You’ve been trying to sell your For Sale By Owner property in the Destin, Santa Rosa Beach, Niceville of Fort Walton Beach of Florida area for a while, and finally, there is an interested buyer! In fact, you just finished showing your home and he’s standing in the foyer by the door.  He said he really likes your property, and you can tell that he has an air of excitement he is trying to hide…. What should you do?

Here are considerations for negotiating your sale:

1. CLOSING:  You say, “Well, what’s next?” Now be quiet!!!!!!!! You have just asked the buyer a closing question. This is the moment of truth.  Do not say another word, just allow your buyer “think”.  This is a professional sales technique. (Many a sale did not happen due to the interruption of the buyer when he was about to say “yes”.) Good news! The buyer, after an unbearable full minute of quiet, says, “I would like to offer you $530,000 for your home”.
2. GET IT IN WRITING:  The buyer just made a verbal offer. What does it mean? Nothing, really.  Anyone can just toss out a number, but until you get it in writing in the form of a contract, there is no agreement.  The thoughtfulness that goes into a written offer is much more than words at the door.  On a contract, the buyer will have to specify exact financing terms, inspection periods, earnest money amount, closing date, and so on.
3. PRICE IS NOT EVERYTHING: If a buyer offers you your asking price, would you take it? For example, would you still do so if he wasn’t going to close until his house sold?  Or would you take slightly less from another buyer who didn’t have a house to sell? Just a thought!
4. EARNEST MONEY: Would you accept the buyer’s offer if he gave you no earnest money deposit? If you do, and he decides to cancel for no reason, you will have lost valuable marketing time and have nothing to show for it. The buyer has no “incentive” to stay in the contract if there is no  earnest money deposit.  You, on the other hand, have a lot to lose.
5. HOME INSPECTION:  Is the buyer accepting your home “as is”, or will he require you to make repairs? Will repairs be determined by a professional home inspector? What if you don’t agree with the findings, what happens next?  Is the buyer’s repair amount reasonable? Most contracts have a repair limit, a method to counter home inspection findings and a time frame to inspect.
6. FINANCING:  You already obtained a pre-approval letter from the buyer from a local Emerald Coast Destin or Santa Rosa Beach (or Fort Walton Beach) lender, correct? Make sure the time period to obtain financing and terms make sense. For example, you don’t want to allow the buyer 90 days to get a residential loan, that’s far too long.
7. OTHER CONTINGENCIES: There is so much more that goes into an offer other than price. I suggest you review a sample contract in advance and familiarize yourself with it. Then you will be prepared for any possible contingency the buyer may come up with. Believe me, you may be surprised!

For more tips on selling your For Sale By Owner property or a sample contract, give me a call!

“It’s Wendy… It’s Sold!”

Wendy Rulnick, Broker,  Rulnick Realty, Inc.
850-650-7883 ext 204
email itswendy@rulnickrealty.com

The post 7 Tips for Negotiating Your “For Sale By Owner” Contract first appeared on Rulnick Realty.

Should you disclose problems you know about your Destin Florida “For Sale By Owner” home to a potential buyer?

What if it’s something simple, like a faucet that leaks or an outlet that doesn’t work? The answer is “YES”, you must disclose, and as follows:

From the Florida Supreme Court case Johnson vs. Davis: “….where the seller of a home knows of facts materially affecting the value of the property which are not readily observable and are not known to the buyer, the seller is under a duty to disclose them to the buyer.”

Here are quick bullet points from the Florida Association of Realtors legal hotline about disclosure:

1. Do you need have to make a disclosure about latent defects if you’ve never lived in the property, (like a condo or other rental)?  Yes.

2. Do you have to disclose a homicide, suicide or other death that occurred on the property? No. Under Section 689.25(1)(b), Florida Statutes, those are not material facts to the sale of a property.

3. If your house is sold “as is”, do you still have to disclose latent facts? Yes.

4. Do you have to provide a written property disclosure? No, you can either disclose orally or in writing. I suggest you make your disclosure in writing and have the buyer sign the disclosure, so you have a record.

In addition to disclosure, I advise my sellers to inform the buyer of previous repairs to a property, no matter how small. For example, if you replaced a plumbing line, installed a new motor to a hot tub, or repaired a garage door opener, disclose it.  It’s in your best interest, and the buyer will appreciate your honesty, too. The positive side of disclosure is that you can show how well you’ve taken care of your home through the years. On the other hand, if it’s a property that needs work, your disclosure will be appreciated as the buyer envisions his repair needs.

