Calvin Law's Blog
As a home seller, receiving the first offer on your residence can be an exciting experience. However, the initial offer on your home may prove to be insufficient for a number of reasons, including:
1. The offer fails to meet your expectations.
Ideally, a home seller will allocate the necessary time and resources to fully analyze a house before adding it to the real estate market. This will enable a home seller to establish realistic expectations for his or her house and price it accordingly.
Conducting a home appraisal offers a great starting point for a home seller to determine the true value of a residence. This appraisal ensures a home inspector will examine a residence's interior and exterior. Then, the inspector will provide a report that details a house's strengths and weaknesses.
With a home appraisal report in hand, a home seller should have no trouble establishing a "fair" price for his or her residence. And if an initial offer falls short of this price, a home seller can politely decline the proposal and wait for additional offers.
2. The homebuyer has submitted a "lowball" proposal.
In some instances, a homebuyer may submit a "lowball" offer in the hopes of acquiring a terrific house at a budget-friendly price. If a home seller cannot differentiate between a reasonable offer and a lowball proposal, he or she risks missing out on an opportunity to optimize the value of a residence.
An informed home seller should examine the prices of available houses that are similar to his or her own. By doing so, this property seller can see how his or her residence stacks up against the competition and map out the home selling journey accordingly.
Moreover, an informed home seller will mow the front lawn, trim the hedges and do whatever it takes to enhance a house's curb appeal. This home seller likely understands the importance of making a positive first impression on homebuyers, and as a result, will perform assorted home exterior improvements to help reduce the risk of receiving a lowball initial offer.
3. The offer does not correspond to the current state of the housing market.
For a home seller, it is essential to work with a real estate agent who can provide full details about the current state of the housing market.
A real estate agent can help a home seller differentiate between a buyer's market and a seller's market. Plus, this housing market professional can provide honest, unbiased recommendations about whether a home seller should decline an initial offer on a home.
Many real estate agents are available in cities and towns nationwide, and these housing market experts are happy to help home sellers in any way they can. If you employ a real estate agent before you list your home, you can reap the benefits of unparalleled guidance at each stage of the home selling journey.
There is no reason to settle for a subpar initial offer on your residence. Instead, consider a first offer closely, and you can make an informed decision about whether to decline or accept it.
If this is your first home sale, you might be wondering about what your requirements are in terms of home inspections. A vital step in the closing process, professional home inspections are typically included in real estate contracts as a contingency (the sale is dependent upon their completion).
But, are there any situations in which a seller would get a home inspection?
In today’s post, we’re going to talk about why sellers might want to get their home inspection and how it could be useful to the home sale process overall.
To diagnose problems with your home
When you’re deciding on the asking price of your home, you’ll want to take into account all of the things that could potentially drive that price down. Inspectors will look for a number of issues in your home, which can save you from any surprises when a potential buyer orders their inspection of your home.
The further along in the home sale process when you discover an expensive repair that needs to be made, the more complicated it makes your home sale.
So, if you’re in any doubt about whether your home will need repairs now or in the near future, ordering an inspection could be a safe option.
What do inspectors look for?
When inspecting your home, a licensed professional will look at several things:
Exterior components of your home, such as cracks or broken seals on exterior surfaces, garage door function and safety, and so on.
The structural integrity of your home; checking your foundation for dangerous cracks where moisture can enter and cause damage in the form of mold or breaks in the foundation.
The roof of your home will be checked for things like broken or loose shingles or nearby tree branches that could damage your home or nearby power lines in a storm.
The HVAC system will be tested to make sure it’s running properly and efficiently and also that vents are clean and clear of debris.
Interior components of your home will be checked for safety and damage from things like pests and water damage.
Will the seller still order an inspection if my home just had one?
An inspection contingency is built into almost all real estate contracts to protect the interests of the buyer and seller alike.
In most circumstances, a buyer will want to get their own inspection performed. After all, they don’t know who you went to for an inspection and whether they were licensed in your state.
The bottom line
Ultimately, if you’re planning on selling your home in the near future and aren’t sure if your home may have any underlying issues, it’s usually a good idea to get an inspection to make sure you can plan for any repairs or inform potential buyers of any issues with your home.
If you receive an offer to purchase your house, should you accept it? Home sellers across the United States face this question regularly. To determine the right answer, a home seller needs to weigh the pros and cons of an offer.
Deciding how to proceed with an offer to purchase is no easy task. Lucky for you, we're here to help you analyze a homebuying proposal so you can make an informed decision.
Now, let's take a look at three tips to help you determine whether accepting an offer to purchase is the right choice.
1. Review Your Home Selling Goals
Now may prove to be a great time to revisit your property selling goals. That way, you can assess whether an offer to purchase corresponds to these goals.
If you find that a homebuying proposal fails to help you accomplish your property selling goals, you may want to counter or reject the offer. On the other hand, if an offer to purchase falls in line with your home selling goals, you may want to approve the proposal.
2. Consider Your Home Selling Timeline
How much time you have left to complete the home selling journey can have far-flung effects, and for good reason. If you face a tight deadline to sell your home, you may be more inclined than ever before to accept an offer to purchase your house. Conversely, if you can afford to be patient, you may want to reject or counter a homebuying proposal.
Analyze your house selling timeline closely – you'll be glad you did. If you determine there is still plenty of time at your disposal, you may want to reject an offer to purchase that falls short of your expectations. Comparatively, if you are short on time, you may want to accept a homebuying proposal and move forward in the property selling journey.
