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

Buying or selling real estate - read a few books first

Buying or selling real estate in today's market can be a daunting and stressful time in any persons life. During the process you will be making important decisions that could potentially increase your wealth or substantially reduce your wealth by thousands.

When you go out into the world of real estate, you deal with professionals in all areas: Real Estate Agents, Lawyers, Valuers, Tradesman, Mortgage Brokers etc. These professionals practice their trade daily and usually get very good at it. I would suggest that any person going into the "real estate world" to buy or sell a house should educate themselves on the process, the tricks and some of the traps.

I found a few good practical books that are based on common sense, that are unbiased and simple to read. I strongly recommend any of these books:

• The Ultimate Guide to Real Estate - (John McGrath)
• Don't sign Anything - How to protect yourself from the tricks and traps of real estate(Neil Jenman)
• Real Estate Mistakes - How to avoid them How to save your money (Neil Jenman)

These are just a few books I have read and found useful. There are plenty of other books on the market. Just make sure they paint an unbiased view and are written by authors with practical experience in the industry.

All these books can be found in most good bookshops or on ebay.

Best of luck.

Comments by Dean Carver - Property Lawyer

Carver Lawyers - Sydney NSW

Phone (02) 9773 4550 

www.deancarver.com.au

The Agent says "you're asking too much - REDUCE THE PRICE"

This is a common phrase used by many Agents in today's real estate market. Homeowners are being told regularly that their house is not selling because they are asking too much. They need to reduce the price to attract buyers to the property.

After the property has been on the market for a few months and remains unsold, the homeowner will reluctantly reduce the price.....but soon thereafter, the price reduction does not result in a sale. Why not?

Homeowners are all too familiar with this scenario. The issue is not always about the price of the property. Where are the buyers? The buyers aren't there even if you reduce the price. The real problem in today's market is affordability and the ability to secure finance.

Reducing the price does not always secure a sale......take for example a home owner that reduces the price from $450,000 to $425,000, a huge $25,000 price reduction. A buyer interested in this property at a purchase price of $450,000 will need to come up with a 10% deposit which is $45,000. When the price is reduced to $425,000, the buyer still needs to come up with $42,500 (deposit of 10%). By reducing the price it does not substantially change the deposit a buyer needs to get into that property. The real saving on the deposit required is $2,500.

There are less and less buyers with substantial saved deposits in today's market. Unfortunately, the Banks are requiring substantial deposits in order to approve finance for the remaining amount of the purchase price.

Agents need to look to alternative strategies to achieve a sale........but Agents continue to use the old way which is reducing the price. In this market, reducing the price may bring the price of the home to less than what is owed on the mortgage and leave the owner in negative equity.

Agents should consider such options as vendor finance and terms contracts and at least offer these options to a home owner. Times are changing, and Agents need to change with the times.

It is possible to secure a sale without reducing the price, but the homeowner needs to always keep in mind what the true value of the property is when going to the market looking for buyers. Implement the right sales strategy and the property will sell.

If you have a house that the Agent can't sell - give me a call and we can work on a strategy to sell that suits your circumstances.

Comments by Dean Carver - Property lawyer .
Phone: (02) 9773 4550

Should you use a professional photographer when you sell?

A photograph speaks a thousand words.......

When you place your property on the market for sale, one must agree that you should present the home in its absolute "best light" to appeal to buyers.

With the advent of the internet and the fact that most buyers now look to the internet as their first point of enquiry when searching for a home to buy, it is imperative that you create a great initial impression.

14 Tips to consider when hiring a Real Estate Agent

Finding a good real estate agent takes some research. Here are my 14 tips you should consider when hiring a real estate agent to sell your property:

1. Get a Sales History Report for your suburb and street.....find out what other similar properties have sold for in your area
2. Consider ordering a Valuation from a Registered Valuer so you know exactly what your property is worth in this market
3. "Phantom shop" the Agent: Visit properties for sale by an Agent you are considering - find out how they treat buyers because that is the way they will treat your buyers.
4. Make sure the Agent gives you a price guarantee - if they don't get the price they promise, then the fee is ZERO
5. Don't just choose an Agent because they charge the lowest commission - another agent that charges a bit more might be able to get you a much better price
6. Find a Good Negotiator - Be careful of Agents that negotiate on their commission. Agents that quickly reduce their own fees will only quickly reduce the price of your property. If they give away their own money, they will easily give away yours.
7. Be careful of the Agent that gives you the highest quote for your property.
8. Don't pay for upfront marketing costs. A confident Agent should cover these costs. However, you should consider paying for the costs of a good signboard and a professional photographer. For the small cost involved, these make your property present much better.
9. Interview Agents until you find one you like
10. Never hire an Agent you don't like
11. If the Agent insists on "open for inspections" - make sure they will take responsibility for any loss.
12. Ask the Agent to substantiate the price quote by comparing to other similar properties that have been sold.
13. Ask the Agent "How will he get the best price for your property?"
14. Get legal advice on the Agency Agreement before signing

The above tips are just a few things you should consider and are by no means an exhaustive list. 

If you are considering selling your property, make sure you get legal advice before you sign with an Agent. It is imperative that you get a Lawyer to have a look at the Agency Agreement before you sign.

Comments by Dean Carver

Property Lawyer and Strategist

Phone: (02) 9773 4550

Watch out for the Sewer that cuts across the property

Watch out for the sewer that cuts across the property.

