This post by Judy Jennings is an oldie but goodie.  It was her first featured post, over a year ago, and it is just as relevant today as the day it was written.

Not only does she provide good content, the post is very easy on the eyes with varied fonts, attractive images, white space, and subheaders that make it read almost like a menu.

If you're still trying to figure out what it takes to get one of your posts featured, study this one... it has all the right elements.

 

Via Judy Jennings - Realtor® Serves Plymouth & Barnstable Counties MA (ERA Belsito & Assoc Inc):

I had a client that was very interested in purchasing a property and wanted to go out and start shopping right away.  "These are all the things that the house must have.... here is what I am willing to pay.... I have excellent credit so that will not be a problem... I will have to sell my house, but I want to find a suitable replacement first."

new home


Well, you might be ready, and almost willing, but you are not quite able at this point. That is, not without risk.

This is still a buyer's market, but that is changing. Especially if you are looking in a price range where you are in direct competition with numerous buyers that do not have a house to sell first. If you find a property and you want to make an offer, you will have to make it with a home sale contingency. With a home sale contingency, the seller is going to ask if your house is under contract with a buyer, and will assume that it is at least listed for sale. 

If they find out you do not even have your house up for sale (and they most likely will), they may turn down your offer outright and consider that you are not a serious buyer. If you think you can make a low offer when you have a house to sell, you might as well save yourself the effort. However, in the event your offer is accepted, the seller will most likely include a 48 hour first right of refusal clause. The seller will continue to market the property for sale with a disclosure that it has an offer pending with a home sale contingency. Be aware, this leaves a window of opportunity for another buyer (which I will mention later).

Now what? You love the house and do not want to see someone else purchase it so you are faced with finding a buyer for your home really fast. How do you sell a house really fast in this market? You have to price it very aggressively. Even then, it does not guarantee that you will sell your house fast. Not to mention that being in a position where you have to sell quickly will make you much more susceptible to accepting a lower offer. What did that just cost you?  Oh, and what about that buyer that makes an offer to purchase your house, but has a house to sell first. Do you want to accept the offer with a 48 hour first right of refusal? Not really.  

Say it isn't so, someone came forward and is able to buy the property you have an option to purchase? They can if they have like (or better) terms. You are now forced with a decision. Either remove your home sale contingency and purchase the property, or forfeit the house which will then be sold to the other buyer. That hurts, you just lost the house you really wanted. Now you have to start all over again.

A better solution, would be to list your house for sale now. If you are afraid that you might not be able to find a suitable replacement, then disclose that in your listing and make your sale contingent upon finding suitable housing. It is not difficult, and will give you some peace of mind.

You will be perceived as a serious buyer when you start shopping for your replacement home.  Any favorable action that you can take toward improving your ability to purchase will bring you closer to a successful outcome. It will also save you money. Call your Realtor today and ask for more details.

moving

 

Copyright 2006-13. Margaret Woda. All rights reserved.

  DISCLAIMER: Information contained in this post is deemed reliable on the date of publication, but it is not guaranteed and it is subject to change without notice.

________________________________________

Margaret Woda, Crofton Realtor


Margaret WodaMargaret Woda, REALTOR & Associate Broker
Long & Foster Real Estate, Inc., 2191 Defense Hwy., Crofton, MD 21114
Direct:  (410) 451-6245 or click on EMAIL

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3 Comments on Are You a Ready, Willing and Able Buyer?

JUL
23
2010
1,091,502 Points 201 Featured Posts Outside Blog Hit Router Attended Rain Camp Called Shot Master

Hi Margaret, Judy has provided some very good points here and i will have to go check out her other posts.Thanks for sharing this.

11:05pm • #1
JUL
24
2010

Thanks for the repost.  It is good advice for agents as well as buyers.

12:41am • #2
142,363 Points 9 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

I like one of David Knox's lines that goes something like this: "Are you ready to BUY? Are you ready to buy NOW? And, are you ready to buy through ME?

1:19am • #3


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Margaret Woda, Maryland Real Estate & Military Relocation Services

Margaret Woda

Crofton, MD

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Long & Foster Real Estate, Inc., Crofton, MD 21114

Address: 2191 Defense Hwy., #120, Crofton, Bowie, and Davidsonville, MD, 21114

Office Phone: (410) 721-1500

Cell Phone: (301) 346-2923

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Real Estate and community information for home buyers and sellers, military transferees, and rookie agents in the greater Crofton area, including Bowie, Davidsonville, Fort Meade, Gambrills, Odenton, and the U.S. Naval Academy in Annapolis.

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