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Mortgage rates drop by largest amount in 41 years

Mortgage rates drop by largest amount in 41 years

by | Nov 18, 2022 | Blog, Buyers, Homeowners, News, Real Estate News, Renters, Sellers

Mortgage rates drop by largest amount in 41 years

Mortgage rates plunged by nearly a half-percent this week, marking the largest week-over-week decline since November 1981.

The rate on the average 30-year fixed mortgage fell to 6.61% from 7.08% the week prior, according to Freddie Mac, which this week changed its methodology calculating rates. The drop follows a sharp decline in the yield on the 10-year Treasury last week after a government showed inflation cooled last month.

The sudden decrease gave price-strained homebuyers and sellers still in the market an inkling of relief, boosting activity in the otherwise sluggish market.

“The drop in rates incentivized buyers to rush and try to lock rates this weekend, the difference in demand was significant,” Adriana Perezchica, president of Via Real Estate, told Yahoo Money. “Until recently, buyer demand had weakened as borrowers have had a hard time keeping up with higher rates and home prices. We don’t know how long this dip in rates will last…and buyers are absolutely racing to lock a rate.”

This week’s results also debuts Freddie Mac’s revised methodology, which now collects real-time rates based on loan applications submitted to its automated underwriting system. The new approach has an average difference of less than 10 basis points.

​​mortgage rate graph

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What Is a Short Sale?

What Is a Short Sale?

by | Nov 16, 2022 | Blog, Buyers, Homeowners, Homes, Villas and Condos, News, Real Estate News, Sellers

What Is a Short Sale?

What Is a Short Sale? The Benefits for Buyers and Sellers

 

Say you’re selling your home; however, the offer you get is so low, it won’t cover the total amount you owe your lender on your mortgage balance. But you need to unload it, so you’ll take it. This is a short sale—simply put, you end up “short” on paying back your lender, and your lender agrees to accept less than what’s owed on the loan.

Short sales aren’t the norm, but they aren’t all that uncommon, either. According to recent data from real estate information company RealtyTrac, about 5% of all single-family home and condo sales are short sales.

Often homeowners are pushed into a short sale by personal financial troubles that make it impossible to pay their monthly mortgage to their lender. At the same time, they find it hard to sell at a price that would enable them to pay off their entire loan—especially if local real estate market trends have driven down their home’s market value. This happened in many communities across the nation when real estate market values fell during the housing bust of 2011.

Foreclosure vs. short sale: What’s the difference?

While selling a home as a short sale is hardly ideal, many experts argue it’s smarter than pursuing more drastic measures like foreclosure. Foreclosure is when a homeowner falls so behind on the mortgage payments, the lender repossesses the house, often against the homeowner’s will, then tries to sell it. If the amount the mortgage company receives from the sale is less than the mortgage debt owed, depending on state laws, the homeowner may have a deficiency judgment. In other words, the now-former homeowner may still owe money on the home loan.

Foreclosures are less common than short sales. Even during economic downturns like the housing crisis of 2011, the rates rose up to only 3.6%.

People often confuse foreclosures with short sales, and while they share some similarities in that both typically happen to homeowners in distress, the process and consequences are very different. For one, the foreclosure process typically happens very quickly, since lenders are eager to recoup the costs incurred by the unpaid mortgage.

Foreclosure also negatively affects an individual’s credit score and credit report. As a result, individuals who undergo it typically have to wait at least five years before they can qualify for a new home loan.

Bottom line: Foreclosure is scary for good reason. People facing it will want to approach their lender and discuss their options—one of which might be to do a short sale instead.

How sellers benefit from short sales

Here are a few of the benefits of a short sale for distressed home sellers, and why they might want to consider it over foreclosure:

  • A short sale does way less damage to a homeowner’s credit report and credit score than a foreclosure. This means the homeowner will be in better shape to apply for a mortgage and buy a new home down the road.
  • Homeowners have the dignity of being able to sell their own home. This is no small thing.
  • A short sale enables homeowners to stay in the home until the sale is completed. A foreclosure forces homeowners to vacate.
  • While a seller typically pays all real estate agent commissions and other closing costs, in a short sale the seller pays nothing; the lender or bank foots the bill.