I recently acted for a buyer who was interested in a property that had a sewer that ran straight across the block of land and under the house. It is important that you check the sewer diagram contained in the contract to make sure that you are aware of any sewer or proposed sewer that may affect the property.

A sewer that cuts in the middle of a property can have potential problems if you decide to rebuild in the future or if you wish to put in a swimming pool on the property.

The contract should also contain a letter from the relevant sewer/water authority that indicates that the Authority is aware that there is a property built over the sewer and that it complies with the Authority's guidelines and legislation.

Prior to exchanging contracts it is also suggested that you arrange for a plumber to have a look at the sewer diagram as well as an onsite visit to guide you regarding future development and problems with encasement of the sewer if the house is rebuilt or any further strengthening that may be required.

If you intend putting in a pool in the yard, also worth arranging for a pool company to have a look at the site and the diagram to advise whether a pool is possible.

These are general comments and you should discuss any purchase with your lawyer before you sign the contract.

Comments by Dean Carver
Solicitor at Carver Lawyers

Issues to think about when you buy real estate in todays market ....

Buying your first home or just buying an investment property can be stressful. Here are just a few tips or issues you should consider when buying your next property:

• Make sure you get a list of all the recent sales in the suburb you are buying. Make sure you do thorough research as to what properties are currently selling for in your marketplace.
• If your property of interest is near a school - find out what the traffic is like during school hours
• Make sure you have your loan approved before you go shopping for a property. A pre-approved loan means you can make quick decisions when required. Tell the Agent you have pre approval when you negotiate, this means you are serious about buying and the Agent will put you near the top of the list.
• Check for any heritage listing - Have a look at the Section 149 Certificate contained in the draft contract.
• Visit the Council to make enquiries about any property of interest - Are there any outstanding issues or notices against the property?
• Talk to your Solicitor well before you start shopping for a property. Let him know that you are in the market to buy and to keep a look out for any draft contracts. Make sure you have the email and necessary contact details of your Solicitor at hand to provide to the Agent when needed.
• If a strata property - order a Strata Report. Also ask the Agent whether he is aware of any special levies? See if you can obtain a copy of the minutes of the last AGM of the Body Corporate.
• If you see any nearby neighbours outside their property, ask them what they think of the surroundings? You might get some valuable info.
• Have you considered a Deposit Bond?
• Check the Strata By Laws - If you want, can you keep pets on the strata lot?
• Check that Appliances work - Oven, cooktop, grill, hot water etc
• Is there Housing Commission properties nearby?

These are just a few tips and issues you should consider when buying property. By no means is the above a definitive list. You should consult your Solicitor before signing any contract.

Comments by Dean Carver

Solicitor and Real Estate Strategist

Can't sell your vacant block of land?

Selling vacant land in the current real estate market is not easy. Having watched my local market very closely in the last few months, I have seen that many Agents are finding it harder and harder to sell vacant land.

Can't sell your land? What is the solution? Have you considered other alternate selling strategies such as:

• Vendor Finance
• Joint Venture with a local builder
• Joint Venture with an Investor
• Delayed Settlement
• Part sale
• Pay the Buyers stamp duty and expenses

These are just a few suggestions that sellers can consider. The above options can also be combined to real effect.

The idea is to make your block of land stand out from the rest of the properties on the market. Make your property easy to buy and it will naturally become easy to sell.

Finance for land is tough at the moment and buyers are finding it difficult to purchase if their finances are not in order. The Banks have tightened the Loan to Value Ratios meaning buyers need more equity or a bigger deposit. Accordingly buyer numbers have reduced.

The usual course for the Agent after the property has been on the market for a few months is to recommend a price reduction. In this respect, do your research to find out what the actual sale prices of similar properties have been in recent times. this will give you a better indication whether price is the real reason the property has not sold.

If you need a Postcode Report which sets out all recent sales, subscribe to our Newsletter and you will be entitled to receive a FREE report normally valued at $89.00.

Comments by Dean Carver - Solicitor and Real Estate Strategist - Carver Lawyers - phone (02) 9773 4550

When you sell - make sure you advise your Solicitor of specific EXCLUSIONS

Do you want to keep the chandelier in the hall? the 10m high palm tree in a pot? the enclosed BBQ? Plasma TVs installed on the wall? in built fish tank? in built coffee machine? split system air conditioner? outdoor shed? pot belly stove? pool cleaning equipment?......these are just a few items that are often attached to a property and can be classified as being included in the sale unless they are specifically EXCLUDED in the contract.

When you decide to place your property on the market for sale, at the time of instructing a Solicitor to prepare a draft contract for sale purposes, you should make sure that you specifically advise your Solicitor that you want to make sure that certain items are EXCLUDED from the sale. At this time, give them a list of the specific exclusions.

If the draft contract specifically has your items marked as EXCLUSIONS, there is room to negotiate to get a better price if these items are then included in the sale.

Over the years, I have found that there is many disputes over what a buyer and seller think is included in a sale which can lead to settlement being postponed. It is imperative that the contract details specifically what is included and what is not.

For more information, or to discuss your next sale, contact Dean Carver (Property Solicitor) on (02) 9773 4550 to sell your next NSW property. Don't forget to register to receive our regular Real Estate Tips Newsletter.