Listing Courtesy of ACTIVE ADULTS REALTY
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 Harbenson "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 Harbenson 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 Harbenson short sale can be between five and seven months! Yet for patient (or even better, very patient) buyers and sellers, a successful Harbenson 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 a Milton home for sale may not be rocket science — but doing it well does require a marketer’s ability to step outside yourself to picture what will most appeal to potential buyers. Our first instinct is to set up our home exactly as we like to see it, but that’s not how the professional stagers do it.
When you think of the way a model home looks, you begin to get the picture: they are always pleasantly neutral. Sort of boring, actually. Always. It must work!
Once you’ve listed your Milton home, there are some very common home staging pitfalls to avoid. First and foremost, as much as possible, pack up your personality and stow it in with the cartons of kid stuff you’re clearing away. Simply assume that prospective buyers won’t love the piles of Oprah magazines in the living room — or the kids’ art projects in the den.
And it’s almost always unnecessary to undertake huge renovations. Home staging is not synonymous with redecorating. Often, sweeping renovations wind up being a money-throw that’s never returned. In home staging as in most activities you undertake in selling your Milton home, consult with your Realtor® partner: it’s often the case that simply lowering your asking price even part of the amount you would have spent will get the job done – and faster!
This spring, as you do a first walkthrough to consider your Milton home staging approach, start by opening all curtains and blinds. The reason? Home staging is most successful when the rooms are filled with light. If potential buyers walk in the door and see a dark or dimly lit room, that’s a house that looks far less appealing – especially as we go through the Daylight Savings months. So throw the blinds open, turn all the lights on, and you’ll see what your prospects will be seeing.
Taking the prospects’ view is what home staging is all about. And when you are looking for an agent to help get you there, I’m ready to put a plan to work for you!