Buying a foreclosed home isn’t exactly the typical purchase. However, that doesn’t mean that it doesn’t come along with a distinct number of advantages. From a lower purchasing price to a quicker sale, a foreclosed home can be a great option for potential buyers.

However, before you decide to purchase a foreclosed home, you’ll want to keep the followings things in mind. Whether you are considering buying a foreclosed home in Wilmington or even somewhere else across the country, these tips can apply.

Understand What You Can Afford

This tip applies to all potential homebuyers, whether considering purchasing a foreclosed home or not, it is imperative to have a clear understanding of what you can afford. Even if a house seems to be a stellar deal, it still may not be worth making an offer for if it is clearly out of the budget. It is in your best interest to determine the range of what you’re willing and able to spend. Not only will this help make the entire buying process easier, but it will also ensure that you end up with a home that you love and can afford.

Seek the Guide of a Real Estate Professional

Next, you’ll want to seek the guidance of a real estate professional, especially if you’re considering purchasing a foreclosed home. This is one time that you do not want to go it alone. A real estate agent can help you navigate this process. Buying a foreclosed home doesn’t follow the “standard” purchasing process, thus, it can be extremely beneficial to have someone on your side that knows how to navigate this often complex process. A real estate agent who specializes in REO (real estate owned) properties can be a huge asset. Not only can they help you determine if it’s a good deal, but they can help you work out all the logistics of the deal.

Have the Property Inspected Before Purchasing

While this is an important step before any major purchase, it is particularly true if you are dealing with a property that has been foreclosed upon. Even if things looks pristine from the outside, you won’t want to skip out on this all too important step. Often, banks are unable to verify the condition of the home. Meaning, if you purchase without an inspection, you could end up with a hefty number of potentially expensive repairs. The majority of REO homes are sold “as is”, meaning you’ll be expected to pay out of pocket for any repairs necessary. This doesn’t have to be a deal breaker. Just be prepared and know what to expect.

Obtain the Most Up-to-Date Title Information

In addition to having an inspection performed, you’ll also want to obtain the most up-to-date title information on the house. A title will let you know if there are any outstanding debts tied to the home as well as verify the deed to the home. Think of obtaining the title as another security check, a safeguard against unexpected surprises. Due to the unique situation of purchasing a foreclosed home, an up-to-date title is crucial information to have. Be cautious of purchasing a foreclosed home, no matter how sweet the deal, until you have secured the title information.

Sure, maybe purchasing a foreclosed home isn’t the most typical transaction, but with a little help and the right guidance you can be on your way to making one of the best purchases of your life.

Surf City, a quant and sleepy ocean front city located along the coast of North Carolina. With beautiful sights in abundance and smiling faces around every corner, it comes at no surprise why this little seaside paradise has become not only popular with tourists, but with home buyers as well.

However, buying a home in Surf City can be a little overwhelming, especially if you are a first time buyer.

We want to debunk some of the most common myths surrounding the home-buying process. After all with so much information out there, it can be hard to determine what’s fact and what’s fiction.

1.) You will Spend a Fortune

Houses that are on or near the beach must be expensive, right? Actually, Surf City offers some of the most affordable housing options around. Right next to Highway 17, and just a short drive from Wilmington and Jacksonville, Surf City offers the best of both worlds, beach life, but with an affordable price tag. While you will find that price points can vary, rest assured, Surf City is one of the most affordable places that you can live with an ocean front view. Home to only 2,000 year round residents; Surf City is the ultimate seaside escape.

2.) Perfect Credit is a Requirement

One of the most common misconceptions surrounding the buying process is the notion that your credit must fall nothing short of perfection. The reality is that you do not have to have amazing credit to buy a house in Surf City, or really any city for that matter. While having a great credit rating can certainly be an asset, avoid falling into the “doom and gloom” trap that your dream house isn’t attainable due to your credit. There are more options available to buyers today than in the past, so don’t let your credit hold you back.

