Hard to Reach Windows/Skylights. These often get overlooked either because they’re difficult to access to clean or because they aren’t right at eye level. Whichever the case, cleaning windows in high ceilings or skylights provides a brighter light to shine in your home. Sometimes just getting out the cloud of dust and dirt that accumulates can make a difference between a murky-looking room and one that is eye-catching. And here’s a tip from Buzzle.com, “Clean the windows on a cloudy day, but not a rainy one. If you clean the windows in the direct light of the sun, traces can appear on the window, as the cleaning solution gets dry before being cleaned.”

Baseboards and Walls. I have written about giving your home a fresh coat of paint prior to putting it on the market. But maybe you can get away with a good wipe-down instead. Using a wet, mildly soapy cloth you can scrub the baseboards and walls to make them look like they’ve had a fresh coat of paint, if the paint isn’t chipped or too worn. However, a product called Mr. Clean’s Magic Erasers will save you the mess and ease the elbow grease. These rectangle-shaped cleaning pads help take the grime off nearly everything. You don’t have to spray anything on the surface you’re going to clean; just wet the eraser and wipe off the marks. I’ve done whole walls with these pads and made it look as though the wall had been freshly painted. Be sure to get the baseboards and get down to kids’ level and wipe off the marks where they place their fingers while walking down the hall or up the stairs. When buyers see homes that are scoffed and worn like that, they may think it’s an indication that the home might not have gotten the care it needed for the bigger things too—such as furnace, disposal, plumbing, electrical wiring, etc. It gives a general feeling of un-cleanliness and can leave a negative lasting impression.

Toilets. It may seem like this goes without saying but I’m sure any real estate agent you ask will have a horror story about toilets. Whether they’re leaking, continuously running, stained, or simply stinky, they pose a major deterrent. If you’ve got an older toilet, give it a good inspection and be sure to check under the lid. Buyers sometimes use your toilet when they’re looking at your home and nothing is worse than seeing rust stains and other unsightly marks. A good product is Zep Toilet Bowl Cleaner.

Tile. When you’re showing your house, hopefully, you’ll get lots of foot traffic. This, however, can lead to very dirty flooring and grout. Yes, you can supply those footies and the sign placed by the door asking buyers to remove their shoes or put the footies on before entering your home, but, the truth is, not all will comply. Still, the tile and the condition of the grout will matter to buyers should they decide to make an offer. There are certainly many products to get the dirt out of those tiny grout lines; one that I’ve had success with is called Heavy Duty Acidic Cleaner for tile. Use a brush to really scrub those dirty lines; doing so will make the tile standout and not look like it needs re-grouting.

Closets, Cabinets, Computer areas. “Buyers love to snoop and will open closet and cabinet doors. That’s according to About.com Guide, Elizabeth Weintraub. She writes about the need to de-clutter closets, hang shirts all facing the same way, and even alphabetize the spice cabinet. Wow! Love it! I realize you may feel you don’t have time for all of that. Still, the point is, don’t have junk stuffed inside closets and cabinets so that when potential buyers open them to have a peek, everything comes crashing down on them–and gives the impression that the closets are too small. Computer areas are becoming more popular in homes and behind most of those computers is a tangled web of wires collecting tons of dust.

Organize the wires using Velcro zip-ties and dust them off! Or, better yet, if you don’t have to use the computer daily, arrange the area like you were filming a movie or shooting an advertisement—you never see wires. Remove all of the computer and accessory electronic cords. You can leave the monitor display on the desk but taking away the wires and storing them will give the area a more spacious, clean, and professionally staged look. A little cleaning and preparation before you market your home will help show buyers that you’ve cared for the house and that could be just the signal a buyer needs to make an offer.

Published:August 28, 2010

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Value Elements in an Offer

The value expressed in a buyer’s offer to purchase, or in a seller’s offer to sell, involves 5 key elements — a financial package:

1. Purchase Price, the stated amount of dollars offered by the buyer, represents a significant contributor to value, but there are other important factors which can reduce the amount the seller receives or which can compromise the transaction. It’s not the purchase price, but the net proceeds of the sale that sellers — and savvy buyers — should concentrate on.

2. Closing Date, or the day ownership changes hands and the seller receives the money, can represent cost or value to both parties. Savvy buyers usually attempt to meet the seller’s preferred moving date, especially when the seller has committed to purchasing another property or needs the proceeds of the sale on a specific date. For instance, a closing before that date may be expensive because the seller would have to move out and store everything until they could move into their new home. That double move and the inconvenience represent out-of-pocket costs and time lost that make the actual purchase price lower than stated. A closing date later than the seller’s preferred date may leave the seller owning two homes—and paying off two mortgages—at once. The seller may incur extra costs in arranging bridge financing to meet legal obligations to close on their new home before they receive proceeds from the sale of their current home. Choice of closing date may represent costs or value to the buyer as well. Balancing this reality for both parties is key in negotiation.

3. Inclusions and Exclusions to the sale also represent costs and value for both parties. Appliances, heating systems and draperies are common seller inclusions designed to boost value for buyers. If warranties for everything from a new roof or solar panels to new appliances cannot be transferred to a buyer, these items become “second-hand”and will probably represent less value to buyers. Buyers are also free to include excluded seller items, like an antique light fixture, in the offer to purchase. Deals have been lost to disagreements over light fixtures, fireplace accessories and vintage furnishings, so prudent sellers remove contentious items before listing. A buyer may offer less than list price and ask for nothing; a seller could sign back for more money and include items to sweeten the pot. Value is very subjective for these non-real-estate items and that’s where negotiations can get heated.

