31 GRANDVIEW DR-ANOTHER GREAT LISTING IN IVYGREENE....

31 GRANDVIEW DR

For Sale--55 and over Ivygreene Community

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Winter Is Approaching … Is your Home Ready?

Winter Is Approaching … Is your Home Ready?





Autumn winds blow a chilly reminder that winter is fast approaching. Perform the following maintenance tips each fall to protect your property's value and prevent major repairs.

Roof, Gutters and Downspouts

Rain, ice, snow and wind can all cause damage to your roof and gutters. Now’s the time to trim back all tree limbs and vegetation away from the roof. You also should remove debris, such as leaves and sticks from your gutters and downspouts. Clogged gutters don’t allow water to properly drain away from the home, which can cause seepage in your ceilings and walls. You can also invest in gutter guards, a screen that prevents debris from entering the gutter and directs the flow of water away from the house and into the ground.
Water Heater

You don’t want to find out that your water heater isn’t operating properly when you need it most. So use this time to perform an annual inspection, which includes having your tank’s pressure and temperature relief valve checked. In addition, remove sediment from the bottom of the tank by draining two gallons of water to improve heat transfer and the efficiency of your heater.
Heating and Cooling System

If you have a forced warm-air heating system, you should check the exhaust vent and air shutter openings for dirt and dust. Clean any lint and dirt from the blower blades, motor and burner (if you have a gas heater). Vacuum air passages and check and replace, if necessary, fan belts. To prevent airborne dirt from circulating throughout your home, wash out your reusable filter or replace it if it’s disposable.
Doors and Windows

To help control heating costs, make sure your doors and windows are properly sealed. Now is the time to repair or replace weather stripping around door bottoms and jambs and window frames. Check for loose or missing glazing putty and caulking for deterioration. If you have storm windows, install them.
Water Pipes


Frozen or burst pipes can cause major damage to your home and be expensive to remedy. Before frigid weather hits, protect your pipes in unheated areas from freezing by adding insulation, which reduces heat loss from hot-water pipes and condensation on cold water pipes. This can be accomplished by wrapping the pipes with heating tape or blanket insulation and duct tape or by encasing the pipes with preformed plastic foam. In addition, examine your pipes for cracks and leaks.
Fireplace

Before you light the logs and get ready to settle in front of a cozy fire, make sure that your fireplace is in good working order. Clean the chimney flue and, if needed, have it inspected and repaired. Check the seal on your flue, which is designed to keep out drafts. Replace the seal if it is loose or damaged.
If you decide to perform the fall maintenance yourself, disconnect the power for any electrical or gas systems. In addition, before inspecting, cleaning or making any repairs refer to your owner’s manual for all equipment for proper instructions, which should be the final authority on any maintenance.

Outdoor Surfaces and Landscaping

Fall is also a great time to seal your driveways, wood patios and other hardscape surfaces. In addition, prune tree branches away from your home and electrical wires. Plant spring flower bulbs and move sensitive potted plants indoors.
Although this list is merely a guide, it can help you keep your home in good shape and have a winter free of major repairs.






Prudential Fox & Roach is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.

TIPS FOR PURCHASING IN A 55 PLUS COMMUNITY

Buying in a 55+ community will be very similar to buying in any community but there are some differences to be aware of.

Assuming you already know the 55+ community you are interested in, just looking within the community itself, here are some questions to explore when buying a home:

1. Find out about the monthly homeowner's association fee; what does it cover, how much is it and when is it expected to go up. If the community is older, find out if any special assessments are coming up or expected.

2. Get a copy of the homeowner association documents. Before you buy, review the rules of the association. Find out the rule for any areas of special interest to you, like pets, additions like building a patio or fence, visitors, children, leasing your property, etc.

3. Find out about the amenities. Remember in this economy many clubhouses and other amenities that were planned will not get build for some time, if ever.

4. Find out about activities offered. How often, what types, any extra fees?

5. Look at resales, not just brand new properties. Maybe you can get a deal on a resale that has been upgraded substantially. Preview listings with a resale real estate agent and ask questions about the property and the community as well.

