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If you've listened to some of our previous episodes and wondered what the different real estate terms mentioned in them meant, use this episode as your dictionary. Whether you're just embarking on the home-selling process or have been into it for a while, it's important you know these 16 (+more) terms.
Loren, Cassidy, and Chris have compiled a list of the most commonly used real estate and home selling terms and explained them in detail for this episode. Starting with listing price, down payment, and the different kinds of fees, including escrow and mortgage fees, etc.
A few of the many terms to look out for:
Listing price: The price that initially hits the market.Closing costs: The fees associated with buying or selling a house. These include your escrow fees, mortgage fees, appraisal, legal fees, association fees, and other commission fees.Commission: A fee paid to a real estate agent for their services.Escrow: The neutral third party in the transaction that hands over the grant deed to the new buyer and the money to the seller.Deed or grant deed: The piece of paper that shows who owns a home.Seller’s market: A term that we use to classify how hot the market is.Downpayment: The cash amount that the buyers are bringing to the table; the part that they're not getting a loan for.Counteroffer: It is a response to the offer written and this is typically generated by the seller.Earnest money: Your initial deposit. Appraisal: An estimate of the property's fair market value.Contingencies: A condition that has to be met before you get to the next part of the transaction.Due diligence: The timeframe in which the buyers have to go through all of the inspections. Rent back: A timeframe that the buyer agrees to let you stay in the property after it closes.+ more!👇🏻Need some more help? Connect with us! 👇🏻
HowToSellAHousePodcast.com
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If you’re thinking about selling your home you likely have a ton of questions. Well, let’s get them answered!
In today’s FAQ episode of How To Sell A House, Chris, Cassidy, and Loren answer the most popular questions about the home selling process. Though almost all of these have been addressed in separate episodes of the podcast, this will recap everything and provide a starting point for your planning, preparation, and promotion for the sale.
Questions to look out for:
What are the most important things to do before selling your house? (Pricing, preparation, promotion)How can you make your house more appealing to potential buyers?What should you do if you’re having trouble selling your house?Is it easy for people to call and get an appointment to see your house?How much money will you get from selling your house?Can you sell your house without a real estate agent or broker?Are you prepared to negotiate all the different things you will need to negotiate?👇🏻Need some more help? Connect with us! 👇🏻
HowToSellAHousePodcast.com
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Ever heard of iBuyers? These are real estate companies that use algorithms and technology to buy and resell homes quickly. Sounds like a lot less hassle, doesn’t it?
One of the biggest reason people may choose to sell to an iBuyer is convenience. Yet, there are many things you must know before deciding to work with iBuyers.
Tune in to today’s episode as Loren, Chris, and Cassidy explain everything they know about iBuyers and how to decide if you should be selling your house to them.
Points to look out for:
What are the pros and cons of selling to an iBuyer?Pros include convenience, no need for repairs, etc.Cons include not being able to negotiate the price.Get feedback from a professional agentSelling to an iBuyer is not always going to land you the best price.Sellers should research all available options before looking at the iBuyer route, and also have a conversation with a trusted realtor in their area.👇🏻Need some more help? Connect with us! 👇🏻
HowToSellAHousePodcast.com
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You've done so much work to make your house perfect and sale ready; and yet, you aren't landing interested buyers. What is it that's keeping buyers from making an offer?
Is it the looks, or is it the price? Or does it have something to do with the market? Or is it all of the reasons combined?
Find out in this episode of the How To Sell A House podcast with Cassidy, Chris, and Loren. Listen up as they share the top 5 reasons your house is still on the market waiting to be sold despite you having done so much to land it to the right buyer!
Points to look out for:
Price your home correctly: any home will sell for the right priceDon't be there during the showings.People have different opinions on things, so be aware of that. For instance, some buyers would not want to be around power lines, but some would be okay with that.Make a list of the positives and negatives of your property and price accordingly.Professional photos make all the difference in the world.It is important to assess the market conditions when you're trying to sell your house. Have an idea about your competition and be prepared to compete with them.👇🏻Need some more help? Connect with us! 👇🏻
HowToSellAHousePodcast.com
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The process of selling a house can be daunting; from understanding how the market operates to managing the expectations of potential buyers. But if you’re willing to put in some work, there are a number of ways to sell your home quickly and for more money. And the first is knowing the most common mistakes made by sellers and doing the work to avoid them yourself.
