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Multiple Offers: How Can You Compete?
In a hot market, there are more buyers than homes for sale. Prices may rise, and the days a home is on the market may shorten to a week or even less than a day. Some homes will sell before they are even registered in the local MLS.
That means that sellers are often presented with multiple offers. How can you
position your offer to be the one the seller accepts?
The best way is to gain an understanding of how multiple offers work and how
they benefit the seller. Multiple offers mean that the seller has his/her pick
of offers, but that doesn't necessarily mean a disadvantage for you as a buyer.
You just have to determine how badly do you want this particular home. If you
want to compete in a multiple offer situation here is what you will need to
know:
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Price and Terms.
There are two things that matter to the seller - price and terms. They want
the highest price possible, and the best terms available. Both of these areas
leave room for negotiation. Just because a seller is entertaining multiple
offers doesn't mean you don't have a chance.
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Crumbling Walls Creating A Stir
If you were among the thousands who watched a recent Sunday night episode of
"Dateline NBC", you may have caught an eye-opening report called "Is your
home crumbling around you?" I can see how this report can create quite a stir
in both new home buyers as well as new home builder's minds. It will, no
doubt, prompt buyers to ask questions about the type of stucco being used on
homes they may be interested in, and builders to re- examine some of their
building products' representations from the manufacturer.
The stucco referred to in this program is a synthetic type with the trade name
of "EIFS", or Exterior Insulating and Finish Systems. Although EIFS costs
about the same as brick or wood sidings (no reference was made to its price
comparison with real, or cement stucco), the manufacturer touts it as a
'lightweight, low maintenance exterior that provides an easy insulation system
for a home."
It is this easy insulation system, however, that seems to be at the root of
this investigation. Brought to the attention
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Timeshare Properties Provide Flexibility, Affordability
Millions of people make investments in timeshare properties every year. For
those of us who dream of owning vacation property but can't afford such a
luxury, timeshare is the next best thing. In fact, in some cases, it's even
better because timeshare owners often enjoy the flexibility of "banking"
time in properties throughout the world rather than just one property.
The theory of timeshare is relatively simple; owners share a single
condominium unit with other owners. The average timeshare condominium has
about 50 owners during the course of one year -- that translates into about
one owner per week each year. Any remaining weeks either are consumed by
owners who have banked more than one week; or by maintenance crews who
thoroughly clean the units after each owner departs.
The property in which an owner makes his first investment is referred to as
his "home" property. The real advantage of owning timeshare, however, is in
your ability to trade your usual week in exchange for a stay at more than
4,000 timeshare properties throughout the world. While many smaller
timeshare companies exist, among the largest are Resort Condominiums
International (RCI)
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Be Wary of
"Tricks Of The Trade"
Mortgage brokers offer some of the best deals in the
mortgage store, but they also offer some of the worst -- and it's up to
consumers to determine which is which.
The "Mortgage Professor," Jack Guttentag (www.mtgprofessor.com),
professor of finance emeritus at the University of Pennsylvania's
Wharton school, says he knows the tricks of the trade and techniques to
help consumers keep from getting lost in the mortgage maze.
Low-balling. Some brokers advertise their lowest prices as "bait" to lure customers. Once you are in the door, the broker pushes you
to another, more expensive product. Be wary of any rate that appears to
be the lowest price offered by anyone. Use independent mortgage rate
watchers such as HSH Associates (www.hsh.com) to know what the
going rates are. You can't get a bargain unless you know the going
price.
Memory lapses. Sometimes a broker appears to forget certain fees until
you are in to the mortgage too deep to bail. Require that the broker
provide a written list of all fees to be paid, including items such as
credit reports and appraisal fees. As the loan progresses, ask for a
receipt for each fee.
Daily News and Advice
Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.
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