Realtor: ‘Leave nothing to chance’

December 3rd, 2008, 4:00 pm · 1 Comment · posted by Marilyn Kalfus, real estate reporter

Scot Campbell, president of Coldwell Banker - Campbell Realtors, studies the sale of a subset of tract homes in Huntington Beach to figure out trends. This the second part of his Q & A.

(Yes, you’ve read a lot of this elsewhere. And like any list, you’ve got it somewhere. But where? So if you find any of this useful, clip & save. Or copy & paste.)

Q. What advice would you give me if I were selling one of those tract homes today?

A. My advice is to leave nothing to chance. That means:

1) List with an experienced, educated, motivated, and successful Realtor who has the skills and marketing dollars to promote the availability of the property.

2) Prepare the property for the market by decluttering, cleaning, painting, fixing, and decorating to make it look as good as it can while still maintaining livability and not spending too much time and money in the process (yes this is somewhat complicated and the advice of the Realtor and a staging consultant is very worth while).

3) Price the property right (again the advice of a Realtor is very helpful).

4) Listen carefully to the 1st Offer when it comes in and be sure to get updates on sales comparables… be sure you do not turn down the “best offer” because you were not aware of the market value of the home.

5) Demand to see proof of the buyer’s source of down payment funds and loan pre-approval with the written copy of the Direct Underwriting Findings before accepting the buyer’s offer.

6) Negotiate a 30-day escrow… the longer the escrow the more likely it will not close.

7) Be prepared for a list of repair items from the buyer after they do the property inspection… fix the reasonable items for them.

8) Be prepared to rent back your home or move into a short-term rental if you are unable to purchase another home and do a concurrent closing.

Q. What advice would you give me if I were trying to buy one of those homes?

A. There is so much advice to give… I could write a book. But here are some important principles for buyers:

1) Understand one thing up front: There is no ‘perfect house’. Even if you designed it yourself and built it… you would find things that you would change if you had it all to do over again. Try to find a home that meets your basic needs of location, layout, schools, square footage, lot size, etc. Paint, carpet, wallpaper, cabinets, etc. can all be changed. Make sure that most of the important things that cannot be changed are included in the house you select.

2) You will not get a ‘deal’ from a seller who is not motivated to sell. Concentrate your efforts on those homes where the seller is motivated.

3) Work with a Realtor who is an expert in Huntington Beach… there are so many good ones. A really good Realtor can show you the neighborhoods which have the homes which meet your basic needs, he/she knows how to determine if a seller is motivated or not, and will help you with a long, long, list of items during the home buying process. Since the seller pays the Realtor commission, there is simply no reason not to use the services of an experienced, skilled, and dedicated real estate professional.

He adds:

Prediction: According to reports from November 25th, 2008 our mortgage interest rates are finally coming down (over 75 basis points in one day) as a result of Federal Reserve actions. Lower interest rates (if they continue) will further boost home sales volume and make payments much lower for many home buyers.

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