Right strategy?

Selling your home? Is the real estate agent using the right strategy?

When a vendor or prospective seller considers selling their home or investment property, the Agent will often only discuss price as the main consideration. There are so many other issues and points of attraction that "bad" agents will fail to consider and it is at this initial stage that vendors should get proper advice on strategy to make sure they are heading in the right direction before the property hits the market.

Buying or Selling a property? New Guides available

The NSW Law Society has recently published 2 real estate Guides that provide independent and unbiased real estate information for both buyers and sellers in the NSW real estate market.

The Guides can be accessed below

• Your Guide to BUYING a home - A checklist for buying a house or apartment in NSW
• Your Guide to SELLING a home - A checklist for selling a house or apartment in NSW

If you need any further assistance or guidance when buying or selling, please do not hesitate to contact our office, details are below.

Dean Carver

Property Lawyer

Carver Lawyers 

Phone: (02) 9773 4550

PS - For all our valued clients, you can also obtain a free suburb sales history report at www.freepostcodereport.com

What is your house worth in today's market?

With an ever changing real estate landscape, from changes to interest rates, changes in unemployment rates and generally low confidence in the market, sellers should do their research before they put their property on the market.

For home owners that are looking to sell, part of the research is to find out what similar properties to theirs has sold for in the real estate market. We encourage our clients to request a postcode report which sets out recent sales in their chosen area. As a service to our clients we provide a FREE Postcode Report, normally valued at $99.00, to help with that research.

To obtain a FREE Suburb report, visit www.freepostcodereport.com

Negative Equity?

What is negative equity? Negative equity is a term that often refers to a situation in which a homeowner finds themselves whereby the amount of debt on the property is MORE than the value of the property.

With a falling market, there are always property owners that are in negative equity. In America, at the height of the Global Finance Crisis there were millions of people who owed more on their property than the property was worth.

For example, the mortgage on the property is $275,000 and the market value of the property is $250,000. This would result in the homeowner being $25,000 in negative equity.

Marketing Costs when you sell?

Deciding to sell your property will pose many issues even before the sign goes up.

Well before the property hits the market, there are many agreements and documents that need to be prepared and signed even before the photos are uploaded on the internet. One really important document is the Agency Agreement you sign with the Agent to sell the property. The Agency Agreement sets out all the relevant details which is the effective document that gives the Agent the Authority to list and market your property for sale.

Helpful Tips when you do a Final Inspection before settlement

Just before settlement, you should arrange with the Agent to do a final inspection of the property to make sure that the property is as you inspected and no inclusions have been changed or removed. I have found over many years that the final inspection is an important and integral part of the process......it can often postpone settlement until issues are rectified. 

Buyers should aim to do the final inspection as close as possible to the settlement date or early on the settlement day if possible.

Here are a few things buyers should consider when they do the final inspection:

• Make sure that items listed as "inclusions" on the Contract are in fact still part of the property. For example: pool equipment, dishwasher, blinds, TV Antennae, light fittings, curtains etc. Check your Contract.
• Make sure there are no items left behind. Check cupboards, built in wardrobes, roof void, under the house, sheds etc.
• Make sure you get into the garage. Often, some Agents say they have forgotten the key to the garage only to find after settlement that there is a bed mattress or rubbish left in there. After settlement it is too late to get this removed by the Vendor.
• Make sure the Agent has all the keys. Keys to the garages, sheds, window locks, front door, back door, letterbox etc.
• Make sure all remotes have been left behind - For example, Air-conditioner remotes, garage doors, heaters, automatic blinds, TVs etc
• Make sure all rubbish has been removed. Don't forget to look in the roof cavity (through the manhole) and under the house.
• If the electricity is not on - just check the main box. The Vendor may have switched the power off at the main.

These are just a few general ideas and suggestions that you may wish to consider when you do a final inspection before settlement. 

Comments by Dean Carver

Real Estate Lawyer - Carver Lawyers

Phone: (02) 9773 4550

NOTE: Would you like to know what houses in your area have been sold for?......order your FREE copy of the Postcode Sales Report (normally valued at $99.00).

Buying or Selling real estate at Auction - VIDEO

Here is a short video prepared and distributed by the NSW Office of Fair Trading. It provides some helpful advice on the rights and responsibilities of bidders and auctioneers before, during and after the Auction.



If you are buying or selling real estate at Auction and need legal advice or assistance bidding at the Auction, I can be contacted below.

Comments by Dean Carver - Property Lawyer
Carver Lawyers
Phone: (02) 9773 4550

3 things you should do before you sell a home

Before you decide to list and sell your home, make sure you do the following:

1. Get a copy of the NSW Fair Trading's Fact Sheet on Agency Agreements. This guide will provide information on engaging an Agent and the different types of Agency Agreements that exist in the marketplace. It also provides useful information regarding how to start and end an Agents appointment as well as what fees and commissions you are liable for. To get a copy of the fact sheet, you can click here
2. Make sure the Agent is licensed to sell your home. Check out the Fair Trading website "Licence check" facility. Click here to go to the relevant section of the NSW Fair Trading website
3. Do your research. Attend a few auctions in your area to find out the true success of an auction program for your relevant area. Also obtain a Sales History Report which sets out all the recent sales in your area. This will give you a good idea of what price range your property is worth in today's market.

If you are not sure of the process, you should contact your Solicitor to guide you through the sale.

Comments by Dean Carver

Property Lawyer - for Carver Lawyers (Sydney)

Phone: (02) 9773 4550

Home Sellers Tip - Present the home in its best light.....

If you want to sell your home- present the home in its best light. Just like selling a car, you need to clean the car and make it appeal to buyers.

You don't want to give the buyers the opportunity to find fault and use those faults to negotiate the sale price of the property down.

Here are a few low cost repairs and ideas to help you present the home well:

• Mow the lawns
• Clean all the windows
• Clean the bathroom and toilet thoroughly
• Make sure all appliances work well
• Make sure all lights work. Change globes if necessary
• Clean floors
• Remove clutter
• Tidy yard. Remove rubbish. Go to the Tip if necessary
• Fix leaking taps and toilets
• Fix squeaking doors
• Clean gutters
• Fix garage door if necessary
• Do lawn edges
• Replace missing or cracked tiles
• Clean driveway and footpaths....water blast with pressure cleaner
• A fresh coat of paint always helps
• Clean curtains and/or blinds
• Remove cobwebs
• Make sure gates and gate locks work
• Clean pool
• Make sure letterbox is straight and not falling down

Implement some of the above ideas and you are on your way to achieving a great price for your home!

Comments by Dean Carver

Property Lawyer & Strategist - "providing Solutions for Home Sellers"

Phone (02) 9773 4550 

Sellers - 5 Tips in 5 days

Selling your house, unit or investment property can be a stressful time if you don't have all the facts and know the tips, tricks and pitfalls of the real estate industry.

Over the next 5 days, I will post 5 tips for sellers that can achieve results in today's market. These tips are from my upcoming book soon to be released to clients and readers.

Stay tuned........if you need more information, you can email me or contact the office.

Regards
Dean Carver
Property Lawyer
Publisher - www.deancarver.com.au