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Renting and selling your home [don't do both]

Charleston real estateSelling your home in CharlestonThe most important thing when selling your home in today's Charleston real estate market is to make it available for buyers to view. There are too many available homes for sale for buyers to choose from that a home that is difficult to view will sell because after all, if you can't see it, what are the chances that you'll buy it.

Tenants have rights including the option of requiring 24 hour notice for any showing appointment. That doesn't mean that all tenants insist on 24 hour notice but some do and some take it a step further and are basically uncooperative and won't bother to either answer the request for showing or simply decline it.

And let's talk a minute about the condition. Of course, most Charleston real estate agents will tell their sellers to do several things in order to get their homes ready for showing. First of all, declutter. Since you are moving anyway, pack up all the stuff you don't really need and either put it into storage or donate it to a worthy charity. Secondly, keep the home clean with food put away and no dishes in the sink and make sure the bathrooms are spotless. Let' face it, a tenant who has nothing to gain and possibly having to move when the home is sold has no incentive to maintain the home in pristine condition.

I will of course show (or attempt to show) any home that my client wants to see but here is a list of 3 reasons that I don't want to show a home.

  1. Occupied by an uncooperative tenant
  2. No lockbox
  3. A short sale with both of the above

Sadly, experience shows that number 3 is all too common. And here is a bonus reason. Not using Centralized Showing Service to set appointments to view a home. The Charleston MLS uses a fantastic showing service as part of our membership where agents can call one phone number and arrange showings. It's highly efficient.

And we know that all agents don't necessarily answer their phones, check their email or respond to requests in a timely way. So if you have to depend on getting hold of an agent to set an appointment and there isn't a lockbox on the house so that the agent has to meet you and there are tenants as well, it's really not the most efficient and effective way to sell a home. And it's probably a short sale anyway.

Published Sunday, November 08, 2009 7:39 AM by Howard Arnoff

Comments

# re: Renting and selling your home [don't do both]

I can tell you, you are soooo right. I had a property under contract before this whole market crashed, but it was still in the process of being updated with a new kitchen and what not... well because it was all messy inside, the buys eventually backed out.

It's crazy that even positive renovations can even push buyers away... but these days you need to make seeing your house an experience.

Sunday, November 08, 2009 9:40 AM by Mt. Pleasant Condos

# re: Renting and selling your home [don't do both]

I have no idea what a "short sale" is. Jargon as a shortcut works only if the other person knows the terms. Thanks.

Sunday, November 08, 2009 12:05 PM by chuck boyd

# re: Renting and selling your home [don't do both]

MtP, condition matters and unfortunately many buyers can't see through clutter, furniture that is too large or renovations in progress. Of course, viewing a home like that would probably offer better opportunities to buy below market for the buyer who can.

Chuck, thanks for stopping by and of course, you must be a new reader because I've written extensively on short sales but a short sale isn't really real estate jargon.

It is unfortunately a very common occurrence in today's sometimes underwater real estate market where a seller is trying to sell for less than the payoff of their mortgage, thus the proceeds of the sale are short the necessary funds and the short seller wants the lender to accept less so as to avoid foreclosure.

But while I'm on the subject, and this is just my opinion, if a seller is renting their home and collecting rent and in some cases not paying their mortgage either while attempting a short sale but is also strategically defaulting on their loan because the foreclosure process takes time, it's just not right.

There certainly are some homeowners who have a true hardship causing them to have to attempt a short sale in the pre foreclosure process and this is where any efforts to help should be concentrated.

Sunday, November 08, 2009 12:50 PM by Howard Arnoff
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