Anyone who’s trying to sell house quick or buy property knows that the game has changed. Lenders are tight, house prices are dropping, and well, it just isn’t enough to advertise in a newspaper and stage your house to be able to sell.
Nothing has changed the game the way the Internet has. Your advert in your local paper’s classified ads section may reach hundreds of people, but a video in YouTube or a listing on websites like Rightmove.co.uk can get millions of hits in a month. And what’s more, sometimes, you don’t even have to spend a single dime.
But as much as the Internet has transformed the process of buying and selling a house in wonderful ways, there is a certain cautiousness, and skepticism to an extent, that has to be applied. The Internet may be the biggest source of information, but it is also the biggest source of misinformation. If you fall for a bogus listing or get swayed by inaccurate house price data, then you might find yourself stuck in a property chain, overpricing, or overpaying. Here are some things that you should be wary of:
1. Phony photos and videos
Estate agents, homebuyers and sellers must love digital photos and videos. With just a few clicks, they are able to capture images of their lush lawn, newly painted facade, and magnificent pool, and show them off in slide shows, video tours, or interactive floor plans.
For sure though, you’ve heard of Photoshop, Final Cut Pro, or Avid. There are ways to manipulate photos and videos to make them look better than they seem. So don’t be surprised when the kitchen you saw in the photos is not the same kitchen that is in the house, and the grass is not as green as it was in the photos. And what if the photos were taken two years ago? No guarantee everything will look the same when you make an actual visit.
Here’s what you can do to verify. Do a search on Google Earth or Google Street View for a realistic picture of the neighborhood or home exterior. For the interior of the house, you will have to see it for yourself.
2. Inaccurate valuations
You could be fooled into thinking that getting a valuation for your home is as easy as 1-2-3 as some websites offer instant online valuations. But while these websites are a good reference for ballpark figures, you need to go out into the real world to get an accurate estimate of house prices. In the current housing slump, where house prices have fallen over 20 percent in the past two years, every pound counts
If you’re selling, you can get a few estate agents to walk through your home and come up with a value based on recent comparable sales. You can also hire a professional property appraiser. If you’re buying, a property appraiser won’t do you any good, but it would serve you well to hire an experienced estate agent.
3. Misleading mortgage rates
Interest rates may be at record lows, but these rates may not necessarily apply to every applicant. Mortgage lenders often advertise low rates online but they fail to mention that if your credit score is too low or you can’t come up with a huge down payment or you’re not willing to pay high closing costs, there’s no chance you’re getting those low rates.
To know what rate is available for you, identify credible lenders like national or regional banks, then pull a copy of your credit history, and find out what each lender on your list would actually charge for your loan. Use all the information you’ve gathered to negotiate the best deal.
4. Unreal property descriptions
If photos and videos are easy to manipulate, it’s even easier to spin words to one’s favor. If an advert, for example, says the house is “within walking distance to the train station,” it could mean a 30-minute walk. Whether or not that’s a walking distance is relative to different people, of course. So if you want to find out the truth, you may want to ask for an area map or check Google Street View. In other words, don’t believe everything you read, you’ve got to do your own research.
Here’s one naked truth you should know though, especially if you are facing repossession, can’t keep up with mortgage payments anymore, or are going through a divorce. (In other words, you need to sell house quickly!) You can sell to so-called cash home buyers and walk away with the proceeds of the sale in as little as a few day’s time.
How is this possible? To start with, they do not rely on mortgage lenders for finances; they actually have the cash to be able to make a direct purchase. And without estate agents or any other middle men, the process goes much faster.
There is a catch, but it’s not hidden, it’s one that cash home buyers will tell you outright. They’ll buy property for slightly lower than the prevailing market value, but without having to pay estate agent and legal fees, and having to spend for home improvements, then you’re not a loser here. And in the economy, you probably will find it hard to sell within the range of your asking price anyway.
David Cuerden is a specialist house buyer who can pay cash for houses and can help to sell property quickly . For more information and to learn how we may be able to help you visit http://www.quick-homesale-uk.co.uk
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