George and Marlene Karstens of Melrose Park have a nomadic retirement plan. They will winter along the Florida shores, then spend the rest of the year touring the country in their 30-foot mobile home. Along the way they will visit with children and grandchildren.
Before setting wheels in motion, they will be selling their four-bedroom, 2 1/2-bath split-level home. For the time being, they are not looking to purchase another.
”The house is getting to be too much for us,” said George Karstens. ”I like to relax, play golf and fish.”
The Karstenses are original owners of the ”thirtysomething” home, located in the Winston Park subdivision. Over the decades they have raised five children here, added a 20-by-20-foot family room with stone fireplace and turned the original family room into a fourth bedroom. Including the finished basement, the home has four levels of living space.
”We`ve got space for everything, plus,” said George Karstens.
Diane Davis of Gloor Realty Co. in Oak Park consulted with the couple on how to best market the home. As she toured, she noted features that would appeal to potential buyers and some that might meet buyer resistance.
The home rated high on the ”appeal” side of her mental ledger.
Space to be alone
”I personally like (the fact) that you have so many getaway areas,” she said. ”Today we have so many blended families and you have a lot of room, so that everyone can have his own space.”
The blue shag carpeting could be a drawback, but because it is in good condition and there are oak floors beneath, Davis advised them not to change it. ”The buyer probably will, though,” she added.
George Karstens figures he has the time and inclination to market the home himself. He is in an enviable position, Davis told him, because there`s no deadline to meet another closing.
The village does not allow ”For Sale” signs, but he has placed a couple of newspaper ads. One drew few inquiries, he said, and he suspects that was because it ran during a holiday period.
Davis agreed with his assessment and suggested he wait to run more ads until the end of summer, when most vacations will be over and the temperatures will be cooler. If he doesn`t find a suitable buyer by mid-fall, he should wait until January, when the spring market goes into swing, Davis suggested.
Check out the buyer
She offered several more pointers for the do-it-yourself seller. It is important to ascertain whether the buyer can afford the home, she said, suggesting that he ask the potential buyer to obtain pre-approval
certification from the mortgage company of his or her choice.
Next, they should beware of a sale that`s contingent upon the buyer`s sale of his present home, Davis said. ”If you think you`ve sold your home and taken it off the market and the deal falls through, you`ve wasted valuable market time.”
A solution, in real estate vernacular, is the ”kick-out clause,” which enables the seller to reject the first buyer in favor of a better offer. If the first buyer doesn`t match the second offer in a certain amount of time, the sales contract is voided.
The purchase price and any contingencies should be spelled out in writing, and the seller should insist upon earnest money to prove the buyer`s intent, Davis said. ”We used to ask for 10 percent. Today, with maturity dates and penalties on certificates of deposit and other securities, that isn`t always possible. But it should be a sizable amount so the buyer won`t walk away.”
George Karstens agreed with Davis` tips, especially the suggested advertising schedule. He will pull his plans together, he says, but maybe he`ll take a vacation first.