6. Talk with the current owners/residents to see how happy they are living in the community and how happy you will be living with them. Are they your age? People love to talk, so ask questions.

7. Find out about the cost of utilities and any related cost of ownership.

8. Find out the cost of any upgrades, which appliances, counter tops, floor coverings, etc come with the property.

9. For newer communities, how strong is the builder and/or developer of the community? Is the community just getting started and right after you buy if goes in to foreclosure, will the community be a ghost town? There is less risk in a community that is further along in its development.

10. Remember buyer's agents also handle 55+ homes.

I hope these questions will help in your search process.








Copyright 55communityguide.com

Why Isn't My Home Selling?

Why Isn't My Home Selling?

Price is the No. 1 culprit


If your answer is price, you’ll be right a good majority of the time. If your home isn’t selling, buyers think the value of your house is less than the price you want.
For all the time and effort that goes into buying and selling, the economics of the process is relatively simple. Anything is only worth what a buyer is willing to pay and a seller willing to accept. This is the same whether it’s a pack of baseball cards or a $1 million house.
Although the economics may be simple, arriving at that magic price is difficult. Just think of the cost, time and energy that companies put into pricing a product so it succeeds in the marketplace. It’s no different in real estate.

If you’ve taken the time to educate yourself on the local market and are diligent in hiring a professional agent, and are willing to listen to her, you can get a lot closer to the magic number. But you are setting yourself up for disaster if you don’t do your homework and go with what you “feel” your house is worth. Worse yet, is interviewing agents and choosing one solely because she says she can get you more than what the other agents think the house will sell for.
These are some of the most common mistakes sellers make when setting a price:


Price based on need
What you want to make from selling your home means absolutely nothing to buyers or the marketplace. So setting a price based on what you want so you can retire, move up, start a business, etc. will almost certainly fail.


Price based on ego
Your neighbor sold for $200,000 last year so you want $210,000 because you “know” your house is better. Regardless that the market dropped five percent since your neighbor sold. Nearly every owner thinks their house is the best on the block, or at least better than any of the ones that have recently sold or are on the market. Unfortunately for sellers, your opinion doesn’t carry any weight with buyers. Only their opinion matters.


Price based on greed
Even if it’s been shown that your house will likely sell for around $250,000, you insist on listing it for $275,000 because “you never know, someone could come along who just has to have it. Besides, if we don’t get any bites we can always lower the price later.” The problem is it won’t take long for buyers to realize your price is unrealistic and think you are, too, and won’t want to deal with you unless the house is “a steal.” The listing languishes, so you drop the price, but not enough, it sits even longer and pretty soon you have a listing that’s been on the market so long buyers decide there is something wrong and steer clear.


The solution is to get the price right. This is done by using what is called a Competitive Market Analysis (CMA). If you’ve hired the right agent, this is the first folder out of their briefcase when you meet to list your home. A CMA breaks down the sales price of homes that are similar to yours in location, size, age and condition.


Your agent will also consider the listing prices of homes on the market, but these are used more to identify the competition. Even with a strong agent and CMA, your price may not be on target. That’s because the market is always changing and your agent should be updating your CMA whenever anything comparable to your property sells.

Not every reason your home isn’t selling will be the price, although they will be related to it. Here we have that value vs. price issue. If buyers perceive imperfections in your listing, they will want a discount, so if they’re not buying, your price is not discounted enough for buyers to believe the value to them at least equals that of your price.

For example, if your lawn is brown and the landscaping worn, buyers will want a discount. The problem is that a seller will not consider this a major issue and attach a much lower discount than a buyer will accept.

This is why it is imperative that sellers do everything they can to eliminate any issues buyers may have with their house before listing. Obviously, you can’t do anything about a bad location, such as being near railroad tracks, or that you have just one bathroom. But you and your agent should have factored these drawbacks into the listing price.

Here are some of the most common reasons buyers are turned off by a particular house, so make sure these are addressed before lopping thousands of dollars off the asking price:

Put on a good show
This is the second biggest reason a home isn’t selling. Buyers often talk of “connecting” to a house. This is not likely to happen if your house is not company-coming-over clean and ready to show like a model. This goes for the outside as well. If you don’t want to put the effort into doing this, then you’d better adjust your price to compensate because buyers will only consider your house because it’s a good deal, not because it “speaks to them.”

