Our Real Estate Blog
“Short sales” may have one of the most deceiving names in real estate. Any client who is undertaking the purchase of a short sale property will ask, “Why is this taking so long?” Short sales generally happen due to lapsed payments on a mortgage. In the short sale, the owners take a loss on the property, but it saves them from being foreclosed on by the bank. Many of these sales are circumstantial by divorce, or a sudden change in job. The seller asks the bank to take less money than the amount owed on the house in a short sale transaction.
If You’re Buying A Short Sale Property
If you have made an offer and the seller accepts it, your dealings are far from over in a short sale. The seller’s bank needs to approve the sale. Since the bank is losing money in the deal, this is where the hold up can be in the entire transaction.
The First Step
The seller’s bank must review the short sale package first. The seller needs to submit a complete picture of their finances to the lender. The seller’s credit score will also be reviewed. A bank would not approve a short sale if, let’s say, the seller happened to have a lot of extra cash just sitting in a bank account. The lender needs to protect themselves.
The listing agent should be on top of all of the paperwork that should be done in order to have the transaction approved. As a buyer, you’ll appreciate a good short sale listing agent.
Make Sure Everything Is In Order
There’s a lot of paperwork to sign in order to get a house. There’s even more paperwork to sign in order to secure the purchase of a short sale. If just one page of the documents are missing or one signature is left unsigned, the entire process can be slowed down even more. As a buyer, you should confirm that all the required documents have been signed and received.
Another problem that can occur is that documents quickly become outdated. Bank and other financial statements are a good example of this. By the time paperwork is ready to go through the lender, last month’s bank statement could be completely outdated. The lender will then need an updated statement, holding up the process even more. The seller and agent need to be ready for these circumstances. The faster the lender is responded to, the smoother the process will go.
Remember You’re Working With Two Banks
When you’re purchasing a home that’s a short sale, you’ll need to deal with two banks- your lender and the bank handling the short sale. Be mindful of the timelines that each bank has. If you aren’t, you could be approved hours too late to buy the property, leaving you and the seller to start from scratch.
Buying a short sale is risky because there is always a greater chance the sale will fall through or succumb to foreclosure due to some kind of circumstances beyond the buyer or the seller’s control. If you have the right realtors on both sides of the table, the process of buying a short sale should go as smoothly as can be expected.
Looking to add your home to the real estate market sooner rather than later? Ultimately, you'll want to look beyond the potential price of your residence as you get your house ready for the real estate market.
For home sellers, price is one of several factors to consider before they list their houses. In fact, some of the top home selling factors to evaluate beyond price include:
1. A Home's Location
A home's location may dictate how quickly you're able to sell your residence. And if you understand the benefits associated with your house's location, you should have no trouble promoting your residence to the right groups of homebuyers consistently.
For example, a home that is located near a big city may prove to be an ideal choice for those who work in the city. On the other hand, a house that is located near top schools could prove to be an ideal option for families.
2. A Home's Condition
Although you've tried to maintain your house's interior and exterior over the years, you may still be uncertain about how your residence will stack up against other houses in a competitive real estate market.
Fortunately, a home appraisal can help you take an in-depth look at your house's condition and map out your home selling journey.
During a home appraisal, a property inspector will examine your residence. The appraisal may take several hours to complete, as a property inspector will investigate your house's interior and exterior.
When a home appraisal is finished, a property inspector will provide you with a detailed report that describes his or her findings. Then, you can use the home insights contained within this report to prioritize myriad home improvements.
With a home appraisal, you can gain deep insights into your house's condition. That way, you can better understand your house's strengths and weaknesses prior to adding your home to the housing market.
3. The Current State of the Housing Market
The current state of the housing market may impact your ability to sell your house, and for good reason.
For instance, if you're operating in a seller's market, there may be an abundance of homebuyers and a shortage of top-notch houses. This means there will be high demand for the best residences, and you may attract plenty of interest in your house as soon as it becomes available.
Let's not forget about a buyer's market, either. In a buyer's market, there are many home sellers and few homebuyers. Therefore, a home seller may need to allocate significant time and resources to stir up interest in his or her property.
For those who are unsure about how to navigate a seller's or buyer's market, hiring a real estate agent usually is an excellent idea. A real estate agent can teach you about the current state of the housing market so that you can get the best results possible during the home selling journey.
Look beyond price before you list your residence, and by doing so, you can boost your chances of a fast home sale.
Purchasing a condo should be fast and easy. However, negotiations with a condo seller can quickly become stressful and may put your chances to acquire your dream condo in danger.
Lucky for you, we're here to help you simplify the process of negotiating with a condo seller to ensure you can purchase your ideal property.
Here are three tips to help you navigate tough negotiations with a condo seller.
1. Consider the Condo Seller's Perspective
Think about the condo seller's perspective and try to find common ground with this individual. By doing so, you and the condo seller may be able to agree to terms that meet the needs of both sides.
When you initially submit an offer on a condo, ensure your proposal accounts for the condo's condition and the current state of the real estate market. That way, you'll be able to avoid the risk of submitting a "lowball" offer that falls below a condo seller's expectations.
Also, maintain open lines of communication throughout the negotiation process. This will allow you to listen to a condo seller's concerns and respond accordingly.
2. Collect Plenty of Housing Market Data
If a condo seller believes you are unwilling to pay a sufficient price for his or her condo, it is always a good idea to present housing market data to back up your offer.
