Home Buyer! What Are Your Questions?
Recently the National Association of Realtors compiled a list of responses to common questions a typical home buyer might ask their agents. The list is as follows:
- “How much should I spend?” You must look at your entire financial picture, which can be simple when you use a “house affordability calculator.” Skip past the ads listed first; most will ask you for your personal details before giving you a result.
- Can I sell my home and buy one at the same time?” This would include an understanding of possible offer contingencies. Also, some sellers choose to rent while house searching.
- “What will the seller agree to take?” The NAR’s proposal is to take 5% off the list price. However, every circumstance is unique. I believe a better suggestion would be to bear in mind the seller’s information and current market comps. Also, always get your agent’s take.
- “What about a home inspection? Is it necessary?” Yes! As a home buyer, it must be done. When a home appears to be in perfect condition, it can be enticing to just skip the inspection. However, the report produced by your home inspector will be a worthwhile use of your time and money. You may find yourself looking at it long after you have settled into your new home.
- “When is too late to back out?” You will likely lose your deposit money if you change course without a reason. However, a good offer should include provisions to cancel a purchase for reasonable reasons like inspection conclusions and loan terms.
One thing is for certain about the typical home buyer, they will have many questions before they have chosen their perfect home. We are always here to answer any questions you may have! Call today!
Inspections Tame Coral Springs As-Is Listing Spectacles
In a Coral Springs listing the bold and unapologetic term “as is” asks for the buyer’s immediate attention.
While perhaps unintentional it leaves a marked and vivid impression setting it apart from other listings. Contractors and house flippers imaginations run rampant. However, the majority of buyers move on quickly sensing certain trouble ahead.
Many things come to mind when considering an “as is” listing including possible legal issues. But first and foremost the buyer infers that the seller will not be making any improvements to the property no matter how badly needed. The new owner will be fully responsible for all repairs. Since the buyer will be strapped with the cost of those repairs a reduced asking price is usually offered.
As Is Equals Motivated Seller
It is sometimes what is implicit in the term “as is” that gives prospective buyers pause rather than the reality. The buyer is convinced something extremely costly is amiss with the property. However, the term could simply mean the seller is incredibly motivated.
They may believe that coupling the phrase “as is” with a desirous asking price may move the property sooner.
However, the seller could also be aware of serious repairs, and not have the resources necessary to attack them. The buyers can make assumptions but the seller is required to state what he knows.
Is this a great deal he may be asking or is he in for a rude awakening?
With the “home inspection contingency” much of the uncertainty of the “as is “ listing quickly dissipates. The home inspection eliminates the drama often associated with this sort of listing.
It is a must for even the most confident and positive of buyers. For $300 to $500 a reputable Coral Springs inspector will detect any serious problems that may surface. The buyer is then able to see the full financial picture. Then it is possible to include in the offer (as is or otherwise) an exit if the financial impact proves to be too great.
Having a skilled expert like myself on your team will alleviate any feelings of uncertainty when buying or selling a home. It also can give you confidence that you are finding a genuine Coral Springs bargain. Whether you are buying or selling, as is or not, I am always here to help.
The World Series is Over, But Your Home Selling Negotiations Are Not
Make Sure to Avoid Fouls in Your Home Selling Negotiations
When it comes to starting negotiations, the home seller is the ultimate decision maker.
A great real estate agent, like every great coach of the past will be there to offer the guidance and counsel needed for a winning game plan.
It’s not always easy to develop the appropriate response to offers on your home.
If this is your first time selling a home, or it’s been more than a decade, it’s time well spent to familiarize yourself with practical pointers in home selling negotiations.
Not only is Realtor.com the best website to search for homes, home sellers around the country can also find valuable resources and insights to help them on the road to their home closing. This month’s World Series finale no doubt inspired one of Realtor.com’s title for a list of home selling negotiating pitfalls. The article I’m referring to was published on the morning of Houston’s Game 7 victory. The premise of the article deals with errors in negotiating a home sale. You can find it here, titled “Hardball Fouls: 6 Home-Selling Negotiation Strategies That Can Backfire.”
Even though the first foul mentioned is “starting a bidding war”, after reading we find that was a slight overstatement. Clearly, a bidding war is more than ideal for home sellers in Coral Springs, or anywhere in our beautiful country. What was mentioned was how a multiple offer circumstance could be botched. One common mistake is setting your offer deadline too far into the future. Buyers pressed for time simply won’t be willing to wait. An additional foul ball mentioned was passing up on a strong offer that may not re-appear if you miss out. Don’t leave money on the table during these multiple offer situations by sticking too hard to your own rules. After all, you only get one shot at making the most amount of money possible in this sale.
