Wednesday, October 12, 2016

How to Get Your Offer Accepted

Multiple offer situations are becoming more and more common here in Texas. I’ve got some advice to share with you that will help you get the home you want if you find yourself in a situation like this as a buyer. 

Selling in the greater Houston area? Get a market analysis report
Purchasing in the greater Houston area? Get full MLS access

Don’t wait to see what other people are going to offer. In a multiple offer situation, the seller has a ton of options. They can counter every offer, reject every offer, or accept one right off the bat. Go with your gut and put your offer in right away.

To make your offer stand out among others, there is a lot you can do. One thing would be offering a good sales price. A lot of times I tell people that if they really like a house, they need to put their best foot forward. That goes with earnest money too. Put down a minimum of 1% to show the buyer you are serious. Another thing you can do is shorten the number of days in your option/inspection period. Sellers will know you are more serious if you ask for five days as opposed to seven or 10. 

"Put your best foot forward if you like the home."

A qualified professional will be able to help you make your offer desirable in additional ways. They can advise you on what kinds of terms to offer in regards to the sale price, earnest money, option fees, closing costs, asking for a survey or not, and many other aspects of the contract. A good agent will research and ask the listing agent questions ahead of time to make sure the offer you present is the most desirable. 

If you have any questions for me, don’t hesitate to ask. I am always here to take your call or respond to your email. I look forward to hearing from you.

Tuesday, September 13, 2016

We’ll Help You Get the Best Loan Possible

If you’re out there looking to buy a home and want to get approved for a mortgage, reach out to your local Realtor first. As a local expert, Realtors like myself have access to lenders who can help you with a home purchase much better than a big bank can. 

It’s not necessarily true that larger institutions can serve your needs better. The big banks are like general practitioners of financing. They will be able to tell you what you need, but might not know all the options you have. Our lenders are more like specialists. They are masters of the trade and when an issues come up, they are better equipped to handle them. 

"With the larger banks, you’re just another number."

Larger institutions are quick to issue pre-qualifications. They get your name, credit score, and basic info. They don’t get any official documentation. That’s ultimately not good for you. A mortgage lender will take this same first step as a big bank, but they will take that extra step to collect documents ahead of time so it’s much less likely that you’ll default or not be able to afford your mortgage.

An additional benefit to working with one of our lenders is our relationship with them. With the larger banks, we’re just another number. We don’t necessarily get the same person on the phone each time so we can ask specific questions. With my preferred lending partners, I can call and ask them about your specific situation, and give them specific properties to run the numbers so you know what you are bringing to closing. You can go in with your eyes wide open and know what you’re getting into financially.

If you have any questions, give us a call or send us an email. We would love to hear from you.

Wednesday, August 24, 2016

What Actually Happens During an Appraisal?

We are here to answer the commonly asked question: “What is an appraisal and why is it important?” An appraisal is when a mortgage lender sends someone out to a property to determine its value. 

"An appraiser will look for any major defects."

When it’s time to order an appraisal on a home you purchase, a third party will come out to the home so they can determine what homes are selling for in the area and how your property matches up. They will physically look at the exterior and interior of the home and note any major defects. An appraisal will mostly look for major defects though, they aren’t going to get into the details as much as a home inspector would. 

As a buyer, when the appraiser goes out there, there are going to determine if the home you made an offer on is worth more, less, or the same as you paid for it. If the appraisal is the same as what you paid, or it comes in higher, you’re clear and free. If the appraisal comes in under what you’re paying, you will have to re-negotiate with the seller. You can stay firm at your price and force them to cover the difference, you can come down in price, or you can negotiate somewhere in the middle. There are a lot of options.

If you have any questions for me, give me a call or send me an email. I would love to hear from you.

Thursday, June 23, 2016

What’s Trending in Houston Real Estate?

Looking to buy in the Greater Houston Area?  Get a full MLS access 
Looking to Sell in the Greater Houston Area?  Get a free home market analysis

We’re definitely in a strong seller’s market. Right now the Houston area has a low inventory of homes due to more people looking to purchase a home than there are homes available for sale. Great rates, low prices, and a lack of other people selling are all factors that shaped this supply and demand.

Regarding the state of home values, we’re currently going through a market upswing. Furthermore, economists have predicted that we will continue to see appreciation over the next few years. Yet another reason to purchase a new home!

The average number of days a listing stays on the market can vary, but right now that number is very, very few. With listings being made available on the internet and through various media apps, homes are typically gone within two or three days. If it’s a nice house in a nice area and it’s priced right, it will likely be under contract in a week or two.

"Overall, now is a great time to buy or sell."

The demand for both homes in the suburbs and properties very close to downtown are heating up. As a whole, Houston and its entire metro are a very competitive market across the board. Overall, now is a great time to buy or sell. If you’re selling, your home will sell if it’s priced right and put on the market. If you’re buying, interest rates are still historically low, and home values are still down compared to where they will be in three to five years.

If you’re looking to either buy or sell, give me a call or send me an email.

Thursday, May 26, 2016

How Do You Manage Multiple Offer Situations?

Looking to buy in the Greater Houston Area?  Get a full MLS access 
Looking to Sell in the Greater Houston Area?  Get a free home market analysis

How do you juggle multiple offer situations as a seller? Before accepting an offer, there are a few factors to pay attention to.

Is the highest offer always the best? The first factor is, of course, the price, but it’s not the only one. What are the other concessions the buyer is asking for? They may include closing costs, home warranties, preferred dates, and more.

Next, ask about earnest money. How much are they offering? This shows how serious (or not) they are about moving forward with your home. What about their option period and how much are they willing to put down for it?

Additionally, take into consideration the buyer’s agent, on the other side of the transaction. They’re going to help your agent get to the closing table!

What should I consider when accepting an offer? When considering different offers, I always recommend researching ahead of time. That way, when the offer is right in front of you, you'll already have all the information. You can then make an educated decision.

As for cash offers, it’s ultimately a personal decision. It has to do with timelines. A cash offer will close quickly, but they might ask for a better deal since they’re not financing. Conversely, a finance offer will require at least 30 days, but it’s likely they’ll match your listing price, or even offer more.

"A professional will help you sort through the details of the offers."

How can a qualified professional help? A tailored professional will help you sort through the details of the offers. They have tools and resources you otherwise wouldn’t have. It’s always great to utilize an agent to explain this complex term into simpler words.

If you’re thinking about buying or selling a home in the surrounding area, I’d be happy to chat with you! Call or email me at your earliest convenience. I’d be happy to answer your questions!