Rhonda Duffy

Home sellers call my office non-stop asking if this is a good time to sell their metro Atlanta home. They usually start with I know this is not a good market... and we have to tell them that surprisingly it is a good market. Things are selling and they are selling high against their list price at around 96%. Atlanta has not depreciated either, as many people think. There are neighborhoods that have depreciated but they have odd circumstances like the builder bailed before they built the golf course or the neighborhood was ripe with lender fraud. But those circumstances are few and far between. The only bad thing about this market is the media and the fact that people are still thinking and believing listing agents with ulterior motives, that you have to have your house at foreclosure prices to get it sold.

In Atlanta for instance, there were 31,000 houses sold between late 2008 and early 2009 and another 9,000 are pending sale. Those are not bad numbers compared to what the media wants you to believe which is nothing is selling and everyone is in foreclosure. Actually, there are very few people that are that in foreclosure. Even when the media reports foreclosures in Atlanta, they report 1 in 300 houses are in foreclosure. You do the math, isn't that number meaning that 97% of people are paying their mortgage?

Okay, so what is the downside to this market? It does take longer for a buyer to step up to the plate and buy compared to past years. Some of this is buyer hesitancy and some of it is that lenders are actually making it difficult for people to get a loan. I said difficult, not impossible, because there are plenty of loans being written. Difficult means that lenders are requiring more documentation and money than they did in previous years. And, buyers have all the choices spread before them to choose from on the Internet. And, all buyers start looking at foreclosures, but most realize after looking at only foreclosures for months that they don't have the stomach for the unknown condition and rehab in a foreclosure sale.

So, then their search starts over, their realistic mind returns and they end up buying a resale that has been lovingly cared for. So, that brings me to the next issue, which is that the inventory in the market right now stinks. Because it takes longer to get the home sold, the homeowner has given up in taking care of the home. The showings are not top notch and there is a nonchalant attitude about getting the home sold.

My advice would be for you to put your home on the market, be serious about selling your investment and keep your focus on getting the home sold however long it takes. If you do this, I think you will be surprised at the result. You don't have to price your house at the foreclosure price down the street, you are not desperate and you actually want to make a profit on your investment. You do have to improve your condition to look and feel better than the foreclosure and you have to be willing to wait to sell your non-liquid asset. A little patience and elbow grease is really all that is needed.

And, I think that you will see that banks are starting to realize that they don't have to be at rock bottom to get houses sold either. Many of them are raising the prices on their inventory since the "bail-out" is getting tougher. This is good news for all of us.

Article & Interview By Margarette Burnette • Bankrate.com and CNBC.com

In today's economy, it's tough enough to sell just one home in a neighborhood. But when there are multiple "for sale" signs on the same street, sellers often fear they're in for an especially long, trying experience.

A crowded market creates visions of price wars among neighbors who've lived on the same block for years. Sellers may also worry that potential buyers will conclude that something must be wrong with the
neighborhood if everyone wants to leave.

Surprisingly, neighborhoods with multiple homes for sale may have a few unique marketing advantages, says Rhonda Duffy, owner and broker of Duffy Realty in Atlanta.

"As a buyer, it's easier to visit a street that has several homes for sale than to make a trip to just one property," she says.

When more buyers visit your street, there's a better chance they'll see your home. That may boost your odds of getting a good offer.

Here are seven things you can do to improve your odds of a sale when the neighbors are selling too.

Strength in numbers

Here are seven ways to boost the odds of selling a home when the neighbors are listing theirs too.

7 home sales secrets

1. Suggest a joint open house
2. 'Sell' your entire neighborhood
3. Give easy access to your home
4. Stage your home
5. Price your house right
6. Use creativity to boost buyer interest
7. If your neighbor sells first, celebrate

1. Suggest a joint open house

If the family next door and the people down the street have houses on the market, suggest hosting a combined open house on the same day, Duffy says.

"Try to work with the other sellers so that everyone is supporting each other instead of competing against each other," she says. "You might even agree to distribute each other's fliers."