In this episode, Loren, Chris, and Cassidy reveal the mistakes they’ve seen many sellers make. Save yourself a lot of time, money, and effort with your home sale – tune in!
What you’ll learn:
The number one mistake when selling their house: not preparing it properly. This involves cleaning, maintaining, repairing, fixing, and all the other things that go behind making your house sale ready.The second mistake sellers make when selling your house: pricing the house too high. There are three pricing strategies you can adopt: Price your home right at the market, and you'll get the normal amount of buyers coming and have normal competition, Price it a bit lower than the competition, and you’ll create a feeding frenzy. Everybody would then see it as a deal, and may even end up driving the price up, or Overpricing, which is definitely not the way to go, especially in recent times as the buyers become savvier.The third mistake sellers make is not making their house available for showings as much as possible.The fourth mistake is not investing in an agent. A good agent will make sure you disclose things that you need to disclose and catch problems before they become a problem.The fifth mistake people make when selling their house is not considering their financial situation. Not considering the broader financial situation: the closing costs, concessions, fees, etc.👇🏻Need some more help? Connect with us! 👇🏻
HowToSellAHousePodcast.com
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What can you do if you’re “underwater” with your home or cannot afford to sell it for whatever reason?
An underwater mortgage situation is when your home purchase loan has a higher principal than what it’ll sell for. There are different ways to go about it, depending on whether or not you can still afford the payments. In this episode, Loren, Chris, and Cassidy explain adjustable-rate mortgages, short sales, and rentals to help you get an idea of the options you have in every situation, no matter how bad it is.
What you’ll learn:
What does it mean to be underwater with your home?What can you do if you can’t afford to sell your house?Think if you can rent it and how much you can ask as rent. If you decide to rent your home out, make sure the numbers make sense.Refinance your mortgage. Having a conversation with your lender about refinancing can help you get into a better spot.Look at a potential short sale. Negotiate with the lender to take less than what's owed on the home because it makes sense for them to do it based on the situation. Remember, the only real reason to do a short sale is if it’s the only option.Talk to a professional about it before deciding on what to do.👇🏻Need some more help? Connect with us! 👇🏻
HowToSellAHousePodcast.com
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Selling your home with the tenant still living there can be complicated.
There are a few factors to take into consideration. On top of the challenge of asking your tenant to leave during the showings (It’s best if they’re not there), you’re also faced with cleaning and arranging your house to make it look good to new buyers. What about if the tenant doesn’t want to leave?
In this episode of the How To Sell A House podcast, Loren, Chris, and Cassidy are discussing those challenges and how to counter them with effective planning!
What you’ll learn:
If you have a smaller window of time to show the home, you’ll most likely not be able to show it to all prospective buyers.Why some tenants are motivated to make your home selling tough.If your tenant doesn’t move out happily, you might want to ask them to vacate. But if they’ve lived there for longer than a year, you’ll have to give them a 60-day notice to vacate the property.Sit down and have a conversation with your tenant about your intention to sell the property.👇🏻Need some more help? Connect with us! 👇🏻
HowToSellAHousePodcast.com
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The process of selling your home can be very time-consuming and stressful, especially if you’re trying to sell it at the same time as you are buying a new home. However, if you plan ahead and execute a strategic process, it doesn’t have to be that difficult. There are a few ways people generally buy and sell simultaneously, which include:
>> Selling the house first and then buying the house right after. This rent-back method allows sellers to stay in their homes for some time even after the sale.
>> The contingent method, where you would sell your house and close it contingent, and buy the next home contingent upon that sale.
>> Buying the house you want and then coming back and selling your house
In this episode of the How To Sell A House podcast, Loren, Chris, and Cassidy explore efficient ways on how to buy and sell a house at the same time.
