4 Signs Its Time To Sell Your Investment Property in Miami

Do you need to sell your investment property in Miami ? In our latest post, we offer ways to know it’s time to sell as well as the options available to you!

While owning real estate is one of the best ways to generate extra income, not every property is going to be profitable. Many investors hold on to properties far longer than they should, completely negating any profits they had made in the past. If your investment property isn’t performing as you would like to, maybe it’s time you consider selling it for something else! Keep reading to learn more about our 4 signs its time to sell your investment property in Miami .

Negative Cash Flow

Investment properties will always have their ups and downs. It’s part of being a landlord. Look for patterns. If this is a regular occurrence, it might be best to hold on through the slow period. But if you are consistently seeing negative cash flow or if you are having trouble retaining high-quality tenants, it might be best to cut your losses and walk away. Nowhere does it say that you need to hold on to your rental property forever. There are better investments out there, and using the cash from your underperforming rental is a great way to change your situation.

Difficulties In Distance

Being a remote landlord can work for some people. But in some cases, paying a property manager can be expensive and handling things on your own can be next to impossible. Property showings, tenant screenings, checking on the property, and building a relationship with your tenants can be difficult when you aren’t located nearby. Only in some situations are a landlord and tenant able to live far away without the use of a property manager. Many times, these relationships are possible because the landlord and the tenant knew each other previously or through a friend.

The Value Has Jumped Significantly

If you are able to resell the house for a substantial profit, it might be in your best interest to do so. While you could be collecting rent each month, slowly profiting over time, there aren’t any guarantees you will be able to retain high-quality tenants for the long-term. You may run into vacancy issues, the rent prices in your area may fall, and the overall value may drop before you decide to resell down the road. If you have the opportunity to resell the property at a significant profit, it is something you will definitely want to consider.

Maintenance Costs Are Rising

As the house gets older, it will likely cost more to maintain it. As you see your profits diminish and your repair bills grow, you need to ask yourself if this pattern will continue. Having to fix one thing after another can be extremely costly and frustrating. Not only can the maintenance get expensive, but the time and stress caused can be overwhelming for Miami investment property owners. Your investment should be a sense of pride and generate income for you and your family. Property in any other state may be more trouble than its worth and a great candidate for a resell.

Do you own an investment property in the Miami area that you wish to sell? Let’s work together to run the numbers! Find out if you should keep the property, sell it directly, or hire an agent to help you! You have options when selling your Miami investment property, and we are here to help!

Is it time to sell your investment property in Miami ? We can help you explore the options available to you! Get in touch with us today to learn more! (305) 615-2888

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Why Isn’t My House Selling in Miami

Why do some homes sell right away? Why do some sit on the market for months at a time? And why isn’t your house selling? In our latest post, we will help you to consider some reasons why your house isn’t selling, and what you can do about it!

Selling a home takes work. It is only when a price, a property and a buyer all lineup that you are able to achieve a sale. To make this happen as the seller, you need to take a good look at your home and the price you are asking.

Why Isn’t My House Selling in Miami

Don’t Be Overly Ambitious With Your Asking Price

So many people are quick to list a property, without really considering the amount they will actually walk away with. You might take a guess at what it’s worth, and mark it up a bit for commissions and other listing costs. If only it were that easy. Many sellers don’t have a realistic value for their home. Before you list, run some comps for properties that have recently sold in your area. You might even consider having an appraisal done.

If you need to lower the price of your house, it will be visible to potential buyers viewing your property on the MLS and other marketing sites. If you lower the price over and over, you will make people think there is something wrong with the house.

Your Clutter is Off-Putting

No matter how cute you think your stuff is, it’s still YOUR stuff. How can someone imagine your extra bedroom as an office if there are teddy bears everywhere?

• Put away any personal items.
• Clear away paperwork from tables and desks.
• Take pictures down.
• Put away things like your robe, your razor, and your toothbrush.

And while you’re at it, give it a thorough cleaning. To be blunt, your typical cleaning habits may not be on par with some of the people viewing your home. Now is the time to channel your inner neat freak.