A combined open house can draw more people while also giving buyers a glimpse of how well neighborhood residents get along. If the interactions are positive, it reflects well on the sellers, Duffy says.

Lori McGuire, a real estate agent and president of the McGuire Team, a part of Remax Select One in south Orange County, Calif., knows it can be hard to get competing owners to work together.

However, she says tough market conditions often force sellers, and their Realtors, to give it a try.

For instance, McGuire has talked to Realtors about taking turns putting up "for sale" signs in neighborhoods with many homes on the market. That way, buyers who drive into the neighborhood "don't see 20 [signs] on the same street."

"That number may seem hard to believe, but it's possible for that many houses to be up for sale if the home is in a newer neighborhood and it's competing with other homes that the developer just built," she says.

2. 'Sell' your entire neighborhood

These days, it's not enough to simply sell your home; you also have to go the extra mile to promote your neighborhood.

"Help your buyer get past the fear that something may be wrong with the neighborhood by describing why your community is great," says Duffy.

For example, in your brochures, consider including relevant information about an active community social calendar, friendly neighbors or mature, well-manicured area landscaping.

Chances are the neighbors who are selling their homes are sprucing up their properties to enhance curb appeal. That should make your job easier.

Another way to plug the neighborhood is to write a seller's letter to potential buyers that anticipates and answers likely questions.

"Explain why you are moving, assuming it's for a positive reason, and how you're leaving something great behind," says Duffy. "Give the impression that you're happily moving away, not that you're happy to be moving away."

Make copies of the letter and place them alongside your fliers, brochures and other important sales material.

3. Give easy access to your home

When several of your neighbors are selling too, it's best to be prepared to show the home quickly.

"If there are multiple listings in your area, you'll probably have a higher number of impulse house showings," says Myra Nourmand, a real estate agent based in Beverly Hills, Calif.

Shoppers may have overlooked your house while searching online listings. When they physically visit your neighborhood to see another house on the market, they might spot the "for sale" sign in your yard and ask their agent to show them your property too.

It's reasonable to expect people to give notice before showing up on your doorstep, but don't make potential buyers jump through hoops before they can see your home, Nourmand says.

Severely restricting the hours your residence is available for showings could cost you a prospect.

4. Stage your home

Home staging means decorating your dwelling in a way that appeals to a potential buyer, says Julie Dana, home stager and author of "The Complete Idiot's Guide to Staging Your Home to Sell."

"When done right, your home can really stand out from the others in the neighborhood," she says.

Dana's top home-staging tips include:

Home-staging tips

* Make sure address numbers are clear and easy to see from the curb. Otherwise, buyers might drive to your neighbor's house by mistake.
* Add lighting to make the house look great at night. "People often do an evening 'drive-by' before they decide to ask for a showing," says Dana.
* Clean and de-clutter. Mail, bathroom toiletries and kids' toys need to be out of view.
* De-personalize. The knickknacks that make a house a home can distract buyers from visualizing a property as their own so remove personal items such as family photographs, trophies and vacation pictures.
* Stylize the home with up-to-date designs. Doing something simple, such as placing a slipcover over an old sofa, can greatly improve a room's appearance.

Home staging is essential because even in this tough market, buyers tend to choose a home based on emotion rather than price, McGuire says. "Consumers are price savvy, and they'll make sure they're getting a good buy, but it is the emotional appeal of a nice-looking home that seals the deal," she says.

For sellers who want extra decorating help, Dana recommends hiring a professional home stager.

"One advantage that we have is we can give tips to a homeowner that the real estate agent might be reluctant to share," she says.

For example, if a house smells bad, the home stager can break the news to the owner and offer constructive suggestions for eliminating the odor.

"I've often had to be the bad guy in many situations," Dana says.

In most cases, the owner is grateful for the feedback, Dana says.

Fees for home stagers vary according to the level of service needed, Dana says. An initial consultation with recommendations usually costs between $100 and $400.

Danielle Babb, a real estate analyst in New York, suggests sellers who plan to stage their homes complete major cosmetic improvement projects, such as replacing worn carpet.

Buyers are more reluctant to take on even minor fixer-uppers in this economy, Babb says.

