Monday, November 07, 2005
Murphy's Law For Sellers
Murphy's Law states that anything that can go wrong will go wrong. Problems in any real estate transaction are inevitable. If you are prepared, you won't be so shocked when they do. Here are some suggestions:
Understand That Your Timeshare May Not Be Worth What You Think: The biggest shock most sellers face is what buyers think their Timeshare is worth. Sometimes sellers can be pleasantly surprised, but the reality is that markets change, and home values rise and fall. Many subjective factors such as floor plan, condition, updates and drive-up appeal affect values. The truth is that buyers will determine the worth of your home, in this market, at this particular time, and that has very little to do with what you need to get out of the timeshare.
People Won't Love Your Timeshare Like You Do: You love your timeshare and expect others to appreciate the same qualities in it that you do, but buyers have their own lifestyles, preferences, tastes and attitudes. The chances of finding a buyer who will want your home "as is" are slim to none.
In fact, buyers will look at your timeshare with an eye to how they can make it suit themselves. Remember, your timeshare is competing against other homes with updates and features your home may not offer. Your timeshare has to withstand the glare of scrutiny, so you must make it as competitive as possible within your means. Put it in good repair, and make sure it is spotless and clutter-free.
Sooner Or Later You Will Lose Your Temper: Your relationship with your buyer will be one of love/hate. The buyer is an adversary because s/he wants to pay the least possible, while you want to net the most possible. The buyer, in order to improve bargaining leverage, may pick your timeshare apart. Don't let your feelings fester.
Buyer Rudeness: Poor manners is rampant in our society. So why be surprised when buyers visit your timeshare and leave their McDonald's cup on your coffee table? Or leave the cabinets and closet doors open wherever they looked? Or miss their appointment, expecting you to reschedule at a moment's notice?
Inspections: Inspections kill more deals than any other single factor besides overpricing. All older timeshares have some minor and some major problems, so address the problem before it becomes a problem. Get a seller's inspection, and you'll have advance knowledge of any problems that must be fixed. A buyer who sees a favorable inspection report as part of the home marketing materials is more likely to make a fair price offer. (Note: Buyers should always have their own inspections performed.)
Last Minute Problems That Delay Closings: Service providers, from lenders to inspectors to closing agents, may cause problems, sometimes without meaning to. In some areas, closings are happening at such a rate that all service providers associated with the real estate transaction are on overload. So schedule all steps in the transaction early.
Understand That Your Timeshare May Not Be Worth What You Think: The biggest shock most sellers face is what buyers think their Timeshare is worth. Sometimes sellers can be pleasantly surprised, but the reality is that markets change, and home values rise and fall. Many subjective factors such as floor plan, condition, updates and drive-up appeal affect values. The truth is that buyers will determine the worth of your home, in this market, at this particular time, and that has very little to do with what you need to get out of the timeshare.
People Won't Love Your Timeshare Like You Do: You love your timeshare and expect others to appreciate the same qualities in it that you do, but buyers have their own lifestyles, preferences, tastes and attitudes. The chances of finding a buyer who will want your home "as is" are slim to none.
In fact, buyers will look at your timeshare with an eye to how they can make it suit themselves. Remember, your timeshare is competing against other homes with updates and features your home may not offer. Your timeshare has to withstand the glare of scrutiny, so you must make it as competitive as possible within your means. Put it in good repair, and make sure it is spotless and clutter-free.
Sooner Or Later You Will Lose Your Temper: Your relationship with your buyer will be one of love/hate. The buyer is an adversary because s/he wants to pay the least possible, while you want to net the most possible. The buyer, in order to improve bargaining leverage, may pick your timeshare apart. Don't let your feelings fester.
Buyer Rudeness: Poor manners is rampant in our society. So why be surprised when buyers visit your timeshare and leave their McDonald's cup on your coffee table? Or leave the cabinets and closet doors open wherever they looked? Or miss their appointment, expecting you to reschedule at a moment's notice?
Inspections: Inspections kill more deals than any other single factor besides overpricing. All older timeshares have some minor and some major problems, so address the problem before it becomes a problem. Get a seller's inspection, and you'll have advance knowledge of any problems that must be fixed. A buyer who sees a favorable inspection report as part of the home marketing materials is more likely to make a fair price offer. (Note: Buyers should always have their own inspections performed.)
Last Minute Problems That Delay Closings: Service providers, from lenders to inspectors to closing agents, may cause problems, sometimes without meaning to. In some areas, closings are happening at such a rate that all service providers associated with the real estate transaction are on overload. So schedule all steps in the transaction early.
# posted by John @ 7:29 AM 
