Tag: buyers market

Play Purdy!!! Multliple offers

I just love this job!!! Every day it is new and exciting and different and just when you think you have it figured out …. here we go again.  One day our buyers are just strolling along and taking their time to figure out just which of the many houses they want and with the blink of the eye it has changed.  Although it is NOT a total sellers market yet, we are inching closer and closer as inventory is going down and the multiple offers are CRANKING up.  So what is one to do when you are faced with multiple offers.

Play Purdy!!!!  (southern for Play Pretty)

My grandmother alway hollered after us as we went out to play,” Play Purdy now!!” Of course that was her way of reminding us to play nice and that is great advice when making an offer on a home that you really want. To make your offer more attractive, don’t ask for closing cost and other extras from the seller. If you do need to ask for closing cost assistance then up your offer to cover those expenses.  It is also a great idea for your agent to be really sweet to the listing agent because emotions do play into our engagement with others… whether on a subconscious or conscious level.

Hot buttons!!!

More than likely the seller has some hot buttons, some things that just may tilt the sale in your favor. Maybe you find out that they would love a quick close or maybe they need to even stay a few days after close…. if you can find out what makes them tick you may have a good chance of having the winning offer.

Share that loving feeling…. oh that loving feeling.

Most home owners love their home and have an emotional attachment and the notion that someone else will love and enjoy it too makes them feel good about the sale of their home.  I have actually had people write a letter to the seller’s expressing how they felt about the home and what it meant to their family.  On a personal level I just purchased a new home and I believe that the seller who really did not want to leave the beach, ( and who would?) felt a sense of comfort because of my over the top enthusiasm for her home that thankfully is now mine.

As we continue to move towards more of a Seller’s market  I will share some more tips next week…. but for now remember, “The only people we have to get even with are those that have helped us.”  And until I see you again, “Play Purdy”

 

Do You Qualify for a Short Sale?

Okay gang, I know, I know, enough already. . . I have been talking and writing and breathing short sales but this has got to be said. With the number of people jumping on the short sale band wagon many are called but few are chosen, and you have to make sure you are actually qualified we need to set the record straight. Yes property is devalued and yes you are way upside down but are you really a candidate for a short sale?

The biggest point to drive home is that you must have a true hardship to qualify. The bank loaned you the money and if you have assets and you have the economic ability to pay back the loan then you are more than likely not going be accepted for a short sale. It is a very timely process with many people investing time and energy to make it happen so it is important to assure that it is a viable option for you. I think it is a great idea to check with a lawyer an an accountant and discuss your situation. Make sure that you are honest with your Realtor because she really can not help you to the best of her ability without honest, accurate information.

Before you even think that you may want to do a short sale make sure you are prepared to be forthcoming and honest about all of your income and dept. You will need to provide a few years taxes, bank statements, and any other source of income that is available to you. More than likely if you have gotten to this stage there is a real tangible reason for your inability to pay your dept. It is vital that when you write your hardship letter is written by you and not an attorney or other party. MOST important, however, is that these items must be submitted before a SHORT SALE contract can even be looked at as a SHORT SALE possibility. So be working on these things as soon as your Realtor takes your listing.

Many people call me and ask me, “Is that a pre-approved short sale?” Now that is a hard one to swallow because there really is no such thing because a short sale can NOT happen unless the bank and the seller agree to the final terms. In other words, per the addendum the seller needs to be satisfied with the settlement that the lender is proposing for the deal to work. It is really a great big jig-saw puzzle with many pieces that have to fit together so really, until it is over – it is just not over.

I hope that this does not come across as a mean spirited article, that is certainly not the intent. I just want to clear up some misinformation that I hear floating around and I am sure that you have heard it too. Thankfully most of our short sales are working but the fact is, they do not all fly, so the best assurance is to lay it all out on the table, take a deep breath, be patient, be really really sweet to your Realtor and she will be really sweet and patient with the lender and hopefully. . .

Sorry if I am beating a dead horse but it keeps coming back to life.