Metrowest Area Homes Team's Blog
When it comes to buying a house, there is no need to deal with a stubborn home seller. However, you may encounter a stubborn home seller, regardless of how well you prepare for your homebuying journey. And if you're not careful, a stubborn home seller may cause you to miss out on an opportunity to purchase your ideal residence.
Don't let a stubborn home seller get the best of you. Instead, use these tips to ensure you can handle negotiations with a stubborn home seller like a pro.
1. Don't Panic
If you are forced to deal with a stubborn home seller, there's no need to get discouraged. Conversely, consider the property seller's perspective, and you may be able to get the best results out of a tough situation.
Open the lines of communication with a home seller – you'll be glad you did. If you maintain open communication, you may be able to find out the root cause of a home seller's stubbornness and plan accordingly.
Also, don't panic if a home seller fails to communicate with you, and try to avoid assumptions at all costs. By doing so, you'll be able to remain calm, cool and collected and maintain your patience as you try to figure out the best way to acquire your dream house.
2. Be Prepared for the Best- and Worst-Case Scenarios
In the best-case scenario, a stubborn home seller will explain his or her demands. Then, you can negotiate with a home seller, find common ground with him or her and work toward finalizing a home purchase agreement.
On the other hand, it is important to understand the worst-case scenario as well.
In the worst-case scenario, you and a home seller may be unable to find common ground. And if this occurs, you should be prepared to walk away from a potential homebuying negotiation and restart your search for the perfect residence.
3. Consult with a Real Estate Agent
Are you unsure about how to deal with a stubborn home seller? There's no need to worry, especially if you consult with a real estate agent.
With an expert real estate agent at your side, you should be able to overcome any potential homebuying hurdles.
An expert real estate agent will act as a liaison between you and a home seller. He or she will learn about the needs of a homebuyer and home seller and ensure both parties can achieve their ideal results.
Furthermore, an expert real estate agent can respond to any homebuying concerns and questions. This housing market professional can teach you about the ins and outs of purchasing a residence and provide honest, unbiased homebuying recommendations. As a result, a real estate agent can help you simplify the homebuying process and ensure you can secure a first-rate house that matches or exceeds your expectations.
Ready to streamline the homebuying journey? Take advantage of the aforementioned tips, and you can get the support you need to deal with a stubborn home seller.
Purchasing a home may prove to be an arduous process, particularly for those who fail to plan ahead for the property buying journey. Thankfully, there are many quick, easy ways to streamline the homebuying cycle.
Now, let's take a look at three tips to help you become a smart homebuyer.
1. Study the Real Estate Market
A smart homebuyer realizes the housing market fluctuates constantly. In fact, a real estate market that favors sellers today may favor buyers tomorrow, or vice-versa. But if a homebuyer reviews the housing sector closely, he or she can differentiate a buyer's market from a seller's market and plan accordingly.
Oftentimes, it helps to analyze the prices of recently sold houses in your preferred cities and towns. This will enable you to see whether houses are selling at or near their initial asking prices. It also will allow you to find out how long homes are available before they sell.
2. Obtain Home Financing
A smart homebuyer understands the importance of getting a mortgage before he or she pursues a residence. Thus, this buyer will meet with lenders and get pre-approved for home financing to further accelerate the homebuying journey.
Generally, it won't take long to get pre-approved for a mortgage. Banks and credit unions employ friendly, knowledgeable mortgage specialists who can help homebuyers quickly analyze various home financing options. These specialists can teach you about a broad array of mortgage options and help you weigh the pros and cons of different mortgages. Then, once you evaluate all of your mortgage options, you can select a mortgage and kick off the homebuying journey with a budget in hand.
3. Hire a Real Estate Agent
A smart homebuyer knows that working alone to find and purchase a house can be difficult. Therefore, this buyer will allocate time and resources to hire a real estate agent who can provide comprehensive assistance throughout the homebuying journey.
Typically, a real estate agent is a must-have for a homebuyer, regardless of the current housing market's conditions. A real estate agent understands the ins and outs of the housing sector and is happy to share his or her expertise with any homebuyer, at any time.
When it comes to navigating the homebuying journey, a real estate agent is ready to help you in any way possible. For instance, if you need help finding a residence in a particular city or town, a real estate agent will make it simple to narrow your house search. On the other hand, if you want to buy a new house as quickly as possible, a real estate agent will ensure you can discover your dream residence on your timeline. Best of all, a real estate agent will respond to any of your homebuying concerns and questions and help you make informed decisions at each stage of the homebuying cycle.
Enter the housing market as a smart homebuyer – use the aforementioned tips, and you can increase the likelihood of enjoying a successful homebuying journey.
Getting ready to buy a home is one of the most exciting times in life. The purchase of a home is one of the biggest financial decisions that you will ever make in your lifetime. When you make the decision to buy a home. There are a few key things that you need to do to be prepared for the process of a property purchase. It can be simple if you have the right preparation and knowledge.
Find The Right Realtor
A good realtor will steer you in the right direction when it comes to finding the home of your dreams. Your real estate agent also will help you each step of the way on the road to buying that home. There’s a lot of paperwork that must be done in a timely manner throughout the buying process. The right realtor can even help you to get the offer in for the right home in on time. In a competitive market, having a realtor who is on top of things can mean the difference between purchasing the home you want and letting it fall through the cracks.
Know That You’re Signing A Lot Of Legal Paperwork
The purchase of a home does involve a contract. If you need more time for anything such as reviewing your home inspection or waving certain contingencies, you’ll need to state that. Every piece of the transaction is important and needs to be formally processed when it comes to purchasing a home. Your realtor will be there to help you through all of these complicated processes.
