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What Does It Mean to Sell A House “AS IS “?

Sometimes people inherit a home they simply need to unload and other times they don’t want to make the effort to make repairs or tune up the home’s curb appeal. In today’s world, it can also be a financial concern to finish projects or catch up on some of those deferred maintenance items. sell-my-house-as-is For these home owners looking for a quick sale, they often think selling a home “as is” is the way to go. If you’re like most folks, you might think the “as is” sale means “take it or leave it” and “what you see is what you get.”  

But an “as is” sale isn’t necessarily a cakewalk. It doesn’t mean you’re completely exonerated from taking some responsibility for the home’s condition. While advertising a home “as is” lets buyers know they’re likely to have to do some work, it also broadcasts that the home is probably going to be a relatively good deal, provided they’re willing to take on repairs.

home-disclosureAs is” doesn’t relieve you from disclosing problems with the home.   What you know about, you must disclose by law. Failure to do so could get you into hot water. If you know about a problem but hope it slips by the buyer’s inspector, you’re at risk. The seller’s disclosure provided by most listing agents to their their sellers to fill out; is a great way to list any of the improvements you might have done on the home as well as a chance to give buyers an idea of how old the roof or the heating system might be… these are two questions almost every single buyer asks – they are concerned about the big ticket items needing to be replaced or repaired.

 

And that’s another thing: “As is” homes still go through the inspection process. While your “as is” sale may indicate your unwillingness to make repairs, it doesn’t mean the buyer won’t ask you for compensation based on condition issues. You may not come out of pocket, but it could come right off the top of your listing price, so keep this in mind. What’s more, once these conditions come to light you generally must disclose them to future prospective buyers if the current one bails-in other words, if one buyer walks after an inspection – you must now disclosure all known defects to other prospective buyers.  Keep in mind, safety and environmental issues or hazards are almost never – AS IS. Underground abandoned storage tanks, wood destroying pests, and lead paint are just a few of buyers concerns.

calculaterWith any luck, your “as is” buyer will be a cash buyer, but if not, prepare for the appraisal. Banks don’t want to loan money unless they deem the value of the home is acceptable. If the appraisal comes in low, your buyer may find themselves without the funds necessary to meet your price.

While selling “as is” may seem like a viable alternative to bringing a house up to its full market potential, recognize there are some trade-offs. Go in informed and you’ll find the process much easier to navigate.

Thinking-About-Selling-Your-HouseWhether you’re looking to sell “as is” or not, I’m happy to help you get the best price possible for your home. Let’s talk when you’re ready!

“Life Is Either A Daring Adventure, or Nothing.”- Helen Keller

 

It is in the spirit of Helen Keller’s words, that gives us great pride to announce that as of December 1, 2017,

our RE/MAX Village Square office will be known as

 VILLAGE SQUARE REALTORS.Village Square Logo Final Sm

We still promise to deliver exceptional service, while continuing to meet the needs of our clients and your referrals with the same integrity and professionalism we always have.

Becoming an independent real estate company allows for more professional growth with more freedom to service and market to both buyers and sellers.

We look forward to being your source for all of your real estate needs…

Remember, we are never too busy for you or your referrals!

Our Nicholas Team logo has a bold new look too!!

2017 tnt logo A

 

 

Oh, By The Way, We are Never Too Busy To Give Some Help or Guidance!

tap into my network 2017
Oh By The Way, we have a great referral base of contractors, painters, dining and more to help make your house home…

Here’s how to know if you’re ready to sell your home.

I love to sell homes. It’s a privilege and an honor to be a part of the process. I get great satisfaction from making my living helping people move on to the next phase of their life, whether it’s upsizing, downsizing, or simply relocating to a new neighborhood.

But there is one sort of home seller I can’t really help: The seller who’s not really ready to sell.

If you’re thinkingsell about selling your home, don’t enter into the process lightly. It’s a big deal. There’s some stress and there’s a great opportunity for joy. There’s a big investment at stake. This, along with a lot of other reasons large and small, is why you want to be 100% sure you’re ready to sell your home. If you think you’re ready to sell, but it turns out you’re not, you waste a lot of time and energy (and sometimes money).

So how do you know if you’re really ready to sell your home?

1. You’re fine with the process. You must have no problem with the idea of a stranger poking around your house, talking about renovating it, or treating it like a used car. If you’ve lived in your house a long time, it’s natural to have emotional attachments. So if the process of selling the house makes you feel protective or defensive, you may not be ready.

2. You are flexible on the right price. Motivated sellers understand selling a home involves negotiation and competitive market pricing. If you have a number “you must get” in order to sell, then you might want to think again. Also, if all of the agents who price your home come back too low for your standards, take a breather and ask yourself if it’s go time or not.

