Tips on How to Win in Bidding Wars

bidding wars

Tips on how to win at bidding wars!

Psst! Trying to outbid others today? Here are tips and links to more.

“The New York Times recently offered some of the following tips from housing experts:

  • Get preapproved for a mortgage. A preapproval letter from a lender – note, not prequalified – can show that a buyer is a strong candidate in obtaining financing.
  • Have a strong start. What can you most afford? Bid accordingly. That said, “don’t go to a point where you think it’s going to be too much to handle,” says Caroline Baccellieri of McClellan Sotheby’s International Realty in Pelham, N.Y. Also, if buyers offer more than the asking price, make them aware that their mortgage lender may still appraise the home at a lower value. This could then leave them having to pay the difference.
  • Waive the mortgage contingency, but … Sellers tend to prefer offers that are not contingent on the buyers’ ability to obtain financing. So in hot markets, an offer contingent on the mortgage could be viewed as a detriment. Yet, without this contingency, buyers can run a risk of losing their deposit if their financing  ends up falling through. They’ll want to weigh this one carefully and consult a lawyer.
  • Don’t just bank on the letter. A heartfelt letter attached to your offer has gotten some buzz lately as a winning strategy. While a nice touch, “don’t expect them to distract the seller from the bottom line.”
  • Cash. And one of the best ways to win a bidding war: Offer cash. Sellers like all-cash offers because it provides more certainty the deal will go through and without delay. If an all-cash offer isn’t practical, have your buyer find other ways to provide the seller certainty that the settlement will go through.”

Click the link below to read the rest of this article.

From:

Help Your Buyers Win a Bidding War

http://realtormag.realtor.org/daily-news/2016/06/24/help-your-buyers-win-bidding-war

 

General Home Maintenance Schedule Series: The Top Six Myths About Home Inspections

house_inspectionThe Top Six Myths About Home Inspections

By Lisa P. Turner

If you have bought or sold a home, you might have experienced an independent home inspection. This type of home inspection is designed to provide both buyers and sellers with critical information about the health of the home’s systems – heating and cooling, electrical, plumbing, water tightness, roof condition, and safety. This type of inspection is highly detailed and provides a wealth of information on the home. While this type of inspection is not required, it can help buyers avoid a “money pit” and can help sellers understand what things might turn buyers away.

A friend wrote me recently to say that they bought a house and had expected the home inspector to look for termites. After they moved in, they decided to remodel. They discovered that termites had completely eaten the wood structure in 3 walls.

I told them that one of the things home inspectors do not do is inspect for pests, since they are not qualified to identify them. Pest control professionals are qualified to find pest infestations, and should be called in before the purchase. Most of the time your real estate agent will suggest what inspections you should be getting to protect yourself.

This got me thinking about home inspection myths. Here are the top 6 myths.

1. Home inspectors inspect for termites. Myth! Unfortunately for the couple above who believed this, repairs were very expensive.

2. You should not attend the inspection on the home you are buying, because it will disturb the inspector. Myth! Inspectors appreciate their clients attending the inspection and know they can fully communicate the issues with them. Sometimes written reports do not explain everything fully. If the clients are out of town and cannot attend the inspection, they should hold a conference call to discuss report items as soon as practical after the report is completed.

3. The seller is responsible for fixing everything the inspector finds wrong. Myth! Repairs, even serious ones, are negotiable. The sellers may be able to back out of a deal, however, if the inspector discovers serious defects.

4. New construction requires an independent home inspection to get the Certificate of Occupancy. Myth! New construction does require progressive inspections by the municipal building inspector for safety and code enforcement. If you are moving into a newly constructed home, I personally would recommend an independent home inspection also, as it will catch many loose ends.

5. If the home’s appraisal is excellent, there can’t be anything wrong with the home and you don’t need another inspection. Myth! A home’s appraisal is based on many factors, including market conditions, location, and materials (HardiePlank and granite counter tops, for example) but does not inspect for systems actually working or structural integrity.

6. A home inspection will take about 30 minutes. Myth! A thorough home inspection should take from 2-5 hours depending upon the size and complexity of the home. There are hundreds of inspection points on a home inspection, including walking the roof and crawling the crawlspace.
Now that you are the home inspection expert, you can try these questions on your friends and see how they do.

Lisa is an aerospace engineer and building contractor residing in Hayesville, North Carolina. Prior to her engineering position, Lisa inspected homes for home buyers, sellers, owners, and mortgage companies.

Lisa loves flying and building aircraft. Lisa is the first woman to build and fly a Pulsar XP 2-person experimental aircraft. She built 2 aircraft and the major portion of a helicopter between 1995 and 2008.

Lisa enjoys writing about flying, home improvement, and goal setting. She loves to inspire others to reach for their dreams.

Article Source: http://EzineArticles.com/?expert=Lisa_P._Turner

 

New Listing: Asian Wok, 307 N 20th Street, Columbus, OH 43203

307 N 20th Street, Columbus, OH 43203

New on the market! Owners retiring. Own your own established, successful business!

Very active, long-time established (20+ years in that location) Asian Wok Restaurant in busy strip mall that remained open even during covid-19 closures. Normal seating for more than 60 guests.

Large (third party – like Doordash) delivery business with plenty of repeat clients. Quality ingredients, delicious food at affordable prices. Own your own business that generates excellent income even during Pandemic times.

Very large kitchen with an abundance of updated equipment. Space is leased month to month (can check with
landlord for long term lease deal).

Price includes equipment, furniture, fixtures, recipes and inventory at time close. No owner financing.

Contact agent at (614) 219-9221 for showing and more info. Please do not bother workers / staff.

More info, visit: https://www.alliancehomes-dayton.com/oh/columbus/home-details/307-n-20th-st-columbus-oh-43203/12184921475239796015/M00000495/221008096