What you’ll learn:
What does contingent mean in real estate? Depending on certain circumstances, when a house is listed as contingent, it means that an offer has been accepted. But before the deal is complete, some additional criteria must be met. How to buy and sell a house during the same timeframe at the same time.Rent back method: Renting your house back from the person who bought it from you.Buy your home contingent if you’d like more security.The last is buying a home before selling one; this is often done by taking a bridge loan.What’s going on with the free-rent-back deals?What is a contingent offer?👇🏻Need some more help? Connect with us! 👇🏻
HowToSellAHousePodcast.com
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With a range of different prices and housing markets in different places, how do you make sure you get the best price for your house?
Chris, Cassidy, and Loren take you through some helpful tips on how to get the most value for your home when selling in a changing market, starting with estimating how much your house is actually worth. And here’s the thing, it doesn’t involve using Zestimate or other websites to determine the price. You’ll hear actionable tips on how to sell your house fast and get the highest possible price for it. Whether you plan to sell soon or perhaps in a few years, now is a perfect time to start thinking about it. The sooner you begin preparing, the easier it will be when the time comes.
What you’ll learn:
How do you know what your house is worth?Look at the “comps” (real estate comparables) in the neighborhoodTry to find your floor plan. Try to find houses that are in your direct area that are similar to your house and see how much they're selling for and how long it's taking them to sell.Do your research and hit up your agent.Stage your home to make it look its best.Be patient and stay positive throughout the process.How to get the best price for your home (BEST tip): Work with an agent that has their pulse on the market working with buyers and sellers, following the market, and knowing what's actually going on.👇🏻Need some more help? Connect with us! 👇🏻
HowToSellAHousePodcast.com
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The thing you’ve been looking for is finally here…you’ve got an offer (or multiple offers) on your home. Now you need to figure out if is this the best offer for you. So how do you pick an offer?
Let’s take a look at some strategies to help you make this choice wisely in this episode of How To Sell A House with Chris, Cassidy, and Loren. They explain how they put together a spreadsheet of important terms when they receive multiple offers for the same property, looking at the timeline of escrow closing, contingency periods or due diligence periods, buyers’ financing, their mode of buying the house, and more. Stay tuned to learn all about it!
What you’ll learn:
What are the most important points to look at in your contract?How is an FHA offer different from a conventional offer?What if you get an offer below your list price?Don’t waste your first offer. Even if it’s low. Consider the other benefits and try to leverage it.What happens if the buyer walks away from the deal? When you sell but also have to buy, have an agent that writes really good offers.What are the most important contingencies to look at?👇🏻Need some more help? Connect with us! 👇🏻
HowToSellAHousePodcast.com
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What really is the point of an open house?
There are a few different styles and some right and wrong ways to do them. Should you just plan one because it’s the thing to do? Or should you have your agent strategically hold an open house that is properly marketed to help drive the max amount of potential buyers there?
What is it about open houses that help increase your chances of landing the most suitable buyer? What must you know about open houses? All of that planning, preparing, and strategizing with open houses is unfolded in today’s episode. Listen in now!
Key Takeaways:
Open houses are a great marketing strategy to get your home in front of more buyers.The frenzy of open houses can create interesting situations. Use the opportunity to maximize your house’s accessibility to as many potential buyers as possible.The downsides to doing a mega open house, include having uninvited guests, like some of your neighbors showing up.Having a plan can help you make the best out of open-house showingsMake your home as presentable as possible before an open house.Arrange your home showing more like a movie premiere. Get feedback and use it to build momentum.👇🏻Need some more help? Connect with us! 👇🏻
HowToSellAHousePodcast.com
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Once you get your home on the market you need to get prepped for the next stages - showings, offers, and negotiations. How do you go about getting mentally prepared for that?
Showings are obviously a bit unnerving because you’re constantly worried about the cleanliness, care, and maintenance of the house while people are checking it out. Maybe you have pets in the house or maybe you have young kids who take naps throughout the day. In this episode, we’ll get into some tips for how to prepare for that as well as the next stage which is dealing with offers and negotiations.
What you’ll learn:
Preparing for the first weekend of showings.Make it as easy on yourself as possible.When you go through the offer, be sure to look at factors other than the pricing, like the escrow timeline, financing of the buyer, and more.What if you’re getting no offers on your home? Maybe you need to lower the price. What to do if you get multiple offers?What are some secondary negotiations? Request for repairs.👇🏻Need some more help? Connect with us! 👇🏻
HowToSellAHousePodcast.com
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Real estate markets are as dynamic as the communities they serve. A home may have been a seller’s market one year and a buyer’s market the next. Should you buy your new house before you sell your old house or vice versa?