Can’t buy what they can’t see
If you make it difficult for people to see your property, then chances of a sale at the price you want drops considerably. Selling can be a nuisance, but it’s a necessary one. If you don’t allow a lockbox or require appointment-only showings, you are the culprit to the house not selling.

Out of your hands
It’s not always the seller’s fault that a house isn’t selling. Sometimes the market changes and buyers disappear. Maybe a new home development has opened nearby and they are “stealing” the customers. Or maybe you’ve received bad advice from your agent. Any of these can affect whether your house sells, which means you need to consider the reasons and make the necessary adjustments.







Great article by...
Copyright © by Move, Inc. By Diana Lundin

AVOID FORECLOSURE WITH A SHORT SALE

A short sale is one of the common alternatives used to avoid a foreclosure. It can be an advantage to a homeowner facing foreclosure and who desires to avoid having a foreclosure on a credit record. Short sales are exactly what the term sounds like. When a home is sold for less than what is owed on it the difference between the amount the home sells for and the mortgage loan amount on the home is called a short sale. Thus, if a home's mortgage amount is $400,000 but is sold in a short sale for $200,000 the amount short is $200,000.Getting approval from a lender involves a process of filling out certain documentation and submitting it to the bank or lender's loss mitigation department for consideration and approval of the short sale. It is the bank that has the final say over whether the short sale is approved rather than the homeowner who is selling the property.

The first decision that should be made by a homeowner considering a short sale is whether a short sale is the best solution? If the homeowner simply wants to walk away from the home a deed in lieu of foreclosure may work better. The homeowner simply deeds the property back to the bank. In many cases the bank, in return for a deed in lieu of foreclosure, will pay the homeowner money called "cash for keys". This process allows the bank to avoid substantial fees and costs that would be involved in a foreclosure and provides the homeowner with money that can be used to assist with moving expenses or to begin to rebuild a financial standing. Follow the guidelines below in order to obtain the best results, if a short sale is determined to be the best solution in resolving a foreclosure problem.






1.GET THE BANK OR LENDER'S SHORT SALE PACKAGE.This can be done by simply going to the lender's website and finding it's criteria for submitting a short sale package. Download the package and fill it out. If the homeowner will be represented by a real estate agent, this function and the rest of the steps in this article will generally be handled by the real estate agent. If the homeowner chooses representation by a real estate agent, the homeowner should ensure that the agent is experienced in handling short sales.




2.SHORT SALE DOCUMENTATION.The short sale package should contain at minimum an authorization to release information authorizing the real estate agent to represent and speak on behalf of the homeowner; a completed financial statement, copies of the homeowner's last two years tax returns; the most recent two months bank deposit statements and a hardship letter written by the homeowner that clearly and accurately explains the homeowners' hardship circumstances that justify an approval for a short sale.Without hardship circumstances justifying a hardship it is unlikely the lender will be motivated to approve a short sale. The bank also generally requires the homeowner to submit an IRS Form 4506T which permits the bank to obtain copies of past tax returns. These documents generally make up the short sale package. Some banks or lenders may require additional documents in which case they should simply be provided.




3. MAKE THE SHORT SALE PACKAGE ATTRACTIVE FOR MAXIMUM RESULTS!Presentation of the short sale package is an important step. Appearance and perception of the package is crucial. The package should be submitted with a cover letter requesting short sale consideration with a table of contents and tabs separating the various documents. This presents a professional appearance and is helpful to the negotiator assigned to review the package and to determine whether to recommend approval or declination of the short sale.Take care to make the negotiator's job as easy as possible and not have to search for information within the package. Tabulation serves this purpose well and will be appreciated by the negotiator.Although not always required, it is also a good idea to wait until there is a bona fide offer from a qualified buyer before submitting the short sale package. The offer should also be accompanied with a HUD-1 statement also. A HUD-1 statement will show the bank what it can likely expect to receive as a final amount resulting in a short sale.An experienced real estate agent will know what to do in submitting these documents. If the homeowner chooses to handle it personally, help should be sought directly from an escrow company or closing agent who will usually be glad to assist in preparation of the HUD-1 in return for the fees in closing or handling the escrow.




