When you get ready to sell your property in Annapolis, MD, homeowners want as close to optimal value as possible for their house. However, there are a few misconceptions among both sellers and real estate agents that should be addressed. Namely, the main points of contention are about how you can maximize sale price. Common questions that arise include:

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• Does setting a higher price result in higher sale value?
• What repairs and upgrades will make your home worth more?
• Is paying a six percent commission to a realtor pay worth it?
• Am I better off listing and selling my property myself?

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All of these questions should be researched when looking to sell your Annapolis property and maximize sale price. With that in mind, here are three secrets to maximizing your home’s sale price.

Make Sure Your Listing Price Is Comparable to Others in Annapolis, MD

When listing your house in Maryland, remember that a high sale price will rarely put more cash in your pocket. Instead, sellers must consider all the comparable sales and available inventory in the area. Listing your property above recent comps and sales tend to be a major turn-off to buyers who are familiar with the local market, which is pretty much everyone living in the current digital age and knows how to do a Google search. Moreover, a quick search on real estate sites, such as Zillow or Redfin, will give buyers a good overview of recently sold comps. By pricing above the current market, a seller could sabotage their efforts to sell their abode quickly and maximize their profits. After all, why would a prospective buyer pay more for what they can already buy for less? This will result in fewer interested buyers and offers, which, in turn, means less competition and interest.

The truth is, a house that is priced too high in Annapolis will rarely sell and it could sit on the market for years. In the meantime, you will continue to pay taxes, insurance, utilities, and maintenance fees for this residence. Furthermore, delays of this nature can create additional re-sale issues. Since the house did not sell, it could be viewed as damaged goods, and because it has been sitting on the market, it no longer generates new listing alerts on real estate websites, so there is a good chance that buyers may not even see your listing.

Another consideration to keep in mind is if you do manage to attract a buyer interested at an above market price, your strategy to maximize your profit could backfire. This is because real estate purchase and sale agreements include an appraisal contingency, which means a licensed appraiser gives his/her opinion on the property’s value before the sale is completed. Therefore, if the appraised value is less than the agreed-upon price, the buyer not only has a right to back out, but the bank and/or lender (if applicable) can opt to reject the mortgage as this residence, which serves as collateral, is worth less than suggested.

In general, the smartest way to maximize your sale price is to list below sales comps and current inventory. As a result, your listing will be inundated with offers from prospective buyers in Annapolis, MD. The next step is to call for “highest and best,” which alerts every bidder to the highest offer. This strategy will often result in bidding wars and make for the best and most profitable sales.

Consider Your Buyers When Making Repairs to Maximize Sale Price

Many Annapolis home sellers are under a mistaken impression that putting a ton of money into fixing up your home will maximize your profit. However, the truth is, it depends on the circumstances involved. As such, you need to have a firm grasp of the return on potential upgrades and their costs, how it will affect your home’s resale value, and an idea about the buyers you are trying to attract.

Different buyers purchase properties for various reasons and each prospective buyer in Maryland has their own tastes. Some might be looking for their first or starter house while others are seeking single-family and/or multi-family houses as rental units. It is also important to consider when is the best time to refurbish a rental unit. Obviously, when a tenant moves out, this is an ideal time to renovate a property, since tenants tend to take less care of the house since they do not own it. Other repairs and upgrades should be considered on a case-by-case basis. How much will these repairs cost? Are they necessary? Will they add value to your residence? All of these questions should be considered prior to making renovations and/or upgrades.

Then, at the other end of the housing market, you have luxury properties. This is a very expensive and specific genre of buyer and home. This is where you will encounter customized features and other upscale amenities. This type of buyer has a large income and savings, so they expect a beautiful house. If you are on a limited budget and would like to attract a richer buyer for your property, do your research and consider any renovations very carefully before making repairs or upgrades. You want to make changes that will appeal to the buyers you are seeking. This is especially true if you or a tenant are living in the unit(s) during repairs. It can be very difficult to reside in a home that is under renovation. Furthermore, it can be a major turn-off to a buyer with expensive tastes.

