The dream of a seller is to receive as many offers as possible. When you receive multiple offers, it will mean you’ve both correctly priced your home and presented it to the market in its best possible light. Comparing multiple offers can be a challenge for a seller. The trend could be to focus on the price but that should not be the ultimate component for decision making. Moreover, choosing the wrong offer could turn everything into a nightmare.  Here are some tips for evaluating and selecting the best offer on a home.

  • Identify the best buyer and make a deal.

The best buyer is the individual(s) that visited your house severally and made themselves well known to you and your agent. The highest bidder is not necessarily the best buyer. If you select a buyer to be the best bidder, they might get cold feet after an inspection and walk away.

The best buyer should be working with a local agent, and is not new in the market, and has been pre-approved with a mortgage. A good listing agent will be quick to point out who the best buyer is.

  • Use the terms of a lower-priced offer with your best buyer.

If you a couple of offers, they may run the range from bothering to lowballing you. Don’t take offense to any offer, because the offers you get, the more you have to figure out counter-offers.

If your agent can inform the buyers’ agents that they have received four more offers, it will make the top two buyers to want it more. If your price offer is low and has quick closing or offers to remove all contingencies within two weeks, use that as leverage terms with higher-priced buyers.

You should grab all the prices and terms then get the buyer that will offer the best of each. When the best buyer fails to come with the highest price, try to counter them to match the price and offer of another offer.

  • Always have a backup offer

You should avoid getting back to the market at all costs. If this happens, you may not realize the same price or terms again. When a buyer sees a home back to the market again, they may think there’s something wrong with it.

If you fortunately have multiple offers, get to the second-best buyer and convince them to a backup plan. Ensure you maintain contact with them especially if they don’t agree in writing. Do this until the first buyer removes all their contingencies.

You don’t have to be surprised by multiple offers. You can plan and prepare for it by studying your market to understand better. You need to know prior the contingencies you want ahead of time. When more than one party are interested, you have increasing chances to make perfect terms and conditions for a successful sale.  

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Buying a house requires a lot of time and effort. It is one of the major milestones that tops people’s to-do-list in their lifetime. Although it may financial fears to people, it doesn’t have to be a stressful experience. You can take charge of your home buying process if you have proper time and do research. Here are the steps you should follow to avoid confusion in the buying process.

  • Are you ready to become a homeowner?

Buying a house is an emotional and financial decision that needs experience. Whether you are a first-time buyer or a repeat buyer, you need professional support to help you make sound decision on becoming a homeowner.

  • Find the right real estate agent

You will need a professional who understand the community better than you do. The local realtor will help you in inspections, financing, marketing, pricing and negotiation. Those operations are too complex for you to handle yourself.

Get a mortgage pre-approval

This is a crucial step because you will have to find out how much you can be able to afford before you start your home search. You should now consult your mortgage lender since you will need to finance your home purchase.

  • Do your Research and choose one home

Visit real estate websites and find the available homes for sale. In consultation with your realtor, you will be able to make an informed decision on the type of home that meets your need and priorities. Choose the house you’ll have joy living in it years to come.

  • Get funding and make an offer

The price of a home is usually less than the cost incurred in financing that home. Find more information about your mortgage options and all other costs. A proposal at times include both the terms and price. In some cases, terms may represent additional costs to buyers

Get insurance

As a homeowner, you will need insurance just as car owners do. The insurance will protect you in case of a catastrophic event.

  • Closing

During closing, you will sign all the paperwork required to complete the purchase. It brings together the various parties that are part of the real estate transaction. After closing, you are ready to move into your new home.

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When you want to buy a house, it is important to keep in mind that someday you will be selling it. You should not be caught up by the home search and desire to own. When you want to buy a house, you should step back from the emotional, lifestyle qualifications of properties and focus on the investment potential.

A home is an investment and that is why you should imagine yourself as the seller of that home in the near future. When you buy the most expensive house in the neighborhood, it will be more challenging to unload it being the priciest home on the block. You would rather buy your home in a more desirable neighborhood for it to be a better investment. Here are reasons to avoid buying the best house in the neighborhood.

  • You need to leave room for improvement

An investment that has room for improvement is the best investment. Ideally, you will be improving the value of your home during your ownership hoping it eventually pay off when you sell it. That is why you should buy a house in the worst neighborhood. Small improvements like refreshing the paint, regular maintenance, and fixing the odds which may be ignored by an irresponsible occupant. Such practices can improve the value of your home. However, if the price of your home is already above the rest of the neighborhood, such changes won’t make any difference.

  • Neighborhood influence home values

Buying a home next to the nicest house on the block is a smart investment but owning the best property is disadvantageous. Your neighbors’ homes have to improve and be pretty as yours before the value of your home increases. This is a rare occasion and that is why you should not risk. It is better to “buy a bad house” and later improve it to make more valuable.

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November 2019
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