Top 10 Showing Tips:

Here are some great tips for showing your home to a prospective buyer.

1. Replace heavy drapes with lightweight sheers during warmer months to give a room a brighter, lighter feel.
2. Make the fridge smell fresh instantly with cotton balls soaked in vanilla extract or orange juice.
3. Make your bed more inviting and adding new fluff to the comforter by having a couple of people shake the quilt up and down to redistribute the stuffing.
4. Shut some of your vents on the first floor and basement to push more cool air to the second floor in the summer (A/C weather.) Reverse the process in the winter as heat rises.
5. Resist the temptation to spot-clean walls since it will make the rest of the wall dingy.
6. Have a large box or basket that will allow you to go through the entire house in 10 minutes or less picking up items that shouldn't be out during a showing. Place the box in the closet and when you get home you can replace the items.
7. Don't be home for the showing and make sure to turn on ALL the lights prior to you leaving for the showing. Sure, the agent can turn them on ... but your home is much more inviting if you have it done for them already! This avoids the agent fumbling for the switch or worse not turning on the light and making your house seem drab!
8. Curb Appeal: If possible have your lawn mowed every 5 days during the marketing of it to keep it manicured perfectly. This projects a great first impression of your home when the buyers walk up to or drive by your property. If time permits -- water the lawn for 10 minutes before the showing.
9. Make sure your kitchen and bathrooms are spotless. Remove the sponges and dish soap from the sink. Remove the shampoos and soaps from the tub. Put everything away and by all means -- wash the dishes in the sink!
10. Staging - if you haven't seen or heard what a difference this can make ... you'd be surprised. Selling your home is a difficult time for you as it's hard to live there at the same time as well. In order to project the best look for the prospective buyer -- there are specific ways to place the furniture, knickknacks, pictures, rugs, etc. If you have questions ... I have people that you can speak with.

7 Secrets to Successful - and Legal - Landlording

Slower sales are compelling more home owners to rent their properties, at least for a while. If you are thinking of renting ... follow these tips from attorney Kenneth M. Roth.

1. RUN RENTING LIKE A BUSINESS. Even if you are planning on leasing only until the house sells, or the tenant is your second cousin, keep leasing on a professional basis. Establishing rules that policies allows you to maintain objectivity if a tenant makes demands or is late with the rent.
   
2. TREAT EVERYONE EQUALLY. Federal fair housing law, which prohibits discrimination on the basis of race, color, religion, sex, national origin, family status, or handicap, applies when licensees (Realtors) advertise or lease and residential property. Although it's completely legal to ask questions about a prospective tenant's rental history, current employment, and financial history, it's important to ask every applicant the same questions to avoid the appearance of discrimination. If you have a problem renting to anyone in a protected class -- it might be best not to rent the home, says Roth


3. USE THE RIGHT TERMS. Although there are all-purpose leases available at office supply stores, it makes more sense to use a lease tailored to your specific property type and state laws, including landlord-tenant laws. I'm a great source for the proper forms as we have them from our local Realtor Association.


4. MAKE YOUR LEASE AS SPECIFIC AS POSSIBLE. Spell out exactly what is expected of the tenant and the owner or manager. Who's going to mow the lawn - shovel the driveway or sidewalks? How should emergency repairs be handled? Roth suggests making tenants responsible for repairs of less than $100 and letting the owner cover major repairs.


5. WRITE OUT A ROAD MAP FOR DEFAULTS. Your lease should spell out all the particulars and penalties of rent payment. If should state when the rent is due, where it must be paid, what late fees and interest you will charge, and at what point late payments will result in an eviction notice.


6. DON'T TREAT SECURITY DEPOSITS AS A POTENTIAL FOR PROFIT. Security deposits are intended to cover only repairs needed because of excessive damage to the property. They can't be used to cover routine cleaning of the unit prior to releasing or to add upgrades. Also remember that in many states, security deposits must be kept in a separate account (NYS this applies) and you must pay interest to the tenant. Ask for the first & last months rent plus a security deposit, advises Roth.


7. DON'T BE FOOLED BY APPEARANCES. A fancy car and lots of bling do not necessarily make a good tenant. Run a credit check on every prospective tenant. Tenants must sign an authorization to permit you to check their credit, and you can charge them for the cost. Also remember to keep credit information confidential. Don't disclose what you know to others, says Roth.