The short sale process

A short sale process starts off like any other home sale: You contact a real estate agent, list your home (mentioning that it’s a “short sale/subject to lender”), then wait for an offer to come in. But once you accept an offer, things get tricky. You’ll need to get the blessing of your lender—and since lenders lose money with short sales, they’re rarely eager to hop on board.

“Some banks may even prefer to pursue a foreclosure, since they not only assume ownership of the property but may receive bailout money from the homeowner’s mortgage insurance policy,” says Marlene Waterhouse.

On the other hand, a short sale may appeal to a lender, since owning and selling real estate are hassles lenders may prefer to avoid.

To assess whether to approve your short sale, your lender will require you to submit some paperwork, including your offer letter as well as a “hardship letter” explaining why you can no longer make your mortgage payments, along with financial documents such as income statements or medical bills to back that up. At that point, the lender will most likely have your home appraised to determine if the offer you’ve received is fair. If it is, the lender may allow the deal to go through, although it may have some stipulations (more on that next).

How buyers benefit from short sales

Short sales can be bargains for home buyers, but prepare to jump through many more short-sale-buying hoops than you’d find in a foreclosure or even a typical home sale.

“I wouldn’t recommend short sales for first-time buyers, who may get frustrated with the extra paperwork and long waits,” says Waterhouse. “A traditional sale takes 30 to 45 days to close after the offer is accepted. A short sale typically takes 90 to 120 days, or even longer.”

The reason for these holdups is that the mortgage lenders—which are stuck paying for closing costs that a seller would typically cover—will often counter with their own demands in an effort to raise their bottom line. So, short-sale buyers might hear, “We’ll accept your offer, but you’re responsible for all repairs, wire transfers, and notary fees.”

Our advice: Go ahead and negotiate, or walk away if you aren’t satisfied with the terms of the deal. Ultimately it’s up to you to decide whether it’s worth it to absorb these extra costs. When in doubt, ask your real estate agent to help you crunch the short-sale-buying numbers.

Should buyers buy foreclosures instead?

While foreclosures can also be bargains, buyers should know that they come with a lot more risk than a short sale. For one, keep in mind that a foreclosure home is sold at a courthouse, sight unseen. So, there’s no time for a buyer to inspect the house for structural problems; you also inherit all liens tied to a foreclosure. In this sense, a short sale might be a safer transaction.

Bottom line: When a short sale is done right, sellers, buyers, and the lender can all walk away happy.

 

Experts in Residential Real Estate in Orlando

If you are buying or selling real estate it’s quiet often the single most important financial decision you make. For the last 30 years we have helped clients buying and selling property in Orlando and the surrounding areas. Put simply, this means the knowledge and expertise accumulated over this time ensures our clients get the best representation possible.

Our experienced agents will help and guide you through the entire process providing valuable support every step of the way.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

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6 Things All First-Time Homeowners Get Wrong

6 Things All First-Time Homeowners Get Wrong

by | Nov 15, 2022 | Blog, Buyers, Homeowners, Homes, Villas and Condos, News, Real Estate News

6 Things All First-Time Homeowners Get Wrong

6 Things All First-Time Homeowners Get Wrong

 

Like most major milestones in life, becoming a first-time homeowner comes with quite a few learning curves. Even after you close on the house and it becomes officially yours, there’s still a lot to learn when it comes to taking care of the place—and setting yourself up for long-term success.

Having recently purchased my first home, I’ve had a front-row seat to all the trials and tribulations that come with learning how to be a homeowner. Here are seven of the biggest mistakes first-time homeowners make (myself included), plus some helpful tips from the experts on how to avoid them.

