Tips for Selling a Vacant Home

Selling a vacant home is more difficult than selling a furnished one, in any market. According to Connie Ray, President/Owner of Coldwell Banker Platinum Partners, a vacant home—regardless of how nice the property—can seem eerily empty and lacking in character and warmth. However, if you are trying to sell a vacant home—whether it’s a second home or a space you were unable to sell before moving to a new location—there are a few key tips that can make the process easier and help provide a quicker selling time, and a better selling price.

Sweat the small stuff. “Once furniture is removed from a space, even the slightest imperfections become apparent,” says Ray. An older carpet that was once disguised by a modern sofa and coffee table is now blaringly out-of-date. Holes in the wall or a hallway in need of a fresh coat of paint are now obvious. Spend extra time fixing up any noticeable damages, repainting, and caulking, getting new carpets, pressure washing and fixing up anything in need of repair.

Air it out. “It’s amazing how quickly an empty house can begin smelling stale and musty,” says Ray. Before a showing, throw open windows and doors to allow for fresh circulation, and consider some mildly scented candles or air fresheners.

Amp curb appeal. “Since the house may be lacking inside in terms of character, make sure the exterior packs a punch,” says Ray. Not only should you clear clutter and debris from your yard (children’s toys included), keep grass neat and repair those broken fence posts, but you should also consider planting new flowerbeds, upgrading that tired front walk or even hiring a landscaper.

Consider staging. Even if you have moved all your furniture out, you may want to consider hiring a staging company that offers furniture rental. These professionals can make an empty space into a scene of warmth and comfort. “Remember, potential buyers are not just looking for a roof over their head. They are looking for a place to start a new chapter in their life. You want to show them everything your property has to offer,” Ray notes. Since vacant homes often sell for considerably less—typically 15-20 percent lower than the asking price—hiring a staging company is usually a solid investment.

Property Maintenance 101: Septic Tanks

It may not be pretty, but as a homeowner, keeping your septic tank in top condition is a crucial investment. According to Connie Ray, President/Owner of Coldwell Banker Platinum Partners, ignoring your septic tank is a disastrous mistake made by even the most cautious of homeowners.

“Regular septic maintenance—including pumping out and inspecting your system every handful of years—is critical to the upkeep of your property,” states Ray. “Often, homeowners don’t really realize how their septic systems work, so they don’t look into proper maintenance for them,” Ray continues.

A septic system works by carrying wastewater from your home to your septic tank, where it separates solids, known as sludge, from grease and oil, known as scum. The waste-water then leaves the tank and enters the drainfield, and the solids remain. “The septic solids should be pumped every three to five years, or they will build up and cause major problems,” says Ray. Ray notes that if you have the tendency to flush small items down the toilet—such as cotton balls, q-tips or dental floss—you may be contributing to future clogs that will contaminate your water, and could be so damaging they will mandate expensive repair or the complete replacement of your system. Flushing chemicals down the drain can also contaminate your water, posing risk both to you, your family, and the environment.

“How often you should have your septic tank pumped depends on a variety of factors, including the climate, house size and how many people reside there,” explains Ray. To help ensure the health of your septic tank, and avoid costly repairs, be sure to get your tank pumped every five years—or sooner depending on the volume of water use—repair any water leaks immediately, and conserve water whenever possible. “If you have a garbage disposal, it’s important to minimize the grease and solids you feed it, as they will end up in your septic tank,” explains Ray.

If you are in the process of buying or selling, be sure that you have your septic tank—or the tank of the home you are looking to buy—inspected by a professional. Are you the seller? Ray suggests getting your septic tank inspected and pumped before putting your home on the market.

Increasing Home Value in a Recovering Market

In today's market, dwindling or stagnant home values may be causing some homeowners to wonder if it's at all possible to increase their property's value. According to Connie Ray, President/Owner of Coldwell Banker Platinum Partners, there are steps you can take to build equity despite current market conditions.
"To elevate the value of your home, a detailed and specific assessment of your home and the homes it will compete against in the market is necessary," says Ray. "A professional home inspection, especially for those who are not planning to sell their home soon, can help determine exactly what needs to be done to increase your home's value and can help you plan for expenses if there is work to be done."
Having your home professionally inspected well before putting it on the market has a number of advantages, says Ray. For a relatively minor investment, homeowners will have an opportunity to review an objectively prepared assessment of the condition of their home's structure, systems and amenities. By fixing any outstanding repairs, you can ensure a higher list price on your property, and hopefully, a higher closing price as well. The inspection report should be consistent with the report prepared by a buyer's inspector, which will virtually eliminating any surprises when the home officially hits the market down the road.
By having an inspection done while the home is not on the market, owners are provided with the luxury of deciding whether to do the work themselves or to have the work contracted at their convenience and without the pressure of a deadline. Even better is that the decision to repair vs. replace will be at the homeowner's discretion, not a prospective buyer's. This places homeowners in a much stronger negotiating position in the future.
"By taking this proactive approach to home inspections, homeowners can increase their home's value instantly, giving it a strong competitive edge in the market," says Ray. "By addressing major repair/replacement issues now, homeowners diminish competition from newer and better-maintained homes on the market."

Should You Sell or Remodel?

In this tough market, just the thought of putting a home up for sale can make some homeowners hoping for a new space uneasy. “Selling takes time, energy and often a good amount of money. Some people who might normally sell their home and look for a new space, whether they are expanding their family or looking for a fresh start, are now remodeling instead,” says Connie Ray, President/Owner of Coldwell Banker Platinum Partners. When deciding if you should sell or renovate, there are a few key things you need to consider.

