Are you wondering how to avoid getting into a fast and furious bidding war once you find your dream home? Even if you can afford to pay more, it’s not always the best move. 

Money is one thing that turns sellers’ heads, but it’s far from the only incentive when you’re competing with other buyers. So why raise the ante with more money? 

If you want to offer your seller something they can’t refuse, try offering a flexible closing date.

Why is the closing date important?
On closing day, the home’s sales documents are signed and ownership changes hands. In most cases, that’s about 30 to 60 days from when your offer is accepted. 

But what if that doesn’t work with the seller’s timeline? 

How can a flexible closing help you? 
Some sellers need to get out fast. They could be relocating and need to move immediately. Maybe they already bought a new home. By offering a fast closing, you can help them to avoid paying two mortgages. 

Other sellers need more time. Maybe they’re building their dream home and hit an unexpected construction delay. Your flexibility with a delayed possession date offers them the security of having their new home lined up before they have to move. 

How else can we sweeten the deal?
Let’s say the best bid you can make is a bit lower than the listing price. Offering a seller rent-back might encourage them to choose your offer over others that are less accommodating. This lets the seller rent the space from you for a set amount of time until they’re ready to move.

To make a flexible closing date work for you, remember to go on a month-to-month lease or have alternative housing options ready. 

When you’re ready to make an offer on a home, keep in mind that understanding what motivates the seller is how we’ll get your offer accepted. 

Ready to start your search? Reach out today.

When purchasing a home, safety is high on the list of criteria. With the great schools,  a great neighborhood, and an overall great price on the home you’re purchasing, safety is something you’re thinking about. Once you get the “Does my neighborhood have a Neighborhood Watch plan in place?” and “Which smart home doorbell should I purchase?” questions answered, check out these tips that go the extra mile to ensure your home meets the highest level of safety. 

1. Lay Household expectations. Gather all family members and go over the expectations when it comes to the security of the household. Get into the habit of closing the garage door, locking the doors (even when in the home), and making sure gates and windows remain locked. In addition to getting into the habit of locking doors, ensure that everyone agrees on when to and when not to open the front door when someone is knocking. 

2. Store an extra key at your neighbor’s house. Burglars look for hidden keys hoping to gain access. Ditch the classic extra key under the mat option and ask a responsible neighbor if you can keep an extra key in their home. 

3. Install timers in your home. One of the easiest ways to eliminate a possible burglary is to simply make it seem that you’re home. Most people assume that when a home is lit it means people are there. While no one want’s to keep their home lit all the time, this is where timers come into play. Choose to set your tv and lights on timers so at certain times of the day it looks like you’re home. This will especially come in handy when on vacation. 

4. Remove any and all hiding spots. Tall shrubbery in your yard? Any ditches that haven’t been filled? These make great hiding spots for burglars. Make a habit to tend to your yard by trimming and pruning your yard as well as filling any holes/ditches. Whether done by you or a lawn service, this simple task will add protection to your home. 

5. Light up the yard. As well as eliminating various hiding spots, simply adding lights outside can make a huge difference. Go one step further than the classic porch lights and corner spotlight by adding spotlights in the yard. By illuminating parts of the yard such as trees and plant beds, as well as the facade of the home, the chances of catching someone sneaking around are greater.

Utilize these tips and know that you have gone that extra mile to provide security for your home.

For more information on home security, Money.com has recently published an article on The Best Home Security System for 2020.

Buying a home can be a bewildering process, and mastering the finer points of homeownership takes time. Becoming familiar with the related terminology can be like learning a foreign language. Among the most frequently confused terms are appraisal and assessment. What’s the difference?

Appraisals usually take place when a hired appraiser calculates the fair market value of a home for lending purposes. Because banks typically won’t lend you more than a home is worth, the amount of your mortgage may be determined based on the amount for which the home appraises. Fair market value (FMV) refers to the estimated price for which the house would likely sell under current market conditions. This figure is most easily determined by the sales price (if the home recently changed hands), but in the absence of a recent sale, FMV can be calculated through other means including an analysis of recently sold comparable properties.

Assessments occur in a taxation context and are undertaken by your county’s tax assessor board in order to determine how much you owe in property taxes. Theoretically, homes are assessed annually. In reality, reassessment is formulaic and generally occurs only every few years to account for a standard estimated rate of appreciation or whenever there’s some noteworthy event such as a sale or inheritance. Assessments usually amount to approximately 40% of a given property’s appraised value (which is based on FMV), but other factors can figure into the equation as well (e.g., the size, age, condition, and location of the property).

Knowing the difference between these two terms will help make the home buying process a bit easier!

It’s finally happened — after months of searching, you’ve found your dream home. It’s the perfect size for your growing family, the kitchen was just remodeled and there’s a huge deck for entertaining. And best of all, the seller accepted your offer! 

As we near your closing date, your lender will want to verify the home’s value with an appraisal. This might sound nerve-wracking, but don’t worry: Appraisals protect you from overpaying.

Let’s dive into appraisals to demystify the process: 

When do you need an appraisal?

If you’re taking out a mortgage to buy a new home, the lender will require an appraisal. The appraiser gives an independent estimate of the property based on recent sales data of similar homes. 

When your mortgage amount matches the appraised price of the home, you know that you have a good loan-to-value ratio — and aren’t paying more than you should be.

What does an appraiser look for?

An appraiser will physically measure the home’s square footage and visually inspect the entire property. They’ll note things like:

• Floor plan functionality and the number of bedrooms and bathrooms
• Age of the house and its overall appearance
• Value of any recent updates or remodeling
• Size of the lot
• Desirability of the surrounding neighborhood

Comparing all of that against similar nearby homes sold within the last 90 days, the appraiser arrives at your home’s value.

What if it’s valued for less than you expected?

Let’s say you agreed to buy the property for $250,000 but the appraisal came in at $225,000. Your lender won’t approve a loan for more than the appraised price. 

If you still want to buy the home, we can negotiate a lower price with the seller or challenge the appraisal and pay for a second opinion. 

Another option is to walk away. This may not sound ideal, and it will probably be hard to do. But our goal is to get you the right home at the best price. 

If an appraisal comes in low, we’ll discuss all the options available to make sure you don’t overpay.

Are you ready to find your dream home? Reach out today to get started.