I have a pickle. I see a home(in norfolk,va) I absoluetly love that just came on the market. I WANT it,

Asked by Shawnett Jones, 23513 Tue Feb 12, 2008

however I need to sell mine. I dont want to get into that pinch of owning two plus the sale of this one will provide a down payment for that one. We were in the process of prepairing our house before calling an agent for sale the usual painting scraping mulching, blah,blah, blah. My fear is that this one will sell before ours does. Is there anything you can suggest to help me figure out how to approach this. Do the homevestors actually give sellers a fair price? Is that an option? REAlly want this newly listed house. I don't have an agent either cause I'm not sure who to go wit. Not really looking to have my house for sale for six months which seems to be a trend in norflok. I need an agent who is gonna work to sell my house not just list it then disappear.

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Karl Kuehner, Agent, CHESAPEAKE, VA
Mon Oct 14, 2013
There are some really great tips in this string concerning how to get your home sold fast and what to do to get your foot “in the door” on the home you would like to purchase. Two common points stand out; hire a Realtor now and have CMAs completed for both properties. I will add one more suggestion. Norfolk is a Navy town and many potential buyers are DOD personnel. Be sure to hire a Realtor who has access to and a good working relationship with this pool of buyers. I would like the opportunity to earn your business…Please give me a call at 757-880-7891 or visit http://www.karlkuehner.com.
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Christopher…, Agent, Hemet, CA
Sun Feb 17, 2008
Never let your emotions take control when making decision about a home unless you are paying cash and the purchase amount will not, in any way, effect your financial future. From your question, I can see that this may not be the case and you could end up in a situation where so many are in this market. If homes sit for 6+ months in your area before selling.....yours very well will too. If you truly have the need to move, prepare your home and find a great agent to assist you. Once your home is SOLD, start looking for a replacement. Do not make any offers until your current home has CLOSED. You may be inconvenienced for a few months but, the pressure to buy and time closings concurrently is too high. It will also leave you susceptible to making a very bad....and purely emotional decision.

Sell your current home, camp out for a while in a short term rental, a hotel or???? And only then start your search for the prefect home. You will have a clearer mind and will be able to make better decisions. Barring this.....stay put! I do agree that those looking to move up can find great bargains right now. Sell low and buy low is not such a bad thing is you are not leveraged to the hilt on your current home. Good luck.
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Don Tepper, Agent, Burke, VA
Sun Feb 17, 2008
The advice below is pretty much on target. HomeVestors is actually a franchise, but as far as purchasing homes they operate similar to other investors. The investor formula for making offers on homes is to take the ARV (after repair value) of a home, multiply that by 70%, then subtract needed repairs. So, for instance, if your home would sell for $500,000 after fix-up, an investor would multiply that number by 70%, resulting in a figure of $350,000. From that, the investor would subtract repairs and upgrades. Let's say $25,000 (paint, carpet, new baths, a bit of landscaping). So the MAO (maximum allowable offer) from an investor for the property would be $325,000. And that is taking a big hit to your equity. Sometimes that makes sense. Often, it doesn't. Is it "fair"? Depends on your needs and motivation.

You're right not to want to be stuck with two mortgages. OK, so what do you do? You can make the purchase of the new home contingent on the sale of your current home. That weakens your offer considerably, but it does protect and you, in this slow market, it's a very prudent step.

You can also get a bit more creative. Pay for an option on the property. Offer to pay $x (I don't know, maybe $2,500) for a 90 day option on the property, to be credited toward the purchase price if you exercise your option. You'll forfeit the option if you decide not to purchase. Taking that route would give you the option period--in this case 90 days--to sell your home. And you'd only be putting $2,500 at risk if your home didn't sell. Now, even if that's a possibility, the sellers probably would come back and request a shorter option period (probably 60 days max) and maybe more option consideration. That's all open to negotiation.

There are other techniques I've heard about--that come highly recommended, though I haven't tried them myself--that can sell your home faster. A round-robin auction, accompanied by massive marketing, is said to work well. I spoke to a couple of investors just yesterday who have used that technique in Northern Virginia and Maryland. That takes about a month, and reportedly will bring in 90%-95% of what a standard listing with a good, competent Realtor will. So, you're probably still going to take a slight hit on your equity, but that technique has a pretty good chance of moving your house very quickly.

In any case, though, marketing and pricing are vital elements to selling your home.

Hope that helps.
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Flynn Korneg…, Agent, Chesapeake, VA
Sun Feb 17, 2008
Hi Frank. Pat gave some good advice, though I must add there is one other factor that effects how fast your home goes under contract, and that's one you do control. The agent you select. You do need an agent to determine what needs to be done with your home to ensure a fast transaction, as well to help you with getting the home to show in it's best possible light. Our company just completed a study to find that most buyers see properties or are driven to properties by #1, the internet, and #2 the sign in the yard. I place homes on many different websites including REALTOR.com, yahoo, Rose&Womble, and my on site, plus newspaper exposure and exposure in several real estate publications. Give two or three REALTORs a call. See who you feel comfortable, and who seems to guide you in the right direction. Make a choice and get the home you really want. Remember, you do control one of the factors in the process. Flynn Kornegay / Rose and Womble Realty / 472-4954
Web Reference:  http://www.flynnkornegay.com
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Pat Mulligan,…, , Hampton Roads, VA
Tue Feb 12, 2008
Frank is right- get your house ready to list- fast!! Forget about the investors, unless you can take a big hit from your equity. In the meantime, call 2-3 Realtors- guarenteed they can be at your home lickety-split! Pick their brain, make them show you their marketing plan specifically designed for YOUR home. Don;t wait until you think your home is perfect to call the REALTORS, either. Sometimes, sellers waste time & monry on stuff the buyers aren;t even looking at. Let an expert advise you.

If you are serious- you CAN havea quick sale. Remember sellers: there 4, and only 4, factors that effect the sale of your home: LOCATION, which you cannot control, and PRICE, CONDITION and MARKETING- all of which you can control. I cry when I am still seeing listings in the MLS & Realtor.com, RE/MAX.com etc that have NO PICTURES! What!?! and these are the agents groaning that the market is slow!! -- boo-hoo! to them and to the sellers that hired them! Seriously, any good agent will have a specific, custom marketing plan for your property and have the experience to actually know how to SELL property in this current market. We are, after all,. in sales!! :p
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Frank Bigans…, Agent, Newport News, VA
Tue Feb 12, 2008
Shawnett Jon,

You will take a huge loss if you sell to an investor, so don’t go that route!!!

The best way to sell a house fast is do what you're already doing; place is clean showing condition, price it to market or a little below market value, market the house on the MLS with me, and then we can talk about the new house of your dreams. As soon as you get it listed on the MLS, the better you'll be.

If you want to email me your property address, and then the address or MLS number of the property you have your heart set on, that will allow me to provide you with a more accurate perspective.

Frank Biganski, Realtor ABR
(757) 303-0517
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Alice Sheldon, , 23518
Tue Feb 12, 2008
HI, the best thing to do would have a cma done on the property you are selling and the property you are buying. A Realtor could do this for you. There are also some lenders who will bridge the loan with no payments on the bridge for a year. Please feel free to access my web site http://www.alicesheldon.com to see what is currently on the market. Let me know if I can be of any help. thanks alice
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Alice Sheldon, , 23518
Tue Feb 12, 2008
The best thing to do is have a Realtor do a cma on the property you are selling and the one you are thinking of buying. A Realtor should be able to guide you in this process. Fell free to visit my web site http://www.alicesheldon.com to see what is currently in the mls. Let me know if I can be of any assistance thanks alice
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