Bruce Linnehan's Blog
As a homebuyer, it is easy to envision finding the perfect house, submitting an offer on it and acquiring it right away. However, it is important for buyers to consider the worst-case scenarios as well.
A buyer who understands the worst-case scenarios that he or she may encounter during the homebuying journey can plan accordingly. That way, this buyer will be better equipped than others to avoid various homebuying worst-case scenarios altogether.
Now, let's take a look at three common homebuying worst-case scenarios, as well as how buyers can avoid these situations.
1. You find your dream home, but it falls outside your price range.
If you enter the housing market without a mortgage in hand, you may need to act quickly to acquire the necessary financing to purchase your dream house. But once you kick off a search for a mortgage, you may find that the cost to acquire your dream home falls outside your budget.
When it comes to getting home financing, it often helps to be proactive. Fortunately, if you meet with banks and credit unions before you launch a home search, you can determine exactly how much money you can spend on a residence.
Banks and credit unions employ friendly, knowledgeable mortgage professionals. With these mortgage experts at your side, you should have no trouble getting pre-approved for a mortgage at your convenience.
2. You discover a wide range of problems during a home inspection.
A home inspection likely will be completed in the days after a seller accepts your offer on a residence. And in some instances, an inspection may force you to reconsider whether you want to purchase a house.
If you encounter problems during a home inspection, you still have lots of options. You can ask a seller to perform assorted home repairs or reduce your offer. Or, you can walk away from a home sale and restart your home search.
For homebuyers who are worried about any problems that they encounter during a home inspection, it is paramount to look closely at all of the aforementioned options. By doing so, you can make an informed decision about whether to proceed with a home purchase or reenter the housing market.
3. You employ a real estate agent who fails to help you achieve your homebuying goals.
Many real estate agents are available in cities and towns nationwide. But if you fail to conduct an extensive search for the right real estate agent, you may struggle to accomplish your homebuying goals.
When choosing a real estate agent, you should learn about this housing market professional's industry experience. It also helps to meet face-to-face with a real estate agent and discuss your homebuying goals with him or her. This will enable you to determine whether you're comfortable working with a particular real estate agent.
Enjoy a quick, stress-free homebuying experience – consider the aforementioned worst-case homebuying scenarios, and you can minimize the risk of potential pitfalls throughout the homebuying journey.
As a home seller, you'll want to do whatever you can to prepare your residence for an open house. By doing so, you can transform your ordinary home into an exceptional one, thereby increasing the likelihood of making an unforgettable first impression on large groups of open house guests.
What does it take to get a residence ready for an open house? Here are three tips to help you update your home, and ultimately, host a memorable open house.
1. Declutter Your Home as Much as Possible
If your hallways, bedrooms and other home areas are loaded with clutter, now is the perfect time to get rid of various unnecessary items. That way, you can show off the true size and beauty of your living space.
For those who have antiques, photographs and other items they want to keep, it may be worthwhile to rent a storage unit. Or, friends and family members may be able to hold on to some of your belongings until you sell your house.
On the other hand, if there are items you need to eliminate immediately, you can always host a yard sale or list items online. You may be able to donate items that are in good condition to local charities as well.
2. Perform Home Exterior Maintenance
Let's face it – no one wants to buy a home with a messy front lawn or cracked siding. However, a home seller who allocates the necessary time and resources to identify home exterior issues can resolve such problems without delay.
Spend some time evaluating your house's exterior – you'll be glad you did. With a close look at your home's exterior, you can establish home maintenance priorities.
Then, get to work. Perform all necessary home exterior repairs, and you can boost your home's chances of making a positive first impression on homebuyers who visit during an open house.
3. Collaborate with a Real Estate Agent
When it comes to preparing for an open house, there's a lot to consider. Fortunately, a real estate agent can help you keep things in perspective and ensure your open house is an instant success.
A real estate agent will teach you everything you need to know about an open house. He or she will offer expert tips to help you get your residence ready for an open house, along with provide insights into what you should expect following the event's completion.
Of course, a real estate agent is happy to help you at each stage of the home selling journey too. This housing market professional will do whatever it takes to help you list a home, price it accordingly and promote it to the right groups of homebuyers consistently.
Make your open house a joyous occasion for both you and potential homebuyers. Use the aforementioned tips, and a home seller can revamp a house's interior and exterior and ensure a residence makes a long-lasting impression on homebuyers.
