Colleen Griffin - RE/MAX Vision



Posted by Colleen Griffin on 7/8/2019

Selling a home takes patience. Especially when youíre balancing your time between settling into your new home, and keeping up with your work and family life. So, when youíve finally gotten to the point of accepting an offer on your home, youíll probably breathe a sigh of relief--and you should!  However, there are still a few more things that will need to happen and a couple of things to consider before closing the deal on your home sale.

Contingencies on the purchase contract

A purchase contract typically includes contingency clauses that are designed to protect the interests of both the buyer and the seller. These clauses mean that the contract is contingent upon the actions being completed before it can be legally valid.

There are three main contingencies that will likely be included in the purchase contract before closing--inspection, financing, and appraisal.

Inspection contingency

The inspection contingency allows the buyer to have the home inspected by a professional before closing (the time should be specified within the contract, but the inspection should usually occur no more than two weeks after you accept the offer). A home inspection lets the buyer know what to expect in terms of repairs that the home needs now or will need in the near future.

Financing contingency

Since the vast majority of buyers will be purchasing their home through a loan, a financing contingency is included to allow the buyer time to secure their mortgage. Getting pre-qualified and pre-approved makes this process easier, but the buyer will still have to finalize and close on their mortgage before their financing is official.

This clause exists to protect the buyer in the event that their mortgage application is denied, ensuring that they arenít penalized.

Appraisal contingency

The third contingency most often found in purchase contracts is a home appraisal. The buyer will order an appraisal and then the appraiser will reach out to you to find a day to come and value your home.

If the home is then appraised at the amount agreed upon in your contract, this contingency is met. However, if the appraisal comes up lower than the purchase amount, the buyer can renegotiate the price.

Walkthrough and closing

Once the appraisal and inspection have been met and financing secured, the buyer will have a chance to do a final walkthrough of your home. The walkthrough usually occurs no more than two days prior to closing on the sale. A walkthrough allows the buyer view the home one last time to ensure that the condition of the home hasnít drastically changed since the home was inspected or appraised. So, make sure the buyer is aware of any changes you planned to make to the home before closing.

Now youíre ready to close on your home sale. Youíll receive a disclosure form to review (read it carefully!) and sign. Once closing is complete, ownership of the home is officially transferred to the buyer.

While the closing process does include several steps, itís important to be available and cooperative along the way to ensure a smooth sale and transition into your new home.





Posted by Colleen Griffin on 1/21/2019

Putting an offer on a home is an exciting event. You donít want to get so excited that you overlook the important factors that go into buying a home. Follow the tips below before you put an offer on a property.  


Research


In order to come up with a price to offer on a home, you need to do some research. You should have a general understanding of the local market. Although your realtor will have a good grasp on this, itís always a good idea to be an informed buyer. You can work with your realtor to find the right price. You donít want to blurt out a number that is completely out of line for the neighborhood or market conditions. 


A good place to start is by taking a look at what the homes in the the neighborhood are selling for. You can also look at what homes in the area have recently sold for. The advantage to hiring a realtor is that they have easy access to all of this research and information. Be sure that the properties that you look at are comparable to the one that you hope to put an offer on. You can even do this ahead of time if you have an idea of what kind of property youíre looking to buy. 


Another useful tool in the research part of making a offer is the history of the property. When did the seller purchase the property? At what price? If the seller has moved in more recently, you may have some wiggle room for negotiations.


Get Pre-approved


Getting pre-approved gives you some buying power. First, youíll know how much house you can afford. Next, youíll know that a lender is dedicated to lending you that amount to buy a home. Your offer will be taken more seriously if you have been pre-approved because the seller will know that you can get the funds to purchase the home. 


Get The Help Of A Realtor


When you hire a realtor, youíre getting the agent along with the team of people that they work with. Realtors can recommend you to everyone from home inspectors real estate attorneys. An attorney is an especially helpful advocate in the process of buying a home because they can check to be sure that your offer meets the legal requirements within your state and protect your interests as a buyer. 


The attorney will also look at the purchase agreement for the home. This will include all of the details of the property transaction:


  • The date of the offer
  • The address and property description
  • Amount offered for the home
  • Loan details including the down payment amount
  • The closing date
  • Any contingencies

These will all be very important to you as a buyer and a lawyer make sure that everything is legally sound will be a great protection for you.


Now, youíll be ready to seal the deal!       


 





Posted by Colleen Griffin on 8/6/2018

Making an offer on a home youíre hoping to buy is a stressful endeavor. You want your offer to stand apart from others, and if you donít feel comfortable increasing the offer, a personalized letter is a good way to explain your situation and possibly sway the seller in your favor.

Sounds good, right? But when most of us sit down to write an effective offer letter we often come up stumped. What makes your situation different than any other hopeful buyer? How do you find the right tone in your letter? How do you sign off at the end? 

There are a number of things to consider when writing an offer letter. So, in this article, weíre going to help you craft an offer letter that will give you the best chance of getting accepted by a home seller.

 Begin with them

Before you start talking about yourself and why you love the house, start by addressing the seller by name. Thank them for letting you view their home, and compliment them on the work theyíve done to take care of it.

Why you love their home

A good place to start in your offer letter is to describe exactly what sets their home apart from the others you looked at. Are there defining characteristics of the home that make it perfectly suited to your family? Does it have a large yard that your dog will love to run in or the workshop youíve always wanted to practice your woodworking?
Make your letter personal. This is your chance to show that you arenít just concerned with the price of the home.

