Can you buy homes below market?
While a typical buyer may look at five to 10 homes before making an offer, I show many to properties to the buyer until they feel convertible with size, the location and the condition of the property. An investor usually goes through many more. Most experts agree it takes a lot of determination to find a real "bargain." There are a number of ways to buy a bargain property:
*Buy a fixer-upper in a transitional neighborhood, improve it and keep it or resell at a higher price.
*Buy a foreclosure property (after doing your research carefully).
*Buy a house due to be torn down and move it to a new lot.
*Buy a leftover house in a new-home development.
What is the difference between list and sales prices?
The list price is how much a house is listed for and is usually only an estimate of what a seller would like to get for the property. The sales price is the amount a property actually sells for. It may be the same as the listing price, or higher or lower, depending on how accurately the property was originally priced and on market conditions. If you are a seller, you may need to adjust the listing price if there have been no offers within the first few months of the property's listing period.
Are low-ball offers advisable?
A low-ball offer is a term used to describe an offer on a house that is substantially less than the asking price. While any offer can be presented, a low-ball offer can sour a prospective sale and discourage the seller from negotiating at all. Unless the house is much overpriced, the offer will probably be rejected. I always do my homework about comparable prices in the neighborhood before a buyer making any offer. It also pays to know something about the seller's motivation. A lower price with a speedy escrow, for example, may motivate a seller who must move, has another house under contract or must sell quickly for other reasons.
Is a low offer a good idea?
While your low offer in a normal market might be rejected immediately, in a buyer's market a motivated seller will either accept or make a counteroffer. Full-price offers or above are more likely to be accepted by the seller. But there are other considerations involved:
* Is the offer contingent upon anything, such as the sale of the buyer's current house? If so, a low offer, even at full price, may not be as attractive as an offer without that condition.
* Is the offer made on the house as is, or does the buyer want the seller to make some repairs or lower the price instead?
* Is the offer all cash, meaning the buyer has waived the financing contingency? If so, then an offer at less than the asking price may be more attractive to the seller than a full-price offer with a financing contingency.
What contingencies should be put in an offer?
Most offers include two standard contingencies: a financing contingency, which makes the sale dependent on the buyers' ability to obtain a loan commitment from a lender, and an inspection contingency, which allows buyers to have professionals inspect the property to their satisfaction. A buyer could forfeit his or her deposit under certain circumstances, such as backing out of the deal for a reason not stipulated in the contract. The purchase contract must include the sellers responsibilities, such things as passing clear title, maintaining the property in its present condition until closing and making any agreed-upon repairs to the property.
Who gets the furnishings when a home is sold?
The furniture is personal property of the seller, with the exceptions of the items that are attached to ceiling or walls. However, some time properties are sold fully furnished. In this case it is best to keep the personal property on a separate addendum to the purchase contract for appraisal purpose.
Appraisers do not consider furniture as part of the value of the property.
Whose obligation is it to disclose pertinent information about a property?
In the state of Florida the seller is required to disclose all facts materially affecting the value or desirability of the property which are known or accessible only to you.
This might include: homeowners association dues; whether or not work done on the house meets local building codes and permits requirements and any restrictions on the use of the property, such as zoning ordinances or association rules. The seller has to also provide the buyer through its agent the “Seller’s Disclosure” This will state any deficiencies, permits problems and any other items that is not working properly.
Do I need an attorney when I buy a house?
In the state of Florida a title company can close the transaction with the help of a Broker like me or without a Broker. However, a buyer can hire an attorney to make sure that all the documents associated with the transaction are legally correct.
For more information email me at firstname.lastname@example.org or call 954.772.0108
And remember…Real Estate Victory Begins with Victor