Know When a Realtor Commission Is Worthwhile

If a property is in excellent condition and has multiple selling points, a realtor can come in handy. These houses always qualify for mortgages, whereas homes in poor or as-is condition might encounter issues passing inspection and/or meeting minimum property standards for bank financing (e.g. issues with plumbing and/or heating system, bad roof, terminates, or mold). A realtor can assist you in understanding how to review financed offers. Moreover, an agent is also valuable when there are multiple offers on a home. After all, it is a realtor’s job to review every offer as part of earning their significant commission.

When to Sell to a “We Buy Houses” Company to Maximize Sale Price

In most cases, if the residence is in poor condition, the opposite circumstance is often true. In such situations, the Annapolis buyer pool tends to be small. This is because only buyers who can handle a “fixer-upper” will be inclined to bid. Moreover, mortgages will not be an option, so bids only come in from prospective buyers who can pay cash for their purchase. Most importantly, many Annapolis buyers are looking to move right away, so properties that are not move-in ready may not work for them. Under these circumstances, Realtors might not be advised and you can best maximize your sale price and/or profits by selling your house on your own with a qualified real estate attorney to help guide through the process and/or legal procedures.

If you are interested in more information on how to maximize your sale price or want to receive an offer for your property in Annapolis, Maryland, contact Dependable Homebuyers online or call us at [phone] anytime.

When people begin thinking about selling their home in Annapolis, MD, home upgrades often top the list of priorities. However, doing too much, or upgrading things that do not provide much return can be a waste of time and money. That being said, here are 3 home upgrades to invest in and 3 to forget about when selling your property in Annapolis.

Home Upgrades to Invest In

Paint

Simply putting on a fresh coat of paint can literally revive a room and give it new life. It is best to stick with neutral colors and add in some color elsewhere with accent pieces, throw pillows, artwork, etc. Best of all, paint is relatively cheap and this low-cost upgrade goes a long way and can produce a significant impact. Furthermore, this improvement will help cover up imperfections and/or blemishes in the wall, cracks, screw and/or nail holes, etc.

Touch-Up Your Kitchen and Bathroom

You should do some touch-ups around the house, in preparation to sell your property. However, the focus should be on smaller upgrades that will make a significant impact without costing a mint. Simple home upgrades, such as new paint, replacement fixtures, drawer pulls, and resurfacing your cabinets, are affordable ways to renovate and bring new life to both rooms. Moreover, some appliance manufacturers even sell new and alternate colored faceplates. Case in point, you could switch out the front of your dishwasher to match your resurfaced cabinets and/or other appliances. This is an excellent way to coordinate things and save money when you’re preparing your Annapolis, MD home for sale.

You should apply the same principles to updating your bathroom. You might want to re-tile the floor and deep clean the grout. Then, you can re-grout if necessary. You will want to replace or fix any cracked tiles and/or broken hardware (e.g. loose towel racks, broken toothbrush holder, cracked soap dish, etc.). Another option includes a shower renovation, which could be quite costly if a complete replacement is required. However, in most cases, a pre-fab cover or resurfacing will do the job and is much cheaper than a full shower renovation.

Landscaping Is Crucial

Annapolis homes are known for their amazing curb appeal. You can plant some flowers around the house and/or trim some bushes or trees to enhance your property’s curb appeal. If you are too busy or cannot physically do the work yourself, hire a landscaper to help you get things in order and keep your lawn nicely manicured. You could also add inexpensive accent touches, such as rocks, mulch, or hanging plants, to keep the exterior of the property looking spiffy and well-maintained but low-maintenance.