They also mentioned in the article about being too tough responding to the home buyer’s request for home repairs. They stopped short of saying “stop being so gosh darn stubborn”! On the same note, don’t be so stubborn about your closing date, how closing costs are paid and arguing over your favorite light fixture you want to take with you. If every other part of the deal is going smooth, don’t mess it up over these seemingly small items.
The next one could misfire in a big way: “threatening to put the property back on the market”. Now first of all, your agent should walk you off the ledge from this potentially deal killing move. Keep in mind, it’s not only the stigma that may be attached to your “back on the market” property. It’s also the fact that all of those other home buyers that were once interested in your house may have already moved on to other homes, never to return to the prospect of buying your house.
These invaluable negotiation techniques underlie all of the Realtor.com’s examples as guiding principles we know to be legitimate deal breaking techniques. When you’re in the final inning and coming down the home stretch, be sure you’re evaluating every aspect of the deal as part of the transaction as a whole. Individually, every detail that may seem important will tend to lose their influence when viewed in relation to the entire transaction. In baseball terms, keep your eye on the ball.
Regardless of how thrilling any World Series Game 7 may be, remember, it’s only a game. However, when it comes to selling your home, whether in Coral Springs, Broward County, or anywhere in The United States, it’s a much more serious endeavor. When selling your home, every decision matters, and every decision may have consequences for years to come. These are details we at The Miranda Team keep in mind when we’re working with our clients and negotiating the best deal for them. From listing prep to closing day, we ensure you have a winning plan when it’s time to sell. Please call us anytime to discuss how we can help you put more money in your bank account with our game winning negation strategies.
Logic and Rationality: The Solution to Real Estate Inspection Jitters
How to Keep Your Home Inspection Nerves Calm
The other day I was speaking with a client after a closing.
We were talking about our recent transaction working with our Lead Buyer’s Agent, Johnny.
Among the discussion I asked in his opinion what was the most stressful part of the transaction.
Even though we had a fairly flawless transaction, it occurred to me there had to be some part that was unnerving for him.
His answer, the home inspection. And it makes sense when you stop and think about it.
As troublesome symptoms go, home inspection anxieties really shouldn’t cause a home buyer or seller to worry at all. Home buyers and sellers need not be troubled as they await the findings of the house inspection. Although if you didn’t have a little bit of anxiety you will be the exception, not the rule. Most experience some level of anxiety during the home inspection. My advice, “Don’t Freak Out”. Easier said than done, right?
But just in case you do have a “Freak Out” moment, worry not, you’re not alone. If you’re the seller you can rest on your laurels. You’ve done everything up to this point to prepare your house for the perfect inspection, yet be aware that some sharp-eyed inspector may uncover some unknown malady still lurking. If you’re the buyer you want to have some peace of mind. After all of the house previewing you’ve become an expert home navigator. You finally find and get your dream home under contract, but all of the plans you set into motion could still be derailed by some unanticipated structural problem.
Having so much on the line, the inspection is generally seen as one of the last issues that can throw a perfectly good deal into a tailspin. A few butterflies are appropriate.
It’s the peace of mind you can only get from realism. While the deal killing inspection is possible, it is not very likely. Most negative findings can be dealt with. That is if you’re dealing with a rational party on the other side. Nothing the almighty dollar can’t solve. Your real estate agent should be an expert at handling post-inspection jitters. Most problems will be insignificant and shouldn’t bother the buyer at all. What’s that, your jitters just went away?
Keep in mind, even if a major problem is found, the seller knows that no matter who buys the house this problem will persist and will have to be taken care of at some point. So a rational seller will take care of it now. By either repairing it, or financial compensation. However, before an agreement can be made in regards to the repair, or repair credit some contractor bids will be necessary. More than one bid is recommended so you can compare. Remember, the lowest bid is not always the best. You are looking for quality workmanship. After all someone has to live with these repairs. Once all bids and estimates are acquired then the renegotiation may commence, resulting in a fair deal for all.
Quick note on negotiating, win-win is always the goal.
Helping buyers and sellers appraise the results of home inspections is one small part of how The Miranda Team Real Estate Group can assist our clients when they make the important decision to buy or sell. We hope you’ll give us a call when considering the Coral Springs experts!