3.) The Asking Price is the Selling Price

Many buyers, especially first time homebuyers, make the mistake of assuming that the asking price is the selling price. However, the asking price is really only that, an asking price. Remember, it’s not set in stone. The asking price is truly a starting point for negotiation. Meaning, if you have your heart set on a house that is slightly above budget, don’t get discouraged. While there is no guarantee a seller will come down on their price, it can be worth a try. Purchasing a home isn’t a one-way street; you should always be prepared to negotiate, no matter the deal.

By avoiding these all too common mistakes, you can insure that you buy the right home for the right price.

Are you in the process of selling your home? If so, you likely know first hand just how difficult it can be, especially when it comes down to price. On one hand, you don’t want to ask for too little, but you also don’t want to ask for too much either.

So, what are you to do? 

If you’re like most people, you are probably more concerned with asking for too little. After all, you’ve likely invested quite a bit in your home over the years. Between the renovations, updates, and general maintenance, home ownership is no small expense. However, did you also know that listing your home for too much could be one of the most dangerous things you can do? Well, if you’re actually trying to sell your house that is.

What many sellers fail to realize is that listing a home for more doesn’t necessarily increase the likelihood that it will sell sooner, or for the price they are hoping for. In fact, it often results in the opposite, a house that has been on the market for months with little to no interest. Buyers want to feel as though they are getting a deal. By raising the price of your home, you end up discouraging these buyers from making an offer on the home.

While your home may be one of the single most important possessions that you own, it’s critical that you approach selling as a shift in perception. What does this shift entail? Focusing on the buyer first. Homes that sell quickly for a great price always take the buyer’s desires and perceptions into consideration. Your goal when selling your house in Wilmington should be to move quickly and attract the attention of potential buyers early on. So, what happens when your home is listed too high? Instead of attracting buyers to your listing, they are quickly turned-off. Meaning, you’re left to deal with mortgage payments, stress, and restricting time constraints. (all less than desirable outcomes)

Now, you may be asking yourself, I know I shouldn’t list my home for too high, but how do I know what the best price to list is? Simple, seek the guidance of an experienced real estate agent. A good agent will easily be able to guide you in the right direction.  However, be sure to do your homework first. You’ll want to look for a real estate agent in Wilmington, N.C. that not only knows the market, but also has your best interests at heart.

Pricing your home too high is never a good idea. If you’re serious about selling your home, it’s crucial that you think twice before asking for too much. When you find that pricing “sweet spot”, not only will you start receiving legitimate offers on your house, but you’ll also sell your home for much more than had you chosen to list it for too much.

Whether this is your first time selling, or your hundredth time selling, one thing remains the same, you want to get the most bang for your buck. After all, your house is one of the biggest investments that you ever make throughout the course of your life, so when it comes time to sell, you want to make sure that you’re getting top dollar.

After working with countless sellers and buyers in the Wilmington region, we thought that it was about time to share some of our insights. Thus, we’ve compiled our top tips for selling your home in Wilmington, N.C. Whether you’re looking to sell your home today, or maybe not even for a few years down the road, these tips should help.

Think Twice Before Remodeling

Sound counterintuitive? Remodeling is one of the most important things that you can do before listing your home, right? While some renovations can pay off, too many people end up spending a fortune on renovations that really don’t end up bringing them any kind of return in the end. While you want to make sure all basic functions of your home are up and running, you don’t need to spend your life savings on making major changes to your home. From our experience, it’s more about the overall presentation of your home than minute details. Doing things such as removing the wallpaper and painting can make a huge difference. Our advice, think twice before doing any major renovations. While some are necessary, be cautious of getting too far over your head in remodeling projects.