Home Upgrades to Forget About

Do Not Worry About Finishing the Basement

This type of project tends to snowball out of control and can easily morph into a large-scale nightmare, which will be both expensive and time-consuming. Additionally, you will rarely make back anywhere close to what you put into it. The better option is to allow the new owners to fix up this space to their liking. Maybe they will want to turn it into a “man cave,” game room, or build extra bedrooms. When you are ready to price the house, take the unfinished space into consideration and let buyers know that is reflected in your pricing.

Forget About Adding Pools, Patios, or Decks

Again, these are all examples of very expensive home upgrades without much return. If you have an open space, opt for inexpensive accent pieces, such as plants or pavers, to enhance the space. Let the new owners assume the responsibility and costs involved with transforming the space with their tastes and specifications in mind.

Meanwhile, the addition of a pool can be extremely expensive and could actually deter buyers. Moreover, you will not make your money back upon the sale of the property. Prospective buyers with small children or grandchildren could be concerned about safety issues, and some buyers do not want to assume the cost and responsibility of maintaining the pool. In Annapolis these pools must be closed and winterized for most of the year, making them more work than they’re worth.

Avoid Major Renovations Unless Needed

If there is damage due to an accident, fire, or natural disaster, then doing a major renovation may be necessary. Otherwise, it is generally a waste of time and money. The cost is rarely justified and cannot be recouped on the back end. Instead, most buyers would prefer a break in the price of the property, so they can renovate it on their own terms.

Skip the Renovations and Sell For Cash

Whether you have a contract on a new home or are looking to sell your house in Annapolis, MD as-is, Dependable Homebuyers can help you figure it out and might be able to offer you more than you anticipate. For more information, contact us via the our online form or call our office anytime at [phone]. We are a local, credible “we buy houses” company who can make you a cash offer quickly.  Our home-buying process is simple, easy, and most importantly, stress-free!

Do you own a home and/or rental property in Annapolis, MD? Are you considering an investment property in the near future? If so, make sure you know the surprising truth of being a landlord in Annapolis before you take the plunge. A word to the wise–expect the unexpected.
Owning a rental property seems like a great idea, in theory. In many cases, you might buy it cheap and quickly find a tenant or tenants to occupy the unit(s), and then, the rental income starts coming in while you manage the property. You assume how hard could it be, right?
The truth is, it is could be much harder than people anticipate and you might discover find the surprising truth of being a landlord in Annapolis. Which is, in many cases, you give up a significant portion of your “Me” time. There might be interruptions in your private time, disrupted vacations, and your weekend getaways might be few and far between because you are consumed by the responsibilities of being a landlord.

Owning a Rental Property in Annapolis, MD Will Eat Up Your Free-Time

Undoubtedly, owning an income property will keep you busy. Once you find the property, you must fix it up, find a tenant, and answer the phone from them when they call. Even if they call at inconvenient times, because the toilet is overflowing, you need to answer or return the call ASAP and deal with the situation. As such, your life is no longer your own. You have taken on a significant responsibility. Thus, when you go on vacation or away for a weekend, you must be reachable via phone and should have someone to oversee the property in your absence, in case any issues arise, especially if you will be away for an extended period.
Given its time-consuming nature, home ownership can be a second job. This is especially true if you own a rental property, in addition to, your own home. Particularly, if you own an older home and/or “a money pit” that requires frequent repairs over and above regular maintenance, landlords who own a rental property while they having a full-time job may discover it is a draining proposition. From chasing down your tenants for rent to fixing things around the house, it can feel like it is never ending at times. Meanwhile, for landlords who own multiple properties, it is often better to hire a property manager and/or may require that you give up your other job or transition to home-based employment.

Owning a Rental Property in Annapolis, MD Will Eat Up Your Bank Account

Another consideration is that rental properties are not cheap and, while you might get some rental income from the tenant, you also responsible for taking care of the property, fixing it up, making upgrades, and renovating it if the tenants trash it or other circumstances require it. As such, you must decide if owning a rental property is worthwhile. You must consider the costs involved vs. the financial rewards of owning a rental house.

