What Is A Counter-Offer? The video puts this in more visual terms, but basically, a seller can respond to a buyer's offer with changes - a "counter" - that improves the terms.You need to put yourself in their shoes and construct a modified offer that you think they might take that meets more of your needs. Then it's their turn - accept, reject, or construct yet another counter.It's an efficient market process, but beware: clauses and costs matter. Your broker should be closely involved in constructing a counter. Successful bargaining is best done with a win/win approach where each side is … [Read more...]
How Do I Determine The Initial Offer?
As you'll see in this video, unless you have a buyer's agent remember that the agent works for the seller. Make a point of asking him or her to keep your discussions and information confidential.Listen to your real estate agent's advice but follow your own reason on deciding a fair price.Calculating your offer should involve several factors: what homes sell for in the area, the home's condition, how long it's been on the market, financing terms and the seller's situation.By the time you're ready to make an offer you should have a good idea of what the home is worth and what you can afford.Be … [Read more...]
Video: What Do Lenders Have To Tell You About Your Real Estate Loan?
What Do Lenders Have To Tell You About Your Real Estate Loan? Federal "disclosure" forms define the information that creditor businesses MUST provide to consumers applying for real estate loans. As of Oct 1, 2015 lenders must provide TWO New "TRID" disclosure forms. for the most common kinds of real estate loans First, the Loan Estimate, which covers the key features, costs and risks of a mortgage loan. For an approved loan this must be returned to the consumer within 3 business days of loan application. If the loan goes forward, the Closing Disclosure form, covering key transaction costs, … [Read more...]
Video: For Sale By Owner?
Most people don't know enough to sell their own house. Here's why. 1. They Can't List It! - Only licensed brokers and agents can create a listing in the MLS sale-by-owner houses will be invisible to agents and unavailable on the Web. 2. Agents Won't Show It.- Typically, a buyer's agent gets part of the commission paid to the seller's agent. Sale-by-owner houses don't have that commission commitment so a buyer's agent might not get paid. No agents makes the pool of buyers MUCH smaller. 3. It's Probably Overpriced.- Most homeowners don't have enough data and emotional distance to put a … [Read more...]