buying a home: Oh, That Darn Appraisal
- 02/22/13 09:35 AM
It was the picture-perfect deal. The buyer found his first home, and he was bubbling over with excitement. The seller had an offer to feel good about. Inspection was done. A few repairs were requested. And the repairs were made. But then the call came. Appraisal came in low. That one always stings. Doesn't matter if it comes in just a couple thousand under the purchase price or several thousand under. Someone is telling the seller that their house is not worth what the buyer is willing to pay. Ouch. Even with the most accurate comps and proper adjustments for improvements, it is … (7 comments)
I had lunch recently with a colleague and friend, and among the many things we talked about was-- Does a buyer or seller choose a company or an agent to work with? As real estate agents, we tend to track where our business comes from. It helps us determine which marketing methods are providing the best return. Are we getting calls off our personal web site? Are we getting calls off the sign in front of our listing? Did the client find us on our company's web site or … (3 comments)
So how much are you going to offer? Thinking about offering a lot less than what the seller is asking just to see what happens even if comparables show the house is priced well? Is that a risk you're willing to take? Yes, there's more to an offer than just the price. There are contingencies like home inspection, financing, radon testing. There's earnest money and the closing date. There might even be a request for a home warranty or … (2 comments)
buying a home: Getting Pre-Approved Still Is -- and Always Will Be -- the First Step to Buying a House
- 12/11/11 10:36 AM
You found the house. It's perfect. It has the number of bedrooms you need and the updated bathrooms you were looking for. It's the perfect location in the neighborhood you most wanted to be in. So let's go take a look! Whoa!!! Not so fast. Have you talked to a lender yet? Do you have that pre-approval letter?
If the answer is "no," there's no need to go look at that or any house just yet. Here are the reasons why. In today's market -- and even in any market -- a seller will likely not even look at an … (4 comments)
buying a home: When All You Can Do Just Isn't Enough
- 11/05/11 06:43 AM
I spent much of last weekend "in the dumps." One of my aunts had passed away, and the reality of her being gone set in hard late Saturday and into Sunday. And I was continuing to try to wrap my head around the fact that two of the three closings I was supposed to have that Friday didn't happen.
One of these deals came down to financing and the inability to get some. It was heartbreaking. The buyers were a young couple, hardworking, and committed to doing everything they could to make this happen. I was committed to making it … (3 comments)
buying a home: What I Ask of Myself
- 09/16/11 04:59 AM
I recently wrote a couple blog posts, What I Ask of My Buyers and What I Ask of My Sellers. Time to turn the table on me. Here's what I ask of myself -- my check list of what I owe my buyers and sellers. Be Honest-- Tell the truth about the current market conditions. If your house is priced higher than the market can handle, I will tell you. I will provide you with the feedback we receive from private showings and open houses, whether it's positive or negative. If your expectations of what you want in a house is not … (2 comments)
buying a home: What I Ask of My Buyers
- 09/03/11 09:12 AM
After working with a variety of buyers over the past several years, I've come to realize I have a wish list -- just some things I would like every buyer to know and understand so we're sure to use both their time and my time in the most efficient way to find the house they are looking for. And so I would ask this of every buyer: Loyalty -- I ask that you work with me exclusively, and that means signing a Buyer Agency Agreement. A lot of time, effort and research goes into looking for a house. I run … (3 comments)
buying a home: Is It Worth It to Own a Home???
- 07/20/11 04:48 AM
I closed on a house yesterday -- one of my listings. This had turned into one of those "bitter-sweet transactions," with emotions running high. My sellers had put years and lots of blood, sweat and tears into this house. As they described it, pretty much the entire interior had been gutted and redone over 10+ years. I'm pretty sure they intended it to be a "forever" home, but a job opportunity on the West Coast took them away from this pride and joy of theirs. With challenging market conditions, the house sat for nearly a year before we got an offer, … (5 comments)
buying a home: Putting Yourself on the Receiving End of That Offer
- 04/07/11 12:15 PM
A colleague posted a "note" on Facebook the other day directed at buyers and their tendency to make offers that "even put low-ball offers to shame" in this buyer's market. She cautioned them by advising that they might want to mentally prepare themselves for a flat-out rejection. I could not agree more.
