Real Estate Closing Disasters, and how to avoid them.

Buying or selling a home is a very emotional experience for many people. Everything can appear to go smoothly  during the negotiations, but  when you go to the closing table, it seems that the Dr. Jekyll /Mr. Hyde buyer or seller comes out. What exactly just happened?

It's either a lack of communication that causes the last minute closing debacles, or quite frankly, it's someone's ego. It  doesn't have to be intentional, and many times it isn't. What may be very important to you is not as important to someone else. When you find out some tidbit of information just prior to the closing, when emotions run high, it's not unreasonable on your part to get upset,  especially when you feel that you should have known something previously. And yes, sometimes, it just feels malicious.

Yes, there are laws in Connecticut about disclosure, and I have found it very rare for something of extreme legal importance not to be disclosed. I'm talking about what was supposed to stay, what was supposed to be gone, what all of a sudden doesn't work, who doesn't have the funds wired into their account, etc. etc.

All the more reason to hire a professional and  experienced real estate agent  to represent you. I have talked to countless buyers and sellers who had purchased a home without the expertise, guidance, and negotiating skills  of a real estate professional,  and they ALL say that they would never go it alone EVER again. Yes, these last minute snags can happen when you are working with an agent, but that agent also acts as an intermediary on your behalf. What can easily blow up a deal without intervention, can be handled quite readily by a competent Realtor. And I just happen to know someone!




Return on Investment for Home Remodeling and/or Renovations in CT

You may have heard that when you remodel a kitchen or bath you get all (or most) of that money back when you sell. Really that depends on how much money you spend on the kitchen or bath, when you sell your home, and how marketable the remodeling is (colors, current  trends (but not fads), aesthetics, and functionality.  Overspending for your area is not ever a good idea, so if you have a question as to whether your proposed remodeling project  would be worth the money or if you are better off moving to a new location, call me. I'll give you an honest assessment- no charge.
If you are considering buying a home that needs a renovation, your agent should also help you with the cost vs. value of the proposed renovation, and whether or not that particular home makes good fiscal sense for you considering the amount of remodeling that you want to do. I  will always do that for a client, I assume that most agents will.

A few respected sources put out reports on the average ROI (return on investment) for all types of renovation and remodeling jobs.  Realtor magazine is a good source for national averages, but if you want something a bit more specific for our state, Remodeling magazine gets into bigger detail, and its geographically relevant.

I'll include a few ROI's on more upscale improvements below for your convenience -  These figures are from 2009-2010, and  very relevant

90.7%     Siding Replacement
84.9%     Siding Replacement
78.8%     Window Replacement (vinyl)
70.2%     Window Replacement (wood)
62.8%     Major Kitchen Remodel
59.2%     Roofing Replacement
56.7%     Bathroom Addition
49.8%     Master Suite Addition

Also, according to Remodeling Magazine, a mid-range remodel would net on average the following ROI

117.8%    Entry Door Replacement (steel)
 86.0%     Vinyl Siding Replacement
 84.1%     Wood Deck Addition
 83.6%     Attic Bedroom
 82.3%     Vinyl Window Replacement
 81.5%     Minor Kitchen Remodel
 72.9%     Major Kitchen Remodel
 69.5%     Two-Story Addition    
 68.6%     Bathroom Remodel
 67.4%     Roofing Replacement    
 64.0%     Basement Remodel 
 63.4%     Master Suite Addition
 62.3%     Family Room Addition
 61.1%     Garage Addition
 58.3%     Bathroom Addition    
 47.8%     Home Office Remodel  

Timing, and Negotiating the sale of your home

Your agent just called you, and you have an offer on your home. When should you get back to the buyers with a yes, no or a counteroffer?  As quickly as you reasonably can, period. There is nothing worse for a buyer who has placed an offer on your home to have to wait DAYS for you to get back to them, especially when there is no excuse for it.

Have you ever heard the expression to "strike while the iron is hot"? If you have good reason to wait to reply, let your agent know, so they can inform the other agent that they will have an answer on such and such a time, and stick to it! Now I understand that you may want to, or  have to call your attorney before you respond, just communicate that. That's all. Let your agent know. The lack of a quick repsonse indicates disinterest to the buyer.  All of my clients have been wonderful, but it has always bugged me to no extreme how some agents (and attorneys, btw) will not return your call if they have nothing to report.

I just wasn't brought up that way, and a phone call to say, "Hey, I'm thinking of you. Just wanted to let you know that I haven't heard anything yet" goes a long way with me, and I always keep my clients up to date, or communicate with them so they are not left hanging.

