Sherry Bourque - RE/MAX Main Street Associates



Posted by Sherry Bourque on 12/16/2018

Making an offer on a home youíd love to buy is arguably the most stressful part of the buying process. Youíll be worrying about making the right offer, whether youíve presented yourself in the best possible light, and just how much competition youíre up against.

Today weíre going to help you alleviate that anxiety by giving you the most common real estate offer mistakes to avoid, and show you how you can increase your chances of getting the perfect home for you.

1. Do your research on the house

You have a lot of research to do before making an offer on a home. Youíll want to know the price the home formerly sold for and improvements that have been made and that will need to be made if you move in.

It also helps to know the sellerís situation. Are they on a deadline and moving out-of-state? If so, they might be tempted to take one of the earlier offers they receive.

2. Know your own financial limits

Before you ever make an offer youíll need to know how much you can spend. This isnít just a matter of offering the maximum amount youíre preapproved for. Youíll have to factor in moving expenses, final payments on your last rent or mortgage, changes in utility costs, and more.

3. Donít offer your full preapproval amount

Sellers who know that youíve offered your maximum preapproval amount may be wary of selling since they know you lack room to negotiate your budget and therefore might have a higher chance of backing out of the offer. They might favor other buyers who have room to negotiate and account for unexpected changes in their budget or of rising interest rates.

4. Avoid aggressive negotiation

We know the stakes are high for everyone involved in making a real estate deal. However, sellers are more likely to accept the offer of someone they trust and like over someone who seems to be trying to gain leverage.

Always be cordial with your offers and support them with numbers--explain to the seller why you chose the number you did, so that they can understand your reasoning.

5. Donít attempt to gain leverage by waiving a home inspection

By law, you are allowed to have a home professionally inspected before purchase. Waiving this right is sometimes misconstrued as a way to tell a seller that you trust them and donít want to cause them any unnecessary headaches.

The reality of the matter is that if you truly do want to own their home, sellers understand that you want to know what youíre buying.

6. This isnít the only house you can be happy in

Hunting for a home is hard work. Once you find one that seems perfect for you or your family, it can seem like everything depends on your offer being accepted.

However, the fact is there are endless houses on the market, and next week a new one could be put up for sale that is even better than the home youíre hoping for now.

If your offer isnít accepted and you donít feel comfortable committing to a higher price, move on to the next house knowing that you made the best decision under the circumstances.





Posted by Sherry Bourque on 2/11/2018

In real estate, cash is power. Itís not exactly the amount of money that you have been approved for by a lender. This type of ďcashĒ is what you can pull directly from your account to buy a property on demand. It can be difficult to compete with cash buyers especially in tight real estate markets. Below, youíll find some tips to help you match up against any cash offers that you may be competing with when you buy a home. 


Make Your Offer Look Attractive As Possible


First, you should always have a pre-approval letter from your lender. This lets sellers know that youíre a qualified buyer. You should also get your lender or realtor (or both) to provide some financial information about you along with your offer. This helps to add to the case that youíre a dependable buyer.


Let Things Move Quickly 



If you allow your lender to send an appraiser to the property as quickly as possible, this will give you an advantage in the home buying process. You want to reduce the amount of time that it will take to close on the house. That means you should consider cutting down on both the appraisal and contingency time. You could even consider waiving any contingencies if you feel comfortable. 


To speed up the process, even more, you should pre-order an appraisal in advance. You can do this before your offer has even been written. It can be difficult to arrange this, especially with larger scale lenders, but itís always worth a try. Once the offer is written, the lender can relay to the seller that an appraisal has already been scheduled.


Youíll also want to get the inspection done fairly quickly. You only have a short window of time to get the inspection done. The quicker you get this done, the more serious of a buyer you appear to be. You should have the inspector who youíll use ready before you even put an offer in on a home in order to expedite this part of the process. Usually, inspectors donít take terribly long to schedule appointments knowing that their clients have short windows to get inspections done.  


Make A Strong Offer


Making a good offer could mean paying extra for a home you love in order to compete with cash offers. Spending more money helps to win. Hereís why: Sellers almost always will give a cash buyer a bit more of a discount since theyíll be getting all of the funds up front. If you love the house and plan to live in it for years to come, the extra money you spend will be well worth it.         


Write An Offer Letter


An offer letter adds a bit of a personal touch to the number you put down as a buyer. Here, you can tell the seller who you are and why you love the home. It can be emotional to sell a property, but a seller will feel more comfortable knowing that the home is going to someone who will appreciate it.

  






Categories: Mortgage  


Posted by Sherry Bourque on 8/7/2016

The housing market presents many opportunities for homebuyers. And after the right amount of research, you're sure to find plenty of exceptional houses that suit you well. But how do you know when you're ready to submit an offer on a residence? Determining the "perfect" offer for a house is key, and if you feel comfortable with your proposal, you may be better equipped to receive a resounding "Yes" from a home seller. Improve your chances of submitting the perfect offer on a residence Ė here are three tips that you can use to submit the right offer on a home: 1. Consider the Home Seller's Perspective. Of course, when you submit an offer, you likely want to make a proposal that fits your needs and budget. On the other hand, you must consider the home seller and ensure your offer represents a fair deal for both sides. If you submit a "lowball" proposal, there's a strong chance that a home seller will reject it immediately. Conversely, if you submit an above-average proposal, you may wind up paying a price that exceeds your budget. To make the right offer, evaluate the home seller's price as well as the price of similar homes in an area. By doing so, you'll be better equipped to make an offer that corresponds to the current housing market. Also, don't be afraid to discuss your proposal options with your real estate agent, as this professional may be able to offer insights that you can use to boost your chances of getting a "Yes" from a home seller. 2. Prepare for Plan B. Even if you consider your offer to be fair for both you and a home seller, there are no guarantees that a home seller will feel the same way. Thus, you need to be prepared to act quickly in the event that a home seller declines your offer. If a home seller says "No" to your proposal, you can always submit another offer. Or, you may want to consider moving on and evaluating other homes that are available. 3. Be Realistic. It is essential to feel comfortable with an offer you submit on a house. And the moment things start to make you feel anxious, you may want to reconsider your options. For example, a home seller may counter your initial proposal, but you might lack the finances to meet this seller's expectations. In this scenario, you should be unafraid to walk away. That way, you can avoid the dangers associated with over-extending your budget, which could put you in a tough financial position down the line. Remember, the perfect offer on a residence is one that fulfills the needs of both a homebuyer and home seller. If you feel uncomfortable with a home seller's counter offer, you need to understand the situation and act accordingly. Submitting the perfect offer can be tricky, especially if you're dealing with a home seller who sets the bar high for his or her residence. Fortunately, your real estate agent can help you alleviate the stress commonly associated with making an offer and ensure you are fully supported throughout the homebuying process. Work toward submitting the perfect offer on a home, and you can bolster your chances of a home seller accepting your proposal.







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