Remove the Clutter

Simple, but effective. Did you know that clutter is one of the biggest turnoffs to potential buyers? Seeing a home that is jam-packed with stuff isn’t exactly enticing to buyers. Remember, when people are viewing your home they’re trying to imagine themselves living there, which is a lot harder to do if your home is cluttered with personal belongings. While you may love your family photos or quirky decorations, buyers may feel very differently. If you want to sell your home for top dollar quickly, you need to create an environment that is conducive to that. Not sure where to store your belongings in the meantime? Your best bet is to rent a storage unit until you’ve found your new home. While this may seem like an inconvenience, it really is worth it in the long run.

Start Off on the Right Note   

Once you’ve completed all renovations, it’s time to take that million dollar picture. They say that a picture is worth a thousand words, at least when it comes to real estate that is. It’s crucial that you set the ideal tone right off the bat. One of the biggest mistakes you can make when you’re getting ready to sell your house in Wilmington, N.C. is snapping a photo when your house isn’t in tip-top shape. How your home appears on paper can dramatically affect a buyer’s initial perception. So, how can you insure that your home is presented in the best light possible? Focus on curb appeal. Make sure your lawn is manicured, your exterior is clean, and if you can, add a few flowers to incorporate a bit of color. While these may seem like irrelevant details, they can make a big difference in the long run.

So, there you have it, our top tips for helping you get top dollar for your home.

Do you have questions when it comes to selling or buying your dream home? The Coastal Select team would love to help. Feel free to comment below with any questions you have, or Contact Us directly, we’re never too busy to help.

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Believe it or not, there is a right way to list your home, and well, there is a wrong way as well. If you want to sell your house quickly for the maximum value, there are a few things that you’re going to want to keep in mind. After all, selling your home is no simple matter. As one of the biggest purchases you make in your life, selling it should not be take lightly.

Here are some of our favorite tips when it comes to listing and selling your home in Wilmington, N.C.

Understand Your Home’s Value

Above all, one of the first things that you should always consider before beginning the selling process is accurately determining your home’s value. Keep in mind that the price you bought your home for is not necessarily what it’s worth today, good or bad. Depending upon the condition of your home, you may find that the value of your home went substantially up (or down). Before you try and determine any price range, first calculate the value of your home. Depending on where your home’s located within the city, values can vary substantially.

Select the Right Agent

Once you have a better understanding of your home’s value, its time to select an agent. One Google search for real estate agents in Wilmington, N.C. though and you’ll quickly find just how many there are! So, how are you to determine what the best option is for you? Your best bet, select an agent that knows the market. Seem obvious? While this may seem like an obvious choice; too many people overlook this simple step. The best real estate agent for you is one that has extensive knowledge of the market and is willing to help you sell your home for the maximum value. The best real estate agents will help you every step of the way and will insure that you’re selling your house in Wilmington, N.C. for the best possible price.

Price it Correctly

Speaking of price, you know we had to mention this one. While your real estate agent will be able to help you greatly with this task, it’s still something that you’ll need to consider. After all, no one knows your home quite like you do. One thing to keep in mind while your pricing your home is the current state of the market. As you likely know, the real estate market fluctuates, a lot. However, it’s not just the general market that you need to be concerned with. Instead, consider the Wilmington market. Depending upon where your home is located within the city, this can determine the value of your home greatly. For example, historic homes in downtown Wilmington tend to be worth more than homes located outside of the historic district. Same goes with property located on or next to the beach. Your best bet? Consider your purchase price as well as what other homes similar to yours are listed for. This will give you a much better starting point for pricing your home.

*Extra Tip: Remove Traces of Pets We all love out pets, but potential buyers may not feel the same way. While you may love to see traces of your furry friend in your home, others may not. Always be sure to remove any traces of your pet before an open house or really, before any potential buyer comes to see your home. You’ll thank yourself in the long run.

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When it comes to remodeling your home, there are some improvements that don’t just make your home more beautiful, but also make it more valuable as well. Home improvements can quickly add up though, so the more bang for your buck you can get, the better. Whether you’re looking to sell your house or just make some upgrades, you’ll want to be aware of these 3 improvements.