Just to reiterate, no one is saying you must give an answer in 5 minutes- just don't wait days if you don't have to. You might want to respond in "strategic time", but that's a conversation that you and your agent will have had already, (or should have). One of the best rules of negotiating is to put yourself in the other's place, and imagine  what they would think of your reply. The goal is to make your negotiations a win-win. So when you need a top notch negotiator, call me. I'll negotiate for you, like I would for me, and my family :)
 


The listing contract with the Realtor is about to expire. Do you re-list right away?

Some people think its wise to wait, some people have it re-listed the very next day. I'll ask you that  question,  think about your answer, and then I'll tell you an experience that I had with a seller. Your answer may change.  

One day in October, I ran across a listing that had just expired. The house looked pretty neat, and I wondered why it didn't sell, so I called up the owner.  I asked her about her home, and she invited me over to look, but was adamant about not listing it right away. The property was on the market for a good seven and a half months, and with a VERY Good agent,  AND the holidays were coming up. So who is going to buy her house now? And yes, she  may have had a point or two.

As I looked at the listing, I saw that some of the very best marketable features of her home were nowhere to be found! I saw that the listing wasn't filled out as well as it could be, and I am pretty particular about everything being as descriptive and informative as it can be, and as truthful as it can be on the listing so the most interested and best qualified buyers come to see it.

This home had  a stone turret and an incredible amount of charm with rolling acreage and lots of privacy, yet in a very easy location. None of that was brought out on the listing.  A house with a two and a half story stone turret, and the picture of the property didn't focus on it? You couldn't miss it once you drove up. And that's one of those things that you either REALLY like, or REALLY hate. There's not an in-between.  So I told the owner what I thought. She was this great Irish lady with a thick accent. I told her  that if she wanted to sell the home,  that we shouldn't wait, and that we should get it on the market as soon as possible. And I said, "No one is going to buy  your home if they don't know that it's available". She heeded my advice, I brought out the finer unique points of her home, and it sold close to asking in less than three weeks, and that was right before the holidays. Oh and by the way, I didn't reduce the price. It didn't need it!

Her house may have sat on the market for another seven months had she not listened to my advice. Instead, the house sold and she got to move into a nice condominium.

So if your homes listing contract is about to expire, and you haven't had any bites, or very few showings, take a look at the listing. Better yet, have me take a look at the listing- and don't give the house a rest on marketing. No one will buy your home if it's it's not actively and appropriately marketed by a great agent. That's me!

For Sellers: Finding the right agent with a positive attitude

I remember meeting a potential client some time ago, who wanted to sell his home. He knew his home was unique in a few different ways, and was concerned that the right buyer wasn't there for such a unique property, especially the way that the market was. He  really just wasn't sure how marketable his properrty was.  
What i can tell you is that  from my perspective, I walked into a beautiful and tastefully decorated home. It was obviously  architecturally designed, with every attention to even the most minor detail, and nothing was overlooked in the design, or the quality of construction. So why was the seller concerned about the prospect of selling his home? Besides the fact that there was a lot of love and time put into the house, I am sure it's full of memories as well. But that's not always all of it. This particular home had something very unique to offer, and its appeal would not be as broad as a home fitting the standard Fairfield County Connecticut mold- that is,  the expansive 4-5 bedroom, 3 bath colonial style home on a level lot.

  While some agents might consider a home that doesn't fit the mold as a "white elephant"-  no matter how beautiful and well done everything was, they couldn't or wouldn't be bothered with  selling it-  afraid to invest their own money on what they thought may not be a sure thing as far as a sale- and  I think that's a shame.

I, on the other hand, looked  at the house as a GREAT opportunity for someone who is looking for that particular uniqueness that this home had to offer. What another agent may consider as a white elephant, I consider as a BONUS. and, incidentally,  I really dislike the term, "white elephant" Just so you know, The seller was a highly intelligent, successful businessman, and was not a negative person by any stretch of the imagination- some people would even call him a realist.
Bottom line is what some people will find utterly amazing, others could care less about. That goes for EVERY home, regardless, by the way. Any good, experienced real estate agent will tell you that the trick to  finding the right buyer is marketing the property for what it is, not overdramatizing it, not underselling it, or forgetting or omitting details. Most of all, it's about  tailoring a marketing plan to find that particular buyer who would be most likely to buy your house.

If your agent isn't excited about marketing your home, he/she wont bring an excited buyer, and you won't get your home sold.
So if you meet an agent, who is not genuinely (AND I MEAN GENUINELY) interested  and excited about your home, DON'T WORK WITH THEM. It's as simple as that. No need to get discouraged, your buyer is out there, and the right agent can always find them.  And I just happen to know someone..... :)

You can just ask the seller that I spoke about earlier. Of course, I sold his house. He wrote a testimonial for me,  and you can read that, and a few others on my website by clicking here