She's right -- it still is a buyer's market out there. But the building you are bidding on is someone's home. There is an abundance of emotion behind each and every listed property. It doesn't matter if the sale is due to downsizing, upsizing, divorce, death, health issues, foreclosure, job change or … (4 comments)
buying a home: What Do You Do When Emotions Run High??
- 12/06/10 04:05 AM
Emotions seem to be running high with buyers and sellers these days. I state the obvious when I say the market is tough out there. It can be brutal sometimes. And this has pushed levels of frustration, sensitivity, and even anger to a new high. Sellers don't understand how a buyer can't see the value of the work they've done to the house over the past several years. And buyers wonder how the seller can't see that the dated carpet and knicked up counters need some attention. How can I help my buyers and sellers--and quite frankly me--keep these emotions in check?
… (4 comments)
buying a home: Are You Holding Yourself Accountable for the Situation You're In?
- 10/29/10 03:57 AM
I know I'm stating the obvious when I say the real estate market is tough these days. It's tough for sellers trying to sell their homes, it's tough for buyers trying to get pre-approved for a mortgage, and it's tough for Realtors® trying to make a living. But maybe it's time to start holding yourself at least somewhat accountable for the situation you're in. For sellers, if your house is sitting on the market with few, if any, showings and no offers, talk to your Realtor® about your options. Make it "the" house buyers want to see. Maintain the inside and the … (6 comments)
buying a home: In Case You Didn't Hear, the Rates are Great!
- 10/22/10 01:56 AM
I recently started working with a buyer who, after renting for a while, is looking into purchasing a home for himself and his kids. During one of our conversations, the issue of financing and the importance of getting pre-approved came up. I "reminded" him that this is a great time to buy because rates are around 4.25%. His response?? "You're kidding!!! Are you serious?!?" Oops. I assumed everyone knew that mortgage rates are as low as they are. What a lesson I learned! Note to self -- just because I'm wrapped up in the world of real estate and short sales … (0 comments)
buying a home: Handling All Those Outside Influences
- 01/31/10 02:19 AM
I've been showing houses to a lot of first-time buyers over the past several months and have noticed one definite common denominator -- all are trying to sort through the countless opinions of family, friends, and co-workers. It can be overwhelming trying to make sense of all the feedback:
"Sellers are desperate these days. Offer low." "The house has been on the market over three months. Offer low." "The carpet and kitchen floor are old. Offer low." "The kitchen counters are formica. Offer low." "The woodwork is knicked up in this 100+ year old house. Offer low." … (4 comments)
buying a home: New Job Loss Protection Program Offers Some Peace of Mind
- 10/09/09 12:53 AM
So you're thinking about buying a house but there's still so much uncertainty around us - Are we coming out of the recession yet? Is your job secure? Are interest rates going to be going up? All of us at Shorewest Realtors® are committed to working with you to help you find the option that best fits your current situation.
We are now offering the Job Loss Protection program, which is an optional, seller-funded mortgage protection program. Should the buyer lose his/her job within the first 24 months following closing, the Job Loss Protection program provides up to six months … (1 comments)
buying a home: Maybe Those Home Shows Aren't Such a Bad Thing...
- 05/08/09 02:09 PM
I have to admit that there have been times when I've wanted to curse some of those home shows so many of us seem to be addicted to. Sometimes they have a way of making it look like selling a home is so easy. They can give the impression that a buyer makes a choice after seeing just three homes. And they have a way of convincing sellers to make every improvement they suggest, regardless of cost. Sigh...if it were only that easy. But over the past week, I met with two potential sellers who both said they know what … (6 comments)
Author Bio: Peggy Wester has had her real estate license since 2002. She helps buyers and sellers with the purchase and sale of their residential homes, primarily in Ozaukee and Washington counties.
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