4. Terms and Conditions are clauses in the offer which cover “what if” risks for one party and the obligations of both parties. These clauses detail what the buyer asks the seller to do for the purchase price. Arrange a survey or include a treasured light fixture? Sellers can create conditions in an offer to sell, but usually conditions are of greater concern to the buyer, particularly if approval of a third partly like a lender or city planning department is involved in determining the property’s suitability. Conditions to arrange financing or a home inspection are among the “ifs” that define the offer to purchase. The degree of uncertainty attached to the conditions and the buyer’s related ability to close effect the value of an offer. For instance, a buyer who is pre-approved for a mortgage of sufficient size offers less risk to a seller. However, if the purchase price is significantly-above market value, the lender may not approve the mortgage, so a condition for financing is essential to protect all parties. A full-price offer with conditions that will be difficult to meet may hold less value than an under-list-price offer with no conditions. Alternatively, if the conditions are merely formalities, the conditional offer could represent greater value. Would you recognize the difference if you were the seller? That’s where the expertise of the real estate professionals involved becomes valuable…

5. Intent and Sincerity are vital aspects of an offer although difficult to quantify. How determined is the buyer to buy, and why? How determined is the seller to sell? If either party changes their mind after the contract exists and before the closing date, the injured party has remedies in court. These legal steps may not make up for lost time and, perhaps, a missed market. An investor or flipper may decide to cut losses and bail out of the deal if the market drops significantly before closing. A seller may have second thoughts if their plans to move fall through. For both parties, value should lie in the certainty that the other party will close in spite of market shifts.

Yes, price matters, but there’s a lot more involved in creating an offer that demands to be accepted. That’s why an experienced real estate professional is a valuable contributor to success. Professionals can calculate, or at least estimate, the seller’s net proceeds after costs related to the offer and deduction of commission. This information helps the seller accurately evaluate an offer to purchase. Understanding cost and benefit for all elements of an offer helps a buyer intent on ownership to create the best financial package possible.

Tip: Re-read this article when you are ready to make an offer, counter an offer or accept one. This will ensure value is visible to you on all levels before you decide to walk away or sign on the dotted.

Source: Have You Home and Money Too and Shared Ownership

Published: August 29, 2010

Use of this article without permission is a violation of federal copyright laws.

But keep in mind the central point Bernanke was making in his forecast: Troubled though it may look with any single statistical report, the fact is the national economy continues to grow – by about two and a half percent on an annual basis – and many elements of the economy are better off this year than the were the year before.

Take the Commerce Department’s housing starts number: That five percent decline was mainly the result of a big drop in starts of new rental apartment units – not a drop in starts of new single family houses, which were stable. In fact, the Commerce Department survey found that permits pulled by builders for future construction on single family homes were actually up in three out four of the major regions of the country.

Analyzing the government’s data, Bernard Markstein, senior economist for the National Association of Home Builders, was encouraged and predicted increases in both starts and sales over the coming several months.

The latest sales report for existing homes from the National Association of Realtors also had some bright spots: Sales in June were 10 percent higher than they were in the same month the year before.

Even median prices of all homes sold were up slightly, and that’s despite the fact that one third of sales were “distressed” in some way REOs, foreclosures or short sales. And remember: virtually all economists – including those at the Fed – had forecast lower home sales for the months immediately following the expiration of the tax credit programs.

Meanwhile, hints of a rebound in future sales emerged in the latest report on new mortgage applications to buy homes. The Mortgage Bankers Association found that purchase applications overall jumped by 3.4 percent – and by 8 percent for FHA loans to buy houses. Those transactions won’t go to closing for two to three months… but they’re a sign of where we’re likely headed.

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Many homebuyers shy away from green construction and green upgrades because of the upfront cost. But while some estimates have put the construction cost difference at 17 percent, recent estimates from The World Business Council for Sustainable Development put the cost of green construction only 5 percent higher than traditional. Green building means using recycled, renewable, and native building materials. It also means tapping into the energy sources that nature has to offer, including solar and wind.

Here are a few ideas of simple “going green”
ideas to get you thinking.

Energy Star Appliances: Appliances are an easy way to make a home more friendly to the environment. One of the fastest ways to explore your options is to visit energystar.gov. At this government site you can find our more information on tax credits and rebates. As an example of Energy Star appliances and their efficiency, qualified washers use 30 percent less energy and over 50 percent less water.

Toxin-free Paint: Also known as “zero-voc, low-voc, and natural” paint, this is a good option for families that have asthma sufferers. According to the EPA, “Paints, stains, and varnishes release low level toxic emissions into the air for years after application.”

Renewable Flooring: Looking for a beautiful way to incorporate wood flooring into your home? Consider bamboo flooring. How is bamboo a green option? It grows and renews itself quickly, unlikes most woods, making it an ideal and cost effective option for green flooring.

Passive Solar: In effect this option can cost you nothing, if you choose the right designed home. The goal is to design to take advantage of the sun’s positioning throughout the year. o that its windows, roof, doors, flooring, etc to take advantage of the sun’s position through the year.

Low Flow Toilets: Looking to keep utility costs down in your new home? Low flush toilets use 1.6 gallons per flush versus 3.5 in traditional toilets. That’s a lot of water saved. Worried about the efficiency of low flow? There have been major strides made in recent years in improving these toilets. Be sure to talk to your plumber about your options.

Hopefully, these items spur you to seek out your own ways to make your home as green as it can be.