I just had this convesation with an out of town buyer in the Tampa market. Inventory has reduced, and low offers simply don't go anywhere. In some instances, we have very little inventory for buyers. Thanks for sharing!
There is a common wave of behavior leading to a sharp wake up call across the country for Home buyers. The fact is Buyers are Losing Their Dream Homes left and right. The problem starts with the media telling everyone how "Bad" things are in Real Estate, when that is not so across the WHOLE country. Many areas are not in decline and are actually in a strong recovery.
Everyone wants to get the best deal, but how you go about it is just as important. "Lowball" offers are not always the way to go about it in this market anymore. Not all homes listed for sale are in a distressed situation. You have a mix of foreclosures, bank owned , short sales. or Owner Occupied homes.
Here in the Manchester NH area currently listed homes are down near 30% and sales have increased near 18% in some areas. It should not take a buyer to lose their dream home to be aware of current market conditions and how to make an offer. Many of my new Listings have several offers within the first couple of days....
If you want to make a "Good" offer you need to follow some simple guidelines.
1. GET PRE-QUAILIFIED: Before even looking at a home you should get pre-approved for a loan. No bank will look at your offer without it. Meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any mortgages that you may quailify for. You should then tell them you are looking at bank owned homes so they can provide you with a list of what condition the property needs to be in for you to be able to get a mortgage.
2. WHO IS REPRESENTING YOU? : You should know that the listing agent represents the seller. there are some advantages working directly with a listing agent if you feel comfortable with buying. If not you may want to hire a buyer broker who is WELL EXPERIENCED in bank owned home sales. In inexpereinced agent can hurt more than help. You can usually hire a buyer broker at no cost to you, they get paid their commission from the fee advertsised in MLS by the listing agent and paid at closing. This way they can get the information for you and you will have someone assisting you through each step of the buying process.
3. MAKING AN OFFER THE HOUSE: Before making your offer you should know that most houses are sold "AS IS". The banks will not re-negotiate after a home inspection or make any repairs. Your best chance to get the bank to make repairs or credit you for repairs is in your initial offer. You shoud inspect the property before you put in the offer. If you dont want to spend the money for some reason, then when looking at the home you are going to need to look at the well, septic, roof, siding, windows, heating system, look under the sinks, in the basement for signs of water or mold, stains on the ceilings and anything that sticks out or if you are getting an fha loan, any safety issues.
Before making an offer, you should assess what the house is worth in todays market and deduct for any repairs needed. Do not base your offer on a percentage off an asking price. You dont know if the bank
priced the house higher than market value, already at market value or priced it way below market value.
4. THE OFFER: In your offer you should make sure you attach your pre-quailification letter, you should make sure you put a closing date of 30 days or less, make sure your deposit is at least 1% of the sales price and it is a cashiers check. Try and avoid any contingincies other than an inspection and mortgage contingincy. Do not put any expiration dates in for the bank answering the offer.
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If you need to sell your home and you owe more than your house is worth, i may be able to help. I specialize in working with home owners to get your home sold. There are many options such as a short sale which may be able to help you.
We are local agents with experience who never charge any up front fees.
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We stand by you through every step in selling your home.
***Values are from the NNEREN as of 3/20/12 and are subject to errors or omisions. The total sales and values do not include land or commercial buildings.
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If you are Looking for a Real Estate Agent you have come to the right place. Scott Godzyk is a Full Time and Local agent ready to serve all of your Real Estate needs through each step of the buying or selling process. We are proud to be locally owned and operated.
If you owe more than your house is worth, If you are behind in your payments, I may be able to help. Call me to find out how you may be able to sell your home at no additional cost to you.
Scott Godzyk is the Owner/Broker of The Godzyk Real Estate Services located in Manchester NH. With 25 years of Real Estate experience Scott specializes in Listing and Selling Bank Owned Homes, Short Ssles, Residential Properties, Condominiums, New Construction and Investment Properties. Scott services the counties of Hillsborough, Merrimack, Rockingham and Belknap. To contact Scott Godzyk please call 603-661-2121 or email firstname.lastname@example.org. his website is www.ScottSellsNH.com.
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