Buying is home is a lengthy and, at times, stressful process. So, it can be discouraging when your offer is rejected.
If you’ve recently had a purchase offer rejected by the homeowner, don’t worry--you have options.
In this post, we’re going to cover some of those options so you can start focusing on your next move and potentially even make a second offer that gets accepted.
1. Reassess your offer, not the seller
You could spend days guessing the reasons the seller might not have accepted your offer if they didn’t give you a straightforward answer.
However, your time is better spent addressing your own offer. Double check the following things:
Is your offer significantly lower than the asking price?
If so, is it lower than comparable sale prices for homes in the neighborhood?
Does your offer contain more than the usual contingencies?
Once you’ve reassessed, you can determine if a second offer is appropriate for your situation, or if you’re ready to move onto other prospects with the knowledge you’ve gained from this experience in hand.
2. Formulate your second offer
So, you’ve decided to make another attempt at the house. Now is the time to discuss details with your spouse and real estate agent.
Out of respect for the seller’s time and their timeline for selling the home, you should treat your second offer as your last.
So, make sure you’re putting your best offer forward. This can mean removing those contingencies mentioned earlier or increasing the amount. However, be realistic about your budget and don’t waive contingencies that are necessary (commonly appraisals, inspection, and financing contingencies).
3. Consider including a personal offer letter
In today’s competitive market, many sellers are fielding multiple offers on their home. To set yourself apart from the competitors and to help the seller get to know your goals and reasoning better, a personal letter is often a great tool.
Don’t be afraid to give details in your offer letter. Explain what excites you about the house, why it is ideal for your family, and what your plans are for living there.
What shouldn’t you include in your offer letter? Avoid statements that try to evoke pity or guilt from the seller. This seldom works and will put-off most buyers to your offer.
4. Moving on is good time management
If you aren’t comfortable increasing your offer or if you receive a second rejection, it’s typically a good idea to move onto other prospects. It may seem like wasted time--however, just like a job interview that didn’t go as planned, it’s an excellent learning experience.
You’ll walk away knowing more about the negotiation process, dealing with sellers and agents, and you might even find a home that’s better than the first one in the process!
Looking to sell a house for the first time? Ultimately, your home's curb appeal may dictate how quickly you can proceed along the home selling journey.
Typically, a house with an awe-inspiring exterior will make a great first impression on homebuyers. This means homebuyers may become more likely to pay attention to this home over others and submit an offer that matches or exceeds a home seller's expectations.
On the other hand, a home that has a messy, uncut front lawn, cracked and chipped exterior paint and other exterior problems is unlikely to generate substantial interest from the right groups of homebuyers. As such, this home may remain on the housing market for an extended period of time.
Lucky for you, we're here to help you upgrade your house's curb appeal before you add your residence to the real estate market.
Now, let's take a look at three tips to help you bolster your home's curb appeal and increase your chances of a fast, profitable home sale.
1. Take an Objective Look at Your Home's Exterior
For first-time home sellers, it is important to do everything possible to guarantee that a residence stands out from the competition. And with a few simple home exterior improvements, a home seller can improve a house's curb appeal quickly.
Home exterior maintenance like mowing the front lawn, clearing debris from walkways and trimming the hedges can make a world of difference in the eyes of homebuyers.
Also, if you want extra help with home exterior tasks, don't hesitate to reach out to landscaping companies or other home exterior maintenance professionals. These home exterior experts should have no trouble helping you transform an ordinary home exterior into a dazzling one.
2. Conduct a Home Appraisal
A home appraisal offers a wonderful opportunity for a first-time home seller to identify potential home exterior issues and address such problems without delay.
During a home appraisal, a property inspector will assess a house both inside and out. He or she likely will spend several hours analyzing a house's strengths and weaknesses. Then, when the property inspector's evaluation is complete, he or she will provide a report that details the assessment findings.
A first-time home seller should analyze a home appraisal report closely. By doing so, this home seller can find out what it takes to upgrade a house's exterior and map out assorted home improvements accordingly.
3. Consult with a Real Estate Agent
If a first-time home seller is unsure about how to improve a house's curb appeal, consulting with a real estate agent is ideal. This housing market professional can offer honest, unbiased home exterior improvement recommendations to help a home seller bolster a house's curb appeal.
Furthermore, a real estate agent is happy to respond to a home seller's concerns and questions throughout the home selling process. He or she will serve as a home selling guide and do everything possible to help a home seller achieve the optimal results.
Take the guesswork out of boosting a home's curb appeal – first-time home sellers can use the aforementioned tips to enhance a house's curb appeal in no time at all.
Looking to add your home to the real estate market? Ultimately, you'll want to do everything you can to maximize the value of your residence.
For home sellers, getting the best price for a residence may seem virtually impossible at times. Fortunately, we're here to help you plan ahead so you can get the best price for your house as soon as it hits the market.
Now, let's take a look at three tips to help you optimize the value of your residence, regardless of the current real estate market's conditions.
1. Examine the Housing Market
When it comes to the real estate market, it is important to understand how your residence stacks up against the competition.
Collect housing market data to learn about the real estate sector. Then, you can establish a "competitive" price for your home and boost your chances of a quick home sale.
