Basics of Being a Competent
Buyer and Seller of St. Louis, MO Homes

For Sellers

• Select the right Realtor^®. Selecting a Realtor^® to market and sell your property is an important decision. You need to have confidence in their judgment and advice. Choose carefully and get all of the services you are entitled to by doing your research.

• Properly and fully complete all required disclosure forms. Some sellers believe the disclosure process is out to get them. Actually, they help protect the seller from future liability. Known, undisclosed problems can be very expensive. Complete the forms before the house ever gets on the MLS. (It looks so good when you say all the disclosures are in and makes for a much smoother transaction.)

• Make sure the house is in "tip-top" condition to maximize the selling price. Sellers don't have to spend a lot of money to prepare their homes. Make sure the home is sparkling clean and uncluttered. Carpets should be clean, walls should be freshly painted, and the lawn should be nicely manicured. First impressions are crucial. Buyers usually know if they like the house within 30 seconds after walking through the front door.

• Don't overprice the house. In a strong sellers' market, it's tempting to add a premium to the asking price. You may not get top-dollar if you do. Often, a house in a hot neighborhood, listed for a price that is near or below market, generates a bidding war on the house — and the house can ultimately sell for more than the listing price. If it were listed at fair-market or above-market, you may not create that type of urgency or enthusiasm about the house.

• Prepare the house for showings. The ideal: 1) Everything neat and sparkling clean.  2) All lights turned on.  3) Open the drapes and blinds.  4) Have soft classical music playing as a background.  5) Make all of the information about the house and the area easily accessible to the buyer.  6) Bake fresh cookies just before showing.  7) Remove all animals.  8) Turn answering machine speaker off.  9) Double check everything.  10) LEAVE BEFORE the buyer arrives. (It is not necessary to do all of these. If you feel comfortable with receiving less than top-dollar, you can feel comfortable in doing less.)

• Vacate the house for showings. Otherwise, buyers might feel as if they are intruding. They might also find it difficult to imagine the house as their own or discuss changes they would like to make. Sellers also can get in the way. They sometimes talk so much that the buyer can't concentrate on looking at the home. Even worse, some sellers have told prospective buyers that they're not flexible on the price and actually scared them off.

• Have necessary repairs performed by licensed professionals. Sellers should have competent professionals handle all agreed-upon repairs and should document them with detailed receipts. Don't get Uncle George to come in with a "duct tape fix" and expect that to be a satisfactory repair. The little bit of money spent for a professional will save a lot of aggravation at the final walk-through.

For Buyers

• Choosing the right Realtor^® Choosing a real estate agent when you are getting ready to buy a home is a challenge. The preceding article will hopefully assist you.

• Remember that there is no such thing as a flawless house. There are likely to be "issues" with older homes, and should not expect the seller to address every cosmetic defect in the home. (If you expect to buy a house that is "as good as new", then perhaps you should be looking at new built homes.)

• Learn as much as you can about the neighborhood. "Knowledge is power." A buyer should know the ins and outs of the neighborhood, and most importantly, what the comparable sales are within the area." Without such knowledge, a buyer will never know if he is getting a good deal on a house.

• Select your mortgage lender with care. When selecting a lender to finance your purchase, more care is necessary than when you are re-financing a loan. In addition to obtaining a good interest rate and reasonable fees, you must be certain that the lender will meet your purchase contract's loan commitment date and will provide funding at the purchase contract's closing date. Missing either of these dates (even by minutes) could cause you to lose the house and/or be liable for additional costs, with little (if any) recourse. You should talk with your Realtor^®   about their experiences with and knowledge of the lender. Remember, saving an extra 1/8% could be very expensive.

• Have your mortgage lined up and approved prior to making an offer on a house. In a strong sellers' market, it's not enough these days to be merely pre-approved for a loan. By having a mortgage commitment in hand when an offer is made, a buyer might have a leg up over other bidders.

• Take all decision-makers to view houses. Competition can be fierce for available homes. Buyers may not have time to visit the house a second time with their parents or friends to get a second opinion before submitting a winning offer. Buyers can lose their dream home if they hesitate. Buyers need to be clear about who is making the decision to purchase their new home and plan accordingly.

• Keep careful track of deadlines. Your contract has many deadlines that must be met. Missing only one of these could cause you to lose the property and/or incur substantial costs. These dates are contractual commitments, and missing (even by minutes) can be heart breaking and expensive.