3. You know where you’re going next. Prepared sellers have plans, even if those plans aren’t 100% firm. They’re anticipating the move and they are probably even shopping for houses, if only casually at the moment. moving day If you can’t clearly answer the question, “Where would you like to live after you sell?” then you’re not quite there yet.

If you’re iffy on any of these, take a step back and consider how you feel. While some markets favor sellers more than others, a home can sell in any market for the right price. Don’t jump into something before you’re ready.

However, when you’re ready, we’d be happy to help. Give us a call when the time is right: Barbara & Gregg, The Nicholas Team of RE/MAX Village Square Realtors   realestate@thenicholasteam.com    973-509-2222

 

Adding an Independent Living Area to Your Home

suite2Years ago, it wasn’t so uncommon to have multiple generations living in the same home. Sometimes these were aging parents moving back in with their kids, and other times they were college students getting their finances in order after graduation. Many homeowners utilized extra space in their home to create independent apartments or separate living spaces. Though they go by many common names (in-law unit, granny flat, garden cottage, basement apartment), these types of spaces are known as ADUs, or Accessory Dwelling Units.

If you have extra space such as an above-garage loft, or extra land where you could build a freestanding structure, you might be interested in adding an ADU to your home. Even if you don’t have a family member in need of the space, they can be great for hosting out-of-town visitors or earning extra income from short or long-term rental agreements.

While communities have different rules regarding ADUs and their permitted uses, there’s a high likelihood that you can find a pathway to adding one to your property if the idea appeals to you. According to AccessoryDwellings.org:

Flexibility in housing makes sense for environmental, lifestyle, and financial reasons. Though many people buy houses and live in them for decades, their actual needs change over time. But the way that houses are currently built doesn’t reflect those changes, especially the way households may spend decades with just 1 or 2 members. Many American houses are too big for 1- or 2-person households, which is too bad, because size is probably the biggest single factor in the environmental impact of a house.

If you have a reasonably sized house, and an even more reasonably sized ADU, you’ve likely got a pretty green combination with some social benefits as well. You could have your best friend, your mother, or your grown kid, live with you. This kind of flexibility and informal support could really help as the nation’s population ages. Most people want to stay in their homes as they age, but finances and design can be problematic. An ADU could help aging people meet their needs without moving.”

(Source: https://accessorydwellings.org/what-adus-are-and-why-people-build-them/)

If you’re interested in exploring ADUs, be sure to check out AccessoryDwellings.org for an extensive library of resources on the topic.

If you’re looking for a home with an existing ADU, or want to find one with land or enough space to create an ADU, I’d be happy to help you find one ASAP. Just reach out to on of us today:  Barbara & Gregg, The Nicholas Team of RE/MAX Village Square  realestate@thenicholasteam.com  973-509-2222

Finding Resiliency in the Home Buying and Selling Process

Real estate deals are emotional roller coasters, often marred by unexpected setbacks. The dream house deal doesn’t come together. A closing fall through at the last minute. It happens. Sometimes the setback is so overwhelming we feel momentarily disoriented, unsure which direction to take next. We want to carry on, but we can’t quite muster the will to make the next right move.

If you’ve felt this way lately, perhaps the following process will help you:

1. Grieve the loss. If you’re feeling disappointment, loss, shock, or sadness, don’t gloss over it. Give yourself time and space to feel it. There’s nothing healthy in pretending the way you feel is wrong, shameful, or otherwise weak. Don’t expect to “get over it.” Rather, understand it is a loss you may carry forward with time.

2. Assess.buyer pitfalls What happened? What lead to this? What can you learn from the chain of events which lead to the setback? Did you miss deadlines with paperwork?  Sis the property not appraise? You might not have clear answers, but you will likely find something useful in reflection.

3. Recalibrate. Setbacks often redefine your reality, and change the conditions on the ground. The changes are often sudden and unpleasant, but it’s best to gain some clarity on the new situation. A setback isn’t the end unless you permit it to be the end. How does this new world require new strategies?

4. Look for opportunity and act. A setback does not negate your hopes or values. b3864988fca840cb873f224bf466b9d5 It may delay or redirect your path, but to let it annihilate your goals would be something far worse than a mere setback.  There are still opportunities, and if you want to recover, you will need to direct your productive energy to recognizing and acting on those opportunities.

As the late singer, poet, and novelist Leonard Cohen sang, “There is a crack in everything, that’s how the light gets in.” Even at his darkest, he had a bias for the unerring trajectory of hope. Look for the light through the crack in everything, even if it was your pending dream of home ownership or your next move. Believe the dream can shine through again.

I can help you through every step of the real estate buying or listing process, and I have plenty of experience to help you avoid common setbacks. Looking to buy or sell soon? Let’s have a chat: Barbara & Gregg, The Nicholas Team of RE/MAX Village Square   realestate@thenicholasteam   973-509-2222