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In today’s changing real-estate environment it is not uncommon for home owners to consider the option of utilizing a reverse mortgage to downsize their current home to a smaller more practical living environment. These same individuals who are considering the option of downsizing are also wondering how they will be able to appeal to prospective home owners in today’s brutal real estate conditions. Many people jump right into reverse mortgages uninformed and fail miserably. You don’t have to be one of those individuals.

Tip #1 Remodel Your Home:

-Create a checklist of all the negative and positive aspects of your home. Don’t forget to be honest with your appraisal of your home.
-If you see a dirty tarnished carpet, invest in yourself and replace it.
-If your home has paint that is chipping or walls that are fading, go to your local home improvement store and grab some matching paint, a brush, a bucket, and get to work.
-If your doors or screens don’t slide easily, or make sounds that would be unappealing to a potential home owner, then take out your credit card and replace them right away.
-Leverage your expertise. If you know how to fix it, do it yourself. If you are not sure what to do, do not be afraid to outsource that task to a professional.
-Don’t be cheap! Once you actually sell your home, the capital from your reverse mortgage loan can easily assist you to pay for any necessary costs you incurred when you made your house ready for market.
-Remember that buyers rule today’s current real estate market. A buyer in today’s market is ready to make a purchase on a home that they can buy, and move in immediately.

Tip #2 W.I.I.F.M.:

-Remember to always keep the buyer in mind. W.I.I.F.M. simply means that before a buyer makes a purchase they always want to know exactly what is in it for them. If you only are thinking about the money that you can make, you may miss out on a great prospect to purchase your home.
-Provide time-sensitive offers to separate yourself from other sellers and encourage your prospective buyers to take action and purchase your home. (Ex. Move in by September 15th and get a free Barbeque.)
-Listen to the feedback from potential buyers and use it as a strategy to provide them with the exact home buying experience they are looking for so that you can close the deal, they can get the house and you both win.

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