Let’s get into the different factors that influence that decision in this episode of the How To Sell a House podcast. Chris, Cassidy, and Loren get into the pros and cons of buying before selling and help you decide the timing in a way that gives you the most value and peace of mind. Listen in now!
What you’ll learn:
Should I buy a new home before selling my current home? The first question you want to ask yourself… is financially feasible to buy your new home before selling your old home. Chat with a lender or someone knowledgeable to figure out if you can afford it.What are the pros and cons of putting your home on the market?Pros:
You can go buy your new house, fix it up, move into it, and then put your other home on the market, it can be done without the hassle.It’s a little less stressful without the two escrows and other moving parts.You’re not contingent.Cons:
Financial hasslesWhen you make an offer on another house, you’re going to have to write in a “contingent”.Mortgage rates could change in the timeframe of you buying a new home and then selling your current home.Make sure you have a cushion if your timing of selling isn’t exactly what you want.👇🏻Need some more help? Connect with us! 👇🏻
HowToSellAHousePodcast.com
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Commissions, preparation, escrow, title, pre-inspection…after all is said and done how much does it cost to sell a house? Having an idea of all the costs involved will help you figure out what you’ll end up walking away with after the sale.
Are all of these factors costs or are some investments? One important factor is hiring an awesome agent. Not only does a great agent's experience help in making the sale faster and for more money, but their contacts, connections, and resources will help you make more informed decisions about the different aspects of the selling process and ultimately put more money in your pocket.
Do not miss out on this important conversation!
Here are a few of the many questions you’ll find answers for:
Is hiring an agent a cost or an investment? Remember, an agent’s fee depends on the different services they offer. So make a note of it before deciding to hire someone.Why termite pre-inspection is easy and recommended, especially in Southern California.How to prepare your home before you get into escrow? What are the different costs involved in it?What are closing costs? How are they calculated?How and why should you determine your moving costs ahead of time?Bonus: How can you minimize some of these costs and get the best bang for your buck?👇🏻Need some more help? Connect with us! 👇🏻
HowToSellAHousePodcast.com
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When you think about it, selling a house is a pretty big commitment. And you want to know when is the best time to sell?
We understand why so many home sellers are concerned about the best time of year to sell their house. There’s so much riding on the outcome and it’s important to make informed decisions so you can put the most cash in your pocket!
So, when is the best time to sell your house? That’s what we get into in this episode of the How To Sell A House podcast with Cassidy, Chris, and Loren!
What you’ll learn:
Determining the best time to sell your house.A lot comes down to your current situation.What’s the current market and when are you more likely to get the deal you want?Start with your ideal date and work backward with your agent to come up with a plan for the best time to sell your house.Find a time when your house looks the best - is it Christmas, Thanksgiving, or Summer time?Zillow and Redfin have data centers that can help you assess if it’s the right market condition to sell and tell you what’s happening right now.When is the best time to put your house in front of buyers?The best time to sell your house is when there’s no inventory. Demand dictates pricing!👇🏻Need some more help? Connect with us! 👇🏻
HowToSellAHousePodcast.com
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The process of getting your house sale-ready includes a number of items: painting, flooring, and potentially remodeling, among other things. But what if you knew about the most important upgrades that are 100% guaranteed to increase your house value?
Learn about how to sell your house for more money in this episode of the How To Sell A House podcast. You’ll be surprised how simple repairs, fixes, and cleanings have a huge ROI.
Start by sitting down with your agent ahead of time to figure out what upgrades make the most sense so you’re not flushing money down the drain!
Some lessons on house upgrades:
Don’t use the trial and error method, especially when it comes to choosing the colors for your house. Hire a colorist instead of painting and repainting.Luxury vinyl plank flooring is becoming more and more popular. It happens to be more durable too.Lighting is the first thing your eye goes to. Make sure you do it right.Get your agent to turn on all the lights before a showing.If you’re going to do big projects, think about doing all of them. Don’t make one area look spectacular only to make the others look dated.What are some of the top things you can do to improve your curb appeal? Painting, Planting, Landscaping Hard flooring (i.e no carpet) is more of a trend now than it has ever been.What are the biggest mistakes people make when upgrading their homes? Make sure everything is functioning properly (doors, windows, HVAC, etc)👇🏻Need some more help? Connect with us! 👇🏻
HowToSellAHousePodcast.com
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What can you do to improve the sale price of your house prior to putting it on the market?
