Nancy Whitehouse-Bain - RE/MAX Property Promotions



Posted by Nancy Whitehouse-Bain on 1/29/2018

You recently listed your home on the real estate market, and now, you've received your first offer. However, you only have a short period of time to review the proposal and accept, reject or counter it. Determining how to handle an offer on your home can be challenging. Fortunately, we're happy to help you fully evaluate an offer so you can make an informed decision. There are numerous factors to consider as you review an offer on your house, including: 1. Price In some cases, homebuyers may submit a "lowball" offer in the hopes of getting a seller to jump at a quick sale. If a home seller accepts this offer, a homebuyer is able to purchase a terrific home at a bargain price. Conversely, if a home seller rejects or counters the offer, a homebuyer may have an opportunity to reconsider his or her options. As a home seller, you should consider how much you are willing to accept for your residence before you add it to the real estate market. By doing so, you can list your home for a fair price and act quickly and effectively as you receive offers. Also, flexibility is paramount for home sellers. And even though you may list your home for a particular price, you may want to consider accepting an offer below your initial asking price if you're looking for a quick sale. 2. Sale of a Buyer's Home Although a homebuyer may submit an offer that is at or above your initial asking price, the proposal may have strings attached that could slow down the home selling process. For instance, a homebuyer could make an offer that is contingent upon him or her selling a residence within a set period of time. But if this homebuyer is unable to sell his or her house, your home sale could fall through, which could cost you both time and money. In this scenario, consider your options carefully. If you believe you can receive other offers from homebuyers who don't require this contingency, you may be better off rejecting or countering the proposal. 3. Your Timeline If you've already secured a new home and need to sell your current residence as quickly as possible, you may want to consider accepting an offer even if it is below your initial asking price. On the other hand, if you are able to afford two mortgages for an extended period of time, you may be better equipped to wait out a slow real estate market. When it comes to determining whether to accept an offer on your residence, consulting with your real estate agent usually is a great idea. This professional can offer expert resources you might struggle to find elsewhere and empower you with the insights you need to make the best decision possible. Consider the aforementioned factors as you evaluate an offer on your home, and you should be able to accept, reject or counter a proposal with confidence.





Posted by Nancy Whitehouse-Bain on 12/25/2017

When you find a home you love, you most likely will want to take the steps you can to buy it. When a home is already under contract, there’s actually a little-known strategy that can be used to help you have a chance at getting the property. 


When you make a backup offer, you’re doing all of the same things you’d do under normal circumstances. The only difference between a normal offer and a backup offer is that you’re not guaranteed to get the home. The first deal needs to fall through in order for you to have a shot.


Advantages To Backup Offers


The backup offer is a bit of a stretch, but it still does give you a little bit of a chance to get a home. When a backup offer is in place, the home won’t just go back on the market if something falls through. This is especially smart when it comes to lower inventory markets. When a home is re-listed, you’ll need to compete against other buyers. If a bidding war is initiated, the home’s price will keep going up. The backup offer being in place helps the seller to feel secure in the sale of their home one way or another. If for any reason the first buyer falls through, you’ll be able to swoop in and get the home yourself.


Timing Is Everything


Keep in mind that there’s a certain period of time before a deal needs to be closed on for a home. The original buyer will need to close the deal on the home in an average of 50 days. Knowing the time frame that you’ll need to wait around for a decision is helpful for you in your own search for a home.


You can also have your agent check in with the listing agent for the property on a frequent basis. This lets the agent ad seller know that you have a keen interest in the property in case there are any difficulties coming from the other side of the deal. 


If The First Deal Doesn’t Go Through


If the first deal on a home does fall through, you’re not the new owner of the home just yet. There’s always a possibility that the first buyers found some very difficult problems with the home during the inspection. These could be big issues like an issue with the roof or the foundation of the home. Be sure to include a home inspection contingency with your contract so that you can have your own inspection conducted. This way, you’ll know if there are any problems with the home and that you will be able to deal with them.


A backup offer can be a great tool to use in tight markets to help you get a home that you love. It’s always a good idea to proceed with caution in any home deal to make a sound financial decision.




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Posted by Nancy Whitehouse-Bain on 9/4/2017

Ready to submit an offer on a home? Putting together a proposal that stands out in a home seller's eyes is key.

With the right home offer, you can improve your chances of securing your dream house without delay. Plus, dedicating time and resources to put together a home offer that works for both you and a home seller is sure to accelerate your journey from homebuyer to homeowner.

How can you improve your chances of submitting an offer that a home seller is sure to accept? Here are three tips to help a homebuyer submit a standout home offer.

1. Get Pre-Approved for a Mortgage.

In many instances, a home offer may be contingent upon financing. And if a homebuyer has to secure financing after submitting a proposal, this individual could risk missing out on an opportunity to purchase his or her dream house.

Comparatively, a homebuyer who gets pre-approved for a mortgage will have the necessary financing in place when he or she submits an offer. As a result, this individual's offer may stand out from other proposals, particularly to a home seller who wants to speed up the home selling process.

2. Consider a Quick Home Inspection.

Don't ask the home seller for 15 or 30 days to conduct a home inspection. Instead, be ready to conduct a home inspection as soon as possible.

You may need only a few days to set up a home inspection. As such, if your offer includes a request for five or 10 days to complete a home assessment, it may stand out from others.

Also, if you find your dream home, you may want to consider purchasing the house "as is." Doing so may allow you to forgo negotiations between a homebuyer and home seller after a home inspection.

If you submit an "as is" home offer, you will be able to learn about the condition of a property before you buy it. However, after a home inspection, you will be unable to ask the home seller to complete repairs. At this point, if you find the house fails to meet your expectations, you can either walk away or buy the home in its current condition.

3. Add an Escalation Clause to Your Offer.

An escalation clause can help you compete against other homebuyers in a fierce real estate market. It enables you to increase your offer by a set amount over any other bids to a certain level. As a result, including an escalation clause in your home offer can help you avoid the risk of overpaying for a house and improve your chances of securing your dream residence at the same time.

Ask your real estate agent to include an escalation clause in your home offer. Your real estate agent can help you submit the perfect proposal, and ultimately, boost your chances of getting a "Yes" from a home seller.

Use the aforementioned tips, and you can bolster your chances of getting the right house at the right price.







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