Nina Rogoff's Insights on Sharon Real Estate and More!

Sharon MA Buyers, Are YOU Prepared to Make an Offer?

Jeff Dowler, an experienced and knowledgeable Realtor in Carlsbad CA (and a transplant from Massachusetts) wrote this excellent post which I want to share with buyers who are looking to buy a home in Sharon MA. Jeff's post helps buyers understand how to be prepared for making an offer in a sellers' market.

Sharon MA is a sellers' market, too. That means there is more demand for homes and not enough inventory. Buyers who are prepared with the information that Jeff describes will be able to act quickly when they find the home they want to buy.

One other tip: Your credit score is checked as part of a lender's preapproval process. Once you receive your preapproval letter, it is important to make sure you don't do anything to lower your credit score. Otherwise, you might find yourself in a situation where the lender determines that they can't actually lend you the money that you thought you could count on.

If you're relocating to Carlsbad California, call Jeff Dowler at (760) 840-1360 to help you find a home! You'll be glad you did!

Nina Rogoff, RE/MAX Executive Realty 781-883-3764 Top Real Estate Agent in Sharon MA

 

 

 

 

Carlsbad Buyers, Are YOU Prepared to Make an Offer?

 

For many Carlsbad buyers, making an offer prompts a great deal of anxiety and emotion, especially considering the amount of money involved.

 

Ready to make an offer on a house?In our competitive market where home tours are more like a party, with multiple offers and plenty of cash buyers, you have to be prepared.

 

Carlsbad Buyers, Are YOU Prepared to Make an Offer?

 

If you aren’t prepared, you are wasting your time and your agent’s, plus you won’t get the house you want. Although if you aren’t serious none of this matters anyhow.

 

Here’s what I recommend:

 

Talk to your REALTORTALK WITH YOUR REALTOR

 

Your REALTOR is invaluable in helping you plan an appropriate home buying strategy. He or she can also help you understand current market conditions (e.g., multiple offers) and what to expect with regard to making an offer, whether it’s a short sale, REO or traditional sale.

 

REVIEW THE CMA (Comparative Market Analysis)

 

As in a listing, preparing a market analysis based on recent comparable sales and inventory will help you make the right initial offer. No one wants to overpay, but with the competition a low offer will simply not work.

 

Are you pre-approved?MAKE SURE YOU HAVE A CURRENT PRE-APPROVAL

 

No offer will be accepted without a current written pre-approval, not one that is months old (and NOT a pre-qualification). Some REOs and short sales also require you get pre-approved by a specific mortgage professional from the bank who owns the home (the REO) or who holds the 1st lien on the short sale.

 

HAVE PROOF OF FUNDS (POF) READY

 

It’s common for a POF to be requested for buyers with loans when purchasing an REO or short sale to document you have funds for the down payment and closing costs. Certainly in ANY cash purchase you must provide a POF. Very recent documention is essential – a 3-month old bank statement won’t cut it.

 

REVIEW THE STANDARD OFFER PAPERWORK

 

You should already have seen a sample copy of the standard offer paper work (it varies from state to state) and hopefully reviewed it with your agent. There are key decisions to make to structure a competitive offer – price, time for closing, buyer and seller costs, financing terms, time frames, contingencies (loan, appraisal, property investigation, HOA docs, government reports) and more.

 

What date works for closing and moving?WHAT TERMS AND CONDITIONS ARE IMPORTANT

 

While your offer (and final) price are something you must decide on, other terms and conditions might also be important to you. The date of closing may be one. How soon can you close and move, and are you willing to negotiate closing date for the right price?  How much deposit can you put down (practice varies but a low deposit does not demonstrate good faith and seriousness)? Are you asking for all appliances to be included, and are the particular fees you want the seller to pay?

 

Are your serious about buying?GET IN THE RIGHT FRAME OF MIND

 

In our market with around 2 months of inventory, be prepared to make a strong offer and realize it’s likely your offer will not be the only one. Act quickly and try to offer the best terms and conditions you can. If you dilly dally while you think about it, especially on a new listing that is well priced, you will lose it. You also have to prepare for the fact that the best offer you can or want to make may not be enough, and you will have to keep looking.

 

Ready to make that offer? You should be now!

 

Ready!! Aim!! Fire!!

 

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2 commentsNina Rogoff • January 27 2013 07:48PM

Comments

Nina - nice re-blog with appropriate changes. I think I should also learn to do something like this - it helps!

Posted by Praful Thakkar, Andover, MA: Andover Luxury Homes For Sale (Keller Williams Realty) over 1 year ago

So true Nina, and if my buyers of last week who i fired got it by reading this they would have been better off.  Deals are gone & work and trust your Realtor to guide you well...good sense here.

Posted by Ginny Gorman, Homes for Sale in North Kingstown RI and beyond (Phillips Post Road Realty ~ 401-529-7849~ RI Waterfront Real Estate) over 1 year ago

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