 

1. Calling a repair person with the wrong specialty

This might not sound like a big deal, but it can actually end up costing you quite a bit of time and money—especially if there are significant household repairs on the line.

“This is the most common mistake committed by first-time homebuyers,” says Joshua Haley, founder of Moving Astute.

“When you hire a repair guy who doesn’t specialize in fixing what’s broken in your home, the cost of repairs could skyrocket,” says Haley. “Homeowners have been known to spend upward of $135 an hour on a contractor who they thought was coming out for a couple hours at most.”

One way to avoid this is by doing some research beforehand. Try to gain a rudimentary understanding of what’s wrong, so you can explain the problem over the phone. This will help you avoid any confusion about the extent of work that needs to be done, and it will also help ensure you’re hiring the right person for the job.

2. Blindly hiring contractors

Speaking of hiring the right person: There are a million ways for home upgrades and repair projects to go wrong, and one of the best ways to avoid this is by making sure whichever contractor you hire has a long list of glowing reviews.

No matter what kind of work you’re having done—construction, repairs, or even just some landscaping—always make sure the people you hire come highly recommended by someone you trust.

“Always ask for recommendations,” says Michael Branson, CEO of All Reverse Mortgage Inc. “Your neighbor may know a good contractor or handyman who could help fix up your home. Remember, the biggest compliment a business can receive is word of mouth.”

3. Not budgeting for new expenses

While you might have your mortgage and utility bills under control, there are a lot of other expenses that come with homeownership that you’ll want to plan for as well. This includes any homeowners association fees, homeowners insurance, regular maintenance fees, and even property tax.

“Consult a real estate professional who will inform you of the neighborhood’s usual property taxes and insurance costs,” suggests real estate investor Richard Mews. “Another idea is to request the seller’s utility bills for the last year or so.”

Though the latter might seem weird, most sellers will understand: Whatever information you can get will help you feel more prepared for all those new expenses.

4. Ignoring routine maintenance

One thing a lot of first-time homeowners overlook is the simple fact that they’ll have to do routine maintenance—like, usually something every month.

These are things you’ll want to learn about relatively quickly, since putting them off can end up costing you a lot in repairs.

“Keep a recurring list of preventive maintenance tasks,” says John Bodrozic, CEO of HomeZada. “Your home is essentially a collection of assets—like equipment, appliances, building materials, fixtures, finishes, and landscaping. All of these things need preventive maintenance to make sure the home is operating efficiently, which saves you money on your monthly energy bills and avoids expensive fix-it and repair costs.”

5. Making home improvements too soon

When you get into a new home, it can be tempting to start filling it with all of your dream furnishings—or even to embark on some expensive remodeling project.

My best advice to new homeowners? Hold off.

What you envision for your house will likely change, especially the longer you live in it. Start by using the furniture you have, and making small upgrades by shopping for used items.

Once you’ve lived in the home for a few months, and understand how you actually use each space and what you ultimately want from it, you’ll be in a much better position to start spending the big bucks on remodeling and those fancy new furnishings.

6. Assuming you and your partner are on the same page

Becoming a first-time homeowner with someone puts a whole new twist on the relationship, which is why it’s so important to keep good communication throughout the process, and especially in those first few months.

“Don’t make decisions without discussion,” says Phillip Ash of Pro Paint Corner.

“If you’re buying your home with your partner, chances are that you’ve lived together before and know each other’s decor taste and habits. But once you own a home, it becomes even more imperative that any decisions that affect the other person are talked about. This is important—whether it’s paint color, home decor, or bigger things like renovations and taking on additional monthly expenses.”

Buying a home? – choose a local agent.