Update Your Kitchen

Want to know one of the most important features of any home to buyers is? You guessed, the kitchen. A kitchen with outdated appliances and countertops just isn’t going to be as strong of a contender in the market. Homes with beautiful and modern kitchens are a win, always. After all, there is so much action that occurs in the kitchen, it is typically one of the most utilized spaces in a house. If you’re looking for a great return on your investment when it comes to home improvements, there are few better places to start than the kitchen.

Create a Fantastic First Impression

They say first impressions are everything, and it’s no different when it comes to your home. While it may not be the first thing that comes to mind, curb appeal matters. In fact, most buyers will immediately formulate an opinion of your house within the first 5-10 minutes of viewing it. Even if your home looks phenomenal on the inside, if the outside is lagging, this can dramatically alter someone’s perception. Now, this doesn’t mean that you have to spend a fortune on landscaping. Instead, aim to have a clean and well-kept lawn with at least a few visual enhancements. Well trimmed bushes or a colorful bed of flowers can make a huge difference. Little details do matter.

Lively up the Interior 

A fresh coat of paint can transform any space. Not only will it brighten up any room, but it will instantly make it look cleaner too. A fresh neutral coat of paint can instantly improve any room. Covering up scratches, marks, and the like, nothing beats a fresh coat of paint. Whether you want to hire a team of painters, or do it yourself, you’ll want to make sure painting is a priority when improving your home. In comparison to other home improvements, painting offers an incredible return on investment. The amount that you’re spending on paint is a but a fraction of what you will receive in return, whether you’re planning on selling your home or not.

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If you’re getting ready to sell your house, then chances are, you’re probably contemplating if an open house is worth it. Maybe you’ve heard it’s absolutely the best thing you could ever do, or maybe you’ve heard that it’s not worth your time. So, what’s the truth? Needless to say, while an open house may not be the right choice for every single seller on the planet, one thing is for sure, the benefits cannot be ignored.

Superior Initial Impression

With an open house, you have an incredible opportunity to set the scene. Meaning, you have greater control of potential buyer’s impressions of your home when you host an open house. Because you know exactly when potential buyers are going to be viewing your home, you can make sure that your home looks just right. Whether it’s doing a deep clean, making sure the front lawn looks just right, or arranging everything in just the right order, an open house allows you to have this level of control. The first time a buyer views your home can make or break a sale. An open house helps to insure that your home is in tip-top shape.

Less Stress and Hassle 

Do you enjoy always waiting around in limbo, never really knowing when someone will want to see your home? Of course not! For most, if not all people, this is a huge inconvenience. It’s not fun to always have to be ready for someone else. While this is sometimes just a part of the selling process, an open house can really help to reduce or eliminate this not so fun aspect all together. Rather than having to always be ready at any moment, you can schedule a specific day and time for buyers to come. Not only does this make your life easier, but it also makes it easier for buyers as well. Typically, potential buyers will visit a few different homes holding open houses over the course of a weekend. Wouldn’t it be nice if your home were included in this mix? 

Increases Your Odds of Selling

Perhaps the most lucrative advantage of them all, open houses well, help you sell your home! Which is your end goal after all. Think of it this way, the more opportunities you create for people to see your home, the higher likelihood that a viewing is going to end up in a sale. Whether it’s a buyer who sees your house for the first time, or a buyer who is coming for a second look to make their final call, open houses facilitate closings. In addition, when you host an open house, you create an environment that is catered towards scarcity and competition. Meaning, potential buyers will physically be able to see other shoppers. This will help prompt them to take action. If buyers feel that others also like the property, this will increase the likelihood that they will be prompted to make an offer.

Open houses offer plenty of lucrative advantages to both buyers and sellers. While an open house can appear to be another time commitment or just some unnecessary step, the benefits seem to speak for themselves. After all, what do really you have to lose?

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