3. Consult with a Real Estate Agent
Determining how to proceed with an offer to purchase is difficult, regardless of whether you're a first-time or experienced home seller. Fortunately, you can hire a real estate agent who can help you make the best-possible decision.
A real estate agent serves as an expert guide throughout the home selling journey. He or she will help you list your residence and promote it to prospective buyers. Plus, a real estate agent will offer tips to help you differentiate your residence from the competition.
Of course, when you receive an offer to purchase your home, a real estate agent is happy to provide a recommendation as well. A real estate agent is honest and unbiased and has a seller's best interests in mind. Thus, this housing market professional can help you decide whether to accept, reject or counter any offer to purchase, at any time.
Accepting an offer to purchase is a life-changing decision and should not be taken lightly. Thanks to the aforementioned tips, you can evaluate a homebuying proposal and determine whether an offer is right for you.
A home selling budget may prove to be exceedingly valuable. With this budget in hand, an individual will know approximately how much money that he or she will need to complete the home selling journey.
Now, let's take a look at three expenses to include in a home selling budget.
1. Home Cleaning
If you want to impress buyers, you likely will need to maintain a neat, tidy home interior. As such, you may want to account for cleaning supplies in your house selling budget.
Of course, you may choose to hire a home cleaning company. And in this scenario, you should consider how frequently you want this company to clean your house.
Regardless of whether you choose to purchase cleaning supplies so you can clean your house on your own or hire a home cleaning company, you should shop around. That way, you can evaluate the costs associated with different cleaning supplies and home cleaning companies and make the best-possible decision based on your finances.
2. Home Repairs
Repairing a home may be costly, particularly for those who failed to maintain their residences over time. Yet if you consider the home repairs you need to complete, you can incorporate the costs associated with these repairs into your house selling budget.
It may be beneficial to conduct a house inspection prior to listing your home. Once you receive a house inspection report, you can learn about any underlying home problems. You then can assess the costs to perform assorted home repairs.
For those who want to save money on home repairs, you may be able to complete simple property upgrades on your own. If you are unsure about how to perform various home improvements, however, you should hire a professional. Otherwise, if you try to complete these home improvements on your own, you risk making expensive, time-consuming and dangerous mistakes.
3. Packing and Moving
After you sell your house, you may have only a short amount of time to pack up your belongings and relocate to a new address. Meanwhile, if you account for your potential packing and moving costs, you can ensure that you will have the funds available to cover these expenses when you are ready to relocate.
In some instances, home sellers pick up packing supplies early in the property selling journey. This ensures a seller won't have to worry about rushing to purchase packing supplies as moving day approaches.
You may want to reach out to local moving companies for quotes, too. And when you finally sell your home, you can finalize plans with an affordable, convenient moving company that you have already vetted.
Lastly, selling a house can be challenging, but a real estate agent can help. If you hire a real estate agent, you can receive plenty of assistance as you craft a home selling budget. Perhaps best of all, a real estate agent will do whatever it takes to help you enjoy a fast, profitable house selling experience.
Any pet owner will tell you that their pets are a part of the family. They bring joy to new families getting their first dog, and companionship to people who would otherwise live alone. However, they also bring the pet odors associated with having them around the house.
Since we spend so much time in our own homes, we oftentimes don’t even notice pet odors. So, even if you think your home is free of odors, it’s a good idea to get an unbiased opinion of the various odors of your home so that you can address them if necessary.
In this article, we’re going to teach you how to identify and neutralize those pet odors before the open house or first home showing. That way you can make the best impression on potential sellers and leave them feeling like your home has been well-maintained.
Identifying pet odors in your home
Whether you’ve got a dog, cat, rabbit, or hamster, odds are your little friend puts off some amount of odor. To discover where, if any, odors can be found, invite a friend over to your home who isn’t familiar with the smells and ask them their honest opinions about the various rooms in your home. This will give you a good idea of where you need to focus your efforts.
Important areas to clean
First thing’s first: the fabrics, surfaces, furniture, and carpet in your home in your home hold onto odor the most. Renting or buying a carpet cleaner, mopping the hard surfaces, and washing or refreshing curtains is a great place to start.
Many steam cleaners can be used on various surfaces, making them a good solution to get the most value out of your cleaning budget.
Don’t forget the carpet pad
If your pets have ever had “accidents” on your carpets, it’s vital to remember that their mess likely soaked through the carpet onto the carpet pad. While it may seem like a lot of effort to pull up the carpet just to clean the pad, it may be your only option in severe cases of pet odors.
Repainting is a guaranteed way to remove any lingering odors in your home. Try to time your painting so that the room has the chance to air out and the smell of fresh paint isn’t overpowering.
Repainting is also the perfect opportunity to brighten up the rooms of your home, making them feel more spacious. Sticking to neutral, proven colors will give you the most bang for your buck.
Let some fresh air in
Before showing your home, open up the doors and windows and doors to closets and basements and let a draft run through the house. This can eliminate any musty smells that have accumulated in the lesser used parts of your home, as well as help mitigate the effect of pet odor.
Last minute additions
The day of showing your home, use a high-quality scented candle or two in places that your pets frequent. You don’t want it to be obvious that you’re trying to mask any bad odors, so don’t use anything overpowering. Rather, opt for a pleasant-to-neutral fragrance that isn’t too noticeable.