Relocating, moving up or first time buyer if you are buying a home in Orlando we are here for you. We all live and work in the area. If you would like one of our experienced agents to contact you directly to help you through the buying process please Click Here or give us a call today at (863) 424-2309

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

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What Real Estate Agents Need First-Time Buyers To Know

What Real Estate Agents Need First-Time Buyers To Know

by | Nov 9, 2022 | Blog, Buyers, Homeowners, Homes, Villas and Condos, News, Real Estate News

What Real Estate Agents Need First-Time Buyers To Know

What Real Estate Agents Need First-Time Buyers To Know

 

You slapped your John Hancock on the closing paperwork. You’re happy with your loan … well, as happy as you can be, considering the magnitude of the debt you just accepted. Stress dreams have mostly subsided, barring the occasional vision of some movers dropping your grandmother’s curio cabinet, shattering this priceless antique while they run off with your money.

Moving can be a pain in the you-know-what. That’s why we’ll share some expert tips and tricks to make the process as easy and pain-free possible.

Do repairs and painting first

Before moving in, go through your home looking for any necessary improvements. Is the bedroom wall a nasty shade of taupe? Is the hardwood floor scuffed and dirty? Before your movers start lugging in boxes and placing heavy furniture, get it done.

Skipping this step now can mean a headache later, when you’re forced to shove furniture into the center of the room just to paint the walls—or even take everything out of the space so you can access those scratched floors.

Hire a cleaner

For the same reason, there’s no better time to thoroughly clean your home than when there’s nothing in it.

Yes, it’s an added expense, but moving into an impeccably clean home is guaranteed to make a stressful transition much happier. After all, wouldn’t it be better if you didn’t have to scrub out the soot and ash from the fireplace yourself—or spend two days on hands and knees polishing the baseboards?

Change the locks

As soon as you get the chance, hire a locksmith to change all the locks on your house (don’t forget the back entrance or any other access points). While we’re certain the seller is trustworthy, you never know who else might have keys to your new home. Better to be safe than sorry.

Doors aren’t the only locks that need changing: Buyers who use a community mailbox should make sure to have it rekeyed by the local post office, which should cost about $40 or $50. That’s not much at all for peace of mind that no one is digging through your mail.

Don’t forget the utilities

You don’t want a sudden power outage one month after your move. Even worse is when it’s your own darn fault.

Check with the former owners to determine specifically what you’re paying for and what you need to set up, but expect to pay for water, gas, electricity, and trash—as well as any cable TV or Internet services you desire.

Check in with the HOA

Does your new home have a homeowners association? If so, contact the HOA to make sure everything is up to date. You’ll likely need to fill out transfer paperwork so it has a record of the new ownership. Even great HOAs can be difficult to deal with, requiring meticulous paperwork and cumbersome restrictions, so make sure you understand the bylaws and neighborhood restrictions of your HOA. You don’t want to get off on the wrong foot with your new neighbors, so full knowledge of how the association works is absolutely necessary.

Make a detailed list of your belongings

Moving is a complicated, messy affair—so take the opportunity to make an inventory of your belongings during packing, labeling each box with what’s in it.

Figure out the best nearby takeout

All done? Boxes in place, furniture in your house—if not in the right spot? Movers gone? The proper way to celebrate is with takeout and beer, eaten on the floor. Do your research ahead of time so you know what you want to eat, and aren’t left scrambling an hour before closing time.

Congratulations! You’re finished … until it’s time to sell, that is. In the meantime, though, it’s time to resume doing what this whole journey is all about: enjoying your amazing new digs!

Source

Buying a home? – choose a local agent.

Relocating, moving up or first time buyer if you are buying a home in Orlando we are here for you. We all live and work in the area. If you would like one of our experienced agents to contact you directly to help you through the buying process please Click Here or give us a call today at (863) 424-2309

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

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Decluttering and Downsizing for Seniors

Decluttering and Downsizing for Seniors

by | Nov 8, 2022 | Blog, Buyers, Homeowners, Homes, Villas and Condos, News, Real Estate News, Retirement / 55+, Sellers

Decluttering and Downsizing for Seniors

Decluttering and Downsizing: A Guide for Seniors and Their Loved Ones

Throughout our lifetime, it’s easy to accumulate belongings that we may no longer use. Whether it’s a gift you didn’t want in the first place, an expensive kitchen appliance you haven’t used in years, or a wardrobe that no longer suits you, it can be hard to part ways without feeling guilty. But let’s face it, clutter has the ability to multiply as soon as you take your eyes off it.

