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Lauren Schenke

Your Partner in Real Estate

Month

June 2015

Sold! The Randall Drive Project

I recently was fortunate enough to help some new clients sell their parents home on Randall Drive in Folsom. When I first saw the home, it was in very-original-and-well-loved 1987 condition and needed a facelift. I walked the sellers through two options I saw for this home in this current real estate market…

The first option was an as-is sale, leaving the home in its present condition. This would price the home at Price A. The condition of the home would have limited the pool of buyers primarily investors or buyers interested in a project house. It likely would have had difficulty with financing because of the rear decking.

The second option, if possible financially, was to give the home a facelift. My clients were interested in knowing what I’d suggest so I compiled a list and gathered bids. My suggestions were to update the home with new paint, flooring (carpet/tile), updated fixtures (lights, blinds,etc), update the two bathrooms to remove the brass fixtures, secure and repair the rear deck, remove an eyesore patio cover, remove two dead trees, and do an overall clean up the home. By investing funds up front to update the home, the updates would garner a higher sales price and invite more buyers into the home, potentially creating a multiple offer situation and procurement of a great buyer.

My sellers chose the second option and we went full speed ahead. I facilitated the work on the home over the next few weeks and we procured two strong offers within three days and accepted a full price offer. Buyers and agents were calling up to the date of closing to see if they could write a backup offer. By investing some funds up front, the sellers were able to net approximately 30K more in net proceeds than they would have otherwise earned on the sale of their home. The buyers loved the home and my sellers were thrilled.

I love giving possibilities to my sellers for considerations during the listing process. Sometimes it may be as simple as paring down furniture and strategically placing items around the home to show your home in the best light. Other times it may be a backyard cleanup or quick paint job to show well in photos. I’m here to help and give no-cost options to you and will help facilitate the work by providing a vendor list or help scheduling repairs.

 

Before pics – I unfortunately didn’t take too many!

 

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After pics – the reveal!

1 - exterior - Copy 4 - family - Copy 5 - kitchen 8 - living dining 11 - master 14 - guest bath 17 - exterior

Folsom & Sacramento County – Demand high, inventory low – Tips to Help You Win!

Demand high – inventory low. This is still the problem we are seeing lately for well priced, good condition, good location homes. Inventory is creeping back up as it always does every spring/summer, but it’s still not very high…causing multiple offer situations on many homes currently listed. Most of my buyers have been in competition on their offers with other buyers – from price ranges of all levels.

As a buyer, there are a couple things to consider doing to set yourself apart from other buyers.

On regular homes (not bank owned homes where the seller is a unemotional robot), I often encourage my buyers to write a personal note to the seller. By explaining just exactly WHY you love the home, the seller may give you a preference over other offers because they see that you’ve really thought about the home/neighborhood/school/location/etc! Just recently on my listing in Folsom, my sellers teared up over the buyers’ personal note and fell in love with their letter. My sellers wanted to pass their parents’ home on to a wonderful family, and this letter won them over!

Something else you can do is to show how financially stable you are. If you have an awesome credit score, ask your lender to include it on your approval letter! If you have a solid amount of funds in your bank for your down payment, consider including proof of funds with your offer from the start! Ask your lender to call the listing agent on your behalf – to speak highly of you and your qualifications. All these little things add up to an impressive story.

Contractually speaking, if this is THE house of your dreams, go in strong and don’t mess around. Chances are that the next home of this size or floorplan will use this home as a comp, so don’t skimp on price and nickle and dime the seller from the start. The difference between $5K in mortgage is very little on your monthly payment, so consider going in at full price instead of trying to get a deal. If you lose out on a home because of wanting to get a discount, chances are you’ll lose out to other buyers who want it more. A caveat to that is to make sure the home will appraise – so work with your agent to see how the sales price ranks in comparison to the neighborhood!

Multiple offers can be challenging, but make sure you present yourself as a completely interested, committed, and financially stable buyer. Anything you can do up front will leave you feeling as you did everything you could to fight for that home!

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