Think Of The Future
When you’re choosing a home, you’re not just buying for your life as it stands right now. Are you hoping to have a big family? Do you need a home office? How much entertaining are you planning on doing? All of these things are important when it comes to the type of home that you’ll buy. If you don’t plan for the future, you’ll outgrow the home that you’re in quite quickly.
Look For Potential
See what potential the homes that you’re looking at have for you. Some homes may have major cosmetic issues that can easily be fixed. Perhaps The walls just need some fresh coast of paint. Maybe the deck needs to be stained. If you go into the house search with an open mind, it will be a lot easier for you to find the right home. You don’t need a home that is absolutely move-in-ready unless of course, you’re building a brand new home from scratch.
Know Your Finances
One of the most important things about buying a home is knowing your finances. Don’t buy a home that you can‘t afford. From looking at your own budget to getting pre-approved, you’ll be able to have a better understanding of your own financial situation and how much house you can afford.
Believe it or not, the process of buying a home can become long and complicated. And if you're not careful, you may encounter many hurdles that prevent you from acquiring your dream residence.
Lucky for you, we're here to teach you about the ins and outs of buying a house and help you simplify the process of going from homebuyer to homeowner.
Now, let's take a look at three common misconceptions associated with buying a home.
1. You will be able to acquire a house in a matter of days.
The process of locating your dream home is unlikely to happen overnight. Instead, a homebuyer usually will need to perform extensive housing market research to discover a residence that meets or exceeds his or her expectations.
Typically, a homebuyer will look at several houses before he or she can find the right residence. This homebuyer then will need to submit an offer on a house. And if a home seller accepts the homebuyer's proposal, a home inspection will need to be completed before a home purchase is finalized.
It is important to set realistic expectations for your home search. In most instances, it may take a few weeks or months to find your perfect residence. But with a diligent approach to your home search, you'll be able to discover a house that can serve you well for years to come.
2. You will be able to buy a home for less than a property's initial asking price.
Understanding the differences between a buyer's market and a seller's market is essential for a homebuyer.
In a buyer's market, many high-quality residences are available. This market usually favors homebuyers, and in many instances, enables property buyers to secure great houses at budget-friendly prices.
On the other hand, a seller's market features a shortage of first-rate properties. As a result, this market favors home sellers, and many homebuyers may compete with one another to secure the best houses.
Regardless of whether you're operating in a buyer's or seller's market, it is paramount to avoid the temptation to submit a "lowball" offer on a residence. By doing so, a homebuyer can minimize the risk of missing out on an opportunity to acquire his or her perfect residence.
3. You can find your dream home without help from a real estate agent.
When it comes to buying a house, the early bird catches the worm. Therefore, an informed, persistent homebuyer is more likely than others to locate a terrific home at an affordable price.
Ultimately, working with a real estate agent is ideal. With a real estate agent at your side, you can receive expert assistance throughout the homebuying journey.
A real estate agent will set up home showings, keep you up to date about new houses as they become available and much more. He or she also will respond to your homebuying questions and ensure you can acquire a stellar home in no time at all.
Take the guesswork out of buying a house – collaborate with a real estate agent, and you can make your homeownership dreams come true.
In a competitive housing market--like the one we have today--sellers are fielding numerous offers, especially in desirable urban and suburban hubs.
If you’re hoping to buy your first or second home, it can be tough to make offer after offer with no success.
However, there are some things you can do to help ensure your time house hunting is well-spent and to increase your chances of getting your offer accepted.
In today’s post, I’m going to give you a few tips on how to win a bidding war on your dream home.
The most effective way to ensure that your offer is accepted is to make it in all cash. Cash offers drastically simplify the real estate transaction process, making things easier on the seller.
Most buyers, especially first-time buyers, won’t be able to make an all-cash offer on a home. However, people who are downsizing after their children moved out or are buying a retirement home may find themselves in the ideal financial situation to be able to leverage a cash offer.
If that sounds like you, consider a cash offer as part of your bidding strategy.
Waive the financing contingency
If you’re new to real estate contracts, you might be wondering what a contingency is. Essentially, a contingency is an action that needs to be completed before the contract becomes valid and the sale becomes final.
There are a number of different contingencies that can be found in a real estate contract. However, the most popular are for inspections, appraisals, and financing.
If you’re planning on taking out a mortgage to purchase the home, a financing contingency protects you in case you aren’t able to secure the mortgage in time. In other words, you’re not on the hook for a home you can’t pay for.
In some special situations, buyers might decide to waive the financing contingency, signaling to the sellers that there won’t be any hang-ups or delays from the buyer regarding financing the home.
Waiving this contingency comes with risks (namely, being responsible for coming up with the money to pay for the home). However, there are ways to safely waive a contingency.
The most common approach is to get a fully pre-approved letter from a lender. The important distinction here is that your mortgage needs to be pre-approved and underwritten (not just pre-qualified), otherwise you again risk getting denied the mortgage in the last moments before buying your home.
Crafting a personal letter
Sometimes all it takes to win a bidding war is to be the seller’s favorite candidate. Take the time to write them a personalized letter. Explain what you love about their home and why it’s perfect for your family.
Avoid talking about big changes you’ll make. Remember that they probably put a lot of time and money into the home, making it exactly the way they want it, and won’t appreciate you making huge plans to undo their work as soon as they’re out the door.
Using one, or a combination of, these three techniques, you’ll be able to give yourself an edge over the competition and increase your chances of getting your offer accepted.