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Make An Offer That Sellers Can’t Refuse

Make An Offer That Sellers Can’t Refuse

NEW YORK – June 13, 2013 – With shrinking inventories, many homebuyers are finding only competitive offers will win them the house they want. A recent article by Kiplinger’s Personal Finance highlighted several ways that homebuyers can make more competitive “irresistible” offers.

1. Be preapproved: About three or four months before home buyers even shop for a home, they should review their credit reports to make sure they’re accurate and take short-term steps to improve their credit score, says Michael Corbett, author of Before You Buy! Corbett says buyers then should get a bank’s preapproval. While that won’t guarantee they’ll get the loan, it shows sellers that a lender has verified the buyer’s income and credit score to determine that she can afford payments on a mortgage for a certain amount.

2. Don’t lowball: Buyers may only get one chance to get the home they want in a competitive market. They may not get a second try to sweeten the deal later, so a lowball offer the first time around could cause them to lose out. Buyers should use sales prices of comparable properties in the neighborhood to submit their best offer the first time around.

3. Consider an escalator clause: These purchase contract clauses are becoming more popular again. This is when the buyer agrees to increase their offer if there’s a higher bid from another buyer.

4. Add earnest money: The extra deposit can show sellers how serious the buyer is. Some buyers may even double the amount that the seller requests to show their commitment in purchasing the home.

5. Keep contingencies to a minimum: Sellers prefer no contingencies, but buyers want to protect their interests too. “Offset a financing contingency with preapproval and a strong earnest money deposit,” Kiplinger’s Personal Finance reports. “If you have enough cash, temper an appraisal contingency by assuring sellers that if the appraisal comes in lower than the purchase price, you’ll pay the difference or split it with them (up to a certain amount).”

6. Write a letter: Personal love letters about the home addressed to the sellers are winning over some hearts lately. The letters tell the seller about the buyer (e.g. “We’re relocating from …”) and what drew the buyer to the home (e.g. “We especially love …”).

Source: “Making an irresistible home offer,” Kiplinger’s Personal Finance (May 31, 2013)

I hope you find this information useful. I’m here to assist you with all your South Florida real estate. Contact me at (305) 329-4929 or solovay.m@ewm.com.

Written by Michael Solovay | Discussion: No Comments »

Six Ways a Home May Turn Off Buyers

Six Ways a Home May Turn Off Buyers

Bankrate.com recently featured a list of the top ways buyers back away from a home listed for sale. Its list includes these items, among others:

1. Dirt: “The No. 1 biggest mistake is not getting the home in the best possible condition. That’s huge,” says Chad Goldwasser of Goldwasser Real Estate in Austin, Texas. “I won’t even represent sellers at this point unless they are fully aware of how important it is to get their home in the absolute best condition that they’ve ever had it in.” Goldwasser suggests also steam-cleaning tile and grout and carpets and replacing carpets if necessary.

2. Odors: “Odors are a big one, especially kitchen odors,” says Julie Dana, co-author of The Complete Idiot’s Guide to Staging Your Home to Sell. “I advise my clients not to cook fried food, fish, or greasy food while the house is on the market. … Interestingly, next to the kitchen, the smelliest room in the house is actually the living room. That’s typically the room that has the most fabric, so that is where odors get absorbed.” She recommends having curtains and upholstery cleaned, particularly if someone in the home is a smoker, and taking steps to eliminate any pet odors.

3. Old fixtures: “You need to change out old fixtures in your house,” Goldwasser says, adding outdated ceiling fans and light fixtures should be replaced prior to listing a home. “New cabinet hardware and doorknobs will probably cost all of $400 or $500, but it makes a huge difference.”

4. Wallpaper: When buyers see wallpaper, they think of another thing to add to their to-do list, says Dana. “Wallpaper is extremely personalized. You’ve spent hours looking over books to pick out the wallpaper you want,” she says. “What are the odds that the person walking in the door will also like that wallpaper that you picked out?”

5. Popcorn acoustic ceilings: These ceiling were popular in the 1960s and 1970s but now can date a home. Still, it can be a mess and costly to remove, so real estate professionals say sellers may need to be prepared to credit a buyer in certain markets if they decide to keep the popcorn ceiling when selling a home.

6. Too many personal items: Cluttered homes make it difficult for buyers to see past the home owner’s belongings and start envisioning themselves there. “Anything that makes your house scream ‘you’ is what you don’t want,” Dana says. “I tell all my clients that how we decorate to live and how we decorate to sell are different, and right now, we’re decorating to sell.”

Source: “10 Ways to Turn Off a Would-Be Homebuyer,” Bankrate.com (June 10, 2013)

I hope you find this information useful. I’m here to assist you with all your South Florida real estate. Contact me at (305) 329-4929 or solovay.m@ewm.com.

Written by Michael Solovay | Discussion: 9 Comments »

Where Did The Buyer Find The House?

Where Did The Buyer Find The House?

In a report, Profile of Home Buyers and Sellers, by the National Association of Realtors (NAR) the NAR reported:

The majority of Buyers found the home of their dreams online, while less than 2% found it through newspaper ads.

Profile of Home Buyers and SellersWonder why the real estate advertising in the newspaper has decreased so much?  This is the reason why.  Newspapers don’t sell houses.  The majority of property buyers, 83% according to the NAR, purchased their homes through a real estate professional, and 88% of sellers used a real estate agent in their sales transaction.

Be sure to read my real estate blog: www.WhatsThePointofAventura.com and visit my website at www.LuxuryProperties4U.com.

For more information please contact me at (305) 329-4929 or solovay.m@ewm.com.

Written by Michael Solovay | Discussion: No Comments »

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