You Aren’t Able to Compete

Thinking about listing in Miami ? Do you know what you’re up against? Take a good look at properties for sale in your area. Know what your neighbors are asking for their homes, and what comparable houses have recently sold for. Check out listing sites as well as your county appraiser. Don’t look at what people are asking, look at what houses are actually going for. You should also know the demographics of potential buyers. Are there a lot of families? Make your yard conducive to outdoor fun. Young professionals? Think of showcasing an area as an office or gym.

It Needs Work

Honesty is key here. There are things you might have been overlooking for so long, that now they just seem normal. Get an outside opinion on what repairs should be made. Ask friends for candid opinions. Ask your agent. And consider doing an inspection on your own. Fixing the things in need of repair will improve your selling chances, and lower your potential buyer’s bargaining power over repairs.

Bad Photos

People use the internet to buy homes. In our opinion, nothing can destroy a listing faster than bad photography. On the flip side, well done, professional photos can make your listing skyrocket. Don’t settle for an agent who takes a picture of your home from the car. And going back to the above, there should not be ANY clutter in your photos. Seriously. Nothing. Even if you put everything back after the picture is taken… putting some effort into great photos will make or break your listing.

Your Agent isn’t Doing All They Could Be

Some agents will do the bare minimum and cross their fingers for a sale. They might have gotten their license in hopes of making a quick buck. Then there is Cornerstone Homebuyers, Inc. We are real estate professionals that genuinely want to help people! We believe everyone should love the real estate they own.

Title Issues

It is very difficult to sell a property with liens or other title problems. Maybe your great aunt gave you the property, but it was never properly put in your name. (AKA, transfer without conveyance.)  To sell a property in Miami do whatever you can to clear this up before you list.

Do you have a house in Miami that you want to sell? Send us a message using this form, or give our office a call now! (305) 615-2888

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Real Estate Disclosures – What You Have to Share Legally in Miami

Real estate disclosures come with many questions for both a buyer and seller. Our rule of thumb? Be as open and honest as possible. In our latest post, we will cover what you need to disclose by law. 

Being an open and honest seller will not only help you avoid a lawsuit, but it will also make you a trustworthy, stand-up, all-around person. Hiding defects, looming repairs, and any other issues with the home will only come back to bite you in the end. Whether through a lawsuit or good ol’ karma… if you believe in that sort of thing.

Most real estate lawsuits occur because of non-disclosure.

So exactly how much are you required to disclose legally? Basically, anything that can affect the value of the property. Here are just a few of the things you should address:

• Issues with the land, such as drainage, bad soil, and potential for flooding. Bad soil can limit building and low-lying areas can be prone to flooding and water damage.
• Foundation level and known cracks must be disclosed. If the house settles more than it already has, it could experience structural damage.
• Plumbing problems, sewer issues, and leaky pipes all need to be brought to the forefront. Some of the most expensive home repairs stem from water damage.
• Any problems or irregularities with the heating and cooling systems should be addressed.
• If you have a problem with cockroaches, rats, ants, termites or moles, you will need to inform your potential buyer.
• Have a leaky roof or missing shingles? Tell your buyer before they find out during a rainstorm.
• Lead paint is a no-brainer. This disclosure is one of the most common you will see with home sales and rentals.
• Are there issues that will affect the title? Or rightful ownership? This needs to be spelled out up front, not during the closing process.
• You should also have documentation for repairs and insurance claims you’ve made in the past. You should be able to describe what was done and the materials used.

Additionally, some states will require more in-depth disclosure of hazard zones which include flooding, earthquakes and other environmental factors affecting the land. Some states will also require any violent crimes committed in the home be common knowledge. Not every state requires this, but it is a good rule of thumb to follow. Think about what you would want to know if you were buying a home for yourself!

Disclosures help a buyer learn as much as possible about a house before making their purchase.

You are selling a great home right? When you keep something to yourself, a minor, needed repair can snowball in much bigger problems. Many properties have something pop up during the inspection that the seller wasn’t prepared for. Imagine, your asking price slashed because of a defect you were unaware of. Your house is a multi-faceted machine. Many sellers choose to have their home inspected prior to a sale. This allows them to make the necessary repairs ahead of time, lessening potential buyer’s bargaining ability. An inspection will also show good-faith in selling. You are telling the world you want your home to be in the greatest possible condition before it is sold.

