Listing Courtesy of JACK LINGO REHOBOTH
The term "short sale" has been misleading people for decades. Despite the name, it’s a term applied to transactions that often involve a lengthier-than-usual sale process. A Lewes"short sale" is named for the financial aspect of a sale rather than the length of time it requires. It’s anything but a shortcut.
The ‘short’ in ‘short sale’ describes a sale at a price that comes up short—is less than the full amount owed on an Lewes home loan. As you’d guess, whether a bank (or any mortgage holder) accepts such a sale is a decision that is up to the lender.
Why would a bank choose to move ahead with a short sale instead of holding out for the full amount? After all, if a borrower is unable to pay, it’s hardly the bank’s fault. You might think that it is always in the bank’s interest to hold out for full repayment, and to take possession of a mortgaged property whenever that doesn’t happen…but in reality, that’s often not true. In the real world, the bank will lose money on either a short sale or a foreclosure—but the latter is often more expensive, since it requires the bank to do the expensive work of repossessing and selling the property.
To a distressed homeowner, a short sale is an opportunity to close accounts on better terms. Instead of weathering a foreclosure, which would result in a major strike against his or her credit record, if the bank will agree, it becomes a joint resolution between the debtor and bank—and that doesn’t just sound more amicable. But getting the lender’s approval is where the delay issue usually crops up. The steps needed before the mortgagee and the bank agree to sell the home at the lower price vary. They can involve submitting a buyer’s discounted offer, or the borrower convincing the bank that a short sale is warranted—usually after following procedures spelled by the bank. The bank can (and usually will) reject a short sale proposal or offer if it feels more money can be gained by foreclosing. And it can take a while...
It may sound like a happy solution for homeowners with financial problems, but among other drawbacks (for instance, there can be tax issues), the "a while" it takes to close a Lewes short sale can be between five and seven months! Yet for patient (or even better, very patient) buyers and sellers, a successful Lewes short sale can yield the best of a bad situation and an unmatched bargain.
There are endless variations for how any given short sale can proceed, so having an experienced Realtor® in your corner is always a good idea…and calling me is the way to start!
Staging is to an Lewes home what packaging is to a supermarket product: a vital element that can supersede all others. Product managers rely on advertising and marketing efforts to create awareness among consumers, just as homeowners use their Realtor’s marketing know-how (the listing, web page, signage and all their other advertising initiatives) to bring local prospects to the door. Then, just as well-designed, attractive packaging is what finally moves a product off the shelf, it is first-class staging that can transform casual lookers into Lewes home buyers.
The goal of staging is to draw observers in; to help them picture whether the property’s spaces have all the nuances of what in their own mind’s eye constitutes a welcoming home. Bottom-line studies continue to verify that, staged correctly, homes sell more quickly. Although there are few absolute staging dos and don’ts, (after all, staging is an art); we can point to a number of probably don’ts. They’re relatively easy to avoid:
Failing to Incorporate the Outside
No matter how beautiful a home is once you open the door, prospective home buyers want to be proud of their new Lewes digs. Even if it will be marketed as a fixer-upper, a welcoming exterior is always a welcome surprise. If, on the other hand, dirty windows, dry grass, and cracks in the sidewalk greet buyers, that first impression can be counted on to drive offer numbers in the wrong direction. Staging efforts need to encompass the whole enchilada!
Neglecting the Little Things
When it comes to staging, nothing is completely unimportant. Light fixtures, cabinet knobs, faucets, drawer pulls—even electric outlet covers—all contribute to the cumulative impression a local home conveys. It doesn’t mean that every tiny detail needs to be replaced; only those that are conspicuously damaged or dirty need to get attention.
Failing to Capitalize on Natural Light
As photographers know, "It’s always all about the light!" The fewer dim corners, the better. Staging a home to accentuate its rooms’ natural light is important, and where needed, boosting with lamps and overheads.
Forgetting the Nooks and Crannies
Assume that prospects see everything. Before a showing, a last quick walk-through of the whole home is a good idea. Check for stray items that are out of place, and be sure all is properly swept and neatened.
Opting Not to Use a Professional Stager
If the whole prospect of diligent staging isn’t appealing, it makes good business sense to hand it over to a staging professional. Pro stagers see every detail with a trained eye, and work to create a rich atmosphere—not just a collection of rooms.
From a buyer’s first glance at your listing to its ultimate sale, each step of the way is an opportunity to propel the process. The first one of those steps is choosing the Lewes Realtor® who will add energy and expertise to the campaign: I hope you’ll consider me!