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Sellers:
Proceed with Caution to Instigate a
Bidding War
Abuyer
suggests that she'll purchase your house
if you lower the price by several
thousand dollars. It reminds you of a
similar offer you rejected when the
property first hit the market. Should
you and your REALTOR get a bidding war
going between the two prospects at this
point in order to drive the price up?
Proceed
with caution.
As your
Realtor may warn you, igniting a bidding
war between buyers can backfire leaving
you empty handed without a buyer in
sight.
Let's
first cover the most common
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questions
seller's ask when working with
multiple buyers, followed by
suggestions on how to maximize
offers without alienating
prospects.
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After
the Move: Acclimating to Your New Neighborhood
Whether
you're moving across the country or to a suburb
30 minutes away, you'll go through an adjustment
period following your move. Particularly if
you've moved to another state, you'll face the
initial uncertainty of knowing absolutely
nothing about where the "important"
landmarks are: the nearest grocery store, the
pharmacy, the gas station, the library, the
supercenter that carries your necessary
household cleaning items, and of course, the
all-important movie-rental store, coffee house,
movie theater and mall.
Once you've
located the basics, you'll want to expand your
horizons and get to know your new hometown's
cultural offerings. Where do you start? What's
worth your time, and what isn't? Some newcomers
remain hermits in their own homes for several
months before they begin to take the initiative
and venture out. The fact is that the sooner you
begin to explore your new hometown, the sooner
you'll establish a comfort level in your
surroundings, and the more positive your
experience is going to be. Moving to a new
hometown is like any other new experience in
life: You get out of it what you put into it.
Don't waste any
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Enhance
Your Home's
Drive-Up Appeal
It's
never a bad time to think about ways to improve
your home's image on the outside. But if you're
planning on placing your house on the market any
time soon, you simply can't afford not to brush
up its exterior. In the rush to fill out
paperwork, search for a new home, obtain
necessary financing, etc., too many homeowners
fail to consider how the outside of a house
determines in a matter of seconds whether
prospective homebuyers out for a drive are going
to stop the car and pull out a flyer or call
their REALTOR® and tell them they've found a
home they want to view.
You should
certainly conduct your own personal inspection
and inventory of your home's exterior before you
place it on the market, but the effectiveness of
this exercise is questionable. You're too close
to the subject at hand, for one thing. And,
whether consciously or unconsciously, you're
avoiding any flaws for which you'd have to cough
up a lot of cash to repair. The reality is that
some of those flaws probably aren't going to
pass muster with a buyer's home inspector, so it
may be simply a question of whether you pay now
or later to repair them. So don't rely on your
own assessment to determine just what needs
fixing and improvement. Have your Realtor size
up the outside of your home. This is no time for
your Realtor to be nice; ask him or her to be
brutally honest. Your Realtor's
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How
to Buy a Home in a Sellers' Market
Trying
to buy a home in a sellers' market is a little like not
having a date on Saturday night. Everyone else seems to
be having all the fun but you.
Since there are more
buyers than homes for sale in a sellers' market, homes
sell quickly and for higher prices than they normally
would. Seeing homes in which you are interested sell out
from under you and at outrageous prices can be
frustrating and discouraging. You continue to drive your
favorite neighborhoods, but begin to lose hope that
you'll ever get there first and for the right price.
What can you do? If you
are in a sellers' market, and wish to buy a home, flip
the odds back in your favor. Do the following:
Be prepared to buy.
Get your finances in
order, clean up your credit, and talk to a mortgage
broker
Daily
News and Advice
September 1, 2000
Read about the events shaping the
Real Estate market today, find current interest
rates, or browse the extensive library of advice
and how-to articles written by some of the top
experts in Real Estate. Updated each weekday.
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