Skip the Hassle and Sell to an Investor

Without a doubt, there is stress associated with being a landlord. There is a juggling act involved. You must decide if the prospect of owning the rental property is worth the worry, financial risk and/or obligations, as well as the potential rewards–financial and otherwise. If you own a rental property and decide you want to get out, Dependable Homebuyers can help. We buy properties in all conditions in the Annapolis, MD area and on varying terms. If we can make you an offer or provide you with more information, contact us online or call our office at [phone].

Are you a homeowner in danger of foreclosure in Annapolis, MD? Is your home mortgage underwater? If so, a short sale could be your saving grace. It is often the most reasonable way to avoid a foreclosure, which is a situation where a homeowner can no longer make full principal and interest payments on their mortgage. This allows the lender to take over the property, evict the homeowner, and sell the house. These terms are usually outlined in the mortgage contract.

There are stages involved in the foreclosure process. Typically, one month after the homeowner misses a mortgage payment, he/she is considered to be in default and the lender will issue a letter notifying the homeowner of this fact. If the mortgage remains in arrears after three to six months time and the homeowner has not made up the missed payments within a specified grace period, the lender can begin to foreclose on the property. In such situations, it can become difficult for the borrower to catch up on missed payments since the lenders can assess penalties and/or fees for late payments. In many cases, if a payment is 10 to 15 days late, a fine can be charged.

It is important to note that attaining a short sale can be difficult in the current market. However, they often prove to be a simple and efficient way to resolve any debt from a mortgage and/or loan. Not everyone can afford to come out of pocket to sell their Annapolis house fast.

A few years ago, short sales were quite common when the flood of foreclosures hit the Annapolis market. However, as the market stabilized, foreclosures slowed down, and home values have rebounded, many lenders are more reluctant to offer the option of a short sale than they used to be. Yet, they are still happening more often than you might realize, and it never hurts to raise the issue on your own. Suggest the option and see what terms can be arranged. While it may take some work to arrange a short sale, here are some reasons to consider it.

Reasons to Consider a Short Sale

Reason #1: Avoid Foreclosure and the Fallout Associated With It

Obviously, the main consideration is the fact that you can avoid foreclosure on your property. In these situations, the mortgage lender agrees to accept less than what is owed on the home. Therefore, it wipes out any remaining debt owed on the property. Moreover, foreclosure is a serious matter that can lead to many severe, long-term consequences. Case in point, a foreclosure will seriously affect your financial situation and credit score because remains on your credit report for seven years. Also, you will not be able to qualify for a new mortgage and/or loan for at least seven years. The complications will not end there, however. Since your credit score would be affected and you must disclose a foreclosure on a rental application, renting also could be problematic. Given the fact that a foreclosure stays on your credit record for seven years, this action will have significant and lengthy ramifications on your life in many different ways.

Reason #2: Credit and Employment Concerns

As previously stated, a foreclosure will wreak havoc with your credit record and score for many years to come. As such, any high-value purchases, applicants for loans, leasing or buying a car, and renting any properties will be subjected to much scrutiny and difficult to obtain.

You might also encounter employment concerns. Since many prospective employers perform background checks and review credit reports, a foreclosure could jeopardize your job search and/or your current employment status. This is especially true if you work in the financial sector or your job involves money. Under these circumstances, disqualification from an employment opportunity and/or termination by your employer could be the result. This is not a given, but it has been known to happen. Moreover, a short sale wipes out any remaining debt owed on the mortgage, which allows both the seller and lender to move forward. Furthermore, a short sale is also much gentler on your credit score, which will allow the homeowner to rebuild their credit in a much shorter timeframe.

Reason #3: Purchase Another Home Quicker

Given the length and severity of the consequences associated with foreclosures, a short sale can save you from much of the hassle and many of the complications. Since it is much more lenient in terms of the credit effects, a short sale can make it possible to become a homeowner again in a much shorter period of time.

