Something that can be a big surprise for a potential home buyer is being confronted with a multiple offer situation when you don't expect it. Our current market, Spring 2018, is rife with these situations as there is currently a very low inventory of available homes for sale in combination with a far greater number of potential buyers. Here are some hints to consider if you find yourself in this situation:
1. If a property comes on the market that you could be interested in, look at it as soon as possible if not immediately. There are other buyers out there in the same situation as you who want to buy but can't find a home. Make sure your agent has you set up on a notification system that sends you an email each time a home matching your requirements hits the market.
2. Make sure all your mortgage loan preliminaries have been taken care of and that you have a written pre-approval letter from your mortgage lender. If you can't prove financing, your offer will be discarded.
3. Be prepared to present a strong offer. Sometimes there will be multiple buyers considering a home at the same time and even though you may be first to submit an offer, if other offers appear before yours is accepted, you'll find you and a multiple offer situation. You'll be asked to submit your last and best offer. This is where you'll have to make a decision.
4. Don't let your emotions cloud your judgement. This is a business transaction. You must decide if you really want the home or not and what you're willing to pay for it. Then you have to accept the outcome.
5. The good news is that there are always more homes coming on the market. Even if you miss out on one, something just as good might be ready to pop up next!
6. If you really, really, really want a particular home. You might try writing a letter to the seller telling them how important the home is to you and your family.
There are a lot of factors that go into the sellers decision about which offer they will accept. Things like cash offer vs conventional loan vs goverment loan (FHA, VA, USDA), terms of possession, inspections, etc. can all affect the sellers decision.
We've been doing this over 30 years and have been through markets like this before. An experienced agent can be your best asset in this situation. Call us at 419-779-6229 and we'll be glad to help!
Some potential home buyers experience some confusion when first meeting a real estate agent prior to looking at homes. They should be presented with a rather intimidating looking document that they are asked to sign. It looks like a contract!
The good news is there is nothing to worry about. This is a State of Ohio mandatory form that they Realtor is required to present - The Consumer Guide to Agency. It's purpose is to inform and educate the buyer as to the relationship he or she has with the Realtor.
It's the Realtor's job to explain, to the buyer's satisfaction, who the Realtor owes their allegiance in the transaction so that the buyer knows where they stand.
It is NOT a contract, but does require the buyer's signature acknowledging that the Realtor has fully explained their position in the transaction.
Additionally, the Guide also contains information regarding Fair Housing and what the buyers rights and expectations should be.
There are many types of agency relationships that will be disclosed, such as: buyer representation, seller representation, dual agency, and split agency.
Call or text me at 419-779-6229 with any questions. Thanks!
With the real estate market being as hot as it is right now, some potential home sellers are considering the route of selling For Sale By Owner. While this can, at times work out to the sellers benefit, on average most sellers fare much better when using the professional services of a Realtor.
There are certainly challenges that you will encounter when going on your own. Here are several of them and how you could deal with them:
1. Pricing - most sellers who go it alone tend to either over price or under price their homes and both situations result in a lower overall selling price and can affect the time it takes to sell a home. Consider using the services of a professional real estate appraiser. It's their job to accurately price homes.
2. Offer Price - most buyers, when considering a For Sale By Owner home, assume that you are just trying to save the real estate commission and automatically deduct that from their offering price before determining what they will actually offer. This starts you out in a hole that is harder to negotiate out of.
3. Communication with the Buyer - without the services of a Realtor as an intermediary, sellers are confronted with having to handle some of the more "personal" aspects of the transaction themselves such as dealing with financing, creditworthiness, and other issues.
4. Negotiation - while some sellers can be quite good at this, on the whole, most people aren't properly equipped to negotiate on their own behalf with total strangers.
5. Keep it professional - in the end, this is a business transaction. Emotions can be your own worst enemy but it can be difficult when you're dealing with your own home/castle.
In the end, the relatively small percentage of home owners who are successful at selling on their own find they don't realize the big savings they were expecting. Also dealing with such things as disclosures, inspections, counter-offers, etc. can be stressful.
If you do decide to go this route, contact us at 419-779-6229 and we'll send you our info packet that will help guide you through this process.
Buying, remodeling, and selling a home - also known as flipping - can be a profitable business. But, as with all businesses, it requires you to adhere to certain practices in order to be successful.
Here are some tips to follow that should help guide you:
1. Pick a house with "good bones" - this means make sure the roof, furnace and a/c, water heater, windows, electrical, and plumbing are in good shape. This can all be expensive items to deal with and a mistake can take you from a profit to a loss. As with all businesses, the idea is to make money.
2. Control your urge to gut the house - people want to take pride in their remodeling efforts, but overdoing it can lead to overspending and loss of profits. Do what's necessary, but don't overdo it!
3. Treat it like a business - as an example, if you have a mortgage on the house, time is of the essence since you will have the ongoing financing expenses from the interest on the loan. We all know that in the early stages of a loan, the payment is almost entirely interest! If you paid cash, you still have the cost of having your money tied up, so use sound money management techniques.
4. Learn about a Sheriff's Sale - There are times when good bargains can be had, but you have to know what you're doing. It costs nothing but your time to attend one, and it's the best way to learn the ropes.
5. Know the housing market in the area where you are considering buying. What you think is a "deal" can turn out not to be if your "deal price" is not in line with the market area. Again, treat this like a business. There are people who have made a good income from flipping and those who have lost money. The difference is your knowledge and approach.
To search for homes, visit: http://homesearch.toledoareahomes.com...
Getting a good price for your home is every seller's goal. The good news is that there are things you can do to help increase the selling price for your home without breaking the bank.
Here are five things you can do to increase the selling price for your home:
1. The Kitchen - update but don't renovate. You'll never recover your investment if you completely remodel. Work on cosmetic and functional issues and make it as appealing as possible.
2. The Bathrooms - again, update but don't renovate. Check cosmetics and reglaze around the tub if necessary. Focus on cleanliness and appearence.
3. Declutter - look at every room from a potential buyers standpoint. Straighten and minimize the clutter - this helps make rooms look larger.
4. Your Online Presence - 90%+ of homes are spotted by home buyers while searching online. The quality of your photos will have a huge bearing on whether or not your potential buyer considers your home or not. Make sure the photos are well lit without dark shadowy areas, the walls are straight, and the rooms are "photo ready".
5. Paint and carpet are two of the least expensive things you can do that will have a bigger than normal impact on the price your home sells for.
Kelley and Ann are both certified as Professional Property Stagers and offer their professional services at no extra charge.
To search for homes, visit: http://homesearch.toledoareahomes.com...