Typically, home sellers should look at the prices of currently available residences in their cities and towns. This will enable home sellers to understand the local real estate market and establish a price range for houses that are similar to their own.
Don't forget to review the prices of recently sold houses as well. With this housing market data in hand, home sellers can find out whether they are about to enter a seller's or buyer's market.
2. Complete a Home Appraisal
Let's face it – what your home is worth today is unlikely to match what you initially paid for your residence. If you have completed a wide range of home upgrades over the years, the value of your residence may have increased. Or, if you failed to maintain your house's interior and exterior, your residence's value may have fallen.
A home appraisal will enable you to learn about your house's strengths and weaknesses. This assessment is performed by a professional property inspector who will take a close look at your house's interior and exterior. After the assessment is finished, the property inspector will provide you with a report that can help you price your house appropriately.
If you want to boost your home's value after a home appraisal, you can always complete various home interior and exterior improvement projects. That way, you can enhance your house both inside and out and move closer to maximizing the value of your home.
3. Consult with a Real Estate Agent
A real estate agent is a difference-maker for home sellers, and for good reason. This housing market professional will do everything possible to help you prep your house and ensure you can receive the best price for it – without exception.
Usually, a real estate agent will set up home showings and open houses, negotiate with homebuyers on your behalf and much more. He or she will even provide honest, unbiased home selling recommendations to ensure you can streamline the home selling journey.
Don't leave anything to chance as you get ready to add your house to the real estate market. Use these tips, and you should have no trouble getting the best price for your house.
Photo by RTImages via Shutterstock
Buying raw land with the intent to build can be exciting, but there are many things to consider before you make the purchase final. Building requirements: From soil type, building setback requirements, electrical accessibility, well drilling, sewer placement and everything in between, learn what needs to be done and planned before beginning the project ahead.
Soil Type
The type of soil can have a huge impact on the cost of excavation. Sandy or rich soil will make for easy excavation; however, if your ground is Rocky, or bedrock is present, it will be more challenging and likely require heavier equipment to complete the task at hand. Setback: City, county and state setback means the structure you are building will need to be set back a certain distance from the property line. It's always best to check with the county and learn the requirements before you begin your excavation.
Electrical and Other Utilities
Check with your local power company to understand the means and requirements for connecting your electricity.
The power company will send an employee to look over your project and inform you of your best options for hooking up power. Will a new pole need to be set? (If so, will this pole obstruct a view you were looking forward to having?) Will electricity be brought to your land underground? Be sure to check with your power company at the beginning of your project to secure a spot on their calendar to keep your project moving in a timely fashion.
Well Drilling
You will need to get ahold of a drilling company to discuss the location for drilling your well. Your well will need to be a certain distance from your sewer system and land setbacks. The well company will give you an estimate of how deep your well may be due to neighboring wells; however, they won’t be able to guarantee a certain depth. Well cost is based on how deep they need to drill to get the needed gallons-per-minute that will be suitable for your particular needs.
Sewer Perk Test
The ground type will determine what sewer system will be needed for your project. The sanitation department will dig a hole on your property and, after examining the soil (perk test), they will decide what system is suitable for your project. If your structure is residential in nature your system size will usually be determined by how many bedrooms you will have as well as the soil type.
Other Tips
If you visit your county office and inquire about your upcoming building project, they can give you guidance as to what you’ll need to be aware of and who to get in contact with as you begin your project. You’ll need a file or folder to keep all building-related paperwork together. Staying organized will be key as you proceed. Typically, the beginning of a project will be full of many delays, so take a deep breath, and do your best to enjoy the satisfaction of each task as you see it come to completion.
You may be in the market to buy a vacation home in the near future. Getting ready to purchase a second home can be a big decision and a big financial commitment. Aside from a good investment, buying a vacation home brings enjoyment to you and your family. To help you make a good decision on when and where to buy your vacation home, read on.
It’s All About Location
You need ton know why you want to buy a second home. Do you spend a lot of time in one specific area? Do you want to explore one particular place a bit more on a frequent basis? The reason behind why you purchase a home for vacation purposes will fuel your decision on location. If you’re looking for a simple getaway with your family several times a year, the answer may be different than if you want to have a rental property. Choose a location that has varied seasons. You don’t want the prime time for use of the property to be the same as when you’d like to be on the property with your family.
Don’t Purchase On A Whim
While it can be tempting to search for homes while you’re on a getaway, you should rent several times before you make the decision to buy in a particular place. Vacations can give buyers this sense of awe that could quickly fade. You don’t want your decision to be fueled by emotion. You need to be certain that you’ll actually enjoy an area for the long term.
Shopping for a vacation home is quite similar to shopping for your main house. You want to know you’re in a good area and that you’ll enjoy the house or the long haul. It’s tough to do that if you don’t have a basic understanding or appreciation of the area.
How Often Will You Use The House, Really?
You need to be realistic about how often you’ll actually use your vacation house. It may not be worth it to buy in an area that will only be used one week out of the year. If you know you’ll be able to use the space all of the time, then go for buying a home in the location of your dreams. If, however, you’re unsure of how often you’ll be able to get to the house you might want to think twice. You could do just as well finding a spot that you can use as a reliable rental when you want it. Don’t forget that buying a second home means having a second home to maintain. Not everyone is up for that challenge.