Disclosure rules vary state to state. Your agent, attorney or broker will be able to supply you a checklist that covers the requirements for your state. Review the list in its entirety and add as many detailed notes as possible. Don’t forget to include the dates of upgrades and repairs. Fill out the form as honestly and as completely as possible. If you have questions, it is best to talk to a lawyer instead of your agent. Your agent might avoid such questions as they are out of their scope, and they want to lessen their liability.

Remember, YOU CAN GET SUED for being dishonest.

And if you are found liable, you will need to pay for repairs, legal expenses, punitive damages and in some cases, the sale can be rescinded. Make sure you are working with a trusted professional to help guide you through real estate disclosures.

Are you selling your home in Miami ? If you have questions, we have answers! Fill out this form, or give our office a call now! (305) 615-2888

 

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Upgrades to Avoid: What Will Turn OFF Buyers in Miami !

Are you considering selling your home in Miami ? If so, you might be thinking about making a few repairs and upgrades before you list it. Some changes can be lucrative, paying off in the long run. However, not all upgrades are created equal. We will let you know which upgrades to avoid!

Updating and beautifying your home is a sure-fire way to get more potential buyers in the door. However, many sellers make the mistake of making too many upgrades or upgrading things that do not increase the property value. Some people even make upgrades that end up turning OFF buyers! Before you take a sledgehammer to the bathroom wall or make a trip to Home Depot, consider making only necessary repairs and only the upgrades that will pay for themselves by substantially increasing your home’s value.

Don’t Add a Pool Unless YOU are Swimming In It

You will not be able to add the price you pay for a pool onto the previous value of the home. It doesn’t work that way. We have seen people spend over 50k to add a new pool, only to be able to add a couple thousand to their asking price. Unless you plan on swimming in the pool yourself for years to come, a pool will end up costing you more than it adds value. Point blank: A pool doesn’t provide returns. 

Don’t Get So Personal

Avoid overly customized designs. This can include overly designed kitchens, baths and anything else that you consider one of a kind. Consider toning down bold colored rooms and creating environments that are a bit more neutral. A can of paint is a lot less expensive than a total room redo. And on that note…

Don’t Decide for Your Buyers

If there are obvious repairs or upgrades needed, don’t make them. Instead, provide a credit to the buyer, so they can have things done the way they want. It can be a great incentive when buyers have the ability to decide on the details of the home. People will be attracted to the idea of choosing their own countertops and lighting fixtures. Point Blank: Don’t make upgrades based on your own personal enjoyment or taste.

Leave the Basement Alone

Do you have a house with an unfinished basement? If, so… leave it that way. The costs to finish the basement aren’t worth what you will get back. Plus, many buyers will choose to renovate those areas on their own terms. If you haven’t renovated it while you lived there, there is no reason to do it now that you are trying to sell. Point Blank: An unfinished basement is best left that way. 

Make the Space Intentional

Keep the rooms as they were intended. Extra bedroom? Keep it a bedroom, not an office. Let the prospective buyers decide how they want to use the space. A room conversion will only knock down the perceived value. A 4-bedroom, 2-bathroom home will get more traction than a 3-bedroom, 2-bathroom + den at the same price. Also, a gym/office/library/breakfast nook can become confusing. Point blank: Plan your space with purpose. 

What are the Neighbors Doing?

Take a look at other homes in your neighborhood and keep your upgrades somewhere in the middle. If you go too far with your add-ons, you will be targeting high-end buyers. And maybe your neighborhood isn’t known for that. In addition, you will alienate buyers who love your neighborhood but don’t want to pay the high price. Point blank: Keep your property competitive within your neighborhood, but don’t take it too far! 

Are you ready to sell your home in Miami ? We are ready to help! Fill out this form, or give our office a call now! (305) 615-2888

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How To Use The Internet to Sell Your Home in Miami

Now, more than ever, people are finding success selling their homes online. But with the online marketplace being so hot, you are likely to face some stiff competition! We have put together our favorite tips to help you stand out and sell your home fast!