4.ESTABLISHING AND MAINTAINING RAPPORT WITH THE SHORT SALE NEGOTIATOR.Once the short sale package is submitted to the bank's loss mitigation department a negotiator will be assigned. It is important to establish a good relationship with this person because the success or failure of the short sale rides on an approval recommendation from the negotiator.Be courteous and professional at all times and provide additional documentation when requested so long as it is reasonable and it makes sense. Most negotiators are professional and courteous and will be helpful when they perceive the same from the homeowner's side.




5.CLOSING THE DEAL AND WALKING AWAY.If all goes well the short sale will be approved. The homeowner will be able to walk away without a foreclosure on the record and to commence rebuilding a favorable financial record.














copyright article alley

Mortgage Points: To Pay or not to Pay?

Mortgage Points: To Pay or Not to Pay



If William Shakespeare financed a home today he’d probably ask on the subject of mortgage points: “To pay or not to pay? That is the question.”
Homebuyers direct the same question to their real estate agents. Here are some perspectives:

In its simplest definition, a point is an additional loan fee that is paid to the lender in exchange for a lower interest rate. It’s called “buying down,” and it allows you to reduce your rate for the life of the loan.

Let’s say you secured a mortgage loan for $500,000 without points, at 4.6% on a 30-year mortgage, your payment would be approximately $2,560 a month. If you paid two points ($10,000), the interest rate in this example would go down to 4.1% and the monthly payment would decrease to around $2,415, a savings of $145 a month.

In this scenario, it would take you about eight years to recoup the money you paid up front, so if you are planning on staying in your home a while, this will save you money in the long-run.

Home buyers must answer some key questions to determine if paying points is a wise decision. Specifically:

• How long will you keep the home?
• Do you have extra money to pay points?
• Could that money be better used for something else?

Money managers may suggest that a smarter option is to invest that $10,000 because you could do much better than your $140 savings, but you have to weigh the variables.

“Paying points depends on your career, your interests and all the things that predict your future,” said financial advisor Thomas Watkins of Total Mortgage Services in Milford, Conn. “Points are paid up front while your savings will be spread out into the future. Therefore, you get more benefit if you own your home longer, or if you don’t refinance for a long time.”

The rule of thumb when it comes to points is simple: If you plan to stay in the house for less than three years, do not pay points. If you plan to stay in the house for more than five years, pay 1 to 2 points. If you’ll be in the house for three to five years, paying points doesn’t make a significant difference.

Another important aspect to consider: Since points are interest-payment related, they are fully deductible on your taxes in the year that you close. See your tax advisor for details.

Mortgage points can add up to valuable savings over the course of your loan, but the future isn’t always predictable. Even if you “plan” on staying in your home for
20 years, changes in your career or family life could alter the plan.



Prudential Fox & Roach Realtors is an independently owned and operated member of Prudential Real Estate Affiliates, Inc.

Work with A Realtor When Purchasing in an Active Adult Community

Most prospective buyers do not know the answer to this and we need to get the word out to retired folks that are in the market. Finding the perfect retirement community is a process and the more knowledge you have the better your experience will be.

It is my experience, most prospective buyers are not aware of their options to work with a Realtor when purchasing a new home in an active adult community. They assume they have to work directly with a new home consultant who works for the builder. The new home consultant is going to get the highest price and best terms for the builder.

It is in the best interest for the buyer to work with an independent Realtor instead of dealing directly with the builder without an agent. An experienced agent knows the area and is able to keep up with the builder’s and their competitor's latest incentives. They are familiar with the purchase agreements and can help you understand what you are signing. Also, they can represent you if you are an out of town buyer and help you through the process. There is no out of pocket expense for the prospective buyer because the builder pays the commissions.

If you are in the market for new construction it is something that would be wise to consider.