That one went fast -- Just 6 days!

West Henrietta -- This 3 BR 2.5 Bath Colonial went really fast. We marketed the property through the use of a Virtual Tour - bought it's own domain name - http://www.26delaney.com/ and through the use of my on-line marketing plan got the right buyer to fall in love with it on-line and verified their thoughts with a visit!

After negotiations -- the seller is getting an all cash buyer at 97.9% of their asking price and closing in 26 days! Not a bad result!

If you'd like a market analysis of your property to see where your property stands in today's market -- contact me for an appointment.

Michael Walker

585-645-1258

Electronic Lockboxes ... should you allow them on your home?

I have encountered, on occasion, clients that aren't sure if they should allow me to use the Electronic Lockbox on their property. They are concerned that people will be coming and going at any time of the day or night. This can be combated by changing a setting that they MUST get from me prior to showing the property or they aren't allowed access. Other concerns people have are that the property won't be secured when other agents leave the property.

While the concern that the property won't be completely secured when an agent leaves is a valid one ... the benefits far outweigh the negatives. Here are some benefits that I see with its use:

• Access when the agent isn't able to be present for the showing


• Secure & Safe -- agents must be "cleared" through the association each and everyday to access the lockboxes. If someone leaves the profession today -- tomorrow their key cannot be activated. Much better than the electronic lockboxes that some agents still use. Certainly better than the keys under the mat procedure!


• Convenient -- you won't have to wait around for the agent to show up. If an appointment comes in with short notice -- agents can still show the property.

I'm a firm believer in the lockbox as a tool to help get the listing sold. I try to show all properties that I list myself as there's noone that knows it better than me. That being said, in a pinch or when I have conflicting appointments it's best to allow the other agents to show their clients the property with short notice.

If you have any questions about these lock boxes ... feel free to contact me and I can answer them for you.

Michael Walker

Century 21 Premier Properties

585-645-1258

NEW Listing - West Henrietta - 26 Delaney Drive

I've got another great home in the West Henrietta area. This home features so much: Finished basement, new carpet, all appliances, shed, fenced yard, stamped patio and so much more.

Call today for your showing ... it might not be here for long! Take a look: http://www.26delaney.com/.

If you know anyone thinking of buying/selling ... please feel free to have them contact me.

Michael Walker

Century 21 Premier Properties

585-645-1258

How important are your pictures?

Pictures are your connection with the buyers long before they drive past your home. The most recent statistics that I have are that 86% of buyers use the Internet for at least some of their search. If my clients are any indication ... that number is a lot greater.

So ... if the buyers are online -- how important are the pictures? If you don't have terrific pictures with great light and a good angle - you won't get the buyers to come and visit the house in person. To make the best impression -- you need to make sure that you use a great photographer and display them in the best manner on the web.

For most of the properties that I represent I use Obeo Virtual Tours (www.Obeo.com/MikeWalker.) The minute you log into one ... you'll see the value in it! In this product I am able to show up to 15 pictures and 4 panoramas to prospective buyers. Within the MLS we are limited to just 8 pictures. With the tour I am also able to track the number of pages that buyers are clicking on and give the seller a list of the statistics and what the buyers looked at the most.

If you have any questions ... please don't hesitate to contact me!

Regards ~

Michael Walker
Mike@MikeWalkerHomes.com
585-645-1258

I can't sell my house until I find my next one ... Can I?

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I hear this a lot. It is a difficult scenario ... but it can be accomplished with success.

In order to effectively accomplish this goal -- the buyer (who needs to sell) must when writing a purchase offer on a property they would like to by select the: Sale and Transfer Contingency (S&T Contingency.) Essentially, in the purchase and sale contract there is a contingency that states that the buyer has to sell and close on their current home in order to purchase the new home. In this scenario, the seller is taking a chance that the buyers the house will not sell quickly in the time frame the buyer stated it would sell in. They are also bringing another party into the transaction -- the buyer of their buyers property. (Sound confusing yet?)

The Terms: Within a S&T Contingency is what's called a "Bump Clause." This clause ensures that the seller has an "out" within the contract. This clause states that if the seller gets another offer that has a better price, terms, or anything else -- they can "bump" the current buyer of their home. The terms of this "bump" are spelled out in the initial purchase offer and are usually 1-3 days. This essentially means that if you are buying a home with a S&T Contingency and the seller receives another purchase offer you could lose the house.

