How to Pick the Best Offer on Your Home

Getting multiple offers on your home is a great thing, but deciding which one is best for you involves examining a few key aspects of each offer.

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If you’re selling your home in a great market, you’re in the right price range, and you get multiple counteroffers, what does that mean to you?

Number one, that’s awesome. Anytime you have competing buyers for your property, it puts you in the driver’s seat in terms of getting your house sold. It allows you to get a much better offer and determine some of the contingencies. But what should you specifically look out for to determine the best of these offers?

The first thing you want to look at is the contingencies. How far out are their home inspection contingencies? I would say that 90% of the properties bought in the Flathead Valley have a home inspection contingency. If a buyer schedules their inspection contingency for, say, five weeks instead of 10 days, which is more normal, then they may have cold feet.

You want to schedule that home inspection contingency as soon as possible. Give them adequate time to inspect the home, but don’t give them forever. You don’t want to keep your home off the market any longer than you need to.

Don’t keep your home off the market any longer than you need to.

The next thing to look at is loan pre-approvals. Obviously, cash buyers are the premium. If you have one, that takes the lender and the appraiser out of the equation and makes the deal a lot easier. If you don’t have a cash buyer, however, make sure your buyer is pre-approved. There are different levels of pre-approval, so make sure you read any and all pre-approval letters to verify that they’ve been through underwriting.

You also want to be mindful of appraisal requirements. Appraisals are a big deal, and oftentimes in hot markets, appraisers can have a tough time finding comparables when values go up. Look at the appraisal contingencies with your agent and really dig into them.  

Lastly, you want to pay attention to closing time. How a buyer handles closing time is a good indication of how willing they actually are to close on your property. If you have a buyer that’s out for a long period of time, say two or three months, that might indicate hesitation on their part or a lack of commitment. If this is the case, talk to your agent and find out why the buyer is extending this time period. Be sure to line the closing time up with what works for you.

If you have any questions about buying or selling, please don’t hesitate to give me a call or send me an email. I look forward to hearing from you.

5 Things to Do Before Your Home Appraisal

When you are preparing for a home appraisal, there are five things you can do to make sure your property looks its best. Tune in to learn more.

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One way to determine home value is to get an appraisal from a third-party appraiser. Whether you are selling your home or refinancing, there are five things you can do to prepare for the appraisal:

1. Clean up your yard to increase the curb appeal. The first thing the appraiser will see is your yard, so make sure it looks great. Trim the lawn, prune bushes and shrubs, and pick up toys or extra lawn chairs. Your yard should not look cluttered.

2. Make the appraiser’s visit a pleasant one. Make sure your home is set at a comfortable temperature. Turn on the air during the summer or make sure the home is nice and cozy in the fall. You should also declutter the home and get pets out of the way for the appraiser.

3. Keep the $500 rule in mind. Appraisers often measure home value in $500 increments, so take care of any minor repairs in your home. A broken mirror in the bathroom or torn carpeting could make a big difference in the appraised value of your home.

Make the appraiser’s visit a comfortable one.

4. Double check the basics. Make sure the lights are on and that everything is in working order. If elements in the home are in disrepair, your home will seem older than other comparable properties on the market. If anything in your home looks outdated, take a look and consider making a change.

5. Keep a list of repairs and upgrades. The appraiser doesn’t necessarily know what you have done to repair the home. If you have added a new porch, hot tub, or outdoor barbecue, make a list and keep the receipts. If you are present during the home appraisal, you can share that list with the appraiser; otherwise, leave the list and receipts on a counter or table for the appraiser to read.

Ultimately, it’s important to make the home as nice as possible so that the appraiser has a pleasant visit. If you have any other questions about home appraisals or about real estate in general, give me a call or send me an email. I would be happy to help you!