Go Where The Buyers Are:

There are many online listing portals to choose from. Look up some listings in your area. What sites show up first in the search results? Many times, the tops sites are Zillow and Trulia. Love them or hate them, they have a great grasp on generating real estate traffic. When you list something on the MLS, it is likely to be picked up by these major sites. Whether or not you are advertising with them, you’ll want to make sure your properties are showcased well.

There are services that will syndicate your listing to many top sites, so you only need to enter your information once. However, make sure to check your listing on all sites in which it was syndicated. Automation can sometimes lead to the data being jumbled.

Consider Premium Listings:

When you do a property search on any major website, you will likely see certain properties at the top time and time again. They paid to get that top spot. Just as the Agents you see over and over again paid to put their name first. If you want to give your property instant traction, it can be worth the extra cost to put your listing at the top.

Create a Property Specific Website:

A unique and interesting way to sell your home using the internet would be to create a property specific website. A basic website and domain won’t cost you much to get started. With a little SEO, content, and imagery, you can quickly build a site to rival the big advertisers when it comes to showcasing your house!

Use Amazing Photos:

They say a picture is worth a thousand words, and they are absolutely right. Make sure the words used to describe your house are “Stunning, spacious and immaculate!” not “Dated, cramped and dingy!” When buyers see a photo of your home, it tells them whether or not they want to pursue it further. For many buyers, it is not easy to picture themselves in the home if they are seeing your personal belongings. Get a head start on packing by putting your knick-knacks and decorative items away. Get rid of all the clutter, then hire a professional photographer to take photos of your home. Look through a few listings. Notice who paid for a professional job, and who took cell phone photos from the street.

Use an Accurate Description of the Property:

Be as detailed and as accurate about the property as possible. Disclose any defects but also make sure not to overlook the details that may be a selling point for a certain buyer. If you have recently re-done the roof, mention it. If there is a large and bright kitchen, you should mention it.

Watch Your Words:

When people are house hunting, the listings can all begin sounding alike and running together. A lack of adjectives will cause every property to be “beautiful” and “cozy.” Don’t blend in with the crowd! Use colorful language to make your listing stand out from the rest. Don’t just gloss over the ad, using generic words to describe your property.

Use Data To:

Acquiring, understanding and using data will almost guarantee you a quick sale. Using data, you will be able to:

• Run comps of recently sold properties in the area.
• Locate and contact the best agents in town. Online reviews will ensure you find the agent that is best for you!
• Study market trends for real estate in your area. Ask questions such as: when is the best time of year to sell my Miami house? What are the current buyer demographics?

Are you ready to sell your home in Miami ? We are ready to help! Fill out this form, or give us a call now! (305) 615-2888

 

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Alternatives to Listing Your Home in Miami : Explained

Do you want to sell your home in Miami ? If so, we want to share some possible alternatives to a listing. Many people aren’t aware of the options that are often available! Check out our latest post to learn more about what is available for you!

Selling your house can be a daunting task. The process of listing isn’t always as simple as is seems. There are repairs to make, cleaning to maintain, open houses, showings, bills and other hurdles to clear all while you are trying to move!

There are alternatives to a listing that can work much more efficiently in some situations. Consider some of these alternatives to listing when you are ready to sell your Miami house!

Rent To Own

Setting up your house in a rent to own structure is a great way to get the property in front of many more potential buyers. It is also a way to guarantee you will get full retail value for the home, sometimes more. There are MANY people out there looking to buy a home, but they fail to qualify for a traditional mortgage because of a minor blemish on their credit from years ago, they are short on a down payment or they have another mortgage on a different property.

These are great people, who will be likely to pay a higher than average rent in exchange for the chance at home ownership. To get started, the buyer will pay you an agreed upon “lump-sum payment up-front. This acts as a deposit should they fail to hold up their end of the deal. The buyer will also pay you a higher than average rent, with a portion of the rent going toward their down-payment.

At the end of a year or two, the buyer must purchase the home outright. There are many ways you can set this up. Choose the terms that work for you!

Hold As a Rental Property

Have you ever pictured yourself as a landlord? In some situations, it can be a lot of work. While other times, and with careful screening, you can find great, low-maintenance tenants. Many people who aren’t able to sell the traditional way, will instead opt to rent their home out.