To begin gauging your situation, take a look at your location. Do you love your neighborhood? Are you near great schools or already involved in a tight knit community? “If you love your location, you may want to consider remodeling instead of selling your home. You don’t want to risk moving to a place you aren’t as crazy about,” says Ray. Adding an extra room for a home office, guest room or that baby on the way may be all you need to make your existing home a better fit. However, even if you love your neighborhood, taking a look at your finances will allow you to make a more confident decision, Ray notes.

Calculate the cost of repairs and home improvements that it would take to get your home in top shape for selling. “Get a professional inspection to give you a better idea of what needs to be done, consider making green updates like an energy-efficient roof or windows, and check out if you are applicable for any tax breaks,” suggestsRay. If you would be spending nearly as much making improvements for selling as you would on your dream renovation—hello, new kitchen—then perhaps staying put is best.

“If you are on the fence financially about moving or renovating, don’t forget to factor in closing costs, which can be anywhere between 7 and 10 percent of your home’s sale price,” warns Ray. This can come from real estate commissions, property taxes, mortgage penalties and more. Also weigh in the housing market—if you’re considering moving to a place where the cost of living is much lower, then that might make selling more appealing.

“Also, be sure to do your research to make sure you can afford a new mortgage on a new property. Make sure you can secure a mortgage that works with your financial situation before selling your house,” says Ray.

After you compare figures and crunch numbers, take a look at your goals. Are you happy with your job or do you think you might want to look for a new position in the next five years? If so, it might be best to hold off. Already have kids? How old are they? If they are in their teens, staying in your home may be smart, as you can downsize if necessary once they are out of the house. Are they young? Maybe a new location is a good idea, before they get comfortable in their school and social setting. “Look at your lifestyle goals for the next 10 years before making a final decision on remodeling versus moving,“ cautions Ray.

Congratulations DJV Group!

Dawn Vosbury-VanGundy and Joan’ Vosbury (The DJV Real Estate Group) of Coldwell Banker Platinum Partners ranked in the Top 10 sales associate team in 3 categories for the 2nd quarter of 2011 in South Carolina for the Coldwell Banker® franchise system. The team ranked as a Top 10 Team in the categories of Adjusted Gross Commission, Total Units and Listing Units for the 2nd Quarter of 2011.

“Coldwell Banker Platinum Partners associates and offices exemplify the standards of excellence for which Coldwell Banker is known,” said Frank Lindsey, Southern Region director for Coldwell Banker Real Estate, LLC. “It is an honor to recognize the DJV Real Estate Group of Coldwell Banker Platinum Partners with these exceptional awards.”

To contact the award winning team please call 843.986.2444 or visit MyCbpp.com.

Learning your Loans; Conventional vs. Unconventional

Home loans can be confusing, and finding the right type of home loan for your particular circumstances can be a frustrating process. “Knowing the difference between the two basic home loan types can help you make a confident decision, and ensure your buying process goes smoothly,” says Connie Ray, President/Owner of Coldwell Banker Platinum Partners.

Conventional Loans

A conventional loan—also known as a conforming loan—is one not insured by the Federal Housing Administration (FHA) or guaranteed by the Veterans Administration (VA), both of which make homeownership affordable and accessible.

“Conventional loans require a higher credit rating, and even for those who do qualify for a conventional loan may be better off with an unconventional one,” explains Ray. “This is because the lower your credit score, the higher your interest rate will be.”

Unconventional Loans (FHA)

An unconventional loan, or non-conforming loan or FHA loan, can be obtained through a bank or private lender. The FHA has helped millions of homeowners purchase property who would have been otherwise unable to do so. These loans are ideal for lower-income borrowers or those with less than perfect credit. However, unconventional loans have insurance requirements, which tend to be relatively inexpensive and can be built into your loan.

“In general, unconventional loans are a great choice for homeowners,” says Ray. “The main drawback is that the loan limit is lower, and if a higher price is needed for a home loan, then the buyer must put down a larger down payment.”


“If you’re on the fence about which loan is right for you, try making a list of the pros and cons,” says Ray. Conventional loans carry more restrictions, and generally unconventional loans are often more attainable. However, the circumstances are different for every homeowner. Take time to think about which loan option is best for you.

Launching a New Tool! The Online Video Magazine!

Coldwell Banker Platinum Partners launches innovative new tool – Southern HomeScapes Online Video Magazine

Coldwell Banker Platinum Partners officially launched the new version of its magazine, Southern HomeScapes available at www.MyCbpp.com. “You can now customize your real estate search through a narrated property video tour – it’s super easy and super convenient by featuring all of our listings in a comprehensible format,” says Connie Farmer Ray CEO & President of Coldwell Banker Platinum Partners. “No more wondering if only 3 photos will show up, or dreading reading small copy online – the video magazine is a great option when you want to sit back, relax and find a property by watching it like you would TV only through your own customized search.” The concept goes hand-in-hand with the company’s new website (MyCbpp.com) which was launched in January of 2011. The goal of the company’s new site is to make the home-searching process as enjoyable and efficient as possible, through unique new tools like: expansive use of video, My Platinum Partner which sends a consumer updates on their own customized real estate searches, photo enhancements, educational tools, street view on properties, custom directions to properties, and much, much more.

“Through tools like our new online video magazine, property searches just got a little easier. We understand our consumer’s desire to search for listings effortlessly and an ultimate result of confidence in their transaction,” continues Ms. Ray. She discusses the company’s Innovative Technologies (or ‘IT’) dedication, “We are proud to be “IT” and providing the newest technologies to our consumers. By combining our rich heritage and innovation, along with a sales force of 120,000 in 42 countries, Coldwell Banker is able to continually redefine the consumer’s real estate experience. Our talented and knowledgeable sales agents, staff, and managers are always ready to help make dreams come true. Check out MyCbpp.com and try the new Southern Homescapes Online Video Magazine today!”