"People have tighter budgets, and lenders have even tighter loan restrictions, so buyers don't necessarily have the extra $2,000 out of pocket to put into a new home," she says. "The places that look like they're in move-in condition will be more appealing."

5. Price your house right

Since home values are falling in many markets, it can be hard to know what your asking price should be. A good way to determine the best dollar figure is to study recent sales prices of comparable homes in your neighborhood.

Real estate agents can look up these "comps" for you and suggest a fair value. Web sites such as Zillow.com and Trulia.com also provide data on recent sales.

Resist the urge to ask for more than what your home is worth, Nourmand says.

"If your asking price is higher than it should be, you'll just help everybody else in your neighborhood sell their homes first," she says.

However, if you're convinced that you're asking for a fair amount, don't get into a price war with your neighbor, says Duffy. Instead, simply let the buyer know why your home is worth more than another one that's selling for less.

"Justify the value of your home," Duffy says. "If you've made upgrades, highlight them. Most buyers won't know that your granite countertops were a $6,000 improvement you made in your kitchen unless you tell them."

She says the same principle applies if there are foreclosures in your neighborhood. Let buyers know that your higher-priced home may be the better deal.

"A foreclosure usually has a different feel from a move-in ready home, so it will probably be priced a little lower," Duffy says. "But it may require much more expensive work after it's purchased."

6. Use creativity to boost buyer interest

Houses are staying on the market longer, even when the seller does everything right, says Duffy. To keep the listing from appearing stale, it's important for sellers to continuously tweak their strategies.

"Rewrite your sales ads every few weeks, and revisit your selling Web site and change the pictures a little," she says. "Take pictures from the right side of the house and post them for a few weeks then switch them out with pictures taken from the left side or the front of the house."

As buyers browse the listings online, they may stop at your description and give it a new viewing because they hadn't seen that particular picture before.

If people visited your home but didn't make an offer, check for any feedback. That information could let you know how your home compares with others in the neighborhood and whether or not you need to make any improvements.

7. If your neighbor sells first, celebrate

It might be disappointing to find out that your neighbor's house has sold while yours still sits on the market with no offers.

Nourmand suggests looking on the bright side. "Tell yourself that the competition has removed itself from the market," she says. "You're now that much closer to finding the perfect buyer."

Don't forget, there are different styles of homes within neighborhoods. They have different features, so it makes sense that they will appeal to different buyers, Duffy says.

"Just focus your efforts on what you can control," she says. "Give your house its best presentation on the market, and hopefully you too will find the perfect buyer."

For more advice and tutorials on Selling Your Home - Click Here

Buying a home "As Is" simply means that there are no warranties or disclosures to be made from the seller to the buyer. This is strict buyer beware and is legal in most states including Georgia. This "As Is" status would be used by banks, investors and HUD. However, buying a home "As Is" does mean that you can not have the home inspected by as many different types of inspectors that you want to make a clear, educated decision. This is what the Georgia Association of Realtors Purchase and Sale Agreement states about "As Is".

B. Property Sold "As Is." All parties agree that Property is being sold "as is," with all faults including but not limited to damage from termites and other wood destroying organisms and lead-based paint and lead-based paint hazards. Seller shall have no obligation to make any repairs or replacements to Property.
The Inspection Process in the Purchase and Sale Agreement is stated as:

A. Right of Buyer to Inspect Property: Buyer and/or Buyer's representatives shall have the right to enter Property at Buyer's expense and at reasonable times (including immediately prior to closing) to inspect, examine, test and survey Property. Seller shall cause all utility services and any pool, hot tub and similar items to be operational so that Buyer may complete all inspections under this Agreement. Buyer agrees to hold Seller and all Brokers harmless from all claims, injuries, and damages arising out of or related to the
exercise of these rights.

And, please note that you must inspect the neighborhood as well so that you don't have regret later after the purchase. This is what the Purchase and Sale Agreement states about the buyer's duty to inspect the neighborhood.

