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Profit from Real Estate

Get a Higher Price

(A continuation of How to Sell a House)

By - 2006

We continue our look at how to get a higher price with three suggestions that most seller can use. The first is to simply include things with your home. This might mean leaving an unattached pool, including the washer and dryer, or even throwing your boat into the deal. Here are some ideas on how to analyze these things.

First, what does the buyer want? Suppose he wants the "lifestyle" your home represents, and that includes your fishing boat. Maybe he qualifies for a large enough loan to buy your home, but it would be years before he could save the cash or afford a loan for a new $8,000 boat. By including a used fishing boat that is worth maybe $3,000, you might get $4,000 more than the next buyer would pay. You are helping this buyer achieve his dream that much sooner.

Another consideration is what your things are worth to you. You might never consider including your grandmothers rocking chair, yet be happy to be rid of the clunky yard furniture. You can wait for buyers to express an interest in extras, or offer things to gauge their response.

Before you think you are giving too much away, consider the cost and trouble of moving things too. It might make more sense to throw in that washer and dryer to clinch the deal, and then get new ones when you move. For young buyers with little cash, including these home necessities can make buying a home a lot more affordable, even at a higher price.

Home Warranty Plans

A home warranty plan is something that you buy for the buyer's protection. It pays for repairs to major systems, like the heater, water heater and air conditioning, for a set period after closing. The coverage period is commonly for a year.

Talk to your real estate agent to see how much this costs and whether it will help sell your home for a higher price. Ask if the agent gets a commission for selling you these policies, though. This is common, and obviously influences their advice.

Pay Closing Costs

One of the biggest problems that buyers face is not financing, but cash requirements. Even with the newest zero-down loans they may need several thousand dollars for closing costs. This is where you can help, and get yourself a higher price in the process.

Let your real estate agent know that you can be flexible on these things, as long as you get a decent offer. If you are selling your home on your own, let the buyers know at the right moment. For example, if you know they are short on cash, and they offer you less than you want, counter offer for $6,000 more and agree to pay up to $3,000 in closing costs. This solves their problem while you get a higher price that covers the cost and gives you more money in the end.

Another way to make more is covered on the next page...

The book continues here: Lower Costs - Spend less to sell your home and you make more.


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