For your loved one, adjusting to life in a new home can be challenging. It involves significant changes, like leaving behind a home where happy memories were made and finding new homes for some of their belongings. Helping your aging parents declutter is a big effort but a necessary one.

Decluttering is a wonderful way to reflect on memories your loved one holds dear and open the door to the next stage of life. This guide is designed to make the decluttering and downsizing process as simple as possible for aging adults and their loved ones. It will help you prepare for the transition and offer advice to loved ones on what they can do to help. Keep the lines of communication open, take it one step at a time, and don’t rush into anything before you’re ready.

Step 1: Discuss the move with your loved one

The sooner you discuss the decluttering and downsizing process, the more time everyone will have to evaluate all options. Unless your aging parent or family member has experienced a recent medical issue that can hinder their quality of life, don’t force the conversation if your loved one seems resistant to the idea. 

Find a time, space, and place to spark the conversation where your loved one will feel comfortable and supported. Plan for interruptions and conversational derailments. You can even practice beforehand, make notes, and rehearse the conversation with a friend so you can feel confident that you’re communicating in a positive way. Remember that difficult questions and conversations take time, patience, and perseverance to sort through.

If you did face hesitancy from your aging adult, bring the topic of decluttering and downsizing up again at a later date. It’s important to be patient with your loved one and recognize they may be feeling frustration, fear, and anxiety.

Step 2: Set a tentative date

Create a calendar to share with your loved one and others involved in the move to take some of the uncertainty away. Choose tentative dates for:

  •   Downsizing and packing
  •   Charity pick-ups, a garage or estate sale, or trash pick-ups
  •   Booking a moving truck or asking friends and family to come and help
  •   Moving day
  •   Unpacking boxes and setting up the new place

Step 3: Determine the area and size of the new home

Mobility and ability restrictions, caregiving needs, proximity to family, and budget all play a role in where your loved one can live. Their preferences are crucial to the equation and should be considered at each step. There will likely be compromises, especially if budget concerns are an issue, so be prepared to have multiple conversations to work out the details.

Remember that the arrangements can look just about any way you want them to. Many retirement communities and assisted living facilities offer personalized options to meet any need or comfort — so it’s essential to ensure everyone feels satisfied with them. There are five main options for seniors looking to downsize:

  • Buying a smaller house or condo with home modifications applied as necessary
  • Renting a smaller home
  • Moving in with a loved one (adult child, sibling, etc.)
  • Moving into a retirement community
  • Finding in-home care services
  • Entering assisted living

Step 4: Declutter and downsize your loved one’s belongings

It’s amazing the number of things we can acquire throughout a lifetime. From an endless array of dishes and closets full of linens to the many souvenirs and knickknacks of a life well-lived, addressing where all these items will go can be an emotional and overwhelming process. These aren’t just objects; they’re memories, and they’re what made your loved one’s house a home for all these years. It’s important to acknowledge and respect this loss. Be sure your loved one goes into the process prepared to part with plenty, and try your hardest to make room for the items that mean the most.

The most straightforward way to sort through items and purge the house of clutter is to ask your loved one four questions about the item:

  • “Do you need it or want it?”
  • “Does it have sentimental value?”
  • “Do you use it often?”
  • “Do you have another item that performs the same function?”

“Setting goals early is an excellent start to your journey of downsizing unwanted clutter in your home,” says James Lane. “Visualize what each room should look like, decide what needs to go to make that a reality, and sell or donate the items. Focus on the joy the item will bring to others.”

