Bridget Alves                of Valencia

Blog - Full Service Real Estate Group, Inc

Lose the bidding battle, win the buying war

Bridget Alves - Monday, April 11, 2016



Placing a bid on a home is exciting, but it doesn’t guarantee that the place is going to be yours. Depending on the market in the area, there may be plenty of people placing bids on a particularly peachy piece of property. If your bid isn’t accepted, though, don’t fret – all is not lost!


Just because someone’s bid was accepted over yours doesn’t necessarily mean that they’ll end up with the house. Deals fall through all the time. That being the case, let the seller know you’d like your offer to remain on the table as a backup; they may just take you up on it. The reason for this is that once they accept an offer, they’re going to start looking to move. If they have their new home already selected, they may begin moving things over right away. If the deal falls through, the seller is still going to be in “moving mode” and is far more likely to accept the next best offer than to hold out for a better one.


Also, the original buyer may rescind their offer for a number or reasons. The most common one is because that, after the home was inspected, additional issues came up that soured the buyer’s taste in the home. These issues aren’t necessarily catastrophic, and they don’t mean a great deal of work needs to be done on the home. Some folks just like to move into a home without having to make any upgrades or repairs, and that’s fine.


If you do choose to keep your offer on the table as a backup, make sure you set a time limit for when the offer expires. If the original deal falls through a month after you’ve purchased another home, you could be in for a huge headache when the seller comes a calling. Also, ask if you can include a first-right-of-refusal clause in your backup offer. This will allow you to stay first in line if the deal falls through, but it doesn’t obligate you to purchase the home if you’ve changed your mind.


Whatever you do, make sure you get all of the terms of your backup offer in writing. You’ll want to ensure you have a record of their agreement to the terms, as well as their agreement to sell to you within a certain frame of time.


Placing a backup offer on a home doesn’t always work out, but if you’re a serious buyer and you’re really in love with a home, asking to place one certainly won’t hurt. You never know, you may just end up with the home.

Why you shouldn’t set your asking price too high

Bridget Alves - Monday, February 08, 2016

In any purchasing situation in which a price isn’t set in stone, asking for a higher price than the merchandise is worth in order to give you some wiggle-room isn’t the worst strategy one can employ. After all, setting the price high leaves you with a chance to get even more than the home is worth, so why not give it a go? This strategy can sometimes be effective, but it can also be disastrous in a number of ways. Here are a few things to consider before you set the price of your home.


Pricing high can lead to a dearth of offers

If you live in a neighborhood with several other homes for sale, you want to be very, very careful with how you set the price of yours. Intentionally setting a high price for your home may well send potential buyers to your neighbors’ homes with prices closer to market value.


Potential buyers know what you’re up to

Savvy home buyers are going to do their due-diligence when it comes to looking for a home. As such, most of them are going to have a ballpark figure, at the very least, of the value of the homes in your neighborhood. When they see one home with nothing special to offer that’s priced significantly higher than the surrounding ones, it can be a significant red-flag that sends a message telegraphing your intentions to get as much as possible for the house.


Your strategy works against the buyer’s
For every seller looking to get top-dollar for their home, there are at least ten buyers looking to get a great deal. When a seller sets the price of a home high, it usually indicates that they’re looking to get, at minimum, market value, while buyers are hoping to get the home at something below that. If you’re looking to get market value for your home, sometimes it’s just best to set the home at the price you’re asking and remain firm when buyers attempt to lowball you.

Some advice to help sell your home fast

Bridget Alves - Monday, January 25, 2016

The decision on the part of a buyer to purchase a home can depend on a number of things like the home’s location, its relative value, and the phase of the moon (hey, we don’t judge!). With so many things out of your control, there are only so many things that you, as a home seller, can do to speed up the sale of your home. That being said, here are a few things you can do that are designed to help your home sell as fast as possible.


Price the house right from the outset

Those who price their homes for more than they’re worth, with the intention of playing the haggling game with prospective buyers are shooting themselves in the foot if they want to sell their home quickly. Savvy buyers (or those with the help of a real estate agent) are going to notice that the home is priced higher than it should be, and be able to see right away what the seller’s strategy is. In cases like this, some buyers will either attempt to lowball the owner, or forego making an offer altogether. When you price your home for what it’s actually worth from the get go, you’re not only offering the home at a fair price, but it creates an air of trust and honesty between you and the would-be buyer.


Enhance the curb appeal

The first thing a prospective buyer is going to see is the outside of your home, so make that first impression a good one by giving the lawn a little TLC. Whether you decide go the distance by re-sodding the grass, planting flowers, and adding new paint and fixtures will be up to you, but unless your yard is already immaculate, giving it some attention may go a long way.


De-clutter and de-personalize the interior
You don’t necessarily need to get all of your things out of the home before you sell it, but make it a point to get rid of the unnecessary pieces of furniture. Things like end tables, bookshelves, night stands, dressers, etc. All of these can go. Additionally, remove personal items like photographs, paintings or whatever else you have decorating the home. You want to give prospective buyers the opportunity to envision their own items in the home, not yours.
No matter what you do, there’s no guarantee that a home will sell fast, but by following the examples above, you won’t be hurting your chances any. Also, make sure you’re familiar with the local market and speak with a real estate agent if you have any questions.

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