As the initial buyer, this "bump" doesn't necessarily mean that you lose the house -- during this period of the next 1-3 days you have the option to either: A. Show that you have a contract to purchase your home and remove the S&T Contingency; B: Secure a mortgage to cover the loan amount without the need to sell the current home and remove the S&T Contingency; or C: Come up with the cash to close and remove the S&T Contingency.

The main thing to remember is if you are purchasing a property that is very desirable (i.e. priced right, in great condition, and in a desirable area) you may not even get the seller to negotiate your offer. You may have to attach better terms to your offer, a higher purchase price than you'd consider otherwise, or a combination of both.

Additionally, you have to make sure that your home is ready to put on the market immediately. Time is of the essence in this case as any delays sprucing up your home are not well spent when you have a contingent offer on another property. It may also be a good idea to talk to your mortgage specialist to see if you can have ready a pre-approval to purchase the new house without the need to sell the current one. This is risky ... but if you absolutely have to have the new house - it may be worth it. After selecting this option ... it's imperative that you offer incentives to get your house sold so that you don't have 2 houses to call home!

So as you can see ... it is possible to make a buying decision on a property and then sell your home.

If you have any questions ... please don't hesitate to contact me at 585-645-1258 or via e-mail: Mike@MikeWalkerHomes.com

Regards,
Michael Walker

Who lives around your home?

Whether you are a home owner or home buyer ... what's around the house is a very important factor in it's value. We all know that the condition of the home, location, amenities and much more are very important in determining its' value. But what can the nearby neighbors do to affect its' value?

I've was just alerted to a site that will search your area for current convicted sex offenders. I've seen a lot of these sites before ... but this one is the best I've seen as it places all the convicts on a map with your home in the middle.

If you have children, grandchildren, nieces or nephews that stay with you ... you may want to see what type of people live around you so that you can be aware of potential threats. If you'd like to view the site that I think is the best of its kind ... visit: http://www.familywatchdog.us/ .

Take Care!

Michael Walker
585-721-9857
Blog@MikeWalkerHomes.com

Elements of a Purchase Offer (Part 2)

In my last post I spoke about the first three components of a purchase offer. Those parts were: Terms, Inclusions/Exclusions, and the Deposit.

This post I'll talk about the last three main parts of the Purchase Offer. The next component of the purchase offer is any contingencies that must be satisfied prior to the closing taking place.

Contingencies:

Mortgage Contingency: A condition in the contract that protects the buyer in the case where they cannot obtain a mortgage from a lender or that loan isn't within the terms that they spelled out in the contract (i.e. interest rate.)

Sale and Transfer Contingency: This is used when a buyer hasn't sold their home yet and makes the sale of that residence a condition that must be met before they are obligated to buy the next home. I'll have a post on this type of purchase in the future.

Attorney Approval: There is usually a condition within the purchase offer that states both the buyer and sellers attorney must approve of the contract. This contingency is usually satisfied within 7 calendar days per the contract.

Property Inspection: I highly recommend to all my clients that they have an independent property inspection conducted on any property that they are in the process of purchasing. The contingency is generally written with a 7 day time frame on it. It's in the sellers best interest to ensure the buyer completes this asap so that any findings can be dealt with and if unable to be overcome -- the property can be put back on the market.

Other Contingencies: This is where other items can be added if necessary.

Possession or Closing Date:

This is usually the date that the legal ownership of the property transfers from the seller to the buyer and, unless otherwise noted, when the funds for the purchase are concluded.

Most closings in this area close between 45 and 60 days. Depending on the sellers situation -- delaying the closing makes the buyers offer less attractive. Often times this can be as important as the amount of the purchase offer.

In some situations, it is a benefit to the seller to be allowed to retain possession after closing (i.e. they are building and need time to finish their new home.) In this situation, a flexible buyer's offer might actually be better than a higher purchase price non-flexible offer.

Purchase Price:

This is the amount that the buyer is offering to pay for the property. The price is usually dependent on market conditions and may differ from the seller’s current asking price. In all cases your Realtor should use similar properties that have sold within the past year to give you an idea of what this home is worth. The offer price is ultimately up to you.