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Homeowners put a lot of time, money, and effort into maintaining, updating, and decorating their homes. So, when it’s time to sell it can be frustrating to receive a lowball offer on your home.
Many sellers aren’t sure how to react to a low offer. However, with so much at stake it’s important to go into selling your home with a plan.
In this article, we’re going to talk about how to handle a low offer on your home so that you can capitalize on even the less-than-ideal prospects when selling your house.
Every offer deserves a polite response
So, you’ve gotten an offer on your home that you consider to be way too low. The first thing you need to do is to detach your emotions from the situation so that you can formulate a polite, but appropriate response.
It is the custom of many people around the world to negotiate. And one common practice in negotiation is to start with a low offer. Therefore, don’t be offended if you receive an offer that is low as it likely isn’t meant as an insult to you or your home.
We understand that selling can be frustrating, so if you need to vent, talk it over with your family or agent. Together you’ll be able to get past the initial frustration and come up with a quick, practical response to the offer.
Counter the offer anyway
Even if you think there’s a small chance that the prospective buyer will raise their offer to fit your requirements, it’s still worth providing a counter offer. This will make it clear to the buyer that you have received their offer and considered it.
Failing to provide a counter offer could mean you miss out on a serious offer in some cases, so it’s worth the small amount of time it takes to provide.
Don’t waste too much time negotiating
So, you’ve sent a counter offer and have received a response that still isn’t getting anywhere close to what you’re looking for. Now what?
In this situation, it’s best to send a concise and cordial message to the buyer that you won’t be able to adjust your offering price any further and then thank them for their time. After this point, it likely isn’t worth your time to continue negotiating.
Low offers can be helpful
If you’re getting a lot of low offers and none in the range you hope for, it could be time to reconsider a few things. You might want to try a new approach, such as staging the home or highlighting certain details that you may have missed. If your listing photos aren’t up to par you can upload new ones that are higher quality with better lighting.
Next, see if the comparable listings in your area have gone down in price. A substantial change in the local market since the time you listed your property is, in some cases, enough to influence the offers you receive.
If you are in hot pursuit of your dream home, it is important to do everything you can to gain a leg up on the competition. That way, you can acquire your ideal residence as quickly as possible.
Now, let's take a look at three tips to help you gain a competitive advantage over your homebuying rivals.
1. Keep Track of the Local Housing Market
The top houses sell immediately, and as such, you may need to act fast to find and purchase your dream residence. If you keep track of the local housing market, however, you will be better equipped than other buyers to instantly acquire a house that suits you perfectly.
Monitor the housing market in cities and towns where you want to reside. Then, if you find a house you may want to buy, don't hesitate to set up a showing. And if you like what you see, you should submit a competitive offer to purchase this residence.
2. Get Your Finances in Order
Entering the housing market with pre-approval for a mortgage usually is a good idea. Because if you know how much you can spend on a residence, you can tailor your house search accordingly.
To get pre-approved for a mortgage, you should meet with a variety of banks and credit unions. Find out what mortgage options are available, and learn how different types of home financing work. Next, you can select a mortgage that enables you to begin your house search with a budget in hand.
Of course, if you have any concerns or questions about home financing, you should address them right away. If you speak with mortgage specialists at a bank or credit union, you can get the insights you need to make an informed mortgage selection.
3. Employ a Real Estate Agent
A real estate agent is a difference-maker, particularly for a homebuyer who is shopping for a residence in a fierce housing market. Typically, a real estate agent will work with a buyer to craft an in-depth property buying strategy. A real estate agent and homebuyer then will work together to put this plan into action and streamline the property buying journey.
In addition, a real estate agent offers guidance at each stage of the homebuying cycle. He or she first will help you hone your home search to a select group of cities and towns. A real estate agent next will keep you informed about houses that become available that match your homebuying criteria. If you find a house you want to purchase, a real estate agent will help you submit an aggressive property buying proposal. And if your offer to buy a home is accepted, a real estate agent will make it simple for you to finalize your house purchase.
As you get ready to pursue your dream residence, you should devote plenty of time and resources to prepare. Thanks to the aforementioned tips, you can prep for the homebuying journey, gain a competitive advantage over rival buyers and accelerate your house search.