Share information wisely

Some buyers get excited about all of the changes they would make if their offer was accepted on a home. And while itís okay to plan and be excited for the future, you might not want to share that information with the seller.

Remember that they have many memories and hours of work put into their home, and they might not appreciate you talking about how youíre going to start tearing down walls.

Be concise

Once you get into the flow of writing your letter, itís easy to get carried away. However, sellers will be more receptive to reading and understanding your letter if it is short and to the point. Try not to go over a page, single-spaced.

Once youíve written your letter, review it to see if thereís anything that can be simplified or removed altogether.

Peer review

Before sending your letter, have a family member, friend, or real estate agent look it over. Not only will they be able to catch small grammatical errors, but theyíll also let you know if something youíve written is confusing or would be considered over-sharing.

Presentation

You might be tempted to hit the send button as soon as youíre done with your letter. However, receiving an email can be impersonal--we all get hundreds of emails that we never even open. Rather, print your letter on nice paper, sign it by hand, and consider attaching a family photo if you have one thatís suitable.





Posted by Colleen Griffin on 7/2/2018

If you receive an offer to purchase your house, determining how to proceed with this proposal sometimes can be difficult. Ultimately, a home seller needs to weigh the pros and cons of accepting an offer to purchase. And if the pros outweigh the cons, it probably is a good idea to accept the homebuying proposal.

When it comes to reviewing an offer to purchase, there are many reasons why a seller should accept this proposal, and these include:

1. An offer to purchase matches or exceeds a home seller's expectations.

If a home seller receives an offer to purchase at or above the initial asking price for his or her house, accepting the proposal likely is a no-brainer. In fact, a seller may want to provide an instant "Yes" to this offer so he or she can quickly move on to the next step of the property selling journey.

Of course, it helps to establish realistic home selling expectations before listing a residence. If a seller sets a competitive initial asking price that corresponds to his or her home selling expectations, then this individual may be better equipped than others to enjoy a seamless property selling experience.

2. An offer to purchase falls in line with the current housing market's conditions.

If you're selling a home in a buyer's market, you may pounce at the opportunity to accept any offer to purchase that comes your way. Comparatively, if you list your house in a seller's market, you may need to consider all of your options closely before you accept an offer to purchase.

As a home seller, you should evaluate the current state of the real estate market. If you allocate time and resources to learn about the housing market, you can gain real estate market insights to help you determine whether to accept an offer to purchase.

3. An offer to purchase enables a home seller to speed up the property selling process.

If you're operating on a tight home selling timeline, you may be more inclined than ever before to accept an offer to purchase, even if it falls below your initial expectations. Conversely, if you plan ahead for the home selling journey, you may reduce the risk of facing a time crunch to sell your house.

For home sellers, hiring a real estate agent is key. This housing market professional can help a seller prepare for the real estate market and ensure that a seller sets a competitive price for his or her house. Plus, a real estate agent will set up home showings and open house events to showcase a residence to prospective buyers. And if a seller receives an offer to purchase, a real estate agent can provide a recommendation about the best way to respond to this homebuying proposal.

Ready to add your house to the real estate market? Collaborate with a real estate agent, and you can boost the likelihood of getting an offer to purchase your home that allows you to maximize the value of your property.





Posted by Colleen Griffin on 5/28/2018

Deciding whether to submit an offer to purchase a house may prove to be difficult. Fortunately, we're here to help you weigh the pros and cons of submitting a homebuying proposal so you can make the best-possible decision.

Now, let's take a look at three tips to help you determine whether now is the right time to submit an offer to purchase a residence.

1. Evaluate Your Budget

If you believe you've found your dream home, you should take a look at your budget. That way, you can verify whether you'll be able to afford this residence both now and in the future.

Oftentimes, it helps to get pre-approved for a mortgage before you start a house search. If you meet with banks and credit unions, you can learn about all of the mortgage options at your disposal. Then, you can select a mortgage that allows you to pursue a house with a budget in hand.

2. Consider Your Homebuying Criteria

You want to discover your dream residence as quickly as possible, but it is paramount to find a house that you can enjoy for years to come. If you have a list of homebuying criteria, you may be able to quickly determine whether a residence is right for you.

As you craft homebuying criteria, think about what you want to find in your dream residence. For instance, if you've always wanted to own a house on a beach, you can narrow your home search accordingly. On the other hand, if you would like to own a home that has an above-ground swimming pool but can live without this feature if necessary, you should include an above-ground swimming pool as a low-priority item on your homebuying checklist.

3. Assess the Housing Market

The housing market often fluctuates, and a buyer's market today may shift into seller's favor tomorrow. If you analyze the housing market closely, you can differentiate a buyer's market from a seller's one. You then can decide whether to submit an offer to purchase or hold off on providing a homebuying proposal until housing market conditions improve.

To distinguish a buyer's market from a seller's market, it generally is a good idea to look at the prices of recently sold houses in your city or town. You also should find out how long these residences were available before they sold. By reviewing this housing market data, you can assess the demand for houses in your city or town.

Lastly, as you debate whether to submit an offer to purchase a residence, you may want to consult with a real estate agent. This housing market professional is happy to provide honest, unbiased homebuying recommendations. As a result, a real estate agent can help you perform an in-depth evaluation of a home and determine whether to offer to buy this house.

Make an informed decision about whether to submit an offer to purchase a residence Ė use the aforementioned tips, and you'll be better equipped than ever before to decide how to proceed with any house, at any time.







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