Elements of a Purchase Offer (Part 1)

Whether you are buying or selling property, the purchase offer is the most complex part of the home buying/selling process. Both buyer and seller are happy to have gotten to this part of the transaction as the end seems to be in sight. In reality though ... this is just the beginning and where your experienced Realtor can help you out the most.

The purchase offer is a very complex and lengthy form. Many people focus on just the purchase price ... but there is so much more than just that. There are many different elements of this contract that spell out to all parties exactly what needs to happen and when before the property can change ownership.

The main elements that I'll be discussing in this and the next few blogs are: Terms, Inclusions/Exclusions, Deposits, Contingencies, Possession and Closing Dates, and finally Purchase Price.

Terms:

An offer includes certain "terms", which specify the total price offered and how the financing will be arranged, will there be sellers concessions, will you arrange your own with a financial institution or mortgage broker or if you wish to take over the seller’s mortgage (assumability).

Inclusions/Exclusions:

These are specifications within the offer that detail the items to be included or excluded from the purchase of the property. Typical inclusions are appliances, window coverings, fixtures and decorative pieces. Most often it will be spelled out in a listing if there is an item that the seller wishes to have left out of the sale. Items such as chandeliers that have sentimental value which the seller would like to keep are best handled if they are removed and replaced prior to the listing of the property. Buyers that would like to have an item that isn't included are free to write it in and "see what happens."

Deposits:

A deposit is usually given from the buyer to the seller as a token of the buyer’s assurance and intention to buy the property involved. The deposit is applied against the purchase price of the home once the sale has closed. Your agent can assist you in proposing a certain and appropriate amount for the deposit. The deposit is then held by the listing agents broker in their escrow account.

I'll talk about the other parts of the purchase offer on my next post. If you have any questions relating to this or any other real estate need ... please don't hesitate to contact me:

Michael Walker -- Mike@MikeWalkerHomes.com

Century 21 Premier Properties

585.645.1258.

Updated: Closed today on a listing in Charlotte - 141 Hewitt St.

This one was listed in December and sold in just 9 days for 98.8% of the list price. The sellers were happy ... they could buy the home that they found non-contingent and the buyer is happy because he is moving into his first home on Sunday!

Is your home next?

Contact me at 585-645-1258 to chat with me.

Michael Walker

Updated: Closed today on their new home!!! Greece: 4 BR 1.5 bath (min) up to $150,000

Greece: 4 BR 1.5 bath (min) up to $150,000
Reference: Mike
Location: Greece -- DONE
Price Range: up to $150,000 Pre Approved -- $147,000 DONE
Timeline: Looking within the next 2 months -- 2 Weeks after his sold! DONE
Bedrooms: 4 bedrooms, 1.5 bath Prefers 2.5 -- got the 2.5 DONE
Size Requirements: 2,000+ Sq. Ft. -- 2126 sq ft. DONE
Wish List: Single Family Home -- Private Backyard (forever wild if possible!) -- Yup -- got this too! DONE
Style: Would like to purchase in the next 2 months! DONE -- 14 days

New Listing -- Charlotte - 195 Hewitt St.

Are you or someone you know looking for a great property?

This is a great home with a lot to offer the first time homebuyer. All appliances are included, huge yard, updated siding and electrical and so much more. To view this great property ... please visit my website at: http://www.mikewalkerhomes.com/Rochester/New_York/Homes/Charlotte/Agent/Listing_1543512.html

You can call me at: 585-645-1258 to reach me directly

Thanks! Mike

Updated: Found these buyers their home and they'll close in April!

Updated ... I found her one ... and they'll close next month!

Buyer Profile: Webster/Penfield, 3 BR - 1 BA, Up to $135,000
Reference Name: Danielle
Location: Webster/Penfield (Webster Schools)
Price Range: up to $135,000
Timeline: January - April 2008
Bedrooms: 3 bedrooms, 1 baths
Size Requirements: the bigger the better, at least 1200 sq.ft.
Wish List: Prefers Plank South Elementary

January 2008 Stats in Rochester, NY

Here is a link to the latest stats on the Rochester Market. If you have any questions ... I'd be happy to help you with those.

http://www.grar.org/pdf/Stats/2008_1januarystats.pdf

Thanks,
Mike