Realty Times - Mortgage Rates Today: Low Mortgage Rates Remain in Holding Pattern

Realty Times - Mortgage Rates Today: Low Mortgage Rates Remain in Holding Pattern

Lawn Care

Great article on Lawn Care.....


Spring is in the air and that means that homebuyers are going to be paying just as much attention to the exterior of a home than the interior. Those shopping for a home want to envision their kids playing in the yard, their friends coming over for barbeques and the lazy Sunday afternoon laying on the lawn.
While people are inclined to bring in flowers, paint the deck and work on the curb appeal, often the lawn itself is neglected. The positives of a well-maintained grass yard are many and it’s important to get your grass in tip-top shape before showing your home.
When it comes to growing grass, consistent care is key and failure to invest in long-term turf care can open the window to any number of problems in your lawn.
It’s also important to give your grass the fertilizing lawn care and control treatments it needs based on the season. Lawn care for growing grass as we enter May has different needs than what is expected in late summer and fall.
The way you mow your lawn can either make growing grass easier or harder. In the spring, you need to keep the grass high. You never want to remove more than one third of the total blade height when mowing, or you could chop off the food-producing parts of the grass blade and end up with a brown lawn instead of a green one.
You should also leave grass clippings on the lawn to help recycle important lawn fertilizing nutrients.
Lawn care experts share that growing green plants is the best thing you can do to clean the air and grass is considered to be better than most other plants or trees at removing carbon and other impurities from the atmosphere. Through the process of photosynthesis, grass takes carbon from the air and stores it in the ground.
“A grass lawn enriches the soil by providing a home for beneficial micro-organisms and insects that eat nature’s leftovers—decomposing grass clippings, plant leaves and other vegetation—and recycle nutrients back into the soil,” said Michael McDermott, a lawn care expert in Larchmont, N.Y. “It also pollinates plants and serves as food for other animals, making grass an important part of nature’s cycle.”
An important component of growing grass is to properly water it, and it is better to water deeply (down to a depth of 6 inches) and less frequently, than lightly and more often. If your lawn dulls in color or begins to wilt, then your lawn needs water. Make sure to sweep any fertilizer that lands on driveways and sidewalks back on to the lawn.
Grass also acts like a natural air conditioner that cools the air as it releases water vapor through its blades. The water evaporates and draws heat, cooling the air in the process. As a result, lawns are a safer surface for children to play on and provide the cool comfort we desire on hot days. Those are selling points that can help any home sale.




Prudential Fox & Roach is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential company. Equal Housing Opportunity.

Why work with a Realtor for an Active Adult Community

Most prospective buyers do not know the answer to this and we need to get the word out to retired folks that are in the market. Finding the perfect retirement community is a process and the more knowledge you have the better your experience will be.

It is my experience, most prospective buyers are not aware of their options to work with a Realtor when purchasing a new home in an active adult community. They assume they have to work directly with a new home consultant who works for the builder. The new home consultant is going to get the highest price and best terms for the builder.

It is in the best interest for the buyer to work with an independent Realtor instead of dealing directly with the builder without an agent. An experienced agent knows the area and is able to keep up with the builder’s and their competitor's latest incentives. They are familiar with the purchase agreements and can help you understand what you are signing. Also, they can represent you if you are an out of town buyer and help you through the process. There is no out of pocket expense for the prospective buyer because the builder pays the commissions.

If you are in the market for new construction it is something that would be wise to consider.

Good Faith Estimate Vs HUD-1

Good Faith Estimate Vs HUD-1

There are a couple of documents you will hear about when you are buying a home. One is the Good Faith Estimate and the other is the HUD-1 Settlement Statement. Aren't they the same thing you may ask? No they are not, although they are used for figuring the closing costs on the home you are about to buy. Let me explain the difference between these two documents.

The Good Faith Estimate
Very simply, the good faith estimate (also know as the GFE) is a list of estimated items and their fees to close on the mortgage. You use this to compare apples to apples in deciding which lender you want to go with. Once again it is just an estimate of the closing costs associated with the mortgage. You are to be given this estimate within three days of completing the loan application.
Now to compare apples to apples you will need another document. This document is called the Truth in Lending Disclosure Statement (TIL). This document discloses all the costs associated with making and closing the loan. This document is also to be given to you within three days of the loan application.

