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As a buyer during your contingency period you may ask for any or all issues to be addressed. Keep in mind, this is a negotiation and that the seller does not have to fix anything that they haven’t already agreed to. If a buyer is not content with the sellers response, they may cancel the escrow. Keep in mind unless you are buying new construction, there will most likely be some issues that arise. Prestige Properties and you will discuss if they are serious enough that they need to be addressed.
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Request a copy of the solar lease from the solar company. Make sure you are aware of your options during the sale of the property. Many leases have built in price adjustments in the contract that the new buyer will be responsible for. There may be some benefits in assuming a solar lease, but make sure and understand what you are agreeing to before you sign.
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This is a common question. As mentioned previously, the closing date may become a moving target from issues out of the control of the agents. In most transactions if you make your normal mortgage payment and the full amount is not used, the mortgage company will issue you a prorated refund of the portion of the month that was not used. Check with your agent to be sure.
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It is rarely ever a good idea for a buyer and seller to communicate directly with each other during a real estate transaction. Too often there becomes a he said/she said situation which may lead to extreme hard feelings during the process. A real estate agent is there to protect your interests and make sure the transaction is completed fairly and according to laws. If there are questions that need to be answered about the property, ask us and we will relay the answers back to you.
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There is usually a time period on the purchase agreement that allows for possession. The closing is official after the escrow office receives recording confirmation from the county.
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Buyer Possession. Seller vacating. Without fail, it’s the single biggest headache in most real estate transactions, the number one problem that often rears its head midway through when needs or circumstances change. Often each of the parties, buyers and sellers, have a contradictory expectation of possession …… We work our hardest to make sure time frames are met and time lines are adhered to, but there are many issues that are out of the control of the real estate agents hands such as lender issues, escrow/title difficulties, buyer/seller issues. Remember to keep the main goal in focus and get to the end.
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Most often yes ….. The cost of a general home inspection is an excellent investment to make sure there are not any issues with the property that are not known or disclosed. The types of inspections will vary according to area. Items that can be discovered during a home inspection are: roof leaks, ac/heating issues, plumbing issues, potential mold, issues with the appliances, possible termite infestations just to name a few.
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You should also have your own Realtor represent you when you buy new construction. The real estate agent who is working with the builder has a fiduciary duty to the builder. When you have an agent who is working for you they have a fiduciary duty to you and are on your side. It is also very beneficial going through this difficult process with an agent that can lead you through the complexities of the new construction process to minimize any construction mishaps. New construction is one of Prestige Properties forte.
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Buyers …… 1 /2 escrow fees, appraisal fees, inspection fees, lender fees to acquire a mortgage if one is needed, document signing fees.
Sellers ….. 1 /2 escrow fees, sellers title insurance, real estate agent fees, HOA transfer/doc fees, transfer tax fees.
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You bet! Prestige Properties Team Tipton are members of several agent referral sources and have membership in like-minded service oriented real estate groups throughout the United States. Our rapport with these other agents will help you find another out of the area agent that will most likely fit your requirements.
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Utilities should be set up a week prior to closing, this way there will be no lapse in service. Let the different companies know the day you will be closing escrow and they will transfer services into your name as of that day.
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Do not assume all appliances will stay with the purchase of the home. Make sure and read any comments on reserved items. Generally the attached appliances will stay with the property. Be careful when it comes to refrigerators. Some look like they are built in, but are not. Prestige Properties will help you with this.
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There are several contingencies in place to protect the buyer in a real estate transaction to make sure they have a proper time to do their due diligence on the property. In California, there are several time lines that are outlined in the residential purchase agreement.
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There are several motivations for sellers to have to move. As a seller, try to be as non emotional about the sale of your property as possible. If your real estate agent and you have done your homework and have priced the property accordingly to the market then stick with your plan. A buyer rarely will want to buy a property for more than its worth and a seller will rarely want to sell a property less than what it’s worth. The market will determine what that price is according to the area and buyers pool. Most homes end up selling for a reasonable price. Sometimes, however, depending on the sellers motivation, there is a drastic discount on the price that it was listed for and sold for. This is not the norm but it can happen. Your real estate agent can look at the property and help you decide if a particular property is overpriced or if there are circumstances not known to the general public that may give you an advantage on price negotiation. It is generally not a good idea in a stable market to keep making extremely low offers on properties and expect to have them accepted.
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Easy, again it is important to have a real estate team experienced in balancing multiple transactions at the same time. Buyers may put an offer on another home they are wanting to purchase contingent upon the sale of their current home. Note that this is not a strong offer for the seller of the home that they wish to purchase since there are no guarantees that your current property will sell. If your offer is accepted there is usually a specific time period that your property has to get into escrow before the seller can accept another offer. This will depend on whether it is a hot or cold market.
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Multiple offer situations can be stressful for both buyers and sellers on deciding on what strategy to go with. As a seller it is important to look at the big picture including price, financing terms, contingencies, and move in/out terms. Also having buyers bid against each other may end up in a higher contractual price, but the property will still most likely need to appraise. Having Prestige Properties on your side to help you decide the most qualified offer.
Buyers on the other hand will need to access how much they are willing to pay for the house and still be satisfied. When in a bidding war with other buyers it can be easy to become emotional about winning the process which in turns can lead to paying more than you were anticipating. It may also behoove you to sometimes make an emotional plea to the seller via letter that will move the seller to accept your offer knowing the property will be going to a great buyer. Other things to sweeten the deal besides increasing your offer price are decreasing contingency periods, and reducing repair requests up front.
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It’s important to feel like you can preview a home to see if it would be a good fit for you and your family. Be respectful of the current owners privacy, but make sure you get a good look around. Also with technology these days, many homeowners have video cameras and audio available, be careful of what you say inside since someone may be listening.
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When finding a Realtor, make sure it is a good fit and you feel they have your best interests in mind. Prestige Properties have great communication/negotiation skills, are familiar with the area and price range, and knows your needs and desires to help you walk through this complicated process. We work hard to find your new home whether it’s an existing home or new construction. Remember that your Realtor is here to represent, protect, and negotiate on your behalf. That is our fiduciary duty. If you jump from Realtor to Realtor, you’ll be getting sub par service and less likely to have someone know exactly what you are looking for. As a Realtor, we work 100% on commission and get paid only when we close on the home for you. There is no cost to you as a buyer. These fees are paid by the seller. We spend an extraordinary amount of time behind the scenes to find the right home for you. We ask for your loyalty to us in return.
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In seller’s markets, multiple offer situations often drive up the purchase price higher than any comparable sales in the area, so sellers worry the appraisals will come in low. In buyer’s markets, when prices are soft or falling, sellers are also concerned that the home will bring a low appraisal. Low appraisals can happen in any marketplace. Don’t panic both sides have options: The seller can go down in price, the buyer can go up in price and pay the difference in cash, there can be a meeting in the middle, a second appraisal can be ordered if it is not an FHA loan, or the parties can cancel the escrow.
