Archive for November, 2010

Nov 06 2010

The Pitfalls of For Sale by Owner

If you’re planning on selling a house in Brainerd, there are several ways to go about it. The most traditional, of course, is to work with a real estate agent like Sue Coulter to prepare, list, and sell your home. Another option that many people consider is for sale by owner, or FSBO, which bypasses the agent and puts you in charge of all the details.

At first glance, selling a house on your own might seem like a good idea. After all, in this tough Minnesota real estate market, sidestepping an agent can help you save money or even allow you to reduce the selling price of your home for a faster offer. At the same time, you are in control of the process, and you don’t have to work your schedule around someone else’s.

However, as most professionals in the real estate business will tell you, for sale by owner homes come with some pretty substantial legwork. In fact, you may even find yourself turning to contract lawyers and home inspectors anyway, since few people have a working knowledge of home sales without a real estate background. To sell your own Brainerd, Crosslake or Nisswa home, you have to be prepared to:

Sort through potential buyers. Just because someone is looking at your house doesn’t mean they might buy it. Many people “window shop” when it comes to houses on the market, and may not have any intention of buying a house at all. Others might not have been pre-approved or pre-qualified for a home loan, and although they may sincerely want to make you an offer, it might not be something they will be able to get a bank to back them up on. And if they do make an offer, your home could be tied up for weeks while the financiers sort through the details only to fall through at the end.

Negotiate the real estate contract. In almost all cases, the sale of a house requires a contract that goes through the hands of the bank, an attorney, a title or escrow company, and a notary. Real estate agents have the right connections and knowledge to push all the paper through without losing sight of those little details that get you the best deal. Unless you’re familiar with contract law and the process of buying or selling a home, this could be both costly and time-consuming to do on your own.

Showcase your home properly. One area in which Sue Coulter has an advantage is in staging, preparing, and listing your house for sale. Few homeowners have the emotional detachment necessary to make the right changes or to list the home at a price that is reasonable for the market according to home valuation estimates.

Work with other real estate agents. Over 90 percent of people work with a Brainerd real estate agent when buying or selling a home. This means that the people coming to look at your house might be working with an agent of their own. However, both brokers and agents are less likely to show their clients homes that are FSBO. This can drastically reduce your pool of applicants.

Any chance to save money during the home selling process might seem like a good idea, but as is the case with most things, taking a shortcut isn’t likely to yield the best results over the long-term. Selling a Brainerd, Crosslake, or Nisswa house isn’t always easy, and it isn’t always fun, but when you choose to put your trust in Sue Coulter, you can see for yourself just how much better the entire process can be.

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Nov 03 2010

MN Real Estate: Overcoming Buyer’s Remorse

Buying a new home in Brainerd can be an incredible experience – especially if you’re a first-time buyer or if you’ve finally found the house of your dreams after a long search. You may have spent months finding the perfect home, weighing your options and working with a real estate agent to find the best match. It could be the result of a last-minute decision that was too good to pass up. Either way, it’s not uncommon to have feelings of regret soon after the house purchase is finalized. Known as “buyer’s remorse,” it’s that sensation many people get when they realize they’ve just made a major commitment to a new home.

If you do find that you’re second-guessing your Crosslake home purchase or Nisswa condo long after the papers have been signed, it’s important to take a step back and evaluate the situation. In almost all cases, buyer’s remorse is a temporary feeling that can be overcome in a few easy steps.

• Weigh the pros and cons of the house. This should be done both before and after you make your MN real estate purchase. Every house, no matter how old it is or where it is located, is going to have its benefits and drawbacks. The important thing is not to concentrate too heavily on either one. The balance of the good and bad in the house is what is going to turn it into a home.

• Personalize the space as soon as possible. Many times, the reasons behind buyer’s remorse have very little to do with the house itself and more to do with your feelings about it. It is an unfamiliar place, with few of the associations you’re used to. Start with just one room and make it yours, whether you do it with paint, decorations, or a bookshelf full of all your favorite knickknacks. Having at least one place where you feel completely at ease will help you feel better about the house as a whole.

• Address the flaws, one at a time. Perhaps you didn’t realize that the hot water tank only offered five minutes of hot water. Maybe you didn’t accurately measure the living room, and your beloved leather couch set won’t fit in the space. It’s possible you even failed to notice that the dark patch on the ceiling is actually a plumbing problem. Getting a house inspection prior to the sale will go a long way in helping you avoid these problems, but even the best inspection won’t find every single little flaw in the house. The best thing to is to try not to focus on the “what-ifs” of the home purchase and put your mind to the tasks at hand. With a clear head, figure out the costs associated with repairs or figure out how you might adjust your “perfect” setup to make the space livable. Many of these types of problems will arise over time anyway – no house is perfect, and even the newest models will inevitably get hit by wear and tear.

• Stop searching for other Brainerd homes for sale. When you’re buying a home, you’re most likely pouring over magazines, constantly checking Internet real estate listings, or even hitting the streets themselves in order to find the perfect residence. This can be a hard habit to break, especially if you’re afraid you didn’t make the right choice. However, avoid the temptation to keep looking. Chances are, those houses aren’t as perfect as you think they are, and they’re just holding you back from loving your new home.

• Take time to relax and enjoy. Buying a home is a big step, and it can also be a stressful one. Take a brief vacation. Spend a weekend not doing home improvements or moving your belongings. Remember why you fell in love with the house in the first place.

By the time you settle into your new home and your regular routine, any feelings of buyer’s remorse are going to be long gone. As long as you do your homework ahead of time and work with a Brainerd real estate agent you trust, you can rest assured that your home will be the right one for you, and in time, you’ll wonder how you were ever able to consider living anywhere else.

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