With both these documents you can now compare lenders to find the best deal for you.

The HUD-1 Settlement Statement
This is a form listing the FINAL settlement of those closing costs you will need to pay to close on your mortgage and buy that home you are looking forward to.
You should get a copy of this form a day prior to closing to inspect according to the Real Estate Settlement Procedures Act (RESPA). Now you can compare this final document with the estimate document and the TIL document. This gives you the opportunity to question your lender or broker about any differences you may find.
No one is perfect so errors do happen. That is why you want to look at this document closely. If you have any questions, ask the closing agent to explain the item to you. Unfortunately, you don't have a lot of time before the closing to do this. So ask away and be persistent to be sure your final settlement statement is accurate.

What items are on a HUD-1
You will find items like the commissions paid to the real estate agencies, your home closing costs, those items required by the lender, title charges, recording fees, the gross sale price of the home and the total amount due the lender to name just a few.
You will also see a section that lists the items paid outside of closing (POC). These particular fees can include what are sometimes called "junk fees." Take a close look at these charges to be sure they match what you agreed to on the Good Faith Estimate. Many times this is where you might find those "unnecessary" fees. Be sure you understand these.
Conclusion
Although both the Good Faith Estimate and the HUD-1 Settlement Statement are similar, their purposes are very different. Remember, one is an estimate of those fees you will need to pay to close on your loan and the other is a list of the actual final fees you must settle close on your mortgage.






Article Alley

Tips for Buying a Home in a 55 plus Community.

Buying in a 55+ community will be very similar to buying in any community but there are some differences to be aware of.

Assuming you already know the 55+ community you are interested in, just looking within the community itself, here are some questions to explore when buying a home:

1. Find out about the monthly homeowner's association fee; what does it cover, how much is it and when is it expected to go up. If the community is older, find out if any special assessments are coming up or expected.

2. Get a copy of the homeowner association documents. Before you buy, review the rules of the association. Find out the rule for any areas of special interest to you, like pets, additions like building a patio or fence, visitors, children, leasing your property, etc.

3. Find out about the amenities. Remember in this economy many clubhouses and other amenities that were planned will not get build for some time, if ever.

4. Find out about activities offered. How often, what types, any extra fees?

5. Look at resales, not just brand new properties. Maybe you can get a deal on a resale that has been upgraded substantially. Preview listings with a resale real estate agent and ask questions about the property and the community as well.

6. Talk with the current owners/residents to see how happy they are living in the community and how happy you will be living with them. Are they your age? People love to talk, so ask questions.

7. Find out about the cost of utilities and any related cost of ownership.

8. Find out the cost of any upgrades, which appliances, counter tops, floor coverings, etc come with the property.

9. For newer communities, how strong is the builder and/or developer of the community? Is the community just getting started and right after you buy if goes in to foreclosure, will the community be a ghost town? There is less risk in a community that is further along in its development.

10. Remember buyer's agents also handle 55+ homes.

I hope these questions will help in your search process.








Copyright 55communityguide.com

Home Sellers: Cut to the Chase in Home Repairs and Enhancements

2011 opens as a strong buyer’s market so home sellers must be on their toes to give their homes maximum appeal. Not only should sellers complete the home repairs they know must be made, they should also hire a certified home inspector to thoroughly and impartially evaluate their properties. If this inspection results in a fix-it list, review the list with your real estate professional to establish necessities and priorities. Depending on your budget and objectives, you may want to repair only items that could cause significant deterioration to your property, such as a leaky roof. Ideally, the closer you can get your home to “move-in-ready” status, the more likely you are to attract today’s cautious and discerning buyers. Among the most common repairs and enhancements yielding immediate buyer appeal include:
Paint inside and outside in neutral colors
Steam clean or replace carpets
Polish or replace hardwood floors
Clean or re-grout kitchen and bathrooms
Replace light fixtures
Change light bulbs throughout and replace wall-switch covers
Repair dripping faucets
Fix sticking door
Repair broken fencing
Home sellers wanting to do more should consider the findings of Remodeling magazine’s 2010-’11 Cost vs. Value Report, released in December 2010. The survey used input from REALTORS in 80 cities to rank home remodeling projects according to those that bring the greatest cost recovered at sale. Many of the top projects focus on exterior replacements, as replacements are generally less expensive than other types of projects and they add all-important curb appeal – essential for today’s competitive market or any other. The Top Five projects in the Cost vs. Value Report include:

