20
Aug
By support
Home Buyer Tips

Lowballing 101: How to Avoid Insulting a Home Seller when Making a Low Offer for Their House or Condo

Lowballing 101: How to Avoid Insulting a Home Seller when Making a Low Offer for Their House or CondoBuying a home is a huge step for people who are ready to make an investment in their future. Getting a great deal on a home is just as important and knowing how much to offer could be confusing. It is important to make sure the home seller is not insulted by the lowball offer and is ready to negotiate to make sure everyone wins.

Make a List of Necessary Improvements

One of the best ways to validate a lowball offer on a home is to list improvements that need to be made to the property. If the home needs a new roof or a new heating and air conditioning system, these are reasons to offer less than the asking price. Sometimes a home may also need new flooring, paint, or matching appliances which all cost money. The buyer can make a lowball offer stating additional expenses of making sure the home is move in ready.

Explain Any Issues with the Location

Another option when considering a lowball offer is to point out problems with the location. If the home is on a busy street or close to a manufacturing district, the buyer has legitimate concerns. In the offer, list the potential problems of living too close to fast food restaurants, train tracks, or airports. A less desirable location could equal a great buy on a new home.

Provide Pricing for Comparable Homes in the Area

A knowledgeable real estate agent can help compare homes that have sold in the area. When you are writing up a lowball offer, look at the lower priced homes that have sold in the same neighborhood. A seller will quickly realize that if he wants to sell the home, he will need to accept a reasonable offer or risk letting his house sit on the market for weeks or months.

Consider the Seller’s Reasons for Selling

Finally, the seller’s situation can also be key in getting a good deal on a home. If the seller is desperate to sell because of a job relocation or if he has already bought a new home this can be the perfect reason to make a low offer and take the home off the seller’s hands. Without insulting the seller, the buyer can make an offer for less than the asking price and agree to a quick closing.

15
Aug
By support
Home Buyer Tips

Experiencing ‘Purchase Anxiety’? How to Calm Your Nerves Before Committing to Buy a New Home

Experiencing 'Purchase Anxiety'? How to Calm Your Nerves Before Committing to Buy a New HomeWhether this is your first big purchase, or your family is moving to a new location or looking for more space, buying a home has its share of ups and downs.

It’s perfectly normal to feel anxious about whether or not you’ve found the right property. Here are some things you can do to make yourself feel more secure with your decision.

Do The Math

You’ve probably already done this, but it’s okay to go over it a number of times to be sure. Factor in your household income and all the bills you expect to pay every month. Add everything up.

It sounds like a stressful activity, but when you look at the numbers and realize that buying a home is actually doable, it can be a liberating feeling.

When you know for sure you can make it as a homeowner without getting underwater, you will feel more confident.

Meet The Neighbors

If you haven’t had the chance to knock on a couple of doors yet, you should spend some time saying hello to people in the neighborhood. The more you can get to talking with families that are just like yours, the more you will be able to picture yourself as a member of the community.

If you have kids, find out if there are other kids the same age nearby. That will help to ease their anxiety about moving as well.

Ask Your Agent

Don’t feel like you are being overly cautious if you ask your real estate agent and or mortgage professional your lingering questions. Make sure you’re getting a good price for the area, and make sure you know about any issues with the condition of the property.

You should be able to trust that your realtor and mortgage professional are excited for your decision.

Familiarize Yourself With The Neighborhood

Take a drive and figure out which stores you’re nearest to, the route you can take to get to work, and which other amenities you might take advantage of. Home buyers often underestimate how important living in a safe neighborhood with plenty of accessible businesses can be.

The more you can imagine yourself living at your new address, the better you will feel.

Remember, never sign the papers on a new home unless you feel one hundred percent secure in your buying decision.

08
Aug
By support
Home Buyer Tips

Five Absolute Truths About the Home Buying Process That You Will Need to Come to Terms With

Five Absolute Truths About the Home Buying Process That You Will Need to Come to Terms WithBuying a home is one of the most exciting times that an individual will undertake in life. However, a property purchase is not without its challenges, and these can cause frustration. In this article we’ll share five potential setbacks that home buyers will need to understand and come to terms with to make a successful purchase.

Homeowner’s Insurance is Necessary

Most lenders will require insurance before financing is approved. To fulfill these requirements, the policy should be for at least one year and proof that the policy has been paid for must be presented. Purchasing the policy is something that must be done before closing can take place, so if you’re sure that this is the home for you, don’t delay.

Some Sellers Are Firm, No Matter What

In an ideal situation, the buyer and the seller come to a mutual agreement very easily. However, in most cases negotiation of some type is likely to be a part of the process. As with most negotiations, to reach success both sides will need to compromise.

Probate Properties Have Special Terms

When the original homeowner has died, there are certain considerations to keep in mind that do not typically apply to other types of property. One is the fact that there is a special process that must be completed before the property can be sold, even though the heirs may advertise the property as being for sale ahead of time. Another factor to keep in mind is that a recently probated property may have been uninhabited for some time and will be sold ‘as is’.

Loan Offers May Not Be Set in Stone

A common pitfall for many buyers is the assumption that home financing will be approved without issue. Unexpected circumstances may arise that cause a mortgage loan to be denied, which can cause an unprepared buyer numerous issues. Many sellers, in anticipation of such problems, have a contingency requirement.

Expect Caution from Sellers

If a seller treats your offer with caution or trepidation, don’t take it personally. Many homeowners have been burned during previous sales, and you have no idea what the seller has been through with potential buyers this time around. If someone is exercising caution, there’s likely a good reason for it.