Reason #4: No Fees Involved

One of the best aspects of a short sale is there are generally no fees associated with the process from the lender. Whereas, with a foreclosure, your mortgage lender will often attempt to assess extra fees that only make the process more costly and difficult. Another issue to look out for is that real estate consultants could be collecting a fee for aiding the lender with the foreclosure process. Thus, you must do your research before enlisting a real estate firm or agent to broker the deal.

Who Will Buy My Short Sale in Annapolis, MD?

Our company, Dependable Homebuyers, specializes in purchasing properties that are underwater in Annapolis, MD. We’ll help guide you through the process and advise you on how to secure a short sale of your property in the Annapolis, MD area. For more information, contact us anytime by calling [phone] or reach us via our contact form, which is located on our homepage.

These are great reasons why a homeowner might want to sell, but why would they want to chose a “for sale by owner” listing? The biggest reason is to save money. If you can eliminate the real estate commission, you can save potentially thousands of dollars! Many consumers also like the idea that they have more control of the process.

Whenever a home is put on the market either the real estate agent or the homeowner must always consider what they need to do so that the home will sell fast. There are at least four things you should know before you decide to try selling your own home. These include preparing your home, marketing, negotiating and preparing the paperwork.

Selling your Own Home in Annapolis Maryland

Is Your Home Market Ready?

There are many questions you need to ask yourself before listing your property as “For Sale By Owner”:

• Would you, as a buyer, purchase your home?
• What do buyers really want?
• Does it show well?
• Is it move in ready or do you need to complete a lot of repairs?
• Do you know your market?
• Are they looking for a finished deck in the back yard?
• How is your landscaping, particularly the front yard?
• How much should you spend on upgrades and repairs?
• If I list my house at a higher price, will someone pay it?

There is a lot of stiff competition out there and buyers are looking for move-in ready homes with lots of upgrades. In order to get your home sold fast you need to answer these questions honestly. It is critical that you prepare your home properly to meet the expectation of the market’s current buyers

Do You Know How to Market Your Home For Sale By Owner?

If no one is looking at your house, it is not going to sell quickly. Many buyers in Annapolis narrow their search by first looking online for homes that meet their criteria. Marketing your home on local websites, bulletin boards, grocery stores, and on social media is incredibly important. Decide how much of this you can do yourself vs. contracting this activity to a third party. Many people will turn over the creation of website information to a professional. You may even want to hire a professional photographer.

Can You Negotiate?

Negotiation begins well before you are presented with an offer. You need to understand your competition and what other homes have sold for. What features do they have and how much did they obtain? Set your price accordingly. When you do receive an offer, and it will be low, how do you respond? Can you compromise, should you compromise and how much? Motivated buyers and sellers can often quickly come to an agreement with a win-win price provided that both parties are well informed about market conditions.

What About the Paperwork

Every state, including Maryland, requires paperwork to filled out and filed properly. Most people will hire a lawyer to help with this step. Although legal fees are required, a real estate lawyer can save you thousands of dollars in mistakes. They will help with contracts, disclosure documents, understanding financing terms, and area specific documents depending on what region in Maryland your home is located in. Take the time to prepare and educate yourself on Annapolis, MD real estate law prior to making your decision to sell your own home.

For Sale By Owner (FSBO) Isn’t Your Only Option to Avoid Real Estate Commissions

Many people consider selling their own home themselves, since it can save a great deal of money. With no commission to pay, there will be extra cash available to help with the move, help with the purchase of a new home, or help with any financial issue that needs to be addressed. If the For Sale By Owner (FSBO) process is more effort that you want to take on or perhaps more complicated than you thought it would be, consider selling your home to us at Dependable Homebuyers. We are not real estate agents and want to buy your house for cash. You will pay no real estate commission and will be able to sell quickly in as-is condition. We’re local to Annapolis and are happy to meet you at your property. Give us a call at [phone] or fill out the form on our homepage.