I sat by the lake going over 12 offers on my new Manchester NH area home listing. I am seeing a new trend. 11 of the 12 were over asking price. That is not new. But 5 of the 11 were WAY over the listing price. One offer $50,000 over the listing price. Now before you say the listing was under priced, it was not. It is priced right at market value.
I concentrated on the wording on those 5 offers. All are getting a mortgage and from 3.5 to 30% down. I was looking for those who waived the appraisal. None had. There was a few that offered to pay up to a certain amount if the appraisal came in low. The others would not pay any difference really making their higher offer worthless.
So what is new? The new trend is buyer agents so willing to write offers so high over asking price with no guarantee that it will appraise. My thought is no way it will appraise $50,000 over asking price, yet the buyer agent listed a whole page of reasons "it might". As I do appraisals, none of these reasons hold water or will raise the value of a home.
In our current market we have more buyers than houses for sale. Buyer agents are looking for any reason, trick or advantage to get their buyers offers accepted. SO offering a price so high it may catch the sellers off guard. Offers so high that they wont appraise. That they full well know the price will need to be reduced in order to get a mortgage. The key fact is "knowing their buyers do not have the money to pay for the difference between offer price and appraised price.
Offering $50,000 offer asking with no will of the buyer to be able pay the difference bewteen a lower appraisal and what they offer frankly makes their offer worse than if they made a strong offer at a reasonable price.
THE MORAL OF THE STORY is that you have to read everything. You then also have to understand what you are reading. You also have to know value and appraisals very well. This is a time when we can head off appraisal issues by looking reality over a dream. Low appraisals are deal killers and we can stop this problem in some cases from the start. Imagine having the sale go right from the start. Imagine a Realtor answering their own phone when you call. Imagine a listing process that reduces or eliminates your stress. Imagine an agent who works for you while supporting you through out the selling process. Imagine a locally owned and operated business that supports your local schools, sports and kids activities.
THERE IS NOT NEED TO IMAGINE any longer. You have me. A locally owned Real Estate company that works for you. That is here for you and can help you will all aspects of the selling process.
WHAT SHOULD I DO NEXT IF I AM THINKING OF SELLING? You should reach out to me today. Email email@example.com or call me at 603.661.2121. I can come see your home. Tell you what it is worth in today's market. I can go over where you want to move to. I can go over your time frame. I come complete with tips how you can get top value and make the selling experience better. We can discuss if now is the time to sell or if you should wait. We discuss how to save you money while getting the best price for your home.
In the end, the most important thing in Real Estate for me is provide GREAT SERVICE. I want to stand out from the crowd. My philosophy is simple. To provide more personal and professional service to guide my clients through each step of the selling and buying process.
All agents are not created equal and every consumer should take the time to hire the BEST not just the biggest agent. Let me show you there is a difference. Please Support locally owned and operated business.
Locally owned and operated since 1985.
To CONTACT Scott Godzyk please call 603.661.2121 or EMAIL: Sctprop@aol.com .
About the Author: Scott Godzyk is the Owner/Broker of the Godzyk Real Estate Services in Manchester NH. Proud to be locally owned and operated with 35 years of experience, Scott is a leading Agent for Listing and Selling Homes in this area.We are Full Time Agents ready to serve all of your Real Estate needs. Servicing Hillsborough, Rockingham, Merrimack and Belknap counties.