You can categorize each item and decide what your family member, parent, or friend will take, store, donate, or sell. You can usually recycle old bills and paperwork that’s no longer necessary. Be sure to look for important documents that you or your loved one must keep, such as birth certificates, deeds, financial documents, medical records, passports, powers of attorney, and wills.

What if your loved one refuses to part with these items? 

Many people don’t want to let go of things they feel are important. If it’s necessary to find a new home for an item, you can try the following:

  • Talking to an antique dealer to find out how much items are worth. Sometimes a dollar figure can make a big difference in a person’s decision-making process.
  • Hiring a professional organizer. If you’re too close to the situation and your help becomes frustrating for your loved one, it might be best to bring in an impartial third party who’s used to helping people let go.
  • Explaining to your loved one where the items will go and that they will be treasured. This is especially important with things tied to the family legacy, like old documents and photos.

Step 5: Find new homes for the items your loved one isn’t keeping

If your loved one has a lot of belongings that can’t move with them, such as furniture and keepsakes, there’s a big decision on the horizon. They must decide whether to put everything in storage, hold a yard sale, or divide items between family members.

Moving expenses can quickly add up. Yard sales are a great way to make extra money to help fund the move and find new homes for your loved one’s belongings. Donate any remaining items to local charities and organizations to ensure someone in need will benefit from the donation. Another option is to work with a local expert who will help by setting up an online auction or assist in managing your local estate sale.

Step 6: Handle the paperwork

You may need to change your loved one’s address, transfer utilities to someone else’s name, or finalize registration at your friend or family member’s retirement home or assisted living facility. Make sure you tackle these tasks early so you’re not scrambling later. Don’t forget to update the address for your loved one’s bank and credit card accounts, driver’s license and vehicle registration, insurance policies, investment and retirement accounts, Medicare and Social Security, and voter registration.

Step 7: Begin packing and prepare for the move

Packing is stressful, no matter how you look at it. To make things easier on your parent, friend, or family member, take it slowly and start early. Remember that your loved one’s participation can help them feel in control, minimizing anxiety and quelling nervousness about the big move. It’s also important to remember that this is a big job, and too much at once can be overwhelming. Try to keep packing, sorting, and organizing confined to less than a couple of hours per day. And, if your loved one wants to stop and reminisce, join in.

It’s helpful to work with a relocation expert. They can help devise a plan to pack and declutter, move things to storage, take items to a charity location, move your loved one into their new home and help unpack.

“Planning ahead is key to preparation upon moving,” shares Lane from Caring Transitions. “Being proactive by curating a to-do list is a great way to resolve challenges ahead of time and to be as efficient as possible. Contact the person who manages the moving team to let them know the number of items, distance, and any other information you feel is necessary.” 

Step 8: Say goodbye to the house

The truth is, there’s no right or wrong way to say goodbye to a beloved home. Discuss what will work best for your family in an open and honest setting. However the goodbyes are said, make it a point to bid farewell. Let them know it’s okay to feel sad but to not lose sight of the exciting next step.

“When it’s time to downsize, remind your loved one of the benefits of this new chapter in their life,” suggests Lane. “Reach out to local recreation centers to learn about activities within your family or friend’s new neighborhood. Research restaurants and cafes to find out their daily specials and weekly events.”

Step 9: Make the transition

“Begin a smooth transition by planning where to place furniture and other items in the home,” says Lane. “Measuring each room to make sure the furniture fits will save your loved one from certain challenges ahead of time, such as a sofa that won’t fit through a doorway. Before moving anything in, take plenty of photos and videos –this is a fantastic way to note any issues that may need fixing, such as a drippy faucet or a broken washing machine.”

Do what you can to bring in your loved one’s most treasured items first, those that will make them feel especially comforted. Move-in day should be a family affair, even if you already have help from a relocation expert. Keep the mood as light and exciting as possible, and focus on the fact that it’s a new beginning rather than an end.

