Recent Posts: Selling Your Home

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Seller Financing Restrictions.

If you are thinking of selling your property with a carry back loan, the Dodd-Frank Act created rules applying to residential seller financing. A carry back loan makes a property more attractive as a buyer doesn’t have to come up with the entire purchase price in cash. The first restriction eliminates carrybacks on properties owned […]

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The Cost of Selling to Ibuyers, Part 2.

More info on iBuyers has become available. Typically they offer 90 to 96% of fair market value. They use their own contracts, NOT the seller friendly Arizona Assoc. of Realtors form, so you will lose many important rights . As a result they can demand seller repairs late in the game – sometimes only 3 […]

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The Cost of Selling to iBuyers.

Collateral Analytics analyzed quarterly median purchase prices for single-family homes in Phoenix bought by iBuyers and traditional buyers. The comparison quantifies the costs to sellers of working with iBuyers – such as Offerpad and Opendoor, versus listing with a real estate professional. The study estimates that sellers end up paying between 13% to 15% more […]

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The Seasonal Market.

Peak times for home contracts to be signed are the spring in the Phoenix metro area. In some cities there is another up tick in the late fall, but any sales increase after the summer is minor here. Low points for closed sales typically are in January and February – a reflection of low contract […]

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Don’t Make These Seller Mistakes.

Being Unrealistic about Value.Sellers overprice their homes 8% on average, This is due to the “endowment effect” – placing a value on things you own that is too high for the marketplace. See my blog Don’t be a Victim of the Endowment Effect, https://tinyurl.com/y2omxmzh for more on how to avoid this.Not Fixing Obvious defects. Buyers […]

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Don’t Overpay for Title Insurance, Part 2.

Refinancing and Resale Rates. When refinancing your existing mortgage or selling your home, you may be entitled to a title insurance and escrow fee discount. The applicable discount when refinancing is called a “reissue rate.” A reissue is an extension of a current policy at a reduced premium. Obviously you must use the same title […]

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Five things home buyers hate.

Bad listing photos. Poorly executed (i.e., dark, taken from an awkward angle) and poorly chosen photos (of unattractive areas and things, small rooms). Only the best aspects of a home should be featured. More is not better! Messy homes. No boxes should be on the floor, items should be put away, and it needs to […]

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Don’t Overpay for Title Insurance. Part 1, Investor/Builder Rate.

Reduced title insurance premiums and escrow fees are available to certain buyers and sellers, but they are not volunteered. Since title insurance is the biggest escrow/title cost, it’s worth it to find out if a discount applies. One reduced rate that may be available is for builders, contractors, developers, real estate agents, attorneys, or investors […]

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Get Home Buying Help, Part 3.

Get an Advocate. The most important advantage of real estate representation is having an advocate that puts your interests ahead of all others. A good agent can look at any given situation, give you advice and options, and then obtain the terms you need so you can move onto the next step. For example, requesting […]

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Photos matter in Real Estate!

Photos are probably the most efficient home marketing tool. Visually appealing images will heighten the interest of a possible buyer and may determine whether that buyer decides to visit a property. Studies have shown that a viewer is more likely going to choose to visit a property after seeing well-made photos instead of a listing […]

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Preparing For Your Move, Part 5.

Moving Day Tips. Color Code: As well as labeling, assign each room a color and use coordinating colored duct tape on the top and sides of boxes so that they can be identified when stacked. Fill Space: To prevent damage, use socks or rags to fill in ‘dead air’ space, especially in and around breakables […]

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Don’t be a Victim of the Endowment Effect.

The Endowment Effect is the tendency of sellers to over value the things that they own. When combined with loss aversion instincts, the Endowment Effect can cripple the home sale process. An example of its impact was shown by an experiment where half of a group were given mugs. Those with mugs were asked by […]

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Preparing For Your Move.

Part 4: Things Not to Pack. Federal law bans moving companies from transporting “hazardous materials”. They also will refuse propane and oxygen tanks, weed killer and pesticides, gasoline tanks, ammunition, batteries, charcoal, pool chemicals, liquid bleach and nail polish. Household plants and perishable food items also can’t be moved, and often items like lawn and […]

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Preparing For Your Move, Part 3.

The ‘Not to Exceed’ Estimate. When you ask the mover to provide an opinion of the cost, one option is a ‘Binding Not-to-Exceed’ estimate. With this type of estimate, if your actual weight is more than the written estimate, you’ll pay for only the amount of the estimate. And if your actual weight is less […]

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Preparing For Your Move, Part 2.

Get an On-Site Estimate. The cost of a move is primarily determined by three factors: distance, weight, and extra services rendered. To get an accurate number, The Move Advocate strongly urges transferees to obtain an on-site survey. Having the mover come to your home will result in a more accurate estimate of the amount and […]

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