B. Duty of Buyer to Inspect Neighborhood: Buyer acknowledges that: (1) in every neighborhood there are conditions which different buyers may find objectionable and (2) Buyer has had the full opportunity to become acquainted with all existing neighborhood conditions (and proposed changes thereto) which could affect the Property including without limitation land-fills, quarries, high-voltage power lines, cemeteries, airports, prisons, stadiums, odor and/or noise producing land uses, crime, schools serving the Property, political jurisdictional maps and land use and transportation maps and plans. It shall be Buyer's sole duty to become familiar with neighborhood conditions of concern to Buyer. If Buyer is concerned about the possibility of a registered sex offender residing in a neighborhood in which Buyer is interested, Buyer should review the Georgia Violent Sex Offender Registry available on the Georgia Bureau of Investigation.

Let's face it. Selling a home can be stressful. For sellers to keep their sanity during a strong buyers market, a pre-inspection of the home should be a prerequisite prior to listing. Every seller thinks they have the best house on the best lot in the best neighborhood, but they may not know what secrets lurk in their walls. A certified home inspector can do a thorough inspection of all major systems, building materials and structural stability of the home.

In a Buyer's Market, there are more houses per buyer for sale. With so much inventory, this can give the buyer an unfair advantage over the seller once negotiations begin. If they don't get what they want, they move on to the next house on the list.

During this time, seller's can expect to see lowball offers. Every buyer wants the deal of a lifetime. Through the process of negotiating, this lowball offer could result in a closing. What happens in between is the second, sometimes hardest negotiations: the inspection negotiations.

Once a contract is binding, the buyers will have an inspection done on the home. They will go through the inspection report and ask the sellers for certain concerns be fixed. There is no limit to what they can ask for.

At this point, the seller probably feels they have given their house away for thousands below what they feel it should have sold for. While the seller is down, the buyer hits them again with a laundry list of repairs to be done. The emotional seller puts their foot down and ceases negotiating any repairs. The buyer walks. Now, the seller has no buyer and is not selling his/her house.

Some sellers have become so desperate to sell their house that they drastically reduce their price. This depletes the seller's negotiation power and may leave them in a very bad position leading into the inspection negotiations. The seller, tapped out and a few thousand in the hole, becomes extremely uptight and frustrated and refuses to address any repairs. Again, what was an amicable business transaction results in the buyer walking.

Having a pre-inspection done can give the seller a competitive edge in a Buyer's Market. The seller could have most of the repairs taken care of prior to selling or not be surprised by the items found in any subsequent inspections. Spending a little money now and being an empowered seller later can help reduce the stress of selling a home. It's simple. Be smarter than the market and invest in a pre-inspection!

The idea of making something happen in this market or any other is an idea that sellers can get their teeth on and arms around. Sellers often expect their listing agent to be serious and network their home to everyone they know and people they don't. But all too often there has been interest in the home, the interested party just never came forth with an offer and the listing agent and seller excepted that that buyer just did not like the home well enough to make an offer.

We do something different that has started creating quite a stir at our real estate company and the feedback from our sellers, even if the offer does not work, is thank you for trying. I am grateful that you are my agent and at least you are making something happen.

So we call this a reverse offer. We made up the components of what we do exactly and sometimes we change what we do to make the components fit the situation but we follow a couple rules all the time.

In the situation when a buyer has seen a house two times, we call the agent and ask if we are on the short list. When they say yes, you are on the short list but they don't say that we are the top house, we ask what the objection is in the house. One situation was that there was not heating and air in the basement. We say okay and then ask; "Do you mind if we give your buyers and offer?"

This throws the agent off quite a bit, but then they say okay after thinking about it and asking us over and over if it is legal to do that. I promise you, that is exactly what happens and it really makes you wonder why agents are so much in-the-box that they would think that something out-of-the-box would be illegal.

Anyway, we go to work now and call our seller and get the offer together based on our desire to overcome the objection and then we present the offer to the buyer via the agent.

Whereas the Reverse Offer does not work 100% of the time, we are working them to close about the same amount of time as when we get the offer from the buyer to the seller. Again, the most important thing is that we are making something happen instead of sitting on our hands, and frankly that is what my sellers expect from me.