Sometimes Selling Mom's House Is Your Best Option


10 TIPS TO GET TOP DOLLAR FOR MOM'S HOUSE
WHAT ARE YOUR OPTIONS?
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The writer of this article is a MA licensed Real Estate agent. If you are considering selling Mom's House on the Cape, please support him by using his services. If your Mom's house isn't in an area he's familiar with, you will be referred to a real estate professional expert in that area.  CONTACT STEVE NOW
(CAPE COD)  Depending on your personal circumstances, selling your Mom's house on the Cape may be your best option. You may need the proceeds from the sale to pay for medical care, assisted living, skilled nursing care, etc. Often the house is perfectly fine, but just not suited to the needs of a younger family, and though on Cape Cod, not exactly a vacation home.

In selling real estate on Cape Cod there are three considerations, and only three. All other considerations fall under the basics;

This seems ridiculously simple, but these are the basics of selling real estate on Cape Cod, and fumbling any one of them will cost you money, time and aggravation.

1. THE NET PROCEEDS

Consider first the net amount of the proceeds. This is the bottom line of the transaction - after all is said and done, including the expenses to get the house ready for sale, paying off any mortgages, liens or other encumbrances, closing costs, commissions, taxes and time, how much money is left.


SHOULD YOU SELL MOM'S HOME YOURSELF?

Save on commissions - on a $300,000 home the commission at 6% will be $18,000 - That's a lot of money!

You won't be alone - 13% of home sales in 2008 were FSBO's. You'll get to talk to a lot of nice people, mostly brokers who want to list the house for sale, or sharp buyers affectionately known as 'bottom feeders', and unrepresented and probably unqualified prospects.

You have the same technology brokers do - You can put a sign in your yard, use a 'listing only' service and put your home on Craig's List to reach thousands of potential buyers. There really isn't much more to selling a house than that, is there?

It would seem sensible that asking a high price, paying a low commission and doing nothing to Mom's house would yield the greatest net proceeds, but this simply is not the case - in fact, it can be exactly the opposite.

You may be an expert in your field but you probably have no idea WHATSOEVER what your Mom's house will sell for. Proper pricing and presentation from the start gives you the best opportunity to sell in a timely manner for the amount you hope to net. A competent local real estate professional should suggest the proper price and how to prepare the house for sale, and you should follow their advice.

Competent professionals work for an appropriate commission - in the Cape Cod real estate market you should plan on a 5-7% commission - the average on Cape Cod seems to be 6% If you try to negotiate the commission, and the broker agrees to drop it, think twice. If a broker will cut their commission they will NOT be a forceful advocate for your price. Saving a point or two on commission will cost you far more than you save.

When selling real estate on Cape Cod you MUST be aware of the condition of the septic system. Except for parts of the Town of Barnstable, homes on the Cape have private septic systems. In some towns if the system hasn't failed it doesn't need to be replaced with a new Title V system, but what you consider 'failed' and what the rules define as 'failed' are very different, and the rules vary from town to town.

We recommend, in the strongest terms, a septic inspection by a licensed inspector familiar with the local policy prior to putting Mom's house on the market unless;

  • Mom's house is being sold as a 'tear down', or,
  • A new Title V system was installed in the past two years and you have the certificate of compliance.

We have put together a list of simple, economical things you can do to Mom's house (or have done by qualified professionals) that can help bring the highest net proceeds. Take a look here - 10 TIPS TO GET TOP DOLLAR FOR MOM'S HOUSE.


E-MAIL ME RIGHT NOW TO GET STARTED.


1. THE NET AMOUNT OF PROCEEDS
2. HOW WILL THE WORLD KNOW MOM'S HOUSE IS FOR SALE?
3. HOW WILL INTERESTED PARTIES GET TO SEE THE HOUSE?

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