Choosing the Best Offer for Your Home

Choosing the Best Offer for Your Home

Source: HouseLogic | REALTOR®

You’ve worked hard to get your home ready for sale and to price it properly. With any luck, offers will come quickly. You’ll need to review each carefully to determine its strengths and drawbacks and pick one to accept. Have a plan for reviewing purchase offers so you don’t let the best slip through your fingers.

6 Tips for Choosing the Best Offer for Your Home

1. Understand the process.

All offers are negotiable, as your agent will tell you. When you receive an offer, you can accept it, reject it, or respond by asking that terms be modified, which is called making a counteroffer.

2. Set baselines.

Decide in advance what terms are most important to you. For instance, if price is most important, you may need to be flexible on your closing date. Or if you want certainty that the transaction won’t fall apart because the buyer can’t get a mortgage, require a prequalified or cash buyer.

3. Create an offer review process.

If you think your home will receive multiple offers, work with your agent to establish a time frame during which buyers must submit offers. That gives your agent time to market your home to as many potential buyers as possible, and you time to review all the offers you receive.

4. Don’t take offers personally.

Selling your home can be emotional. But it’s simply a business transaction, and you should treat it that way. If your agent tells you a buyer complained that your kitchen is horribly outdated, justifying a lowball offer, don’t be offended. Consider it a sign the buyer is interested and understand that those comments are a negotiating tactic. Negotiate in kind.

5. Review every term.

Carefully evaluate all the terms of each offer. Price is important, but so are other terms. Is the buyer asking for property or fixtures — such as appliances, furniture, or window treatments — to be included in the sale that you plan to take with you?

Is the amount of earnest money the buyer proposes to deposit toward the downpayment sufficient? The lower the earnest money, the less painful it will be for the buyer to forfeit those funds by walking away from the purchase if problems arise.

Have the buyers attach a prequalification or pre-approval letter, which means they’ve already been approved for financing? Or does the offer include a financing or other contingency? If so, the buyers can walk away from the deal if they can’t get a mortgage, and they’ll take their earnest money back, too. Are you comfortable with that uncertainty?

Is the buyer asking you to make concessions, like covering some closing costs? Are you willing, and can you afford to do that? Does the buyer’s proposed closing date mesh with your timeline?

With each factor, ask yourself: Is this a deal breaker, or can I compromise to achieve my ultimate goal of closing the sale?

 

6. Be creative.

If you’ve received an unacceptable offer through your agent, ask questions to determine what’s most important to the buyer and see if you can meet that need. You may learn the buyer has to move quickly. That may allow you to stand firm on price but offer to close quickly. The key to successfully negotiating the sale is to remain flexible.

G.M. Filisko is an attorney and award-winning writer who has survived several closings. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.


The moral of the story — even with price being equal, not all offers carry the same weight.  There are quantitative items to evaluate, as well as qualitative. Perhaps the buyer’s lender doesn’t have the best reputation vs. a well-known lender who is known for “getting the job done”. Or you may receive an offer over-asking, however the appraisal contingency is still in place putting you in a position to have to renegotiate price later if the appraisal comes in low. Having a trusted real estate professional representing you, to vet out all of these potential pitfalls is your best tool towards selecting the right offer for your home. If you are considering selling your home, please contact us today so we can match you with a REALTOR®  best suited to help you meet your goals.

 

The post Choosing the Best Offer for Your Home appeared first on Terra Firma Global Partners.

Source: Terra Firma

The Must-Sip List

The Must-Sip List

Wow! This sunshine was worth waiting for!

Just in time to enjoy the last hint of spring and to welcome in summer, we have our must-sip list of wineries and tasting rooms in Sonoma and Napa counties. Since real estate agents are great resources from everything from leaky pipes to yes, you guessed it, wine tasting, we asked our Sonoma and Napa Associates… “What is your favorite tasting room and why?” Whether you are just visiting wine country or have lived here forever… check out our must-sip list, you might discover a new favorite! Cheers!

SONOMA

Laura A. Hall/Santa Rosa office: Lynmar is one of my favorite places to taste. Well known for its expansive “veggiscaped” gardens, the best time to visit is in the Summer and Fall when everything is in full bloom. The wines are very well layered pinots and hearty chardonnays. They offer small bar bites with tastings in their beautiful tasting room or outside on their patio, which overlooks the rolling vineyards and gardens. If you want to enhance your experience, call ahead to have them prepare a lunch from the garden and paired with their finest wines. It is a very memorable experience.

Summer Stubblefield/Petaluma office: We love Gundlach Bundschu (or as it’s lovingly called by locals, “Gun-Bun”). You can do a tasting, then buy a bottle and head down to the beautiful large grassy area overlooking the Vineyard…Super peaceful and totally a Sonoma County day. And kid friendly!

Sonya Kern/St. Helena office: Truett Hurst is one of my favorite because of their river seating and an exceptional group of people.

Tom Kern/St. Helena office: Twomey is a great tasting room with two locations. South of Calistoga and Dry Creek. Calistoga is a beautiful tasting room with a very nice outdoor area, they have Sav Blanc, Pinot’s, French Style Merlot and nice folks. The Dry Creek Location has a fantastic tasting room with high ceilings and floor to ceiling glass. Great sitting area shaded outdoors and a fun gift shop with Twomey and local goods.

Carolyn Fereday/Santa Rosa office: The views, lavender gardens and peaceful setting at Matanzas Creek make it one of our favorites. Sipping lovely wines on the patio in the shade of giant oak trees make this place hard to beat.

Lauren Thompson / Santa Rosa office: We are loving Medlock Ames in Alexander Valley, at the north end of Healdsburg. Vineyards are farmed organically and the winery is completely solar powered. And the wines are amazing… Chardonnay, Sauvignon Blanc, Merlot, Pinot Noir, Cabernet Sauvignon, Red Bordeaux Blends.

Dave Fahrner/Santa Rosa office: Dutton Goldfield Winery on Hwy 116 in Graton. The tasting room staff is first rate run by David Hewitt and Nicole Kosta. Plus the single vineyard Pinot Noirs are fantastic!!!!! Awesome California Pinot.

Lani Gullotta/Sonoma office: I do love Pangloss Cellars – it has a very warm and rustic lounge feel rather than the traditional bar feeling at most tasting rooms. Not to mention a beautiful olive tree growing right in the middle of the tasting room. It is not inexpensive but the experience is worth it and the wine is delicious!

NAPA

Jonna Beck Lewis/Napa office: Pure Cru in Downtown Napa is the perfect place to sip before dinner. Stay “Hi” to Steve, the super friendly and knowledgeable host.

Michele Ikemire/Napa office: Eleven Eleven Wines in Napa – lesser known, fantastic wines and a designers dream- super unique and inspiring winery. Great people too!

Jennifer Long/Napa office: Of course… David Arthur!! 🙂 [full disclosure: her husband is David Arthur] Boutique winery that is classy however super super fun!!!

Amber Payne/Napa office: St. Clair Brown Winery in Napa, it’s in an unexpected location …It’s a garden setting in a greenhouse. Great wine and food!

The post The Must-Sip List appeared first on Terra Firma Global Partners.

Source: Terra Firma