Real Estate Matters: 5.4.2021
PRESQUE ISLE, Maine (WAGM) -If you’re looking to buy a home right now, there could be a wait before you sign on the dotted line as the new homeowner. Its not as easy as making an offer, offer accepted and move in. As Shawn Cunningham reports in this week’s Real Estate Matters, the market right now favors SELLERS and that can create some hurdles for potential home buyers.
Shopping for your dream home right now could be a dream or turn into a nightmare if you’re unprepared. Its a seller’s market right now so anything goes. But local realtors say following six simple rules could keep things simple for any real estate transactions.
Number 1. Make your best offer first
Stephanie Fields Realtor, Fields Realty LLC.
“making your best offer first in a strong seller’s market making a list price offer quickly may prevent a competitive interest.”
Shawn Cunningham NO STANDUP
Number 2. Be ready to bid
“if a quick offer of a listing price doesn’t work the next step is to still make your best offer but be prepared it may not be your final offer this expresses a stronger desire that you want the property and are willingness to pay the most sometimes this works and sometimes it doesn’t.”
Number 3. Don’t counter
“the owners in a competitive market like this may se 3,5, maybe 12 offers all at once and that enables the seller to not have to counter back because they will pick the best offer out of all the offers so that doesn’t necessarily mean that the seller is going to have to counter back to your offer so the buyers need to be amazing right out of the gate.”(Track 4)
Number 4. Show cash Show a seller how serious you are by offering more cash than normal in earnest money.
Number 5. Offer non-price factors
“some sellers will accept your price if you provide some non price considerations that can speed up the transaction and that is also known as contingencies.”
Number 6. Have money for a low appraisal High home prices can lead to home appraisals that don’t climb as fast, leaving lenders tonot fund the loan. It’s not a bad idea for home buyers to have money set aside to the pay the difference between a contracted purchase price and the appraisal. Overall she says to remain calm and have an open mind and a good attitude accepting that...
“that’s all you can really do is give your best offer and if its meant to be it will be.”
Shawn Cunningham, NS 8.
Copyright 2021 WAGM. All rights reserved.