No. 1 – Entry door replacement (steel)

No. 2 – Garage door replacement (four-section door, reuse existing motorized opener)

No. 3 – Siding replacement (fiber-cement siding)

No. 4 – Kitchen remodel (minor: new cabinet doors, drawers and hardware, plus new energy-efficient appliances, flooring, counters, sink and faucet)

No. 5 – Deck addition (wood)

When the dust clears and projects are complete, be sure that you and your real estate professional document your repairs and enhancements, and share the report with prospective buyers. Walk prospects through the enhancements and include their costs. A home in good condition demonstrates pride of ownership. Taking the time to make enhancements helps ensure your home is presented in its best-possible light, primed for sale.

When the Perfect Home and Price Pop Up.......

Make Your Offer Stand Out




Real estate consumers are realizing that there has rarely been a better time to buy a home. In fact, historically low mortgage rates coupled with lower home prices have even sparked bidding competition in markets around the country.
A good home in a solid location may attract ample attention only hours after being listed. Home buyers can make their offers stand out from the rest through one or more of the following strategies:

Price. Obviously, price tends to be the primary consideration for sellers. When you’re competing for a home, to get an edge, think about adding a clause stating that you will beat the highest offer by “x” dollars up to “x” amount. Cash offers can be more attractive to sellers as well. Although sellers will receive their money at closing whether buyers pay with cash or take out a loan, cash offers don’t require lender approval.

Financing. It’s not enough to be pre-qualified. Pre-qualification only tells how much you can afford. Pre-approval goes a step further. Your lender will thoroughly evaluate your application—including verifying employment information and financial disposition—then clear you for a loan of a determined amount. Having your loan pre-approved gives you a sizeable advantage by putting you on equal footing with cash buyers.

Good Faith Deposit. Buyers offering a larger-than-customary amount of “earnest money,” a deposit that accompanies an offer, may get a seller’s attention. By committing more money up front, buyers demonstrate greater sincerity and motivation to close the transaction. Your real estate professional can guide you as to the appropriate sum for your specific transaction.

Contingencies. Consider minimizing contingencies, those clauses that allow buyers to back out of a contract if certain conditions are not met. For example, it’s common for buyers to make the purchase contingent upon their securing satisfactory financing. Obviously, offers with the fewest conditions tend to be more attractive to sellers.
From a contingency standpoint, first-time buyers are often better prospects for a seller’s home than move-up buyers. That’s because first-time buyers’ offers are not contingent upon the sale of a present home. Even if a move-up buyer has an offer in hand, that buyer’s offer may be contingent on another contingency, and so on down the line. If one transaction derails, they all might.

Relationship. Help the seller get to know and identify with you by looking for ways to connect. Find common interests, such as a shared appreciation of gardening. You can then persuade the seller that her prize roses will be well tended. Share brief family stories. The more the seller gets to know and like you, the better chance your offer will stand out in a competitive environment.

Considerations for Short-sale and Foreclosure Transactions – Bank-owned properties represent a significant portion of today’s housing inventory. Competition can be most keen for these homes as their prices can run 10% to 20% below current market value.

Banks conduct extensive research to set these prices and generally base them on current market value less the cost of required repairs. Make your offer based on your own check of comparable sales and other due diligence. Banks won’t get offended by a low offer, yet a realistic offer will more likely keep you in the running.

Remember, patience is essential when buying bank-owned property as the process can take up to six months and longer.

Work with a local Realtor to buy your dream home or investment property. His or her knowledge, skill and expertise will help you make sound real estate decisions today or any other time.




Prudential Fox & Roach is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.