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Terms

Are you flexible on possession dates? Is your property easy to show? Are you prepared to negotiate on appliances or other chattels? Flexibility This makes your home much more attractive to potential buyers. For example, many out-of-town buyers will not even consider a home if the possession is not flexible. First time home buyers often have to purchase the appliances with the home because they have to put all of their savings into the down payment. Where are they going to get $ 3000 to buy appliances?

Condition

Making a good first impression is important in getting a property sold. Painting the front door and trim, making sure the doorbell works, putting furniture and clothing in storage, and cleaning off counter tops and fridges are just a few of the little things that can be done to make properties more marketable. Just remember, cleanliness and pride of ownership will get you more money than used dirt.

Price

Determining a price is more than just picking a number. It involves careful analysis of the property. Many things come into account when determining a price. In fact, it is often through price where short comings in the other factors are balanced. For instance, if your home has been damaged from bad renters, is difficult to gain access to, is right next door to a “drug-den”, and is located between the city dump and the airport, then the home will have to be priced accordingly. But watch out, while the price can fix almost every short coming, it’s not always the best solution.

Having a Realtor who will be honest with you about these factors is important, and you could save several thousand dollars.

Location

Over history it’s been said the three things to look for in buying a property are (1) Location, (2) Location, and (3) Location. There are positive and negative factors to almost every location. Let’s pretend your property is right next door to a fire station. You need the kind of marketing professionals that can sell the benefits of not having to worry about your new home burning down, or perhaps the savings on fire insurance. Seriously, no matter where your property may be located, there is a ready, willing, and able buyer in the marketplace. The “problems” with the location of a property can be overcome, you just need a Realtor who will work hard to do so.

Your Realtor and his / her Company

Not all Realtors are the same. We each take different approaches to the marketing of your home. These range from as basic as placing the home on the MLS system and hoping it will sell, to Realtors who actively market the home through newspaper advertising and the Internet. You will likely have a positive Real Estate experience if you pick a Realtor who meets the following criteria:

* Personality. It’s hard to work with an agent you do not like. You will not trust him / her, and the entire experience will be a difficult one. You have enough on your mind without having to argue and bicker with your agent. No matter how good an agent is … if you do not like each other, then it will not be a good experience.

* Availability. Having a full time Realtor (or a team of them) is vital to the successful sale of your home. If your Realtor is not available to sell your house because he / she ’s “working a day job”, then how committed is that Realtor to you?

* Work Ethic. Just like any other professional in your life, you need a Realtor who is organized, professional, and hard working. Have you ever seen a lawyer show up for a case in sweat pants and a t-shirt? Or a doctor say, “I’m sorry, I can not deliver your baby because I have a 4:00 t-off time”? How about an accountant who can not manage his own Finances? You should be able to expect the same level of professionalism from the

agent you choose to represent you.

Is the home listed with a Realtor, or is it a FSBO? How realistic is the asking price? Is it in your price range? Can you work out a low or no-money-down financing option? How open to Negotiation is the seller? Will you be able to realize a profit after making needed repairs?

The Test Condition

This is one of the most important tests. The property you want to buy does not require any extensive, expensive repairs. It should be structurally sound, without any major plumbing or electrical problems. If you’re just starting out, you’ll want a property with repairs you can manage yourself – repainting, refinishing floors, a little landscaping. If the property requires more extensive repairs, it will cut into your profit, or eliminate it altogether.

When you view the property, really kick the tires. Look for indicators of hidden problems. Here are a few things to look for:

* Moisture stains on walls and ceilings could indicate plumbing problems

* Little piles of sawdust near Corners or woodwork could mean termites.

* Separations between floor and wall, especially outer walls which could indicate Structural problems.

* Lift tiles in suspended ceilings to examine the ceilings above for loose plaster, moisture stains and other indications of problems

The final test is the test title. Be certain that the title to the property is clear, with no liens or attachments that could sour the sale. If there are, and you still want the property, work out a conditional sale, where your purchase is contingent upon the liens being satisfied.

If the property passes all of the above tests with flying colors, congratulate yourself. You’ve got yourself an investment property that could turn a pretty profit for you.

Another consideration in the Neighborhood Test is a bit more subjective, and you’ll have a feel for it if you’re local and keep an ear to the ground. Is a neighborhood in transition? A neighborhood that is on the cusp of a renewal effort like gentrification can be a great place to invest, as long as the upward momentum continues. An area that is on the outskirts of new development will often benefit from that as well. If, on the other hand, the neighborhood shows signs of slipping into a decline, you might want to pass by the property. If you can see that the neighborhood is slipping, so Prospective buyers will.

Are there ‘Amenities’ nearby? Depending on the neighborhood and your Prospective market, those might Amenities include a neighborhood school with a good reputation, a corner store within walking distance, or a park right down the street. In one Massachusetts city, for example, the value of properties in a formerly depressed neighborhood skyrocketed when a local university announced a commitment to provide full tuition to the children of the neighborhood

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