a window. Everything in the house is new. Upgraded kitchen and bathroom cabinetry, new tile, carpet and laminate floors, new plumbing fixtures, new HVAC system and new windows. It is not just the fact that it was remodeled, but the quality of the work is outstanding. This house, listed for $108,000, is an absolute bargain with the number of upgrades that were added to it. If you are interested in learning more about this house, visit our website at http://www.debbiewaitleyrealtor.com and search for 905 Hunters View Drive, Fayetteville, NC. The pictures will amaze you and you will be on the phone, calling to schedule your private showing.
Our Debut into Video
Well, you should have been a little fly on the wall in our office today at Exit Realty 1st Class II in Raeford, NC. We got a call a little after lunch and our BIC, Candi, asked us would we all be available at 3:30 in the afternoon. With trepidation, we agreed, except for Shannon, who needed to pick her truck up. You never want to agree to something if you don’t know the full details. Well, that proved true once more. After we had committed ourselves, Candi informed us that there was a videographer coming from our other office to make a video of us. Okay, an advertisement video to put on the website, no prior knowledge, no preparation. Not good! We really didn’t take it too serious, but then here he comes, camera and microphone. So Candi, who is the lest shy member of our entourage, jumps in front of the camera. Thanks to Dixie, Candi’s hair is combed and she has lipstick on, ready to go. The videographer says go ahead and Candi is off, full steam ahead. I know that she talked a full 2 minutes and never took a breath. She is so passionate about her company. And that was the highlight of the video. Next came Merassa, Dixie, Katie and myself. We were all petrified, unprepared and uninspired to say the least. The videographer, to his credit, suggested kindly to Candi that he come back another day, when we had time to prepare and perhaps even gather a little enthusiasm for the job to project onto the camera. I really appreciate his honesty and consideration. I work with the best group of people and we all love what we do. It would really be a shame not give us another chance to portray that enthusiasm. Stay tuned for our video debut, coming to a computer somewhere near you in the near future!
Relationship Between an Investor and a Real Estate Broker
The relationship between an investor and a real estate broker is different from the usual relationship that an agent has with his client. Personally, I would like to work with more investors. I think that we will see this area continue to expand and I would like to be part of it in the future. Let me tell you how I see my relationship with an investor developing. The relationship must be and can be mutually beneficial. I am eager to learn and if you take the time to explain to me exactly what you want, I will work very hard for you to deliver the properties that you want. In other words, you need to train me. With that being said, do not attempt to take advantage of me. I expect to continuously look for properties for you. I expect to occasionally show you a house. I expect to submit a lot of offers for you that will be low, therefore only a small percentage will be accepted. All of that is the name of the game. But, respect my time, as I respect yours. Do not expect me to show you or your representative houses every day, just for the heck of it. I don’t need to fully research each prospect, when you know that you will probably not be interested in it. It may take a little time for me to learn how you work and what you are looking for, but I have access to large databases, I love what I do and I want to learn. Myself, I look forward to establishing some great relationships with some of our investors here in the Fayetteville, NC area. Another day, people to meet and things to learn.
Fort Bragg Homes 