Happy Selling!

“It’s Wendy… It’s Sold!”

Wendy Rulnick, Broker,  Rulnick Realty, Inc. serving the Emerald Coast of Florida
850-650-7883 ext 204
email itswendy@rulnickrealty.com

P.S. For further concerns about Florida property disclosure, consult with an attorney.

The post For Sale By Owners – 4 Tips to Property Disclosure in Florida first appeared on Rulnick Realty.

If you are trying to sell your Destin Florida area real estate as a “For Sale by Owner”, what steps can you take to pre-qualify your buyer?

We all get pretty excited when a buyer calls on a house or condo we are trying to sell. Let’s say you put your “home for sale” ad online or in a newspaper and you get a call from someone wants to see it. What do you do next?

Do you just jump up and tell them to “come over”? How would you feel if you found out they were not even qualified to buy your property?  That’s wasting your time and exposing your home to a stranger who may have other motives.  If you don’t want to let just anyone into your property, here are some tips to making sure your buyer is pre-qualified:

Sample New Buyer Conversation:

BUYER: “I read your ad on craigslist. Can I take a look at your condo tomorrow?”

SELLER: “Thank you for your interest! I do have a security policy before showings. Would you be able to email or fax me a copy of your pre-approval or proof of funds?”

You see, this is very simple. If the buyer is a serious about making a purchase, they would have already spoken to a mortgage lender and received what is called a “pre-approval” letter.  If they are a cash buyer, they should provide you with “proof of funds” in either the form of a letter from their bank or a copy of their bank statement before you allow them to see your property.

If the buyer is getting a mortgage and has not yet spoken with a lender, you could have two local mortgage lender names and phone numbers ready to give them.  You can be pleasant about it, and say the following:

SELLER: “Here are two local lenders that I’ve heard good things about. Would you mind doing a quick over-the-phone interview with them to get pre-qualified before I show you the property?”

If the buyer says “no”, then that should be your answer, too.  Act in your own best interest, and make sure the buyer is qualified before you let them into your property. Happy selling!
Wendy Rulnick
“It’s Wendy… It’s Sold!”
Rulnick Realty, Inc. 850-650-7883 ext 204
itswendy@rulnickrealty.com

The post Destin For Sale By Owner Tip: How to Pre-Qualify Your Buyer first appeared on Rulnick Realty.

If you are selling your Destin Florida home yourself, what should you do during a showing?

When you are selling “For Sale By Owner” you would typically be present for a showing, but if you were actually listed for sale with a Realtor, it would be recommended and better if the seller were not present. Why is that? The buyer may be uncomfortable really looking at the property, for example, opening a closet to check its size or moving aside a shower curtain in the bathroom to look at the tub. Why? Because the buyer may feel funny and may not want to offend the homeowner.  Another reason that sellers are asked not be present is because the buyers feel more comfortable being honest about the house to their agent, in confidence. In this way, the Realtor can help guide the buyer and answer objections about the property.  Finally, the more people present for a showing the more distracting it is. Talking also should be kept to a minimum. Why? Because talking and “selling” interferes with a buyer’s own thoughts, like about placement of furniture, imagining how it would feel living in the house, how rooms would function with different family members, etc.

So, what can you do if you are a “For Sale By Owner” in Destin Florida and you have no choice but to be home during a showing?  Follow these tips for your best chance of success:

1. Act more like a good real estate agent, and don’t talk too much. Let the buyer “think”.
2. Don’t oversell. You don’t really know the buyer.  Let the property sell itself and just answer questions.
3. Let the buyer’s actions be your guide. Let them linger in the kitchen if that’s what interests them.
4. Don’t block the room. When the buyer is in the master bedroom, stay by the door. The room will look bigger, plus, it’s a private space that you want the buyer to picture as his own.
5. Don’t make assumptions.  Sometimes quiet buyers are very serious. The same goes for “fast” buyers that go quickly from room to room.
6. At the end of the showing, remind the buyers how to get in touch with you if they have any questions.

For more tips on selling your Destin Florida home, give me a call.

It’s Wendy… It’s Sold!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

The post 6 Tips for Showing Your “For Sale By Owner” Home in Destin Florida first appeared on Rulnick Realty.