Step 10: Be supportive after the move

Adjusting to a new environment, particularly if it’s a lot different than the old one, can take weeks or months. Your loved one needs plenty of time to settle in, get to know people (including caregivers), and start feeling at home, so don’t rush the process. 

Familiar faces can help make adjusting to a new place easier. Try to visit as often as you can (or as often as your loved one wants you to). If you can’t visit, see if someone can help your loved one Skype or FaceTime, or make regular phone calls to check up on them.

Final thoughts

Decluttering and downsizing is often one of the best choices an aging parent can make, but it’s their decision when and if they want to. Ease into the idea and keep the conversation ongoing. It may be painful, but the inevitable sting of leaving the family home should never stop anyone from simplified and happier living.

​

Why people choose 55 plus communities in Orlando

When searching for the perfect 55 plus community Florida’s climate and pace of life provides an irresistible combination. More and people are choosing retirement to the sunshine state but Florida is also top of the list when it comes to financing. We have no state income tax! Affordable housing in active 55 plus Communities is constantly in demand. We have been helping people buying and selling property in these deed restricted communities for over 30 years. If you are seriously considering retiring to Florida our experienced Realtors can help you find an affordable property. Looking for Golf communities, waterfront properties, manufactured homes, villas, RV Homes and all with superb community facilities at a price to suit your budget. We work with all the new home developers and other local brokerages to find the perfect match and realize your Florida retirement dream

Click Here to learn more or call us today at (863) 424-2309

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

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How To Ace a Home Inspection and Sell Your Home Fast

How To Ace a Home Inspection and Sell Your Home Fast

by | Nov 2, 2022 | Blog, Buyers, Homeowners, Homes, Villas and Condos, News, Real Estate News

How To Ace a Home Inspection and Sell Your Home Fast

The home inspection can be a particularly stressful part of the homebuying process for buyers, but the equally anxious seller might be waiting with bated breath for the results as well. The buyer is typically responsible for scheduling and paying for the home inspection, but if the house is revealed to have major issues, the seller can be on the hook for repairs—or could lose the deal entirely.

Home inspection issues like termite or mold damage can mean the seller will have to shell out money, credits, or concessions to make things right with the buyer. If the buyer is truly turned off by the home inspection results (and has a home inspection contingency), they can walk, aka a seller’s worst nightmare.

So why wait for a buyer to initiate a home inspection? If you’re preparing to sell your home, here’s how to identify any problems that can potentially stymy the sale.

Consider a pre-inspection

While it’s not required, a pre-inspection of your home could make the process of selling go quicker. You can disclose to buyers any problems your home inspector uncovered and how you’ve addressed them. You can also sidestep major negotiations during escrow.

For sellers not keen on doing a pre-inspection, Steve Silcock recommends, at the very least, having the major systems (i.e., HVAC, electric, plumbing) inspected. These are costly to replace, and inspecting them can provide some peace of mind to potential buyers.

Steps to ace a home inspection

Tidy up the home and leave

Before the inspector arrives, clean up any clutter.

Once you’re done cleaning, it’s time to depart so the inspector can inspect your home.

Make the home accessible

The inspector can give you a rundown of all the access points they’ll need, but generally, they’ll need to get to the garage, roof, attic and/or basement, electrical service panel, and under the sinks.

Provide a handy list of improvements

You’ve likely made some repairs on your house, so make sure you let your inspector know that.

That includes permits, too.

Get your paperwork together

Providing your inspector with warranties and other related paperwork can save time. Having a binder with all of your paperwork can keep you organized and ready to go.

 

Source: Realtor.com

 

Can you sell my home in Orlando ?

With over 30 years experience of selling property in the Disney Orlando area we have become the acknowledged experts and one of our experienced agents is ready and waiting to help you sell your home fast. Click Here or give us a call today at (863) 424-2309

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

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