If it seems like too much work, you can always hire a property management company to help you with routine maintenance and rent collection. Many people find owning a rental property is an excellent way to secure extra income.

Selling to A Direct Buyer or Investor

When you choose to sell your home directly, you will likely save many out of pocket costs you encounter when listing. You won’t need to pay a listing agent, make repairs or clean up. With a direct sale to an investor, the process typically runs much more quickly. Direct buyers are often paying in cash, so they are able to close without relying on bank funding.

When you sell your house directly, make sure to read the fine print and that the terms are agreeable to you. When selling on your own, you will not have a professional to help guide you. Not all home buyers are the same!

Auction Services

Many people are turning to auction services to sell their [marlet_city] homes. Choose a site or person who will generate buzz about your property using excellent marketing. The goal here is to draw attention to your home and encourage buyers to outbid one another.

An auction is great for people who want to want to sell and have a definitive date. By selling quickly, you can potentially save thousands as opposed to listing your home.

Factor in your mortgage payment, homeowners insurance, property taxes, repairs and general depreciation, and you’ll see that holding on to a home, that isn’t income generating, is only costing you money.

Do you want to sell your house in Miami ? We can help you achieve your goals right now! Send us a message or give us a call to learn more! (305) 615-2888

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Cash For Houses – How To Sell Your House Fast For Cash In Miami ?

It happens for all kinds of reasons: divorce, job layoff or relocation, or mortgage payments just becoming too much to handle. Whatever the reason, you are now in the position of needing to sell your house fast for cash in Miami .

You need, then, to market your house to people for whom buying a house with cash is the actual goal (not just tire kickers), get them in the door, and then close the deal. Understanding the process and knowing how to get your house ready for sale may help.

How To Sell Your House Fast For Cash in Miami

Title/Deed

Generally, after locating a solid possibility, people buying a house for cash will want to make sure some kind of purchase-and-sale agreement has been drawn up. Next, they are likely to conduct a title search to make sure the title is clear, with no liens or other encumbrances. And then they will want to know what kind of deed you are offering, for example, quit claim, warranty, or special warranty.

Offer

If all these things are in order, the cash buyer will make an offer. A buyer offering cash will feel she has more bargaining power because the sale doesn’t depend on a third-party loan and the inevitable wait. You can always make a counteroffer if the first offer doesn’t suit you.

Inspection/Appraisal

If an offer is accepted, the person buying a house from you will then want an inspection and possibly an appraisal done to make sure there are no huge problems and that she is getting her money’s worth.

Close

Since this is a cash deal, you and the buyer can set the closing date for a time convenient for both of you, usually much sooner with a cash deal. You simply show up at a notary’s office with pen and cashier’s check in hand.

Here are some steps you need take before attempting to sell your house for cash. 

Price

Pricing your house right is probably the best step you can take toward making a fast sale for cash because it’s what gets people to consider your house in the first place. If your price too low, buyers will think something is wrong with the house, and a too-high price may make it sit unsold for a long period with the same result. It pays, then, to check out comparable house values in the area and price accordingly.

Curb Appeal

This is what creates that critical first impression and gets them to stop and come in the door. So sprucing up the yard and the house’s exterior are definitely worth the time and expense involved. And it doesn’t take a lot, really – maybe just some lawn clean-up and minor landscaping, a little roof repair, touching up paint, and dressing windows.

Deal Sweeteners

It always pays to sweeten the deal to make it more attractive for buyers. The tried-and-true principle of reciprocity tells us that people are willing to give more (sale price) if they feel they are getting something in return (the deal sweeteners). For example, you could offer to pay some or all of the closing costs, or you could offer to provide a transferable home warranty, which would cover, say, major appliances and/or the HVAC systems.

If you need to sell your house fast and are looking for someone buying your house, these tips and steps will help you close a cash deal. But there’s, even more, you can do to get a better cash offer and expedite the sale.

TO LEARN MORE! SELL YOUR HOUSE FAST FOR CASH IN Miami , CONTACT US BY PHONE AT (305) 615-2888 OR FILL OUT THE FORM.

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