Get ready for 7 quick, inexpensive, and easy DIY tips to increase your house’s sale value! In this episode of How To Sell Your House Loren, Chris, and Cassidy take a tour of the most essential + noticeable areas to work on to give your house a better look almost instantly. These include landscaping, furnishing, and a little paint!
Points to look out for:
Landscaping is one of the easiest ways to increase curb appeal.Your front door can add a lot of appeal to your house – make it pop with a different color if it helps.Replace or enhance the roof especially if you have trees leaning or rubbing against it.Update your fixtures and hardware: kitchen appliances, sinks, bathroom fixtures, etc.Check your door knobs, hinges, paint, and related items before putting it for sale.Don’t get too trendy. Remember you have to sell it to someone else’s taste.Compare your home with the other new ones on the market.👇🏻Need some more help? Connect with us! 👇🏻
HowToSellAHousePodcast.com
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The current market is the most important thing when it comes to knowing how long it will take to sell your house. In today’s episode, Chris, Cassidy, and Loren explain how to assess the market conditions, prepare your house for sale, and price it according to the state of the market it’s located in. Get to know the average time it takes to sell in specific locations and make an estimate of how long it would take for you to sell your house.
Points to look out for:
How long will it take to sell your house? It all depends on the market conditions.Some things to look out for when figuring out how long it would take to sell your house: How well did you prepare the property? How good are the pictures? How’s the marketing looking?What is escrow time?What’s the ballpark timeline for someone looking to sell their house?Some of the biggest factors that affect the timeline of selling your home: Location, House Condition, & PricingPricing Tip 1: The problem with price reductions: When you do a price reduction, sometimes, people wait for the next one and you've already lost a big portion of the buyer pool.Pricing Tip 2: If timing is important, have your house priced a little bit under the market.Pricing Tip 3: The third pricing strategy is pricing at the market.👇🏻Need some more help? Connect with us! 👇🏻
HowToSellAHousePodcast.com
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Need a 6-month timeline for preparing your house for sale? There’s a lot to do but you have the time. We get into remodeling, cleaning, pricing, marketing, and a bunch of other stuff and walk you through all of the planning and prep in today's episode. But before you begin remember your priorities – What's going to have the biggest ROI on the sale? Focus on that.
Here are a few of the other things we get into today:
Decluttering: If you have a lot of clutter in your home, getting it organized down to a list is a huge starting point. This also includes prioritizing and delegating tasks, like contacting a junk collection company to get rid of unwanted stuff.Getting the exterior of your house to look pretty, including cleaning up the lawn.Deciding whether to donate stuff like books and furniture or sell them.Getting into the repairs – damaged/foggy windows, doors, hinges, get them all repaired.Make sure your house is picture-ready. These days, cameras can even show any dust on the surface. Make sure your house is kept perfectly clean.Getting through all of it could be quite a task, which is why you can always contact us to help you with your house sale!👇🏻Need some more help? Connect with us! 👇🏻
HowToSellAHousePodcast.com
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It could be a challenge preparing your house for sale in a short amount of time – unless – you have expert help! In today's episode, we're walking you through the steps to declutter your house and make it sale-ready FAST. Tune in to find out how!
Key Takeaways:
If you have a lot of clutter in your house, the first step is to prepare a list that will help you prioritize and put together the tasks to be done. If you feel it's overwhelming, hire someone to help you with it.Download the checklist and break it down into smaller tasks that can be done right away. Next, focus on the tasks that would take a little more time. Get rid of the things you don't need or use anymore.If you're moving a long distance, take into account the costs of moving your furniture or any other large items.Think about how prospective buyers will view your home.It all boils down to decluttering, depersonalizing, and neutralizing.👇🏻Need some more help? Connect with us! 👇🏻
HowToSellAHousePodcast.com
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