Many have this idea that selling their home by themselves and searching out the purchaser should be a simple task, even in this hot market! But most do not really understand the difficulties and challenges that go into the preparation and execution of the sale of their home. Qualifying their purchasers, to make sure they are real, not just kicking tires or casing their home to steal something. Then, will you be asking for a pre-qualification or commitment letter from their bank? How about interaction between attorneys? Who will be having the discussions between the parties during the negotiations? How about the home inspectors, appraisers, mortgage brokers, etc. There is a new law call T.R.I.D. enacted in 2015 and put into affect on Oct 1, 2015 (it was extended from Aug 1, 2015, due to the non-readiness & a bit of confusion on the part of the professional world) TILA is the Truth in Lending Act and RESPA is the Real Estate Settlement Procedures Act. This provided all purchasers of Real Property a 3 day window to read over and check all the information concerning their mortgage and the contract. ( The Loan Estimate replaces the initial Truth-in-Lending disclosure & Good Faith Estimate for most. closed-end mortgage loans. The Closing Disclosure replaces the final Truth-in-Lending disclosure & HUD-1 Settlement Statement. for most closed-end mortgage loans). This in and of itself is not a walk in the park, but at this point in time the attorney for the purchaser and mortgage person for the purchaser have to make sure everything is very clear, 3 days before the scheduled closing. Certain loans do not come underneath the T.R.I.D. guidelines, such as:

1.) Reverse mortgages
2.) Home Equity Lines of Credit (H.E.L.O.C.)
3.) Mobile homes or dwellings with a mortgage, but not attached to real property

This is a very complicated subject and greater knowledge can be gained by inputting the following link to your browser:

https://www.usbank.com/content/mortgage_brokers/docs/pdfs/TRID_Basics.pdf

Also, setting up your open houses on the weekends or week nights can be very disconcerting, tedious and aggravating. Is this how you want to spend your weekends or even week nights? The people that are coming in, are they qualified; since you did not get a call from them to ask if they had a pre-approval letter from their lending institution or a cash buyer (need proof of funds), what do you do, let them in?? Are they true buyers or just looky lou’s and tire kickers, just browsing and shopping the neighborhood? Have you thought about the safety of doing your own open house? If you are a single lady, I would insist on having at least 2-3 friends or relatives be present to help. We screen all purchasers, by asking them certain pertinent questions as a basic way to feel them out, verifiable income, credit scores and debt/income ratios, based on how much debt that they may carry; as well as other important criteria, that one should know. Are your possessions hidden or do you have a safety deposit box to place your jewelry or other valuable items. We ask that you remove all valuables, so there would no issues about things potentially getting stolen. How will you be advertising your property? Do you have a website that will reach the millions of eyeballs? (1.1 billion are on the internet) (print media, just isn’t the whole enchilada anymore)? Have you established your social media presence? It is much more complicated today than every before to organize and apply everything you might need to know to find that elusive buyer! Who will be taking the digital photos or virtual tours to provide the best look and exposure to the potential buyers. Do you have a drone to hover above your home and area to take some dramatic video footage? It might cost you upwards of $800 to hire someone to do it for you (we include it). What tools or accurate sites (Zillow and Trulia aren’t considered accurate sources) will you consider to price your home, Condo, Coop or commercial property? MLSLI (Multiple Listing Service of Long Island) is the most accurate source to gain the information to being able to price your place? It cost money to become a nonmember, but is it worth it? Many times purchasers know you do not have a Realtor, so they have already subtracted the, “supposed saved commission that you didn’t want to pay” up to 8% and more and then further negotiated the price lower. This comparison is based on selling with and without an agent. So you finally get an offer, negotiations ensue, back and forth and you are getting weary and a bit annoyed. Maybe you will get close to the asking price and maybe you won’t! Then the inspection is scheduled and things are not happening the way you planned and defects are found that makes the buyer want to reduce the price further. Termites are one major issue along the North Shore, because the soil is more clay and water doesn’t percolate down, so the moisture stays closer to the surface, which attracts termites. They just love moist water soaked environments. There can be a lot of interaction between attorneys, mortgage people, inspectors; it can get a bit overwhelming to say the least. So, when an excellent Realtor does his or her job, they are truly earning their fee and then some. With all that has to be done today, this is not a job that should be tackled by a homeowner, especially when you are doing this part time. Those Brokers and Agents that do this fulltime will commit a lot of their time, effort and persistence, to dig and search out the qualified purchaser, based on income, credit scores and debt to income ratios. Also, how much will the buyer need to take out of their pocket and how much of a mortgage will they apply for? Sometimes, It could take 60- 120 days to secure a mortgage. After doing Real Estate for over 35 years, 12 as an investor and 23 as a Broker, I can assure you that when performing in this business, you need to be at the “Top of Your game.” So, enjoy your weekends and weeknights and hire a Broker who will handle the job in the most professional, credible and knowledgeable way, you won’t be sorry! Think about it, it’s either us or you on your Own!

Realistically, mistakes can always occur, but what seperates the men from the boys and women from the girls, is how they follow through and solve the issues beforehand or as they come to pass. Your decision to hire an excellent Broker, so you will have your weekends and some weeknights off, will go along way in knowing that you will be handled in a professional way. This way you go enjoy yourself, while we get down to business, always searching for that certain qualified and credit worthy buyer! Think about it; it is either or you on your own!

Bonus Information for our Readers:

If you would like to receive a digital copy of “Unlocking the Secrets of Real Estate’s New Market Reality, or “Our Seller’s Guide for “Things to Consider When Selling Your Home” just email me with your name, email and cell #

Phil is the owner of Turn Key Real Estate @ 7 Bond St in Great Neck. He can be reached by email: [email protected] or by cell (516) 647-4289 to answer any of your questions. To search for any type of properties or to see what your home is worth or homes that have sold in your area, go to WWW.Li-RealEstate.Com or if you desire a Free, No Strings Attached customized CMA (Comparative Market Analysis) to see todays market value, just call me for an appointment.