Explore the housing market closely to learn about the prices of comparable condos in nearby cities and towns. This will allow you to see how a particular condo stacks up against similar properties in terms of price and condition.
In addition, check out the prices of recently sold condos in your area to identify housing market patterns and trends. With this real estate market information at your disposal, you'll be able to make an informed decision about whether to continue to negotiate with a condo seller or consider other properties.
3. Collaborate with a Real Estate Agent
A real estate agent will negotiate with a condo seller on your behalf. Therefore, he or she will help you minimize the stress and anxiety that is commonly associated with condo negotiations.
Typically, a real estate agent will submit an offer on a condo and wait to hear back from a condo seller. If a condo seller decides to negotiate, a real estate agent will work with you throughout the negotiation process.
A real estate agent will listen to your condo buying concerns and questions and respond immediately. He or she also will provide honest, unbiased recommendations to help you make informed decisions during negotiations with a condo seller. This real estate professional will even share your concerns with a condo seller to help you get the best results possible.
When it comes to a negotiating with a condo seller, there is no need to worry. If you collaborate with a real estate agent, you can take the guesswork out of condo negotiations. And ultimately, you may be able to move one step closer to buying a condo that meets or exceeds your expectations.
A home showing represents an important opportunity for a homebuyer. And if you know the right questions to ask during a home showing, you can obtain the insights you need to determine whether a residence is right for you.
Ultimately, there are several crucial questions to ask during a home showing, and these include:
1. Why did the seller list this home?
There are many reasons why an individual may choose to sell his or her house. Yet this information rarely, if ever, is included in a home listing. Fortunately, a home showing gives you the opportunity to analyze a seller's perspective as you weigh the pros and cons of submitting an offer to acquire a residence.
If a seller listed a house due to severe home maintenance issues that have escalated over time, this is a red flag for any buyer. On the other hand, if a home seller simply is looking to upgrade or downgrade or prefers to live elsewhere, you may want to further pursue his or her residence.
2. Is there any flexibility on the home price?
The initial asking price of a home usually is flexible, but only to a certain extent. Determining the level of flexibility on an initial asking price is paramount, as this may dictate the offer that you make on a house.
However, it is important to submit a competitive home offer, regardless of whether a seller is flexible about the price of a residence. Because if you submit a competitive homebuying proposal, you can reduce the risk of missing out on an opportunity to purchase your ideal residence.
3. Is there anything else I need to know about this home?
Following an in-depth home showing, you likely will have lots of information about a house and its condition. To conclude the showing, you should ask if there is anything else you need to know about a residence. This will enable you to receive the final pieces of information you need to decide how to proceed with a home.
Remember, it is your duty as a homebuyer to make an informed decision. If you understand exactly what to ask during a home showing, you can obtain the insights you need to determine the best course of action.
When it comes to preparing for a home showing, it helps to get assistance from a real estate agent too. In fact, hiring a real estate agent will make it simple for you to navigate the ups and downs of the homebuying journey.
A real estate agent is happy to set up home showings and attend these events with you. He or she can provide comprehensive home insights throughout a home showing. Plus, after a home showing, a real estate agent will help you decide whether to submit an offer on a house or continue your pursuit of your dream residence.
Get ready for a home showing – collaborate with a real estate agent, and you can receive the help you need to fully analyze a house.
Moving day can be stressful, particularly for those who need to transport many large, heavy items to a new house. Fortunately, we're here to help you simplify the moving process and enjoy an injury-free moving day.
Now, let's take a look at three safety tips to help you avoid moving day injuries.
1. Plan Ahead for Moving Day
You know that you need to vacate your current residence, and if you plan ahead as much as possible, you can minimize moving day risks.
Ultimately, it can be tough to try to move all of your belongings on your own. But if you ask family members and friends for support, you can get plenty of assistance as you get ready to transport your belongings to your new house.
You also should pick up the right moving day supplies. Items like furniture sliders, lifting straps and hand trucks often help speed up the moving process. Plus, these items are easy to find and ensure individuals can avoid putting too much pressure on the body when they move big items.
2. Use the Proper Lifting Techniques
When it comes to moving day, it pays to learn the proper lifting techniques.
For example, to lift moving boxes, you should always lift with the legs – not the back. Bend the knees and keep the back straight, and you should have no trouble safely lifting moving boxes and other items.
In addition, use common sense on moving day – you'll be glad you did. Although you may be tempted to try to move large items as quickly as possible, it is important to know your physical limitations. And if you don't feel comfortable moving a couch, big-screen TV or other heavy objects, you can always reach out to a friend or family member for extra help.
3. Clear All Walkways
It is important to keep all walkways clear on moving day. That way, you can avoid the risk of tripping and falling while you're moving items in and out of your house.
Furthermore, it is always better to err on the side of caution on moving day. If kids or pets are present, you should try to keep them in a safe area until all items are removed from your house.
Moving items can be tricky, particularly for those who need to vacate their current residences soon. If you need additional assistance on moving day, you should contact a moving company.
A moving company hires courteous, professionally trained staff who can help you take the guesswork out of relocating from one address to another. In fact, this business will pick up and relocate heavy items to your new address to eliminate the risk of moving day injuries.
Lastly, if you need help finding a moving company, you should collaborate with a real estate agent. This housing market professional can help you buy or sell a house, along with put you in touch with the best moving companies in your area.
Use the aforementioned tips, and you can limit the risk of injuries on moving day.